Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 27, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000944809 | |
Entity Registrant Name | OPKO HEALTH, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-33528 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-2402409 | |
Entity Address, Address Line One | 4400 Biscayne Blvd. | |
Entity Address, City or Town | Miami | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33137 | |
City Area Code | 305 | |
Local Phone Number | 575-4100 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | OPK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 773,056,533 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value (in dollars per share) | $ 0.01 | $ 0.01 |
Current assets: | ||
Cash and cash equivalents | $ 108,108 | $ 153,191 |
Accounts receivable, net | 210,982 | 127,312 |
Inventory, net | 73,749 | 74,060 |
Other current assets and prepaid expenses | 40,950 | 39,962 |
Total current assets | 433,789 | 394,525 |
Property, plant and equipment, net | 78,876 | 82,879 |
Intangible assets, net | 782,195 | 823,520 |
In-process research and development | 195,000 | 195,000 |
Goodwill | 597,375 | 595,851 |
Investments | 27,783 | 28,080 |
Operating lease right-of-use assets | 34,938 | 38,725 |
Other assets | 8,943 | 8,679 |
Total assets | 2,158,899 | 2,167,259 |
Current liabilities: | ||
Accounts payable | 87,877 | 66,993 |
Accrued expenses | 98,604 | 98,269 |
Current maturities of operating leases | 11,240 | 11,628 |
Current portion of convertible notes | 0 | 3,050 |
Current portion of lines of credit and notes payable | 28,729 | 33,540 |
Total current liabilities | 226,450 | 213,480 |
Operating lease liabilities | 24,912 | 27,963 |
Long term portion of convertible notes | 212,299 | 210,371 |
Deferred tax liabilities | 133,049 | 126,426 |
Other long-term liabilities, principally contract liabilities, contingent consideration and lines of credit | 26,841 | 27,371 |
Total long-term liabilities | 397,101 | 392,131 |
Total liabilities | 623,551 | 605,611 |
Equity: | ||
Common Stock - $0.01 par value, 1,000,000,000 shares authorized; 781,693,135 and 781,306,164 shares issued at June 30, 2023 and December 31, 2022, respectively | 7,817 | 7,813 |
Treasury Stock - 8,655,082 shares at June 30, 2023 and December 31, 2022, respectively | (1,791) | (1,791) |
Additional paid-in capital | 3,427,094 | 3,421,872 |
Accumulated other comprehensive loss | (36,942) | (43,323) |
Accumulated deficit | (1,860,830) | (1,822,923) |
Total shareholders’ equity | 1,535,348 | 1,561,648 |
Total liabilities and equity | $ 2,158,899 | $ 2,167,259 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued (in shares) | 781,693,135 | 781,306,164 |
Treasury Stock, Common, Shares (in shares) | 8,655,082 | 8,655,082 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Revenues | $ 265,418 | $ 309,893 | $ 502,995 | $ 639,111 |
Costs and expenses: | ||||
Selling, general and administrative | 79,794 | 101,464 | 155,436 | 219,000 |
Research and development | 18,159 | 17,254 | 50,764 | 35,566 |
Contingent consideration | (34) | 175 | 102 | 69 |
Amortization of intangible assets | 21,535 | 22,793 | 43,009 | 44,818 |
Gain on sale of assets | 0 | (15,365) | 0 | (15,365) |
Total costs and expenses | 258,393 | 320,632 | 526,564 | 722,275 |
Operating income (loss) | 7,025 | (10,739) | (23,569) | (83,164) |
Other income and (expense), net: | ||||
Interest income | 1,077 | 161 | 2,107 | 171 |
Interest expense | (3,277) | (3,075) | (6,668) | (5,737) |
Fair value changes of derivative instruments, net | 142 | 338 | (917) | 206 |
Other income (expense), net | (21,417) | (72,997) | (4,400) | (74,439) |
Other income (expense), net | (23,475) | (75,573) | (9,878) | (79,799) |
Loss before income taxes and investment losses | (16,450) | (86,312) | (33,447) | (162,963) |
Income tax benefit (provision) | (3,148) | (15,070) | (4,381) | 6,196 |
Net loss before investment losses | (19,598) | (101,382) | (37,828) | (156,767) |
Loss from investments in investees | (42) | (268) | (79) | (316) |
Net loss | $ (19,640) | $ (101,650) | $ (37,907) | $ (157,083) |
Loss per share, basic and diluted: | ||||
Loss per share (in dollars per share) | $ (0.03) | $ (0.14) | $ (0.05) | $ (0.23) |
Weighted average common shares outstanding, basic and diluted (in shares) | 751,727,383 | 712,548,661 | 751,617,431 | 686,597,899 |
Service [Member] | ||||
Revenues: | ||||
Revenues | $ 127,052 | $ 186,804 | $ 259,420 | $ 473,402 |
Costs and expenses: | ||||
Cost of Goods and Services Sold | 113,028 | 171,836 | 227,087 | 393,040 |
Product [Member] | ||||
Revenues: | ||||
Revenues | 43,500 | 35,892 | 83,883 | 72,550 |
Costs and expenses: | ||||
Cost of Goods and Services Sold | 25,911 | 22,475 | 50,166 | 45,147 |
Transfer of Intellectual Property and Other [Member] | ||||
Revenues: | ||||
Revenues | $ 94,866 | $ 87,197 | $ 159,692 | $ 93,159 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net loss | $ (19,640) | $ (101,650) | $ (37,907) | $ (157,083) |
Other comprehensive income (loss), net of tax: | ||||
Change in foreign currency translation and other comprehensive income (loss) | 670 | (17,756) | 6,381 | (18,676) |
Comprehensive loss | $ (18,970) | $ (119,406) | $ (31,526) | $ (175,759) |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) (Accounting Standards Update 2020-06 [Member]) at Dec. 31, 2021 | 0 | 0 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 690,082,283 | (8,655,082) | ||||||||||
Balance at December 31, 2022 (Accounting Standards Update 2020-06 [Member]) at Dec. 31, 2021 | $ 0 | $ 0 | $ (39,100) | $ 0 | $ 17,458 | $ (21,642) | ||||||
Balance at December 31, 2022 at Dec. 31, 2021 | $ 6,901 | $ (1,791) | $ 3,222,487 | $ (30,495) | $ (1,511,976) | $ 1,685,126 | ||||||
Equity-based compensation expense | 0 | 0 | 11,925 | 0 | 0 | $ 11,925 | ||||||
Exercise of common stock options and warrants (in shares) | 602,087 | |||||||||||
Exercise of common stock options and warrants | 6 | 0 | (231) | 0 | 0 | $ (225) | ||||||
Net loss | 0 | 0 | 0 | 0 | (157,083) | (157,083) | ||||||
Other comprehensive income | $ 0 | $ 0 | 0 | (18,676) | 0 | (18,676) | ||||||
ModeX Acquisition (in shares) | 89,907,311 | 0 | ||||||||||
ModeX Acquisition | $ 899 | $ 0 | 218,475 | 0 | 0 | 219,374 | ||||||
Balance (in shares) at Jun. 30, 2022 | 780,591,681 | (8,655,082) | ||||||||||
Balance at June 30, 2023 at Jun. 30, 2022 | $ 7,806 | $ (1,791) | 3,413,556 | (49,171) | (1,651,601) | 1,718,799 | ||||||
Balance (in shares) at Mar. 31, 2022 | 690,138,033 | (8,655,082) | ||||||||||
Balance at December 31, 2022 at Mar. 31, 2022 | $ 6,901 | $ (1,791) | 3,191,139 | (31,415) | (1,549,951) | 1,614,883 | ||||||
Equity-based compensation expense | $ 0 | $ 0 | 4,308 | 0 | 0 | $ 4,308 | ||||||
Exercise of common stock options and warrants (in shares) | 546,337 | 0 | 546,337 | |||||||||
Exercise of common stock options and warrants | $ 6 | $ 0 | (366) | 0 | 0 | $ (360) | ||||||
Net loss | 0 | 0 | 0 | 0 | (101,650) | (101,650) | ||||||
Other comprehensive income | $ 0 | $ 0 | 0 | (17,756) | 0 | (17,756) | ||||||
ModeX Acquisition (in shares) | 89,907,311 | 0 | ||||||||||
ModeX Acquisition | $ 899 | $ 0 | 218,475 | 0 | 0 | 219,374 | ||||||
Balance (in shares) at Jun. 30, 2022 | 780,591,681 | (8,655,082) | ||||||||||
Balance at June 30, 2023 at Jun. 30, 2022 | $ 7,806 | $ (1,791) | 3,413,556 | (49,171) | (1,651,601) | 1,718,799 | ||||||
Balance (in shares) at Dec. 31, 2022 | 781,306,164 | (8,655,082) | ||||||||||
Balance at December 31, 2022 at Dec. 31, 2022 | $ 7,813 | $ (1,791) | 3,421,872 | (43,323) | (1,822,923) | 1,561,648 | ||||||
Equity-based compensation expense | $ 0 | $ 0 | 5,527 | 0 | 0 | $ 5,527 | ||||||
Exercise of common stock options and warrants (in shares) | 386,971 | 0 | 0 | |||||||||
Exercise of common stock options and warrants | $ 4 | $ 0 | (305) | 0 | 0 | $ (301) | ||||||
Net loss | 0 | 0 | 0 | 0 | (37,907) | (37,907) | ||||||
Other comprehensive income | $ 0 | $ 0 | 0 | 6,381 | 0 | 6,381 | ||||||
Balance (in shares) at Jun. 30, 2023 | 781,693,135 | (8,655,082) | ||||||||||
Balance at June 30, 2023 at Jun. 30, 2023 | $ 7,817 | $ (1,791) | 3,427,094 | (36,942) | (1,860,830) | 1,535,348 | ||||||
Balance (in shares) at Mar. 31, 2023 | 781,306,164 | (8,655,082) | ||||||||||
Balance at December 31, 2022 at Mar. 31, 2023 | $ 7,813 | $ (1,791) | 3,424,589 | (37,611) | (1,841,190) | 1,551,810 | ||||||
Equity-based compensation expense | $ 0 | $ 0 | 2,810 | 0 | 0 | $ 2,810 | ||||||
Exercise of common stock options and warrants (in shares) | 386,971 | 0 | 0 | |||||||||
Exercise of common stock options and warrants | $ 4 | $ 0 | (305) | 0 | 0 | $ (301) | ||||||
Net loss | 0 | 0 | 0 | 0 | (19,640) | (19,640) | ||||||
Other comprehensive income | $ 0 | $ 0 | 0 | 669 | 0 | 669 | ||||||
Balance (in shares) at Jun. 30, 2023 | 781,693,135 | (8,655,082) | ||||||||||
Balance at June 30, 2023 at Jun. 30, 2023 | $ 7,817 | $ (1,791) | $ 3,427,094 | $ (36,942) | $ (1,860,830) | $ 1,535,348 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (37,907) | $ (157,083) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 52,993 | 55,809 |
Non-cash interest | 1,364 | 1,364 |
Amortization of debt discount and debt issuance costs | 598 | 569 |
Losses from investments in investees | 79 | 316 |
Equity-based compensation – employees and non-employees | 5,527 | 11,925 |
Realized loss on disposal of fixed assets and sales of equity securities | 2,075 | (477) |
Change in fair value of equity securities and derivative instruments | 6,146 | 73,724 |
Contingent consideration | 102 | 69 |
Gain on sale of GeneDx | 0 | (15,365) |
Deferred income tax benefit | 1,753 | (8,942) |
Changes in assets and liabilities: | ||
Accounts receivable, net | (81,822) | 95,864 |
Inventory, net | 2,749 | 2,864 |
Other current assets and prepaid expenses | 1,279 | (6,502) |
Other assets | (1,915) | (260) |
Accounts payable | 20,210 | (19,508) |
Foreign currency measurement | (1,318) | 4,295 |
Contract liabilities | 2 | (17) |
Accrued expenses and other liabilities | 5,073 | (69,978) |
Net cash used in operating activities | (23,012) | (31,333) |
Cash flows from investing activities: | ||
Investments in investees | (5,000) | 0 |
Proceeds from sale of GeneDx | 0 | 115,423 |
Acquisition of businesses, net of cash | 0 | (2,071) |
Proceeds from the sale of property, plant and equipment | 842 | 870 |
Capital expenditures | (9,050) | (10,630) |
Net cash provided by (used in) investing activities | (13,208) | 103,592 |
Cash flows from financing activities: | ||
Issuance of common stock | 0 | 1 |
Proceeds from the exercise of common stock options | (301) | (225) |
Borrowings on lines of credit | 341,850 | 684,467 |
Repayments of lines of credit | (348,206) | (679,860) |
Redemption of 2033 Senior Notes | (3,000) | 0 |
Net cash provided by (used in) financing activities | (9,657) | 4,383 |
Effect of exchange rate changes on cash and cash equivalents | 794 | (894) |
Net increase (decrease) in cash and cash equivalents | (45,083) | 75,748 |
Cash and cash equivalents at beginning of period | 153,191 | 134,710 |
Cash and cash equivalents at end of period | 108,108 | 210,458 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | 4,204 | 3,554 |
Income taxes paid, net of refunds | 685 | 4,647 |
Assets acquired by finance leases | 181 | 0 |
Non-cash financing: | ||
Common stock options and warrants, surrendered in net exercise | 301 | 655 |
Issuance of common stock for acquisition of ModeX | 0 | 219,374 |
Fair value of shares included in consideration from GeneDx Holdings | $ 6,689 | $ 172,000 |
Note 1 - Business and Organizat
Note 1 - Business and Organization | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 We are a diversified healthcare company that seeks to establish industry-leading positions in large and rapidly growing medical markets. Our diagnostics business includes BioReference Health, LLC (“BioReference”), one 180 4Kscore Rayaldee 3 4 3 August 2019 June 2023, three February 2022, 40 May 2022, Through BioReference, we provide laboratory testing services, primarily to customers in the larger metropolitan areas in New York, New Jersey, Florida, Texas, Maryland, California, Pennsylvania, Delaware, Washington, DC, Illinois and Massachusetts, as well as to customers in a number of other states. We offer a comprehensive test menu of clinical diagnostics for blood, urine and tissue analysis. This includes hematology, clinical chemistry, immunoassay, infectious disease, serology, hormones, and toxicology assays, as well as Pap smear, anatomic pathology (biopsies) and other types of tissue analysis, as well as testing for COVID- 19. We operate established pharmaceutical platforms in Spain, Ireland, Chile, and Mexico, which are generating revenue and from which we expect to generate positive cash flow and facilitate future market entry for our products currently in development. We have a development and commercial supply pharmaceutical company as well as a global supply chain operation. We also own a specialty active pharmaceutical ingredients (“APIs”) manufacturer in Israel, which we expect will facilitate the development of our pipeline of molecules and compounds for our proprietary molecular diagnostic and therapeutic products. Our research and development activities are primarily performed at facilities in Natick, Massachusetts, Waterford, Ireland, Kiryat Gat, Israel, and Barcelona, Spain. On May 9, 2022 ( twelve four may four On January 14, 2022, “Sema4 April 29, 2022. At closing, GeneDx Holdings paid to the Company aggregate consideration of $150 million in cash (before deduction of transaction expenses and other customary purchase price adjustments), together with 80.0 million shares (the “Closing Shares”) of GeneDx Holdings’ Class A common stock, par value $0.0001 per share (“GeneDx Holdings Common Stock”). Based on the closing stock price of GeneDx Holdings as of April 29, 2022, December 31, 2022 2023, December 31, 2022. In connection with the transactions contemplated by the GeneDx Merger Agreement, on January 14, 2022, April 29, 2023 one December 31, 2022, six second Pursuant to the GeneDx Merger Agreement, the Company designated, and GeneDx Holdings nominated for election an individual to serve on the board of directors of GeneDx Holdings, and such nominee was elected by GeneDx Holdings’ stockholders to serve as a director at least until GeneDx Holdings’ 2024 may |
Note 2 - Foreign Exchange Rates
