OPK - Earnings call transcript Q2 2021

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Operator

Good afternoon, ladies and gentlemen and welcome to the OPKO Health Second Quarter 2021 Financial Results Conference Call. [Operator Instructions]. I would now like to turn the conference over to your host Ms. Yvonne Briggs with LHA. Madam please go ahead.

Yvonne Briggs

good and operator, you, afternoon. Thank Briggs This LHA. is Yvonne with today's discuss second OPKO you of all financial to joining for the Thank Health's call results XXXX. quarter for statements by I'd affect during be the could to considered such, results. of that risks remind as like will any Company's and be to historical fact expected this other management materially will call forward-looking than and statements you that made subject uncertainties including in statements Annual include, the the filed subsequently without Form company's for Report the described XX-K XX, filings, forward-looking on Those XXXX December various SEC SEC limitation, year-ended reports. risks in the and

law, this of undertakes revise to update time-sensitive the call. Importantly, today, the no information any as the or to reflect this of forward-looking of after accurate by live circumstances broadcast, only Except contains events OPKO call date date XXXX. or July obligation that conference XX, statements is required as

begin, Chairman update OPKO's call. and Adam pipeline President, the then let Steve will Rubin, the provide format OPKO's for then Executive review. Before the will Executive results, review the and today's open business a Chief will and will for me call; we Frost, Vice review Logal, financial first Phillip questions. Dr. company's quarter CFO, we'll Laboratories. After open Jon discuss and Cohen BioReference And up that, call Dr. Officer,

to Frost. call Dr. Now over I'd the to like turn

Phillip Frost

discuss our Laboratories. during I'll financial results, call. thank for the our by today. quarter you here joining second and with Reference quarterly afternoon to were call start last Good provided plan right the which Adam guidance with on We're

health with BRLs toward agreement many Group. to as Scarlet to the BRL specialty of who the Royal into we who to Due needs to access is sports offering. the all testing its far Due remains all of accurate industry. testing Caribbean first health levels. overall core systems, focused to ability in urology, the its rebound know, provide are test choice gratifying continue diagnostics During program large patient's I provider are with our strides were along even pleased demand scale as Health COVID-XX BRL the of large for major so results to from public announce into well of likely demand many test and BRLs genetics, XXXX. QX, year This business its of and industry digital this women's continues BRL service next service, pre-pandemic on testing as it the in results, in high diagnosis year and making Jon continuing customers testing as cruise is the transition leagues declined. testing awareness the to to efficient increase possibly school with quality see solid travel in now efficiently, the for support expand are screening great diagnostic surveillance. on convert to the to significant It's yourself. into continue we relationships speak ongoing to new for meet to test let generated to for the Furthermore, core COVID-XX COVID-XX oncology, customers

continuum position initiative about as to to key enthusiastic this we of outcomes. diagnostic in component continue patient services are a We improve the as care

followed Japanese forward symmetric’s year. Regulatory European by to date for next determinations look upcoming our Authorities we PDUFA and from business, pharmaceutical October, As the in

disease benefits regions, earlier rebalancing of our Annual mentioned realty the sales initiating franchise, in we've recently, highlight I more to cycle. several undertaken training to As during message Meeting, and treatment targeting including to updating physician focused growth restore and initiatives our our our the

range COVID-XX Kong, Macau have of XX in within option our to endpoints patients recently can levels and Mainland an and CKD safely rates and and and for the develop vitamin therapeutics raise XX a our commercialize ml, and hydroxy inverse to the and targeted reality outpatients our enrollment primary China. nanograms Korea Taiwan. maintaining for raising quickly to Reality We up. COVID-XX symptoms. trial and have reality meters] recently in picked throughout announced cases vitamin include XXX reported COVID-XX the COVID-XX levels of for are independent serum to time obesity. [XX sufficient key correlation total have The levels, status, especially to increased with efficacy per country, D Hong and of pleased Infection D severity. that for agreement studies and represent between Numerous trial resolution great risk

that Finally, I'd an stage to commercialization of the executed our for antagonist pharmaceutical strategy technology. agreement CAMPX with assets, license part like early we and as our mention out development to certain of

provide Steve. continue business, to assets. license Rubin, stage now early further our and on to We like other opportunities pursue I'll one, the in this will our leverage order call pharmaceutical over commentary Steven monetize to who turn

