Heron reports Q2 revenue $37.2M, raises EBITDA guidance; completes capital restructuring reducing debt to $145M

HERON THERAPEUTICS, INC. /DE/

Q2 net revenue $37.2M (+3.3% YoY); year-to-date $76.1M (+7.7%); Acute Care revenue up 55.5% YoY.
2025 Adjusted EBITDA guidance raised to $9M-$13M from $4M-$12M; net revenue guidance reaffirmed $153M-$163M.
Capital restructuring: new $110M facility due 2030; $150M notes exchanged ($125M cash + $25M stock); $35M new convert notes; $27.7M private placement.
Total debt reduced from $175M to $145M; maturities extended to at least 2030, enhancing financial flexibility.
APONVIE unit demand up 19% QoQ; ZYNRELEF unit demand up 6.3% QoQ with new dedicated sales teams launching Q3.

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