OPKO Health, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Revenue Guidance for Third Quarter of 2018; Reaffirms Tax Rate Guidance for the Full Year 2018
August 07, 2018 at 04:05 pm EDT
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OPKO Health, Inc. reported consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company announced total revenues of $263.7 million compared to $292.6 million a year ago. These decreases were partially offset by volume in reimbursement increase in genomics testing. Operating loss was $5.1 million compared to $25.8 million a year ago. Income before income taxes and investment losses was $3.0 million compared to loss of $22.3 million a year ago. Net loss was $6.2 million or $0.01 per basic and diluted share compared to $16.9 million or $0.04 per diluted share a year ago.
For the six months, the company announced total revenues of $518.6 million compared to $559.0 million a year ago. Operating loss was $47.7 million compared to $71.0 million a year ago. Loss before income taxes and investment losses was $38.5 million compared to $61.6 million a year ago. Net loss was $49.3 million or $0.09 per basic and diluted share compared to $51.4 million or $0.11 per diluted share a year ago.
Looking forward to the third quarter, the company expects revenue from services to be between $200 million and $220 million. The company expects product revenues for the third quarter to come in between $28 million and $32 million, including revenues from RAYALDEE between $5.7 million and $6.5 million. While revenues from the transfer of an intellectual property expected to be between $18 million and $23 million, including several nonrecurring milestone payments anticipated related to RAYALDEE partnerships.
For the full year, the company continues to expect effective tax rate to be in the single digits.
OPKO Health, Inc. is a multinational biopharmaceutical and diagnostics company. The Company's diagnostics segment consists of the clinical laboratory operations of BioReference Health, LLC (BioReference), its point-of-care operations. Its pharmaceutical segment consists of the pharmaceutical operations in Chile, Mexico, Ireland, Israel, Spain, Ecuador, France, the United States, and its pharmaceutical research and development operations. Through BioReference, it operates specialized laboratory divisions, such as GenPath (Urology), GenPath (Oncology), and GenPath (Women's Health). It has two commercial stage pharmaceutical products and several pharmaceutical compounds and technologies in various stages of research and development for a range of indications and conditions, including Rayaldee, Rayaldee, Oxyntomodulin, Biologics, NGENLA Somatrogon, and Factor VIIa-CTP. It develops and manufactures specialty active pharmaceutical ingredients (APIs) through FineTech Pharmaceutical, Ltd.
OPKO Health, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Revenue Guidance for Third Quarter of 2018; Reaffirms Tax Rate Guidance for the Full Year 2018