Market Newsdesk

May 2, 2023 4:34 pm

Lyell Immunopharma to Participate in BofA Securities Healthcare Conference

SOUTH SAN FRANCISCO, Calif., May 02, 2023 (GLOBE NEWSWIRE) — Lyell Immunopharma, Inc. (Nasdaq: LYEL), a clinical‑stage T-cell reprogramming company advancing a diverse pipeline of cell therapies for patients with solid tumors, today announced that members of its senior management team will participate in the BofA Securities 2023 Healthcare Conference on Tuesday, May 9 at 3:00 pm PT.

A live webcast of the fireside chat can be accessed through the investor relations section of the Company’s website at www.lyell.com. Following the live presentation, a replay of the webcast will be available on the Company’s website for 90 days following the presentation date.

About Lyell Immunopharma, Inc.

Lyell is a clinical-stage T-cell reprogramming company advancing a diverse pipeline of cell therapies for patients with solid tumors. The technologies powering its product candidates are designed to address barriers that limit consistent and long-lasting responses to cell therapy for solid tumors: T-cell exhaustion and lack of durable stemness, which includes the ability to persist and self-renew to drive durable tumor cytotoxicity. Lyell is applying its proprietary ex vivo genetic and epigenetic reprogramming technologies to address these barriers in order to develop new medicines with improved durable clinical outcomes. Lyell is based in South San Francisco, California with facilities in Seattle and Bothell, Washington. To learn more, please visit www.lyell.com.

Contact:

Ellen Rose
Senior Vice President, Communications and Investor Relations
[email protected]

May 2, 2023 4:32 pm

Methode Electronics to Present at the Oppenheimer 18th Annual Industrial Growth Conference

CHICAGO, May 02, 2023 (GLOBE NEWSWIRE) — Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting and power distribution applications, will present virtually at the Oppenheimer 18th Annual Industrial Growth Conference on Tuesday, May 9 at 11.15 a.m. EDT.

A simultaneous webcast can be accessed through the company’s website, www.methode.com, by selecting the Investors page. The webcast will also be archived on the same Investors page.

About Methode Electronics, Inc.

Methode Electronics, Inc. (NYSE: MEI) is a leading global supplier of custom-engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. We design, engineer, and produce mechatronic products for OEMs utilizing our broad range of technologies for user interface, LED lighting system, power distribution and sensor applications.

Our solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus, and rail), cloud computing infrastructure, construction equipment, consumer appliance, and medical devices. Our business is managed on a segment basis, with those segments being Automotive, Industrial, Interface and Medical.

For Methode Electronics, Inc.

Robert K. Cherry
Vice President, Investor Relations
[email protected]
708-457-4030

May 2, 2023 4:30 pm

Varex Announces Strong Financial Results for Second Quarter Fiscal Year 2023

Varex Announces Strong Financial Results for Second Quarter Fiscal Year 2023

SALT LAKE CITY–(BUSINESS WIRE)–
Varex Imaging Corporation (Nasdaq: VREX) today announced its unaudited financial results for the second quarter of fiscal year 2023.

2QFY23 Summary

Revenues $228 million
GAAP gross margin 32% | Non-GAAP gross margin* 33%
GAAP operating margin 7% | Non-GAAP operating margin* 10%
GAAP net earnings $0.10 per diluted share | Non-GAAP net earnings* $0.26 per diluted share
Cash flow from operations $27 million

“We are pleased to report results for the second quarter that exceeded the high-end of our guidance. Demand for our products was strong during the quarter. Revenue growth for the Industrial segment exceeded our expectations, while Medical segment revenue growth was as expected,” said Sunny Sanyal, Chief Executive Officer of Varex. Sanyal added, “We are encouraged by the demand levels we are seeing, and we anticipate our growth to remain solid in the second half of the fiscal year.”

Varex’s revenue of $228 million was up 11% sequentially and 6% year-over-year. Medical segment revenue of $174 million was up 9% sequentially and 2% year-over-year. Industrial segment revenue of $54 million was up 19% sequentially and 22% year-over-year. Non-GAAP gross margin was 33% in the quarter compared to 32% in the first quarter of fiscal year 2023 and non-GAAP EPS increased to $0.26 from $0.21 last quarter.

Balance Sheet & Cash Flow

Cash flow from operations was $27 million in the second quarter of fiscal year 2023, due primarily to a reduction in inventory. Cash, cash equivalents, marketable securities and CDs increased $14 million sequentially to $122 million at the end of the second quarter.

Outlook

The following guidance is provided for the third quarter of fiscal year 2023:

Revenues are expected to be between $220 million and $240 million
Non-GAAP net earnings per diluted share is expected to be between $0.20 and $0.40

Guidance for the company’s net earnings per diluted share is provided on a non-GAAP basis only. This non-GAAP financial measure is forward-looking, and the company is unable to provide a meaningful or accurate GAAP forecast of net earnings per diluted share without unreasonable effort due to the uncertainty of amounts and timing of unusual items.

Non-GAAP Financial Measures

*Please refer to “Reconciliation between GAAP and non-GAAP Financial Measures” below for a reconciliation of non-GAAP items to the comparable GAAP measures.

Conference Call Information

Varex will conduct its earnings conference call for the second quarter of fiscal year 2023 today at 3:00 p.m. Mountain Time. The conference call, including a supplemental slide presentation, will be webcast live and can be accessed at Varex’s website at www.vareximaging.com/investor-relations. Access will also be available by dialing 877-524-8416 from anywhere in the U.S. or by dialing 412-902-1028 from non-U.S. locations. The webcast and supplemental slide presentation will be archived on Varex’s website at www.vareximaging.com/financial-reports. A replay of the call will be available from today through May 16th at 877-660-6853 from anywhere in the U.S. or 201-612-7415 from non-U.S. locations. The replay access code is 13738210. The listen-only webcast link is: https://event.choruscall.com/mediaframe/webcast.html?webcastid=X1ExHtPk

About Varex

Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. With a 70+ year history of successful innovation, Varex’s products are used in medical imaging as well as in industrial and security imaging applications. Global OEM manufacturers incorporate the company’s X-ray sources, digital detectors, connecting devices and imaging software in their systems to detect, diagnose, protect and inspect. Headquartered in Salt Lake City, Utah, Varex employs approximately 2,400 people located in North America, Europe, and Asia. For more information visit vareximaging.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements concerning unaudited financial results; supply chain diversification activities; industry or market outlook; customer demand and revenue trends; revenues, product volumes, or other expected future financial results or performance; and any statements using the terms “believe,” “expect,” “intend,” “outlook,” “future,” “anticipate,” “will,” “could,” “estimate,” “guidance,” or similar statements are forward-looking statements that involve risks and uncertainties that could cause Varex’s actual results to differ materially from those anticipated. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. Such risks and uncertainties include supply chain and logistical challenges; price increases from suppliers and service providers and inflation generally; the lingering impacts of the COVID-19 pandemic on both the global economy and Varex’s business; shifts in product mix; the continued impact of tariffs or a global trade war on Varex’s products and customer purchasing patterns; global economic conditions and political conditions globally or regionally, including any impact due to armed conflicts (such as the conflict between Russia and Ukraine as well as governmental sanctions imposed in response and increasing tensions between China and Taiwan); demand for and delays in delivery of products of Varex or its customers; litigation costs; Varex’s ability to develop, commercialize and deploy new products; the impact of reduced or limited demand by purchasers of certain X-ray products; the impact of competitive products and pricing; and the other risks listed from time to time in our filings with the U.S. Securities and Exchange Commission, which by this reference are incorporated herein. Any forward-looking statements made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Varex assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.

