Financial Data and Key Metrics Changes - Second quarter revenue reached $442 million, exceeding guidance and reflecting a 21% year-over-year growth, marking the third consecutive quarter of growth [5][18][19] - Earnings per share (EPS) was $1.50, up 76% from the previous year, the highest level since 2022 [18][19] - Gross margin improved slightly to 38.1%, with operating margin increasing by 110 basis points sequentially [18][21] Business Line Data and Key Metrics Changes - Semiconductor revenue was $210 million, up 11% year-over-year but down 6% sequentially due to customer delivery schedule shifts [19][20] - Data center computing revenue surged to $142 million, up 47% quarter-over-quarter and nearly doubled year-over-year [20][11] - Industrial and medical revenue was $69 million, a 7% sequential increase but down 13% year-over-year [20][12] Market Data and Key Metrics Changes - The semiconductor market showed solid year-over-year growth despite a sequential decline, influenced by tariff impacts and customer inventory management [19][51] - Data center demand is expected to remain strong, with projections for over 80% growth in 2025 [15][28] - Industrial and medical markets are showing signs of recovery, with increased backlog and improved customer inventory levels [12][20] Company Strategy and Development Direction - The company is focused on a diversification strategy across three distinct markets to mitigate cycle risks and enhance profitability [6][15] - Investments in technology and capacity are being made to support long-term growth, particularly in data center and semiconductor markets [7][16] - The closure of the last China factory is expected to contribute to gross margin improvements, targeting 40% by the end of 2025 [9][28] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining data center revenue growth into 2026, driven by high investment from hyperscalers [36] - The company anticipates modest sequential growth in industrial and medical markets, with a stronger order book driving higher revenue in the second half of the year [15][72] - Tariff impacts are being actively managed through various mitigation strategies, with expectations for continued operational improvements [25][26] Other Important Information - Total cash and cash equivalents at the end of Q2 were $714 million, with net cash of $147 million [22][24] - The company repurchased $23 million of common stock during the quarter [22][24] - Free cash flow grew 21% sequentially, indicating strong cash generation capabilities [24] Q&A Session Summary Question: Sustainability of data center demand - Management believes data center revenues are sustainable into 2026 due to continued high investment from hyperscalers [36] Question: Content per server for AI data centers - AI data centers have significantly higher power consumption, leading to increased revenue potential, though not on a linear basis [42][45] Question: Changes in semiconductor growth projections - The semiconductor growth projection was adjusted to mid-single digits for 2025 due to tariff impacts and market conditions [49][51] Question: Impact of tariffs on gross margin - Tariff costs are expected to remain at current levels, with mitigation strategies in place to offset impacts [53][55] Question: Design wins in industrial and medical - Recent design wins are expected to contribute to revenue growth in the second half, alongside market recovery [71][72]

Financial Data and Key Metrics Changes - Organic revenues were essentially flat, aligning with previous guidance, while OIBDA was $124 million and AFFO was $85 million [11][24][22] - A restructuring charge of $19.8 million was incurred due to the reduction of approximately 120 employees, with expected annualized expense savings of $18 million to $20 million [17][18] Business Line Data and Key Metrics Changes - Billboard revenues decreased by 2.5%, primarily due to the exit of two large marginally profitable contracts in New York and LA [12][16] - Transit revenues grew by 5.6%, driven by a 17% increase in digital revenues, despite a 2.9% decline in organic revenues [13][14] - Digital billboard revenues decreased by 4.5%, while overall digital revenue grew by 1.5%, representing over 34% of total organic revenues [14][15] Market Data and Key Metrics Changes - The strongest revenue categories were legal, financial, service providers, and insurance, while weaker categories included entertainment, health and medical, restaurants, and alcohol [13] - The New York MTA saw mid-single-digit growth despite a strong 20% growth in 2024 [13] Company Strategy and Development Direction - The company has undergone a significant internal reorganization, rebranding sales teams and centralizing operational functions to enhance efficiency and focus on client relationships [5][6][7] - A redesigned brand solutions group aims to drive demand from enterprise marketers across major industry verticals [6][10] - The company is focusing on digital out-of-home advertising as a growing opportunity, particularly targeting digital media buyers who have not yet engaged with this ecosystem [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, expecting revenue growth to accelerate in the third quarter, driven by double-digit growth in transit and low single-digit decline in billboard revenues [28][29] - The