The company's core diagnostic business is experiencing structural erosion, evidenced by a 17.2% year-over-year revenue contraction and a negative operating margin of -41.1% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 581.17M | 606.88M | 713.14M | 863.5M | 1B | 1.77B | 1.44B | 901.93M | 990.3M | 966.01M | 1.22B | 491.7M | 91.1M | 96.53M | 47.04M | 27.98M | 28.49M | 13.15M | 9.44M | 847K | 0 | 0 | 0 | 13K | 562K | 1.33M | 865K | 1.38M | 1.2M | 100K | 100K |
| Revenue Growth % | -15.7% | -14.9% | -17.41% | -14.01% | -43.42% | 23.64% | 59.15% | -8.92% | 2.51% | -20.93% | 148.46% | 439.74% | -5.63% | 105.19% | 68.14% | -1.81% | 116.73% | 39.27% | 1014.52% | - | - | - | -100% | -97.69% | -57.84% | 54.1% | -37.09% | 14.58% | 1100% | 0% | 0% |
| Cost of Goods Sold | 303.95M | 478.83M | 402.11M | 545.37M | 715.98M | 1.19B | 894.41M | 572.48M | 604.6M | 620.13M | 611.5M | 235.24M | 87.96M | 48.86M | 27.88M | 17.24M | 13.49M | 9.57M | 8.56M | 808K | 0 | 3K | 0 | 0 | 0 | 0 | -290K | -200K | -100K | -100K | -100K |
| COGS % of Revenue | - | 78.9% | 56.39% | 63.16% | 71.3% | 67.23% | 62.31% | 63.47% | 61.05% | 64.2% | 50.05% | 47.84% | 96.55% | 50.62% | 59.26% | 61.63% | 47.36% | 72.77% | 90.67% | 95.4% | - | - | - | - | - | - | -33.53% | -14.55% | -8.33% | -100% | -100% |
| Gross Profit | 277.22M | 128.05M | 311.03M | 318.13M | 288.22M | 581.52M | 541M | 329.45M | 385.7M | 345.88M | 610.2M | 256.5M | 43.12M | 47.67M | 19.17M | 10.74M | 15M | 3.58M | 881K | 39K | 0 | 0 | 0 | 13K | 562K | 1.33M | 1.16M | 1.57M | 1.3M | 200K | 200K |
| Gross Margin % | 47.7% | 21.1% | 43.61% | 36.84% | 28.7% | 32.77% | 37.69% | 36.53% | 38.95% | 35.8% | 49.95% | 52.17% | 47.33% | 49.38% | 40.74% | 38.37% | 52.64% | 27.23% | 9.33% | 4.6% | - | - | - | 100% | 100% | 100% | 133.53% | 114.55% | 108.33% | 200% | 200% |
| Gross Profit Growth % | - | -58.83% | -2.23% | 10.38% | -50.44% | 7.49% | 64.21% | -14.58% | 11.51% | -43.32% | 137.9% | 494.9% | -9.55% | 148.72% | 78.52% | -28.42% | 318.97% | 306.36% | 2158.97% | - | - | - | -100% | -97.69% | -57.84% | 15.41% | -26.67% | 21.15% | 550% | 0% | 150% |
| Operating Expenses | 378.46M | 347.04M | 463.1M | 475.15M | 514.47M | 562.77M | 483.29M | 603.5M | 551.9M | 625.74M | 602.56M | 354.98M | 188.93M | 127.3M | 55.65M | 33.92M | 26.14M | 29.6M | 38.05M | 267.9M | 1.12M | 1.44M | 2.05M | 3.75M | 9.58M | 11.85M | 9.76M | 5.73M | 4.3M | 3.5M | 3.2M |
| OpEx % of Revenue | - | 57.18% | 64.94% | 55.03% | 51.23% | 31.71% | 33.67% | 66.91% | 55.73% | 64.78% | 49.32% | 72.19% | 207.39% | 131.88% | 118.29% | 121.25% | 91.72% | 225.15% | 403.03% | 31629.04% | - | - | - | 28807.69% | 1704.98% | 889.05% | 1128.21% | 416.44% | 358.33% | 3500% | 3200% |
| Selling, General & Admin | 212.51M | 223.03M | 304.22M | 300.56M | 372.67M | 468.86M | 355.57M | 343.31M | 358.4M | 414.63M | 490.9M | 196.58M | 57.94M | 55.32M | 27.8M | 19.17M | 18.13M | 13.52M | 14.79M | 12.47M | 1.12M | 1.44M | 2.05M | 2.94M | 5.63M | 6.53M | 5.79M | 3.19M | 2.5M | 1.9M | 1.5M |