Note 2 - Foreign Exchange Rates | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | NOTE 2 Foreign Currency Exchange Rates Approximately 34.4% of revenue for the six June 30, 2023 six June 30, 2022 first 2023 December 31, 2022 June 30, 2023 December 2022, We are subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of transactions. We seek to limit foreign currency transaction risk through hedge transactions with foreign currency forward contracts. Under these forward contracts, for any rate above or below the fixed rate, we receive or pay the difference between the spot rate and the fixed rate for the given amount at the settlement date. At June 30, 2023 July 2023 December 31, 2022 January 2023 |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 Basis of presentation 10 10 X. not six June 30, 2023 not may 2023 10 December 31, 2022 Principles of consolidation Use of estimates Cash and cash equivalents 90 90 Inventories first first three six June 30, 2023 three six June 30, 2022 Goodwill and intangible assets 5. June 30, 2023 December 31, 2022 Assets acquired and liabilities assumed in business combinations, licensing and other transactions are generally recognized at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recognized as goodwill. At acquisition, we generally determine the fair value of intangible assets, including IPR&D, using the “income method.” Subsequent to their acquisition, goodwill and indefinite lived intangible assets are tested at least annually as of October 1 not may not Estimating the fair value of a reporting unit for goodwill impairment is highly sensitive to changes in projections and assumptions and changes in assumptions could potentially lead to impairment. We perform sensitivity analyses around our assumptions in order to assess the reasonableness of the assumptions and the results of our testing. Ultimately, potential changes in these assumptions may June 30, 2023 December 31, 2022 Net intangible assets other than goodwill was $1.0 billion on June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 may Upon obtaining regulatory approval, IPR&D assets are then accounted for as a finite-lived intangible asset and amortized on a straight-line basis over its estimated useful life. If the project is abandoned, the IPR&D asset is charged to expense. Finite lived intangible assets are tested for impairment when events or changes in circumstances indicate it is more likely than not may not not may During the first 2022, We amortize intangible assets with definite lives on a straight-line basis over their estimated useful lives, ranging from 3 to 20 years. We use the straight-line method of amortization as there is no three six June 30, 2023 three six June 30, 2022 Fair value measurements June 30, 2023 December 31, 2022 In evaluating the fair value information, considerable judgment is required to interpret the market data used to develop the estimates. The use of different market assumptions and/or different valuation techniques may may not 9. Contingent consideration may may Derivative financial instruments June 30, 2023 December 31, 2022 not 10. Property, plant and equipment three six June 30, 2023 three six June 30, 2022 Impairment of long-lived assets. may not Income taxes. not not We operate in various countries and tax jurisdictions globally. For interim reporting purposes, we record income taxes based on the expected effective income tax rate, taking into consideration year to date and global forecasted tax results. For the six June 30, 2023 not Included in Other long-term liabilities is an accrual of $6.0 million related to uncertain tax positions involving income recognition. In connection with an examination of foreign tax returns for the 2014 2020 no Revenue recognition 606, Revenue from Contracts with Customers 606” five We apply the five 606, 13. Concentration of credit risk and allowance for credit losses While we have receivables due from federal and state governmental agencies, such receivables are not June 30, 2023 December 31, 2022 The portion of our accounts receivable due from individual patients comprises the largest portion of credit risk. At June 30, 2023 December 31, 2022 We assess the collectability of accounts receivable balances by considering factors such as historical collection experience, customer credit worthiness, the age of accounts receivable balances, regulatory changes and current economic conditions and trends that may June 30, 2023 December 31, 2022 three six June 30, 2023 three six June 30, 2022 Equity-based compensation three six June 30, 2023 three six June 30, 2022 Research and development expenses. third third Research and development expense includes costs for in-process research and development projects acquired in asset acquisitions which have not no Segment reporting two Rayaldee no no 15. Shipping and handling costs. not Foreign currency translation three six June 30, 2023 three six June 30, 2022 Variable interest entities 6. Investments 6. not 6. Recently adopted accounting pronouncements In August 2020, No. 2020 06, 470 20 815 40 2020 06 December 15, 2021, 2020 06 January 1, 2022 January 1, 2022 2020 06, not Under the modified approach, entities will apply the guidance to all financial instruments that are outstanding as of the beginning of the year of adoption with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. ASU 2020 06 470 20 2020 06 January 1, 2022 |
Note 4 - Earnings (Loss) Per Sh
Note 4 - Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 Basic income (loss) per share is computed by dividing our net income (loss) by the weighted average number of shares of our Common Stock outstanding during the period. Shares of Common Stock outstanding under the share lending arrangement entered into in conjunction with the 2025 7 7. 2033 2023 2025 7 no 2033 2023 2025 A total of 82,817,175 and 56,605,791 potential shares of Common Stock were excluded from the calculation of diluted net loss per share for the three June 30, 2023 2022 six June 30, 2023 2022 not During the three June 30, 2023 During the six June 30, 2023 During the three June 30, 2022 During the six June 30, 2022 |
Note 5 - Composition of Certain
Note 5 - Composition of Certain Financial Statement Captions | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 5 June 30, December 31, (In thousands) 2023 2022 Accounts receivable, net: Accounts receivable $ 213,021 $ 131,474 Less: allowance for credit losses (2,039 ) (4,162 ) $ 210,982 $ 127,312 Inventories, net: Consumable supplies $ 29,326 $ 31,275 Finished products 36,460 37,139 Work in-process 3,667 2,449 Raw materials 7,990 6,771 Less: inventory reserve (3,694 ) (3,574 ) $ 73,749 $ 74,060 Other current assets and prepaid expenses: Taxes recoverable $ 8,138 $ 8,191 Prepaid expenses 10,414 7,918 Prepaid insurance 6,214 4,496 Other receivables 8,973 13,105 Other 7,211 6,252 $ 40,950 $ 39,962 Intangible assets, net: Customer relationships $ 315,565 $ 314,854 Technologies 829,131 826,282 Trade names 49,765 49,752 Covenants not to compete 12,913 12,911 Licenses 6,144 5,988 Product registrations 7,113 6,831 Other 5,937 5,861 Less: accumulated amortization (444,373 ) (398,959 ) $ 782,195 $ 823,520 Accrued expenses: Inventory received but not invoiced $ 1,964 $ 7,830 Commitments and contingencies 3,252 4,295 Employee benefits 36,734 33,765 Clinical trials 11,700 4,700 Contingent consideration 67 62 Finance leases short-term 2,809 2,809 Professional fees 1,943 1,820 Other 40,135 42,988 $ 98,604 $ 98,269 Other long-term liabilities: Contingent consideration $ 1,072 $ 974 Mortgages and other debts payable 8,411 9,098 Finance leases long-term 7,270 7,089 Contract liabilities 140 138 Other 9,948 10,072 $ 26,841 $ 27,371 Our intangible assets and goodwill relate principally to our completed acquisitions of OPKO Renal, OPKO Biologics, EirGen, BioReference and ModeX. We amortize intangible assets with definite lives on a straight-line basis over their estimated useful lives. The estimated useful lives by asset class are as follows: technologies - 7-17 years, customer relationships - 5-20 years, product registrations - 7-10 years, covenants not not not In the first 2022, six June 30, 2023 2022 The following table summarizes the changes in Goodwill by reporting unit during the six June 30, 2023 2023 (In thousands) Gross goodwill at January 1 Cumulative impairment at January 1 Acquisitions, dispositions and other Foreign exchange and other Balance at June 30 Pharmaceuticals CURNA $ 4,827 $ (4,827 ) $ — $ — $ — Rayaldee 81,786 — — 1,355 83,141 FineTech 11,698 (11,698 ) — — — ModeX 80,432 — (172 ) — 80,260 OPKO Biologics 139,784 — — — 139,784 OPKO Chile 3,767 — — 222 3,989 OPKO Health Europe 7,057 — — 119 7,176 OPKO Mexico 100 (100 ) — — — Transition Therapeutics 3,421 (3,421 ) — — — Diagnostics BioReference 283,025 — — — 283,025 OPKO Diagnostics 17,977 (17,977 ) — — — $ 633,874 $ (38,023 ) $ (172 ) $ 1,696 $ 597,375 |
Note 6 - Acquisitions and Inves
Note 6 - Acquisitions and Investments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Business Combination And Investments Disclosure [Text Block] | NOTE 6 ModeX Acquisition On May 9, 2022, The following table summarizes the final purchase price allocation and the fair value of the net assets acquired and liabilities assumed at the date of acquisition of ModeX at the date of acquisition: (in thousands) ModeX Cash and cash equivalents $ 228 Other assets 727 Property, plant and equipment 1,046 IPR&D assets 195,000 Goodwill 80,260 Accounts payable (287 ) Deferred tax liability (55,312 ) Total purchase price $ 221,662 Goodwill from the acquisition of ModeX principally relates to intangible assets that do not not Our IPR&D assets will not may not Since the date of acquisition, ModeX has recorded revenue of $50.0 million and accumulated net income of $12.7 million. Net loss in the Condensed Consolidated Statement of Operations for the six June 30, 2023 Investments The following table reflects the accounting method, carrying value and underlying equity in net assets of our unconsolidated investments as of June 30, 2023 December 31, 2022 (in thousands) As of June 30, 2023 As of December 31, 2022 Investment type Investment Carrying Value Underlying Equity in Net Assets Investment Carrying Value Underlying Equity in Net Assets Equity method investments $ 30 $ 2,622 $ 103 $ 4,120 Variable interest entity, equity method 795 970 800 1,370 Equity method investments - FV option 21,209 21,120 Equity securities 330 648 Equity securities with no readily determinable fair value 5,381 5,381 Warrants and options 38 28 Total carrying value of investments $ 27,783 $ 28,080 Equity method investments Our equity method investments, other than GeneDx Holdings, as described below, consist of investments in Pharmsynthez (ownership 9%), Cocrystal Pharma, Inc. (“COCP”) (2%), Non-Invasive Monitoring Systems, Inc. (“NIMS”) (1%), Neovasc, Inc. (“Neovasc”) (0.5%), BioCardia, Inc. (“BioCardia”) (1%), Xenetic Biosciences, Inc. (“Xenetic”) (3%), and LeaderMed Health Group Limited (“LeaderMed”) (47%). Neovasc was acquired by Shockwave Medical, Inc. in April 2023 June 30, 2023, not six June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Equity method investments - Fair value option On April 29, 2022, January 2023, December 31, 2022 2023, December 31, 2022. April 2023, 1 1 one June 30, 2023 Pursuant to the GeneDx Merger Agreement, the Company designated, and GeneDx Holdings nominated for election an individual to serve on the board of directors of GeneDx Holdings, and such nominee was elected by GeneDx Holdings stockholders to serve as a director until GeneDx Holdings 2024 one seven may three six June 30, 2023 June 30, 2023 Investments in Equity Securities Our equity securities consist of investments in VBI Vaccines Inc. (1%), ChromaDex Corporation (“ChromaDex”) (0.10%), Eloxx Pharmaceuticals, Inc. (“Eloxx”) (1%), CAMP4 “CAMP4” not six June 30, 2023 2022 For the six months ended June 30, (in thousands) 2023 2022 Equity Securities: Net gains and losses recognized during the period on equity securities $ (318 ) $ (2,718 ) Unrealized net losses recognized during the period on equity securities still held at the reporting date $ (318 ) $ (2,718 ) Sales of investments Gains (losses) included in earnings from sales of our investments are recorded in Other income (expense), net in our Condensed Consolidated Statement of Operations. The cost of securities sold is based on the specific identification method. Warrants and options In addition to our equity method investments and equity securities, we hold options to purchase 47 thousand additional shares of BioCardia, all of which were vested as of June 30, 2023 December 31, 2022 9 10. Investments in variable interest entities We have determined that we hold variable interests in LeaderMed and Zebra Biologics, Inc. (“Zebra”). We made this determination as a result of our assessment that they do not In September 2021, two eight OPK88003, In order to determine the primary beneficiary of the joint venture, we evaluated our investment and our related parties’ investment, as well as our investment combined with the related parties’ investment to identify if we had the power to direct the activities that most significantly impact the economic performance of the joint venture. Based on the capital structure, governing documents and overall business operations of the joint venture, we determined that, while a VIE, we do not not We own 1,260,000 shares of Zebra’s Series A- 2 June 30, 2023 December 31, 2022 In order to determine the primary beneficiary of Zebra, we evaluated our investment and our related parties’ investment, as well as our investment combined with the related parties’ investment to identify if we had the power to direct the activities that most significantly impact the economic performance of Zebra. Based on the capital structure, governing documents and overall business operations of Zebra, we determined that, while a VIE, we do not no |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 As of June 30, 2023 December 31, 2022 June 30, December 31, (In thousands) 2023 2022 2025 Notes $ 142,660 $ 142,096 2023 Convertible Notes 69,639 68,275 2033 Senior Notes — 3,050 JP Morgan Chase 13,329 18,080 Chilean and Spanish lines of credit 12,743 13,740 Current portion of notes payable 2,657 1,720 Long term portion of notes payable 8,501 9,290 Total $ 249,529 $ 256,251 Balance sheet captions Current portion of convertible notes $ — $ 3,050 Long term portion of convertible notes 212,299 210,371 Current portion of lines of credit and notes payable 28,729 33,540 Long Term notes payable included in long-term liabilities 8,501 9,290 Total $ 249,529 $ 256,251 In February 2019, 2025 “2025 2025 February 15 August 15 2025 February 15, 2025, Holders may 2025 November 15, 2024 1 March 31, 2019 not 2 $1,000 2025 3 2025 4 2025 November 15, 2024, 2025 may may The initial and current conversion rate for the 2025 $1,000 2025 2025 not 2025 2025 2025 may We may 2025 not No 2025 If we undergo a fundamental change, as defined in the indenture governing the 2025 2025 may 2025 2025 not In May 2021, 2025 2025 In conjunction with the issuance of the 2025 2025 June 30, 2023 December 31, 2022 not one 4. The following table sets forth information related to the 2025 June 30, 2023 (In thousands) 2025 Senior Notes Debt Issuance Cost Total Balance at December 31, 2022 $ 144,580 $ (2,484 ) $ 142,096 Amortization of debt discount and debt issuance costs — 564 564 Balance at June 30, 2023 $ 144,580 $ (1,920 ) $ 142,660 In August 2020, No. 2020 06, 470 20 815 40 2020 06 December 15, 2021, 2020 06 January 1, 2022 January 1, 2022 2020 06, not Under the modified approach, entities will apply the guidance to all financial instruments that are outstanding as of the beginning of the year of adoption with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. ASU 2020 06 470 20 2020 06 January 1, 2022 In February 2018, “2023 2023 five 2023 2023 February 10, 2023, 2023 January 31, 2025 10 2023 no We may 2023 no no 2023 Purchasers of the 2023 In January 2013, 2033 “2033 2033 February 1 August 1 February 1, 2033, From 2013 2016, 2033 February 1, 2019, 2033 2033 During the first 2023, 2033 2033 In November 2015, On June 29, 2023, No. 2 August 2024 August 2025, 90 $7,500,000. The Credit Agreement is guaranteed by all of BioReference’s domestic subsidiaries and is also secured by substantially all assets of BioReference and its domestic subsidiaries, as well as a non-recourse pledge by us of our equity interest in BioReference. Availability under the Credit Agreement is based on a borrowing base composed of eligible accounts receivables of BioReference and certain of its subsidiaries, as specified therein. As of June 30, 2023 August 30, 2025. At BioReference’s option, borrowings under the Credit Agreement (other than swingline loans) bear interest at (i) the CB floating rate (defined as the higher of ( x one 1.00%; 2.00% 50% 50% As of June 30, 2023 December 31, 2022 The Credit Agreement contains customary covenants and restrictions, including, without limitation, covenants that require BioReference and its subsidiaries to maintain a minimum fixed charge coverage ratio if availability under the new credit facility falls below a specified amount and to comply with laws and restrictions on the ability of BioReference and its subsidiaries to incur additional indebtedness or to pay dividends and make certain other distributions to the Company, subject to certain exceptions as specified therein. Failure to comply with these covenants would constitute an event of default under the Credit Agreement, notwithstanding the ability of BioReference to meet its debt service obligations. The Credit Agreement also includes various customary remedies for the lenders following an event of default, including the acceleration of repayment of outstanding amounts under the Credit Agreement and execution upon the collateral securing obligations under the Credit Agreement. Substantially all the assets of BioReference and its subsidiaries are restricted from sale, transfer, lease, disposal or distributions to the Company, subject to certain exceptions. As of June 30, 2023 In addition to the Credit Agreement, we had line of credit agreements with thirteen June 30, 2023 December 31, 2022 The following table summarizes the amounts outstanding under the BioReference, Chilean and Spanish lines of credit: (Dollars in thousands) Balance Outstanding Interest rate on borrowings at Credit line June 30, December 31, Lender June 30, 2023 capacity 2023 2022 JPMorgan Chase 11.85 % $ 50,000 $ 13,329 $ 18,080 Itau Bank 5.50 % 1,900 1,566 2,378 Bank of Chile 6.60 % 2,500 1,842 817 BICE Bank 5.50 % 2,640 2,640 1,661 Scotiabank 5.00 % 5,500 1,094 1,646 Santander Bank 5.50 % 5,000 1,682 1,238 Security Bank 5.50 % 1,400 571 755 Estado Bank 5.50 % 4,000 550 1,621 BCI Bank 5.00 % 2,500 839 2,100 Internacional Bank 5.50 % 1,500 1,292 599 