OPKO Health's (OPK) CEO Philip Frost on Q1 2018 Results - Earnings Call Transcript
May. 8.18 | About: OPKO Health, (OPK)
Q1: 05-06-18 Earnings Summary
EPS of $-0.08 beats by $0.05
Revenue of $254.9M (- 4.3% Y/Y) beats by $18M
OPKO Health, Inc. (NYSEMKT:OPK) Q1 2018 Earnings Conference Call May 8, 2018 4:30 PM ET
Executives
Miriam Miller - IR
Philip Frost - Chairman & CEO
Steven Rubin - EVP, Administration & Director
Adam Logal - SVP & CFO
Analysts
Brandon Couillard - Jefferies
Yale Jen - Laidlaw & Company
Kevin DeGeeter - Ladenburg Thalmann & Co.
Operator
Welcome to the OPKO Health Inc. Business Update Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded, May 8, 2018.
I would now like to turn the conference over to our host, Ms. Miriam Miller. Ma'am, please go ahead.
Miriam Miller
Thank you, operator. Good afternoon, this is Miriam Miller with LHA. Thank you all for joining today's call. I'd like to remind you that any statements made during this call other than statements of historical fact will be considered forward-looking and as such will be subject to risks and uncertainties that could materially affect the company's expected results. Those forward-looking statements include, without limitation, the various risks described in the company's annual report on Form 10-K for the year ended December 31, 2017, and its quarterly report on Form 10-Q for the quarter ended March 31, 2018. Before we begin, let me review the format for today's call. Dr. Philip Frost, Chairman and Chief Executive Officer, will open the call; followed by Steven Rubin, OPKO's Executive Vice President, who will provide an update on the call the company's various businesses and clinical program. After that, Adam Logal, OPKO's Chief Financial Officer, will review the company's first quarter financial performance. Dr. Frost will provide closing remarks, and then we'll open the call to questions.
Now let me turn the call over to Dr. Frost.
Philip Frost
Thank you for participating in OPKO's first quarter call. If I had to characterize the quarter, I'd say good progress on all fronts. First, we're, of course, really pleased to have Geoff Monk onboard as the general manager of Bio-Reference, our largest commercial unit. His terrific operational and general business skills reflect his long experience working at large health care companies, most recently Quest, and for OPKO, he's just what the doctor ordered. He'll play an important role in building Bio-Reference. The direct-to-consumer TV ads for 4Kscore that some of you may have seen appear to have had a positive effect, and we're pursuing a highly disciplined approach to expanding this effort as part of a larger program to accelerate the growth of 4K sales. We've created a new men's health urology task force, which will, of course, also sell Bio-Reference's other urology-related tests. The pace of RAYALDEE market penetration appears to be accelerating. Our new Director of sales for RAYALDEE, Kirk Miller, is working hard with huge enthusiasm; and Dr. Charles Bishop, our Director of OPKO renal; and Dr. Akhtar Ashfaq, an OPKO nephrologist with an extensive industry experience have been complementing the efforts of our marketing and sales team by regularly meeting with nephrology units at large medical centers across the country where they have been extremely well received.
Not surprising, we have ongoing studies to further document the benefits of RAYALDEE in the management of chronic kidney disease patients. These are designed to demonstrate the unique physiologic advantages of RAYALDEE. During the quarter, we initiated a Phase IIb trial of our oxyntomodulin product, a once-a-week injectable medicine to treat Type 2 diabetes and obesity. You'll recall my enthusiasm during previous calls for this product, which has already been shown to be safe and effective in a 420-patient trial. If all goes as expected, this will prove to be an important OPKO asset.
Clinical trials of many of our pipeline medicines are underway. Patient enrollment is proceeding nicely. We'll keep you posted.
May. 8.18 | About: OPKO Health, (OPK)
Q1: 05-06-18 Earnings Summary
EPS of $-0.08 beats by $0.05
Revenue of $254.9M (- 4.3% Y/Y) beats by $18M
OPKO Health, Inc. (NYSEMKT:OPK) Q1 2018 Earnings Conference Call May 8, 2018 4:30 PM ET
Executives
Miriam Miller - IR
Philip Frost - Chairman & CEO
Steven Rubin - EVP, Administration & Director
Adam Logal - SVP & CFO
Analysts
Brandon Couillard - Jefferies
Yale Jen - Laidlaw & Company
Kevin DeGeeter - Ladenburg Thalmann & Co.
Operator
Welcome to the OPKO Health Inc. Business Update Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded, May 8, 2018.
I would now like to turn the conference over to our host, Ms. Miriam Miller. Ma'am, please go ahead.
Miriam Miller
Thank you, operator. Good afternoon, this is Miriam Miller with LHA. Thank you all for joining today's call. I'd like to remind you that any statements made during this call other than statements of historical fact will be considered forward-looking and as such will be subject to risks and uncertainties that could materially affect the company's expected results. Those forward-looking statements include, without limitation, the various risks described in the company's annual report on Form 10-K for the year ended December 31, 2017, and its quarterly report on Form 10-Q for the quarter ended March 31, 2018. Before we begin, let me review the format for today's call. Dr. Philip Frost, Chairman and Chief Executive Officer, will open the call; followed by Steven Rubin, OPKO's Executive Vice President, who will provide an update on the call the company's various businesses and clinical program. After that, Adam Logal, OPKO's Chief Financial Officer, will review the company's first quarter financial performance. Dr. Frost will provide closing remarks, and then we'll open the call to questions.
Now let me turn the call over to Dr. Frost.
Philip Frost
Thank you for participating in OPKO's first quarter call. If I had to characterize the quarter, I'd say good progress on all fronts. First, we're, of course, really pleased to have Geoff Monk onboard as the general manager of Bio-Reference, our largest commercial unit. His terrific operational and general business skills reflect his long experience working at large health care companies, most recently Quest, and for OPKO, he's just what the doctor ordered. He'll play an important role in building Bio-Reference. The direct-to-consumer TV ads for 4Kscore that some of you may have seen appear to have had a positive effect, and we're pursuing a highly disciplined approach to expanding this effort as part of a larger program to accelerate the growth of 4K sales. We've created a new men's health urology task force, which will, of course, also sell Bio-Reference's other urology-related tests. The pace of RAYALDEE market penetration appears to be accelerating. Our new Director of sales for RAYALDEE, Kirk Miller, is working hard with huge enthusiasm; and Dr. Charles Bishop, our Director of OPKO renal; and Dr. Akhtar Ashfaq, an OPKO nephrologist with an extensive industry experience have been complementing the efforts of our marketing and sales team by regularly meeting with nephrology units at large medical centers across the country where they have been extremely well received.
Not surprising, we have ongoing studies to further document the benefits of RAYALDEE in the management of chronic kidney disease patients. These are designed to demonstrate the unique physiologic advantages of RAYALDEE. During the quarter, we initiated a Phase IIb trial of our oxyntomodulin product, a once-a-week injectable medicine to treat Type 2 diabetes and obesity. You'll recall my enthusiasm during previous calls for this product, which has already been shown to be safe and effective in a 420-patient trial. If all goes as expected, this will prove to be an important OPKO asset.
Clinical trials of many of our pipeline medicines are underway. Patient enrollment is proceeding nicely. We'll keep you posted.