Steven Rubin

And you Thank everyone. And all us joining you, today. Phil. for thank good afternoon,

Phil leveraging As back testing we business results. pleased certain large with capabilities to its Laboratories training quarter COVID-XX second core BioReference volumes our pre-pandemic customers. financial quite are mentioned, is with while still

is for license Somatrogon hormone the biologics recombinant global FDA, the which GHD. our October as the Somatrogon to was Pfizer, XXXX. or in accepted human action date assigned partner application you submitted our commercial initial hormone long treatment growth pediatric to growth PDUFA deficiency of patients know, and acting once-weekly for And with

the the and Under from regulatory European and Pfizer, by each year. is achievement to with In both up and These and milestones. regulatory million in addition, from next decisions pricing expects $XX U.S., Commission determinations million regulators and pricing major other eligible regulatory markets. of approval catalyzed and are million to receive to the $XX Japanese OPKO our agreement Pfizer $XXX range milestones on certain

break are Somatrogon sales With decrease quarter down by on IQVIA QX by the Total with to sharing new GHD be a Pfizer's both the XXXX. regional for entitled follows. QX continue RAYALDEE, for to were and numbers of In representing patients. QX of onboarding as addition, XXXX, challenges respect approximately in launch, XX,XXX with daily compared gross XX% drug tiered upon compared for XXXX prescriptions we sales and approximately profit Genotropin. impacted as to RAYALDEE X% of a decrease and of approximately reported RAYALDEE

reverse. is this starting Although to trend

new QX the than decreased QX. New versus Since product the by X.X% prescribers by patient approximately of X% nearly nearly of physicians, total had starts prescribers prescribed in QX. RAYALDEE More or in have was patients X,XXX launched, physicians. number were RAYALDEE XX,XXX XXX

with continue for hyperparathyroidism network activities. agreement market Mainland given their with CKD. Kong, Stage platforms. NICOYA in And our were marketing than digital Phil for of social growth implement restore our RAYALDEE, Macau training people channeled RAYALDEE that strategies The this Stage commercial Taiwan patients expertise executed and the reality infection we to development secondary To all CKD. COVID-XX more responsible treatment through agreement Greater rates. approvals have RAYALDEE’s Hong expand million redeploying Therapeutics China, XX opportunity commercialization selling of last X and personnel media lower techniques, partner will NICOYA X geographies mentioned, month, and As virtual excited China. force with enhancing or in the sales X for regulatory in we significant to and NICOYA in with be in covers We for were or sales X market to including announced efforts an

Our million receive a but XXX signs include XX more sales/ is The trial the to areas milestone ml, XX primary tiered, active D severity In double-blind, in trials due X in during the and achievement Enrollment endpoints sales symptoms. COVID-XX viral few RAYALDEE addition to low year. royalties showing of payments vaccinations, enrolled time from to per on outpatients picking we the by symptoms ongoing associated vitamin as with and spreads data with questionnaire XX% eligible months self-reported months based in XX-hydroxy, to upon need enrolled and day to patients later of development, $XXX still are double-digit $XX presence, first in maintaining have of of line to of the serum be placebo-controlled study subjects clinical treatment where trial to this of pandemic to products randomized order range of using in as also duration efficacy XX evaluate reach regulatory OPKO Top for milestones. target OPKO NICOYA to approximately COVID-XX designed A XXX. the and and up Delta certain will increase raising this of and up a infections. is the nanograms sites. a upfront been each resolution in million slow past pay within it's validated variant only total has now and recent Phase expected

compound development, the our which ago, the an cash weeks clinical CAMPX. to into oligonucleotide under announce other CAMPX OPKO therapeutics CAMPX trials Moving platform to syndrome. of Dravet payment has received we manufacturing prioritized of for progress CURNA. with an lead OPKO’s were to two AntagoNAT our with interest for agreement, in pleased and treatment our along partnership the X% upfront Under the OPKO utilizing programs terms is technology, equity developed a of commercialization about AntagoNAT

upon double-digit royalties and We are of also pay-off certain to sales the go $XX.X receive in achievement additional on sales. million CAMPX up development shares eligible milestone, to will product