Consoorcio Bank 5.00 % 2,000 667 925 Banco De Sabadell 1.75 % 544 — — Santander Bank 1.95 % 544 — — Total $ 80,028 $ 26,072 $ 31,820 At June 30, 2023 December 31, 2022 At June 30, 2023 December 31, 2022 2033 2023 2025 June 30, December 31, (In thousands) 2023 2022 Current portion of notes payable $ 2,657 $ 1,720 Other long-term liabilities 8,501 9,290 Total $ 11,158 $ 11,010 The notes and other debt mature at various dates ranging from 2023 2032, June 30, 2023 December 31, 2022 |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 8 For the six June 30, 2023 Foreign currency (In thousands) translation Balance at December 31, 2022 $ (43,323 ) Other comprehensive income 6,381 Balance at June 30, 2023 $ (36,942 ) |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9 We record fair values at an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement determined based on assumptions that market participants would use in pricing an asset or liability. We utilize a three 1, 2, 3, no As of June 30, 2023 6 10 Our financial assets and liabilities measured at fair value on a recurring basis are as follows: Fair value measurements as of June 30, 2023 Quoted prices in active Significant markets for other Significant identical observable unobservable assets inputs inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ 57,355 $ — $ — $ 57,355 Equity securities 330 — — 330 Equity Method - FV option 21,209 — — 21,209 Common stock options/warrants — 38 — 38 Total assets $ 78,894 $ 38 $ — $ 78,932 Liabilities: Forward contracts — 134 — 134 Contingent consideration — — 1,139 1,139 Total liabilities $ — $ 134 $ 1,139 $ 1,273 Fair value measurements as of December 31, 2022 Quoted prices in active Significant markets for other Significant identical observable unobservable assets inputs inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ 102,773 $ — $ — $ 102,773 Equity securities 648 — — $ 648 Equity Method - fair value option 21,120 — — 21,120 Common stock options/warrants — 28 — 28 Total assets $ 124,541 $ 28 $ — $ 124,569 Liabilities: Forward contracts — 1,123 — 1,123 Contingent consideration — — 1,036 1,036 Total liabilities $ — $ 1,123 $ 1,036 $ 2,159 The carrying amount and estimated fair value of our 2025 2025 June 30, 2023 Carrying Total (In thousands) Value Fair Value Level 1 Level 2 Level 3 2025 Notes $ 142,660 $ 138,797 $ — $ 138,797 $ — There have been no 1 2 no 3 As of June 30, 2023 December 31, 2022 The following table reconciles the beginning and ending balances of our Level 3 June 30, 2023 June 30, 2023 Contingent (In thousands) consideration Balance at December 31, 2022 $ 1,036 Change in fair value: Included in results of operations 102 Foreign currency impact 1 Balance at June 30, 2023 $ 1,139 The estimated fair values of our financial instruments have been determined by using available market information and what we believe to be appropriate valuation methodologies. We use the following methods and assumptions in estimating fair value: Contingent consideration June 30, 2023 December 31, 2022 CAMP4 14 CAMP4 |
Note 10 - Derivative Contracts
Note 10 - Derivative Contracts | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 10 The following table summarizes the fair values and the presentation of our derivative financial instruments in the Condensed Consolidated Balance Sheets: Balance Sheet June 30, December 31, (In thousands) Component 2023 2022 Derivative financial instruments: Common Stock options/warrants Investments, net $ 38 $ 28 Forward contracts Unrealized losses on forward contracts are recorded in Accrued expenses. $ (134 ) $ (1,123 ) We enter into foreign currency forward exchange contracts with respect to the risk of exposure to exchange rate differences arising from inventory purchases on letters of credit. Under these forward contracts, for any rate above or below the fixed rate, we receive or pay the difference between the spot rate and the fixed rate for the given amount at the settlement date. To qualify the derivative instrument as a hedge, we are required to meet strict hedge effectiveness and contemporaneous documentation requirements at the initiation of the hedge and assess the hedge effectiveness on an ongoing basis over the life of the hedge. At June 30, 2023 December 31, 2022 not three six June 30, 2023 2022 Three months ended June 30, Six months ended June 30, (In thousands) 2023 2022 2023 2022 Derivative loss: Common Stock options/warrants $ 12 $ (4 ) $ 10 $ (5 ) Forward contracts 130 342 (927 ) 211 Total $ 142 $ 338 $ (917 ) $ 206 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 11 On May 4, 2023, On April 29, 2022, August 31, 2023, June 30, 2023 $2.1 six June 30, 2023 June 30, 2023 The Company owns approximately 9% of Pharmsynthez and Pharmsynthez is Xenetic’s largest and controlling stockholder. Dr. Richard Lerner, a director of the Company until his death on December 2, 2021, We hold investments in Zebra (ownership 29%), Neovasc (0.5%), ChromaDex (0.10%), COCP (2%), NIMS (1%), Eloxx (1%), BioCardia (1%) and LeaderMed Health Group Limited (47%). Neovasc was recently acquired and we expect to receive merger consideration in exchange for our shares. These investments were considered related party transactions as a result of our executive management’s ownership interests and/or board representation in these entities. We also hold an investment in GeneDx Holdings (Nasdaq: WGS) representing an 13.9% ownership interest as a result of our sale of GeneDx, Inc. and subsequent participation in an underwritten offering by GeneDx Holdings. Richard Pfenniger who sits on our Board also sits on the GeneDx Board as a result of the acquisition. See further discussion of our investments in Note 6. We lease office space from Frost Real Estate Holdings, LLC (“Frost Holdings”) in Miami, Florida, where our principal executive offices are located. Effective August 1, 2019, first fifth Dr. Elias Zerhouni, our Vice Chairman and President, sits on the board of directors of Danaher Corporation (“Danaher”). Our subsidiary, BioReference, routinely procures products and services from several subsidiaries of Danaher, including Beckman Coulter, Integrated DNA Technologies Inc., and Leica Microsystems Inc., to which BioReference has paid $1.7 million, $0.8 million, and $0.2 million, respectively, during the six June 30, 2023 BioReference purchases and uses certain products acquired from InCellDx, a company in which we hold a 29% minority interest. We reimburse Dr. Frost for Company-related use by Dr. Frost and our other executives of an airplane owned by a company that is beneficially owned by Dr. Frost. We reimburse Dr. Frost for out-of-pocket operating costs for the use of the airplane by Dr. Frost or Company executives for Company-related business. We do not three six June 30, 2023 three six June 30, 2022 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 In February 2023, 2005 may not On December 29, 2022, 2014 2020 may not no In connection with our acquisitions of CURNA, OPKO Diagnostics and OPKO Renal, we agreed to pay future consideration to the sellers upon the achievement of certain events. Therefore, as of June 30, 2023 5. GeneDx, Inc., the Company’s former subsidiary, received a letter dated May 26, 2022 not not no On March 1, 2019, January 13, 2022, February 9, 2022, February 17, 2022, April 25, 2022 March 2023. April 2023. From time to time, we may may may may may may We are a party to other litigation in the ordinary course of business. While we cannot predict the ultimate outcome of legal matters, we accrue a liability for legal contingencies when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. It’s reasonably possible the ultimate liability could exceed amounts currently estimated and we review established accruals and adjust them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and our views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in our accrued liabilities would be recorded in the period in which such determination is made. Because of the high degree of judgment involved in establishing loss estimates, the ultimate outcome of such matters will differ from our estimates and such differences may At June 30, 2023 2023 |
Note 13 - Revenue Recognition
Note 13 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 13 We generate revenues from services, products and intellectual property as follows: Revenue from services Revenue for laboratory services is recognized at the time test results are reported, which approximates when services are provided and the performance obligations are satisfied. Services are provided to patients covered by various third The following are descriptions of our payors for laboratory services: Healthcare Insurers. third Government Payors. Client Payors. 19 Patients. The complexities and ambiguities of billing, reimbursement regulations and claims processing, as well as considerations unique to Medicare and Medicaid programs, require us to estimate the potential for retroactive adjustments as an element of variable consideration in the recognition of revenue in the period the related services are rendered. Actual amounts are adjusted in the period those adjustments become known. Negative revenue adjustments due to changes in estimates of implicit price concessions for performance obligations satisfied in prior periods were recognized of $13.9 million and $21.2 million, respectively, for the six June 30, 2023 2022 six June 30, 2023 2022, 19 Third-party payors, including government programs, may not may may third third As an integral part of our billing compliance program, we periodically assess our billing and coding practices, respond to payor audits on a routine basis, and investigate reported failures or suspected failures to comply with federal and state healthcare reimbursement requirements, as well as overpayment claims which may may third Settlements with third no June 30, 2023 December 31, 2022 The composition of revenue from services by payor for the three six June 30, 2023 2022 Three months ended June 30, Six months ended June 30, (In thousands) 2023 2022 2023 2022 Healthcare insurers $ 76,954 $ 76,442 $ 157,365 $ 172,269 Government payers 20,923 25,659 41,267 53,263 Client payers 24,899 80,931 52,443 240,021 Patients 4,276 3,772 8,345 7,849 Total $ 127,052 $ 186,804 $ 259,420 $ 473,402 Revenue from products We recognize revenue from product sales when a customer obtains control of promised goods or services. The amount of revenue recorded reflects the consideration that we expect to receive in exchange for those goods or services. Our estimates for sales returns and allowances are based upon the historical patterns of product returns and allowances taken, matched against the sales from which they originated, and our evaluation of specific factors that may may Rayaldee Rayaldee Rayaldee Rayaldee We recognize revenue for shipments of Rayaldee three six June 30, 2023 Rayaldee three six June 30, 2022 Rayaldee The following table presents an analysis of Rayaldee three six June 30, 2023 2022 (In thousands) Chargebacks, discounts, rebates and fees Governmental Returns Total Balance at March 31, 2023 $ 1,574 $ 5,140 $ 1,676 $ 8,390 Provision related to current period sales 3,950 5,561 351 9,862 Credits or payments made (3,194 ) (4,747 ) (393 ) (8,334 ) Balance at June 30, 2023 $ 2,330 $ 5,954 $ 1,634 $ 9,918 Total gross Rayaldee sales $ 17,568 Provision for Rayaldee sales allowances and accruals as a percentage of gross Rayaldee sales 56 % (In thousands) Chargebacks, discounts, rebates and fees Governmental Returns Total Balance at December 31, 2022 $ 1,532 $ 5,063 $ 1,683 $ 8,278 Provision related to current period sales 7,256 9,606 637 17,499 Credits or payments made (6,458 ) (8,715 ) (686 ) (15,859 ) Balance at June 30, 2023 $ 2,330 $ 5,954 $ 1,634 $ 9,918 Total gross Rayaldee sales $ 31,850 Provision for Rayaldee sales allowances and accruals as a percentage of gross Rayaldee sales 55 % (In thousands) Chargebacks, discounts, rebates and fees Governmental Returns Total Balance at March 31, 2022 $ 1,588 $ 5,282 $ 2,333 $ 9,203 Provision related to current period sales 3,411 5,442 308 9,161 Credits or payments made (3,330 ) (4,235 ) (1,023 ) (8,588 ) Balance at June 30, 2022 $ 1,669 $ 6,489 $ 1,618 $ 9,776 Total gross Rayaldee $ 15,382 Provision for Rayaldee Rayaldee 60 % (In thousands) Chargebacks, discounts, rebates and fees Governmental Returns Total Balance at December 31, 2021 $ 2,014 $ 5,499 $ 2,639 $ 10,152 Provision related to current period sales 6,626 10,311 577 17,514 Credits or payments made (6,971 ) (9,321 ) (1,598 ) (17,890 ) Balance at June 30, 2022 $ 1,669 $ 6,489 $ 1,618 $ 9,776 Total gross Rayaldee $ 28,861 Provision for Rayaldee Rayaldee 61 % Taxes collected from customers related to revenues from services and revenues from products are excluded from revenues. Revenue from intellectual property and other We recognize revenues from the transfer of intellectual property generated through license, development, collaboration and/or commercialization agreements. The terms of these agreements typically include payment to us for one For research, development and/or commercialization agreements that result in revenues, we identify all material performance obligations, which may not Upfront License Fees: If a license to our intellectual property is determined to be functional intellectual property distinct from the other performance obligations identified in the arrangement, we recognize revenue from nonrefundable, upfront license fees based on the relative value prescribed to the license compared to the total value of the arrangement. The revenue is recognized when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are not Development and Regulatory Milestone Payments: Depending on facts and circumstances, we may not may not not not Research and Development Activities: If we are entitled to reimbursement from our customers for specified research and development expenses, we account for them as separate performance obligations if distinct. We also determine whether the research and development funding would result in revenues or an offset to research and development expenses in accordance with provisions of gross or net revenue presentation. The corresponding revenues or offset to research and development expenses are recognized as the related performance obligations are satisfied. Sales-based Milestone and Royalty Payments: Our customers may Other Potential Products and Services: Arrangements may not For the three six June 30, 2023 six June 30, 2023 three June 30, 2022, six June 30, 2023, Rayaldee six June 30, 2022 Contract liabilities relate to cash consideration that OPKO receives in advance of satisfying the related performance obligations. Changes in the contractual liabilities balance during the six June 30, 2023 (In thousands) Balance at December 31, 2022 $ 138 Balance at June 30, 2023 140 Revenue recognized in the period from: Amounts included in contracts liability at the beginning of the period (2 ) |
Note 14 - Strategic Alliances
