HRTX

Interested in Heron Therapeutics, Inc.? Here are five stocks we like better. Second-quarter net revenue rose to $37.7 million, but sales of key products fell short of management’s expectations. ZYNRELEF sales increased 35% year over year to $11.1 million, APONVIE sales rose 74% to approximately $4.2 million, while CINVANTI sales declined 10% to $21.8 million. A Delaware court ruling involving CINVANTI patents increased the risk of generic competition. Heron appealed, amended its credit facility, made a $13.5 million principal payment, paused planned salesforce expansion and withdrew its 2026 financial guidance. Heron ended the quarter with $42.7 million in cash and investments, but pro forma cash fell to about $28.5 million after the debt payment. The company is evaluating strategic alternatives and will provide quarterly updates on cash, spending and covenant compliance. Heron Therapeutics (NASDAQ:HRTX) reported second-quarter net revenue of $37.7 million, up from $34.7 million in the first quarter and $37.2 million in the comparable prior-year period, while management said sales of its key products came in below its internal expectations. Chief Executive Officer Craig Collard said the company’s acute-care franchise grew 44% year over year, led by growth in postoperative pain treatment ZYNRELEF and anti-nausea product APONVIE. However, he said both products expanded more slowly than the company had anticipated. Oncology product CINVANTI posted sequential sales growth but remained down from a year earlier amid branded competition. → MarketBeat Week in Review – 08/03 - 08/07 Heron also amended its credit facility following a June decision by the U.S. District Court for the District of Delaware involving certain patents covering CINVANTI. The company has appealed the decision, paused a planned second-half salesforce expansion, withdrew its full-year outlook and said it is evaluating strategic alternatives. Chief Operating Officer Mark Hensley said total acute-care sales were $15.3 million in the second quarter. ZYNRELEF generated $11.1 million in net sales, up 9% sequentially from $10.2 million and 35% from the prior-year quarter. Average daily units increased 19% year over year. → Quantum Earnings Week: Winners and Losers Are Finally Emerging Hensley said the company’s IGNITE 2.0 program was active across 3,150 accounts, compared with 2,260 accounts under IGNITE 1.0. He characterized ZYNRELEF adoption as a “site-by-site, case-by-case adoption curve,” saying the company’s focus is converting access into cases and protocols at accounts where the product is already available. APONVIE recorded approximately $4.2 million in sales, rising 26% from the first quarter and 74% from a year earlier. The product reached a 23% share of the surgical NK1 segment, up two percentage points sequentially. Average daily units grew 59% year over year, while June ordering accounts rose 42% from the same month last year. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War Hensley said pharmacy and therapeutics approvals for APONVIE reached 1,810 accounts, representing 6.7 million medium- to high-risk procedures annually. In oncology, CINVANTI generated $21.8 million in sales, compared with $20.5 million in the first quarter and down about 10% from the prior-year period. Hensley said utilization has remained stable in recent months, with June market share of 25%, in line with the product’s 12-month average. The company had 1,241 CINVANTI ordering accounts in June, also near its 12-month average of approximately 1,200. SUSTOL contributed $0.5 million in second-quarter sales as the company continued its previously announced planned wind-down of that product. Collard said the June court decision changed Heron’s outlook and prompted discussions with lender Hercules. While a CINVANTI generic has not launched, Heron said it is preparing for potential competition through its clinical product profile, customer relationships, contracting position and formulary work. During the question-and-answer session, Collard said the company used a conservative view of potential generic timing when discussing debt covenants with Hercules. He said uncertainties include when a generic could reach the market, manufacturing requirements for the sterile emulsion product and reimbursement considerations, including whether a generic would use Heron’s J-code or obtain a separate code. He said a potential generic launch by Azurity would not affect Heron’s settlement agreements with other parties related to CINVANTI. On ZYNRELEF, Hensley said a slower-than-expected recovery in the surgical market during the second quarter contributed to results falling short of the company’s expectations. He said management did not see a specific product-related issue and expects the market and ZYNRELEF to strengthen in the second half, while acknowledging that second-quarter execution was the company’s responsibility. Heron reported a gross margin of 69.3% for the second quarter. Research and development expense was $2.7 million, while selling, general and administrative expense was $25.4 million. Total operating expenses were $28.1 million, including stock-based compensation and depreciation. The company posted an operating loss of $2 million and a net loss of $5.5 million, compared with a net loss of $2.4 million in the prior-year quarter. Adjusted EBITDA was $3.2 million, up from $2.2 million a year earlier. Chief Financial Officer Ira Duarte said Heron ended the quarter with $42.7 million in cash equivalents and short-term investments. Under the amended Hercules credit facility, the company paid a $13.5 million principal reduction at execution, plus associated fees, and may make an additional $4 million principal reduction on or before Sept. 15. Pro forma cash was approximately $28.5 million after the initial payment. Pro forma cash would be approximately $24.3 million after the potential September payment. The amendment establishes monthly minimum revenue, EBITDA and cash covenants through December 2027. Duarte said the company withdrew its prior 2026 guidance for net product sales of $173 million to $183 million and adjusted EBITDA of $10 million to $20 million. He cited uncertainty around the timing and terms of potential CINVANTI generic competition, the pause in planned salesforce investment and the company’s review of strategic alternatives. Heron said it will instead provide quarterly updates on its cash position, spending and compliance with its financial covenants. The company did not provide a timetable for its strategic-alternatives review and said there is no