SIGA Reports Financial Results for Three and Twelve Months Ended December 31, 2023
• Increased Product Sales to
• Grew Pre-tax Operating Income to
• Declared Today a Special Cash Dividend of
• Corporate Update Conference Call Today at
“In 2023, SIGA had approximately
Summary Financial Results
($ in millions, except per share amounts) |
Three Months Ended |
Year Ended |
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2023 | 2022 | 2023 | 2022 | |||||||||
Product Sales(1) | ||||||||||||
Total revenues | ||||||||||||
Operating income (loss)(2) | ( |
) | ||||||||||
Income (loss) before income taxes(2) | ( |
) | ||||||||||
Net income (loss) | ( |
) | ||||||||||
Diluted income (loss) per share | ( |
(1) Includes supportive services related to product sales.
(2) Operating income (loss) excludes, and income (loss) before income taxes includes, other income and adjustments to the fair value of the Company’s outstanding warrant. Both line items exclude the impact of income taxes.
2023 Key Activity:
- In 2023, SIGA had
$131 million of product sales, including: approximately$98 million of fourth quarter product sales of oral TPOXX to theU.S. Strategic National Stockpile (“SNS”); approximately$11 million of product sales of oral TPOXX to theU.S. Department of Defense , of which approximately$6 million was recognized in the fourth quarter; and approximately$21 million of international sales, of which approximately$12 million was recognized in the fourth quarter. In the first two months of 2024, the Company delivered an additional approximately$15 million of oral TPOXX to the SNS, substantially completing the oral TPOXX order received inJuly 2023 , as well as delivered an additional approximately$7 million of oral TPOXX to European countries andCanada . - Highlighting the continuing diversification of the Company’s revenue base, the Company has received procurement orders for oral TPOXX from over 25 countries over the past two years. As an example of the diversification trend, in
October 2023 , the Company reported the creation by the European Commission’s DG HERA (Health Emergency Preparedness and Response Authority ) of a joint procurement framework contract under which participating countries from theEuropean Union (EU) and theEuropean Free Trade Association (EFTA) can efficiently order oral TPOXX. Under this mechanism,$18 million of oral TPOXX was ordered by 13 countries in the fourth quarter, and revenues were recorded for deliveries on substantially of these orders in the fourth quarter or the first two months of 2024.
Capital Management Activity:
On
Conference Call and Webcast
SIGA will host a conference call and webcast to provide a business update today,
Participants may access the call by dialing 1-888-886-7786 for domestic callers or 1-416-764-8658 for international callers. A live webcast of the call will also be available on the Company's website at www.siga.com under the 'Events & Presentations' tab in the Investor Relations section, or by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time.
A replay of the call will be available for two weeks by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers and using Conference ID: 34411756. The archived webcast will be available in the Events and Presentations section of the Company's website.
ABOUT
About Orthopoxviruses
Orthopoxvirus, belonging to the family of poxvirus that infect humans, include smallpox, mpox, cowpox and vaccinia. Smallpox, a highly contagious and fatal disease, presents itself as a risk to global health security today given fears of its release accidentally or intentionally as a bioweapon. Mpox virus, similar to smallpox, causes intermittent human infections, painful lesions, and possible case fatalities. Mpox outbreaks have been observed recently in the US,
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements relating to SIGA’s future business development including securing new contracts and partnerships. The words or phrases “can be,” “expects,” “may affect,” “may depend,” “believes,” “estimate,” “project” and similar words and phrases are intended to identify such forward-looking statements. Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. SIGA’s actual results could differ materially from those anticipated by such forward-looking statements due to a number of factors, some of which are beyond SIGA’s control, including, but not limited to, (i) the risk that BARDA elects, in its sole discretion as permitted under the 19C BARDA Contract (the “BARDA Contract”), not to exercise all, or any, of the remaining unexercised options under those contracts, (ii) the risk that SIGA may not complete performance under the BARDA Contract on schedule or in accordance with contractual terms, (iii) the risk that the BARDA Contract,
The information contained in this press release does not necessarily reflect the position or the policy of the Government and no official endorsement should be inferred.
