Opko Health Inc

Latest Results (07.08.2024):

Revenue Decline

Opko Health Inc. reported consolidated total revenues of $173.7 million for the first quarter of 2024, a significant decrease from $237.6 million in the same period of 2023. This decline was primarily due to the absence of non-recurring license payments that had bolstered the previous year's results.

Operating Loss

The company experienced an operating loss of $71.5 million in Q1 2024, compared to an operating loss of $30.6 million in Q1 2023. The increased loss was influenced by the lack of the $59.5 million in non-recurring license payments that had benefited the prior-year period.

Net Loss

Opko Health Inc. reported a net loss of $81.8 million, or $0.12 per share, for the first quarter of 2024. This is a substantial increase from the net loss of $18.3 million, or $0.02 per share, reported in the first quarter of 2023. The 2024 results included a non-cash, non-recurring expense of $26.3 million related to an embedded derivative in the company's convertible debt.

Cash and Cash Equivalents

As of March 31, 2024, Opko Health Inc. had cash and cash equivalents totaling $75.6 million. The company completed the sale of $230.0 million aggregate principal amount of 3.75% Convertible Senior Notes due 2029 and used approximately $50.0 million of the net proceeds to repurchase shares of its common stock.

Cost Reduction

Total costs and expenses for Opko Health Inc. declined to $74.5 million in the first quarter of 2024 from $86.3 million in the prior-year period. This reduction was primarily due to a $10.6 million, or 33%, decrease in research and development expenses, partially offset by increased activity within the company's ModeX development programs.