Market Newsdesk

May 11, 2021 4:04 pm

Navidea Biopharmaceuticals Reports First Quarter 2021 Financial Results

Navidea Biopharmaceuticals Reports First Quarter 2021 Financial Results

Conference Call to be held Tuesday, May 11, 2021 at 5:00 pm EDT

DUBLIN, Ohio–(BUSINESS WIRE)–
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, today announced its financial results for the first quarter for the period ended March 31, 2021.

“We are continuing a positive dialogue with the FDA and are moving as quickly as we can to fully document all the data from Arm 3 of NAV3-31,” said Mr. Jed A. Latkin, Chief Executive Officer of Navidea. “We are also excited to begin patient enrollment for NAV3-32 both here in the U.S. and in the UK.”

First Quarter 2021 Highlights and Subsequent Events

Submitted a formal Type B Meeting Request to the U.S. Food and Drug Administration (“FDA”). The FDA granted the Type B Meeting and reviewed the formal briefing documents Navidea submitted containing results from the NAV3-31 Phase 2B study and the proposed Phase 3 design and protocol. Following the feedback received from the FDA at the end of March 2021, the Company continues to work toward completing the analysis of the full trial dataset in preparation for the standard End of Phase 2 Type B meeting and in preparation for the Phase 3 study.
Achieved last patient, last visit in the Company’s NAV3-31 Phase 2B study. Study closeout and data analysis are ongoing.
Opened the first US site, Northwestern University, as well as the primary UK site, Queen Mary University of London, for enrollment in the Company’s NAV3-32 Phase 2B trial comparing Tc99m tilmanocept imaging to histopathology of joints of patients with active rheumatoid arthritis (“RA”).
Opened the NAV3-35 trial to establish a normative database of healthy controls for Tc99m tilmanocept imaging in rheumatoid arthritis.
Continued enrollment in the Investigator-Initiated Phase 2 trial being run at the Massachusetts General Hospital evaluating Tc99m tilmanocept uptake in atherosclerotic plaques of HIV-infected individuals.
Received a notice of allowance from the United States Patent and Trademark Office for the patent application: “Compounds and methods for diagnosis and treatment of viral infections” (U.S. Patent Application 15/729,635).
Announced that the results from the Company’s preclinical studies of its targeted cancer immunotherapeutic agent will be presented as a poster at the New York Academy of Science’s (“NYAS”) Frontiers in Cancer Immunotherapy Symposium 2021. The poster is titled, “Targeted Delivery of Doxorubicin (DOX) to Tumor Associated Macrophages (TAMs) Beneficially Alters the Tumor Immune Microenvironment and Synergizes the Activity of Anti-CTLA4.”
Entered into a Stock Purchase Agreement and Letter of Investment Intent with an existing investor, pursuant to which the Company issued to the investor 50,000 shares of newly-designated Series E Redeemable Convertible Preferred Stock (the “Series E Preferred Stock”) for an aggregate purchase price of $5.0 million. The Series E Preferred Stock is convertible into a maximum of 2,173,913 shares of Common Stock.
Appointed Amit Bhalla to the Company’s Board of Directors. Mr. Bhalla brings a wealth of financial experience to the board.

Michael Rosol, Ph.D., Chief Medical Officer for Navidea, said, “The clinical research team is working diligently to advance the technology in key disease areas, with an emphasis on our RA program. We are completing the analysis of the full dataset from the NAV3-31 Phase 2B trial as well as planning for the Phase 3 trial. We continue to prepare for initiation of this trial and have opened up key sites for enrollment into the NAV3-32 Phase 2B trial comparing tilmanocept imaging to synovial tissue biopsy samples of RA patients. Concurrent with all of this, we continue to make exciting progress in our therapeutics pipeline, some of which will be presented this month at the NYAS conference, and we expect to continue to advance these towards the clinic.”

Financial Results

Total net revenues for the first quarter of 2021 were $124,000, compared to $156,000 for the same period in 2020. The decrease was primarily due to decreased grant revenue related to Small Business Innovation Research grants from the National Institutes of Health supporting Manocept™ development, offset by the partial recovery in the first quarter of 2021 of debts previously written off in 2015.
Research and development expenses for the first quarter of 2021 were $1.2 million, compared to $999,000 in the same period in 2020. The increase was primarily due to net increases in drug project expenses, including increased Manocept diagnostic and therapeutic development costs and increased Tc99m development costs, offset by decreased employee compensation.
Selling, general and administrative expenses for the first quarter of 2021 were $2.2 million, compared to $1.8 million in the same period in 2020. The net increase was primarily due to increased legal and professional services, insurance, investor relations services, and employee compensation, offset by decreased franchise taxes.
Navidea’s net loss attributable to common stockholders for the first quarter of 2021 was $3.0 million, or $0.11 per share, compared to $2.7 million, or $0.13 per share, for the same period in 2020.
Navidea ended the first quarter of 2021 with $7.5 million in cash and cash equivalents.

Conference Call Details

Investors and the public are invited to dial into the earnings call through the information listed below, or participate via the audio webcast on the company website. Participants who would like to ask questions during the question and answer session will be prompted by the moderator, who will provide instructions.

Event:		Q1 2021 Earnings and Business Update Conference Call
Date:		Tuesday, May 11, 2021
Time:		5:00 p.m. (EDT)
U.S. & Canada Dial-in:		877-407-0312
International Dial-in:		+1 201-389-0899
Conference ID:		13718969
Webcast Link:		https://webcasts.eqs.com/navidbioph20210511/en

A live audio webcast of the conference call will also be available on the investor relations page of Navidea’s corporate website at www.navidea.com. In addition, the recorded conference call can be replayed and will be available for 90 days following the call on Navidea’s website.

About Navidea

Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a biopharmaceutical company focused on the development of precision immunodiagnostic agents and immunotherapeutics. Navidea is developing multiple precision-targeted products based on its Manocept™ platform to enhance patient care by identifying the sites and pathways of disease and enable better diagnostic accuracy, clinical decision-making, and targeted treatment. Navidea’s Manocept platform is predicated on the ability to specifically target the CD206 mannose receptor expressed on activated macrophages. The Manocept platform serves as the molecular backbone of Tc99m tilmanocept, the first product developed and commercialized by Navidea based on the platform. Navidea’s strategy is to deliver superior growth and shareholder return by bringing to market novel products and advancing the Company’s pipeline through global partnering and commercialization efforts. For more information, please visit www.navidea.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements include our expectations regarding pending litigation and other matters. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things: our history of operating losses and uncertainty of future profitability; the final outcome of any pending litigation; our ability to successfully complete research and further development of our drug candidates; the timing, cost and uncertainty of obtaining regulatory approvals of our drug candidates; our ability to successfully commercialize our drug candidates; dependence on royalties and grant revenue; our ability to implement our growth strategy; anticipated trends in our business; our limited product line and distribution channels; advances in technologies and development of new competitive products; our ability to comply with the NYSE American continued listing standards; our ability to maintain effective internal control over financial reporting; the impact of the current coronavirus pandemic; and other risk factors detailed in our most recent Annual Report on Form 10-K and other SEC filings. You are urged to carefully review and consider the disclosures found in our SEC filings, which are available at http://www.sec.gov or at http://ir.navidea.com.

Investors are urged to consider statements that include the words “will,” “may,” “could,” “should,” “plan,” “continue,” “designed,” “goal,” “forecast,” “future,” “believe,” “intend,” “expect,” “anticipate,” “estimate,” “project,” and similar expressions, as well as the negatives of those words or other comparable words, to be uncertain forward-looking statements.

You are cautioned not to place undue reliance on any forward-looking statements, any of which could turn out to be incorrect. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this report. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

NAVIDEA BIOPHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
	March 31,		December 31,
		2021		2020
	(unaudited)
Assets:
Cash and cash equivalents	$	7,507,319	$	2,670,495
Other current assets		1,320,720		3,857,833
Non-current assets		1,249,036		1,229,690
Total assets	$	10,077,075	$	7,758,018

Liabilities and stockholders’ equity:
Current liabilities	$	4,158,754	$	4,715,105
Deferred revenue, non-current		700,000		700,000
Other liabilities		209,439		296,006
Total liabilities		5,068,193		5,711,111
Navidea stockholders’ equity		4,277,581		1,315,604
Noncontrolling interest		731,301		731,303
Total stockholders’ equity		5,008,882		2,046,907
Total liabilities and stockholders’ equity	$	10,077,075	$	7,758,018

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended
	March 31,			March 31,
		2021			2020
	(unaudited)			(unaudited)

Revenue	$	123,737		$	156,272
Cost of revenue		–			609
Gross profit		123,737			155,663
Operating expenses:
Research and development		1,222,754			999,269
Selling, general and administrative		2,230,745			1,827,754
Total operating expenses		3,453,499			2,827,023
Loss from operations		(3,329,762	)		(2,671,360	)
Other income (expense):
Interest expense, net		(2,875	)		(2,372	)
Gain on extinguishment of debt		366,000			–
Other, net		(255	)		124
Net loss		(2,966,892	)		(2,673,608	)
Less (loss) income attributable to noncontrolling interest		(2	)		2
Net loss attributable to common stockholders	$	(2,966,890	)	$	(2,673,610	)

Loss attributable to common stockholders per common share (basic and diluted)	$	(0.11	)	$	(0.13	)
Weighted average shares outstanding (basic and diluted)		28,066,296			20,203,636

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511006055/en/

Navidea Biopharmaceuticals, Inc.

