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Solar A/S: No. 5 2025 Revenue returns to growth - ForexTV
Q1 revenue and EBITDA are in line with our expectations. We confirm our EBITDA guidance of between DKK 530m and DKK 600m for 2025. CEO Jens Andersen says:"All markets and main segments have rebounded, resulting in a positive organic growth of 6.5% - a significant improvement from the -15.4% in Q1 2024. This pick-up strengthened our underlying financial performance. We have initiated measures to optimise our operating model, including cost containment, process improvements and staff reductions. Consequently, costs in Q1 include restructuring costs of approx. DKK 40m, which will result in similar savings in the rest of 2025, and full-year savings of approx. DKK 60m going forward. As part of our investment in a new logistics centre in Kumla, we have chosen to fast-track the closing of our warehouse in Halmstad to optimise our costs and the customer experience during the transition. Consequently, this means DKK 12m in transition costs in Q1 2025, which were initially expected in 2026. We continue to anticipate a recovery in 2025, although the timing and strength of this recovery have become more unpredictable. Thus, we confirm our EBITDA guidance of between DKK 530m and DKK 600m for 2025.” Financial highlights (DKK million)Q1 2025Q1 2024Revenue3,2233,030EBITDA7488Cash flow from operating activities-887Financial ratios (%) Organic growth adj. for number of working days6.5-15.4EBITDA margin2.32.9Net working capital, end of period/revenue (LTM)15.015.1Gearing (NIBD/EBITDA), no. of times2.42.1Return on invested capital (ROIC)7.78.5 Our new Kumla logistics centre is ahead of schedule, which enables an early closing of Halmstad, resulting in DKK 12m transition costs in Q1 2025. Fast-tracking this step towards Kumla reduces risks and frees up cash by reducing net working capital. GuidanceWe confirm our guidance ranges of revenue between DKK 12.3bn and DKK 12.8bn and EBITDA between DKK 530m and DKK 600m. Key risks and mitigationThe commercial and financial risks in respect of our activities are detailed in Solar’s 2024 Annual Report. No additional material risks have been identified. Solar is not directly exposed to the tariffs imposed by the US or on the US market, but the resulting macroeconomic consequences may affect Solar's markets. We continue to monitor market developments closely. However, on a macroeconomic level, we continue to expect a recovery in 2025, although the timing and strength of the recovery have become more unpredictable. Audio webcast and teleconference todayThe presentation of Quarterly Report Q1 2025 will be made in English on 9 May 2025 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at www.solar.eu. Participation will be possible via teleconference. Access to the webcast:https://edge.media-server.com/mmc/p/39dyc5jz To participate by telephone, and thus have the possibility to ask questions:Register in advance of the teleconference using the link below. Upon registering, each participant will be provided with a Dial In Number, and a unique Personal PIN:https://register-conf.media-server.com/register/BI6538708bf9ed442a9357b5c15444691a ContactsCEO Jens Andersen - tel. +45 79 30 02 01CFO Michael H. Jeppesen - tel. +45 79 30 02 62IR Director Dennis Callesen - tel. +45 29 92 18 11 Facts about Solar Solar is a leading European sourcing and services company mainly within electrical, heating and plumbing, ventilation and climate and energy solutions. Our core business centres on product sourcing, value-adding services and optimisation of our customers’ businesses. We facilitate efficiency improvement and provide digital tools that turn our customers into winners. We drive the green transition and provide best in class solutions to ensure sustainable use of resources. Solar Group is headquartered in Denmark, generated revenue of approx. DKK 12.2bn in 2024 and has approx. 2,900 employees. Solar is listed on Nasdaq Copenhagen and operates under the short designation SOLAR B. For more information, please visit www.solar.eu. DisclaimerThis announcement was published in Danish and English today via Nasdaq Copenhagen. In the event of any inconsistency between the two versions, the Danish version shall prevail. Attachments No. 5 2025 Quarterly Q1 2025 Solar Q1 2025 SOLA-2025-03-31-0-en
MT Højgaard Holding A/S: Good start to 2025 - ForexTV
FIRST-QUARTER RESULTS In the first quarter, MT Højgaard Holding consolidated its positive developments, reduced the loss from the winding up of the international activities and ensured progress for its strategic focus areas. Revenue increased by 14% to DKK 2,625 million, driven by a higher level of activity and faster progress on several projects. MT Højgaard Danmark and Enemærke & Petersen both recorded double-digit growth, which was particularly strong in the focus areas of civil engineering and infrastructure as well as partnership projects.Operating profit (EBIT) rose by 5% to DKK 99 million. MT Højgaard Danmark increased its earnings on the back of high efficiency, good capacity utilisation and revaluation of individual projects. On the other hand, earnings in Enemærke & Petersen fell as expected.The continuing operations produced an unchanged profit after tax of DKK 71 millionThe loss from discontinued operations was reduced from DKK 68 million to DKK 13 million after the sale and winding up of international activities in the last year.Operating profit after tax rose from DKK 3 million to DKK 58 million.Cash flows from operating activities improved from an outflow DKK 45 million to an inflow of DKK 39 million. ORDER INTAKE AND ORDER BOOK The order intake increased for the fourth consecutive quarter after high tendering activity, which is expected to continue in the coming quarters. The order intake increased from DKK 1.3 billion to DKK 2.6 billion after increasing order intake in both business units. Construction partnerships and other collaboration projects accounted for 26% of the order intake.The order book at the end of the quarter stood at DKK 11.8 billion. In addition, the Group had orders awarded but not yet contracted to the value of DKK 0.5 billion, future projects under strategic construction partnerships with an estimated value of DKK 5.1 billion, and orders in joint ventures with a value of DKK 0.8 billion. OUTLOOK FOR 2025 The outlook for the full year is unchanged and is supported by a healthy order book, a solid pipeline and a strong exposure to the growth segments of the market. Revenue is forecast to be around DKK 10.0-10.5 billion. At the end of March, 85% of the year's expected revenue was contracted.Operating profit (EBIT) is expected to be DKK 400-450 million. Earnings from ongoing construction, refurbishment, civil engineering and service projects are expected to be largely at the same level as last year, whereas non-recurring income from sale of land in particular is expected to be significantly lower.With expectations of a significantly lower loss in discontinued operations, an unchanged tax percentage and largely unchanged financial items, there is a basis for a larger part of the operating profit for the year to feed through to the bottom line. ”We have had a good start to the year with stable operations, successful order book execution and good access to new projects. The winding-up of the last international activities is progressing, and we have taken new steps to simplify and focus the Group by integrating MT Højgaard Property Development into MT Højgaard Danmark. We continue our efforts to ensure stability and progress in the Danish business with a special focus on improving project execution and profitability in Enemærke & Petersen,” says CEO Rasmus Untidt. ContactCFO Dennis Nørgaard may be contacted on telephone +45 31 21 68 72. Dennis Nørgaard will be presenting the interim report at a conference call on 9 May 2025 at 10:00 a.m. (CEST). Click here to follow the conference call (Danish). Attachments MTHH_Selskabsmeddelelse_UK MTHH_Q1_2025_report_UK
Italy's Economy Strengthens as Composite PMI Rises in April - ForexTV
In a positive turn for the Italian economy, the HCOB Italy Composite Purchasing Managers' Index (PMI) showcased substantial growth in April 2025, rising to 52.1, up from 50.5 recorded in March. Updated on May 6, 2025, these latest figures suggest a stronger expansion in Italy's economic activities.The Composite PMI is a crucial indicator that combines both manufacturing and services output, and a reading above 50 indicates growth. The increase from March's 50.5 to April's 52.1 suggests a continuation and reinforcement of economic recovery momentum in Italy, as the index climbs further above the growth threshold.This upbeat report comes as a welcome sign amid broader economic challenges. It points to an improving business environment and may instill greater confidence among investors and stakeholders, suggesting better days ahead for Italy's economic landscape. As policymakers and financial markets remain attentive, this growth trend will be vital to observe in upcoming months to determine the resilience of Italy's economic health.The material has been provided by InstaForex Company - www.instaforex.com
APMH Invest has obtained all necessary regulatory approvals for the all-cash recommended purchase offer for the shares in Svitzer - ForexTV
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL Reference is made to company announcements dated 2 April 2025 and 1 May 2025 concerning APMH Invest A/S' (“APMHI”), a wholly owned subsidiary of A.P. Møller Holding A/S, all-cash voluntary recommended purchase offer to acquire all of the issued shares (the “Shares”) in Svitzer Group A/S (“Svitzer”), except for Shares owned by APMHI and Shares held by Svitzer and/or its subsidiaries in treasury, if any (the “Offer”). APMHI has today informed Svitzer that it has received the regulatory approval from the Secretary of State in the United Kingdom. Accordingly, APMHI has received all regulatory approvals required for completion of the Offer. Completion of the Offer remains subject to the satisfaction or waiver of the conditions set out in the offer document published by APMHI on 2 April 2025, including absence of material adverse change. The announcement from APMHI is attached. Svitzer shareholders who have not yet accepted the Offer but wish to do so are advised to accept the Offer prior to the expiry date of 14 May 2025 at 5:00 p.m. CEST. It is noted that certain custodian banks and account holding institutions may have earlier deadlines for submission of acceptance. For further information, please contact: Michael Nass Nielsen, Head of Investor Relations and FP&AT: +45 24941654E: ir@svitzer.com About Svitzer Svitzer is a leading, global towage and marine services provider. The core business is to assist large seaborne vessels in manoeuvring in and out of ports and terminals to berth and unberth. With more than 450 vessels, Svitzer’s services play a crucial role as part of critical port infrastructure. Svitzer was founded in 1833 and serves approximately 2,000 customers in more than 140 ports and 40 terminals across 37 countries. Read more on www.svitzer.com. Attachment All necessary regulatory approvals have been obtained for the all-cash recommended purchase offer for the shares in Svitzer Disclaimers This announcement does not constitute an offer or invitation to purchase any securities in Svitzer or a solicitation of an offer to buy any securities in Svitzer, pursuant to the Offer or otherwise. The Offer will be made solely by means of the Offer Document containing the full terms and conditions of the Offer, including details of how the Offer may be accepted. The Independent Directors are acting on behalf of the Company in their capacity as members of Svitzer's Board of Directors in connection with the Offer and the making of the Independent Directors' statement and not in any personal capacity. Citi, which is regulated by the European Central Bank and the German Federal Financial Supervisory Authority (in German Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) and Bundesbank, is acting as financial adviser to Svitzer and for no one else in connection with the matters described in this announcement and the Offer and will not be responsible to anyone other than Svitzer for providing the protections afforded to clients of Citi nor for providing advice in connection with the Offer, or any other matters referred to in this announcement. Neither Citi nor any of its affiliates, directors or employees owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, consequential, whether in contract, in tort, in delict, under statute or otherwise) to any person who is not a client of Citi in connection with this announcement, any statement contained herein, the Offer or otherwise. Important information The Offer will not be made, and the Svitzer shares will not be accepted for purchase from or on behalf of persons, in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction. Persons obtaining this announcement and/or into whose possession this announcement comes are required to take due note and observe all such restrictions and obtain any necessary authorisations, approvals or consents. Neither APMHI nor Svitzer or any of their respective advisors accepts any liability for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who intends to forward this announcement to any jurisdiction outside Denmark should inform themselves of the laws of the relevant jurisdiction, before taking any action. The distribution of this announcement in jurisdictions other than Denmark may be restricted by law, and, therefore, persons who come into possession of this announcement should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws and regulations of any such jurisdiction. Important information for shareholders in the United States The Offer is being made for the securities of Svitzer, a public listed company incorporated under Danish law, and is subject to Danish disclosure and procedural requirements, which differ from those of the United States. The Offer will be made in the United States in compliance with applicable Danish securities laws and the applicable requirements of the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations adopted by the U.S. Securities and Exchange Commission thereunder, including Regulation 14E. It may be difficult for U.S. holders of shares to enforce their rights and any claim arising out of the U.S. federal securities laws, because APMHI and Svitzer are located in a country other than the United States, and all of their officers and directors are residents of a country other than the United States. U.S. holders of shares may not be able to sue a non-U.S. company or its officers or directors in a non-U.S. court for violations of the U.S. securities laws. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court’s judgment. Neither the U.S. Securities and Exchange Commission nor any U.S. state securities commission or other regulatory authority has approved or disapproved the Offer, passed upon the fairness or merits of the Offer or provided an opinion as to the accuracy or completeness of this announcement, the Offer Document or any other documents regarding the Offer. Forward-looking statements This release contains forward-looking statements and statements of future expectations that reflect APMHI's current views and assumptions with respect to future events. These forward-looking statements may discuss expectations, identify strategies, contain projections or state other forward-looking information and include, but are not limited to, statements related to the expected structure and schedule for completion of the Offer and related matters described in this release, the management and prospects of Svitzer's business after the completion of the Offer, APMHI's current plans with respect to the Offer and the business, management and prospects of Svitzer. These statements do not guarantee business performance in the future; they carry known or unknown risks, uncertainties, and other factors that may differ significantly from the actual performance, development or financial position of APMHI and Svitzer in the future. These forward-looking statements can be identified by the use of forward-looking terminology, such as "aims," "believes," "expects," "estimates," "may," "anticipates," "plans," "intends," "should," "will," "seeks," "forecasts," "in the future", or the negative of these terms or similar expressions, or in particular by discussions about "strategy," "target," "plan," or "intention". There is a possibility that actual business results may greatly differ from those expressed in or implied by such forward-looking statements due to various factors. Such factors include, but are not limited to, the following: (i) uncertainties related to the structure and schedule for completion of the Offer, (ii) Svitzer's shareholders may or may not tender into the Offer, (iii) a proposal that competes with the Offer may be made, (iv) the risk that the regulatory and other conditions, which are necessary for the completion of the Offer, will not be satisfied (v) the possibility that the announcement of the Offer may cause difficulty in keeping the relations with Svitzer's management, employees, customers, suppliers and other trading partners, (vi) the risk that a shareholder related lawsuit on the Offer will be filed and the defence thereof may cost significant expenses or lead to large payments, (vii) the impact of changes in the legislative system, accounting standards and other management environments related to the relevant parties, (viii) issues in implementing business strategies, (ix) the impact of financial uncertainties and changes in other general economic and industrial conditions, (x) Offer costs, (xi) fixed or contingent liabilities that may materialize, and (xii) other risks set forth in the offer document publicly disclosed by APMHI or Svitzer. Neither APMHI nor Svitzer has a duty of updating the forward-looking statements as a result of the emergence of new information, future circumstances or other circumstances, unless the updating is explicitly required by applicable law. Attachments APMH Invest obtains all necessary regulatory approvals APMH Invest has obtained all necessary regulatory approvals
French Service Sector PMI Slips, Signaling Continued Economic Challenge - ForexTV
In a turn that underscores the ongoing hurdles faced by France's service sector, the latest HCOB France Services Purchasing Managers' Index (PMI) saw a dip to 47.3 in April, down from 47.9 in the same period. This data reflects the continuous contraction within the sector as recorded last month, with both figures remaining below the 50-mark that typically separates growth from contraction.The update, released on May 6, 2025, suggests that France's service industry is still grappling with challenges that might include dampened consumer demand or operational inefficiencies, echoing similar signals from earlier in April. This consistent decline highlights ongoing challenges in France's economic landscape, which could have broader implications for employment and GDP growth if the trend persists. As policymakers and industry leaders scrutinize these figures closely, strategies to stimulate growth and stabilize the sector are likely to be at the forefront of discussions in the coming months.The immediate response from markets and stakeholders may involve careful analysis of underlying factors and potential policy adjustments to address the persistent economic weakness indicated by the April PMI results. France, being a key player in the European economy, will be under the microscope as it navigates these challenging economic headwinds.The material has been provided by InstaForex Company - www.instaforex.com
TTF Prices Rise for 3rd Session - ForexTV
European natural gas futures have surged past €33 per megawatt-hour, continuing their upward trajectory for the third consecutive session. This increase is attributed to a rise in global LNG demand coupled with supply constraints caused by seasonal maintenance activities. Chinese importers have re-entered the spot market following a period of subdued activity, heightening concerns about increased competition for LNG shipments. Previously, lower prices had facilitated Europe's efforts to rebuild its gas inventories, but current stock levels still linger below the average of the past five years. Now, heightened demand from Asia and decreased Norwegian pipeline flows, compounded by some unexpected outages, may decelerate the pace of inventory replenishment. In parallel, the European Union is gearing up to propose a ban on gas imports via new contracts with Russia, which includes spot market agreements, as part of its strategy to eliminate Russian energy dependency by 2027. Additionally, positive trade signals between the US and China have contributed to a more optimistic market sentiment.The material has been provided by InstaForex Company - www.instaforex.com
Italy's Services Sector Grows Steadily as PMI Rises to 52.9 - ForexTV
In a positive development for Italy's economy, the HCOB Italy Services Purchasing Managers' Index (PMI) rose to 52.9 in April, up from 52.0 in March. This growth indicates a steady expansion of Italy's services sector, as the PMI remained above the critical 50 mark that separates growth from contraction.According to the latest figures updated on May 6, 2025, this uptick reflects a sustained increase in business activities within the services industry, which is a crucial component of Italy’s economic framework. The steady rise further indicates that service providers are experiencing modest improvements in business conditions, bolstered by domestic demand.Moving forward, continued progress in the services sector could provide a foundation for broader economic growth and stability, although challenges such as inflationary pressures and geopolitical factors still pose potential headwinds. Stakeholders in Italy and across European markets will be watching closely to see if this positive trend continues into the upcoming months.The material has been provided by InstaForex Company - www.instaforex.com
France's HCOB Composite PMI Indicates Continued Contraction in April - ForexTV
France's economy is showing signs of persistent contraction as the HCOB France Composite Purchasing Managers' Index (PMI) for April 2025 recorded a slight decrease, dropping from 48.0 in the previous month to 47.8, according to the latest data updated on May 6, 2025. This indicator, which aggregates the data from both the manufacturing and services sectors, is considered a vital sign of economic health. Any figure below the neutral 50.0 mark suggests a contraction, indicating shrinking economic activity.The slight decrease from March reflects continued challenges within France's economy, potentially influenced by lingering global economic pressures and domestic factors. Analysts are watching closely to see if this downward trend will continue or if corrective measures from policymakers could trigger a rebound in the coming months.As businesses and consumers remain cautious, stakeholders will be keenly observing upcoming economic indicators to gauge the potential for recovery or further contraction in France's economic landscape. With these findings, it's more crucial than ever for industries to adapt and seek growth opportunities amid challenging times.The material has been provided by InstaForex Company - www.instaforex.com
NKT A/S Q1 2025 Interim Report: 11% organic growth and EBITDA of EUR 81m - ForexTV
Company Announcement 9 May 2025Announcement No. 16 NKT A/S Q1 2025 Interim Report: 11% organic growth and EBITDA of EUR 81m NKT CEO Claes Westerlind says: - In Q1 2025, NKT continued the execution of high-voltage projects, and we delivered organic revenue growth of 11% and operational EBITDA of EUR 81m. We executed on our ongoing investments across production sites and announced the completion of the medium-voltage capacity expansions in Falun and Velke Mezirici. Additionally, in April we concluded Q1 negotiations and signed a supply agreement with Hydro, strengthening our European value chain and ensuring security of aluminium supply until 2033. These steps underscore our commitment to business excellence and our strategic focus on supporting the energy transition and enhancing value for both our customers and shareholders. Financial highlights EURmQ1 2025Q1 2024Revenue*630534Organic growth11%27%Operational EBITDA8175Operational EBITDA margin*12.9%14.1% * Std. metal prices Financial outlook for 2025The financial outlook remains unchanged from Company Announcement No.11 of 21 February 2025. Revenues (in std. metal prices) is expected to be approximately EUR 2.37-2.52bn and operational EBITDA is expected to be approx. EUR 330-380m. The financial outlook is based on several assumptions, including: Satisfactory execution of high-voltage investments and projects to deliver on expected profitability marginsSatisfactory operational execution across business linesStable market conditions for Applications and Service & AccessoriesNormalised offshore power cable repair work activityStable supply chain with limited disruptions and access to the required labour, materials, and servicesStable development in the global economy, foreign currency, and metal prices 11% organic growth and operational EBITDA of EUR 81mIn Q1 2025, NKT’s revenue (in std. metal prices) amounted to EUR 630m, an increase of EUR 96m compared to Q1 2024, corresponding to 11% organic growth. In Solutions, the growth was driven by high activity level and overall satisfactory project execution, while the increased revenue in Applications was mainly due to the acquisition of SolidAl in June 2024, and organic growth driven by additional medium-voltage production capacity. In Service & Accessories, revenue was below the level of Q1 2024, which included a large scope of offshore repair work on a legacy service agreement. Operational EBITDA increased to EUR 81m in Q1 2025 from EUR 75m in Q1 2024. The increase was driven by higher revenue. The operational EBITDA margin was 12.9% in Q1 2025, representing a decrease of 1.2 %-points compared to Q1 2024. All three business lines contributed to the increased operational EBITDA, while the decline in operational EBITDA-margin was mainly due to natural fluctuations in the project business. At end-Q1 2025, the high-voltage order backlog was EUR 10.7bn (EUR 9.4bn in std. metal prices) compared to EUR 10.6bn (EUR 9.3bn in std. metal prices) at end-Q4 2024. During the quarter, NKT supplemented its high-voltage order backlog with a number of relatively smaller orders, including variation orders to existing projects. Free cash flow amounted to EUR -308m in Q1 2025 driven by the ongoing investments and a negative contribution from changes in working capital due to the phasing between milestone payments and project execution in Solutions. At end-Q1 2025, NKT maintained a robust balance sheet, with net interest-bearing debt of EUR -953m. Execution of the high-voltage investment programme progressed as planned during Q1 2025. At the expansion of the site in Karlskrona, Sweden, several work streams were in intense execution phases and, among others, NKT progressed with work inside the new extrusion tower, construction of surrounding production buildings and installation of machinery. The new production capacity and the new cable-laying vessel, NKT Eleonora, are expected to be operational from 2027. Segment key financial highlights Q1 2025 Revenue*Operational EBITDAOp. EBITDA margin*EURmQ1 2025Q1 2024Q1 2025Q1 2024Q1 2025Q1 2024Solutions388321575214.7%16.2%Applications20315318168.9%10.5%Service & Accessories707413619.3%8.1%Eliminations between segments and non-allocated costs-31-14-71 NKT630534817512.9%14.1% *Std. Metal prices TeleconferenceNKT A/S hosts a teleconference for investors and financial analysts at 10:00am CEST on 9 May 2025. The presentation to be used during the call will be available before the start of the teleconference. To attend, please register and access on investors.nkt.com ContactsInvestorsJacob Johansen, Head of Investor Relations+45 2169 3591 / jacob.johansen@nkt.comPress Louise W. Naldal, Head of Group Communications+45 2982 0022 / louise.westh.naldal@nkt.com Attachments NKT_Q1_2025_Cover letter_ENG NKT Q1 2025 Interim report
Bavarian Nordic Announces Interim Results for the First Three Months of 2025 - ForexTV
