OPKO Health, Inc. announced its fourth quarter 2024 results, reporting total revenues of $183.6 million, a slight increase from the previous year. The company achieved a net income of $14.0 million, a substantial improvement from a net loss of $66.5 million in the prior year, primarily due to a $54.1 million gain from the sale of GeneDx shares and $21.4 million in non-cash other income.
Net income significantly improved to $14.0 million in Q4 2024 from a $66.5 million loss in Q4 2023, largely due to a realized gain on asset sales.
Operating loss decreased to $33.1 million in Q4 2024 from $69.1 million in Q4 2023, reflecting better operational efficiency.
Revenue from transfer of intellectual property and other more than doubled to $43.1 million, driven by a BARDA contract and Merck milestone payment.
BioReference Health made strides toward profitability, reducing costs and improving productivity, and sold a portion of its laboratory testing businesses for $237.5 million.
OPKO Health aims for profitability in 2025 for BioReference Health by continuing cost reductions and productivity improvements, while also advancing its pipeline and commercializing products.
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