OPKO Health (NASDAQ:OPK) experienced an after-hours plunge of 5.80% following the release of its disappointing first-quarter earnings report. The healthcare company's financial results fell short of analyst expectations, prompting a sell-off in the stock during extended trading hours on Wednesday.
The company reported a quarterly loss of $(0.10) per share, missing the analyst consensus estimate of $(0.07) by 42.86%. Although this represents a 16.67% improvement from the $(0.12) per share loss in the same period last year, it still failed to meet market expectations. OPKO Health's revenue also disappointed, coming in at $149.90 million, which missed the analyst consensus estimate of $164.26 million by 8.74%. This figure represents a 13.70% decrease compared to sales of $173.70 million in the same quarter of the previous year.
Further details from the earnings report revealed a substantial net loss of $67.6 million for the quarter. The company's operating income was reported at $-67.2 million, while pretax profit stood at $-73.4 million. OPKO Health's revenue from services amounted to $102.8 million, indicating challenging market conditions for the healthcare firm. The significant earnings miss and declining revenue have likely contributed to the negative investor sentiment, resulting in the sharp after-hours stock price decline.
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