| SG&A % of Revenue | - | 36.75% | 42.66% | 34.81% | 37.11% | 26.42% | 24.77% | 38.06% | 36.19% | 42.92% | 40.18% | 39.98% | 63.6% | 57.31% | 59.08% | 68.51% | 63.64% | 102.82% | 156.67% | 1471.78% | - | - | - | 22600% | 1002.49% | 489.87% | 669.13% | 232.29% | 208.33% | 1900% | 1500% |
| Research & Development | 122.42M | 124.08M | 105.21M | 89.59M | 73.89M | 76.85M | 75.32M | 117.87M | 135.69M | 126.44M | 113.87M | 99.49M | 83.57M | 53.9M | 19.52M | 11.35M | 5.95M | 12.88M | 21.56M | 10.85M | 0 | 0 | 0 | 154K | 3.95M | 5.32M | 3.68M | 2.33M | 1.7M | 1.5M | 1.6M |
| R&D % of Revenue | - | 20.44% | 14.75% | 10.38% | 7.36% | 4.33% | 5.25% | 13.07% | 13.7% | 13.09% | 9.32% | 20.23% | 91.74% | 55.84% | 41.49% | 40.57% | 20.88% | 97.98% | 228.41% | 1280.99% | - | - | - | 1184.62% | 702.49% | 399.17% | 425.55% | 169.6% | 141.67% | 1500% | 1600% |
| Other Operating Expenses | 2M | -72K | 53.66M | 85M | 67.91M | 17.07M | 52.4M | 142.33M | 72.89M | 81.25M | 0 | 58.92M | 47.42M | 18.08M | 1.27M | 3.4M | 2.05M | 3.2M | 1.69M | 821K | 0 | 0 | 0 | 0 | 0 | 0 | 290K | 200K | 100K | 100K | 100K |
| Operating Income | -101.24M | -218.99M | -152.06M | -157.02M | -226.25M | 18.75M | 57.71M | -274.05M | -171.2M | -276.44M | -73.28M | -98.48M | -145.81M | -79.63M | -37.27M | -23.19M | -11.14M | -22.82M | -37.16M | -267.86M | -1.12M | -1.44M | -2.05M | -3.73M | -9.02M | -10.52M | -8.6M | -4.15M | -3M | -3.3M | -3M |
| Operating Margin % | -17.42% | -36.08% | -21.32% | -18.18% | -22.53% | 1.06% | 4.02% | -30.38% | -17.29% | -28.62% | -6% | -20.03% | -160.06% | -82.49% | -79.22% | -82.88% | -39.08% | -173.57% | -393.7% | -31624.44% | - | - | - | -28707.69% | -1604.98% | -789.05% | -994.68% | -301.89% | -250% | -3300% | -3000% |
| Operating Income Growth % | - | -44.01% | 3.16% | 30.6% | -1306.68% | -67.51% | 121.06% | -60.08% | 38.07% | -277.27% | 25.59% | 32.46% | -83.11% | -113.67% | -60.72% | -108.23% | 51.2% | 38.6% | 86.13% | -23880.21% | 22.32% | 29.89% | 45.04% | 58.63% | 14.24% | -22.25% | -107.28% | -38.37% | 9.09% | -10% | -36.36% |
| EBITDA | -33.1M | -127.36M | -53.89M | -51.72M | -117.6M | 97.47M | 143.08M | -180.25M | -73.85M | -174.35M | 23.3M | -56.23M | -130.89M | -64.42M | -27.11M | -19.36M | -8.93M | -19.42M | -35.34M | -267.68M | -1.12M | -1.44M | -2.05M | -3.68M | -8.55M | -10.23M | -8.31M | -3.95M | -2.9M | -3.2M | -2.9M |
| EBITDA Margin % | -5.7% | -20.99% | -7.56% | -5.99% | -11.71% | 5.49% | 9.97% | -19.98% | -7.46% | -18.05% | 1.91% | -11.44% | -143.68% | -66.73% | -57.62% | -69.19% | -31.34% | -147.7% | -374.39% | -31602.72% | - | - | - | -28284.62% | -1521% | -767.59% | -961.16% | -287.35% | -241.67% | -3200% | -2900% |
| EBITDA Growth % | 36.24% | -136.33% | -4.19% | 56.02% | -220.66% | -31.88% | 179.38% | -144.06% | 57.64% | -848.25% | 141.44% | 57.04% | -103.19% | -137.62% | -40.03% | -116.81% | 54.02% | 45.06% | 86.8% | -23863.74% | 22.16% | 29.86% | 44.36% | 56.98% | 16.46% | -23.07% | -110.43% | -36.24% | 9.38% | -10.34% | -93.33% |