Varex has not filed its Form 10-Q for the second quarter of fiscal year 2023. All financial results described here should be considered preliminary and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time Varex files it’s Form 10-Q.

VAREX IMAGING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended						Six Months Ended
(In millions, except for per share amounts)	March 31, 2023			April 1, 2022			March 31, 2023			April 1, 2022
Revenues, net
Medical	$	174.1		$	170.4		$	334.2		$	326.1
Industrial		54.1			44.3			99.6			87.4
Total revenues		228.2			214.7			433.8			413.5
Gross profit
Medical		51.7			53.4			98.0			99.4
Industrial		21.0			17.4			38.0			36.2
Total gross profit		72.7			70.8			136.0			135.6
Operating expenses:
Research and development		23.0			18.9			43.0			36.6
Selling, general and administrative		34.1			25.3			64.4			58.4
Total operating expenses		57.1			44.2			107.4			95.0
Operating income		15.6			26.6			28.6			40.6
Interest income		0.7			0.1			1.2			0.1
Interest expense		(7.3	)		(11.1	)		(14.8	)		(21.0	)
Other expense, net		(1.2	)		(2.0	)		(1.8	)		(2.8	)
Interest and other expense, net		(7.8	)		(13.0	)		(15.4	)		(23.7	)
Income before taxes		7.8			13.6			13.2			16.9
Income tax expense		3.5			6.0			5.7			7.7
Net income		4.3			7.6			7.5			9.2
Less: Net income attributable to noncontrolling interests		0.2			—			0.3			0.2
Net income attributable to Varex	$	4.1		$	7.6		$	7.2		$	9.0
Net income per common share attributable to Varex
Basic	$	0.10		$	0.19		$	0.18		$	0.23
Diluted	$	0.10		$	0.18		$	0.18		$	0.21
Weighted average common shares outstanding
Basic		40.2			39.7			40.2			39.6
Diluted		40.5			42.2			40.5			43.2

VAREX IMAGING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In millions, except share and per share amounts)	March 31, 2023		September 30, 2022
Assets
Current assets:
Cash and cash equivalents	$	104.4	$	89.4
Accounts receivable, net of allowance for credit losses of $0.6 million and $0.6 million at March 31, 2023 and September 30, 2022, respectively		159.5		173.3
Inventories		310.7		303.2
Prepaid expenses and other current assets		43.8		44.0
Total current assets		618.4		609.9
Property, plant, and equipment, net		142.6		141.3
Goodwill		289.2		284.5
Intangible assets, net		28.9		33.6
Investments in privately-held companies		47.3		46.4
Deferred tax assets		2.1		2.3
Operating lease assets		23.2		23.2
Other assets		39.1		43.2
Total assets	$	1,190.8	$	1,184.4
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	74.2	$	78.2
Accrued liabilities and other current liabilities		66.9		81.4
Current operating lease liabilities		3.9		4.0
Current maturities of long-term debt		2.0		2.1
Deferred revenues		10.2		7.4
Total current liabilities		157.2		173.1
Long-term debt, net		441.0		412.3
Deferred tax liabilities		—		0.5
Operating lease liabilities		17.1		18.0
Other long-term liabilities		42.6		33.8
Total liabilities		657.9		637.7

Stockholders’ equity:
Preferred stock, $.01 par value: 20,000,000 shares authorized, none issued		—		—
Common stock, $.01 par value: 150,000,000 shares authorized
Shares issued and outstanding: 40,384,190 and 40,085,126 at March 31, 2023 and September 30, 2022, respectively.		0.4		0.4
Additional paid-in capital		441.6		469.1
Accumulated other comprehensive income		0.2		0.1
Retained earnings		77.4		63.8
Total Varex stockholders’ equity		519.6		533.4
Noncontrolling interests		13.3		13.3
Total stockholders’ equity		532.9		546.7
Total liabilities and stockholders’ equity	$	1,190.8	$	1,184.4

VAREX IMAGING CORPORATION
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES
(Unaudited)

	Three Months Ended						Six Months Ended
(In millions, except per share amounts)	March 31, 2023			April 1, 2022			March 31, 2023			April 1, 2022
GROSS PROFIT RECONCILIATION
Revenues, net	$	228.2		$	214.7		$	433.8		$	413.5
Gross profit		72.7			70.8			136.0			135.6
Amortization of intangible assets		1.8			1.8			3.6			3.6
Non-GAAP gross profit	$	74.5		$	72.6		$	139.6		$	139.2
Gross margin %		31.9	%		33.0	%		31.4	%		32.8	%
Non-GAAP gross margin %		32.6	%		33.8	%		32.2	%		33.7	%

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE RECONCILIATION
Selling, general and administrative	$	34.1		$	25.3		$	64.4		$	58.4
Amortization of intangible assets		1.6			1.9			3.2			3.8
Restructuring charges		0.8			1.1			1.5			4.3
Other non-operational costs		3.2			0.1			3.8			1.9
Non-GAAP selling, general and administrative expense	$	28.5		$	22.2		$	55.9		$	48.4

OPERATING EXPENSE RECONCILIATION
Total operating expenses	$	57.1		$	44.2		$	107.4		$	95.0
Amortization of intangible assets		1.6			1.9			3.2			3.8
Restructuring charges		0.8			1.1			1.5			4.3
Other non-operational costs		3.2			0.1			3.8			1.9
Non-GAAP operating expense	$	51.5		$	41.1		$	98.9		$	85.0

VAREX IMAGING CORPORATION
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES
(Unaudited)

	Three Months Ended						Six Months Ended
(In millions, except per share amounts)	March 31, 2023			April 1, 2022			March 31, 2023			April 1, 2022
OPERATING INCOME RECONCILIATION
Operating income	$	15.6		$	26.6		$	28.6		$	40.6
Amortization of intangible assets (includes amortization impacts to cost of revenues)		3.4			3.7			6.8			7.4
Restructuring charges (includes restructuring impact to cost of revenues)		0.8			1.1			1.5			4.3
Other non-operational costs (includes other non-operational impacts to cost of revenues)		3.2			0.1			3.8			1.9
Total operating income adjustments		7.4			4.9			12.1			13.6
Non-GAAP operating income	$	23.0		$	31.5		$	40.7		$	54.2
Operating margin		6.8	%		12.4	%		6.6	%		9.8	%
Non-GAAP operating margin		10.1	%		14.7	%		9.4	%		13.1	%

