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Tenet (THC) Up 14.9% Since Last Earnings Report: Can It Continue?
It has been about a month since the last earnings report for Tenet Healthcare (THC). Shares have added about 14.9% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Tenet due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Tenet Healthcare Corporation before we dive into how investors and analysts have reacted as of late. Tenet Beats Q2 Earnings on Strong Patient Volumes, Hikes '25 EPS View Tenet Healthcare reported second-quarter 2025 adjusted earnings per share (EPS) of $4.02, which surpassed the Zacks Consensus Estimate by 41.6%. The bottom line soared 74% year over year. Net operating revenues advanced 3.2% year over year to $5.3 billion. The top line beat the consensus mark by 2.4%. The company's quarterly results were aided by higher same facility revenues, favorable payer mix and improved acuity, which led to strong performance of the Hospital Operations and Services segment. Facility buyouts buoyed the performance of the Ambulatory Care segment. However, the upside was partly offset by rising operating costs—particularly supplies expense. THC's Q2 Performance Adjusted net income of $369 million climbed 63.3% year over year in the quarter under review. Adjusted EBITDA improved 18.6% year over year to $1.1 billion, higher than our estimate of $997 million. The year-over-year growth resulted from improved same facility revenues, higher acuity, favorable payer mix and prudent expense management efforts. Adjusted EBITDA margin of 21.3% improved 280 basis points (bps) year over year. Total operating costs increased 2.3% year over year to $4.5 billion in the second quarter due to a higher supplies expense. Segmental Details Hospital Operations and Services: The segment recorded net operating revenues of $4 billion, which inched up 0.9% year over year on the back of improved same hospital admissions, higher acuity and favorable payer mix. The metric beat the Zacks Consensus Estimate of $3.92 billion and our estimate of $3.89 billion. Nevertheless, on a same-hospital basis, net patient service revenues grew 5.6% year over year. Adjusted EBITDA climbed 25.1% year over year to $623 million in the second quarter resulting from higher same facility revenues, favorable payer mix and prudent expense management efforts. The metric outpaced the consensus mark of $505 million and our estimate of $480.6 million. Adjusted EBITDA margin of 15.6% improved 300 bps year over year. Ambulatory Care: The segment's net operating revenues rose 11.3% year over year to $1.3 billion in the quarter under review on the back of improved net revenue per case growth, facility buyouts and expansion of service lines. The metric outpaced the Zacks Consensus Estimate of $1.23 billion and our estimate of $1.24 billion. Adjusted EBITDA was $498 million, which advanced 11.4% year over year, attributable to facility buyouts and solid net revenue per case growth. The metric beat the consensus mark of $496 million but fell short of our estimate of $516.3 million. Adjusted EBITDA margin remained flat year over year at 39.2%. THC's Financial Position (as of June 30, 2025) Tenet exited the second quarter with cash and cash equivalents of $2.6 billion, which declined 13.1% from the 2024-end level. Total assets of $28.7 billion dipped 0.8% from the figure at 2024-end. Long-term debt, net of the current portion, amounted to $13.1 billion, which inched up marginally from the figure as of Dec. 31, 2024. The current portion of long-term debt totaled $84 million. Total shareholders' equity of $3.7 billion decreased 10.1% from the 2024-end level. THC generated $1.8 billion of net cash from operations in the first half of 2025, which advanced 31.4% year over year. Free cash flows improved 23.4% year over year to $743 million. THC's Share Repurchase Update THC bought back common shares worth $747 million in the second quarter of 2025. Management sanctioned an increase of $1.5 billion to the share repurchase program. As of July 22, 2025, the company had a leftover share repurchase authorization of $1.8 billion. Tenet's Outlook 3Q25 THC expects third-quarter 2025 adjusted EBITDA to be 22.5-23.5% of its full-year 2025 adjusted EBITDA guided range. 