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Apyx Medical Corporation Reports First Quarter 2021 Financial Results and Updates Full Year 2021 Outlook

Advanced Energy Sales increased 92% year-over-year in Q1

CLEARWATER, Fla.–(BUSINESS WIRE)–Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), a maker of medical devices and supplies and the developer of Helium Plasma Technology, marketed and sold as Renuvion^® in the cosmetic surgery market and J-Plasma^® in the hospital surgical market, today reported financial results for its first quarter ended March 31, 2021, and updated financial expectations for the full year ending December 31, 2021.

First Quarter 2021 Financial Summary:

• Total revenue of $8.6 million, up 72.9% year-over-year.
  • Advanced Energy revenue of $7.7 million, up 92.2% year-over-year.
  • OEM revenue of $1.0 million, down 3.3% year-over-year.
• Net loss of $4.9 million, compared to net loss of $2.0 million for the first quarter of 2020. Net loss in the first quarter of 2020 included an income tax benefit of $4.9 million.
• Adjusted EBITDA loss of $3.4 million, compared to adjusted EBITDA loss of $5.8 million for the first quarter of 2020.
• As of March 31, 2021, the Company had cash and cash equivalents of $39.5 million, compared to $41.9 million as of December 31, 2020. As of March 31, 2021, the Company had working capital of $53.3 million, including expected cash tax refunds of approximately $7.5 million the Company expects to receive during 2021 related to the net operating loss carrybacks resulting from the 2020 CARES Act.

Management Comments:

“I would like to commend our team on their exceptional efforts during the quarter, which enabled us to achieve first quarter revenue results that exceeded our expectations, driven by strong global sales of our Advanced Energy products,” said Charlie Goodwin, President and Chief Executive Officer. “In spite of the continued impacts of the COVID-19 pandemic, we continued to see healthy utilization of our Helium Plasma Technology in the U.S. and key international markets, resulting in total handpiece growth in excess of 100% year-over-year. We were also excited to see global generator sales increase by more than 80% year-over-year, which was driven by strong demand in both the U.S. and our existing international markets. Importantly, we complemented our strong global sales performance in the first quarter with notable margin improvements, due in part to our efforts to reduce the per unit manufacturing costs of our Advanced Energy handpieces and managing our discretionary spending appropriately given the current operating environment.”

Mr. Goodwin continued: “We are raising our full year 2021 financial guidance today to reflect the encouraging adoption and utilization trends that we have seen and confidence in our outlook for the balance of the year. With a strong balance sheet, a multi-billion dollar potential market opportunity and innovative technology supported by an expanding portfolio of evidence, Apyx Medical remains very well-positioned to deliver strong revenue growth and improving financial performance. We look forward to delivering exceptional performance as the world continues to recover from the effects of COVID, while continuing to lay the foundation for our future growth.”

The following tables represent revenue by reportable segment and geography:

		Three Months Ended March 31,								Increase/Decrease
(In thousands)		2021				2020				$ Change				% Change
Advanced Energy		$	7,660			$	3,986			$	3,674			92.2	%
OEM		978				1,011				(33		)		(3.3	)%
Total		$	8,638			$	4,997			$	3,641			72.9	%
		Three Months Ended March 31,								Increase/Decrease
(In thousands)		2020				2019				$ Change				% Change
Domestic		$	5,566			$	3,618			$	1,948			53.8	%
International		3,072				1,379				1,693				122.8	%
Total		$	8,638			$	4,997			$	3,641			72.9	%

First Quarter 2021 Results:

Total revenue for the three months ended March 31, 2021, increased $3.6 million, or 72.9%, to $8.6 million, compared to $5.0 million in the prior year period. Advanced Energy segment sales increased approximately $3.7 million, or 92.2% year-over-year, to $7.7 million, compared to approximately $4.0 million in the prior year period. OEM segment sales decreased 3.3% year-over-year, with approximately $1.0 million in each period. For the first quarter 2021, revenue in the United States increased $1.9 million, or 53.8% year-over-year, to $5.6 million, and international revenue increased $1.7 million, or 122.8% year-over-year, to $3.1 million. In the first quarter of 2021, we saw increased global demand for both our handpieces and generators. While demand for generators in certain geographic regions continues to be affected by the impacts of the COVID-19 pandemic, we experienced strong sales volumes overall during the first quarter.

