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SIGA Technologies
🇺🇸 NASDAQ:SIGA
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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.

Total Revenue
$9.24M
Previous year: $72.2M
-87.2%
EPS
-$0.01
Previous year: $0.45
-102.2%
Gross Profit
$4.69M
Previous year: $62.5M
-92.5%
Cash and Equivalents
$71.1M
Previous year: $110M
-35.2%
Free Cash Flow
-$5.1M
Total Assets
$158M
Previous year: $204M
-22.4%

SIGA Technologies

SIGA Technologies

SIGA Technologies Revenue by Segment

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

Company Overview

Full financial data and analysis

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