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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.
Revenue by Segment
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.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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