The 10.8% revenue decline and swing to a net loss are bearish, but the reaffirmed full-year guidance suggests management expects a recovery. Watch for Q2 and Q3 revenue trends to confirm whether the CINVANTI inventory overhang and SUSTOL wind-down stabilize. The Acute Care franchise growth (+32%) is a positive offset, but not enough to override the headline decline.
Price Chart
Executive Summary
Heron Therapeutics reported Q1 2026 net revenue of $34.7M, down 10.8% YoY, and a GAAP net loss of $8.1M ($-0.04/share) vs a $2.6M profit in Q1 2025. The Acute Care franchise grew 32% YoY, but the Oncology franchise declined 26.3%, dragging total revenue lower. The company reaffirmed full-year 2026 guidance of $173M-$183M net revenue and $10M-$20M Adjusted EBITDA, with management citing temporary gross margin pressure from higher-cost CINVANTI inventory.
Key Financial Metrics
Key Facts
- Q1 2026 total net revenue $34.7M, down 10.8% YoY from $38.9M
- GAAP net loss of $8.1M ($-0.04/share) vs net income of $2.6M ($0.02/share) in Q1 2025
- Acute Care revenue grew 32% YoY to $13.6M; Oncology revenue 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
- Reaffirmed FY2026 guidance: net revenue $173M-$183M, Adjusted EBITDA $10M-$20M
- Cash and investments $44.8M at quarter end
- Settlement reached with Baxter in CINVANTI patent litigation
Financial Impact
Revenue decline of $4.2M YoY; net income swing of -$10.7M YoY; Adjusted EBITDA swing of -$6.9M YoY
Risk Factors
- Continued CINVANTI market share erosion or pricing pressure
- Higher-cost CINVANTI inventory weighing on gross margins for two more quarters
- SUSTOL wind-down by end of 2026 removes a revenue stream
- Cash burn: $44.8M cash vs $8.1M quarterly operating loss may require future financing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3291812 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | 8-K | $0.3350 | awaiting T+60 | — | $0.3007 (+10.24%) |
Aug 10, 2026 11w ago | Press Release | $0.3350 | awaiting T+60 | — | $0.3007 (+10.24%) |
Jun 25, 2026 17w ago | 8-K | $0.4300 $0.2700 | ▲ +37.21% | ▲ +43.31% | $0.3007 (+30.07%) |
Jun 2, 2026 20w ago | 8-K | $0.4500 $0.3321 | ▲ +26.20% | ▲ +28.70% | $0.3007 (+33.18%) |
May 11, 2026 24w ago | 8-K | $0.9600 $0.5048 | ▲ +47.42% | ▲ +51.81% | $0.3007 (+68.68%) |
May 11, 2026 24w ago | Press Release | $0.9600 $0.5048 | ▲ +47.42% | ▲ +51.81% | $0.3007 (+68.68%) |
Apr 30, 2026 25w ago | DEFA14A | $1.20 $0.4592 | ▼ −61.73% | ▼ −64.84% | $0.3007 (−74.94%) |
Apr 27, 2026 26w ago | Press Release | $1.21 $0.4590 | ▼ −62.07% | ▼ −66.06% | $0.3007 (−75.15%) |
Apr 6, 2026 29w ago | 8-K | $0.8100 $0.4244 | ▼ −47.60% | ▼ −61.07% | $0.3007 (−62.88%) |
Feb 26, 2026 34w ago | 8-K | $1.20 $0.8700 | ▼ −27.50% | ▼ −35.25% | $0.3007 (−74.94%) |
US Market Status
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