company acknowledges challenges in the entertainment sector but remains bullish about future performance based on committed deals [38] Other Important Information - The company maintained a $0.30 cash dividend payable on September 30 to shareholders [26] - Committed liquidity is over $600 million, with total net leverage at 4.8 times, within the target range [25] Q&A Session Summary Question: Are you through the heaviest period of changes to the business? - Management believes they have made significant progress in transformation but acknowledges that work continues in optimizing sales strategy and modernizing workflows [34][36] Question: Can you unpack the weakness in the entertainment vertical? - The decline was attributed to the absence of key studios supporting their slate, but management is optimistic about future performance in this sector [38] Question: What are the drivers behind the acceleration in transit? - Key performance improvements in New York, management focus, and incentives have contributed to the growth in transit revenues [42][43] Question: Is the decline in static transit revenue structural? - Management indicated that the decline is likely structural, as there is a shift towards digital formats [50] Question: What is the potential for margin expansion in the back half of the year? - Expected annualized savings from restructuring could lead to margin improvements, with half of the benefits anticipated in 2025 [53]

Financial Data and Key Metrics Changes - Net sales for the second quarter reached $1,180 million, reflecting a 4.5% increase year-over-year [5][29] - Adjusted EBITDA was $67.7 million, slightly down from $67.9 million last year, with an adjusted EBITDA margin of 5.7% [33] - Adjusted EPS decreased to $0.23 from $0.25 year-over-year [33] - Gross margin was reported at 30.6%, down 30 basis points from last year but up 20 basis points from the previous quarter [30][33] Business Line Data and Key Metrics Changes - Comparable store sales increased by 1.1%, driven by a 1.5% rise in transactions, partially offset by a 0.4% decrease in average transaction size [29][30] - The company opened 11 new stores and closed 2, maintaining a target of 33 to 35 net new stores for the year [5][30] Market Data and Key Metrics Changes - The company operates 552 stores across 16 states as of the end of the second quarter [30] - The Pacific Northwest region has seen improvements in service levels and variety due to consolidation efforts [44] Company Strategy and Development Direction - The company is focusing on four strategic imperatives: improving new store performance, securing top talent, addressing execution gaps, and enhancing execution at scale [6][7] - A disciplined approach to store expansion is being adopted to ensure higher returns on invested capital [28][29] - The introduction of a new arrivals guide and real-time order guide aims to enhance inventory management and improve sales planning for independent operators (IOs) [12][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving comp growth in the second half of the year, supported by improved inventory management and pricing strategies [41][44] - The company is preparing for potential economic challenges, emphasizing its historical resilience during recessions [61][62] - Management reaffirmed the full-year guidance, increasing adjusted EPS due to favorable interest expenses [36][37] Other Important Information - The company raised over $5 million through its Independence for Hunger campaign, providing over 10 million meals to local organizations [26][27] - The restructuring plan is nearing completion, with charges incurred during the second quarter related to asset impairments and lease terminations [32][33] Q&A Session Summary Question: Can you discuss the comp guidance and confidence level for the second half? - Management is optimistic about comp growth, citing improvements in inventory and pricing strategies, as well as positive feedback from IOs regarding new tools [41][44] Question: What are the drivers behind the performance of newer store cohorts? - The company is focusing on infill markets and enhancing site selection criteria, which has led to better performance in new stores [51][53] Question: How is the health of the consumer and potential impacts from SNAP changes? - Currently, there are no significant changes in consumer behavior, and the company is well-positioned to attract value-seeking customers [60][62] Question: What are the expectations for gross margin evolution? - Management is confident in maintaining gross margins within the 30% to 30.5% range, with ongoing improvements in shrink and operational efficiencies [55][56] Question: Can you elaborate on the new arrivals guide and its impact? - The new arrivals guide allows IOs to reserve products outside their ordering windows, enhancing their merchandising capabilities and expected to drive sales [70][71] Question: What is the current health of the IO base? - The voluntary attrition rate among IOs remains below 10%, indicating a healthy balance between supply and demand [64][66]