other of to our opportunities As monetize assets. initiatives, seek our to continue will licensed part stage we strategic early

sheet no in core of our on OPLO’s investment. opportunity of maximize balance sale efficiencies. operations, Last asset provided our our fill-and-finish as sterile manufacturing evaluating Ireland constantly to million Horizon longer ongoing facility facility to sale month, are $XX This as we well to We improve an assets Therapeutics return cash. the the a was in strengthen for and in announced order our

to business. over Now call to let BRL the turn Jon. discuss our Cohen Jon me

Jon Cohen

make their back clinical sales the as to Thanks, are people more are in return BioReference's patients into pre-pandemic offices. everyone. physicians levels good progress allowed Steve. afternoon, continues business visiting to core to a person normalized And and

many counts have BioReference's core quarter second testing the returned already In year up the prior our the levels. versus at volume of was period. XX% fact, pre-pandemic to end of clinical

business clinical women's months increased XX% and versus in volume last XX% couple our comparing QX an specialty the women's by business the health QX when of XXXX. testing coming has revenue been with back XXXX nicely Specifically, health with

business also continues oncology with Our progress to great XXXX. significant growth to make compared

is over XXXX. XXX% over is genomics XXX% XXXX over since hematological tumor XXXX. tumors XXX% liquid Solid malignancies myeloid Cancer is XXXX and XXX% is

these all myeloid in We investments some particularly continue options. with areas, make in testing offerings new to the

experience increases groups large Our in patient health including visits. continue and ACOs partnership systems initiative FQHCs, medical to month-over-month

agreements new signed added have with ACOs We service quarter. several several lab this hospitals new and

In addition, our labs with physician paying-off with business development efforts office groups physician is large managing their in increased partnering volumes.

teams lab preferred network the Healthcare the access for we our received country. United additional has relations the years. for payer quarter across increased an And second during our Our three renewal

locations, lives formerly At XXX,XXX services digital expand health GeneDx to experience. In markets preferred Delaware service the their and brings office the their formally of Scarlet on Scarlet with demand we in diagnostic to will lab or beginning to access. diagnostic safe addition, be mark BioReference are home convenient Scarlet. which may year, core. exclusive launched for and we our diagnostic XX us a provide an high demand now of Currently, Health, on the patients

We the to of XX% significantly in adding are the several in reach next new by Scarlet markets continuing and early next the invest U.S. XX% with year. by population months goal to

seeing of demands a verticals. across significant We of service commercial are Scarlet multitude

turn my attention me COVID let testing. Now, to

programs, their continue highs sports cases cases and school screening the their significant administration these industry nationwide, in partners. to the will to and come believe XXXX. end COVID-XX many in this certain into of travel testing surveillance the in off that see vaccine of programs COVID-XX programs, have year, interest entities of continue our we Although We with

in I we of Today, over perform increase the as test. Delta variant COVID-XX weeks last molecular two have XX tests. X.X over the quarter, In second addition, an million will a variant speak of we volumes a the couple Delta of the performed million in country. seen more the In across result have variants we spreading COVID minutes.

specimen operations customer monitoring our in gains late our a closely developments drive COVID business. structure kicked-off to demand logistics We company-wide service, we to testing are XX,XXX tests day efficiency and size shifts. lines a declining right July averaging core In clinical in acquisition, a and initiatives March, of cost match volumes and reduction the cost procurement, lab about to

and this and overall management season, In renewed reagent especially National We many with associated in COVID originally Major opportunities season. Baseball and expansion. savings our the Soccer labor relationships are League with League League inventory Football for the contractual quarter, we testing this for finding Major next

for industry, and We the Royal guests line. also for national program COVID crew Caribbean announced cruise the for testing the first cruise testing

previous experiencing our XXX for and offerings on now point-of-care We shift mentioned towards operation have in point-of-care site. an calls, point-of-care As capabilities screening over have significant role testing resulted a played we're I in QX. increasingly COVID on demand have around country capabilities have as sites in tests XXX,XXX the over

our a of testing return program [impel] classroom to terms in instruction. school in In COVID-XX support person

multiple working These more have New with perform the three of schools school the Chicago. are public for than currently country X,XXX agreements and districts, school systems XXX,XXX two We services students. testing to including principals teachers. the in and York To-date, City school students, cover including tests on largest over we tested of