INCOME BEFORE TAXES RECONCILIATION
Income before taxes	$	7.8		$	13.6		$	13.2		$	16.9
Total operating income adjustments		7.4			4.9			12.1			13.6
Convertible notes non-cash interest expense		—			2.2			—			4.3
Other non-operational costs		—			1.2			—			1.2
Total income before tax adjustments		7.4			8.3			12.1			19.1
Non-GAAP income before taxes	$	15.2		$	21.9		$	25.3		$	36.0

INCOME TAX EXPENSE RECONCILIATION
Income tax expense	$	3.5		$	6.0		$	5.7		$	7.7
Tax effect on non-GAAP adjustments		(0.8	)		(0.8	)		(0.1	)		(2.6	)
Non-GAAP income tax expense	$	4.3		$	6.8		$	5.8		$	10.3

VAREX IMAGING CORPORATION RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (Unaudited)

	Three Months Ended						Six Months Ended
(In millions, except per share amounts)	March 31, 2023			April 1, 2022			March 31, 2023			April 1, 2022
NET INCOME AND DILUTED NET INCOME PER SHARE RECONCILIATION
Net income attributable to Varex	$	4.1		$	7.6		$	7.2		$	9.0
Total earnings before taxes adjustments		7.4			8.3			12.1			19.1
Effective tax rate on non-GAAP adjustments		10.8	%		9.6	%		0.8	%		13.6	%
Tax effect on non-GAAP adjustments		(0.8	)		(0.8	)		(0.1	)		(2.6	)
Non-GAAP net income		10.7			15.1			19.2			25.5
Diluted net income per share		0.10			0.18			0.18			0.21
Non-GAAP diluted net income per share	$	0.26		$	0.37		$	0.47		$	0.62

DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING RECONCILIATION
GAAP weighted average common shares – dilutive		40.5			42.2			40.5			43.2
Dilution offset from convertible notes hedge transaction		—			(1.7	)		—			(2.2	)
Non-GAAP dilutive shares		40.5			40.5			40.5			41.0

ADJUSTED EBITDA RECONCILIATION
Net income attributable to Varex	$	4.1		$	7.6		$	7.2		$	9.0
Interest expense		7.3			9.9			14.8			19.8
Income tax expense		3.5			6.0			5.7			7.7
Depreciation		4.7			4.8			9.3			9.6
Amortization		3.4			3.7			6.8			7.5
Stock based compensation		3.2			3.9			6.5			7.3
Restructuring charges		0.8			1.1			1.5			4.3
Other non-operational costs		3.2			1.3			3.8			3.1
Adjusted EBITDA	$	30.2		$	38.3		$	55.6		$	68.3

Discussion of Non-GAAP Financial Measures

This press release includes non-GAAP financial measures derived from our Condensed Consolidated Statements of Operations. These measures are not presented in accordance with, nor are they a substitute for U.S. generally accepted accounting principles, or GAAP. These measures include: non-GAAP gross profit; non-GAAP gross margin; non-GAAP operating expense; non-GAAP operating earnings; non-GAAP operating earnings margin; non-GAAP earnings before taxes; non-GAAP net earnings; non-GAAP net earnings per diluted share, non-GAAP dilutive shares; and non-GAAP EBITDA. We are providing a reconciliation above of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. We are unable to provide without unreasonable effort a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential significant variability and limited visibility of the excluded items discussed.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, and forecasting and planning for future periods. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business by excluding unusual and one-time costs. We believe that disclosing non-GAAP financial measures provides useful supplemental data that allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.

Non-GAAP measures include the following items:

Amortization of intangible assets: We do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that excluding amortization of intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies.

Purchase price accounting charges to cost of revenues: We may incur charges to cost of revenues as a result of acquisitions. We believe that excluding these charges allows the users of our financial statements to better understand the historic and current cost of our products, our gross margin, and also facilitates comparisons to peer companies.

Restructuring charges: We incur restructuring charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods.

Acquisition and integration related costs: We incur expenses or benefits with respect to certain items associated with our acquisitions, such as transaction costs, changes in fair value of acquisition related hedges, changes in the fair value of contingent consideration liabilities, gain or expense on settlement of pre-existing relationships, etc. We exclude such expenses or benefits as they are related to acquisitions and have no direct correlation to the operation of our on-going business. We also incur expenses or benefits with respect to certain items associated with our acquisitions, such as integration costs relating to acquisitions for any costs incurred prior to closing and up to 12 months after the closing date of the acquisition.

Impairment charges:We may incur impairment charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business and such charges may limit the comparability of our on-going operations with prior and future periods.

Other non-operational costs: Certain items may be non-recurring, unusual, infrequent and directly related to an event that is distinct and non-reflective of the Company’s ongoing business operations. These may include such items as non-ordinary course litigation, legal settlements, inventory write-downs for discontinued products, cost of facilities no longer in use, extinguishment of debt and hedge costs, environmental settlements, governmental settlements including tax settlements, and other items of similar nature.

Convertible notes non-cash interest expense: We issued convertible notes in June 2020 at a discount related to the conversion feature of the notes and capitalized certain costs related to the issuance of these notes. The discount and capitalized issuance costs are amortized into interest expense over the term of the convertible notes. The amortization recognized for the convertible notes will be greater than the cash interest payments for the notes. We believe that excluding the convertible notes non-cash interest expense allows the users of our financial statements to better understand the historic and current results of our operations. This also facilitates comparisons to peer companies.

Non-operational tax adjustments: Certain tax items may be non-recurring, unusual, infrequent and directly related to an event that is distinct and non-reflective of the Company’s normal business operations. These may include such items as the retroactive impact of significant changes in tax laws, including changes to statutory tax rates and one-time tax charges.

Tax effects of operating earnings adjustments: We apply our non-GAAP adjustments to the GAAP pretax income to calculate the non-GAAP effective tax rate. This application of our non-GAAP effective tax rate excludes any discrete items, as defined in the guidance for accounting for income taxes in interim periods, or any other non-operational tax adjustments.

Dilution offset from convertible notes hedge transaction: In connection with the issuance of the Company’s Convertible Senior Unsecured Notes (the Convertible Notes) in June 2020, the Company entered into convertible note hedge transactions (the Hedge Transactions) to reduce the potential dilutive effect on common shares upon the eventual conversion of the Convertible Notes. GAAP diluted shares outstanding includes the incremental dilutive shares from the Company’s Convertible Notes. Under GAAP, the anti-dilutive impact of the Convertible Note Hedge Transactions is not reflected in GAAP diluted shares outstanding. In periods in which the average stock price per share exceeds $20.81 and the Company has GAAP net income, the non-GAAP diluted share count includes the anti-dilutive impact of the Company’s Hedge Transactions, which reduces the potential dilution that otherwise would occur upon conversion of the Company’s Convertible Notes. We believe non-GAAP diluted shares is a useful non-GAAP metric because it provides insight into the offsetting economic effect of the Hedge Transactions against potential conversion of the Convertible Notes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230502005394/en/

Christopher Belfiore

Director of Investor Relations

Varex Imaging Corporation

801.973.1566 | [email protected]

KEYWORDS: Utah United States North America

INDUSTRY KEYWORDS: Medical Devices Health Technology Software Radiology Hardware

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Posted on May 2, 2023 4:28 pm
Spruce Biosciences to Participate in May Investor Conferences

Spruce Biosciences to Participate in May Investor Conferences

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Spruce Biosciences, Inc. (Nasdaq: SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need, today announced that company management will participate in two upcoming investor conferences taking place in May.

