Market Newsdesk

BENSALEM, Pa., May 11, 2021 (GLOBE NEWSWIRE) — StoneMor Inc. (NYSE: STON) (“StoneMor” or the “Company”), a leading owner and operator of cemeteries and funeral homes, announced today it closed its private offering of $400 million aggregate principal amount of its 8.500% Senior Secured Notes due 2029 (the “Notes”).

The Notes are senior secured obligations of the Company, and interest is payable semi-annually in arrears. The Notes are fully and unconditionally guaranteed, on a senior secured basis, jointly and severally by certain of the Company’s domestic subsidiaries and will also be guaranteed by any foreign subsidiary that guarantees any future credit facility.

The Company used the net proceeds of the offering to fund the redemption in full of approximately $338.1 million aggregate principal amount of the outstanding 9.875%/11.500% Senior Secured PIK Toggle Notes due 2024 (the “2024 Notes”) together with an approximately $18.5 million prepayment premium and pay fees and expenses incurred in connection with the offering. The remaining proceeds will be used for general corporate purposes, which may include acquisitions.

The Notes were offered only to persons who were reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. Neither the Notes nor the related guarantees have been, nor will be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

This press release is being issued pursuant to, and in accordance with, Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

About StoneMor Inc.

StoneMor Inc., headquartered in Bensalem, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 304 cemeteries and 70 funeral homes in 24 states and Puerto Rico. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials and all services which provide for the installation of this merchandise.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding the Company’s application of the remaining net proceeds from the offering. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those results indicated in the forward-looking statements include uncertainties relating to the Company’s ability to identify potential acquisitions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor’s Annual Report on Form 10-K and the other reports that StoneMor files with the Securities and Exchange Commission, from time to time. Except as required under applicable law, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events or otherwise.

CONTACT

Investor Relations
StoneMor Inc.
(215) 826-4438

PLANO, Texas, May 11, 2021 (GLOBE NEWSWIRE) — Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for U.S.-based financial institutions, announced today results for its first quarter ending March 31, 2021.

First Quarter 2021 Financial Highlights

• GAAP total revenue of $33.3 million, an increase of 43% year-over-year;
• GAAP gross margin of 53.4%, an expansion of nearly 470 basis points year-over-year;
• Non-GAAP gross margin of 54.5%, an expansion of approximately 540 basis points year-over-year;
• GAAP net loss of ($10.9) million compared to a net loss of ($10.3) million in the prior year; and,
• Adjusted EBITDA loss of ($6.1) million compared to a loss of ($9.1) million in the prior year quarter.

Comments on the News

“The start to 2021 has been historic for Alkami,” said Mike Hansen, Chief Executive Officer. “We completed a successful initial public offering during April while achieving strong year-over-year revenue growth of 43% during the first quarter. Our end market continues to be strong, particularly our target market of the top 2,000 Financial Institutions (FIs). We expect to leverage this strength as we continue to execute our growth strategy and we strive to be the gold standard in digital banking. During the quarter we also built off our recent innovation investments in the commercial banking space, and successfully signed our 10th bank.”

“Alkami is on strong financial footing as we begin to execute our plan for 2021,” said Bryan Hill, Chief Financial Officer. “We exited the quarter with nearly 10 million digital banking users on our platform, annual recurring revenue of $134 million and revenue per user of $13.40. We exceeded both our revenue and profitability objectives for the quarter as we march towards cash flow positive. Our financial plan for 2021 will focus on strategic investments in both our go-to-market and innovation areas of the business in order to accelerate the adoption of what we believe is the best-in-class digital banking platform for FIs.”

First Quarter 2021 Business Highlights

• Annual Recurring Revenue (ARR) of $133.8 million, an increase of 39% year-over-year;
• Registered Users of 10.0 million, an increase of 28% year-over-year;
• Revenue Per Registered User (RPU) of $13.40, an increase of 9% year-over-year; and,
• Six client wins, including Liberty Bank, aggregating to over 215,000 digital banking users.

2021 Financial Outlook

Alkami’s financial outlook is based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement Regarding Forward-Looking Statements.”