COPENHAGEN, Denmark, May 9, 2025 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business progress for the first three months of 2025. Revenue for the first three months increased by 62% to DKK 1,347 million, reflecting a strong performance in both Travel Health and Public Preparedness. Travel Health revenue increased by 52% to DKK 680 million compared to the first quarter of 2024, primarily driven by increased demand for rabies and tick-borne encephalitis (TBE) vaccines.Public Preparedness revenue increased by 83% to DKK 629 million compared to the first quarter of 2024. This exceeded initial expectations due to successful efforts to advance the deliveries of a few, but larger, existing orders into the first quarter.Other revenue was DKK 37 million. The operating profit (EBITDA) was DKK 420 million, corresponding to an EBITDA margin of 31%.Financial guidance for the full year is maintained at a revenue of DKK 5,700-6,700 million and an EBITDA margin of 26-30%. DKK million3m 20253m 20242025 GuidanceRevenue1,3478315,700 – 6,700EBITDA margin31%3%26-30% Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “A very strong first quarter for our Travel Health business, demonstrating a 52% growth year-over-year and puts us ahead of our strategic goal of an average annual growth rate of 10-12% for this part of the business until 2027. We also recorded our first US sales of the chikungunya vaccine after its approval in February and ahead of the April recommendation from ACIP. Our phased launch plan for the vaccine is progressing as planned with the first European markets coming online over the next couple of months while we also continue our efforts to expand the regulatory approvals to other territories. Chikungunya represents an increasing public health threat across the globe, and we are proud to have entered our first partnership to improve access to the vaccine for low- and middle-income countries. In Public Preparedness, we also delivered above expectations. While this was largely due to a number of deliveries occurring ahead of plans, it goes to show the strength and scale of our manufacturing setup to meet the increased demand for our mpox/smallpox vaccine.” Highlights from the first quarter Travel Health Vimkunya was approved in the US and EU in February as the first virus-like particle (VLP)-based chikungunya vaccine and the first chikungunya vaccine for persons aged 12 years and older. Additionally, regulatory submissions were filed in the UK and Canada.Vimkunya was launched commercially in the US in March and will be launched in the first European markets later during the first half of 2025.Concurrently with the US approval of Vimkunya, Bavarian Nordic was granted a Priority Review Voucher, which the Company intends to monetize when appropriate.A strategic partnership was entered with Biological E. Limited in February, initially comprising a contract manufacturing agreement with the aim to provide capacity for the future supply of chikungunya vaccines to endemic low- and middle-income countries. Public Preparedness The freeze-dried version of JYNNEOS was approved by the U.S. Food and Drug Administration (FDA) in March for prevention of smallpox and mpox disease in adults 18 years of age and older. The approval supports the ongoing contract with the US government for stockpiling of the vaccine. Other business In January, Bavarian Nordic launched and completed a share buy-back program of DKK 150 million, with the purpose of adjusting the capital structure. Events after the reporting date In April, the U.S. Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices (ACIP) voted to recommend Vimkunya™ for the prevention of disease caused by chikungunya virus for US persons aged 12 and older traveling to regions with an outbreak or elevated risk of chikungunya, as well as for laboratory workers with potential for exposure to chikungunya virus.In May, the UK Medicines and Healthcare products Regulatory Agency granted marketing authorization in the United Kingdom for Vimkunya® for active immunization for the prevention of disease caused by chikungunya virus in individuals 12 years and older.In May, the US government exercised additional options valued at USD 143.6 million under the existing contract to supply a freeze-dried formulation of JYNNEOS® smallpox vaccine, with planned delivery in 2026. Conference call and webcastThe management of Bavarian Nordic will host an investor/analyst call today at 2 pm CEST (8 am EDT) to present the interim results followed by a Q&A session. A listen-only version of the call and presentation slides can be accessed via https://edge.media-server.com/mmc/p/798tzbob/. To join the Q&A session, please register in advance via https://register-conf.media-server.com/register/BI2a5d49d1c9d64ee99d6d03297d3d4323. Contact investors:Europe: Rolf Sass Sørensen, Vice President Investor Relations, rss@bavarian-nordic.com, Tel: +45 61 77 47 43US: Graham Morrell, Paddock Circle Advisors, graham@paddockcircle.com, Tel: +1 781 686 9600 Contact media:Nicole Seroff, Vice President Corporate Communications, nise@bavarian-nordic.com, Tel: +45 53 88 06 03 Company Announcement no. 16 / 2025 About Bavarian NordicBavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines. For more information, visit www.bavarian-nordic.com Forward-looking statements This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law. Attachment Interim Report Q1 2025
Dentsply Sirona Reports First Quarter 2025 Results - ForexTV
Net sales of $879 million decreased (7.7%), organic sales decreased (4.4%) including a (4.0%) Byte sales impactGAAP gross margin of 53.0%, GAAP net income of $20 million or $0.10 per shareAdjusted gross margin of 56.3%, adjusted EBITDA margin of 19.0%, adjusted EPS of $0.43Maintaining FY25 outlook for organic sales and adjusted EPS; increasing reported sales due to F/X changes CHARLOTTE, N.C., May 08, 2025 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. ("Dentsply Sirona" or the "Company") (Nasdaq: XRAY) today announced its financial results for the first quarter of 2025. First quarter net sales of $879 million decreased (7.7%) (organic sales decreased (4.4%)) compared to the first quarter of 2024. Foreign currency changes negatively impacted first quarter 2025 net sales by approximately ($30) million. Net income was $20 million, or $0.10 per share, compared to a net income of $18 million, or $0.09 per share in the first quarter of 2024. Adjusted earnings per diluted share were $0.43, compared to $0.42 in the first quarter of 2024. A reconciliation of Non-GAAP measures (including organic sales, adjusted EBITDA and margin, adjusted EPS, adjusted free cash flow conversion, and segment adjusted operating income) to GAAP measures is provided below. "In the first quarter, organic sales were roughly flat excluding the Byte sales impact, with growth in two of our three regions. Adjusted EBITDA margin expanded which primarily reflects the benefits from our transformational initiatives and internal financial discipline. We are delivering progress through customer-centric innovation, customer experience improvements, and operational efficiency, while operating in an increasingly uncertain macroeconomic environment," said Simon Campion, President and Chief Executive Officer. "Looking forward, we are maintaining our outlook for organic sales and adjusted EPS and will continue to focus on improving what is within our control to deliver sustainable long-term performance." Q1 25 Summary Results (GAAP) (in millions, except per share amount and percentages) Q1 25Q1 24YoY Net Sales $879$953(7.7%)Gross Profit $466$506(7.9%)Gross Margin 53.0%53.1% Net Income Attributable to Dentsply Sirona $20$18NMDiluted Earnings Per Share $0.10$0.09NM Q1 25 Summary Results (Non-GAAP)[1] (in millions, except per share amount and percentages) Q1 25Q1 24YoY Net Sales $879$953(7.7%)Organic Sales Growth % (4.4%)Adjusted Gross Profit $495$540(8.3%)Adjusted Gross Margin 56.3%56.6% Adjusted EBITDA $168$1604.2%Adjusted EBITDA Margin 19.0%16.8% Adjusted EPS $0.43$0.423.7% NM - not meaningfulPercentages are based on actual values and may not reconcile due to rounding.[1] Organic sales growth, adjusted gross profit, adjusted EBITDA, and adjusted EPS are Non-GAAP financial measures which exclude certain items. Please refer to "Non-GAAP Financial Measures" below for a description of these measures and to the tables at the end of this release for a reconciliation between GAAP and Non-GAAP measures. Q1 25 Segment Results Net Sales Growth % Organic Sales Growth % Connected Technology Solutions (4.7%) (0.5%)Essential Dental Solutions (2.7%) 0.4%Orthodontic and Implant Solutions (20.0%) (17.7%)Wellspect Healthcare 3.4% 8.0%Total (7.7%) (4.4%) Q1 25 Geographic Results Net Sales Growth % Organic Sales Growth % United States (15.2%) (14.9%)Europe (3.4%) 1.1%Rest of World (2.8%) 3.1%Total (7.7%) (4.4%) Cash Flow and Liquidity Operating cash flow in the first quarter of 2025 was $7 million, compared to $25 million in the first quarter of 2024, primarily due to the unfavorable timing of collections on accounts receivable and a build of inventory during the quarter. In the first quarter of 2025, the Company paid $32 million in dividends. The Company had $398 million of cash and cash equivalents as of March 31, 2025. 2025 Outlook The Company is maintaining its 2025 outlook for organic sales in the range of down (4.0%) to (2.0%), and adjusted EPS in the range of $1.80 to $2.00. The Company is increasing its expected reported sales to a new range of $3.60 billion to $3.70 billion due to changes in foreign exchange rates. This outlook reflects the current state of tariffs and trade policy. Other 2025 outlook assumptions are included in the first quarter 2025 earnings presentation posted on the Investors section of the Dentsply Sirona website at https://investor.dentsplysirona.com. The Company does not provide forward-looking estimates on a GAAP basis as certain information, which may include, but is not limited to, restructuring charges, transformation-related costs, impairment charges, certain tax adjustments, and other significant items, is not available without unreasonable effort and cannot be reasonably estimated. The exact amounts of these charges or credits are not currently determinable but may be significant. Conference Call/Webcast InformationDentsply Sirona’s management team will host an investor conference call and live webcast on May 8th, 2025, at 8:30 am ET. A live webcast of the investor conference call and a presentation related to the call will be available on the Investors section of the Company’s website at https://investor.dentsplysirona.com. For those planning to participate on the call, please register at https://register-conf.media-server.com/register/BIb73584ce1e6f4d81b57af1bfbeec6816. A webcast replay of the conference call will be available on the Investors section of the Company’s website following the call. About Dentsply SironaDentsply Sirona is the world’s largest diversified manufacturer of professional dental products and technologies, with over a century of innovation and service to the dental industry and patients worldwide. Dentsply Sirona develops, manufactures, and markets a comprehensive solutions offering including dental and oral health products as well as other consumable medical devices under a strong portfolio of world-class brands. Dentsply Sirona’s innovative products provide, high-quality, effective and connected solutions to advance patient care and deliver better and safer dental care. Dentsply Sirona’s headquarters is located in Charlotte, North Carolina. The Company’s shares are listed in the United States on Nasdaq under the symbol XRAY. Visit www.dentsplysirona.com for more information about Dentsply Sirona and its products. Contact Information:Investors:Andrea DaleyVice President, Investor Relations+1-704-591-8631InvestorRelations@dentsplysirona.com Press:Marion Par-WeixlbergerVice President, Public Relations & Corporate Communications+43 676 848414588marion.par-weixlberger@dentsplysirona.com Forward-Looking Statements and Associated Risks All statements in this Press Release that do not directly and exclusively relate to historical facts constitute "forward-looking statements." Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control, including those described in Part I, Item 1A, "Risk Factors" of the Company's most recent Annual Report on Form 10-K, and any updating information or other factors which may be described in the Company’s other filings with the Securities and Exchange Commission (the "SEC"). No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this Press Release or to reflect the occurrence of unanticipated events. Investors should understand it is not possible to predict or identify all such factors or risks. As such, you should not consider the risks identified in the Company’s SEC filings to be a complete discussion of all potential risks or uncertainties associated with an investment in the Company. DENTSPLY SIRONA INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per share amounts)(unaudited) Three Months Ended March 31, 2025 2024 Net sales$879 $953 Cost of products sold 413 447 Gross profit 466 506 Selling, general, and administrative expenses 358 415 Research and development expenses 36 42 Intangible asset impairments — 6 Restructuring and other costs 9 1 Operating income 63 42 Other income and expenses: Interest expense, net 19 18 Other (income) expense, net — (7) Income before income taxes 44 31 Provision for income taxes 25 14 Net income 19 17 Less: Net loss attributable to noncontrolling interest (1) (1) Net income attributable to Dentsply Sirona$20 $18 Earnings per common share attributable to Dentsply Sirona: Basic$0.10 $0.09 Diluted$0.10 $0.09 Weighted average common shares outstanding: Basic 199.1 207.4 Diluted 199.8 208.5 DENTSPLY SIRONA INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in millions, except share and per share amounts)(unaudited) March 31, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents$398 $272Accounts and notes receivable-trade, net 604 556Inventories, net 612 564Prepaid expenses and other current assets 364 354Total Current Assets 1,978 1,746 Property, plant, and equipment, net 791 766Operating lease right-of-use assets, net 133 136Identifiable intangible assets, net 1,212 1,207Goodwill 1,632 1,597Other noncurrent assets 304 301Total Assets$6,050 $5,753 Liabilities and Equity Current Liabilities: Accounts payable$276 $241Accrued liabilities 738 754Income taxes payable 37 45Notes payable and current portion of long-term debt 742 549Total Current Liabilities 1,793 1,589 Long-term debt 1,593 1,586Operating lease liabilities 88 91Deferred income taxes 134 129Other noncurrent liabilities 432 415Total Liabilities 4,040 3,810 Total Equity 2,010 1,943 Total Liabilities and Equity$6,050 $5,753 DENTSPLY SIRONA INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)(unaudited) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net income$19 $17 Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 34 32 Amortization of intangible assets 45 54 Indefinite-lived intangible asset impairment — 6 Deferred income taxes 1 (9)Stock-based compensation expense 10 11 Other non-cash expense 9 19 Changes in operating assets and liabilities: Accounts and notes receivable-trade, net (31) 27 Inventories, net (26) (5)Prepaid expenses and other current assets (1) (28)Other noncurrent assets 4 (6)Accounts payable 14 (28)Accrued liabilities (44) (50)Income taxes (12) (2)Other noncurrent liabilities (15) (13)Net cash provided by operating activities 7 25 Cash flows from investing activities: Capital expenditures (19) (34)Cash received on derivative contracts 1 — Cash paid on derivative contracts — (9)Proceeds from sale of property, plant, and equipment 1 — Net cash used in investing activities (17) (43) Cash flows from financing activities: (Repayments) proceeds on short-term borrowings, net (272) 23 Proceeds from 364-day bridge loan 435 — Cash dividends paid (32) (29)Repayments on long-term borrowings (2) (3)Cash paid for deferred financing costs (3) — Other financing activities, net (3) (5)Net cash provided by (used in) financing activities 123 (14)Effect of exchange rate changes on cash and cash equivalents 13 (11)Net increase (decrease) in cash and cash equivalents 126 (43)Cash and cash equivalents at beginning of period 272 334 Cash and cash equivalents at end of period$398 $291 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized$13 $15 Non-cash investing activities: Property, plant and equipment in accounts payable at end of period$22 $24 Exchange of inventory for naming and other rights$14 $— Non-GAAP Financial Measures In addition to results determined in accordance with U.S. generally accepted accounting principles ("US GAAP"), the Company provides certain measures in this press release, described below, which are not calculated in accordance with US GAAP and therefore represent Non-GAAP measures. These Non-GAAP measures are used by the Company to measure its performance and may differ from those used by other companies. These Non-GAAP measures should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP. Management believes that these Non-GAAP measures are helpful as they provide a measure of the results of operations, and are frequently used by investors and analysts to evaluate the Company’s performance exclusive of certain items that impact the comparability of results from period to period, and which may not be indicative of past or future performance of the Company. Organic Sales The Company defines "organic sales" as the reported net sales adjusted for: (1) net sales from acquired businesses recorded prior to the first anniversary of the acquisition; (2) net sales attributable to disposed businesses in both the current and prior year periods; and (3) the impact of foreign currency changes, which is calculated by translating current period net sales using the comparable prior period's foreign currency exchange rates. Adjusted Operating Income and Margin Adjusted operating income is computed by excluding the following items from operating income (loss) as reported in accordance with US GAAP: (1) Business combination-related costs and fair value adjustments. These adjustments include costs related to consummating and integrating acquired businesses, as well as net gains and losses related to disposed businesses. In addition, this category includes the post-acquisition roll-off of fair value adjustments recorded related to business combinations, except for amortization expense of purchased intangible assets noted below. Although the Company is regularly engaged in activities to find and act on opportunities for strategic growth and enhancement of product offerings, the costs associated with these activities may vary significantly between periods based on the timing, size and complexity of acquisitions and as such may not be indicative of past and future performance of the Company. (2) Restructuring-related charges and other costs. These adjustments include costs related to the implementation of restructuring initiatives, including but not limited to, severance costs, facility closure costs, and lease and contract termination costs, as well as related professional service costs associated with these restructuring initiatives and global transformation activity. The Company is continually seeking to take actions that could enhance its efficiency; consequently, restructuring charges may recur but are subject to significant fluctuations from period to period due to the varying levels of restructuring activity, and as such may not be indicative of past and future performance of the Company. Other costs include gains and losses on the sale of property, legal settlements, executive separation costs, write-offs of inventory as a result of product rationalization, and changes in accounting principles recorded within the period. This category also includes costs related to investigations and associated legal cases and remediation activities, which primarily include legal, accounting and other professional service fees, as well as turnover and other employee-related costs. (3) Goodwill and intangible asset impairments. These adjustments include charges related to goodwill and intangible asset impairments. (4) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets, which are recorded at fair value. Although these costs contribute to revenue generation and will recur in future periods, their amounts are significantly impacted by the timing and size of acquisitions, and as such may not be indicative of the future performance of the Company. (5) Fair value and credit risk adjustments. These adjustments include the non-cash mark-to-market changes in fair value associated with pension assets and obligations, the credit risk component of hedging instruments, and equity-method investments. Although these adjustments are recurring in nature, they are subject to significant fluctuations from period to period due to changes in the underlying assumptions and market conditions. The non-service component of pension expense is a recurring item, however it is subject to significant fluctuations from period to period due to changes in actuarial assumptions, interest rates, plan changes, settlements, curtailments, and other changes in facts and circumstances. As such, these items may not be indicative of past and future performance of the Company. Adjusted operating margin is calculated by dividing adjusted operating income by net sales. Adjusted Gross Profit and Margin Adjusted gross profit is computed by excluding from gross profit the impact of any of the above adjustments that affect either sales or cost of sales. Adjusted gross margin is calculated by dividing adjusted gross profit by net sales. Adjusted Net Income (Loss) Adjusted net income (loss) consists of net income (loss) as reported in accordance with US GAAP, adjusted to exclude the items identified above, as well as the related income tax impacts of those items. The income tax effect of each pre-tax adjustment was determined based on the tax rate of the jurisdiction in which the related pre-tax adjustment was recorded. Additionally, net income is adjusted for other tax-related adjustments such as discrete or significant adjustments to valuation allowances and other uncertain tax positions, final settlement of income tax audits, discrete tax items resulting from the implementation of restructuring initiatives, the windfall or shortfall relating to exercise of employee stock-based compensation, any difference between the interim and annual effective tax rate, and adjustments relating to prior periods. Management believes that these adjustments for certain tax-related matters are helpful to normalize the tax effects of certain discrete or significant items that are irregular or infrequent in timing and may not be indicative of past or future performance of the Company. Adjusted EBITDA and Margin In addition to the adjustments described above in arriving at adjusted net income, adjusted EBITDA is computed by further excluding any remaining interest expense, net, income tax expense, depreciation and amortization. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales. Adjusted Earnings (Loss) Per Diluted Share Adjusted earnings (loss) per diluted share (adjusted EPS) is computed by dividing adjusted earnings (loss) attributable to Dentsply Sirona stockholders by the diluted weighted average number of common shares outstanding. Adjusted Free Cash Flow and Conversion The Company defines adjusted free cash flow as net cash provided by operating activities minus capital expenditures during the same period, and adjusted free cash flow conversion is defined as adjusted free cash flow divided by adjusted net income (loss). Management believes this Non-GAAP measure is important for use in evaluating the Company’s financial performance as it measures our ability to efficiently generate cash from our business operations relative to earnings. It should be considered in addition to, rather than as a substitute for, net income (loss) as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) A reconciliation of reported net sales to organic sales by geographic region is as follows: Three Months Ended March 31, 2025 Q1 2025 Change Three Months Ended March 31, 2024(in millions, except percentages) U.S.EuropeROWTotal U.S.EuropeROWTotal U.S.EuropeROWTotal Net sales $302$362$215$879 (15.2%)(3.4%)(2.8%)(7.7%) $356$376$221$953Foreign exchange impact (0.3%)(4.5%)(5.9%)(3.3%) Organic sales (14.9%)1.1%3.1%(4.4%) Percentages are based on actual values and may not reconcile due to rounding. A reconciliation of reported net sales to organic sales by segment is as follows: Three Months Ended March 31, 2025 Q1 2025 Change Three Months Ended March 31, 2024(in millions, except percentages) Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal Net sales $235$353$217$74$879 (4.7%)(2.7%)(20.0%)3.4%(7.7%) $247$364$271$71$953Foreign exchange impact (4.2%)(3.1%)(2.3%)(4.6%)(3.3%) Organic sales (0.5%)0.4%(17.7%)8.0%(4.4%) Percentages are based on actual values and may not reconcile due to rounding. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) The Company’s segment adjusted operating income for the three months ended March 31, 2025 and 2024 was as follows: Three Months Ended March 31,(in millions) 2025 2024 Connected Technology Solutions $7 $2 Essential Dental Solutions 135 115 Orthodontic and Implant Solutions 37 42 Wellspect Healthcare 26 23 Segment adjusted operating income 205 182 Reconciling items expense (income): All other (a) 87 79 Intangible asset impairments — 6 Restructuring and other costs 9 1 Interest expense, net 19 18 Other (income) expense, net — (7)Amortization of intangible assets 45 54 Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations 1 — Income before income taxes $44 $31 (a) Includes unassigned corporate headquarters costs. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) For the three months ended March 31, 2025, a reconciliation of selected items as reported in the Condensed Consolidated Statements of Operations to adjusted Non-GAAP items is as follows: (in millions, except percentages and per share data) Gross Profit Operatingincome Net IncomeAttributable toDentsply Sirona(a) Diluted EPSGAAP $466 $63 $20 $0.10Non-GAAP Adjustments: Amortization of Purchased Intangible Assets 28 45 33 0.16Restructuring-Related Charges and Other Costs — 25 19 0.10Business Combination-Related Costs and Fair Value Adjustments 1 1 1 —Income Tax-Related Adjustments — — 14 0.07Adjusted Non-GAAP $495 $134 $87 $0.43GAAP Margin 53.0% 7.1% Adjusted Non-GAAP Margin 56.3% 15.1% Weighted average common shares outstanding used in calculating diluted GAAP net loss per common share 199.8Weighted average common shares outstanding used in calculating diluted Non-GAAP net income per common share 199.8(a) The tax expense on the Non-GAAP adjustments totals $4 million which is inclusive of the $14 million income tax-related adjustment above. Percentages are based on actual values and may not reconcile due to rounding. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) For the three months ended March 31, 2024, a reconciliation of selected items as reported in the Condensed Consolidated Statements of Operations to adjusted Non-GAAP items is as follows: (in millions, except percentages and per share data) Gross Profit Operatingincome Net IncomeAttributable toDentsply Sirona(a) Diluted EPSGAAP $506 $42 $18 $0.09Non-GAAP Adjustments: Amortization of Purchased Intangible Assets 31 54 40 0.19Restructuring-Related Charges and Other Costs 3 17 13 0.06Goodwill and Intangible Asset Impairments — 6 4 0.02Business Combination-Related Costs and Fair Value Adjustments — 1 1 —Income Tax-Related Adjustments — — 11 0.06Adjusted Non-GAAP $540 $120 $87 $0.42GAAP Margin 53.1% 4.4% Adjusted Non-GAAP Margin 56.6% 12.6% Weighted average common shares outstanding used in calculating diluted GAAP net loss per common share 208.5Weighted average common shares outstanding used in calculating diluted Non-GAAP net income per common share 208.5(a) The tax expense on the Non-GAAP adjustments totals $9 million, which is inclusive of the $11 million income tax-related adjustment above. Percentages are based on actual values and may not reconcile due to rounding. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) A reconciliation of reported net income attributable to Dentsply Sirona to adjusted EBITDA and margin for the three months ended March 31, 2025 and 2024 is as follows: Three Months Ended March 31,(in millions, except percentages) 2025 2024 Net income attributable to Dentsply Sirona $20 $18 Interest expense, net 19 18 Income tax expense 25 14 Depreciation(1) 33 32 Amortization of purchased intangible assets 45 54 Restructuring-related charges and other costs 25 17 Goodwill and intangible asset impairments — 6 Business combination-related costs and fair value adjustments 1 1 Adjusted EBITDA $168 $160 Net sales $879 $953 Adjusted EBITDA margin 19.0% 16.8% (1) Excludes those depreciation-related amounts which were included as part of the business combination-related adjustments and Restructuring-related charges and other costs.Percentages are based on actual values and may not reconcile due to rounding. A reconciliation of adjusted free cash flow conversion for the three months ended March 31, 2025 and 2024 is as follows: Three Months Ended March 31,(in millions, except percentages) 2025 2024 Net cash provided by operating activities $7 $25 Capital expenditures (19) (34)Adjusted free cash flow $(12) $(9) Adjusted net income $87 $87 Adjusted free cash flow conversion (14%) (10%) Percentages are based on actual values and may not reconcile due to rounding.
