Market Newsdesk

• Net loss of ($2.5 million) during the third quarter of fiscal 2024 compared to a net loss of ($11.9 million) during the third quarter of fiscal 2023
• Company reiterated $15.5 million implemented SaaS ARR adjusted EBITDA breakeven run rate expectation
• Company accelerated expectation for achievement of SaaS ARR adjusted EBITDA breakeven run rate to the first half of fiscal 2025

ATLANTA, Dec. 16, 2024 (GLOBE NEWSWIRE) — Streamline Health Solutions, Inc. (“Streamline” or the “Company”) (Nasdaq: STRM), a leading provider of solutions that enable healthcare providers to proactively address revenue leakage and improve financial performance, today announced financial results for the third quarter of fiscal 2024, which was the three-month period ended October 31, 2024, and the nine-month period ended October 31, 2024.

Fiscal Third Quarter and Nine-Months Ended October 31, 2024 GAAP Financial Results

The following financial results have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”).

Total revenue for the third quarter of fiscal 2024 was $4.4 million compared to $6.1 million during the third quarter of fiscal 2023. For the nine months ended October 31, 2024, revenue totaled $13.2 million compared to $17.2 million during the same period in fiscal 2023. The change in total revenue was attributable to previously announced client non-renewals offset by successful implementation of new SaaS contracts.

SaaS revenue for the third quarter of fiscal 2024 totaled $2.9 million, 66% of total revenue, compared to SaaS revenue of $3.9 million, 64% of total revenue during the third quarter of fiscal 2023. For the nine months ended October 31, 2024, SaaS revenue totaled $8.7 million, 66% of total revenue, compared to $10.6 million, 62% of total revenue, during the same period of fiscal 2023. As previously reported, the Company had a SaaS contract which did not renew at the end of its 2023 fiscal year.

Net loss for the third quarter of fiscal 2024 totaled ($2.5 million) compared to a net loss of ($11.9 million) during the third quarter of fiscal 2023. For the nine months ended October 31, 2024 net loss totaled ($8.0 million) compared to a net loss of ($17.3 million) during the 2023 period. The third quarter and first nine months of fiscal 2023 included $10.8 million of impairment expenses offset by a $1.2 million and $1.9 million gain, respectively, from valuation adjustments which did not recur during the same periods in fiscal 2024. Net loss during the third quarter and first nine months of fiscal 2024 reflected lower total revenues and higher interest expense offset by reductions in cost of sales, SG&A and R&D expense of $1.9 million and $5.3 million, respectively, primarily due to the Company’s strategic restructuring at the end of fiscal 2023.

Cash and cash equivalents as of October 31, 2024, were $0.8 million compared to $3.2 million as of January 31, 2024. The Company had no outstanding balance on its revolving credit facility as of October 31, 2024, compared to $1.5 million as of January 31, 2024. Subsequent to the end of the quarter, on November 13, 2024, the Company and its principal lender amended certain financial covenants related to the Company’s senior term loan and revolving line of credit, which are described in more detail in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024. On November 20, 2024, the Company received a $1.0 million draw from its revolving line of credit.

Fiscal Third Quarter and Nine Months Ended October 31, 2024 Non-GAAP Financial Results

Adjusted EBITDA for the third quarter of fiscal 2024 was a loss of ($0.3 million) compared to $0.4 million during the third quarter of fiscal 2023. Adjusted EBITDA for the nine months ended October 31, 2024, was a loss of ($1.3 million) compared to a loss of ($1.8 million) during the same period in fiscal 2023. The change in adjusted EBITDA reflects lower total revenue as a result of the previously announced client non-renewals, offset by significant cost savings achieved through the previously announced strategic restructuring.

As of October 31, 2024, the Company’s total Booked SaaS Annual Contract Value (“ACV”) was $14.1 million compared to $15.0 million as of January 31, 2024. $12.0 million of the Booked SaaS ACV was implemented as of October 31, 2024, compared to $11.1 million as of January 31, 2024.

Booked SaaS ACV represents the annualized value of all executed SaaS contracts, including contracts that have not been fully implemented as of the measurement date, assuming any contract that expires during the twelve months following the measurement date is renewed on its existing terms unless the Company has knowledge of the non-renewal.

