NEW YORK – Opko Health reported after the close of the market on Tuesday that its diagnostics revenues for the fourth quarter retreated 11 percent year over year while overall revenues declined 2 percent.
For the three months ended Dec. 31, 2023, total revenues were $181.9 million, down from $185.4 million a year ago. Diagnostics revenues fell to $124.2 million from $139.4 million, while pharmaceuticals revenues grew 16 percent to $43.0 million from $37.9 million. Revenues from the transfer of intellectual property and other sources grew 81 percent to $14.7 million from $8.1 million.
In a statement, the Miami-based company attributed the drop in diagnostics revenues to a $9 million decline in clinical test reimbursement, partially offset by a $900,000 increase from higher clinical test volume. COVID-19 testing volume and reimbursement shrank by $7.1 million as a result of higher use of antigen tests and a shift in customer mix.
Opko had a net loss of $65.5 million, or $.09 per share, in Q4 compared to a net loss of $85.2 million, or $.11 per share, in Q4 2022.
Its R&D spending essentially stayed flat in Q4 at $19.4 million, compared to $19.5 million a year ago, and its SG&A costs were lowered slightly to $72.9 million from $74.0 million.
For full-year 2023, the firm's total revenues shrank 14 percent to $863.5 million from $1.00 billion in 2022. Diagnostic revenues fell 32 percent to $515.3 million from $755.6 million, while pharmaceutical revenues rose 17 percent to $167.5 million from $142.9 million. Revenues from the transfer of intellectual property and other sources grew 71 percent to $180.7 million from $105.7 million.
Opko had a net loss of $188.9 million, or $.25 per share, in 2023, compared to a net loss of $328.4 million, or $.46 per share, in 2022. It increased its R&D spending to $89.6 million from $73.9 million in 2022 but trimmed its SG&A costs to $300.6 million from $372.7 million.
The firm finished 2023 with $95.9 million in cash and cash equivalents.
In afternoon trading on the Nasdaq, Opko's shares were down 5 percent at $1.00.