SWK Holdings Q4 GAAP net income $2.8M, down 55% YoY; appoints new CEO Jody Staggs

SWK Holdings Corp

2023-Q1 EPS reported $0.36 revenue$9,411,000

GAAP net income $2.8M in Q4 2022 vs $6.3M in Q4 2021; pre-tax loss of $4.4M versus income of $8.4M.
Finance receivables segment adjusted non-GAAP net income $4.4M, down from $6.9M; full $3.5M reserve taken on TRT investment.
Investment assets reached all-time high $237.9M, up 25.4% YoY; book value per share $21.80, up 4.7%.
Closed $18.1M royalty and post-quarter $5.0M secured loan to NeoLight; sold Harrow and Bioventus shares for $4.2M.
Jody Staggs named President and CEO; Laurie Dotter appointed Chair of Board; Enteris restructuring expects $1M+ quarterly savings by Q3 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SWK Holdings Corp reported the fourth quarter ended December 31, 2022 results: revenue $9.8 million, net income $2.8 million.

Period: the fourth quarter ended December 31, 2022
Revenue: $9.8 million
Net income: $2.8 million
Result: reported results

Exact text from the filing

For the fourth quarter 2022, SWK reported total revenue of $9.8 million, a 34.5% decrease compared to $15.0 million for the fourth quarter 2021. The $5.2 million decrease in revenue consisted of a $5.4 million decrease in Pharmaceutical Development segment revenue and a $0.3 million increase in Finance Receivables segment revenue. The decrease in Pharmaceutical Development segment revenue included $5.0 million of milestone revenue related to Enteris’ License Agreement with Cara received during the three months ended December 31, 2021 that did not repeat during the three months ended December 31, 2022. The $0.3 million increase in Finance Receivables segment revenue was due to an $0.8 million increase in interest and fees earned on finance receivables, which was partially offset by a $0.5 million net decrease in royalty revenue due to the achievement of return premiums that caused a step down in royalty rates. Net loss before income tax benefit for the fourth quarter of 2022 was $4.4 mi

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Source: SEC EDGAR

accession 0001552781-23-000221

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