The JMP Securities Life Sciences Conference

Date: May 15-16, 2023

Format:Fireside chat (May 15, 2023 at 1:30 p.m. ET) and 1×1 meetings

2023 RBC Capital Markets Global Healthcare Conference

Date: May 16-17, 2023

Format:Fireside chat (May 17, 2023 at 3:05 p.m. ET) and 1×1 meetings

Interested parties can access the webcast for each conference presentation from the Events section of the company’s investor relations website at https://investors.sprucebiosciences.com. A replay of the webcasts will be available after the conclusion of the live presentations for approximately 30 days.

About Spruce Biosciences

Spruce Biosciences is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need. Spruce is initially developing its wholly-owned product candidate, tildacerfont, as the potential first non-steroidal therapy for patients suffering from classic congenital adrenal hyperplasia (CAH). Spruce is also developing tildacerfont for women suffering from polycystic ovary syndrome (PCOS) with primary adrenal androgen excess. To learn more, visit www.sprucebiosciences.com and follow us on Twitter @Spruce_Bio, LinkedIn, Facebook and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230502005399/en/

Media Contact

Will Zasadny

Evoke Canale

(619) 961-8848

[email protected]

[email protected]

Investors

Xuan Yang

Solebury Strategic Communications

(415) 971-9412

[email protected]

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Research Hospitals Clinical Trials Biotechnology Other Health Health Pharmaceutical General Health Science

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Posted on May 2, 2023 4:26 pm
Carlisle Companies Elects C. David Myers to its Board of Directors

Carlisle Companies Elects C. David Myers to its Board of Directors

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Carlisle Companies Incorporated (NYSE:CSL) announced today that C. David Myers has been elected to its Board of Directors effective immediately.

Mr. Myers served as President – Building Efficiency of Johnson Controls Inc., a global diversified technology and industrial company from 2005 to 2014. Mr. Myers previously served as President and Chief Executive Officer, as well as a director, of York International Corporation, a provider of heating, ventilating, air conditioning, and refrigeration products and services from 2004 until York was acquired by Johnson Controls in 2005. Prior to 2004, Mr. Myers held other positions with increasing responsibility at York, including serving as President, Executive Vice President and Chief Financial Officer. Mr. Myers also previously served as a Senior Manager at KPMG LLP. Mr. Myers is a director of The Manitowoc Company, Inc., The Boler Company and First American Funds.

Chris Koch, Chair, President & Chief Executive Officer, said, “We are extremely pleased to have Dave join our board. With Dave’s experience in large manufacturing companies, his strong financial and public accounting background and his involvement in several other diverse business disciplines, he will add significant value to Carlisle and our shareholders as we continue to build on our Vision 2025 successes.”

About Carlisle Companies Incorporated

Carlisle Companies Incorporated is a leading supplier of innovative Building Envelope products and solutions for more energy efficient buildings. Through its building products businesses – Construction Materials (CCM) and Weatherproofing Technologies (CWT) – and family of leading brands, Carlisle delivers innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior shareholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Carlisle is also a leading provider of products to the Aerospace, Medical Technologies and General Industrial markets through its Interconnect Technologies (CIT) and Fluid Technologies (CFT) business segments. Leveraging its culture of continuous improvement as embodied in the Carlisle Operating System (COS), Carlisle has committed to achieving net-zero greenhouse gas emissions by 2050.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230502005222/en/

Jim Giannakouros, CFA

Vice President of Investor Relations

Carlisle Companies Incorporated

(480) 781-5135

[email protected]

KEYWORDS: Arizona United States North America

INDUSTRY KEYWORDS: Software Sustainability Technology Residential Building & Real Estate Commercial Building & Real Estate Construction & Property Environment Health Technology Green Technology Building Systems Aerospace Health Manufacturing

MEDIA:

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Posted on May 2, 2023 4:25 pm
Moving iMage Technologies and SNDBX Expand Strategic Partnership

Moving iMage Technologies and SNDBX Expand Strategic Partnership

FOUNTAIN VALLEY, Calif.–(BUSINESS WIRE)–Moving iMage Technologies (NYSE American: MITQ) (“MiT”), a leading cinema technology company, and SNDBX, a division of The Five Agency, LLC and an emerging developer and operator of amateur Esports leagues played locally on the big screen, today announced an expansion to their strategic partnership to accelerate the growth of local amateur Esports leagues.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230502006182/en/

“Our enhanced partnership with SNDBX brings two leading, entrepreneurial companies closer together to capture this significant market opportunity,” said Joe Delgado, executive vice president, sales and marketing. “This agreement formalizes our partnership and incentivizes both companies to work in tandem to grow the market for SNDBX’s Esports offerings in the U.S. and on a global scale.”

“We are excited to take the next step in our partnership with MiT,” said Rick Starr, CEO and founder of SNDBX. “MiT has been with SNDBX from our earliest concepting and has helped to design a technology solution that works specifically for cinemas. The formalized partnership is both parties ‘putting a ring’ on a great relationship.”

Summary terms* of the expanded partnership include:

MiT will become a minority shareholder in SNDBX upon its formation as a separate entity from The Five Agency, LLC;

MiT will be the exclusive equipment supplier to SNDBX, which has committed to a multi-million dollar minimum purchase order agreement for MoveEsports 8-cart systems over the next three years;

MiT can choose a member of the SNDBX advisory board for three years;

MiT will provide SNDBX a three-year loan;

MiT and SNDBX will co-own any IP-related to equipment.

*Please see the form 8-k filed on May 1, 2023 for the specific terms and conditions of the agreement.

Conference Call and Webcast

MiT and SNDBX plan to host a conference call/webcast and presentation during the week of May 8, 2023 to help investors better understand SNDBX’s strategy and model and the growth opportunity for both companies in the years to come. The Company will send out a press release announcing the call information this week.

About Moving iMage Technologies

MOVING iMAGE TECHNOLOGIES (NYSE American: MITQ) is a leading technology, products, and services provider to the Motion Picture Exhibition industry with emerging opportunities in eSports and sports venues. We sell proprietary products, which we design and manufacture in-house, and are developing, introducing, and supporting a wide range of disruptive technologies that will bring SaaS and subscription-based products. Our Caddy brand of proprietary products is a leading provider of proprietary cup holders, trays, and other products to entertainment and sports venues. For more information, visit www.movingimagetech.com.

About SNDBX

SNDBX creates amateur esports and gaming leagues at your local movie theater. With plans to expand to thousands of cinemas across North America, SNDBX is bringing organized kids leagues and adult social gaming to a theater near you. For more on SNDBX or to sign up for a league or free demo, visit www.sndbx.gg

View source version on businesswire.com: https://www.businesswire.com/news/home/20230502006182/en/

Moving iMage Technologies Investor Relations and Media Contacts:

Brian Siegel, IRC®, M.B.A.

