Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the second quarter ended June 29, 2024.
Second Quarter 2024 Highlights
Reem Capital Corp. (TSXV: REEM) ("REEM") is pleased to announce details concerning a proposed arm's length business combination (the "Transaction") with Kalron Holdings Ltd. ("Kalron"), a corporation formed under the laws of Israel.
Overview of Reem
Reem is a "capital pool company" under the policies of the TSX Venture Exchange (the "Exchange") and it is intended that the Transaction will constitute the "Qualifying Transaction" of Reem, as such term is defined in Exchange Policy 2.4 - Capital Pool Companies. The common shares of Reem (the "Reem Common Shares") are currently listed on the Exchange and Reem is a reporting issuer in the provinces of British Columbia, Alberta, and Ontario. Reem was incorporated under the Business Corporations Act (British Columbia) (the "BCBCA") on March 29, 2021.
Overview of Kalron Holdings Ltd ("Kalron") and Seegnal eHealth Ltd ("Seegnal")
Kalron is a privately-held holding corporation that was established under the laws of Israel in 2017. Kalron is the sole shareholder of Seegnal, an Israeli based corporation which had operated under Teva Pharmaceuticals Industries Ltd. ("Teva") until its purchase by Kalron in December 2017. Seegnal provides patient-tailored software as a service (SAAS) system for one-glance managing & mitigating drug related problems while providing decision support to healthcare professionals at the point of care. Seegnal has developed, owns and is marketing a concept of addressing the need of detecting and solving drug-related problems, which has been determined as the fourth leading cause of mortality in developed countries.1 Seegnal's SAAS based software platform is a patient-tailored, clinicians'-friendly drug-related problem solution. Seegnal exclusively integrates at the point-of-care, unique patients'-specific data like genetics, food, results of lab tests, ECG, smoking and the effects of many concomitant medications, while delivering accuracy, sensitivity and specificity.
Seegnal is currently selling its SAAS-based platform in the State of Israel and in the UAE. To date, Seegnal has also signed distribution agreements with several major entities in the US which are well established key-players in the field, and is preparing to launch the product in US hospitals in 2022, through its US wholly-owned subsidiary - Seegnal US Inc. Seegnal was founded by its CEO, Dr. Roni Shiloh, as a wholly-owned subsidiary of Teva in 2015. Dr. Shiloh, MD (with a strong background in Psychiatry) is the author of more than 40 manuscripts and textbooks on polypharmacy and drug interactions. Kalron was established by Dr. Shiloh and a large Israeli family office, and they jointly executed a management buyout of Seegnal from Teva in late December 2017.
Summary of the Proposed Transaction
Reem has entered into a non-binding letter of intent with Kalron dated April 1, 2022 (the "LOI") pursuant to which Reem and Kalron intend to complete the Transaction, and whereby Reem as it exists upon completion of the Transaction (the "Resulting Issuer") will continue the business of Kalron.
It is currently anticipated that the Transaction will occur as a merger, amalgamation or share exchange, the final structure of the Transaction being subject to receipt of tax, corporate and securities law advice for both Reem and Kalron. The LOI is expected to be superseded by a definitive agreement (the "Definitive Agreement") to be signed between the parties.
It is anticipated that each ordinary share of Kalron ("Kalron Shares") outstanding at the time of closing the Transaction ("Closing") (including the Kalron Shares issuable upon conversion of the Subscription Receipts (as defined below)) will be exchanged for an appropriately corresponding number of Reem Common Shares, with reference to the Offering Price (as defined below). Kalron will not receive any additional consideration for its shares. Prior to the Closing, it is intended that Reem shall consolidate the Reem Common Shares on such basis as is necessary to result in the deemed value of the Reem Common Shares being equal to $2,000,000. It is intended that the Reem Common Shares will be issued to holders of the Kalron Shares on the basis of one Reem Common Share for every one Kalron Share. Each outstanding option and warrant to purchase Reem Common Shares shall be adjusted so that the number of shares issuable on exercise, and the exercise price thereof, are adjusted to give effect to such consolidation.
Reem shareholder approval is not required with respect to the Transaction under the rules of the Exchange because the Transaction does not constitute a "Non-Arm's Length Qualifying Transaction" pursuant to the policies of the Exchange. However, the structure of the Transaction is being finalized and, based on the final structure as reflected in the Definitive Agreement,shareholder approval may be required under applicable law. Trading in the Reem Common Shares has been halted and is not expected to resume until the Transaction is completed or until the Exchange receives the requisite documentation to resume trading.
It is expected that upon completion of the Transaction, the Resulting Issuer, to be renamed "Seegnal eHealth Ltd.", will be listed as a Tier 2 Technology Issuer on the Exchange.
A more comprehensive news release will be issued by Reem in due course disclosing details of the Transaction, including financial information respecting Kalron, the names and backgrounds of all persons who will constitute insiders of the Resulting Issuer, the issued and outstanding securities of each of Reem and Kalron, the terms of the exchange of securities of Reem and Kalron, the applicable security exchange ratios, the details of any meetings of the shareholders of Reem and Kalron, required to approve the Transaction and matters related thereto (as applicable), and information respecting sponsorship, once a Definitive Agreement has been executed and certain conditions have been met, including satisfactory completion of due diligence.
