Longtime Opko Health Inc. (NASDAQ: OPK) shareholders have a lot to be upset about. Using about $1.47 billion of its own stock to acquire a big lab service provider a couple years ago was supposed to give the company a springboard to enhance sales of its fancy new prostate cancer screen.
Unfortunately, total sales from Opko's new clinical lab operations have been declining too quickly for the diagnostic to push the entire needle forward. When the company reported a year-to-year total revenue slide in the third quarter instead of the slight gain the market was expecting, the stock fell hard as institutional investors threw in the towel.
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Source: Fool.com