Privia Health Reports First Quarter 2025 Financial Results - ForexTV
Strong First Quarter Performance and Operating ExecutionEnters the State of ArizonaFull-Year 2025 Outlook Raised to Mid- to High End of Guidance Ranges for All Metrics with Attributed Lives Unchanged ARLINGTON, Va., May 08, 2025 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the first quarter ended March 31, 2025. Three Months Ended March 31, ($ in millions, except per share amounts) 2025 2024 Change (%)* Total revenue $480.1 $415.2 15.6%Gross profit $103.6 $93.4 11.0%Operating income $5.2 $0.8 534.0%Net income a $4.2 $3.0 41.4%Non-GAAP adjusted net income b d e $27.8 $22.5 23.3%Net income per share $0.03 $0.02 50.0%Non-GAAP adjusted net income per share b d e $0.22 $0.18 22.2% * Any slight variations in totals are due to rounding.a. Net income for the three months ended March 31, 2025, included $17.8 million in non-cash stock compensation expense. Net income for the three months ended March 31, 2024 included $11.9 million in non-cash stock compensation expense.b. Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. First Quarter 2025 highlights include: Continued strength in same-store growth and new provider additions;Practice Collections of $798.6M, +12.8% versus 1Q’24; andAdjusted EBITDA b d e of $26.9M, +35.1% versus 1Q’24. Key Operating and Non-GAAP Financial Metrics b, d, e Three Months Ended March 31, ($ in millions) 2025 2024 Change (%) Implemented Providers 4,871 4,359 11.7%Value-Based Care Attributed Lives 1,270,000 1,143,000 11.1%Practice Collections $798.6 $707.7 12.8%Care Margin b d $105.3 $94.9 10.9%Platform Contribution b d $51.7 $44.7 15.6%Adjusted EBITDA b d e $26.9 $19.9 35.1% Privia Health Enters the State of Arizona On April 9, 2025, Privia Health announced its entrance into the state of Arizona in partnership with Integrated Medical Services (IMS), one of the largest independent multi-specialty practices in the state. IMS has approximately 70 physicians and advanced practice providers in 21 locations, and manages over 28,000 patient lives in value-based care arrangements across Commercial, Medicare, MA and Medicaid programs. Privia Health paid $95 million in cash at closing. IMS is the anchor practice in the launch of Privia Medical Group—Arizona, and is expected to be implemented on the Privia Platform in the fourth quarter of 2025. The transaction and launch in Arizona is expected to be profitable starting in the fourth quarter of 2025. Updated FY’25 Guidance c d e f Privia Health raised its full-year 2025 outlook to the mid- to high end of most of its guidance ranges, as follows: FY 2024 Initial FY 2025 Guidance at 2.27.25 c Updated FY 2025 Guidance at 5.8.25($ in millions)Actual Low High Implemented Providers 4,789 5,200 5,300 Mid to High EndAttributed Lives 1,256,000 1,300,000 1,400,000 UnchangedPractice Collections$2,968.0 $3,150 $3,250 Mid to High EndGAAP Revenue$1,736.4 $1,800 $1,900 Mid to High EndCare Margin c d$403.9 $435 $445 Mid to High EndPlatform Contribution c d$195.6 $208 $218 Mid to High EndAdjusted EBITDA c d e$90.5 $105 $110 Mid to High End Guidance assumes minimal year-over-year increase in value-based shared savings accruals given current environmentGuidance includes impact of Arizona market entry, and assumes no other new business development activityDe minimis capital expenditures expected in full-year 2025At least 80% of Adjusted EBITDA expected to convert to free cash flow in full-year 2025Effective tax rate expected to be approximately 26-28% c.Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of gross margin, operating income and net income. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures. d.See “Key Metrics and Non-GAAP Financial Measures” for more information as to how the Company defines and calculates Implemented Providers, Attributed Lives, Practice Collections, Care Margin, Platform Contribution, and Adjusted EBITDA, and for a reconciliation of the most comparable GAAP measures to Care Margin, Platform Contribution, Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income Per Share. e.Certain non-recurring or non-cash and other expenses will be treated as an add back in the reconciliation of Net Income to Adjusted EBITDA, and the reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share, the details of which can be found in the Reconciliation schedules near the end of this and in future quarterly press releases. f.Any slight variations in totals due to rounding. Webcast and Conference Call Information The Company will host a conference call on May 8, 2025, at 8:00 am ET to discuss these results and management’s outlook for future financial and operational performance. You can visit ir.priviahealth.com/news-and-events/events-and-presentations to listen to the call via live webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. If you wish to participate in the live conference call, then please go to https://register.vevent.com/register/BIa226cff209a046a0ae8a7711f796fc02 to pre-register and obtain your dial-in number and passcode. This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at ir.priviahealth.com. About Privia Health Privia Health™ is one of the largest physician enablement companies in the United States with a presence in 15 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,200+ physician practices, improve the patient experience for 5.2+ million patients, and reward 4,800+ physicians and advanced practitioners for delivering high-value care. Privia’s mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com and connect with us on LinkedIn. Non-GAAP Financial Measures The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States ("GAAP"). From time to time, in press releases, financial presentations, earnings conference calls or otherwise, the Company may disclose certain non-GAAP financial measures. The non-GAAP financial measures presented in this press release should not be viewed as alternatives or substitutes for the Company's reported GAAP results. A reconciliation to the most directly comparable GAAP financial measure is set forth in the tables that accompany this release. The Company believes that the non-GAAP financial measures presented in this press release are relevant and provide useful information to the Company's management, investors, and other interested parties about the Company's operating performance because the measures allow them to understand and compare the Company's actual and expected operating results during the prior, current and future periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company's business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP. Safe Harbor Statement The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Form 10-Q is filed with the Securities and Exchange Commission (“SEC”). This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward-looking statements can be identified by words such as “aims,” “anticipates,” "assumes," “believes,” “estimates,” “expects,” “forecasts,” “future,” “intends,” “likely,” “may,” “outlook,” “plans,” “potential,” “projects,” “seeks,” “strategy,” “targets,” “trends,” “will,” “would,” “could,” “should,” and variations of such terms and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to, among other things: our future actions, business plans, objectives and prospects; and our future operating or financial performance and projections, including our full-year guidance for 2025. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements. Factors related to these risks and uncertainties include, but are not limited to: the heavily regulated industry in which we operate, and any failure by us or our medical groups to comply with the extensive applicable healthcare laws and government regulations; the complexity of the legal framework governing our relationships with Medical Groups, some of which we do not own, and Privia providers, and the impact of legal challenges or shifting interpretations of applicable laws; the execution of our growth strategy, which may not prove viable and we may not realize expected results; difficulties timely implementing our proprietary end-to-end, cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in our industry; challenges in successfully establishing a presence in new geographic markets; the impact of failures by or service disruptions at key third-party vendors, such as our primary electronic medical record vendor, athenahealth, Inc.; potential decreases in reimbursement rates by governmental and third-party payers, changes to payment terms or challenges negotiating and retaining favorable contracts with private third-party payers, and changes impacting our patient population; the financial and operational impact of our compliance with various complex and changing federal and state privacy and security laws and regulations related to our use, disclosure, and other processing of personal information and protected health information, including the Health Insurance Portability and Accountability Act of 1996; the impact of actual and potential security threats, cybersecurity incidents or privacy or other forms of data breaches involving us, our vendors or other third parties; the continued availability of qualified workforce, including staff at our medical groups, and the continued upward pressure on compensation for such workforce; and other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s subsequent Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law. Contact:Robert BorchertSVP, Investor & Corporate CommunicationsIR@priviahealth.com817.783.4841 Privia Health Group, Inc.Condensed Consolidated Statements of Operations(g)(unaudited)(in thousands, except share and per share data) For the Three Months Ended March 31, 2025 2024 Revenue$480,097 $415,243 Operating expenses: Provider expense 374,809 320,336Cost of platform 59,526 54,057Sales and marketing 6,922 6,085General and administrative 31,721 32,121Depreciation and amortization 1,901 1,821Total operating expenses 474,879 414,420Operating income 5,218 823Interest income, net 2,931 2,984Income before provision for income taxes 8,149 3,807Provision for income taxes 2,103 751Net income 6,046 3,056Less: Net income attributable to non-controlling interests 1,826 72Net income attributable to Privia Health Group, Inc.$4,220 $2,984Net income per share attributable to Privia Health Group, Inc. stockholders – basic$0.03 $0.03Net income per share attributable to Privia Health Group, Inc. stockholders – diluted$0.03 $0.02Weighted average common shares outstanding – basic 120,623,670 118,505,320Weighted average common shares outstanding – diluted 127,752,527 125,053,404 (g) Any slight variations in totals due to rounding. Privia Health Group, Inc.Condensed Consolidated Balance Sheets(h)(in thousands) March 31, 2025 December 31, 2024Assets(unaudited) Current assets: Cash and cash equivalents$469,331 $491,149 Accounts receivable 388,727 316,179 Prepaid expenses and other current assets 28,409 27,495 Total current assets 886,467 834,823 Non-current assets: Property and equipment, net 1,014 1,242 Operating right-of-use asset 4,719 4,828 Intangible assets, net 108,134 109,807 Goodwill 141,615 141,615 Deferred tax asset 24,670 26,383 Other non-current assets 16,919 17,085 Total non-current assets 297,071 300,960 Total assets$1,183,538 $1,135,783 Liabilities and stockholders’ equity Current liabilities: Accounts payable and accrued expenses$68,136 $81,986 Provider liability 400,288 364,607 Operating lease liabilities, current 2,386 2,553 Total current liabilities 470,810 449,146 Non-current liabilities: Operating lease liabilities, non-current 3,049 3,037 Other non-current liabilities 153 153 Total non-current liabilities 3,202 3,190 Total liabilities 474,012 452,336 Commitments and contingencies Stockholders’ equity: Common stock 1,214 1,203 Additional paid-in capital 833,231 813,209 Accumulated deficit (175,009) (179,229)Total Privia Health Group, Inc. stockholders’ equity 659,436 635,183 Non-controlling interest 50,090 48,264 Total stockholders’ equity 709,526 683,447 Total liabilities and stockholders’ equity$1,183,538 $1,135,783 (h) Any slight variations in totals are due to rounding. Privia Health Group, Inc.Condensed Consolidated Statements of Cash Flows(i)(unaudited)(in thousands) For the Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net income$6,046 $3,056 Adjustments to reconcile net income to net cash used in operating activities: Depreciation 228 294 Amortization of intangibles 1,673 1,527 Stock-based compensation 17,790 11,904 Deferred tax expense 1,713 863 Changes in asset and liabilities: Accounts receivable (72,548) (55,320)Prepaid expenses and other current assets (914) (10,391)Other non-current assets and right-of-use asset 275 (1,321)Accounts payable and accrued expenses (13,850) (7,180)Provider liability 35,681 24,208 Operating lease liabilities (155) (777)Net cash used in operating activities (24,061) (33,137)Cash from investing activities Business acquisitions, net of cash acquired — (707)Other — (5,006)Net cash used in investing activities — (5,713)Cash flows from financing activities Proceeds from exercised stock options 2,243 475 Net cash provided by financing activities 2,243 475 Net decrease in cash and cash equivalents (21,818) (38,375)Cash and cash equivalents at beginning of period 491,149 389,511 Cash and cash equivalents at end of period$469,331 $351,136 Supplemental disclosure of cash flow information: Interest paid$— $93 Income tax refunds received$(313) $(230) (i) Any slight variations in totals are due to rounding. Additional Financial Information Revenues disaggregated by source: For the Three Months Ended March 31,(Dollars in Thousands)2025 2024FFS-patient care$311,761 $274,823FFS-administrative services 32,255 29,076Capitated revenue 70,690 51,304Shared savings 47,912 47,464Care management fees (PMPM) 15,201 10,603Other revenue 2,278 1,973Total Revenue$480,097 $415,243 The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements: March 31,(Dollars in Thousands) 2025 2024 Balance, beginning of period $66,355 $67,138 Incurred health care costs: Current year 70,565 51,040 Prior years (954) 600 Total claims incurred $69,611 $51,640 Claims paid: Current year (10,273) (2,072)Prior year (39,332) (42,185)Total claims paid $(49,605) $(44,257)Balance, end of period $86,361 $74,521 Key Metrics and Non-GAAP Financial Measures Privia Health reviews a number of operating and financial metrics, including the following key metrics and non-GAAP financial measures, to evaluate the Company’s business, measure performance, identify trends affecting the Company’s business, formulate business plans, and make strategic decisions. Key Metrics(j) For the Three Months Ended March 31,(unaudited; $ in millions) 2025 2024 Implemented Providers (as of end of period) (1) 4,871 4,359Attributed Lives (as of end of period) (2) 1,270,000 1,143,000Practice Collections (3) $798.6 $707.7 (1) Implemented Providers is defined as the total of all service professionals on Privia Health’s platform at the end of a given period who are credentialed by Privia Health and billed for medical services, in both Owned and Non-Owned Medical Groups during that period.(2) Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care services as of the end of a particular period.(3) Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health’s platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups.(j) Any slight variations in totals are due to rounding. Non-GAAP Financial Measures (4)(k) For the Three Months Ended March 31,(unaudited; $ in thousands) 2025 2024 Care Margin $105,288 $94,907 Platform Contribution $51,733 $44,737 Platform Contribution Margin 49.1% 47.1%Adjusted EBITDA $26,915 $19,922 Adjusted EBITDA Margin 25.6% 21.0% (4) In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. Each are defined as follows: Care Margin is Gross Profit excluding amortization of intangible assets.Platform Contribution is Gross Profit, excluding amortization of intangible assets, less Cost of platform and excluding stock-based compensation expense included in Cost of platform.Platform Contribution margin is Platform Contribution divided by Care Margin.Adjusted EBITDA is net income attributable to Privia Health Group, Inc. shareholders and subsidiaries excluding non-controlling interests, provision for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation, employer taxes on equity vesting/exercises, severance charges and other non-recurring expenses.Adjusted EBITDA Margin is Adjusted EBITDA divided by Care Margin. (k) Any slight variations in totals are due to rounding. Reconciliation of Gross Profit to Care Margin(l) For the Three Months Ended March 31,(unaudited; $ in thousands) 2025 2024 Revenue $480,097 $415,243 Provider expense (374,809) (320,336)Amortization of intangible assets (1,673) (1,527)Gross Profit $103,615 $93,380 Amortization of intangibles assets 1,673 1,527 Care margin $105,288 $94,907 (l) Any slight variations in totals are due to rounding. Reconciliation of Gross Profit to Platform Contribution(m) For the Three Months Ended March 31,(unaudited; $ in thousands) 2025 2024 Revenue $480,097 $415,243 Provider expense (374,809) (320,336)Amortization of intangibles assets (1,673) (1,527)Gross Profit $103,615 $93,380 Amortization of intangibles assets 1,673 1,527 Cost of platform (59,526) (54,057)Stock-based compensation (5) 5,971 3,887 Platform Contribution $51,733 $44,737 (m) Any slight variations in totals are due to rounding.(5) Amount represents stock-based compensation expense included in Cost of Platform. Reconciliation of Net Income to Adjusted EBITDA(n) For the Three Months Ended March 31,(unaudited; $ in thousands) 2025 2024 Net income $4,220 $2,984 Net income attributable to non-controlling interests 1,826 72 Provision for income taxes 2,103 751 Interest income, net (2,931) (2,984)Depreciation and amortization 1,901 1,821 Stock-based compensation 17,790 11,904 Other expenses (6) 2,006 5,374 Adjusted EBITDA $26,915 $19,922 (n) Any slight variations in totals are due to rounding.(6) Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share(o) For the Three Months Ended March 31,(unaudited; $ in thousands)2025 2024Net income$4,220 $2,984Stock-based compensation 17,790 11,904Intangible amortization expense 1,673 1,527Provision for income tax 2,103 751Other expenses (7) 2,006 5,374Adjusted net income$27,792 $22,540Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – basic$0.23 $0.19Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – diluted$0.22 $0.18Weighted average common shares outstanding – basic 120,623,670 118,505,320Weighted average common shares outstanding – diluted 127,752,527 125,053,404(o) Any slight variations in totals due to rounding.(7) Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs.
TDC NET A/S – Final Terms for EUR 500,000,000 Sustainability-Linked Notes due 2032 - ForexTV
TDC NET A/S – Final Terms for EUR 500,000,000 Sustainability-Linked Notes due 2032 NOT INTENDED FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES. NOT INTENDED FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, TO ANY PERSON IN ANY JURISDICTION WHERE RELEASE, PUBLICATION OR DISTRIBUTION TO SUCH PERSON IS RESTRICTED BY ANY LAW OR REGULATION APPLICABLE IN SUCH JURISDICTION. THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR ISSUE OR INVITATION TO PURCHASE OR SUBSCRIBE FOR, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES. Copenhagen, 8 May 2025: TDC NET A/S (TDC NET) today announces the final terms (the “Final Terms”) in relation to its EUR 500,000,000 5.000 per cent. guaranteed secured sustainability-linked notes due 2032 (the “Notes”). The Notes are issued by TDC NET under its EUR 3,500,000,000 Euro Medium Term Note (EMTN) programme established pursuant to the Base Prospectus dated 22 April 2025, as supplemented by the Supplement dated 28 April 2025. The Notes are guaranteed by TDC NET Holding A/S. The Final Terms are, subject to certain restrictions, available on TDC NET’s Investor Relations website (https://tdcnet.com/investor-relations) and on the website of the Luxembourg Stock Exchange (www.luxse.com). The Notes are rated BBB- by Fitch Ratings Ireland Limited. The Notes are issued in accordance with TDC NET’s Sustainability-Linked Finance Framework and listed on the Luxembourg Stock Exchange. TDC NET’s Sustainability-Linked Finance Framework and a second party opinion delivered by Sustainalytics are available on TDC NET’s Investor Relations website. This notification is made by Frederik Wagner, Head of Treasury and Investor Relations. For investor enquiries: Frederik Wagner phone: +45 25 21 82 76 e-mail: frwa@tdcnet.dk Press contact: Lasse Bjerre Sørensen phone: +45 29 29 23 33 e-mail: lasso@tdcnet.dk Important Notice This announcement is for information purposes only and is not an offer to sell or buy any securities. Any securities mentioned in this announcement may not be sold in the United States unless they are registered under the US Securities Act of 1933, as amended (the “Securities Act”) or are exempt from registration. Any securities described in this announcement have not been and will not be registered under the Securities Act, and accordingly any offer or sale of such securities may be made only in a transaction exempt from registration requirements of the Securities Act. It may be unlawful to distribute this announcement in certain jurisdictions. This announcement is not for distribution, directly or indirectly, in or to the United States, Australia, Japan, Canada, New Zealand, South Africa, Hong Kong, Switzerland, Singapore or any other jurisdiction where such distribution would be unlawful or require registration or any other measures. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation.
Enovis Announces First Quarter 2025 Results - ForexTV
Continued commercial momentum with first-quarter sales growth of 8% on a reported basis and strong adjusted EBITDA margin expansion First-quarter Reconstructive sales grew 11% year-over-year on a reported basis Appointed Damien McDonald as CEO, effective May 12th, 2025 Wilmington, DE, May 08, 2025 (GLOBE NEWSWIRE) -- Enovis™ Corporation (“Enovis” or “the Company”) (NYSE: ENOV), an innovation-driven medical technology growth company, today announced its financial results for the first quarter ended April 4, 2025. The Company will host an investor conference call and live webcast to discuss these results today at 8:30 am ET. First Quarter 2025 Financial Results Enovis’ first-quarter net sales of $559 million grew 8% on a reported basis and 9% (+10% xFX) on a comparable basis from the same quarter in 2024. First quarter results reflect continued execution in P&R, a rebound in growth in Recon, and accelerating momentum in new product introductions. Compared to the same quarter in 2024, net sales in Recon grew 11% on a reported and comparable basis (+13% xFX), and P&R grew 5% on a reported basis and 7% (+8% xFX) on a comparable growth basis. Enovis also reported first-quarter net loss from continuing operations of $56 million, or a loss of 10.0% of sales, and adjusted EBITDA of $99 million, or 17.7% of sales, an increase of 160 basis points versus the comparable prior-year quarter. The Company reported first-quarter 2025 net loss from continuing operations of $0.98 per share and adjusted net earnings per diluted share of $0.81. “We delivered a strong start to 2025, with first-quarter revenues and margins exceeding expectations,” said Matt Trerotola, Chief Executive Officer of Enovis. “This performance reflects the strength of our business system and the discipline of our teams as we navigate a complex global environment. As we move forward, we remain focused on driving above-market growth through disciplined execution, strategic investment, and a multi-year cadence of high-impact product launches across our portfolio.” 2025 Financial Outlook Enovis updated financial expectations for 2025. Revenue is expected to be in the range of $2.22-2.25 billion, versus prior expectations of $2.19-2.22 billion. Adjusted EBITDA is forecasted to be $385-395 million, as compared to the prior outlook of $405-415 million, and now includes $20mm of tariff related impact. Full-year adjusted earnings per share was updated from $3.10-$3.25 to $2.95-$3.10. Conference call and Webcast Investors can access the webcast via a link on the Enovis website, www.enovis.com. For those planning to participate on the call, please dial (833) 335-0887 and use access code 482081. A link to a replay of the call will also be available on the Enovis website later in the day. About Enovis Enovis Corporation (NYSE: ENOV) is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Powered by a culture of continuous improvement, global talent and innovation, the Company’s extensive range of products, services and integrated technologies fuels active lifestyles in orthopedics and beyond. The Company’s shares of common stock are listed in the United States on the New York Stock Exchange under the symbol ENOV. For more information about Enovis, please visit www.enovis.com. Availability of Information on the Enovis Website Investors and others should note that Enovis routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Enovis Investor Relations website. While not all of the information that the Company posts to the Enovis Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Enovis to review the information that it shares on ir.enovis.com. Forward-Looking Statements This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Enovis’ plans, goals, objectives, outlook, expectations and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on Enovis’ current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Enovis’ results to differ materially from current expectations include, but are not limited to, risks related to Enovis’ acquisition of Lima; the impact of public health emergencies and global pandemics; disruptions in the global economy caused by escalating geopolitical tensions including in connection with Russia’s invasion of Ukraine; macroeconomic conditions, including the impact of inflationary pressures; changes in government trade policies, including the implementation of tariffs; supply chain disruptions; increasing energy costs and availability concerns, particularly in the European market; other impacts on Enovis’ business and ability to execute business continuity plans; and the other factors detailed in Enovis’ reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K under the caption “Risk Factors,” as well as the other risks discussed in Enovis’ filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. Enovis disclaims any duty to update the information herein. Non-GAAP Financial Measures Enovis has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”). These non-GAAP financial measures may include one or more of the following: adjusted net income from continuing operations (“Adjusted net income”), Adjusted net income per diluted share, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted gross profit, Adjusted gross profit margin, Comparable sales, Comparable sales growth, and Comparable sales growth on constant currency basis. Adjusted net income and Adjusted net income per diluted share exclude restructuring and other charges, Medical Device Regulation (“MDR”) fees and other costs, strategic transaction costs, stock-based compensation, acquisition-related intangible asset amortization, strategic purchase of economic interest on future royalty payments, insurance settlement loss (gain), goodwill impairment charges, property plant and equipment step-up depreciation, and fair value charges on acquired inventory, Other (income) expense, net, and include the tax effect of adjusted pre-tax income at applicable tax rates and other tax adjustments. Enovis also presents Adjusted net income margin, which is subject to the same adjustments as Adjusted net income. Adjusted EBITDA represents Adjusted net income excluding interest, taxes, and depreciation and amortization. Enovis presents Adjusted EBITDA margin, which is subject to the same adjustments as Adjusted EBITDA. Adjusted gross profit represents gross profit excluding the fair value charges of acquired inventory, depreciation step-up of acquired fixed assets, and the impact of restructuring and other charges. Adjusted gross profit margin is subject to the same adjustments as Adjusted gross profit. Comparable sales adjusts net sales for prior periods to include the sales of acquired businesses prior to our ownership from acquisitions that closed in the periods presented and to exclude the net sales of certain non-core product lines that were divested or discontinued, as applicable, during the periods presented. Comparable sales growth represents the change in Comparable sales for the current period from Comparable sales for the prior year period. Comparable sales growth on constant currency basis represents Comparable sales growth excluding the impact of foreign exchange rate fluctuations based on prior year sales valued at the current period foreign currency rates. Comparable sales, comparable sales growth and comparative sales growth on a constant currency basis are presented for illustrative purposes only and do not and are not intended to comply with Article 11 of Regulation S-X promulgated by the SEC in respect of proforma financial information, and may differ, including materially, from proforma financial statements presented in accordance therewith. These non-GAAP financial measures assist Enovis management in comparing its operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete restructuring plans that are fundamentally different from the ongoing productivity improvements of the Company. Enovis management also believes that presenting these measures allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of non-GAAP financial measures presented above to GAAP results has been provided in the financial tables included in this press release. Enovis does not provide reconciliations of adjusted EBITDA or adjusted earnings per share on a forward-looking basis to the closest GAAP financial measures, as such information is not available without unreasonable efforts on a forward-looking basis due to uncertainties regarding, and the potential variability of, reconciling items excluded from these measures. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. Kyle RoseVice President, Investor RelationsEnovis Corporation+1-917-734-7450investorrelations@enovis.com Enovis CorporationCondensed Consolidated Statements of OperationsDollars in thousands, except per share data(Unaudited) Three Months Ended April 4, 2025 March 29, 2024Net sales $ 558,834 $ 516,266 Cost of sales 226,605 218,370 Gross profit 332,229 297,896 Gross profit margin 59.5 % 57.7 %Selling, general and administrative expense 269,019 255,691 Research and development expense 28,528 23,377 Amortization of acquired intangibles 41,812 40,931 Purchase of royalty interest 35,777 — Restructuring and other charges 3,862 12,911 Operating loss (46,769) (35,014) Operating loss margin (8.4) % (6.8) %Interest expense, net 9,188 19,996 Other expense, net 1,392 24,235 Loss from continuing operations before income taxes (57,349) (79,245) Income tax benefit (1,769) (7,404) Net loss from continuing operations (55,580) (71,841) Loss from discontinued operations, net of taxes (125) — Net loss (55,705) (71,841) Net loss margin (10.0) % (13.9) %Less: net income attributable to noncontrolling interest from continuing operations - net of taxes 261 157 Net loss attributable to Enovis Corporation $ (55,966) $ (71,998) Net income (loss) per share - basic and diluted Continuing operations $ (0.98) $ (1.32) Discontinued operations $ — $ — Consolidated operations $ (0.98) $ (1.32) Enovis CorporationReconciliation of GAAP to Non-GAAP Financial MeasuresDollars in millions, except per share data(Unaudited) Three Months Ended April 4, 2025 March 29, 2024Adjusted Net Income and Adjusted Net Income Per Share Net loss from continuing operations attributable to Enovis Corporation(1) (GAAP)$ (55.8) $ (72.0) Restructuring and other charges - pretax(2) 3.9 12.9 MDR and other costs - pretax(3) 3.2 4.9 Amortization of acquired intangibles - pretax 41.8 40.9 Inventory step-up and PPE step-up depreciation - pretax(4) 12.7 5.1 Strategic transaction costs - pretax(5) 12.1 20.8 Purchase of royalty interest(6) 35.8 — Stock-based compensation 7.4 6.4 Other (income) expense, net(7) 1.4 24.2 Tax adjustment(8) (16.0) (15.6) Adjusted net income from continuing operations (non-GAAP)$ 46.5 $ 27.7 Adjusted net income margin from continuing operations 8.3 % 5.4 % Weighted-average shares outstanding - diluted (GAAP) 56,792 54,687 Net loss per share - diluted from continuing operations (GAAP)$ (0.98) $ (1.32) Adjusted weighted-average shares outstanding - diluted (non-GAAP) 57,374 55,273 Adjusted net income per share - diluted from continuing operations (non-GAAP)$ 0.81 $ 0.50 __________(1) Net loss from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net loss from continuing operations less the continuing operations component of the income attributable to noncontrolling interest, net of taxes.(2) Restructuring and other charges includes an immaterial expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the three months ended April 4, 2025.(3) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union MDR. These costs are classified as Selling, general and administrative expense on our Condensed Consolidated Statements of Operations.(4) Includes $12.1 million in inventory step-up charges and $0.6 million in PPE step-up depreciation in connection with acquired businesses for the three months ended April 4, 2025. Includes $5.1 million in inventory step-up charges in connection with acquired businesses for the three months ended March 29, 2024.(5) Strategic transaction costs includes integration costs related to recent acquisitions and Separation-related costs.(6) In the first quarter of 2025, we completed strategic purchases of economic interest on future royalty payments in our intellectual property (“royalty interest”) for a fixed price of $43.8 million, which will be paid over seven years. We accrued a liability and recognized a $35.8 million charge for the net present value of the purchases.(7) Other (income) expense, net primarily includes the fair value gain on Contingent Acquisition shares, partially offset by the first quarter of 2024 loss on the non-designated forward currency hedge for managing exchange rate risk related to the Euro-denominated purchase price of the Lima Acquisition.(8) The effective tax rates used to calculate adjusted net income and adjusted net income per share were 23.4% for the three months ended April 4, 2025, respectively, and 22.7% for the three months ended March 29, 2024, respectively. Enovis CorporationReconciliation of GAAP to Non-GAAP Financial MeasuresDollars in millions(Unaudited) Three Months Ended April 4, 2025 March 29, 2024 (Dollars in millions)Net loss from continuing operations (GAAP)$ (55.6) $ (71.8) Income tax benefit (1.8) (7.4) Other (income) expense, net 1.4 24.2 Interest expense, net 9.2 20.0 Operating loss (GAAP) (46.8) (35.0) Adjusted to add: Restructuring and other charges(1) 3.9 12.9 MDR and other costs(2) 3.2 4.9 Strategic transaction costs(3) 12.1 20.8 Stock-based compensation 7.4 6.4 Depreciation and other amortization 29.6 27.2 Amortization of acquired intangibles 41.8 40.9 Purchase of royalty interest(4) 35.8 — Inventory step-up 12.1 5.1 Adjusted EBITDA (non-GAAP)$ 99.2 $ 83.2 Adjusted EBITDA margin (non-GAAP) 17.7 % 16.1 % __________(1) Restructuring and other charges includes an immaterial expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the three months ended April 4, 2025.(2) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union MDR. These costs are classified as Selling, general and administrative expense on our Condensed Consolidated Statements of Operations.(3) Strategic transaction costs includes integration costs related to recent acquisitions and Separation-related costs.(4) In the first quarter of 2025, we completed strategic purchases of economic interest on future royalty payments in our intellectual property (“royalty interest”) for a fixed price of $43.8 million, which will be paid over seven years. We accrued a liability and recognized a $35.8 million charge for the net present value of the purchases. Enovis CorporationReconciliation of Gross Margin (GAAP) to Adjusted Gross Margin (non-GAAP)Dollars in millions(Unaudited) Three Months Ended April 4, 2025 March 29, 2024Net sales$ 558.8 $ 516.3 Gross profit$ 332.2 $ 297.9 Gross profit margin (GAAP) 59.4 % 57.7 % Gross profit (GAAP)$ 332.2 $ 297.9 Inventory step-up and PPE step-up depreciation 12.7 5.1 Adjusted gross profit (Non-GAAP)$ 344.9 $ 303.0 Adjusted gross profit margin (Non-GAAP) 61.7 % 58.7 % Enovis CorporationCondensed Consolidated Balance SheetsDollars in thousands, except share amounts(Unaudited) April 4, 2025 December 31, 2024ASSETS CURRENT ASSETS: Cash and cash equivalents$ 38,460 $ 48,167 Trade receivables, less allowance for credit losses of $26,846 and $24,466 435,618 407,031 Inventories, net 585,911 547,120 Prepaid expenses 42,494 36,246 Other current assets 115,698 107,882 Total current assets 1,218,181 1,146,446 Property, plant and equipment, net 426,288 404,500 Goodwill 1,733,334 1,692,709 Intangible assets, net 1,344,547 1,317,429 Lease asset - right of use 65,949 68,915 Other assets 86,735 88,778 Total assets$ 4,875,034 $ 4,718,777 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current portion of long-term debt$ 20,028 $ 20,027 Accounts payable 188,149 179,098 Accrued liabilities 269,246 329,873 Total current liabilities 477,423 528,998 Long-term debt, less current portion 1,367,537 1,309,473 Non-current lease liability 49,161 52,461 Other liabilities 360,695 263,516 Total liabilities 2,254,816 2,154,448 Equity: Common stock, $0.001 par value; 133,333,333 shares authorized; 57,118,641 and 55,876,517 shares issued and outstanding as of April 4, 2025 and December 31, 2024, respectively 57 56 Additional paid-in capital 3,021,690 2,973,121 Accumulated deficit (338,989) (283,023)Accumulated other comprehensive loss (64,990) (127,892)Total Enovis Corporation equity 2,617,768 2,562,262 Noncontrolling interest 2,450 2,067 Total equity 2,620,218 2,564,329 Total liabilities and equity$ 4,875,034 $ 4,718,777 Enovis CorporationCondensed Consolidated Statements of Cash FlowsDollars in thousands(Unaudited) Three Months Ended April 4, 2025 March 29, 2024 Cash flows from operating activities: Net loss$ (55,705) $ (71,841)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 71,435 73,404 Stock-based compensation expense 7,407 6,431 Non-cash interest expense 1,348 1,245 Fair value loss on contingent acquisition shares 1,787 13,443 Loss on currency hedges — 11,123 Deferred income tax benefit (1,769) (9,966)(Gain) loss on sale of property, plant and equipment (527) 265 Changes in operating assets and liabilities: Trade receivables, net (15,977) (12,009)Inventories, net (23,295) (11,051)Accounts payable 4,189 (11,752)Other operating assets and liabilities 9,511 (25,448)Net cash used in operating activities (1,596) (36,156)Cash flows from investing activities: Purchases of property, plant and equipment and intangibles (43,262) (36,928)Payments for acquisitions, net of cash received, and investments (18,858) (760,914)Cash received upon settlement of derivatives 1,601 — Net cash used in investing activities (60,519) (797,842)Cash flows from financing activities: Proceeds from borrowings on term credit facility — 400,000 Repayments of borrowings under term credit facility (5,000) (5,000)Proceeds from borrowings on revolving credit facilities and other 72,000 480,000 Repayments of borrowings on revolving credit facilities and other (10,438) (1,956)Payment of debt issuance costs — (703)Payments of tax withholding for stock-based awards (3,447) (4,772)Proceeds from issuance of common stock, net 341 871 Deferred consideration payments and other (2,265) (3,900)Net cash provided by financing activities 51,191 864,540 Effect of foreign exchange rates on Cash and cash equivalents 1,217 (828)Increase (decrease) in Cash and cash equivalents (9,707) 29,714 Cash and cash equivalents, beginning of period 48,167 44,832 Cash and cash equivalents, end of period$ 38,460 $ 74,546 Supplemental disclosures: Fair value of contingently issuable shares in business acquisition$ — $ 107,877 Enovis CorporationGAAP and Comparable Net SalesChange in SalesDollars in millions(Unaudited) Three Months Ended April 4, 2025 March 29, 2024 Growth Rate GAAP (In millions)Prevention & Recovery: U.S. Bracing & Support$ 115.1 $ 104.6 10.1 %U.S. Other P&R 66.6 66.4 0.4 %International P&R 90.9 88.1 3.2 %Total Prevention & Recovery 272.6 259.0 5.2 % Reconstructive: U.S. Reconstructive 137.9 123.7 11.4 %International Reconstructive 148.4 133.5 11.1 %Total Reconstructive 286.3 257.3 11.3 % Total$ 558.8 $ 516.3 8.2 % Three Months Ended April 4, 2025 March 29, 2024 Growth Rate Constant Currency Growth Rate (2) Comparable Sales (1) (In millions)Prevention & Recovery: U.S. Bracing & Support$ 115.1 $ 104.6 10.1 % 10.1 %U.S. Other P&R 66.6 63.6 4.7 % 4.7 %International P&R 90.9 86.5 5.1 % 7.6 %Total Prevention & Recovery 272.6 254.7 7.0 % 7.9 % Reconstructive: U.S. Reconstructive 137.9 123.7 11.4 % 11.4 %International Reconstructive 148.4 133.0 11.5 % 14.4 %Total Reconstructive 286.3 256.8 11.5 % 13.0 % Total$ 558.8 $ 511.4 9.3 % 10.4 % (1) Comparable sales adjusts net sales for prior periods to include the sales of acquired businesses prior to our ownership from acquisitions that closed after March 31, 2024 and to exclude the sales of certain non-core product lines that were divested or discontinued, as applicable, during the periods presented. There were no acquired business adjustments in the periods presented. (2) Comparable sales growth on a constant currency basis represents Comparable sales growth excluding the impact of foreign exchange rate fluctuations based on prior year sales valued at the current period foreign currency rates.
