OPK earnings analysis
What we found in OPK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
OPKO’s 2026 Q2 results showed a strong sequential recovery: revenue rose to approximately $164 million, gross margin reached 48.9%, operating margin improved to negative 15.3%, and diluted EPS improved to negative $0.01. However, free cash flow remained negative at $47 million and worsened from Q1, tempering the operating improvement. Liquidity was $314.4 million, but foreign-currency exposure increased to 33.3% of six-month revenue and the company had $9.6 million outstanding under certain credit lines. No material changes to previously disclosed 10-K risk factors were reported, and no quantitative guidance was provided.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue rebounded sharply sequentially
- Revenue increased to approximately $164 million in 2026 Q2 from $124 million in Q1, up about 32%, and from $157 million in the prior-year quarter, up about 4%.
- Margins improved materially
- Gross margin expanded to 48.9% from 36.8% in Q1 and 31.5% in 2025 Q2, while operating margin improved to negative 15.3% from negative 41.1% and negative 38.3%, respectively.
- EPS loss narrowed
- Diluted EPS improved to negative $0.01 from negative $0.07 in Q1 and negative $0.19 in the prior-year quarter.
- Liquidity remained substantial
- Cash, cash equivalents and restricted cash totaled $314.4 million at June 30, 2026; the company reported a weighted-average cash interest rate of approximately 1.6% for the six months ended June 30, 2026.
- Controls remained effective
- Management stated that disclosure controls were effective as of June 30, 2026, and reported no changes in internal control that materially affected, or were reasonably likely to materially affect, financial reporting during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cash burn worsened sequentially
- Free cash flow was negative $47 million in 2026 Q2, compared with negative $21 million in Q1, indicating continued cash consumption despite the operating-margin improvement.
- Greater foreign-exchange exposure
- Foreign-currency exposure increased: 33.3% of six-month revenue was denominated in currencies other than the U.S. dollar versus 24.5% in the comparable 2025 period. Gross accumulated currency translation adjustments rose to $25.0 million from $17.6 million at December 31, 2025.
- Borrowing and rate exposure
- The company had $9.6 million of aggregate principal outstanding under its Chilean and Spanish lines of credit at a weighted-average interest rate of approximately 5.5%; it also stated that it does not currently hedge interest-rate exposure.
- No formal risk-factor changes
- The filing states that there were no material changes to the risk factors previously disclosed in the Form 10-K; therefore, no formal risk-factor update was identified. The 10-Q nevertheless quantifies foreign-currency exposure at 33.3% of six-month revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.01
- Gross margin
- 48.9%
- Operating margin
- -15.3%
What they said about what is next.
The 10-Q does not provide explicit numeric revenue or EPS guidance; outlook was not quantified in the extracted MD&A.
The filing reads about the same as the one before it.
What came before.
- 10-Q · August 28, 2026
- OPKO delivered a strong quarterly rebound, with revenue of $163.5 million, gross margin of 48.9%, operating margin of negative 15.3%, and diluted EPS of negative $0.01. Revenue, margin, and EPS improved substantially…
- 10-Q · July 27, 2026
- OPKO delivered Q2 revenue of $163.580 million and a diluted loss per share of $0.01, with gross margin improving to 48.9% and operating loss narrowing to $6.972 million. The improvement was driven by Pharmaceuticals,…
- 10-Q · April 28, 2026
- OPKO reported total revenue of $124.196 million for Q1 2026, down $25.756 million (‑17%) versus Q1 2025, driven largely by the September 2025 divestiture of oncology assets. Operating loss narrowed to $51.017 million…
- 10-K · February 26, 2026
- OPKO's 2025 10-K emphasizes a two‑pillar business: pharmaceuticals (NGENLA®, Rayaldee, ModeX pipeline) and diagnostics (BioReference after strategic divestitures). Management highlights pipeline progress (ModeX…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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