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OPKO Health (OPK) investor relations material
OPKO Health Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $156.8M, down 14% year-over-year, mainly due to lower diagnostics revenue from asset sales and reduced clinical test volume, partially offset by higher reimbursement rates.
Net loss for Q2 2025 was $148.4M ($0.19/share), compared to $10.3M ($0.01/share) in Q2 2024, driven by a $91.7M–$92M non-recurring convertible note exchange expense and absence of a $60M investment gain.
Advanced clinical pipeline with MODEX and Merck programs in Phase I, and promising preclinical results for oral GLP-1/glucagon agonist for obesity and NASH.
FDA approved 4Kscore® Test for use without DRE, expanding its market potential and accessibility for prostate cancer risk assessment.
Pending sale of BioReference's oncology diagnostics business to Labcorp for up to $225M expected to close by end of Q3/H2 2025.
Financial highlights
Diagnostics revenue for Q2 2025 was $101.1M (down from $129.4M in Q2 2024); pharmaceutical revenue was $55.7M (up from $52.8M); Rayaldee contributed $7.2M in both periods.
Q2 2025 operating loss was $60.0M (improved from $61.7M in Q2 2024); diagnostics operating loss improved to $18.2M from $26.6M; pharmaceutical operating loss was $28.7M vs. $24.8M.
Cash, cash equivalents, and restricted cash totaled $285.4M as of June 30, 2025.
Gross margin for Q2 2025 was $49.4M (vs. $51.7M in Q2 2024); total costs and expenses were $216.8M (vs. $243.9M year-over-year).
Weighted average shares outstanding increased to 788M from 697M, reflecting the convertible note exchange.
Outlook and guidance
Full-year 2025 revenue expected between $640M and $660M; service revenue $400M–$425M, product revenue $160M–$170M, other revenue $65M–$75M.
Oncology asset revenue forecasted at $95M–$105M; Pfizer profit share at $28M; BARDA support $30M–$35M.
Total costs and expenses projected at $835M–$865M, excluding $15M–$20M in one-time restructuring costs.
BARDA contract funding of $71.6M expected to be recognized as revenue through February 2028.
Diagnostics business expected to reach cash flow positive and profitability in 2025, excluding non-recurring and non-cash items.
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