Concurrent Financing
In conjunction with, or prior to the Closing, it is expected that Kalron will complete a brokered private placement of subscription receipts of Kalron ("Subscription Receipts") to raise gross proceeds of at least $3,000,000 (the "Private Placement") at a price acceptable to Kalron in its sole discretion (the "Offering Price"). Each Subscription Receipt will be automatically exchanged immediately prior to the completion of the Transaction (without any further action by the holder of such Subscription Receipt and for no further payment) for one Kalron Share upon satisfaction of certain escrow release conditions.
Forward Looking Information
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "believe", "estimate", "expect", "intend", "projected" or variations of such words and phrases or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
More particularly and without limitation, this press release contains forward-looking statements concerning the Transaction (including the terms and timing thereof), the continued business of the Resulting Issuer, the issuance of additional news releases describing the Transaction, the name of the Resulting Issuer, the trading of the Reem Common Shares on the Exchange, the listing of the Resulting Issuer on the Exchange, and the holding of shareholder meetings in connection with the Transaction, launch of products by Seegnal in US hospitals in 2022 and the expansion of the Seegnal business. In disclosing the forward-looking information contained in this press release, Reem has made certain assumptions, including that: all applicable shareholder and regulatory approvals for the Transaction will be received; that the Transaction will be completed on mutually acceptable terms and within a customary timeframe for transactions of this nature and the acceptance of the Seegnal products by customers in the United States. Although Reem believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: availability of financing; delay or failure to receive board, shareholder or regulatory approvals; and general business, economic, competitive, political and social uncertainties. There can be no certainty that the Transaction will be completed on the terms set out in the LOI or at all. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, Reem disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
Completion of the Transaction is subject to a number of conditions, including but not limited to, execution of a binding definitive agreement relating to the Transaction, Exchange acceptance and, if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
Reem Capital Corp.
For further information, please contact:
Arthur H. Kwan, Chief Executive Officer
Reem Capital Corp.
Email: arthur_h_kwan@hotmail.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has in any way passed upon the merits of the Transaction and associated transactions and neither of the foregoing entities has in any way approved or disapproved of the contents of this press release.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the second quarter ended June 29, 2024.
Second Quarter 2024 Highlights
"Our excellent execution enabled us to deliver another quarter of strong financial performance and share gain," said Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific. "We continue to see the benefit of our proven growth strategy and the impact of our PPI Business System in our performance. Shortly after the quarter ended, we were also pleased to welcome our Olink colleagues to Thermo Fisher and are excited about the power of this new combination to better serve our customers and advance science."
Casper added, "We have made very good progress through the halfway point of the year and are in a great position to deliver differentiated performance in 2024. We've further extended our industry leadership and positioned our company for an even brighter future."
Second Quarter 2024
Revenue for the quarter declined 1% to $10.54 billion in 2024, versus $10.69 billion in 2023. Organic revenue was 1% lower and Core organic revenue growth was flat.
GAAP Earnings Results
GAAP diluted EPS in the second quarter of 2024 increased 15% to $4.04, versus $3.51 in the same quarter last year. GAAP operating income for the second quarter of 2024 grew to $1.82 billion, compared with $1.58 billion in the year-ago quarter. GAAP operating margin increased to 17.3%, compared with 14.8% in the second quarter of 2023.
Non-GAAP Earnings Results
Adjusted EPS in the second quarter of 2024 increased 4% to $5.37, versus $5.15 in the second quarter of 2023. Adjusted operating income for the second quarter of 2024 was $2.35 billion, compared with $2.37 billion in the year-ago quarter. Adjusted operating margin increased to 22.3%, compared with 22.2% in the second quarter of 2023.
Annual Guidance for 2024
Thermo Fisher is raising its full-year revenue and adjusted EPS guidance. The company is raising its revenue guidance to a new range of $42.4 to $43.3 billion versus its previous guidance of $42.3 to $43.3 billion. The company is raising its adjusted EPS guidance to a new range of $21.29 to $22.07 versus its previous guidance of $21.14 to $22.02.
Use of Non-GAAP Financial Measures
Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, organic revenue growth and Core organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading "Supplemental Information Regarding Non-GAAP Financial Measures." The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.
Note on Presentation
Certain amounts and percentages reported within this press release are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.
Conference Call
Thermo Fisher Scientific will hold its earnings conference call today, July 24, at 8:30 a.m. Eastern Daylight Time. During the call, the company will discuss its financial performance, as well as future expectations. To listen, call (833) 470-1428 within the U.S. or (404) 975-4839 outside the U.S. The access code is 023107. You may also listen to the call live on the "Investors" section of our website, www.thermofisher.com . The earnings press release and related information can also be found in that section of our website under the heading "Financials". A replay of the call will be available under "News, Events & Presentations" through Wednesday, August 7, 2024.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com .
Safe Harbor Statement
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the COVID-19 pandemic; the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent annual report on Form 10-K, and subsequent quarterly report on Form 10-Q, which are on file with the SEC and available in the "Investors" section of our website under the heading "SEC Filings." While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.