The Company reiterated that it believes its adjusted EBITDA breakeven run rate is $15.5 million of implemented SaaS ARR and expects to achieve this run rate during the first half of fiscal 2025. Due to the continued unpredictability of timing related to the closing of new contracts, the Company has not provided more specific guidance related to the timing of bookings.

Management Commentary

“During the quarter we expanded existing relationships through our new eValuator quality module, completed implementation for key accounts, including our first enterprise clients and added new logo wins. The resulting momentum has led us to accelerate our expected Adjusted EBITDA breakeven timeline,” stated Ben Stilwill, President and Chief Executive Officer of the Company. “The Streamline team is focused on expanding our client footprint, maintaining a high caliber of client service, improving our solutions and progressing our financial goals and our mission to ensure our nation’s health systems are paid for all of the care they provide.”

Conference Call

The Company will conduct a conference call on Tuesday, December 17, 2024, at 9:00 AM ET to review results and provide a corporate update. Interested parties can access the call by joining the live webcast: click here to register. You can also join by phone by dialing 877-407-8291.

A replay of the conference call will be available from Tuesday, December 17, 2024 at 12:00 PM ET to Tuesday, December 24, 2024 at 12:00 PM ET by dialing 877-660-6853 or 201-612-7415 with conference ID 13750374. An online replay of the presentation will also be available for six months following the presentation in the Investor Relations section of the Streamline website, www.streamlinehealth.net.

About Streamline

Streamline Health Solutions, Inc. (Nasdaq: STRM) enables healthcare organizations to proactively address revenue leakage and improve financial performance. We deliver integrated solutions, technology-enabled services and analytics that drive compliant revenue leading to improved financial performance across the enterprise. For more information, visit www.streamlinehealth.net.

Non-GAAP Financial Measures

Streamline reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). Streamline’s management also evaluates and makes operating decisions using various other measures. One such measure is adjusted EBITDA, which is a non-GAAP financial measure. Streamline’s management believes that this measure provides useful supplemental information regarding the performance of Streamline’s business operations.

Streamline defines “adjusted EBITDA” as net earnings (loss) before net interest expense, income tax expense (benefit), depreciation, amortization, share-based compensation expense, valuation adjustments, restructuring charges, transaction related expenses and other expenses that do not relate to our core operations such as severance and impairment charges. A table reconciling this measure to “net loss,” to the extent relevant items were recognized in the periods covered, is included in this press release.

Booked SaaS ACV represents the annualized value of all executed SaaS contracts, including contracts that have not been fully implemented, as of the measurement date, assuming any contract that expires during the twelve months following the measurement date is renewed on its existing terms unless the Company has knowledge of the non-renewal. Booked SaaS ACV should be viewed independently of revenue and does not represent revenue calculated in accordance with GAAP on an annualized basis, as it is an operating metric that can be impacted by contract execution start and end dates and renewal rates. Booked SaaS ACV is not intended to be a replacement for, or forecast of, revenue. There is no GAAP measure comparable to Booked SaaS ACV.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements included herein. Forward-looking statements contained in this press release include, without limitation, statements regarding the Company’s growth prospects, anticipated bookings, recognition of revenue from contracts included in Booked SaaS ACV, achievement of a breakeven SaaS ARR run rate, anticipated cost savings from previously announced strategic restructuring, expected improved implementation timelines and lower expenses for our clients, industry trends and market growth, adjusted EBITDA, success of future products and related expectations and assumptions. These risks and uncertainties include, but are not limited to, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog and Booked SaaS ACV, the impact of competitive solutions and pricing, solution demand and market acceptance, new solution development and enhancement of current solutions, key strategic alliances with vendors and channel partners that resell the Company’s solutions, the ability of the Company to generate cash from operations, the availability of additional debt and equity financing to fund the Company’s ongoing operations, the ability of the Company to control costs, the effects of cost-containment measures implemented by the Company, availability of solutions from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry generally and the markets in which the Company operates and nationally, the Company’s ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Company Contact