Crawford United Corporation Announces First Quarter 2025 Results - ForexTV
Sales of $43.3 million for the quarter, a $5.9 million sequential increase in sales from prior quarterImproved sales, operating income, net income and EBITDA As Defined1 compared to Q1 2024Earnings per share of $0.88 for the quarter CLEVELAND, May 08, 2025 (GLOBE NEWSWIRE) -- Crawford United Corporation (OTC: CRAWA), a growth-oriented holding company serving diverse markets, today reported results for the quarter ended March 31, 2025. For the quarter ended March 31, 2025, sales were $43.3 million compared with $38.4 million in the same period in 2024, an increase of 12.7%. In the quarter, the Company recorded operating income of $4.9 million compared with operating income of $4.6 million in the same quarter of the prior year, an increase of 7.0%. Net income was $3.1 million, or $0.88 per fully diluted share, compared to $3.0 million or $0.85 per fully diluted share, in the first quarter of 2024, an increase of 4.5%. EBITDA As Defined was $6.8 million in the quarter compared to $6.7 million in the same quarter of the prior year, an increase of 1.8%. Brian Powers, President and CEO, stated, “We are pleased with the ongoing success of our business model and remain confident in our ability to achieve long-term strategic priorities. In the first quarter of 2025, we surpassed our prior record for quarterly sales by more than $3.8 million. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions.” About Crawford United Corporation. Crawford United Corporation is a growth-oriented holding company providing specialty industrial products to a wide range of industries, including healthcare, aerospace, transportation and energy. The company currently operates two business segments and produces a diverse portfolio of complex, highly-engineered products for customers who demand American-made quality. The Commercial Air Handling Equipment segment is a leader in designing, manufacturing, and installing highly customized, large-scale institutional, commercial, and industrial air handling solutions, primarily for hospitals and universities. The Industrial & Transportation Products segment provides highly complex precision components and coatings to customers in the aerospace and defense industries, as well as a full line of branded metal, silicone, plastic, rubber, hydraulic, marine and fuel hose products. For more information, go to www.crawfordunited.com. Information about Forward Looking Statements.This press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements made regarding the company’s future results. Generally, these statements can be identified by the use of words such as “guidance,” “outlook,” “believes,” “estimates,” “anticipates,” “expects,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements, or other statements made by the Company, are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors (including, but not limited to, those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. As a result, actual results of the Company could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) shortages in supply or increased costs of necessary products, components or raw materials from the Company’s suppliers; (b) availability shortages or increased costs of freight and labor for the Company and/or its suppliers; (c) actions that governments, businesses and individuals take in response to public health crises, including mandatory business closures and restrictions on onsite commercial interactions; (d) conditions in the global and regional economies and economic activity, including slow economic growth or recession, inflation, currency and credit market volatility, reduced capital expenditures and changes in government trade, fiscal, tax and monetary policies, in particular the impact of any protectionist trade policies and related tariffs; (e) adverse effects from evolving geopolitical conditions, such as the military conflicts in Ukraine and Israel; (f) the Company's ability to effectively integrate acquisitions, and manage the larger operations of the combined businesses, (g) the Company's dependence upon a limited number of customers and the aerospace industry, (h) the highly competitive industries in which the Company operates, which includes several competitors with greater financial resources and larger sales organizations, (i) the Company's ability to capitalize on market opportunities in certain sectors, (j) the Company's ability to obtain cost effective financing and (k) the Company's ability to satisfy obligations under its financing arrangements, and the other risks described in “Item 1A. Risk Factors” in our Annual Report Form 10-K and the Company’s subsequent filings with the SEC. Brian E. PowersPresident & CEO216-243-2449bpowers@crawfordunited.com “Crawford United has a great future behind it.” 1 EBITDA As Defined is a Non-GAAP financial measure. Please refer to the definition and table at the end of this release for a reconciliation of EBITDA As Defined to net income. CRAWFORD UNITED CORPORATIONConsolidated Income Statement (Unaudited) Three Months Ended March 31, 2025 2024 Sales $43,314,111 100% $38,439,639 100%Cost of sales 31,252,489 72% 28,194,606 73%Gross Profit 12,061,622 28% 10,245,033 27% Operating Expenses: Selling, general and administrative expenses 7,168,770 17% 5,670,943 15%Operating Income 4,892,852 12% 4,574,090 12% Other Expense and (Income): Interest charges 326,624 1% 237,841 1%Loss on investments — 0% 118,077 0%Other expense 351,654 1% 72,263 0%Total Other Expense 678,278 2% 428,181 1%Income before Income Taxes 4,214,574 10% 4,145,909 11% Income tax expense 1,083,540 3% 1,149,024 3%Net Income $3,131,034 7% $2,996,885 8% Net income per common share Basic $0.88 $0.85 Diluted $0.88 $0.85 Weighted average shares outstanding Basic 3,548,310 3,533,012 Diluted 3,550,683 3,538,292 CRAWFORD UNITED CORPORATIONSupplemental Non-GAAP Financial Measures (Unaudited) EBITDA As Defined is a non-GAAP financial measure that reflects net income before interest expense, income taxes, depreciation and amortization, and also excludes certain charges and corporate-level expenses as defined in the Company's current revolving credit facility. The Company presents this non-GAAP financial measure because management uses EBITDA As Defined to assess the Company's performance and believes that EBITDA As Defined is useful to investors as an indication of the Company's compliance with its financial covenants in its revolving credit facility. Additionally, EBITDA As Defined is a measure used under the Company's revolving credit facility to determine whether the Company may incur additional debt under such facility. EBITDA As Defined is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, net income or cash flow information calculated in accordance with GAAP. EBITDA As Defined herein may not be comparable to similarly titled measures of other companies. The following table reconciles net income to EBITDA As Defined: Three Months Ended March 31, 2025 2024 Net income $3,131,034 $2,996,885 Addback: Interest charges 326,624 237,841 Income tax expense 1,083,540 1,149,024 Depreciation and amortization 1,176,005 1,030,294 Non-cash stock-based compensation expense (16,049) 612,354 Amortization of right of use assets 600,816 453,669 Loss on investments in equity securities - 118,077 Non-recurring acquisition-related expenses 506,248 89,063 EBITDA As Defined $6,808,218 $6,687,207
Sagimet Biosciences Reports First Quarter 2025 Financial Results and Provides Corporate Updates - ForexTV
Phase 1 clinical trial to evaluate the pharmacokinetics (PK) of a combination of denifanstat and resmetirom expected to initiate in 2H 2025; data readout expected 1H 2026SAN MATEO, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- Sagimet Biosciences Inc. (Nasdaq: SGMT), a clinical-stage biopharmaceutical company developing novel therapeutics targeting dysfunctional metabolic and fibrotic pathways, today reported financial results for the quarter ended March 31, 2025, and provided recent corporate updates. “Sagimet is committed to bringing innovative therapies to MASH patients, following the successful results of our Phase 2b FASCINATE-2 clinical trial of denifanstat in MASH F2-F3 patients, particularly in more advanced F3 stage patients. In a Phase 1 clinical trial in patients with and without hepatic impairment, denifanstat exhibited similar pharmacokinetic characteristics and was well tolerated among all groups. Considering these strong Phase 1 and Phase 2 data, further development of denifanstat in MASH, including as part of a combination program, could potentially offer an opportunity to serve patient groups with the strongest need of treatment including those with stage 4 fibrosis,” said David Happel, Chief Executive Officer of Sagimet. “Building on our presentation of compelling preclinical data at 2024 EASL demonstrating the synergistic effect of a FASN inhibitor combined with resmetirom on important liver disease markers, we anticipate initiating a Phase 1 clinical trial to evaluate the PK and tolerability of a combination of denifanstat and resmetirom in the second half of 2025. If the outcome of this Phase 1 trial is positive, we will explore moving into the development of a combination product -- which we envision as a single tablet -- for patients living with MASH. We remain strongly convinced of the significant therapeutic potential associated with FASN inhibition across multiple disease states.” Recent Corporate Highlights Pre-clinical data presented at EASL in 2024 for two mouse models of MASH showed that the combination of a FASN inhibitor (TVB-3664, a surrogate for denifanstat) and resmetirom had a synergistic effect on important liver disease markers, including improvement of NAS (NAFLD Activity Score) by histologic analysis and more robust improvement in hepatic collagen content compared to the single agents. Synergistic activity of the combination was demonstrated in the rate of histological improvement (NAS ≥2 points). The FASN inhibitor monotherapy showed 33% improvement, resmetirom monotherapy showed 25% improvement, and the combination of the two showed an 80% improvement, a level of improvement that greatly exceeds a simple addition of the activity of the two drugs. Building on this combination data, subject to consultation with regulatory authorities, Sagimet plans to initiate a Phase 1 clinical trial to evaluate the PK of a combination of denifanstat and resmetirom in the second half of 2025, with an anticipated data readout in the first half of 2026. If the outcome of this Phase 1 clinical PK trial is positive, Sagimet anticipates exploring the development of a combination product for MASH patients. Rohit Loomba, M.D., M.H.Sc., Professor of Medicine, Chief, Division of Gastroenterology and Hepatology, and Director, MASLD Research Center, University of California San Diego, said, “I’m excited to see Sagimet initiate development of a combination of denifanstat and resmetirom with this Phase 1 PK trial which will potentially answer important questions about the compatibility of these two molecules in humans. Results of this Phase 1 trial, if successful, could lead to further development of a combination of Sagimet’s fat synthesis inhibitor, denifanstat, with a fat oxidizer in MASH patients, potentially including those with stage 4 fibrosis.” End-of-Phase 2 interactions with the FDA were successfully completed in October 2024, supporting the advancement of denifanstat into Phase 3 in MASH. While Sagimet is operationally ready to dose patients in Phase 3 trials in F2/F3 MASH patients, it does not intend to initiate these trials until such time as it has sufficient funding to do so. Sagimet is currently exploring various alternatives to fund the ongoing development of denifanstat as a monotherapy.Effective May 6, 2025, George Kemble, Ph.D. transitioned from his executive officer position as Executive Chairman and moved into the role of non-executive Chair of the Board. Also effective as of May 6, 2025, the Board appointed Beth Seidenberg, M.D. to serve as Lead Independent Director of the Board. Effective as of June 9, 2025, the date of Sagimet’s Annual Meeting, Merdad Parsey, M.D., Ph.D, will step off the Board. The Board thanks Dr. Parsey for his fifteen years of service to the Company as a Director. Publications and Presentations In May 2025, Sagimet is presenting three poster presentations featuring additional analyses from the Phase 2b FASCINATE-2 trial of denifanstat in MASH at the European Association for the Study of Liver (EASL) Congress 2025. The posters focus on antifibrotic effects of denifanstat in difficult-to-treat patients, new bile acid biomarkers to measure denifanstat response and alternative endpoints to liver biopsy such as MRI to detect patient improvement.In February 2025, Sagimet delivered an oral presentation at the MASH Pathogenesis and Therapeutic Approaches Keystone Symposium. The presentation featured lipidomic data on improvements in polyunsaturated fatty acid triglycerides and LDL cholesterol levels in advanced fibrosis patients from the Phase 2b FASCINATE-2 trial of denifanstat in MASH, and preclinical data showing reduction of LDL and chemokines in a preclinical atherosclerosis model with a FASN inhibitor (TVB-3664, a surrogate for denifanstat).In January 2025, Sagimet delivered an oral presentation at the 9th Annual MASH-TAG Conference highlighting the differentiated mechanism of action of the FASN inhibitor denifanstat and its observed anti-fibrotic effect in the Phase 2b FASCINATE-2 trial in F2/F3 MASH. Anticipated Upcoming Milestones Phase 1 clinical trial to evaluate the PK and tolerability of a combination of denifanstat and resmetirom, planned to initiate in the second half of 2025, with an anticipated data readout in the first half of 2026.In November 2024, the Company’s license partner for China, Ascletis BioScience Co. Ltd. (Ascletis) announced completion of enrollment of 480 patients in its Phase 3 clinical trial of denifanstat for acne in China, and that it expects to announce topline results in the second quarter of 2025.First-in-human Phase 1 clinical trial of TVB-3567 in acne expected to initiate in the second half of 2025, following the IND clearance in March 2025. Financial Results for the Three Months Ended March 31, 2025 Cash, cash equivalents and marketable securities as of March 31, 2025, were $144.6 million.Research and development expense for the quarter ended March 31, 2025, was $15.3 million compared to $5.3 million for the first quarter of 2024.General and administrative expense for the quarter ended March 31, 2025, was $4.5 million, compared to $3.5 million for the first quarter of 2024.Net loss for the quarter ended March 31, 2025, was $18.2 million compared to $6.6 million for the first quarter of 2024. About Sagimet Biosciences Sagimet is a clinical-stage biopharmaceutical company developing novel fatty acid synthase (FASN) inhibitors that are designed to target dysfunctional metabolic and fibrotic pathways in diseases resulting from the overproduction of the fatty acid, palmitate. Sagimet’s lead drug candidate, denifanstat, is an oral, once-daily pill and selective FASN inhibitor in development for the treatment of metabolic dysfunction associated steatohepatitis (MASH). FASCINATE-2, a Phase 2b clinical trial of denifanstat in MASH with liver biopsy-based primary endpoints, was successfully completed with positive results. Denifanstat has been granted Breakthrough Therapy designation by the FDA for the treatment of non-cirrhotic MASH with moderate to advanced liver fibrosis (consistent with stages F2 to F3 fibrosis), and end-of-Phase 2 interactions with the FDA have been successfully completed, supporting the advancement of denifanstat into further development. Sagimet’s second FASN inhibitor, TVB-3567, a potent and selective small molecule FASN inhibitor, received IND clearance in March 2025, allowing initiation of a first-in-human Phase 1 clinical trial in acne. For additional information about Sagimet, please visit www.sagimet.com. About MASH Metabolic-dysfunction associated steatohepatitis (MASH) is a progressive and severe liver disease which is estimated to impact more than 115 million people worldwide, for which there is only one recently approved treatment in the United States and no currently approved treatments in Europe. In 2023, global liver disease medical societies and patient groups formalized the decision to rename non-alcoholic fatty liver disease (NAFLD) to metabolic dysfunction-associated steatotic liver disease (MASLD) and nonalcoholic steatohepatitis (NASH) to MASH. Additionally, an overarching term, steatotic liver disease (SLD), was established to capture multiple types of liver diseases associated with fat buildup in the liver. The goal of the name change was to establish an affirmative, non-stigmatizing name and diagnosis. Forward-Looking Statements This press release contains forward-looking statements within the meaning of, and made pursuant to the safe harbor provisions of, The Private Securities Litigation Reform Act of 1995. All statements contained in this press release, other than statements of historical facts or statements that relate to present facts or current conditions, including but not limited to, statements regarding: the expected timing of the presentation of data from ongoing clinical trials, Sagimet’s clinical development plans and related anticipated development milestones, Sagimet’s cash and financial resources and expected cash runway. These statements involve known and unknown risks, uncertainties and other important factors that may cause Sagimet’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, these statements can be identified by terms such as “may,” “might,” “will,” “should,” “expect,” “plan,” “aim,” “seek,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “forecast,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. Sagimet has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Sagimet believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond Sagimet’s control, including, among others: the clinical development and therapeutic potential of denifanstat or any other drug candidates Sagimet may develop; Sagimet’s ability to advance drug candidates into and successfully complete clinical trials within anticipated timelines; Sagimet’s relationship with Ascletis, and the success of its development efforts for denifanstat; the accuracy of Sagimet’s estimates regarding its capital requirements; and Sagimet’s ability to maintain and successfully enforce adequate intellectual property protection. These and other risks and uncertainties are described more fully in the “Risk Factors” section of Sagimet’s most recent filings with the Securities and Exchange Commission and available at www.sec.gov. You should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in these forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, Sagimet operates in a dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that Sagimet may face. Except as required by applicable law, Sagimet does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Investor Contact:Joyce Allaire LifeSci Advisors JAllaire@LifeSciAdvisors.com Media Contact:Michael FitzhughLifeSci Advisors mfitzhugh@lifescicomms.com SAGIMET BIOSCIENCES INC.CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(unaudited)(in thousands, except for share and per share amounts) Three Months Ended March 31, 2025 2024 (unaudited) Operating expenses: Research and development 15,342 5,262 General and administrative 4,523 3,506 Total operating expenses 19,865 8,768 Loss from operations (19,865) (8,768) Total other income 1,689 2,139 Net loss $(18,176) $(6,629) Net loss per share, basic and diluted $(0.56) $(0.23) Weighted-average shares outstanding, basic and diluted 32,195,345 29,039,427 Net loss $(18,176) $(6,629) Other comprehensive loss: Net unrealized loss on marketable securities (109) (23) Total comprehensive loss $(18,285) $(6,652) SAGIMET BIOSCIENCES INC. CONDENSED BALANCE SHEETS(unaudited)(in thousands) As of March 31, 2025 December 31, 2024 Cash, cash equivalents and marketable securities$144,569 $158,658 Total assets $146,172 $160,259 Current liabilties $7,180 $4,454 Stockholders' equity $138,992 $155,805 Liabilities and stockholders' equity $146,172 $160,259
Sibylla Biotech Appoints Former Bayer CEO, Dieter Weinand, as Chairman of the Board of Directors - ForexTV
Headshot of Dieter Weinand Dieter Weinand, Chairman of the Board of Sibylla Biotech Milan, Italy, May 8, 2025 – Sibylla Biotech today announced the appointment of Dieter Weinand as Chairman of its Board of Directors. Mr. Weinand is an industry veteran, boasting over 35 years in the pharmaceutical sector, including leading business units and drug commercialization initiatives at global organizations. His background includes serving as President, CEO and Chairman of the Board of Bayer Pharmaceuticals AG. At Sibylla, Mr. Weinand’s profound knowledge will guide the Board as the company advances its innovative Pharmacological Protein Inactivation by Folding Intermediates Targeting (PPI-FIT) technology and pipeline of folding interference small molecules to address a range of challenging therapeutic areas. “Having an industry leader of Dieter’s stature head our Board underscores the potential of Sibylla’s technology to reshape the drug discovery landscape by unlocking access to a range of previously undruggable targets. Dieter’s demonstrated success in driving value from R&D to the commercialization of impactful medicines will guide the next stages of Sibylla’s growth as we advance our pipeline of folding interference small molecules in preclinical studies. Personally, I will be honored to have him at our side,” said Lidia Pieri, PhD, MBA, Co-Founder and Chief Executive Officer of Sibylla Biotech. “Sibylla’s unique approach to targeting protein degradation during the folding process has the opportunity to revolutionize this field and open new avenues for recognized but currently inaccessible targets across high-need diseases. The company has made strides in growing the organization, progressing its technology and securing strategic drug discovery collaborations. I look forward to working with the team to reach new corporate and clinical milestones,” added Dieter Weinand, Chairman of the Board of Sibylla Biotech. With a career marked by significant achievements across pharmaceutical development, commercialization and global leadership, Mr. Weinand has established himself as a prominent industry veteran. He most recently led the Global Primary Care Business at Sanofi, where he optimized the company’s portfolios. As President, CEO and Chairman of the Board at Bayer Pharmaceuticals AG, Mr. Weinand oversaw the integration of R&D, manufacturing, and all commercial and support functions for the healthcare division, thereby executing critical growth strategies. Mr. Weinand has held significant senior management roles at Bristol-Meyers Squibb, Pfizer and other leading big pharma companies. His contributions have been essential to the launch of several high-impact medicines, including Lipitor®, Neurontin®, Abilify® and Cipro®. Mr. Weinand holds a B.A. in Biology from Concordia College, New York, and an M.S. in Pharmacology and Toxicology from Long Island University, New York. He serves as Chairman of the Board at companies including Confo Therapeutics, DISCO Pharmaceuticals and FORE Biotherapeutics. In addition, he is the Lead Independent Director at Replimune (Nasdaq: REPL) and a Board Member at Coya Therapeutics (Nasdaq: COYA). About Sibylla BiotechSibylla is transforming drug discovery by targeting protein folding intermediates, a new druggable dimension in the pharmacological space. Unlike most drugs that act on native proteins, we intervene earlier-targeting proteins before they become undruggable. Thanks to our proprietary technology platform, PPI-FIT, we can predict and target intermediate steps in the protein folding process. Our small molecule drugs interfere with the folding process, leading to targeted protein degradation through the physiological pathway. Sibylla is building an exciting pipeline of treatments for diseases with high medical need across multiple therapeutic areas, with the mission to bring protein folding interference therapeutics to patients. For further information: https://www.sibyllabiotech.it/ Sibylla Biotech Contact Lidia Pieri+39 347 6499534lidia.pieri@sibyllabiotech.it Sibylla Biotech Media Contact Trophic CommunicationsValeria Fisher +49 175 80 41 816 fisher@trophic.eu Attachments 20250508_Sibylla_DW Chairman_EN Headshot of Dieter Weinand
Lamar Advertising Company Announces First Quarter Ended March 31, 2025 Operating Results - ForexTV
Three Month Results - Net revenues were $505.4 million- Net income was $139.2 million- Adjusted EBITDA was $210.2 million BATON ROUGE, La., May 08, 2025 (GLOBE NEWSWIRE) -- Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the first quarter ended March 31, 2025. "We delivered our 16th consecutive quarter of acquisition-adjusted revenue growth, aided by increases in local and programmatic," Lamar chief executive Sean Reilly said. "Based on pacings, we remain on track to reach our previously provided guidance for full-year diluted AFFO per share." First Quarter Highlights - Net revenues increased 1.5%- Net income increased 77.4%- Adjusted EBITDA decreased 0.8%- AFFO increased 3.8% First Quarter Results Lamar reported net revenues of $505.4 million for the first quarter of 2025 versus $498.2 million for the first quarter of 2024, a 1.5% increase. Operating income for the first quarter of 2025 increased $66.6 million to $191.2 million as compared to $124.6 million for the same period in 2024. Lamar recognized net income of $139.2 million for the first quarter of 2025 as compared to net income of $78.5 million for the same period in 2024, an increase of $60.7 million. The 77.4% increase in net income for the first quarter of 2025 as compared to the same period in 2024 was primarily related to the $67.7 million gain recorded for the sale of Lamar’s equity interest in Vistar Media, Inc. (“Vistar”) during the period. Net income per diluted share was $1.35 and $0.76 for the three months ended March 31, 2025 and 2024, respectively. Adjusted EBITDA for the first quarter of 2025 was $210.2 million versus $211.9 million for the first quarter of 2024, a decrease of 0.8%. Cash flow provided by operating activities was $127.7 million for the three months ended March 31, 2025 versus $110.6 million for the first quarter of 2024, an increase of $17.2 million. Free cash flow for the first quarter of 2025 was $121.1 million as compared to $138.7 million for the same period in 2024, a 12.7% decrease. The decrease in free cash flow was primarily related to current tax expense of $21.2 million associated with the sale of Lamar’s interest in Vistar during the first quarter of 2025. For the first quarter of 2025, funds from operations, or FFO, was $156.1 million versus $148.5 million for the same period in 2024, an increase of 5.1%. Adjusted funds from operations, or AFFO, for the first quarter of 2025 was $164.3 million compared to $158.2 million for the same period in 2024, an increase of 3.8%. Diluted AFFO per share increased 3.9% to $1.60 for the three months ended March 31, 2025 as compared to $1.54 for the same period in 2024. Acquisition-Adjusted Three Months Results Acquisition-adjusted net revenue for the first quarter of 2025 increased 1.1% over acquisition-adjusted net revenue for the first quarter of 2024. Acquisition-adjusted EBITDA for the first quarter of 2025 decreased 1.0% as compared to acquisition-adjusted EBITDA for the first quarter of 2024. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2024 period for acquisitions and divestitures for the same time frame as actually owned in the 2025 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures. Liquidity As of March 31, 2025, Lamar had $491.3 million in total liquidity that consisted of $455.2 million available for borrowing under its revolving senior credit facility and $36.1 million in cash and cash equivalents. There were $286.0 million in borrowings outstanding under the Company’s revolving credit facility and $223.5 million outstanding under the Accounts Receivable Securitization Program as of the same date. Recent Developments During the first quarter of 2025, the Company repurchased 164,529 shares of its Class A common stock outstanding for a total purchase price of $18.4 million under the Company’s Stock Repurchase Program, which provides for the repurchase of up to $250.0 million of Class A common stock in the aggregate. During April 2025, the Company repurchased 1,223,562 shares of its Class A common stock outstanding at a total purchase price of $131.6 million. These repurchases bring the total value purchased under the Stock Repurchase Program to $150.0 million at an average price of $108.06 per share. The Company has $100.0 million remaining under its current share repurchase authorization. Forward-Looking Statements This press release contains forward-looking statements, including statements regarding sales trends. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others: (1) our significant indebtedness; (2) the state of the economy and financial markets generally, and the effect of the broader economy on the demand for advertising, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) our ability to continue to qualify as a Real Estate Investment Trust (“REIT”) and maintain our status as a REIT; (6) the regulation of the outdoor advertising industry by federal, state and local governments; (7) the integration of companies and assets that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (8) changes in accounting principles, policies or guidelines; (9) changes in tax laws applicable to REITs or in the interpretation of those laws; (10) our ability to renew expiring contracts at favorable rates; (11) our ability to successfully implement our digital deployment strategy; and (12) the market for our Class A common stock. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law. Use of Non-GAAP Financial Measures The Company has presented the following measures that are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”): adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), free cash flow, funds from operations (“FFO”), adjusted funds from operations (“AFFO”), diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense. Our management reviews our performance by focusing on these key performance indicators not prepared in conformity with GAAP. We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for their most directly comparable GAAP financial measures. Our Non-GAAP financial measures are determined as follows: We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), loss (gain) on extinguishment of debt and investments, equity in (earnings) loss of investee, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and investments and capitalized contract fulfillment costs, net. Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues. Free cash flow is defined as adjusted EBITDA less interest, net of interest income and amortization of deferred financing costs, current taxes, preferred stock dividends and total capital expenditures. We use the National Association of Real Estate Investment Trusts definition of FFO, which is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest. We define AFFO as FFO before (i) straight-line income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest. Diluted AFFO per share is defined as AFFO divided by weighted average diluted common shares outstanding. Outdoor operating income is defined as operating income before corporate expenses, stock-based compensation, capitalized contract fulfillment costs, net, transaction expenses, depreciation and amortization and loss (gain) on disposition of assets and investments. Acquisition-adjusted results adjusts our net revenue, direct and general and administrative expenses, outdoor operating income, corporate expense and EBITDA for the prior period by adding to, or subtracting from, the corresponding revenue or expense generated by the acquired or divested assets before our acquisition or divestiture of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted results, therefore, we include revenue and expenses generated by assets that we did not own in the prior period but acquired in the current period. We refer to the amount of pre-acquisition revenue and expense generated by or subtracted from the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition-adjusted results”. Acquisition-adjusted consolidated expense adjusts our total operating expense to remove the impact of stock-based compensation, depreciation and amortization, transaction expenses, capitalized contract fulfillment costs, net, and loss (gain) on disposition of assets and investments. The prior period is also adjusted to include the expense generated by the acquired or divested assets before our acquisition or divestiture of such assets for the same time frame that those assets were owned in the current period. Adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are not intended to replace other performance measures determined in accordance with GAAP. Free cash flow, FFO and AFFO do not represent cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Adjusted EBITDA, free cash flow, FFO, AFFO, diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are presented as we believe each is a useful indicator of our current operating performance. Specifically, we believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as it excludes the impact of depreciation and amortization, which may vary significantly among companies, depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) adjusted EBITDA, FFO, AFFO, diluted AFFO per share and acquisition-adjusted consolidated expense each provides investors with a meaningful measure for evaluating our period-over-period operating performance by eliminating items that are not operational in nature and reflect the impact on operations from trends in occupancy rates, operating costs, general and administrative expenses and interest costs; (4) acquisition-adjusted results is a supplement to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (5) free cash flow is an indicator of our ability to service debt and generate cash for acquisitions and other strategic investments; (6) outdoor operating income provides investors a measurement of our core results without the impact of fluctuations in stock-based compensation, depreciation and amortization and corporate expenses; and (7) each of our Non-GAAP measures provides investors with a measure for comparing our results of operations to those of other companies. Our measurement of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense to the most directly comparable GAAP measures have been included herein. Conference Call Information A conference call will be held to discuss the Company’s operating results on Thursday, May 8, 2025 at 8:00 a.m. central time. Instructions for the conference call and Webcast are provided below: Conference Call All Callers:1-800-420-1271 or 1-785-424-1634Passcode:63104 Live Webcast:ir.lamar.com Webcast Replay:ir.lamar.com Available through Thursday, May 15, 2025 at 11:59 p.m. eastern time Company Contact:Buster Kantrow Director of Investor Relations (225) 926-1000 bkantrow@lamar.com General Information Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 363,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with approximately 5,100 displays. LAMAR ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME(UNAUDITED)(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Three Months EndedMarch 31, 2025 2024 Net revenues$ 505,430 $ 498,150 Operating expenses (income) Direct advertising expenses 179,622 175,829 General and administrative expenses 89,201 83,095 Corporate expenses 26,386 27,304 Stock-based compensation 10,577 14,466 Capitalized contract fulfillment costs, net 375 (184)Depreciation and amortization 77,821 75,228 Gain on disposition of assets and investments (69,785) (2,188)Total operating expense 314,197 373,550 Operating income 191,233 124,600 Other expense (income) Interest income (492) (467)Interest expense 38,332 44,487 Equity in (earnings) loss of investee (380) 559 37,460 44,579 Income before income tax expense 153,773 80,021 Income tax expense 14,544 1,522 Net income 139,229 78,499 Net income attributable to non-controlling interest 474 275 Net income attributable to controlling interest 138,755 78,224 Preferred stock dividends 91 91 Net income applicable to common stock$ 138,664 $ 78,133 Earnings per share: Basic earnings per share$ 1.35 $ 0.77 Diluted earnings per share$ 1.35 $ 0.76 Weighted average common shares outstanding: Basic 102,437,911 102,115,159 Diluted 102,797,307 102,447,333 OTHER DATA Free Cash Flow Computation: Adjusted EBITDA$ 210,221 $ 211,922 Interest, net (36,317) (42,389)Current tax expense (22,812) (1,276)Preferred stock dividends (91) (91)Total capital expenditures (29,887) (29,482)Free cash flow$ 121,114 $ 138,684 SUPPLEMENTAL SCHEDULESSELECTED BALANCE SHEET AND CASH FLOW DATA(IN THOUSANDS) March 31,2025 December 31,2024 (Unaudited) Selected Balance Sheet Data: Cash and cash equivalents$ 36,117 $ 49,461 Working capital deficit$ (311,976) $ (353,206)Total assets$ 6,547,175 $ 6,586,549 Total debt, net of deferred financing costs (including current maturities)$ 3,187,785 $ 3,210,864 Total stockholders’ equity$ 1,031,570 $ 1,048,020 Three Months EndedMarch 31, 2025 2024 (Unaudited)Selected Cash Flow Data: Cash flows provided by operating activities$ 127,745 $ 110,562 Cash flows provided by (used in) investing activities$ 65,426 $ (45,016)Cash flows used in financing activities$ 206,522 $ 73,626 SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedMarch 31, 2025 2024 Reconciliation of Cash Flows Provided By Operating Activities to Free Cash Flow: Cash flows provided by operating activities$ 127,745 $ 110,562 Changes in operating assets and liabilities 24,167 58,191 Total capital expenditures (29,887) (29,482)Preferred stock dividends (91) (91)Capitalized contract fulfillment costs, net 375 (184)Other (1,195) (312)Free cash flow$ 121,114 $ 138,684 Reconciliation of Net Income to Adjusted EBITDA: Net income$ 139,229 $ 78,499 Interest income (492) (467)Interest expense 38,332 44,487 Equity in (earnings) loss of investee (380) 559 Income tax expense 14,544 1,522 Operating income 191,233 124,600 Stock-based compensation 10,577 14,466 Capitalized contract fulfillment costs, net 375 (184)Depreciation and amortization 77,821 75,228 Gain on disposition of assets and investments (69,785) (2,188)Adjusted EBITDA$ 210,221 $ 211,922 Capital expenditure detail by category: Billboards - traditional$ 6,046 $ 7,148 Billboards - digital 16,076 13,413 Logo 2,606 1,336 Transit 588 351 Land and buildings 310 2,316 Operating equipment 4,261 4,918 Total capital expenditures$ 29,887 $ 29,482 SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedMarch 31, 2025 2024 % ChangeReconciliation of Reported Basis to Acquisition-Adjusted Results(a): Net revenue$ 505,430 $ 498,150 1.5%Acquisitions and divestitures — 1,890 Acquisition-adjusted net revenue 505,430 500,040 1.1%Reported direct advertising and G&A expenses 268,823 258,924 3.8%Acquisitions and divestitures — 1,572 Acquisition-adjusted direct advertising and G&A expenses 268,823 260,496 3.2%Outdoor operating income 236,607 239,226 (1.1) %Acquisition and divestitures — 318 Acquisition-adjusted outdoor operating income 236,607 239,544 (1.2) %Reported corporate expense 26,386 27,304 (3.4) %Acquisitions and divestitures — — Acquisition-adjusted corporate expenses 26,386 27,304 (3.4) %Adjusted EBITDA 210,221 211,922 (0.8) %Acquisitions and divestitures — 318 Acquisition-adjusted EBITDA$ 210,221 $ 212,240 (1.0) % (a)Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2024 for acquisitions and divestitures for the same time frame as actually owned in 2025. Three Months EndedMarch 31, 2025 2024 % ChangeReconciliation of Net Income to Outdoor Operating Income: Net income$ 139,229 $ 78,499 77.4%Interest expense, net 37,840 44,020 Equity in (earnings) loss of investee (380) 559 Income tax expense 14,544 1,522 Operating income 191,233 124,600 53.5%Corporate expenses 26,386 27,304 Stock-based compensation 10,577 14,466 Capitalized contract fulfillment costs, net 375 (184) Depreciation and amortization 77,821 75,228 Gain on disposition of assets and investments (69,785) (2,188) Outdoor operating income$ 236,607 $ 239,226 (1.1) % SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedMarch 31, 2025 2024 % ChangeReconciliation of Total Operating Expenses to Acquisition-Adjusted Consolidated Expense: Total operating expenses$ 314,197 $ 373,550 (15.9)%Gain on disposition of assets and investments 69,785 2,188 Depreciation and amortization (77,821) (75,228) Capitalized contract fulfillment costs, net (375) 184 Stock-based compensation (10,577) (14,466) Acquisitions and divestitures — 1,572 Acquisition-adjusted consolidated expense$ 295,209 $ 287,800 2.6% SUPPLEMENTAL SCHEDULESUNAUDITED REIT MEASURESAND RECONCILIATIONS TO GAAP MEASURES(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Three Months EndedMarch 31, 2025 2024 Adjusted Funds from Operations: Net income$ 139,229 $ 78,499 Depreciation and amortization related to real estate 73,636 71,729 Gain from sale or disposal of real estate and investments, net of tax (56,597) (2,094)Adjustments for unconsolidated affiliates and non-controlling interest (126) 372 Funds from operations$ 156,142 $ 148,506 Straight-line expense 1,009 1,273 Capitalized contract fulfillment costs, net 375 (184)Stock-based compensation expense 10,577 14,466 Non-cash portion of tax provision (244) 246 Non-real estate related depreciation and amortization 4,185 3,498 Amortization of deferred financing costs 1,523 1,631 Capitalized expenditures-maintenance (9,385) (10,827)Adjustments for unconsolidated affiliates and non-controlling interest 126 (372)Adjusted funds from operations$ 164,308 $ 158,237 Divided by weighted average diluted common shares outstanding 102,797,307 102,447,333 Diluted AFFO per share$ 1.60 $ 1.54
ACM Research Reports First Quarter 2025 Results - ForexTV
FREMONT, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced packaging applications, today reported financial results for its first quarter ended March 31, 2025. “Our first quarter results mark a good start to 2025. We delivered 13% year-over-year revenue growth, solid profitability, and positive cash flow from operations,” said Dr. David Wang, President and Chief Executive Officer of ACM. “We achieved several strategic milestones: including the qualification of our high-temperature SPM tool by a leading logic customer in China, customer acceptance for our backside/bevel etch tool from a U.S. customer, and we received the 2025 3D InCites Technology Enablement Award for our proprietary Ultra ECP ap-p tool, which we believe is the world’s first to utilize horizontal plating for panel applications. These achievements highlight ACM’s technology leadership in both front-end processing and advanced packaging applications, which we believe will allow us to play a key role as the global industry demands innovation to advance the ever-evolving semiconductor requirements for AI.” “For 2025, we expect incremental revenue contribution from Tahoe, SPM, and furnace tools; and progress in customer evaluations of Track, PECVD, and panel-level packaging platforms. We believe ACM’s focused effort on developing world-class tools across our customer base will also support our efforts for additional major customer wins in global markets. We are also investing in our Oregon facility to serve as a base for customer evaluations, technology development and initial production for our global customers.” Three Months Ended March 31, GAAP Non-GAAP(1) 2025 2024 2025 2024 (dollars in thousands, except EPS)Revenue$172,347 $152,191 $172,347 $152,191 Gross margin 47.9% 52.0% 48.2% 52.5% Income from operations$25,777 $25,232 $35,594 $39,801 Net income attributable to ACM Research, Inc.$20,380 $17,433 $31,279 $34,597 Basic EPS$0.32 $0.28 $0.49 $0.56 Diluted EPS$0.30 $0.26 $0.46 $0.52 (1) Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments. Outlook ACM is maintaining its revenue guidance range of $850 million to $950 million for fiscal year 2025. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors. Operating Highlights and Recent Announcements Shipments. Total shipments in the first quarter of 2025 were $157 million, compared to $245 million for the first quarter of 2024. This decrease is due in part to customer pull-ins in the fourth quarter of 2024, which contributed to stronger total shipments for that period. For reference, combined total shipments for the fourth quarter of 2024 and the first quarter of 2025 grew by 8.9% versus the prior year periods. We anticipate a return to year-on-year growth in total shipments for the second quarter of 2025. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.Qualification of High-Temp SPM Tool in China. ACM’s single-wafer high-temperature SPM tool was qualified by a key logic device manufacturer in mainland China. Featuring a proprietary nozzle that reduces acid mist and maintenance needs, the tool enhances particle control and system uptime. It supports wet etching and wafer cleaning for technology nodes at 28nm and below. ACM has now delivered SPM tools to 13 customers.Recognized for Innovation in High-Volume Fan-Out Panel-Level Packaging Solutions. ACM won the 2025 3D InCites Technology Enablement Award for its Ultra ECP ap-p tool, the first commercially available high-volume copper deposition system for the large panel market. This innovative system supports advanced panel sizes and delivers high uniformity through ACM’s proprietary horizontal plating approach, which we expect to help address integration challenges in advanced semiconductor packaging.Appointment of New Board Member. ACM appointed Charlie Pappis to its Board of Directors, effective March 15, 2025. First Quarter 2025 Financial Summary Unless otherwise noted, the following figures refer to the first quarter of 2025 and comparisons are with the first quarter of 2024. Revenue was $172.3 million, up 13.2%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies.Gross margin was 47.9% versus 52.0%. Non-GAAP gross margin, which excludes stock-based compensation, was 48.2% versus 52.5%. Gross margin exceeded ACM’s previously disclosed long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.Operating expenses were $56.8 million, up 5.4%. Operating expenses as a percentage of revenue decreased to 32.9% from 35.4%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $47.5 million, up 18.4%. Non-GAAP operating expenses as a percentage of revenue increased to 27.6% from 26.3%.Operating income was $25.8 million, up 2.2%. Operating margin was 15.0% compared to 16.6%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $35.6 million, a decrease of 10.6%. Non-GAAP operating margin, which excludes stock-based compensation, was 20.7% compared to 26.2%.Unrealized loss on short-term investments was $1.1 million, compared to $2.6 million. Unrealized loss reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.Income tax expense was $2.2 million, compared to $4.4 million.Net income attributable to ACM Research, Inc. was $20.4 million, compared to $17.4 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $31.3 million, compared to $34.6 million.Net income per diluted share attributable to ACM Research, Inc. was $0.30, compared to $0.26. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.46, compared to $0.52.Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $498.4 million at March 31, 2025, compared to $441.9 million at December 31, 2024. Conference Call Details A conference call to discuss results will be held on Thursday, May 8, 2025, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call. Online Registration: https://register-conf.media-server.com/register/BI300a7bc629bd43d98fcb1268d481b156 Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events. A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com. Use of Non-GAAP Financial Measures ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.” ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information. While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP. Forward-Looking Statements Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events. About ACM Research, Inc. ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com. © ACM Research, Inc. ULTRA ECP ap and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks. For investor and media inquiries, please contact: In the United States:The Blueshirt Group Steven C. Pelayo, CFA (360)808-5154 steven@blueshirtgroup.co In China:The Blueshirt Group Asia Gary Dvorchak, CFA +86 (138) 1079-1480 gary@blueshirtgroup.co ACM RESEARCH, INC.Condensed Consolidated Balance Sheets March 31, 2025 December 31, 2024 (Unaudited) (In thousands)Assets Current assets: Cash and cash equivalents$457,240 $407,445 Restricted cash 10,586 3,865 Short-term time deposits 17,202 17,277 Short-term investment 18,319 19,373 Accounts receivable, net 387,849 387,045 Other receivables 35,050 41,859 Inventories, net 609,567 597,984 Advances to related party 1,384 1,024 Prepaid expenses and other current assets 10,677 7,507 Total current assets 1,547,874 1,483,379 Property, plant and equipment, net 277,065 269,272 Operating lease right-of-use assets, net 17,747 14,038 Intangible assets, net 2,997 3,461 Long-term time deposits 13,393 13,275 Deferred tax assets 16,457 14,781 Long-term investments 54,814 37,063 Other long-term assets 3,421 20,452 Total assets$1,933,768 $1,855,721 Liabilities and Equity Current liabilities: Short-term borrowings$24,951 $32,814 Current portion of long-term borrowings 67,935 44,472 Related party accounts payable 19,285 16,133 Accounts payable 116,441 139,294 Advances from customers 241,456 243,949 Deferred revenue 10,781 8,537 Income taxes payable 6,168 12,779 FIN-48 payable 19,483 19,466 Other payables and accrued expenses 118,814 121,657 Current portion of operating lease liability 3,564 2,132 Total current liabilities 628,878 641,233 Long-term borrowings 134,540 105,525 Long-term operating lease liability 6,149 3,840 Other long-term liabilities 8,848 9,217 Total liabilities 778,415 759,815 Commitments and contingencies Equity: Stockholders’ equity: Class A Common stock 6 6 Class B Common stock 1 1 Additional paid-in capital 700,191 677,476 Retained earnings 280,380 260,000 Statutory surplus reserve 30,514 30,514 Accumulated other comprehensive loss (61,946) (63,372)Total ACM Research, Inc. stockholders’ equity 949,146 904,625 Non-controlling interests 206,207 191,281 Total equity 1,155,353 1,095,906 Total liabilities and equity$1,933,768 $1,855,721 ACM RESEARCH, INC.Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2025 2024 (Unaudited) (In thousands, except share and per share data)Revenue$172,347 $152,191 Cost of revenue 89,797 73,070 Gross profit 82,550 79,121 Operating expenses: Sales and marketing 16,343 14,173 Research and development 27,503 23,918 General and administrative 12,927 15,798 Total operating expenses 56,773 53,889 Income from operations 25,777 25,232 Interest income 3,339 1,774 Interest expense (1,558) (783)Realized gain from sale of short-term investments - 273 Unrealized loss on short-term investments (1,082) (2,595)Other (expense) income, net (262) 3,080 Income (loss) from equity method investments 952 (520)Income before income taxes 27,166 26,461 Income tax expense (2,153) (4,369)Net income 25,013 22,092 Less: Net income attributable to non-controlling interests 4,633 4,659 Net income attributable to ACM Research, Inc.$20,380 $17,433 Comprehensive income (loss): Net income 25,013 22,092 Foreign currency translation adjustment, net of tax of nil 1,750 (6,829)Comprehensive Income 26,763 15,263 Less: Comprehensive income attributable to non-controlling interests 4,957 3,406 Comprehensive income attributable to ACM Research, Inc.$21,806 $11,857 Net income attributable to ACM Research, Inc. per common share: Basic$0.32 $0.28 Diluted$0.30 $0.26 Weighted average common shares outstanding used in computing per share amounts: Basic 63,267,834 61,367,184 Diluted 66,952,774 66,242,321 ACM RESEARCH, INC.Total Revenue by Product Category and by Region Three Months Ended March 31, 20252024 (Unaudited) ($ in thousands)Single wafer cleaning, Tahoe and semi-critical cleaning equipment$129,569$109,470ECP (front-end and packaging), furnace and other technologies 27,630 25,800Advanced packaging (excluding ECP), services & spares 15,148 16,921Total Revenue by Product Category$172,347$152,191 Three Months Ended March 31, 2025 2024Mainland China$169,053$152,135Other Regions 3,294 56Total Revenue by Region$172,347$152,191 ACM RESEARCH, INC.Reconciliation of GAAP to Non-GAAP Financial Measures As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures: Three Months Ended March 31, 20252024 ActualSBCOther non-operating adjustmentsAdjustedActualSBCOther non-operating adjustmentsAdjusted(GAAP)(Non-GAAP)(GAAP)(Non-GAAP) (In thousands) Revenue$172,347 $- $- $172,347 $152,191 $- $- $152,191 Cost of revenue (89,797) (529) - (89,268) (73,070) (781) - (72,289)Gross profit 82,550 (529) - 83,079 79,121 (781) - 79,902 Gross margin 47.9% 0.3% - 48.2% 52.0% 0.5% - 52.5% Operating expenses: Sales and marketing (16,343) (2,157) - (14,186) (14,173) (3,027) - (11,146)Research and development (27,503) (2,775) - (24,728) (23,918) (4,503) - (19,415)General and administrative (12,927) (4,356) - (8,571) (15,798) (6,258) - (9,540)Total operating expenses (56,773) (9,288) - (47,485) (53,889) (13,788) - (40,101)Income (loss) from operations$25,777 $(9,817)$- $35,594 $25,232 $(14,569)$- $39,801 Unrealized loss on short-term investments (1,082) - (1,082) - (2,595) - (2,595) - Net income (loss) attributable to ACM Research, Inc.$20,380 $(9,817)$(1,082)$31,279 $17,433 $(14,569)$(2,595)$34,597 Basic EPS$0.32 $0.49 $0.28 $0.56 Diluted EPS$0.30 $0.46 $0.26 $0.52
Prestige Consumer Healthcare Inc. Reports Record Fiscal 2025 Revenue and Earnings - ForexTV
Revenue of $296.5 million in Q4 and $1,137.8 million in fiscal 2025Organic revenue grew 7.9% in Q4 and 1.2% in fiscal 2025Diluted EPS of $4.29 in fiscal 2025; Adjusted fiscal 2025 Diluted EPS of $4.52 grew 7.4% versus adjusted prior yearReduced leverage to 2.4x at year-end driven by strong free cash flow and EBITDA growthInitial fiscal 2026 organic revenue growth and Diluted EPS outlook of approximately 1% to 2% and $4.70 to $4.82, respectively TARRYTOWN, N.Y., May 08, 2025 (GLOBE NEWSWIRE) -- Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its fourth quarter and fiscal year ended March 31, 2025. “We are very pleased with our fiscal year results, which delivered another year of consistent sales and earnings per share growth. The record fourth quarter sales performance exceeded our expectations, driven by continued International business strength, growth in a wide range of categories and brands in North America, and the success of the eCommerce channel thanks to our long-term investments and broad distribution. The resulting earnings growth translated into strong free cash flow which amplified shareholder returns through a continued disciplined capital allocation approach that included share repurchases, M&A, and deleveraging in the fiscal year,” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare. Fourth Fiscal Quarter Ended March 31, 2025 Record reported revenues in the fourth quarter of fiscal 2025 of $296.5 million increased 7.0% from $277.0 million in the fourth quarter of fiscal 2024. Revenues increased 7.9% versus the prior fiscal fourth quarter excluding the impact of foreign currency. The revenue performance versus the prior year comparable period reflected broad-based growth across both North America and International business segments. GI and Women’s Health categories experienced the largest dollar growth versus the prior year, led by growth of the Summer’s Eve, Dramamine, and Fleet brands. Reported net income for the fourth quarter of fiscal 2025 was $50.1 million versus the prior year fourth quarter of $49.5 million. Diluted earnings per share of $1.00 for the fourth quarter of fiscal 2025 compared to $0.98 in the prior year comparable period. Non-GAAP adjusted net income for the fourth quarter of fiscal 2025 was $65.9 million and compared to the prior year period’s adjusted net income of $51.4 million. Non-GAAP adjusted diluted earnings per share of $1.32 per share for the fourth quarter of fiscal 2025 compared to $1.02 per share in the prior year comparable period. The adjustments to net income in the fourth quarter of fiscal 2025 and fourth quarter fiscal 2024 each reflects a tax rate adjustment to account for discrete items. Adjustments to net income in the fourth quarter of fiscal 2025 also included non-cash tradename impairments associated with non-strategic intangible assets, driven by a deliberate shift in sales and branding toward other strategic brands within our portfolio, and an associated tax adjustment. Fiscal Year Ended March 31, 2025 Reported revenues for the fiscal year 2025 totaled $1,137.8 million, an increase of 1.1% versus revenues of $1,125.4 million in the prior fiscal year. Revenues increased 1.2% versus the prior fiscal year excluding the impact of foreign currency. The revenue growth for the fiscal year was led by strong growth in the Gastrointestinal category as well as the International OTC segment, partially offset by declines in the Cough & Cold category and the anticipated limited ability to supply strong demand for Clear Eyes. Reported net income for fiscal 2025 of $214.6 million compared to $209.3 million in the prior year. Reported fiscal 2025 diluted earnings per share was $4.29, compared to $4.17 in the prior year. On a non-GAAP adjusted basis, fiscal 2025 adjusted net income of $226.3 million and adjusted diluted earnings per share of $4.52 compared to adjusted net income and adjusted diluted earnings per share of $211.3 million and $4.21 in the prior year, respectively. The adjustments to net income in fiscal 2025 and fiscal 2024 each include a normalized tax rate adjustment to account for discrete items. Adjustments to net income in fiscal 2025 also included non-cash tradename impairments associated with non-strategic indefinite-lived and finite-lived intangible assets, driven by a deliberate shift in sales and branding toward other strategic brands within our portfolio, and an associated tax adjustment. Free Cash Flow and Balance Sheet The Company's net cash provided by operating activities for the fourth quarter of fiscal 2025 was $61.8 million compared to $66.9 million during the prior year comparable period. Non-GAAP free cash flow in the fourth quarter of fiscal 2025 of $58.4 million decreased compared to $63.8 million in the prior year fourth quarter. The Company's net cash provided by operating activities for the fiscal year 2025 was $251.5 million, compared to $248.9 million during the prior year. Non-GAAP free cash flow in the fiscal year of fiscal 2025 was $243.3 million, increasing 1.6% compared to $239.4 million in the prior year. In fiscal 2025, the Company repurchased approximately 0.7 million shares at a total investment of approximately $51.5 million. The Company's net debt position as of March 31, 2025 was approximately $0.9 billion, resulting in a covenant-defined leverage ratio of 2.4x. Segment Review North American OTC Healthcare: Segment revenues of $248.9 million for the fourth quarter fiscal 2025 increased 7.7% compared to the prior year comparable quarter's segment revenues of $231.1 million. The revenue increase reflected strong GI and Women’s Health category growth, led by growth of the Summer’s Eve, Dramamine, and Fleet brands. For the fiscal year 2025, reported revenues for the North American OTC Healthcare segment were $960.0 million, an increase versus $958.3 million in the prior year. The slightly higher revenues were driven by GI category sales growth, partially offset by lower sales in the Cough & Cold category as well as the limited ability to fully supply demand for Clear Eyes. International OTC Healthcare: Fiscal fourth quarter 2025 revenues of $47.6 million increased 3.7% compared to $45.9 million reported in the prior year comparable period, and increased 7.1% excluding the effects of foreign currency. The revenue performance was driven by broad-based growth in Australia and led by the Hydralyte® brand. For the fiscal year 2025, reported revenues for the International OTC Healthcare segment were $177.8 million, an increase of approximately 6.4% over the prior year revenues of $167.1 million. The revenue growth was led by strong growth for the Hydralyte brand. Fiscal 2026 Initial Outlook Ron Lombardi, Chief Executive Officer, stated, “For fiscal 2026, we anticipate achieving organic revenue of approximately 2% and EPS growth of $4.72 to $4.82, equating to earnings growth of mid-to high-single digits. We are focused on leveraging our unique business attributes and using our proven strategies to help navigate the challenging and volatile macro operating environment, where we currently anticipate an approximate $15 million headwind related to the inflationary impacts of enacted tariffs to date. We plan to leverage our leading portfolio, diverse supply chain, and agile operating model to manage and mitigate these inflationary costs as they arise to achieve our fiscal 2026 earnings outlook.” “Execution of our proven strategy delivered a solid and steady performance in fiscal 2025. We believe our commitment to focused execution, a strong balance sheet, and the attributes of our diverse portfolio of needs-based products leaves us well positioned to continue generating consistent financial results and cash flow in this volatile backdrop, which should generate superior shareholder value creation,” Mr. Lombardi concluded. Initial Fiscal 2026 OutlookRevenue$1,140 to $1,155 millionOrganic Revenue GrowthApproximately 1% to 2%Diluted E.P.S.