Shares of Heron Therapeutics plunged 20.3% following earnings, reflecting investor disappointment with a pronounced Q1 sales deceleration driven by severe weather disruptions and cautious near-term outlook despite solid underlying fundamentals.

• Total net sales in Q1 2026 came in at $34.7 million, hampered by severe weather causing the most difficult month for elective surgeries since the CEO’s tenure began.
• Acute Care portfolio grew 32% YoY, with ZYNRELEF up 27% and APONVIE soaring over 50%, supported by a successful IGNITE incentive program and new clinical guideline endorsements.
• Oncology sales remained stable but reflected normal quarter-to-quarter timing, with CINVANTI maintaining a 25% exit market share in its category amid increased competition.
• Management highlighted a seasonal headwind compounded by weather that depressed January demand but expects deferred procedures to reschedule later in the year, anticipating a strong H2 seasonal rebound.
• Execution on sales force expansion is on track for Q3, intended to drive growth, but the market reaction indicates skepticism about near-term growth prospects and margin sustainability.