Jed Latkin

Chief Executive Officer

614-973-7490

[email protected]

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Clinical Trials

MEDIA:

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May 11, 2021 4:04 pm

Array Technologies Announces Changes to Board of Directors

ALBUQUERQUE, N.M., May 11, 2021 (GLOBE NEWSWIRE) — Array Technologies (NASDAQ: ARRY) (“Array”), one of the world’s largest manufacturers of ground-mounted systems used in solar energy projects, today announced the appointment of Jayanthi “Jay” Iyengar to the Company’s Board of Directors (the “Board”), replacing Peter Jonna, effective on May 10, 2021.

“We are extremely excited to welcome Jay to the Board. Jay brings a plethora of experience in industrial and manufacturing technology which will help drive Array’s product innovation. Jay’s background is a natural fit for Array as we continue to execute against our growth strategy. We are fortunate to benefit from such a talented and diverse Board of Directors and are confident that Jay will be an invaluable addition to our team,” said Brad Forth, Chairman of Array Technologies. “Additionally, on behalf of our team, we would like to thank Peter for his contributions to Array over the last five years.”

Ms. Iyengar has over 30 years of international technology experience in the automotive, aerospace and advanced water technology fields, much of which she gained through roles of increasing importance with Fiat Chrysler Automobiles, Eaton Aerospace and Xylem Inc. She assumed the role of Chief Technology Officer of CNH Industrial in 2019. She earned an M.S. in mechanical engineering (specialization in energy systems) from the Indian Institute of Technology and an M.S in mechanical engineering from Wayne State University.

“I’d like welcome to Jay to Array on behalf of the team. We look forward to drawing from her insight and expertise as we continue to provide innovative solutions to our customers and help lead the global transition to clean energy,” said Jim Fusaro, Chief Executive Officer of Array Technologies.

About Array Technologies, Inc.

Array Technologies (NASDAQ: ARRY) is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world’s largest manufacturers of ground-mounted systems. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array delivers a lower levelized cost of energy. The Company’s focus on innovation, combined with its customer-centric approach, has helped achieve some of the industry’s best returns. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia. Contact us at arraytechinc.com or view our LinkedIn page.

Media Contact:

James McCusker
203-585-4750
[email protected]

Investor Relations Contact:

505-437-0010
[email protected]

May 11, 2021 4:04 pm

Conifer Holdings Reports 2021 First Quarter Financial Results

Company to Host Conference Call at 8:30 AM ET on Wednesday, May 12, 2021

BIRMINGHAM, Mich., May 11, 2021 (GLOBE NEWSWIRE) — Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights (compared to the prior year first quarter)

Gross written premium increased 21.1% to $30.4 million
Commercial Lines gross written premium increased 16.1% to $27.2 million
Personal Lines gross written premium increased 92.2% to $3.2 million
Catastrophe losses of $2.3 million from Winter Storm Uri
Net loss of $4.6 million, or $0.48 per share, based on 9.7 million average shares outstanding
Book value per share of $3.82 as of March 31, 2021.

Management Comments

James Petcoff, Chairman and CEO, commented, “Our results were impacted by Winter Storm Uri and by severity from certain geographies largely in our quick service restaurant business. We have worked diligently to reduce exposure in our underperforming areas, while concentrating on markets where we have consistently reported favorable results. We achieved solid top line growth in both Commercial and Personal lines, which will help Conifer achieve an efficient operating scale going forward.”

2021 First Quarter Financial Results Overview

		As of and for the Three Months Ended March 31,
			2021			2020		% Change

		(dollars in thousands, except share and per share amounts)

Gross written premiums		$	30,373		$	25,084		21.1	%
Net written premiums			24,483			21,051		16.3	%
Net earned premiums			22,835			22,017		3.7	%

Net investment income			532			954		-44.2	%
Net realized investment gains			2,924			928		**
Change in fair value of equity investments			(540	)		(3,086	)	**
Other gains			–			115		**

Net income (loss)			(4,636	)		(4,725	)	**
	Net income (loss) per share, diluted	$	(0.48	)	$	(0.49	)

Adjusted operating income (loss)*			(7,020	)		(2,682	)	**
	Adjusted operating income (loss) per share, diluted*	$	(0.72	)	$	(0.28	)	**

Book value per common share outstanding		$	3.82		$	3.81

Weighted average shares outstanding, basic and diluted			9,681,728			9,592,774

Underwriting ratios:
	Loss ratio (1)		84.4	%		64.5	%
	Expense ratio (2)		44.6	%		47.1	%
	Combined ratio (3)		129.0	%		111.6	%

* The “Definitions of Non-GAAP Measures” section of this release defines and reconciles data that are not based on generally accepted accounting principles.
** Percentage is not meaningful
(1) The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums and other income from underwriting operations.
(2) The expense ratio is the ratio, expressed as a percentage, of policy acquisition costs and other underwriting expenses to net earned premiums and other income from underwriting operations.
(3) The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.

2021 First Quarter Premiums

Gross Written Premiums

Gross written premiums increased 21.1% in the first quarter of 2021 to $30.4 million, compared to $25.1 million in the prior year period. The increase was the result of growth in both Commercial and Personal lines business as we continue to penetrate markets where we have been the most successful while still reducing exposure to less profitable lines.

Net Earned Premiums

Net earned premiums increased 3.7% to $22.8 million for the first quarter of 2021, compared to $22.0 million for the prior year period. Growth was limited by slightly higher reinsurance costs. The Company expects net earned premiums to increase throughout 2021 as the growth in gross written premiums achieved in the second half of 2020 and into 2021 continues to be earned ratably through the year.

Commercial Lines Financial and Operational Review

Commercial Lines Financial Review
		Three Months Ended March 31,
			2021			2020		% Change

		(dollars in thousands)

Gross written premiums		$	27,221		$	23,444		16.1	%
Net written premiums			21,557			19,687		9.5	%
Net earned premiums			20,706			20,431		1.3	%

Underwriting ratios:
	Loss ratio		81.7	%		65.6	%
	Expense ratio		44.6	%		47.2	%
	Combined ratio		126.3	%		112.8	%

Contribution to combined ratio from net
	(favorable) adverse prior year development		24.9	%		17.9	%

Accident year combined ratio (1)			101.4	%		94.9	%

(1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year’s profitability and assists management in their evaluation of product pricing levels and quality of business written.

The Company’s commercial lines of business, representing 89.6% of total gross written premium in the first quarter of 2021, primarily consists of property and liability coverage offered to owner-operated small- to mid-sized businesses.

Commercial lines gross written premium increased 16.1% in the first quarter of 2021 to $27.2 million, as the Company continues to emphasize growth of its specialty lines business.

The Commercial lines combined ratio was 126.3% for the three months ended March 31, 2021, compared to 112.8% in the prior year period. The loss ratio was 81.7% for the three months ended March 31, 2021, compared with 65.6% in the prior year period while the expense ratio was 44.6% in the current year period, compared with 47.2% during the prior year period.

Winter Storm Uri (or “URI”), for the three months ended March 31, 2021, increased the accident year loss ratio in the Commercial lines segment by 8.2 percentage points. Excluding URI, the accident year loss ratio would have been 48.6%. Similarly, the Commercial lines accident year combined ratio was 8.7 percentage point higher for the quarter because of URI, and would have been 92.7% excluding the impact of Winter Storm Uri.

Personal Lines Financial and Operational Review

Personal Lines Financial Review
		Three Months Ended March 31,
			2021			2020		% Change

		(dollars in thousands)

Gross written premiums		$	3,152		$	1,640		92.2	%
Net written premiums			2,926			1,364		114.5	%
Net earned premiums			2,129			1,586		34.2	%

Underwriting ratios:
	Loss ratio		111.0	%		49.8	%
	Expense ratio		43.8	%		47.1	%
	Combined ratio		154.8	%		96.9	%

Contribution to combined ratio from net
	(favorable) adverse prior year development		28.2	%		4.0	%

Accident year combined ratio			126.6	%		92.9	%

Personal lines, representing 10.4% of total gross written premium for the first quarter of 2021, consists largely of low-value dwelling homeowner’s insurance.

Personal lines gross written premium increased 92.2% to $3.2 million in the first quarter of 2021 compared to the prior year period, led by growth in the Company’s low-value dwelling line of business in Texas following Winter Storm Uri.

Personal lines combined ratio was 154.8% for the three months ended March 31, 2021, compared to 96.9% in the prior year period. Personal lines loss ratio was 111.0%, compared to 49.8% in the prior year period, largely driven by losses associated with Winter Storm Uri.