Condensed Consolidated Statements of Income (unaudited) | ||||||||||||||
Three months ended | ||||||||||||||
June 29, | % of | July 1, | % of | |||||||||||
(Dollars in millions except per share amounts) | 2024 | Revenues | 2023 | Revenues | ||||||||||
Revenues | $ | 10,541 | $ | 10,687 | ||||||||||
Costs and operating expenses: | ||||||||||||||
Cost of revenues (a) | 6,106 | 57.9 | % | 6,323 | 59.2 | % | ||||||||
Selling, general and administrative expenses (b) | 1,687 | 16.0 | % | 1,673 | 15.7 | % | ||||||||
Amortization of acquisition-related intangible assets | 513 | 4.9 | % | 585 | 5.4 | % | ||||||||
Research and development expenses | 339 | 3.2 | % | 345 | 3.2 | % | ||||||||
Restructuring and other costs (c) | 77 | 0.7 | % | 183 | 1.7 | % | ||||||||
Total costs and operating expenses | 8,722 | 82.7 | % | 9,109 | 85.2 | % | ||||||||
Operating income | 1,820 | 17.3 | % | 1,578 | 14.8 | % | ||||||||
Interest income | 295 | 178 | ||||||||||||
Interest expense | (354 | ) | (326 | ) | ||||||||||
Other income/(expense) (d) | 5 | — | ||||||||||||
Income before income taxes | 1,765 | 1,430 | ||||||||||||
Provision for income taxes (e) | (128 | ) | (52 | ) | ||||||||||
Equity in earnings/(losses) of unconsolidated entities | (84 | ) | (16 | ) | ||||||||||
Net income | 1,553 | 1,362 | ||||||||||||
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest | 6 | 1 | ||||||||||||
Net income attributable to Thermo Fisher Scientific Inc. | $ | 1,548 | 14.7 | % | $ | 1,361 | 12.7 | % | ||||||
Earnings per share attributable to Thermo Fisher Scientific Inc.: | ||||||||||||||
Basic | $ | 4.05 | $ | 3.53 | ||||||||||
Diluted | $ | 4.04 | $ | 3.51 | ||||||||||
Weighted average shares: | ||||||||||||||
Basic | 382 | 386 | ||||||||||||
Diluted | 383 | 388 | ||||||||||||
Reconciliation of adjusted operating income and adjusted operating margin | ||||||||||||||
GAAP operating income | $ | 1,820 | 17.3 | % | $ | 1,578 | 14.8 | % | ||||||
Cost of revenues adjustments (a) | 1 | 0.0 | % | 18 | 0.2 | % | ||||||||
Selling, general and administrative expenses adjustments (b) | (64 | ) | -0.6 | % | 6 | 0.1 | % | |||||||
Restructuring and other costs (c) | 77 | 0.7 | % | 183 | 1.7 | % | ||||||||
Amortization of acquisition-related intangible assets | 513 | 4.9 | % | 585 | 5.4 | % | ||||||||
Adjusted operating income (non-GAAP measure) | $ | 2,347 | 22.3 | % | $ | 2,370 | 22.2 | % | ||||||
Reconciliation of adjusted net income | ||||||||||||||
GAAP net income attributable to Thermo Fisher Scientific Inc. | $ | 1,548 | $ | 1,361 | ||||||||||
Cost of revenues adjustments (a) | 1 | 18 | ||||||||||||
Selling, general and administrative expenses adjustments (b) | (64 | ) | 6 | |||||||||||
Restructuring and other costs (c) | 77 | 183 | ||||||||||||
Amortization of acquisition-related intangible assets | 513 | 585 | ||||||||||||
Other income/expense adjustments (d) | — | (1 | ) | |||||||||||
Provision for income taxes adjustments (e) | (102 | ) | (171 | ) | ||||||||||
Equity in earnings/losses of unconsolidated entities | 84 | 16 | ||||||||||||
Noncontrolling interests adjustments (f) | (1 | ) | — | |||||||||||
Adjusted net income (non-GAAP measure) | $ | 2,057 | $ | 1,997 | ||||||||||
Reconciliation of adjusted earnings per share | ||||||||||||||
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. | $ | 4.04 | $ | 3.51 | ||||||||||
Cost of revenues adjustments (a) | 0.00 | 0.05 | ||||||||||||
Selling, general and administrative expenses adjustments (b) | (0.17 | ) | 0.01 | |||||||||||
Restructuring and other costs (c) | 0.20 | 0.47 | ||||||||||||
Amortization of acquisition-related intangible assets | 1.34 | 1.51 | ||||||||||||
Other income/expense adjustments (d) | 0.00 | 0.00 | ||||||||||||
Provision for income taxes adjustments (e) | (0.26 | ) | (0.44 | ) | ||||||||||
Equity in earnings/losses of unconsolidated entities | 0.22 | 0.04 | ||||||||||||
Noncontrolling interests adjustments (f) | 0.00 | 0.00 | ||||||||||||
Adjusted EPS (non-GAAP measure) | $ | 5.37 | $ | 5.15 | ||||||||||
Reconciliation of free cash flow | ||||||||||||||
GAAP net cash provided by operating activities | $ | 1,960 | $ | 1,540 | ||||||||||
Purchases of property, plant and equipment | (301 | ) | (284 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 15 | 4 | ||||||||||||
Free cash flow (non-GAAP measure) | $ | 1,674 | $ | 1,260 |
Business Segment Information | Three months ended | |||||||||||||
June 29, | % of | July 1, | % of | |||||||||||
(Dollars in millions) | 2024 | Revenues | 2023 | Revenues | ||||||||||
Revenues | ||||||||||||||
Life Sciences Solutions | $ | 2,355 | 22.3 | % | $ | 2,463 | 23.0 | % | ||||||
Analytical Instruments | 1,782 | 16.9 | % | 1,749 | 16.4 | % | ||||||||
Specialty Diagnostics | 1,117 | 10.6 | % | 1,109 | 10.4 | % | ||||||||
Laboratory Products and Biopharma Services | 5,758 | 54.6 | % | 5,831 | 54.6 | % | ||||||||
Eliminations | (470 | ) | -4.5 | % | (465 | ) | -4.4 | % | ||||||
