OPKO Health Q1 2024: Revenue Dip, Asset/Liability Shift

TL;DR

OPKO Health Q1 2024: Liabilities > Assets, Revenue down big. Uh oh.

AI Summary

OPKO Health, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported total assets of $726,791,854 and total liabilities of $781,936,885. Revenue for the first quarter of 2024 was $29,772,753, a decrease from $8,655,082 in the same period of 2023, indicating a significant shift in financial performance.

Why It Matters

This filing reveals a substantial increase in liabilities relative to assets for OPKO Health, alongside a significant revenue decline, which could impact the company's financial stability and future operations.

Risk Assessment

Risk Level: high — The company's liabilities exceed its assets, and revenue has significantly decreased, indicating potential financial distress.

Key Numbers

• $726.8B — Total Assets (As of March 31, 2024)
• $781.9B — Total Liabilities (As of March 31, 2024)
• $29.8M — Q1 2024 Revenue (First quarter revenue)
• $8.7M — Q1 2023 Revenue (First quarter revenue comparison)

Key Players & Entities

• OPKO HEALTH, INC. (company) — Filer
• 20240331 (date) — Reporting Period End Date
• $726,791,854 (dollar_amount) — Total Assets
• $781,936,885 (dollar_amount) — Total Liabilities
• $29,772,753 (dollar_amount) — Q1 2024 Revenue
• $8,655,082 (dollar_amount) — Q1 2023 Revenue

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share OPK NASDAQ Global Select

Filing Documents

• opk20240331c_10q.htm (10-Q) — 1822KB
• ex_667413.htm (EX-3.1) — 114KB
• ex_638079.htm (EX-31.1) — 12KB
• ex_638080.htm (EX-31.2) — 12KB
• ex_638081.htm (EX-32.1) — 4KB
• ex_638082.htm (EX-32.2) — 4KB
• 0001437749-24-015106.txt ( ) — 10668KB
• opk-20240331.xsd (EX-101.SCH) — 84KB
• opk-20240331_cal.xml (EX-101.CAL) — 66KB
• opk-20240331_def.xml (EX-101.DEF) — 683KB
• opk-20240331_lab.xml (EX-101.LAB) — 548KB
• opk-20240331_pre.xml (EX-101.PRE) — 721KB
• opk20240331c_10q_htm.xml (XML) — 1811KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 6 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Comprehensive loss for the three months ended March 31, 2024 and 2023 (unaudited) 8 Condensed Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 (unaudited) 9 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 11 Notes to Condensed Consolidated Financial Statements (unaudited) 12 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 46 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 4.

Controls and Procedures

Controls and Procedures 57

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 58 Item 1A.

Risk Factors

Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosures 59 Item 5. Other Information 59 Item 6. Exhibits 59

Signatures

Signatures 60 3 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 ("PSLRA"), Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements about our expectations, beliefs or intentions regarding our product development efforts, business, financial condition, results of operations, strategies or prospects, operating results, cash flows and/or financial condition. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. 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 below and in "Item 1A-Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023, and described from time to time in our other filings with the Securities and Exchange Commission (the "SEC"). We do not undertake any obligation to update forward-looking statements, except to the extent required by applicable law. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA. These forward-looking statements are only predictions and reflect our views as of the date they are ma

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to the "Company", "OPKO", "we", "our", "ours", and "us" refer to OPKO Health, Inc., a Delaware corporation, including our consolidated subsidiaries.

Financial Statements

Item 1. Financial Statements The accompanying unaudited Notes to Condensed Consolidated Financial Statements are an integral part of these statements. 5 Table of Contents OPKO Health, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (In thousands, except share and per share data) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 75,639 $ 95,881 Accounts receivable, net 111,367 123,379 Inventory, net 59,366 65,697 Other current assets and prepaid expenses 24,652 24,519 Assets held for sale 120,279 — Total current assets 391,303 309,476 Property, plant and equipment, net 64,165 75,429 Intangible assets, net 680,034 740,283 In-process research and development 195,000 195,000 Goodwill 530,615 598,260 Investments 40,990 16,082 Operating lease right-of-use assets 63,331 68,088 Other assets 8,578 9,080 Total assets $ 1,974,016 $ 2,011,698 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 71,157 $ 69,677 Accrued expenses 88,772 90,086 Current maturities of operating leases 11,742 12,996 Current portion of convertible notes 170 — Current portion of lines of credit and notes payable 22,820 27,293 Liabilities associated with assets held for sale 9,677 — Total current liabilities 204,338 200,052 Operating lease liabilities 50,931 54,140 Long term portion of convertible notes 323,108 214,325 Deferred tax liabilities 121,635 126,773 Other long-term liabilities, principally contract liabilities, contingent consideration and lines of credit 21,196 27,189 Total long-term liabilities 516,870 422,427 Total liabilities 721,208 622,479 Equity: Common Stock - $ 0.01 par value, 1,000,000,000 shares authorized; 726,791,854 and 781,936,885 shares issued at March 31, 2024 and December 31, 2023, respectively 7,269 7,820 Treasury Stock - 29,772,753 , and 8,655,082 shares at March 31, 2024 and December 31, 2023, respective

View Full Filing

View this 10-Q filing on SEC EDGAR