SWK Holdings Q1 net income rises 33% to $4.6M; revenue falls 15% to $9.4M

SWK Holdings Corp

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

GAAP net income $4.6M ($0.36 diluted EPS) vs $3.5M ($0.27) YoY; revenue $9.4M down 15.3%.
Finance receivables segment adjusted non-GAAP net income $7.3M vs $8.4M YoY; gross receivables $248.8M (+32.2%).
Adopted CECL: $11.8M allowance for credit losses, $9.7M net reduction to accumulated deficit.
Enteris operating expenses down 45% QoQ to $1.4M; bid on $7M CDMO projects for 2H23 growth.
Repurchased 28,766 shares in Q1 for $0.5M; book value per share $21.39.

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 first quarter ended March 31, 2023 results: revenue $9.4 million, net income $4.6 million, EPS $0.36 per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $9.4 million
Net income: $4.6 million
EPS: $0.36 per diluted share
Result: reported results

Exact text from the filing

For the first quarter 2023, SWK reported total revenue of $9.4 million, a 15.3% decrease compared to $11.1 million for the first quarter 2022. The $1.7 million decrease in revenue for the three months ended March 31, 2023, consisted of a $1.1 million decrease in Finance Receivables segment revenue and a $0.6 million decrease in Pharmaceutical Development segment revenue. The $1.1 million decrease in Finance Receivables segment revenue was primarily due to a $5.3 million decrease in interest, fees and royalties earned on finance receivables that were paid off in 2022, which was partially offset by a $4.4 million increase in interest and fees earned due to funding new and existing loans. Pre-tax net income for the quarter was flat at $4.5 million for the three months ended March 31, 2023, compared to $4.6 million for the same period of the previous year. The slight year-over-year decrease is primarily due to a $1.7 million decrease in consolidated revenue, partially offset by a $1.9 mill

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Source: SEC EDGAR

accession 0001552781-23-000269

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