MALVERN, Pa., Sept. 05, 2024 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, and vaccines, today announced that Arun Upadhyay, PhD, Ocugen’s Chief Scientific Officer, Head of Research & Development, will be among the featured speakers at the 5th Annual Gene Therapy for Ophthalmic Disorders conference, which is being held September 10-12, 2024 in Boston, Mass.
“There is tremendous potential for gene therapy to treat both rare retinal diseases and ophthalmic diseases affecting millions,” said Dr. Upadhyay. “I look forward to sharing the development and clinical progress of Ocugen’s modifier gene therapy platform with my peers and learning about the latest advancements in the field from industry experts.”
Details regarding Dr. Upadhyay’s participation are as follows:
Workshop Moderator Topic: Navigating Regulatory Pathways for Ophthalmic Gene Therapies Date: Tuesday, September 10, 2024 Time: 1-4 p.m. ET
Presentation Topic: Advancements in Gene Therapy for Opthalmic Disorders: Ocugen’s Clinical Program Updates Date: Thursday, September 12, 2024 Time: 11:30 a.m.-noon
About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patients’ lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on X and LinkedIn.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overachieves expectations. Second quarter revenues of $105.8 million was in line with our $105.0 million estimate. Due to lower than expected Selling & Marketing Expenses and efficiency initiatives, adj. EBITDA was $16.2 million, far better than our $0.9 million estimate, illustrated in Figure #1 Q2 Results. Selling & Marketing expenses were roughly $11 million lower than expected, accounting for the largest portion of the sizable “beat”.
PC picking up Steam. Notably, management highlighted the launch of Pixel Gun 3D PC Edition to the Steam platform, the largest digital distribution platform for PC gaming. The launch of Pixel Gun 3D on Steam and a solid quarter for Hero Wars: Dominion Era led to PC revenue accounting for 42% of total revenue, up from 38% in the prior year period. The addition of Steam is viewed favorably given that PC players tend to spend more money and time playing than mobile users.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Key priorities for 2024 and 2025. Aurania appears to be making significant progress on key 2024 and 2025 priorities that were highlighted by Dr. Keith Barron, CEO and Director, during the company’s annual general meeting in June. These include: 1) exploration at the Lost Cities project in Ecuador, 2) advancing the company’s application for an exploration license in the Brittany Peninsula of northwestern France, 3) advancing joint venture and strategic partnership discussions, and 4) expanding community access agreements and community projects in Ecuador.
Exploration program. While Aurania’s exploration program is flexible, the company intends to complete an induced polarization (IP) geophysical survey this year at the Kuri-Yawi epithermal gold target followed by a drill program that will likely commence in the first quarter of 2025. An Anaconda mapping program has been completed in the southern part of Aurania’s Awacha porphyry copper target area and exploration teams are wrapping up a mapping program in the northern portion of the property with the goal of preparing it for drilling in the future. Fieldwork is also expected to continue at Crunchy Hill during the third quarter.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – August private payrolls increased by just 99,000, the lowest since January 2021. – Job growth slowed across most sectors, with a few industries reporting declines. – Markets anticipate the weaker job market could influence the Federal Reserve’s next rate cut decision
Private sector payrolls in the U.S. grew by a mere 99,000 in August, the smallest monthly gain since January 2021, according to data released by payroll processor ADP. This marks a sharp slowdown in hiring and came in well below economists’ expectations of 140,000, signaling a more pronounced cooling of the labor market.
This slowdown continues a trend of reduced hiring momentum seen over recent months. ADP’s chief economist, Nela Richardson, emphasized that the job market’s rapid post-pandemic recovery has now given way to slower, more typical hiring rates. Following the surge in job creation after the Covid-19 crisis, the labor market is now reverting to a less aggressive pace.
While most sectors showed diminished hiring, outright job losses were limited to a few key industries. Professional and business services saw a reduction of 16,000 positions, manufacturing lost 8,000 jobs, and the information services sector shed 4,000. In contrast, sectors such as education and health services saw gains of 29,000 jobs, while construction added 27,000 positions. Financial activities, too, showed growth, increasing by 18,000, while trade, transportation, and utilities contributed 14,000 new roles.
Small businesses—those with fewer than 50 employees—saw a net loss of 9,000 jobs, while mid-sized companies fared better, adding 68,000 positions. This uneven distribution highlights how the labor market is bifurcated, with mid-sized firms leading job growth while smaller businesses struggle to maintain workforce numbers.
