Covenant Health Knoxville Marathon brings in $2.7 million
There are five different running events taking place over the weekend.
'We have to take care of our bodies' Doctor sets goal to take on Covenant Health Knoxville 5K
'From children running the Covenant Kids run to seasoned marathoners, participants of all ages challenge themselves to personal victories while spreading the message of health and wellness across generations,' Jeremy Floyd, Chief Communications Officer with Covenant Health.
The race will not only impacts participants, but the local economy as well.
'Not only is this healthy for our physical and mental health, it's good for our economy too,' Knoxville Mayor Indya Kincannon said. 'A typical marathon weekend brings in $2.7 million.'
How experienced marathon runners help others keep pace
The course will take participants through scenic Knoxville neighborhoods, like Fort Sanders and Sequoyah Hills. Runners will also pass through WATE's parking lot.
'The beautiful thing about this course is it goes through so many historic neighborhoods, so if people are watching, they can watch the coverage on TV, but then they can go out their door and go and cheer people on,' Covenant Health Knoxville Marathon Race Director Jason Altman said.
Where to cheer on runners during the 2025 Knoxville Marathon
There is an estimated 7,000 runners in this year's race.
'Our registration numbers are the highest they have ever been post pandemic level,' Altman said. 'That's full marathon, that's half marathon, that's relay, that's the 5k. I think were just attracting a little bit of a younger generation too. We have got sororities and fraternities who participating this year.'
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Business Upturn
5 hours ago
- Business Upturn
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The authors have also found that BUBR1, a critical mitotic checkpoint protein, may be useful as a biomarker to assess plogosertib's effectiveness. BTC cells with high BUBR1 expression were found to be more sensitive to plogosertib compared to those with low expression. The study concluded that BTC cells with high BUBR1 expression are sensitive to the PLK1 inhibitor plogosertib that demonstrate synergistic effects when combined with an ATR inhibitor, which suggest that targeting PLK1 could be an effective strategy for BTC treatment, especially with BUBR1 expression as a potential biomarker to inform optimal combination therapies. About Biliary Tract Cancer (BTC) BTC, also called cholangiocarcinoma, is a rare but aggressive cancer occurring in the biliary tract, a network of small tubes, or ducts, connecting the liver, gallbladder and small intestine. According to estimates from the National Cancer Institute's SEER database annual US incidence of BTC is 4.4 per 100,000. 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Pharmacological inhibition of PLK1 in cancer cells blocks proliferation by prolonged mitotic arrest and induces onset of apoptotic death of such cells. Plogosertib (formerly CYC140) is a novel, small molecule, selective and potent PLK1 inhibitor. It has demonstrated impressive efficacy in human tumor xenografts at nontoxic doses. Cyclacel's translational biology program supports the development of plogosertib in solid tumors and leukemias. Preclinical data from independent groups have shown that certain ARID1A- and/or SMARCA-mutated cancers, and cancers associated with DNAJ-PKAc fusions, may benefit from treatment with plogosertib. Additionally, recent data suggest that PLK1 inhibition may be effective in KRAS-mutated metastatic colorectal cancer. PLK1 overexpression correlates with poor patient prognosis in several tumors, including biliary tract, esophageal, fibrolamellar liver, gastric, leukemia, lung, ovarian, and squamous cell cancers, as well as MYC-amplified cancers. Initial dose escalation data from a Phase 1 clinical study of oral plogosertib suggest that the compound is well tolerated with no dose limiting toxicity observed in five dosing schedules. Clinical benefit was observed in patients with adenoid cystic, biliary tract, ovarian, and squamous cell sinus cancers. About Cyclacel Pharmaceuticals, Inc. Cyclacel is a clinical-stage, biopharmaceutical company developing innovative cancer medicines based on cell cycle and mitosis biology. The anti-mitotic program is evaluating plogosertib, a PLK1 inhibitor, in patients with both solid tumors and hematological malignancies. Cyclacel's strategy is to build a diversified biopharmaceutical business based on a pipeline of novel drug candidates addressing oncology and hematology indications. For additional information, please visit Forward-looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in this press release. These forward-looking statements can be identified by terminology such as 'may,' 'could,' 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'targets,' 'likely to', 'understands' and similar statements. These forward-looking statements are based on