- OPKO Health ( NASDAQ: OPK ) is down 5% in after-hours trading after its Q3 2022 results missed on the top and bottom lines .
- In the quarter, the company swung to a net loss of $86.1M from net income of $28.7M in the prior-year period (-$0.11 per share, basic and diluted vs. $0.04).
- Revenue of ~$178M was a ~53% year-over-year decline.
- OPKO Health ( OPK ) was negatively impacted by significant declines in pharmaceuticals and diagnostics revenue. The former reflected foreign currency exchange and lower sales of Rayaldee (calcifediol), while the latter was due to lower COVID-19 testing.
- Cost and expenses dropped 23% to $267.5M compared to Q3 2021.
- The company ended the quarter with $180.8M in cash and cash equivalents, a 34% increase from Dec. 31, 2021.
- Seeking Alpha's Quant Rating views OPKO Health ( OPK ) as a hold.
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OPKO Health down 5% following Q3 top and bottom line misses