Despite the slower job growth, wage increases persisted, albeit at a moderated pace. ADP reported a 4.8% year-over-year increase in wages for those remaining in their positions, maintaining July’s growth rate. However, the ongoing rise in wages, though slower, continues to add pressure on businesses already dealing with hiring challenges and a cooling economy.
The labor market’s performance in August is expected to heavily influence the Federal Reserve’s upcoming decision on interest rates. With markets already predicting a rate cut at the Fed’s September meeting, the weaker hiring data adds further weight to expectations that the central bank will ease its monetary stance. The broader question remains whether the Fed will move swiftly to reduce rates or take a more measured approach as it balances inflation control with supporting the labor market.
As the ADP report arrives just ahead of the more comprehensive nonfarm payrolls data from the Bureau of Labor Statistics, all eyes are on the upcoming figures to see whether they will confirm the same slowdown in hiring. The forecast calls for payrolls to rise by 161,000, but recent data suggests there may be more downside risk to this estimate.
In light of the weaker job growth and mixed signals from the economy, investors are closely watching the Fed’s response. Current market pricing indicates at least a quarter-point cut at the September meeting, with further reductions expected by the year’s end. However, the pace and scale of those cuts will largely depend on how the labor market continues to evolve in the months ahead.
Key Points: – The bond market’s yield curve briefly normalizes after two years of inversion. – Economic data and Fed comments contribute to the shift, though recession risks remain. – Lower job openings and potential rate cuts add complexity to economic outlook.
The bond market witnessed a significant shift on Wednesday as the yield curve, a closely-watched economic indicator, briefly returned to a normal state. The relationship between the 10-year and 2-year Treasury yields, which had been inverted since June 2022, saw the 10-year yield edge slightly above the 2-year. This inversion had been a classic signal of potential recession, making this reversal noteworthy for economists and investors alike.
The normalization followed key economic developments, including a surprising drop in job openings and dovish remarks from Atlanta Federal Reserve President Raphael Bostic. The Labor Department reported that job openings fell below 7.7 million in the latest month, indicating a shrinking gap between labor supply and demand. This decline is significant given the post-pandemic period when job openings had far outpaced available workers, contributing to inflationary pressures.
Bostic’s comments, suggesting a readiness to lower interest rates even as inflation remains above the Federal Reserve’s 2% target, further influenced market dynamics. The potential for rate cuts is generally seen as a positive for economic growth, particularly after the Fed has kept rates at a 23-year high since July 2023. However, the shift in the yield curve does not necessarily signal an all-clear for the economy. Historically, the curve often normalizes just before or during a recession, as rate cuts reflect the Fed’s response to an economic slowdown.
Despite the market’s focus on the 2-year and 10-year yield relationship, the Federal Reserve places greater emphasis on the spread between the 3-month and 10-year yields. This segment of the curve remains steeply inverted, with a difference exceeding 1.3 percentage points. The ongoing inversion here suggests that while the bond market may be sending mixed signals, the broader economic outlook remains uncertain.
The recent price action underscores the delicate balance the Fed faces in managing inflation while avoiding triggering a recession. As investors digest these developments, the brief normalization of the yield curve offers a glimmer of hope but also a reminder of the complex and potentially turbulent road ahead.
Sale aligns with Conduent’s strategy to streamline its portfolio, focusing on core capabilities and advancing synergistic growth.
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced that it has completed the sale of its Casualty Claims Solutions Business to MedRisk , the nation’s largest managed care organization dedicated to the physical rehabilitation of workers’ compensation patients. The transaction was initially announced on May 3, 2024.
“This completed divestiture is the third in our portfolio optimization plan, allowing us to further improve our balance sheet and advance our capital allocation strategy,” said Cliff Skelton, President and Chief Executive Officer at Conduent. “Our priority now is to ensure a seamless transition for our teammates and our clients.”
MedRisk is acquiring Conduent’s workers’ compensation and auto casualty bill review solutions and services, inclusive of the Strataware portfolio of products and technology.
Conduent will continue to provide mailroom services for casualty claim clients and will now serve MedRisk as one of its clients.
Additional details of the transaction are outlined in Conduent’s 8-K filed with the U.S. Securities and Exchange Commission (SEC) today.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com .
Forward-Looking Statements
This press release, any exhibits or attachments to this release, and other public statements we make may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “plan,” “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” “continue to,” “endeavor,” “if,” “growing,” “projected,” “potential,” “likely,” “see,” “ahead,” “further,” “going forward,” “on the horizon,” “strategy,” and similar expressions (including the negative and plural forms of such words and phrases), as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact included in this press release or any attachment to this press release are forward-looking statements, including, but not limited to, statements regarding the sale of Conduent’s Casualty Claims Solutions business to MedRisk, such as Conduent’s focus on continuing to provide a seamless transition for team members and clients while advancing its goals for deployable capital and Conduent’s strategy to streamline its portfolio, focus on core capabilities and advance synergistic growth, as well as to streamline its business portfolio, enhance its focus on core capabilities and increase agility. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, many of which are outside of our control, that could cause actual results to differ materially from those expected or implied by such forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make.
Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to: Conduent’s ability to realize the benefits anticipated from the sale of its Casualty Claims Solutions Business; unexpected cost, liabilities or delays in connection with the transaction; the significant transaction costs associated with the transaction; negative effects of the consummation of the transaction on the market price of our common stock or operating results, including as a result of changes in key customer, supplier, employee or other business relationships; the risk of litigation or regulatory actions; our inability to retain and hire key personnel; the risk that certain contractual restrictions contained in the definitive transaction agreement could adversely affect our ability to pursue business opportunities or strategic transactions; and other factors that are set forth in the “Risk Factors” and other sections of our Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. Any forward-looking statements made by us in this release speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether because of new information, subsequent events or otherwise, except as required by law.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
LIMASSOL, Cyprus, Sept. 04, 2024 (GLOBE NEWSWIRE) — GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”) released its unaudited financial and operational results for the second quarter and first half-year ended June 30, 2024.
GDEV CEO, Andrey Fadeev stated:
“Over the past months, we’ve been refining our strategic vision, and now we’re prepared to push forward with renewed confidence. Despite the temporary decline in some of our key operational and financial metrics, our ability to maintain a robust revenue mix between PC and mobile platforms — where PC has grown to 42% of our total bookings — underscores our adaptive strategy and resilience. Additionally, our strong cash flow trends, the significant reduction in platform commissions and the reduction of the game operation costs reflect the operational efficiencies we’ve been able to achieve, reflected in our recording a net profit in Q2 2024 versus a net loss in Q1 2024 and an improvement in Adjusted EBITDA year over year. Each of our studios is laser-focused on delivering the top game for their audience. We are bringing in top talent from the gaming industry, which is helping us turn our long-held ambitions into reality. This journey is driven by strategic growth and a commitment to excellence in everything we do. This isn’t just about quick wins; it’s about building a strong, sustainable future. We’re here for the long haul, dedicated to creating experiences that will impress our players and solidify our position in the market.”
Second quarter 2024 financial highlights:
Revenue of $106 million decreased by 8% year-over-year.
Bookings of $108 million decreased by 3% year-over-year primarily due to decrease of advertising bookings while the bookings from in-app purchases remained relatively stable, demonstrating continued user engagement.
Selling and marketing expenses of $47 million decreased by 7% year-over-year driven by our successful shift in user acquisition strategy, focusing on enhancing efficiency and long-term value generation.
Platform commissions decreased by 16% year-over-year, driven by strong performance of our PC platforms, which carry lower commissions.
Profit for the period, net of tax of $15 million in Q2 2024 vs. $20 million in Q2 2023.
Adjusted EBITDA of $16 million in the second quarter of 2024 staying at the same level compared to the second quarter of 20231, highlighting our operational resilience amidst market fluctuations
Cash flows generated from operating activities were $11 million, demonstrating strong cash management and operational efficiency.
European share of bookings increased to 29%, reflecting our growing presence and successful marketing activities in the region.
Product updates:
Hero Wars, our flagship global mid-core franchise, recently celebrated a major milestone with its first-ever in-game collaboration featuring the legendary gaming icon, Lara Croft. This partnership garnered overwhelmingly positive feedback from our player community and was bolstered by extensive brand marketing campaigns. These efforts propelled the Hero Wars brand to an all-time high in Google Trends search interest.
Pixel Gun 3D, our pixel shooter franchise, successfully expanded to the PC platform with its launch on Steam. The game made an impressive debut, ranking among the Top 20 best-selling and Top 50 most-played games and peaking at 25,000 concurrent players. Remarkably, these achievements were secured with minimal marketing spend, enabling us to recover development costs on the very first day of release.
Second quarter and first half 2024 financial performance in comparison
In the second quarter of 2024, our revenue decreased by $9 million (or 8%) year-over-year and amounted to $106 million. While bookings for the second quarter of 2024 remained relatively stable, decreasing by $3 million, the decrease in revenue compared to Q2 2023 was primarily driven by a decrease in the recognition of deferred revenues associated with bookings recorded in periods prior to Q2 2024: in Q2 2024, $63 million of revenues resulted from the bookings recorded prior to Q2 2024 compared to $70 million of revenues booked in Q2 2023 which resulted from bookings recorded prior to Q2 2023. Revenues reported in Q2 2023, in turn, were impacted by the recognition of record high bookings generated in 2021. The decrease in revenues also reflects the increasing portion of our bookings in Q2 2024 that are required to be recognized as deferred revenue in later periods, as a greater proportion was generated from our PC platform, where players’ lifespan tends to be higher compared with other platforms.