Winter Storm Uri, for the three months ended March 31, 2021, increased the accident year loss ratio in the Personal lines segment by 21.8 percentage points. Excluding Uri, the accident year loss ratio would have been 61.0%. Similarly, the Personal lines accident year combined ratio was 22.7 percentage points higher for the quarter because of URI, and would have been 103.9% excluding the impact of Winter Storm Uri.

Combined Ratio Analysis

		Three Months Ended March 31,
		2021		2020

		(dollars in thousands)

Underwriting ratios:
	Loss ratio	84.4	%	64.5	%
	Expense ratio	44.6	%	47.1	%
	Combined ratio	129.0	%	111.6	%

Contribution to combined ratio from net (favorable)
	adverse prior year development	25.2	%	16.9	%

Accident year combined ratio		103.8	%	94.7	%

Combined Ratio

The Company’s combined ratio was 129% for the quarter ended March 31, 2021, compared to 111.6% for the same period in 2020. The Company’s accident year combined ratio for the quarter ended March 31, 2021 was 103.8%, compared to 94.7% in the prior year period.

Loss Ratio:
The Company’s losses and loss adjustment expenses were $19.4 million for the three months ended March 31, 2021, compared to $14.3 million in the prior year period. This resulted in a loss ratio of 84.4%, compared to 64.5% in the prior year period.

Expense Ratio:

The expense ratio was 44.6% for the first quarter of 2021, compared to 47.1% in the prior year period.

Net Investment Income

Net investment income was $532,000 during the quarter ended March 31, 2021, compared to $954,000 in the prior year period. Net realized investment gains during the first quarter were $2.9 million, compared to net realized investment gains of $928,000 in the prior year period.

Change in Fair Value of Equity Securities

During the quarter, the Company reported a loss from the change in fair value of equity investments of $540,000, compared to a loss of $3.1 million in the prior year period.

Net Income (Loss)

In the first quarter of 2021, the Company reported a net loss of $4.6 million, or $0.48 per share, compared to a net loss of $4.7 million, or $0.49 per share, in the prior year period.

Adjusted Operating Income (Loss)

In the first quarter of 2021, the Company reported an adjusted operating loss of $7.0 million, or $0.72 per share, compared to an adjusted operating loss of $2.7 million, or $0.28 per share, for the same period in 2020. See Definitions of Non-GAAP Measures.

Earnings Conference Call with Accompanying Slide Presentation

The Company will hold a conference call/webcast on Wednesday, May 12, 2021 at 8:30 a.m. ET to discuss results for the first quarter ended March 31, 2021.

Investors, analysts, employees and the general public are invited to listen to the conference call via:

Webcast: On the Event Calendar at IR.CNFRH.com
Conference Call: 844-868-8843 (domestic) or 412-317-6589 (international)

The webcast will be archived on the Conifer Holdings website and available for replay for at least one year.

About the Company

Conifer Holdings, Inc. is a Michigan-based insurance holding company. Through its operating subsidiaries, Conifer offers customized coverage solutions tailored to the needs of our specialty niche insureds. Across all 50 states, we utilize a multi-channel distribution approach, but largely market through independent agents. Conifer is traded on the Nasdaq Global Market (Nasdaq: CNFR), and additional information is available on the Company’s website at www.CNFRH.com.

Definitions of Non-GAAP Measures

Conifer prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

We believe that investors’ understanding of Conifer’s performance is enhanced by our disclosure of adjusted operating income. Our method for calculating this measure may differ from that used by other companies and therefore comparability may be limited. We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding net realized investment gains or losses, changes in fair value of equity securities, and other gains or losses; all net of tax. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance.

Reconciliations of adjusted operating income and adjusted operating income per share:

		Three Months Ended March 31,
			2021			2020

		(dollar in thousands, except share and per share amounts)

Net income (loss)		$	(4,636	)	$	(4,725	)
Less:
Net realized investment gains and other gains, net of tax			2,924			1,043
Change in fair value of equity securities, net of tax			(540	)		(3,086	)
Adjusted operating income (loss)		$	(7,020	)	$	(2,682	)

Weighted average common shares, diluted			9,681,728			9,592,774

Diluted income (loss) per common share:
	Net income (loss)	$	(0.48	)	$	(0.49	)
	Less:
	Net realized investment gains and other gains, net of tax		0.30			0.11
	Change in fair value of equity securities, net of tax		(0.06	)		(0.32	)
	Adjusted operating income (loss), per share	$	(0.72	)	$	(0.28	)

Forward-Looking Statement

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Conifer’s expectations regarding premiums, earnings, its capital position, expansion, and growth strategies. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. The forward-looking statements are qualified by important factors, risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including those described in our form 10-K (“Item 1A Risk Factors”) filed with the SEC on March 11, 2021 and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this report speaks only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws or regulations.

Conifer Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands)

			March 31,			December 31,
				2021			2020
Assets			(Unaudited)
Investment securities:
	Debt securities, at fair value (amortized cost of $148,434 and		$	147,629		$	151,999
		$149,954, respectively)
	Equity securities, at fair value (cost of $19,217 and $16,912, respectively)			19,638			17,891
	Short-term investments, at fair value			12,710			13,317
		Total investments		179,977			183,207

Cash and cash equivalents				4,429			8,193
Premiums and agents’ balances receivable, net				19,328			20,162
Reinsurance recoverables on unpaid losses				26,559			24,218
Reinsurance recoverables on paid losses				3,923			2,138
Prepaid reinsurance premiums				3,653			1,316
Deferred policy acquisition costs				12,459			12,243
Other assets				9,359			10,120
		Total assets	$	259,687		$	261,597

Liabilities and Shareholders’ Equity
Liabilities:
	Unpaid losses and loss adjustment expenses		$	118,676		$	111,270
	Unearned premiums			58,350			56,224
	Debt			39,075			40,997
	Accounts payable and accrued expenses			6,610			8,693
		Total liabilities		222,711			217,184

Commitments and contingencies				–			–

Shareholders’ equity:
	Common stock, no par value (100,000,000 shares authorized;
		9,681,728 issued and outstanding, respectively)		92,552			92,486
	Accumulated deficit			(53,621	)		(48,985	)
	Accumulated other comprehensive income (loss)			(1,955	)		912
		Total shareholders’ equity		36,976			44,413
		Total liabilities and shareholders’ equity	$	259,687		$	261,597

Conifer Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(dollars in thousands, except share and per share data)

				Three Months Ended
				March 31
					2021			2020

Revenue
	Premiums
		Gross earned premiums		$	28,247		$	26,053
		Ceded earned premiums			(5,412	)		(4,036	)
			Net earned premiums		22,835			22,017
	Net investment income				532			954
	Net realized investment gains				2,924			928
	Change in fair value of equity securities				(540	)		(3,086	)
	Other gains				–			115
	Other income				556			658
			Total revenue		26,307			21,586

Expenses
	Losses and loss adjustment expenses, net				19,362			14,269
	Policy acquisition costs				6,750			6,303
	Operating expenses				4,349			5,045
	Interest expense				721			731
			Total expenses		31,182			26,348

Income (loss) before equity earnings in Affiliate and income taxes					(4,875	)		(4,762	)
	Equity earnings in Affiliate, net of tax				248			50
	Income tax expense				9			13
Net income (loss)					(4,636	)		(4,725	)

Earnings (loss) per common share,
	basic and diluted			$	(0.48	)	$	(0.49	)

Weighted average common shares outstanding,
	basic and diluted				9,681,728			9,592,774

For Further Information:

Jessica Gulis, 248.559.0840
[email protected]

May 11, 2021 4:04 pm

Talaris Therapeutics Announces Closing of Initial Public Offering

BOSTON and LOUISVILLE, Ky. , May 11, 2021 (GLOBE NEWSWIRE) — Talaris Therapeutics, Inc. (Nasdaq: TALS), a late-clinical stage cell therapy company developing therapies with the potential to transform the standard of care in solid organ transplantation, certain severe autoimmune diseases, and certain severe non-malignant blood, immune and metabolic disorders, today announced the closing of its initial public offering of 8,825,000 shares of its common stock at a price to the public of $17.00 per share. The gross proceeds of the offering were approximately $150.0 million, before deducting underwriting discounts and commissions and other offering expenses. The shares began trading on the Nasdaq Global Market on May 7, 2021 under the symbol “TALS.” All shares in the offering were offered by Talaris Therapeutics. In addition, the underwriters have a 30-day option to purchase up to an additional 1,323,750 shares of common stock at the initial public offering price less underwriting discounts and commissions.

Morgan Stanley, SVB Leerink, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the offering.

A registration statement relating to these securities has been filed and was declared effective by the Securities and Exchange Commission on May 6, 2021. This offering was made only by means of a written prospectus. Copies of the final prospectus relating to the initial public offering can be obtained, when available, from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6105, or by email at [email protected]; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, or by telephone at (888) 474-0200, or by email at [email protected]; and Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212) 518-5548, or by email at [email protected].