management's current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Cyclacel's actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Cyclacel's business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward-looking statements, see our 2024 annual report on Form 10-K, and in particular the 'Risk Factors' section, as well as the other documents filed with or furnished to the SEC by Cyclacel from time to time. Copies of these filings are available online from the SEC at or on the SEC Filings section of our Investor Relations website at These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing Cyclacel's views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to Cyclacel, and Cyclacel and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements. Contact Cyclacel Pharmaceuticals, Inc. Email: [email protected] © Copyright 2025 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel® are trademarks of Cyclacel Pharmaceuticals, Inc. SOURCE: Cyclacel Pharmaceuticals, Inc. 1 Yoojin Jeong, Yoojin Jeong, et al, Abstract 5406: Evaluation of antitumor effects of plogosertib, PLK1 inhibitor in biliary tract cancer with BUBR1 as a potential biomarker, Cancer Res (2025) 85 (8 Supplement 1): 5406. 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Business Wire
8 hours ago
- Business Wire
Hims & Hers Health, Inc. Reports Second Quarter 2025 Financial Results
SAN FRANCISCO--(BUSINESS WIRE)--Hims & Hers Health, Inc. ('Hims & Hers' or the 'Company', NYSE: HIMS), the leading health and wellness platform, today announced financial results for the second quarter ended June 30, 2025, in a shareholder letter that is posted at 'It's never been more clear that we are delivering exactly what millions of people have been waiting for: access to personalized, high-quality care that meets people where they are. From the momentum of our business to the results our customers are achieving, we are more confident than ever that our model is helping people optimize their health and realize the benefits of precision medicine,' said Andrew Dudum, co-founder and CEO. 'We believe we're entering an exciting period of growth where we'll enter new, high-impact specialties that bring millions of people in need of care into the market. We expect this broadening offering will transform our platform from a place where customers come to solve a single issue, to one where customers can proactively manage their overall health.' Yemi Okupe, CFO, stated, 'We're seeing consistent growth across our business as we continue to democratize access to precision care. In the second quarter, revenue grew 73% and Adjusted EBITDA more than doubled relative to the prior year; both were driven by robust growth in Subscribers utilizing personalized treatment plans. As we move into the second half of 2025, our focus is on investing in capabilities that will deepen the value customers can access on our platform. This includes plans to strengthen the personalization infrastructure in our pharmacies, to expand lab testing capabilities to further tailor care, and to grow our international presence in key markets.' 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The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the 'Cautionary Note Regarding Forward-Looking Statements' safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. We have relied upon the exception in Item 10(e)(1)(i)(B) of Regulation S-K and have not reconciled forward-looking Adjusted EBITDA to its most directly comparable U.S. GAAP measure, net income or loss, because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations, including market-related assumptions that are not within our control, or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income or loss. See 'Non-GAAP Financial Measures' for additional important information regarding Adjusted EBITDA. Conference Call Hims & Hers will host a conference call to review the second quarter 2025 results on August 4, 2025, at 5:00 p.m. ET. The conference call can be accessed by dialing +1 (888) 510-2630 for U.S. participants and +1 (646) 960-0137 for international participants, and referencing conference ID #1704296. A live audio webcast will be available online at A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call at the same link. About Hims & Hers Health, Inc. Hims & Hers is the leading health and wellness platform on a mission to help the world feel great through the power of better health. We believe how you feel in your body and mind transforms how you show up in life. That's why we're building a future where nothing stands in the way of harnessing this power. Hims & Hers normalizes health & wellness challenges—and innovates on their solutions—to make feeling happy and healthy easy to achieve. No two people are the same, so the Company provides access to personalized care designed for results. For more information, please visit Cautionary Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words 'believe,' 'estimate,' 'anticipate,' 'expect,' 'assume,' 