Jacob Goldberger
Vice President, Finance
303-887-9625
[email protected]

STREAMLINE HEALTH SOLUTIONS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (rounded to the nearest thousand dollars, except share and per share information)
	Three Months Ended October 31,								Nine Months Ended October  31,
		2024				2023				2024				2023
Revenues:
Software as a service	$	2,933,000			$	3,924,000			$	8,734,000			$	10,630,000
Maintenance and support		878,000				1,070,000				2,651,000				3,327,000
Professional fees and licenses		608,000				1,139,000				1,841,000				3,278,000
Total revenues		4,419,000				6,133,000				13,226,000				17,235,000
Operating expenses:
Cost of software as a service		1,512,000				1,677,000				4,356,000				5,159,000
Cost of maintenance and support		42,000				129,000				127,000				250,000
Cost of professional fees and licenses		831,000				1,072,000				2,558,000				3,202,000
Selling, general and administrative expense		2,880,000				4,122,000				9,060,000				12,079,000
Research and development		1,134,000				1,304,000				3,569,000				4,310,000
Impairment of goodwill		—				9,813,000				—				9,813,000
Impairment of long-lived assets		—				963,000				—				963,000
Total operating expenses		6,399,000				19,080,000				19,670,000				35,776,000
Operating loss		(1,980,000	)			(12,947,000	)			(6,444,000	)			(18,541,000	)
Other (expense) income:
Interest expense		(496,000	)			(266,000	)			(1,457,000	)			(781,000	)
Valuation adjustments		—				1,182,000				(115,000	)			1,905,000
Other		—				—				(2,000	)			31,000
Loss before income taxes		(2,476,000	)			(12,031,000	)			(8,018,000	)			(17,386,000	)
Tax benefit		—				120,000				—				59,000
Net loss	$	(2,476,000	)		$	(11,911,000	)		$	(8,018,000	)		$	(17,327,000	)
Basic and Diluted Earnings Per Share:
Net loss per common share – basic and diluted*	$	(0.61	)		$	(3.15	)		$	(2.01	)		$	(4.61	)
Weighted average number of common shares – basic and diluted*		4,055,268				3,780,689				3,981,406				3,756,420

*The Company effected a 15-for-1 reverse stock split effective as of 12:01am Eastern Daylight Time on October 4, 2024, and the Company’s common stock began trading on a split adjusted-basis when the market opened on October 4,2024. Comparative periods have been adjusted to reflect the impact of the reverse stock split.

STREAMLINE HEALTH SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (rounded to the nearest thousand dollars, except share and per share information)
	October 31, 2024					January 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	754,000				$	3,190,000
Accounts receivable, net of allowance for credit losses of $59,000 and $86,000, respectively		2,824,000					4,237,000
Contract receivables		1,248,000					780,000
Prepaid and other current assets		567,000					629,000
Total current assets		5,393,000					8,836,000
Non-current assets:
Property and equipment, net of accumulated amortization of $328,000 and $291,000 respectively		52,000					88,000
Capitalized software development costs, net of accumulated amortization of $9,368,000 and $7,960,000, respectively		5,165,000					5,798,000
Intangible assets, net of accumulated amortization of $5,246,000 and $4,019,000, respectively		10,844,000					12,071,000
Goodwill		13,276,000					13,276,000
Other		1,236,000					1,666,000
Total non-current assets		30,573,000					32,899,000
Total assets	$	35,966,000				$	41,735,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$		1,610,000			$		1,253,000
Accrued expenses			1,518,000					2,023,000
Current portion of term loan			2,250,000					1,500,000
Deferred revenues			6,095,000					7,112,000
Acquisition earnout liability			377,000					1,794,000
Total current liabilities			11,850,000					13,682,000
Non-current liabilities:
Term loan, net of current portion and deferred financing costs			5,883,000					7,566,000
Line of credit			—					1,500,000
Notes payable, net of deferred financing costs			4,129,000					—
Deferred revenues, less current portion			190,000					173,000
Total non-current liabilities			10,202,000					9,239,000
Total liabilities			22,052,000					22,921,000
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value per share, 85,000,000 shares authorized; 4,265,821 and 3,929,446 shares issued and outstanding, respectively			43,000					590,000
Additional paid in capital			137,588,000					133,923,000
Accumulated deficit			(123,717,000	)				(115,699,000	)
Total stockholders’ equity			13,914,000					18,814,000
Total liabilities and stockholders’ equity	$		35,966,000			$		41,735,000