assurance the process will result in a transaction. Heron Therapeutics, Inc is a commercial-stage biotechnology company focused on developing and commercializing therapies in pain management and supportive care for patients undergoing medical and surgical procedures. The company's research is dedicated to addressing unmet needs in oncology supportive care and post-operative pain management through innovative drug formulations designed to improve patient outcomes and reduce reliance on opioids. Heron's first approved therapy, SUSTOL (granisetron) extended-release injection, received U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Heron Therapeutics Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Net Revenue: $37.7 million in Q2 2026, up from $34.7 million in Q1 2026 and $37.2 million in the prior-year quarter. Gross Margin: 69.3% for the quarter. Operating Loss: $2 million in Q2 2026. Net Loss: $5.5 million, compared to a net loss of $2.4 million in the prior-year quarter. Adjusted EBITDA: $3.2 million, up from $2.2 million in the prior-year quarter. Cash Position: $42.7 million in cash equivalents and short-term investments at quarter-end; pro forma cash approximately $28.5 million after the $13.5 million principal payment, and approximately $24.3 million after the potential $4 million September payment. ZYNRELEF Revenue: $11.1 million, up 9% from Q1 and 35% year-over-year; average daily units grew 19% year-over-year. APONVIE Revenue: $4.2 million, up 74% year-over-year and 26% from Q1; reached 23% share of the surgical NK1 segment, up two points sequentially. CINVANTI Revenue: $21.8 million, up from $20.5 million in Q1 but down about 10% year-over-year; share in June was 25%, in line with its 12-month average. SUSTOL Revenue: $0.5 million, continuing the planned wind down. Total Operating Expenses: $28.1 million, including stock-based compensation and depreciation. R&D Expense: $2.7 million for the quarter. SG&A Expense: $25.4 million for the quarter. Warning! GuruFocus has detected 4 Warning Signs with HRTX. Is HRTX fairly valued? Test your thesis with our free DCF calculator. Release Date: August 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Total net revenue grew to $37.7 million in Q2 2026, up from $34.7 million in Q1 2026. ZYNRELEF net sales increased 35% year-over-year, with average daily units up 19%. APONVIE net sales grew 74% year-over-year, reaching 23% share of the surgical NK1 segment. Adjusted EBITDA improved to $3.2 million in Q2 2026, up from $2.2 million in the prior year quarter. The company successfully amended its credit facility with Hercules, resetting covenants through 2027 and reducing principal. Net revenue fell short of company expectations, with both CINVANTI and ZYNRELEF growing slower than anticipated. CINVANTI net sales declined about 10% year-over-year due to branded competition. The June court decision regarding CINVANTI patents negatively impacted the company's outlook, leading to a pause in salesforce expansion. The company withdrew its full-year 2026 guidance due to uncertainty from potential generic competition and strategic alternatives. Cash position decreased significantly, with pro forma cash at approximately $28.5 million, down from $42.7 million at quarter end. Q: Can you elaborate on your confidence in meeting the updated debt covenants should a CINVANTI generic come to market?A: Craig Collard (CEO) stated that the company took a very conservative approach when modeling the potential generic launch with its lender, Hercules. He noted several factors that could delay a generic launch, including manufacturing challenges with the sterile emulsion product and the need to scale up to meet the ~750,000-800,000 unit annual demand. He also mentioned reimbursement questions, such as whether a generic would fall under the same J-code, as factors that could alter the market dynamic. He expressed confidence that the covenants are well-covered, as the launch may take longer than modeled. Q: If and when a generic does launch, any reason the erosion should not look like the SUSTOL erosion curve?A: Craig Collard (CEO) did not directly compare it to SUSTOL but reiterated the conservative approach taken with the lender. He emphasized the uncertainty around the timing of a generic launch, citing the complexity of manufacturing the product at scale and potential reimbursement dynamics as key variables that make forecasting difficult. The company is preparing a defense strategy built around the clinical profile, customer relationships, and contracting position. Q: Can you help us think about what is driving the below-expectation performance on ZYNRELEF? Are surgeons just not warm to the detail, or are they very sticky on alternatives?A: Mark Hensley (COO) attributed the shortfall to execution rather than product-specific issues. He noted that while Q1 market volumes were down, the expected strong recovery in Q2 did not fully materialize. He pointed to seasonal patterns, noting that the back half of the year typically shows a strong run-up in the market and for ZYNRELEF. He took responsibility for the Q2 execution and stated the team is working to rectify it in Q3. Q: What is the hurdle on ZYNRELEF, and what can a well-capitalized strategic partner do differently?A: Mark Hensley (COO) did not specify a single hurdle but reiterated that the issue is about pull-through and execution. He noted that the company continues to make progress on P&T wins and that the slower-than-expected performance is related to the pace of converting access into cases and protocols. He expects the back half of the year to see continued pull-through from these wins. Q: What impact would a potential Azurity generic launch have on other players with settlement agreements around CINVANTI?A: Craig Collard (CEO) clarified that a launch by Azurity would have no impact at all on the existing settlement agreements with other players. The settlements remain unchanged regardless of whether a generic product enters the market. Q: Regarding ZYNRELEF, what are you seeing in terms of surgical volumes and overall procedure volumes in Q2, given competitor reports of macro volatility impacting healthcare spending?A: Mark Hensley (COO) stated that the company did not feel as impacted by the macro volatility as competitors may have been. He noted that P&T wins continued to progress throughout the quarter. The slower performance was attributed to the timing of pull-through rather than a broad market downturn, and he expects those wins to contribute to growth in the back half of the year. Q: Why did the company withdraw its