OPKO Health Inc. (NASDAQ: OPK) saw its stock price plummet by 5.44% on November 7th, 2024, following the release of the company's third-quarter financial results for the year 2024.
The biopharmaceutical and diagnostics company reported adjusted losses of $0.09 per share for the quarter, matching analysts' consensus estimates. However, the company's quarterly sales of $173.6 million fell short of analysts' expectations of $181.525 million, missing the mark by 4.37%. Furthermore, the reported sales figure represented a 2.8% decline compared to the same period in the previous year.
The disappointing sales performance, which fell below both analyst projections and the company's own year-ago results, appears to be the primary driver behind OPKO Health's stock price decline. Investors may have reacted negatively to the weaker-than-expected revenue growth, which could raise concerns about the company's business momentum and future prospects.
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