Opko Health (OPK 1.65%)
Q3 2022 Earnings Call
Nov 08, 2022, 4:30 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the OPKO Health third quarter 2022 monetary outcomes convention name. [Operator instructions] Please word this occasion is being recorded. I’ll now wish to flip the convention over to Mr. Yvonne Briggs.

Please go forward.

Yvonne Briggs — Investor Relations

Thank you, operator, and good afternoon. This is Yvonne Briggs with LHA. Thank you all for becoming a member of at present’s name to debate OPKO Health’s monetary outcomes for the third quarter of 2022. I’d prefer to remind you that any statements made throughout this name by administration apart from statements of historic truth might be thought-about forward-looking and as such, might be topic to dangers and uncertainties that might materially have an effect on the corporate’s anticipated outcomes.

Those forward-looking statements embrace, with out limitation, the assorted dangers described within the firm’s SEC filings, together with the annual report on Form 10-Ok for the yr ended December 31, 2021, and subsequently filed SEC experiences. This convention name incorporates time-sensitive info that’s correct solely as of the date of the dwell broadcast at present, November 8, 2022. Except as required by legislation, OPKO undertakes no obligation to revise or replace any forward-looking statements to mirror occasions or circumstances after the date of this name. Before we start, let me evaluation the format of at present’s name.

Dr. Phillip Frost, chairman and chief govt officer, will open the decision. Dr. Elias Zerhouni, vice chairman and president of OPKO, will then present an outline of OPKO’s pharmaceutical enterprise in addition to BioReference Laboratories.

After that, Adam Logal, OPKO’s CFO, will evaluation the corporate’s third quarter monetary outcomes. And then we’ll open the decision to questions. Now, I’d like to show the decision over to Dr. Frost.

Phillip Frost — Chairman and Chief Executive Officer

Good afternoon, and thanks for becoming a member of at present’s name to debate our third quarter monetary outcomes and enterprise progress. Starting with OPKO Health’s pharmaceutical enterprise. We’re happy with the launches so far of NGENLA, or somatrogon, by our industrial associate, Pfizer. NGENLA is our once-weekly injectable development hormone product that is anticipated to ease a affected person’s burden versus the usual day by day injections.

Pfizer has launched in Japan and different nations, together with Germany, Canada, Australia — and Australia. NGENLA is now supplied by means of the pharmaceutical profit scheme, which is Australia’s nationwide drug subsidy program. Although it is nonetheless very early within the launch of simply enormous territories, NGENLA beginning to expertise important sequential quarter development, which Adam will evaluation in a second. Additionally, there are a number of pricing approvals pending in different European nations, which ought to happen quickly.

In the U.S., I can guarantee you that we’re working diligently with Pfizer to resolve the FDA’s feedback relating to somatrogon’s BLA submission. As , it is Pfizer’s place to not disclose any additional info relating to the FDA’s feedback within the full response letter, ongoing discussions with the company or technique to advance the regulatory course of. Yet, they’ve publicly said their dedication to the product within the U.S. market.

As quickly as we’re in a position, we’ll present an replace with further info on the regulatory standing of somatrogon within the U.S. We’re happy with the progress of our licensing companions for a number of of our development-stage drug candidates. LeaderMed, our three way partnership associate in China, is predicted to provoke a Phase 3 trial of oxyntomodulin for the therapy of weight problems and sort two diabetes early subsequent yr. LeaderMed can also be planning a medical trial of our Factor VII CTP and a novel long-acting coagulation issue to deal with hemophilia.

We stay up for the outcomes from these medical research as we plan to leverage the information for regulatory approval in nations exterior of China. The ModeX workforce is enthusiastic and motivated to advance the pipeline of the mixed firm and to leverage the ModeX proprietary expertise platform targeted on multi-specific antibodies. Their distinctive platform expertise represents a major alternative to supply higher remedy and outcomes for all kinds of sufferers, and we proceed to advance our discussions with potential companions. We’ll hold you up to date on our progress.

Dr. Elias Zerhouni has immersed himself in all points of our enterprise and has spent important time on website at BioReference Laboratories Laboratories to supply oversight management of the diagnostic operations and technique. Elias will present additional particulars on the lab and its efficiency following his commentary on the pharmaceutical enterprise. With that temporary evaluation, I’ll now flip the decision over to Elias.

Elias?