| D&A (Non-Cash Add-back) | 68.14M | 91.63M | 98.18M | 105.3M | 108.66M | 78.72M | 85.36M | 93.81M | 97.34M | 102.09M | 96.58M | 42.25M | 14.93M | 15.22M | 10.16M | 3.83M | 2.21M | 3.4M | 1.82M | 184K | 0 | 3K | 5K | 55K | 472K | 286K | 290K | 200K | 100K | 100K | 100K |
| EBIT | -82.2M | -140.17M | 37.1M | -170.81M | -379.46M | 4.86M | 70.62M | -283.45M | -165.38M | -265.32M | -89.39M | -129.58M | -158.76M | -90.42M | -35.7M | -23.23M | -10.77M | -26.02M | -37.16M | -24.1M | -648K | -184K | -1.92M | -3.73M | -9.02M | -10.52M | -8.6M | -4.15M | -3M | -3.3M | -3M |
| Net Interest Income | -77.83M | -88.61M | -39.04M | -9.52M | -10.07M | -18.85M | -21.78M | -19.81M | -10.65M | -5.99M | -6.95M | -8.16M | -11.49M | -13.43M | -1.22M | -717K | -1.19M | 0 | 0 | 0 | 0 | 188K | -129K | 172K | 0 | 0 | 1.53M | 0 | 0 | 0 | 0 |
| Interest Income | 10.97M | 12.65M | 8.43M | 3.98M | 1.98M | 28K | 152K | 1.71M | 1.24M | 610K | 478K | 255K | 771K | 376K | 188K | 288K | 24K | 0 | 0 | 0 | 469K | 190K | 127K | 174K | 0 | 0 | 1.54M | 0 | 0 | 0 | 0 |
| Interest Expense | 74.85M | 101.26M | 47.47M | 13.51M | 12.06M | 18.88M | 21.93M | 21.52M | 11.89M | 6.6M | 7.43M | 8.42M | 12.26M | 13.8M | 1.41M | 1M | 1.22M | 0 | 0 | 0 | 0 | 2K | 2K | 2K | 0 | 0 | 9K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -127.7M | -22.41M | 141.7M | -27.41M | -165.65M | -33.4M | -9.51M | -30.91M | -6.07M | 4.52M | -271K | -39.52M | -25.21M | -24.59M | 56K | -1.04M | -844K | -2.03M | -1.35M | -1.48M | 469K | 1.25M | 125K | -2.06M | -1.34M | 1.65M | 1.53M | 0 | 300K | 100K | 200K |
| Pretax Income | -228.94M | -241.43M | -10.36M | -184.43M | -391.9M | -14.65M | 48.2M | -304.96M | -177.27M | -271.92M | -73.5M | -138M | -171.03M | -104.22M | -37.21M | -24.23M | -11.98M | -30.05M | -39.92M | -267.86M | -648K | -186K | -1.93M | -5.79M | -10.36M | -8.87M | -7.07M | 0 | -2.7M | -3.2M | -2.8M |
| Pretax Margin % | -39.39% | -39.78% | -1.45% | -21.36% | -39.03% | -0.83% | 3.36% | -33.81% | -17.9% | -28.15% | -6.02% | -28.07% | -187.74% | -107.96% | -79.1% | -86.61% | -42.04% | -228.6% | -422.85% | -31624.44% | - | - | - | -44561.54% | -1843.06% | -665.19% | -817.34% | - | -225% | -3200% | -2800% |
| Income Tax | -16.09M | -15.71M | 42.84M | 4.44M | -63.5M | 15.49M | 17.62M | 7.06M | -38.7M | 18.86M | -56.1M | -113.67M | 24K | 1.67M | -9.63M | -19.36M | -18K | -294K | -83K | -83K | 0 | 0 | 0 | 0 | 0 | -82K | 95K | 206K | 0 | 0 | 100K |
| Effective Tax Rate % | 7.03% | 6.51% | -413.47% | -2.41% | 16.2% | -105.7% | 36.55% | -2.32% | 21.83% | -6.93% | 76.33% | 82.37% | -0.01% | -1.6% | 25.87% | 79.88% | 0.15% | 0.98% | 0.21% | 0.03% | 0% | 0% | 0% | 0% | 0% | 0.92% | -1.34% | - | 0% | 0% | -3.57% |
| Net Income | -212.96M | -225.73M | -53.22M | -188.86M | -328.4M | -30.14M | 30.59M | -314.93M | -153.04M | -305.25M | -48.36M | -30.03M | -171.67M | -114.41M | -29.05M | -1.28M | -18.93M | -30.11M | -39.83M | -268.4M | -648K | -186K | -1.93M | -5.79M | -10.36M | -8.79M | -7.17M | -4.36M | -2.7M | -3.3M | -2.9M |
| Net Margin % | -36.64% | -37.2% | -7.46% | -21.87% | -32.7% | -1.7% | 2.13% | -34.92% | -15.45% | -31.6% | -3.96% | -6.11% | -188.44% | -118.52% | -61.75% | -4.59% | -66.42% | -229.05% | -421.97% | -31688.9% | - | - | - | -44561.54% | -1843.06% | -659.04% | -828.32% | -316.87% | -225% | -3300% | -2900% |
