- Heron Therapeutics ( NASDAQ: HRTX ) is trading 16% higher after it reported better-than-expected Q2 revenue, helped by higher sales of postoperative pain drug Zynrelef.
- The company also raised full-year net product sales guidance to $93M to $95M from prior guidance of $89M to $93M. ($106.77M consensus)
- Net product sales of Zynrelef for the three were $2.5M, 140% higher compared with the prior quarter.
- Heron currently expects third quarter 2022 ZYNRELEF net product sales to increase in the range of 40% to 50% over the prior quarter.
- The company also said cost cutting activities are projected to achieve over $50M in reductions in annual operating expense in 2023.
- Revenue grew 23% to $27.63M, and beat by $2.98M.
- Heron has cash of of $83.5 million
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Heron Therapeutics rises 16% on Q2 revenue beat, raises 2022 sales forecast