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Elutia Announces GPO Agreement with Advantus Health Partners to Expand Access to EluPro™

Seventh GPO Agreement Signed Since EluPro’s Launch

SILVER SPRING, Md., March 27, 2025 (GLOBE NEWSWIRE) — Elutia Inc. (Nasdaq: ELUT) (“Elutia” or the “Company”), a pioneer in drug-eluting biomatrix products, announced that it has entered into an agreement with Advantus Health Partners (“Advantus”), to provide access of Elutia’s EluPro™ Antibiotic Eluting BioEnvelope to Advantus’ core group purchasing organizations (GPO) solutions portfolio.

“Teaming up with Advantus is another major step forward in meeting the strong customer demand for EluPro,” said Dr. Kimberly Mulligan, GM and VP of Elutia’s Cardiovascular Division. “Our pilot launch of EluPro has exceeded our expectations as physicians recognize the unique value that this antibiotic envelope brings in preventing infection for patients that use a cardiac implantable electronic device. Broadening our GPO coverage with Advantus allows us to benefit from their sustainable contracting solutions, making EluPro more widely available to physicians nationwide.”

EluPro is the world’s first and only antibiotic-eluting biologic envelope cleared by the U.S. Food and Drug Administration for use with cardiac implantable electronic devices (CIEDs) and neurostimulators. Combining powerful antibiotics with a natural extracellular matrix that regenerates into the patient’s own tissue, EluPro addresses critical post-surgical challenges, including infection, migration, and skin erosion, offering a transformative solution for both patients and clinicians. With the addition of Advantus, Elutia has now secured agreements with seven major national group purchasing organizations.

Advantus Health Partners is a health care solutions company that makes supply chain easier for its clients through streamlined supply chain management, organizational purchasing, operations and cost-savings efficiencies. With innovation at the forefront, and an advanced operational model, Advantus provides a portfolio of solutions to further drive value beyond contracting, all with the singular goal of reducing health care costs across the U.S. Advantus is committed to helping organizations meet business goals through its distinct solutions.

About Elutia

Elutia develops and commercializes drug-eluting biomatrix products to improve compatibility between medical devices and the patients who need them. With a growing population in need of implantable technologies, Elutia’s mission is humanizing medicine so patients can thrive without compromise. For more information, visit www.Elutia.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” “promise” or similar references to future periods. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including any statements and information concerning the launch and market reception of EluPro, including the timing and anticipated success thereof. These forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in the forward-looking statements, including, but not limited to the following: our ability to successfully commercialize, market and sell our newly approved EluPro product; our ability to continue as a going concern; our ability to achieve or sustain profitability; the risk of product liability claims and our ability to obtain or maintain adequate product liability insurance; our ability to defend against the various lawsuits and claims related to our recalled FiberCel and other viable bone matrix products and avoid a material adverse financial consequence from those lawsuits and claims; our ability to prevail in lawsuits and claims seeking indemnity, contribution and insurance coverage for FiberCel and other viable bone matrix product liabilities; the continued and future acceptance of our products by the medical community; our ability to enhance our products, expand our product indications and develop, acquire and commercialize additional product offerings; our dependence on our commercial partners and independent sales agents to generate a substantial portion of our net sales; our dependence on a limited number of third-party suppliers and manufacturers, which, in certain cases are exclusive suppliers for products essential to our business; our ability to successfully realize the anticipated benefits of the November 2023 sale of our Orthobiologics business; physician awareness of the distinctive characteristics, benefits, safety, clinical efficacy and cost-effectiveness of our products; our ability to compete against other companies, most of which have longer operating histories, more established products and/or greater resources than we do; pricing pressure as a result of cost-containment efforts of our customers, purchasing groups, third-party payors and governmental organizations that could adversely affect our sales and profitability; our ability to obtain regulatory approval or other marketing authorizations by the FDA and comparable foreign authorities for our products and product candidates; our ability to obtain, maintain and adequately protect our intellectual property rights; and other important factors which can be found in the “Risk Factors” section of Elutia’s public filings with the Securities and Exchange Commission (“SEC”), including Elutia’s Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in Elutia’s other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Elutia’s website at https://investors.elutia.com. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made by Elutia in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, Elutia expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investors:

Matt Steinberg
FINN Partners
[email protected]

This press release was published by a CLEAR® Verified individual.



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EPSIUM ENTERPRISE LIMITED Announces Closing of US$5.0 Million Initial Public Offering

PR Newswire


MACAU
, March 27, 2025 /PRNewswire/ — EPSIUM ENTERPRISE LIMITED (Nasdaq: EPSM) (the “Company” or “EPSIUM”), a company engaged in importing and wholesaling primarily alcoholic beverages in Macau, today announced the closing of its initial public offering (the “Offering”) of 1,250,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares began trading on the Nasdaq Capital Market on March 26, 2025 under the ticker symbol “EPSM.”

The Company received aggregate gross proceeds of US$5.0 million from the Offering, before deducting underwriting discounts and other related expenses payable by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 187,500 ordinary shares at the public offering price, less underwriting discounts.

Net proceeds from the Offering will be used for (i) approximately 10% of the net proceeds for sales and product innovation and brand building, (ii) approximately 60% of the net proceeds for the acquisition of, or investment in, assets, technologies, solutions, or businesses that complement our business, (iii) approximately 20% of the net proceeds for general corporate purposes, and (iv) approximately 10% of the net proceeds for reserve and subject to the discretion of the board of directors.

The Offering was conducted on a firm commitment basis. D. Boral Capital LLC acted as the sole underwriter for the Offering. iTKG Law LLC acted as U.S. securities counsel to the Company, and Schlueter & Associates, P.C. acted as U.S. counsel to the underwriter in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-276313) and was declared effective by the SEC on March 25, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from D. Boral Capital LLC, Attn: 590 Madison Avenue 39th Floor, New York, NY 10022, or by email at [email protected], or by telephone at +1(212)-970-5150. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About EPSIUM ENTERPRISE LIMITED

Through its Macau operating entity, Companhia de Comercio Luz Limitada (“Luz”), a limited liability company organized under Macau laws in 2010, EPSIUM is engaged in importing and wholesaling primarily alcoholic beverages in Macau. Through Luz, the Company imports and sells a broad range of premium beverages, primarily alcoholic beverages and, in 2022, a small quantity of tea and fruit juice. The alcoholic beverages the Company sells include Chinese liquor, French cognac, Scottish whiskey, fine wine, Champagne, and other miscellaneous beverage alcohol. Sales of Chinese liquor is by far the Company’s most significant operations, and the Company is a top wholesaler of high-end Chinese liquor in Macau. For more information, please visit the Company’s website: www.epsium-group.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements, including, but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the Registration Statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.

For more information, please contact:

EPSIUM ENTERPRISE LIMITED

Investor Relations Department

Email: [email protected]

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SOURCE Epsium Enterprise Limited

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Spyre Therapeutics Announces First Participant Dosed in Phase 1 Trial of SPY003, its Novel Half-life Extended IL-23 Antibody

PR Newswire

Preclinical data demonstrates that SPY003 is highly potent and has potential for
quarterly or biannual dosing, suggesting opportunity for improved efficacy and
convenience over first-generation anti-IL-23 monoclonal antibodies 

Interim pharmacokinetic and safety data from healthy volunteers for SPY003 anticipated
in the second half of 2025

Subject to interim results, Spyre expects to incorporate SPY003 into its planned Phase
2 study in ulcerative colitis exploring six investigational monotherapies and
combinations


WALTHAM, Mass.
, March 27, 2025 /PRNewswire/ — Spyre Therapeutics, Inc. (NASDAQ: SYRE) (the “Company” or “Spyre”), a clinical-stage biotechnology company advancing best-in-class antibody engineering, dose optimization, and rational therapeutic combinations for the treatment of Inflammatory Bowel Disease (“IBD”) and other immune-mediated diseases, today announced that it has initiated dosing in a healthy volunteer, Phase 1 clinical trial of its investigational half-life extended anti-IL-23 monoclonal antibody, SPY003. This milestone marks our fourth on-time clinical trial initiation in nine months.

“Recent third-party clinical data demonstrate that combination therapies that include an IL-23 antibody can produce superior results for IBD patients. We believe SPY003 has the potential to be a best-in-class IL-23 antibody and a compelling combination partner with our α4β7 and TL1A antibodies that can be delivered on a quarterly or bi-annual treatment schedule.” said Deanna Nguyen, M.D., SVP of Clinical Development at Spyre. “We look forward to presenting the interim Phase 1 data in the second half of this year before adding SPY003 as the final monotherapy component of our planned Phase 2 platform trial in ulcerative colitis which will evaluate three investigational monotherapies and three investigational combination therapies.”

The SPY003 Phase 1 Trial (NCT06873724) is a double-blind, placebo-controlled single-ascending dose study in healthy volunteers. The study is expected to enroll approximately 56 healthy adult participants. The primary endpoint is safety, with pharmacokinetics (PK) serving as a secondary endpoint. Interim safety, PK, and ADA data from this trial are expected in the second half of 2025.

About SPY003

SPY003 is an investigational, novel, extended half-life monoclonal antibody targeting IL-23, being developed for the potential treatment of IBD. IBD is a chronic condition characterized by inflammation in the gastrointestinal tract and encompasses two main disorders: ulcerative colitis and Crohn’s disease. In the United States, it is estimated that approximately 2.4 million individuals currently have IBD. In head-to-head preclinical studies, SPY003 demonstrated equivalent potency to risankizumab in inhibiting pSTAT signaling and IL-17 production and exhibited significantly longer half-life in non-human primates with the potential to deliver dosing in humans as infrequently as once every six months. A Phase 1 trial of SPY003 in healthy volunteers is ongoing, and the Company expects interim safety and pharmacokinetic data in the second half of 2025. Pending data from the Phase 1 trial, the company anticipates progressing into Phase 2 development.

About Spyre Therapeutics

Spyre Therapeutics is a biotechnology company that aims to create next-generation inflammatory bowel disease (IBD) and other immune-mediated disease products by combining best-in-class antibody engineering, dose optimization, and rational therapeutic combinations. Spyre’s pipeline includes extended half-life antibodies targeting α4β7, TL1A, and IL-23. For more information, visit Spyre’s website at www.spyre.com.

