OPKO Health's (OPK) CEO Phillip Frost on Q4 2014 Results - Earnings Call Transcript
Mar. 2, 2015 1:22 PM ET | About: OPKO Health, Inc. (OPK)
Operator
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Greetings, and welcome to the OPKO Health Fourth Quarter 2014 Financial Results. At this time all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Steve Rubin, Executive Vice President of Administration for OPKO. Thank you, Mr. Rubin. You may now begin.
Steven Rubin - Executive Vice President, Administration
Thank you, and good morning. Before we begin, I'd like to remind you that any statements made during this call, which are historical will be considered forward-looking, and as such will be subject to risk and uncertainties, which could materially affect our expected results, including without limitation the various risks described in our Annual Report on Form 10-K for the year ended December 31, 2014 and our subsequent filings with the SEC.
I'd like to discuss the format for today's call. Adam Logal, our Chief Financial Officer will first talk about our financial results for the quarter. Charlie Bishop, the CEO of our Renal Division will then provide a brief update on our Rayaldee development program; followed by David Okrongly, President of our Diagnostics Division, who will provide an update of our diagnostics projects; and Dr. Frost will follow-up with a brief wrap up. We have the entire team here including Dr. Gilly Hart [ph] Head of Clinical Development for OPKO Biologics. He is with us to answer any questions you might have after our remarks.
With that, I'll turn it over to Adam Logal, our CFO.
Adam Logal - Senior Vice President and Chief Financial Officer
Thank you, Steve, and good morning, everyone. 2014 was an important year for us with our investments in R&D having begun turning [ph] in to commercial opportunities. In the first quarter of 2014, we successfully validated and launched the 4Kscore test in the U.S. launching in Europe in September and Latin America through the launch in Mexico last month.
Our investments in Rayaldee resulted in the completion of two successful Phase 3 clinical trials with the NDA filing coming shortly. Finally, in December we entered into an agreement with Pfizer which allows us to have a global commercial partner for our hGH-CTP product.
The $295 million in cash we received – from Pfizer in addition to the cash already on hand on our balance sheet puts us in the strongest financial position we’ve been in today.
In June, we successfully converted approximately $75 million of our convertible debt, leaving us with approximately $87 million of convertible debt outstanding as of December 31, 2014.
OPKO's pharmaceutical operating units continue to show positive results during the three months and for the full year 2014, with increases of $1 million and $8.8 million in year-over-year product revenue growth, principally being driven by our growth at FineTech our API manufacturer and our Spanish based business.
Pharmaceutical product revenue grew, despite foreign currency pressure impacting our Latin American businesses in comparison to the 2013 periods.
Total revenue for the three months ended December 31, 2014 were $25.5 million and $91.1 million compared to $20.7 million and $96.5 million for the comparable periods of 2013. The 2013 annual period included non-recurring licensing revenue of $16.3 million related to the 2013 transactions with Pharmsynthez and RXi.
The 2014 annual period included the milestone payment received under our license agreement with TESARO, as a result of their successful NDA submission.
Turning to our operating expenses, we had several events during the period that I would like to highlight. As a result of our successful Phase 3 clinical trials for Rayaldee, our net loss for the three months and year ended December 31, 2014 reflects an increase in the valuation of our contingent consideration payable to the sellers of Cytochroma.
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