The 10.8% revenue decline and swing to a GAAP loss are the headline numbers — the Acute Care growth story is real but insufficient to offset the Oncology drag. Watch for Q2 2026 results to see if the 'temporary gross margin pressure' from higher-cost CINVANTI inventory normalizes as management expects. The guidance reaffirmation provides a floor but the stock will need to see sequential improvement to regain momentum.
Price Chart
Executive Summary
Heron Therapeutics reported Q1 2026 total net revenue of $34.7M, a 10.8% YoY decline from $38.9M, driven by a 26.3% drop in the Oncology franchise partially offset by 32.3% Acute Care growth. The company posted a GAAP net loss of $8.1M (EPS -$0.04) vs a $2.6M profit in Q1 2025, and reaffirmed full-year 2026 guidance of $173-183M net revenue and $10-20M Adjusted EBITDA. The revenue miss and swing to a loss overshadow the Acute Care momentum and guidance reaffirmation.
Key Financial Metrics
Key Facts
- Q1 2026 total net revenue $34.7M, down 10.8% YoY from $38.9M
- GAAP net loss of $8.1M (EPS -$0.04) vs net income of $2.6M (EPS $0.02) in Q1 2025
- Acute Care franchise revenue grew 32.3% YoY to $13.6M; Oncology franchise fell 26.3% to $21.1M
- CINVANTI revenue declined 20.2% YoY to $20.5M; SUSTOL revenue down 80.9% to $0.5M
- Adjusted EBITDA was -$0.7M vs +$6.2M in Q1 2025
- Cash, cash equivalents and short-term investments were $44.8M as of March 31, 2026
- Reaffirmed full-year 2026 guidance: net revenue $173-183M, Adjusted EBITDA $10-20M
- Reached settlement with Baxter Healthcare in CINVANTI patent litigation
Financial Impact
Revenue miss of ~$2M vs consensus; GAAP net loss of $8.1M vs prior-year profit of $2.6M
Risk Factors
- Continued Oncology franchise erosion, particularly CINVANTI market share loss
- Gross margin pressure from higher-cost inventory expected to persist for two quarters
- Cash burn: $44.8M in cash/short-term investments with negative operating cash flow
- Execution risk on sales force expansion and IGNITE 2.0 program
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-215752 |
| Document: hrtx-20260511.htm | 0001193125-26-215752 |
| Document: 0001193125-26-215752-index-headers.html | 0001193125-26-215752 |
| Document: 0001193125-26-215752-index.html | 0001193125-26-215752 |
| Document: 0001193125-26-215752.txt | 0001193125-26-215752 |
| 8-K Data (Synthetic) | 0001193125-26-215752 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | 8-K | $0.3350 | awaiting T+60 | — | $0.3130 (+6.57%) |
Aug 10, 2026 11w ago | Press Release | $0.3350 | awaiting T+60 | — | $0.3130 (+6.57%) |
Jun 25, 2026 17w ago | 8-K | $0.4300 $0.2700 | ▲ +37.21% | ▲ +43.31% | $0.3130 (+27.21%) |
Jun 2, 2026 20w ago | 8-K | $0.4500 $0.3321 | ▲ +26.20% | ▲ +28.70% | $0.3130 (+30.44%) |
May 11, 2026 24w ago | 8-K | $0.9600 $0.5048 | ▲ +47.42% | ▲ +51.81% | $0.3130 (+67.40%) |
May 11, 2026 24w ago | Press Release | $0.9600 $0.5048 | ▲ +47.42% | ▲ +51.81% | $0.3130 (+67.40%) |
Apr 30, 2026 25w ago | DEFA14A | $1.20 $0.4592 | ▼ −61.73% | ▼ −64.84% | $0.3130 (−73.92%) |
Apr 27, 2026 26w ago | Press Release | $1.21 $0.4590 | ▼ −62.07% | ▼ −66.06% | $0.3130 (−74.13%) |
Apr 6, 2026 29w ago | 8-K | $0.8100 $0.4244 | ▼ −47.60% | ▼ −61.07% | $0.3130 (−61.36%) |
Feb 26, 2026 34w ago | 8-K | $1.20 $0.8700 | ▼ −27.50% | ▼ −35.25% | $0.3130 (−73.92%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers