OPKO Health, Inc. OPK is well poised for growth in the coming quarters, backed by its potential in Rayaldee. A robust second-quarter 2022 performance, along with a few strategic agreements, is expected to contribute further. Forex Woes and concerns regarding overdependence on Rayaldee persist.Over the past year, this Zacks Rank #3 (Hold) stock has lost 32.5% compared with 27.6% fall of the industry and 8.9% decline of the S&P 500.The renowned multinational biopharmaceutical and diagnostics company has a market capitalization of $1.89 billion. It projects 31.6% growth for 2023 and expects to maintain its strong performance. OPKO Health’s earnings surpassed the Zacks Consensus Estimate in one of the trailing four quarters, missed the same in two and broke even in the other, with the average earnings surprise being 33.3%.Image Source: Zacks Investment ResearchLet’s delve deeper.Potential in Rayaldee: We are upbeat about OPKO Health’s Rayaldee business. Within the Pharmaceuticals arm, revenues from products rose 0.6% in the second quarter of 2022, owing to higher RAYALDEE sales. Revenues from sales of RAYALDEE in the second quarter of 2022 were up 24% from the prior-year period.In February, OPKO Health announced that Vifor Fresenius Medical Care Renal Pharma had initiated the commercial launch of RAYALDEE (extended-release calcifediol) in Germany, the first launch of RAYALDEE outside the United States.Strategic Agreements: OPKO Health has entered into a slew of agreements over the past few months, raising our optimism. During the second quarter of 2022, management confirmed that BioReference Laboratories’ Scarlet Health announced a collaboration with Teladoc Health.In May, it announced the acquisition of privately held biotechnology company, ModeX Therapeutics, Inc.Strong Q2 Results: OPKO Health’s solid second-quarter 2022 results buoy our optimism. Uptick in year-over-year Pharmaceuticals revenues is encouraging. During the quarter, Pfizer Inc. launched OPKO Health’s NGENLA (Somatrogon) injection in Germany, Japan and additional global markets. Expansion of gross margin also bodes well. OPKO Health’s strength in its women's health and oncology businesses augur well. Robust adoption of the company’s digital health services buoys optimism.DownsidesForex Woes: OPKO Health derives a significant portion of its consolidated net revenues from international sales, which subjects the company to risks relating to fluctuations in currency exchange rates. The company, through its subsidiaries, operate in a wide variety of jurisdictions. Certain countries in which it operates or may operate have experienced geopolitical instability, economic problems and other uncertainties from time to time.Overdependence on Rayaldee: OPKO Health’s Rayaldee is the company’s only pharmaceutical product approved for marketing in the United States. The company’s ability to generate revenues from product sales and achieve profitability is substantially dependent on its ability to effectively commercialize Rayaldee. Failure to successfully commercialize Rayaldee would have a material adverse effect on the company’s business, financial condition, cash flows and results of operations.Estimate TrendOPKO Health is witnessing a negative estimate revision trend for 2022. In the past 90 days, the Zacks Consensus Estimate for its earnings has widened from a loss of 21 cents per share to a loss of 38 cents.The Zacks Consensus Estimate for the company’s third-quarter 2022 revenues is pegged at $187.3 million, suggesting a 51.5% fall from the year-ago quarter’s reported number.Key PicksSome better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. AMN, Patterson Companies, Inc. PDCO and McKesson Corporation MCK.AMN Healthcare, flaunting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 3.2%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 15.7%.You can see the complete list of today’s Zacks #1 Rank stocks here.AMN Healthcare has lost 2.9% compared with the industry’s 32.3% fall in the past year.Patterson Companies, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 7.9%. PDCO’s earnings surpassed estimates in all the trailing four quarters, the average beat being 16.5%.Patterson Companies has gained 1.6% against the industry’s 9.4% fall over the past year.McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 9.9%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed the same in one, the average beat being 13%.McKesson has gained 83.7% against the industry’s 9.4% fall over the past year. Zacks' Top Picks to Cash in on Electric Vehicles Big money has already been made in the Electric Vehicle (EV) industry. But, the EV revolution has not hit full throttle yet. There is a lot of money to be made as the next push for future technologies ramps up. Zacks’ Special Report reveals 5 picks investorsSee 5 EV Stocks With Extreme Upside Potential >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report McKesson Corporation (MCK): Free Stock Analysis Report Patterson Companies, Inc. (PDCO): Free Stock Analysis Report AMN Healthcare Services Inc (AMN): Free Stock Analysis Report OPKO Health, Inc. (OPK): Free Stock Analysis Report To read this article on Zacks.com click here. 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