Consolidated revenues | $ | 10,541 | 100.0 | % | $ | 10,687 | 100.0 | % | ||||||
Segment income and segment income margin | ||||||||||||||
Life Sciences Solutions | $ | 865 | 36.7 | % | $ | 817 | 33.2 | % | ||||||
Analytical Instruments | 439 | 24.6 | % | 432 | 24.7 | % | ||||||||
Specialty Diagnostics | 299 | 26.7 | % | 297 | 26.7 | % | ||||||||
Laboratory Products and Biopharma Services | 745 | 12.9 | % | 824 | 14.1 | % | ||||||||
Subtotal reportable segments | 2,347 | 22.3 | % | 2,370 | 22.2 | % | ||||||||
Cost of revenues adjustments (a) | (1 | ) | 0.0 | % | (18 | ) | -0.2 | % | ||||||
Selling, general and administrative expenses adjustments (b) | 64 | 0.6 | % | (6 | ) | -0.1 | % | |||||||
Restructuring and other costs (c) | (77 | ) | -0.7 | % | (183 | ) | -1.7 | % | ||||||
Amortization of acquisition-related intangible assets | (513 | ) | -4.9 | % | (585 | ) | -5.4 | % | ||||||
Consolidated GAAP operating income | $ | 1,820 | 17.3 | % | $ | 1,578 | 14.8 | % | ||||||
(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines. Adjusted results in 2023 exclude $11 of charges for the sale of inventory revalued at the date of acquisition and $5 of accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. | ||||||||||||||
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, and charges/credits for changes in estimates of contingent acquisition consideration. | ||||||||||||||
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges for pre-acquisition litigation and other matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $26 of contract termination costs associated with facility closures. | ||||||||||||||
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments. | ||||||||||||||
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes, and the tax impacts from audit settlements. | ||||||||||||||
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests. | ||||||||||||||
Note: | ||||||||||||||
Consolidated depreciation expense is $276 and $270 in 2024 and 2023, respectively. |
Organic and Core organic revenue growth | Three months ended | ||
June 29, 2024 | |||
Revenue growth | -1 % | ||
Acquisitions | 0 % | ||
Currency translation | -1 % | ||
Organic revenue growth (non-GAAP measure) | -1 % | ||
COVID-19 testing revenue | -1 % | ||
Core organic revenue growth (non-GAAP measure) | 0 % | ||
Note: | |||
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release. |
Condensed Consolidated Statements of Income (unaudited) | ||||||||||||||
Six months ended | ||||||||||||||
June 29, | % of | July 1, | % of | |||||||||||
(Dollars in millions except per share amounts) | 2024 | Revenues | 2023 | Revenues | ||||||||||
Revenues | $ | 20,886 | $ | 21,397 | ||||||||||
Costs and operating expenses: | ||||||||||||||
Cost of revenues (a) | 12,146 | 58.2 | % | 12,760 | 59.6 | % | ||||||||
Selling, general and administrative expenses (b) | 3,417 | 16.4 | % | 3,319 | 15.5 | % | ||||||||
Amortization of acquisition-related intangible assets | 1,065 | 5.1 | % | 1,191 | 5.5 | % | ||||||||
Research and development expenses | 670 | 3.2 | % | 691 | 3.2 | % | ||||||||
Restructuring and other costs (c) | 106 | 0.5 | % | 295 | 1.4 | % | ||||||||
Total costs and operating expenses | 17,404 | 83.3 | % | 18,256 | 85.3 | % | ||||||||
Operating income | 3,483 | 16.7 | % | 3,141 | 14.7 | % | ||||||||
Interest income | 574 | 324 | ||||||||||||
Interest expense | (717 | ) | (626 | ) | ||||||||||
Other income/(expense) (d) | 14 | (46 | ) | |||||||||||
Income before income taxes | 3,354 | 2,793 | ||||||||||||
Provision for income taxes (e) | (408 | ) | (98 | ) | ||||||||||
Equity in earnings/(losses) of unconsolidated entities | (61 | ) | (41 | ) | ||||||||||
Net income | 2,885 | 2,654 | ||||||||||||
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest | 9 | 4 | ||||||||||||
Net income attributable to Thermo Fisher Scientific Inc. | $ | 2,875 | 13.8 | % | $ | 2,650 | 12.4 | % | ||||||
Earnings per share attributable to Thermo Fisher Scientific Inc.: | ||||||||||||||
Basic | $ | 7.53 | $ | 6.86 | ||||||||||
Diluted | $ | 7.50 | $ | 6.83 | ||||||||||
Weighted average shares: | ||||||||||||||
Basic | 382 | 386 | ||||||||||||
Diluted | 383 | 388 | ||||||||||||
Reconciliation of adjusted operating income and adjusted operating margin | ||||||||||||||
GAAP operating income | $ | 3,483 | 16.7 | % | $ | 3,141 | 14.7 | % | ||||||
Cost of revenues adjustments (a) | 17 | 0.1 | % | 59 | 0.3 | % | ||||||||
Selling, general and administrative expenses adjustments (b) | (45 | ) | -0.2 | % | 14 | 0.1 | % | |||||||
Restructuring and other costs (c) | 106 | 0.5 | % | 295 | 1.4 | % | ||||||||
Amortization of acquisition-related intangible assets | 1,065 | 5.1 | % | 1,191 | 5.5 | % | ||||||||
Adjusted operating income (non-GAAP measure) | $ | 4,625 | 22.1 | % | $ | 4,700 | 22.0 | % | ||||||
Reconciliation of adjusted net income | ||||||||||||||
GAAP net income attributable to Thermo Fisher Scientific Inc. | $ | 2,875 | $ | 2,650 | ||||||||||