Elias Zerhouni — Vice Chairman and President

Thank you, Phil, and good afternoon, everybody. It’s been a busy and intensely rewarding six month for me and since ModeX was acquired by OPKO for all of the groups which might be concerned. As Phil talked about, I’ve been focusing my time on all points of OPKO’s enterprise, together with our pharmaceutical and diagnostic divisions. Starting with the combination of ModeX, the workforce could be very excited to be a part of OPKO and to leverage and profit from the information, sources and platforms inside OPKO as we advance our multi-specific applied sciences.

As I’ve mentioned on previous calls, ModeX has two expertise platforms. One is targeted on growing vaccines, using ferritin particles, which is a crucial protein for all cells because it brings iron for his or her metabolism. Our expertise attaches particular antigens to the ferritin protein, which then self-assembles into nanoparticles in a really scalable and cost-effective method. Our first utility of this expertise is to focus on the Epstein-Barr virus, which is answerable for infectious mononucleosis and its long-term penalties in some sufferers, resembling cancers and a number of sclerosis.

We are within the pre-IND stage for that utility and in earlier phases for different targets. But as , as vaccine trials require considerably bigger numbers of topics to check for efficacy and security, our growth technique is to pursue collaborations with bigger pharma firms to advance drug candidates into the clinic and finally deliver them to market upon approval. And we’re very inspired with our discussions so far as we search appropriate companions for this promising vaccine expertise platform, which as Phil mentioned, probably lends itself to a number of functions in infectious illnesses. Now our novel proprietary platforms known as STAR and Stealth allow us to design multi-specific multivalent antibodies past the bispecific and trispecific codecs presently utilized by us and others.

This gives extraordinary flexibility for our multi-specific expertise to go as much as a complete of six targets concurrently. We consider that STAR is a plug-and-play platform, which optimizes performance and manufacturing simplicity, usually a problem for multispecific applied sciences. Our STAR expertise is targeted on infectious illnesses and oncology indications. In infectious illness, we embrace HIV and COVID-19.

In oncology, we handle each stable and hematologic malignancies. In our pipeline, we’ve a trispecific candidate in Phase 1 to deal with HIV that receives assist from the NIH really and in addition to two preclinical multispecific candidates additionally focusing on HIV. In addition, we’ve a number of SARS-CoV-2, multispecific antibodies in late preclinical phases partially funded by DARPA that present safety in opposition to a number of variants of concern all of sudden. In oncology, we’ve two multispecific antibodies targeted on hard-to-treat stable tumors and one targeted on liquid tumors.

These oncology applications are all within the preclinical stage with a objective of coming into the clinic in late 2023 or early 2024. Now, I’d like to modify gears and focus on BioReference Laboratories. Although we proceed to understand further value reductions publish the COVID enlargement that we skilled, these initiatives are transferring fairly quickly. The laboratory had one other difficult quarter as we transition away from COVID testing and deal with strengthening our base enterprise.

As mentioned in our final convention name, a three-pronged plan was put in place so as to rightsize the expense construction and drive development in our core and specialty testing companies. So we first targeted on lowering our value construction by means of our Reach initiative, which commenced in the beginning of 2022. We had been trying to take away $140 million a yr in bills this yr and have realized financial savings of greater than $100 million so far. We have diminished our workforce to three,300 on the finish of September from a complete of over 4,300 previous to July.

It is crucial that we additionally align our infrastructure and associated prices with present testing volumes for COVID being diminished to endemic ranges along with inflation pressures. We have targeted our efforts on operational excellence, together with income cycle administration to offset these pressures whereas pursuing efficiencies in just about each space of our enterprise, together with rationalization of our testing platforms and taking a look at alternatives to make use of lab automation and machine studying the place attainable. I believe the spotlight of our diagnostic enterprise is our specialty segments, which proceed to outperform. These segments embrace oncology, girls’s well being, neurology and particular ventures.

All of which have demonstrated promising development alternatives. We, for instance, proceed to outperform within the oncology franchise as we’re exhibiting robust development yr on yr inside our genomic sequencing line of testing. We have expanded our relationship with Westchester Medical Center past our current lab administration enterprise. In addition, we’ve a brand new definitive settlement with the University of Rochester for oncology testing, in addition to a number of different massive most cancers facilities.

We proceed to increase our best-in-class oncology portfolio with new and rising diagnostics testing. An instance of that is Onko clone for minimal residual illness in rising unmet want, which oncologists contemplate vital to their administration of sufferers, which helps physicians always — oncologists to find out whether or not the illness is reoccurring or not and modify remedy accordingly. On the core enterprise facet, we have carried out work to organize for the rising respiratory season and launched a brand new multitest panel that exams for concurrently for COVID, for flu A, flu B and RSV, which is nicely obtained and more and more used. I believe we have carried out a superb job of stabilizing quantity in girls’s well being with a watch on development transferring ahead.