$4.70 to $4.82Free Cash Flow$245 million or more Fiscal Year End 2025 Conference Call, Accompanying Slide Presentation and Replay The Company will host a conference call to review its fourth quarter and fiscal 2025 results today, May 8, 2025 at 8:30 a.m. ET. The Company provides a live Internet webcast, a slide presentation to accompany the call, as well as an archived replay, all of which can be accessed from the Investor Relations page of the Company's website at http://www.prestigeconsumerhealthcare.com/. To participate in the conference call via phone, participants may register for the call here to receive dial-in details and a unique pin. While not required, it is recommended to join 10 minutes prior to the event start. The slide presentation can be accessed from the Investor Relations page of the Company’s website by clicking on Webcasts and Presentations. A conference call replay will be available for approximately one week following completion of the live call and can be accessed on the Company’s Investor Relations page. Non-GAAP and Other Financial Information In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this release to aid investors in understanding the Company's performance. Each non-GAAP financial measure is defined and reconciled to its most closely related GAAP financial measure in the “About Non-GAAP Financial Measures” section at the end of this earnings release. Note Regarding Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the use of forward-looking terminology such as "guidance," "outlook," "may," "will," "would," “believe,” "expectation," "anticipate," “focus,” “plan,” “positioned,” or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. The "forward-looking statements" include, without limitation, statements regarding the Company's future operating results including revenues, organic growth, diluted earnings per share, and free cash flow; the expected impact of tariffs and the Company’s ability to manage related inflationary challenges; and the Company’s ability to enhance shareholder value through its business strategy, diverse product portfolio, solid balance sheet, generation of free cash flow, and efficient capital allocation. These statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those expected as a result of a variety of factors, including the impact of business and economic conditions, including as a result of evolving U.S. and international tariffs, labor shortages, inflation and geopolitical instability, consumer trends, the impact of the Company’s advertising and marketing and new product development initiatives, customer inventory management initiatives, fluctuating foreign exchange rates, competitive pressures, and the ability of the Company’s manufacturing operations and third party manufacturers and logistics providers and suppliers to meet demand for its products and to avoid inflationary cost increases and disruption as a result of labor shortages. A discussion of other factors that could cause results to vary is included in the Company's Annual Report on Form 10-K for the year ended March 31, 2024 and other periodic reports filed with the Securities and Exchange Commission. About Prestige Consumer Healthcare Inc. Prestige Consumer Healthcare is a leading consumer healthcare products company with sales throughout the U.S. and Canada, Australia, and in certain other international markets. The Company’s diverse portfolio of brands include Monistat® and Summer’s Eve® women's health products, BC® and Goody's® pain relievers, Clear Eyes® and TheraTears® eye care products, DenTek® specialty oral care products, Dramamine® motion sickness treatments, Fleet® enemas and glycerin suppositories, Chloraseptic® and Luden's® sore throat treatments and drops, Compound W® wart treatments, Little Remedies® pediatric over-the-counter products, Boudreaux’s Butt Paste® diaper rash ointments, Nix® lice treatment, Debrox® earwax remover, Gaviscon® antacid in Canada, and Hydralyte® rehydration products and the Fess® line of nasal and sinus care products in Australia. Visit the Company's website at www.prestigeconsumerhealthcare.com Prestige Consumer Healthcare Inc.Consolidated Statement of Income (Loss) and Comprehensive Income (Loss)(Unaudited) Three Months Ended March 31, YearEnded March 31,(In thousands, except per share data) 2025 2024 2025 2024 Total Revenues 296,518 276,991 1,137,762 1,125,357 Cost of Sales Cost of sales excluding depreciation 124,318 123,014 494,416 492,786 Cost of sales depreciation 2,190 2,160 8,883 8,123 Cost of sales 126,508 125,174 503,299 500,909 Gross profit 170,010 151,817 634,463 624,448 Operating Expenses Advertising and marketing 37,004 37,516 155,723 153,315 General and administrative 27,050 26,465 108,209 106,152 Depreciation and amortization 5,062 5,683 21,290 22,552 Tradename impairment 12,466 — 12,466 — Total operating expenses 81,582 69,664 297,688 282,019 Operating income 88,428 82,153 336,775 342,429 Other expense (income) Interest expense, net 10,759 15,260 47,632 67,160 Other expense (income), net 3,710 (429) 4,954 (756)Total other expense, net 14,469 14,831 52,586 66,404 Income before income taxes 73,959 67,322 284,189 276,025 Provision for income taxes 23,831 17,864 69,584 66,686 Net income $50,128 $49,458 $214,605 $209,339 Earnings per share: Basic $1.01 $0.99 $4.32 $4.21 Diluted $1.00 $0.98 $4.29 $4.17 Weighted average shares outstanding: Basic 49,656 49,833 49,697 49,757 Diluted 50,064 50,310 50,080 50,178 Comprehensive income, net of tax: Currency translation adjustments 2,586 (5,975) (3,083) (2,940)Unrecognized net (loss) gain on pension plans (81) 9 (81) 9 Total other comprehensive income (loss) 2,505 (5,966) (3,164) (2,931)Comprehensive income $52,633 $43,492 $211,441 $206,408 Prestige Consumer Healthcare Inc.Consolidated Balance Sheet(Unaudited) (In thousands)March 31, 2025 2024 Assets Current assets Cash and cash equivalents$97,884 $46,469 Accounts receivable, net of allowance of $16,314 and $16,377, respectively 194,293 176,775 Inventories 147,709 138,717 Prepaid expenses and other current assets 8,442 13,082 Total current assets 448,328 375,043 Property, plant and equipment, net 74,548 76,507 Operating lease right-of-use assets 28,238 11,285 Finance lease right-of-use assets, net 25,056 1,541 Goodwill 527,425 527,733 Intangible assets, net 2,295,350 2,320,583 Other long-term assets 3,273 5,725 Total Assets$3,402,218 $3,318,417 Liabilities and Stockholders' Equity Current liabilities Accounts payable$18,925 $38,979 Accrued interest payable 15,703 15,763 Operating lease liabilities, current portion 6,047 4,658 Finance lease liabilities, current portion 2,490 1,494 Other accrued liabilities 63,458 56,154 Total current liabilities 106,623 117,048 Long-term debt, net 992,357 1,125,804 Deferred income tax liabilities 419,594 403,596 Long-term operating lease liabilities, net of current portion 22,732 7,528 Long-term finance lease liabilities, net of current portion 20,624 172 Other long-term liabilities 5,391 9,185 Total Liabilities 1,567,321 1,663,333 Stockholders' Equity Preferred stock - $0.01 par value Authorized - 5,000 shares Issued and outstanding - None — — Common stock - $0.01 par value Authorized - 250,000 shares Issued – 56,010 shares at March 31, 2025 and 55,501 shares at March 31, 2024 560 555 Additional paid-in capital 593,402 567,448 Treasury stock, at cost – 6,501 shares at March 31, 2025 and 5,680 at March 31, 2024 (277,208) (219,621)Accumulated other comprehensive loss, net of tax (37,659) (34,495)Retained earnings 1,555,802 1,341,197 Total Stockholders' Equity 1,834,897 1,655,084 Total Liabilities and Stockholders' Equity$3,402,218 $3,318,417 Prestige Consumer Healthcare Inc.Consolidated Statement of Cash Flows(Unaudited) Year Ended March 31,(In thousands) 2025 2024 Operating Activities Net income$214,605 $209,339 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 30,173 30,675 Loss on sale or disposal of property and equipment 234 274 Deferred and other income taxes 14,409 23,070 Amortization of debt origination costs 1,754 5,240 Stock-based compensation costs 11,157 14,010 Non-cash operating lease cost 7,247 6,149 Impairment loss 12,466 — Other 1,411 — Changes in operating assets and liabilities, net of effects from acquisition: Accounts receivable (16,327) (6,322)Inventories (9,314) 24,439 Prepaid expenses and other current assets 4,655 (8,214)Accounts payable (19,411) (24,971)Accrued liabilities 6,984 (16,217)Operating lease liabilities (7,630) (7,134)Other (898) (1,412)Net cash provided by operating activities 251,515 248,926 Investing Activities Purchases of property, plant and equipment (8,224) (9,550)Acquisitions and other (9,228) (10,561)Net cash used in investing activities (17,452) (20,111) Financing Activities Term Loan repayments (135,000) (225,000)Payment of debt costs — (769)Payments of finance leases (4,536) (2,827)Proceeds from exercise of stock options 14,802 18,089 Fair value of shares surrendered as payment of tax withholding (5,832) (5,508)Repurchase of common stock (51,509) (25,000)Net cash used in financing activities (182,075) (241,015) Effects of exchange rate changes on cash and cash equivalents (573) 180 Increase (decrease) in cash and cash equivalents 51,415 (12,020)Cash and cash equivalents - beginning of year 46,469 58,489 Cash and cash equivalents - end of year$97,884 $46,469 Interest paid$47,804 $63,248 Income taxes paid$52,117 $59,637 Prestige Consumer Healthcare Inc.Consolidated Statement of IncomeBusiness Segments(Unaudited) Three Months Ended March 31, 2025(In thousands)North American OTCHealthcare International OTCHealthcare ConsolidatedTotal segment revenues*$248,949 $47,569 $296,518Cost of sales 107,463 19,045 126,508Gross profit 141,486 28,524 170,010Advertising and marketing 29,794 7,210 37,004Contribution margin$111,692 $21,314 133,006Other operating expenses** 44,578Operating income $88,428 *Intersegment revenues of $1.4 million were eliminated from the North American OTC Healthcare segment.**Other operating expenses for the three months ended March 31, 2025 includes a tradename impairment charge of $12.5 million. Year Ended March 31, 2025(In thousands)North American OTCHealthcare International OTCHealthcare ConsolidatedTotal segment revenues*$960,010 $177,752 $1,137,762Cost of sales 428,871 74,428 503,299Gross profit 531,139 103,324 634,463Advertising and marketing 129,431 26,292 155,723Contribution margin$401,708 $77,032 478,740Other operating expenses** 141,965Operating income $336,775 *Intersegment revenues of $3.9 million were eliminated from the North American OTC Healthcare segment.**Other operating expenses for the year ended March 31, 2025 includes a tradename impairment charge of $12.5 million. Three Months Ended March 31, 2024(In thousands)North American OTCHealthcare International OTCHealthcare ConsolidatedTotal segment revenues*$231,129 $45,862 $276,991Cost of sales 105,729 19,445 125,174Gross profit 125,400 26,417 151,817Advertising and marketing 30,787 6,729 37,516Contribution margin$94,613 $19,688 114,301Other operating expenses 32,148Operating loss $82,153 *Intersegment revenues of $1.2 million were eliminated from the North American OTC Healthcare segment. Year Ended March 31, 2024(In thousands)North American OTCHealthcare International OTCHealthcare ConsolidatedTotal segment revenues*$958,260 $167,097 $1,125,357Cost of sales 429,361 71,548 500,909Gross profit 528,899 95,549 624,448Advertising and marketing 131,494 21,821 153,315Contribution margin$397,405 $73,728 471,133Other operating expenses 128,704Operating loss $342,429 * Intersegment revenues of $3.7 million were eliminated from the North American OTC Healthcare segment. About Non-GAAP Financial Measures In addition to financial results reported in accordance with GAAP, we disclose certain Non-GAAP financial measures ("NGFMs"), including, but not limited to, Non-GAAP Organic Revenues, Non-GAAP Organic Revenue Change Percentage, Non-GAAP EBITDA, Non-GAAP EBITDA Margin, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted Diluted EPS, Non-GAAP Free Cash Flow, and Net Debt. We use these NGFMs internally, along with GAAP information, in evaluating our operating performance and in making financial and operational decisions. We believe that the presentation of these NGFMs provides investors with greater transparency, and provides a more complete understanding of our business than could be obtained absent these disclosures, because the supplemental data relating to our financial condition and results of operations provides additional ways to view our operation when considered with both our GAAP results and the reconciliations below. In addition, we believe that the presentation of each of these NGFMs is useful to investors for period-to-period comparisons of results in assessing shareholder value, and we use these NGFMs internally to evaluate the performance of our personnel and also to evaluate our operating performance and compare our performance to that of our competitors. These NGFMs are not in accordance with GAAP, should not be considered as a measure of profitability or liquidity, and may not be directly comparable to similarly titled NGFMs reported by other companies. These NGFMs have limitations and they should not be considered in isolation from or as an alternative to their most closely related GAAP measures reconciled below. Investors should not rely on any single financial measure when evaluating our business. We recommend investors review the GAAP financial measures included in this earnings release. When viewed in conjunction with our GAAP results and the reconciliations below, we believe these NGFMs provide greater transparency and a more complete understanding of factors affecting our business than GAAP measures alone. NGFMs Defined We define our NGFMs presented herein as follows: Non-GAAP Organic Revenues: GAAP Total Revenues excluding impact of foreign currency exchange rates in the periods presented.Non-GAAP Organic Revenue Change Percentage: Calculated as the change in Non-GAAP Organic Revenues from prior year divided by prior year Non-GAAP Organic Revenues.Non-GAAP EBITDA: GAAP Net Income before interest expense, net, provision for income taxes, and depreciation and amortization.Non-GAAP EBITDA Margin: Calculated as Non-GAAP EBITDA divided by GAAP Total Revenues.Non-GAAP Adjusted EBITDA: Non-GAAP EBITDA less tradename impairment.Non-GAAP Adjusted EBITDA Margin: Calculated as Non-GAAP Adjusted EBITDA divided by GAAP Total Revenues.Non-GAAP Adjusted Net Income: GAAP Net Income before tradename impairment, applicable tax impact associated with this item, and normalized tax rate adjustment.Non-GAAP Adjusted Diluted EPS: Calculated as Non-GAAP Adjusted Net Income, divided by the diluted weighted average number of shares outstanding during the period.Non-GAAP Free Cash Flow: Calculated as GAAP Net cash provided by operating activities less cash paid for capital expenditures.Net Debt: Calculated as total principal amount of debt outstanding ($1,000,000 at March 31, 2025 and $1,135,000 at March 31, 2024) less cash and cash equivalents ($97,884 at March 31, 2025 and $46,469 at March 31, 2024). Amounts in thousands. The following tables set forth the reconciliations of each of our NGFMs to their most directly comparable financial measures presented in accordance with GAAP. Reconciliation of GAAP Total Revenues to Non-GAAP Organic Revenues and related Non-GAAP Organic Revenue Change percentage: Three Months Ended March 31, Year EndedMarch 31, 2025 2024 2025 2024 (In thousands) GAAP Total Revenues$296,518 $276,991 $1,137,762 $1,125,357 Revenue Change 7.0% 1.1% Adjustments: Impact of foreign currency exchange rates — (2,262) — (1,482)Total adjustments — (2,262) — (1,482)Non-GAAP Organic Revenues$296,518 $274,729 $1,137,762 $1,123,875 Non-GAAP Organic Revenue Change 7.9% 1.2% Reconciliation of GAAP Net Income to Non-GAAP EBITDA and related Non-GAAP EBITDA Margin, Non-GAAP Adjusted EBITDA and related Non-GAAP Adjusted EBITDA Margin: Three Months Ended March 31, Year EndedMarch 31, 2025 2024 2025 2024 (In thousands) GAAP Net Income$50,128 $49,458 $214,605 $209,339 Interest expense, net 10,759 15,260 47,632 67,160 Provision for income taxes 23,831 17,864 69,584 66,686 Depreciation and amortization 7,252 7,843 30,173 30,675 Non-GAAP EBITDA 91,970 90,425 361,994 373,860 Non-GAAP EBITDA Margin 31.0% 32.6% 31.8% 33.2% Adjustments: Tradename impairment 12,466 — 12,466 — Total adjustments 12,466 — 12,466 — Non-GAAP Adjusted EBITDA$104,436 $90,425 $374,460 $373,860 Non-GAAP Adjusted EBITDA Margin 35.2% 32.6% 32.9% 33.2% Reconciliation of GAAP Net Income and GAAP Diluted Earnings Per Share to Non-GAAP Adjusted Net Income and related Non-GAAP Adjusted Diluted Earnings Per Share: Three Months Ended March 31, Year Ended March 31, 2025 2025 Adjusted EPS 20242024 Adjusted EPS 2025 2025 Adjusted EPS 20242024 Adjusted EPS(In thousands, except per share data) GAAP Net Income andDiluted EPS$50,128 $1.00 $49,458$0.98 $214,605 $4.29 $209,339$4.17Adjustments: Tradename impairment 12,466 0.25 — — 12,466 0.25 — —Tax impact of adjustment(1) (2,961) (0.06) — — (2,961) (0.06) — —Normalized tax rate adjustment(2) 6,266 0.13 1,983 0.04 2,236 0.04 1,983 0.04Total adjustments 15,771 0.32 1,983 0.04 11,741 0.23 1,983 0.04Non-GAAP Adjusted Net Income and Adjusted Diluted EPS$65,899 $1.32 $51,441$1.02 $226,346 $4.52 $211,322$4.21 (1) Income tax effect of above adjustment using the normalized tax rate.(2) Income tax adjustment to adjust for discrete income tax items. Note: Amounts may not add due to rounding. Reconciliation of GAAP Net Income to Non-GAAP Free Cash Flow: Three Months Ended March 31, Year EndedMarch 31, 2025 2024 2025 2024 (In thousands) GAAP Net Income$50,128 $49,458 $214,605 $209,339 Adjustments: Adjustments to reconcile net income to net cash provided by operating activities as shown in the Statement of Cash Flows 33,507 22,960 78,851 79,418 Changes in operating assets and liabilities as shown in the Statement of Cash Flows (21,787) (5,511) (41,941) (39,831)Total adjustments 11,720 17,449 36,910 39,587 GAAP Net cash provided by operating activities 61,848 66,907 251,515 248,926 Purchases of property and equipment (3,479) (3,143) (8,224) (9,550)Non-GAAP Free Cash Flow$58,369 $63,764 $243,291 $239,376 Outlook for Fiscal Year 2026: Reconciliation of Projected GAAP Net cash provided by operating activities to Projected Non-GAAP Free Cash Flow: (In millions) Projected FY'26 GAAP Net cash provided by operating activities$255 Additions to property and equipment for cash (10)Projected FY'26 Non-GAAP Free Cash Flow$245 Investor Relations ContactPhil Terpolilli, CFA, 914-524-6819irinquiries@prestigebrands.com
Potential U.S. Tariffs on Pharmaceuticals Expected to Have Minimal Impact on Alvotech’s Product Revenues in 2025 - ForexTV
REYKJAVIK, Iceland, May 07, 2025 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO) (the “Company”) a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today issued a statement on the anticipated impact of potential tariffs on imported pharmaceuticals to the United States. Alvotech expects that potential U.S. tariffs on imported pharmaceuticals should have minimal impact on the Company’s product revenues in 2025. Alvotech manufactures its biosimilars in Iceland, a country which currently faces the minimum tariff of 10% on goods imported to the U.S. A 10% tariff on pharmaceuticals would raise the cost of biosimilars from Alvotech imported to the U.S. for customers by less than 1% of Alvotech’s expected total product revenues in 2025. Furthermore, according to contracted terms, customers are responsible for all costs of transport and import duties to the U.S., and these costs are therefore not expected to be paid by Alvotech. “With the lingering uncertainty in the market about tariffs, and companies planning accordingly, I feel that it is important to communicate clearly about this issue. We manufacture all our biosimilars in Iceland, a country which imports more goods from the U.S. than it exports to the U.S., and is therefore only subject to the minimum 10% tariff introduced in April. Because a favorable U.S. trade balance is one of the key objectives of the new tariff policy, we have currently no reason to believe that a much higher tariff would be applied to pharmaceuticals from Iceland than on other goods. I expect that policy makers will also take into account that biosimilars offer the most cost-effective means of increasing patient access and lowering the cost of vital biologics for U.S. patients,” said Robert Wessman, chairman and CEO of Alvotech. “The estimated impact of a 10% tariff on our sales to the U.S. in the second half of the year would be less than 1% of our expected product revenues in 2025, and these cost would not be paid by Alvotech. Looking beyond 2025, given anticipated product launches and increased sales, we estimate that the impact would still constitute a low single digit percentage of Alvotech’s anticipated total product revenues.” About AlvotechAlvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Two biosimilars, to Humira® (adalimumab) and Stelara® (ustekinumab) are already approved and marketed in multiple global markets. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Dr. Reddy’s (EEA, UK and US), Biogaran (FR), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit https://www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release. For more information, please visit our investor portal, and our website or follow us on social media on LinkedIn, Facebook, Instagram, and YouTube. Alvotech Forward Looking StatementsCertain statements in this communication may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech’s expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, results, level of activities, performance, goals or achievements or other future events, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, and market launches. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “aim” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) material impacts of import duties or restrictions on import in markets where Alvotech’s products are sold or expected to be sold; (2) Alvotech’s ability to maintain stock exchange listing standards; (3) changes in applicable laws or regulations; (4) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors; (5) Alvotech’s estimates of expenses and profitability; (6) Alvotech’s ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (7) actions of regulatory authorities, which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing authorizations; (8) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (9) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (10) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (11) the ability of Alvotech’s partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (12) Alvotech’s ability to obtain and maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets or geographies; (13) the success of Alvotech’s current and future collaborations, joint ventures, partnerships or licensing arrangements; (14) Alvotech’s ability, and that of its commercial partners, to execute their commercialization strategy for approved products; (15) Alvotech’s ability to manufacture sufficient commercial supply of its approved products; (16) the outcome of ongoing and future litigation regarding Alvotech’s products and product candidates; (17) the impact of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, conflicts in Ukraine, the Middle East and other global geopolitical tension, on the Company’s business, financial position, strategy and anticipated milestones; and (18) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents that Alvotech may from time to time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers, employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the information contained in this communication, or the omission of any information from this communication. ALVOTECH INVESTOR RELATIONS AND GLOBAL COMMUNICATIONSBenedikt Stefansson, VPalvotech.ir@alvotech.com
Isarna Therapeutics Presents Positive Phase 2 BETTER Trial Final Results at ARVO 2025 - ForexTV
Innovative antisense therapy blocking production of TGF-β2 shows promise in reducing retinal fibrosis and improving outcomes in patients with wet AMD and DME Gräfelfing, Germany, May 7th, 2025 – Isarna Therapeutics presented final positive results from its Phase 2 BETTER trial at the Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting on May 6th. Isarna’s Chief Medical Officer, Prof. Marion R. Munk, shared data on ISTH0036, a selective TGF-β2-blocking antisense oligonucleotide, in patients with wet age-related macular degeneration (nAMD) and diabetic macular edema (DME). The study evaluated the potential of ISTH0036 to address retinal fibrosis, an unmet medical need not targeted by current anti-VEGF therapies. In the international multicenter study, patients who received intravitreal injections of ISTH0036 every eight weeks (Q8W) experienced stable or improved best-corrected visual acuity (BCVA), along with meaningful anatomical improvements in the retina. All patient groups showed a reduction in central retinal thickness (CRT). Notably, eyes with nAMD and fibrosis-associated hyperreflective material (HRM) exhibited a significant decrease in HRM volume following ISTH0036 treatment, contrasting sharply with increases seen in fellow eyes receiving standard anti-VEGF therapy. In DME patients, ISTH0036 reduced intraretinal fluid volume in treatment-naïve and previously anti-VEGF–treated eyes. Intraocular pressure remained, and the treatment was well tolerated. “The results from the BETTER trial underscore the potential of ISTH0036 as a first-in-class antifibrotic agent that directly targets TGF–β2–driven fibrosis—a key driver of disease progression in nAMD and DME,” said Prof. Marion R. Munk, CMO of Isarna Therapeutics. “This is a promising advance toward transforming care for patients facing progressive vision loss despite optimal standard therapy. Isarna’s next step will be to discuss the results and our development strategy with regulators in the US and EU to move ISTH0036 into Phase 2b/ Phase 3 pivotal clinical studies.” *** About ISTH0036 and the BETTER Trial ISTH0036 is an investigational antisense oligonucleotide designed to selectively suppress the production of transforming growth factor beta 2 (TGF-β2), a key cytokine involved in fibrosis and disease progression in retinal pathologies. The BETTER study evaluated ISTH0036 in both treatment-naïve and anti-VEGF–pretreated but inactive patients across sites in Austria and India. About Isarna Therapeutics Isarna Therapeutics was built on profound expertise in antisense oligonucleotide design and the therapeutic targeting of the TGF-β signaling axis, a critical driver in a wide range of diseases. The company is advancing a pipeline of antisense compounds, with ISTH0036 in late-stage clinical development for retinal indications including wet AMD and DME. Isarna ContactEmail: info@isarna-therapeutics.com Media ContactTrophic CommunicationsGretchen Schweitzer or Desmond JamesPhone: +49 151 678 59086Email: isarna@trophic.de
Magnera Reports Second Quarter Results – Provides Updated Outlook - ForexTV
Second Quarter Highlights GAAP: Net sales of $824 million, Operating income of $4 millionNon-GAAP: Adjusted EBITDA of $89 million, Post-merger adjusted free cash flow $42 millionReaffirming post-merger adjusted free cash flow range & lowering full year comparable Adjusted EBITDA range CHARLOTTE, N.C., May 07, 2025 (GLOBE NEWSWIRE) -- Magnera (NYSE: MAGN), a global leader in specialty materials for the consumer products and personal care markets, today reported financial results for its fiscal 2025 second quarter ended March 29, 2025. Curt Begle, Magnera’s CEO, commented: "This quarter underscores the resilience of our business as we navigate ongoing global economic uncertainty. Our team has transitioned from stabilizing the business through a disciplined integration plan to actively executing on identified optimization opportunities. As anticipated, our distinctive value proposition—anchored by our global market presence, broad product portfolio, and innovation capabilities—continues to drive organic growth in attractive end markets as we support our customers' evolving product requirements. In the face of uncertainties related to tariff driven demand concerns, we remain laser focused on executing our strategic priorities of integration, synergy realization, and profitable long-term growth. Our portfolio is primarily made up of products that people use every day, however we are prepared to take the appropriate operational and cost measures that align with short-term market realities. Our commitment to earnings and free cash flow stability will ultimately increase long-term shareholder value.” Key Financials March QuarterMarch YTDGAAP results2025202420252024Net sales$824$558$1,526$1,077Operating income421(18)9 March QuarterReportedComparable(1)March YTDReportedComparable(1)Adjusted non-GAAP results 2025 2024Δ%Δ% 2025 2024Δ%Δ%Net sales$824$55848%(4%)$1,526$1,07742%(3%)Adjusted EBITDA(1) 89 7617%(8%) 173 14222%(2%) (1) Adjusted non-GAAP results exclude items not considered to be ongoing operations. In addition, comparable change % normalizes the impacts of foreign currency and the recent merger with GLT. Further details related to non-GAAP measures and reconciliations can be found under our “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release. Dollars in millions Consolidated Overview The net sales increase of 48% included revenue from the Glatfelter merger of $311 million partially offset by a $26 million unfavorable impact from foreign currency changes, decreased selling prices of $14 million and a 1% decline in volume. The adjusted EBITDA increase of 17% included a contribution from the Glatfelter merger of $18 million partially offset by a $3 million unfavorable impact from foreign currency changes and unfavorable impact from price/cost spread of $3 million. The contributed Glatfelter EBITDA represents a $6 million decline compared to prior year primarily as the result of higher energy costs in Europe. Americas The net sales increase in the Americas segment included revenue from the Glatfelter merger of $124 million partially offset by a $15 million unfavorable impact from foreign currency changes and decreased selling prices of $12 million. The adjusted EBITDA increase included a contribution from the Glatfelter merger of $10 million partially offset by unfavorable impact from price cost spread of $3 million and a $2 million unfavorable impact from foreign currency changes in our South America businesses. Rest of World The net sales increase in the Rest of World segment included revenue from the Glatfelter merger of $187 million partially offset by a $11 million unfavorable impact from foreign currency changes and a 3% volume decline. The adjusted EBITDA increase included a contribution from the Glatfelter merger of $8 million which was down $6 million compared to prior year primarily as the result of higher energy costs in Europe. Free Cash Flow and Net Debt Magnera is committed to strengthening our credit metrics by paying down debt in the near term. (in millions)March QuarterMarch YTDCash flow from operating activities$65 $7 Pre-merger cash flow from operating activities - 90 Additions to property, plant and equipment, net (23) (39) Post-merger adjusted free cash flow(1)$42 $58 (1) Further details related to non-GAAP measures and reconciliations can be found under our “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release. (in millions)March 29, 2025 Term Loan$783 4.75% First Priority Senior Secured Notes 500 7.25% First Priority Senior Secured Notes 800 Debt discount, deferred fees and other (net) (85) Total debt$1,998 Cash and cash equivalents 282 Total net debt$1,716 Leverage3.9x Fiscal Year 2025 Guidance Full year comparable adjusted EBITDA of $360 - $380 million Post-merger adjusted free cash flow of $75 - $95 million Investor Conference Call The Company will host a conference call today, May 7, 2025, at 10:00 a.m. U.S. Eastern Time to discuss our March 2025 quarter results. The webcast can be accessed here. A replay of the webcast will be available via the same link on our website after the completion of the call. By TelephoneParticipants may register for the call here now or any time up to and during the time of the call and will immediately receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 15 minutes prior to the start of the event. About Magnera Magnera Corporation (NYSE: MAGN) serves 1,000+ customers worldwide, offering a wide range of material solutions, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry. Operating across 46 global facilities, Magnera is supported by over 9,000 employees. Magnera’s purpose is to better the world with new possibilities made real. For more than 160 years, the company has delivered the material solutions their partners need to thrive. Through economic upheaval, global pandemics and changing end-user needs, we have consistently found ways to solve problems and exceed expectations. The distinct scale and comprehensive portfolio of products brings customers more materials and choices. Magnera builds personal partnerships that withstand an ever-changing world. Visit magnera.com for more information and follow @MagneraCorporation on social platforms. Non-GAAP Financial Measures and EstimatesThis press release includes non-GAAP financial measures including, but not limited to, Adjusted EBITDA, free cash flow, and comparable basis net sales and adjusted EBITDA. A reconciliation of these non-GAAP financial measures to comparable measures determined in accordance with accounting principles generally accepted in the United States of America (GAAP) is set forth at the end of this press release. Information reconciling forward-looking adjusted EBITDA and adjusted free cash flow are not provided because such information is not available without unreasonable effort due to high variability, complexity, and low visibility with respect to certain items, including debt refinancing activity or other non-comparable items. