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What were the key takeaways from Heron Therapeutics's earnings call?

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What does Heron Therapeutics do and what are its main business segments?

What is the revenue and EPS growth rate for Heron Therapeutics year over year?

What guidance did Heron Therapeutics's management provide for the next earnings period?

What is the market's earnings forecast for Heron Therapeutics next quarter?

- **Acute Care Surge**: ZYNRELEF +49% YoY, APONVIE +173% YoY, Q3 acute care revenue $12.3M
- **J-code Win**: ZYNRELEF billing clarity drives 17% Oct unit growth
- **CINVANTI Resilience**: Stable at $24M despite competitive pressure
- **2027 PFS Launch**: Simplified delivery system targets late 2027 approval
- **Cash Position**: $55.5M post-financing, debt extinguishment costs $11.3M

**【CEO Opening Remarks】**
- **Q3 2025 Financial Highlights**: Total revenue $38.2M (YoY +15%), adjusted EBITDA $1.5M, gross margin 68.8% (down 2.4pts YoY due to one-time inventory write-off). 
- **Product Momentum**: ZYNRELEF net sales $9.3M (YoY +49%), APONVIE $3M (YoY +173%). CINVANTI stable at $24M, SUSTOL declining to $1.9M (YoY -32%).
- **Strategic Wins**: J-code for ZYNRELEF effective Oct 1, prefilled syringe (PFS) approval targeted for late 2027.
- **Operational Focus**: Post-financing, management prioritizing commercial execution and product growth.

**【COO Operational Update】**
- **ZYNRELEF Growth Drivers**: 
  - 200mg vial access needle (VAN) adoption
  - CrossLink Ignite distributor incentive program
  - Dedicated IBM team
  - Q3 units: 1,127/day (vs 882/day YoY), 17% Oct YoY surge
- **APONVIE Expansion**: 
  - 6-person dedicated team launched July 2025
  - Q3 units: 998/day (vs 418/day YoY)
  - 2025 PONV guidelines expected Q4
- **CINVANTI Synergy**: APONVIE pull-through driving CINVANTI orders in shared accounts

**【CFO Financial Review】**
- **Revenue**: Acute care $12.3M (QoQ +15%), oncology $25.9M (QoQ +1%)
- **Gross Profit**: $26.3M (68.8% margin), adjusted for $1.4M inventory write-off
- **Expenses**: 
  - SG&A $26.9M (YoY +15%)
  - R&D $3.5M (YoY -22%)
  - Net loss $17.5M (YoY +263% due to $11.3M debt extinguishment)
- **Cash Position**: $55.5M post-Q3 financing

**【Q&A Highlights】**
1. **ZYNRELEF October Momentum**: 17-18% MoM unit growth in first 2 weeks
2. **Gross Margin Adjustment**: Excluding write-off, adjusted margin ~74.5%
3. **NOPAIN Act Impact**: 75% of ZYNRELEF procedures now reimbursable
4. **2026 Commercial Investment**: Contingent on Q4 performance, potential team expansion
5. **SUSTOL Winddown**: Plan to halt commercialization by Q4 2026

Heron Therapeutics, Inc. (HRTX) Q3 2025 Earnings Call Transcript

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