An instance in girls’s well being is a collaboration with Aspira Women’s Health — and BioReference Laboratories and Aspira will co-market and distribute OVA1plus, which mixes Aspira’s FDA-cleared blood exams, Ova1 and OVERA to detect the danger of ovarian malignancy in girls with adnexal lots previous to surgical procedure. Our 4Kscore take a look at for prostate most cancers continues to carry out nicely. And the third prong of our rightsizing plan is targeted on optimizing our organizational construction to streamline the tasks of our management workforce to enhance our pace to market with new merchandise and initiatives and most significantly enhance our agility and decision-making by means of a a lot much less complicated administration construction. We’re additionally in energetic discussions with well being methods and value-based care organizations, which additionally characterize a major development alternatives and synergy with our diagnostic platforms.

And so I’ll now flip the decision over to our CFO, Adam. Adam?

Adam Logal — Chief Financial Officer

Thank you, Elias. Starting with our Pharmaceutical section, Pfizer, our associate for our long-acting development hormone, not too long ago launched NGENLA in numerous nations since earlier this yr and proceed to increase its launch over the subsequent 18 months, part of it’s world regulatory and industrial technique. We’re entitled to gross revenue share of royalties, relying on the area through which the product is offered. In Japan, we’re within the franchise gross revenue stage.

And in Europe, we’re receiving royalties till pricing is authorised and NGENLA is launched in two further main markets in Europe. If authorised within the U.S., their U.S. area will transfer to gross revenue share. But till then, we’ll proceed to obtain royalties on gross sales in that area’s market.

Overall, revenues from the pharmaceutical section for the three months ended had been $36.9 million, a lower of $8.8 million, reflecting international foreign money pressures in our Chilean and European operations in addition to a lower in RAYALDEE volumes. In addition, throughout the 2021 interval included nonrecurring upfront funds from CAMP4 in LeaderMed. Total prices and bills from our prescription drugs section within the 2022 interval had been $65.2 million, together with $16.5 million of noncash intangible amortization. Research and growth actions elevated $4.7 million, reflecting a full quarter of growth expense from our MODEX operations in addition to prices associated to our somatrogon growth actions, principally across the growth of a next-generation machine.

As a end result, working loss from our prescription drugs section was $28.3 million for the third quarter of 2022. The comparable interval of 2021 features a $31.5 million acquire, which offset bills of $48.5 million for internet expense of $17 million and earnings from operations of $28.6 million. Moving to our diagnostics section. We reported income of $142.9 million in comparison with $340.2 million for the 2021 interval.

This decline displays decreased COVID testing ranges because the broad testing market has shifted to speedy at-home testing. We proceed to execute our Reach program, as Elias talked about, and throughout the third quarter alone diminished our annualized worker prices by $46 million and are focusing on additional expense reductions throughout the whole lot of the group. As Elias talked about once more, to this point in 2022, we’ve diminished our expense run charge by over $100 million and proceed to see advantages of this program every sequential month of the third quarter of 2022. We’ve diminished or eradicated spending on our longer-term industrial initiatives, together with Scarlet Health and our digital well being platforms, whereas we deliver the rest of our value construction in step with our anticipated quantity ranges.

We have recognized numerous close to and medium-term development applications, which Elias outlined. We count on these to understand within the first half of 2023, which can assist return BioReference to worthwhile development. Looking at our base enterprise. Our third quarter volumes decreased by about 4%, and consequently, negatively impacted our general development and working margins.

We noticed power in sure strains of our testing, as Elias talked about, with our most cancers genomics enterprise exhibiting development together with 4Kscore exams in comparison with 2021 ranges. However, these good points had been offset by the evolving doctor follow market the place we noticed shopper loss as a result of consolidation and roll-up of small doctor group workplaces. Operating loss for our Diagnostics section was $49.5 million, which displays a sequential lower of roughly $8 million earlier than contemplating $5 million of nonrecurring prices included within the third quarter. The third quarter of 2021 reported working earnings of roughly $19.7 million, which benefited from important COVID-19 testing that occurred final summer time.