Platform commissions decreased by $4 million (or 16%) in the second quarter of 2024 compared to the same period in 2023, driven by a 7% decrease in revenues generated from in-game purchases, and amplified by growth of revenues derived from PC platforms which are associated with lower commissions.
Game operation costs decreased by $2 million, reaching $12 million in the second quarter of 2024, driven mostly by a decrease in employee headcount in our office in Armenia compared with the same period in 2023.
Selling and marketing expenses in the second quarter of 2024 decreased by $3 million, amounting to $47 million. The decrease is attributed to a shift in user acquisition strategy focused on enhancing efficiency in Q2 2024 vs. the same period in 2023.
General and administrative expenses were $9 million in Q2 2024 compared with $8 million in Q2 2023. The increase was primarily due to the consulting fees related to investor relations activities.
As a result of the factors above, together with other diverse factors (including, principally, a change in fair value of share warrant obligation of $0.4 million in Q2 2024 vs. $5 million in Q2 2023), we recorded a profit for the period, net of tax, of $15 million compared with $20 million in the same period in 2023. Adjusted EBITDA in Q2 2024 amounted to $16 million, an increase of $0.6 million compared with the same period in 2023.
Cash flows generated from operating activities were $11 million in the second quarter of 2024 compared with $12 million in the same period in 2023.
First half 2024 financial performance
In the first half of 2024, our revenue decreased by $21 million (or 9%) year-over-year and amounted to $213 million. While bookings for the first half of 2024 remained relatively stable, increasing by $2 million, the decrease in revenue compared to the first half of 2023 was primarily driven by a decrease in the recognition of deferred revenues associated with bookings recorded in periods prior to H1 2024: in the first half of 2024, $138 million of revenues resulted from the bookings recorded prior to 2024 compared to $155 million of revenues booked in the first half of 2023 which resulted from bookings recorded prior to 2023. Revenues reported in the first half of 2023, in turn, were impacted by the recognition of record high bookings generated in 2021. The decrease in revenues also reflects the increasing portion of our bookings in Q2 2024 that are required to be recognized as deferred revenue in later periods, as a greater proportion was generated from our PC platform, where players’ lifespan tends to be higher compared with other platforms.
Platform commissions decreased by $10 million (or 18%) in the first half of 2024 compared to the same period in 2023, driven by a 9% decrease in revenues generated from in-game purchases, and amplified by growth of revenues derived from PC platforms which are associated with lower commissions.
Game operation costs decreased by $3 million, reaching $25 million in the first half of 2024, driven mostly by a decrease in employee headcount in our office in Armenia compared with the same period in 2023.
Selling and marketing expenses in the first half of 2024 decreased by $19 million, amounting to $111 million. The decrease is attributed to a shift in user acquisition strategy focused on enhancing efficiency in the first half of 2024 vs. the same period in 2023.
General and administrative expenses remained relatively stable at $16 million for the first half of 2024 and 2023.
As a result of the factors above, together with other factors (including, principally, (i) a change in fair value of share warrant obligation of $0.3 million in the first half of 2024 vs. $11 million in the first half of 2023, and (ii) other financial income related to the write-off of put option liability of $4 million in the first half of 2024 vs. nil in 2023), we recorded a profit for the period, net of tax, of $13 million compared with $11 million in the same period of 2023. Adjusted EBITDA in the first half of 2024 amounted to $14 million, an increase of $10 million compared with the same period in 2023.
Cash flows generated from operating activities amounted to $12 million in the first half of 2024, an increase from negative $0.1 million in the same period of 2023.
Second quarter and first half 2024 operational performance comparison
Q2 2024
Q2 2023
Change (%)
H1 2024
H1 20232
Change (%)
Bookings ($ million)
108
111
(3%)
216
214
1%
Bookings from in-app purchases
101
102
(1%)
201
198
2%
Bookings from advertising
7
9
(23%)
15
16
(5%)
Share of advertising
6.2%
7.7%
(1.5 p.p.)
