OPKO Health, a diversified healthcare company, has recently released its 10-K report. The company operates in the diagnostics and pharmaceuticals businesses in the United States, Ireland, Chile, Spain, Israel, Mexico, and internationally. In the Diagnostics segment, it operates BioReference Laboratories, offering laboratory testing services for various diseases, including esoteric testing, molecular diagnostics, anatomical pathology, genetics, women's health, and correctional healthcare. The Pharmaceutical segment includes Rayaldee for treating secondary hyperparathyroidism and vitamin D insufficiency, as well as other drug development initiatives.
In the 10-K report, OPKO Health's consolidated loss from operations for the years ended December 31, 2023 and 2022, was $157.0 million and $226.3 million, respectively. The revenue from services for the year ended December 31, 2023, decreased by approximately $240.4 million, or 32%, compared to the year ended December 31, 2022. This decrease was primarily due to lower demand for COVID-19 testing and lower COVID-19 reimbursement. The cost of revenue for the year ended December 31, 2023, decreased by $181.7 million, a decrease of 29% compared to the year ended December 31, 2022, primarily due to cost-reduction initiatives and a decline in the volume of COVID-19 tests performed.
In the Pharmaceuticals segment, revenue from products for the year ended December 31, 2023, increased by $24.7 million, or 17%, compared to the year ended December 31, 2022, driven by growing sales from international operations and increased sales of Rayaldee. Additionally, revenue from transfer of intellectual property and other for the years ended December 31, 2023 and 2022, reflects $90.0 million from Pfizer triggered by the FDA approval of NGENLA (Somatrogon) in 2023.
For more information, read the company's full 10-K submission here.
