Overview

* Heron Q2 2025 net revenue rises 3.3% yr/yr to $37.2 mln

* Co raises full-year 2025 adjusted EBITDA guidance to $9.0 mln - $13.0 mln

* Completed capital restructuring, reducing total debt from $175 mln to $145 mln

Outlook

* Heron reaffirms 2025 net revenue guidance of $153 mln to $163 mln

* Heron raises full-year 2025 adjusted EBITDA guidance to $9 mln - $13 mln

* Company plans expanded commercial initiatives for ZYNRELEF in Q3 2025

* ZYNRELEF to receive permanent J-code from CMS, effective Oct 1, 2025

Result Drivers

* ZYNRELEF DEMAND - ZYNRELEF unit demand grew 6.3% in Q2 2025 compared to Q1 2025, though revenue was impacted by a temporary wholesaler adjustment

* APONVIE ADOPTION - APONVIE unit demand increased 19% in Q2 2025, driven by greater adoption in hospital systems

* CAPITAL RESTRUCTURING - Completed restructuring reduced total debt from $175 mln to $145 mln, enhancing financial flexibility

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Net $37.20

Product mln

Sales

Q2 EPS -$0.02

Q2 Net -$2.38

Income mln

Q2 -$1.64

Income mln

From

Operatio

ns

Q2 $28.98

Operatin mln

g

Expenses

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the biotechnology & medical research peer group is "buy"

* Wall Street's median 12-month price target for Heron Therapeutics Inc ( HRTX ) is $6.00, about 69.3% above its August 7 closing price of $1.84

* The stock recently traded at 93 times the next 12-month earnings vs. a P/E of 122 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)