6.9%
7.4%
(0.5 p.p)
MPU (thousand)
381
392
(3%)
381
387
(2%)
ABPPU ($)
88
87
2%
88
85
3%
Bookings stayed relatively stable at $108 million and $216 in the second quarter and first half of 2024, respectively, compared with the same periods of 2023.
The share of advertisement sales as a percentage of total bookings decreased in the second quarter and the first half of 2024 to reach 6.2% and 6.9%, respectively, compared to 7.7% and 7.4% in the respective periods of 2023. This decline was primarily driven by a global trend of declining CPM rates for advertising in 2024.
Split of bookings by platform
Q2 2024
Q2 2023
H1 2024
H1 2023
Mobile
58%
62%
60%
63%
PC
42%
38%
40%
37%
In the second quarter and first half of 2024, the share of PC versions of our games increased by 4 p.p. and 3 p.p. respectively, compared with the same periods of 2023.
Split of bookings by geography
Q2 2024
Q2 2023
H1 2024
H1 2023
US
34%
36%
34%
36%
Asia
22%
24%
22%
25%
Europe
29%
24%
29%
24%
Other
15%
16%
15%
15%
Our split of bookings by geography both in the second quarter of 2024 and first half of 2024 vs. the respective periods of 2023 remained broadly similar, with a certain increase in the share of Europe bookings.
Note:
Due to rounding, the numbers presented throughout this document may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those were to be calculated based on the rounded numbers.
The figures in this release are unaudited.
Webcast details
To listen to the audio webcast please follow this link. To participate in the conference call, please use the following details:
US toll-free dial: +1 844-543-0451 US local: +1 864-991-4103 United Kingdom toll-free: +44 808 175 1536 United Kingdom local: +44 1400 220156
Conference ID: 886570
For additional dial-in options, please use this link.
About GDEV
GDEV is a hub of gaming studios, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated hundreds of millions of installs worldwide. For more information, please visit gdev.inc.
Contacts:
Investor Relations Roman Safiyulin | Chief Corporate Development Officer investor@gdev.inc
Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2023 Annual Report on Form 20-F, filed by the Company on April 29, 2024, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Presentation of Non-IFRS Financial Measures
In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure “Adjusted EBITDA” (the “Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the profit/loss for the period, net of tax as presented in the Company’s financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity accounted associates’ impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.
Reconciliation of the profit for the period, net of tax to the Adjusted EBITDA
US$ million
Q2 2024
Q2 2023
H1 2024
H1 2023
Profit for the period, net of tax
15
20
13
11
Adjust for:
Income tax expense
1
0.3
2
1
Adjusted finance (income)/expenses3
(0.4)
(0.7)
(5)
(3)
Change in fair value of share warrant obligations and other financial instruments
(0.4)
(5)
(0.3)
(11)
Share of loss of equity-accounted associates
—
—
—
0.5
Depreciation and amortization4
1
1
3
3
Share-based payments
0.2
0.5
0.4
1
Adjusted EBITDA
16
16
14
4
______________________________
1 For more information, see section titled “Presentation of Non-IFRS Financial Measures” in the last two pages of this report, including the reconciliation of the profit for the period, net of tax to the Adjusted EBITDA.
2 The previously released preliminary bookings for Q1 2023 as a part of our Q1 2024 press release have been adjusted to reflect the final amounts.
3 Adjusted finance income/expenses consist of other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, net.
4 Starting from 2024, the Company reports D&A expenses by function as a part of game operation cost, selling and marketing expenses and general and administrative expenses in accordance with IAS 1.
OVERLAND PARK, Kan.–(BUSINESS WIRE)– SelectQuote, Inc. (NYSE: SLQT) today announced that SelectRx, the company’s full-service medication management pharmacy that serves all 50 states, will open a third fulfillment facility in Olathe, Kansas, to serve its rapidly expanding customer base, alongside its existing facilities in Monaca, Pennsylvania, and Indianapolis, Indiana.
SelectQuote launched the SelectRx business in 2021 as part of its Healthcare Services Division after acquiring two smaller pharmacy operations. In just over three years, SelectRx has grown its membership from under 5,000 to over 75,000 members who receive regular prescription shipments in adherence-friendly packaging. The new 54,000 square foot state-of-the-art facility at 404 W. Frontier Lane in Olathe, Kansas, is expected to open during the first half of calendar 2025 and should significantly expand the pharmacy’s capacity.
SelectQuote plans to add over 50 new positions at the location and is seeking experienced pharmacists, pharmacy fulfillment technicians (to assist in filling, processing, and shipping prescriptions), and various leadership and support roles such as shipping and inventory management, facilities management and information technology.