Financial Data and Key Metrics Changes - Total revenue for the second quarter was $58.9 million, representing a 36% growth year over year, with 85% from the MRD business and 15% from immune medicine [20][21] - MRD revenue grew 42% year over year to $49.9 million, with clinical and pharma contributions of 65% and 35% respectively [20][21] - Sequencing gross margin improved by 14 percentage points year over year to 64%, driven by lower labor and overhead costs alongside increasing volumes and higher pricing [22][23] - Cash burn for the quarter was approximately $11 million, a 36% improvement over the same period last year, ending with a solid cash position of $222 million [7][20] Business Line Data and Key Metrics Changes - ClonoSEQ revenue grew 57% year over year, with over 25,300 tests delivered, up 37% versus the prior year and up 10% sequentially [7][20] - The MRD business achieved positive adjusted EBITDA of $1.9 million, a significant improvement from a deficit of $11.3 million a year ago [23] - Immune medicine revenue was $8.9 million, up 13% from a year ago, with adjusted EBITDA loss improving by 14% year over year [23] Market Data and Key Metrics Changes - Blood-based testing represented 44% of MRD tests, up 40% from a year ago, with multiple myeloma accounting for 41% of U.S. ClonoSEQ volume [8][9] - The average selling price (ASP) for ClonoSEQ tests in the U.S. reached $12.90, a 17% increase year over year [10][21] - The backlog for MRD Pharma business grew to $218 million, up 21% from the prior year, with 175 active global clinical trials [12][13] Company Strategy and Development Direction - The company is focused on expanding EMR integrations to drive volume growth, with significant progress in integrating ClonoSEQ into Flatiron's Onco EMR [11][12] - The MRD Pharma business is expected to continue growing, with a strong pipeline and increasing global support for MRD testing as a key endpoint in clinical trials [13][106] - The company aims to achieve a cash burn target of $25 million to $30 million by scaling revenue generation from pharma partnerships while managing R&D investments [19][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving raised full-year guidance, driven by stronger-than-expected clinical volume performance and higher MRD milestone revenue anticipated for the year [20][26] - The company remains optimistic about the growing global support for MRD testing to accelerate new treatments across various malignancies [13][106] - Management highlighted the importance of the recent NCCN guidelines update for multiple myeloma, which is expected to support increased adoption of ID testing [96] Other Important Information - The company has begun processing ClonoSEQ tests on the NovaSeq X, which is expected to scale operations and improve margins [6] - The integration of ClonoSEQ into EMR systems is seen as a key driver of volume growth, with positive feedback from healthcare providers [11][34] Q&A Session Summary Question: Can you provide insights on the Flatiron integration and its impact on volume growth? - Management noted that the integration with Flatiron is in early stages, but initial results are promising, with expectations for consistent ordering at clinically appropriate time points [34][35] Question: What are the expectations for ClonoSEQ pricing and payer traction? - The company is seeing improvements in pricing due to contracting efforts, particularly with larger national payers, and anticipates continued pricing momentum in the second half of the year [37][38] Question: How does the company plan to balance investments in the business with EBITDA margin potential? - Management indicated that the business is set up to continuously produce positive adjusted EBITDA, with ongoing investments in MRD and international markets to support growth [42][44] Question: What are the implications of the NCCN guidelines update for multiple myeloma? - The update is viewed as a tailwind for the company, reinforcing the importance of ID testing at diagnosis, which is expected to contribute to ongoing volume growth [96][97] Question: Can you elaborate on the NEO collaboration and its expected impact? - The NEO collaboration is in its pilot phase, with expectations for material impact on volumes in 2026 and 2027, while the current focus is on operational processes [86][88]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported total revenue of $105 million, a decrease of 36% year over year [20] - Adjusted EBITDA for the quarter was $23 million, representing a margin of 22% [21] - The company had 2.6 million subscribers during the quarter, reflecting a year over year decline of 40% [20] - Non-GAAP operating expenses were $64 million, a reduction of approximately $31 million or 33% year over year [20] - Free cash flow for the second quarter was negative $12 million, impacted by severance payments and annual prepayment for hosting expenses [21] - The company concluded the quarter with cash and investments of $114.1 million and a net cash balance of $52 million [22] Business Line Data and Key Metrics Changes - The skills and other revenue segment generated $15 million in Q2, including approximately $7 million from content licensing [20] - Busuu, the language learning business, achieved a 15% year over year revenue increase in Q2, with B2C revenue increasing by 6% year over year and B2B revenue growing by 39% year over year [10][11] - The skills business saw a 16% increase in enrollments quarter over quarter and an 11% increase in monthly active users [12] Market