Cost of revenues adjustments (a) | 17 | 59 | ||||||||||||
Selling, general and administrative expenses adjustments (b) | (45 | ) | 14 | |||||||||||
Restructuring and other costs (c) | 106 | 295 | ||||||||||||
Amortization of acquisition-related intangible assets | 1,065 | 1,191 | ||||||||||||
Other income/expense adjustments (d) | (11 | ) | 45 | |||||||||||
Provision for income taxes adjustments (e) | (51 | ) | (342 | ) | ||||||||||
Equity in earnings/losses of unconsolidated entities | 61 | 41 | ||||||||||||
Noncontrolling interests adjustments (f) | (1 | ) | — | |||||||||||
Adjusted net income (non-GAAP measure) | $ | 4,016 | $ | 3,953 | ||||||||||
Reconciliation of adjusted earnings per share | ||||||||||||||
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. | $ | 7.50 | $ | 6.83 | ||||||||||
Cost of revenues adjustments (a) | 0.04 | 0.15 | ||||||||||||
Selling, general and administrative expenses adjustments (b) | (0.12 | ) | 0.03 | |||||||||||
Restructuring and other costs (c) | 0.28 | 0.76 | ||||||||||||
Amortization of acquisition-related intangible assets | 2.78 | 3.07 | ||||||||||||
Other income/expense adjustments (d) | (0.03 | ) | 0.11 | |||||||||||
Provision for income taxes adjustments (e) | (0.13 | ) | (0.88 | ) | ||||||||||
Equity in earnings/losses of unconsolidated entities | 0.16 | 0.11 | ||||||||||||
Noncontrolling interests adjustments (f) | 0.00 | 0.00 | ||||||||||||
Adjusted EPS (non-GAAP measure) | $ | 10.47 | $ | 10.18 | ||||||||||
Reconciliation of adjusted free cash flow | ||||||||||||||
GAAP net cash provided by operating activities | $ | 3,211 | $ | 2,269 | ||||||||||
Purchases of property, plant and equipment | (648 | ) | (742 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 20 | 10 | ||||||||||||
Free cash flow (non-GAAP measure) | $ | 2,583 | $ | 1,537 |
Business Segment Information | Six months ended | |||||||||||||
June 29, | % of | July 1, | % of | |||||||||||
(Dollars in millions) | 2024 | Revenues | 2023 | Revenues | ||||||||||
Revenues | ||||||||||||||
Life Sciences Solutions | $ | 4,640 | 22.2 | % | $ | 5,075 | 23.7 | % | ||||||
Analytical Instruments | 3,469 | 16.6 | % | 3,472 | 16.2 | % | ||||||||
Specialty Diagnostics | 2,227 | 10.7 | % | 2,217 | 10.4 | % | ||||||||
Laboratory Products and Biopharma Services | 11,480 | 55.0 | % | 11,594 | 54.2 | % | ||||||||
Eliminations | (930 | ) | -4.5 | % | (961 | ) | -4.5 | % | ||||||
Consolidated revenues | $ | 20,886 | 100.0 | % | $ | 21,397 | 100.0 | % | ||||||
Segment income and segment income margin | ||||||||||||||
Life Sciences Solutions | $ | 1,705 | 36.7 | % | $ | 1,653 | 32.6 | % | ||||||
Analytical Instruments | 838 | 24.2 | % | 853 | 24.6 | % | ||||||||
Specialty Diagnostics | 593 | 26.6 | % | 577 | 26.0 | % | ||||||||
Laboratory Products and Biopharma Services | 1,489 | 13.0 | % | 1,617 | 14.0 | % | ||||||||
Subtotal reportable segments | 4,625 | 22.1 | % | 4,700 | 22.0 | % | ||||||||
Cost of revenues adjustments (a) | (17 | ) | -0.1 | % | (59 | ) | -0.3 | % | ||||||
Selling, general and administrative expenses adjustments (b) | 45 | 0.2 | % | (14 | ) | -0.1 | % | |||||||
Restructuring and other costs (c) | (106 | ) | -0.5 | % | (295 | ) | -1.4 | % | ||||||
Amortization of acquisition-related intangible assets | (1,065 | ) | -5.1 | % | (1,191 | ) | -5.5 | % | ||||||
Consolidated GAAP operating income | $ | 3,483 | 16.7 | % | $ | 3,141 | 14.7 | % | ||||||
(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2023 exclude $21 of charges for the sale of inventory revalued at the date of acquisition. | ||||||||||||||
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, and charges/credits for changes in estimates of contingent acquisition consideration. | ||||||||||||||
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges for pre-acquisition litigation and other matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $26 of contract termination costs associated with facility closures. | ||||||||||||||
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments. | ||||||||||||||
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements. | ||||||||||||||
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests. | ||||||||||||||
Notes: | ||||||||||||||
Consolidated depreciation expense is $562 and $523 in 2024 and 2023, respectively. | ||||||||||||||
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release. |
Condensed Consolidated Balance Sheets (unaudited) | ||||||
June 29, | December 31, | |||||
(In millions) | 2024 | 2023 | ||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 7,073 | $ | 8,077 | ||
Short-term investments | 1,750 | 3 | ||||
Accounts receivable, net | 7,943 | 8,221 | ||||
Inventories | 5,198 | 5,088 | ||||
Other current assets | 3,512 | 3,200 | ||||
Total current assets | 25,476 | 24,589 | ||||
Property, plant and equipment, net | 9,282 | 9,448 | ||||
Acquisition-related intangible assets, net | 15,519 | 16,670 | ||||
Other assets | 4,377 | 3,999 | ||||
