MIAMI, Aug. 04, 2022 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ: OPK) reports business highlights and financial results for the three and six months ended June 30, 2022.

Business highlights for the second quarter of 2022 and subsequent weeks include the following:

Second Quarter Financial Results

Conference Call and Webcast Information

OPKO’s senior management will provide a business update, discuss second quarter financial results and answer questions during a conference call and live audio webcast today beginning at 4:30 p.m. Eastern time. Participants are encouraged to pre-register for the conference call using this link. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may register at any time, including up to and after the call start time. Those unable to pre-register may participate by dialing (833) 630-0584 (U.S.) or (412) 317-1815 (International). A webcast of the call may also be accessed at OPKO’s Investor Relations page and here.

A telephone replay will be available until August 11, 2022 by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (International) and providing the passcode 5775821. A webcast replay will be available beginning approximately one hour after the completion of the live conference call here.

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, whether the acquisition of ModeX, including the expansion of the executive management team, will positively impact the Company, whether expectations after completion of the merger will be met, whether we will receive milestone payments under the Sema4 transaction, the benefits of NGENLA, the risk of downturns and a changing regulatory landscape in the highly competitive healthcare industry, whether our products will launch in all the territories in which they have been approved for sale, the timing of such launches, the ability to get beneficial pricing approvals, whether RAYALDEE prescriptions will increase, our product development efforts and the expected benefits of our products, whether our products in development will be commercialized, whether the relationship with our business partners will be successful, whether our business partners will be able to commercialize our products and successfully utilize our technologies, 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 continuation and success of our relationship with our commercial partners, liquidity issues and the risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments. 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.

—Tables to Follow—



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

 As of
 June 30,
2022		 December 31,
2021
Assets:       
Cash and cash equivalents$210.5  $134.7 
Assets held for sale 0.0   315.0 
Other current assets 284.3   373.3 
Total current assets 494.8   823.0 
In-process research and development and goodwill 773.8   1,110.8 
Other assets 1,101.0   465.9 
Total Assets$2,369.6  $2,399.7 
        
Liabilities and Equity:       
Current liabilities$215.5  $301.8 
Liabilities associated with assets held for sale 0.0   28.2 
Convertible notes 211.5   187.9 
Deferred tax liabilities, net 176.7   148.5 
Other long-term liabilities, principally contract liabilities,       
leases, contingent consideration and lines of credit 47.1   48.2 
Total Liabilities 650.8   714.6 
Equity 1,718.8   1,685.1 
Total Liabilities and Equity$2,369.6  $2,399.7 



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

 For the three months ended
June 30,		 For the six months ended
June 30,
  2022   2021   2022   2021 
Revenues               
Revenue from services$186.8  $397.2  $473.4  $904.2 
Revenue from products 35.9   35.7   72.5   69.6 
Revenue from transfer of intellectual               
property and other 87.2   9.5   93.2   13.8 
Total revenues 309.9   442.4   639.1   987.6 
Costs and expenses               
Cost of revenues 194.3   292.9   438.2   656.5 
Selling, general and administrative 101.5   113.2   219.0   225.5 
Research and development 17.2   18.2   35.6   37.5 
Contingent consideration 0.2   (0.1)  0.1   (1.1)
Amortization of intangible assets 22.8   12.6   44.8   25.2 
Gain on sale of assets (15.4)  0.0   (15.4)  0.0 
Total costs and expenses 320.6   436.8   722.3   943.6 
Operating income (loss) (10.7)  5.6   (83.2)  44.0 
Other expense, net (75.6)  (16.9)  (79.8)  (23.7)
Income (loss) before income taxes and               
investment losses (86.3)  (11.3)  (163.0)  20.3 
Income tax benefit (provision) (15.1)  (4.8)  6.2   (5.3)
Income (loss) before investment losses (101.4)  (16.1)  (156.8)  15.0 
Loss from investments in investees (0.3)  (0.1)  (0.3)  (0.1)
Net income (loss)$(101.7) $(16.2) $(157.1) $14.9 
Income (loss) per share,               
basic and diluted$(0.14) $(0.03) $(0.23) $0.02 
Weighted average common shares               
outstanding, basic and diluted 712,548,661   646,996,891   686,597,899   644,001,280