Market Newsdesk

ROCKVILLE, MD, May 04, 2023 (GLOBE NEWSWIRE) — MacroGenics, Inc. (Nasdaq: MGNX), a biopharmaceutical company focused on developing and commercializing innovative monoclonal antibody-based therapeutics for the treatment of cancer, today announced that the Company will release its financial results for the first quarter of 2023 after the market closes on Tuesday, May 9, 2023. MacroGenics will host a conference call to discuss the financial results and recent corporate progress on Tuesday, May 9, 2023, at 4:30 pm ET.

Conference Call Information

To participate via telephone, please register in advance via this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. The listen-only webcast of the conference call can be accessed under “Events & Presentations” in the Investor Relations section of the Company’s website at http://ir.macrogenics.com/events.cfm. A recorded replay of the webcast will be available shortly after the conclusion of the call and archived on the Company’s website for 30 days following the call.

About MacroGenics, Inc.

MacroGenics is a biopharmaceutical company focused on developing and commercializing innovative monoclonal antibody-based therapeutics for the treatment of cancer. The Company generates its pipeline of product candidates primarily from its proprietary suite of next-generation antibody-based technology platforms, which have applicability across broad therapeutic domains. The combination of MacroGenics’ technology platforms and protein engineering expertise has allowed the Company to generate promising product candidates and enter into several strategic collaborations with global pharmaceutical and biotechnology companies. For more information, please see the Company’s website at www.macrogenics.com. MacroGenics and the MacroGenics logo are trademarks or registered trademarks of MacroGenics, Inc.

###

CONTACTS:
Jim Karrels, Senior Vice President, CFO
1-301-251-5172,  [email protected]

CHARLOTTE, N.C., May 04, 2023 (GLOBE NEWSWIRE) — NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that manufactures high-precision components and assemblies, today reported its financial results for the first quarter ended March 31, 2023.

Warren Veltman, President and Chief Executive Officer, said, “Our first quarter results were adversely impacted by reduced production volumes resulting from decreases in residential and commercial construction and the end of COVID-19 restrictions in China. Customers have also reduced inventory levels to buffer against future volume uncertainty further impacting volumes. From an operational perspective, we continued to experience product launch inefficiencies within our Mobile Solutions group. While we are disappointed with our financial results at the start of the year, we significantly improved free cash flow performance in comparison to a year ago, and our liquidity position remains solid. We remain on plan with cost improvements associated with our facility closures and have taken action to further improve our cost structure through a 10% global reduction of indirect labor that will begin to benefit our results in the second quarter.”

First Quarter GAAP Results

Net sales were $127.1 million, a decrease of 0.8% from the first quarter of 2022, primarily due to reduced volume and unfavorable foreign exchange impacts, partially offset by ongoing pricing actions.

Loss from operations was $7.1 million compared to a loss from operations of $3.4 million in the first quarter of 2022. The increase in loss from operations was primarily driven by lower volume and operating inefficiencies, partially offset by pricing in excess of inflation.

Income from operations for Power Solutions was $1.7 million compared to income from operations of $0.4 million for the same period in 2022. Loss from operations for Mobile Solutions was $3.3 million compared to income from operations of $2.0 million for the same period in 2022.

Net loss was $10.2 million compared to net loss of $3.3 million for the same period in 2022. The increase in net loss can be attributed to reduced sales volume, decreased income from the China joint venture due to lower sales volume, and unfavorable overhead absorption, partially offset by pricing in excess of inflation.

First Quarter Adjusted Results

Adjusted loss from operations for the first quarter of 2023 was $0.4 million compared to adjusted income from operations of $2.7 million for the same period in 2022. Adjusted EBITDA was $8.1 million, or 6.4% of sales, compared to $13.4 million, or 10.5% of sales, for the same period in 2022. Adjusted net loss was $5.7 million, or $0.12 per diluted share, compared to adjusted net loss of $0.2 million, or $0.00 per diluted share, for the same period in 2022.

Free cash flow was a use of cash of $3.7 million compared to a use of cash of $9.4 million for the same period in 2022.

Power Solutions

Net sales for the first quarter of 2023 were $49.1 million compared to $52.0 million in the first quarter of 2022, a decrease of 5.7% or $2.9 million. The decrease in sales was primarily due to reduced volume, related to the slowing of residential and commercial construction activity, inventory resets, and the impact of plant closures on aerospace and defense sales, partially offset by price. Adjusted income from operations was $5.5 million compared to adjusted income from operations of $5.2 million in the first quarter of 2022. The increase in adjusted income from operations was primarily due to premium pricing during closure of the Irvine facility, partially offset by reduced volumes and unfavorable overhead absorption.

Mobile Solutions

Net sales for the first quarter of 2023 were $78.0 million compared to $76.1 million in the first quarter of 2022, an increase of 2.6% or $1.9 million. The increase in sales was primarily due to increased pricing, partially offset by reduced volume and unfavorable foreign exchange effects. Adjusted loss from operations was $0.8 million compared to adjusted income from operations of $3.0 million in the first quarter of 2022. The decrease in adjusted income from operations was primarily driven by volume reductions, the impact of reduced income from the China joint venture due to lower volume, unrecovered inflation and inefficiencies at two specific facilities.

2023 Outlook

Based on results for the first quarter, as well as expectations for the remainder of the year, the Company has revised its expectations for financial results for the full year as follows:

• Revenue in the range of $515 million to $545 million;
• Adjusted EBITDA in the range of $47 million to $57 million; and
• Free cash flow in the range of $7 to $17 million.

Free cash flow outlook includes estimated cash outflows for severance, settlement, and facility closure costs of ~$7 million but does not include the CARES Act tax refund of ~$11 million due to uncertain timing.