Senior Managing Director

Hayden IR

(346) 396-8696

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Sports Audio/Video eSports Film & Motion Pictures Consumer Electronics General Entertainment Technology Entertainment

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Posted on May 2, 2023 4:25 pm
Morphic Therapeutic Announces Proposed Public Offering

WALTHAM, Mass., May 02, 2023 (GLOBE NEWSWIRE) — Morphic Holding, Inc. (Nasdaq: MORF), a biopharmaceutical company developing a portfolio of oral integrin therapies for the treatment of serious chronic diseases, today announced a proposed underwritten public offering of its common stock. In addition, Morphic intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the offering. All of the shares of common stock are being offered by Morphic. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Jefferies, TD Cowen, BMO Capital Markets, RBC Capital Markets and Wells Fargo Securities are acting as joint bookrunners for the offering.

Morphic intends to use the net proceeds from the proposed offering, together with its existing cash, cash equivalents and marketable securities, to fund research, clinical trials and process development and manufacturing of Morphic’s product candidates, including MORF-057 and other programs generated from Morphic’s MInT Platform, working capital, capital expenditures and other general corporate purposes.

The shares are being offered by Morphic pursuant to a registration statement on Form S-3ASR previously filed with the Securities and Exchange Commission (the “SEC”), which became automatically effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to this offering will be filed with the SEC. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-547-6340 or by email at [email protected]; or Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by email at [email protected] or by telephone at (833) 297-2926; or BMO Capital Markets Corp. at 151 W 42nd Street, 32nd Floor, New York, NY 10036, Attention: Equity Syndicate Department, by telephone at (800) 414-3627 or by email to [email protected]; or RBC Capital Markets, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281, or by telephone at (877) 822-4089 or by email at [email protected]; or Wells Fargo Securities, LLC, Attention Equity Syndicate Department, 500 West 33rd Street, New York, NY 10001, by telephone at (833) 690-2713, or by email at [email protected]. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Morphic, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Morphic Therapeutic

Morphic Therapeutic is a biopharmaceutical company developing a portfolio of oral integrin therapies for the treatment of serious chronic diseases, including autoimmune, cardiovascular, and metabolic diseases, fibrosis, and cancer. Morphic is advancing its pipeline and discovery activities using its proprietary MInT technology platform which leverages the Company’s unique understanding of integrin structure and biology. For more information, visit www.morphictx.com.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to statements regarding the proposed terms of the offering, the completion, timing and size of the proposed offering and the anticipated use of proceeds of the proposed offering. Statements including words such as “believe,” “plan,” “continue,” “expect,” “will be,” “develop,” “signal,” “potential,” “anticipate” or “ongoing” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause Morphic’s results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause Morphic’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties disclosed in this press release and other risks set forth in Morphic’s filings with the SEC, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 23, 2023 and the Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2023 filed with the SEC on April 25, 2023. Forward-looking statements in this press release speak only as of the date hereof, and Morphic specifically disclaims any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Morphic Therapeutic
Chris Erdman
[email protected]
617.686.1718

Posted on May 2, 2023 4:24 pm
Inspire Medical Systems, Inc. Announces First Quarter 2023 Financial Results and Updates 2023 Outlook

Inspire Reports Year-over-Year Revenue Growth of 84% in the First Quarter

MINNEAPOLIS, May 02, 2023 (GLOBE NEWSWIRE) — Inspire Medical Systems, Inc. (NYSE: INSP) (Inspire), a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea (OSA), today reported financial results for the quarter ended March 31, 2023.

Recent Business Highlights

Generated revenue of $127.9 million in the first quarter of 2023, an 84% increase over the same quarter last year

Achieved gross margin of 84.4% in the first quarter of 2023

Activated 68 new centers in the U.S. in the first quarter of 2023, bringing the total to 973 U.S. medical centers providing Inspire therapy

Created 17 new U.S. sales territories in the first quarter of 2023, bringing the total to 242 U.S. sales territories

Finalized countrywide reimbursement in Belgium

Received FDA approval for pediatric patients with Down syndrome

“We are excited about our strong performance during the first quarter as the team remained focused on high-quality patient outcomes and delivered exceptional results. Our growth was driven primarily by the increased utilization at existing sites and complemented by the addition of 68 new implanting centers and 17 additional U.S. sales territories,” said Tim Herbert, President and Chief Executive Officer of Inspire Medical Systems. “Based on the strong momentum we are seeing in our business, we are raising our full year 2023 revenue guidance to between $580 million to $590 million, an increase from our prior guidance of $560 million to $570 million.”

“We also achieved two important milestones in the first quarter,” continued Mr. Herbert. “The first was the FDA approval for the pediatric Down syndrome population for patients who are at least 13 years of age. The research has been ongoing for several years and many third-party payers, including Medicare, provide coverage for this population, improving a family’s access to care. The second was countrywide reimbursement approval in Belgium at rates consistent with other countries around the world and the team is already expanding patients’ access to care by opening additional centers and training healthcare providers.”

First
Quarter
2023
Financial Results

Revenue was $127.9 million for the three months ended March 31, 2023, an 84% increase from $69.4 million in the corresponding period in the prior year. U.S. revenue for the quarter was $124.5 million, an increase of 87% as compared to the prior year quarter. First quarter revenue outside the U.S. was $3.4 million, an increase of 15% as compared to the first quarter of 2022.

Gross margin was 84.4% for the three months ended March 31, 2023, compared to 85.6% for the corresponding prior year period, with the reduction primarily due higher costs of certain component parts somewhat offset by the May 2022 price increase which is substantially in effect across our U.S. customer base.

Operating expense increased to $127.5 million for the first quarter of 2023, as compared to $75.4 million in the corresponding prior year period, an increase of 69%. This increase primarily reflected ongoing investments in the expansion of the U.S. sales organization, direct-to-patient marketing programs, continued product development efforts, as well as increased general corporate costs.

Net loss was $15.4 million for the first quarter of 2023, as compared to $16.7 million in the corresponding prior year period. The diluted net loss per share for the first quarter of 2023 was $0.53 per share, as compared to $0.61 in the prior year period.

As of March 31, 2023, cash, cash equivalents, and investments increased to $452.1 million from $451.4 million on December 31, 2022.

Full Year
2023
Guidance

Given the positive trends during the first quarter, Inspire is increasing its full year 2023 revenue guidance to between $580 million to $590 million, which would represent growth of 42% to 45% over full year 2022 revenue of $407.9 million. This compares to the prior revenue guidance of $560 million to $570 million.

The Company is maintaining its full year 2023 gross margin guidance of 83% to 85%.

Inspire is also maintaining its guidance relating to the opening of new U.S. medical centers of 52 to 56 per quarter, as well as its guidance of 12 to 14 new U.S. territories per quarter for the remainder of 2023.

Webcast and Conference Call

Inspire’s management will host a conference call after market close today, Tuesday, May 2, 2023, at 5:00 p.m. Eastern Time to discuss these results and answer questions.