Gross profit for the three months ended March 31, 2021, increased $2.9 million, or 96.4% year-over-year, to $5.9 million, compared to $3.0 million in the prior year period. Gross margin for the three months ended March 31, 2021, was 67.8%, compared to 59.7% for the same period in 2020. The increase in profit margins for the three months ended March 31, 2021 from the prior year period is primarily attributable to sales mix between our two segments, with our Advanced Energy segment comprising a higher percentage of total sales, as well as product mix within our Advanced Energy segment as a result of our continued manufacturing efficiency initiatives and the introduction of newer product models.

Operating expenses for the first quarter of 2021 increased $0.1 million, or 1.2% year-over-year, to $10.6 million, compared to $10.5 million for the first quarter of 2020. The year-over-year change in operating expenses was driven by a $0.9 million increase in salaries and related costs and a $0.1 million increase in research and development expenses. The year-over-year change in operating expenses was partially offset $0.9 million decrease in professional services and a $0.1 million decrease in selling, general and administrative expenses.

Total other (loss) income, net decreased $0.7 million year-over-year to $(0.1) million. The year-over-year change in total other (loss) income, net was primarily due to the receipt of refunds in the first quarter of 2020 on tariffs paid in 2019, which did not impact total other (loss) income, net in the first quarter of 2021.

Income tax expense for the first quarter of 2021 was $0.1 million, compared to income tax benefit of $4.9 million for the first quarter of 2020. The year-over-year change in income tax expense was primarily due to the net operating loss carryback claim refund recognized in the first quarter of 2020, which did not impact the tax expense in the first quarter of 2021.

Net loss for first quarter of 2021 was $4.9 million, or $(0.14) per share, compared to a net loss of $2.0 million, or $(0.06) per share, for the first quarter of 2020. Net loss in the first quarter of 2020 included an income tax benefit of $4.9 million.

Full Year 2021 Financial Outlook:

The Company is updating financial guidance for the year ending December 31, 2021 to:

• Total revenue in the range of $37.6 million to $39.7 million, representing growth of 36% to 43% year-over-year, compared to total revenue of $27.7 million for the year ended December 31, 2020.
  • Total revenue guidance assumes:
    • Advanced Energy revenue in the range of approximately $33.1 million to $35.2 million, representing growth of 49% to 59% year-over-year, compared to Advanced Energy revenue of $22.2 million for the year ended December 31, 2020. The Advanced Energy revenue range assumes that U.S. growth is only driven by contributions from Renuvion sales related to its use as a sub-dermal coagulator following liposuction procedures and that international growth is driven primarily by demand in existing international markets.
    • OEM revenue of approximately $4.4 million, representing a decline of 20% year-over-year, compared to $5.5 million for the year ended December 31, 2020.
• Net loss attributable to stockholders in the range of $20.3 million to $18.0 million, compared to net loss attributable to stockholders of $11.9 million for the year ended December 31, 2020. Net loss for the year ended December 31, 2020 included an income tax benefit of $7.7 million.
• Adjusted EBITDA loss in the range of $14.1 million to $11.5 million, compared to adjusted EBITDA loss of $14.5 million for the year ended December 31, 2020.

Conference Call Details:

Management will host a conference call at 8:00 a.m. Eastern Time on May 12 to discuss the results of the quarter and to host a question and answer session. To listen to the call by phone, interested parties may dial 877-407-8289 (or 201-689-8341 for international callers) and provide access code 13718670. Participants should ask for the Apyx Medical Corporation Call. A live webcast of the call will be accessible via the Investor Relations section of the Company’s website and at:

https://78449.themediaframe.com/dataconf/productusers/apyx/mediaframe/44538/indexl.html

A telephonic replay will be available approximately two hours after the end of the call through May 26, 2021. The replay can be accessed by dialing 877-660-6853 for U.S. callers or 201-612-7415 for international callers and using the replay access code: 13718760. The webcast will be archived on the Investor Relations section of the Company’s website. 