full-year 2026 guidance?A: Ira Duarte (CFO) explained that the withdrawal was a forecasting decision based on three factors: the June court decision creating uncertainty around the timing and terms of potential generic entry for CINVANTI, the company's own actions to pause salesforce expansion and tighten spending (which the prior guidance was built on), and the ongoing review of strategic alternatives. He emphasized that the decision was not a statement about the underlying business but a reflection of the unreliability of any annual number under these circumstances. Q: What are the key terms of the amended credit facility with Hercules?A: Ira Duarte (CFO) detailed that the amendment waives the June 30 covenants and resets the schedule to match the operating plan. It includes a principal reduction of $13.5 million paid at execution, with a potential further $4 million reduction due on or before September 15, for a total potential reduction of $17.5 million. The amendment sets monthly minimum revenue and EBITDA covenants through December 2027, along with a minimum cash covenant. Q: What is the company's current cash position after the credit facility amendment payments?A: Ira Duarte (CFO) stated that the company ended Q2 with $42.7 million in cash. After reflecting the $13.5 million payment made at the amendment's execution, pro forma cash is approximately $28.5 million. After the potential $4 million September payment, cash would be approximately $24.3 million. Q: Can you provide more color on the strategic alternatives review process?A: Craig Collard (CEO) confirmed the company is considering strategic alternatives while continuing to execute its current plan. He stated there is no timetable for the process and no assurances it will result in a transaction. The company does not intend to comment further unless and until additional disclosure is appropriate or required by law. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

BioCryst Pharmaceuticals (BCRX) came out with quarterly earnings of $0.3 per share, beating the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +114.29%. A quarter ago, it was expected that this drugmaker would post earnings of $0.06 per share when it actually produced a loss of $0.03, delivering a surprise of -150%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. BioCryst, which belongs to the Zacks Medical - Drugs industry, posted revenues of $218.25 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 18.26%. This compares to year-ago revenues of $163.35 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. BioCryst shares have added about 15.6% since the beginning of the year versus the S&P 500's gain of 13%. While BioCryst has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for BioCryst was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.05 on $163.52 million in revenues for the coming quarter and -$2.58 on $676.48 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Drugs is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Heron Therapeutics (HRTX), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This pharmaceutical company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Heron Therapeutics' revenues are expected to be $42.4 million, up 14% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BioCryst Pharmaceuticals, Inc. (BCRX) : Free Stock Analysis Report Heron Therapeutics, Inc. (HRTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Q1 performance was impacted by severe weather in January that disrupted elective surgeries, a trend management noted was consistent across the surgical industry. Management attributes the 22% year-over-year demand growth for ZYNRELEF to the success of the IGNITE incentive program with orthopedic distribution partners. APONVIE's 68% demand growth was driven by its inclusion in the fifth consensus guidelines for PONV management, which serves as a critical clinical endorsement. The company is maintaining a disciplined pricing strategy across all products, choosing to protect long-term franchise economics rather than chasing volume through price concessions. CINVANTI demonstrated resilience with a stable 25% market share despite high category volatility and competitive pressure in the NK1 market. Operational recovery was evident in March, with net sales exceeding $15 million, signaling a return to the underlying business strength following early-quarter disruptions. Management reaffirmed full-year 2026 guidance, assuming that deferred elective procedures from Q1 will be rescheduled throughout the remainder of the year. A significant sales force expansion is planned for Q3 2026, targeting geographies where formulary access and payer coverage are already established. The IGNITE 2.0 program has expanded to 3,109 accounts, a 38% increase intended to deepen ZYNRELEF penetration through concentrated distributor focus. The ZYNRELEF prefilled syringe program remains on track to generate 12-month stability data in Q1 2027, addressing the market shift toward ready-to-use systems. Gross margins are expected to normalize to the mid-70% range after the next two quarters as high-cost inventory from a secondary supplier is exhausted. Temporary gross margin pressure (69% in Q1) resulted from contractual obligations to a secondary CINVANTI supplier whose production costs are 3x higher than the primary source. The NOPAIN Act framework and the permanent J-code for ZYNRELEF have streamlined reimbursement across approximately 110 million commercial lives. A new $10 million annualized revenue pipeline for CINVANTI has been identified through the REIGNITE program focusing on major teaching hospitals. The company expects to return to positive adjusted EBITDA as weather-related revenue softness and temporary margin pressures subside. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated that the primary challenge is not a lack of desire to use ZYNRELEF, but the need for greater 'share of voice' to reach more accounts. The Q3 sales force expansion is specifically designed to address this by increasing the frequency of account interactions. While NOPAIN primarily aids Medicare reimbursement, it has catalyzed conversations with commercial payers to move ZYNRELEF outside of surgical bundles. Coverage is now widespread across the U.S., with only small pockets where the product remains bundled. The partnership has reached 90% alignment, meaning most targeted accounts now have both a Heron and a CrossLink representative present. This 'triple threat' of sales presence, distributor focus, and payer coverage is the core driver for the 2026 growth targets.

