OPKO Health reports developments across a multinational biopharmaceutical and diagnostics business. Recurring updates cover operating results, financial guidance, BioReference laboratory testing services and digital access through BioReference Direct, and RAYALDEE commercialization through EirGen Pharma in Greater China.
The company also reports research collaborations and clinical development from ModeX Therapeutics, including its MSTAR multispecific antibody platform, MDX2301 for COVID-19 prevention, and MDX2003, a tetraspecific T-cell engager for B-cell lymphomas. News also includes pharmaceutical partnerships, diagnostic-service changes, investor presentations, and business updates tied to OPKO's pharmaceutical and diagnostics segments.
OPKO Health reported a significant increase in revenues for Q1 2021, reaching $545.2 million, compared to $211.5 million in Q1 2020. Net income was $31.1 million, or $0.05 per diluted share, recovering from a net loss of $59.1 million a year prior. COVID-19 testing spurred a 158% rise in test volume at BioReference Laboratories, processing 4.3 million PCR tests and expanding services to schools and sports leagues. However, sales of RAYALDEE decreased significantly, reflecting challenges in the base testing business.
BioReference Laboratories, part of OPKO Health (NASDAQ:OPK), has renewed its role as the COVID-19 testing provider for Major League Soccer (MLS) for the second consecutive year. This renewal, effective from April 17, 2021, includes providing laboratory-based PCR and point-of-care COVID-19 testing for players, match officials, and staff across 13 teams. Additionally, testing will extend to fans attending home games, starting with the New England Revolution's match on April 24. BioReference's involvement began during the 2020 MLS is Back Tournament, showcasing its commitment to ensuring safety in sports during the pandemic.
OPKO Health, Inc. (NASDAQ: OPK) will report its financial results for Q1 2021 on April 28, 2021, after U.S. markets close. The company will host a conference call at 4:30 PM ET to discuss the results and provide financial guidance. Participants can pre-register for the call or access it via webcast. A replay will be available shortly after the call. OPKO is focused on establishing strong positions in large markets through its innovative biopharmaceutical and diagnostics technologies.
On April 1, 2021, BioReference Laboratories, an OPKO Health company (NASDAQ:OPK), announced a COVID-19 testing agreement with Major League Baseball (MLB) for the 2021 season. This partnership involves providing on-site rapid PCR testing for all 30 MLB teams, starting from Opening Day. BioReference, already servicing all five major professional men's sports leagues in the U.S., aims to support a safe and full MLB season. This collaboration signifies BioReference's commitment to health and safety in sports amidst the ongoing pandemic.
BioReference Laboratories, a subsidiary of OPKO Health (NASDAQ: OPK), is expanding its COVID-19 testing program for schools to support nationwide in-person learning. This initiative aligns with the Biden Administration's focus on school testing for a safe return to classrooms. BioReference has tested nearly 400,000 public school students and provides services to almost 200 schools daily. The program includes various testing methods tailored to specific school needs. This expansion reflects BioReference's commitment to enhancing student safety amid the ongoing pandemic.
OPKO Health, Inc. (OPK) reported a net income of $32.3 million for Q4 2020, a significant recovery from a net loss of $112.4 million in the prior year. Consolidated revenues surged to $494.6 million, driven by a 170% increase in BioReference Laboratories' volume, mainly due to COVID-19 PCR testing. However, revenues from pharmaceutical products, specifically Rayaldee, decreased to $30.8 million as new patient onboarding faced challenges. The company has $72.2 million in cash and equivalents, alongside available credit facilities totaling $157.6 million.
OPKO Health, Inc. (NASDAQ: OPK) will report its financial results for Q4 2020 on February 18, 2021, after U.S. market close. The company will provide insights into its operational performance and future guidance during a conference call at 4:30 p.m. Eastern Time on the same day. Interested individuals can pre-register for the call or listen via a live audio webcast. A replay will be available post-call on OPKO's website, ensuring stakeholders have access to the financial update and discussions on its strategic direction.
OPKO Health, Inc. (NASDAQ: OPK) announced that Pfizer Japan submitted a New Drug Application for somatrogon, a long-acting recombinant human growth hormone intended for pediatric growth hormone deficiency treatment. This submission is based on Phase 3 studies showing somatrogon is as effective as GENOTROPIN (somatropin) in annual height velocity with comparable safety profiles. OPKO is responsible for the clinical program, while Pfizer handles registration and commercialization.
GeneDx, a subsidiary of OPKO Health (NASDAQ:OPK), has launched new genetic tests, including repeat expansion analysis for spinocerebellar ataxia (SCA) and Friedreich ataxia. These tests aim to address the diagnostic challenges associated with hereditary ataxias, which often have genetic underpinnings. With a comprehensive offering, GeneDx enhances access to testing, overcoming the limitations of existing diagnostic laboratories. The expansion reflects the company's commitment to rare diseases and aims to provide more options for patients, thereby facilitating precise medical management.
BioReference Laboratories, a subsidiary of OPKO Health, has signed agreements to provide COVID-19 testing for officials, players, and staff during the 2020-2021 seasons of the NBA and NHL. This includes PCR and rapid diagnostics across 30 NBA facilities in 28 U.S. cities. Additionally, BioReference supports U.S. Soccer's national teams and the Winter X Games. Executive Chairman Jon R. Cohen emphasized the company’s dedication to developing customized testing solutions. BioReference operates 11 lab locations and has a strong position in various healthcare segments, backing its testing services with a team of over 120 professionals.