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with U.S. GAAP. Forward Looking Statements Information included or incorporated by reference in Magnera Corporation’s filings with the U.S. Securities and Exchange Commission (the “SEC”) and press releases or other public statements contains or may contain “forward-looking” statements within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such “forward-looking” statements include, but are not limited to, statements with respect to our financial condition, results of operations and business, our expectations or beliefs concerning future events, statements about the benefits of the transaction between Glatfelter Corporation and Berry Global Group, Inc., including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “outlook,” “anticipates” or “looking forward” or similar expressions that relate to our strategy, plans, intentions, or expectations. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are based upon the current beliefs and expectations of the management of Magnera and are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. These risks and other risk factors are detailed from time to time in Magnera’s reports filed with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, including our Form 8-K/A filed on January 31, 2025, and other documents filed with the SEC. These risk factors may not contain all of the material factors that are important to you. New factors may emerge from time to time, and it is not possible to either predict new factors or assess the potential effect of any such new factors. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available as of the date hereof. All forward-looking statements are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Consolidated and Combined Statements of Income (Unaudited) Quarterly Period Ended Two Quarterly Periods Ended(in millions, except per share amounts)March 29, 2025March 30, 2024 March 29, 2025March 30, 2024 Net sales$824 $558 $1,526 $1,077 Cost of goods sold 736 488 1,367 965 Selling, general and administrative 47 28 91 56 Amortization of intangibles 14 12 28 24 Transaction and other activities 23 4 55 14 Corporate expense allocation - 5 3 9 Operating income (loss) 4 21 (18) 9 Other expense (income) 5 1 26 (1) Interest expense 39 2 65 2 Income (loss) before income taxes (40) 18 (109) 8 Income tax (benefit) expense 1 4 (8) 2 Net income (loss)$(41) $14 $(101) $6 Basic and diluted net income per share$(1.15) $0.44 $(2.85) $0.19 Outstanding weighted average shares Basic and diluted 35.6 31.8 35.5 31.8 Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) Two Quarterly Periods Ended(in millions)March 29, 2025 March 30, 2024Net cash from (used in) operating activities$7 $(7) Cash flows from investing activities: Additions to property, plant, and equipment, net (39) (41) Cash acquired from GLT acquisition 37 - Other investing activities 22 28 Net cash from (used in) investing activities 20 (13) Cash flows from financing activities: Repayments on long-term borrowings 1,556 - Proceeds from long-term borrowings (432) (1) Transfers from Berry, net 34 8 Cash distribution to Berry (1,111) - Debt fees and other, net (15) - Net cash from financing activities 32 7 Effect of currency translation on cash (7) 2 Net change in cash and cash equivalents 52 (11) Cash and cash equivalents at beginning of period 230 185 Cash and cash equivalents at end of period$282 $174 Condensed Consolidated Balance Sheets (Unaudited) (in millions of USD)March 29, 2025 September 28, 2024Cash and cash equivalents$ 282 $ 230Accounts receivable 492 359Inventories 508 259Other current assets 146 38Property, plant, and equipment 1,519 949Goodwill, intangible assets, and other long-term assets 1,114 972Total assets$ 4,061 $2,807Current liabilities, excluding current debt 588 457Current and long-term debt 1,998 -Other long-term liabilities 382 211Stockholders’ equity 1,093 2,139Total liabilities and stockholders' equity$ 4,061 $2,807 Reconciliation of Non-GAAP Measures and Estimates(in millions of dollars) Reconciliation of Net sales and Adjusted EBITDA on a supplemental comparable basis by segment Quarterly Period ended March 29, 2025Quarterly Period ended March 30, 2024 AmericasRest of WorldTotalAmericasRest of WorldTotal Net sales$ 473$ 351$ 824$375$183$558 Constant FX rates (15)(11) (26) GLT prior year 126201 327 Comparable net sales (1)(6)$ 473$ 351$ 824$486$373$859 Operating Income$ 8$ (4)$ 4$20$1$21 Depreciation and amortization 39 19 58 311344 Transaction, business consolidation and other activities (2) 14 5 19314 GAAP carve-out allocation (3) - - - 5 -5 Other non-cash charges (5) 3 5 8 -2 2 Adjusted EBITDA (1)$ 64$ 25$ 89$59$17$76 Constant FX rates (2)(1) (3) GLT prior year 10 14 24 Comparable Adjusted EBITDA (1)(6)$ 64$ 25$ 89$67$30$97 % vs. prior year comparable (4%) (17%) (8%) Two Quarterly Periods ended March 29, 2025Two Quarterly Periods ended March 30, 2024 AmericasRest of World TotalAmericasRest of WorldTotalLTMNet sales$ 893$ 633$ 1,526$723$354$1,077 Constant FX rates (28)(12)(40) GLT prior year 202 336 538 Comparable net sales (1)(6)$ 893$ 633$ 1,526$897$678$1,575 Operating Income$ 1$ (19)$ (18)$17$(8)$9$(168)Depreciation and amortization 72 39 111 61 27 88197Transaction, business consolidation and other activities (2) 34 17 51 68 1468Impact from hyperinflation - - -15 -15-Goodwill impairment - - ----172GAAP carve-out allocation (3) 2 1 3 81 9 15Other non-cash charges (4)(5) 11 15 26 347 30Adjusted EBITDA (1)$ 120$ 53$ 173$110$32$142$312Constant FX rates (6) (1)(7) GLT prior year 1527 41 Comparable Adjusted EBITDA (1)(6)$ 120$ 53$ 173$119$58$177 % vs. prior year comparable 0% (9%) (2%) PF GLT Adjusted EBITDA 8 859Synergies and cost reductions 65PF Adjusted EBITDA $436 Guidance Fiscal 2025 Adjusted EBITDAFiscal 2025 Midpoint Cash flow from operating activities$60-$80 Adjusted EBITDA$362 Pre-merger cash flow from operating activities (7)90 GLT Pro forma8 Additions to PPE (net)(75) Full Year Comparable Adjusted EBITDA$370 Post-merger adjusted free cash flow(1)$75 - $95 (1) Supplemental financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures should not be considered as alternatives to operating or net income or cash flows from operating activities, in each case determined in accordance with GAAP. Comparable basis measures exclude the impact of currency translation effects and acquisitions. These non-GAAP financial measures may be calculated differently by other companies, including other companies in our industry, limiting their usefulness as comparative measures. Management believes that Adjusted EBITDA and other non-GAAP financial measures are useful to our investors because they allow for a better period-over-period comparison of operating results by removing the impact of items that, in management’s view, do not reflect our core operating performance. We define “Post-merger free cash flow” as cash flow from operating activities, less pre-merger free cash flow, less net additions to property, plant, and equipment. We believe free cash flow is useful to an investor in evaluating our liquidity because free cash flow and similar measures are widely used by investors, securities analysts, and other interested parties in our industry to measure a company’s liquidity. We believe post-merger free cash flow is also useful to an investor in evaluating our liquidity as it can assist in assessing a company’s ability to fund its growth through its generation of cash and as pre-merger cash flow is not indicative of our current structure and operations. We also use Adjusted EBITDA and comparable basis measures, among other measures, to evaluate management performance and in determining performance-based compensation. Adjusted EBITDA is a measure widely used by investors, securities analysts, and other interested parties in our industry to measure a company’s performance. We also believe these measures are useful to an investor in evaluating our performance without regard to revenue and expense recognition, which can vary depending upon accounting methods. (2) Includes restructuring, business optimization and other charges and YTD balance also includes $19 million of transaction compensation(3) Consists of estimated parent-allocated charges for the period prior to merger which is required by GAAP as part of the carve-out financial statement process.(4) Includes a $12 million inventory step-up charge related to GLT merger YTD and other non-cash charges.(5) Includes stock compensation expense and equipment disposals(6) The prior year comparable basis change excludes the impacts of foreign currency and acquisition/mergers.(7) Pre-merger cash flow includes cash from operations prior to the merger and cash payments burdened by the transaction. IR Contact Information Robert WeilminsterEVP, Investor Relations IR@magnera.com
Riviera Partners Expands EMEA Practice with Appointment of Lydia Shepherd as Partner - ForexTV
London, May 07, 2025 (GLOBE NEWSWIRE) -- Riviera Partners, the premier executive search firm specializing in technology leadership, is pleased to announce that Lydia Shepherd has joined the firm as a Partner within its growing EMEA Practice. With nearly 15 years of experience in executive search, Lydia brings deep expertise in building high-impact product and technology teams across Europe. Her work spans VC-backed scale-ups, growth equity investments, private equity portfolio companies, and public businesses, often in moments of significant transformation including M&A, pre- and post-IPO growth, and post-acquisition integration. In her new role, Lydia will partner closely with founders, boards, and investors to place not only world-class executives but also technology leaders in board and advisory roles, supporting portfolio companies in scaling responsibly and competitively in today’s rapidly evolving market. Her functional focus spans engineering, product, AI, design, and cybersecurity leadership. Prior to joining Riviera, Lydia was a Director at The Up Group, where she led the Product, Technology & AI Practice, advising across the venture and private equity ecosystem. Her earlier experience includes leading technology and transformation mandates at Norman Broadbent and building the European arm of Candela Search. She began her career in investment banking at Citigroup before transitioning into executive search. “Riviera is a natural next step. I’ve had the privilege of working with many of the team over the years, and they’ve built something exceptional—a world-class group of true subject matter experts with a reputation for rigour, insight, and pace. Riviera is fast becoming the go-to partner in Europe for engineering and product search. The depth of our US partnership gives us unmatched visibility into cutting-edge talent emerging from both coasts, and I’m excited to bring that global connectivity to clients navigating transformation and growth here in Europe. I’m also deeply passionate about elevating underrepresented voices in tech leadership, whether that’s through mentoring, advising clients on more inclusive hiring strategies, or helping build processes that surface the very best talent, equitably. At Riviera, I’m excited to continue advocating for a more diverse, representative tech ecosystem.” “Lydia’s arrival signals our intent in EMEA. This is a critical time for European Tech and our role is to help find world-class talent to build category-defining companies – having Lydia on our team will only accelerate the progress we are making” said Glenn Murphy, Managing Partner of Riviera Partners, Europe. “She brings not only a proven track record of partnering with founders and investors across Europe, but also a strong values-driven approach that aligns deeply with our mission. Her expertise across product, engineering, and AI will be invaluable to our clients as they build the next generation of category-defining companies.” With Lydia’s appointment, Riviera deepens its commitment to building the leadership infrastructure for Europe’s most ambitious technology companies—ensuring they are equipped to scale, transform, and lead in a competitive, digital-first world. About Riviera Partners Riviera Partners is a global driver of innovation for today’s most influential companies—expertly placing executive talent in the crucial areas of IT, software engineering, product management, security, AI/ML/Data, and design. Riviera combines over two decades of recruiting expertise with a proprietary platform that uses machine learning to score and predict the best candidate for a company’s specific needs, driving successful outcomes. As a result, the company has become the go-to talent partner for leading private equity investors, venture capitalists, public companies, and technology innovators. CONTACT: Megan Martin VP Marketing contact@rivierapartners.com
Potential U.S. Tariffs on Pharmaceuticals Expected to Have Minimal Impact on Alvotech’s Product Revenues in 2025 - ForexTV
Alvotech (NASDAQ: ALVO) (the “Company”) a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today issued a statement on the anticipated impact of potential tariffs on imported pharmaceuticals to the United States. Alvotech expects that potential U.S. tariffs on imported pharmaceuticals should have minimal impact on the Company’s product revenues in 2025. Alvotech manufactures its biosimilars in Iceland, a country which currently faces the minimum tariff of 10% on goods imported to the U.S. A 10% tariff on pharmaceuticals would raise the cost of biosimilars from Alvotech imported to the U.S. for customers by less than 1% of Alvotech’s expected total product revenues in 2025. Furthermore, according to contracted terms, customers are responsible for all costs of transport and import duties to the U.S., and these costs are therefore not expected to be paid by Alvotech. “With the lingering uncertainty in the market about tariffs, and companies planning accordingly, I feel that it is important to communicate clearly about this issue. We manufacture all our biosimilars in Iceland, a country which imports more goods from the U.S. than it exports to the U.S., and is therefore only subject to the minimum 10% tariff introduced in April. Because a favorable U.S. trade balance is one of the key objectives of the new tariff policy, we have currently no reason to believe that a much higher tariff would be applied to pharmaceuticals from Iceland than on other goods. I expect that policy makers will also take into account that biosimilars offer the most cost-effective means of increasing patient access and lowering the cost of vital biologics for U.S. patients,” said Robert Wessman, chairman and CEO of Alvotech. “The estimated impact of a 10% tariff on our sales to the U.S. in the second half of the year would be less than 1% of our expected product revenues in 2025, and these cost would not be paid by Alvotech. Looking beyond 2025, given anticipated product launches and increased sales, we estimate that the impact would still constitute a low single digit percentage of Alvotech’s anticipated total product revenues.” About AlvotechAlvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Two biosimilars, to Humira® (adalimumab) and Stelara® (ustekinumab) are already approved and marketed in multiple global markets. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Dr. Reddy’s (EEA, UK and US), Biogaran (FR), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit https://www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release. For more information, please visit our investor portal, and our website or follow us on social media on LinkedIn, Facebook, Instagram, and YouTube. Alvotech Forward Looking StatementsCertain statements in this communication may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech’s expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, results, level of activities, performance, goals or achievements or other future events, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, and market launches. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “aim” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) material impacts of import duties or restrictions on import in markets where Alvotech’s products are sold or expected to be sold; (2) Alvotech’s ability to maintain stock exchange listing standards; (3) changes in applicable laws or regulations; (4) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors; (5) Alvotech’s estimates of expenses and profitability; (6) Alvotech’s ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (7) actions of regulatory authorities, which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing authorizations; (8) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (9) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (10) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (11) the ability of Alvotech’s partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (12) Alvotech’s ability to obtain and maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets or geographies; (13) the success of Alvotech’s current and future collaborations, joint ventures, partnerships or licensing arrangements; (14) Alvotech’s ability, and that of its commercial partners, to execute their commercialization strategy for approved products; (15) Alvotech’s ability to manufacture sufficient commercial supply of its approved products; (16) the outcome of ongoing and future litigation regarding Alvotech’s products and product candidates; (17) the impact of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, conflicts in Ukraine, the Middle East and other global geopolitical tension, on the Company’s business, financial position, strategy and anticipated milestones; and (18) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents that Alvotech may from time to time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers, employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the information contained in this communication, or the omission of any information from this communication. ALVOTECH INVESTOR RELATIONS AND GLOBAL COMMUNICATIONSBenedikt Stefansson, VPalvotech.ir@alvotech.com
OP Mortgage Bank: Interim Report 1 January–31 March 2025 - ForexTV
OP Mortgage BankInterim Report 1 January–31 March 2025Stock Exchange Release 7 May 2025 at 10.00 EESTOP Mortgage Bank: Interim Report 1 January–31 March 2025 OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Financial Group. Together with OP Corporate Bank plc, its role is to raise funding for OP Financial Group from money and capital markets. Financial standingThe intermediary loans of OP MB totalled EUR 14,800 million (14,800)* at the end of March. Bonds issued by OP MB totalled EUR 14,800 million (14,800) at the end of March. OP MB's covered bonds after 8 July 2022 are issued under the Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The collateral is added to the EMTCB cover pool from the member cooperative banks' balance sheets via the intermediary loan process on the issue date of a new covered bond. At the end of March, 79 OP cooperative banks had a total of EUR 14,800 million (14,800) in intermediary loans from OP MB. Impairment loss on receivables related to loans in OP MB's balance sheet totalled EUR 0.0 million (0.0). Loss allowance was EUR 0.0 million (0.0) following the sale of the loan portfolio. Operating profit was EUR 1.7 million (2.3). The company's financial standing remained stable throughout the reporting period. * The comparatives for 2024 are given in brackets. For income statement and other aggregated figures, January–March 2024 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2024) serve as comparatives. Collateralisation of bonds issued to the public The European covered bonds (premium) issued under the EMTCB programme worth EUR 25 billion established on 11 October 2022, in accordance with the Act on Mortgage Credit Banks and Covered Bonds (151/2022), totalled EUR 6,250 million. The cover pool included a total of EUR 6,882 million in loans serving as collateral at the end of March. Overcollateralisation exceeded the minimum requirement under the Act (151/2022). The covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 20 billion established on 12 November 2010, in accordance with the Act on Mortgage Credit Banks (Laki kiinnitysluottopankkitoiminnasta, 688/2010), totalled EUR 8,550 million. The cover pool included a total of EUR 9,468 million in loans serving as collateral at the end of March. Overcollateralisation exceeded the minimum requirement under the Act (688/2010). Capital adequacy OP MB’s Common Equity Tier 1 (CET1) ratio stood at 372.0% (797.0) at the end of March. The ratio decreased due to an increase in total risk exposure amount based on a regulatory change. The changes in the EU Capital Requirements Regulation (CRR3), which entered into force on 1 January 2025, particularly affected the calculation of total risk exposure amount. The figures for the comparative period have been calculated based on the regulation in force in 2024. The minimum CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer is 2.5%. The minimum total capital requirement is 8% (or 10.5% with the increased capital conservation buffer). OP MB fully covers its capital requirements with CET1 capital, which in practice means that it has a CET1 capital requirement of 10.5%. Estimated profit distribution has been subtracted from earnings for the reporting period. The capital adequacy requirement for credit risk is measured using the Standardised Approach (SA).OP MB belongs to OP Financial Group. As part of the Group, OP MB is supervised by the European Central Bank. OP Financial Group presents capital adequacy information in its financial statements bulletins and interim and half-year financial reports in accordance with the Act on the Amalgamation of Deposit Banks. OP Financial Group also publishes Pillar 3 disclosures. Own funds and capital adequacy, TEUR 31 Mar 2025 31 Dec 2024 Equity capital 365,998 368,122 Common Equity Tier 1 (CET1) before deductions 365,998 368,122 Excess funding of pension liability Proposed profit distribution -1,341 -3,466 Share of unaudited profits Insufficient coverage for non-performing exposures CET1 capital 364,657 364,656 Tier 1 capital (T1) 364,657 364,656 Tier 2 capital (T2) Total own funds 364,657 364,656 Total risk exposure amount, TEUR 31 Mar 2025 31 Dec 2024 Credit and counterparty risk 3,185 18,581 Operational risk (Standardised Approach) 94,841 26,636 Other risks* 7 538 Total risk exposure amount 98,034 45,755 * Risks not otherwise covered. Ratios, % 31 Mar 2025 31 Dec 2024 CET1 capital ratio 372.0 797.0 Tier 1 capital ratio 372.0 797.0 Capital adequacy ratio 372.0 797.0 Capital requirement, TEUR Own funds 364,657 364,656 Capital requirement 10,294 4,804 Buffer for capital requirements 354,363 359,852 Joint and several liability of amalgamation Under the Act on the Amalgamation of Deposit Banks (599/2010), the amalgamation of cooperative banks comprises the organisation's central cooperative (OP Cooperative), the central cooperative's member credit institutions and the companies belonging to their consolidation groups, as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 31 March 2025, OP Cooperative’s member credit institutions comprised 79 OP cooperative banks, OP Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc. The central cooperative is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy, and for compliance with harmonised accounting policies in the preparation of the amalgamation’s consolidated financial statements.As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions the amount necessary to preventing the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution's assets.Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as a support measure or to a creditor of such a member bank in payment of an overdue amount which the creditor has not received from the member bank. Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing liability for the central cooperative’s debts as referred to in the Co-operatives Act.Each member bank’s liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member banks in proportion to their last adopted balance sheets. OP Financial Group’s insurance companies do not fall within the scope of joint and several liability.According to section 25 of the Act on Mortgage Credit Banks (688/2010), which was valid at that time, the creditors of covered bonds issued prior to 8 July 2022 have the right to receive payment, before other claims, for the entire term of the bond, in accordance with the terms and conditions of the bond, out of the funds entered as collateral, without this being prevented by OP MB's liquidation or bankruptcy. A similar and equal priority also applies to derivative contracts entered in the register of bonds, and to marginal lending facilities referred to in section 26, subsection 4 of said Act. For mortgage-backed loans issued prior to 8 July 2022 and included in the total amount of collateral of covered bonds, the priority of the covered bond holders' payment right is limited to the amount of loan that, with respect to home loans, corresponds to 70% of the value of shares or property serving as security for the loan and entered in the bond register at the time of the issuer's liquidation or bankruptcy declaration.Under section 20 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022), which entered into force on 8 July 2022, the creditors of bonds issued after 8 July 2022, including the related management and clearing costs, have the right to receive payment from the collateral included in the cover pool, before other creditors of OP MB or the OP cooperative bank which is the debtor of an intermediary loan. A similar priority also applies to creditors of derivative contracts related to covered bonds, including the related management and clearing costs. Interest and yield accruing on the collateral, and any substitute assets, fall within the scope of said priority.Section 44, subsection 3 of the Act on Mortgage Credit Banks and Covered Bonds includes provisions on the creditor’s priority claim regarding cover pool liquidity support. According to said subsection, the creditor has the right to receive payment against the funds contained in the cover pool after claims based on the principal and interest of covered bonds secured by the cover assets included in the cover pool, obligations based on derivatives contracts associated with covered bonds, as well as administration and liquidation costs. Sustainability and corporate responsibilityAs of 2024, OP Financial Group has reported on its sustainability and corporate responsibility in accordance with the European Sustainability Reporting Standards (ESRS) under the EU's Corporate Sustainability Reporting Directive (CSRD). Responsible business is one of OP Financial Group's strategic priorities. OP Financial Group's sustainability programme guides the Group's actions and is built around three themes: Climate and the environment, People and communities, and Corporate governance. Read more about the sustainability programme at www.op.fi/en/op-financialgroup/corporate-social-responsibility/corporate-social-responsibility-programme. At OP Financial Group, sustainability and corporate responsibility are guided by a number of principles and policies. OP Financial Group is committed to complying not only with all applicable laws and regulations, but also with a number of international initiatives that guide operations. The Group is committed to complying with the ten principles of the UN Global Compact initiative in the areas of human rights, labour rights, the environment and anti-corruption. OP Financial Group is a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Furthermore, OP Financial Group is committed to complying with the UN Principles for Responsible Investment and the UN Principles for Sustainable Insurance. OP Financial Group's biodiversity roadmap includes measures to promote biodiversity. OP Financial Group aims to grow its nature positive handprint by 2030. 'Nature positive' means that OP Financial Group's operations will have a net positive impact (NPI) on nature.OP Financial Group has drawn up a Human Rights Statement and Human Rights Policy. The Group respects all recognised human rights. The Human Rights Statement includes the requirements and expectations that OP Financial Group has set for itself and actors in its value chains. OP Financial Group is committed to perform remediation actions if its operations have adverse human rights impacts.In March 2025, OP MB published a Green Covered Bond Report on the allocation and impacts of Finland’s first green covered bonds issued in March 2021 and April 2022. Under OP MB’s Green Covered Bond Framework, proceeds from the bonds have been allocated to mortgages with energy-efficient residential buildings as collateral. The environmental impacts allocated to the green covered bonds in 2024 were 58,000 MWh of energy use avoided per year and 5,500 tonnes of CO2-equivalent emissions avoided per year. Personnel At the end of the reporting period, OP MB had six employees. OP MB has been digitising its operations and purchases all key support services from OP Cooperative and its subsidiaries, reducing the need for its own personnel. Governing body members The Board composition is as follows: Chair Mikko Timonen Chief Financial Officer, OP Cooperative Members Satu Nurmi Business Lead, SME Financing, OP RetailCustomers plc Mari Heikkilä Head of Group Treasury & ALM, OP Corporate Bank plc OP MB’s Managing Director is Sanna Eriksson. The deputy Managing Director is Tuomas Ruotsalainen, Senior Covered Bonds Manager at OP MB. Risk profileOP MB has a strong capital base, capital buffers and risk-bearing capacity. OP MB's most significant risks are related to the quality of collateral and to structural liquidity and interest rate risks on the balance sheet, for which limits have been set in the Banking Risk Policy. The key credit risk indicators in use show that OP MB’s credit risk exposure is stable. OP MB has used interest rate swaps to hedge against its interest raterisk. Interest rate swaps have been used to swap home loan interest, intermediary loan interest and interest on issued bonds onto the same basis rate. OP MB has concluded all derivative contracts for hedging purposes, applying fair value hedges which have OP Corporate Bank plc as their counterparty. OP MB's interest risk exposure is under control and has been within the set limit. The liquidity buffer for OP Financial Group is centrally managed by OP Corporate Bank and therefore exploitable by OP MB. At the end of the reporting period, OP Financial Group's Liquidity Coverage Ratio (LCR) was 202% and the Net Stable Funding Ratio (NSFR) was 129%. OP MB monitors its cash flows on a daily basis to secure funding liquidity and its structural funding risk on a regular basis as part of the company's internal capital adequacy assessment process (ICAAP). An analysis of OP MB's risk exposure should always take account of OP Financial Group's risk exposure, which is based on the joint and several liability of all its member credit institutions. The member credit institutions are jointly liable for each other's debts. All member banks must participate in support measures, as referred to in the Act on the Amalgamation of Deposit Banks, to support each other's capital adequacy. OP Financial Group analyses the business environment as part of its ongoing risk assessment activities and strategy process. Megatrends and worldviews behind OP Financial Group's strategy reflect driving forces that affect the daily activities, conditions and future of the Group and its customers. Factors currently shaping the business environment include climate, biodiversity loss, scientific and technological innovations, polarisation, demography and geopolitics. External business environment factors are considered thoroughly, so that their effects on customers' future success are understood. OP Financial Group provides advice and makes business decisions that promote the sustainable financial success, security and wellbeing of its owner-customers and operating region while managing the Group's risk profile on a longer-term basis. Advice for customers, risk-based service sizing, contract lifecycle management, decision-making, management and reporting are based on correct and comprehensive information. OutlookThe global economic outlook has weakened due to increased tariffs and a higher level of uncertainty. The Finnish economy is likely to grow less than previously expected and the outlook is exceptionally uncertain. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment of OP Financial Group and its customers.OP MB's capital adequacy is expected to remain strong and its risk exposure favourable. This enables issuance of covered bonds in the future. Schedule for Interim Reports in 2025 Half-year Financial Report 1 January–30 June 2025 30 July 2025 Interim Report 1 January–30 September 2025 28 October 2025 Helsinki, 7 May 2025 OP Mortgage BankBoard of Directors For more information, please contact:Sanna Eriksson, Managing Director, tel. +358 10 252 2517 DISTRIBUTIONLSE London Stock ExchangeEuronext Dublin (Irish Stock Exchange)Officially Appointed Mechanism (OAM)Major mediaop.fi
