OPKO Health Q2 2024: Assets $1.25B, Liabilities $727M

TL;DR

OPKO Health Q2 2024: $1.25B assets, $727M liabilities. Revenue for Q2 was $29.8M.

AI Summary

OPKO Health, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $1.25 billion and total liabilities of $727.18 million. For the three months ended June 30, 2024, revenue was $29.80 million, and for the six months ended June 30, 2024, revenue was $8.66 million.

Why It Matters

This filing provides a snapshot of OPKO Health's financial health, detailing its assets and liabilities as of mid-2024, which is crucial for investors assessing its stability and performance.

Risk Assessment

Risk Level: medium — The filing details significant assets and liabilities, indicating a company of substantial size and financial operations that inherently carry medium risk.

Key Numbers

• $1.25B — Total Assets (As of June 30, 2024, indicating the company's total resources.)
• $727.18M — Total Liabilities (As of June 30, 2024, representing the company's total obligations.)
• $29.80M — Q2 2024 Revenue (Revenue generated in the three months ending June 30, 2024.)
• $8.66M — YTD 2024 Revenue (Revenue generated in the six months ending June 30, 2024.)

Key Players & Entities

• OPKO HEALTH, INC. (company) — Filer
• 20240630 (date) — Reporting period end date
• 4400 BISCAYNE BLVD. (location) — Business and mailing address
• MIAMI (location) — City for business and mailing address
• FL (location) — State for business and mailing address
• 33137 (location) — ZIP code for business and mailing address
• 305-575-4181 (phone_number) — Business phone number
• $1,250,000,000 (dollar_amount) — Total assets
• $727,176,232 (dollar_amount) — Total liabilities
• $29,800,177 (dollar_amount) — Revenue for the three months ended June 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• opk20240630_10q.htm (10-Q) — 2382KB
• ex_708391.htm (EX-10.1) — 851KB
• ex_708392.htm (EX-10.2) — 18KB
• ex_677908.htm (EX-31.1) — 12KB
• ex_677909.htm (EX-31.2) — 12KB
• ex_677910.htm (EX-32.1) — 4KB
• ex_677911.htm (EX-32.2) — 4KB
• 0001437749-24-025185.txt ( ) — 12890KB
• opk-20240630.xsd (EX-101.SCH) — 87KB
• opk-20240630_cal.xml (EX-101.CAL) — 66KB
• opk-20240630_def.xml (EX-101.DEF) — 707KB
• opk-20240630_lab.xml (EX-101.LAB) — 560KB
• opk-20240630_pre.xml (EX-101.PRE) — 742KB
• opk20240630_10q_htm.xml (XML) — 2182KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 6 Condensed Consolidated Statements of Operations for the three and six months ended June 30 , 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Comprehensive loss for the three and six months ended June 30 , 2024 and 2023 (unaudited) 8 Condensed Consolidated Statements of Equity for the three and six months ended June 30 , 2024 and 2023 (unaudited) 9 Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 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 61 Item 4.

Controls and Procedures

Controls and Procedures 62

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 63 Item 1A.

Risk Factors

Risk Factors 63 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63 Item 3. Defaults Upon Senior Securities 63 Item 4. Mine Safety Disclosures 64 Item 5. Other Information 64 Item 6. Exhibits 64

Signatures

Signatures 65 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 40,576 $ 95,881 Accounts receivable, net 105,313 123,379 Inventory, net 60,153 65,697 Other current assets and prepaid expenses 32,288 24,519 Assets held for sale 119,651 — Total current assets 357,981 309,476 Property, plant and equipment, net 66,766 75,429 Intangible assets, net 659,111 740,283 In-process research and development 195,000 195,000 Goodwill 530,106 598,260 Investments 101,489 16,082 Operating lease right-of-use assets 61,622 68,088 Other assets 7,796 9,080 Total assets $ 1,979,871 $ 2,011,698 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 82,242 $ 69,677 Accrued expenses 94,516 90,086 Current maturities of operating leases 11,624 12,996 Current portion of convertible notes 170 — Current portion of lines of credit and notes payable 22,129 27,293 Liabilities associated with assets held for sale 8,872 — Total current liabilities 219,553 200,052 Operating lease liabilities 49,624 54,140 Long term portion of convertible notes 175,942 214,325 Deferred tax liabilities 119,120 126,773 Other long-term liabilities, principally contract liabilities, contingent consideration and lines of credit 20,315 27,189 Total long-term liabilities 365,001 422,427 Total liabilities 584,554 622,479 Equity: Common Stock - $ 0.01 par value, 1,250,000,000 shares authorized; 727,176,232 and 781,936,885 shares issued at June 30, 2024 and December 31, 2023, respectively 7,273 7,820 Treasury Stock - 29,800,177 , and 8,655,082 shares at June 30, 2024 and December 31, 2023, respectively

View Full Filing

View this 10-Q filing on SEC EDGAR