HLS Therapeutics (HLS) Q4 2025 earnings summary

Executive summary

• Adjusted EBITDA grew 18% to $19.6M in 2025, with cash from operations up 114% to $17.1M year-over-year, reflecting operational efficiency and cost optimization.

• Revenue for 2025 was $55.5M, down 2% from 2024, mainly due to FX and lower U.S. sales; product sales rose 1% year-over-year excluding FX and royalty declines.

• Vascepa delivered its first full-year positive adjusted EBITDA contribution in 2025, with unit demand up 23%.

• NILEMDO launched in Canada, with first sales booked in March 2026 and full commercial rollout set for April 2026; NEXLIZET launch expected in 1H 2027.

• Net loss narrowed to $12.4M in 2025 from $19.7M in 2024, reflecting improved operational discipline.

Financial highlights

• Fiscal 2025 revenue: $55.5M (down 2% YoY); Q4 2025 revenue: $15.2M (down 2%).

• Adjusted EBITDA: $19.6M for 2025 (up 18%); Q4 2025: $5.7M (up 3%).

• Cash from operations: $17.1M for 2025 (up 114%); Q4 2025: $6.5M (up 103%).

• Canadian product sales grew 1.5% in local currency; U.S. Clozaril sales declined 1.6%, a slower rate than prior years.

• Operating expenses fell 17% to $25.8M for the year, improving margins and cash flow.

Outlook and guidance

• 2026 revenue guidance: $56M–$60M (mid-single digit % growth); Adjusted EBITDA: $18.5M–$21M (flat YoY due to NILEMDO launch costs).

• Conservative NILEMDO sales assumptions for 2026; meaningful revenue ramp expected in H2 2026 and beyond.

• Growth expected to accelerate in 2027 with expanded public payer access and NEXLIZET launch.

• Quarterly seasonality in adjusted EBITDA anticipated to continue in 2026.

• Exchange rate volatility may impact future results.