OPKO Health Q3 Earnings Ahead Of Expectations

OPKO Health Inc OPK reported Q3 revenues were down 10% Y/Y to $385.8 million, beating the consensus of $302.27 million.
Revenue from diagnostic services decreased to $340.1 million from $382.5 million, primarily due to a decrease in COVID-19 testing volume, partially offset by an improvement in COVID-19 test reimbursement and an increase in clinical and genomic test revenue.
The Company reported EPS of $0.04, beating the consensus loss of $(0.01).
During Q3, OPKO subsidiary BioReference Laboratories processed 2.2 million COVID-19 PCR tests and 158,100 COVID-19 serology tests.
Guidance: OPKO CFO Adam Logal said on the earnings call that the firm expects to perform between 1.7 million and 2.1 million COVID-19 tests in Q4 FY21.
Assuming the base business will remain at current levels, Logal said that OPKO expects overall revenues of $290 million - $320 million in Q4 FY21, with revenue from services of $250 million - $280 million, and revenues from products of $32 million - $36 million.
Price Action: OPK shares are up 3.54% at $3.80 during the market session on the last check Friday.

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