Conference Call

NN will discuss its results during its quarterly investor conference call on May 5, 2023, at 9:00 a.m. ET. The call and supplemental presentation may be accessed via NN’s website, www.nninc.com. The conference call can also be accessed by dialing 1-877-317-6789 or 1-412-317-6789, Conference ID: 10176815. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call until May 5, 2024.

NN discloses in this press release the non-GAAP financial measures of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted common share, and free cash flow. Each of these non-GAAP financial measures provides supplementary information about the impacts of restructuring and integration expense, acquisition and transition expenses, foreign exchange impacts on inter-company loans, amortization of intangibles and deferred financing costs, and other non-operating impacts on our business.

The financial tables found later in this press release include a reconciliation of adjusted income (loss) from operations, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, free cash flow to the U.S. GAAP financial measures of income (loss) from operations, net income (loss), net income (loss) per diluted common share, and cash provided (used) by operating activities.

About NN, Inc

.

NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has 31 facilities in North America, Europe, South America, and Asia.

Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These statements may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to NN, Inc. based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,”, “will” “possible,” “potential,” “predict,” “project” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the impacts of pandemics, epidemics, disease outbreaks and other public health crises, including the COVID-19 pandemic, on our financial condition, business operations and liquidity; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, currency fluctuation, and other risks of doing business outside of the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, and the availability of labor; our dependence on certain major customers, some of whom are not parties to long-term agreements (and/or are terminable on short notice); the impact of acquisitions and divestitures; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if at all, and to refinance existing debt as it matures; unanticipated difficulties integrating acquisitions; new laws and governmental regulations; the impact of climate change on our operations; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should be not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s filings made with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this press release, and 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, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

FOR FURTHER INFORMATION:

Jeff Tryka, CFA
Investor Relations Contact
[email protected]      
(616) 258-5766

Financial Tables Follow

NN, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
	Three Months Ended March 31,
(in thousands, except per share data)	2023				2022
Net sales	$	127,088			$	128,067
Cost of sales (exclusive of depreciation and amortization shown separately below)		108,421				104,578
Selling, general, and administrative expense		13,165				13,454
Depreciation and amortization		11,516				11,429
Other operating expense, net		1,061				2,026
Loss from operations		(7,075	)			(3,420	)
Interest expense		4,288				3,439
Other income, net		(2,208	)			(2,996	)
Loss before provision for income taxes and share of net income from joint venture		(9,155	)			(3,863	)
Provision for income taxes		(1,301	)			(1,531	)
Share of net income from joint venture		281				2,092
Net loss	$	(10,175	)		$	(3,302	)
Other comprehensive income:
Foreign currency transaction gain		1,840				2,600
Interest rate swap:
Change in fair value, net of tax		(230	)			1,187
Reclassification adjustment for losses (gains) included in net loss, net of tax		(468	)			34
Other comprehensive income	$	1,142			$	3,821
Comprehensive income (loss)	$	(9,033	)		$	519
Basic net loss per common share:
Net loss per common share	$	(0.29	)		$	(0.13	)
Weighted average common shares outstanding		45,309				44,594
Diluted net loss per common share:
Net loss per common share	$	(0.29	)		$	(0.13	)
Weighted average common shares outstanding		45,309				44,594

NN, Inc. Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)	March 31, 2023				December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	10,545			$	12,808
Accounts receivable, net		80,003				74,129
Inventories		81,778				80,682
Income tax receivable		12,087				12,164
Prepaid assets		7,076				2,794
Other current assets		9,016				9,123
Total current assets		200,505				191,700
Property, plant and equipment, net		194,513				197,637
Operating lease right-of-use assets		46,280				46,713
Intangible assets, net		69,327				72,891
Investment in joint venture		32,212				31,802
Deferred tax assets		102				102
Other non-current assets		4,334				5,282
Total assets	$	547,273			$	546,127
Liabilities, Preferred Stock, and Stockholders’ Equity
Current liabilities:
Accounts payable	$	49,975			$	45,871
Accrued salaries, wages and benefits		14,251				11,671
Income tax payable		560				926
Current maturities of long-term debt		6,258				3,321
Current portion of operating lease liabilities		5,008				5,294
Other current liabilities		15,288				11,723
Total current liabilities		91,340				78,806
Deferred tax liabilities		6,064				5,596
Long-term debt, net of current portion		146,228				149,389
Operating lease liabilities, net of current portion		50,710				51,411
Other non-current liabilities		10,715				9,960
Total liabilities		305,057				295,162
Commitments and contingencies
Series D perpetual preferred stock – $0.01 par value per share, 65 shares authorized, issued and outstanding at March 31, 2023 and December 31, 2022		67,752				64,701
Stockholders’ equity:
Common stock – $0.01 par value per share, 90,000 shares authorized, 43,772 and 43,856 shares issued and outstanding at March 31, 2023 and December 31, 2022		438				439
Additional paid-in capital		465,377				468,143
Accumulated deficit		(255,373	)			(245,198	)
Accumulated other comprehensive loss		(35,978	)			(37,120	)
Total stockholders’ equity		174,464				186,264
Total liabilities, preferred stock, and stockholders’ equity	$	547,273			$	546,127