Data and Key Metrics Changes - The language learning market has a significant opportunity, with 78 million success-seeking learners and a $3.2 billion market potential [10] - The skills market is valued at $40 billion, focusing on workplace readiness and upskilling for professional adults [12] Company Strategy and Development Direction - The company is undergoing a strategic review process, exploring options including acquisition, going private, or remaining public [6][7] - The focus is shifting towards skills and Busuu as primary growth engines, with investments in language learning and workplace readiness [8][12] - Chegg Study will continue to serve as a valuable service while generating cash to support investments in Busuu and Skills [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for the skills business and its path to profitability and double-digit growth in 2026 [14] - The company is adapting to evolving consumer expectations and market turbulence, particularly in the Busuu and Skills segments [22] - Management highlighted the importance of proving value in the institutional market to drive significant revenue growth in 2026 and beyond [30] Other Important Information - The company is on track to achieve non-GAAP expense savings of $165 million to $175 million in 2025 and $100 million to $110 million in 2026 [19] - The company has successfully cured its stock price deficiency and regained compliance with NYSE's price listing requirements [22] Q&A Session Summary Question: Regarding Busuu's growth in the B2B segment - Management indicated that growth is driven by both direct sales efforts and strong relationships with partners like Guild, emphasizing their ability to control their growth trajectory [24][26] Question: On Chegg Study's institutional pilots - Management noted the importance of proving value to schools and plans to continue adding partners while focusing on performance metrics to drive predictable growth [28][30] Question: About the B2C performance of Busuu - Management attributed steady performance to targeting the right consumer persona and enhancing product features with AI to improve engagement [35][36] Question: Positioning of the skills business in the AI education market - Management expressed optimism about the skills business, highlighting a transition to micro-learning formats that align with current market demands [39][41]

Financial Data and Key Metrics Changes - Consolidated revenues for the second quarter of 2025 were $242 million, a decrease of 22.7% compared to $313.1 million in the prior year period [15] - Adjusted EBITDA for the second quarter was $15.7 million, down from $26.7 million in the prior year [16] - Net loss attributable to common stockholders was $22 million, or $1.67 per fully diluted share, compared to net income of $14.1 million, or $1.03 per fully diluted share in the prior year [15][16] Business Line Data and Key Metrics Changes Infrastructure - Revenue decreased by 23.6% to $233.1 million from $305.2 million in the prior year quarter [16] - Adjusted EBITDA decreased to $19.3 million from $32.5 million in the prior year [16] - Gross margin compression of approximately 230 basis points to 17.9% and adjusted EBITDA margin compression of approximately 240 basis points to 8.3% year over year [6] Life Sciences - Revenue increased by 88.2% to $3.2 million from $1.7 million in the prior year quarter, primarily driven by R2's increased sales [18] - Adjusted EBITDA losses decreased due to a reduction in equity method losses from MediBeacon [18] Spectrum - Revenue decreased by $500,000 to $5.7 million, and adjusted EBITDA decreased by $500,000 to $1 million [18] Market Data and Key Metrics Changes - DBM Global's adjusted backlog increased year over year by approximately $300 million to just over $1.3 billion [6] - R2's backlog now carries approximately 50 units globally, positioning the company for continued growth [10] Company Strategy and Development Direction - The company is focused on executing strategic plans, including refinancing transactions to extend debt maturities [5][20] - The company is exploring commercial applications of broadcast data technology, particularly in gaming, entertainment, healthcare, and automotive sectors [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding DBM's positioning and backlog despite challenges such as fluctuating tariffs and inflationary pressures [7][8] - The outlook for the fourth quarter of 2025 appears promising, particularly in the Spectrum segment as ad sales softness is expected to improve [12] Other Important Information - The company had $33.4 million in cash and cash equivalents as of June 30, 2025, down from $48.8 million at the end of 2024 [19] - The company announced early settlement of indebtedness refinancing transactions, allowing for extended debt maturities [20] Q&A Session Summary Question: No questions were asked during the Q&A session - There were no questions in the queue, and the call concluded without any inquiries from participants [23]

OneSpan (OSPN) Q2 2025 Earnings Call August 05, 2025 04:30 PM ET Speaker0Welcome to the Q2 twenty twenty five OneSpan Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Joe Maxa, Vice President of Investor Relations.Please go ahead.Speaker1Thank you, operator. Hello, everyone, and thank you ...

