Opko Health said after the market close on Thursday that its consolidated total revenues for the fourth quarter of 2022 were $185.4 million, a drop of 54% compared with $401.3 million for Q4 2021.
For the quarter ended December 31, revenue from diagnostic services was $139.4 million compared with $362.8 million in the prior-year period. The decrease was primarily due to lower COVID-19 testing volume. BioReference processed approximately 100,000 COVID-19 polymerase chain reaction (PCR) tests in the fourth quarter of 2022 compared with 2.7 million tests in the fourth quarter of 2021.
Opko Health said that its BioReference business is implementing initiatives to reduce costs and rationalize its business following the decline of COVID-19 testing volume. BioReference has scaled back its digital health investments as it looks to return to profitability following the decline of COVID-19 testing.
Its Q4 pharmaceuticals segment revenue increased to $37.9 million from $35.3 million in the fourth quarter of 2021, driven by sales in its international operating companies and revenue from sales of Rayaldee.
Rayaldee (calcifediol) is an extended-release capsule used to treat adults with secondary hyperparathyroidism, stage 3 or 4 chronic kidney disease (CKD), and low vitamin D levels.
The firm’s net loss for the fourth quarter of 2022 was $85.2 million, or a loss of $0.11 per share, compared with a net loss of $73.8 million, or $0.11 per share, for Q4 2021.
Its Q4 2022 net loss included a non-cash expense of $49.1 million due to a decrease in the fair value of Opko’s GeneDx Holdings (formerly Sema4 Holdings) investment. Net loss for the fourth quarter of 2021 included non-recurring legal expenses and expenses related to the sale of GeneDx.
Cash and cash equivalents were $153.2 million as of December 31, 2022.
Shares of Opko Health were down more than 6% to $1.04 in Friday afternoon trading on the Nasdaq.