Goodwill | 43,843 | 44,020 | ||||
Total assets | $ | 98,496 | $ | 98,726 | ||
Liabilities, redeemable noncontrolling interest and equity | ||||||
Current liabilities: | ||||||
Short-term obligations and current maturities of long-term obligations | $ | 5,121 | $ | 3,609 | ||
Other current liabilities | 9,651 | 10,403 | ||||
Total current liabilities | 14,772 | 14,012 | ||||
Other long-term liabilities | 5,907 | 6,564 | ||||
Long-term obligations | 30,284 | 31,308 | ||||
Redeemable noncontrolling interest | 115 | 118 | ||||
Total equity | 47,419 | 46,724 | ||||
Total liabilities, redeemable noncontrolling interest and equity | $ | 98,496 | $ | 98,726 |
Condensed Consolidated Statements of Cash Flows (unaudited) | ||||||||
Six months ended | ||||||||
June 29, | July 1, | |||||||
(In millions) | 2024 | 2023 | ||||||
Operating activities | ||||||||
Net income | $ | 2,885 | $ | 2,654 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,626 | 1,714 | ||||||
Change in deferred income taxes | (607 | ) | (328 | ) | ||||
Other non-cash expenses, net | 311 | 480 | ||||||
Changes in assets and liabilities, excluding the effects of acquisitions | (1,003 | ) | (2,251 | ) | ||||
Net cash provided by operating activities | 3,211 | 2,269 | ||||||
Investing activities | ||||||||
Purchases of property, plant and equipment | (648 | ) | (742 | ) | ||||
Proceeds from sale of property, plant and equipment | 20 | 10 | ||||||
Proceeds from cross-currency interest rate swap interest settlements | 111 | 35 | ||||||
Acquisitions, net of cash acquired | — | (2,751 | ) | |||||
Purchases of investments | (1,778 | ) | (188 | ) | ||||
Other investing activities, net | 12 | 51 | ||||||
Net cash used in investing activities | (2,283 | ) | (3,585 | ) | ||||
Financing activities | ||||||||
Net proceeds from issuance of debt | 1,204 | — | ||||||
Repayment of debt | — | (1,000 | ) | |||||
Net proceeds from issuance of commercial paper | — | 1,620 | ||||||
Repayment of commercial paper | — | (1,441 | ) | |||||
Purchases of company common stock | (3,000 | ) | (3,000 | ) | ||||
Dividends paid | (284 | ) | (252 | ) | ||||
Other financing activities, net | 145 | 24 | ||||||
Net cash used in financing activities | (1,936 | ) | (4,049 | ) | ||||
Exchange rate effect on cash | 7 | (19 | ) | |||||
Decrease in cash, cash equivalents and restricted cash | (1,000 | ) | (5,384 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 8,097 | 8,537 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 7,097 | $ | 3,153 | ||||
Free cash flow (non-GAAP measure) | $ | 2,583 | $ | 1,537 | ||||
Note: | ||||||||
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release. |
Supplemental Information Regarding Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of acquisitions/divestitures and the effects of currency translation. We also report Core organic revenue growth, which is reported revenue growth, excluding the impacts of COVID-19 testing revenue, and excluding the impacts of acquisitions/divestitures and the effects of currency translation. We report these measures because Thermo Fisher management believes that in order to understand the company's short-term and long-term financial trends, investors may wish to consider the impact of acquisitions/divestitures, foreign currency translation and/or COVID-19 testing on revenues. Thermo Fisher management uses these measures to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods.
We report adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company's core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable:
We report free cash flow, which is operating cash flow excluding net capital expenditures, to provide a view of the continuing operations' ability to generate cash for use in acquisitions and other investing and financing activities. The company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.
Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions and acquisition-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific's results computed in accordance with GAAP.
The non-GAAP financial measures of Thermo Fisher Scientific's results of operations and cash flows included in this press release are not meant to be considered superior to or a substitute for Thermo Fisher Scientific's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the tables above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723465896/en/
Media Contact Information:
Sandy Pound
Thermo Fisher Scientific
Phone: 781-622-1223
E-mail: sandy.pound@thermofisher.com
Investor Contact Information:
Rafael Tejada
Thermo Fisher Scientific
Phone: 781-622-1356
E-mail: rafael.tejada@thermofisher.com
News Provided by Business Wire via QuoteMedia
Ovarian cancer diagnostics company, Cleo Diagnostics Limited (ASX:COV) (CLEO, or the Company) is pleased to provide the market with an update on activities in the June 2024 quarter as it develops its simple and accurate blood test for the early detection of ovarian cancer.
