Heron Therapeutics, Inc.

Heron Therapeutics, Inc. Earnings Recaps

HRTX Health Care 2 recaps
Q1 2026 May 12, 2026

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.

Key takeaways
  • 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.
Full recap
Q3 2025 Nov 5, 2025

Heron Therapeutics reported a strong Q3 2025, generating net revenues of $38.2 million and achieving adjusted EBITDA of $1.5 million, highlighting significant growth in its acute care portfolio.

Key takeaways
  • Achieved 49% year-over-year growth in ZYNRELEF net sales, reaching $9.3 million in Q3 2025.
  • APONVIE sales surged 173% year-over-year, totaling $3 million, with a dedicated sales team now deployed.
  • Implemented successful initiatives, including the CrossLink Ignite program and the introduction of a product-specific J-code for ZYNRELEF, enhancing distributor engagement and reimbursement processes.
  • Continued strong performance in CINVANTI, maintaining steady demand despite competitive pressures.
  • Year-to-date revenues of $114.3 million, with positive momentum projected to continue into Q4 and beyond.
Full recap