To access the conference call, please preregister on https://register.vevent.com/register/BI8fb99d2d2d3a438799f239e2a5cac09c. Registrants will receive confirmation with dial-in details.

A live webcast of the event can be accessed on https://edge.media-server.com/mmc/p/pdvidadw. A replay of the webcast will be available on https://investors.inspiresleep.com starting approximately two hours after the event and archived on the site for two weeks.

About Inspire Medical Systems

Inspire is a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea. Inspire’s proprietary Inspire therapy is the first and only FDA-approved neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.

For additional information about Inspire, please visit www.inspiresleep.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding full year 2023 financial outlook, our expectations to activate new U.S. medical centers and add new territories per quarter in 2023 and the impact of such additions, and our strategy and investments to grow and scale our business. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ “future,” “outlook,” “guidance,” ‘‘intend,’’ ‘‘target,’’ ‘‘project,’’ ‘‘contemplate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘potential,’’ ‘‘continue,’’ or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.

These forward-looking statements are based on management’s current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, estimates regarding the annual total addressable market for our Inspire therapy in the U.S. and our market opportunity outside the U.S.; future results of operations, financial position, research and development costs, capital requirements and our needs for additional financing; commercial success and market acceptance of our Inspire therapy; the impact of the ongoing and global COVID-19 pandemic; general and international economic, political, and other risks, including currency, inflation, stock market fluctuations and the uncertain economic environment; our ability to achieve and maintain adequate levels of coverage or reimbursement for our Inspire system or any future products we may seek to commercialize; competitive companies and technologies in our industry; our ability to enhance our Inspire system, expand our indications and develop and commercialize additional products; our business model and strategic plans for our products, technologies and business, including our implementation thereof; our ability to accurately forecast customer demand for our Inspire system and manage our inventory; our dependence on third-party suppliers, contract manufacturers and shipping carriers; consolidation in the healthcare industry; our ability to expand, manage and maintain our direct sales and marketing organization, and to market and sell our Inspire system in markets outside of the U.S.; risks associated with international operations; our ability to manage our growth; our ability to increase the number of active medical centers implanting Inspire therapy; our ability to hire and retain our senior management and other highly qualified personnel; risk of product liability claims; risks related to information technology and cybersecurity; risk of damage to or interruptions at our facilities; our ability to commercialize or obtain regulatory approvals for our Inspire therapy and system, or the effect of delays in commercializing or obtaining regulatory approvals; FDA or other U.S. or foreign regulatory actions affecting us or the healthcare industry generally, including healthcare reform measures in the U.S. and international markets; and the timing or likelihood of regulatory filings and approvals. Other important factors that could cause actual results, performance or achievements to differ materially from those contemplated in this press release can be found under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations“ in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as updated in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 to be filed with the SEC, and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors page of our website at www.inspiresleep.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, unless required by applicable law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor & Media Contact

Ezgi Yagci
Vice President, Investor Relations
[email protected]
617-549-2443

Inspire Medical Systems, Inc.

Consolidated Statements of Operations and Comprehensive Loss (unaudited)

(in thousands, except share and per share amounts)

Three Months Ended March 31,

2023 2022

Revenue $ 127,897 $ 69,382

Cost of goods sold 19,888 10,004

Gross profit 108,009 59,378

Operating expenses:

Research and development 25,519 11,870

Selling, general and administrative 101,988 63,564

Total operating expenses 127,507 75,434

Operating loss (19,498 ) (16,056 )

Other expense (income):

Interest and dividend income (4,273 ) (34 )

Interest expense — 527

Other (income) expense, net (17 ) 45

Total other (income) expense (4,290 ) 538

Loss before income taxes (15,208 ) (16,594 )

Income taxes 216 100

Net loss (15,424 ) (16,694 )

Other comprehensive loss:

Foreign currency translation gain 105 —

Unrealized gain (loss) on investments 13 (143 )

Total comprehensive loss $ (15,306 ) $ (16,837 )

Net loss per share, basic and diluted $ (0.53 ) $ (0.61 )

Weighted average common shares used to compute net loss per share, basic and diluted 29,089,950 27,517,268

Inspire Medical Systems, Inc.

Consolidated Balance Sheets (unaudited)

(in thousands, except share and per share amounts)

March 31,

2023 December 31,
2022

Assets

Current assets:

Cash and cash equivalents $ 442,132 $ 441,592

Investments, short-term 9,927 9,821

Accounts receivable, net of allowance for credit losses of $36 and $36, respectively 59,766 61,228

Inventories, net 15,663 11,886

Prepaid expenses and other current assets 6,090 5,505

Total current assets 533,578 530,032

Property and equipment, net 20,920 17,249

Operating lease right-of-use assets 6,614 6,880

Other non-current assets 10,735 10,715

Total assets $ 571,847 $ 564,876

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable $ 36,478 $ 26,847

Accrued expenses 23,390 34,339

Total current liabilities 59,868 61,186

Operating lease liabilities, non-current portion 7,185 7,536

Other non-current liabilities 146 146

Total liabilities 67,199 68,868

Stockholders’ equity:

Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding — —

Common Stock, $0.001 par value per share; 200,000,000 shares authorized; 29,163,001 and 29,008,368 issued and outstanding at March 31, 2023 and December 31, 2022, respectively 29 29

Additional paid-in capital 844,281 820,335

Accumulated other comprehensive income (loss) 32 (86 )

Accumulated deficit (339,694 ) (324,270 )

Total stockholders’ equity 504,648 496,008

Total liabilities and stockholders’ equity $ 571,847 $ 564,876

Posted on May 2, 2023 4:23 pm
Wynn Resorts Announces First Quarter Earnings Release Date

Wynn Resorts Announces First Quarter Earnings Release Date

LAS VEGAS–(BUSINESS WIRE)–
Wynn Resorts, Limited (NASDAQ: WYNN) announced today that it will release the Company’s financial results for the first quarter ended March 31, 2023 after the market close on Tuesday, May 9, 2023, followed by a conference call at 1:30 p.m. PT (4:30 p.m. ET).

The call will be broadcast live at www.wynnresorts.com under the “Company Information” section. Interested parties may also dial (888) 455-5965 or, for international callers, (773) 799-3869. The conference call access code is 3983556.

A replay of the call will be available through June 9, 2023 by dialing (800) 934-9421 or, for international callers, (203) 369-3391. The replay access code is 3983556. The call will also be archived at www.wynnresorts.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230502006176/en/

Price Karr, Senior Vice President and Treasurer

702-770-7555

[email protected]

KEYWORDS: Nevada United States North America

INDUSTRY KEYWORDS: Casino/Gaming Lodging Entertainment Destinations Travel

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Posted on May 2, 2023 4:23 pm
The Manitowoc Company Reports First-Quarter 2023 Financial Results

The Manitowoc Company Reports First-Quarter 2023 Financial Results

First-Quarter 2023 Highlights

Net sales of $508.3 million, up 10.7% year-over-year

Diluted net income per share of $0.46, up $0.37 year-over-year

Adjusted EBITDA⁽¹⁾of $45.1 million, margin percentage of 8.9%

Non-new machine sales of $151.0 million, up 16.7% year-over-year

MILWAUKEE–(BUSINESS WIRE)–
The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”) today reported net income of $16.5 million, or $0.46 per diluted share.