In 2023, SelectRx was recognized as a Patient-Centered Pharmacy Home (PCPH) by The Compliance Team. PCPH is based on TCT’s CMS-recognized Patient-Centered Medical Home program, which puts special emphasis on health maintenance, preventative screening, medication management, multi-specialty medical services, patient experience reporting, and benchmarking for chronically-ill patients.
SelectQuote CEO Tim Danker commented, “We are thrilled with the rapid growth of our SelectRx business over the past three years. With this new facility, we will be able to extend this highly convenient and adherence-friendly pharmacy solution to many more Seniors who can benefit from it. We are also thrilled to build out this beautiful new facility in our home market of Kansas City.”
About SelectQuote:
Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions that help consumers protect their most valuable assets: their families, health, and property. The company pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads.
With an ecosystem offering high touchpoints for consumers across Insurance, Medicare, Pharmacy, and Value-Based Care, the company now has four core business lines: SelectQuote Senior, SelectQuote Healthcare Services, SelectQuote Life, and SelectQuote Auto and Home. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a specialized medication management pharmacy, and Healthcare Select which proactively connects its members with best-in-class healthcare services that fit each member’s unique healthcare needs. The platform improves health outcomes and lowers healthcare costs through proactive engagement and access to high-value healthcare solutions.
Investment further expands industry-leading shopping, enrollment, and engagement platform, delivering a differentiated experience and driving high quality outcomes while ensuring peace of mind in Medicare consumers’ healthcare decisions.
CHICAGO and CLEARWATER, Fla., Sept. 04, 2024 (GLOBE NEWSWIRE) — GoHealth, Inc. (Nasdaq: GOCO), a leading health insurance marketplace, today announced that it entered into a purchase and subscription agreement which will ultimately lead to the acquisition of e-TeleQuote Insurance, Inc., a distinguished name in the Medicare insurance marketplace. The transaction is expected to close on September 30, 2024. This strategic move represents a significant milestone in GoHealth’s mission to deliver unparalleled consumer-centric solutions while reinforcing the companies’ shared values of integrity, empathy, and accountability.
The investment in e-TeleQuote aligns seamlessly with GoHealth’s strategic vision and commitment to enhancing consumer experiences through innovation and operational excellence. Both companies bring to the table a deep reservoir of industry expertise and a complementary set of strengths that will drive mutual growth and deliver even greater value to consumers, especially as the upcoming benefit season expects to bring significant disruption and high demand for a high-quality shopping experience for Medicare consumers.
Complementary Attributes for Enhanced Value GoHealth and e-TeleQuote share a dedication to putting consumers at the center of their operations. “GoHealth’s scale, proprietary technology and operational excellence combined with e-TeleQuote’s established talent and high-quality track record will create a mutually accretive relationship poised to drive better outcomes for and meet the evolving needs of our Medicare consumers,” said Vijay Kotte, CEO of GoHealth.
Consumer-First Orientation “At the heart of this transaction is a shared commitment to a consumer-first approach. Both GoHealth and e-TeleQuote have consistently demonstrated a deep understanding of and responsiveness to consumer needs. We are excited to tap into the power of the proprietary technology at GoHealth, including the PlanFit Checkup, which will better serve our consumers while driving increased efficiency and effectiveness in choosing the Medicare plan that best meets their needs. By combining our resources and expertise, we are poised to collectively elevate our consumer experience and deliver even better tailored solutions that prioritize the well-being of our consumers,” said Craig Uchytil, CEO of e-TeleQuote.
Looking Ahead “As we embark on this exciting new chapter, we remain committed to a seamless integration process that prioritizes the interests of our customers, team members, and stakeholders. We are confident that this acquisition will not only strengthen our market position but also enhance our ability to deliver exceptional value and service not only in this upcoming Annual Enrollment Period but for years to come,” said Kotte.
About GoHealth, Inc. GoHealth is a leading health insurance marketplace and Medicare-focused digital health company. Enrolling in a health insurance plan can be confusing for customers, and the seemingly small differences between plans can lead to significant out-of-pocket costs or lack of access to critical medicines and even providers. GoHealth combines cutting-edge technology, data science and deep industry expertise to build trusted relationships with consumers and match them with the healthcare policy and carrier that is right for them. Since its inception, GoHealth has enrolled millions of people in Medicare plans and individual and family plans. For more information, visit https://www.gohealth.com.
About e-TeleQuote Insurance, Inc. e-TeleQuote is a Medicare Insurance Marketplace which specializes in helping Medicare Beneficiaries compare Medicare Advantage and Medicare Supplement plans from top carriers and enroll in the plan that’s right for them.