Note 14 - Strategic Alliances | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | NOTE 14 Merck On March 8, 2023, Under the terms of the Merck Agreement, ModeX granted to Merck an exclusive, sublicensable, royalty-bearing license to certain intellectual property to develop, manufacture, use and commercialize (i) a multivalent or monovalent vaccine assembled using our platform for Epstein-Barr Virus (“Vaccine”), and (ii) any pharmaceutical or biological preparation in final form containing a Vaccine for sale or for administration to human patients in a clinical trial for all uses (“Product”). We received an initial payment of $50.0 million and are eligible to receive up to an additional $872.5 million upon the achievement of certain commercial and development milestones under several indications. We are also eligible to receive tiered royalty payments ranging from high single digits to low double digits upon achievement of certain sales targets of the Product. Certain of the rights subject to the license provided by us under the Merck Agreement were obtained by us from Sanofi pursuant to that certain License Agreement entered into as of July 1, 2021 ( may second 2023. As part of their strategic collaboration, ModeX and Merck have put in place a research plan to manage research and other development activities related to the development of a Vaccine or Product including a joint steering committee to facilitate the research program. As part of the research plan, they will use a third The Merck Agreement will remain in effect until one may not LeaderMed On September 14, 2021, two eight Under the terms of the agreements, we have granted the joint venture exclusive rights to develop, manufacture and commercialize (a) OPK88003, 2021 LeaderMed is responsible for funding the joint venture’s operations, development and commercialization efforts and, together with its syndicate partners, initially invested $11 million in exchange for a 53% ownership interest. We retain full rights to oxyntomodulin and Factor VIIa-CTP in all other geographies. CAMP4 On July 6, 2021, “CAMP4 CAMP4, CAMP4 one CAMP4 We received an initial upfront payment of $1.5 million and 3,373,008 shares of CAMP4’s CAMP4, may CAMP4 CAMP4 Unless earlier terminated, the CAMP4 CAMP4’s ten first CAMP4 CAMP4 NICOYA Macau Limited On June 18, 2021, Rayaldee EirGen received an initial upfront payment of $5 million and was eligible to receive an additional $5 million tied to the first March 2023. Nicoya will, at its sole cost and expense, be responsible for performing all development activities necessary to obtain all regulatory approvals for the Nicoya Product in the Nicoya Territory and for all commercial activities pertaining to the Nicoya Product in the Nicoya Territory. Unless earlier terminated, the Nicoya Agreement will remain in effect until such time as all royalty payment terms and extended payment terms have expired, and Nicoya shall have no ten first CSL Vifor In May 2016, Rayaldee x In January 2023, Rayaldee six June 30, 2023 six June 30, 2022 first Rayaldee Effective May 23, 2021, Effective May 5, 2020, first Rayaldee Rayaldee We plan to share responsibility with Vifor for the conduct of trials specified within an agreed-upon development plan, with each company leading certain activities within the plan. EirGen will lead the manufacturing activities within and outside the Vifor Territory and the commercialization activities outside the Vifor Territory and outside the Vifor Field in the Vifor Territory and Vifor will lead the commercialization activities in the Vifor Territory and the Vifor Field. For the initial development plan, the companies have agreed to certain cost sharing arrangements. Vifor will be responsible for all other development costs that Vifor considers necessary to develop the Product for the use of the Product for the Vifor Initial Indication in the Vifor Territory in the Vifor Field except as otherwise provided in the Vifor Agreement. The first September 2018. In connection with the Vifor Agreement, the parties entered into a letter agreement pursuant to which EirGen granted to Vifor an exclusive option (the “Option”) to acquire an exclusive license under certain EirGen patents and technology to use, import, offer for sale, sell, distribute and commercialize the Product in the U.S. solely for the treatment of SHPT in dialysis patients with CKD and vitamin D insufficiency (the “Dialysis Indication”). Upon exercise of the Option, Vifor has agreed to reimburse EirGen for all of the development costs incurred by EirGen with respect to the Product for the Dialysis Indication in the U.S. Vifor would also pay EirGen up to an additional aggregate amount of $555 million of sales-based milestones upon the achievement of certain milestones and would be obligated to pay royalties at percentage rates that range from the mid-teens to the mid-twenties on sales of the Product in the U.S. for the Dialysis Indication. To date, Vifor has not Payments received for regulatory milestones and sales milestones are non-refundable. The regulatory milestones are payable if and when Vifor obtains approval from certain regulatory authorities and will be recognized as revenue in the period in which the associated milestone is achieved, assuming all other revenue recognition criteria are met. We account for the sales milestones as royalties and sales milestones payments will be recognized as revenue in the period in which the associated milestone is achieved or sales occur, assuming all other revenue recognition criteria are met. Pfizer Inc. In December 2014, In June 2023, 2022, 40 second 2023, 2022. In May 2020, January 1, 2020, three On October 21, 2019, 3 12 Under the terms of the Pfizer Transaction, as restated, we received non-refundable and non-creditable upfront payments of $295.0 million and are eligible to receive up to an additional $275.0 million upon the achievement of certain regulatory milestones. Pfizer received the exclusive license to commercialize Somatrogon worldwide. In addition, we are eligible to receive regional, tiered gross profit sharing for both Somatrogon and Pfizer’s Genotropin® (somatropin) in all global markets, with the U.S. region commencing gross profit sharing in August 2023. The agreement with Pfizer will remain in effect until the last sale of the licensed product, unless earlier terminated as permitted under the Pfizer Agreement. In addition to termination rights for material breach and bankruptcy, Pfizer is permitted to terminate the Pfizer Agreement in its entirety, or with respect to one We recognized the non-refundable $295.0 million upfront payments as revenue as the research and development services were completed. As of June 30, 2023 December 31, 2022 The Pfizer Transaction includes milestone payments of $275.0 million upon the achievement of certain milestones. The milestones range from $20.0 million to $90.0 million each and are based on achievement of regulatory approval in the U.S. and regulatory approval and price approval in other major markets. The milestone payments will be recognized as revenue in the period in which the associated milestone is achieved, assuming all other revenue recognition criteria are met. To date, $175.0 million of revenue has been recognized related to the achievement of the milestones. Other We have completed strategic deals with numerous institutions and commercial partners. In connection with these agreements, upon the achievement of certain milestones we are obligated to make certain payments and have royalty obligations upon sales of products developed under the license agreements. At this time, we are unable to estimate the timing and amounts of payments as the obligations are based on future development of the licensed products. |
Note 15 - Segments
Note 15 - Segments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 We manage our operations in two reportable segments, pharmaceutical and diagnostics. The pharmaceutical segment consists of our pharmaceutical operations in Chile, Mexico, Ireland, Israel and Spain, Rayaldee Information regarding our operations and assets for our operating segments and the unallocated corporate operations as well as geographic information are as follows: For the three months ended June 30, For the six months ended June 30, (In thousands) 2023 2022 2023 2022 Revenue from services: Pharmaceutical $ — $ — $ — $ — Diagnostics 127,052 186,804 259,420 473,402 Corporate — — — — $ 127,052 $ 186,804 $ 259,420 $ 473,402 Revenue from products: Pharmaceutical $ 43,500 $ 35,892 $ 83,883 $ 72,550 Diagnostics — — — — Corporate — — — — $ 43,500 $ 35,892 $ 83,883 $ 72,550 Revenue from transfer of intellectual property and other: Pharmaceutical $ 94,866 $ 87,197 $ 159,692 $ 93,159 Diagnostics — — — — Corporate — — — — $ 94,866 $ 87,197 $ 159,692 $ 93,159 Operating income (loss): Pharmaceutical $ 63,631 $ 55,435 $ 82,585 $ 37,327 Diagnostics (44,258 ) (57,543 ) (84,264 ) (101,092 ) Corporate (12,348 ) (8,631 ) (21,890 ) (19,399 ) $ 7,025 $ (10,739 ) $ (23,569 ) $ (83,164 ) Depreciation and amortization: Pharmaceutical $ 17,788 $ 17,840 $ 35,703 $ 33,242 Diagnostics 8,603 10,155 17,290 22,567 Corporate — — — — $ 26,391 $ 27,995 $ 52,993 $ 55,809 Loss from investment in investees: Pharmaceutical $ (42 ) $ (268 ) $ (79 ) $ (316 ) Diagnostics — — — — Corporate — — — — $ (42 ) $ (268 ) $ (79 ) $ (316 ) Revenues: United States $ 134,859 $ 193,105 $ 323,943 $ 484,913 Ireland 96,749 89,177 112,595 97,638 Chile 19,954 15,804 35,494 32,143 Spain 5,968 5,696 12,078 12,805 Israel 1,639 1,854 6,233 3,412 Mexico 5,724 4,055 11,551 7,805 Other 525 202 1,101 395 $ 265,418 $ 309,893 $ 502,995 $ 639,111 June 30, December 31, (In thousands) 2023 2022 Assets: Pharmaceutical $ 1,411,170 $ 1,322,531 Diagnostics 655,878 690,504 Corporate 91,851 154,224 $ 2,158,899 $ 2,167,259 Goodwill: Pharmaceutical $ 314,350 $ 312,826 Diagnostics 283,025 283,025 $ 597,375 $ 595,851 No customer represented more than 10% six June 30, 2023 2022 June 30, 2023 December 31, 2022 10% |
Note 16 - Leases
Note 16 - Leases | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | NOTE 16 We have operating leases for office space, laboratory operations, research and development facilities, manufacturing locations, warehouses and certain equipment. We determine if a contract contains a lease at inception or modification of a contract. Our leases generally do not January 1, 2019 not We elected the use of permitted practical expedients of not 12 not The following table presents the lease balances within the Condensed Consolidated Balance Sheet as of June 30, 2023 December 31, 2022 (in thousands) Classification on the Balance Sheet June 30, 2023 December 31, 2022 Assets Operating lease assets Operating lease right-of-use assets $ 34,938 $ 38,725 Finance lease assets Property, plant and equipment, net 10,079 9,898 Liabilities Current Operating lease liabilities Current maturities of operating leases 11,240 11,628 Accrued expenses Current maturities of finance leases 2,809 2,809 Long-term Operating lease liabilities Operating lease liabilities 24,912 27,963 Other long-term liabilities Finance lease liabilities $ 7,270 $ 7,089 Weighted average remaining lease term Operating leases (in years) 6.0 6.0 Finance leases (in years) 6.8 6.5 Weighted average discount rate Operating leases 4.6 % 4.4 % Finance leases 4.6 % 3.8 % The following table reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one June 30, 2023 (in thousands) Operating Finance July 1, 2023 through December 31, 2023 $ 6,442 $ 1,804 2024 8,844 2,737 2025 5,567 2,061 2026 4,114 1,394 2027 3,858 588 Thereafter 11,910 1,959 Total undiscounted future minimum lease payments 40,735 10,543 Less: Difference between lease payments and discounted lease liabilities 4,583 464 Total lease liabilities $ 36,152 $ 10,079 Expense under operating leases and finance leases was $8.3 million and $1.4 million, respectively, for the six June 30, 2023 six June 30, 2022 not Supplemental cash flow information is as follows: For the six months ended June 30, (in thousands) 2023 2022 Operating cash out flows from operating leases $ 7,955 $ 8,327 Operating cash out flows from finance leases 206 52 Financing cash out flows from finance leases 1,268 724 Total $ 9,429 $ 9,103 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation 10 10 X. not six June 30, 2023 not may 2023 10 December 31, 2022 |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents 90 90 |
Inventory, Policy [Policy Text Block] | Inventories first first three six June 30, 2023 three six June 30, 2022 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and intangible assets 5. June 30, 2023 December 31, 2022 Assets acquired and liabilities assumed in business combinations, licensing and other transactions are generally recognized at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recognized as goodwill. At acquisition, we generally determine the fair value of intangible assets, including IPR&D, using the “income method.” Subsequent to their acquisition, goodwill and indefinite lived intangible assets are tested at least annually as of October 1 not may not Estimating the fair value of a reporting unit for goodwill impairment is highly sensitive to changes in projections and assumptions and changes in assumptions could potentially lead to impairment. We perform sensitivity analyses around our assumptions in order to assess the reasonableness of the assumptions and the results of our testing. Ultimately, potential changes in these assumptions may June 30, 2023 December 31, 2022 Net intangible assets other than goodwill was $1.0 billion on June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 may Upon obtaining regulatory approval, IPR&D assets are then accounted for as a finite-lived intangible asset and amortized on a straight-line basis over its estimated useful life. If the project is abandoned, the IPR&D asset is charged to expense. Finite lived intangible assets are tested for impairment when events or changes in circumstances indicate it is more likely than not may not not may During the first 2022, We amortize intangible assets with definite lives on a straight-line basis over their estimated useful lives, ranging from 3 to 20 years. We use the straight-line method of amortization as there is no three six June 30, 2023 three six June 30, 2022 |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements June 30, 2023 December 31, 2022 In evaluating the fair value information, considerable judgment is required to interpret the market data used to develop the estimates. The use of different market assumptions and/or different valuation techniques may may not 9. |
Business Combinations Policy [Policy Text Block] | Contingent consideration may may |
Derivatives, Policy [Policy Text Block] | Derivative financial instruments June 30, 2023 December 31, 2022 not 10. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment three six June 30, 2023 three six June 30, 2022 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets. may not |
Income Tax, Policy [Policy Text Block] | Income taxes. not not We operate in various countries and tax jurisdictions globally. For interim reporting purposes, we record income taxes based on the expected effective income tax rate, taking into consideration year to date and global forecasted tax results. For the six June 30, 2023 not Included in Other long-term liabilities is an accrual of $6.0 million related to uncertain tax positions involving income recognition. In connection with an examination of foreign tax returns for the 2014 2020 no |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition 606, Revenue from Contracts with Customers 606” five We apply the five 606, 13. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk and allowance for credit losses While we have receivables due from federal and state governmental agencies, such receivables are not June 30, 2023 December 31, 2022 The portion of our accounts receivable due from individual patients comprises the largest portion of credit risk. At June 30, 2023 December 31, 2022 We assess the collectability of accounts receivable balances by considering factors such as historical collection experience, customer credit worthiness, the age of accounts receivable balances, regulatory changes and current economic conditions and trends that may June 30, 2023 December 31, 2022 three six June 30, 2023 three six June 30, 2022 |
Compensation Related Costs, Policy [Policy Text Block] | Equity-based compensation three six June 30, 2023 three six June 30, 2022 |
Research and Development Expense, Policy [Policy Text Block] | Research and development expenses. third third Research and development expense includes costs for in-process research and development projects acquired in asset acquisitions which have not no |
Segment Reporting, Policy [Policy Text Block] | Segment reporting two Rayaldee no no 15. |
Shipping and Handling Costs [Policy Text Block] | Shipping and handling costs. not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation three six June 30, 2023 three six June 30, 2022 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable interest entities 6. |
Investment, Policy [Policy Text Block] | Investments 6. not 6. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements In August 2020, No. 2020 06, 470 20 815 40 2020 06 December 15, 2021, 2020 06 January 1, 2022 January 1, 2022 2020 06, not Under the modified approach, entities will apply the guidance to all financial instruments that are outstanding as of the beginning of the year of adoption with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. ASU 2020 06 470 20 2020 06 January 1, 2022 |
Note 5 - Composition of Certa_2
