This story has been updated with additional details from Opko’s conference call to discuss the earnings results.

NEW YORK – Opko Health reported after the close of the market on Thursday that its third quarter revenues were down 10 percent year over year, largely due to a decrease in COVID-19 testing volume.

For the three months ended Sept. 30, Opko’s revenues were $385.8 million compared to $428.1 million in Q3 2020. It beat the consensus Wall Street estimate of $302.3 million.

The firm said it received $340.1 million in revenues from diagnostics services in Q3 2021, down 11 percent from $382.5 million in the same quarter last year. The decrease in COVID-19 testing volume was partially offset by improvement in COVID-19 test reimbursement and an increase in clinical and genomic test revenue, the company said in a statement.

It also received $36.9 million in revenues from products, an increase of nearly 29 percent from $28.7 million in Q3 2020, due to accelerating growth in the company’s international pharmaceutical business.

Intellectual property and other revenues were $8.8 million, down 48 percent from $16.9 million in the third quarter of 2020.

During the third quarter, Opko subsidiary BioReference Laboratories processed 2.2 million COVID-19 PCR tests and 158,100 COVID-19 serology tests.

In August, Rite Aid, the US Department of Health and Human Services, and BioReference announced a COVID-19 testing program offering students at New York state public schools free COVID testing before or at the start of the 2021-2022 school year.

Women’s health specialty testing volume was up 6 percent in the quarter compared to Q3 2020, company officials said on a conference call to discuss the Q3 financial results.

BioReference also acquired the US Ariosa …….

Source: https://www.genomeweb.com/business-news/opko-health-q3-revenues-fall-10-percent