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

About Talaris Therapeutics

Talaris Therapeutics, Inc. is a late-clinical stage cell therapy company developing an innovative method of allogeneic hematopoietic stem cell transplantation with the potential to transform the standard of care in solid organ transplantation, certain severe autoimmune diseases, and certain severe non-malignant blood, immune and metabolic disorders. Talaris maintains corporate offices in Boston, Mass., and its cell processing facility in Louisville, Ky.

Media Contact:

Lisa Raffensperger
Ten Bridge Communications
[email protected]
(617) 903-8783

May 11, 2021 4:04 pm

Electronic Arts Reports Q4 and FY21 Financial Results

Electronic Arts Reports Q4 and FY21 Financial Results

Results Above Expectations, Record Annual Operating Cash Flow Driven by Successful New Games, Live Services Engagement, and Network Growth

REDWOOD CITY, Calif.–(BUSINESS WIRE)–Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its fiscal fourth quarter and full year ended March 31, 2021.

“Our teams have done incredible work over the last year to deliver amazing experiences during a very challenging time for everyone around the world,” said Andrew Wilson, CEO of Electronic Arts. “With tremendous engagement across our portfolio, we delivered a record year for Electronic Arts. We’re now accelerating in FY22, powered by expansion of our blockbuster franchises to more platforms and geographies, a deep pipeline of new content, and recent acquisitions that will be catalysts for further growth.”

“EA delivered a strong quarter, driven by live services and Apex Legends’ extraordinary performance. Apex steadily grew through the last year, driven by the games team and the content they are delivering,” said COO and CFO Blake Jorgensen. “Looking forward, the momentum in our existing live services provides a solid foundation for FY22. Combined with a new Battlefield and our recent acquisitions, we expect net bookings growth in the high teens.”

Selected Operating Highlights and Metrics

Net bookings¹ for fiscal 2021 was $6.190 billion, up 15% year-over-year, and over $600 million above original expectations.
Delivered 13 new games and had more than 42 million new players join our network during the fiscal year.
FIFA 21, life to date, has more than 25 million console/PC players.
FIFA Ultimate Team™ players grew 16% year-over-year and FUT matches were up 180%.
Apex Legends™ has more than 100 million players life to date on console/PC, and Season 8 had more than 12 million weekly average players.
Record number of new players joined Madden NFL on console/PC during fiscal 21.
The Sims™ 4, life to date, has almost 36 million players and delivered its sixth consecutive year of franchise growth.

Selected Financial Highlights and Metrics

Net cash provided by operating activities was $371 million for the quarter and $1.934 billion for the fiscal year.
EA repurchased 2.4 million shares for $325 million during the quarter, bringing the total for the fiscal year to 5.6 million shares for $729 million.
EA paid a cash dividend of $0.17 per share during the quarter.

Dividend

EA has declared a quarterly cash dividend of $0.17 per share of the Company’s common stock. The dividend is payable on June 23, 2021 to shareholders of record as of the close of business on June 2, 2021.

Quarterly Financial Highlights

	Three Months Ended
	March 31,
	2021	2020
(in $ millions, except per share amounts)
Full game	250	356
Live services and other	1,096	1,031
Total net revenue	1,346	1,387

Net income	76	418
Diluted earnings per share	0.26	1.43

Operating cash flow	371	498

Value of shares repurchased	325	291
Number of shares repurchased	2.4	2.7

The following GAAP-based financial data² and tax rate of 18% was used internally by company management to adjust its GAAP results in order to assess EA’s operating results:

	Three Months Ended March 31, 2021
			GAAP-Based Financial Data
(in $ millions)	Statement of Operations		Acquisition- related expenses		Change in deferred net revenue (online- enabled games)	Stock-based compensation
Total net revenue	1,346		–		144	–
Cost of revenue	319		(4	)	–	(1	)
Gross profit	1,027		4		144	1
Total operating expenses	852		(14	)	–	(108	)
Operating income	175		18		144	109
Interest and other income (expense), net	(10	)	–		–	–
Income before provision for income taxes	165		18		144	109
Number of shares used in computation:
Diluted	290

Fiscal Year Financial Highlights

	Twelve Months Ended
	March 31,
	2021	2020
(in $ millions)
Full game	1,613	1,887
Live services and other	4,016	3,650
Total net revenue	5,629	5,537

Net income	837	3,039*
Diluted earnings per share	2.87	10.30*

Operating cash flow	1,934	1,797

Value of shares repurchased	729	1,207
Number of shares repurchased	5.6	12.3

*Includes the impact of one-time tax benefits recognized during the period.

The following GAAP-based financial data² and tax rate of 18% was used internally by company management to adjust its GAAP results in order to assess EA’s operating results:

	Twelve Months Ended March 31, 2021
			GAAP-Based Financial Data
(in $ millions)	Statement of Operations		Acquisition- related expenses		Change in deferred net revenue (online- enabled games)	Stock-based compensation
Total net revenue	5,629		–		561	–
Cost of revenue	1,494		(4	)	–	(5	)
Gross profit	4,135		4		561	5
Total operating expenses	3,089		(30	)	–	(430	)
Operating income	1,046		34		561	435
Interest and other income (expense), net	(29	)	–		–	–
Income before provision for income taxes	1,017		34		561	435
Number of shares used in computation:
Diluted	292

Operating Metric

The following is a calculation of our total net bookings¹ for the periods presented:

	Three Months Ended			Twelve Months Ended
	March 31,			March 31,
	2021	2020		2021	2020
(in $ millions)
Total net revenue	1,346	1,387		5,629	5,537
Change in deferred net revenue (online-enabled games)	144	(131	)	561	(165	)
Net bookings	1,490	1,256		6,190	5,372

Business Outlook as of May 11, 2021

Our financial expectations for the first quarter ending June 30, 2021 and the fiscal year ending March 31, 2022 include estimates of the impact of our recent acquisitions on consolidated results, including our acquisition of Glu Mobile on April 29, 2021. The GAAP and operating cash flow estimates could be materially impacted as we integrate these recent acquisitions.

Fiscal Year 2022 Expectations – Ending March 31, 2022

Financial metrics:

Net revenue is expected to be approximately $6.800 billion.
- Change in deferred net revenue (online-enabled games) is expected to be approximately $500 million.
Net income is expected to be approximately $390 million.
Diluted earnings per share is expected to be approximately $1.34.
Operating cash flow is expected to be approximately $1.750 billion.
The Company estimates a share count of 292 million for purposes of calculating fiscal year 2022 diluted earnings per share.

Operational metric:

Net bookings¹ is expected to be approximately $7.300 billion.

In addition, the following outlook for GAAP-based financial data² and a long-term tax rate of 18% are used internally by EA to adjust our GAAP expectations to assess EA’s operating results and plan for future periods:

	Twelve Months Ending March 31, 2022
		GAAP-Based Financial Data
	GAAP Guidance	Acquisition- related expenses		Change in deferred net revenue (online- enabled games)	Stock-based compensation
(in $ millions)
Total net revenue	6,800	–		500	–
Cost of revenue	1,828	(40	)	–	–
Operating expense	4,125	(285	)	–	(575	)
Income before provision for income taxes	790	325		500	575
Net income	390
Number of shares used in computation:
Diluted shares	292

First Quarter Fiscal Year 2022 Expectations – Ending June 30, 2021

Financial metrics:

Net revenue is expected to be approximately $1.475 billion.
- Change in deferred net revenue (online-enabled games) is expected to be approximately $(225) million.
Net income is expected to be approximately $70 million.
Diluted earnings per share is expected to be approximately $0.24.
The Company estimates a share count of 291 million for purposes of calculating first quarter fiscal 2022 diluted earnings per share.

Operational metric:

Net bookings¹ is expected to be approximately $1.250 billion.

	Three Months Ending June 30, 2021
		GAAP-Based Financial Data
	GAAP Guidance	Acquisition- related expenses		Change in deferred net revenue (online- enabled games)		Stock-based compensation
(in $ millions)
Total net revenue	1,475	–		(225	)	–
Cost of revenue	287	(5	)	–		–
Operating expense	955	(70	)	–		(125	)
Income before provision for income taxes	220	75		(225	)	125
Net income	70
Number of shares used in computation:
Diluted shares	291

Conference Call and Supporting Documents

Electronic Arts will host a conference call on May 11, 2021 at 2:00 pm PT (5:00 pm ET) to review its results for the fiscal quarter and year ended March 31, 2021 and its outlook for the future. During the course of the call, Electronic Arts may disclose material developments affecting its business and/or financial performance. Listeners may access the conference call live through the following dial-in number (866) 324-3683 (domestic) or (509) 844-0959 (international), using the conference code 1076176 or via webcast at EA’s IR Website at http://ir.ea.com.

EA has posted a slide presentation with a financial model of EA’s historical results and guidance on EA’s IR Website. EA will also post the prepared remarks and a transcript from the conference call on EA’s IR Website.