Forward-Looking
Statements

Certain statements in this press release, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, concerning Spyre and other matters. These forward-looking statements include, but are not limited to, express or implied statements relating to Spyre’s management team’s expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, Spyre’s ability to achieve the expected benefits or opportunities with respect to its pipeline of product candidates such as potential dosing regimen; the potential for SPY003  potential to be a best-in-class IL-23 antibody and a compelling combination partner with our anti-α4β7 and anti-TL1A antibodies that can be delivered on a quarterly or bi-annual treatment schedule; the expected participant enrolment of the SPY003 Phase 1 trial; Spyre’s future clinical development activities, including its planned Phase 2 trial in ulcerative colitis and timing and design thereof; the potential therapeutic benefits of Spyre’s product candidates as monotherapies and or in combination, including the efficacy and convenience of SPY003 compared to the current standard of care in IBD; and the timing and results of clinical trials, including timing of interim safety and PK data readouts for the SPY003 Phase 1 trial. 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 words “opportunity,” “potential,” “pipeline,” “can,” “aim,” “strategy,” “target,” “anticipate,” “achieve,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “project,” “should,” “will,” “would,” and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Spyre will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Spyre’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited those uncertainties and factors described under the heading “Risk Factors” and “Note about Forward-Looking Statements” in Spyre’s most recent Annual Report on Form 10-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors included in other filings by Spyre from time to time. Should one or more of these risks or uncertainties materialize, or should any of Spyre’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth therein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Spyre does not undertake or accept any duty to make any updates or revisions to any forward-looking statements. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Spyre.

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SOURCE Spyre Therapeutics, Inc.

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Supermicro Ships Over 20 New Systems that Redefine Single-Socket Performance and Deliver Data Center Power, Space, and Cost Savings

PR Newswire

New system architectures support Intel
®
 Xeon® 6 with P-Cores, providing up to 136 PCIe 5.0 lanes and expanding possibilities for high-speed networking, GPUs, and storage devices   


SAN JOSE, Calif.
, March 27, 2025 /PRNewswire/ — Super Micro Computer, Inc. (SMCI), a Total IT Solution Provider for AI/ML, HPC, Cloud, Storage, and 5G/Edge, is announcing the availability of new single-socket servers capable of supporting applications that required dual-socket servers for a range of data center workloads. By leveraging a single-socket architecture, enterprises and data center operators can reduce initial acquisition costs, ongoing operational costs such as power and cooling, and reduce the physical footprint of server racks compared to previous generations of systems based on older processors.

“We are entering a new era of compute where energy-efficient and thermally optimized single-socket architectures are becoming a viable alternative to traditional dual-processor servers,” said Charles Liang, president and CEO of Supermicro. “Our new single-socket servers support 100% more cores per system than previous generations and have been designed to maximize acceleration, networking, and storage flexibility. Supporting up to 500-watt TDP processors, these new systems can be configured to fulfill a wide range of workload requirements.”

For more information, please visit http://www.supermicro.com/singlesocket

“We are excited to continue our long-standing collaboration with Supermicro to deliver high-performance server solutions,” said Karin Eibschitz Segal, corporate vice president & interim GM, Intel Data Center & AI Group. “Our expanded portfolio of single-socket systems, optimized with the latest Intel Xeon 6 processors with P-cores, offers increased core counts, faster memory support, and up to 136 PCIe 5.0 lanes—delivering performance previously only achievable with dual-socket platforms.”

“As businesses continue to prioritize efficiency, flexibility, and cost effectiveness for their infrastructure, single-socket servers are emerging as a compelling solution,” said Kuba Stolarski, research vice president for IDC’s Computing Systems practice. “These single-socket servers provide an optimal balance of performance, scalability, and total cost of ownership needed for a wide range of workloads, from edge computing to virtualization, making them an ideal choice for companies looking to scale efficiently in an evolving market.”

Supermicro’s single-socket server systems can be configured to handle a variety of workloads, including EDA, FSI, cloud computing, storage, content delivery, virtualization, AI, networking, and edge computing. Deploying a single-socket architecture has several key advantages over multi-processor systems, including, the absence of the CPU-CPU interconnect, which frees up more of the processor’s I/O capacity for PCIe expansion and avoids latency issues related to Non-Uniform Memory Access (NUMA). The enhanced PCIe lane availability compared to previous generations means more and faster networking, storage, and acceleration devices can be added to each system, increasing overall system compute capacity and rack density.

Customers can expect significant benefits when deploying single-processor servers to run their applications. For many cloud and storage-centric workloads, performance that previously required two CPUs per system can be achieved or even exceeded with a single processor. By deploying single-socket servers, customers can realize cost savings not only on the initial acquisition of the servers, but also due to reduced power consumption, lower thermal load reducing cooling requirements, and the need for less physical space to house the data center infrastructure.

Supermicro product families optimized for single-socket Intel Xeon 6 processors with P-Cores:

  • SuperBlade® – Is a flagship green computing solution with maximum performance, higher availability, and lower TCO for stock and option exchanges, AI Inferencing, EDA, Data Analytics, HPC, Cloud, and Enterprise workloads. SuperBlade systems are available in either air-cooled or liquid-cooled configurations. Overall, there are up to 20 servers in an 8U enclosure or 10 servers in a 6U enclosure. In addition, there are up to four double-wide and single-wide GPUs or PCIe cards available per server, and efficient system design can significantly reduce cabling requirements.
  • Hyper – Flagship performance rackmount servers designed for scale-out cloud workloads, with storage & I/O flexibility that provides a custom fit for a wide range of application needs. Optimized for AI inferencing, these Hyper systems can support a variety of GPUs.
  • CloudDC – This is an all-in-one platform for cloud data centers, based on the OCP Data Center Modular Hardware System (DC-MHS) with flexible I/O and storage configurations along with an AIOM slot (PCIe 5.0; OCP 3.0 compliant) for maximum data throughput.
  • WIO – Offers flexible I/O configurations in a cost-effective architecture to enable optimization of acceleration, storage, and networking alternatives to accelerate performance, increase efficiency and find the perfect fit for specific enterprise applications. WIO systems come with SATA controller and dual 1G ports onboard to provide additional value to customers.
  • Top-loading Storage – Density-maximized storage systems optimized for software-defined data centers, with easy-to-deploy 60 or 90 drive bays.
  • GrandTwin® – Purpose-built for single-processor performance and memory density, featuring front (cold aisle) hot-swappable nodes and front or rear I/O for easier serviceability. Now available with E1.S drives for better storage density and throughput.
  • Edge – High-density processing power in compact form factors optimized for Edge data center installation.

About Super Micro Computer, Inc.

Supermicro (NASDAQ: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first-to-market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions manufacturer with server, AI, storage, IoT, switch systems, software, and support services. Supermicro’s motherboard, power, and chassis design expertise further enables our development and production, enabling next-generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling).

Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.

All other brands, names, and trademarks are the property of their respective owners.

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SOURCE Super Micro Computer, Inc.

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Domino’s® Announces Q1 2025 Earnings Webcast

PR Newswire


ANN ARBOR, Mich.
, March 27, 2025 /PRNewswire/ — Domino’s Pizza, Inc. (Nasdaq: DPZ) announces the following event:

What:

Domino’s First Quarter 2025 Earnings Webcast

When:

Monday, April 28 at 8:30 a.m. ET

Where:


ir.dominos.com

How:

Live webcast (web address above)

Contact:

Greg Lemenchick, Vice President of Investor Relations


[email protected]

This event will be archived on Domino’s website for replay.

Results and supplemental material will be distributed at 6:05 a.m. ET on April 28, 2025, and will be available on our website.

About Domino’s Pizza®

Founded in 1960, Domino’s Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world’s top public restaurant brands with a global enterprise of more than 21,300 stores in over 90 markets. Domino’s had global retail sales of over $19.1 billion in 2024. Its system is comprised of independent franchise owners who accounted for 99% of Domino’s stores as of the end of the fourth quarter of 2024. In the U.S., Domino’s generated more than 85% of U.S. retail sales in 2024 via digital channels and has developed many innovative ordering platforms.

Order – dominos.com 
Company Info – biz.dominos.com 
Media Assets – media.dominos.com

Please visit our Investor Relations website at ir.dominos.com to view news, announcements, earnings releases, investor presentations and conference webcasts.

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SOURCE Domino’s Pizza, Inc.

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AAR reports third quarter fiscal year 2025 results

PR Newswire


WOOD DALE, Ill.
, March 27, 2025 /PRNewswire/ — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, reported today financial results for the fiscal year 2025 third quarter ended February 28, 2025.

THIRD QUARTER FISCAL YEAR 2025 HIGHLIGHTS

(As compared to Q3 FY2024)

  • Sales of $678 million; increased 20%
  • GAAP EPS of $(0.25)
  • Adjusted diluted EPS of $0.99; increased 16%
  • GAAP Net loss of $9 million
  • Adjusted EBITDA of $81 million; increased 39%
  • Adjusted EBITDA margin increased to 12.0% from 10.3%

MANAGEMENT COMMENTARY

“We delivered another strong quarter of significant year-over-year sales and earnings growth,” said John M. Holmes, AAR’s Chairman, President and Chief Executive Officer. “Sales were 20% higher than in the same quarter last year as demand remains elevated for our aftermarket services. Parts Supply sales increased 12%, driven by impressive gains in our new parts Distribution with both commercial and government activities. Our Repair & Engineering segment sales increased more than 53% year-over-year, with significant contributions from the Product Support acquisition as well as increased throughput within our Airframe MRO facilities. Integrated Solutions also posted meaningful earnings growth from both commercial and government programs as well as notable contributions from Trax.”

Holmes continued, “We are particularly proud of the progress on EBITDA margin which expanded from 10.3% to 12.0% year-over-year. In addition to contributions from our Product Support acquisition, our internal initiatives to drive efficiency improvements continue to produce meaningful results. We are focused on further increasing our margins as we fully integrate the Product Support acquisition and drive additional efficiencies throughout the Company.”

“Subsequent to the quarter, we announced several new business wins, including signing an exclusive agreement with Chromalloy to distribute their BELAC PW4000 PMA parts.  We also added distribution support for select Unison parts under our Supplier Capabilities Contract with Defense Logistics Agency (DLA).  These wins further validate our unique value proposition to both customers and suppliers as a leading independent distributor in the aviation aftermarket. Separately, and also subsequent to the quarter, we announced that Cathay Pacific selected Trax to be the maintenance operating system for the airline.”

