OPKO Health Q3 Revenue Surges to $29.8M

TL;DR

OPKO Health Q3 revenue up to $29.8M from $8.6M YoY. Assets $1.25B, Liabilities $781.9M.

AI Summary

OPKO Health, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $1.25 billion and total liabilities of $781.9 million for the nine months ended September 30, 2024. Revenue for the third quarter of 2024 was $29.8 million, a significant increase from $8.6 million in the same period of 2023.

Why It Matters

The substantial increase in Q3 revenue suggests a potential turnaround or significant growth in OPKO Health's business operations, which could impact investor confidence and market valuation.

Risk Assessment

Risk Level: medium — While revenue shows strong growth, the company still carries significant liabilities relative to its assets, indicating ongoing financial risks.

Key Numbers

• $1.25B — Total Assets (As of September 30, 2024, indicating the company's overall financial resources.)
• $781.9M — Total Liabilities (As of September 30, 2024, representing the company's financial obligations.)
• $29.8M — Q3 2024 Revenue (A significant increase from Q3 2023, showing strong top-line performance.)
• $8.6M — Q3 2023 Revenue (Provides a baseline for the substantial year-over-year revenue growth.)

Key Players & Entities

• OPKO HEALTH, INC. (company) — Filer
• 20240930 (date) — Reporting Period End Date
• $1,250,000,000 (dollar_amount) — Total Assets
• $781,936,885 (dollar_amount) — Total Liabilities
• $29,800,177 (dollar_amount) — Q3 2024 Revenue
• $8,655,082 (dollar_amount) — Q3 2023 Revenue

FAQ

Key Financial Figures

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

Filing Documents

• opk20240930_10q.htm (10-Q) — 2533KB
• ex_716426.htm (EX-31.1) — 12KB
• ex_716427.htm (EX-31.2) — 12KB
• ex_716428.htm (EX-32.1) — 4KB
• ex_716429.htm (EX-32.2) — 4KB
• 0001437749-24-033931.txt ( ) — 12670KB
• opk-20240930.xsd (EX-101.SCH) — 92KB
• opk-20240930_cal.xml (EX-101.CAL) — 78KB
• opk-20240930_def.xml (EX-101.DEF) — 724KB
• opk-20240930_lab.xml (EX-101.LAB) — 594KB
• opk-20240930_pre.xml (EX-101.PRE) — 765KB
• opk20240930_10q_htm.xml (XML) — 2403KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 6 Condensed Consolidated Statements of Operations for the three and nine months ended September 30 , 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Comprehensive loss for the three and nine months ended September 30 , 2024 and 2023 (unaudited) 8 Condensed Consolidated Statements of Equity for the three and nine months ended September 30 , 2024 and 2023 (unaudited) 9 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 49 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 65 Item 4.

Controls and Procedures

Controls and Procedures 66

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 67 Item 1A.

Risk Factors

Risk Factors 67 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67 Item 3. Defaults Upon Senior Securities 67 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 68

Signatures

Signatures 69 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash, cash equivalents and current restricted cash $ 406,400 $ 95,881 Accounts receivable, net 106,579 123,379 Inventory, net 59,408 65,697 Other current assets and prepaid expenses 57,249 24,519 Total current assets 629,636 309,476 Property, plant and equipment, net 72,271 75,429 Intangible assets, net 641,396 740,283 In-process research and development 195,000 195,000 Goodwill 535,868 598,260 Investments 100,609 16,082 Operating lease right-of-use assets 62,812 68,088 Other assets 18,511 9,080 Total assets $ 2,256,103 $ 2,011,698 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 62,721 $ 69,677 Accrued expenses 122,806 90,086 Current maturities of operating leases 12,741 12,996 Current portion of convertible notes 170 — Current portion of lines of credit and notes payable 13,222 27,293 Total current liabilities 211,660 200,052 Operating lease liabilities 52,057 54,140 Long term portion of convertible notes 178,695 214,325 Senior secured notes 245,358 — Deferred tax liabilities 128,412 126,773 Other long-term liabilities, principally contract liabilities, contingent consideration and lines of credit 36,504 27,189 Total long-term liabilities 641,026 422,427 Total liabilities 852,686 622,479 Equity: Common Stock - $ 0.01 par value, 1,250,000,000 shares authorized; 712,283,206 and 781,936,885 shares issued at September 30, 2024 and December 31, 2023, respectively 7,124 7,820 Treasury Stock - 29,800,177 , and 8,655,082 shares at September 30, 2024 and December 31, 2023, respectively ( 1,791 ) ( 1,7

View Full Filing

View this 10-Q filing on SEC EDGAR