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Opko Health, Inc. Message Board

  • cnbctrader cnbctrader Dec 21, 2011 10:31 AM Flag

    How much Revenue is Finetech.

    they sold the opthamology equipment for 17.million and bought these guys. Additive sales and revenue would be great. Need to trim losses, and improve cashflow with alot of revenue. 36m in sales and a < 24m > loss is not suppose to continue. So, the offset of discontinued operations was 8 million in equipment revenue for the sale of that division. They bought these guys to fit into opk.
    I am not sure of the 2011 sales number for finetech.
    ( the offset , lost and then gained....

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    • burnaka@sbcglobal.net burnaka Dec 22, 2011 11:23 AM Flag

      I hunted a long time to find the info in dribs and drabs, I hunted for history too. So good find on that link, it says it all.

      Will have to wait to find out on their cash flow and earnings, but their pipeline is promising. We only paid 27 million so I am not expecting an earnings explosion here, but some earnings and some cost savings. This is a major 6 building facility with impressive equipment and staff. We have pipeline stuff that we can now transfer to that unit rather than outsource. It appears Arie has kept that company historically as a free standing subdivision, unless I am not understanding things right. I believe it is that way with this merger too. The right to sell Finetech products globally is a major benefit to opk and part of the master plan.

    • Thank you. Interesting.

      BTW, if one looks at the company web site today, the Company History link appears to have gone missing. But Google still preserves the information as it appeared in a previous version:

      http://82.80.247.225/index.php-option=com_content&task=view&id=21&Itemid=29.htm

    • burnaka@sbcglobal.net burnaka Dec 22, 2011 12:35 AM Flag

      In January 2006, Par announced the divestiture of FineTech Laboratories, Ltd (“FineTech”), effective December 31, 2005. Par transferred the business for no proceeds to Dr. Arie Gutman, president and chief executive officer of FineTech. Dr. Gutman also resigned from Par’s Board of Directors. The results of FineTech operations have been classified as discontinued for all periods presented because Par had no continuing involvement in FineTech. In January 2008, Dr. Gutman sold FineTech to a third party. Under the terms of the divestiture, Par received $505 thousand during the year ended December 31, 2008 which represents Par’s share of the net proceeds of the sale transaction. This $505 thousand has been classified as discontinued operations on the consolidated statement of operations for the year ended December 31, 2008. In 2008, Par recorded $2,169 to discontinued operations related to tax contingencies.

    • burnaka@sbcglobal.net burnaka Dec 22, 2011 12:22 AM Flag

      RxElite buys FineTech

      by admin
      Published: March 20,2008
      Time posted: 1:00 am
      RxElite Inc., a Meridian-based manufacturer of specialty generic drugs, said in a March 20 filing with the U.S. Securities & Exchange Commission that it completed its $6.2 million acquisition of FineTech Laboratories Ltd., Haifa, Israel. The new entity will operate as a wholly owned subsidiary of RxElite under the name FineTech Pharmaceutical ...

    • burnaka@sbcglobal.net burnaka Dec 21, 2011 12:39 PM Flag

      The company was a privately held company from what I could find, with no recent sales or profit numbers that I could find. The last information I could find was revenue 5 million, that was in 2008. They have several patents and were profitable in 2008, even though at that time revenue was small. There are roughly 40 employees, and six buildings involved in the deal along with the patents and finetechs current contracts. They manufacture drugs and specialty drug components. The facilities are approved by many governments including the fda. This acquisition allows for rapid expansion and marketing of products world wide. I am sure there is a plan in place for commercialization of the Claros Opko products, it is possible that these facilities are all part of that plan. The type of drug components they currently manufacture are specialty and high margin items. Information is not readily available about revenue, and profit unfortunately, but they were profitable in the past.

 
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