Note 5 - Composition of Certain Financial Statement Captions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | June 30, December 31, (In thousands) 2023 2022 Accounts receivable, net: Accounts receivable $ 213,021 $ 131,474 Less: allowance for credit losses (2,039 ) (4,162 ) $ 210,982 $ 127,312 Inventories, net: Consumable supplies $ 29,326 $ 31,275 Finished products 36,460 37,139 Work in-process 3,667 2,449 Raw materials 7,990 6,771 Less: inventory reserve (3,694 ) (3,574 ) $ 73,749 $ 74,060 Other current assets and prepaid expenses: Taxes recoverable $ 8,138 $ 8,191 Prepaid expenses 10,414 7,918 Prepaid insurance 6,214 4,496 Other receivables 8,973 13,105 Other 7,211 6,252 $ 40,950 $ 39,962 Intangible assets, net: Customer relationships $ 315,565 $ 314,854 Technologies 829,131 826,282 Trade names 49,765 49,752 Covenants not to compete 12,913 12,911 Licenses 6,144 5,988 Product registrations 7,113 6,831 Other 5,937 5,861 Less: accumulated amortization (444,373 ) (398,959 ) $ 782,195 $ 823,520 Accrued expenses: Inventory received but not invoiced $ 1,964 $ 7,830 Commitments and contingencies 3,252 4,295 Employee benefits 36,734 33,765 Clinical trials 11,700 4,700 Contingent consideration 67 62 Finance leases short-term 2,809 2,809 Professional fees 1,943 1,820 Other 40,135 42,988 $ 98,604 $ 98,269 Other long-term liabilities: Contingent consideration $ 1,072 $ 974 Mortgages and other debts payable 8,411 9,098 Finance leases long-term 7,270 7,089 Contract liabilities 140 138 Other 9,948 10,072 $ 26,841 $ 27,371 |
Schedule of Goodwill [Table Text Block] | 2023 (In thousands) Gross goodwill at January 1 Cumulative impairment at January 1 Acquisitions, dispositions and other Foreign exchange and other Balance at June 30 Pharmaceuticals CURNA $ 4,827 $ (4,827 ) $ — $ — $ — Rayaldee 81,786 — — 1,355 83,141 FineTech 11,698 (11,698 ) — — — ModeX 80,432 — (172 ) — 80,260 OPKO Biologics 139,784 — — — 139,784 OPKO Chile 3,767 — — 222 3,989 OPKO Health Europe 7,057 — — 119 7,176 OPKO Mexico 100 (100 ) — — — Transition Therapeutics 3,421 (3,421 ) — — — Diagnostics BioReference 283,025 — — — 283,025 OPKO Diagnostics 17,977 (17,977 ) — — — $ 633,874 $ (38,023 ) $ (172 ) $ 1,696 $ 597,375 |
Note 6 - Acquisitions and Inv_2
Note 6 - Acquisitions and Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (in thousands) ModeX Cash and cash equivalents $ 228 Other assets 727 Property, plant and equipment 1,046 IPR&D assets 195,000 Goodwill 80,260 Accounts payable (287 ) Deferred tax liability (55,312 ) Total purchase price $ 221,662 |
Investment [Table Text Block] | (in thousands) As of June 30, 2023 As of December 31, 2022 Investment type Investment Carrying Value Underlying Equity in Net Assets Investment Carrying Value Underlying Equity in Net Assets Equity method investments $ 30 $ 2,622 $ 103 $ 4,120 Variable interest entity, equity method 795 970 800 1,370 Equity method investments - FV option 21,209 21,120 Equity securities 330 648 Equity securities with no readily determinable fair value 5,381 5,381 Warrants and options 38 28 Total carrying value of investments $ 27,783 $ 28,080 |
Unrealized Gain (Loss) on Investments [Table Text Block] | For the six months ended June 30, (in thousands) 2023 2022 Equity Securities: Net gains and losses recognized during the period on equity securities $ (318 ) $ (2,718 ) Unrealized net losses recognized during the period on equity securities still held at the reporting date $ (318 ) $ (2,718 ) |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, December 31, (In thousands) 2023 2022 2025 Notes $ 142,660 $ 142,096 2023 Convertible Notes 69,639 68,275 2033 Senior Notes — 3,050 JP Morgan Chase 13,329 18,080 Chilean and Spanish lines of credit 12,743 13,740 Current portion of notes payable 2,657 1,720 Long term portion of notes payable 8,501 9,290 Total $ 249,529 $ 256,251 Balance sheet captions Current portion of convertible notes $ — $ 3,050 Long term portion of convertible notes 212,299 210,371 Current portion of lines of credit and notes payable 28,729 33,540 Long Term notes payable included in long-term liabilities 8,501 9,290 Total $ 249,529 $ 256,251 |
Schedule of Long-Term Debt Instruments [Table Text Block] | (In thousands) 2025 Senior Notes Debt Issuance Cost Total Balance at December 31, 2022 $ 144,580 $ (2,484 ) $ 142,096 Amortization of debt discount and debt issuance costs — 564 564 Balance at June 30, 2023 $ 144,580 $ (1,920 ) $ 142,660 June 30, December 31, (In thousands) 2023 2022 Current portion of notes payable $ 2,657 $ 1,720 Other long-term liabilities 8,501 9,290 Total $ 11,158 $ 11,010 |
Schedule of Line of Credit Facilities [Table Text Block] | (Dollars in thousands) Balance Outstanding Interest rate on borrowings at Credit line June 30, December 31, Lender June 30, 2023 capacity 2023 2022 JPMorgan Chase 11.85 % $ 50,000 $ 13,329 $ 18,080 Itau Bank 5.50 % 1,900 1,566 2,378 Bank of Chile 6.60 % 2,500 1,842 817 BICE Bank 5.50 % 2,640 2,640 1,661 Scotiabank 5.00 % 5,500 1,094 1,646 Santander Bank 5.50 % 5,000 1,682 1,238 Security Bank 5.50 % 1,400 571 755 Estado Bank 5.50 % 4,000 550 1,621 BCI Bank 5.00 % 2,500 839 2,100 Internacional Bank 5.50 % 1,500 1,292 599 Consoorcio Bank 5.00 % 2,000 667 925 Banco De Sabadell 1.75 % 544 — — Santander Bank 1.95 % 544 — — Total $ 80,028 $ 26,072 $ 31,820 |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign currency (In thousands) translation Balance at December 31, 2022 $ (43,323 ) Other comprehensive income 6,381 Balance at June 30, 2023 $ (36,942 ) |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair value measurements as of June 30, 2023 Quoted prices in active Significant markets for other Significant identical observable unobservable assets inputs inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ 57,355 $ — $ — $ 57,355 Equity securities 330 — — 330 Equity Method - FV option 21,209 — — 21,209 Common stock options/warrants — 38 — 38 Total assets $ 78,894 $ 38 $ — $ 78,932 Liabilities: Forward contracts — 134 — 134 Contingent consideration — — 1,139 1,139 Total liabilities $ — $ 134 $ 1,139 $ 1,273 Fair value measurements as of December 31, 2022 Quoted prices in active Significant markets for other Significant identical observable unobservable assets inputs inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ 102,773 $ — $ — $ 102,773 Equity securities 648 — — $ 648 Equity Method - fair value option 21,120 — — 21,120 Common stock options/warrants — 28 — 28 Total assets $ 124,541 $ 28 $ — $ 124,569 Liabilities: Forward contracts — 1,123 — 1,123 Contingent consideration — — 1,036 1,036 Total liabilities $ — $ 1,123 $ 1,036 $ 2,159 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2023 Carrying Total (In thousands) Value Fair Value Level 1 Level 2 Level 3 2025 Notes $ 142,660 $ 138,797 $ — $ 138,797 $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | June 30, 2023 Contingent (In thousands) consideration Balance at December 31, 2022 $ 1,036 Change in fair value: Included in results of operations 102 Foreign currency impact 1 Balance at June 30, 2023 $ 1,139 |
Note 10 - Derivative Contracts
Note 10 - Derivative Contracts (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance Sheet June 30, December 31, (In thousands) Component 2023 2022 Derivative financial instruments: Common Stock options/warrants Investments, net $ 38 $ 28 Forward contracts Unrealized losses on forward contracts are recorded in Accrued expenses. $ (134 ) $ (1,123 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three months ended June 30, Six months ended June 30, (In thousands) 2023 2022 2023 2022 Derivative loss: Common Stock options/warrants $ 12 $ (4 ) $ 10 $ (5 ) Forward contracts 130 342 (927 ) 211 Total $ 142 $ 338 $ (917 ) $ 206 |
Note 13 - Revenue Recognition (
Note 13 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended June 30, Six months ended June 30, (In thousands) 2023 2022 2023 2022 Healthcare insurers $ 76,954 $ 76,442 $ 157,365 $ 172,269 Government payers 20,923 25,659 41,267 53,263 Client payers 24,899 80,931 52,443 240,021 Patients 4,276 3,772 8,345 7,849 Total $ 127,052 $ 186,804 $ 259,420 $ 473,402 |
Schedule of Product Sales Allowances and Accruals [Table Text Block] | (In thousands) Chargebacks, discounts, rebates and fees Governmental Returns Total Balance at March 31, 2023 $ 1,574 $ 5,140 $ 1,676 $ 8,390 Provision related to current period sales 3,950 5,561 351 9,862 Credits or payments made (3,194 ) (4,747 ) (393 ) (8,334 ) Balance at June 30, 2023 $ 2,330 $ 5,954 $ 1,634 $ 9,918 Total gross Rayaldee sales $ 17,568 Provision for Rayaldee sales allowances and accruals as a percentage of gross Rayaldee sales 56 % (In thousands) Chargebacks, discounts, rebates and fees Governmental Returns Total Balance at December 31, 2022 $ 1,532 $ 5,063 $ 1,683 $ 8,278 Provision related to current period sales 7,256 9,606 637 17,499 Credits or payments made (6,458 ) (8,715 ) (686 ) (15,859 ) Balance at June 30, 2023 $ 2,330 $ 5,954 $ 1,634 $ 9,918 Total gross Rayaldee sales $ 31,850 Provision for Rayaldee sales allowances and accruals as a percentage of gross Rayaldee sales 55 % (In thousands) Chargebacks, discounts, rebates and fees Governmental Returns Total Balance at March 31, 2022 $ 1,588 $ 5,282 $ 2,333 $ 9,203 Provision related to current period sales 3,411 5,442 308 9,161 Credits or payments made (3,330 ) (4,235 ) (1,023 ) (8,588 ) Balance at June 30, 2022 $ 1,669 $ 6,489 $ 1,618 $ 9,776 Total gross Rayaldee $ 15,382 Provision for Rayaldee Rayaldee 60 % (In thousands) Chargebacks, discounts, rebates and fees Governmental Returns Total Balance at December 31, 2021 $ 2,014 $ 5,499 $ 2,639 $ 10,152 Provision related to current period sales 6,626 10,311 577 17,514 Credits or payments made (6,971 ) (9,321 ) (1,598 ) (17,890 ) Balance at June 30, 2022 $ 1,669 $ 6,489 $ 1,618 $ 9,776 Total gross Rayaldee $ 28,861 Provision for Rayaldee Rayaldee 61 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (In thousands) Balance at December 31, 2022 $ 138 Balance at June 30, 2023 140 Revenue recognized in the period from: Amounts included in contracts liability at the beginning of the period (2 ) |
Note 15 - Segments (Tables)
Note 15 - Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended June 30, For the six months ended June 30, (In thousands) 2023 2022 2023 2022 Revenue from services: Pharmaceutical $ — $ — $ — $ — Diagnostics 127,052 186,804 259,420 473,402 Corporate — — — — $ 127,052 $ 186,804 $ 259,420 $ 473,402 Revenue from products: Pharmaceutical $ 43,500 $ 35,892 $ 83,883 $ 72,550 Diagnostics — — — — Corporate — — — — $ 43,500 $ 35,892 $ 83,883 $ 72,550 Revenue from transfer of intellectual property and other: Pharmaceutical $ 94,866 $ 87,197 $ 159,692 $ 93,159 Diagnostics — — — — Corporate — — — — $ 94,866 $ 87,197 $ 159,692 $ 93,159 Operating income (loss): Pharmaceutical $ 63,631 $ 55,435 $ 82,585 $ 37,327 Diagnostics (44,258 ) (57,543 ) (84,264 ) (101,092 ) Corporate (12,348 ) (8,631 ) (21,890 ) (19,399 ) $ 7,025 $ (10,739 ) $ (23,569 ) $ (83,164 ) Depreciation and amortization: Pharmaceutical $ 17,788 $ 17,840 $ 35,703 $ 33,242 Diagnostics 8,603 10,155 17,290 22,567 Corporate — — — — $ 26,391 $ 27,995 $ 52,993 $ 55,809 Loss from investment in investees: Pharmaceutical $ (42 ) $ (268 ) $ (79 ) $ (316 ) Diagnostics — — — — Corporate — — — — $ (42 ) $ (268 ) $ (79 ) $ (316 ) Revenues: United States $ 134,859 $ 193,105 $ 323,943 $ 484,913 Ireland 96,749 89,177 112,595 97,638 Chile 19,954 15,804 35,494 32,143 Spain 5,968 5,696 12,078 12,805 Israel 1,639 1,854 6,233 3,412 Mexico 5,724 4,055 11,551 7,805 Other 525 202 1,101 395 $ 265,418 $ 309,893 $ 502,995 $ 639,111 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, (In thousands) 2023 2022 Assets: Pharmaceutical $ 1,411,170 $ 1,322,531 Diagnostics 655,878 690,504 Corporate 91,851 154,224 $ 2,158,899 $ 2,167,259 Goodwill: Pharmaceutical $ 314,350 $ 312,826 Diagnostics 283,025 283,025 $ 597,375 $ 595,851 |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | (in thousands) Classification on the Balance Sheet June 30, 2023 December 31, 2022 Assets Operating lease assets Operating lease right-of-use assets $ 34,938 $ 38,725 Finance lease assets Property, plant and equipment, net 10,079 9,898 Liabilities Current Operating lease liabilities Current maturities of operating leases 11,240 11,628 Accrued expenses Current maturities of finance leases 2,809 2,809 Long-term Operating lease liabilities Operating lease liabilities 24,912 27,963 Other long-term liabilities Finance lease liabilities $ 7,270 $ 7,089 Weighted average remaining lease term Operating leases (in years) 6.0 6.0 Finance leases (in years) 6.8 6.5 Weighted average discount rate Operating leases 4.6 % 4.4 % Finance leases 4.6 % 3.8 % |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Finance July 1, 2023 through December 31, 2023 $ 6,442 $ 1,804 2024 8,844 2,737 2025 5,567 2,061 2026 4,114 1,394 2027 3,858 588 Thereafter 11,910 1,959 Total undiscounted future minimum lease payments 40,735 10,543 Less: Difference between lease payments and discounted lease liabilities 4,583 464 Total lease liabilities $ 36,152 $ 10,079 |
Schedule of Supplemental Cash Flow Information of Leases [Table Text Block] | For the six months ended June 30, (in thousands) 2023 2022 Operating cash out flows from operating leases $ 7,955 $ 8,327 Operating cash out flows from finance leases 206 52 Financing cash out flows from finance leases 1,268 724 Total $ 9,429 $ 9,103 |
Note 1 - Business and Organiz_2
Note 1 - Business and Organization (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
May 09, 2022 | Jan. 14, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||
Opko [Member] | ||||
Share Price (in dollars per share) | $ 2.44 | |||
GeneDx Holdings Corp [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||
ModeX Therapeutics, Inc [Member] | ||||
Payments to Acquire Businesses, Gross | $ 300 | |||
Business Acquisition, Share Price (in dollars per share) | $ 0.01 | |||
Business Acquisition, Percent Of Shares Deposited in Escrow | 10% | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 221.7 | |||
Business Acquisition, Anniversary of Closing Date (Year) | 4 years | |||
Business Combination, Consideration Transferred | $ 300 | |||
ModeX Therapeutics, Inc [Member] | Value of Common Shares to be Potentially Distributed for Forfeited or Unvested Awards [Member] | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 2.6 | |||
ModeX Therapeutics, Inc [Member] | ModeX Employees [Member] | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 12.4 | |||
ModeX Therapeutics, Inc [Member] | Common Stock [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 89,907,310 | |||
Business Acquisition, Share Price (in dollars per share) | $ 2.44 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 219.4 | |||
ModeX Therapeutics, Inc [Member] | Fully Vested Equity Awards [Member] | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2.3 | |||
GeneDx LLC [Member] | GeneDx Holdings Corp [Member] | ||||
Payments to Acquire Businesses, Gross | $ 150 | |||
Business Combination, Consideration Transferred | $ 322 | |||
Business Acquisition, Shareholder Agreement, Extension Period (Year) | 1 year 6 months | |||
Ownership, Percentage | 5% | |||
GeneDx LLC [Member] | GeneDx Holdings Corp [Member] | Maximum [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Earnout Payment, Shares (in shares) | 30,900,000 | |||
GeneDx LLC [Member] | GeneDx Holdings Corp [Member] | Minimum [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Earnout Payment, Shares (in shares) | 23,100,000 | |||
GeneDx LLC [Member] | GeneDx Holdings Corp [Member] | Common Class A [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 80,000,000 |
Note 2 - Foreign Exchange Rat_2
Note 2 - Foreign Exchange Rates (Details Textual) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 | Dec. 31, 2022 USD ($) | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 33.5 | $ 39.9 | |
Foreign Exchange Forward [Member] | |||
Derivative, Number of Instruments Held | 67 | 194 | |
Derivative, Notional Amount | $ 3.5 | $ 11.9 | |
Currency Concentration Risk [Member] | Revenue Benchmark [Member] | Other Currency [Member] | |||
Concentration Risk, Percentage | 34.40% | 23.60% |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Inventory Write-down | $ 800,000 | $ 300,000 | $ 2,200,000 | $ 1,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill and Intangible Assets | 1,600,000,000 | 1,600,000,000 | $ 1,600,000,000 | ||||
Goodwill | 597,375,000 | 597,375,000 | 595,851,000 | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||
Finite-Lived Intangible Assets, Net | 782,195,000 | 782,195,000 | 823,520,000 | ||||
Amortization of Intangible Assets | 21,535,000 | 22,793,000 | 43,009,000 | 44,818,000 | |||
Depreciation | 5,000,000 | 5,200,000 | $ 10,000,000 | 11,000,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | ||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6,000,000 | $ 6,000,000 | |||||
Accounts Receivable, Allowance for Credit Loss, Current | 2,039,000 | 2,039,000 | $ 4,162,000 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 2,800 | 96,000 | 88,000 | 183,600 | |||
Share-Based Payment Arrangement, Noncash Expense | 2,800,000 | 4,300,000 | $ 5,527,000 | 11,925,000 | |||
