Heron Therapeutics(HRTX) - 2024 Q2 - Quarterly Results

Financial Performance - Second quarter Net Product Sales reached $36.0 million, up from $31.8 million in the same period of 2023, representing a growth of approximately 6.6%[1] - ZYNRELEF Net Product Sales for Q2 2024 were $5.8 million, an increase from $4.2 million in Q2 2023, reflecting a growth of approximately 38.1%[6] - Oncology Care Franchise Net Product Sales for Q2 2024 were $29.2 million, up from $27.3 million in Q2 2023, indicating a growth of about 7.0%[7] - Acute Care Franchise Net Product Sales for Q2 2024 were $6.8 million, up from $4.5 million in Q2 2023, marking a growth of approximately 51.1%[6] - APONVIE Net Product Sales for Q2 2024 were $1.0 million, an increase from $0.3 million in Q2 2023, reflecting a growth of about 233.3%[6] - Net product sales for Q2 2024 reached $36,024,000, a 13.1% increase from $31,762,000 in Q2 2023[25] - Gross profit for the six months ended June 30, 2024, was $51,732,000, compared to $24,365,000 for the same period in 2023, representing a 112.5% increase[25] - The net loss for Q2 2024 was $9,235,000, significantly lower than the net loss of $42,059,000 in Q2 2023, marking an improvement of 78.1%[25] - Basic and diluted net loss per share improved to $0.06 in Q2 2024 from $0.35 in Q2 2023, a 82.9% reduction in loss per share[25] Expense Management - Adjusted Operating Expenses guidance for 2024 has been narrowed to a range of $107.0 million to $111.0 million, down from the previous range of $108.0 million to $116.0 million[3] - Adjusted EBITDA guidance for 2024 has been revised to a range of $(10.0) million to $3.0 million, improved from the previous range of $(22.0) million to $3.0 million[3] - Total operating expenses decreased to $31,951,000 in Q2 2024 from $54,007,000 in Q2 2023, a reduction of 40.5%[25] Cash and Assets - Cash and cash equivalents decreased to $18,386,000 as of June 30, 2024, down from $28,677,000 at the end of 2023[26] - Accounts receivable increased to $73,708,000 as of June 30, 2024, compared to $60,137,000 at the end of 2023, indicating a 22.5% rise[26] - Total current assets slightly increased to $191,168,000 from $188,774,000 at the end of 2023, reflecting a 0.7% growth[26] - The total liabilities remained relatively stable at $256,076,000 as of June 30, 2024, compared to $256,479,000 at the end of 2023[26] - The accumulated deficit increased to $1,918,409,000 as of June 30, 2024, from $1,906,014,000 at the end of 2023[26] Product Development and Market Strategy - The PDUFA goal date for ZYNRELEF Vial Access Needle (VAN) is set for September 23, 2024, with an anticipated launch before year-end[3] - The training of 561 CrossLink sales representatives for promoting ZYNRELEF to orthopedic surgeons has been completed, supporting increased adoption[4] - ZYNRELEF is included in the proposed 2025 NOPAIN Act, which is expected to maintain separate reimbursement in the HOPD and ASC settings effective April 1, 2025[4]