NN, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)
	Three Months Ended March 31,
(in thousands)	2023				2022
Cash flows from operating activities
Net loss	$	(10,175	)		$	(3,302	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		11,516				11,429
Amortization of debt issuance costs and discount		353				332
Impairments of property, plant and equipment		—				233
Total derivative loss (gain), net of cash settlements		386				(2,543	)
Share of net income from joint venture		(281	)			1,934
Compensation expense from issuance of share-based awards		381				949
Deferred income taxes		480				(42	)
Other		(287	)			(826	)
Changes in operating assets and liabilities:
Accounts receivable		(5,506	)			(17,633	)
Inventories		(447	)			(5,536	)
Accounts payable		2,813				11,416
Income taxes receivable and payable, net		(283	)			(631	)
Other		1,276				(1,003	)
Net cash provided by (used in) operating activities		226				(5,223	)
Cash flows from investing activities
Acquisition of property, plant and equipment		(4,997	)			(4,262	)
Proceeds from sale of property, plant, and equipment		1,035				36
Net cash used in investing activities		(3,962	)			(4,226	)
Cash flows from financing activities
Proceeds from long-term debt		17,000				8,000
Repayments of long-term debt		(17,832	)			(8,729	)
Cash paid for debt issuance costs		(55	)			—
Repayments of short-term debt, net		2,923				—
Other		(785	)			(787	)
Net cash provided by (used in) financing activities		1,251				(1,516	)
Effect of exchange rate changes on cash flows		222				2,936
Net change in cash and cash equivalents		(2,263	)			(8,029	)
Cash and cash equivalents at beginning of period		12,808				28,656
Cash and cash equivalents at end of period	$	10,545			$	20,627

Reconciliation of GAAP Income (Loss) from Operations to Non-GAAP Adjusted Income (Loss) from Operations

(in thousands)	Three Months Ended March 31,
NN, Inc. Consolidated	2023				2022
GAAP income (loss) from operations	$	(7,075	)		$	(3,420	)
Litigation / settlement costs		—				1,850
Professional fees		264				206
Personnel costs (1)		157				9
Facility costs (2)		2,739				189
Amortization of intangibles		3,563				3,587
Fixed asset impairments		—				233
Non-GAAP adjusted income (loss) from operations (a)	$	(352	)		$	2,654
Non-GAAP adjusted operating margin (3)	(0.3		)%			2.1	%
GAAP net sales	$	127,088			$	128,067
(in thousands)	Three Months Ended March 31,
Power Solutions	2023				2022
GAAP income (loss) from operations	$	1,747			$	364
Litigation / settlement costs		—				1,850
Facility costs (2)		1,033				189
Amortization of intangibles		2,725				2,749
Non-GAAP adjusted income (loss) from operations (a)	$	5,505			$	5,152
Non-GAAP adjusted operating margin (3)		11.2	%			9.9	%
GAAP net sales	$	49,072			$	52,011

(in thousands)	Three Months Ended March 31,
Mobile Solutions	2023				2022
GAAP income (loss) from operations	$	(3,319	)		$	1,969
Facility costs (2)		1,706				—
Amortization of intangibles		839				838
Fixed asset impairments		—				233
Non-GAAP adjusted income (loss) from operations (a)		(774	)			3,040
Share of net income from joint venture		281				2,092
Non-GAAP adjusted income (loss) from operations with JV	$	(493	)		$	5,132
Non-GAAP adjusted operating margin (3)	(0.6		)%			6.7	%
GAAP net sales	$	78,018			$	76,070
(in thousands)	Three Months Ended March 31,
Elimination	2023				2022
GAAP net sales	$	(2	)		$	(14	)

    

(1) Personnel costs include recruitment, retention, relocation, and severance costs

(2) Facility costs include costs associated with opening or closing facilities and equipment relocation

(3) Non-GAAP adjusted operating margin = Non-GAAP adjusted income (loss) from operations / GAAP net sales

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA
	Three Months Ended March 31,
(in thousands)	2023				2022
GAAP net income (loss)	$	(10,175	)		$	(3,302	)
Provision for income taxes		1,301				1,531
Interest expense		4,288				3,439
Change in fair value of preferred stock derivatives and warrants		(2,008	)			(2,543	)
Depreciation and amortization		11,516				11,429
Litigation / settlement costs		—				1,850
Professional fees		264				206
Personnel costs		157				9
Facility costs		2,739				189
Non-cash stock compensation		381				949
Non-cash foreign exchange (gain) loss on inter-company loans		(329	)			(595	)
Fixed asset impairments		—				233
Non-GAAP adjusted EBITDA (b)	$	8,134			$	13,395
Non-GAAP adjusted EBITDA margin (4)		6.4	%			10.5	%
GAAP net sales	$	127,088			$	128,067

(4) Non-GAAP adjusted EBITDA margin = Non-GAAP adjusted EBITDA / GAAP net sales

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income and GAAP Net Income (Loss)
per Diluted Common Share to Non-GAAP Adjusted Net Income (Loss) per Diluted Common Share
	Three Months Ended March 31,
(in thousands)	2023				2022
GAAP net income (loss)	$	(10,175	)		$	(3,302	)
Pre-tax litigation / settlement costs		—				1,850
Pre-tax professional fees		264				206
Pre-tax personnel costs		157				9
Pre-tax facility costs		2,739				189
Pre-tax foreign exchange (gain) loss on inter-company loans		(329	)			(595	)
Pre-tax change in fair value of preferred stock derivatives and warrants		(2,008	)			(2,543	)
Pre-tax amortization of intangibles and deferred financing costs		3,917				3,919
Pre-tax impairments of fixed asset costs		—				233
Tax effect of adjustments reflected above (c)		(259	)			(686	)
Non-GAAP discrete tax adjustments		—				551
Non-GAAP adjusted net income (loss) (d)	$	(5,694	)		$	(169	)
	Three Months Ended March 31,
(per diluted common share)	2023				2022
GAAP net income (loss) per diluted common share	$	(0.29	)		$	(0.13	)
Pre-tax litigation / settlement costs		—				0.05
Pre-tax professional fees		0.01				—
Pre-tax facility costs		0.06				—
Pre-tax foreign exchange (gain) loss on inter-company loans		(0.01	)			(0.01	)
Pre-tax change in fair value of preferred stock derivatives and warrants		(0.04	)			(0.06	)
Pre-tax amortization of intangibles and deferred financing costs		0.09				0.09
Pre-tax impairments of fixed asset costs		—				0.01
Tax effect of adjustments reflected above (c)		(0.01	)			(0.02	)
Non-GAAP discrete tax adjustments		—				0.01
Preferred stock cumulative dividends and deemed dividends		0.07				0.06
Non-GAAP adjusted net income (loss) per diluted common share (d)	$	(0.12	)		$	0.00
Weighted average common shares outstanding		45,309				44,594