Contacts:
Investors | Media |
lyonker@edisongroup.com |
hstevens@berrypr.com |
CONSOLIDATED BALANCE SHEETS As of |
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ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 150,145,844 | $ | 98,790,622 | ||||
Accounts receivable | 21,130,951 | 45,406,960 | ||||||
Inventory | 64,218,337 | 39,273,090 | ||||||
Prepaid expenses and other current assets | 3,496,028 | 2,315,672 | ||||||
Total current assets | 238,991,160 | 185,786,344 | ||||||
Property, plant and equipment, net | 1,331,708 | 1,848,314 | ||||||
Deferred tax asset, net | 11,048,118 | 6,250,385 | ||||||
898,334 | 898,334 | |||||||
Other assets | 2,083,535 | 252,546 | ||||||
Total assets | $ | 254,352,855 | $ | 195,035,923 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,456,316 | $ | 3,355,268 | ||||
Accrued expenses and other current liabilities | 10,181,810 | 6,304,061 | ||||||
Deferred IV TPOXX® revenue | 20,788,720 | 10,548,720 | ||||||
Income tax payable | 21,690,899 | 1,309,672 | ||||||
Total current liabilities | 54,117,745 | 21,517,721 | ||||||
Other liabilities | 3,376,203 | 3,358,160 | ||||||
Total liabilities | 57,493,948 | 24,875,881 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Common stock ( |
7,109 | 7,268 | ||||||
Additional paid-in capital | 235,795,420 | 233,957,767 | ||||||
Accumulated deficit | (38,943,622 | ) | (63,804,993 | ) | ||||
Total stockholders' equity | 196,858,907 | 170,160,042 | ||||||
Total liabilities and stockholders' equity | $ | 254,352,855 | $ | 195,035,923 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the Years Ended |
||||||||||||
2023 | 2022 | 2021 | ||||||||||
Revenues | ||||||||||||
Product sales and supportive services | $ | 130,668,209 | $ | 86,661,583 | $ | 126,802,536 | ||||||
Research and development | 9,249,011 | 24,114,027 | 6,867,918 | |||||||||
Total revenues | 139,917,220 | 110,775,610 | 133,670,454 | |||||||||
Operating expenses | ||||||||||||
Cost of sales and supportive services | 17,825,090 | 10,432,561 | 16,601,880 | |||||||||
Selling, general and administrative | 22,043,023 | 35,117,241 | 18,033,581 | |||||||||
Research and development | 16,427,942 | 22,525,642 | 9,942,194 | |||||||||
Total operating expenses | 56,296,055 | 68,075,444 | 44,577,655 | |||||||||
Operating income | 83,621,165 | 42,700,166 | 89,092,799 | |||||||||
Gain from change in fair value of warrant liability | — | 400,663 | 117,770 | |||||||||
Other income, net | 4,155,508 | 1,031,903 | 101,172 | |||||||||
Income before income taxes | 87,776,673 | 44,132,732 | 89,311,741 | |||||||||
Provision for income taxes | (19,707,847 | ) | (10,227,926 | ) | (19,860,975 | ) | ||||||
Net and comprehensive income | $ | 68,068,826 | $ | 33,904,806 | $ | 69,450,766 | ||||||
Basic earnings per share | $ | 0.95 | $ | 0.46 | $ | 0.92 | ||||||
Diluted earnings per share | $ | 0.95 | $ | 0.46 | $ | 0.91 | ||||||
Weighted average shares outstanding: basic | 71,362,209 | 72,929,550 | 75,322,194 | |||||||||
Weighted average shares outstanding: diluted | 71,679,270 | 73,546,501 | 76,402,716 |
Source: SIGA Technologies Inc.