through and been new throughout These and We seem world increase differently the variants individuals. healthcare the considered and of others Covid-XX most as variants change Delta of different on and refers of emerge variants, school-based put estimated more gamma CDC severe delta, occur. B-XXXX to beta, quickly SARS-CoV-X are other XX. variant in the An which lead term more as more more cases emerging require up genetic B-XXX XX% will spreading Over seeing country and of like is transmissibility act Delta have the in in rapidly to which new there may are deaths. number disease. hospitalizations by more COVID-XX B-XXXX the will in around has variants concern will potentially leading and are testing disappear. the briefly variant to the Viruses virus unvaccinated P-X Alpha, constantly to cases variant of the variants now potentially are testing rise easily time increase evidence treatments These in interest is to variants we're resources and continue will the mutation variants, of strain an SARS-CoV-X have spread to of expected than see pandemic. variants to the July the notably The I'd circulating strong and variations programs. and across The new to COVID which to across to the country. discuss

While BioReference’s any the COVID-XX report testing platforms specifically of variant. do detection not specific

are by not Delta. spike platforms variants varying affected the including protein Our

if COVID-XX an individual individual any is protein Delta will a infected not the variant, result a of The example, variants. specify type with receive result. For will positive

year service is versus exome test driven across client the volume testing prior by second grew the industry genome over our genetic period Our -- GeneDx prior our in our announced genome Commercial XX% GeneDx, Chief of offering. interest as and in leading In by base, quarter late existing June There a substantial period of offerings. GeneDx this driven where appointment most year subsidiaries. the Officer of recently Corporation the the Invitae Officer. served at genomic she BioReference Katherine joined as Chief from Executive President global Stueland rapid Katherine

now Adam. lead it We are the And let over our delighted her GeneDx CFO, me to have organization. to turn

Adam Logal

Thank you, Jon.

Across execute plans. For from continue the their operations. consolidated segments companies both operating our we've of fifth straight income to quarter, on reported our

to of recovery as reflects from for demand revenue reported XXXX the and services increase segment the clinical $XXX $XXX testing, COVID for continued routine the diagnostic Our well testing our period. genetic volumes. as million This million of compared

our continued mentioned, Jon to be higher historical volumes are test below XXXX. clinical levels, are significantly but than As

the operating XXXX our genetic million The from to period XXXX. operating higher items. are volumes $XX income compared reported million Recall two XXXX XXXX While segment $XX testing during significant of that than levels. income and diagnostic benefited of

$XXX.X The million million million expenses from to XXXX increase successful was cost and million increased received the and which and CARES testing the the had The second Total first the $XXX.X costs was under of expense. reflects nearly volumes. $XX primarily Act. compared for the appeal we Medicare XKscore, $X were

invest related and Jon in continued to increased resulting outlined expenses. have to efforts within as including base we commercial general our activities, our business, addition, Scarlet, administrative our In an selling

for On driven RAYALDEE’s $X the to -- $XX.X were and quarter million Moving Chinese pharmaceutical $XX.X of RAYALDEE. by XXXX revenues XXXX. from well period. performance period. for first XXXX $X.X the of basis, X to the impacted operating million In in and million quarter to The to of our is was operations of compared XXXX the from operations. received our the $X.X strong International of our the quarter -- segment Revenue of decrease our intellectual compared a upfront sales million Phase the by negatively Pfizer. a of for a to payment segment, by continue million $XX.X revenue American consolidated amortization was second decrease clinical $XX.X XXXX. sales for million physician completion office in Medicare we $XX.X sales a for offset revenue as development to Latin the RAYALDEE to of compared quarter pharmaceutical RAYALDEE. second period. $XX million we partially overall from our decrease announced as compared $X.X making recently in result of Product property had research the was The XXXX $XX.X Nicoya increased second the XXXX of for of QX, $XX.X reported was be transfer compared second associated million, Overall XXXX somatrogon of offices restricting calls, revenue by for partnership utilizing XXXX increases profit XXXX from quarter representatives from product from the the the includes to million period. the expense restrict in the physician with for million of trial XXXX market. XXXX Loss for period million million million patients $X

