Start Time: 16:30 January 1, 0000 5:21 PM ET

OPKO Health, Inc. (NASDAQ:OPK)
Q1 2024 Earnings Conference Call
May 07, 2024, 16:30 PM ET

Company Participants

Phil Frost - Chairman and CEO
Elias Zerhouni - President and Vice Chairman
Adam Logal - SVP and CFO
Charles Bishop - CEO, OPKO Renal
Gary Nabel - Chief Innovation Officer
Yvonne Briggs - LHA IR

Conference Call Participants

Maury Raycroft - Jefferies
Jeff Cohen - Ladenburg Thalmann Company
Edward Tenthoff - Piper Sandler
Yale Jen - Laidlaw & Company
Yi Chen - H.C. Wainwright
Michael Petusky - Barrington Research

Operator

Hello, and welcome to the OPKO Health First Quarter 2024 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note, this event is being recorded.

I would now like to turn the conference over to your host today, Yvonne Briggs. Please go ahead.

Yvonne Briggs

Thank you, operator, and good afternoon. This is Yvonne Briggs with LHA. Thank you all for joining today's call to discuss OPKO Health's financial results for the first quarter of 2024.

I'd like to remind you that any statements made during this call by management other than statements of historical fact will be considered forward-looking and as such will be subject to risks and uncertainties that can materially affect the company's expected results. Those forward-looking statements include, without limitation, the various risks described in the company's SEC filings, including the annual report on Form 10-K for the year ended December 31, 2023, and in subsequently filed SEC reports.

This conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, May 7, 2024. Except as required by law, OPKO undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

Before we begin, let me review the format for today's call. Dr. Phillip Frost, Chairman and Chief Executive Officer, will open the call. Dr. Elias Zerhouni, Vice Chairman and President, will then provide an overview of BioReference Health, followed by OPKO's pharmaceutical business. And after that, Adam Logal, OPKO's CFO, will review the company's first quarter financial results and then will open the call to questions.

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

Phil Frost

Good afternoon, and thank you for joining us today. In March, we announced an agreement to sell certain assets of BioReference Health to Labcorp for $237.5 million. The assets included BioReference's clinical diagnostics and women's health testing services outside of New York and New Jersey. The transaction was specifically structured in a manner so as to increase the likelihood of obtaining expedited clearance from antitrust regulators. But it also streamlines the remaining operations to advance the path to profitability for our diagnostic segment. The transaction is expected to close in the second half of this year, pending FTC clearance.