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Sep 30, 2023
SIGA Technologies Q3 2023 Earnings Report
SIGA Technologies experienced a decrease in revenue and shifted to a net loss in Q3 2023.
Key Takeaways
SIGA Technologies reported a significant decrease in revenue for the third quarter of 2023, moving from $72.2 million in 2022 to $9.2 million. This resulted in a net loss of $0.4 million, a stark contrast to the $33.0 million net income reported in the same quarter of the previous year. The diluted loss per share was $0.01, compared to a diluted income per share of $0.45 in Q3 2022.
Total revenue decreased to $9.2 million compared to $72.2 million in the same quarter last year.
Net loss was $0.4 million, a significant change from the $33.0 million net income in Q3 2022.
Diluted loss per share was $0.01, compared to a diluted income per share of $0.45 in Q3 2022.
The company anticipates approximately $18 million in initial orders for oral TPOXX by EU countries under a new joint procurement framework contract.
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 full year 2023 pre-tax operating income of between $90 million and $100 million as they are targeting the delivery of approximately $113 million of oral TPOXX to the stockpile in the fourth quarter.
Positive Outlook
- Targeting the delivery of approximately $113 million of oral TPOXX to the U.S. strategic national stockpile in Q4.
- Targeting $15 million - $18 million of international deliveries of oral TPOXX in Q4.
- Targeting the delivery of approximately $5 million of oral TPOXX to the U.S. Department of Defense in Q4.
- Targeting deliveries of up to $15 million of IV TPOXX to the strategic national stockpile in Q4.
- Expecting any target deliveries and related revenues that do not occur in Q4 to occur in January of 2024.
Challenges Ahead
- Financial results reflect a relatively minor percentage of full year target revenues.
- Potential delays due to timing constraints with customers or packaging vendor.
- 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 of disruptions to SIGA’s supply chain for the manufacture of TPOXX®.
Revenue & Expenses
Visualization of income flow from segment revenue to net income