| Net Income Growth % | -446.03% | -324.12% | 71.82% | 42.49% | -989.49% | -198.55% | 109.71% | -105.78% | 49.86% | -531.22% | -61.05% | 82.51% | -50.05% | -293.86% | -2164.07% | 93.22% | 37.15% | 24.4% | 85.16% | -41320.52% | -248.39% | 90.34% | 66.75% | 44.07% | -17.91% | -22.61% | -64.45% | -61.37% | 18.18% | -13.79% | -7.41% |
| Net Income (Continuing) | -212.86M | -225.72M | -53.21M | -188.86M | -328.4M | -30.14M | 30.59M | -314.93M | -153.04M | -305.25M | -17.43M | -31.43M | -174.64M | -117.35M | -27.59M | -4.88M | -18.21M | -29.76M | -39.83M | -267.18M | -648K | -186K | -1.93M | -5.79M | -10.36M | -8.79M | -7.17M | -3.94M | -2.7M | -3.3M | -2.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 109K | 5.18M | -6.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.4M | -3.43M | -492K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.28 | -0.30 | -0.08 | -0.25 | -0.46 | -0.05 | 0.05 | -0.53 | -0.27 | -0.55 | -0.05 | -0.06 | -0.41 | -0.32 | -0.11 | -0.01 | -0.08 | -0.13 | -0.21 | -2.09 | -0.04 | -0.01 | -0.12 | -0.37 | -0.67 | -0.57 | -0.51 | -0.44 | -0.30 | -0.42 | -0.42 |
| EPS Growth % | -369.19% | -291.13% | 69.32% | 45.65% | -910.99% | -195.39% | 109% | -96.3% | 50.91% | -1000% | 16.67% | 85.37% | -28.13% | -190.91% | -1000% | 88.17% | 35% | 38.1% | 89.95% | -5177.78% | -247.37% | 90.5% | 67.57% | 44.78% | -17.54% | -11.76% | -15.91% | -46.67% | 28.57% | 0% | 20.75% |
| EPS (Basic) | - | -0.29 | -0.08 | -0.25 | -0.46 | -0.05 | 0.05 | -0.53 | -0.27 | -0.55 | -0.05 | -0.06 | -0.41 | -0.32 | -0.11 | -0.01 | -0.08 | -0.13 | -0.21 | -2.09 | -0.04 | -0.01 | -0.12 | -0.37 | -0.67 | -0.57 | -0.51 | -0.44 | -0.30 | -0.42 | -0.42 |
| Diluted Shares Outstanding | 758.88M | 765.52M | 694.02M | 751.77M | 719.06M | 648.08M | 640.65M | 595.45M | 566.67M | 559.16M | 502M | 500M | 418.78M | 355.1M | 295.75M | 280.67M | 255.1M | 233.19M | 187.71M | 128.77M | 16.37M | 16.27M | 16.05M | 15.69M | 15.67M | 15.75M | 14.45M | 10.33M | 9.74M | 8.27M | 6.91M |
| Basic Shares Outstanding | 758.88M | 765.52M | 694.02M | 751.77M | 719.06M | 648.08M | 640.65M | 595.45M | 563.14M | 555M | 507.83M | 500M | 418.78M | 355.1M | 295.75M | 280.67M | 255.1M | 233.19M | 187.71M | 128.77M | 16.37M | 16.27M | 16.05M | 15.69M | 15.67M | 15.75M | 14.45M | 10.33M | 9.74M | 8.27M | 6.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Diagnostic Revenue Erosion
As reported in recent financial statements, OPK's revenue has faced a sustained decline, with the most recent quarter showing a 17.2% year-over-year contraction to $124.2 million, reflecting ongoing challenges in stabilizing the core diagnostic business following the post-pandemic normalization of testing volumes.
The consistent downward trajectory in revenue suggests that the company is struggling to replace legacy diagnostic volumes with higher-value esoteric testing. Investors should monitor whether the pharmaceutical royalty streams can eventually offset the structural decline in the laboratory segment.