Number of Reportable Segments | 2 | ||||||
Gain (Loss), Foreign Currency Transaction, before Tax | $ 900,000 | $ 800,000 | $ 2,000,000 | $ 1,800,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2020-06 [Member] | |||||||
Equity, Including Portion Attributable to Noncontrolling Interest | $ 21,600,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2020-06 [Member] | Retained Earnings [Member] | |||||||
Equity, Including Portion Attributable to Noncontrolling Interest | 17,500,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2020-06 [Member] | Additional Paid-in Capital [Member] | |||||||
Equity, Including Portion Attributable to Noncontrolling Interest | $ 39,100,000 | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Medicare and Medicaid [Member] | |||||||
Concentration Risk, Percentage | 7% | 14% | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Individual Patients [Member] | |||||||
Concentration Risk, Percentage | 1.80% | 2.90% | |||||
Israel Tax Authority [Member] | |||||||
Open Tax Year | 2014 2015 2016 2017 2018 2019 2020 | ||||||
Income Tax Examination, Estimate of Possible Loss | $ 246,000,000 | ||||||
Software and Software Development Costs [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | |||||
Minimum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | 3 years | |||||
Minimum [Member] | Machinery and Equipment [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | |||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | |||||
Minimum [Member] | Building and Building Improvements [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | 10 years | |||||
Minimum [Member] | Vehicles [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | |||||
Maximum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | 20 years | |||||
Maximum [Member] | Machinery and Equipment [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 8 years | 8 years | |||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 12 years | 12 years | |||||
Maximum [Member] | Building and Building Improvements [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | 40 years | |||||
Maximum [Member] | Vehicles [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | |||||
Reclassification from In Process Research and Development [Member] | |||||||
Finite-Lived Intangible Assets, Net | $ 590,200,000 | ||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 12 years | ||||||
In Process Research and Development [Member] | |||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 195,000,000 | $ 195,000,000 | $ 195,000,000 |
Note 4 - Earnings (Loss) Per _2
Note 4 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 82,817,175 | 56,605,791 | 82,438,648 | 57,016,847 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 546,337 | 0 | 602,087 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 549,680 | 549,680 | ||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 386,971 | 386,971 | ||
Options and Warrants Exercised During Period (in shares) | 789,063 | 844,813 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 242,726 | 242,726 |
Note 5 - Composition of Certa_3
Note 5 - Composition of Certain Financial Statement Captions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Net | $ 782,195 | $ 823,520 | |
Reclassification from In Process Research and Development [Member] | |||
Finite-Lived Intangible Assets, Net | $ 590,200 | ||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 12 years | ||
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||
Developed Technology Rights [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||
Developed Technology Rights [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 17 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||
Project Registration [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||
Project Registration [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
Trade Names [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
Trade Names [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Other Intangible Assets [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 9 years | ||
Other Intangible Assets [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 13 years |
Note 5 - Composition of Certa_4
Note 5 - Composition of Certain Financial Statement Captions - Schedule of Financial Statement Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts receivable | $ 213,021 | $ 131,474 |
Less: allowance for credit losses | (2,039) | (4,162) |
Accounts Receivable, after Allowance for Credit Loss, Current | 210,982 | 127,312 |
Consumable supplies | 29,326 | 31,275 |
Finished products | 36,460 | 37,139 |
Work in-process | 3,667 | 2,449 |
Raw materials | 7,990 | 6,771 |
Less: inventory reserve | (3,694) | (3,574) |
Inventory, Net | 73,749 | 74,060 |
Taxes recoverable | 8,138 | 8,191 |
Prepaid expenses | 10,414 | 7,918 |
Prepaid insurance | 6,214 | 4,496 |
Other receivables | 8,973 | 13,105 |
Other | 7,211 | 6,252 |
Prepaid Expense and Other Assets, Current | 40,950 | 39,962 |
Less: accumulated amortization | (444,373) | (398,959) |
Finite-Lived Intangible Assets, Net | 782,195 | 823,520 |
Inventory received but not invoiced | 1,964 | 7,830 |
Commitments and contingencies | 3,252 | 4,295 |
Employee benefits | 36,734 | 33,765 |
Clinical trials | 11,700 | 4,700 |
Contingent consideration | 67 | 62 |
Finance leases short-term | 2,809 | 2,809 |
Professional fees | 1,943 | 1,820 |
Other | 40,135 | 42,988 |
Accrued Liabilities, Current | 98,604 | 98,269 |
Contingent consideration | 1,072 | 974 |
Mortgages and other debts payable | 8,411 | 9,098 |
Finance leases long-term | 7,270 | 7,089 |
Contract liabilities | 140 | 138 |
Other | 9,948 | 10,072 |
Other Liabilities, Noncurrent | 26,841 | 27,371 |
Customer Relationships [Member] | ||
Finite lived intangible assets, gross | 315,565 | 314,854 |
Technology-Based Intangible Assets [Member] | ||
Finite lived intangible assets, gross | 829,131 | 826,282 |
Trade Names [Member] | ||
Finite lived intangible assets, gross | 49,765 | 49,752 |
Noncompete Agreements [Member] | ||
Finite lived intangible assets, gross | 12,913 | 12,911 |
Licensing Agreements [Member] | ||
Finite lived intangible assets, gross | 6,144 | 5,988 |
Project Registration [Member] | ||
Finite lived intangible assets, gross | 7,113 | 6,831 |
Other Intangible Assets [Member] | ||
Finite lived intangible assets, gross | $ 5,937 | $ 5,861 |
Note 5 - Composition of Certa_5
Note 5 - Composition of Certain Financial Statement Captions - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Goodwill, gross | $ 633,874 | |
Goodwill, impairment | $ (38,023) | |
Goodwill, acquired (disposed of) | (172) | |
Goodwill, foreign exchange effect | 1,696 | |
Goodwill | 597,375 | 595,851 |
Goodwill | 597,375 | |
Goodwill, gross | 633,874 | |
Pharmaceutical [Member] | CURNA [Member] | ||
Goodwill, gross | 4,827 | |
Goodwill, impairment | (4,827) | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 0 | |
Goodwill | 0 | |
Goodwill | 0 | |
Goodwill, gross | 4,827 | |
Pharmaceutical [Member] | Rayaldee [Member] | ||
Goodwill, gross | 81,786 | |
Goodwill, impairment | 0 | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 1,355 | |
Goodwill | 83,141 | |
Goodwill | 83,141 | |
Goodwill, gross | 81,786 | |
Pharmaceutical [Member] | FineTech [Member] | ||
Goodwill, gross | 11,698 | |
Goodwill, impairment | (11,698) | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 0 | |
Goodwill | 0 | |
Goodwill | 0 | |
Goodwill, gross | 11,698 | |
Pharmaceutical [Member] | ModeX Therapeutics, Inc [Member] | ||
Goodwill, gross | 80,432 | |
Goodwill, impairment | 0 | |
Goodwill, acquired (disposed of) | (172) | |
Goodwill, foreign exchange effect | 0 | |
Goodwill | 80,260 | |
Goodwill | 80,260 | |
Goodwill, gross | 80,432 | |
Pharmaceutical [Member] | OPKO Biologics [Member] | ||
Goodwill, gross | 139,784 | |
Goodwill, impairment | 0 | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 0 | |
Goodwill | 139,784 | |
Goodwill | 139,784 | |
Goodwill, gross | 139,784 | |
Pharmaceutical [Member] | OPKO Chile [Member] | ||
Goodwill, gross | 3,767 | |
Goodwill, impairment | 0 | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 222 | |
Goodwill | 3,989 | |
Goodwill | 3,989 | |
Goodwill, gross | 3,767 | |
Pharmaceutical [Member] | OPKO Health Europe [Member] | ||
Goodwill, gross | 7,057 | |
Goodwill, impairment | 0 | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 119 | |
Goodwill | 7,176 | |
Goodwill | 7,176 | |
Goodwill, gross | 7,057 | |
Pharmaceutical [Member] | OPKO Mexico [Member] | ||
Goodwill, gross | 100 | |
Goodwill, impairment | (100) | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 0 | |
Goodwill | 0 | |
Goodwill | 0 | |
Goodwill, gross | 100 | |
Pharmaceutical [Member] | Transition Therapeutics [Member] | ||
Goodwill, gross | 3,421 | |
Goodwill, impairment | (3,421) | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 0 | |
Goodwill | 0 | |
Goodwill | 0 | |
Goodwill, gross | 3,421 | |
Diagnostics [Member] | BioReference [Member] | ||
Goodwill, gross | 283,025 | |
Goodwill, impairment | 0 | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 0 | |
Goodwill | 283,025 | |
Goodwill | 283,025 | |
Goodwill, gross | 283,025 | |
Diagnostics [Member] | OPKO Diagnostics [Member] | ||
Goodwill, gross | 17,977 | |
Goodwill, impairment | (17,977) | |
Goodwill, acquired (disposed of) | 0 | |
Goodwill, foreign exchange effect | 0 | |
Goodwill | 0 | |
Goodwill | $ 0 | |
Goodwill, gross | $ 17,977 |
Note 6 - Acquisitions and Inv_3
Note 6 - Acquisitions and Investments (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | 14 Months Ended | ||||||
May 09, 2022 | Apr. 29, 2022 | Jan. 31, 2023 | Sep. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | Apr. 30, 2023 | |
Assets | $ 2,158,899 | $ 2,158,899 | $ 2,167,259 | $ 2,167,259 | $ 2,158,899 | |||||||
Liabilities | 623,551 | 623,551 | 605,611 | 605,611 | 623,551 | |||||||
Equity Method Investment, Quoted Market Value | 1,700 | 1,700 | 1,300 | 1,300 | 1,700 | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 265,418 | $ 309,893 | 502,995 | $ 639,111 | ||||||||
LeaderMed [Member] | LeaderMed Joint Venture [Member] | ||||||||||||
Minority Interest, Shares Issued (in shares) | 4,703 | |||||||||||
Subsidiary, Ownership Percentage, Parent | 47% | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,000 | |||||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||||||
Assets | 95,200 | 95,200 | 167,100 | 167,100 | 95,200 | |||||||
Liabilities | $ 26,700 | 26,700 | $ 46,500 | 46,500 | $ 26,700 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 20,000 | $ 101,500 | ||||||||||
Pharmsynthez [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 9% | 9% | 9% | |||||||||
Cocrystal Pharma, Inc. [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 2% | 2% | 2% | |||||||||
Non-Invasive Monitoring Systems, Inc. [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | 1% | |||||||||
Neovasc [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 0.50% | 0.50% | 0.50% | |||||||||
BioCardia [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | 1% | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 47,000 | 47,000 | 47,000 | |||||||||
Xenetic [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 3% | 3% | 3% | |||||||||
LeaderMed [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 47% | 47% | 47% | |||||||||
GeneDx Holdings [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 13.90% | 13.90% | 13.90% | |||||||||
Equity Method Investment, Quoted Market Value | $ 21,200 | $ 21,200 | $ 21,200 | |||||||||
Payments to Acquire Businesses, Gross | $ 150,000 | |||||||||||
Investment Owned, Shares Purchased (in shares) | 14,285,714 | |||||||||||
Payments to Acquire Equity Securities, FV-NI | $ 5,000 | |||||||||||
Stockholders' Equity, Reverse Stock Split, Conversion Per Share (in dollars per share) | $ 33 | |||||||||||
Investment Owned, Balance, Shares (in shares) | 3,558,602 | 3,558,602 | 3,558,602 | |||||||||
Business Acquisition, Outstanding Shares Held, Percentage | 5% | 5% | 5% | |||||||||
Equity Securities, FV-NI, Realized Gain | $ 19,900 | $ 11,600 | ||||||||||
GeneDx Holdings [Member] | Common Class A [Member] | ||||||||||||
Business Divesture, Milestone Payment, Shares (in shares) | 23,100,000 | |||||||||||
GeneDx Holdings [Member] | Maximum [Member] | ||||||||||||
Business Divesture, Milestone Payment, Shares (in shares) | 30,900,000 | |||||||||||
VBI Vaccines Inc. [Member] | ||||||||||||
Equity Security, FV-NI, Ownership Percent | 1% | 1% | 1% | |||||||||
ChromaDex Corporation [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 0.10% | 0.10% | 0.10% | |||||||||
Equity Security, FV-NI, Ownership Percent | 0.10% | 0.10% | 0.10% | |||||||||
Eloxx Pharmaceuticals, Inc. [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | 1% | |||||||||
Equity Security, FV-NI, Ownership Percent | 1% | 1% | 1% | |||||||||
CAMP4 [Member] | ||||||||||||
Equity Security, FV-NI, Ownership Percent | 2% | 2% | 2% | |||||||||
HealthSnap, Inc. [Member] | ||||||||||||
Equity Security, FV-NI, Ownership Percent | 7% | 7% | 7% | |||||||||
COCP [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 2% | 2% | 2% | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 33,000 | 33,000 | 33,000 | |||||||||
InCellDx [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 29% | 29% | 29% | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 700,000 | 700,000 | 700,000 | |||||||||
Zebra [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 29% | 29% | 29% | |||||||||
Zebra [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 29% | 29% | 29% | |||||||||
Zebra [Member] | Series A-2 Preferred Stock [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||||
Investment Owned, Balance, Shares (in shares) | 1,260,000 | 1,260,000 | 1,260,000 | |||||||||
Zebra [Member] | Restricted Stock [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||||
Investment Owned, Balance, Shares (in shares) | 900,000 | 900,000 | 900,000 | |||||||||
ModeX Therapeutics, Inc [Member] | ||||||||||||
Business Combination, Consideration Transferred | $ 300,000 | |||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 221,700 | |||||||||||
Business Acquisition, Share Price (in dollars per share) | $ 0.01 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 221,662 | |||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 50,000 | |||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 12,700 | |||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 23,300 | |||||||||||
Payments to Acquire Businesses, Gross | 300,000 | |||||||||||
ModeX Therapeutics, Inc [Member] | Common Stock [Member] | ||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 219,400 | |||||||||||
Business Acquisition, Share Price (in dollars per share) | $ 2.44 | |||||||||||
ModeX Therapeutics, Inc [Member] | Fully Vested Equity Awards [Member] | ||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2,300 | |||||||||||
Neovasc [Member] | Shockwave Medical, Inc. [Member] | ||||||||||||
Business Acquisition, Share Price (in dollars per share) | 27.25 | |||||||||||
Business Acquisition, Additional Contingent Per Share Value (in dollars per share) | $ 12 |
Note 6 - Acquisitions and Inv_4
Note 6 - Acquisitions and Investments - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | May 09, 2022 |
Goodwill | $ 597,375 | $ 595,851 | |
ModeX Therapeutics, Inc [Member] | |||
Cash and cash equivalents | $ 228 | ||
Other assets | 727 | ||
Property, plant and equipment | 1,046 | ||
Goodwill | 80,260 | ||
Accounts payable | (287) | ||
Deferred tax liability | (55,312) | ||
Total purchase price | 221,662 | ||
ModeX Therapeutics, Inc [Member] | In Process Research and Development [Member] | |||
IPR&D assets | $ 195,000 |
Note 6 - Acquisitions and Inv_5
Note 6 - Acquisitions and Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Equity method investments | $ 30 | $ 103 |
Equity method investments, underlying value | 2,622 | 4,120 |
Variable interest entity, equity method | 795 | 800 |
Variable interest entity, equity method, underlying equity | 970 | 1,370 |
Equity method investments - FV option | 21,209 | 21,120 |
Equity securities | 330 | 648 |
Equity securities with no readily determinable fair value | 5,381 | 5,381 |
Warrants and options | 38 | 28 |
Investments | $ 27,783 | $ 28,080 |
Note 6 - Acquisitions and Inv_6
Note 6 - Acquisitions and Investments - Gains and Losses on Equity Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net gains and losses recognized during the period on equity securities | $ (318) | $ (2,718) |
Unrealized net losses recognized during the period on equity securities still held at the reporting date | $ (318) | $ (2,718) |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 47 Months Ended | |||||||||||