Financial Data and Key Metrics Changes - Jazz Pharmaceuticals reported total revenues of $1,050,000,000 for the second quarter of 2025, representing a 2% increase year over year, driven by robust growth in Xywav, which grew 13% [30][31] - The adjusted net loss for the second quarter was $5,000,000, primarily due to a non-tax deductible acquired IPR&D charge from the Chimerix acquisition [32] - Operating cash flow for the first half of the year was $519,000,000, with a strong balance sheet showing $1,700,000,000 in cash and investments at quarter end [32][33] Business Line Data and Key Metrics Changes - Xywav generated approximately $415,000,000 in net product sales, with a 13% year-over-year increase, and added approximately 6,250 net patients across narcolepsy and idiopathic hypersomnia [15][10] - Epidiolex saw net product sales of approximately $252,000,000, a 2% increase year over year, impacted by U.S. inventory dynamics [17][31] - Rylase net product sales were approximately $101,000,000, a decrease of 7% year over year, while Zepzelca sales were approximately $75,000,000, down 8% year over year [19][21] Market Data and Key Metrics Changes - The oncology portfolio faced near-term headwinds, but there are expectations for growth driven by upcoming catalysts, including the PDUFA for dorvaprone and Zepzelca [11][21] - ZYHERA recognized approximately $6,000,000 in net product sales, aligning with expectations at this early stage of launch [22] Company Strategy and Development Direction - The company is focused on executing its strategy to deliver innovative therapies, with a diversified portfolio and robust pipeline positioned for sustainable long-term growth [11][12] - Upcoming FDA approvals for dorvaprone and Zepzelca are seen as significant milestones, with the potential to redefine treatment paradigms in their respective areas [11][21] - The company plans to enhance operational efficiency and prioritize spending on high-impact initiatives, including the launch of dorvaprone and support for Zepzelca and ZYHERA [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the diversified portfolio and the potential for future growth, particularly with the anticipated approval of dorvaprone [7][11] - The management acknowledged the competitive landscape, particularly for Zepzelca, but remains optimistic about the upcoming PDUFA dates and the potential for practice-changing data [21][59] Other Important Information - The company has revised its 2025 revenue guidance, narrowing the range and reflecting a modest reduction in the midpoint, while raising the lower end of adjusted net income and EPS guidance [33][34] - The company is committed to maintaining a disciplined approach to capital allocation, ensuring strategic investments in R&D and commercial products [36] Q&A Session Summary Question: What is driving the strength of Xywav and IH? - Management highlighted strong execution across field teams, effective digital campaigns, and the unique position of Xywav as the only FDA-approved therapy for IH as key drivers of growth [41][46] Question: Can we expect qualitative or quantitative updates for the ZANI trial? - Management indicated that they typically provide qualitative updates while preserving the ability to publish detailed results later, focusing on primary and secondary endpoints [50][52] Question: What are the competitive headwinds for Zepzelca? - Management acknowledged increased competition and the impact of immunotherapy on patient progression but expressed optimism about the upcoming PDUFA for first-line maintenance therapy [55][59] Question: What underlies confidence in Epidiolex reaching blockbuster status? - Management cited strong underlying demand and anticipated inventory dynamics as factors supporting confidence in reaching blockbuster status this year [74][76] Question: How will the entry of multi-source generics impact the oxybate franchise? - Management emphasized the differentiation of Xywav as the only low sodium oxybate and its established position in the market, suggesting limited impact from potential generic entries [78]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $591,000, significantly below expectations, primarily due to a near halt in capital sales of new instruments [7][24] - Gross profit was $351,000, resulting in a gross margin of 59% for the quarter [24] - For the six months ended June 30, 2025, total revenue was $1,400,000, with a gross profit of $837,000 and a gross margin of 58% [25] Business Line Data and Key Metrics Changes - Capital sales of new instruments were the main driver for the revenue decline, while consumable purchases slightly exceeded expectations [7][8] - The installed base of customers is approximately 65% outside the U.S. and 35% within the U.S., encompassing various customer types including academic, industrial, and government research labs [35] Market Data and Key Metrics Changes - The U.S. academic labs experienced a significant slowdown in capital purchases due to NIH funding uncertainties [7][29] - Despite capital market headwinds, consumable purchasing remained consistent across market segments, with government and pharma/biotech accounts showing stable demand [68] Company Strategy and Development Direction - The company aims to accelerate commercial adoption, deliver on its innovation roadmap, and preserve financial strength [6][21] - New instrument acquisition options have been launched to address capital sales headwinds, allowing customers to purchase consumables without upfront capital investment [10][11] - The company remains confident in the long-term market opportunity in proteomics and is focused on growing its installed customer base [11][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of NIH funding uncertainties on capital sales and expressed optimism about the potential for growth through new acquisition models [29][30] - The company anticipates that the new models will help capture consumable revenue and improve overall financial performance in the long term [29][70] Other Important Information - The company reported total operating expenses of $30,500,000 for Q2 2025, an increase from $26,800,000 in Q2 2024, while adjusted operating expenses were $23,800,000, slightly down from $24,400,000 [26] - The company ended the quarter with $214,200,000 in cash, cash equivalents, and investments in marketable securities, providing a strong financial position [27][32] Q&A Session Summary Question: How much of the $591,000 revenue is overseas and in pharma/biotech? - The company does not break out revenue by specific segments but noted that 65% of its installed base is outside the U.S. and 35% is within [35] Question: Is $500,000 to $600,000 the bottom for revenue? - Management expressed optimism that this is the bottom and expects gradual improvement, though not instant [36][38] Question: What does a typical placement look like under the new model? - The company offers several models, including capital purchases, reagent rentals, and short-term placements based on consumable revenue potential [40] Question: Are there any trends in leads with the new acquisition opportunities? - Initial data suggests that customers who were previously interested but constrained by capital are now engaging with the new options [46][49] Question: Will Proteus be offered through new models? - Currently, there are no plans to offer Proteus through alternative models; the focus remains on capital sales [61] Question: How is consumable purchasing trending? - Consumable revenue was slightly ahead of expectations, with consistent purchasing across market segments despite capital sales challenges [68] Question: Are the new kits suitable for specific end markets? - The new kits are designed to meet the needs of pharma/biotech customers and are expected to enhance penetration in that segment [72] Question: Is the company considering partnerships or acquisitions given its cash position? - While the company is open to exploring opportunities, the primary focus remains on executing its core technology and business [80][81] Question: If revenue remains soft, where would cuts be made? - The company does not anticipate cuts in the commercial team but will remain targeted in its approach to R&D and operational expenses [85][90]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $165 million, a slight decrease from $168 million in the same quarter last year [15] - Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for Q2 2025 increased by 17% compared to the same quarter last year [15] - GAAP net earnings for Q2 2025 were $22 million or $0.40 per diluted share, compared to $20 million or $0.36 per diluted share in the same quarter last year [16] - As of June 30, 2025, the company had approximately $523 million in cash, cash equivalents, and marketable securities, up from $454 million as of December 31, 2024 [20] Business Line Data and Key Metrics Changes - KELBY had a robust performance with a 23% growth in prescriptions and a 31% growth in net sales [7] - GOCOVRI saw a 14% increase in prescriptions and a 16% increase in net sales compared to the same quarter last year [9] - ONAPCO launched successfully with over 750 patient enrollment forms submitted by more than 300 prescribers [10] - ZERZUVEY reported net revenues of $23.2 million in Q2 2025, up from $13.8 million in Q2 2024, representing a 68% increase [11] Market Data and Key Metrics Changes - KELBY's adult business prescriptions increased by 29% in Q2 2025 compared to the same period last year, reaching 35% of total KELBY prescriptions [8] - GOCOVRI's Medicare prescriptions had a copay of less than $25 for 97% of cases, up from 77% in 2024 [9] Company Strategy and Development Direction - The company is transitioning from legacy products to a new growth phase with the addition of ZERZUVEY and the launch of ONAPCO [6][11] - Corporate development will focus on revenue-generating products and potential M&A opportunities, particularly in the women's health sector [12][50] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be a turning point for accelerated growth, with total revenue guidance updated to $670 million to $700 million [21] - The company anticipates an operating loss of $70 million to $80 million for the full year 2025, primarily due to acquisition-related costs [22] Other Important Information - The acquisition of Sage Therapeutics was completed on July 31, 2025, which is expected to enhance mid to long-term revenue growth [11] - The company maintains a strong balance sheet with no debt, providing financial flexibility for future growth opportunities [20] Q&A Session Summary Question: Can you discuss the net pricing dynamics for KELBY and the adult segment's launch progress? - Management indicated that net pricing remains above $300 per prescription, with adult prescriptions growing by 29% [28][30] Question: What is the status of ONAPCO's enrollment and reimbursement? - Management reported over 750 enrollment forms submitted and smooth reimbursement processes, with over 200 patients currently receiving the product [31][35] Question: Were there any one-time events driving ZERZUVEY's sales growth? - Management noted a 36% growth in prescriptions for ZERZUVEY, attributing it to strong brand momentum and sales force expansion [39] Question: How does the company plan to balance investments in OBGYN and psychiatry? - Management stated that 70% to 80% of prescriptions are generated by OBGYNs, and they will explore opportunities in both areas with Biogen [56] Question: What is the commercial infrastructure for ZERZUVEY in postpartum depression? - Management refrained from providing specific details about the sales force and infrastructure until discussions with Biogen are completed [66]