Financial Performance - Q2 2025 revenues reached $141 million, exceeding the high end of guidance by $21 million[14] - Adjusted EBITDA guidance is raised to $175 - $200 million for 2025[14] - Net leverage decreased significantly from 99x in Q2 2024 to 19x in Q2 2025[14] - Cash position improved to $267 million, with liquidity at $367 million, a $297 million increase year-over-year[14] - 11 million shares were repurchased in Q2 2025 for $69 million[16] Business Segments - International MCM sales accounted for 48% of total MCM revenue year-to-date[16,54] - NARCAN demand rebounded by 50% in Q2 2025 compared to Q1 2025[16,57] Future Outlook - Full year 2025 revenue is projected to be in the range of $765 - $835 million[14] - The company is pursuing organic and inorganic growth initiatives to create shareholder value[15,67] - The company plans to invest to enable sustainable, long-term growth[62]

Financial Performance - Q1 2025 - Q1 2025 revenues reached $222 million, aligning with the midpoint of guidance[20] - Adjusted EBITDA for Q1 2025 was $78 million, representing 35% of total revenues, a 1300 bps increase compared to Q1 2024[35] - Adjusted Gross Margin improved to 58% in Q1 2025, a 700 bps increase from 51% in Q1 2024[36] - Net leverage significantly improved to 28x Adjusted EBITDA, a 50% reduction from 57x year-over-year[20] Liquidity and Debt Reduction - Cash position improved to $149 million, up by $49 million compared to the end of 2024[20] - Gross debt was reduced from $909 million to $700 million[44] - Net debt decreased by 23%, a reduction of $209 million[44] Guidance and Outlook - The company reaffirmed its 2025 revenue guidance of $750 million to $850 million and Adjusted EBITDA guidance of $150 million to $200 million[20, 51] - The company anticipates R&D expenses to be approximately 6% to 7% of revenue and SG&A expenses to be around 27% to 28% of revenue for 2025[51] Business Segments - International MCM revenue was $91 million, accounting for approximately 60% of total MCM sales in Q1[22] - The company secured a 3-year agreement for $65 million with Ontario's Ministry of Health for NARCAN® Nasal Spray[62]