Core Insights - Heron Therapeutics is a biotechnology company focused on pain management and cancer treatments, with key products ZYNRELEF and APONVIE showing significant revenue growth due to strategic initiatives [1] Financial Performance - On November 4, 2025, Heron Therapeutics reported an EPS of -$0.10, missing the estimated EPS of -$0.01, marking a decline from the previous year's loss of $0.03 per share, resulting in a negative surprise of 150% [2] - The company's revenue for the quarter was $38.21 million, below the estimated $39.03 million, but represents a 16.5% increase compared to the same period last year; however, it fell short of the Zacks Consensus Estimate of $38.57 million, resulting in a revenue surprise of -0.91% [3] Valuation Metrics - The company has a P/E ratio of approximately -182.81 and a price-to-sales ratio of about 1.13, indicating negative earnings and that investors are paying $1.13 for every dollar of sales; the enterprise value to sales ratio is approximately 2.20 [4] - The debt-to-equity ratio is about -6.48, indicating a significant level of debt relative to equity [4] Future Outlook - Heron Therapeutics remains optimistic about its future, reaffirming its 2025 net revenue guidance of $153 million to $163 million, with an adjusted EBITDA projected between $9 million and $13 million, focusing on new initiatives launched in the third quarter that are positively impacting commercial performance [5]

Financial Data and Key Metrics Changes - Total net revenues for Q3 2025 were $38.2 million, with year-to-date revenues of $114.3 million, resulting in adjusted EBITDA of $1.5 million for the quarter and $9.5 million year to date [5][21] - Gross margin was 68.8%, down from 71.2% in Q3 2024, primarily due to a one-time write-off of Sustol polymer inventory [6][18] - Net loss for Q3 2025 was $17.5 million, compared to a net loss of $4.8 million in Q3 2024, largely due to an $11.3 million loss on debt extinguishment [20] Business Line Data and Key Metrics Changes - Acute care portfolio net sales were $12.3 million in Q3 2025, up from $10.7 million in Q2 2025, with ZYNRELEF net sales growing 49% year-over-year to $9.3 million [12][16] - APONVIE net sales increased 173% year-over-year to $3 million, reflecting strong growth before the dedicated sales team was fully active [12][14] - Oncology franchise net sales were $25.9 million in Q3 2025, with CINVANTI net sales approximately $24 million, up about 6% year-over-year [15][16] Market Data and Key Metrics Changes - ZYNRELEF's average daily units increased from 882 in Q3 2024 to 1,127 in Q3 2025, with ordering accounts rising from 705 to 833 [13] - APONVIE's average daily units grew from 418 to 998, with ordering accounts increasing from 299 to 405 [14] Company Strategy and Development Direction - The company has implemented initiatives such as the CrossLink Ignite program and the launch of the 200 mg Vial Access Needle to enhance distributor engagement and product adoption [7][10] - The introduction of a permanent product-specific J-code for ZYNRELEF is expected to streamline reimbursement and improve access [9][11] - The company plans to wind down the commercialization of Sustol over the next 12 months while evaluating potential product updates for a possible reintroduction in late 2027 [16][49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for ZYNRELEF and APONVIE, indicating a positive trajectory for the business moving forward [10][16] - The company reaffirmed its guidance for net revenue of $153 million to $163 million and adjusted EBITDA of $9 million to $30 million for the year [21] Other Important Information - Cash and short-term investments as of September 30, 2025, were $55.5 million, bolstered by $13.1 million from recent debt and equity transactions [21] - The company is seeing momentum from the No Pain Act, with approximately 75% of ZYNRELEF indicated procedures having some form of coverage [47] Q&A Session Summary Question: October sales increase for ZYNRELEF - Management confirmed an approximate 17-18% month-over-month increase in early October sales for ZYNRELEF [24] Question: Adjusted gross profit margin - Management confirmed that the adjusted gross profit margin, excluding a one-time stocking charge, would be around 74.5% [25][26] Question: Future sales team expansion - Management indicated that they are pleased with the structural changes made and are considering adding to the sales teams based on success in specific regions [35][38] Question: Inventory stocking benefit for ZYNRELEF - Management stated that there was minimal inventory stocking benefit from the launch of the 200 mg Vial Access Needle [39] Question: Long-term outlook for Sustol and Synvonti - Management acknowledged competitive pressures on Sustol and indicated plans to wind down its commercialization while exploring potential updates for a future reintroduction [49] Question: Impact of the No Pain Act - Management noted that momentum is building for the No Pain Act, with commercial payers beginning to provide separate reimbursement [46][47]