About Apyx Medical Corporation:

Apyx Medical Corporation is an advanced energy technology company with a passion for elevating people’s lives through innovative products in the cosmetic and surgical markets. Known for its innovative Helium Plasma Technology, Apyx is solely focused on bringing transformative solutions to the physicians and patients it serves. The Company’s Helium Plasma Technology is marketed and sold as Renuvion® in the cosmetic surgery market and J-Plasma® in the hospital surgical market. Renuvion® offers surgeons and physicians a unique ability to provide controlled heat to the tissue to achieve their desired results. The J-Plasma® system allows surgeons to operate with a high level of precision and virtually eliminating unintended tissue trauma. The Company also leverages its deep expertise and decades of experience in unique waveforms through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company and its products, please refer to the Apyx Medical Corporation website at www.ApyxMedical.com.

Cautionary Statement on Forward-Looking Statements:

Certain matters discussed in this release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10-K for the year ended December 31, 2020. For forward-looking statements in this release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

APYX MEDICAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data, Unaudited)
		Three Months Ended March 31,
		2021				2020
Sales		$	8,638			$	4,997
Cost of sales		2,778				2,013
Gross profit		5,860				2,984
Other costs and expenses:
Research and development		1,115				980
Professional services		1,521				2,389
Salaries and related costs		4,245				3,311
Selling, general and administrative		3,724				3,796
Total other costs and expenses		10,605				10,476
Loss from operations		(4,745		)		(7,492		)
Interest income		3				216
Interest expense		(4		)		(6		)
Other (loss) income, net		(93		)		426
Total other (loss) income, net		(94		)		636
Loss before income taxes		(4,839		)		(6,856		)
Income tax expense (benefit)		66				(4,905		)
Net loss		(4,905		)		(1,951		)
Net loss attributable to non-controlling interest		(4		)		—
Net loss attributable to stockholders		$	(4,901	)		$	(1,951	)
Loss per share
Basic and Diluted		$	(0.14	)		$	(0.06	)
Weighted average number of shares outstanding – basic and diluted		34,302				34,176

APYX MEDICAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
		March 31, 2021 (Unaudited)				December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents		$	39,539			$	41,915
Trade accounts receivable, net of allowance of $300 and $300		7,683				8,399
Income tax receivables		7,654				7,654
Other receivables		1,110				1,275
Inventories, net of provision for obsolescence of $374 and $388		4,463				4,051
Prepaid expenses and other current assets		2,593				2,795
Total current assets		63,042				66,089
Property and equipment, net		6,599				6,541
Operating lease right-of-use assets		212				237
Finance lease right-of-use assets		383				437
Other assets		860				807
Total assets		$	71,096			$	74,111
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	2,283			$	1,511
Accrued expenses and other liabilities		7,090				7,278
Current portion of operating lease liabilities		125				126
Current portion of finance lease liabilities		232				238
Total current liabilities		9,730				9,153
Long-term operating lease liabilities		94				129
Long-term finance lease liabilities		107				183
Contract liabilities		855				621
Other liabilities		141				166
Total liabilities		10,927				10,252
EQUITY
Common stock, $0.001 par value; 75,000,000 shares authorized; 34,317,863 issued and outstanding as of March 31, 2021, and 34,289,222 outstanding as of December 31, 2020		34				34
Additional paid-in capital		62,281				61,066
(Accumulated deficit) retained earnings		(2,280		)		2,621
Total stockholders’ equity		60,035				63,721
Non-controlling interest		134				138
Total equity		60,169				63,859
Total liabilities and equity		$	71,096			$	74,111

APYX MEDICAL CORPORATION

RECONCILIATION OF GAAP NET LOSS RESULTS TO NON-GAAP ADJUSTED EBITDA

(Unaudited)

Use of Non-GAAP Financial Measure

We present the following non-GAAP measure because we believe such measure is a useful indicator of our operating performance. Our management uses this non-GAAP measure principally as a measure of our operating performance and believes that this measure is useful to investors because it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We also believe that this measure is useful to our management and investors as a measure of comparative operating performance from period to period.