A dial-in replay of the conference call will be available until May 25, 2021 at 855-859-2056 (domestic) or 404-537-3406 (international) using pin code 1076176. An audio webcast replay of the conference call will be available for one year on EA’s IR Website.

Forward-Looking Statements

Some statements set forth in this release, including the information relating to EA’s fiscal 2022 expectations under the heading “Business Outlook as of May 11, 2021,” and other information regarding EA’s fiscal 2022 expectations contain forward-looking statements that are subject to change. Statements including words such as “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “predict,” “seek,” “goal,” “will,” “may,” “likely,” “should,” “could” (and the negative of any of these terms), “future” and similar expressions also identify forward-looking statements. These forward-looking statements are not guarantees of future performance and reflect management’s current expectations. Our actual results could differ materially from those discussed in the forward-looking statements.

Some of the factors which could cause the Company’s results to differ materially from its expectations include the following: the impact of the COVID-19 pandemic, sales of the Company’s products and services; the Company’s ability to develop and support digital products and services, including managing online security and privacy; outages of our products, services and technological infrastructure; the Company’s ability to manage expenses; the competition in the interactive entertainment industry; governmental regulations; the effectiveness of the Company’s sales and marketing programs; timely development and release of the Company’s products and services; the Company’s ability to realize the anticipated benefits of, and integrate, acquisitions; the consumer demand for, and the availability of an adequate supply of console hardware units; the Company’s ability to predict consumer preferences among competing platforms; the Company’s ability to develop and implement new technology; foreign currency exchange rate fluctuations; general economic conditions; changes in our tax rates or tax laws; and other factors described in Part II, Item 1A of Electronic Arts’ latest Quarterly Report on Form 10-Q under the heading “Risk Factors”, as well as in other documents we have filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2020.

These forward-looking statements are current as of May 11, 2021. Electronic Arts assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Electronic Arts.

While Electronic Arts believes these estimates are meaningful, they could differ from the actual amounts that Electronic Arts ultimately reports in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021. Electronic Arts assumes no obligation and does not intend to update these estimates prior to filing its Form 10-K for the fiscal year ended March 31, 2021.

About Electronic Arts

Electronic Arts (NASDAQ: EA) is a global leader in digital interactive entertainment. The Company develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers.

In fiscal year 2021, EA posted GAAP net revenue of $5.6 billion. Headquartered in Redwood City, California, EA is recognized for a portfolio of critically acclaimed, high-quality brands such as EA SPORTS™ FIFA, Battlefield™, Apex Legends™, The Sims™, Madden NFL, Need for Speed™, Titanfall™ and Plants vs. Zombies™. More information about EA is available at www.ea.com/news.

EA SPORTS, Ultimate Team, Battlefield, Need for Speed, Apex Legends, The Sims, Titanfall and Plants vs. Zombies are trademarks of Electronic Arts Inc. John Madden, NFL, and FIFA are the property of their respective owners and used with permission.

¹Net bookings is defined as the net amount of products and services sold digitally or sold-in physically in the period. Net bookings is calculated by adding total net revenue to the change in deferred net revenue for online-enabled games.

²For more information about the nature of the GAAP-based financial data, please refer to EA’s Form 10-K for the fiscal year ended March 31, 2020.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in $ millions, except per share data)

	Three Months Ended				Twelve Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Net revenue	1,346		1,387		5,629		5,537
Cost of revenue	319		269		1,494		1,369
Gross profit	1,027		1,118		4,135		4,168
Operating expenses:
Research and development	468		402		1,778		1,559
Marketing and sales	196		167		689		631
General and administrative	174		142		592		506
Acquisition-related contingent consideration	—		—		—		5
Amortization of intangibles	14		6		30		22
Total operating expenses	852		717		3,089		2,723
Operating income	175		401		1,046		1,445
Interest and other income (expense), net	(10	)	13		(29	)	63
Income before provision for (benefit from) income taxes	165		414		1,017		1,508
Provision for (benefit from) income taxes	89		(4	)	180		(1,531	)
Net income	76		418		837		3,039
Earnings per share
Basic	0.26		1.44		2.90		10.37
Diluted	0.26		1.43		2.87		10.30
Number of shares used in computation
Basic	288		290		289		293
Diluted	290		292		292		295

Results (in $ millions, except per share data)

The following table reports the variance of the actuals versus our guidance provided on February 2, 2021 for the three months ended March 31, 2021 plus a comparison to the actuals for the three months ended March 31, 2020.

	Three Months Ended March 31,
	2021				2021		2020
	Guidance		Variance		Actuals		Actuals
Net revenue
Net revenue	1,317		29		1,346		1,387
GAAP-based financial data
Change in deferred net revenue (online-enabled games)¹	58		86		144		(131	)
Cost of revenue
Cost of revenue	302		17		319		269
GAAP-based financial data
Acquisition-related expenses	—		(4	)	(4	)	(3	)
Stock-based compensation	—		(1	)	(1	)	(1	)
Operating expenses
Operating expenses	837		15		852		717
GAAP-based financial data
Acquisition-related expenses	(4	)	(10	)	(14	)	(6	)
Stock-based compensation	(114	)	6		(108	)	(90	)
Income before tax
Income before tax	172		(7	)	165		414
GAAP-based financial data
Acquisition-related expenses	4		14		18		9
Change in deferred net revenue (online-enabled games)¹	58		86		144		(131	)
Stock-based compensation	114		(5	)	109		91
Tax rate used for management reporting	18	%			18	%	18	%
Earnings (loss) per share
Basic	(0.07	)	0.33		0.26		1.44
Diluted	(0.07	)	0.33		0.26		1.43
Number of shares
Basic	289		(1	)	288		290
Diluted	289		1		290		292

¹The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.

In fiscal 2021, EA changed the way in which it presents net revenue. Periods prior to the first quarter of fiscal 2021 have been recast for comparability to align with these changes. For more information please see the Financial Reporting FAQ on our Investor Relations Website.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in $ millions)

	March 31, 2021		March 31, 2020²
ASSETS
Current assets:
Cash and cash equivalents	5,260		3,768
Short-term investments	1,106		1,967
Receivables, net	521		461
Other current assets	326		321
Total current assets	7,213		6,517
Property and equipment, net	491		449
Goodwill	2,868		1,885
Acquisition-related intangibles, net	309		53
Deferred income taxes, net	2,045		1,903
Other assets	362		305
TOTAL ASSETS	13,288		11,112
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	96		68
Accrued and other current liabilities	1,341		1,052
Deferred net revenue (online-enabled games)	1,527		945
Senior notes, current, net	—		599
Total current liabilities	2,964		2,664
Senior notes, net	1,876		397
Income tax obligations	315		373
Deferred income taxes, net	43		1
Other liabilities	250		216
Total liabilities	5,448		3,651

Stockholders’ equity:
Common stock	3		3
Retained earnings	7,887		7,508
Accumulated other comprehensive loss	(50	)	(50	)
Total stockholders’ equity	7,840		7,461
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	13,288		11,112

²Derived from audited consolidated financial statements.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in $ millions)

	Three Months Ended March 31,				Twelve Months Ended March 31,
	2021		2020		2021		2020
OPERATING ACTIVITIES
Net income	76		418		837		3,039
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	58		39		181		150
Acquisition-related contingent consideration	—		5		—		5
Stock-based compensation	109		91		435		347
Change in assets and liabilities
Receivables, net	268		340		(41	)	164
Other assets	(42	)	(41	)	(70	)	35
Accounts payable	(11	)	(3	)	18		(36	)
Accrued and other liabilities	(109	)	(145	)	136		119
Deferred income taxes, net	(125	)	(78	)	(143	)	(1,871	)
Deferred net revenue (online-enabled games)	147		(128	)	581		(155	)
Net cash provided by operating activities	371		498		1,934		1,797
INVESTING ACTIVITIES
Capital expenditures	(31	)	(40	)	(124	)	(140	)
Proceeds from maturities and sales of short-term investments	1,598		767		3,686		2,142
Purchase of short-term investments	(772	)	(738	)	(2,828	)	(3,359	)
Acquisitions, net of cash acquired	(1,239	)	—		(1,239	)	—
Net cash used in investing activities	(444	)	(11	)	(505	)	(1,357	)
FINANCING ACTIVITIES
Proceeds from issuance of senior notes, net of issuance costs	1,478		—		1,478		—
Payment of senior notes	(600	)	—		(600	)	—
Proceeds from issuance of common stock	30		28		86		62
Cash dividends paid	(49	)	—		(98	)	—
Cash paid to taxing authorities for shares withheld from employees	(8	)	(5	)	(152	)	(91	)
Repurchase and retirement of common stock	(325	)	(291	)	(729	)	(1,207	)
Payment of contingent consideration	—		(32	)	—		(122	)
Net cash provided by (used in) financing activities	526		(300	)	(15	)	(1,358	)
Effect of foreign exchange on cash and cash equivalents	35		(22	)	78		(22	)
Change in cash and cash equivalents	488		165		1,492		(940	)
Beginning cash and cash equivalents	4,772		3,603		3,768		4,708
Ending cash and cash equivalents	5,260		3,768		5,260		3,768