STREAMLINE HEALTH SOLUTIONS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (rounded to the nearest thousand dollars)
	Nine Months Ended October 31,
		2024				2023
Net loss	$	(8,018,000	)		$	(17,327,000	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		3,594,000				3,264,000
Accrued interest expense – notes payable		507,000				—
Valuation adjustments		115,000				(1,905,000	)
Benefit for deferred income taxes		—				(104,000	)
Share-based compensation expense		1,483,000				1,626,000
Impairment of goodwill		—				9,813,000
Impairment of long-lived assets		—				963,000
Provision for credit losses		(58,000	)			—
Changes in assets and liabilities:
Accounts and contract receivables		1,003,000				4,299,000
Other assets		(116,000	)			(65,000	)
Accounts payable		357,000				109,000
Accrued expenses and other liabilities		(505,000	)			(417,000	)
Deferred revenue		(1,000,000	)			(2,417,000	)
Net cash used in operating activities		(2,638,000	)			(2,161,000	)
Cash flows from investing activities:
Purchases of property and equipment		—				(47,000	)
Capitalization of software development costs		(667,000	)			(1,562,000	)
Net cash used in investing activities		(667,000	)			(1,609,000	)
Cash flows from financing activities:
Repayment of bank term loan		(1,000,000	)			(500,000	)
Repayment of line of credit		(1,500,000	)			—
Proceeds from line of credit		—				500,000
Proceeds from issuance of common stock		100,000				—
Proceeds from notes payable		4,400,000				—
Payments of acquisition earnout liabilities		(886,000	)			—
Payments related to repurchase of common shares to satisfy employee tax withholding		(77,000	)			(271,000	)
Payments for deferred financing costs		(168,000	)			—
Other		—				—
Net cash provided (used in) by financing activities		869,000				(271,000	)
Net decrease in cash and cash equivalents		(2,436,000	)			(4,041,000	)
Cash and cash equivalents at beginning of period		3,190,000				6,598,000
Cash and cash equivalents at end of period	$	754,000			$	2,557,000

STREAMLINE HEALTH SOLUTIONS, INC. RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA (Unaudited, rounded to the nearest thousand dollars)
	Three Months Ended								Nine Months Ended
In thousands, except per share data	October 31, 2024				October 31, 2023				October 31, 2024				October 31, 2023
Adjusted EBITDA Reconciliation
Net Loss	$	(2,476	)		$	(11,911	)		$	(8,018	)		$	(17,327	)
Interest expense		496				266				1,457				781
Tax benefit		—				(120	)			—				(59	)
Depreciation and amortization		1,187				1,105				3,260				3,186
EBITDA	$	(793	)		$	(10,660	)		$	(3,301	)		$	(13,419	)
Share-based compensation expense		451				517				1,483				1,626
Impairment of goodwill		—				9,813				—				9,813
Impairment of long-lived assets		—				963				—				963
Non-cash valuation adjustments		—				(1,182	)			115				(1,905	)
Acquisition-related costs, severance, and      transaction-related bonuses		16				213				372				389
Restructuring charges		—				749				—				749
Other non-recurring charges		—				—				—				(33	)
Adjusted EBITDA	$	(326	)		$	413			$	(1,331	)		$	(1,817	)

Source: Streamline Health Solutions, Inc.

TARRYTOWN, N.Y., Dec. 16, 2024 (GLOBE NEWSWIRE) — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced its sixth consecutive inclusion in the Dow Jones Sustainability World Index (DJSI World) and fifth consecutive inclusion in the Dow Jones Sustainability North America Index (DJSI North America). These rankings highlight the company’s leadership in adopting responsible practices that drive business resilience and improve our world.