The Company has presented the following non-GAAP financial measure in this press release: adjusted EBITDA. The Company defines adjusted EBITDA as its reported net income/(loss) attributable to stockholders (GAAP) plus income tax expense (benefit), interest, depreciation and amortization, and stock-based compensation expense.

(In thousands)		Three Months Ended March 31,
		2021				2020
Net loss attributable to stockholders		$	(4,901	)		$	(1,951	)
Interest income		(3		)		(216		)
Interest expense		4				6
Income tax expense (benefit)		66				(4,905		)
Depreciation and amortization		227				214
Stock based compensation		1,194				1,049
Adjusted EBITDA		$	(3,413	)		$	(5,803	)

The following unaudited table presents a reconciliation of net loss to Adjusted EBITDA for the year ending December 31, 2021. The reconciliation assumes the mid-point of the Adjusted EBITDA loss range and the midpoint of each component of the reconciliation, corresponding to guidance for GAAP net loss attributable to stockholders of $20.3 million to $18.0 million for the year ending December 31, 2021.

(In millions)		Year Ending December 31, 2021
Net loss attributable to stockholders		$	(19.1	)
Interest income		—
Interest expense		—
Income tax expense		0.3
Depreciation and amortization		0.7
Stock based compensation		5.4
Adjusted EBITDA		$	(12.8	)
Note: figures may not sum to totals due to rounding.

 

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Investor Relations:

Westwicke Partners on behalf of Apyx Medical Corporation

Mike Piccinino, CFA

[email protected]

KEYWORDS: United States North America Florida New York

INDUSTRY KEYWORDS: Biotechnology Surgery Medical Devices Health Medical Supplies

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Summit Wireless Technologies Posts 181% Q1 2021 Revenue Increase and Guides for 250+% Q2 2021 Revenue Increase, Year-over-Year Respectively

SAN JOSE, Calif.–(BUSINESS WIRE)–Summit Wireless Technologies, Inc. (NASDAQ: WISA), a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems, provided an update for the first quarter ended March 31, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210512005195/en/

Q1 2021 Financial Highlights:

• Revenue increased 181% to $1.2 million, compared to $0.4 million in the first quarter of 2020.
• Gross margin expanded to 25.6%, compared to 23.9% in the fourth quarter of 2020 and 15.3% in the first quarter of 2020.
• Operating expense was $3.0 million, including $0.3 million of non-cash charges.
• Cash and cash equivalents were $9.7 million at March 31, 2021, compared to $7.4 million at December 31, 2020.

Q2 2021 Financial Guidance:

• Revenue is expected to increase 250+%, compared to the second quarter of 2020.
• Gross margin is expected to improve sequentially.
• Operating expense is expected to be approximately $3.1 million, including $0.4 million of non-cash charges.

“Summit’s significant sales growth momentum is accelerating with year-over-year increases of 181% in Q1 and 250+% expected in Q2, reflecting new products introductions and extensions as well as effective marketing,” said Brett Moyer, CEO of Summit Wireless. “Leading brands including LG, Hisense, Onkyo, Bang & Olufsen, and Harman, to name a few, have launched incredible new products featuring WiSA immersive sound technology. Later this year, we anticipate announcing two more TV brands, which will bring the total to six. Additionally, this month, the Summit SoundSend will enhance features and performance via a software update and begin its international rollout, available first in the UK and Japan.