Reconciliation of Operating Cash Flow to Free Cash Flow
	Three Months Ended March 31,
(in thousands)	2023				2022
Net cash provided (used) by operating activities	$	226			$	(5,223	)
Acquisition of property, plant, and equipment		(4,997	)			(4,262	)
Proceeds from sale of property, plant, and equipment		1,035				36
Free cash flow	$	(3,736	)		$	(9,449	)

The Company discloses in this presentation the non-GAAP financial measures of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted common share, and free cash flow. Each of these non-GAAP financial measures provides supplementary information about the impacts of acquisition, divestiture and integration related expenses, foreign-exchange impacts on inter-company loans, reorganizational and impairment charges. Over the past five years, we have completed several acquisitions, one of which was transformative for the Company, and sold two of our businesses. The costs we incurred in completing such acquisitions, including the amortization of intangibles and deferred financing costs, and these divestitures have been excluded from these measures because their size and inconsistent frequency are unrelated to our commercial performance during the period, and which we believe are not indicative of our ongoing operating costs. We exclude the impact of currency translation from these measures because foreign exchange rates are not under management’s control and are subject to volatility. Other non-operating charges are excluded as the charges are not indicative of our ongoing operating cost. We believe the presentation of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted common share, and free cash flow provides useful information in assessing our underlying business trends and facilitates comparison of our long-term performance over given periods.

The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies may calculate such financial results differently. The Company’s non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to actual income growth derived from income amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results.

(a) Non-GAAP Adjusted income (loss) from operations represents GAAP income (loss) from operations, adjusted to exclude the effects of restructuring and integration expense; non-operational charges related to acquisition and transition expense, intangible amortization costs for fair value step-up in values related to acquisitions, non-cash impairment charges, and when applicable, our share of income from joint venture operations. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted income (loss) from operations is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from operations.

(b) Non-GAAP adjusted EBITDA represents GAAP net income (loss), adjusted to include income taxes, interest expense, write-off of unamortized debt issuance costs, interest rate swap payments and change in fair value that was recognized in earnings, change in fair value of preferred stock derivatives and warrants, depreciation and amortization, charges related to acquisition and transition costs, non-cash stock compensation expense, foreign exchange gain (loss) on inter-company loans, restructuring and integration expense, costs related to divested businesses and litigation settlements, income from discontinued operations, and non-cash impairment charges, to the extent applicable. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from continuing operations.

(c) This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the respective table. NN, Inc. estimates the tax effect of the adjustment items identified in the reconciliation schedule above by applying the applicable statutory rates by tax jurisdiction unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment.

(d) Non-GAAP adjusted net income (loss) represents GAAP net income (loss) adjusted to exclude the tax-affected effects of charges related to acquisition and transition costs, foreign exchange gain (loss) on inter-company loans, restructuring and integration charges, amortization of intangibles costs for fair value step-up in values related to acquisitions and amortization of deferred financing costs, non-cash impairment charges, write-off of unamortized debt issuance costs, interest rate swap payments and change in fair value, change in fair value of preferred stock derivatives and warrants, costs related to divested businesses and litigation settlements, income (loss) from discontinued operations, and preferred stock cumulative dividends and deemed dividends. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry.

BETHESDA, Md., May 04, 2023 (GLOBE NEWSWIRE) —  Host Hotels & Resorts, Inc. (NASDAQ: HST), the nation’s largest lodging real estate investment trust (the “Company”), today provided an updated investor presentation for first quarter 2023 results. The investor presentation can be found on the Investor Relations section on the Company’s website at https://www.hosthotels.com/investor-relations/investor-presentation.

About Host Hotels & Resorts

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 72 properties in the United States and five properties internationally totaling approximately 41,900 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures.

SOURAV GHOSH

Chief Financial Officer
(240) 744-5267

JAIME MARCUS

Investor Relations
(240) 744-5117
[email protected]

SUNNYVALE, Calif., May 04, 2023 (GLOBE NEWSWIRE) — Silk Road Medical, Inc. (Nasdaq: SILK), a company focused on reducing the risk of stroke and its devastating impact, today announced that the company will host an investor education webcast at 11:00 a.m. Eastern Time on Thursday, May 25, 2023. The event represents the first in a series of webcasts being organized by the company to educate investors on TCAR and the treatment of carotid artery disease.

The event will include a discussion between Silk Road Medical’s Executive Medical Director, Dr. Sumaira Macdonald, and key opinion leaders in the treatment of carotid artery disease. The event will conclude with an interactive question and answer session. A live and replay version of the webcast will be available at https://investors.silkroadmed.com.

About Silk Road Medical

Silk Road Medical, Inc. (NASDAQ: SILK), is a medical device company located in Sunnyvale, California, and Plymouth, Minnesota, that is focused on reducing the risk of stroke and its devastating impact. The company has pioneered a new approach for the treatment of carotid artery disease called TransCarotid Artery Revascularization (TCAR). TCAR is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. For more information on how Silk Road Medical is delivering brighter patient outcomes through brighter clinical thinking, visit www.silkroadmed.com and connect on Twitter, LinkedIn and Facebook.