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions, except per share data)

	Q4		Q1		Q2		Q3		Q4		YOY %
	FY20		FY21		FY21		FY21		FY21		Change
Net revenue
Net revenue	1,387		1,459		1,151		1,673		1,346		(3	%)
GAAP-based financial data
Change in deferred net revenue (online-enabled games)¹	(131	)	(69	)	(241	)	727		144
Gross profit
Gross profit	1,118		1,171		865		1,072		1,027		(8	%)
Gross profit (as a % of net revenue)	81	%	80	%	75	%	64	%	76	%
GAAP-based financial data
Acquisition-related expenses	3		—		—		—		4
Change in deferred net revenue (online-enabled games)¹	(131	)	(69	)	(241	)	727		144
Stock-based compensation	1		1		2		1		1
Operating income
Operating income	401		471		149		251		175		*(56*	%)
Operating income (as a % of net revenue)	29	%	32	%	13	%	15	%	13	%
GAAP-based financial data
Acquisition-related expenses	9		5		6		5		18
Change in deferred net revenue (online-enabled games)¹	(131	)	(69	)	(241	)	727		144
Stock-based compensation	91		102		113		111		109
Net income
Net income	418		365		185		211		76		*(82*	%)
Net income (as a % of net revenue)	30	%	25	%	16	%	13	%	6	%
GAAP-based financial data
Acquisition-related expenses	9		5		6		5		18
Change in deferred net revenue (online-enabled games)¹	(131	)	(69	)	(241	)	727		144
Stock-based compensation	91		102		113		111		109
Tax rate used for management reporting	18	%	18	%	18	%	18	%	18	%
Diluted earnings per share	1.43		1.25		0.63		0.72		0.26		*(82*	%)
Number of diluted shares used in computation
Basic	290		288		289		290		288
Diluted	292		292		293		292		290

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)

	Q4		Q1		Q2		Q3		Q4		YOY %
	FY20		FY21		FY21		FY21		FY21		Change
QUARTERLY NET REVENUE PRESENTATIONS
Net revenue by composition
Full game downloads	211		223		163		347		185		(12	%)
Packaged goods	145		136		119		375		65		(55	%)
Full game	356		359		282		722		250		(30	%)
Live services and other	1,031		1,100		869		951		1,096		6	%
Total net revenue	1,387		1,459		1,151		1,673		1,346		(3	%)
Full game	26	%	25	%	25	%	43	%	19	%
Live services and other	74	%	75	%	75	%	57	%	81	%
*Total net revenue %*	*100*	%	*100*	%	*100*	%	*100*	%	*100*	%
GAAP-based financial data
Full game downloads	(21	)	(5	)	(2	)	53		(19	)
Packaged goods	(67	)	(67	)	(14	)	83		(44	)
Full game	(88	)	(72	)	(16	)	136		(63	)
Live services and other	(43	)	3		(225	)	591		207
Total change in deferred net revenue (online-enabled games) by composition¹	(131	)	(69	)	(241	)	727		144

Net revenue by platform
Console	928		932		714		1,191		879		(5	%)
PC & Other	274		325		249		326		295		8	%
Mobile	185		202		188		156		172		(7	%)
Total net revenue	1,387		1,459		1,151		1,673		1,346		(3	%)
GAAP-based financial data
Console	(143	)	(108	)	(201	)	619		71
PC & Other	7		15		(24	)	73		51
Mobile	5		24		(16	)	35		22
Total change in deferred net revenue (online-enabled games) by platform¹	(131	)	(69	)	(241	)	727		144

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)

	Q4	Q1	Q2	Q3	Q4	YOY %
	FY20	FY21	FY21	FY21	FY21	Change
CASH FLOW DATA
Operating cash flow	498	378	61	1,124	371	(26	%)
Operating cash flow – TTM	1,797	2,017	2,041	2,061	1,934	8	%
Capital expenditures	40	38	25	30	31	(23	%)
Capital expenditures – TTM	140	133	131	133	124	(11	%)
Repurchase and retirement of common stock	291	78	—	326	325	12	%
Cash dividends paid	—	—	—	49	49	100	%
DEPRECIATION
Depreciation expense	31	31	32	37	38	23	%
BALANCE SHEET DATA
Cash and cash equivalents	3,768	4,013	4,059	4,772	5,260
Short-term investments	1,967	1,947	1,972	1,938	1,106
Cash and cash equivalents, and short-term investments	5,735	5,960	6,031	6,710	6,366	11	%
Receivables, net	461	507	423	778	521	13	%
STOCK-BASED COMPENSATION
Cost of revenue	1	1	2	1	1
Research and development	59	66	74	74	71
Marketing and sales	10	11	12	11	12
General and administrative	21	24	25	25	25
Total stock-based compensation	91	102	113	111	109

Category: Company News

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511006036/en/

Chris Evenden

Vice President, Investor Relations

650-628-0255

[email protected]

John Reseburg

Vice President, Global Communications

650-628-3601

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Entertainment Technology Online Mobile Entertainment Software Electronic Games

MEDIA:

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May 11, 2021 4:04 pm

Sientra Announces Sale of miraDry Business to 1315 Capital

Transaction Enables Sharper Focus on Company’s Rapidly Growing Breast Product Business

SANTA BARBARA, Calif., May 11, 2021 (GLOBE NEWSWIRE) — Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a medical aesthetics company uniquely focused on plastic surgeons, today announced it has entered into a definitive agreement to sell its miraDry business to 1315 Capital, a healthcare growth equity firm investing in commercial stage companies across medical devices, healthcare services, and therapeutics. Subject to certain terms and conditions, the transaction is expected to close within the next 30 days.

“Sientra’s strategic decision to focus investment on its core Breast Products business constrained our ability to maximize the miraDry opportunity given the different business models,” said Ron Menezes, President and Chief Executive Officer of Sientra. “We are delighted to have found the best partner in 1315 Capital who has recognized the untapped potential of the miraDry business and is committed to serving and growing the current installed base of over 1,600 miraDry systems. The Sientra team will be working side-by-side with 1315 Capital to ensure a smooth transition for our existing miraDry customers.”

“The sale of miraDry will enable Sientra to focus on our core Breast Products business and the plastic surgery channel,” continued Mr. Menezes. “Our team is more energized than ever to concentrate on our rapidly growing Breast Products business within both the augmentation and reconstruction markets by targeting market share expansion with existing and new accounts and executing on our development pipeline that will extend or evolve our offerings. I am confident that Sientra is now in the best position possible to become a leader of transformative treatments and technologies focused on progressing the art of plastic surgery.”

“Our team has been actively evaluating the aesthetics capital and consumables space for several years as an investment theme, and we are excited by the demonstrated efficacy and growth potential of miraDry,” said Adele C. Oliva, Founding Partner of 1315 Capital. “We look forward to investing behind miraDry and expanding its reach to help provide relief to patients with sweat concerns all over the globe.”

“I’d like to thank Sientra for their custodianship of miraDry and partnership during this transition,” said Arash Khazei, who will be Chief Executive Officer of the miraDry business. “In concert with 1315 Capital, we plan to focus on our customers to help expand miraDry through excellence in service, support, training, and collaboration.”

About Sientra

Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company uniquely focused on plastic surgeons. The Company mission is to offer proprietary innovations and unparalleled partnerships that radically advance how plastic surgeons think, work and care for their patients. Sientra has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company’s Breast Products segment includes its Sientra round and shaped breast implants, the first fifth generation breast implants approved by the FDA for sale in the United States, its ground-breaking Allox2^® breast tissue expander with patented dual-port and integral drain technology, and BIOCORNEUM^®, the #1 performing, preferred and recommended scar gel of plastic surgeons(*).

Sientra uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Sientra is routinely posted and is accessible on the Company’s investor relations website at www.sientra.com.

^(*)
Data on file

About 1315 Capital

1315 Capital is a private investment firm with over $500 million under management that provides expansion and growth capital to commercial-stage healthcare services, medical technology, and specialty therapeutics companies. We target markets where high-quality management teams can rapidly scale platform companies into large and important businesses that positively impact patients, physicians, and the broader healthcare system.