'imply,' 'intend,' 'plan,' 'may,' 'will,' 'potential,' 'project,' 'predict,' 'continue,' 'could,' 'confident,' 'confidence,' or 'should,' or, in each case, their plural, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our financial outlook and guidance, including our mission to drive top-line growth and profitability and our ability to attain our financial and operational targets; our expected future financial and business performance, including with respect to the Hims & Hers platform, our marketing campaigns, investments in innovation, the solutions accessible on our platform, and our infrastructure, and the underlying assumptions with respect to the foregoing; statements relating to events and trends relevant to us, including with respect to our regulatory environment, financial condition, results of operations, short- and long-term business operations, objectives, and financial needs; expectations regarding our mobile applications, market acceptance, user experience, customer retention, brand development, our ability to invest and generate a return on any such investment, customer acquisition costs, operating efficiencies and leverage (including our fulfillment capabilities), the effect of any pricing decisions, changes in our product or offering mix, the timing and market acceptance of any new products or offerings, the timing and anticipated effect of any pending or recently completed acquisitions, the success of our business model, our market opportunity, our ability to scale our business and expand internationally, the growth of certain of our specialties, our ability to innovate on and expand the scope of our offerings and experiences, including through the use of data analytics and artificial intelligence, our ability to reinvest into the customer experience, our ability to comply with the extensive, complex and evolving legal and regulatory requirements applicable to our business, including without limitation state and federal healthcare, privacy and consumer protection laws and regulations, and the effect or outcome of litigation or governmental actions in relation to any such legal and regulatory requirements. These statements are based on management's current expectations, but actual results may differ materially due to various factors. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the 'Risk Factors' section of each of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and any of our subsequent filings with the Securities and Exchange Commission (the 'Commission'). Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation (and expressly disclaim any obligation) to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described in the 'Risk Factors' section of each of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and any of our subsequent filings with the Commission may not be exhaustive. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in reports we have filed or will file with the Commission, including our most recently filed Annual Report on Form 10-K, our most recently filed Quarterly Report on Form 10-Q, and any of our subsequent filings with the Commission. In addition, even if our results of operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in such reports, those results or developments may not be indicative of results or developments in subsequent periods. Key Business Metrics 'Online Revenue' represents the sales of products and services on our platform, net of refunds, credits, and chargebacks, and includes revenue recognition adjustments recorded pursuant to U.S. GAAP, primarily relating to deferred revenue and returns reserve. Online Revenue is generated by selling directly to consumers through our websites and mobile applications. Our Online Revenue consists of products and services purchased by customers directly through our online platform. The majority of our Online Revenue is subscription-based, where customers agree to be billed on a recurring basis to have products and services automatically delivered to them. 'Wholesale Revenue' represents non-prescription product sales to retailers through wholesale purchasing agreements. Wholesale Revenue also includes non-prescription product sales to third-party platforms through consignment arrangements. In addition to being revenue generative and profitable, wholesale partnerships and consignment arrangements have the added benefit of generating brand awareness with new customers in physical environments and on third-party platforms. 'Subscribers' are customers who have one or more 'Subscriptions' pursuant to which they have agreed to be automatically billed on a recurring basis at a defined cadence. The Subscription billing cadence is typically defined as a number of days (for example, billed every 30 days or every 90 days), which are excluded from our reporting when payment has not occurred at the contracted billing cadence. Subscribers can cancel or snooze Subscriptions in between billing periods to stop receiving additional products and/or services and can reactivate Subscriptions to continue receiving additional products and/or services. 