MIAMI, April 28, 2021 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ: OPK) reports business highlights and financial results for the three months ended March 31, 2021.

Business Highlights

First Quarter Financial Results

CONFERENCE CALL & WEBCAST INFORMATION

OPKO’s senior management will provide a business update, discuss first quarter financial results and answer questions during a conference call and live audio webcast beginning at 4:30 p.m. Eastern time today, April 28, 2021. Participants are requested to pre-register for the conference call using the link here, or dialing (888) 869-1189 or (706) 643-5902 and using conference ID 9993698. Upon registering, participants will receive dial-in numbers, an event passcode and a unique registrant ID to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the start of the call.

To access the live call via webcast, please click on the link OPKO 1Q21 Results Conference Call. Individual investors and investment community professionals who do not plan to ask a question during the call’s Q&A session are encouraged to listen to the call via the webcast.

For those unable to listen to the live conference call, a replay can be accessed for a period of time on OPKO’s website at OPKO 1Q21 Results Conference Call. A telephone replay will be available beginning approximately two hours after the completion of the conference call. To access the replay, please dial (855) 859-2056 or (404) 537-3406, and use conference ID 9993698.

About OPKO Health

OPKO is a multinational biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large, rapidly growing markets by leveraging its discovery, development, and commercialization expertise and novel and proprietary technologies. For more information, visit www.opko.com.

Cautionary Statement Regarding Forward Looking Statements

This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning, including statements regarding expected financial performance and expectations regarding the market for and sales of our products, expectations about COVID-19 testing, the demand for testing, our capacity for testing, the impact of COVID-19 on all of our businesses, positively and negatively, our ability to expand our capacity should there be additional demand, the availability of resources, including labor, equipment and supplies, to meet demand for testing and the potential impact on us should these resources be constrained, our product development efforts and the expected benefits of our products, whether our products in development will be commercialized, the possibility of further analyses of existing clinical data, the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities, whether regulatory authorities will be satisfied with the design of and results from our clinical studies, whether RAYALDEE prescriptions will increase, our ability to market and sell any of our products in development, as well as other non-historical statements about our expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in our Annual Reports on Form 10-K filed and to be filed with the Securities and Exchange Commission and under the heading “Risk Factors” in our other filings with the Securities and Exchange Commission, as well as the ongoing effects of the COVID-19 pandemic, the continuation and success of our relationship with Pfizer, Vifor and our other partners, liquidity issues and the risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments, that earlier clinical results of effectiveness and safety may not be reproducible or indicative of future results, that somatrogon, RAYALDEE, and/or any of our compounds or diagnostic products under development may fail, may not achieve the expected results or effectiveness and may not generate data that would support the approval or marketing of products for the indications proposed or for other indications, that enrollment for our Phase 2 trial with RAYALDEE in COVID-19 may not complete and topline data may not be available when anticipated and may not, in any event, be positive such that an Emergency Use Authorization could be sought, that regulatory approvals for our products, particularly somatrogon, may not be received when anticipated or at all, that currently available over-the-counter and prescription products, as well as products under development by others, may prove to be as or more effective than our products for the indications being studied. In addition, forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.

Contacts:

LHA Investor Relations
Yvonne Briggs, 310-691-7100
ybriggs@lhai.com
or
Bruce Voss, 310-691-7100
bvoss@lhai.com

—Tables to Follow—


OPKO Health, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions)
Unaudited

 As of
 March 31,
2021		 December 31,
2020
Assets:       
Cash, cash equivalents and marketable securities$89.5  $72.2 
Other current assets 509.5   451.0 
Total Current Assets 599.0   523.2 
In-process Research and Development and Goodwill 1,266.4   1,270.8 
Other assets 654.2   679.1 
Total Assets$2,519.6  $2,473.1 
        
Liabilities and Equity:       
Current liabilities$403.9  $375.5 
Convertible Notes 224.8   222.0 
Deferred tax liabilities, net 135.2   137.2 
Other long-term liabilities, principally contract liabilities, leases, contingent consideration and lines of credit 59.2   66.8 
Total Liabilities 823.1   801.5 
Equity 1,696.5   1,671.6 
Total Liabilities and Equity$2,519.6  $2,473.1 
        

OPKO Health, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in millions, except share and per share data)
Unaudited

 For the three months ended
March 31,
   2021   2020 
Revenues      
Revenue from services $507.0  $170.8 
Revenue from products  33.9   31.1 
Revenue from transfer of intellectual property  4.3   9.6 
Total revenues  545.2   211.5 
Costs and expenses      
Cost of revenues  363.5   140.3 
Selling, general and administrative  112.3   76.1 
Research and development  19.3   21.8 
Contingent consideration  (1.0)  (0.9)
Amortization of intangible assets  12.6   14.9 
Total Costs and expenses  506.7   252.2 
Operating income (loss)  38.5   (40.7)
Other income and (expense), net  (6.8)  (17.1)
Income (loss) before income taxes and investment losses  31.7   (57.8)
Income tax provision  (0.6)  (1.2)
Net income (loss) before investment losses  31.1   (59.0)
Loss from investments in investees  0.0   (0.1)
Net income (loss) $31.1  $(59.1)
Income (loss) per share, basic and diluted $0.05  $(0.09)
         
Weighted average common shares outstanding, basic and diluted  640,853,200   640,578,794