million. and non-cash non-recurring quarter million X.X% for in other XXXX, exchanged notes expense convertible our of shares second $XX.X the $XX a of During resulting we common of

of Act million As period XKscore million $XX the in benefited a funding. and the from benefit $X appeal XXXX Medicare reminder, CARES

of we for shares quarter per million strategic had the income. in or several $X.XX the $X.XX $XX.X which XXXX of these during share of of as investments, income share a items, appreciate $XX.X second the $XX.X quarter million well mark-to-market of XXXX reported net net per of other loss activity resulting in compared our As to Considering or million period. the

cash $XX.X capital provide cash balance in JP of sale The facilities [indiscernible] adequate our proceeds of line June credit our the one from with on Our of million. hand, and combination was unutilized strong balance a as our or with XX, resources. Morgan of us XXXX sheet of

second half shifted into we earn operating focus margins our business controlling the As XXXX, base our maximizing testing costs. the we and on growing look our of to has our COVID while

uncertainty quarter. the in Given and of Delta most in limiting PCR $X growth our during between demand testing variant, anticipate we of We the our the million following result the have including the third the assumptions antibody for are COVID, forward-looking million guidance to demands and built the tests performing and point-of-care quarter $X.X forecast. as recent a COVID

As well we of for mentioned, have increase. demand excess Jon levels capacity testing in these should

quarter of clients, reflects sales demand range our XXXX for to chains $XX routine of million current million million. from and could million for and revenue the third utilization. our sales levels, exceed to RAYALDEE pharmacy base at and testing behind million to grow million, $X patient from governments we guidance Revenue levels. from those other Our and be employer overall is XXXX the force schools, between our to through expect million. of increase, $XXX for million from local we to we revenue We Should state assume general revenue of anticipate channels. services $XXX our activities, will product promotional sports, with partnerships our to of return volume business testing testing is and entertainment, $XX non-Medicare to remain Including fully able remain and expectations. until public $X XXXX behind office We testing $XXX clinical physician their which sales our including assumptions, $XXX

$XXX between million assumptions. operating various overall We in income expense million and expect $X an between points costs million and loss at and to the revenue of expenses of operating $X $XXX million resulting

and also includes I'll $XX income from facility. [indiscernible] an expected up With gain the research $XX million open expense, call of as our resulting operating that, Forecasted to Operating Operator? as million the amortization $XX profit of in million. includes well approximately investment of non-cash $XX and approximately questions. depreciation a for of development disposition million

Operator

[Operator Instructions].

Maurice first Raycroft comes Your of from from the Jefferies. question line

Your line is open.

Maurice Raycroft

my Hi, everyone. for questions. Thanks taking

business. to question the on on in you've First a more pre-COVID granularity just at bit on is the little compared commentary where provided you're base past levels. the

a forward And little so sounds I'm comment testing you going can that the well. more to do can business. like on if bit And genetic it that at you this just about more which the if talk wondering base for point, trajectory also that's doing and

expectations And the so genetic testing? what for are your growth

Phillip Frost

take to Jon me you it or allow to. you want

Jon Cohen

jump I'll could You start back in.

Phillip Frost

Sure. low XXXX on I teens, against We base or was it were the think around overall. the XX% XX% down business somewhere in

XXXX the is we expectation base a quarter grow strong against remains base. that'll point, we up expectations reference continue return go going also our but the significantly levels. we at think had significantly business is file as accelerate that slowly look to year. I as to throughout overall for pretty up your against and our the And last it to year GeneDx

Jon Cohen

and XXXX health Xkscore the all would Yes, urology, in continued reiterate investments position genetic specific with our of in I to and paying-off. are now and those women's business before COVID was oncology right make that, strategic investments

the other hospital a part ventures bearing reference we to fruit. vertical that's health investment FQHCs was business, the ACOs, strategic also business, was in bring on systems So call and

practices groups where COO which differentiated physician see it of a we et that way is move switch CEO towards and decisions So the ourselves. cetera we making continue that -- meaning the strategically call to as medical we that will placed decider, large

Maurice Raycroft

Got it.

on somatrogon question you and When that? on disclose on year details provide that gross later get one in approval after this as for a more you United Will [indiscernible] guidance the And share in profit to for Okay, somatrogon wanted that's helpful. also ask potentially the well. to what States. expect

Phillip Frost

Yes, provide some so better definitely clarity. we'll

the approvals and timing has obviously to I think the with of do launches. the it

have top we it those of add once but on at not we'll provide on we some we're right expectations. Maurice, to now, approval, have our clarity going better anything until an So

Maurice Raycroft

Got it.