'Monthly Online Revenue per Average Subscriber' is defined as Online Revenue divided by 'Average Subscribers', which amount is then further divided by the number of months in a period. 'Average Subscribers' are calculated as the sum of the Subscribers at the beginning and end of a given period divided by 2. December 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,124,582 $ 220,584 Short-term investments 20,033 79,667 Inventory 141,800 64,427 Prepaid expenses and other current assets 69,151 31,153 Total current assets 1,355,566 395,831 Restricted cash 368 856 Goodwill 117,753 112,728 Property, equipment, and software, net 205,480 82,083 Intangible assets, net 40,657 43,410 Operating lease right-of-use assets 71,661 10,881 Deferred tax assets, net 84,229 61,603 Other long-term assets 1,868 147 Total assets $ 1,877,582 $ 707,539 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 105,009 $ 91,180 Accrued liabilities 65,671 53,013 Deferred revenue 98,417 75,285 Operating lease liabilities 3,135 1,889 Total current liabilities 272,232 221,367 Convertible senior notes, net 969,467 — Operating lease liabilities 71,786 9,456 Other long-term liabilities 1,401 — Total liabilities 1,314,886 230,823 Commitments and contingencies Stockholders' equity: Common stock – Class A shares, par value $0.0001, 2,750,000,000 shares authorized and 217,381,434 and 212,459,586 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; Class V shares, par value $0.0001, 10,000,000 shares authorized and 8,377,623 shares issued and outstanding as of June 30, 2025 and December 31, 2024 23 22 Additional paid-in capital 711,998 719,155 Accumulated other comprehensive income (loss) 822 (324 ) Accumulated deficit (150,147 ) (242,137 ) Total stockholders' equity 562,696 476,716 Total liabilities and stockholders' equity $ 1,877,582 $ 707,539 Expand CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In Thousands, Except Share and Per Share Data, Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 544,833 $ 315,648 $ 1,130,843 $ 593,819 Cost of revenue 128,637 59,035 283,958 108,111 Gross profit 416,196 256,613 846,885 485,708 Gross margin % 76 % 81 % 75 % 82 % Operating expenses: (1) Marketing 217,862 144,922 449,097 275,475 Operations and support 66,490 41,453 129,523 80,200 Technology and development 37,848 18,654 67,762 33,978 General and administrative 67,273 40,554 115,883 75,122 Total operating expenses 389,473 245,583 762,265 464,775 Income from operations 26,723 11,030 84,620 20,933 Other income and expense, net 6,130 2,394 8,728 4,894 Income before income taxes 32,853 13,424 93,348 25,827 Benefit (provision) for income taxes 9,652 (127 ) (1,358 ) (1,402 ) Net income 42,505 13,297 91,990 24,425 Other comprehensive income (loss) 986 (6 ) 1,146 (44 ) Total comprehensive income $ 43,491 $ 13,291 $ 93,136 $ 24,381 Net income per share attributable to common stockholders: Diluted $ 0.17 $ 0.06 $ 0.37 $ 0.11 Weighted average shares outstanding: Basic 224,373,375 214,618,037 223,187,936 214,035,065 Expand CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands, Unaudited) Six Months Ended June 30, 2025 2024 Operating activities Net income $ 91,990 $ 24,425 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,741 6,644 Stock-based compensation 60,584 43,074 Net accretion on securities (1,060 ) (2,281 ) Benefit for deferred taxes (10,346 ) — Impairment of long-lived assets — 114 Amortization of debt discount and issuance costs 1,047 — Non-cash operating lease cost 4,594 1,221 Non-cash acquisition-related costs 2,985 — Non-cash other (1,315 ) 412 Changes in operating assets and liabilities: Inventory (77,373 ) (18,124 ) Prepaid expenses and other current assets (38,081 ) (1,430 ) Other long-term assets (10 ) (47 ) Accounts payable 5,146 16,156 Accrued liabilities 11,737 (24 ) Deferred revenue 23,132 13,257 Operating lease liabilities (1,798 ) (1,140 ) Earn-out payable — (2,825 ) Net cash provided by operating activities 89,973 79,432 Investing activities Purchases of investments — (97,539 ) Maturities of investments 60,569 126,095 Investment in website development and internal-use software (7,961 ) (6,191 ) Purchases of property, equipment, and intangible assets (101,392 ) (13,793 ) Acquisition of business, net of cash acquired (5,100 ) — Net cash (used in) provided by investing activities (53,884 ) 8,572 Financing activities Proceeds from issuance of convertible senior notes, net of debt discount 970,000 — Purchases of capped calls related to convertible senior notes (47,800 ) — Proceeds from exercise of vested stock options 6,497 16,472 Payments for taxes related to net share settlement of equity awards (62,475 ) (22,281 ) Proceeds from employee stock purchase plan 2,970 1,622 Payments for debt issuance costs (3,041 ) — Repurchases of common stock — (47,996 ) Payments for acquisition-related earn-out consideration — (3,190 ) Net cash provided by (used in) financing