SWK Holdings reports Q2 adjusted EPS 47c vs. 47c last year

Reports Q2 revenue $11.5M vs. $9.5M last year. GAAP book value per share was $22.75 as of June 30, 2024, a 4.4% increase compared to $21.79 as of June 30, 2023. Non-GAAP tangible financing book value per share totaled $20.17, a 6.4% increase compared to $18.95 at June 30, 2023. “For the second quarter 2024, our core Finance Receivables segment reported a 15.3% increase in revenue to $10.7 million. Our finance segment generated $3.3 million of GAAP net income and $6.5 million of adjusted non-GAAP net income as strong performance from the majority of our portfolio was partially offset by a $4.1 million provision for credit losses driven by impairments on two non-accrual loans. Positive developments in the portfolio include a $2.5 million increase in the carrying value of Illuvien as a result of entering into an amendment with the marketer as well as a $0.7 million gain from the conversion of private warrants in AOTI, Inc. to common stock as the company completed an initial public offering during the quarter,” said Jody Staggs, President and CEO of SWK. “In August we closed an up to $11 million royalty financing to Relief Therapeutics. The custom solution monetized three discrete royalty streams, providing capital to Relief to advance its clinical pipeline while giving SWK a diversified stream of royalties. For the remainder of 2024 we are focused on closing similar loan and royalty financings to innovative life science partners, working with our non-accrual borrowers to achieve positive outcomes, supporting the team at Enteris as it collaborates with our strategic partner to build value.”