Highlights
Commencement of U.S. Regulatory Process
CLEO completed an initial pre-submission meeting with the U.S. Food and Drug Administration (FDA) where the Company outlined its submission framework and clinical plan for its ovarian cancer detection blood test. The pre- submission meeting is designed to allow CLEO to receive early guidance from FDA review teams prior to an eventual application submission.
The meeting was interactive with the FDA providing constructive and positive feedback on CLEO’s approach to obtaining regulatory approval in the U.S. for its ovarian cancer detection blood test. This outcome provides confidence that CLEO's clinical trial designs and strategic direction are appropriately aligned with FDA requirements.
Early interaction with the FDA is important as a part of CLEO’s U.S. market access strategy for a number of reasons, as the guidance outcomes allow CLEO to:
CLEO is pursuing expedited FDA approval for its first ovarian cancer detection product - the pre-surgical Triage test - via the 510(k) application pathway. This approach provides the quickest pathway to achieve regulatory approval for devices that achieve "substantial equivalence" to an existing predicate.
Click here for the full ASX Release
This article includes content from Cleo Diagnostics, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
For the seventh consecutive year in the U.S., and for the first time in the U.K., Medtronic is recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities
For the seventh consecutive year in the U.S., and for the first time in the U.K., Medtronic is recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities (AAPD). This honor is the result of Medtronic earning a top score of 100 on the 2024 Disability Equality Index®, which is the world's most comprehensive benchmarking tool for measuring disability workplace inclusion
Medtronic is committed to employees with disabilities and their allies, and to ensuring they have the tools and resources they need to thrive in the workplace, and in life. Today's recognition - along with ranking among DiversityInc's 2024 Top Companies for People with Disabilities - validates our work and provides momentum to keep advancing our efforts.
The company's unwavering commitment to inclusion, diversity, and equity (ID&E) means zero barriers to opportunity within Medtronic and a culture where all employees belong, are respected, and feel valued for who they are and the life experiences they contribute. Anchored in our Mission, we continue to drive ID&E forward both to enhance the well-being of Medtronic employees and to accelerate innovation that brings our lifesaving technologies to more people in more places around the world.
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission - to alleviate pain, restore health, and extend life - unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic, visit www.Medtronic.com and follow Medtronic on LinkedIn
View additional multimedia and more ESG storytelling from Medtronic on 3blmedia.com.
Contact Info:
Spokesperson: Medtronic
Website: https://www.3blmedia.com/profiles/medtronic
Email: info@3blmedia.com
SOURCE: Medtronic
News Provided by ACCESSWIRE via QuoteMedia
Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today announced that its Board of Directors authorized a quarterly cash dividend of $0.39 per common share, payable on October 15, 2024, to shareholders of record as of September 13, 2024.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240711114348/en/
Media Contact Information:
Sandy Pound
Thermo Fisher Scientific
Phone: 781-622-1223
E-mail: sandy.pound@thermofisher.com
Investor Contact Information:
Rafael Tejada
Thermo Fisher Scientific
Phone: 781-622-1356
E-mail: rafael.tejada@thermofisher.com
News Provided by Business Wire via QuoteMedia
myeloMATCH Precision Medicine Clinical Trial Leverages Next-Day Genomic Testing to Quickly Match Patients with Appropriate Trials Across North America
To help accelerate research into new treatments for Acute Myeloid Leukemia (AML) and Myelodysplastic Syndrome (MDS), Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, is partnering with the National Cancer Institute (NCI) part of the National Institutes of Health on the myeloMATCH (Molecular Analysis for Therapy Choice) precision medicine umbrella trial. By testing patients' bone marrow and blood for certain genetic biomarkers using Thermo Fisher's next-generation sequencing (NGS) technology, clinical sites can more quickly match patients with an appropriate clinical trial that tests a treatment designed to target specific mutations present in the samples.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240711570854/en/
myeloMATCH Precision Medicine Clinical Trial Leverages Next-Day Genomic Testing to Quickly Match Patients with Appropriate Trials Across North America (Photo: Business Wire)
AML is an aggressive cancer of the bone marrow and blood and is one of the most common types of leukemia. Because it can advance quickly with a five-year survival rate of only 30-40% for people under age 60, rapid detection and effective treatment are essential to improve patient outcomes. Further, clinical practice guidelines note the importance of rapid genetic analysis to identify biomarkers that may help match patients with optimal treatments based on their unique cancer profile.
"myeloMATCH breaks new ground in many ways, not least by assembling a portfolio of sub-studies to treat patients with specific subtypes of AML and MDS through all stages of their treatment journey," said Dr. Harry P. Erba, chair of the Southwest Oncology Group (SWOG) Leukemia Committee and co-chair of the myeloMATCH Senior Science Council. "Many more treatment options are available for people with AML and MDS than just 5-10 years ago, and many more targeted therapies are being developed. However, to choose the best treatment option for our patients requires knowledge of the genetic changes that underly the disease, which vary between patients. This information is needed quickly in order to begin effective therapy for very aggressive cancers. Our partnership with Thermo Fisher allows us to obtain the required genomic profiling rapidly and begin therapies specific for each subtype of the disease. Through this personalized approach to treatment, we believe we will increase the number of people who are leukemia survivors."