activities 866,151 (55,373 ) Foreign currency effect on cash and cash equivalents 1,270 1 Increase in cash, cash equivalents, and restricted cash 903,510 32,632 Cash, cash equivalents, and restricted cash at beginning of period 221,440 97,519 Cash, cash equivalents, and restricted cash at end of period $ 1,124,950 $ 130,151 Reconciliation of cash, cash equivalents, and restricted cash Cash and cash equivalents $ 1,124,582 $ 129,295 Restricted cash 368 856 Total cash, cash equivalents, and restricted cash $ 1,124,950 $ 130,151 Supplemental disclosures of cash flow information Cash paid for taxes $ 23,047 $ 3,468 Non-cash investing and financing activities Purchases of property and equipment included in accounts payable and accrued liabilities $ 16,954 $ 1,256 Deferred debt issuance costs included in accounts payable and accrued liabilities 249 — Right-of-use asset obtained in exchange for lease liability 63,434 2,174 Issuance of common stock in connection with asset acquisition 12,760 — Common stock to be issued for asset acquisition indemnification holdback 6,380 — Issuance of common stock for acquisition-related earn-out consideration — 1,396 Expand Non-GAAP Financial Measures In addition to our financial results determined in accordance with U.S. GAAP, we present Adjusted EBITDA (which is a non-GAAP financial measure), Adjusted EBITDA margin (which is a non-GAAP ratio), and Free Cash Flow (which is a non-GAAP financial measure) each as defined below. We use Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. We consider Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that the use of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow is helpful to our investors as they are used by management in assessing the health of our business, our operating performance, and our liquidity. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow as tools for comparison. Reconciliations are provided below to the most directly comparable financial measures stated in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because Adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes. 'Adjusted EBITDA' is defined as net income before stock-based compensation, depreciation and amortization, acquisition and transaction-related costs (which includes (i) consideration paid for employee and nonemployee compensation with vesting requirements incurred directly as a result of acquisitions, and (ii) transaction professional services), payroll tax expense related to stock-based compensation, impairment of long-lived assets, interest income and expense, net, and income taxes. 'Adjusted EBITDA margin' is defined as Adjusted EBITDA divided by revenue. In the second quarter of 2025, we revised our definition of Adjusted EBITDA to include payroll tax expense related to stock-based compensation, which comprises employer taxes incurred upon vesting of restricted stock units and upon exercise of nonqualified stock options. As a result of recent trends in our stock price, this amount was not considered significant for prior periods and, accordingly, prior period disclosures were not recast to conform to the current presentation. Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures. In evaluating Adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. We compensate for these limitations by providing specific information regarding the U.S. GAAP items excluded from Adjusted EBITDA. When evaluating our performance, you should consider Adjusted EBITDA in addition to, and not as a substitute for, other financial performance measures, including our net income and other U.S. GAAP results. Free Cash Flow is a key performance measure that our management uses to assess our liquidity. Because Free Cash Flow facilitates internal comparisons of our historical liquidity on a more consistent basis, we use this measure for business planning purposes. 'Free Cash Flow' is defined as net cash (used in) provided by operating activities, less purchases of property, equipment, and intangible assets and investment in website development and internal-use software in investing activities. Some of the limitations of Free Cash Flow include (i) Free Cash Flow does not represent our residual cash flow for discretionary expenditures and our non-discretionary commitments, and (ii) Free Cash Flow includes capital expenditures, the benefits of which may be realized in periods subsequent to those in which the expenditures took place. In evaluating Free Cash Flow, you should be aware that in the future we will have cash outflows similar to the adjustments in this presentation. Our presentation of Free Cash Flow should not be construed as an inference that our future results will be unaffected by these cash outflows or any unusual or non-recurring items. When evaluating our performance, you should consider Free Cash Flow in addition to, and not as a substitute for, other financial performance measures, including our net cash (used in) provided by operating activities and other U.S. GAAP results.