RECENT UPDATES

            NEW BUSINESS

  • Multi-year exclusive agreement with Unison to distribute select parts under AAR’s Supplier Capabilities Contract with Defense Logistics Agency (DLA).
  • Multi-year exclusive agreement with Chromalloy to distribute Parts Manufacturer Approval (PMA) turbine blades for the PW4000 engine through their wholly owned subsidiary, BELAC, LLC.
  • Multi-year agreement with Cebu Pacific Air for CFM56 engine nacelle maintenance, repair and overhaul services for the airline’s A320 fleet. 
  • Multi-year license agreement with Cathay Pacific for Trax software.

            PORTFOLIO UPDATE

  • Expected timing of the sale of our Landing Gear Overhaul business for $51 million is set for the fourth quarter of fiscal year 2025. The divestiture is part of the Company’s strategy to optimize its portfolio.

THIRD QUARTER FISCAL YEAR 2025 RESULTS

Consolidated third quarter sales increased 20% to $678.2 million, compared to $567.3 million in the same quarter last year. This reflects a 22% increase in consolidated sales to commercial customers, primarily due to the Product Support acquisition and strong demand throughout the Company’s Parts Supply segment. Sales to government customers increased 15% from the same period last year, primarily due to increased order volume for new parts Distribution activities. Sales to commercial customers were 72% of consolidated sales, compared to 70% in the prior year quarter.

Third quarter results include a pre-tax charge of $63.7 million associated with the recently announced divestiture of the Company’s Landing Gear Overhaul business. As a result of this charge, the Company reported a net loss of $8.9 million, or $0.25 per share. For the third quarter of the prior year, the Company reported net income of $14.0 million, or $0.39 per diluted share. Adjusted diluted earnings per share in the third quarter of fiscal year 2025 were $0.99, compared to $0.85 in the third quarter of the prior year.

Selling, general, and administrative expenses were $61.3 million in the current quarter, compared to $77.0 million in the prior year quarter. The third quarter included the reversal of a legal charge of $11.1 million related to the Russian court judgment which AAR successfully appealed. Acquisition, amortization, and integration expenses were $5.3 million in the quarter, compared to $12.2 million in the prior year quarter.

Operating margins were 10.5% in the quarter, compared to 5.8% in the prior year quarter. Adjusted operating margin increased to 9.7% in the current year quarter from 8.3% in the prior year quarter, primarily as a result of growth in Repair & Engineering. Sequentially, our adjusted operating margin increased from 9.2% to 9.7%, driven by improved profitability in Parts Supply as well as Trax and government-related services in Integrated Solutions.

Net interest expense for the quarter was $18.1 million, compared to $11.3 million last year, primarily due to increased debt levels as a result of funding the Product Support acquisition. Average diluted share count increased from 35.2 million shares in the prior year quarter to 35.4 million shares in the current year quarter.

Cash flow used in operating activities was $18.7 million during the current quarter, compared to $20.4 million of cash provided in the prior year quarter. As a reminder, during the quarter, we paid the $56 million FCPA settlement which was a use of cash within operating activities. Excluding the accounts receivable financing program, cash flow used in operating activities was $15.0 million in the current quarter. As of February 28, 2025, net debt was $947.6 million and net leverage was 3.06x.

Holmes concluded, “We are proud of the sales growth and significant margin expansion we delivered this quarter.  Demand for our services remains very high and we anticipate our sales growth to continue. Additionally, we expect further margin expansion through growth in new parts Distribution, Trax, Airframe MRO efficiencies and the realization of Product Support synergies.  We have reduced our net leverage from 3.58x at the time of the Product Support acquisition to 3.06x one year later.  We expect further deleveraging in our fourth quarter and throughout our fiscal year 2026. We believe our continued growth, margin expansion, and disciplined capital allocation will drive additional value to shareholders.”

Conference call information

On Thursday, March 27, 2025, at 4 p.m. Central time, AAR will hold a conference call to discuss the results. A listen-only webcast and slides can be accessed at https://edge.media-server.com/mmc/p/htoknnom. Participants may join via phone by registering at https://register-conf.media-server.com/register/BI146169c83ec044ccb681c3add61e0b60. Once registered, participants will receive a dial-in number and a unique PIN that will allow them to access the call.

A replay of the conference call will be available for on-demand listening shortly after the completion of the call at the webcast link and will remain available for approximately one year.

The slides are also available on AAR’s website at https://www.aarcorp.com/en/investors/events-and-presentations/.

About AAR

AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through four operating segments: Parts Supply, Repair & Engineering, Integrated Solutions, and Expeditionary Services. Additional information can be found at aarcorp.com/.

Contact:
Denise Pacioni – Director of Investor Relations | +1-630-227-5830 | [email protected]

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, which reflect management’s expectations about future conditions, including, but not limited to, continued demand in the commercial and government aviation markets, anticipated activities and benefits under extended, expanded and new services, supply and distribution agreements, contributions from our acquisitions, expected benefits from the pending sale of our Landing Gear Overhaul business, focus on process improvements and efficiencies, additional opportunities for margin expansion and portfolio optimization, continued sales growth, earnings performance, debt management, and capital allocation.

Forward-looking statements often address our expected future operating and financial performance and financial condition, or targets, goals, commitments, and other business plans, and often may also be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms.

These forward-looking statements are based on the beliefs of Company management, as well as assumptions and estimates based on information available to the Company as of the dates such assumptions and estimates are made, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors, including: (i) factors that adversely affect the commercial aviation industry; (ii) adverse events and negative publicity in the aviation industry; (iii) a reduction in sales to the U.S. government and its contractors; (iv) cost overruns and losses on fixed-price contracts; (v) nonperformance by subcontractors or suppliers; (vi) a reduction in outsourcing of maintenance activity by airlines; (vii) a shortage of skilled personnel or work stoppages; (viii) competition from other companies; (ix) financial, operational and legal risks arising as a result of operating internationally; (x) inability to integrate acquisitions effectively and execute operational and financial plans related to the acquisitions, such as the acquisition of Trax USA Corp. and the Product Support Business of Triumph Group, Inc.; (xi) failure to realize the anticipated benefits of acquisitions; (xii) circumstances associated with divestitures; (xiii) inability to recover costs due to fluctuations in market values for aviation products and equipment; (xiv) cyber or other security threats or disruptions; (xv) a need to make significant capital expenditures to keep pace with technological developments in our industry; (xvi) restrictions on use of intellectual property and tooling important to our business; (xvii) inability to fully execute our stock repurchase program and return capital to stockholders; (xviii) limitations on our ability to access the debt and equity capital markets or to draw down funds under loan agreements; (xix) non-compliance with restrictive and financial covenants contained in our debt and loan agreements; (xx) changes in or non-compliance with laws and regulations related to federal contractors, the aviation industry, international operations, safety, and environmental matters, and the costs of complying with such laws and regulations; and (xxi) exposure to product liability and property claims that may be in excess of our liability insurance coverage.  Should one or more of those risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described.  Those events and uncertainties are difficult or impossible to predict accurately and many are beyond our control.

For a discussion of these and other risks and uncertainties, refer to our Annual Report on Form 10-K, Part I, “Item 1A, Risk Factors” and our other filings from time to time with the U.S Securities and Exchange Commission.  These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company’s control.  The risks described in these reports are not the only risks we face, as additional risks and uncertainties are not currently known or foreseeable or impossible to predict accurately or risks that are beyond the Company’s control or deemed immaterial may materially adversely affect our business, financial condition or results of operations in future periods. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 


AAR CORP. and subsidiaries



Condensed consolidated statements of


  operations


(In millions except per share data – unaudited)

 


Three months ended


February 28/29,

 


Nine months ended


February 28/29,



2025


2024



2025


2024


Sales


$ 678.2

$ 567.3


$ 2,026.0

$ 1,662.4


Cost of sales


546.5

457.0


1,648.5

1,347.4


Gross profit


131.7

110.3


377.5

315.0


     Provision for (Recovery of) credit losses


(0.2)

0.1


(0.3)

0.5


     Selling, general, and administrative


61.3

77.0


270.3

217.4


     Earnings (Loss) from joint ventures


0.5

(0.2)


4.7

(0.5)


Operating income


71.1

33.0


112.2

96.6


Losses related to sale and exit of business, net


(64.0)

(1.0)


(65.3)

(2.6)


Pension settlement charge


––


––


––

(26.7)


Interest expense, net


(18.1)

(11.3)


(55.2)

(22.3)


Other expense, net


(0.1)

(0.2)


(0.4)

(0.3)


Income (Loss) before income tax expense (benefit)


(11.1)

20.5


(8.7)

44.7


Income tax expense (benefit)


(2.2)

6.5


12.8

7.5


Net income (loss)


$ (8.9)

$ 14.0


$ (21.5)

$ 37.2


Earnings (Loss) per share – Basic


$ (0.25)

$ 0.40


$ (0.61)

$ 1.05


Earnings (Loss) per share – Diluted


$ (0.25)

$ 0.39


$ (0.61)

$ 1.04


Share data used for earnings (loss) per share:


Weighted average shares outstanding – Basic


35.4

34.8


35.4

34.9


Weighted average shares outstanding – Diluted


35.4

35.2


35.4

35.3

 


AAR CORP. and subsidiaries

  Condensed consolidated balance sheets

(In millions)


February 28,



2025


May 31,



2024


(unaudited)


ASSETS


Cash and cash equivalents


$ 84.4

$ 85.8


Restricted cash


16.5

10.3


Accounts receivable, net


312.5

287.2


Contract assets


153.3

123.2


Inventories, net


775.7

733.1


Rotable assets and equipment on or available for lease


30.1

81.5


Assets held for sale


80.5

12.9


Other current assets


81.8

55.6


     Total current assets


1,534.8

1,389.6


Property, plant, and equipment, net


153.4

171.7


Goodwill and intangible assets, net


752.0

790.2


Rotable assets supporting long-term programs


183.8

166.3


Operating lease right-of-use assets, net


79.0

96.6


Other non-current assets


156.1

155.6


     Total assets


$ 2,859.1

$ 2,770.0


LIABILITIES AND EQUITY


Accounts payable


$ 278.9

$ 238.0


Other current liabilities


266.3

228.9


     Total current liabilities


545.2

466.9


Long-term debt


1,022.3

985.4


Operating lease liabilities


67.6

80.3


Other liabilities and deferred revenue


41.4

47.6


     Total liabilities


1,676.5

1,580.2


Equity


1,182.6

1,189.8


     Total liabilities and equity


$ 2,859.1

$ 2,770.0

 


AAR CORP. and subsidiaries





Condensed consolidated statements of cash flows


(In millions – unaudited)