The DJSI World Index is a leading benchmark for corporate responsibility, recognizing the top 10 percent of the world’s most sustainable companies in each industry. Regeneron stands out as one of only six biotechnology firms globally included in the index. Furthermore, this year, Regeneron’s score placed it in the top 1 percent of all rated biotechnology companies worldwide, reflecting Regeneron’s significant advancements in Societal Healthcare, Human Capital Management and Corporate Governance.

“Regeneron’s approach to corporate responsibility is grounded in our company’s values and mission. We take a long-term view and prioritize issues that matter most to our business and stakeholders, which include patients, investors and colleagues around the world,” said Leonard S. Schleifer, M.D., Ph.D., co-founder, Board co-Chair, President, and Chief Executive Officer of Regeneron. “Guided by our commitment to ‘Do Well by Doing Good,’ we are broadening access to our medicines, maintaining the highest ethical standards, and helping protect and restore the planet, in turn helping millions of people and growing sustainably. Our repeated inclusion in the DJSI World Index validates our approach and the innovative efforts of our team.”

Regeneron’s responsibility strategy, which is intentionally and inextricably linked to its business strategy, is focused on three key areas: improving the lives of people with serious diseases, fostering a culture of integrity and excellence, and building sustainable communities.

The company’s annual Responsibility Report transparently details progress toward its 2025 global goals, such as advancing a robust clinical pipeline of ~40 investigational medicines, a new position statement on responsible artificial intelligence practices, data on global pay equity, efforts to enhance access to its Ebola treatment in lower- and middle-income countries, and more. Regeneron is positioned to meet or exceed its 2025 goals and is working to define future targets that reflect its mission of bringing important new medicines to people with serious diseases.

“Regeneron’s consistent and high rankings on prestigious environmental, social and governance indices reflect progress toward our 2025 goals and our dedication to leveraging science to improve lives, our communities and the planet,” said Christina Chan, Senior Vice President of Corporate Affairs at Regeneron. “We are committed to setting new standards for responsible innovation and growth that will carry both our industry and society forward.”

Regeneron’s commitment to corporate responsibility is demonstrated through its strong performance in top environmental, social and governance (ESG) ratings and rankings. In addition to being included in the DJSI World and North America indices, Regeneron is also recognized in the Sustainalytics Risk Rating, the ISS ESG Corporate Rating, and the FTSE4Good Index Series. Each of these recognitions underscore Regeneron’s continued efforts to anticipate and address ESG risks and opportunities.

Rating	Industry Ranking 1
S&P Global Corporate Sustainability Assessment	Top 1%
Sustainalytics Risk Rating	Top 3%
ISS ESG Corporate Rating	Top 10%
FTSE4Good Index Series	Top 13%

¹ As of Dec 13, 2024

About Regeneron 

Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases. 

Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included in the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).

For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.

Media Contacts:
Joseph Brown, Regeneron
386-283-1323
[email protected]

Ontario, CA, Dec. 16, 2024 (GLOBE NEWSWIRE) — CVB Financial Corp. (NASDAQ: CVBF) (the “Company”) announced a twenty cent ($0.20) per share cash dividend with respect to the fourth quarter of 2024. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on December 16, 2024. The quarterly dividend will be payable on or about January 15, 2025 to shareholders of record as of December 31, 2024.

“We are pleased to announce our 141^st consecutive quarterly cash dividend paid to our shareholders,” said David A. Brager, President and Chief Executive Officer.

Corporate Overview
CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with greater than $15 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California.

Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVBF, visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

Safe Harbor

Certain matters set forth herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plans and expectations, growth projections, and our future financial position and operating results. Words such as “will likely result, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will” and variations of these words and similar expressions help to identify these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, all the risk factors set forth in the Company’s public reports, including its Annual Report on Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law.

Contact:

David A. Brager


President and Chief Executive Officer

(909) 980-4030

CNH announces Global Leadership Team changes

Basildon, December 16, 2024

CNH (NYSE: CNH) today announces leadership changes designed to capitalize on current market opportunities in its Agriculture business in the North America and Europe, Middle East and Africa (EMEA) regions. These developments will support the Company at this stage of the agricultural cycle, readying it for the upswing.

