Wed, May 15, 5:18 PM (72 days ago)
SWK Holdings Corporation's Q1 2024 financial report highlights a mixed performance. The company reported a revenue increase to $11.8 million, up from $9.4 million in Q1 2023, driven by a $2.2 million rise in Finance Receivables segment revenue and a $0.2 million increase in Pharmaceutical Development segment revenue. However, net income dropped significantly to $0.9 million from $4.6 million in the prior year, primarily due to a $5.3 million provision for credit losses, including a $6.0 million impairment on the Trio loan. Interest expense rose to $1.3 million from $0.2 million, attributed to new debt issued in October 2023. Pharmaceutical manufacturing, research, and development expenses decreased by $0.2 million, while general and administrative expenses increased by $0.2 million. The company ended the quarter with $5.5 million in cash and cash equivalents, up from $4.5 million at year-end 2023. Future cash flows are expected from finance receivables and marketable investments, with a focus on managing interest rate risks and maintaining liquidity. The company repurchased $1.0 million of its common stock during the quarter, with $3.6 million remaining under its repurchase program.