Three months
ended


February 28/29,


Nine months


ended


February 28/29,



2025


2024



2025


2024


Cash flows provided by (used in) operating activities:


  Net income (loss)


$ (8.9)

$ 14.0


$ (21.5)

$ 37.2


  Adjustments to reconcile net income (loss) to net cash provided by (used in)


     operating activities


    Depreciation and amortization      


14.7

8.8


43.5

25.9


    Stock-based compensation expense


5.6

3.6


15.6

11.5


    Loss (Earnings) from joint ventures


(0.5)

0.2


(4.7)

0.5


    Impairment charge


63.0

––


63.0

––


    Pension settlement charge


––

––


––

26.7


    Provision for (Recovery of) credit losses    


(0.2)

0.1


(0.3)

0.5


    Changes in certain assets and liabilities:


      Accounts receivable


(8.9)

(11.0)


(42.2)

(17.3)


      Contract assets             


(10.6)

12.9


(37.8)

0.5


      Inventories     


(19.2)

(25.8)


(76.6)

(97.3)


      Rotable assets and equipment on or available for short-term lease


(1.8)

(19.3)


4.0

(23.8)


      Prepaid expenses and other current assets      


(6.3)

(1.1)


(16.9)

(11.3)


      Rotable assets supporting long-term programs


(12.1)

(2.9)


(24.2)

(6.9)


      Accounts payable and accrued liabilities


(31.1)

46.3


71.5

93.5


      Deferred revenue on long-term programs


2.3

(4.1)


(4.1)

(13.6)


      Other


(4.7)

(1.3)


15.4

(6.8)


  Net cash provided by (used in) operating activities – continuing operations


(18.7)

20.4


(15.3)

19.3


  Net cash used in operating activities – discontinued operations


––

––


––

(0.2)


  Net cash provided by (used in) operating activities


(18.7)

20.4


(15.3)

19.1


Cash flows used in investing activities:


  Property, plant, and equipment expenditures        


(8.5)

(5.8)


(24.7)

(22.2)


  Other   


4.8

(0.7)


7.8

(4.6)


Net cash used in investing activities


(3.7)

(6.5)


(16.9)

(26.8)


Cash flows provided by (used in) financing activities:


  Short-term borrowings, net             


35.0

––


35.0

5.0


  Purchase of treasury stock


––

(5.1)


––

(5.1)


  Other   


5.8

(0.7)


2.0

9.6


Net cash provided by (used in) financing activities


40.8

(5.8)


37.0

9.5


Increase in cash and cash equivalents               


18.4

8.1


4.8

1.8


Cash, cash equivalents, and restricted cash at beginning of period              


82.5

75.5


96.1

81.8


Cash, cash equivalents, and restricted cash at end of period          


$100.9

$ 83.6


$ 100.9

$ 83.6

 


AAR CORP. and subsidiaries


Third-party sales by segment


(In millions – unaudited)


Three months ended


February 28/29,


Nine months ended


February 28/29,


2025

2024


2025

2024


Parts Supply


$ 270.7

$ 242.3


$    794.1

$ 706.7


Repair & Engineering


215.9

140.8


662.3

423.7


Integrated Solutions


162.9

165.5


495.2

478.4


Expeditionary Services                   


28.7

18.7


74.4

53.6


$ 678.2

$ 567.3


$ 2,026.0

$ 1,662.4

 


Operating income (loss) by segment


(In millions – unaudited)


Three months ended


February 28/29,


Nine months ended


February 28/29,


2025

2024


2025

2024


Parts Supply


$ 45.4

$ 31.1


$ 107.1

$ 74.6


Repair & Engineering


19.0

11.5


62.9

31.9


Integrated Solutions


9.6

8.6


23.8

22.7


Expeditionary Services 


6.4

0.9


6.9

3.1


80.4

52.1


200.7

132.3


Corporate and other


(9.3)

(19.1)


(88.5)

(35.7)


$ 71.1

$ 33.0


$ 112.2

$ 96.6

 

Adjusted net income, adjusted diluted earnings per share, adjusted operating margin, adjusted cash provided by (used in) operating activities, adjusted EBITDA, net debt, and net debt to adjusted EBITDA (net leverage) are “non-GAAP financial measures” as defined in Regulation G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We believe these non-GAAP financial measures are relevant and useful for investors as they illustrate our core operating performance, cash flows, and leverage unaffected by the impact of certain items that management does not believe are indicative of our ongoing and core operating activities. When reviewed in conjunction with our GAAP results and the accompanying reconciliations, we believe these non-GAAP financial measures provide additional information that is useful to gain an understanding of the factors and trends affecting our business and provide a means by which to compare our operating performance and leverage against that of other companies in the industries we compete.  These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. 

Our non-GAAP financial measures reflect adjustments for certain items including, but not limited to, the following:

  • Costs associated with U.S. Foreign Corrupt Practices Act (“FCPA”) matters that we self-reported to the U.S. Department of Justice and other agencies, including investigation costs and settlement charges.
  • Expenses associated with recent acquisition activity, including professional fees for legal, due diligence, and other acquisition activities, bridge financing fees, intangible asset amortization, integration costs, and compensation expense related to contingent consideration and retention agreements.
  • Pension settlement charges associated with the settlement and termination of our frozen defined benefit pension plan.
  • Legal judgments related to or impacted by the Russia/Ukraine conflict.
  • Contract termination/restructuring costs comprised of gains and losses that are recognized at the time of modifying, terminating, or restructuring certain customer and vendor contracts, including the impact from the U.S. government exercising their termination for convenience in the first quarter of fiscal year 2025 for our Mobility Systems business’s new-generation pallet contract.
  • Losses related to our exit from our Indian joint venture, our Landing Gear Overhaul business, and our Composites manufacturing business, including legal fees for the performance guarantee associated with the Composites’ A220 aircraft contract.

Adjusted EBITDA is net income (loss) before interest income (expense), other income (expense), income taxes, depreciation and amortization, stock-based compensation, and items of an unusual nature including but not limited to business divestitures and acquisitions, FCPA investigation, settlement and remediation compliance costs, pension settlement charges, certain legal judgments, acquisition, integration, and amortization expenses from recent acquisition activity, and significant customer contract terminations.

Pursuant to the requirements of Regulation G of the Exchange Act, we are providing the following tables that reconcile the above-mentioned non-GAAP financial measures to the most directly comparable GAAP financial measures:


Adjusted net income


(In millions – unaudited)


Three months ended


February 28/29,


Nine months ended


February 28/29,


2025

2024


2025

2024


Net income (loss)


$ (8.9)

$ 14.0


$ (21.5)

$ 37.2


Losses related to sale and exit of business/joint venture, net


64.0

1.0


63.2

2.6


Acquisition, integration, and amortization expenses


7.5

18.3


23.6

24.2


FCPA settlement and investigation costs


1.1

2.0


65.3

5.7


Russian bankruptcy court judgment (reversal)


(11.1)

––


(11.1)

11.2


Contract termination cost (benefit)


(3.0)

––


0.2

––


Pension settlement charge


––

––


––

26.7


Tax effect on
adjustments


(a)


(14.2)

(5.0)


(21.6)

(20.5)


Adjusted net income


$ 35.4

$ 30.3


$ 98.1

$ 87.1


(a)   

Calculation uses estimated statutory tax rates on non-GAAP adjustments except for the impact of the non-deductible portion of the FCPA settlement charge and the tax effect of the pension settlement charge, which includes income taxes previously recognized in accumulated other comprehensive loss.

 




Adjusted diluted earnings per share


(unaudited)


Three months
ended


February 28/29,


Nine months


ended


February 28/29,


2025

2024


2025

2024


Diluted earnings (loss) per share


$ (0.25)

$ 0.39


$ (0.61)

$ 1.04


Losses related to sale and exit of business/joint venture, net


1.80

0.02


1.78

0.07


Acquisition, integration, and amortization expenses


0.21

0.52


0.66

0.69


FCPA settlement and investigation costs


0.03

0.06


1.84

0.16


Russian bankruptcy court judgment (reversal)


(0.31)

––


(0.31)

0.32


Contract termination benefit


(0.09)

––


––

––


Pension settlement charge


––

––


––

0.76


Tax effect on adjustments


(a)


(0.40)

(0.14)


(0.61)

(0.58)


Adjusted diluted earnings per share


$ 0.99

$ 0.85


$ 2.75

$ 2.46


(a)   

Calculation uses estimated statutory tax rates on non-GAAP adjustments except for the impact of the non-deductible portion of the FCPA settlement charge and the tax effect of the pension settlement charge, which includes income taxes previously recognized in accumulated other comprehensive loss.

 


Adjusted operating margin


(In millions – unaudited)

 


Three months ended 


February
28, 2025


November
30, 2024


February
29, 2024


Sales


$ 678.2

$ 686.1

$ 567.3


Contract termination benefit


(4.0)

––

––


Adjusted sales


$ 674.2

$ 686.1

$ 567.3


Operating income (loss)


$   71.1

$ (2.3)

$33.0


Acquisition, integration, and amortization expenses


7.5

7.2

12.2


Contract termination benefit


(3.0)

––

––


FCPA settlement and investigation costs


1.1

59.2

2.0


Russian bankruptcy court reversal


(11.1)

––

––


Gain related to sale of joint venture 


––

(0.7)

––


Adjusted operating income


$  65.6

$ 63.4

$ 47.2


Adjusted operating margin


9.7 %

9.2 %

8.3 %

 


Adjusted cash provided by (used in) operating activities


(In millions – unaudited)


Three months
ended


February 28/29,


Nine months


ended


February 28/29,


2025

2024


2025

2024


Cash provided by (used in) operating activities


$ (18.7)

$ 20.4


$ (15.3)

$19.3


Amounts outstanding on accounts receivable financing program:


     Beginning of period


23.9

13.7


13.7

12.8


     End of period


(20.2)

(13.7)


(20.2)

(13.7)


Adjusted cash provided by (used in) operating activities


$ (15.0)

$ 20.4


$ (21.8)

$18.4

 


Adjusted EBITDA


(In millions – unaudited)


Three months ended


February 28/29,


Nine months ended


February 28/29,


Year ended


 May 31,


2025

2024


2025

2024

2024


Net income (loss)


$(8.9)

$14.0


$ (21.5)

$ 37.2

$  46.3


Income tax expense (benefit)


(2.2)

