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Jun 30, 2023
SIGA Technologies Q2 2023 Earnings Report
SIGA Technologies' financial performance declined in Q2 2023 compared to Q2 2022, with a decrease in total revenues and a shift from operating income to an operating loss. The company announced significant U.S. government orders for oral and IV TPOXX in July 2023 and anticipates a substantial increase in revenues during the second half of the year.
Key Takeaways
SIGA Technologies reported a decrease in total revenues and a loss in net income for Q2 2023 compared to Q2 2022. However, the company anticipates a significant increase in revenues during the second half of the year, driven by recent U.S. government orders for oral and IV TPOXX, and expects to achieve full-year 2023 pre-tax operating income between $90 million and $100 million.
Total revenues decreased to $5.9 million in Q2 2023 from $16.7 million in Q2 2022.
Operating income shifted to a loss of $4.6 million in Q2 2023, compared to an income of $3.1 million in Q2 2022.
Net loss was $2.9 million, or $0.04 per share, in Q2 2023, compared to a net income of $2.0 million, or $0.03 per share, in Q2 2022.
The company expects to generate approximately $113 million of revenues from deliveries of oral TPOXX to the U.S. strategic national stockpile in the second half of 2023.
SIGA Technologies
SIGA Technologies
SIGA Technologies Revenue by Segment
Revenue by Segment
Product sales & supportive services Revenue
CapyFin.comResearch and development Revenue
CapyFin.com Forward Guidance
SIGA Technologies anticipates a substantial increase in revenues during the second half of 2023, driven by recent U.S. government orders for oral and IV TPOXX, and expects to achieve full-year 2023 pre-tax operating income between $90 million and $100 million.
Positive Outlook
- Expected revenues of approximately $113 million from oral TPOXX deliveries to the U.S. strategic national stockpile in the second half of 2023.
- Anticipated revenues between $30 million and $45 million from domestic and international deliveries, including oral TPOXX to the Department of Defense, IV TPOXX to the U.S. strategic national stockpile, and oral TPOXX to international customers.
- Full-year 2023 pre-tax operating income expected to be between $90 million and $100 million.
- Consistent ability to meet demand for oral TPOXX.
- Increasingly diversified global revenue opportunities.
Challenges Ahead
- Risk that BARDA may not exercise all remaining unexercised options under the BARDA Contract.
- Risk that SIGA may not complete performance under the BARDA Contract on schedule or in accordance with contractual terms.
- Risk that the BARDA Contract, DoD Contract #2 or PEP Label Expansion R&D Contract are modified or canceled at the request or requirement of the U.S. Government.
- Risk that the nascent international biodefense market does not develop to a degree that allows SIGA to continue to successfully market TPOXX® internationally.
- Risks associated with actions or uncertainties surrounding the debt ceiling.
Revenue & Expenses
Visualization of income flow from segment revenue to net income