About miraDry

The miraDry system is the only FDA cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors. The miraDry non-invasive procedure is safe and highly efficacious with a proven commercial and clinical track record. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are made only as of the date of this release. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Forward-looking statements may include information concerning the closing of the sale of the miraDry business to 1315 Capital, the Company’s ability to grow its Breast Products business, the Company’s ability to grow its Breast Products market share, and the Company’s ability to execute on its Breast Products development pipeline. Such statements are subject to risks and uncertainties, including the scope and duration of the COVID-19 pandemic, the Company’s ability to recapture delayed procedures resulting from the COVID-19 pandemic, the positive reaction from plastic surgeons and their patients to Sientra’s Breast Products, the positive reaction from plastic surgeons and patients to Sientra’s marketing, sales and educational programs, and the ability to execute on the Company’s commercial, product development and manufacturing initiatives. Additional factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Sientra’s public filings with the Securities and Exchange Commission. All statements other than statements of historical fact are forward-looking statements. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, and such estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

Investor Relations Contact

Leigh Salvo
[email protected]

May 11, 2021 4:04 pm

Biodesix Announces First Quarter 2021 Results

Biodesix Announces First Quarter 2021 Results

First Quarter 2021 Record Revenue of Approximately $28.9 Million Representing 466% Growth over First Quarter 2020

Announced Plans to Launch Two New Diagnostic Tests – SARS-CoV-2 Neutralization Antibody Detection Test and Next Generation Sequencing Test

BOULDER, Colo.–(BUSINESS WIRE)–Biodesix, Inc. (Nasdaq: BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, today announced financial and operating results for the first quarter ended March 31, 2021 and provided a corporate update.

“We were pleased with our strong operating and financial performance in the first quarter and believe we are off to a solid start in 2021,” said Scott Hutton, Chief Executive Officer. “We are encouraged by the trends in our core lung diagnostic testing. Additionally, Biodesix continues to innovate as demonstrated through our announcement of two new products and we are well-positioned for the future.”

First Quarter 2021 Financial Results

Successfully secured additional liquidity and deferred principal repayments through February 2024 by closing a new $30.0 million term loan and retiring the prior term loan for $25.9 million;
Total revenue of $28.9 million, an increase of 466% over first quarter 2020 and 7% over fourth quarter 2020;
COVID-19 testing revenue of $23.2 million, an increase of 8% over fourth quarter 2020;
Lung diagnostic revenue of $4.0 million, representing continued recovery and growth of 10% over first quarter 2020 and 8% over fourth quarter 2020;
Services revenue of $1.7 million, an increase of 12% over first quarter 2020 and 12% decline over fourth quarter 2020;
Gross profit of $10.6 million and gross margin percentage of 37%, both aligned with management expectations, primarily as a result of growth in COVID-19 testing;
Operating expenses (excluding direct costs and expenses) of $16.2 million, which includes an investment in the planned expansion of our salesforce, increased 36% over first quarter 2020 and 8% over fourth quarter 2020;
Non-cash stock compensation expense of $1.8 million, $0 and $3.7 million recognized during first quarter 2021, first quarter 2020 and fourth quarter 2020, respectively; and
Net loss of $7.0 million, an improvement of 28% over first quarter of 2020 and a 54% increase over fourth quarter 2020.

Business Highlights

Biodesix continues to make significant progress in lung diagnostics testing, including the addition of a new test to the lung cancer testing portfolio as well as new data that continues to support the value and utility of the Biodesix lung diagnostics portfolio. As a result of on-going progress, the Company was pleased to announce the following:

Plans to add a blood-based 52-gene next generation sequencing (NGS) test to the portfolio were announced in April 2021. The NGS test has unprecedented turnaround time of only 72-hours, according to data presented in a recent publication in Diagnostics. The NGS test will complement the improved 36-hour turnaround time that the GeneStrat® ddPCR and VeriStrat® tests currently offer, providing expanded coverage of 52-genes and broader molecular markers. The test will be used for advanced, late-stage, or recurrent cancer mutation detection in non-small cell lung cancer (NSCLC) and is expected to begin to be offered to physicians in the first half of 2022.
The issuance of two U.S. patents in April 2021 that enhance the Company’s ability to develop blood-based immunotherapy and other pipeline testing strategies for cancer patients.
Presentation of data from three studies at the American Association for Cancer Research (AACR) Annual Meeting in April 2021, including data from VeriStrat® and the Primary Immune Response (PIR) test that further demonstrate the utility of protein biomarker data from blood-based proteomic testing to support targeted and immunotherapy treatment strategies for NSCLC patients.

Beyond advancements in the lung diagnostic portfolio, the Company continued to expand and progress its partnerships and services related to COVID-19 testing, including the following:

In April 2021, announced a partnership with GenScript Biotech to conduct performance verification of the cPass^TM SARS-CoV-2 Neutralization Antibody Detection test in our laboratory, with expected commercial launch in mid-year 2021. The test is the first and only surrogate neutralizing antibody test with FDA Emergency Use Authorization (EUA) to date and uses ELISA technology to qualitatively detect circulating neutralizing antibodies to the receptor binding domain (RBD) in the spike protein of SARS-CoV-2 that are produced in response to vaccination or previous SARS-CoV-2 infection.
In February 2021, announced a partnership with the Chicago Public Schools to provide antigen and Droplet Digital PCR (ddPCR)™ testing for Chicago Public School teachers and staff.
In January 2021, collaborated with the Purdue University Protect Purdue Health Center, to test students taking classes on the West Lafayette, Indiana Campus living off-campus during the Spring 2021 semester.

Conference call and webcast information

Management will host an investor conference call and webcast today, May 11, 2021 at 4:30 p.m. Eastern Time.

Investor dial-in (domestic):		833-665-0678
Investor dial-in (international):		929-517-0173
Conference ID:		4089648
Webcast:		https://edge.media-server.com/mmc/p/qf366faz

An archived replay of the webcast will be available on the Company’s website for a period of 90 days.

About Biodesix

Biodesix is a leading data-driven diagnostic solutions company with a focus in lung disease. The Company develops diagnostic tests addressing important clinical questions by combining multi-omics through the power of artificial intelligence. Biodesix is the first company to offer six non-invasive tests for patients with diseases of the lung. Biodesix launched the SARS-CoV-2 ddPCR™ test and the Platelia SARS-CoV-2 Total Ab in response to the global pandemic and virus that impacts the lung and causes COVID-19. The blood based Biodesix Lung Reflex® strategy for lung cancer patients integrates the GeneStrat® and VeriStrat® tests to support treatment decisions with results in 72 hours, expediting time to treatment. The blood based Nodify Lung™ nodule risk assessment testing strategy, consisting of the Nodify XL2® and the Nodify CDT™ tests, evaluates the risk of malignancy in incidental pulmonary nodules, enabling physicians to better triage patients to the most appropriate course of action. Biodesix also collaborates with many of the world’s leading biotechnology and pharmaceutical companies to solve complex diagnostic challenges in lung disease. For more information about Biodesix, visit biodesix.com.

Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Forward-looking statements may include information concerning the impact of the COVID-19 pandemic on Biodesix and its operations, it is possible or assumed future results of operations, including descriptions of its revenues, profitability, outlook and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Biodesix’s most recent annual report on Form 10-K, filed March 16, 2021. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.


Biodesix, Inc. Condensed Balance Sheets (unaudited) (in thousands)

	March 31, 2021			December 31, 2020
Assets
Current assets
Cash and cash equivalents	$	55,329		$	62,126
Accounts receivable, net		18,367			15,304
Other current assets		7,548			8,710
Total current assets		81,244			86,140
Non-current assets
Property and equipment, net		3,387			3,178
Intangible assets, net		12,821			13,260
Other long-term assets		3,003			3,461
Goodwill		15,031			15,031
Total non-current assets		34,242			34,930
Total assets	$	115,486		$	121,070

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	3,747		$	8,964
Accrued liabilities		7,262			7,789
Deferred revenue		2,408			3,532
Current portion of notes payable		2,707			11,840
Total current liabilities		16,124			32,125
Non-current liabilities
Long-term notes payable		30,328			15,926
Contingent consideration		30,915			29,932
Other long-term liabilities		1,687			1,921
Total non-current liabilities		62,930			47,779
Total liabilities		79,054			79,904
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized; 0 (2021 and 2020) shares issued and outstanding		—			—
Common stock, $0.001 par value, 200,000,000 shares authorized; 26,785,431 (2021) and 26,561,504 (2020) shares issued and outstanding		27			27
Additional paid-in capital		302,180			299,953
Accumulated deficit		(265,775	)		(258,814	)
Total stockholders’ equity		36,432			41,166
Total liabilities and stockholders’ equity	$	115,486		$	121,070


Biodesix, Inc. Condensed Statements of Operations (unaudited) (in thousands, except share data)

	Three Months Ended
	March 31, 2021			March 31, 2020
Revenues
COVID-19	$	23,232		$	—
Lung diagnostic		3,963			3,603
Diagnostic testing revenue		27,195			3,603
Biopharma services		1,671			1,493
Total revenues		28,866			5,096
Direct costs and expenses		18,218			1,581
Research and development		3,321			2,900
Sales, marketing, general and administrative		11,927			8,080
Change in fair value of contingent consideration		983			957
Total operating expenses		34,449			13,518
Loss from operations		(5,583	)		(8,422	)
Other income (expense):
Interest expense		(651	)		(1,457	)
Change in fair value of warrant liability		—			51
Loss on debt extinguishment		(728	)		—
Other income, net		1			123
Total other expense		(1,378	)		(1,283	)

Net loss	$	(6,961	)	$	(9,705	)
Net loss per share, basic and diluted	$	(0.26	)	$	(37.18	)
Weighted-average shares outstanding, basic and diluted		26,604			261

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005973/en/

Media:

Bobbi Coffin

[email protected]

(303) 892-3203

Investors:

Chris Brinzey

[email protected]

(339) 970-2843

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Biotechnology Medical Devices Health Genetics Clinical Trials

MEDIA:

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May 11, 2021 4:04 pm

DermTech Management to Present at the UBS Global Healthcare Virtual Conference

DermTech Management to Present at the UBS Global Healthcare Virtual Conference

LA JOLLA, Calif.–(BUSINESS WIRE)–
DermTech, Inc. (NASDAQ: DMTK) (“DermTech”), a leader in precision dermatology enabled by a non-invasive skin genomics platform, announced today its management will present at the UBS Global Healthcare Virtual Conference on Monday, May 24, 2021 at 4:00 p.m. Eastern Time.