Net sales increased 10.7% year-over-year to $508.3million and were unfavorably impacted by $11.2 million from changes in foreign currency exchange rates. Adjusted EBITDA⁽¹⁾ was $45.1 million, an increase of $13.9 million or 44.6% from the prior year.

Orders were $524.8 million, a 9% increase from the prior year. Orders were unfavorably impacted by $8.5 million from changes in foreign currency exchange rates. Backlog increased $19.7 million to $1,075.7 million as of March 31, 2023 from $1,056.0 million as of December 31, 2022.

Net cash provided by operating activities were $15.4 million and free cash flows⁽¹⁾ were $4.8 million, an increase of $9.8 million and $7.9 million, respectively, from the prior year.

“Manitowoc delivered a solid first-quarter, generating $508.3 million in revenue and $45.1 million of adjusted EBITDA. I am very proud of our team who demonstrated great resolve to overcome continuing supply chain, labor, and logistics challenges in the quarter. During the quarter, we continued to make meaningful progress on our CRANES+50 strategy by growing non-new machine sales by 16.7% year-over-year,” commented Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.

“Given our backlog and first-quarter results, we feel confident about our guidance. Looking out, however, we can see a slowdown in the European tower crane business and are cautious regarding the impact higher interest rates could eventually have on demand. While we continue to manage through the challenging environment, we remain committed to our CRANES+50 strategy to reduce cyclicality and improve profitability,” added Ravenscroft.

Investor Conference Call

The Manitowoc Company will host a conference call for security analysts and institutional investors to discuss its first-quarter 2023 earnings results on Wednesday, May 3, 2023, at 10:00 a.m. ET (9:00 a.m. CT). A live audio webcast of the call, along with the related presentation, published in conjunction with this press release, can be accessed in the Investor Relations section of Manitowoc’s website at www.manitowoc.com. A replay of the conference call will also be available at the same location on the website.

About The Manitowoc Company, Inc.

The Manitowoc Company was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world’s leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.

Footnote

⁽¹⁾Adjusted net income, adjusted diluted net income per share (“Adjusted DEPS”), EBITDA, adjusted EBITDA, and free cash flows are financial measures that are not in accordance with U.S. GAAP. For definitions and a reconciliation to the most comparable U.S. GAAP numbers, please see the schedule of “Non-GAAP Financial Measures” at the end of this press release.

Forward-looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:

Macroeconomic conditions, including inflation, rising interest rates, recessionary concerns and distress in global credit markets, as well as ongoing global supply chain constraints, labor availability and cost pressures such as changes in raw material and commodity costs, and logistics constraints, have had, and may continue to have, a negative impact on Manitowoc’s business, financial condition, cash flows and results of operations (including future uncertain impacts);

actions of competitors;

changes in economic or industry conditions generally or in the markets served by Manitowoc;

geopolitical events, including the ongoing conflict between Russia and Ukraine, other political and economic conditions and risks and other geographic factors, has had and may continue to lead to market disruptions, including volatility in commodity prices (including oil and gas), energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets and result in higher than expected charges to curtail the Company’s operations in Russia;

changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment including changes in government approval and funding of projects;

failure to comply with regulatory requirements related to the products the Company sells;

the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;

impairment of goodwill and/or intangible assets;

changes in revenues, margins and costs;

the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;

the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;

work stoppages, labor negotiations, labor rates and labor costs;

risks and factors detailed in Manitowoc’s 2022 Annual Report on Form 10-K and its other filings with the United States Securities and Exchange Commission.

Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company’s actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

THE MANITOWOC COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share and share amounts)

Three Months Ended

March 31,

2023

2022

Net sales

$

508.3

$

459.0

Cost of sales

402.0

374.0

Gross profit

106.3

85.0

Operating costs and expenses:

Engineering, selling, and administrative expenses

75.1

66.5

Amortization of intangible assets

1.0

0.8

Restructuring expense

—

0.1

Total operating costs and expenses

76.1

67.4

Operating income

30.2

17.6

Other expense:

Interest expense

(8.1

)

(7.4

)

Amortization of deferred financing fees

(0.3

)

(0.4

)

Other expense – net

(1.1

)

(0.2

)

Total other expense

(9.5

)

(8.0

)

Income before income taxes

20.7

9.6

Provision for income taxes

4.2

6.5

Net income

$

16.5

$

3.1

Per Share Data and Share Amounts

Basic net income per common share

$

0.47

$

0.09

Diluted net income per common share

$

0.46

$

0.09

Weighted average shares outstanding – basic

35,121,473

35,131,889

Weighted average shares outstanding – diluted

35,748,021

35,565,935

THE MANITOWOC COMPANY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except par value and share amounts)

March 31,

2023

December 31,

2022

Assets

Current Assets:

Cash and cash equivalents

$

56.5

$

64.4

Accounts receivable, less allowances of $5.4 and $5.3, respectively

250.6

266.3

Inventories

720.6

611.9

Notes receivable — net

9.4

10.6

Other current assets

42.3

45.3

Total current assets

1,079.4

998.5

Property, plant, and equipment — net

331.6

335.3

Operating lease right-of-use assets

43.0

45.2

Goodwill

79.9

80.1

Intangible assets — net

126.6

126.7

Other long-term assets

30.6

29.7

Total assets

$

1,691.1

$

1,615.5

Liabilities and Stockholders’ Equity

Current Liabilities:

Accounts payable and accrued expenses

$

518.1

$

446.4

Customer advances

24.0

21.9

Short-term borrowings and current portion of long-term debt

7.9

6.1

Product warranties

46.5

48.8

Other liabilities

21.1

24.6

Total current liabilities

617.6

547.8

Non-Current Liabilities:

Long-term debt

369.5

379.5

Operating lease liabilities

32.8

34.3

Deferred income taxes

4.9

4.9

Pension obligations

53.5

51.7

Postretirement health and other benefit obligations

8.0

8.2

Long-term deferred revenue

14.7

15.6

Other non-current liabilities

37.3

35.7

Total non-current liabilities

520.7

529.9

Stockholders’ Equity:

Preferred stock (3,500,000 shares authorized of $.01 par value;

none outstanding)

—

—

Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,142,881

and 35,085,008 shares outstanding, respectively)

0.4

0.4

Additional paid-in capital

605.8

606.7

Accumulated other comprehensive loss

(108.0

)

(107.9

)

Retained earnings

120.8

104.3

Treasury stock, at cost (5,651,102 and 5,708,975 shares, respectively)

(66.2

)

(65.7

)

Total stockholders’ equity

552.8

537.8

Total liabilities and stockholders’ equity

$

1,691.1

$

1,615.5

THE MANITOWOC COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

Three Months Ended

March 31,

2023

2022

Cash Flows from Operating Activities:

Net income

$

16.5

$

3.1

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation

13.9

16.1

Amortization of intangible assets

1.0

0.8

Stock-based compensation expense

3.1

3.1

Amortization of deferred financing fees

0.3

0.4

Net unrealized foreign currency transaction losses (gains)