Business Wire
9 hours ago
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HealthStream Announces Second Quarter 2025 Results
NASHVILLE, Tenn.--(BUSINESS WIRE)--HealthStream, Inc. (the "Company") (Nasdaq: HSTM), a leading healthcare technology platform company for workforce solutions, announced today results for the second quarter ended June 30, 2025. Revenues of $74.4 million in the second quarter of 2025, up 4.0% from $71.6 million in the second quarter of 2024, setting a new Company record for quarterly revenue Operating income of $5.9 million in the second quarter of 2025, up 33.4% from $4.4 million in the second quarter of 2024 Net income of $5.4 million in the second quarter of 2025, up 29.3% from $4.2 million in the second quarter of 2024 Earnings per share (EPS) of $0.18 per share (diluted) in the second quarter of 2025, up from $0.14 per share (diluted) in the second quarter of 2024 Adjusted EBITDA 1 of $17.6 million in the second quarter of 2025, up 11.3% from $15.8 million in the second quarter of 2024 Board of Directors authorized a share repurchase program on May 8, 2025 to repurchase up to $25.0 million of outstanding shares of common stock, with $18.1 million repurchased during the second quarter Board of Directors declared a quarterly cash dividend of $0.031 per share, payable on August 29, 2025 to holders of record on August 18, 2025 1 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to net income and disclosure regarding why we believe adjusted EBITDA provides useful information to investors is included later in this release. Expand Financial Results: Second Quarter 2025 Compared to Second Quarter 2024 Revenues for the second quarter of 2025 increased by $2.8 million, or 4.0%, to $74.4 million, compared to $71.6 million for the second quarter of 2024. Subscription revenues increased by $2.9 million, or 4.2%, and professional services revenues decreased by $0.1 million compared to the second quarter of 2024. Operating income was $5.9 million for the second quarter of 2025, up 33.4% from $4.4 million in the second quarter of 2024. The improvement in operating income was primarily attributable to increased revenues, sublease income associated with the sublease that commenced during the second quarter of 2025, and lower bad debt expense. These improvements were partially offset by higher expenses to support investments in several areas of the business, primarily in our platform and SaaS applications, resulting in higher labor costs, cloud hosting, third-party software, and amortization of capitalized software costs, along with increased royalties. Net income was $5.4 million in the second quarter of 2025, up 29.3% from $4.2 million in the second quarter of 2024, and EPS was $0.18 per share (diluted) in the second quarter of 2025, up from $0.14 per share (diluted) in the second quarter of 2024. Adjusted EBITDA was $17.6 million for the second quarter of 2025, up 11.3% from $15.8 million in the second quarter of 2024. At June 30, 2025, the Company had cash, cash equivalents, and marketable securities of $90.6 million. The Company does not have any outstanding indebtedness from borrowed money. Capital expenditures incurred during the second quarter of 2025 were $9.2 million. Year-to-Date 2025 Compared to Year-to-Date 2024 For the six months ended June 30, 2025, revenues were $147.9 million, an increase of 2.5% over revenues of $144.3 million for the first six months of 2024. Operating income for the first six months of 2025 increased by 1.6% to $10.3 million, compared to $10.1 million for the first six months of 2024. The increase in operating income was primarily attributable to higher revenues, sublease income associated with the sublease that commenced during the second quarter of 2025, and lower bad debt expense, partially offset by higher expenses to support investments in several areas of the business, primarily in our platform and SaaS applications, resulting in higher labor costs, cloud hosting, third-party software, and amortization of capitalized software. Net income for the first six months of 2025 increased to $9.7 million, compared to $9.4 million for the first six months of 2024. Earnings per share were $0.32 per share (diluted) for the first six months of 2025, compared to $0.31 per share (diluted) for the first six months of 2024. Adjusted EBITDA increased by 2.8% to $33.8 million for the first six months of 2025, compared to $32.9 million for the first six months of 2024. Other Business Updates On May 8, 2025, the Company announced a share repurchase program approved by the Board of Directors under which the Company is authorized to repurchase up to $25.0 million of its outstanding shares of common stock. Pursuant to this authorization, repurchases may be made from time to time in the open market, including under a Rule 10b5-1 plan, through privately negotiated transactions, or otherwise. During the second quarter of 2025, the Company repurchased shares valued at $18.1 million