Investor Contact:

Lynn Lewis or Marissa Bych
Gilmartin Group
[email protected]

Media:

Michael Fanucchi
Silk Road Medical
[email protected]

Selected Highlights

• First quarter Operating EBITDA* of $27.5 million and net loss of $30.6 million
• Mass Timber business continues to grow its cross-laminated timber order book
• Quarterly cash dividend of $0.075 per share

NEW YORK, May 04, 2023 (GLOBE NEWSWIRE) — Mercer International Inc. (Nasdaq: MERC) today reported first quarter 2023 Operating EBITDA of $27.5 million, net of a $15.2 million non-cash inventory impairment charge, a decrease from $154.5 million in the first quarter of 2022 and $96.1 million in the fourth quarter of 2022.

In the first quarter of 2023, net loss was $30.6 million (or $0.46 per share) compared to net income of $88.9 million (or $1.35 per basic share and $1.34 per diluted share) in the first quarter of 2022 and net income of $20.0 million (or $0.30 per share) in the fourth quarter of 2022.

Mr. Juan Carlos Bueno, the Chief Executive Officer, stated: “In the first quarter, we achieved strong operational performance in both our pulp and solid wood segments. Our results in the quarter were negatively impacted by the lingering effects of inflation on our key inputs such as fiber and chemicals. We also experienced lower prices for most of our products in the quarter. Lower pulp prices were primarily the result of weak demand out of China, while lumber prices were weak through the first quarter as high interest rates and uncertain economic indicators impacted residential construction. Our per unit fiber costs reached a peak in the first quarter of 2023 due to reduced wood chip availability for our Canadian pulp mills as a result of sawmill curtailments and high fiber prices for our German pulp mills as we work through high cost inventory acquired in late 2022 when there was strong demand for wood as an energy source.

Our pulp segment had strong production in the first quarter of 2023 with an increase of approximately 7% compared to the fourth quarter of 2022. Pulp sales volumes decreased 6% relative to the fourth quarter as a result of weaker demand.

Our Friesau mill had record production in the first quarter of 2023. Overall our lumber production increased approximately 14% compared to the fourth quarter of 2022 and our lumber sales volumes increased approximately 41% due to higher production and increasing demand as a result of lower prices.

During the quarter we continued our integration activities at Torgau. In the first quarter of 2023, the synergies achieved were nominal due to low sales realizations for lumber and wood residuals, but we continue to expect annual synergies of approximately $16 million once market conditions improve. Our integration efforts are ongoing as we work to capture all available synergies.

Looking forward to the second quarter of 2023, we currently believe pulp prices will decline, with additional downward pricing pressure on hardwood pulp as the market adjusts to new South American supply. We expect lower softwood pulp prices to be short-lived because of low customer inventory levels. Lumber demand is expected to see a modest increase as we move into the residential construction season, which we believe will also create some upward pricing pressure.

Our Mass Timber business continues to grow its order book. We are pleased with the rate at which our assembled sales team is onboarding new customers. This has allowed us to start building a robust order book, including participation in some leading and complex cross-laminated timber projects. With one of the most modern facilities in the world, we are excited about the future growth potential of this business as cross-laminated timber has been rapidly gaining market share in the construction business.”

Mr. Bueno concluded: “Although economic uncertainty and high inflation have negatively impacted our short-term financial results, we are now experiencing reductions in input costs such as fiber and chemicals. In addition, we have strong liquidity and a strong operational foundation that give us many options to continue to grow and diversify our solid wood and bio-product revenues. We will continue to manage our liquidity and working capital prudently and run the Company based on continuous improvement to enhance efficiency and lower costs.”

______________________
^{*Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States (“GAAP”) and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 6 of the financial tables included in this press release for a reconciliation of net income (loss) to Operating EBITDA.}

Consolidated Financial Results

		Q1				Q4				Q1
		2023				2022				2022
		(in thousands, except per share amounts)
Revenues		$	522,666			$	583,056			$	592,741
Operating income (loss)		$	(20,121	)		$	47,263			$	122,351
Operating EBITDA		$	27,470			$	96,128			$	154,467
Net income (loss)		$	(30,578	)		$	20,024			$	88,897
Net income (loss) per common share
Basic		$	(0.46	)		$	0.30			$	1.35
Diluted		$	(0.46	)		$	0.30			$	1.34

Consolidated – Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022

Total revenues in the first quarter of 2023 decreased by approximately 12% to $522.7 million from $592.7 million in the same quarter of 2022 primarily due to lower pulp sales volumes and lower lumber and energy sales realizations partially offset by the inclusion of Torgau and higher lumber sales volumes and pulp sales realizations.

Costs and expenses in the first quarter of 2023 increased by approximately 15% to $542.8 million from $470.4 million in the first quarter of 2022 primarily due to higher fiber and chemical costs, the inclusion of Torgau and a non-cash inventory impairment of $15.2 million substantially related to hardwood inventory at the Peace River mill as a result of lower hardwood pulp prices and high production and logistics costs. These increases were partially offset by lower pulp sales volumes, the positive impact of a stronger dollar on our Canadian dollar and euro denominated costs and expenses and the receipt of €7.0 million ($7.5 million) in insurance proceeds in the current quarter relating to the July 2022 fire at our Stendal mill.