(1.6

)

1.4

Changes in operating assets and liabilities:

Accounts receivable

17.1

(7.7

)

Inventories

(100.6

)

(69.4

)

Notes receivable

1.7

3.0

Other assets

3.2

0.4

Accounts payable

56.2

54.6

Accrued expenses and other liabilities

4.6

(0.2

)

Net cash provided by operating activities

15.4

5.6

Cash Flows from Investing Activities:

Capital expenditures

(10.6

)

(8.7

)

Proceeds from sale of fixed assets

2.0

—

Net cash used for investing activities

(8.6

)

(8.7

)

Cash Flows from Financing Activities:

Payments on revolving credit facility – net

(10.0

)

(20.0

)

Other debt – net

(1.9

)

(0.8

)

Exercises of stock options

0.3

0.1

Common stock repurchases

(3.5

)

—

Net cash used for financing activities

(15.1

)

(20.7

)

Effect of exchange rate changes on cash and cash equivalents

0.4

—

Net decrease in cash and cash equivalents

(7.9

)

(23.8

)

Cash and cash equivalents at beginning of period

64.4

75.4

Cash and cash equivalents at end of period

$

56.5

$

51.6

Non-GAAP Financial Measures

Adjusted net income, Adjusted DEPS, EBITDA, adjusted EBITDA, and free cash flows are financial measures that are not in accordance with U.S. GAAP. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance, and is more useful in assessing management performance.

Adjusted Net Income and Adjusted DEPS

The Company defines adjusted net income as net income plus the addback or subtraction of restructuring and other non-recurring items. Adjusted DEPS is defined as adjusted net income divided by diluted weighted average shares outstanding. Diluted weighted average common shares outstanding are adjusted for the effect of dilutive stock awards when there is net income on an adjusted basis, as applicable. The reconciliation of net income and diluted net income per share to adjusted net income and Adjusted DEPS for the three months ended March 31, 2023 and 2022 are summarized as follows. All dollar amounts are in millions, except per share data and share amounts.

Three Months Ended

March 31,

2023

2022

As reported

Adjustments

Adjusted

As reported

Adjustments

Adjusted

Gross profit ⁽¹⁾

$

106.3

$

—

$

106.3

$

85.0

$

1.2

$

86.2

Engineering, selling, and administrative

expenses⁽²⁾

(75.1

)

—

(75.1

)

(66.5

)

(4.6

)

(71.1

)

Amortization of intangible assets

(1.0

)

—

(1.0

)

(0.8

)

—

(0.8

)

Restructuring expense ⁽³⁾

—

—

—

(0.1

)

0.1

—

Operating income

30.2

—

30.2

17.6

(3.3

)

14.3

Interest expense

(8.1

)

—

(8.1

)

(7.4

)

—

(7.4

)

Amortization of deferred financing fees

(0.3

)

—

(0.3

)

(0.4

)

—

(0.4

)

Other expense – net

(1.1

)

—

(1.1

)

(0.2

)

—

(0.2

)

Income before income taxes

20.7

—

20.7

9.6

(3.3

)

6.3

Provision for income taxes⁽⁴⁾

(4.2

)

—

(4.2

)

(6.5

)

1.2

(5.3

)

Net income

$

16.5

$

—

$

16.5

$

3.1

$

(2.1

)

$

1.0

Diluted weighted average common shares outstanding

35,748,021

35,748,021

35,565,935

35,565,935

Diluted net income per share

$

0.46

$

0.46

$

0.09

$

0.03

(1)

The adjustment in 2022 represents $0.9 million of fair value step up on rental fleet assets sold during the period that were expensed within cost of sales and $0.3 million of other one-time costs associated with the acquired businesses.

(2)
The adjustment in 2022 represents $0.2 million of one-time legal costs associated with the acquired businesses and $4.8 million of income from the partial recovery of the previously written off long-term note receivable from the 2014 divestiture of the Company’s Chinese joint venture.

(3)
Represents adjustments for restructuring expense.

(4)
The adjustment in 2022 represents the net income tax impacts of items (1), (2), and (3).

Free Cash Flows

The Company defines free cash flows as net cash provided by operating activities less cash outflow from investment in capital expenditures. The reconciliation of net cash provided by operating activities to free cash flows for the three months ended March 31, 2023 and 2022 are summarized as follows. All dollar amounts are in millions.

Three Months Ended

March 31,

2023

2022

Net cash provided by operating activities

$

15.4

$

5.6

Capital expenditures

(10.6

)

(8.7

)

Free cash flows

$

4.8

$

(3.1

)

EBITDA and Adjusted EBITDA

The Company defines EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring, other income (expense), and certain other non-recurring items – net. The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA for the three months ended March 31, 2023 and 2022 and trailing twelve months are summarized as follows. All dollar amounts are in millions.

Three Months Ended

March 31,

Trailing Twelve

2023

2022

Months

Net income (loss)

$

16.5

$

3.1

$

(110.2

)

Interest expense and amortization of deferred

financing fees

8.4

7.8

33.6

Provision for income taxes

4.2

6.5

1.1

Depreciation expense

13.9

16.1

58.4

Amortization of intangible assets

1.0

0.8

3.3

EBITDA

44.0

34.3

(13.8

)

Restructuring expense

—

0.1

1.4

Asset impairment expense ⁽¹⁾

—

—

171.9

Other non-recurring items – net ⁽²⁾

—

(3.4

)

2.4

Other (income) expense – net ⁽³⁾

1.1

0.2

(4.9

)

Adjusted EBITDA

$

45.1

$

31.2

$

157.0

Adjusted EBITDA margin percentage

8.9

%

6.8

%

7.5

%

(1)

The adjustment for the trailing twelve months represents non-cash goodwill and indefinite-lived intangible asset impairment charges.

(2)

Other non-recurring items – net for the three months ended March 31, 2022 primarily relate to $4.8 million of income from the partial recovery of the previously written off long-term note receivable from the 2014 divestiture of the Company’s Chinese joint venture, partially offset by $0.9 million of fair value step up on rental fleet assets sold during the period that was expensed within cost of sales, and $0.5 million of other one-time costs associated with the acquired businesses. Other non-recurring items – net for the trailing twelve months relate to $2.1 million of fair value step up on rental fleet assets sold during the period that was expensed within cost of sales, $0.1 million of other one-time costs associated with the acquired businesses, and $0.2 million of other one-time charges.

(3)

Other expense – net includes net foreign currency (gains) losses, other components of net periodic pension costs, and other items in the three months ended March 31, 2023 and 2022. Other income – net for the trailing twelve months includes net foreign currency gains, other components of net periodic pension costs, a $0.5 million write-off of other debt related charges, and other items.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230502005948/en/

Ion Warner

SVP, Marketing and Investor Relations

+1 414-760-4805

KEYWORDS: Wisconsin United States North America

INDUSTRY KEYWORDS: Engineering Other Construction & Property Manufacturing Construction & Property Other Manufacturing Machinery

MEDIA:

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