OPKO Health Inc (OPK) Reports Third Quarter 2023 Financial Results
OPKO Health Inc (NASDAQ:OPK) reported total revenues of $178.6 million in Q3 2023.
The company posted a net loss of $84.5 million, equivalent to a loss per share of $0.11.
OPKO's total assets stood at $2,056.7 million as of September 30, 2023.
The company's cash and cash equivalents were reported at $138.6 million.
OPKO Health Inc (NASDAQ:OPK) released its third quarter 2023 financial results on November 6, 2023. The company reported total revenues of $178.6 million, a slight decrease from $179.7 million in the same period in 2022. The revenue was generated from services ($131.7 million), products ($40.7 million), and transfer of intellectual property and others ($6.2 million).
Financial Performance
The company posted a net loss of $84.5 million for the quarter, equivalent to a loss per share of $0.11. This is a slight decrease from the net loss of $86.1 million, or $0.11 per share, reported in the same period in 2022. The total operating loss for the quarter was $64.4 million, compared to an operating loss of $87.8 million in Q3 2022.
Balance Sheet Overview
As of September 30, 2023, OPKO's total assets stood at $2,056.7 million, a decrease from $2,167.3 million as of December 31, 2022. The company's cash and cash equivalents were reported at $138.6 million. Total liabilities were $612.1 million, slightly higher than the $605.7 million reported at the end of 2022.
Costs and Expenses
The cost of service revenues for the quarter was $106.4 million, while the cost of product revenues stood at $24.5 million. Selling, general and administrative expenses were $72.3 million, and research and development costs were $19.4 million. The company also reported an amortization of intangible assets amounting to $21.5 million.
OPKO Health Inc (NASDAQ:OPK) 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 its novel and proprietary technologies.
Explore the complete 8-K earnings release (here) from OPKO Health Inc for further details.
This article first appeared on GuruFocus.
