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OPKO Announces Third Quarter 2013 Financial And Operating Highlights

OPKO Health, Inc. (NYSE:OPK), a multi-national biopharmaceutical and diagnostics company, today reported operating and financial highlights for the third quarter of 2013.

Third Quarter 2013 Financial Highlights

  • Cash, cash equivalents and marketable securities were $180.8 million as of September 30, 2013.
  • Consolidated revenues nearly doubled to $20.6 million during the three months ended September 30, 2013 from $11.8 million in the prior year period. Consolidated revenue more than doubled to $75.8 million during the nine months ended September 30, 2013 from $30.8 million in the prior year period. Revenue for the nine months ended September 30, 2013 included $12.5 million of revenue resulting from a strategic partnership in the field of RNA interference with RXi Pharmaceuticals Corporation.
  • Net loss for the three months ended September 30, 2013 was $60.0 million, compared to a net loss of $10.2 million for the 2012 period. The increase in net loss for the three months ended September 30, 2013 was primarily related to increased operating and clinical trial activities, and non-cash charges, such as:
    • $27.8 million in non-cash charges related to the change in value of embedded derivatives which are part of our January 2013 convertible senior notes due in 2033 (the “2033 Senior Notes”). This non-cash charge is principally a result of the increased market price of our common stock since the previous quarter end; and
    • $8.7 million in non-cash charges related to early conversion of 2033 Senior Notes.
  • Net loss for the nine months ended September 30, 2013 was $98.0 million, compared to a net loss of $30.2 million for the 2012 period. The increase in net loss for the nine months ended September 30, 2013, was primarily related to increased operating and clinical trial costs, and non-cash charges, such as:
    • $38.7 million in non-cash charges principally related to the change in value of embedded derivatives which are part of our 2033 Senior Notes, principally as a result of the increase in the market price of our common stock since issuance of such notes; and
    • $8.7 million in non-cash charges related to early conversion of 2033 Senior Notes.

Net loss for the nine months ended September 30, 2013 also includes $11.0 million of other income from the sale of securities, partially offset by $10.1 million of interest expense principally related to our 2033 Senior Notes.

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