In the first quarter of 2023, Operating EBITDA decreased to $27.5 million from $154.5 million in the same quarter of 2022 primarily due to higher per unit fiber and chemical costs, lower lumber and energy sales realizations,  lower pulp sales volumes and the non-cash impairment substantially related to hardwood inventory partially offset by higher pulp sales realizations and the positive impact of a stronger dollar. 

Segment Results

Pulp

		Three Months Ended March 31,
		2023				2022
		(in thousands)
Pulp revenues		$	369,656			$	446,911
Energy and chemical revenues		$	30,745			$	39,020
Operating income		$	12,771			$	86,236

In the first quarter of 2023, pulp segment operating income decreased to $12.8 million from $86.2 million in the same quarter of 2022 primarily due to higher per unit fiber and chemical costs, lower pulp sales volumes and the non-cash inventory impairment of $15.2 million partially offset by higher pulp sales realizations and the positive impact of a stronger dollar.

Pulp revenues in the first quarter of 2023 decreased by approximately 17% to $369.7 million from $446.9 million in the same quarter of 2022 due to lower sales volumes partially offset by higher sales realizations. Total pulp sales volumes decreased by approximately 21% to 435,973 ADMTs in the first quarter of 2023 from 555,035 ADMTs in the same quarter of 2022 primarily as a result of lower demand as inflationary pressures are negatively impacting paper demand. In the first quarter of 2023, third party industry quoted average list prices for NBSK pulp increased in Europe and North America and were flat in China from the same quarter of 2022. Our average NBSK pulp sales realizations increased by approximately 5% to $849 per ADMT in the first quarter of 2023 from approximately $812 per ADMT in the same quarter of 2022. However, prices began to weaken late in the first quarter of 2023 and have slid further early in the second quarter.

Costs and expenses in the first quarter of 2023 modestly decreased to $388.0 million from $399.7 million in the first quarter of 2022 primarily due to lower pulp sales volumes, the positive impact of a stronger dollar and the receipt of €7.0 million ($7.5 million) in insurance proceeds in the current quarter relating to the July 2022 fire at our Stendal mill partially offset by higher per unit fiber and chemical costs. The first quarter of 2023 included a non-cash inventory impairment of $15.2 million which substantially related to hardwood inventories at the Peace River mill.

In the first quarter of 2023 per unit fiber costs increased by approximately 43% from the same quarter of 2022 due to higher per unit fiber costs for all of our pulp mills. Our German mills had higher per unit fiber costs as a result of strong demand from other wood consumers such as heating pellet manufacturers in response to energy shortages caused by the war in Ukraine. For our Canadian mills, per unit fiber costs increased due to strong demand in the mills’ fiber baskets and for our Celgar mill a decrease in the availability of wood chips because of regional sawmill curtailments. We currently expect per unit fiber costs to decrease in the second quarter of 2023 with a decrease in Germany due to less demand for wood for energy purposes and in Canada as a result of increased wood chip availability from increased sawmill production and realizing the early benefits from using the Peace River wood room which was completed in the first quarter of 2023.

Solid Wood

		Three Months Ended March 31,
		2023				2022
		(in thousands)
Lumber revenues		$	60,039			$	92,366
Energy revenues		$	5,695			$	5,177
Manufactured products revenues(1)		$	5,804			$	3,764
Pallet revenues		$	36,175			$	—
Biofuel revenues(2)		$	8,135			$	—
Wood residuals revenues		$	5,166			$	3,490
Operating income (loss)		$	(27,069	)		$	38,301

___________
^{(1) Manufactured products primarily includes finger joint lumber and cross-laminated timber.  
(2) Biofuels includes pellets and briquettes.}

In the first quarter of 2023, operating loss was $27.1 million compared to operating income of $38.3 million in the same quarter of 2022 primarily due to lower sales realizations.

Average lumber sales realizations decreased by approximately 49% to $429 per Mfbm in the first quarter of 2023 from approximately $840 per Mfbm in the same quarter of 2022 as a result of lower demand in both the U.S. and European markets. Demand was negatively impacted by concerns over rising interest rates, inflationary pressures and an uncertain economic outlook.

Fiber costs were approximately 80% of our lumber cash production costs in the first quarter of 2023. In the first quarter of 2023, per unit fiber costs for lumber production increased by approximately 6% compared to the same quarter of 2022. Higher per unit fiber costs were due to strong fiber demand in Germany. We currently expect stable per unit fiber costs in the second quarter of 2023 .

Liquidity

The following table is a summary of selected financial information as of the dates indicated:

		March 31,				December 31,
		2023				2022
		(in thousands)
Cash and cash equivalents		$	300,560			$	354,032
Working capital		$	813,165			$	800,114
Total assets		$	2,740,475			$	2,725,037
Long-term liabilities		$	1,534,924			$	1,508,192
Total shareholders’ equity		$	822,873			$	838,784

As of March 31, 2023, we had cash and cash equivalents of $300.6 million and approximately $255.4 million available under our revolving credit facilities providing us with aggregate liquidity of about $556.0 million.

At the end of the first quarter of 2023, our inventories increased to a high level of $531.4 million. The increase reflected, among other things, a build up in fiber in front of the recently completed wood room at our Peace River pulp mill and overall market conditions. We expect inventory levels to normalize in the second and coming quarters of 2023.

Quarterly Dividend

A quarterly dividend of $0.075 per share will be paid on July 6, 2023 to all shareholders of record on June 28, 2023. Future dividends will be subject to Board approval and may be adjusted as business and industry conditions warrant.

Earnings Release Call

In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for May 5, 2023 at 10:00 AM ET. Listeners can access the conference call live and archived for 30 days over the Internet at https://edge.media-server.com/mmc/p/6ggi8pip or through a link on the company’s home page at https://www.mercerint.com. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software.