6.5


12.8

7.5

12.0


Other expense, net


0.1

0.2


0.4

0.3

0.4


Interest expense, net


18.1

11.3


55.2

22.3

41.0


Depreciation and amortization


14.0

8.8


41.5

25.9

41.2


Losses related to sale and exit of business/joint


   venture, net

 


64.0

 

1.0

 


63.2

 

2.6

 

2.8


Russian bankruptcy court judgment (reversal)


(11.1)

––


(11.1)

11.2

11.2


Contract termination/restructuring costs and loss


    provisions, net

 


(3.0)

 

––


0.2

 

––

 

4.8


Acquisition and integration expenses


3.5

11.2


11.7

15.1

29.7


FCPA settlement and investigation costs


1.1

2.0


65.3

5.7

10.5


Pension settlement charge


––

––


––

26.7

26.7


Severance charges


––

––


––

––

0.5


Stock-based compensation


5.6

3.6


15.6

11.5

15.3


Adjusted EBITDA


$ 81.2

$ 58.6


$ 233.3

$ 166.0

$ 242.4

 


Net debt


(In millions – unaudited)


February
28, 2025


February


29, 2024


Total debt


$1,032.0

$277.0


Less: Cash and cash equivalents


(84.4)

(69.2)


Net debt


$947.6

$207.8

 


Net debt to adjusted EBITDA


(In millions – unaudited)


Adjusted EBITDA for the year ended May 31, 2024


$ 242.4


Less:  Adjusted EBITDA for the nine months ended February 29, 2024


(166.0)


Plus:  Adjusted EBITDA for the nine months ended February 28, 2025



233.3


Adjusted EBITDA for the twelve months ended February 28, 2025



$ 309.7


Net debt at February 28, 2025


$ 947.6


Net debt to Adjusted EBITDA


3.06

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/aar-reports-third-quarter-fiscal-year-2025-results-302413539.html

SOURCE AAR CORP.

Posted on

Tyra Biosciences Reports Fourth Quarter and Full Year 2024 Financial Results and Highlights

PR Newswire

– Three INDs cleared by US FDA for TYRA’s proprietary precision small molecules –

– TYRA-300 to be evaluated in three Phase 2 studies: SURF302 for Intermediate Risk Non-Muscle Invasive Bladder Cancer (IR NMIBC), BEACH301 for pediatric achondroplasia (ACH) and SURF301 for metastatic urothelial cancer (mUC) –

– Cash, cash equivalents, and marketable securities of $341.4 million at YE 2024; runway through at least 2027 –


CARLSBAD, Calif.
, March 27, 2025 /PRNewswire/ — Tyra Biosciences, Inc. (Nasdaq: TYRA), a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology, today reported financial results for the fourth quarter and full year ended December 31, 2024, and highlighted recent corporate progress.

“2024 was a momentous year for TYRA and the patient communities we serve, highlighted by the positive interim results from our SURF301 study, which demonstrated a combination of high anti-tumor activity with favorable tolerability results in very sick, heavily pre-treated cancer patients. Importantly, the oncology doses tested in SURF301 are significantly higher than those to be tested in BEACH301, giving us confidence as we advance TYRA-300 in ACH,” said Todd Harris, CEO of TYRA. “Our conviction in TYRA-300 has never been stronger and we are working diligently to advance this potential best-in-class agent for multiple high-value indications in oncology and skeletal dysplasia into three Phase 2 studies in NMIBC, ACH and mUC.”

Fourth Quarter and Full Year 2024 and Recent Corporate Highlights

TYRA-300

  • Advanced Clinical Evaluation of TYRA-300 into Three Phase 2 Studies. During 2024, TYRA progressed TYRA-300, an oral, investigational FGFR3-selective inhibitor, for the treatment of IR NMIBC, mUC and ACH, and achieved the following milestones:

    • Cleared Phase 2 NMIBC IND with US FDA – SURF302. TYRA expanded the clinical development of TYRA-300 into NMIBC to address the unmet needs in this cancer population for an efficacious, orally available therapy. SURF302 is an open-label Phase 2 clinical study evaluating the efficacy and safety of TYRA-300 in participants with FGFR3-altered low-grade, IR NMIBC. The study will enroll up to 90 participants at multiple sites primarily in the United States. Participants will be randomized initially to treatment with TYRA-300 at 50 mg once-daily (QD) (Cohort 1) or treatment with TYRA-300 at 60 mg QD (Cohort 2). Following a review of efficacy and safety, an additional dosing cohort may be evaluated. The primary endpoint is complete response (CR) rate at three months. Secondary endpoints include time to recurrence, the median duration of response, recurrence free survival (RFS), progression free survival (PFS), safety and tolerability.
    • Cleared Phase 2 ACH IND with US FDA – BEACH301. The study is a Phase 2, multicenter, open-label, dose-escalation/dose-expansion study evaluating TYRA-300 in children ages 3 to 10 with achondroplasia with open growth plates. The study will enroll children who are treatment-naïve (Cohort 1) and those who have received prior growth-accelerating therapy (Cohort 2) at multiple sites across the globe. Each of these cohorts is expected to enroll up to 10 participants per dose level (0.125, 0.25, 0.375, 0.50 mg/kg) for up to 12 months. The study will initially enroll a safety sentinel cohort of up to 3 treatment-naïve participants per dose level in children ages 5 to 10.
    • Reported Interim Clinical Proof-of-Concept Results in mUC Patients – SURF301. TYRA-300 demonstrated encouraging preliminary anti-tumor activity in a heavily pre-treated population: at ≥ 90 mg QD, 6 out of 11 (54.5%) patients with FGFR3+ mUC achieved a confirmed partial response (PR), with 100% disease control rate and sustained duration of activity; positive safety results were reported across all QD doses, with infrequent FGFR2/FGFR1-associated toxicities (data cutoff of August 15, 2024). TYRA-300 is being evaluated in Part B of SURF301 (NCT05544552) at potentially therapeutic QD doses in preparation for potential future Phase 2 studies.

TYRA-200

  • Advanced Phase 1 SURF201 Study. TYRA-200 is an FGFR1/2/3 inhibitor with potency against activating FGFR2 gene alterations and resistance mutations. SURF201 (Study in PrevioUsly treated and Resistant FGFR2+ Cholangiocarcinoma and Other Advanced Solid Tumors) (NCT06160752) is a multi-center, open label study designed to evaluate the safety, tolerability, and pharmacokinetics of TYRA-200 and determine the optimal and maximum tolerated dose and recommended Phase 2 dose, as well as evaluate the preliminary antitumor activity of TYRA-200. The SURF201 study is currently enrolling and dosing adults with unresectable locally advanced/metastatic intrahepatic cholangiocarcinoma and other advanced solid tumors with activating FGFR2 gene alterations.

TYRA-430


  • Cleared

     Phase 1 IND with US FDA – SURF431. TYRA-430 is an oral, investigational FGFR4/3-biased inhibitor for FGF19+/FGFR4-driven cancers. The Phase 1 study will be a multicenter, open-label, first-in-human study of TYRA-430 in advanced hepatocellular carcinoma (HCC) and other solid tumors with activating FGF/FGFR pathway aberrations (SURF431). We believe TYRA-430 has the potential to address a significant unmet need in HCC, where there are no approved biomarker-driven, targeted therapies.

Corporate

  • Strengthened Leadership Team and Board of Directors. In 2024, TYRA appointed Doug Warner, MD, as Chief Medical Officer, and Erik Goluboff, MD, as SVP, Clinical Development to lead the Company’s oncology strategy and clinical development plans. In 2025, TYRA appointed accomplished drug developer Adele Gulfo to its Board of Directors, Sinette Heys as SVP, Clinical Operations to lead the Company’s clinical operations team, and Will Charlton, MD, as SVP, Clinical Development to lead the Company’s skeletal dysplasia clinical development group.

SNÅP
 Platform and Pipeline

  • TYRA continued to advance its in-house precision medicine discovery engine, SNÅP, to develop therapies in targeted oncology and genetically defined conditions.

Fourth Quarter and Full-Year 2024 Financial Results

  • Cash, Cash Equivalents and Short-Term Investments. As of December 31, 2024, TYRA had cash, cash equivalents, and marketable securities of $341.4 million, compared to $203.5 million at the end of 2023. The increase was primarily due to the completion of a private placement financing for net proceeds of $199.6 million in the first quarter of 2024. The Company’s current cash, cash equivalents and marketable securities are expected to allow TYRA to execute on its plans through at least 2027.

  • Research and Development (R&D) Expenses. Research and development expenses for the three months ended December 31, 2024 were $22.2 million compared to $20.7 million for the same period in 2023, and $80.1 million for the full year 2024 compared to $62.5 million for the same period in 2023. The increases were primarily driven by increased expenses incurred in connection with our ongoing and planned clinical trials and personnel-related costs, including stock-based compensation, partially offset by decreased drug manufacturing and preclinical costs.

  • General and Administrative (G&A) Expenses. General and administrative expenses for the three months ended December 31, 2024 were $7.6 million compared to $5.0 million for the same period in 2023, and $24.1 million for the full year 2024 compared to $17.4 million for the same period in 2023. The increases were primarily driven by increased personnel-related costs, including stock-based compensation.

  • Net Loss. Fourth quarter 2024 net loss was $25.6 million compared to $22.8 million for the same period in 2023, and $86.5 million for the full year 2024 compared to $69.1 million for the same period in 2023.

Upcoming Anticipated Milestones and Events

  • BEACH301: dose first child with achondroplasia with TYRA-300 – Q2 2025
  • SURF302: dose first NMIBC patient with TYRA-300 – Q2 2025
  • SURF431: dose first HCC patient with TYRA-430 – Q2 2025

About TYRA-300

TYRA-300 is the Company’s lead precision medicine program stemming from its in-house SNÅP platform. TYRA-300 is an investigational, oral, FGFR3-selective inhibitor currently in development for the treatment of cancer and skeletal dysplasia, including achondroplasia and hypochondroplasia. In oncology, TYRA-300 is being evaluated in mUC and IR NMIBC. In mUC, TYRA-300 is being evaluated in a multi-center, open label Phase 1/2 clinical study, SURF301 (Study in Untreated and Resistant FGFR3+ Advanced Solid Tumors) (NCT05544552). The study is designed to determine the optimal and the recommended Phase 2 dose of TYRA-300, as well as to evaluate the preliminary antitumor activity of TYRA-300. In October 2024, TYRA reported interim clinical proof-of-concept data in mUC from SURF301. TYRA has received IND clearance from the US FDA to proceed with its SURF302 clinical trial in patients with IR NMIBC. In skeletal dysplasia, TYRA-300 has demonstrated positive preclinical results in achondroplasia and hypochondroplasia, and its BEACH301 clinical trial in children with achondroplasia is now recruiting.