Core Insights - Heron Therapeutics reported financial results for Q3 and the first nine months of 2025, showing significant revenue growth and reaffirming its financial guidance for the year [1][7][3]. Financial Performance - Q3 2025 net revenue reached $38.2 million, a 16.5% increase from $32.8 million in Q3 2024 [7][9]. - Year-to-date revenue for 2025 is $114.3 million, up 10.4% from $103.5 million in the same period of 2024 [10]. - The company reaffirmed its 2025 net revenue guidance of $153 million to $163 million and adjusted EBITDA guidance of $9 million to $13 million [3][7]. Product Performance - ZYNRELEF net revenue grew 49% in Q3 2025 compared to Q3 2024, driven by the launch of the Vial Access Needle and enhanced distributor incentives [7][8]. - APONVIE net revenue surged 173% in Q3 2025 compared to Q3 2024, supported by increased adoption and a dedicated sales team [7][8]. - The Acute Care franchise reported a revenue growth of 67.2% year-over-year in Q3 2025 [8][9]. Cash Position - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments totaling $55.5 million [8]. Corporate Updates - The company launched several new initiatives in Q3 2025 that are positively impacting commercial execution and product demand [2]. - A permanent product-specific J-code for ZYNRELEF was granted, effective October 1, 2025, which is expected to streamline reimbursement processes [8]. Conference Call - Heron will host a conference call and live webcast on November 4, 2025, to discuss these results and updates [11].

Core Insights - Heron Therapeutics reported a 55.5% increase in Acute Care segment revenue, but faced a GAAP revenue shortfall compared to analyst expectations and continued declines in the Oncology segment [1][5][7] - Net revenue (GAAP) for Q2 2025 was $37.2 million, slightly below the consensus estimate of $38.075 million, with a year-over-year growth of 3.3% [1][2] - The company achieved a positive adjusted EBITDA of $1.8 million, indicating improved operational leverage [2][8] Financial Performance - GAAP loss per share was $(0.02), missing the expectation of $(0.01), while operating losses narrowed [1][2] - Acute Care revenue reached $10.7 million, up from $6.9 million in Q2 2024, reflecting a 55.5% year-over-year increase [2][5] - Oncology segment revenue declined by 9.0%, with SUSTOL experiencing a significant drop of 43.4% [2][7] Business Overview - Heron Therapeutics focuses on developing and commercializing therapeutics for acute care and oncology, including pain management and anti-nausea drugs [3] - The company is emphasizing growth in the Acute Care business, particularly through products like ZYNRELEF and APONVIE [4][10] Product Performance - ZYNRELEF saw a 40.4% year-over-year growth in GAAP net revenue, with unit demand increasing by 6.3% compared to Q1 2025 [5] - APONVIE's revenue grew by 141.6% year-over-year, with a 19% sequential increase in unit demand [6] - The Oncology segment's decline was attributed to ongoing weakness in SUSTOL and CINVANTI, with no new product drivers announced [7] Operational Developments - Gross margin was reported at 73.5%, with operating expenses decreasing by $3.0 million year-over-year to $29.0 million [8] - Total debt was reduced to $145 million, with maturities extended to at least 2030, providing greater flexibility for growth [8] - Cash and short-term investments decreased to $40.6 million, with a notable inventory increase of almost $20 million over six months [9] Future Outlook - The company reaffirmed its full-year 2025 net revenue target of $153.0 million to $163.0 million, requiring at least $77 million in the second half of 2025 [11] - Adjusted EBITDA guidance was raised to $9.0 million to $13.0 million for full-year 2025, reflecting improved operating performance [11] - Future growth in Acute Care revenue is expected to be driven by commercial team expansion and the rollout of permanent reimbursement codes for ZYNRELEF [11]

