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Mar 31, 2020
OPKO Health Q1 2020 Earnings Report
Reported a decrease in revenue and a reduced net loss compared to the same quarter last year.
Key Takeaways
OPKO Health reported a decrease in consolidated revenues to $211.5 million compared to $222.5 million for the comparable period of 2019. The net loss for the quarter was $59.1 million, an improvement from the $80.8 million net loss in the first quarter of 2019. BioReference Laboratories launched COVID-19 testing nationwide and RAYALDEE prescriptions increased by 78%.
BioReference Laboratories launched COVID-19 testing nationwide, running approximately 700,000 tests.
RAYALDEE total prescriptions increased 78% compared to Q1 2019.
Somatrogon regulatory submission in the U.S. is anticipated in the second half of 2020.
Nearly 16,000 4Kscore® tests were performed during the quarter.
Revenue by Segment
Forward Guidance
OPKO Health provided forward-looking statements regarding expected financial performance, COVID-19 testing, product development efforts, clinical trials, regulatory submissions, and the market for their products.
Positive Outlook
- Anticipated regulatory submission for Somatrogon in the U.S. in the second half of 2020.
- Expected completion of the open-label study in Europe demonstrating benefit and compliance with reduced treatment burden in Q3 2020.
- Topline data expected in mid-2020 from the registration study in Japan for pediatric growth hormone deficiency patients.
- Ongoing Phase 2 trial in hemodialysis patients is on track to complete enrollment in the third quarter of 2020.
- Final results from the Phase 4 comparative trial expected in the second half of 2020.
Challenges Ahead
- Possibility of unfavorable new clinical data and further analyses of existing clinical data.
- Risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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