“The WiSA Wave marketing program continues to drive website traffic. In Q1 2021, we exceeded our guidance with 139,000 visitors, up from 34,000 in Q1 2020. We continue to expect more than 1 million visitors in 2021. To that end, we strengthened our board and digital marketing capabilities, welcoming our new director who will be advising the company in building the consumer category with the WiSA Wave. Further, we expect to open the WiSA Amazon store soon, which will allow all WiSA Certified™ products being sold on Amazon to be highlighted in the category as well as enable bundling promotions with WiSA Ready™ TVs, transmitters, and speakers. This traction fuels our belief that 2021 will be a breakout year for Summit Wireless,” concluded Moyer.

Recent Product Launches:

• LG Electronics 2021 WiSA Ready OLED and Nanocell TVs are bringing unmatched entertainment straight to any living room, leading in integrating immersive audio connectivity.
• Hisense’s 2021 TV models have been certified WiSA Ready, enabling quick and simple connection to all WiSA USB transmitters and WiSA Certified Speakers to create amazing and immersive home cinema systems for the fifth leading TV brand in the US.
• Bang & Olufsen’s slim, elegant WiSA Certified Beolab 28 high-resolution wireless stereo speakers are designed for simple setup to deliver big cinematic sound streaming anything instantly from anywhere in a room.
• Onkyo SOUND SPHERE Audio System, its first WiSA Certified audio system, will deliver wireless, cinema-quality sound to the Japanese market in 2.1, 3.1 and 5.1 system bundles, giving customers flexibility to purchase a format that best suits their needs and environment.
• Lithe Audio’s WiSA Certified Pro Series in-ceiling speaker ushers in a new era of convenience in creating Dolby Atmos home cinema systems.
• LG Electronics 4K UHD Smart Dual Laser CineBeam Projector, notably the first WiSA Ready projector to be introduced, can easily connect to WiSA USB transmitters, allowing seamless wireless audio and control communication with all WiSA Certified speakers.
• Platin Milan 5.1 combines fashion, function, and affordability together into a totally immersive, 360-degree sensory experience, following the 2020 success of the Platin Monaco 5.1 wireless surround sound system.

The board named digital marketing executive Wendy Wilson as a director effective May 10, 2021 and thanked retiring director Jonathan Gazdak for his service. Wilson, currently VP of Marketing at ChargePoint, one of the world’s largest EV charging networks, has held leadership roles in small VC funded startups as well as publicly traded firms including Disney, Jive and Yahoo.

Summit Wireless Investor Update Conference Call

Summit Wireless will host a conference call at 8:30 a.m. PT / 11:30 a.m. ET on Wednesday, May 12, 2021 to provide a business update. Shareholders and interested participants may listen to a live broadcast of the conference call by dialing 877-423-9813 or 201-689-8573 and referencing code 13718663 approximately 10 minutes prior to the start time and view accompanying slides at ir.summitwireless.com/events. To bypass the operator and receive a call rather than dialing in, please use the following link approximately 15 minutes prior to the call. A live webcast of the call and accompanying slide presentation will be on the investor relations section of the company’s website at ir.summitwireless.com and available for approximately one year. An audio archive can be accessed for one week by dialing 844-512-2921 or 412-317-6671 and entering conference ID 13718663.

About Summit Wireless Technologies, Inc.

Summit Wireless Technologies, Inc. (NASDAQ: WISA) is a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems. Working with leading CE brands and manufacturers such as Harman International, a division of Samsung, LG Electronics, Klipsch, Bang & Olufsen, Xbox, a subsidiary of Microsoft, and others, Summit Wireless delivers seamless, dynamic audio experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. Summit Wireless is a founding member of WiSA, the Wireless Speaker and Audio Association and works in joint partnership to champion the most reliable interoperability standards across the audio industry. Summit Wireless is headquartered in San Jose, CA with sales teams in Taiwan, China, Japan, and Korea. For more information, please visit: www.summitwireless.com.

About WiSA, LLC

WiSA®, the Wireless Speaker and Audio Association, is a consumer electronics consortium dedicated to creating interoperability standards utilized by leading brands and manufacturers to deliver immersive sound via intelligent devices. WiSA Certified™ components from any member brand can be combined to dramatically increase the enjoyment of movies and video, music, sports, gaming/esports, and more. WiSA also combines robust, high definition, multi-channel, low latency surround sound with the simple setup of a soundbar. For more information about WiSA, please visit: www.wisaassociation.org.