Forward-Looking Statements This release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding our expected growth, investment plans and business transformation are forward-looking statements.
In some cases, you can identify forward-looking statements by terms, such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
These forward-looking statements speak only as of the date of this release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including important factors described in the section titled “Risk Factors” in our 2023 Form 10-K, and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and in our other filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Enrollment Completed Four Months Ahead of Schedule
IRVINE, Calif., Sept. 04, 2024 (GLOBE NEWSWIRE) — Eledon Pharmaceuticals, Inc. (“Eledon”) (NASDAQ: ELDN) today announced that it has successfully completed enrollment for its Phase 2 BESTOW clinical trial, which is designed to assess the safety and efficacy of its investigational immunosuppression therapy tegoprubart for the prevention of organ rejection in patients undergoing kidney transplantation. The trial reached its target enrollment of 120 participants approximately four months earlier than originally planned.
“We are very pleased to achieve this critical milestone ahead of schedule in our BESTOW trial,” said David-Alexandre C. Gros, M.D., Chief Executive Officer of Eledon. “The accelerated pace of enrollment reflects the strong interest among both clinicians and patients in new innovative therapies that have the potential to improve outcomes in kidney transplantation compared to current standard of care immunosuppression regimens. We are proud to be leading the effort to transform the prevention of organ rejection and based on the early completion of enrollment, we now anticipate reporting top-line results for the BESTOW trial in the fourth quarter of 2025.”
BESTOW, a multicenter, two-arm, active comparator clinical study, enrolled 120 participants undergoing kidney transplantation at sites in North America, Europe and Latin America to evaluate the safety, pharmacokinetics, and efficacy of tegoprubart, an anti-CD40 ligand antibody, compared to the calcineurin inhibitor tacrolimus. The study’s primary objective is to assess graft function at 12 months post-transplant, as measured by estimated glomerular filtration rate (eGFR), in participants treated with tegoprubart compared to tacrolimus. Research has shown that better graft function as assessed by eGFR has been associated with improved long-term graft survival following kidney transplantation.
“Completing enrollment in the Phase 2 BESTOW trial is a significant achievement for our team and, more importantly, for the transplant community,” said Steve Perrin, Ph.D., Chief Scientific Officer and President of Eledon. “It is a testament to the strong collaboration with our clinical sites and the enthusiasm within the community for advances in immunosuppression therapy, an area of research that has not seen major therapeutic innovation in decades. We are deeply grateful to the patients, their families, and the clinical teams for their continued support in advancing this important study.”
The BESTOW trial builds upon results from Eledon’s ongoing Phase 1b trial presented at the American Transplant Congress (ATC) in June 2024, and further demonstrates that tegoprubart has the potential to provide kidney transplant recipients with a safe and effective alternative to calcineurin inhibitors, which are often associated with side effects such as hyperglycemia, new onset diabetes, hypertension, or tremors. Eledon plans to continue advancing its tegoprubart clinical program with the goal of offering a new standard of care immunosuppression therapy for organ transplant patients.
Eledon is currently conducting the Phase 2 BESTOW trial (NCT05983770), the Phase 1b trial (NCT05027906), and a long-term safety and efficacy extension study (NCT06126380) to evaluate tegoprubart for the prevention of organ rejection in patients receiving a kidney transplant.
About Eledon Pharmaceuticals and tegoprubart
Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. The Company’s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. The Company is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California. For more information, please visit the Company’s website at www.eledon.com.
This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements about the company’s future expectations, plans and prospects, including statements about planned clinical trials, the development of product candidates, expected timing for initiation of future clinical trials, expected timing for receipt of data from clinical trials, expected or future results of tegoprubart trials and its ability to prevent rejection in connection with kidney transplantation, as well as other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “estimates,” “intends,” “predicts,” “projects,” “targets,” “looks forward,” “could,” “may,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including: risks relating to the safety and efficacy of our drug candidates; risks relating to clinical development timelines, including interactions with regulators and clinical sites, as well as patient enrollment; and risks relating to costs of clinical trials and the sufficiency of the company’s capital resources to fund planned clinical trials. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. These risks and uncertainties, as well as other risks and uncertainties that could cause the company’s actual results to differ significantly from the forward-looking statements contained herein, are discussed in our quarterly 10-Q, annual 10-K, and other filings with the U.S. Securities and Exchange Commission, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Key Points: – SSI, co-founded by Ilya Sutskever, raises $1 billion, valuing the startup at $5 billion. – The company focuses on developing safe AI that surpasses human capabilities. – Top investors like Andreessen Horowitz and Sequoia Capital back the project.