The study aims to complete genomic testing and deliver complete results within a few days across testing modalities to help quickly enroll patients into specific sub-studies based on their biomarker profile at time of diagnosis. As the first turnkey NGS solution that automates the specimen-to-report workflow designed to deliver results in a single day with just two user touchpoints, the Ion Torrent ™ Genexus ™ System * will help accelerate the process of matching patients with appropriate clinical trials.
myeloMATCH will be open in the U.S. and Canadian sites of the NCI National Clinical Trials Network, which includes more than 2,200 sites. Further, the NCI's Division of Cancer Treatment and Diagnosis has developed cooperative research and development agreements with many pharmaceutical companies that will provide different drugs to support myeloMATCH. By conducting multiple treatment sub-studies specific to genomic types, myeloMATCH may help fuel the development of promising new therapies.
"myeloMATCH is an immense step forward for patients with aggressive and rapidly advancing cancers who need better treatment options," said John Sos, senior vice president and president, life sciences solutions at Thermo Fisher Scientific. "Using the Genexus System, clinical teams across sites can quickly match eligible patients with the right trials to ultimately better understand the clinical impact of these therapies. By helping to expedite this process, we can ensure that more patients have access to appropriate precision oncology treatments."
Patient samples will be sequenced in the myeloMATCH Molecular Diagnostics Laboratory Network (MDNet) using the Genexus System and reagents along with the Oncomine-based NCI Myeloid Assay as part of an approved Investigational Device Exemption (IDE) to assign participants to myeloMATCH treatment studies and has received Investigational New Drug authorization by the U.S. Federal Drug Administration. The MDNet sites at the Molecular Characterization Laboratory, part of the Frederick National Laboratory for Cancer Research, and the Fred Hutchinson Cancer Center in Seattle, Wash., are funded by NCI for this activity. As presented during the 2023 American Society of Hematology (ASH) annual meeting , the assay demonstrated high sensitivity and reproducibility between sites.
To learn more about myeloMATCH, please visit https://clinicaltrials.gov/study/NCT05564390
* Available for research use only in the United States. Not for use in diagnostic procedures.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240711570854/en/
Media Contact Information:
Sandy Pound
Thermo Fisher Scientific
Phone: 781-622-1223
E-mail: sandy.pound@thermofisher.com
Investor Contact Information
Rafael Tejada
Thermo Fisher Scientific
Phone: 781-622-1256
Email: rafael.tejada@thermofisher.com
News Provided by Business Wire via QuoteMedia
Knight Therapeutics Inc. (TSX:GUD) (" Knight " or the " Company "), a leading pan-American (ex-US) specialty pharmaceutical company, announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Company's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, the Company proposes to purchase, from time to time over the next 12 months, if considered advisable, up to 5,312,846 common shares of the Company, being approximately 10% of its public float of 53,128,463 common shares, as of June 30, 2024. As of June 30, 2024, there were a total of 101,327,297 common shares issued and outstanding. Purchases may commence on July 15, 2024 and will conclude on the earlier of the date on which purchases under the bid have been completed and July 14, 2025. The Company may purchase up to a daily maximum of 16,855 common shares (being 25% of the average daily trading volume of 67,421 common shares, for the last six calendar months). The common shares may be purchased for cancellation through the facilities of the TSX or through alternative Canadian trading systems at times and in numbers to be determined by the Company. The Company had previously sought and obtained approval from the TSX to purchase up to 5,999,524 common shares under an NCIB and the Company has, in the twelve months preceding this announcement, purchased such 5,999,524 common shares through the facilities of the TSX and alternative Canadian trading systems at a weighted average price per share of $4.87.
Knight also entered into an automatic share purchase plan with a broker in order to facilitate purchases of its common shares under the NCIB. Under Knight's automatic share purchase plan, Knight's broker may repurchase common shares which it would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Knight's broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties' written agreement. The automatic share purchase plan has been pre-cleared by the TSX and will be implemented effective as of July 15, 2024.
The Company believes that the market price of Knight's common shares, from time to time, may not reflect the inherent value of the Company and purchases of common shares pursuant to the bid may represent an appropriate and desirable use of the Company's funds. The price that Knight will pay for Common Shares in open market transactions will be the market price at the time of purchase.
About Knight Therapeutics Inc .
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing and commercializing pharmaceutical products for Canada and Latin America. Knight's Latin American subsidiaries operate under United Medical, Biotoscana Farma and Laboratorio LKM. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.knighttx.com or www.sedarplus.ca .
Forward-Looking Statement
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2023, as filed on www.sedarplus.ca . Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information or future events, except as required by law.
CONTACT INFORMATION:
Investor Contact: | |
Knight Therapeutics Inc. | |
Samira Sakhia | Arvind Utchanah |
President & Chief Executive Officer | Chief Financial Officer |
T: 514.484.4483 | T. +598.2626.2344 |
F: 514.481.4116 | |
Email: IR@knighttx.com | Email: IR@knighttx.com |
Website: www.knighttx.com | Website: www.knighttx.com |
News Provided by GlobeNewswire via QuoteMedia
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.