Mercer International Inc. is a global forest products company with operations in Germany, USA and Canada with consolidated annual production capacity of 2.3 million tonnes of pulp, 960 million board feet of lumber, 140 thousand cubic meters of cross-laminated timber, 17 million pallets and 230,000 metric tonnes of biofuels. To obtain further information on the company, please visit its web site at https://www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as “expects”, “anticipates”, “are optimistic that”, “projects”, “intends”, “designed”, “will”, “believes”, “estimates”, “may”, “could” and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:
Jimmy S.H. Lee
Executive Chairman
(604) 684-1099

Juan Carlos Bueno
Chief Executive Officer
(604) 684-1099

-FINANCIAL TABLES FOLLOW-

Summary Financial Highlights

		Q1				Q4				Q1
		2023				2022				2022
		(in thousands, except per share amounts)
Pulp segment revenues		$	400,401			$	463,225			$	485,931
Solid wood segment revenues			121,014				118,410				104,797
Corporate and other revenues			1,251				1,421				2,013
Total revenues		$	522,666			$	583,056			$	592,741
Pulp segment operating income		$	12,771			$	68,972			$	86,236
Solid wood segment operating income (loss)			(27,069	)			(14,281	)			38,301
Corporate and other operating loss			(5,823	)			(7,428	)			(2,186	)
Total operating income (loss)		$	(20,121	)		$	47,263			$	122,351
Pulp segment depreciation and amortization		$	27,399			$	29,199			$	27,684
Solid wood segment depreciation and amortization			19,898				19,451				4,194
Corporate and other depreciation and amortization			294				215				238
Total depreciation and amortization		$	47,591			$	48,865			$	32,116
Operating EBITDA		$	27,470			$	96,128			$	154,467
Income tax recovery (provision)		$	5,356			$	(8,608	)		$	(24,236	)
Net income (loss)		$	(30,578	)		$	20,024			$	88,897
Net income (loss) per common share
Basic		$	(0.46	)		$	0.30			$	1.35
Diluted		$	(0.46	)		$	0.30			$	1.34
Common shares outstanding at period end			66,421				66,167				66,132

Summary Operating Highlights

		Q1				Q4				Q1
		2023				2022				2022
Pulp Segment
Pulp production (‘000 ADMTs)
NBSK			430.0				390.9				435.5
NBHK			72.3				80.6				56.8
Annual maintenance downtime (‘000 ADMTs)			13.5				39.5				—
Annual maintenance downtime (days)			10				21				—
Pulp sales (‘000 ADMTs)
NBSK			378.6				393.4				505.1
NBHK			57.4				72.0				49.9
Average NBSK pulp prices ($/ADMT)(1)
Europe			1,377				1,442				1,330
China			891				920				899
North America			1,675				1,745				1,527
Average NBHK pulp prices ($/ADMT)(1)
China			710				837				668
North America			1,523				1,608				1,312
Average pulp sales realizations ($/ADMT)(2)
NBSK			849				913				812
NBHK			809				896				695
Energy production (‘000 MWh)(3)			534.6				515.8				531.5
Energy sales (‘000 MWh)(3)			196.9				183.4				194.7
Average energy sales realizations ($/MWh)(3)			122		(4)		156		(4)		186
Solid Wood Segment
Lumber
Production (MMfbm)			134.0				117.3				115.6
Sales (MMfbm)			139.9				99.2				109.9
Average sales realizations ($/Mfbm)			429				454				840
Energy
Production and sales (‘000 MWh)			40.5				39.0				24.5
Average sales realizations ($/MWh)			141		(4)		159		(4)		211
Manufactured products(5)
Production (‘000 cubic meters)			0.8				8.3				5.5
Sales (‘000 cubic meters)			4.3				6.1				5.6
Average sales realizations ($/cubic meters)			666				561				671
Pallets
Production (‘000 units)			2,880.2				2,568.4				—
Sales (‘000 units)			2,942.4				2,646.3				—
Average sales realizations ($/unit)			12				14				—
Biofuels(6)
Production (‘000 tonnes)			32.6				45.7				—
Sales (‘000 tonnes)			25.8				49.8				—
Average realizations ($/tonne)			315				355				—
Average Spot Currency Exchange Rates
$ / €(7)			1.0730				1.0218				1.1216
$ / C$(7)			0.7393				0.7366				0.7897

__________
^{(1) Source: RISI pricing report. Europe and North America are list prices. China are net prices which include discounts, allowances and rebates.   
(2) Sales realizations after customer discounts, rebates and other selling concessions. Incorporates the effect of pulp price variations occurring between the order and shipment dates.
(3) Does not include our 50% joint venture interest in the Cariboo mill, which is accounted for using the equity method.
(4) Energy sales realizations are net of the German energy windfall tax implemented by the German government in December 2022. The German energy windfall tax for the pulp segment was $1.1 million for Q1 2023 and $6.7 million for Q4 2022. The German energy windfall tax for the solid wood segment was $nil million for Q1 2023 and $1.1 million for Q4 2022.
(5) Manufactured products includes finger joint lumber and cross-laminated timber.
(6) Biofuels includes pellets and briquettes.
(7) Average Federal Reserve Bank of New York Noon Buying Rates over the reporting period.}

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
		Three Months Ended March 31,
		2023				2022
Revenues		$	522,666			$	592,741
Costs and expenses
Cost of sales, excluding depreciation and amortization			461,338				416,095
Cost of sales depreciation and amortization			47,498				32,097
Selling, general and administrative expenses			33,951				22,198
Operating income (loss)			(20,121	)			122,351
Other income (expenses)
Interest expense			(19,047	)			(17,464	)
Other income			3,234				8,246
Total other expenses, net			(15,813	)			(9,218	)
Income (loss) before income taxes			(35,934	)			113,133
Income tax recovery (provision)			5,356				(24,236	)
Net income (loss)		$	(30,578	)		$	88,897
Net income (loss) per common share
Basic		$	(0.46	)		$	1.35
Diluted		$	(0.46	)		$	1.34
Dividends declared per common share		$	0.0750			$	0.0750