About TYRA-200

TYRA-200 is an oral, investigational, FGFR1/2/3 inhibitor with potency against activating FGFR2 gene alterations and resistance mutations. The Phase 1 clinical study of TYRA-200, SURF201 (Study in PrevioUsly treated and Resistant FGFR2+ Cholangiocarcinoma and Other Advanced Solid Tumors) (NCT06160752), is a multi-center, open label study designed to evaluate the maximum tolerated dose (MTD) and the recommended Phase 2 dose of TYRA-200, as well as to evaluate the preliminary antitumor activity of TYRA-200. SURF201 is currently enrolling and dosing adults with advanced/metastatic intrahepatic cholangiocarcinoma and other advanced solid tumors with activating alterations in FGFR2.

About TYRA-430

TYRA-430 is an oral, investigational FGFR4/3-biased inhibitor for FGF19+/FGFR4-driven cancers. The US FDA has cleared Tyra’s IND to proceed with a Phase 1 clinical study of TYRA-430. The Phase 1 study will be a multicenter, open-label, first-in-human study of TYRA-430 in advanced HCC and other solid tumors with activating FGF/FGFR pathway aberrations (SURF431).

About Tyra Biosciences

Tyra Biosciences, Inc. (Nasdaq: TYRA) is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in FGFR biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. TYRA’s expertise in FGFR biology has created a differentiated pipeline with three product candidates in clinical development in targeted oncology and genetically defined conditions. The Company’s lead precision medicine stemming from SNÅP, TYRA-300, is a potential first-in-class selective FGFR3 inhibitor that is designed to avoid the toxicities associated with inhibition of FGFR1, FGFR2 and FGFR4, while being agnostic for the FGFR3 gatekeeper mutations. TYRA-300 is expected to be evaluated in three Phase 2 studies: SURF302 for IR NMIBC, BEACH301 for pediatric achondroplasia and SURF301 for metastatic urothelial cancer. TYRA is also developing TYRA-200, an oral, investigational, FGFR1/2/3 inhibitor, in the SURF201 study for metastatic intrahepatic cholangiocarcinoma, and TYRA-430, an oral, investigational FGFR4/3-biased inhibitor for FGF19+/FGFR4-driven cancers. TYRA is based in Carlsbad, CA.

For more information about our science, pipeline and people, please visit www.tyra.bio and engage with us on LinkedIn.

Forward-Looking Statements

TYRA cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on our current beliefs and expectations and include, but are not limited to: the expected advancement of our pipeline and our growth; the potential to develop next-generation precision medicines and their potential to be first-in-class and/or best-in-class; the potential safety and therapeutic benefits of, and market opportunities for, our product candidates; the expected trial design, timing and phase of development of our product candidates, including timing for patient dosing; the potential for SNÅP to develop therapies; and our expected cash runway. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: interim results of a clinical trial are not necessarily indicative of final results and one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, as follow-up on the outcome of any particular patient continues and as more patient or final data becomes available, including the risk that unconfirmed responses may not ultimately result in confirmed responses to treatment after follow-up evaluations; the potential for proof-of-concept results to fail to result in successful subsequent development of TYRA-300; later developments with the FDA may be inconsistent with prior feedback from the FDA; we are early in our development efforts, and the approach we are taking to discover and develop drugs based on our SNÅP platform is novel and unproven and it may never lead to product candidates that are successful in clinical development or approved products of commercial value; potential delays in the commencement, recruitment, enrollment, data readouts and completion of preclinical studies and clinical trials; results from preclinical studies or early clinical trials not necessarily being predictive of future results; our dependence on third parties in connection with manufacturing, research and preclinical testing; we may expend our limited resources to pursue a particular product candidate and/or indication and fail to capitalize on product candidates or indications with greater development or commercial potential; acceptance by the FDA of INDs or of similar regulatory submissions by comparable foreign regulatory authorities for the conduct of clinical trials of our product candidates; an accelerated development or approval pathway may not be available for TYRA-300 or other product candidates and any such pathway may not lead to a faster development process; unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval, and/or commercialization; the potential for our programs and prospects to be negatively impacted by developments relating to our competitors, including the results of studies or regulatory determinations relating to our competitors; unfavorable results from preclinical studies; regulatory developments in the United States and foreign countries; our ability to obtain and maintain intellectual property protection for our product candidates and proprietary technologies; we may use our capital resources sooner than we expect; unstable market and economic conditions may adversely affect our business and financial condition and the broader economy and biotechnology industry; and other risks described in our prior filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact:

Amy Conrad

[email protected] 

 


Tyra Biosciences, Inc.


Condensed Balance Sheets

(in thousands)


December 31,


December 31,


2024


2023


Assets

Current assets:

Cash and cash equivalents

$

91,966

$

58,006

Marketable securities

249,475

145,463

Prepaid expenses and other current assets

6,022

8,202

Total current assets

347,463

211,671

Restricted cash

1,000

1,000

Property and equipment, net

1,651

1,628

Right-of-use assets

6,068

6,526

Other long-term assets

7,376

5,032

Total assets

$

363,558

$

225,857


Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

590

$

4,662

Lease liabilities, current

412

280

Accrued expenses and other current liabilities

13,592

10,391

Total current liabilities

14,594

15,333

Lease liabilities, noncurrent

5,810

6,216

Other long-term liabilities

3

46

Total liabilities

20,407

21,595

Stockholders’ equity:

Preferred stock

—

—

Common stock

5

4

Additional paid-in capital

593,687

368,707

Accumulated other comprehensive income

770

381

Accumulated deficit

(251,311)

(164,830)

Total stockholders’ equity

343,151

204,262

Total liabilities and stockholders’ equity

$

363,558

$

225,857

 


Tyra Biosciences, Inc. 


Statements of Operations and Comprehensive Loss 

(in thousands, except share and per share data)

(unaudited)


Three Months Ended December 31,


Year Ended December 31,


2024


2023


2024


2023

Operating expenses:

Research and development

$

22,180

$

20,677

$

80,077

$

62,518

General and administrative

7,564

4,957

24,100

17,427

Total operating expenses

29,744

25,634

104,177

79,945

Loss from operations

(29,744)

(25,634)

(104,177)

(79,945)

Other income:

Interest and other income, net

4,173

2,804

17,696

10,811

Total other income

4,173

2,804

17,696

10,811

Net loss

(25,571)

(22,830)

(86,481)

(69,134)

Unrealized gain (loss) on marketable

   securities available-for-sale, net

(982)

381

389

381

Comprehensive loss

$

(26,553)

$

(22,449)

$

(86,092)

$

(68,753)

Net loss per share, basic and diluted

$

(0.43)

$

(0.53)

$

(1.51)

$

(1.62)

Weighted-average shares used to compute

   net loss per share, basic and diluted

59,060,385

42,965,744

57,217,746

42,704,876

 

 

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SOURCE Tyra Biosciences

Posted on

Cohen & Steers Closed-End Funds Declare Distributions for April, May and June 2025

PR Newswire


NEW YORK
, March 27, 2025 /PRNewswire/ — The Boards of Directors of the Cohen & Steers Closed-End Funds announced today the monthly distributions for April, May and June 2025, as summarized in the charts below:


Ticker


Fund Name


Monthly
Dividend

FOF

Cohen & Steers Closed-End Opportunity Fund, Inc.

$0.087

LDP

Cohen & Steers Limited Duration Preferred and Income Fund, Inc.

$0.131

PSF

Cohen & Steers Select Preferred and Income Fund, Inc.

$0.126

PTA

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

$0.134

RFI

Cohen & Steers Total Return Realty Fund, Inc.

$0.080

RLTY

Cohen & Steers Real Estate Opportunities and Income Fund

$0.110

RNP

Cohen & Steers REIT and Preferred and Income Fund, Inc.

$0.136

RQI

Cohen & Steers Quality Income Realty Fund, Inc.

$0.080

UTF

Cohen & Steers Infrastructure Fund, Inc.

$0.155

 

Distributions will be made on the following schedule:


Month


Ex-Dividend/
Record Date


Payable Date

April

April 8, 2025

April 30, 2025

May

May 13, 2025

May 30, 2025

June

June 10, 2025

June 30, 2025

 

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund, Cohen & Steers Real Estate Opportunities and Income Fund, Cohen & Steers Limited Duration Preferred and Income Fund, Inc., and Cohen & Steers Select Preferred and Income Fund, Inc. pay regular monthly cash distributions to common shareholders at a level rate that may be adjusted from time to time. Each of these fund’s distributions reflect net investment income and may also include net realized capital gains and/or return of capital. Return of capital includes distributions paid by a fund in excess of its net investment income. Such excess is distributed from the fund’s assets. Under federal tax regulations, some or all of the return of capital distributed by a fund may be taxed as ordinary income. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.

Cohen & Steers Closed-End Opportunity Fund, Inc., Cohen & Steers Total Return Realty Fund, Inc.,
Cohen & Steers REIT and Preferred and Income Fund, Inc.,
Cohen & Steers Infrastructure Fund, Inc., and Cohen & Steers Quality Income Realty Fund, Inc. only:

Cohen & Steers Closed-End Opportunity Fund, Inc., Cohen & Steers Total Return Realty Fund, Inc., Cohen & Steers REIT and Preferred and Income Fund, Inc., Cohen & Steers Infrastructure Fund, Inc., and Cohen & Steers Quality Income Realty Fund, Inc. (each, a “Fund” and collectively the “Funds”) declared their monthly distributions pursuant to such Fund’s managed distribution plans. Each Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The policy gives each Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. Information can also be found on the Funds’ website at cohenandsteers.com. The Board of Directors of each Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of each Fund’s shares.

Distributions of a fund’s investment in real estate investment trusts (REITs), master limited partnerships (MLPs) and/or closed-end funds (CEFs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to each fund after year-end by the REITs, MLPs and CEFs held by a fund.

Each Fund’s distributions may include net investment income, long-term capital gains, short-term capital gains and/or return of capital. Under the plan, prior to the payment date of the distribution every month, each Fund will issue a press release and a notice containing information about the amount and sources of the distribution and other related information to shareholders of record on the record date. Please note that the notice is not provided for tax reporting purposes but for informational purposes only. Information can also be found on the Funds’ website at cohenandsteers.com.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.