And you. the thank queue. Okay, I'll hop in back

Phillip Frost

Sure.

Operator

line of from question next HC [indiscernible] comes from Wainwright. Your the

Your line is open.

Unidentified Analyst

this from Wainwright. for is my Hi, Thanks taking Matt HC questions.

kind was if your market that there I centers and variant, are tests think around whether COVID knowledge, differentiate meaningful wondering customers can of differentiation? at first the variant are your asking point if this the the for The to only to this Delta it's on it provide you

Phillip Frost

for epidemiological we -- positive obviously State Delta Frequently, get asked the is to positive sequencing. for by has a obviously the we vaccine a sure PCR every do. of I'm customers, specific COVID-XX participate cooperate which Department are occasionally with Right we it So we that's samples, do ask what all Health. them effect significant variants had for purposes, We with others. send they them and genomic the if now,

mentioned, changed. I has testing As the not

of So it's the although the of Department's mostly virus. spread a Health is result to request, there as wanting of the a know State really

Delta But of right that said, XX% the doesn't now, therapy. impact variants. are over other are tests I it As positive the on

impact So will what doesn't it it. do patients result of a as on

Unidentified Analyst

and the capture? with And planning surveillance test data for regard understood. then COVID-XX Okay, commodify to that you are you multiplex the to flu,

Phillip Frost

I and may it will COVID/flu testing. and the is point-of-care question available also rapid the they be available guess some at testing. Well, point is That

no. seen today have almost We

it. of it one ordering no essentially Just yet. has asked for No

symptoms. like flu change terms will the be fall, look to a like. get they'll what get either it's test, they'll or or which available. COVID. and -- flu I think get in is both, is what totally that season in But up And right reflects It's just, is positive of predictable, question be now will and will show it the going the is either probably people they'll negative could happen that the will

Unidentified Analyst

makes regarding to with or finally, these reprise you streams And you compounds developing deal syndrome AntagoNAT away gain platform? the from CAMPX indications the Are principle? your just neurology Okay, planning to shift again, regarding intention of of once sense. kind proof Dravet once and is

Unidentified Company Representative

platform ourselves are partner. now. the in the agreement of take can has and that is the compound platform to additional and on of license commercialization begin and -- we provisions others But have CAMPX right structured platform that we our another agreement. has Dravet is way compounds within other requirements followed lead There CAMPX with, by the in them both either So or where then suggest drugs development AntagoNAT with

Unidentified Analyst

Appreciate you. you. thank Okay,

Operator

of next comes Your from the question line [indiscernible]. Jeff

is line open. Your

Unidentified Analyst

you? Thanks for are How folks, taking questions. the right, All

Firstly, little than estimated, product from there? out QX about particular revenue talk the was the anything could itself you a there call stronger in to

Adam Logal

So will our strong increase they We businesses. was that tenders driver businesses, a it to Jeff. But quarter be for and it American to few expect want their do just, business them going Latin main us allow overall there, that us growth a for forward. during the business the

Unidentified Analyst

reflected in -- will second million quarter Okay. cash -- and so QX, did the $XX.X you about it And you gain in third or quarter spoke was mentioned then cash Is the next be reflecting quarter? the of reflected the million. $XX

Adam Logal

in quarter. the be third It'll

don't that So we have cash yet.

Unidentified Analyst

the and of Okay, versus it. into forward? if going the to maybe composition little be expect one bit And Cohen, antibody, that, how perfect. got I more reflected PCR insight may. composition about I you Any a talk and Dr.

