OPKO Health to sell BioReference assets to Labcorp for $237.5M; Q1 net loss $81.8M

OPKO HEALTH, INC.

Agreed to sell select BioReference Health assets to Labcorp for $237.5M; assets generate ~$100M annual revenue; closing expected H2 2024.
Q1 total revenue $173.7M (down 27% YoY); net loss $81.8M ($0.12/share) vs $18.3M loss a year ago.
Issued $230M 3.75% convertible notes due 2029; exchanged $144.4M of existing 4.50% notes; used $50M to repurchase common stock.
FDA cleared IND for MDX2001 tetraspecific antibody for solid tumors; Phase 1 trial enrollment expected Q2 2024.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OPKO HEALTH, INC. reported three months ended March 31, 2024 results: revenue $173.7 million, net income $81.8 million, or $0.12 per share, EPS $0.12 per share.

Period: three months ended March 31, 2024
Revenue: $173.7 million
Net income: $81.8 million, or $0.12 per share
EPS: $0.12 per share
Result: reported results

Exact text from the filing

was $34.4 million in the first quarter of 2024 compared with $40.0 million in the 2023 period. ● Consolidated: Consolidated total revenues for the first quarter of 2024 were $173.7 million compared with $237.6 million for the comparable period of 2023. Operating loss for the first quarter of 2024 increased to $71.5 million from $30.6 million for the 2023 quarter,

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OPKO HEALTH, INC. filing history →

Source: SEC EDGAR

accession 0001437749-24-015074

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