How did SIGA's Q4 earnings surprise investors?

SIGA Technologies Inc. (SIGA) delivered an earnings surprise in Q4, driven primarily by lower expenses and robust revenue growth from product sales and supportive services, particularly in the biodefense sector. 1. **Revenue Growth**: SIGA's revenue for the quarter was $10.0 million, marking an 8.4% increase from the same quarter in the previous year. This growth was notably driven by sales of oral TPOXX® to the U.S. Government and international markets. 2. **Profitability Improvement**: The company's net income for the quarter was $1.34 million, a significant improvement from the $393.1k loss in the same quarter of the previous year. This shift to profitability was mainly attributable to lower expenses. 3. **Market Positioning**: SIGA's strategic initiatives and strong procurement orders position it well for future growth. The company has secured substantial orders, including a $112.5 million order for oral TPOXX under the 19C BARDA contract and a $9 million order from the U.S. Department of Defense. These orders, coupled with ongoing discussions for new contracts, indicate a favorable market outlook for SIGA. 4. **Shareholder Value**: SIGA's dividend payment of $0.60 per share, totaling $43 million paid to shareholders, reflects the company's commitment to returning value to shareholders. In conclusion, SIGA's Q4 earnings exceeded expectations due to strong revenue growth, particularly in product sales, and effective cost management. The company's strategic positioning and significant orders from the U.S. Government underscore its growth potential in the biodefense sector.