2025 Net operating revenues are currently within $20.95-$21.25 billion, higher than the earlier view of $20.6-$21 billion. The midpoint of the revised guidance indicates 2.1% growth from the 2024 figure. Net operating revenues of the Hospital segment are forecasted to lie between $15.95 billion and $16.1 billion, higher than the prior guidance of $15.75-$16 billion. The midpoint of the updated outlook indicates a 0.7% decline from the 2024 figure. The metric at the Ambulatory Care unit is estimated within $5-$5.15 billion, up from the previous view of $4.85-$5 billion. The midpoint of the revised guidance implies 11.9% growth from the 2024 figure. Adjusted EBITDA is likely to remain between $4.4 billion and $4.54 billion for 2025, higher from the prior view of $3.975-$4.175 billion. The midpoint of the updated guidance indicates 11.9% growth from the 2024 figure. Adjusted EBITDA margin is estimated to be in the 21-21.4% band compared with the earlier view of 19.3-19.9%. Adjusted net income is projected between $1.415 billion and $1.475 billion, up from the prior outlook of $1.115-$1.220 billion. Adjusted EPS is presently anticipated within $15.55-$16.21, up from the earlier view of $11.99-$13.12. The mid-point of the revised outlook implies a 33.7% rise from the 2024 figure. Interest expense is currently estimated between $815 million and $825 million. Net cash provided by operating activities is expected between $2.75 billion and $3.1 billion. Free cash flow is estimated to remain between $2.025 billion and $2.275 billion. Capital expenditures are projected in the range of $725-$825 million. How Have Estimates Been Moving Since Then? It turns out, fresh estimates have trended upward during the past month. The consensus estimate has shifted 33.86% due to these changes. VGM Scores Currently, Tenet has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a score of A on the value side, putting it in the top quintile for value investors. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Outlook Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Tenet has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months. 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 Tenet Healthcare Corporation (THC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
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44 minutes ago
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BIAF Stock Down Following Q2 Earnings Despite CyPath Lung Growth
Shares of bioAffinity Technologies, Inc. BIAF have dipped sharply since its second-quarter 2025 earnings release. The stock has lost 11% since the company reported results for the quarter ended June 30, 2025, compared with a 1.1% decline in the S&P 500 Index over the same period. Over the past month, bioAffinity shares have plunged 27.4%, while the S&P 500 gained 1.5%. BIAF's Earnings Snapshot For the second quarter of 2025, bioAffinity reported revenues of $1.3 million, a 47.1% decline from $2.4 million in the prior-year quarter, primarily due to its decision to discontinue unprofitable pathology services and focus resources on its flagship CyPath Lung diagnostic test. However, CyPath Lung itself posted encouraging momentum, with testing revenue rising 62.3% year over year in the first half of 2025 to $323,000 from $199,000, reflecting growing physician adoption. Operating expenses in second-quarter 2025 decreased 15.6% to $3.8 million from $4.5 million a year earlier, driven by a reduction in direct costs and a decline in research and development spending. Despite these cost improvements, BIAF's net loss widened to $4.1 million, or $0.17 per share, from a loss of $2.1 million, or $0.19 per share, in the second quarter of 2024. The deeper loss was primarily attributable to $1.5 million in non-cash expenses linked to warrant remeasurement and costs from a May 2025 public offering. bioAffinity's Other Key Business Metrics BIAF highlighted meaningful improvements in cost efficiency. Direct costs fell 27.8% year over year, reflecting savings from initiatives rolled out in March 2025. Research and development spending decreased 22.6% to $0.3 million from $0.4 million, but clinical development expenses surged 151.2% to $129,279 from $51,462, as bioAffinity ramped up professional fees tied to advancing CyPath Lung toward pivotal trials. Selling, general and administrative expenses were trimmed 10.4% to $2.2 million from $2.5 million, largely through efficiencies gained after integrating Precision Pathology Laboratory Services. Depreciation and amortization also declined 25% year over year. On the balance sheet, cash and equivalents stood at $0.8 million as of June 30, 2025, versus $1.1 million at year-end 2024. To shore up liquidity, BIAF completed a $3.25 million public offering in May. Still, the accumulated deficit widened to $60.4 million, and the total stockholders' deficit was $2.1 million. bioAffinity Technologies, Inc. Price, Consensus and EPS Surprise bioAffinity Technologies, Inc. price-consensus-eps-surprise-chart | bioAffinity Technologies, Inc. Quote BIAF's Management Commentary CEO Maria Zannes emphasized that second-quarter results reflect the acceleration of the CyPath Lung commercialization strategy. Zannes noted growing physician adoption supported by real-world case studies showing the test's ability to detect early-stage lung cancers that other diagnostics missed. bioAffinity's pilot marketing program in Texas—home to about 6% of U.S. pulmonologists—has been particularly successful, encouraging expansion into the Mid-Atlantic region and the Veterans Administration healthcare system. Zannes also pointed to steps taken to strengthen financial footing, including the price increase for CyPath Lung to $2,900, which aligns with