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)
		March 31,				December 31,
		2023				2022
ASSETS
Current assets
Cash and cash equivalents		$	300,560			$	354,032
Accounts receivable, net			345,193				351,993
Inventories			531,439				450,470
Prepaid expenses and other			18,651				21,680
Total current assets			1,195,843				1,178,175
Property, plant and equipment, net			1,348,563				1,341,322
Investment in joint ventures			45,466				45,635
Amortizable intangible assets, net			52,369				61,497
Goodwill			34,821				30,937
Operating lease right-of-use assets			15,230				15,049
Pension asset			3,782				4,397
Other long-term assets			44,401				48,025
Total assets		$	2,740,475			$	2,725,037
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and other		$	381,923			$	377,306
Pension and other post-retirement benefit obligations			755				755
Total current liabilities			382,678				378,061
Long-term debt			1,378,531				1,346,508
Pension and other post-retirement benefit obligations			11,426				12,178
Operating lease liabilities			9,501				9,475
Other long-term liabilities			14,170				14,072
Deferred income tax			121,296				125,959
Total liabilities			1,917,602				1,886,253
Shareholders’ equity
Common shares $1 par value; 200,000,000 authorized; 66,421,000 issued and outstanding (2022 – 66,167,000)			66,386				66,132
Additional paid-in capital			355,467				354,495
Retained earnings			562,559				598,119
Accumulated other comprehensive loss			(161,539	)			(179,962	)
Total shareholders’ equity			822,873				838,784
Total liabilities and shareholders’ equity		$	2,740,475			$	2,725,037

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
		Three Months Ended March 31,
		2023				2022
Cash flows from (used in) operating activities
Net income (loss)		$	(30,578	)		$	88,897
Adjustments to reconcile net income (loss) to cash flows from operating activities
Depreciation and amortization			47,591				32,116
Deferred income tax provision (recovery)			(9,944	)			8,383
Inventory impairment			15,200				—
Defined benefit pension plans and other post-retirement benefit plan expense			446				438
Stock compensation expense			1,226				949
Foreign exchange transaction losses (gains)			270				(3,828	)
Other			(1,149	)			(801	)
Defined benefit pension plans and other post-retirement benefit plan contributions			(247	)			(1,194	)
Changes in working capital
Accounts receivable			11,342				(52,127	)
Inventories			(86,434	)			(1,725	)
Accounts payable and accrued expenses			309				(567	)
Other			2,318				(1,731	)
Net cash from (used in) operating activities			(49,650	)			68,810
Cash flows from (used in) investing activities
Purchase of property, plant and equipment			(33,429	)			(33,293	)
Property insurance proceeds			—				6,410
Purchase of amortizable intangible assets			(16	)			(60	)
Other			821				153
Net cash from (used in) investing activities			(32,624	)			(26,790	)
Cash flows from (used in) financing activities
Proceeds from revolving credit facilities, net			30,102				30,504
Payment of debt issuance costs			—				(1,184	)
Proceeds from government grants			—				1,067
Payment of finance lease obligations			(1,889	)			(4,935	)
Other			(114	)			(843	)
Net cash from (used in) financing activities			28,099				24,609
Effect of exchange rate changes on cash and cash equivalents			703				(1,534	)
Net increase (decrease) in cash and cash equivalents			(53,472	)			65,095
Cash and cash equivalents, beginning of period			354,032				345,610
Cash and cash equivalents, end of period		$	300,560			$	410,705

MERCER INTERNATIONAL INC.

COMPUTATION OF OPERATING EBITDA

(Unaudited)

(In thousands)

Operating EBITDA is defined as operating income (loss) plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income (loss) as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of our operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.

Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss), including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income (loss) or operating income (loss) as a measure of performance, nor as an alternative to net cash from (used in) operating activities as a measure of liquidity. The following tables set forth the net income (loss) to Operating EBITDA:

		Q1				Q4				Q1
		2023				2022				2022
Net income (loss)		$	(30,578	)		$	20,024			$	88,897
Income tax provision (recovery)			(5,356	)			8,608				24,236
Interest expense			19,047				18,768				17,464
Other income			(3,234	)			(137	)			(8,246	)
Operating income (loss)			(20,121	)			47,263				122,351
Add: Depreciation and amortization			47,591				48,865				32,116
Operating EBITDA		$	27,470			$	96,128			$	154,467

REDWOOD CITY, Calif., May 04, 2023 (GLOBE NEWSWIRE) — Coherus BioSciences, Inc. (“Coherus“, Nasdaq: CHRS) today announced that senior management will participate in the following investor conferences:

• Bank of America Merrill Lynch Global Healthcare 2023 Conference in Las Vegas on Thursday, May 11, 2023; fireside chat at 10:15 a.m. PDT
• UBS Global Healthcare Conference at UBS NY headquarters on Tuesday, May 23, 2023 for 1×1 meetings only between 8:00 a.m. and 5:00 p.m. EDT

An audio webcast of the fireside chat presentation will be available on the investors’ page of the Coherus website at http://investors.coherus.com. Please access the website prior to the start of the presentation to ensure a timely connection to the webcast. The webcast will be archived on the Coherus website for 30 days.

Coherus Contact Information:

Marek Ciszewski, SVP Investor Relations
[email protected]