Turning to the consolidated monetary outcomes for the third quarter. We reported an working lack of $87.8 million in comparison with 2021 working earnings of $37.8 million. Net loss for the third quarter features a $30.6 million noncash mark-to-market adjustment from the decline of the worth of Sema4’s widespread inventory, offset by an earnings tax advantage of $40.3 million, leading to a internet lack of $86.1 million or $0.11 per share in comparison with internet earnings of $28.7 million or $0.04 per diluted share for the interval which, as I beforehand talked about, benefited from COVID testing in addition to the sale of our fill-finish facility in Ireland. As we take a look at the rest of 2022, we’ve narrowed our ranges, that are with constant assumptions from prior quarters to the next.

We do not count on the surge in COVID testing. Our base enterprise will proceed to — with most — our most up-to-date developments, and we’ve not factored in any modifications to the worth of our Sema4 widespread inventory. With that, we now count on full yr income for 2022 to be between $980 million and $1 billion, together with income from providers of $735 million to $745 million. Revenue from merchandise of $135 million to $140 million and different income of $103 million to $110 million.

We count on prices and bills to be between $1.23 billion and $1.25 billion, which mirror varied assumptions or testing volumes. Operating outcomes embrace roughly $110 million of noncash depreciation and the amortization expense in addition to anticipated analysis and growth expense of $75 million to $78 million. Thank you, and we’ll open up the decision for questions. Operator? 

Questions & Answers:

Operator

[Operator instructions] Our first query comes from Maury Raycroft of Jefferies. Please go forward.

Kevin Strang — Jefferies — Analyst

Hi. This is Kevin Strang on for Maury. Thanks for taking my questions. First query on — and once more in Europe.

Just are you able to speak about how far-off you can be from revenue sharing there when it comes to the final two launches? Could that be by year-end? And then additionally, is there something that you have realized so removed from the Ascendis launch on affected person and physician urge for food to switching to the long-acting development hormone. 

Adam Logal — Chief Financial Officer

So I’ll discuss concerning the revenue share. Thanks for the query. So in Europe, we have projected and guided that we count on that change to occur within the first quarter of subsequent yr. Certainly, issues might occur sooner, however that’s the place our present expectations are.

As far because the Ascendis launch, so the adoption within the U.S. appears to be going pretty nicely for them. It’s laborious to see wherever past that. But we predict the switching goes to occur quickly and the adoption of the merchandise will occur shortly beneath the long-acting kind. 

Kevin Strang — Jefferies — Analyst

Great. Thanks. And only one extra follow-up on the price discount effort. You talked about $100 million to this point this yr.

Can you simply speak about the place you might be within the context of your last kind of value discount targets. And then given the COVID-19 testing paradigm, what do you count on your capability there might be going ahead? 

Adam Logal — Chief Financial Officer

Yes. So we talked concerning the Reach program. It’s going to be a multiyear effort. We have not finalized our targets for 2023 on what that program goes to go for.

But we have set the target to take out $140 million in prices, and we’re nicely on our method to that already. Elias, I do not know if you happen to needed to say any phrases concerning the Reach program primarily based in your involvement so far.

Elias Zerhouni — Vice Chairman and President

No, I believe you are proper. I believe we’re actually aiming to go to $140 million and we really see alternatives to transcend that associated to the flattening of the group and the flexibility for us to automate the laboratories and due to this fact, cut back labor bills. So $140 million is a minimal, and I believe we will do higher than that. But I could not inform you till we’ve the 2023 found out. 

Phillip Frost — Chairman and Chief Executive Officer

And because it pertains to COVID capability, so we proceed to have sufficient capability. As you keep in mind, we introduced up capability fairly shortly when it was wanted and will flex to it. Right now, we’re staffed to our present volumes, which we have talked about have come down dramatically from the place they had been earlier this yr. But would have the flexibility to reduce up ought to we’d like.

Elias Zerhouni — Vice Chairman and President

I believe additionally — if I’ll, I believe additionally that we — no, no, we had been fairly conscious that this season might be totally different than the earlier ones that COVID might be persistent as an endemic virus. Flu A, flu B, RSV, as , from the projections of CDC had been predicted to be very excessive. So we developed a brand new providing, a 4-in-1 take a look at that’s really getting numerous good critiques and good reception within the medical neighborhood and rising very quick when it comes to demand as a result of this winter and the start of subsequent yr are predicted to be fairly extreme when it comes to what individuals name the tridemic of RSV, flu and COVID only a level. 

Phillip Frost — Chairman and Chief Executive Officer

I used to be simply wanting so as to add that with regard to BioReference, it is a two-pronged method. One, in fact, is slicing prices, however to not neglect, in fact, the emphasis on growing revenues. And in that regard, one level was talked about that I’ll spotlight and that was new ventures. This is an space that we’re devoting numerous consideration to with some actually good expertise making use of themselves.