Core Insights - Heron Therapeutics reported strong financial results for Q2 2025, with net revenue of $37.2 million and year-to-date revenue of $76.1 million, reaffirming its 2025 net revenue guidance of $153 million to $163 million [7][3] - The company achieved record year-to-date adjusted EBITDA of $7.9 million, raising its full-year adjusted EBITDA guidance from $4.0 million - $12.0 million to $9.0 million - $13.0 million [7][3] - The company is focused on expanding its core products, particularly ZYNRELEF and APONVIE, with significant unit demand growth reported [8][7] Financial Performance - Q2 2025 net revenue increased by 3.3% compared to Q2 2024, with total net revenue reaching $37.2 million [9] - Year-to-date net revenue for the first half of 2025 was $76.1 million, reflecting a 7.7% increase from $70.7 million in the same period of 2024 [10] - The Acute Care franchise saw a year-over-year revenue growth of 55.5% in Q2 2025 and 70.5% for the first half of 2025 [8] Product Updates - ZYNRELEF unit demand grew by 6.3% in Q2 2025 compared to Q1 2025, with plans for expanded commercial initiatives in Q3 2025 [8] - APONVIE unit demand increased by 19% in Q2 2025 compared to Q1 2025, supported by increased adoption in hospital systems [8] - The Centers for Medicare and Medicaid Services granted a permanent J-code for ZYNRELEF, effective October 1, 2025, which will streamline reimbursement processes [8] Debt and Financial Flexibility - The company completed a comprehensive capital restructuring, reducing total debt from $175 million to $145 million and extending debt maturities to at least 2030 [7] - As of June 30, 2025, cash, cash equivalents, and short-term investments totaled $40.6 million [8] Management Commentary - The CEO emphasized the company's commitment to executing strategic priorities and driving sustainable growth, reflecting the dedication of the team and the growing demand for innovative solutions [2]

Core Insights - Heron Therapeutics reported revenue of $38.9 million for the quarter ended March 2025, reflecting a 12.2% increase year-over-year and surpassing the Zacks Consensus Estimate of $37.08 million by 4.93% [1] - The company achieved an EPS of $0.01, a significant improvement from -$0.02 in the same quarter last year, resulting in an EPS surprise of 200% compared to the consensus estimate of -$0.01 [1] Financial Performance Metrics - Net Product Sales for Oncology drug SUSTOL were $2.86 million, falling short of the $2.98 million estimate, representing a year-over-year decline of 20.6% [4] - Net Product Sales for Acute Care drug APONVIE reached $2.26 million, exceeding the $1.98 million estimate, marking a substantial increase of 352% year-over-year [4] - Net Product Sales for Acute Care drug ZYNRELEF were reported at $8.04 million, below the $9.03 million estimate, but still showing a 60.8% increase compared to the previous year [4] - Net Product Sales for Oncology drug CINVANTI amounted to $25.74 million, surpassing the $23.10 million estimate, with a slight year-over-year increase of 0.6% [4] Stock Performance - Shares of Heron Therapeutics have returned +8.7% over the past month, while the Zacks S&P 500 composite has changed by +11.5% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Core Insights - Heron Therapeutics reported strong financial results for Q1 2025, achieving record adjusted EBITDA and significant revenue growth driven by its acute care products, particularly ZYNRELEF [2][6][7]. Financial Performance - The company generated net revenue of $38.9 million in Q1 2025, a 12.2% increase compared to Q1 2024 [6][7]. - Adjusted EBITDA for Q1 2025 was $6.2 million, a significant improvement from a loss of $734,000 in Q1 2024 [6][27]. - The acute care segment saw a revenue increase of 89.4%, with ZYNRELEF contributing $8.0 million, up 60.4% from the previous year [5][7]. Business Highlights - The company reached a settlement with Mylan Pharmaceuticals regarding patent litigations for CINVANTI and APONVIE, allowing Mylan to market generics starting June 1, 2032 [6][7]. - The Non-Opioid Policy for Pain Relief, effective April 1, 2025, provides separate payment for non-opioids like ZYNRELEF, enhancing market opportunities [7]. - The launch of the Vial Access Needle (VAN) for ZYNRELEF is progressing well, improving operational efficiency in surgical settings [7]. Financial Guidance - For the full year 2025, the company updated its guidance for net revenue to a range of $153 million to $163 million and adjusted EBITDA to $4 million to $12 million [3][6]. Cash Position - As of March 31, 2025, the company had cash, cash equivalents, and short-term investments totaling $50.7 million [7]. Product Information - ZYNRELEF is the first extended-release dual-acting local anesthetic approved for postoperative pain management, demonstrating significant efficacy in reducing pain and opioid use [9]. - APONVIE is indicated for the prevention of postoperative nausea and vomiting, showing bioequivalence to oral aprepitant [11]. - CINVANTI is used for preventing chemotherapy-induced nausea and vomiting, with a unique IV formulation [13]. - SUSTOL is indicated for the prevention of nausea and vomiting associated with chemotherapy, utilizing a novel drug delivery technology [15].