SWK Holdings Corporation Reports First Quarter 2024 Financial Performance

SWK Holdings Corporation, a specialty finance company focused on the life sciences sector, reported its financial results for the first quarter of 2024. The company announced a GAAP net income of $0.9 million, a decrease from $4.6 million in the same period last year. Total revenue rose 25.5% year-over-year to $11.8 million, driven by a $2.2 million increase in its Finance Receivables segment and a $0.2 million rise in its Pharmaceutical Development segment revenue.

Operating highlights include a 10.3% increase in gross finance receivables, amounting to $274.5 million, and a finance portfolio effective yield of 14.2%. Non-GAAP tangible financing book value per share increased by 6.8% to $19.69. Despite these gains, the company faced a significant $6.0 million impairment to its loan book, contributing to decreased earnings. During the quarter, SWK also repurchased 58,298 shares for approximately $1.0 million.

President and CEO Jody Staggs highlighted a strategic agreement signed by the Enteris division, expecting to receive more revenue payments within the year. Management remains committed to exploring new loan and royalty opportunities and focusing on high-margin, strategic-value life science products.