And I’m very hopeful that this can repay in a severe manner.

Kevin Strang — Jefferies — Analyst

Great. Thank you very a lot.

Operator

Our subsequent query comes from Jeffrey Cohen of Ladenburg Thalmann and Company, Inc. Please go forward.

Jeffrey Cohen — Ladenburg Thalmann and Company — Analyst

Hi, Dr. Frost, Dr. Zerhouni and Adam. How are you?

Phillip Frost — Chairman and Chief Executive Officer

Good, Jeff.

Elias Zerhouni — Vice Chairman and President

Good. Thanks.

Adam Logal — Chief Financial Officer

Hi, Jeff.

Jeffrey Cohen — Ladenburg Thalmann and Company — Analyst

So only a few questions from our finish. I suppose, firstly, if we might return to NGENLA somewhat bit. Do you’ve gotten readability or does Pfizer share the knowledge so far as reimbursement and pricing by a few of these territories, which they’re launching all through?

Adam Logal — Chief Financial Officer

So we do not get any particular pricing steering apart from what’s publicly out there in any other case.

Jeffrey Cohen — Ladenburg Thalmann and Company — Analyst

OK. Got it. That’s useful. Thanks.

And Adam, I do not know if it is useful, however is it attainable to get a value of service income and price of product income, at your comfort?

Adam Logal — Chief Financial Officer

Yes, we’ll get that to you. The queue ought to be on file in a minute now, Jeff. 

Jeffrey Cohen — Ladenburg Thalmann and Company — Analyst

Super. And then, I suppose, lastly for us, I needed to listen to somewhat extra about a number of the initiatives on the BRL facet. I noticed that you just had an attention-grabbing association with Aspira Women’s Health so far as that testing. When — Dr.

Frost, you had talked about new ventures. Could you give us any extra coloration there so far as is it in-licensing of exams or growing your personal exams? And form of the way you’re constructing that out at your finish? 

Phillip Frost — Chairman and Chief Executive Officer

I might say the entire above.

Jeffrey Cohen — Ladenburg Thalmann and Company — Analyst

Got it. OK. And then lastly, any particular readout or any commentary on 4K from the quarter from Q3 or any outlooks going ahead on 4K?

Phillip Frost — Chairman and Chief Executive Officer

I believe that it is doing very nicely. It’s actually transferring forward of final yr. And once more, Elias is doing a superb job of figuring out initiatives. Jane Hsiao has been working with the workforce to deliver extra payers on board.

But we’re very optimistic that the expansion that we’re seeing now will proceed and maybe speed up. 

Jeffrey Cohen — Ladenburg Thalmann and Company — Analyst

OK. Super. Thanks for taking our questions.

Adam Logal — Chief Financial Officer

Thanks, Jeff. 

Operator

Next query comes from Edward Tenthoff of Piper Sandler. Please go forward.

Ted Tenthoff — Piper Sandler — Analyst

Great. Thank you very a lot. Appreciate the replace. I’m actually excited concerning the new efforts with ModeX.

You talked about with a lot happening, possibly you will get into somewhat bit extra element on partnering alternatives. Are there particular areas like — and I’m kind of making this up, however like oncology the place you’ll both hold or possibly due to the complexities with companions? Or is there a spotlight extra internally on infectious illness? How will you kind of prioritize applications and finally determine what to maintain internally and what to finally develop externally? Thank you.

Elias Zerhouni — Vice Chairman and President

Thank you for the query, essential query. The very first thing is that we’ve obtained numerous incoming curiosity as we offered our portfolio in varied venues. And the curiosity is resulting in a strategic consideration on our half, clearly. We do have an infectious illness portfolio that is composed of two segments.

The vaccine section the place probably the most superior vaccine candidate is EBV. And as , EBV is sort of essential in can — mononucleosis, but in addition most cancers and now a number of sclerosis. So that is an enormous market that has attracted numerous curiosity. At the identical time, we’ve flu and different prototypes which might be being examined.

And so we predict that in vaccines and viral illnesses like HIV and COVID, we’ve fairly a little bit of near-term potential for big collaborations in addition to potential trials. In phrases of oncology, we’re actually taking a look at utilizing the multivalent, multi-specific method to check out our potential to truly not take a look at very unknown targets, however recognized targets in distinctive novel mixtures primarily based on the information that we’ve. Our desire could be to maintain that in-house, to not associate these as a result of we predict that the multispecific multivalent platform has huge potential as Dr. Frost talked about to you.