Investors should consider the investment objectives, risks, charges and expense of the fund carefully before investing. You can obtain the fund’s most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission’s EDGAR Database. You should read these reports and other filings carefully before investing.

Website: https://www.cohenandsteers.com/
Symbol: (NYSE: CNS)

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.


Forward-Looking Statements


This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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SOURCE Cohen & Steers, Inc.

Posted on

The Lovesac Company Announces Fourth Quarter and Fiscal 2025 Conference Call Date

STAMFORD, Conn., March 27, 2025 (GLOBE NEWSWIRE) — The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), the Designed for Life home and technology brand, today announced that its fourth quarter and fiscal 2025 financial results will be released before market open on Thursday, April 10, 2025. The Company will host a conference call at 8:30 a.m. Eastern Time to discuss the financial results.

Investors and analysts interested in participating in the call are invited to dial 877-407-3982 (international callers please dial 201-493-6780) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at investor.lovesac.com.

A recorded replay of the conference call will be available within two hours of the conclusion of the call and can be accessed online at investor.lovesac.com for 90 days.


About The Lovesac Company

Based in Stamford, Connecticut, The Lovesac Company (NASDAQ: LOVE) is a technology driven company that designs, manufactures and sells unique, high-quality furniture derived through its proprietary Designed for Life approach which results in products that are built to last a lifetime and designed to evolve as customers’ lives do. The current product offering is comprised of modular couches called Sactionals, the Sactionals Reclining seat, premium foam beanbag chairs called Sacs, the PillowSac™ Accent Chair, an immersive surround sound home theater system called StealthTech, and an innovative sofa seating solution called EverCouch™. As a recipient of Repreve’s 7th Annual Champions of Sustainability Award, responsible production and innovation are at the center of the brand’s design philosophy with products protected by a robust portfolio of utility patents. Products are marketed and sold primarily online directly at www.lovesac.com, supported by a physical retail presence in the form of Lovesac branded showrooms, as well as through shop-in-shops and pop-up-shops with third party retailers. LOVESAC, DESIGNED FOR LIFE, SACTIONALS, SAC and STEALTHTECH, are trademarks of The Lovesac Company and are Registered in the U.S. Patent and Trademark Office.

Investor Relations Contacts:

Caitlin Churchill, ICR
(203) 682-8200
[email protected]



Posted on

STRATA Skin Sciences Reports Fourth Quarter and Full-Year 2024 Financial Results and Provides a Corporate Update

HORSHAM, Pa., March 27, 2025 (GLOBE NEWSWIRE) — STRATA Skin Sciences, Inc. (“STRATA” or the “Company”) (NASDAQ: SSKN), a medical technology company dedicated to developing, commercializing, and marketing innovative products for the treatment of dermatologic conditions, announces its financial results for the quarter and year ended December 31, 2024, and provides a corporate update.


Fourth


Quarter


and


Full-Year


2024


Financial


Highlights

  • Revenue in the fourth quarter of 2024 was $9.6 million, up 10% from $8.7 million in the year-ago quarter
    • Global net recurring XTRAC® revenue in the fourth quarter was $5.5 million vs. $5.4 million in the prior year period, with international growth of 13% more than offsetting a slight decline in the domestic market
    • Average net revenue per domestic XTRAC® system increased to $5,906 (+6% YOY) on 864 systems in the fourth quarter vs. $5,555 per system on 923 systems in the comparable prior year period
    • Total Recurring revenue increased 3.0% to $5.8 million in the fourth quarter, driven by international growth and contribution from TheraClear
    • Equipment revenue of $3.8 million increased 23% vs. $3.1 million in the fourth quarter of 2023, representing our highest level in two years
  • Full year 2024, revenue of $33.6 million increased slightly vs. $33.4 million in 2023
    • While revenue for the full year was up only slightly, results improved significantly over the course of the year with Y/Y growth in the fourth quarter of 10%
    • For the full year, growth of 5% in the Equipment segment more than offset a decline of 2% in the Recurring segment
  • Gross margin of 60.1% in the fourth quarter of 2024, improved 480 bps vs. 55.3% in the fourth quarter of 2023
  • Adjusting for a one-time accrued expense of $1.8 million in the third quarter of 2024 and the impact of non-cash impairment in both years, operating expense of $22.7 million in 2024 declined 8.5% vs. $24.8 million in 2023
  • Implemented a turnaround, focusing on cost efficiency and improving revenue per device, and delivered meaningful improvements in both metrics
  • Drove efficiencies in Sales & Marketing to more than offset the increase in Direct-to-Consumer (DTC) spend associated with the reimplementation of the Company’s strategic revenue model
  • Implemented a strategy to remove and refurbish underutilized machines, driving a 67% year-over-year reduction in capex spend for full-year 2025, further conserving cash


2024


Corporate


Highlights

  • Renewed 3-year agreements with exclusive distributors in China and Japan – each agreement carries minimum unit placements and/or purchases of the XTRAC® and VTRAC® devices
  • Amended credit agreement with MidCap Financial Trust to ensure alignment with the Company’s current and future business projections
  • On July 23, 2024, closed a registered direct offering that raised $2.1 million in gross proceeds ($1.9 million in net proceeds) through the sale of 665,136 shares of common stock at an average purchase price of $3.16 per share, with participation from insiders and existing institutional shareholders
  • Received approval for the XTRAC Momentum™ 1.0 device in Japan and drove significant growth in international recurring revenue
  • Upgraded clinical team and implemented a consulting model focused on best practices within customer clinics. Early results show meaningful improvement in procedures per device and, in some cases, demand for additional placements
  • Filed a complaint against LaserOptek, and others, citing unfair competition under federal and state laws regarding the marketing and sales of competitive laser devices. On November 8, 2024  pursuant to a joint stipulation a court order was entered in the US District Court for the Eastern District of Pennsylvania enjoining LaserOptek, and all those acting at their direction from engaging in any sales, marketing or promotion of  Pallas lasers that states or implies, that treatments with Pallas lasers are reimbursable using CPT Codes 96920-96922, and also barred LaserOptek and others from engaging in any deceptive advertising  that includes any false or misleading statements regarding the Pallas lasers or STRATA’s lasers. On February 28, 2025, Strata filed a motion for civil contempt against LaserOptek for violating that court order.

“2024 was a year of execution for STRATA. Our fourth quarter results highlight the success we are having in implementing our strategy to shift our existing installed base from underperforming centers to more productive ones while utilizing our DTC and service model to help our customers succeed,” commented STRATA’s President and CEO Dr. Dolev Rafaeli. “We have reduced XTRAC® devices in our domestic installed base to 864, from 923 at the prior year end, resulting in average revenue per device increasing to $5,906 in the fourth quarter of 2024, up from $5,555 in the prior-year period, representing an increase of 6%. At the same time, our operating margins, adjusted for non-cash impairment charges in both periods, improved by 950 bps compared to the fourth quarter of 2023. On a full-year basis, our non-GAAP adjusted EBITDA, including the adjustment for the $1.8 million accrual we discussed last quarter, improved to $2.2 million versus $1.0 million in the prior year.

“With regard to our international markets, we have seen significant traction, with particular strength in the Equipment segment. During the fourth quarter, international sales increased to $4.1 million, which represents a sequential increase of 27% over the prior quarter and 41% over the prior year period, with the international portion of the Equipment segment up 45% over the fourth quarter of 2023,” concluded Dr, Rafaeli.


Fourth


Quarter 2024 Financial Results

Revenue for the fourth quarter of 2024 was $9.6 million, as compared to revenue of $8.7 million for the fourth quarter of 2023. Global recurring revenue for the fourth quarter of 2024 was $5.8 million, as compared to global recurring revenue of $5.6 million for the prior-year period. Equipment revenue was $3.8 million for the fourth quarter of 2024 versus $3.1 million for the fourth quarter of 2023.

Gross profit for the fourth quarter of 2024 was $5.8 million, or 60.1% of revenue, as compared to $4.8 million, or 55.3% of revenue, for the fourth quarter of 2023.

Selling and marketing costs for the fourth quarter of 2024 were $3.2 million, compared to $2.8 million in the year-ago period. General and administrative costs for the fourth quarter of 2024 were $2.7 million, compared to $2.8 million for the fourth quarter of 2023.

Net loss for the fourth quarter of 2024 was $4.5 million, or EPS of negative $1.18 per basic and diluted common share, as compared to a net loss of $3.8 million, or EPS of negative $1.09 per basic and diluted common share, in the fourth quarter of 2023.

Cash, cash equivalents, and restricted cash at December 31, 2024 were $8.6 million.


F


ull Year


2024 Financial Results

Revenue for the full year 2024 was $33.6 million, as compared to revenue of $33.4 million for the full year 2023. Global recurring revenue for the full year 2024 was $21.2 million, as compared to global recurring revenue of $21.5 million for the full year 2023. Equipment revenue was $12.4 million for the full year 2024, as compared to $11.8 million for the full year 2023.

Gross profit for the full year 2024 was $19.1 million, or 56.9% of revenue, as compared to $18.5 million, or 55.3% of revenue for the full year 2023.

Selling and marketing costs for the full year 2024 were $12.3 million, as compared to $13.0 million for the full year 2023. General and administrative costs for the full year 2024 were $11.3 million ($9.5 million adjusted for a one-time accrual of $1.8 million taken in the third quarter), as compared to $10.5 million for the full year 2023.

Impairment expense for the full year 2024 was $3.9 million, as compared to $2.3 million for the full year 2023.

Other expenses for the full year 2024 were $1.0 million compared to $2.3 million for the full year 2023.

Net loss for the full year 2024 was $10.1 million, including the $1.8 million accrual to general and administrative expenses in the third quarter, and the $3.9 million impairment expense. This resulted in a net loss of $2.65 per basic and diluted common share.


Fourth


Quarter


and Full Year


20


24 Earnings


Conference Call

STRATA management will host a conference call at 4:30 p.m. ET on Thursday, March 27, 2025, to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

To listen to the conference call, interested parties within the U.S. should dial 1-844-481-2523 (domestic) or 1-412-317-0552 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the STRATA Skin Sciences, Inc. conference call.

The conference call will also be available through a live webcast that can be accessed at STRATA Skin Sciences 4Q24 Earnings Webcast.

A telephonic replay of the call will be available until April 3, 2025 by dialing 1-877-344-7529 (or 1-412-317-0088 for international callers) and using replay access code 8210574. To access the replay using an international dial-in number, please see here.