Safe Superintelligence (SSI), the latest venture from OpenAI’s former chief scientist Ilya Sutskever, has made a significant splash in the AI world by securing $1 billion in funding just three months after its inception. With a valuation of $5 billion, SSI aims to develop artificial intelligence systems that are not only more powerful than current models but are also designed with safety and ethical considerations at the forefront.
SSI’s funding round saw participation from top-tier venture capital firms such as Andreessen Horowitz, Sequoia Capital, DST Global, and SV Angel. The company’s focus on AI safety—a hotly debated topic in the industry—has attracted significant interest, especially as concerns grow about the potential for rogue AI systems to cause harm. Sutskever’s new venture promises to prioritize safe AI development, a move that aligns with the increasing regulatory scrutiny faced by AI companies worldwide.
The startup, which currently operates with a small team split between Palo Alto, California, and Tel Aviv, Israel, plans to use the newly acquired funds to build its computing power and recruit top-tier talent. This strategic approach underscores SSI’s commitment to creating a team of highly trusted and skilled researchers and engineers who share the company’s mission of developing safe AI.
Sutskever’s decision to leave OpenAI and start SSI was driven by his vision to tackle a different aspect of AI development—one that diverges from the path he was previously on. His departure from OpenAI earlier this year followed a series of internal conflicts, including the controversial removal and subsequent reinstatement of OpenAI CEO Sam Altman. This turn of events diminished Sutskever’s role at OpenAI, leading to his departure and the eventual formation of SSI.
Unlike OpenAI’s unconventional corporate structure, which was designed with AI safety in mind but also led to internal turmoil, SSI operates as a traditional for-profit company. This structure allows SSI to focus more on its mission without the complications that arise from a more complex corporate governance system.
SSI’s CEO Daniel Gross, along with Sutskever and Daniel Levy, a former OpenAI researcher, are steering the company toward becoming a leader in AI safety. The team is committed to building AI systems that not only advance the technology but also ensure that these systems remain aligned with human values. This focus on ethics and safety is becoming increasingly important as AI systems continue to evolve and integrate into more aspects of everyday life.
SSI’s approach to AI development includes rigorous vetting of potential hires to ensure they align with the company’s values. Gross emphasized the importance of recruiting individuals with “good character” who are motivated by the work rather than the hype surrounding AI.
As the AI industry continues to grow, SSI’s emphasis on safety could set it apart from other AI startups. The company plans to partner with cloud providers and chip manufacturers to meet its computing needs, but it has yet to announce specific partnerships. Sutskever’s early advocacy for scaling AI models laid the groundwork for many of the advances seen today, and his new approach at SSI suggests a continuation of this innovative mindset—albeit with a different focus.
With $1 billion in funding and the backing of some of the most prominent venture capitalists, SSI is poised to make a significant impact in the AI industry. The company’s focus on safe superintelligence could pave the way for new advancements that are not only powerful but also ethically sound.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Unicycive Announced Submission Of The OLC Application For Approval. Unicycive has announced that its New Drug Application (NDA) for its phosphate binder OLC (oxylanthanum carbonate) has been submitted to the FDA. This is consistent with our expectations after data from the last clinical study showing efficacy in treating high phosphate levels in chronic kidney disease (CKD) patients on dialysis. We continue to anticipate product approval in 2Q25.
We Believe Dosing and Efficacy Could Make OLC The Leading Phosphate Binding Drug. OLC was developed with proprietary nanoparticle technology to reduce the daily number of pills to just one three times a day for a full dose. This gives an advantage over other phosphate binders, which require 9 to 12 pills each day. Its formulation is based on lanthanum, the active entity in the approved drug Fosrenol. We expect this to be a strong advantage for OLC.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Lithium carbonate production at the pilot plant. Century Lithium successfully added a lithium carbonate stage at the company’s lithium extraction facility which is part of the company’s Angel Island Mine project. Previously, concentrated lithium solutions from the pilot plant were treated by Saltworks Inc. at their facility in Richmond, British Columbia to produce samples of battery grade lithium carbonate. Century Lithium is now able to do this at the pilot plant and demonstrate it has an end-to-end process to produce lithium carbonate.
Assay results. Century Lithium released assay results from the first lithium carbonate produced at the newly commissioned lithium carbonate stage at the company’s lithium extraction facility. Assays received for the initial five individual lots of lithium carbonate produced indicated purity of the lithium carbonate ranging from 98.2% to 99.2%. While lithium carbonate greater than 99.5% purity is typically considered battery grade, the company has identified steps to improve the purity level.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
