Heron Therapeutics (NASDAQ:HRTX) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Heron Therapeutics (NASDAQ:HRTX) issued its quarterly earnings data on Thursday. The biotechnology company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01, FiscalAI reports. The company had revenue of $40.59 million for the quarter, compared to analysts’ expectations of $39.53 million.

Here are the key takeaways from Heron Therapeutics’ conference call:

• Heron completed a refinancing in 2025 that management called a meaningful de‑risking of the capital structure, giving the company financial flexibility to focus on commercial execution and growth.
• Full‑year 2025 net product sales were about $155 million with adjusted EBITDA of $14.7 million (above guidance) and management guided 2026 net sales of $173M–$183M and adjusted EBITDA of $10M–$20M while remaining EBITDA‑positive.
• Acute care showed clear momentum—Q4 ZYNRELEF net revenue +48% YoY and APONVIE +97% YoY—supported by the CrossLink Ignite distributor program, the VAN rollout, permanent J‑codes, and ongoing development of a ZYNRELEF prefilled syringe (stability testing started; potential approval mid–late 2027).
• Management plans to increase targeted commercial investments and add field capacity in 2026, which they expect could temporarily moderate EBITDA growth despite aiming to accelerate long‑term revenue.
• CINVANTI is subject to ongoing Hatch‑Waxman litigation (Slayback) in the District of Delaware with oral argument pending and a decision expected before the 30‑month stay, leaving legal risk and timing uncertainty for the oncology franchise.

Heron Therapeutics Stock Down 0.4%

Heron Therapeutics stock traded down $0.01 during trading on Friday, reaching $1.20. The stock had a trading volume of 1,197,151 shares, compared to its average volume of 1,654,642. The stock has a market cap of $219.12 million, a PE ratio of -13.28 and a beta of 1.25. The business has a 50 day moving average price of $1.30 and a 200 day moving average price of $1.27. The company has a quick ratio of 1.78, a current ratio of 2.56 and a debt-to-equity ratio of 19.89. Heron Therapeutics has a 52-week low of $1.00 and a 52-week high of $2.68.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC increased its stake in shares of Heron Therapeutics by 2,785.2% during the fourth quarter. Millennium Management LLC now owns 7,169,908 shares of the biotechnology company’s stock worth $9,321,000 after acquiring an additional 6,921,405 shares during the period. Tang Capital Management LLC lifted its holdings in shares of Heron Therapeutics by 81.2% in the fourth quarter. Tang Capital Management LLC now owns 6,250,000 shares of the biotechnology company’s stock valued at $8,125,000 after purchasing an additional 2,800,000 shares in the last quarter. Rubric Capital Management LP grew its holdings in Heron Therapeutics by 8.9% during the 3rd quarter. Rubric Capital Management LP now owns 29,100,728 shares of the biotechnology company’s stock valued at $36,667,000 after buying an additional 2,387,225 shares during the last quarter. Velan Capital Investment Management LP increased its position in Heron Therapeutics by 25.3% during the 3rd quarter. Velan Capital Investment Management LP now owns 8,753,290 shares of the biotechnology company’s stock worth $11,029,000 after purchasing an additional 1,766,546 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of Heron Therapeutics by 130.7% during the second quarter. Marshall Wace LLP now owns 2,894,072 shares of the biotechnology company’s stock valued at $5,991,000 after buying an additional 1,639,376 shares during the period. Hedge funds and other institutional investors own 80.01% of the company’s stock.

More Heron Therapeutics News

Here are the key news stories impacting Heron Therapeutics this week:

• Positive Sentiment: Q4 results beat expectations: Heron reported ($0.02) EPS vs. consensus ($0.03) and $40.6M revenue vs. $39.5M expected; full‑year 2025 net revenue was $154.9M driven by ZYNRELEF® and APONVIE®, a 65% YoY increase. Heron Announces Fourth Quarter and Full-Year 2025 Financial Results
• Positive Sentiment: Management issued FY‑2026 revenue guidance of $173M–$183M and adjusted EBITDA of $10M–$20M (revenue guidance above consensus), which supports near‑term profitability progress and helps justify a re‑rating if execution continues. Guidance & Results
• Positive Sentiment: HC Wainwright reiterated a “Buy” rating and a $6 price target, publishing multi‑year EPS projections that show a path to profitability (FY2027+), which can bolster investor confidence and long‑term upside expectations. HC Wainwright Research Note (via MarketBeat)
• Neutral Sentiment: Press and market summaries (Yahoo Finance, Zacks, WTOP) recapped the beats and guidance and highlighted the growth drivers; these amplify visibility but do not change fundamentals by themselves. Earnings Call Highlights (Yahoo)
• Neutral Sentiment: Short‑term market reaction pieces noted share moves (one roundup cited a ~5.5% intraday rise on earlier coverage); such momentum pieces can amplify volatility but are not fundamental. Why HRTX Stock Is Up (AAII)
• Negative Sentiment: Despite the bullish stance, HC Wainwright trimmed several future EPS forecasts modestly (FY2027–FY2029/FY2028 cuts), which may temper upside expectations and suggests some near‑term uncertainty in modeling growth. HC Wainwright Forecast Revisions (via MarketBeat)

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HRTX. Jefferies Financial Group restated a “buy” rating on shares of Heron Therapeutics in a research note on Tuesday, November 4th. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Heron Therapeutics in a research report on Friday, January 9th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Heron Therapeutics in a research note on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $4.50.

Heron Therapeutics Company Profile

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.