SIGA Technologies, Inc. (NASDAQ:SIGA) Q1 2024 Earnings Conference Call May 7, 2024 4:30 PM ET
Company Participants
Diem Nguyen - Chief Executive Officer
Dan Luckshire - Chief Financial Officer
Conference Call Participants
Soo Romanoff - Edison Group
Brian Adams - Carter, Terry
Operator
Welcome to the SIGA Business Update Call. Before we turn the call over to SIGA management, please note that any forward-looking statements made during this call are based on management’s current expectations and observations and are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements.
SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or changed circumstances after this call. For a discussion of factors that could cause results to differ, please see the company’s filings with the Securities and Exchange Commission, including, without limitation, the company’s annual report on Form 10-K for the year ended December 31, 2023, and the subsequent reports on Form 10-Q and Form 8-K.
Diem Nguyen
Good afternoon, everyone and thank you for joining today’s call and review of our business results for the first quarter of 2024. I am joined by Dan Luckshire, our Chief Financial Officer, and we are pleased to have this opportunity to provide an update on our company. After the update, we’ll be happy to answer your questions.
Overall, SIGA delivered a strong quarter as our team continues to execute on a high level. Our performance reflects the strength of this team, the value of our TPOXX franchise and the steps we’re taking to advance our strategy. In the first quarter, SIGA reported product revenues of $24 million and a pre-tax operating income of $11 million, both up over the comparable quarter of 2023. These revenues were generated from the delivery of oral TPOXX in connection with orders placed by the U.S. and certain international government. We are working diligently to sustain this positive momentum throughout the remainder of the year. We believe 2024 is lining up to be another year of strong financial performance. A central reason for our confidence is our expectation that we will receive another oral TPOXX order in the near term under the current BARDA contract.
In addition to generating strong durable financial results, we are focused on positioning SIGA for long-term success through our strategic choices, executing on key operating initiatives and exercising disciplined capital management. We are doing this through four initiatives to drive shareholder value: number one, continuing our partnership with the U.S. government; two, advancing the regulatory approvals of TPOXX in new indications and formulation; three, cultivating the strategic partnerships to expand global access to TPOXX; and four, leveraging our capabilities to move into complementary therapeutic areas.