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OPKO Announces Fourth Quarter And Full Year 2013 Results

OPKO Health, Inc. (NYSE:OPK), a multi-national biopharmaceutical and diagnostics company, today reported operating and financial results for its 2013 fourth quarter and full year ended December 31, 2013.

Financial Highlights

  • For the fourth quarter of 2013, consolidated revenues increased about 30% to $20.7 million from $16.2 million in the prior year period. For the year ended December 31, 2013, consolidated revenues more than doubled to $96.5 million from $47.0 million in the prior year. Revenue for the year ended December 31, 2013, included $12.5 million of revenue resulting from a strategic partnership in the field of RNA interference with RXi Pharmaceuticals Corporation.
  • Cash and cash equivalents were $185.8 million as of December 31, 2013, providing OPKO with liquidity to fund research and development and the Company’s operations.
  • Cash used in operations was $58.2 million during the year ended December 31, 2013, as compared with $25.4 million of cash used in operations during the year ended December 31, 2012. The increase in cash used in operations during 2013 reflects the full impact of our August and March 2013 acquisitions of PROLOR Biotech, Inc. and Cytochroma Inc., respectively. During 2013, we also utilized approximately $8.8 million for transaction-related expenses.
  • Net loss for the 2013 fourth quarter was $16.8 million compared to a net loss of $1.1 million for the 2012 period. The increase in net loss for the 2013 fourth quarter was principally related to research and development expenses incurred in connection with our ongoing Phase 3 clinical trials of Rayaldy™ and human growth hormone (“hGH-CTP”), and interest expense related to the January 2013 convertible senior notes due in 2033 (the “2033 Senior Notes”), which expenses were partially offset by $18.9 million in gains recorded on the successful exit from strategic investments. The 2012 fourth quarter results also included $9.7 million in net tax benefits principally related to the acquisition of our laboratory business in late 2012.
  • Net loss for the full 2013 year was $114.8 million compared to $31.3 million for the 2012 period. The increase in net loss for the 2013 full year was primarily related to the previously mentioned research and development expenses related to our Rayaldy™ and hGH-CTP clinical trials, interest expense on the 2033 Senior Notes, and non-recurring costs related to strategic and business development activities, as well as the following non-cash charges:
    • $36.5 million related to the change in fair value of derivative instruments, principally related to embedded derivatives that are part of the 2033 Senior Notes;
    • $11.5 million on losses from investments in equity method investees;
    • $8.7 million loss from early conversion of some of the 2033 Senior Notes; and
    • $6.9 million related to the change in fair value of contingent consideration payable in connection with prior acquisitions.

These expenses were partially offset by $29.9 million in gains recorded on the successful exit from strategic investments during 2013. OPKO’s 2012 results also included $9.6 million in net tax benefits principally related to the acquisition of our laboratory business in late 2012.

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