pursuant to this authorization, and the Company continued to repurchase shares pursuant to this authorization during the third quarter, completing the program in July by repurchasing shares valued at $6.9 million. The share repurchase program terminated in July when the maximum dollar amount was expended. On August 4, 2025, the Board of Directors approved a quarterly cash dividend under the Company's dividend policy of $0.031 per share, payable on August 29, 2025 to holders of record on August 18, 2025. Financial Outlook for 2025 The Company is updating its guidance for 2025 for certain of the measures set forth below. For a reconciliation of projected adjusted EBITDA, a non-GAAP financial measure defined later in this release, to projected net income (the most comparable GAAP measure) for 2025, see the table included on page nine of this release. The Company's guidance for 2025, as set forth above, reflects the Company's assumptions regarding, among other things, expectations for new sales and renewals. This consolidated guidance does not include the impact of any acquisitions or dispositions that we may complete during 2025, gains or losses from changes in the fair value of non-marketable equity investments, or impairment of long-lived assets. Commenting on HealthStream's results, Robert A. Frist, Jr., Chief Executive Officer, HealthStream, said, 'Our financial performance in the second quarter of 2025 showed year-over-year increases in each of the major categories we highlight in our earnings release, including record quarterly revenues of $74.4 million, up four percent over the second quarter of last year. As we kick-off the second half of the year, I believe HealthStream's solutions are well positioned to continue helping healthcare organizations achieve greater workflow efficiencies, which, at this time, is of heightened focus throughout the healthcare industry.' A conference call with Robert A. Frist, Jr., Chief Executive Officer, Scott A. Roberts, Chief Financial Officer and Senior Vice President, and Mollie Condra, Head, Investor Relations and Communications, will be held on Tuesday, August 5, 2025, at 9:00 a.m. (ET). Participants may access the conference call live via webcast using this link: To participate via telephone, please register in advance using this link: A replay of the conference call and webcast will be archived on the Company's website in the Investor Relations section under 'Events & Presentations.' Use of Non-GAAP Financial Measures This press release presents adjusted EBITDA, a non-GAAP financial measure used by management in analyzing the Company's financial results and ongoing operational performance. In order to better assess the Company's financial results, management believes that net income before interest, income taxes, stock-based compensation, depreciation and amortization, and changes in fair value of, including gains (losses) on the sale of, non-marketable equity investments ('adjusted EBITDA') is a useful measure for evaluating the operating performance of the Company because adjusted EBITDA reflects net income adjusted for certain GAAP accounting, non-cash, and/or non-operating items which may not, in any such case, fully reflect the underlying operating performance of our business. We believe that adjusted EBITDA is useful to investors to assess the Company's ongoing operating performance and to compare the Company's operating performance between periods. In addition, certain short-term cash incentive bonuses and performance-based equity awards are based on the achievement of adjusted EBITDA (as defined in applicable bonus and equity grant documentation) targets. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as a measure of financial performance under GAAP. Because adjusted EBITDA is not a measurement determined in accordance with GAAP, adjusted EBITDA is susceptible to varying calculations. Accordingly, adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies and has limitations as an analytical tool. This non-GAAP financial measure should not be considered a substitute for, or superior to, measures of financial performance, which are prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of adjusted EBITDA to net income (the most comparable GAAP measure), which is set forth below in this release. About HealthStream HealthStream (Nasdaq: HSTM) is the healthcare industry's largest ecosystem of platform-delivered workforce solutions that empowers healthcare professionals to do what they do best: deliver excellence in patient care. For more information about HealthStream, visit or call 615-301-3100. HEALTHSTREAM, INC. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) June 30, December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 52,102 $ 59,469 Marketable securities 38,517 37,748 Accounts and unbilled receivables, net 31,467 35,322 Prepaid and other current assets 22,310 20,583 Total current assets 144,396 153,122 Capitalized software development, net 44,580 43,370 Property and equipment, net 11,914 10,741 Operating lease right of use assets, net 16,262 17,453 Goodwill and intangible assets, net 240,710 246,768 Other assets 42,286 39,312 Total assets $ 500,148 $ 510,766 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable, accrued, and other liabilities $ 27,002 $ 31,466 Deferred revenue 88,376 84,227 Total current liabilities 115,378 115,693 Deferred tax liabilities 15,101 14,596 Deferred revenue, noncurrent 1,198 1,655 Operating lease liability, noncurrent 15,891 17,366 Other long-term liabilities 2,013 2,101 Total liabilities 149,581 151,411 Shareholders' equity: Common stock 235,041 252,432 Accumulated other comprehensive loss (1,278 ) (2,049 ) Retained earnings 116,804 108,972 Total shareholders' equity 350,567 359,355 Total liabilities and shareholders' equity $ 500,148 $ 510,766 Expand HEALTHSTREAM, INC. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, June 30, 2025 2024 Operating activities: Net income $ 9,721 $ 9,394 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 21,621 20,706 Stock-based compensation 1,940 2,154 Amortization of deferred commissions 6,017 5,956 Deferred income taxes 467 (542 ) Provision for credit losses 391 1,802 Loss on equity method investments 107 82 Other (776 ) (746 ) Changes in assets and liabilities: Accounts and unbilled receivables 3,465 449 Prepaid and other assets (10,324 ) (5,569 ) Accounts payable, accrued, and other liabilities (4,224 ) (9,282 ) Deferred revenue 3,692 2,985 Net cash provided by operating activities 32,097 27,389 Investing activities: Purchases of marketable securities, net of proceeds (27 ) (5,330 ) Proceeds from sale of non-marketable equity investments — 765 Purchase of other investments (500 ) — Purchases of property and equipment (3,372 ) (914 ) Payments associated with capitalized software development (14,500 ) (13,552 ) Net cash used in investing activities (18,399 ) (19,031 ) Financing activities: Taxes paid related to net settlement of equity awards (1,075 ) (861 ) Payment of cash dividends (1,890 ) (1,700 ) Repurchases of common stock (18,121 ) — Net cash used in financing activities (21,086 ) (2,561 ) Effect of exchange rate changes on cash and cash equivalents 21 1 Net (decrease) increase in cash and cash equivalents (7,367 ) 5,798 Cash and cash equivalents at beginning of period 59,469 40,333 Cash and cash equivalents at end of period $ 52,102 $ 46,131 Expand Reconciliation of GAAP to Non-GAAP Financial Measures (1) Operating Results Summary (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP net income $ 5,389 $ 4,168 $ 9,721 $ 9,394 Interest income (958 ) (944 ) (1,889 ) (1,848 ) Interest expense 25 25 50 49 Income tax provision 1,478 1,132 2,393 2,448 Stock-based compensation expense 836 1,094 1,940 2,154 Depreciation and amortization 10,867 10,370 21,621 20,706 Adjusted EBITDA $ 17,637 $ 15,845 $ 33,836 $ 32,903 (1) This press release presents adjusted EBITDA, which is a non-GAAP financial measure used by management in analyzing its financial results and ongoing operational performance. Expand This press release includes certain forward-looking statements (statements other than solely with respect to historical fact), including statements regarding expectations for financial performance for 2025 and our quarterly dividend policy, that involve risks and uncertainties regarding HealthStream. These statements are based upon management's beliefs, as well as assumptions made by and data currently available to management. This information has been, or in the future may be, included in reliance on the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. The Company cautions that forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the forward-looking statements, including as a result of negative economic conditions, changes in U.S. policy, adverse developments impacting the healthcare industry, tariff and trade-related developments, inflationary pressures, geopolitical instability, legal requirements and contractual restrictions which may affect continuation of our quarterly cash dividend policy and the declaration and/or payment of dividends thereunder, which may be modified, suspended, or canceled in any manner and at any time that our Board may deem necessary or appropriate, as well as risks referenced in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 28, 2025, the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, filed on May 9, 2025, and in the Company's other filings with the Securities and Exchange Commission from time to time. Consequently, such forward-looking information should not be regarded as a representation or warranty or statement by the Company that such projections will be realized. Many of the factors that will determine the Company's future results are beyond the ability of the Company to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The Company undertakes no obligation to update or revise any such forward-looking statements.