May 31, 2021 USD ($) shares | Feb. 28, 2019 USD ($) $ / shares shares | Feb. 28, 2018 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) shares | Dec. 31, 2016 USD ($) shares | Jun. 29, 2023 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 01, 2019 USD ($) | Nov. 30, 2015 USD ($) | |
Retained Earnings (Accumulated Deficit) | $ (1,860,830,000) | $ (1,822,923,000) | |||||||||||||
Additional Paid in Capital | 3,427,094,000 | 3,421,872,000 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 80,028,000 | ||||||||||||||
Equity, Attributable to Parent | $ 1,551,810,000 | 1,535,348,000 | 1,561,648,000 | $ 1,718,799,000 | $ 1,614,883,000 | $ 1,685,126,000 | |||||||||
Goodwill | 597,375,000 | 595,851,000 | |||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 782,195,000 | $ 823,520,000 | |||||||||||||
BioReference [Member] | |||||||||||||||
Equity, Attributable to Parent | 525,700,000 | ||||||||||||||
Goodwill | 283,000,000 | ||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 177,900,000 | ||||||||||||||
Minimum [Member] | |||||||||||||||
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.70% | ||||||||||||||
Maximum [Member] | |||||||||||||||
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | 5.10% | ||||||||||||||
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||||||
Retained Earnings (Accumulated Deficit) | $ (17,500,000) | ||||||||||||||
Additional Paid in Capital | (39,100,000) | ||||||||||||||
Equity, Attributable to Parent | $ (21,642,000) | ||||||||||||||
Conversion of the 2025 Notes into Common Stock [Member] | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 55,400,000 | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 19,051,270 | ||||||||||||||
Line of Credit [Member] | |||||||||||||||
Debt, Weighted Average Interest Rate | 8.80% | 5.40% | |||||||||||||
The 2025 Notes [Member] | Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||||||
Convertible Debt | $ 21,600,000 | ||||||||||||||
The 2025 Notes [Member] | Convertible Debt [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 200,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 236.7424 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 4.22 | ||||||||||||||
Debt Instrument, Convertible Debt, Maximum Shares Issuable (in shares) | shares | 30,000,000 | ||||||||||||||
Debt Instrument, Convertible Debt, Increase (Decrease) in Maximum Shares Issuable (in shares) | shares | 8,105,175 | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Outstanding (in shares) | shares | 21,144,825 | ||||||||||||||
Proceeds From Convertible Debt, Conversion Fee | $ 300,000 | ||||||||||||||
The 2025 Notes [Member] | Convertible Debt [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||||||||
The 2025 Notes [Member] | Convertible Debt [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 5 | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 5 | ||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 98% | ||||||||||||||
The 2025 Notes [Member] | Convertible Debt [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||||||||
The 2023 Convertible Notes [Member] | Convertible Debt [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 55,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 5 | ||||||||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||||||||
Debt Instrument, Convertible, Conversion Premium, Percent | 25% | ||||||||||||||
Debt Instrument, Convertible, Conversion Premium, Per Share (in dollars per share) | $ / shares | $ 1.66 | ||||||||||||||
The 2023 Convertible Notes [Member] | Convertible Debt [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument, Convertible, Conversion Notice Threshold (Day) | 30 days | ||||||||||||||
The 2023 Convertible Notes [Member] | Convertible Debt [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument, Convertible, Conversion Notice Threshold (Day) | 60 days | ||||||||||||||
The 2033 Senior Notes [Member] | Convertible Debt [Member] | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 21,539,873 | ||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 143,200,000 | ||||||||||||||
Debt Instrument, Repurchase Amount | $ 28,800,000 | ||||||||||||||
Repayments of Convertible Debt | $ 3,000,000 | ||||||||||||||
The 2033 Senior Notes [Member] | Senior Notes [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 175,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | ||||||||||||||
Credit Agreement [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | $ 75,000,000 | |||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 13,300,000 | ||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | ||||||||||||||
Long-Term Line of Credit, Noncurrent | $ 13,300,000 | $ 18,100,000 | |||||||||||||
Credit Agreement [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Quarterly Availability is 50% or More [Member] | |||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1% | ||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.275% | ||||||||||||||
Credit Agreement [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate, Benchmark Adjustment | 0.10% | ||||||||||||||
Credit Agreement [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate 12 Months [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||||||||||||
Credit Agreement [Member] | Line of Credit [Member] | Bridge Loan [Member] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | ||||||||||||||
Credit Agreement [Member] | Line of Credit [Member] | Letter of Credit [Member] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||||||||||||||
Notes and Other Debt [Member] | |||||||||||||||
Debt, Weighted Average Interest Rate | 4% | 3.50% |
Note 7 - Debt - Schedule of Deb
Note 7 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Long-term debt | $ 249,529 | $ 256,251 |
Current portion of notes payable | 2,657 | 1,720 |
Long term portion of notes payable | 8,501 | 9,290 |
Convertible Notes [Member] | ||
Current portion of notes payable | 0 | 3,050 |
Long term portion of notes payable | 212,299 | 210,371 |
Line Of Credit And Notes And Loans Payable Current Member | ||
Long-term debt | 28,729 | 33,540 |
Other Noncurrent Liabilities [Member] | ||
Long-term debt | 8,501 | 9,290 |
The 2025 Notes [Member] | ||
Long-term debt | 142,660 | 142,096 |
The 2023 Convertible Notes [Member] | ||
Long-term debt | 69,639 | 68,275 |
The 2033 Senior Notes [Member] | ||
Long-term debt | 0 | 3,050 |
J P Morgan Chase [Member] | ||
Long-term debt | 13,329 | 18,080 |
Chilean and Spanish Lines of Credit [Member] | ||
Long-term debt | $ 12,743 | $ 13,740 |
Note 7 - Debt - Schedule of D_2
Note 7 - Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Balance, total | $ 256,251 | ||
Amortization of debt discount and debt issuance costs | 598 | $ 569 | |
Balance, total | 249,529 | ||
Current portion of notes payable | 2,657 | $ 1,720 | |
Other long-term liabilities | 26,841 | 27,371 | |
Total | 249,529 | 256,251 | |
Notes Payable And Other Long Term Liabilities [Member] | |||
Balance, total | 11,010 | ||
Balance, total | 11,158 | ||
Current portion of notes payable | 2,657 | 1,720 | |
Other long-term liabilities | 8,501 | 9,290 | |
Total | 11,158 | 11,010 | |
Senior Notes [Member] | |||
Balance | 144,580 | ||
Balance, debt issuance cost | (2,484) | ||
Balance, total | 142,096 | ||
Amortization of debt discount and debt issuance costs | 564 | ||
Balance | 144,580 | ||
Balance, debt issuance cost | (1,920) | ||
Balance, total | 142,660 | ||
Total | $ 142,660 | $ 142,096 |
Note 7 - Debt - Schedule of Lin
Note 7 - Debt - Schedule of Line of Credit Facilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Interest rate | ||
Credit line capacity | $ 80,028 | |
Line of credit | $ 26,072 | $ 31,820 |
J P Morgan Chase [Member] | ||
Interest rate | 11.85% | |
Credit line capacity | $ 50,000 | |
Line of credit | $ 13,329 | 18,080 |
Itau Bank [Member] | ||
Interest rate | 5.50% | |
Credit line capacity | $ 1,900 | |
Line of credit | $ 1,566 | 2,378 |
Bank of Chile [Member] | ||
Interest rate | 6.60% | |
Credit line capacity | $ 2,500 | |
Line of credit | $ 1,842 | 817 |
BICE Bank [Member] | ||
Interest rate | 5.50% | |
Credit line capacity | $ 2,640 | |
Line of credit | $ 2,640 | 1,661 |
Scotiabank [Member] | ||
Interest rate | 5% | |
Credit line capacity | $ 5,500 | |
Line of credit | $ 1,094 | 1,646 |
Santander Bank [Member] | ||
Interest rate | 5.50% | |
Credit line capacity | $ 5,000 | |
Line of credit | $ 1,682 | 1,238 |
Security Bank [Member] | ||
Interest rate | 5.50% | |
Credit line capacity | $ 1,400 | |
Line of credit | $ 571 | 755 |
Estado Bank [Member] | ||
Interest rate | 5.50% | |
Credit line capacity | $ 4,000 | |
Line of credit | $ 550 | 1,621 |
BCI Bank [Member] | ||
Interest rate | 5% | |
Credit line capacity | $ 2,500 | |
Line of credit | $ 839 | 2,100 |
Internacional Bank [Member] | ||
Interest rate | 5.50% | |
Credit line capacity | $ 1,500 | |
Line of credit | $ 1,292 | 599 |
Consoorcio Bank [Member] | ||
Interest rate | 5% | |
Credit line capacity | $ 2,000 | |
Line of credit | $ 667 | 925 |
Banco De Sabadell [Member] | ||
Interest rate | 1.75% | |
Credit line capacity | $ 544 | |
Line of credit | $ 0 | 0 |
Santander Bank 2 [Member] | ||
Interest rate | 1.95% | |
Credit line capacity | $ 544 | |
Line of credit | $ 0 | $ 0 |
Note 8 - Accumulated Other Co_3
Note 8 - Accumulated Other Comprehensive Loss - Changed in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance at December 31, 2022 | $ 1,551,810 | $ 1,614,883 | $ 1,561,648 | $ 1,685,126 |
Other comprehensive income | 669 | (17,756) | 6,381 | (18,676) |
Balance at June 30, 2023 | 1,535,348 | $ 1,718,799 | 1,535,348 | $ 1,718,799 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance at December 31, 2022 | (43,323) | |||
Other comprehensive income | 6,381 | |||
Balance at June 30, 2023 | $ (36,942) | $ (36,942) |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Business Combination, Contingent Consideration, Liability | $ 1.1 | $ 1 |
Accrued Expenses [Member] | ||
Business Combination, Contingent Consideration, Liability | 0.1 | |
Other Noncurrent Liabilities [Member] | ||
Business Combination, Contingent Consideration, Liability | $ 1.1 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Equity Method - FV option | $ 21,209 | $ 21,120 |
Business Combination, Contingent Consideration, Liability | 1,100 | 1,000 |
Fair Value, Recurring [Member] | ||
Money market funds | 57,355 | 102,773 |
Equity securities | 330 | 648 |
Equity Method - FV option | 21,209 | 21,120 |
Common stock options/warrants | 38 | 28 |
Total assets | 78,932 | 124,569 |
Forward contracts | 134 | 1,123 |
Business Combination, Contingent Consideration, Liability | 1,139 | 1,036 |
Total liabilities | 1,273 | 2,159 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 57,355 | 102,773 |
Equity securities | 330 | 648 |
Equity Method - FV option | 21,209 | 21,120 |
Common stock options/warrants | 0 | 0 |
Total assets | 78,894 | 124,541 |
Forward contracts | 0 | 0 |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | 0 | 0 |
Equity securities | 0 | 0 |
Equity Method - FV option | 0 | 0 |
Common stock options/warrants | 38 | 28 |
Total assets | 38 | 28 |
Forward contracts | 134 | 1,123 |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Total liabilities | 134 | 1,123 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market funds | 0 | 0 |
Equity securities | 0 | 0 |
Equity Method - FV option | 0 | 0 |
Common stock options/warrants | 0 | 0 |
Total assets | 0 | 0 |
Forward contracts | 0 | 0 |
Business Combination, Contingent Consideration, Liability | 1,139 | 1,036 |
Total liabilities | $ 1,139 | $ 1,036 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes (Details) - Convertible Notes Payable [Member] $ in Thousands | Jun. 30, 2023 USD ($) |
Reported Value Measurement [Member] | |
2025 Notes | $ 142,660 |
Estimate of Fair Value Measurement [Member] | |
2025 Notes | 138,797 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |
2025 Notes | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |
2025 Notes | 138,797 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |
2025 Notes | $ 0 |
Note 9 - Fair Value Measureme_6
Note 9 - Fair Value Measurements - Reconciliation of Level 3 Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Balance at December 31, 2022 | $ 1,036 |
Included in results of operations | 102 |
Foreign currency impact | 1 |
Balance at June 30, 2023 | $ 1,139 |
Note 10 - Derivative Contract_2
Note 10 - Derivative Contracts - Summary of Fair Values and Presentation of Derivatives Financial Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Common Stock Options/ Warrants [Member] | Investment, Net [Member] | ||
Derivative financial instruments | $ 38 | $ 28 |
Foreign Exchange Forward [Member] | Accrued Expenses [Member] | ||
Derivative financial instruments | $ (134) | $ (1,123) |
Note 10 - Derivative Contract_3
Note 10 - Derivative Contracts - Summary of Gains and Losses Recorded (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative loss | $ 142 | $ 338 | $ (917) | $ 206 |
Common Stock Options/ Warrants [Member] | ||||
Derivative loss | 12 | (4) | 10 | (5) |
Foreign Exchange Forward [Member] | ||||
Derivative loss | $ 130 | $ 342 | $ (927) | $ 211 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) | 3 Months Ended | 6 Months Ended | 14 Months Ended | ||||
Jul. 14, 2023 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Aug. 01, 2019 USD ($) ft² | |
Area of Real Estate Property (Square Foot) | ft² | 29,500 | ||||||
Operating Leases, Monthly Payments, Year One | $ 89,000 | ||||||
Operating Leases, Monthly Payments, Year Five | $ 101,000 | ||||||
Beckman Coulter [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 1,700,000 | ||||||
Integrated DNA Technologies Inc. [Member] | |||||||
Related Party Transaction, Amounts of Transaction | 800,000 | ||||||
Leica Microsystems Inc. [Member] | |||||||
Related Party Transaction, Amounts of Transaction | 200,000 | ||||||
Transition Services Agreement [Member] | GeneDx [Member] | |||||||
Related Party Transaction, Amounts of Transaction | 800,000 | $ 2,100,000 | |||||
Accounts Receivable, after Allowance for Credit Loss | $ 500,000 | 500,000 | $ 500,000 | ||||
Reimbursement of Travel Expenses [Member] | Executive Officer [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 | $ 29,300 | $ 30,000 | |||
Ruen-Hui Biopharmaceuticals, Inc. [Member] | |||||||
Equity Method Investment, Ownership Percentage | 10% | ||||||
Ruen-Hui Biopharmaceuticals, Inc. [Member] | License Agreement [Member] | |||||||
Payments to Acquire Equity Method Investments | $ 150,000 | ||||||
Collaborative Arrangement, Maximum Regulatory Milestone Payments | $ 1,000,000 | ||||||
Pharmsynthez [Member] | |||||||
Equity Method Investment, Ownership Percentage | 9% | 9% | 9% | ||||
Xenetic [Member] | |||||||
Equity Method Investment, Ownership Percentage | 3% | 3% | 3% | ||||
Xenetic [Member] | Director [Member] | |||||||
Investment Owned, Balance, Shares (in shares) | shares | 31,240 | 31,240 | 31,240 | ||||
Zebra [Member] | |||||||
Equity Method Investment, Ownership Percentage | 29% | 29% | 29% | ||||
Neovasc [Member] | |||||||
Equity Method Investment, Ownership Percentage | 0.50% | 0.50% | 0.50% | ||||
ChromaDex Corporation [Member] | |||||||
Equity Method Investment, Ownership Percentage | 0.10% | 0.10% | 0.10% | ||||
COCP [Member] | |||||||
Equity Method Investment, Ownership Percentage | 2% | 2% | 2% | ||||
NIMS [Member] | |||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | 1% | ||||
Eloxx Pharmaceuticals, Inc. [Member] | |||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | 1% | ||||
BioCardia [Member] | |||||||
Equity Method Investment, Ownership Percentage | 1% | 1% | 1% | ||||
LeaderMed [Member] | |||||||
Equity Method Investment, Ownership Percentage | 47% | 47% | 47% | ||||
GeneDx [Member] | |||||||
Equity Method Investment, Ownership Percentage | 13.90% | 13.90% | 13.90% | ||||
InCellDx [Member] | |||||||
Equity Method Investment, Ownership Percentage | 29% | 29% | 29% |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |||
Dec. 29, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | May 26, 2022 | |
Business Combination, Contingent Consideration, Liability | $ 1,100 | $ 1,000 | ||
Purchase Obligation | 46,400 | |||
Texas Medicaid Office [Member] | Threatened Litigation [Member] | ||||
Loss Contingency Accrual | $ 784 | |||
Accrued Expenses [Member] | ||||
Business Combination, Contingent Consideration, Liability | 100 | |||
Other Noncurrent Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability | 1,100 | |||
CURNA, OPKO Diagnostics and OPKO Renal [Member] | ||||
Business Combination, Contingent Consideration, Liability | 1,100 | |||
