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Opko Health Q1 Revenues Slide 40 Percent on Lower COVID Testing Volume

NEW YORK ­– Opko Health reported after the close of the market on Monday a 40 percent year-over-year drop in revenues for the first quarter, including a 43 percent decline in its diagnostics revenues.

For the three months ended March 31, the Miami-based company posted $329.2 million in total revenues, down from $545.2 million a year ago. It missed the consensus Wall Street estimate of $332.6 million in revenues.

Diagnostic, or service, revenues shrank to $286.6 million from $507.0 million in Q1 2021 driven by lower COVID-19 testing volume and associated reimbursement, partially offset by an improvement in genomic testing reimbursement and an uptick in clinical and genomic testing volumes.

Opko said its BioReference unit processed about 2 million COVID-19 PCR tests in the recently completed quarter compared to 4.1 million a year ago.

Also in diagnostics, last week Opko completed the sale of its GeneDx business to Sema4 for up to $472 million.

Meantime, the company's pharmaceuticals, or products, revenues grew 8 percent to $36.6 million from $33.9 million.

Opko had a net loss of $55.4 million, or $.08 per share, in Q1 2022 compared to a profit of $31.1 million, or $.05 per share, a year ago. It missed analysts' average estimate of a loss per share of $.06.

The firm trimmed its R&D spending 5 percent to $18.3 million from $19.3 million, while its SG&A costs rose 5 percent to $117.5 from $112.3 million.

Opko finished Q1 2022 with $102.3 million in cash and cash equivalents.