Jon Cohen

demand early testing, Yes, not by indications, think, what is, -- antibody all some on. I would for there I have anybody as predicted

I think antibody the testing antibody, -- that of CDC/administration you our that they of about status. negative as their we're would fairly views reflection the to immunology relative if of conservative in been have reports estimates immunological like a fairly look what follow

levels indicate, over is or are antibodies not or data not low or convert truly high unfortunately, very really there So not. someone to little whether whether to of is immune or

is T-Cell has level, that high does low not have a by a memory, if So antibody that they what mean don't important. more I much someone mean that that really

me who Delta well, I whether will indication will where say, next result dose is going dose what Those really the another it not? talking change and in well, enough dose? couple that variant, a levels everybody will or -- a nobody to if look with recommendation all that's -- the antibody would there do will what being lot of be people That all on about? could answer testing Will for antibody are give of say, should need with give what vaccine, I next now. antibodies So know me antibody knows like is ordered the a may people currently or not some I about next this or the like enough the that is of But the what's of months. the -- is the there's my take status

Unidentified Analyst

call the item helpful. on specific And quarter? super on tax for loss lastly, of me, Got in -- it. investment That's below to income out for note the anything's the Adam it's provision line

Adam Logal

taxes For principally income and and again, continuing taxes, we're paying to international that well and taxpayers. in be businesses, as our those do incurring it's

expenses income other relates the exchange. it really to note convertible XXX% On our and

just value the underlying it's of the So debt. in the out $XX shares million taking fair

Unidentified Analyst

investment the And quarter? XX.X Okay. loss of the for

Adam Logal

line. income the $XX other --that's The the That's or million expense so.

Unidentified Analyst

it. Got

Okay. Perfect. Thanks for my taking questions.

Adam Logal

Sure.

Operator

of the next Tenthoff comes line Your Edward Sandler. from question from Piper

is line Your open.

Edward Tenthoff

in Great. the expect ones to that may. Thank converted the recognize million The where the shares? into for A guys. do in was of I EirGen P&L? housekeeping couple gain question. And $XX thanks debt you very much, taking if number you And

Adam Logal

yes, the the loss will -- common So that's the was an to line be operating be operating shares. from EirGen item. Gain for be expense. of It'll debt an income exchanged And recorded. it'll offset

Edward Tenthoff

Okay, it? of shares great. how many And

Adam Logal

-- the I queue it that my at don't fingertips have in

Edward Tenthoff

talk Thanks worry. worry No much. so Adam a. to… I'll No

Operator

last & Jen Company. I comes your from question Eh next -- line the Laidlaw from and Your of

open. line is Your

I Eh Jen

got Thanks questions. taking here. I've the two for

any you and in licensing you have is of terms contemplating guys one of going type first done pharmaceutical guys of a The lot business activities, ill-licensing forward? our are the also

Steven Rubin

the or supplement we're mean, [indiscernible] self certainly I currently, that's would not for at there's development that stage I that project guess always already But something us. sales opportunity, this synergistic, projects. be that something looking real have any a for for we're point. if looking we we're certainly not any something there. would early yes, side force But additional to this it's to So open example,

We amount know. have early of you a as stage already fair

I Eh Jen

this year last probably notice top about tax -- besides $X.X the this I we Should and operate by I reference million. differences year last X -- understood. about will guys one year sort growth million] the some the of And roughly is that extrapolate basic this on year? XXX,XXX maybe quarter you question million this has profit more -- quarter last that is tested X Yes. about those some this -- side in versus actually have has be million. income – And -- year -- this $X.X -- one beyond $XXX [$XXX line. that quarter that business the

Phillip Frost

the the base Yes, last so year Eh in a had second of quarter business. decline significant I remember,

the year, -- and year portion where then year of our volume partnerships to tied than from most lower a significant came state bit a today. there revenue from balanced. COVID. where last last it's our in our of volume our So majority this Also, of significantly was was proportion more local comes

a So there revenue the is as in bit differences well. a component of mix price

I Eh Jen

Okay, very thanks that's great, questions. helpful, and those answering for

Phillip Frost

you. Sure. Thank

Operator

for conference the would like I concludes back Frost to now question turn the answer remarks. and This closing our Dr. to Phillip session.

Phillip Frost

everybody And All we for spending for you quarter. time look right our with forward again next to thank participating.

Operator

today's conference and Thank participation your day. for call. this gentlemen, concludes you and a have Ladies wonderful

disconnect. You may all

OPKO Health (OPK) 30 Jul 212021 Q2 Earnings call transcript