Interested parties may access the live webcast of the presentation and, for 30 days following the UBS conference, the archived webcast of the presentation through the “Investor Relations” section of DermTech’s website at: www.DermTech.com.

About DermTech:

DermTech is the leading genomics company in dermatology and is creating a new category of medicine, precision dermatology, enabled by our non-invasive skin genomics platform. DermTech’s mission is to transform dermatology with our non-invasive skin genomics platform, to democratize access to high quality dermatology care, and to improve the lives of millions. DermTech provides genomic analysis of skin samples collected non-invasively using an adhesive patch rather than a scalpel. DermTech markets and develops products that facilitate the early detection of skin cancers, and is developing products that assess inflammatory diseases and customize drug treatments. For additional information on DermTech, please visit DermTech’s investor relations site at: www.DermTech.com.

Forward-Looking Statements:

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of DermTech may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to: the performance, patient benefits, cost-effectiveness and commercialization of DermTech’s products and the market opportunity therefor. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of DermTech and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against DermTech; (2) DermTech’s ability to obtain additional funding to develop and market its products; (3) the existence of favorable or unfavorable clinical guidelines for DermTech’s tests; (4) the reimbursement of DermTech’s tests by Medicare and private payors; (5) the ability of patients or healthcare providers to obtain coverage of or sufficient reimbursement for DermTech’s products; (6) DermTech’s ability to grow, manage growth and retain its key employees; (7) changes in applicable laws or regulations; (8) the market adoption and demand for DermTech’s products and services together with the possibility that DermTech may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties included in (x) the “Risk Factors” section of the most recent Annual Report on Form 10‑K filed by DermTech with the Securities and Exchange Commission (the “SEC”), and (y) other documents filed or to be filed by DermTech with the SEC. DermTech cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. DermTech does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005472/en/

DermTech

Sarah Dion

[email protected]

858.450.4222

Westwicke Partners IR

Caroline Corner, PhD

[email protected]

415.202.5678

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: General Health Other Health Health Pharmaceutical Oncology

MEDIA:

May 11, 2021 4:03 pm

SHAREHOLDER INVESTIGATION: Halper Sadeh LLP Investigates XOG, TRMT, FCBP, VER, SOLY; Shareholders are Encouraged to Contact the Firm

PR Newswire

NEW YORK, May 11, 2021 /PRNewswire/ — Halper Sadeh LLP, a global investor rights law firm, announces it is investigating the following companies:

Extraction Oil & Gas, Inc.
(NASDAQ: XOG) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to Bonanza Creek Energy, Inc. Under the terms of the merger agreement, Extraction shareholders will receive a fixed exchange ratio of 1.1711 shares of Bonanza Creek common shares for each share of Extraction common stock owned on the closing date. Upon completion of the transaction, Extraction Oil will own approximately 50% of the combined company, to be named Civitas Resources, Inc. If you are an Extraction Oil shareholder, click here to learn more about your rights and options.

Tremont Mortgage Trust
(NASDAQ: TRMT) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to RMR Mortgage Trust. Under the terms of the merger agreement, Tremont shareholders will receive 0.520 of a newly issued RMR Mortgage common share for each Tremont common share owned. Upon closing, Tremont shareholders are expected to own approximately 30% of the combined company’s outstanding common shares. If you are a Tremont shareholder, click here to learn more about your rights and options.

First Choice Bancorp
(NASDAQ: FCBP) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to Enterprise Financial Services Corp. Under the terms of the agreement, First Choice common stockholders will receive 0.6603 shares of Enterprise Financial common stock for each First Choice common share held and cash in lieu of fractional shares. Upon closing, First Choice shareholders are expected to own approximately 20% of the combined company. If you are a First Choice shareholder, click here to learn more about your rights and options.

VEREIT, Inc.
(NYSE: VER) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to Realty Income Corporation. Under the terms of the agreement, VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock they own. If you are a VEREIT shareholder, click here to learn more about your rights and options.

Soliton, Inc.
(NASDAQ: SOLY) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to Allergan Aesthetics for $22.60 per share in cash. If you are a Soliton shareholder, click here to learn more about your rights and options.

Halper Sadeh LLP may seek increased consideration, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders.

Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email [email protected] or [email protected].

Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:
Halper Sadeh LLP
Daniel Sadeh, Esq.
Zachary Halper, Esq.
(212) 763-0060
sadeh@halpersadeh.com
[email protected]
https://www.halpersadeh.com

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SOURCE Halper Sadeh LLP

May 11, 2021 4:03 pm

Realogy is the Real Estate Industry’s Leading Brokerage in Annual T3 Sixty Mega 1000

The Company’s Owned Brokerage, Realogy Brokerage Group, Named #1 Brokerage by Annual Sales Volume, Outperforming Nearest Competitor by Nearly 20%

PR Newswire

MADISON, N.J., May 11, 2021 /PRNewswire/ — Maintaining its leading position as a moving force in real estate, Realogy Holdings Corp. (NYSE: RLGY) tops the newly released T3 Sixty Mega 1000, which analyzes the residential real estate industry’s largest brokerage companies. The company’s owned brokerage, Realogy Brokerage Group, ranked as the nation’s number one brokerage with more than $184 billion in U.S. sales volume in 2020, nearly 20% higher than the next-ranking brokerage.

In addition to claiming the top brokerage position, Realogy boasts multiple affiliated brokerages on the list across all six of its residential real estate brands, including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran®, ERA®, and Sotheby’s International Realty®.

“In a year unlike any other, I am proud that Realogy Brokerage Group once again led the industry in the T3 Sixty Mega 1000, exceeding our prior year sales volume,” said Ryan Schneider, Realogy CEO and President. “During an incredibly dynamic market, the affiliated agents and brokers across our Coldwell Banker, Corcoran, and Sotheby’s International Realty company owned offices demonstrated tremendous expertise, creativity, and dedication as they helped their clients buy and sell homes. Their innovation drives our success and together, we are transforming the future of real estate.”

On April 29, 2021, Realogy reported its first quarter earnings results, generating a record $162 million in Operating EBITDA, delivering 44% year over year increase in closed homesale transaction volume, driving market share gains for the third consecutive quarter, and strengthening the company’s balance sheet.

Realogy tops multiple T3 Sixty rankings for 2021 such as the 2021 Swanepoel Power 200, representing more of the most powerful people in real estate than any other company, and the T3 Sixty 2021 Enterprise 20 Report, as the number one real estate enterprise by sales volume, transaction sides, and agent count for the 2020 calendar year.

Realogy also continues to be recognized beyond the real estate industry, most recently as one of just 50 companies ranked by LinkedIn as a 2021 Best Company to Work For in the U.S. Additionally, Realogy was named one of the 2021 World’s Most Ethical Companies by Ethisphere for the tenth consecutive year and achieved the Great Place to Work® certification by the independent analysts at Great Place to Work Institute for the third consecutive year.

To access the full 2021 Mega 1000, visit realestatealmanac.com.

About Realogy Holdings Corp.
Realogy (NYSE: RLGY) is moving the real estate industry to what’s next. As the leading and most integrated provider of U.S. residential real estate services encompassing franchise, brokerage, relocation, and title and settlement businesses as well as a mortgage joint venture, Realogy supported approximately 1.4 million home transactions in 2020. The company’s diverse brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby’s International Realty®. Using innovative technology, data and marketing products, high-quality lead generation programs, and best-in-class learning and support services, Realogy fuels the productivity of its approximately 191,700 independent sales agents in the U.S. and more than 135,000 independent sales agents in 117 other countries and territories, helping them build stronger businesses and best serve today’s consumers. Recognized for ten consecutive years as one of the World’s Most Ethical Companies, Realogy has also been designated a Great Place to Work three years in a row and is one of LinkedIn’s 2021 Top Companies in the U.S.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Realogy Holdings Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.

Various factors that could cause actual future results and other future events to differ materially from those in forward-looking statements include but are not limited to those set forth under the headings “Forward-Looking Statements” and “Risk Factors” in Realogy’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and its other filings made from time to time. Realogy undertakes no obligation to release publicly any revisions to any forward-looking statements, except as required by law.

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SOURCE Realogy Holdings Corp.