CURNA, OPKO Diagnostics and OPKO Renal [Member] | Accrued Expenses [Member] | ||||
Business Combination, Contingent Consideration, Liability | 100 | |||
CURNA, OPKO Diagnostics and OPKO Renal [Member] | Other Noncurrent Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability | 1,100 | |||
Israel Tax Authority [Member] | ||||
Income Tax Examination, Estimate of Possible Loss | $ 246,000 | |||
Foreign Tax Authority [Member] | Israel Tax Authority [Member] | Tax Year 2014 Through Tax Year 2020 [Member] | ||||
Income Tax Examination, Estimate of Possible Loss | $ 246,000 |
Note 13 - Revenue Recognition_2
Note 13 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 08, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 13,900 | $ 21,200 | ||||
Accrued Expense, Payor Overpayment Reimbursement, Liability | $ 2,900 | 2,900 | $ 1,800 | |||
Contract with Customer, Liability, Revenue Recognized | (2) | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 265,418 | $ 309,893 | 502,995 | 639,111 | ||
Merck Agreement [Member] | Merck Sharp & Dohme LLC [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 50,000 | |||||
Rayaldee [Member] | ||||||
Contract with Customer, Liability, Revenue Recognized | 7,700 | 6,200 | 14,400 | 11,400 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,568 | 15,382 | 31,850 | 28,861 | ||
Transfer of Intellectual Property and Other [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 94,866 | $ 87,197 | 159,692 | 93,159 | ||
Transfer of Intellectual Property and Other [Member] | FDA Approval of NGENLA [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 90,000 | |||||
Transfer of Intellectual Property and Other [Member] | Milestone Payments [Member] | Pfizer Inc. [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 85,000 | |||||
Transfer of Intellectual Property and Other [Member] | Milestone Payments [Member] | Vifor Fresenius Medical Care Renal Pharma Ltd. [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,000 | |||||
Transfer of Intellectual Property and Other [Member] | Merck Agreement [Member] | Merck Sharp & Dohme LLC [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 50,000 | |||||
Transfer of Intellectual Property and Other [Member] | Development and License Agreement [Member] | Vifor Fresenius Medical Care Renal Pharma Ltd. [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,000 | |||||
Transfer of Intellectual Property and Other [Member] | Development and License Agreement [Member] | NICOYA Macau Limited [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,500 |
Note 13 - Revenue Recognition -
Note 13 - Revenue Recognition - Composition of Revenue From Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 265,418 | $ 309,893 | $ 502,995 | $ 639,111 |
Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 127,052 | 186,804 | 259,420 | 473,402 |
Healthcare Insurers [Member] | Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 76,954 | 76,442 | 157,365 | 172,269 |
Government Payers [Member] | Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,923 | 25,659 | 41,267 | 53,263 |
Client Payers [Member] | Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,899 | 80,931 | 52,443 | 240,021 |
Self-Pay [Member] | Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,276 | $ 3,772 | $ 8,345 | $ 7,849 |
Note 13 - Revenue Recognition_3
Note 13 - Revenue Recognition - Analysis of Product Sales Allowances and Accruals (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | |
Total gross Rayaldee sales | $ 265,418 | $ 309,893 | $ 502,995 | $ 639,111 | |||
Rayaldee [Member] | |||||||
Balance at beginning | 8,390 | $ 8,278 | 9,203 | 8,278 | 10,152 | $ 10,152 | $ 10,152 |
Provision related to current period sales | 9,862 | 9,161 | 17,499 | 17,514 | |||
Credits or payments made | (8,334) | (8,588) | (15,859) | (17,890) | |||
Balance at end | 9,918 | 8,390 | 9,776 | 9,918 | 9,776 | 8,278 | 9,918 |
Total gross Rayaldee sales | $ 17,568 | $ 15,382 | $ 31,850 | $ 28,861 | |||
Provision for Rayaldee sales allowances and accruals as a percentage of gross Rayaldee sales | 56% | 60% | 55% | 61% | |||
Chargebacks, Discounts, Rebates and Fees [Member] | Rayaldee [Member] | |||||||
Balance at beginning | $ 1,574 | 1,532 | $ 1,588 | $ 1,532 | $ 2,014 | 2,014 | 2,014 |
Provision related to current period sales | 3,950 | 3,411 | 7,256 | 6,626 | |||
Credits or payments made | (3,194) | (3,330) | (6,458) | (6,971) | |||
Balance at end | 2,330 | 1,574 | 1,669 | 2,330 | 1,669 | 1,532 | 2,330 |
Governmental [Member] | Rayaldee [Member] | |||||||
Balance at beginning | 5,140 | 5,063 | 5,282 | 5,063 | 5,499 | 5,499 | 5,499 |
Provision related to current period sales | 5,561 | 5,442 | 9,606 | 10,311 | |||
Credits or payments made | (4,747) | (4,235) | (8,715) | (9,321) | |||
Balance at end | 5,954 | 5,140 | 6,489 | 5,954 | 6,489 | 5,063 | 5,954 |
Sales Returns [Member] | Rayaldee [Member] | |||||||
Balance at beginning | 1,676 | 1,683 | 2,333 | 1,683 | 2,639 | 2,639 | 2,639 |
Provision related to current period sales | 351 | 308 | 637 | 577 | |||
Credits or payments made | (393) | (1,023) | (686) | (1,598) | |||
Balance at end | $ 1,634 | $ 1,676 | $ 1,618 | $ 1,634 | $ 1,618 | $ 1,683 | $ 1,634 |
Note 13 - Revenue Recognition_4
Note 13 - Revenue Recognition - Changes in Contractual Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Balance at December 31, 2022 | $ 138 |
Balance at June 30, 2023 | 140 |
Amounts included in contracts liability at the beginning of the period | $ (2) |
Note 14 - Strategic Alliances (
Note 14 - Strategic Alliances (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | ||||||||||
Mar. 08, 2023 | Sep. 14, 2021 | Jul. 06, 2021 | Jun. 18, 2021 | May 05, 2020 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Oct. 01, 2019 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 265,418 | $ 309,893 | $ 502,995 | $ 639,111 | |||||||||||
Contract with Customer, Liability | 140 | $ 140 | 140 | $ 138 | $ 140 | ||||||||||
CAMP4 [Member] | |||||||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 9% | ||||||||||||||
Corporate Joint Venture [Member] | LeaderMed Joint Venture [Member] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,000 | ||||||||||||||
Subsidiary, Ownership Percentage, Parent | 47% | ||||||||||||||
Corporate Joint Venture [Member] | LeaderMed Joint Venture [Member] | LeaderMed [Member] | |||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 11,000 | ||||||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 53% | ||||||||||||||
CAMP4 [Member] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,500 | ||||||||||||||
Collaborative Arrangement, Upfront Payment, Shares (in shares) | 3,373,008 | ||||||||||||||
Collaborative Arrangement, Period Following First Commercial Sale (Year) | 10 years | ||||||||||||||
CAMP4 [Member] | Dravet Syndrome Products [Member] | |||||||||||||||
Collaborative Arrangement, Development Milestone Payment | $ 3,500 | ||||||||||||||
Collaborative Arrangement, Sales Milestone Payment | $ 90,000 | ||||||||||||||
Collaborative Arrangement, Development Milestone Payment, Shares (in shares) | 5,782,299 | ||||||||||||||
CAMP4 [Member] | Non-Dravet Syndrome Products [Member] | |||||||||||||||
Collaborative Arrangement, Development Milestone Payment | $ 4,000 | ||||||||||||||
Collaborative Arrangement, Sales Milestone Payment | $ 90,000 | ||||||||||||||
Collaborative Arrangement, Development Milestone Payment, Shares (in shares) | 1,082,248 | ||||||||||||||
Merck Agreement [Member] | Merck Sharp & Dohme LLC [Member] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 50,000 | ||||||||||||||
Collaborative Arrangement, Development Milestone Payment | $ 872,500 | 12,500 | 12,500 | 12,500 | 12,500 | ||||||||||
Costs Incurred, Development Costs | 8,200 | ||||||||||||||
Development and License Agreement [Member] | NICOYA Macau Limited [Member] | EirGen [Member] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 5,000 | $ 2,500 | |||||||||||||
Collaborative Arrangement, Development Milestone Payment | $ 115,000 | ||||||||||||||
Collaborative Arrangement, Period Following First Commercial Sale (Year) | 10 years | ||||||||||||||
Collaborative Agreement, Delayed Payment | $ 5,000 | ||||||||||||||
Collaborative Agreement, Delayed Payment Received, Cumulative | $ 2,500 | ||||||||||||||
Development and License Agreement [Member] | Vifor Fresenius Medical Care Renal Pharma Ltd. [Member] | EirGen [Member] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,000 | ||||||||||||||
Collaborative Arrangement, Sales Milestone Payment | $ 207,000 | ||||||||||||||
Collaborative Arrangement, Maximum Regulatory Milestone Payments | 10,000 | ||||||||||||||
Collaborative Agreement, Option, Sales Milestone Payments | 555,000 | ||||||||||||||
Development and License Agreement [Member] | Vifor Fresenius Medical Care Renal Pharma Ltd. [Member] | First Marketing Approval of Rayaldee in Europe [Member] | EirGen [Member] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,000 | ||||||||||||||
Development and License Agreement [Member] | Vifor Fresenius Medical Care Renal Pharma Ltd. [Member] | Germany Price Approval by Local Sick Fund Association [Member] | EirGen [Member] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7,000 | ||||||||||||||
Transfer of Intellectual Property and Other [Member] | Vifor Fresenius Medical Care Renal Pharma Ltd. [Member] | EirGen [Member] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,000 | ||||||||||||||
Pfizer Agreement [Member] | Pfizer Inc. [Member] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 90,000 | 85,000 | 175,000 | ||||||||||||
Collaborative Arrangement, Maximum Regulatory Milestone Payments | $ 275,000 | ||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 295,000 | ||||||||||||||
Contract with Customer, Liability | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||
Pfizer Agreement [Member] | Pfizer Inc. [Member] | Minimum [Member] | |||||||||||||||
Collaborative Agreements, Each Milestone Payment | 20,000 | ||||||||||||||
Pfizer Agreement [Member] | Pfizer Inc. [Member] | Maximum [Member] | |||||||||||||||
Collaborative Agreements, Each Milestone Payment | $ 90,000 |
Note 15 - Segments (Details Tex
Note 15 - Segments (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 | |
Number of Reportable Segments | 2 | ||||
Interest Expense | $ 3,277 | $ 3,075 | $ 6,668 | $ 5,737 | |
Income Tax Expense (Benefit) | $ 3,148 | $ 15,070 | $ 4,381 | $ (6,196) | |
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | |||||
Number of Major Customers | 0 | 0 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number of Major Customers | 0 | 0 | |||
Intersegment Eliminations [Member] | |||||
Revenues | $ 0 | ||||
Interest Expense | 0 | ||||
Income Tax Expense (Benefit) | $ 0 |
Note 15 - Segments - Operations
Note 15 - Segments - Operations by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 265,418 | $ 309,893 | $ 502,995 | $ 639,111 |
Operating income (loss) | 7,025 | (10,739) | (23,569) | (83,164) |
Depreciation and amortization | 26,391 | 27,995 | 52,993 | 55,809 |
Loss from investment in investees | (42) | (268) | (79) | (316) |
UNITED STATES | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 134,859 | 193,105 | 323,943 | 484,913 |
IRELAND | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 96,749 | 89,177 | 112,595 | 97,638 |
CHILE | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,954 | 15,804 | 35,494 | 32,143 |
SPAIN | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,968 | 5,696 | 12,078 | 12,805 |
ISRAEL | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,639 | 1,854 | 6,233 | 3,412 |
MEXICO | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,724 | 4,055 | 11,551 | 7,805 |
Other Countries [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 525 | 202 | 1,101 | 395 |
Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 127,052 | 186,804 | 259,420 | 473,402 |
Product [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,500 | 35,892 | 83,883 | 72,550 |
Transfer of Intellectual Property and Other [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 94,866 | 87,197 | 159,692 | 93,159 |
Operating Segments [Member] | Pharmaceutical [Member] | ||||
Operating income (loss) | 63,631 | 55,435 | 82,585 | 37,327 |
Depreciation and amortization | 17,788 | 17,840 | 35,703 | 33,242 |
Loss from investment in investees | (42) | (268) | (79) | (316) |
Operating Segments [Member] | Pharmaceutical [Member] | Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments [Member] | Pharmaceutical [Member] | Product [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,500 | 35,892 | 83,883 | 72,550 |
Operating Segments [Member] | Pharmaceutical [Member] | Transfer of Intellectual Property and Other [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 94,866 | 87,197 | 159,692 | 93,159 |
Operating Segments [Member] | Diagnostics [Member] | ||||
Operating income (loss) | (44,258) | (57,543) | (84,264) | (101,092) |
Depreciation and amortization | 8,603 | 10,155 | 17,290 | 22,567 |
Loss from investment in investees | 0 | 0 | 0 | 0 |
Operating Segments [Member] | Diagnostics [Member] | Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 127,052 | 186,804 | 259,420 | 473,402 |
Operating Segments [Member] | Diagnostics [Member] | Product [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Operating Segments [Member] | Diagnostics [Member] | Transfer of Intellectual Property and Other [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Corporate, Non-Segment [Member] | ||||
Operating income (loss) | (12,348) | (8,631) | (21,890) | (19,399) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Loss from investment in investees | 0 | 0 | 0 | 0 |
Corporate, Non-Segment [Member] | Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Corporate, Non-Segment [Member] | Product [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Corporate, Non-Segment [Member] | Transfer of Intellectual Property and Other [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Note 15 - Segments - Assets by
Note 15 - Segments - Assets by Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | $ 2,158,899 | $ 2,167,259 |
Goodwill | 597,375 | 595,851 |
Corporate, Non-Segment [Member] | ||
Assets | 91,851 | 154,224 |
Pharmaceutical [Member] | Operating Segments [Member] | ||
Assets | 1,411,170 | 1,322,531 |
Goodwill | 314,350 | 312,826 |
Diagnostics [Member] | Operating Segments [Member] | ||
Assets | 655,878 | 690,504 |
Goodwill | $ 283,025 | $ 283,025 |
Note 16 - Leases (Details Textu
Note 16 - Leases (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Lease, Cost | $ 8.3 | $ 8.4 |
Finance Lease, Interest Expense | 1.4 | 1.9 |
Variable Lease, Cost | $ 0.6 | $ 1.3 |
Note 16 - Leases - Lease Balanc
Note 16 - Leases - Lease Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating lease assets | $ 34,938 | $ 38,725 |
Operating lease liabilities | 11,240 | 11,628 |
Accrued expenses | 2,809 | 2,809 |
Operating lease liabilities | 24,912 | 27,963 |
Other long-term liabilities | $ 7,270 | $ 7,089 |
Operating leases (in years) (Year) | 6 years | 6 years |
Finance leases (in years) (Year) | 6 years 9 months 18 days | 6 years 6 months |
Operating leases | 4.60% | 4.40% |
Finance leases | 4.60% | 3.80% |
Property, Plant and Equipment, Net [Member] | ||
Finance lease assets | $ 10,079 | $ 9,898 |
Accrued Expenses [Member] | ||
Accrued expenses | 2,809 | 2,809 |
Other Noncurrent Liabilities [Member] | ||
Other long-term liabilities | $ 7,270 | $ 7,089 |
Note 16 - Leases - Undiscounted
Note 16 - Leases - Undiscounted Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
July 1, 2023 through December 31, 2023, operating | $ 6,442 |
July 1, 2023 through December 31, 2023, finance | 1,804 |
2024, operating | 8,844 |
2024, finance | 2,737 |
2025, operating | 5,567 |
2025, finance | 2,061 |
2026, operating | 4,114 |
2026, finance | 1,394 |
2027, operating | 3,858 |
2027, finance | 588 |
Thereafter, operating | 11,910 |
Thereafter, finance | 1,959 |
Total undiscounted future minimum lease payments, operating | 40,735 |
Total undiscounted future minimum lease payments, finance | 10,543 |
Less: Difference between lease payments and discounted lease liabilities, operating | 4,583 |
Less: Difference between lease payments and discounted lease liabilities, finance | 464 |
Total lease liabilities, operating | 36,152 |
Total lease liabilities, finance | $ 10,079 |
Note 16 - Leases - Supplemental
Note 16 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating cash out flows from operating leases | $ 7,955 | $ 8,327 |
Operating cash out flows from finance leases | 206 | 52 |
Financing cash out flows from finance leases | 1,268 | 724 |
Total | $ 9,429 | $ 9,103 |