OPKO Health, Inc.
opko.comWhat Do They Do?
Provides clinical laboratory testing and specialty diagnostic tests for healthcare providers, and sells medicines for kidney disease and growth hormone deficiency.
10-K for FY2025, filed Feb 26, 2026Our diagnostics business, BioReference Health, LLC (“BioReference”), is a highly specialized laboratory in the United States that we have…View ↗
Through our pharmaceutical business, we manufacture and sell Rayaldee, a U.S. Food and Drug Administration (“FDA”) approved treatment for…View ↗
We are a diversified healthcare company that seeks to establish industry-leading positions in large and rapidly growing medical markets.…View ↗
How Do They Make Money?
Laboratory tests are its largest revenue stream: third-party payors, patients and client institutions pay for tests, with revenue earned when results are reported. OPKO also sells pharmaceutical products, with sales counted when customers take ownership, and earns revenue from intellectual-property transfers.
10-K for FY2025, filed Feb 26, 2026Revenue for laboratory services is recognized at the time test results are reported, which approximates when services are provided and the…View ↗
Client Payors. Client payors include physicians, hospitals, employers, and other institutions for which services are performed on a…View ↗
Patients. Uninsured patients are billed based on established patient fee schedules or fees negotiated with physicians on behalf of their…View ↗
We recognize revenue from product sales when a customer obtains control of promised goods or services. The amount of revenue that is…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$606.9M
-
10-K for FY2025, filed Feb 26, 2026
$606.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Service
Usage-based
10-K for FY2025, filed Feb 26, 2026 |
61%
FY2022: 75%
|
Service, FY2025
$370.3M Sources
|
Usage-based |
|
Product
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
26%
FY2022: 14%
|
Product, FY2025
$156.9M Sources
|
Sold outright |
|
Transfer of Intellectual Property and Other
|
13%
FY2022: 11%
|
Transfer of Intellectual Property and Other, FY2025
$79.7M Sources
|
Who Are Their Customers?
BioReference markets lab tests directly to healthcare providers and facilities; insurers and government programs reimburse tests, while institutional clients and patients are also billed.
10-K for FY2025, filed Feb 26, 2026Our diagnostics business, BioReference Health, LLC (“BioReference”), is a highly specialized laboratory in the United States, with a sales…View ↗
Revenue for laboratory services is recognized at the time test results are reported, which approximates when services are provided and the…View ↗
Client Payors. Client payors include physicians, hospitals, employers, and other institutions for which services are performed on a…View ↗
Patients. Uninsured patients are billed based on established patient fee schedules or fees negotiated with physicians on behalf of their…View ↗
Do Revenues Turn Into Profits?
No. It lost $225.7M in FY2025.
10-K for FY2025, filed Feb 26, 2026
−$117.4MView ↗
10-K for FY2025, filed Feb 26, 2026
−$225.7MView ↗
10-K for FY2025, filed Feb 26, 2026
−$190.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 27, 2026
−$8.4MView ↗
- ▼ −94% (Loss)
- vs −$148.4M in Q2 FY2025
Shrinking. Revenue fell 66% in 4 years, from $1.8B in FY2021 to $606.9M in FY2025, about 24% a year.
Diagnostics refocus
The older report described BioReference's broad testing menu across multiple states, including clinical, oncology and women's-health work. The latest description centers on core clinical and women's-health testing in New York and New Jersey and a national specialty urology business, after divestitures of other laboratory assets.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 26, 2026Our diagnostics business, BioReference Health, LLC (“BioReference”), is a highly specialized laboratory in the United States that we have…View ↗
Who Do They Compete With?
Competes with Ascendis Pharma and Novo Nordisk
10-K for FY2025, filed Feb 26, 2026There are pharmaceutical and biopharmaceutical companies, including Ascendis Pharma A/S, a biopharmaceutical company, and Novo Nordisk A/S…View ↗
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