Scott Harris will assume the role of President, North America, effective January 1, 2025. Markus Müller will join CNH as President, EMEA, effective March 1, 2025. The Company has selected these two new regional leaders based on their extensive experience and capabilities. Their leadership will be instrumental in executing CNH’s strategic goals and driving success in these regions.

With this announcement, Vilmar Fistarol is stepping down as President, North America, effective December 31, 2024, and he will remain in an advisory role with CNH during H1 2025. Furthermore, Carlo Alberto Sisto is stepping down as President, EMEA, with immediate effect.

North America leadership

North America is a core region, offering significant opportunities for CNH’s most advanced products, technologies and services. Scott Harris brings multifaceted experience across the Company’s agricultural operations, and is currently the Global Brand President of Case IH and STEYR. In North America, he has led both the Financial Services business – CNH Capital – and the Parts & Service division. Scott Harris has also helmed our CASE Construction Equipment, New Holland Construction and Case IH brands in the region. Across these leadership roles, he has gained intimate knowledge of our Case IH and New Holland brands, their dealer networks, and customers across the region.

EMEA leadership

Agriculture in the EMEA region is dynamic and diverse, requiring a wide range of specialized solutions. CNH’s portfolio is ideally placed to increasingly serve this region across its different geographies and farm types. Starting March 1, 2025, Markus Müller will join CNH as President, EMEA.

Mr. Müller arrives from the global engine manufacturer DEUTZ AG, and brings with him a wealth of relevant industrial and commercial experience. He was most recently Chief Technology and Chief Sales Officer, alongside serving as an Executive Board Member. He began his career at DEUTZ AG in 2006 where prior to his most recent appointment, he served as Senior Vice President of Product Development & Technical Customer Support, preceded by leadership roles in Research & Development. From 2016 – 2018, Mr. Müller was Managing Director of HJS Emission Technology, where he was responsible for Product Development, Operations and Sales.

Stefano Pampalone, Agriculture Chief Commercial Officer, will assume the role of President, EMEA, ad interim, in addition to his current responsibility until February 28. Mr. Pampalone and Mr. Müller will work together over the coming months to ensure a smooth transition in the leadership of the EMEA region and its agriculture activities.

“Vilmar is stepping down as President, North America at the end of 2024 after 34 years of outstanding service, having positively impacted many areas of our business across our global regions. He hands over the reins to Scott, who is the natural choice to lead North America,” said Gerrit Marx, Chief Executive Officer at CNH.

“I would like to warmly thank Carlo for his 26 years of committed service during which he has spearheaded significant developments across our regions, most recently having taken the helm of EMEA post-COVID and navigating a challenging phase of the agriculture cycle. In Stefano, we have an experienced leader who will ensure a smooth transition until Markus’s arrival on March 1. We are excited to welcome Markus to the CNH team and confident that his extensive industrial and commercial experience will drive significant progress across the EMEA region,” said Mr. Marx.

CNH Industrial

(NYSE: CNH) is a world-class equipment, technology and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its global and regional Brands. Globally,

Case IH

and

New Holland

supply 360° agriculture applications from machines to implements and the digital technologies that enhance them; and

CASE

and

New Holland Construction Equipment

deliver a full lineup of construction products that make the industry more productive. The Company’s regionally focused Brands include:

STEYR

, for agricultural tractors;

Raven

, a leader in digital agriculture, precision technology and the development of autonomous systems;

Hemisphere

, a leading designer and manufacturer of high-precision satellite-based positioning, and heading technologies;

Flexi-Coil

, specializing in tillage and seeding systems;

Miller

, providing tillage, seeding and hay & forage implements; and

Eurocomach,

producing a wide range of
mini and midi excavators for the construction sector, including electric solutions.

Across a history spanning over two centuries, CNH has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH’s 40,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world. 

For more information and the latest financial and sustainability reports visit:

cnh.com
 
For news from CNH and its Brands visit: media.cnh.com

Contacts: 
Media Relations
Email: [email protected] 
Investor Relations
Email: [email protected]

Forward-looking Statements

All statements other than statements of historical fact contained in this press release including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. Forward-looking statements also include statements regarding the future performance of CNH and its subsidiaries on a standalone basis. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements.

Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficiency of our operations; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.

Forward-looking statements are based upon assumptions relating to the factors described in this press release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH’s control. CNH expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

Further information concerning CNH, including factors that potentially could materially affect its financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”).

All future written and oral forward-looking statements by CNH or persons acting on the behalf of CNH are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Additional factors could cause actual results to differ from those expressed or implied by the forward-looking statements included in the Company’s filings with the SEC (including, but not limited to, the factors discussed in our 2023 Annual Report and subsequent quarterly reports).

Attachment

• 20241216_PR_CNH_GLT_Announcement_NA_EMEA

MALVERN, Pa., Dec. 16, 2024 (GLOBE NEWSWIRE) — Neuronetics, Inc. (NASDAQ: STIM) (the “Company”) today announced the granting of inducement awards to new employees as described below. In accordance with NASDAQ Listing Rule 5635(c)(4), these awards were approved by the Compensation Committee of the Company’s Board of Directors and were made as material inducements to the recipients’ employment with the Company. In all cases, vesting is subject to the recipient’s continued service with the Company through the applicable vesting date, and the awards are subject to the terms of the Company’s 2020 Inducement Incentive Plan.

Performance restricted stock units (“PRSUs”)

Name	Number of PRSUs	Vesting Date
Bill Leonard	100,000	December 31, 2025
Andy Crish	60,000	December 31, 2025
Geoff Grammer	60,000	December 31, 2025
Peter Willett	60,000	December 31, 2025

25% of the award will be attained if the Company achieves cash flow breakeven for the fiscal quarter ended June 30, 2025, 50% of the award will be attained if the Company achieves cash flow breakeven for the fiscal quarter ended September 30, 2025, and 25% of the award will be attained if the Company achieves cash flow breakeven for the fiscal quarter ended December 31, 2025.

Restricted stock units (“RSUs”)

Name	Number of Inducement Plan RSUs	Vesting Schedule
Bill Leonard	100,000	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Bill Leonard	100,000	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date
Andy Crish	33,750	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Andy Crish	33,750	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date
Geoff Grammer	33,750	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Geoff Grammer	33,750	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date
Peter Willett	33,750	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Peter Willett	33,750	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date
Latoya Blaylock	24,000	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Latoya Blaylock	16,000	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date
Annie Farley	24,000	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Annie Farley	16,000	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date
Thomas Harris	24,000	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Thomas Harris	16,000	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date
Nicole Lowry	24,000	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Nicole Lowry	16,000	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date
Bryce Newmann	24,000	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Bryce Newmann	16,000	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date
Egan Pratt	24,000	1/3 on first anniversary of grant date; 1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date
Egan Pratt	16,000	1/3 on second anniversary of grant date; 1/3 on third anniversary of grant date; 1/3 on fourth anniversary of grant date

About Neuronetics and Greenbrook

Neuronetics, Inc. (“Neuronetics”) believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is redefining patient and physician expectations by offering exceptional treatments that produce extraordinary results. Neuronetics’ NeuroStar Advanced Therapy for Mental Health is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication has not helped. In addition to selling the NeuroStar system and associated treatment sessions to customers, Greenbrook TMS Inc. (“Greenbrook”) operates treatment centers across the United States, offering both NeuroStar Advanced Therapy (transcranial magnetic stimulation or “TMS”) and Spravato® (esketamine nasal spray) for the treatment of major depressive disorder (“MDD”) and other mental health disorders. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults with more than 6.9 million treatments delivered and is backed by the largest clinical data set of any TMS treatment system for depression, including the world’s largest depression outcomes registry. Spravato® is offered to treat adults with treatment-resistant depression and depressive symptoms in adults with MDD with suicidal thoughts or actions. Greenbrook has provided more than 1.68 million treatments to over 51,000 patients struggling with depression.

Investor Contact:

Mike Vallie or Mark Klausner
ICR Healthcare
443-213-0499
[email protected]

Media Contact:

EvolveMKD
646-517-4220
[email protected]