A webcast earnings call replay will be available approximately one hour after the live call and remain accessible until September 24, 2025.

Non-GAAP Financial Measures

STRATA has determined to supplement its consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), presented elsewhere within this report, with certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP gross profit, which excludes the non-cash expense of amortization of acquired intangible assets classified as cost of revenues, and non-GAAP adjusted EBITDA, “Earnings Before Interest, Taxes, Depreciation, and Amortization.”

These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for Gross Profit or Net Earnings (Loss) determined in accordance with U.S. GAAP, should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. STRATA considers these non-GAAP measures in addition to its results prepared under current accounting standards, but they are not a substitute for, nor superior to, U.S. GAAP measures. These non-GAAP measures are provided to enhance readers’ overall understanding of STRATA’s current financial performance and to provide further information for comparative purposes. This supplemental presentation should not be construed as an inference that the Company’s future results will be unaffected by similar adjustments to Gross Profit or Net Earnings (Loss) determined in accordance with U.S. GAAP. Specifically, STRATA believes the non-GAAP measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of the Company’s core operating results and business outlook. In addition, STRATA believes non-GAAP measures enhance the comparability of results against prior periods.

Reconciliation to the most directly comparable U.S. GAAP measure of all non-GAAP measures included in this press release is as follows:

  Year Ended December 31,

(in thousands)
 		2024
   2023
       
Net loss $ (10,086 )   $ (10,830 )
       
Adjustments:      
Depreciation and amortization   4,968       5,553  
Amortization of operating lease right-of-use asset   339       349  
Loss on disposal of property and equipment   49       72  
Benefit from income taxes   (170 )     (92 )
Interest income   (242 )     (231 )
Interest expense   2,107       1,640  
Non-GAAP EBITDA   (3,035 )     (3,539 )
Impairment of goodwill   3,861       2,284  
Stock-based compensation   427       1,303  
Loss on debt extinguishment   —       909  
Employee retention credit   (864 )     —  
Non-GAAP adjusted EBITDA $ 389     $ 957  
One-time accrual for NY State Sales Tax   1,781       —  
Non-GAAP adjusted EBITDA normalized for one-time events   2,170       957  
               

XTRAC Gross Domestic Recurring Billings

XTRAC gross domestic recurring billings represent the amount invoiced to partner clinics when treatment codes are sold to the physician. It does not include normal GAAP adjustments, which are deferred revenue from prior quarters recorded as revenue in the current quarter, the deferral of revenue from the current quarter recorded as revenue in future quarters, adjustments for co-pay and other discounts. This excludes international recurring revenues.

The following is a reconciliation of non-GAAP XTRAC gross domestic billings to domestic recorded revenue for the third quarter and first nine months of 2024 and 2023 (in thousands), respectively:

  Three Months Ended
December
3
1
,


 		  YTD
    2024       2023       2024       2023  
Gross domestic recurring billings $4,871     $4,947     $18,996     $19,622  
Co-Pay adjustments   (84 )     (87 )     (331 )     (343 )
Other discounts   (6 )     (22 )     (81 )     (110 )
Deferred revenue from prior quarters   1,867       1,913       7,204       8,114  
Deferral of revenue to future quarters   (1,545 )     (1,624 )     (7,126 )     (7,567 )
GAAP Recorded domestic revenue $5,102     $5,127     $18,662     $19,716  
                               

About STRATA Skin Sciences, Inc.

STRATA Skin Sciences is a medical technology company dedicated to developing, commercializing, and marketing innovative products for the in-office treatment of various dermatologic conditions, such as psoriasis, vitiligo, and acne. Its products include the XTRAC® excimer laser, VTRAC® lamp systems, and the TheraClear®X Acne Therapy System.

STRATA is proud to offer these exciting technologies in the U.S. through its unique Partnership Program. STRATA’s popular partnership approach includes a fee per treatment cost structure versus an equipment purchase, installation and use of the device, on-site training for practice personnel, service and maintenance of the equipment, dedicated account and customer service associates, and co-op advertising support to help raise awareness and promote the program within the practice.

Safe Harbor

This press release includes “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not limited to the Company’s plans, objectives, expectations and intentions and may contain words such as “will,” “may,” “seeks,” and “expects,” that suggest future events or trends. These statements, the Company’s ability to launch and sell products recently acquired or to be developed in the future, the Company’s ability to develop social media marketing campaigns, direct to consumer marketing campaigns, and the Company’s ability to build a leading franchise in dermatology and aesthetics, are based on the Company’s current expectations and are inherently subject to significant uncertainties and changes in circumstances. Actual results may differ materially from the Company’s expectations due to financial, economic, business, competitive, market, regulatory, adverse market conditions labor supply shortages, or supply chain interruptions resulting from fiscal, political factors, international conflicts, responses, or conditions affecting the Company, the medical device industry and our customers and patients in general, as well as more specific risks and uncertainties set forth in the Company’s SEC reports on Forms 10-Q and 10-K. Given such uncertainties, any or all these forward-looking statements may prove to be incorrect or unreliable. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. The Company urges investors to carefully review its SEC disclosures available at www.sec.gov and www.strataskinsciences.com.

Investor Contact:

CORE IR
516-222-2560
[email protected]

 
STRATA Skin Sciences, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
   
  December 31,
  2024   2023
Assets      
Current assets:      
Cash and cash equivalents $ 7,261     $ 6,784  
Restricted cash   1,334       1,334  
Accounts receivable, net of allowance for credit losses of $563 and $222 at December 31, 2024 and 2023, respectively   5,253       4,440  
Inventories   2,246       2,673  
Prepaid expenses and other current assets   501       312  
Total current assets   16,595       15,543  
Property and equipment, net   10,061       11,778  
Operating lease right-of-use assets   1,264       626  
Intangible assets, net   5,348       7,319  
Goodwill   2,658       6,519  
Other assets   231       231  
Total assets $ 36,157     $ 42,016  
       
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable $ 2,433     $ 3,343  
Accrued expenses and other current liabilities   8,593       6,306  
Deferred revenues   2,241       2,120  
Current portion of operating lease liabilities   328       352  
Current portion of contingent consideration   1,030       53  
Total current liabilities   14,625       12,174  
Long-term debt, net   15,192       15,044  
Deferred revenues and other liabilities   353       552  
Deferred tax liability   —       186  
Operating lease liabilities, net of current portion   919       237  
Contingent consideration, net of current portion   96       1,135  
Total liabilities   31,185       29,328  
Commitments and contingencies (Note 10)      
Stockholders’ equity:      
Series C convertible preferred stock, $0.10 par value; 10,000,000 shares authorized, no shares issued and outstanding   —       —  
Common stock, $0.001 par value; 150,000,000 shares authorized; 4,171,161 and 3,506,025 shares issued and outstanding at December 31, 2024 and 2023, respectively   4       4  
Additional paid-in capital   253,112       250,742  
Accumulated deficit   (248,553 )     (238,058 )
Total stockholders’ equity   4,972       12,688  
Total liabilities and stockholders’ equity $ 36,157     $ 42,016  
               

 
STRATA Skin Sciences, Inc. and Subsidiary
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
   
  Year Ended December 31,
  2024   2023
       
Revenues, net $ 33,562     $ 33,358  
Cost of revenues   14,481       14,897  
Gross profit   19,081       18,461  
Operating expenses:      
Engineering and product development   883       1,317  
Selling and marketing   12,289       12,956  
General and administrative   11,303       10,508  
Impairment of goodwill   3,861       2,284  
    28,336       27,065  
Loss from operations   (9,255 )     (8,604 )
Other (expense) income:      
Interest expense   (2,107 )     (1,640 )
Interest income   242       231  
Loss on debt extinguishment   —       (909 )
Other income   864       —  
    (1,001 )     (2,318 )
Loss before benefit from income taxes   (10,265 )     (10,922 )
Benefit from income taxes   170       92  
Net loss $ (10,086 )   $ (10,830 )
       
Net loss per share of common stock, basic and diluted $ (2.65 )   $ (3.10 )
Weighted average shares of common stock outstanding, basic and diluted   3,807,186       3,491,964  
               

 
STRATA Skin Sciences, Inc. and Subsidiary
Condensed Consolidated Statements of Cash Flows
(in thousands)
   
  Year Ended December 31,
  2024   2023
       
Cash flows from operating activities:      
Net loss $ (10,086 )   $ (10,830 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization   4,968       5,553  
Impairment of goodwill   4,861       2,284  
Amortization of operating lease right-of-use assets   339       349  
Amortization of deferred financing costs and debt discount   148       140  
Change in allowance for credit losses   (182 )     (110 )
Stock-based compensation expense   427       1,303  
Loss on debt extinguishment   —       909  
Loss on disposal of property and equipment   49       72  
Inventory write-off   162       —  
Deferred income taxes   (186 )     (120 )
Changes in operating assets and liabilities:      
Accounts receivable   (631 )     141  
Inventories   572       689  
Prepaid expenses and other assets   (189 )     246  
Accounts payable   (954 )     (100 )
Accrued expenses and other liabilities   2,266       (197 )
Deferred revenues   (57 )     (472 )
Operating lease liabilities   (319 )     (376 )
Net cash provided by (used in) operating activities   188       (519 )
Cash flows from investing activities:      
Purchase of property and equipment   (1,636 )     (5,019 )
Net cash used in investing activities   (1,636 )     (5,019 )
Cash flows from financing activities:      
Proceeds from long-term debt   —       7,000  
Payment of deferred financing costs   —       (97 )
Payment of contingent consideration   (18 )     (42 )
Sale of common stock, net of offering costs   1,943       —  
Net cash provided by financing activities   1,925       6,861  
Net increase in cash, cash equivalents and restricted cash   477       1,323  
Cash, cash equivalents and restricted cash at beginning of year   8,118       6,795  
Cash, cash equivalents and restricted cash at end of year $ 8,595     $ 8,118  
       
Supplemental disclosure of cash flow information:      
Cash paid during the year for interest $ 1,973     $ 1,415  
Cash paid during the year for income taxes $ 23     $ 22  
Supplemental schedule of non-cash operating, investing and financing activities:      
Modification of common stock warrants $ —     $ 384  
Transfer of property and equipment to inventories $ 307     $ 267  
Change in intangible assets and fair value of contingent consideration $ —     $ 7,374  
Accrued exit fee recorded as debt discount $ 150     $ 450  
Accrued payment of contingent consideration $ 44     $ 18  
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 977     $ —