Shares of Miami-based OPKO Health rose nearly 8 percent Tuesday after the pharmaceutical and diagnostics company reported third-quarter earnings exceeding expectations.
After the bell on Monday, OPKO reported a third quarter profit of $128.2 million, or 25 cents a share, after posting a loss in the third quarter last year. Quarterly revenue was $143 million, up sharply from $19.8 million a year ago. Analysts were expecting the company to report a loss of 1 cent per share on revenue of $132.99 million.
“OPKO has already achieved numerous important milestones during 2015,” said Dr. Phillip Frost, OPKO’s chairman and CEO, in noting a list of business highlights of the year, including closing the acquisition of Bio-Reference Laboratories, a leader in genetic sequencing, and announcing a genomics collaboration with Vanderbilt University School of Medicine. “The acquisitions of EirGen and Bio-Reference Laboratories have had a positive impact on our financial operations and will provide significant revenue opportunities and an expanded commercial platform for us going forward.”
In the earnings report, Frost also said OPKO expects to begin human trials for its renal and weight-loss management drugs “in the near future.”
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OPKO shares, which have traded between $8.08 and $19.20 over the past year, closed at $10.72 Tuesday.