Dassault Systèmes: declaration of the number of outstanding shares and voting rights as of April 30, 2025 - ForexTV
Press ReleaseVELIZY-VILLACOUBLAY, France — May 7, 2025 Declaration of the number of outstanding shares and voting rights as of April 30, 2025 Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced below the total number of its outstanding shares and voting rights as of April 30, 2025, according to articles 223-16 and 221-3 of the General Regulation of the Autorité des marchés financiers. Number of outstanding shares: 1,340,781,968 Number of voting rights*: 2,013,969,163 *The total number of voting rights is calculated on the basis of the total number of outstanding shares, even if the voting rights attached thereto are suspended, pursuant to Article 223-11 of the General Regulation of the Autorité des marchés financiers relating to the method for calculating the percentages of holdings in shares and in voting rights. We invite our shareholders to refer to this article should they need to declare crossing of thresholds. Declarations related to crossing of threshold must be sent to: Dassault Systèmes, Investor Relations Service, 10, rue Marcel Dassault, CS 40501, 78946 Vélizy-Villacoublay Cedex (France). E-mail address: Investors@3ds.com ### ABOUT DASSAULT SYSTÈMES Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com Dassault Systèmes Investor Relations Team FTI ConsultingBéatrix Martinez : Arnaud de Cheffontaines: +33 1 47 03 69 48+33 1 61 62 40 73 Jamie Ricketts : +44 20 3727 1600investors@3ds.com Dassault Systèmes Press ContactsCorporate / France Arnaud Malherbe: +33 1 61 62 87 73arnaud.malherbe@3ds.com © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval. Attachment Dassault Systèmes: declaration of the number of outstanding shares and voting rights as of April 30, 2025
Nokia Corporation - Managers' transactions (Ihamuotila) - ForexTV
Nokia CorporationManagers’ transactions7 May 2025 at 12:20 EESTNokia Corporation - Managers' transactions (Ihamuotila)Transaction notification under Article 19 of EU Market Abuse Regulation.____________________________________________Person subject to the notification requirementName: Ihamuotila, Timo Position: Member of the BoardIssuer: Nokia CorporationLEI: 549300A0JPRWG1KI7U06 Notification type: INITIAL NOTIFICATIONReference number: 107170/7/8____________________________________________Transaction date: 2025-05-06Venue: AQEDInstrument type: SHAREISIN: FI0009000681Nature of transaction: ACQUISITION Transaction details(1): Volume: 1512 Unit price: 4.4025 EUR Aggregated transactions (1): Volume: 1512 Volume weighted average price: 4.4025 EUR____________________________________________Transaction date: 2025-05-06Venue: BEUPInstrument type: SHAREISIN: FI0009000681Nature of transaction: ACQUISITION Transaction details(1): Volume: 3569 Unit price: 4.4035 EUR (2): Volume: 2402 Unit price: 4.4040 EUR (3): Volume: 1411 Unit price: 4.4030 EUR (4): Volume: 1665 Unit price: 4.4035 EUR (5): Volume: 1665 Unit price: 4.4030 EUR (6): Volume: 1739 Unit price: 4.4040 EUR (7): Volume: 1824 Unit price: 4.4040 EUR (8): Volume: 2091 Unit price: 4.4035 EUR (9): Volume: 3547 Unit price: 4.4040 EUR (10): Volume: 1391 Unit price: 4.4040 EUR (11): Volume: 1526 Unit price: 4.4035 EUR (12): Volume: 3034 Unit price: 4.4035 EUR (13): Volume: 1370 Unit price: 4.4035 EUR (14): Volume: 1986 Unit price: 4.4040 EUR (15): Volume: 2391 Unit price: 4.4040 EUR (16): Volume: 1900 Unit price: 4.4065 EUR Aggregated transactions (16): Volume: 33511 Volume weighted average price: 4.4039 EUR____________________________________________Transaction date: 2025-05-06Venue: CEUDInstrument type: SHAREISIN: FI0009000681Nature of transaction: ACQUISITION Transaction details(1): Volume: 1635 Unit price: 4.4035 EUR (2): Volume: 16096 Unit price: 4.4031 EUR (3): Volume: 3325 Unit price: 4.4040 EUR (4): Volume: 1705 Unit price: 4.4040 EUR (5): Volume: 3154 Unit price: 4.4040 EUR Aggregated transactions (5): Volume: 25915 Volume weighted average price: 4.4034 EUR____________________________________________Transaction date: 2025-05-06Venue: DHELInstrument type: SHAREISIN: FI0009000681Nature of transaction: ACQUISITION Transaction details(1): Volume: 2016 Unit price: 4.4030 EUR Aggregated transactions (1): Volume: 2016 Volume weighted average price: 4.4030 EUR____________________________________________Transaction date: 2025-05-06Venue: JNSIInstrument type: SHAREISIN: FI0009000681Nature of transaction: ACQUISITION Transaction details(1): Volume: 27175 Unit price: 4.4070 EUR Aggregated transactions (1): Volume: 27175 Volume weighted average price: 4.4070 EUR____________________________________________Transaction date: 2025-05-06Venue: SGMUInstrument type: SHAREISIN: FI0009000681Nature of transaction: ACQUISITION Transaction details(1): Volume: 1475 Unit price: 4.4030 EUR Aggregated transactions (1): Volume: 1475 Volume weighted average price: 4.4030 EUR____________________________________________Transaction date: 2025-05-06Venue: TQEMInstrument type: SHAREISIN: FI0009000681Nature of transaction: ACQUISITION Transaction details(1): Volume: 1457 Unit price: 4.4030 EUR (2): Volume: 5545 Unit price: 4.4025 EUR Aggregated transactions (2): Volume: 7002 Volume weighted average price: 4.4026 EUR____________________________________________Transaction date: 2025-05-06Venue: XPACInstrument type: SHAREISIN: FI0009000681Nature of transaction: ACQUISITION Transaction details(1): Volume: 1394 Unit price: 4.4040 EUR Aggregated transactions (1): Volume: 1394 Volume weighted average price: 4.4040 EUR____________________________________________Aggregated transactions(28): Volume: 100 000 Volume weighted average price: 4.4045 EURAbout NokiaAt Nokia, we create technology that helps the world act together. As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation. With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future. Inquiries:Nokia CommunicationsPhone: +358 10 448 4900Email: press.services@nokia.comMaria Vaismaa, Global Head of External CommunicationsNokiaInvestor RelationsPhone: +358 931 580 507Email: investor.relations@nokia.com
Form 8.3 - AXA INVESTMENT MANAGERS: Alpha Group International plc - ForexTV
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser:AXA Investment Managers S.A.(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offereeAlpha Group International plc(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure02 May 2025(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”NO 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security:0.2p ordinary InterestsShort positions Number%Number%(1) Relevant securities owned and/or controlled:932,7192.20 (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 932,7192.20 All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors’ and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages: 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant securityPurchase/saleNumber of securitiesPrice per unit (b) Cash-settled derivative transactions Class of relevant securityProduct descriptione.g. CFDNature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unit (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitTypee.g. American, European etc.Expiry dateOption money paid/ received per unit (ii) Exercise Class of relevant securityProduct descriptione.g. call optionExercising/ exercised againstNumber of securitiesExercise price per unit (d) Other dealings (including subscribing for new securities) Class of relevant securityNature of dealinge.g. subscription, conversionDetailsPrice per unit (if applicable) 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”None (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state “none”None (c) Attachments Is a Supplemental Form 8 (Open Positions) attached?NO Date of disclosure:07 May 2025Contact name:Mireille KAHINDOTelephone number*:+33 1 44 45 97 45 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129. *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit. The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.
Form 8.3 - Alpha Group International plc - ForexTV
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser:Jupiter Fund Management Plc(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of Offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offereeAlpha Group International plc(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held: For an opening position disclosure, state the latest practicable date prior to the disclosure6th May 2025(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”No 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security:0.2p ordinary InterestsShort positions Number%Number%(1) Relevant securities owned and/or controlled:643,7141.51% (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL:643,7141.51% All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors’ and other employee options) Class of relevant security in relation to which subscription right exists:None Details, including nature of the rights concerned and relevant percentages:None 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant securityPurchase/saleNumber of securitiesPrice per unitN/A (b) Cash-settled derivative transactions Class of relevant securityProduct descriptione.g. CFDNature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unitNONE (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitTypee.g. American, European etc.Expiry dateOption money paid/ received per unitNONE (ii) Exercise Class of relevant securityProduct descriptione.g. call optionExercising/ exercised againstNumber of securitiesExercise price per unitNONE (d) Other dealings (including subscribing for new securities) Class of relevant securityNature of dealinge.g. subscription, conversionDetailsPrice per unit (if applicable)None 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”NONE (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state “none”NONE (c) Attachments Is a Supplemental Form 8 (Open Positions) attached?NO Date of disclosure:7th May 2025Contact name:Claire RodwayTelephone number:0203 817 1441 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.
Romanian Producer Inflation Slows in March - ForexTV
In March 2025, Romania experienced a decline in its annual producer inflation rate, which dropped to 3.32% from 4.03% in February. This deceleration was primarily attributed to moderated price hikes in the electricity, gas, steam, and air conditioning sectors, which saw an increase of 7.40% compared to 8.46% the previous month, as well as in manufacturing products, which rose by 1.81% down from 2.37%. Conversely, there was a continued increase in prices for services such as water supply, sewerage, waste management, and remediation activities, with a rise to 11.08% from 9.99%. Costs in the mining and quarrying sectors saw a rebound with a 1.52% increase, contrasting with the previous month's slight decrease of 0.01%. On a month-to-month basis, producer prices decreased by 2.41%, offsetting the 3.56% rise observed in the earlier period.The material has been provided by InstaForex Company - www.instaforex.com
Silver Climbs for Second Session - ForexTV
Silver prices advanced by nearly 2%, reaching approximately $33 per ounce on Tuesday, building on gains from the prior session. This increase was driven by persistent trade uncertainties that heightened the demand for safe-haven assets. Investors responded to recent remarks by US President Donald Trump, who indicated he would not be speaking with Chinese President Xi Jinping this week. However, Trump hinted at a potential reduction of the substantial 145% tariff on Chinese goods. Additionally, President Trump announced a new 100% tariff on foreign-produced films and suggested future tariffs on pharmaceuticals, causing further disturbance in global markets. The focus now turns to the upcoming policy meeting of the US Federal Reserve. While the Fed is anticipated to keep interest rates steady, investors will be keenly analyzing Chair Jerome Powell’s statements for indications on how the central bank intends to tackle the mounting economic risks arising from global trade tensions and the political pressure for rate cuts.The material has been provided by InstaForex Company - www.instaforex.com
Announcement concerning large shareholders under the Danish Capital Markets Act - ForexTV
Nasdaq CopenhagenEuronext DublinLondon Stock Exchange Other stakeholders Date 6 May 2025 Announcement concerning large shareholders under the Danish Capital Markets Act In accordance with the Danish Capital Markets Act art. 31, it is hereby announced that Ringkjøbing Landbobank A/S, CVR no. 37536814, Torvet 1, 6950 Ringkøbing, Denmark, has, effective from 2 May 2025, reduced its ownership interest to below 5% of the share capital in Ringkjøbing Landbobank A/S in connection with the final implementation of the capital reduction, cf. company announcement if the 5 May 2025 “Implementation of capital reduction”. As of 5 May 2025, the bank held 334,100 of its own shares, corresponding to 1.32 % of the share capital in the bank. Kind regards Ringkjøbing Landbobank John FiskerCEO Attachment Announcement concerning large shareholders under the Danish Capital Markets Act 2025-05-06 - EN
Akropolis Group has mandated Citigroup Global Markets Europe AG, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) to coordinate bond issuance process and commence meetings with investors - ForexTV
This announcement relates to the disclosure of information in relation to the Notes that qualifies or may have qualified as inside information withing the meaning of article 7(1) of the Market Abuse Regulation (EU) 596/2014 ("MAR").For the purpose of MAR and article 2 of the Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Gabrielė Sapon, CEO of the Issuer.AKROPOLIS GROUP, UAB (the "Issuer"), the leading shopping and entertainment centre development and management company in the Baltic countries, hereby notifies investors that it has mandated Citigroup Global Markets Europe AG, ING Bank N.V. and Skandinaviska Enskilda Banken AB (publ) to arrange a series of fixed income investor meetings, beginning on 6th May, 2025. A Deal Roadshow presentation will be made available. A benchmark EUR-denominated Green RegS only senior unsecured offering (the “Notes”) may follow, subject to market conditions. The Notes are expected to be rated BB+ by S&P and BB+ by Fitch. Citigroup Global Markets Europe AG and ING Bank N.V. are also acting as the Green Finance Structuring Banks.The Issuer intends to allocate an amount equal to the net proceeds from the offering of the Notes to refinance the Issuer's existing EUR 300,000,000 2.875 per cent Guaranteed Notes due 2026 (the "Existing Notes"), which is in accordance with the Green Finance Framework (available here: Akropolis Group - Green Finance Framework - February 2025) as the proceeds of the Existing Notes were used to finance a portfolio of Eligible Green Projects and/or to the financing and refinancing of its Eligible Green Assets (as they are defined in the Green Finance Framework).If the Issuer is able to complete a transaction on satisfactory terms, the Issuer intends thereafter to exercise the make-whole redemption option in relation to its Existing Notes. For further information please contact:The Issuer Investors RelationsAKROPOLIS GROUP, UABIR@akropolis.ltNOT FOR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, THE UNITED STATES OR TO ANY U.S. PERSON, OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
Italfarmaco Announces U.S. FDA Grants Fast Track Designation to Givinostat in Treatment of Polycythemia Vera - ForexTV
MILAN, Italy, May 6, 2025 – Italfarmaco S.p.A. announced today that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to givinostat for the treatment of patients with polycythemia vera (PV), a rare haematologic cancer, for which treatment options are limited.“The FDA decision to grant givinostat Fast Track designation underscores the urgent need for innovative treatments for PV and highlights the potential of givinostat to make a meaningful difference,” said Paolo Bettica, MD, PhD, Chief Medical Officer at Italfarmaco Group. “We look forward to working closely with the FDA as we plan for completion of our Phase III clinical trial.”Givinostat is an orally administered histone deacetylase inhibitor (HDACi) with potential applications in both neuromuscular disorders and oncology. HDACis work by modulating key cellular pathways that regulate gene expression, offering promising therapeutic benefits across a range of diseases. Givinostat is currently being studied for its potential to treat PV, a rare blood cancer characterised by the overproduction of erythroid, myeloid, and megakaryocytic components in the bone marrow. PV commonly causes symptoms like headache, weakness, and itching, with severe complications including stroke, heart attack, and deep vein thrombosis, which are leading causes of mortality. Furthermore, PV carries a variable risk of progression to myelofibrosis or acute myeloid leukaemia. By targeting and modulating abnormal gene expression, givinostat may help control excessive cell proliferation driven by mutations such as JAK2V617F, commonly found in PV patients. This mechanism aims to reduce disease burden, alleviate symptoms, and improve long-term outcomes. The Phase III trial (NCT06093672) is currently enrolling patients with clinical sites open in Europe, the UK, Israel, and North America, with more sites expected soon.FDA Fast Track designation is a process designed to facilitate the development and expedite the review of new drugs or biologics that are intended to treat serious or life-threatening conditions and address unmet medical needs. This designation aims to accelerate the drug development and review process by encouraging early and frequent communication between the FDA and drug companies.Givinostat has received orphan drug designation by the FDA and the European Medicines Agency (EMA) for PV. In addition, givinostat (Duvyzat®) has marketing authorisations for Duchenne muscular dystrophy from the FDA and the MHRA1, with a positive opinion adopted by the CHMP2 and other regulatory processes currently ongoing.About ITALFARMACO Founded in 1938 in Milan, Italy, Italfarmaco is a private global pharmaceutical company that has led the successful development and approval of many pharmaceutical products around the world. The Italfarmaco group has operations in more than 60 countries through directly controlled or affiliated companies. The company is a leader in pharmaceutical research, product development, production and commercialisation with proven success in many therapeutic areas including immuno-oncology, gynaecology, neurology, cardiovascular disease and rare diseases. Italfarmaco's rare disease unit includes programmes in Duchenne muscular dystrophy, Becker muscular dystrophy, amyotrophic lateral sclerosis and polycythaemia vera. Media enquiries:Anja Heuer / Jacob Verghese |+49 (0) 151 106 199 05 | italfarmaco@trophic.eu Other enquiries:Patient Advocacy and Communications Lead| s.parker@italfarmacogroup.com [1] UK’s Medicines and Healthcare products Regulatory Agency[2] European Medicines Agency Committee for Medicinal Products for Human Use Attachment Italfarmaco Press Release Givinostat Fast Track Designation FDA
French Industrial Production Growth Slows to a Crawl in March 2025 - ForexTV
In a stark deceleration from previous months, French industrial production growth has substantially eased, with the current indicator halting at a mere 0.2% in March, down from February's 1.0%. This sharp month-over-month decline marks a significant reduction in the pace of industrial output, as reported on 6 May 2025.The latest data indicate that the vigorous expansion seen in February has fizzled in March, suggesting potential headwinds in the industrial sector amidst broader economic conditions. While still in positive territory, the slowdown could signal emerging challenges within France’s industrial landscape, such as supply chain constraints or reduced demand.Market analysts will undoubtedly be closely monitoring this situation to assess whether this month's figure is merely a temporary blip or part of a longer-term downtrend in industrial activity. As policymakers and stakeholders digest this information, their strategies and responses could play a critical role in shaping the future trajectory of French industrial production.The material has been provided by InstaForex Company - www.instaforex.com
Australian Shares Fall for Second Session - ForexTV
On Tuesday, the S&P/ASX 200 Index fell by 0.08%, closing at 8,151, marking its second consecutive day of decline due to escalating global trade tensions and discouraging economic indicators. President Trump mentioned he would not be engaging in talks with Xi Jinping this week, though he indicated a willingness to consider reducing the significant 145% tariff on Chinese imports. Furthermore, Trump proposed a 100% tariff on foreign films and suggested that tariffs on pharmaceuticals might be introduced in the coming weeks. Domestically, Australian market sentiment was negatively impacted by underwhelming building permits data and indications of slowing growth in China's services sector, both of which are crucial for Australia's trade-dependent economy. The financial sector led the downward trend, witnessing substantial drops in major banks such as Westpac, which fell by 2.1%, NAB by 1.5%, and ANZ Group by 0.8%. Technology and mining stocks also faced pressures. Conversely, gold miners bucked the trend with Northern Star Resources rising by 4.2% and Evolution Mining increasing by 5.4%, as they benefited from stronger bullion prices.The material has been provided by InstaForex Company - www.instaforex.com
Priothera Appoints Dr. Jens Hasskarl as Chief Medical Officer to Drive Late-Stage Clinical Development of Mocravimod, a S1P Receptor Modulator for Acute Myeloid Leukemia (AML) - ForexTV
Dr. Hasskarl to lead global Phase 3 MO-TRANS study evaluating mocravimod as an adjunctive treatment to allo-HCT in AML Saint-Louis, France and Dublin, Ireland – 6th May 2025– Priothera Ltd., a late-stage biopharma company pioneering the development of mocravimod, a novel oral sphingosine 1 phosphate (S1P) receptor modulator, to treat hematologic malignancies, today announced the appointment of Jens Hasskarl, MD, PhD, as Chief Medical Officer (CMO). Dr. Hasskarl will oversee the global Phase 3 clinical study MO-TRANS of mocravimod, which is being developed as an adjunctive treatment in acute myeloid leukemia (AML) to enhance the curative potential of allogeneic hematopoietic cell transplantation (allo-HCT). Dr. Hasskarl brings over two decades of international leadership experience in clinical development, translational science and medical affairs across top-tier pharma, biotech and academic institutions. Most recently, he served as CMO at Advesya AG, where he led the strategic development of novel immunotherapies in haemato-oncology and autoimmunity. He previously held senior executive roles at Tigen Pharma, Celgene and Novartis, where he was instrumental in the development and global approval of multiple cellular therapies including Breyanzi®, Abecma® and Kymriah®. "Jens’ deep expertise in hematology, cellular therapy and translational drug development, combined with his entrepreneurial mindset and proven track record in leading successful global clinical programs, make him the ideal fit," said Florent Gros, Co-Founder and CEO of Priothera. "His insight and leadership will be critical as we prepare for the final phase of clinical execution and regulatory engagement for mocravimod. We would like to thank Dr. Elisabeth Kueenburg, Priothera’s former CMO, for her contributions and wish her every success in her future endeavors." “I am thrilled to join Priothera during such an exciting phase,” said Dr. Hasskarl, CMO of Priothera. “The company’s science-driven approach and commitment to improving outcomes for patients with AML aligns perfectly with my focus on advancing innovation in hematology. I look forward to working closely with the team to bring this promising therapy to patients worldwide.” Dr. Hasskarl holds an MD and PhD from Heidelberg University and the German Cancer Research Center. He completed a postdoctoral fellowship at Harvard Medical School and holds a diploma in Health Economics. He is a board-certified Internist with a specialty in hematology and oncology and continues to lecture at Freiburg Medical School in Germany. *** About mocravimodMocravimod (KRP203) is a synthetic S1P receptor modulator being developed for the adjunctive treatment of AML to enhance the curative potential of allo-HCT. Mocravimod’s dual mechanism of action preserves the graft-versus-leukemia (GvL) effect, critical for eliminating cancer cells while reducing the risk of graft-versus-host disease (GvHD), a major complication following allo-HCT. This novel treatment approach – mocravimod being the only S1P receptor modulator in development to treat blood cancers – tackles a high unmet medical need and aims to improve patients’ quality of life. About PriotheraPriothera is a late-stage biopharma company pioneering the development of mocravimod, a potential new standard of care in hematologic cancers, in combination with cellular therapies such as hematopoietic cell transplantation and CAR-T cell therapies. Mocravimod is being developed as an adjunctive and maintenance therapy for hematological malignancies, focusing initially on acute myeloid leukemia (AML), in combination with allogeneic hematopoietic cell transplant (allo-HCT). Mocravimod is currently the only treatment with the potential to reduce transplant side effects of graft-versus-host disease (GvHD) without compromising the graft’s anticancer effect against leukemia (Graft-versus-Leukemia, or GvL), thereby enhancing the curative potential of allo-HCT. Founded in 2020, Priothera operates in France, with headquarters in Dublin. The company is led by a highly experienced management team with deep expertise in hematology, oncology, immunology and cell-based therapies. Priothera is backed by leading international life sciences investors, including Fountain Healthcare Partners, abrdn, EarlyBird Venture Capital, BEI and Bpifrance Grand Est. For more information please visit www.priothera.com or follow Priothera on LinkedIn www.linkedin.com/company/priothera/ Contacts PriotheraFlorent Gros, CEOE: info@priothera.com MEDiSTRAVA ConsultingSylvie Berrebi, Frazer HallE: priothera@medistrava.comT: +44 (0) 203 928 6900
Essential Pharma strengthens management team with appointment of Duncan Ferguson as Vice President, Commercial - ForexTV
Egham, UK – 6th May 2025 – Essential Pharma (“Essential” or “the Company”), a global pharmaceutical company developing and delivering medicines for patients in niche populations, today announces the appointment of Duncan Ferguson as Vice President, Commercial. Duncan joins Essential today and will support the continued growth of the Company’s portfolio of medicines for small, underserved or rare disease populations. He will join the Leadership Team and drive the commercial strategy of the business across sales, marketing, product promotion and market access, as well as leading on all key customer and distribution partner relationships. Duncan has over 25 years’ experience in the pharmaceutical industry, bringing with him an impressive track record of success in commercial strategy, market expansion, and business development. He was most recently Head of Partner Markets at Jazz Pharmaceuticals (“Jazz”), a NASDAQ listed biopharmaceutical company, where he oversaw key strategic partnerships. Whilst at Jazz, Duncan also worked as General Manager – European Regional Markets, overseeing operations across the Nordics, Austria, Switzerland, Benelux, and Central and Eastern Europe. During this time, he successfully built new commercial organisations to launch an FDA and EMA approved rare disease medicine. Prior to this, Duncan held several senior commercial and operational roles, including Head of Commercial Operations, Europe CIS at Aspen Pharma and Senior Vice President, Global Commercial Strategy at LEO Pharma. He began his career at Abbott Laboratories, in a range of sales and marketing roles. Emma Johnson, CEO of Essential Pharma, said: “We are delighted to welcome Duncan to the Essential Pharma team. His deep commercial expertise and leadership experience will be instrumental in growing our portfolio of transformative medicines, enhance our rare disease expertise and support us in delivering more treatments to the patients that need them.” Duncan Ferguson, VP Commercial of Essential Pharma, added: “I am thrilled to be joining Essential Pharma at such an exciting time in its journey. The Company’s commitment to delivering medicines to underserved patient populations is clear, and I look forward to working alongside the talented team to expand our commercial footprint and accelerate growth in order to bring more medicines to patients worldwide.” About Essential Pharma Essential Pharma is a global pharmaceutical company developing and delivering medicines for patients in niche populations. We have a proven track record of acquiring, investing in and commercialising treatments. Our growing product portfolio reaches patients in approximately 70 countries, and we cover multiple therapy areas with a particular focus on rare disease, CNS, ophthalmology and gastroenterology. Our first development-stage asset is an anti-GD2 antibody for the treatment of high-risk neuroblastoma. We challenge convention and work smarter to help ensure patients in small, underserved or rare disease populations have access to the medicines they need. Every patient matters. For more information, visit www.essentialpharmagroup.com CONTACTS Essential Pharma Emma Johnson, CEO Tel: +44(0)1784 477 167 Email: info@essentialpharmagroup.com ICR Healthcare Tracy Cheung/Chris Welsh/Lucy Featherstone Tel: +44 (0) 20 3709 5700 Email: Essentialpharma@icrhealthcare.com
Romania's Producer Price Index Shows Deceleration in March - ForexTV
Romania's Producer Price Index (PPI) has demonstrated a slight deceleration in March 2025, marking a continued trend of price moderation in the industrial sector. The latest data reveals that the PPI reached 3.32% in March, a noticeable decrease from 4.03% reported in February. This data update, which surfaced on May 6, 2025, indicates a year-over-year decline, showcasing adjustments in industrial prices when compared to the same period in the previous year.The dip in PPI suggests that producers in Romania are experiencing a reduced rate of increase in the prices for goods, indicating potential changes in demands, costs, or competitive dynamics in the market. The month-on-month analysis also suggests a downward trend, as the previous month’s rate in February reflected an adjusted comparison of 4.03%, highlighting a consistent softening pattern within the span of just one month.Economists and industry watchers may interpret this trend as a signal of stabilizing input costs, which could influence profit margins and pricing strategies throughout the industrial sector. As such, these developments will be critical to monitor in the coming months, as businesses and policy makers assess the implications on the broader economic landscape.The material has been provided by InstaForex Company - www.instaforex.com