Based on the company's reported figures, gross margins have exhibited significant volatility, fluctuating from a low of 23.1% in 2024Q3 to a peak of 59.6% in 2025Q4, indicating a lack of predictable pricing power within the diagnostic laboratory operations.
This margin instability appears to be driven by the high fixed-cost nature of BioReference Laboratories, which remains sensitive to shifts in payer mix and test volume. The inability to maintain consistent gross profitability suggests that the current operational model may be overly reliant on scale that is not currently being achieved.
According to the income statement data, OPK continues to struggle with operating leverage, as evidenced by a negative operating margin of -41.1% in 2026Q1, which highlights the difficulty of scaling the business while maintaining significant R&D and administrative overhead.
The persistent operating losses suggest that the company's current revenue base is insufficient to cover its fixed cost structure. Without a meaningful inflection in high-margin royalty income, the company appears to remain trapped in a cycle of high operational burn.
As indicated by the quarterly filings, net income has been highly erratic, swinging from a $21.6 million profit in 2025Q3 to a $148.4 million loss in 2025Q2, suggesting that non-operating items and accounting adjustments significantly distort the underlying operational performance of the firm.
The presence of stock-based compensation and potential non-recurring charges warrants further investigation into the sustainability of reported earnings. Investors should be cautious of relying on headline net income figures, as they appear heavily influenced by factors outside of core diagnostic and pharmaceutical operations.
Based on the provided data, the most significant risk to the investment thesis is the 14.90% year-over-year revenue decline, which suggests that the core diagnostic business may be in a state of permanent contraction rather than a temporary post-pandemic adjustment period.
Short-term observers may focus on the potential for further asset impairments if the diagnostic segment fails to reach profitability. The reliance on future milestone payments and royalty streams creates a binary risk profile that may not be fully captured by current valuation multiples.
Quick answers to the most common questions about buying OPK stock.
For fiscal year 2025, OPKO Health, Inc. (OPK) reported total revenue of $606.9M. This represents a 606779.0% increase compared to $0.1M in 1996.
OPKO Health, Inc. (OPK) reported a net loss of $225.7M for the fiscal year ending 2025.
OPKO Health, Inc. (OPK) reported an operating income of $-219.0M, resulting in an operating profit margin of -36.1%. This margin reflects the operational efficiency of the business before interest and taxes.
OPKO Health, Inc. (OPK) generated $128.1M in gross profit for the year, representing a gross profit margin of 21.1%. This demonstrates the company's core pricing power and production efficiency.