© 2021 Summit Wireless Technologies, Inc. All rights reserved. Summit Wireless Technologies and the Summit Wireless logo are trademarks of Summit Wireless Technologies, Inc. The WiSA logo, WiSA, WiSA Ready, and WiSA Certified are trademarks, or certification marks of WiSA LLC.

Safe Harbor Statement

This press release contains forward-looking statements, which are not historical facts, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting Summit Wireless’ business including, current macroeconomic uncertainties associated with the COVID-19 pandemic, our ability to predict the timing of design wins entering production and the potential future revenue associated with our design wins; our rate of growth; our ability to predict customer demand for our existing and future products and to secure adequate manufacturing capacity; consumer demand conditions affecting our customer’s end markets; our ability to hire, retain and motivate employees; the effects of competition, including price competition; technological, regulatory and legal developments; developments in the economy and financial markets and other risks detailed from time to time in Summit Wireless’ filings with the Securities and Exchange Commission.

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Kirsten Chapman, LHA Investor Relations, 415.433.3777, [email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Technology Mobile/Wireless Audio/Video Consumer Electronics

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BELLUS Health to Participate in the 2021 RBC Capital Markets Global Healthcare Conference

LAVAL, Quebec–(BUSINESS WIRE)–
BELLUS Health Inc. (Nasdaq:BLU; TSX:BLU) (“BELLUS Health” or the “Company”), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of refractory chronic cough (“RCC”) and other hypersensitization-related disorders, today announced that Roberto Bellini, BELLUS Health’s President and Chief Executive Officer, will be participating in a fireside chat at the 2021 RBC Capital Markets Global Healthcare Conference.

Presentation Details:

Event: 2021 RBC Capital Markets Global Healthcare Conference

Date/Time: Wednesday, May 19, 2021 at 9:10 a.m. ET

A live webcast of fireside chat may be accessed on the Events & Presentations page under the Investors & Media section of BELLUS Health’s website at www.bellushealth.com. Following the event, an archived webcast will be available on the Company’s website.

About BELLUS Health (www.bellushealth.com)

BELLUS Health is a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of RCC and other hypersensitization-related disorders. The Company’s product candidate, BLU-5937, is being developed for the treatment of refractory chronic cough (“RCC”) and chronic pruritus associated with atopic dermatitis (“AD”).

RCC is a cough lasting more than 8 weeks despite appropriate treatment for underlying condition(s). It is estimated that there are approximately 9 million patients in the United States suffering from RCC. RCC is associated with significant adverse physical, social, and psychosocial effects on health and quality of life. Currently, there is no specific therapy approved for RCC and current treatment options are limited.

Chronic pruritus associated with AD is an irritating sensation that leads to scratching and persists for longer than 6 weeks in AD patients. It is estimated that up to 10% of adults in the United States suffer from AD – almost all report symptoms of pruritus with over 50% of patients attributing chronic pruritus as their most burdensome symptom. Despite currently available treatments targeting AD, there continues to be a lack of options targeting the burden of pruritus in patients with AD.

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Danny Matthews

Director, Investor Relations and Communications

[email protected]

Media:

Julia Deutsch

Solebury Trout

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Health Managed Care Clinical Trials Research Science Pharmaceutical Biotechnology

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Seres Therapeutics to Present at RBC Capital Markets 2021 Global Healthcare Conference

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Seres Therapeutics, Inc., (Nasdaq: MCRB), today announced that management will participate in a panel discussion at the RBC Capital Markets 2021 Global Healthcare Conference on Tuesday, May 18 at 4:15 p.m. ET.

A live audio webcast of the panel will be available under the “Investors and News” section of Seres’ website. A replay of the presentation will become available approximately one hour after the event and will be archived for 21 days.