This article first appeared on GuruFocus. Total Net Sales: $34.7 million in Q1 2026. Acute Care Revenue: $13.6 million, with ZYNRELEF at $10.2 million and APONVIE at $3.4 million. Oncology Revenue: $21.1 million, with CINVANTI at $20.5 million and SUSTOL at $0.6 million. Revenue Growth: Acute Care portfolio grew 32% year-over-year; ZYNRELEF grew 27%, APONVIE grew over 50%. Gross Margin: 69%, below the typical low to mid-70s percent range. Adjusted EBITDA: Negative $727,000 for the quarter. Market Share: CINVANTI maintained a 25% exit market share in the NK1 category. Guidance for 2026: Net product sales of $173 million to $183 million and adjusted EBITDA of $10 million to $20 million. Warning! GuruFocus has detected 4 Warning Signs with HRTX. Is HRTX fairly valued? Test your thesis with our free DCF calculator. Release Date: May 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Heron Therapeutics Inc (NASDAQ:HRTX) reported a strong recovery in March with over $15 million in net sales, indicating resilience and underlying business strength. The company achieved a 32% revenue growth in its Acute Care portfolio, with ZYNRELEF growing 27% and APONVIE growing over 50% year-over-year. The IGNITE program has been successful, leading to a 111% growth in ZYNRELEF unit volume within targeted accounts, prompting an expansion of the program. APONVIE has been included in the fifth consensus guidelines for the management of postoperative nausea and vomiting, providing a clinical endorsement that is expected to drive adoption. Heron Therapeutics Inc (NASDAQ:HRTX) is expanding its sales force in Q3 2026, which is anticipated to be a significant catalyst for growth across its portfolio. The first quarter of 2026 was impacted by severe weather, leading to a decline in elective surgeries and affecting overall performance. Gross margin for the quarter was 69%, below the typical low to mid-70s percent range, due to higher costs from a secondary supplier for CINVANTI. Adjusted EBITDA was negative $727,000 for the quarter, reflecting the impact of storm-related revenue softness and temporary gross margin pressure. The company faces increased competitive pressure in the oncology segment, although CINVANTI maintained a 25% market share. There is ongoing friction in the adoption of ZYNRELEF, with challenges in reaching a meaningful number of accounts to drive quarter-over-quarter growth. Q: Can you discuss the factors influencing ZYNRELEF's market share and the impact of the Baxter settlement on exclusivity? A: Craig Collard, CEO, stated that details of the Baxter settlement cannot be disclosed. Mark Hensley, COO, mentioned that the expansion of the sales force and the IGNITE 2.0 program are expected to drive growth for ZYNRELEF. The focus is on increasing the number of accounts using ZYNRELEF to achieve consistent quarter-over-quarter growth. Q: How did the winter storms affect surgical volumes, and what is the impact of the NOPAIN Act on commercial coverage for ZYNRELEF? A: Mark Hensley, COO, noted a high single-digit decline in surgical volumes due to the storms, but expects rescheduling of procedures. The NOPAIN Act has improved commercial coverage for ZYNRELEF, with 110 million lives covered, reducing reimbursement friction. Q: What are the expectations for the CrossLink partnership and the expansion of the IGNITE program? A: Mark Hensley, COO, explained that the CrossLink partnership has expanded the IGNITE program by 38%, aligning Heron and CrossLink efforts in targeted accounts. This alignment is expected to drive success for ZYNRELEF in 2026. Q: Can you elaborate on the adoption curve for ZYNRELEF and APONVIE, and how you plan to reduce friction in adoption? A: Mark Hensley, COO, emphasized the importance of expanding the sales force to increase market share and reduce friction in adoption. The IGNITE 2.0 program and increased sales force presence are expected to enhance adoption rates. Q: What are the financial expectations for 2026, considering the temporary factors affecting Q1 results? A: Ira Duarte, CFO, stated that despite Q1 challenges, the company expects to achieve net product sales of $173 million to $183 million and adjusted EBITDA of $10 million to $20 million for 2026, with recovery already underway. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Heron Therapeutics (HRTX) reported $34.71 million in revenue for the quarter ended March 2026, representing a year-over-year decline of 10.8%. EPS of -$0.04 for the same period compares to $0.01 a year ago. The reported revenue represents a surprise of -3.91% over the Zacks Consensus Estimate of $36.13 million. With the consensus EPS estimate being -$0.03, the EPS surprise was -33.33%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Heron Therapeutics performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Net Product Sales- Acute Care- APONVIE: $3.39 million compared to the $3.73 million average estimate based on two analysts. The reported number represents a change of +50.2% year over year. Net Product Sales- Oncology- SUSTOL: $0.55 million versus the two-analyst average estimate of $1 million. The reported number represents a year-over-year change of -80.9%. Net Product Sales- Oncology- CINVANTI: $20.54 million compared to the $21 million average estimate based on two analysts. The reported number represents a change of -20.2% year over year. Net Product Sales- Acute Care- ZYNRELEF: $10.24 million versus