Opko Health, Inc. (NYSE:OPK) Q1 2020 Earnings Conference Call - Final Transcript

May 06, 2020 • 04:30 pm ET


Opko Health, Inc. (NYSE:OPK) Q1 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Ladies and gentlemen, thank you for standing by and welcome to the OPKO Business Update and First Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

Thank you. I'll now turn the conference over to Yvonne Briggs. You may begin.

Yvonne Briggs

Thank you, operator. Good afternoon. This is Yvonne Briggs with LHA. Thank you all for joining today's call to discuss OPKO Health's financial results for the first quarter of 2020.

I'd like to remind you that any statements made during this call by management other than statements of historical facts will be considered forward-looking and as such will be subject to risks and uncertainties that could materially affect the Company's expected results. Those forward-looking statements include without limitation, the various risks described in the Company's SEC filings including the Annual Report on Form 10-K for the year ended December 31, 2019 and in subsequently filed SEC reports.

Importantly, this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, May 6, 2020. Except as required by law, OPKO undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

Before we begin, let me review the format for today's call. Dr. Phillip Frost, Chairman and Chief Executive Officer will open the call. Then, Steve Rubin, OPKO's Executive Vice President will provide a business update and pipeline review. And then, Dr. Cohen will discuss BioReference Laboratories. After that, Adam Logal, OPKO's CFO will review the Company's first quarter financial results. And then, we'll open up the call to questions.

Now, let me turn the call over to Dr. Frost.

Phil Frost

Good afternoon, and thank you for joining the call today.

Much has changed since our last conference call. These are extraordinary times in the public health challenges posed by the COVID-19 pandemic have impacted almost every aspect of our life. Since the end of February, BioReference Laboratories has been at the forefront of testing for this novel Coronavirus and we remain in constant contact with government officials at all levels. I am really proud of our management team and our employees who continue to work around the clock to bring various testing platforms online to achieve our targeted capacity levels to meet increasing demand and to play a critically important role in public health.

As we have announced, BioReference has forged partnerships with several states, cities and large healthcare systems to provide molecular testing to some of the hardest hit areas. As of last week, we also started offering antibody testings nationwide which may be helpful in understanding who has been exposed to the virus and has some level of immunity. Antibody testing is an important next step as we start to open up the economy and move forward with our personal lives. As you'd expect, our base testing business has been impacted. Given the government initiatives to