About Seres Therapeutics

Seres Therapeutics, Inc., (Nasdaq: MCRB) is a leading microbiome therapeutics company developing a novel class of multifunctional bacterial consortia that are designed to functionally interact with host cells and tissues to treat disease. Seres’ SER-109 program achieved the first-ever positive pivotal clinical results for a targeted microbiome drug candidate and has obtained Breakthrough Therapy and Orphan Drug designations from the FDA. The SER-109 program is being advanced for the treatment of recurrent C. difficile infection and has potential to become a first-in-class FDA-approved microbiome therapeutic. Seres’ SER-287 program has obtained Fast Track and Orphan Drug designations from the FDA and is being evaluated in a Phase 2b study in patients with active mild-to-moderate ulcerative colitis. Seres is evaluating SER-301 in a Phase 1b study in patients with ulcerative colitis, and plans to initiate a clinical program with SER-155 to prevent mortality due to gastrointestinal infections, bacteremia and graft versus host disease. For more information, please visit www.serestherapeutics.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210512005069/en/

PR Contact

Kristin Ainsworth

[email protected]

IR Contact

Carlo Tanzi, Ph.D.

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health

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Rockwell Automation to Present at Morgan Stanley Life After Covid: 2021 Thematic Conference

MILWAUKEE–(BUSINESS WIRE)–
Rockwell Automation (NYSE: ROK) Chairman and CEO, Blake Moret, and Senior Vice President of Software and Control, Brian Shepherd, will present at the Morgan Stanley Life After Covid: 2021 Thematic Conference on Wednesday, May 19, 2021.

The fireside chat will be webcast beginning at approximately 8:00 a.m. Central Time and will be available on the Rockwell Automation Investor Relations website at www.rockwellautomation.com/en-us/investors.html.

About Rockwell Automation

Rockwell Automation (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 24,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.

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Jessica Kourakos

Head of Investor Relations

+1 414-382-8510

[email protected]

Marci Pelzer

Director, External Communications

+1 414-553-4661

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KEYWORDS: United States North America Wisconsin

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Labcorp Announces Proposed Sale of Senior Notes

BURLINGTON, N.C.–(BUSINESS WIRE)–
Labcorp (NYSE: LH) (“Labcorp”) announced today that it plans to offer, subject to market and other conditions, senior notes that are expected to be issued in two tranches (the “Notes”). The Notes will be senior unsecured obligations and will rank equally with Labcorp’s existing and future senior unsecured debt.

Labcorp expects to use the net proceeds of the Notes offering to redeem, prior to maturity, its outstanding 3.20% Senior Notes due Feb. 1, 2022 and 3.75% Senior Notes due Aug. 23, 2022.

The joint book-running managers for the offering are BofA Securities, KeyBanc Capital Markets, and Wells Fargo Securities. The offering will be made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-234633) filed with the Securities and Exchange Commission (the “SEC”) on Nov. 12, 2019. A copy of the prospectus and related prospectus supplement may be obtained without charge from the SEC. Alternatively, a copy of the prospectus and related prospectus supplement may be obtained from BofA Securities by calling toll-free 1-800-294-1322, from KeyBanc Capital Markets by calling toll-free 1-866-227-6479, or from Wells Fargo Securities by calling toll-free 1-800-645-3751.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities may be made only by means of the prospectus supplement and the accompanying prospectus.

About Labcorp

Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With over 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14 billion in FY2020.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements including statements about the proposed offering of the Notes and use of proceeds therefrom. Each of the forward-looking statements is subject to change based on various important factors, including the risk that the offering may not be successful. As a result, readers are cautioned not to place undue reliance on any of Labcorp’s forward-looking statements. Labcorp has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks, and uncertainties that could affect operating and financial results is included in LabCorp’s most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in Labcorp’s other filings with the SEC.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210512005484/en/

Labcorp Contacts:

Media: Christopher Allman-Bradshaw — 336-436-8263

[email protected]

Investors: Chas Cook — 336-436-5076

[email protected]

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