the two-analyst average estimate of $11.65 million. The reported number represents a year-over-year change of +27.3%. View all Key Company Metrics for Heron Therapeutics here>>> Shares of Heron Therapeutics have returned +41.9% over the past month versus the Zacks S&P 500 composite's +9.1% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Heron Therapeutics, Inc. (HRTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Q1 2026 net revenue growth year-over year for Acute Care franchise (+32%), including ZYNRELEF® (+27%) and APONVIE® (+50%) Q1 2026 total net revenue of $34.7 million Reached settlement with Baxter Healthcare Corporation in CINVANTI® patent litigation Reaffirmed 2026 full-year guidance of $173–$183 million net revenue; $10–$20 million Adjusted EBITDA CARY, N.C., May 11, 2026 (GLOBE NEWSWIRE) -- Heron Therapeutics, Inc. (Nasdaq: HRTX) (“Heron” or the “Company”), a commercial-stage biotechnology company, today announced financial results for the three months ended March 31, 2026, and highlighted recent corporate updates. “Despite typical first-quarter seasonality and unusual weather-related disruption early in the quarter, we saw a clear recovery in February and March,” said Craig Collard, Chief Executive Officer of Heron. “Our Acute Care franchise continues to perform with strong year-over-year growth, and we remain confident in our full-year framework as deferred elective procedures return and our commercial catalysts such as IGNITE 2.0, unique J-Codes, and planned sales force expansion for the Acute Care franchise continue to build through 2026.” “As environmental conditions normalized, we saw momentum rebuild through February and exited March with improved trends. We maintained disciplined cost management and expect temporary gross margin pressure to normalize as we work through higher-cost CINVANTI® inventory over the next two quarters,” said Ira Duarte, Executive Vice President and Chief Financial Officer of Heron. Business Highlights Heron generated total net revenue of $34.7 million in Q1 2026 and ended the first quarter with $44.8 million in cash, cash equivalents and short-term investments. The Company reaffirmed full-year 2026 guidance of net revenue of $173 million to $183 million and Adjusted EBITDA of $10 million to $20 million. Acute Care franchise updates: Net revenue increased 32% year-over-year, including ZYNRELEF® net revenue of $10.2 million and APONVIE® net revenue of $3.4 million in Q1 2026. Commercial expansion: Heron’s planned sales force expansion remains on track for Q3 2026, with recruitment underway to increase coverage and account depth across the portfolio. ZYNRELEF: Demand units increased by 22% year-over-year. IGNITE, the commercial alignment program for ZYNRELEF, demonstrated 111% growth in target accounts by year-end 2025. This success resulted in expansion of included target accounts in January 2026 by 40% and extension of the program throughout 2026 with IGNITE 2.0. ZYNRELEF continues to benefit from NOPAIN Act reimbursement and an increasingly predictable payment experience among 110 million covered commercial lives as accounts increasingly apply the permanent product-specific J-code (J0668). APONVIE: APONVIE demand units increased 68% year-over-year. Accordingly, a key performance metric, Average Daily Units, in Q1 2026 increased 70% over Q1 2025. APONVIE has gained P&T approval in 1,902 accounts totaling 5.8 million medium-to-high PONV risk procedures. Broad adoption of APONVIE continued, with ordering accounts increasing 67% year-over-year. APONVIE’s permanent product-specific J-code (J8502) became active April 1, 2026, which further streamlines billing and supports broader access as utilization expands. Fifth Consensus Guidelines for the Management of PONV included APONVIE as the only FDA-approved intravenous NK-1 antagonist for prevention of PONV in adults and elevated the role of NK-1 antagonists in multimodal prophylaxis strategies. Oncology Supportive Care franchise updates: Net revenue was $21.1 million in Q1 2026, including CINVANTI net revenue of $20.5 million and SUSTOL® net revenue of $0.6 million reflecting the previously communicated wind-down of SUSTOL by the end of 2026. CINVANTI: CINVANTI maintained 25% market share in the NK1 CINV category in Q1 2026, equivalent to the average of 25% for the past 12 months. The REIGNITE program, with a goal of returning CINVANTI to steady growth, secured formulary wins and the near-term pipeline represents an increase of approximately $10 million net revenue on an annual basis in potential new opportunity. Heron reached a settlement agreement with Baxter Healthcare Corporation in CINVANTI patent litigation, and the U.S. District Court for the District of Delaware dismissed the pending litigation between the parties on April 28, 2026. Active promotion of CINVANTI as part of Heron’s planned expansion of its sale force for Q3 2026. CINVANTI surpassed 5 million demand units sold since launch Development update: The ZYNRELEF prefilled syringe (PFS) lifecycle program This late-stage program to improve Operating Room efficiency with a Ready-to-Use product remains funded and on track. As previously announced, registration batches have been manufactured and placed on stability, and the Company will receive 12-month stability data in the first quarter of 2027. Heron is continuing CMC and device-related readiness activities to support the filing. Financial Guidance for 