private payer reimbursement, and the logistics partnership with Cardinal Health OptiFreight to improve national sample delivery reliability. She highlighted the addition of Dr. Gordon Downie as chief medical officer and the expansion of the intellectual property portfolio through new patents in the United States, China, Canada and Australia. Factors Influencing bioAffinity's Results The year-over-year revenue decline was largely due to the strategic exit from lower-margin pathology services to concentrate on high-margin diagnostics. At the same time, CyPath Lung gained traction with back-to-back record sales in June and July. Rising clinical development costs underscore management's focus on long-term growth by advancing pivotal trials. However, the larger net loss reflects external financing costs, specifically warrant-related charges from the May public offering. BIAF's Guidance While no formal numerical guidance was provided, management reaffirmed its focus on expanding access to CyPath Lung and driving operational efficiency. Zannes underscored the goal of broadening distribution into new regions and health systems, while also advancing the company's next-generation diagnostic and therapeutic platforms, including siRNA-based therapies showcased at the 2025 RNA Therapeutics Conference. bioAffinity's Other Developments Beyond financial results, bioAffinity bolstered its leadership and strategic assets during the quarter. Dr. Downie's appointment adds seasoned pulmonology expertise. The company also secured several new international patents, broadening global protection for its diagnostics and therapeutics. This includes a newly issued U.S. patent that covers a broad-spectrum cancer therapy targeting CD320 and LRP2 receptors. Additionally, Zannes was named to the American Lung Association in Texas Leadership Board, reinforcing bioAffinity's advocacy role in lung health. 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 bioAffinity Technologies, Inc. (BIAF): Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Gilead dives into ‘in vivo' cell therapy with $350M buyout of Interius
This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. Dive Brief: Gilead Sciences is deepening its investment in cancer cell therapy, announcing Thursday a deal to pay $350 million to buy privately held Interius BioTherapeutics for a technology designed to reprogram immune cells in patients' bodies. If successful, Interius' 'in vivo' approach could yield a simpler alternative to the CAR-T therapies Gilead's Kite Pharma division have brought to market, each of which includes extravagant production processes that involve manipulating cells in a lab. Gilead spent $12 billion to buy Kite nearly a decade ago and, since then, has become a leader in CAR-T therapies. That business has sputtered recently amid declining demand and competition from other developers. But Gilead is still investing through acquisitions and partnerships, such as a collaboration with Arcellx in multiple myeloma. Dive Insight: Cell therapies are something of a double-edged sword. They can powerfully drive cancers into a deep and long-lasting remission, but carry potentially serious safety risks and a burdensome chemotherapy 'conditioning' step. A complex manufacturing process in which a patient's cells are shipped to a lab, modified, and reinfused, limits CAR-T's reach, too. Drugmakers have long tried to simplify the process in one way or another, with limited success. But one approach that's gained traction is so-called in vivo cell therapy, through which companies use technological tools like gene editing or messenger RNA to rewire cells inside the body. Several in vivo cell therapy developers have sprung up in recent years. While their work remains early, they've started to draw the interest of large pharmaceutical companies. AstraZeneca bought startup EsoBiotech in March and, in June, AbbVie followed with a deal for another privately held company, Capstan Therapeutics. Now Gilead has embraced the approach in acquiring Interius, which uses engineered viruses to deliver into certain immune cells instructions for cancer-targeting protein receptors. An experimental drug called INT2104 it's developing is among the first in vivo cell therapies to be tested in humans. An ongoing Phase 1 study is evaluating it in certain blood cancers. The company has also been conducting early research in autoimmune diseases, as well as a third, undisclosed project. The deal 'marks a pivotal step for Interius and the future of in vivo therapy, which has the potential to reduce treatment timelines, broaden access to care and improve outcomes for patients with aggressive or advanced disease,' said Interius CEO Phil Johnson, in a statement. Interius spun out of the University of Pennsylvania in 2021 and raised a $76 million Series A round that year. Gilead will use cash to purchase Interius' shares, which the company said will reduce its 2025 per-share earnings by 23 to 25 cents. Sign in to access your portfolio
