OPKO Health(OPK) - 2024 Q4 - Annual Results

Financial Performance - Consolidated total revenues for Q4 2024 were $183.6 million, a slight increase from $181.9 million in Q4 2023, with net income of $14.0 million compared to a net loss of $66.5 million in the prior year[3] - The operating loss for Q4 2024 was $33.1 million, an improvement from the operating loss of $69.1 million in Q4 2023[3] - Total revenues for the three months ended December 31, 2024, were $183.6 million, a slight increase from $181.9 million in the same period of 2023[14] - Operating loss narrowed to $33.1 million compared to a loss of $69.1 million in the same quarter last year[14] - Net income for the three months was $14.0 million, a recovery from a loss of $66.5 million in the previous year[14] - Basic income per share improved to $0.02 from a loss of $0.09 year-over-year[14] Revenue Breakdown - Revenue from pharmaceuticals in Q4 2024 was $37.4 million, down from $43.0 million in Q4 2023, primarily due to unfavorable foreign currency exchange fluctuations[3] - Revenue from services decreased to $103.1 million from $124.2 million year-over-year, representing a decline of approximately 16.8%[14] - Revenue from products also declined to $37.4 million from $43.0 million, a decrease of about 13.0%[14] - Revenue from the transfer of intellectual property increased significantly to $43.1 million from $14.7 million, marking a growth of approximately 194.5%[14] - Revenue from the transfer of intellectual property and other increased to $43.1 million in Q4 2024 from $14.7 million in Q4 2023, driven by a $23.8 million revenue from the BARDA contract[3] Expenses and Costs - Total costs and expenses increased to $82.6 million in Q4 2024 from $73.8 million in the prior-year period, primarily due to higher research and development expenses[3] - Total costs and expenses for the three months were $216.7 million, down from $251.0 million in the prior year[14] - Research and development expenses increased to $30.4 million from $19.4 million, reflecting a rise of approximately 56.7%[14] Cash and Financing - Cash, cash equivalents, and current restricted cash totaled $431.9 million as of December 31, 2024, compared to $95.9 million at the end of 2023[12] - The company repurchased $17.0 million of principal convertible notes for $25.0 million and an additional 10.9 million common shares for $16.5 million during Q4 2024[2] Strategic Initiatives - BioReference Health aims for profitability in 2025, having sold a portion of its laboratory testing businesses for $237.5 million to enhance growth and profitability[1] - Enrollment is underway in the Phase 1 trial for the MDX2001 treatment of solid tumor cancers, expected to enroll up to 45 patients[1] - OPKO received $51 million in additional funding under an existing BARDA contract to develop COVID multispecific antibodies and initiate an influenza program[1]