2026 - Cash, cash equivalents, and short-term investments were $44.8 million as of March 31, 2026. Conference Call and Webcast Heron will host a conference call and live webcast on Monday, May 11, 2026, at 8:30 a.m. ET. The conference call can be accessed by phone by utilizing the following registration link which will provide participants with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The conference call will also be available via webcast under the Investor Relations section of Heron's website at www.herontx.com. The investor presentation to be used for the conference call and webcast can be accessed from Heron’s website prior to the conference call and webcast. An archive of the teleconference, webcast, and investor presentation will also be made available on Heron's website for sixty days following the call. About ZYNRELEF® for Postoperative Pain ZYNRELEF is the first and only extended-release dual-acting local anesthetic that delivers a fixed-dose combination of the local anesthetic bupivacaine and a low dose of nonsteroidal anti-inflammatory drug meloxicam. ZYNRELEF is the first and only extended-release local anesthetic to demonstrate in Phase 3 studies significantly reduced pain and significantly increased proportion of patients requiring no opioids through the first 72 hours following surgery compared to bupivacaine solution, the current standard-of-care local anesthetic for postoperative pain control. ZYNRELEF was initially approved by the FDA in May 2021 for use in adults for soft tissue or periarticular instillation to produce postsurgical analgesia for up to 72 hours after bunionectomy, open inguinal herniorrhaphy and total knee arthroplasty. In December 2021, the FDA approved an expansion of ZYNRELEF's indication to include foot and ankle, small-to-medium open abdominal, and lower extremity total joint arthroplasty surgical procedures. On January 23, 2024, the FDA approved ZYNRELEF for soft tissue and orthopedic surgical procedures including foot and ankle, and other procedures in which direct exposure to articular cartilage is avoided. Safety and efficacy have not been established in highly vascular surgeries, such as intrathoracic, large multilevel spinal, and head and neck procedures. Please see full prescribing information, including Boxed Warning, at www.ZYNRELEF.com. About APONVIE® for Prevention of Postoperative Nausea and Vomiting (PONV) Prevention APONVIE is a substance P/neurokinin 1 (NK1) Receptor Antagonist (RA), indicated for the prevention of post operative nausea and vomiting (PONV) in adults. Delivered via a 30-second IV push, APONVIE 32 mg was demonstrated to be bioequivalent to oral aprepitant 40 mg with rapid achievement of therapeutic drug levels. APONVIE is the same formulation as Heron's approved drug product CINVANTI. APONVIE is supplied in a single-dose vial that delivers the full 32 mg dose for PONV. APONVIE was approved by the FDA in September 2022 and became commercially available in the U.S. on March 6, 2023. Please see full prescribing information at www.APONVIE.com. About CINVANTI® for Chemotherapy Induced Nausea and Vomiting (CINV) Prevention CINVANTI, in combination with other antiemetic agents, is indicated in adults for the prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy (HEC) including high-dose cisplatin as a single-dose regimen, delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic cancer chemotherapy (MEC) as a single-dose regimen, and nausea and vomiting associated with initial and repeat courses of MEC as a 3-day regimen. CINVANTI is an IV formulation of aprepitant, an NK1 RA. CINVANTI is the first IV formulation to directly deliver aprepitant, the active ingredient in EMEND® capsules. Aprepitant (including its prodrug, fosaprepitant) is a single-agent NK1 RA to significantly reduce nausea and vomiting in both the acute phase (0–24 hours after chemotherapy) and the delayed phase (24–120 hours after chemotherapy). The FDA-approved dosing administration included in the U.S. prescribing information for CINVANTI include 100 mg or 130 mg administered as a 30-minute IV infusion or a 2-minute IV injection. Please see full prescribing information at www.CINVANTI.com. About SUSTOL® for CINV Prevention SUSTOL is indicated in combination with other antiemetics in adults for the prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic chemotherapy (MEC) or anthracycline and cyclophosphamide (AC) combination chemotherapy regimens. SUSTOL is an extended-release, injectable 5-hydroxytryptamine type 3 RA that utilizes Heron's Biochronomer® drug delivery technology to maintain therapeutic levels of granisetron for ≥5 days. The SUSTOL global Phase 3 development program was comprised of two, large, guideline-based clinical studies that evaluated SUSTOL's efficacy and safety in more than 2,000 patients with cancer. SUSTOL's efficacy in preventing nausea and vomiting was evaluated in both the acute phase (0–24 hours after chemotherapy) and delayed phase (24–120 hours after chemotherapy). Please see full prescribing information at www.SUSTOL.com. About Heron Therapeutics, Inc. Heron Therapeutics, Inc. is a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard-of-care for acute care and oncology patients. For more information, visit www.herontx.com. Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition to providing guidance for Net Revenue, a GAAP measure, Heron provides guidance for Adjusted EBITDA, a non-GAAP measure. Heron does not provide reconciliations of forward-looking non-GAAP measures to the most directly comparable GAAP measures because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures without unreasonable effort that would be necessary for a reconciliation. These items are uncertain, depend on various factors, and could have a material impact on Heron’s reported results in accordance with GAAP. In our quarterly and annual reports, earnings press releases and conference calls, we may discuss the following financial measures that are not calculated in accordance with GAAP, to supplement our consolidated financial statements presented on a GAAP basis. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but that we do not believe are indicative of ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: adjusted EBITDA excludes depreciation and amortization and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes; and adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments. For a reconciliation of such non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the table titled “U.S. GAAP to Non-GAAP Reconciliation” below. Forward-looking Statements This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. All statements contained in this news release other than statements of historical facts, including statements regarding our future results of operations and financial position, business and commercialization strategy as well as plans and objectives of management for future operations, are forward-looking statements. Heron cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding the potential market opportunities for ZYNRELEF®, APONVIE®, CINVANTI® and SUSTOL®; revenue, adjusted EBITDA and other financial guidance provided by the Company; interim financial data or prescription data, which may not necessarily be indicative of quarterly or annual results; the potential additional market opportunity for the expanded U.S. label for ZYNRELEF or inclusion of ZYNRELEF under the OPPS and the ASC payment system or launch of the ZYNRELEF VAN; our ability to establish and maintain successful commercial arrangements like our co-promotion agreement with Crosslink Network, LLC; the outcome of the Company's pending patent litigations, including potential appeals of any verdicts and the settlement described herein; whether the Company is required to write-off any additional inventory in the future; the expected future balances of Heron's cash, cash equivalents and short-term investments; the expected duration over which Heron's cash, cash equivalents and short-term investments balances will fund its operations and the risk that future equity financings may be needed;; any inability or delay in achieving profitability, including as a result of regulatory developments and policy changes in the U.S. and other jurisdictions. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Forward-looking statements reflect our analysis only on their stated date, and Heron takes no obligation to update or revise these statements except as may be required by law. Investor Relations and Media Contact: Ira Duarte Executive Vice President, Chief Financial Officer Heron Therapeutics, Inc. [email protected] 858-251-4400

Interested in Heron Therapeutics, Inc.? Here are five stocks we like better. Heron reaffirmed its full-year 2026 outlook despite a weak first quarter, with net product sales of $34.7 million and adjusted EBITDA of negative $727,000. Management said seasonal issues, winter weather, and temporary supplier-related margin pressure were the main drags, and expects conditions to improve through the year. Acute care products drove growth, with the portfolio up 32% year over year. ZYNRELEF and APONVIE both posted strong demand gains, helped by improving reimbursement dynamics, expanded account coverage, and the rollout of Heron’s Ignite incentive program. CINVANTI held up in a competitive market, maintaining a 25% exit share in the NK1 category while Heron works to expand hospital access through its REIGNITE program. The company also said new account wins could add more than $10 million in annualized net revenue. Heron Therapeutics (NASDAQ:HRTX) said first-quarter 2026 results were pressured by seasonal factors and severe winter weather, but management reaffirmed its full-year outlook and pointed to improving momentum exiting the quarter. Chief Executive Officer Craig Collard said the company entered 2026 with “tremendous momentum” following a strong fourth quarter, but January was affected by co-pay resets, insurance adjustments and two weeks of severe weather that disrupted elective surgeries. Collard described January as “our most difficult month since I joined the company,” while emphasizing that March net sales exceeded $15 million. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum “The breadth of this industry-wide impact validates that the headwinds we faced were external and temporary in nature, not reflective of any underlying weakness in our business or markets,” Collard said. He added that Heron expects deferred elective procedures to be rescheduled through the remainder of 2026. Chief Financial Officer Ira Duarte said first-quarter net revenue was $34.7 million, modestly below plan. Gross margin was 69%, below Heron’s typical low- to mid-70% range, which Duarte attributed to temporary costs tied to a secondary supplier for CINVANTI. → 3 Ways to Target the Resources Powering AI and Data Centers Duarte said the secondary supplier manufactures smaller batches at roughly three times the cost per batch of Heron’s primary supplier. That inventory is expected to work through the system over the next two quarters, after which Heron expects to return exclusively to its primary supplier and for gross margins to normalize back to the mid-70% range. Adjusted EBITDA was negative $727,000 in the quarter. Duarte said the result reflected storm-related revenue softness and temporary gross margin pressure, both of which management views as temporary. → Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major Players Heron reaffirmed its 2026 guidance for net product sales of $173 million to $183 million and adjusted EBITDA of $10 million to $20 million. Chief Operating Officer Mark Hensley said total acute care net sales were $13.6 million in the quarter, including $10.2 million from ZYNRELEF and $3.4 million from APONVIE. Collard said Heron’s acute care portfolio grew 32% from the prior-year period, with ZYNRELEF growing 27% and APONVIE growing more than 50%. Hensley said ZYNRELEF demand units grew 22% year over year, even as the broader local anesthetic market declined sequentially in the first quarter. He cited the product’s permanent J-code, J0668, which has been active since October, and the NOPAIN Act framework as improving the reimbursement environment. Heron is also expanding its Ignite program, an incentive initiative with orthopedic distribution partners. Hensley said Ignite-targeted accounts grew from about 9,000 ZYNRELEF units in the last pre-Ignite quarter of 2025 to more than 19,000 units by the fourth quarter, a 111% increase. Ignite 2.0 now covers 3,109 accounts for full-year 2026, up 38% from the prior program. The company plans to expand its ZYNRELEF sales team in the third quarter of 2026, targeting geographies where formulary access, Ignite participation and payer coverage are in place. Hensley said APONVIE demand units grew 68% year over year, while average daily units increased 70% compared with the first quarter of 2025. The product exited March with 371 ordering accounts, an all-time high and up 67% from March of last year. APONVIE has received pharmacy and therapeutics approval in 1,903 accounts, representing 5.8 million medium- to high-risk procedures annually, according to Hensley. Heron said APONVIE’s permanent product-specific J-code became active April 1, which Hensley said removes a layer of reimbursement complexity. Kevin Warner, Senior Vice President of Medical Affairs, Strategy and Engagement, said APONVIE was specifically named in the fifth consensus guidelines for the management of postoperative nausea and vomiting as the first and only FDA-approved IV push NK1 antagonist for prevention of PONV in adults. Warner said aprepitant-based therapies, including APONVIE, received an A1 evidence rating. Warner said the guidelines support broader use of multimodal prophylaxis and emphasize post-discharge nausea and vomiting, citing guideline data that approximately 37% of patients may experience symptoms after discharge. He said APONVIE’s 48-hour duration of action aligns with recommendations for long-acting antiemetics in at-risk patients. Heron’s oncology net sales were $21.1 million, including $20.5 million from CINVANTI and $0.6 million from SUSTOL, which Hensley said reflects a planned wind down. Collard said CINVANTI maintained a 25% exit market share in the NK1 category despite increased competitive pressure. Hensley said March ordering accounts totaled 1,188, in line with the product’s 12-month average of about 1,200 accounts, and that the product’s 25% March share matched its 12-month average. Hensley said Heron’s REIGNITE program is focused on CINVANTI access in major teaching hospitals and has produced formulary wins representing about $10 million in near-term opportunity. Collard said new accounts expected to come on board in the second quarter could add upward of $10 million in annualized net revenue. Heron said the ZYNRELEF prefilled syringe program remains fully funded and on track. The company said registration batches have been manufactured and placed on stability, with 12-month stability data expected in the first quarter of 2027. During the question-and-answer session, Hensley said Heron’s data showed a high-single-digit decline in surgical volume from the fourth quarter, which he attributed to weather, a record fourth quarter and some surgical partners “taking a deep breath” in the period. He said the company expects volumes to improve and some lost surgeries to be rescheduled. Asked about the Baxter settlement, Collard said Heron could not discuss details beyond dates that had been published, citing the terms of the settlement. Heron Therapeutics, Inc is a commercial-stage biotechnology company focused on developing and commercializing therapies in pain management and supportive care for patients undergoing medical and surgical procedures. The company's research is dedicated to addressing unmet needs in oncology supportive care and post-operative pain management through innovative drug formulations designed to improve patient outcomes and reduce reliance on opioids. Heron's first approved therapy, SUSTOL (granisetron) extended-release injection, received U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Heron Therapeutics Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.