So we are attempting to finance, if you’ll, somewhat bit by means of our infectious illness, possibly licensing out and partnering. The potential for us to maintain half portfolio inside to OPKO. I do not know if that helps you.

Ted Tenthoff — Piper Sandler — Analyst

Super useful coloration. Thank you. 

Operator

Our subsequent query comes from Yale Jen of Laidlaw and Company. Please go forward.

Yale Jen — Laidlaw and Company — Analyst

Good afternoon, and thanks for taking the questions. The first query is that I keep in mind within the final name, you talked about that you could be doing R&D Day to focus on a number of the issues within the ModeX. Is that also within the schedule for this yr? Or that might be in subsequent yr? 

Phillip Frost — Chairman and Chief Executive Officer

Yes, it’s nonetheless within the schedule. We’re nonetheless planning it. We do have a couple of issues that we have to finalize when it comes to discussions with others that we have to do. So we’re aiming for one thing both December or J.P.

Morgan or proper round J.P. Morgan, that is the place we’re attempting to do the R&D Day. I believe issues might be somewhat extra mature. And I believe individuals will take pleasure in extra as a result of it will likely be extra element than what we will do at present.

Yale Jen — Laidlaw and Company — Analyst

OK. Great. That’s useful. Maybe yet one more query.

In the vaccine, as you talked about, that there almost certainly to be a partnering alternative. But when it comes to the stage — growth stage to be partnered, are you guys on the lookout for full possibly the primary — earlier stage of medical growth earlier than partnering? Or you might be even ponder partnering out in a lot early even preclinical or early medical stage?

Phillip Frost — Chairman and Chief Executive Officer

We have curiosity for each issues. We’re going to do what’s actually sensible, and it will depend on the standard of the companions. And so we’re principally at a pre-IND stage. We’re going.

We have the manufacturing we’re engaged on and the entire steps that you must have earlier than you undergo IND. And we’re keen to do it alone if we have to, if we discover phrases of collaborations which might be enticing, we’ll do it the opposite manner. So we aren’t pressed for one selection or the opposite. We can proceed it on our personal.

We also can associate it. I’m not weathered to by hook or by crook is what I’m attempting to say.

Yale Jen — Laidlaw and Company — Analyst

Understood and recognize that. And possibly the final query is a housekeeping one which — as we take a look at the overall different income or earnings, it appears structurally quite a bit between quarters. So how ought to we, typically, take into consideration this match quantity going ahead?

Adam Logal — Chief Financial Officer

Yes. So it should be a balancing quantity as a result of we have got some lumpy milestone funds that come by means of in a few of our partnering offers in addition to simply the general milestones that come by means of. So the consistency goes to be the expansion from our RAYALDEE and Pfizer gross revenue and royalty streams. But that — and that we count on to construct a superb base.

And when these individually turn out to be materials, we’ll begin to break these out for you guys to work in your mannequin. But in any other case, we’ll proceed to provide steering on what’s included in that quantity and what’s not included like early this yr, we talked about that we did not have the milestone funds factored in till we bought the approvals after which we upped our steering associated to these.

Yale Jen — Laidlaw and Company — Analyst

OK. Great. That’s very useful. And congrats on the progress this fall.

Thanks quite a bit.

Operator

At this time, the question-and-answer session is concluded. I might now like to show the decision again over to Mr. — Dr. Frost for any closing remarks. 

Phillip Frost — Chairman and Chief Executive Officer

Well, thanks in your participation and glorious questions. As you’ll be able to see, there’s much more detailed work happening within the growth of recent merchandise. What we hope to do is a while within the close to future, maybe within the first quarter, have a analysis day through which we will go into somewhat bit extra element about a few of these initiatives and offer you an opportunity to satisfy a number of the scientists so that you could get a greater really feel for what we’re coping with right here and to grasp why we’re so enthusiastic. Having mentioned that, I’ll finish the session and invite you to affix us for the top of the yr fourth quarter assembly, which might be forthcoming.

Thank you. 

Operator

[Operator signoff]

Duration: 0 minutes

Call contributors:

Yvonne Briggs — Investor Relations

Phillip Frost — Chairman and Chief Executive Officer

Elias Zerhouni — Vice Chairman and President

Adam Logal — Chief Financial Officer

Kevin Strang — Jefferies — Analyst

Jeffrey Cohen — Ladenburg Thalmann and Company — Analyst

Ted Tenthoff — Piper Sandler — Analyst

Yale Jen — Laidlaw and Company — Analyst

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