Alkami management expects to achieve the following results during the second quarter ending June 30, 2021:

• GAAP total revenue is expected to be in the range of $34.0 million to $35.0 million;
• Adjusted EBITDA loss is expected to be in the range of ($7.5) million to ($6.5) million.

Alkami management expects to achieve the following results during the calendar year ending December 31, 2021:

• GAAP total revenue is expected to be in the range of $144.0 million to $148.0 million;
• Adjusted EBITDA loss is expected to be in the range of ($26.5) million to ($23.5) million.

Conference Call Information

The Company will host a conference call at 5:00 p.m. ET today to discuss its financial results with investors. A live webcast of the event will be available on the Alkami investor relations website at investors.alkami.com. In addition, a live dial-in will be available domestically at 833-607-1667 and internationally at 914-987-7879. A replay will be available at 855-859-2056 or 404-537-3406, using passcode 3774803, and on the Alkami investor relations website.

About Alkami

Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. The Alkami Platform is the digital banking and fraud mitigation platform of choice for over 240 financial institutions. Alkami’s investments have resulted in a premium platform that has enabled it to replace older, larger and better-funded incumbents and provide clients with world-class experiences reflecting their individual digital strategies.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking” statements relating to Alkami Technology, Inc.’s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook for the second quarter ending June 30, 2021 and for the full year ending December 31, 2021. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as “expects,” “believes,” “plans,” or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements, including the uncertainty associated with the potential impacts of the COVID-19 pandemic on our business, financial condition, and results of operations. We may be required to revise the results contained herein upon finalizing our review of our quarterly results, which could cause or contribute to such differences. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and expand existing clients’ use of our solutions; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; and our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Explanation of Non-GAAP Financial Measures

The company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, the company believes that, in order to properly understand its short-term and long-term financial, operational and strategic trends, it may be helpful for investors to exclude certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in both frequency and impact on continuing operations. The company also uses results of operations excluding such items to evaluate the operating performance of Alkami and compare it against prior periods, make operating decisions, determine executive compensation, and serve as a basis for long-term strategic planning. These non-GAAP financial measures provide the company with additional means to understand and evaluate the operating results and trends in its ongoing business by eliminating certain non-cash expenses and other items that Alkami believes might otherwise make comparisons of its ongoing business with prior periods more difficult, obscure trends in ongoing operations, reduce management’s ability to make useful forecasts, or obscure the ability to evaluate the effectiveness of certain business strategies and management incentive structures. In addition, the company also believes that investors and financial analysts find this information to be helpful in analyzing the company’s financial and operational performance and comparing this performance to the company’s peers and competitors.

The company defines “Annual Recurring Revenue (ARR)” by aggregating annualized recurring revenue related to SaaS subscription services recognized in the last month of the reporting period as well as the next 12 months of expected implementation services revenues for all clients on the platform in the last month of the reporting period. We believe ARR provides important information about our future revenue potential, our ability to acquire new clients, and our ability to maintain and expand our relationship with existing clients.

The company defines “Registered Users” as an individual or business related to an account holder of an FI client on our digital banking platform who has registered to use one or more of our solutions and has current access to use those solutions as of the last day of the reporting period presented. We price our digital banking platform based on the number of registered users, so as the number of registered users of our digital banking platform increases, our ARR grows. We believe growth in the number of registered users provides important information about our ability to expand market adoption of our digital banking platform and its associated software products, and therefore to grow revenues over time.

The company defines “Revenue per Registered User (RPU)” by dividing ARR for the reporting period by the number of registered users as of the last day of the reporting period. We believe RPU provides important information about our ability to grow the number of software products adopted by new clients over time, as well as our ability to expand the number of software products that our existing clients add to their contracts with us over time.

The company defines “Non-GAAP Gross Margin” as gross profit, plus (1) amortization of intangible assets and (2) stock-based compensation expense, all divided by revenue. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Non-GAAP Product Development Expense” as product development expense, excluding (1) amortization of intangible assets and (2) stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to product innovation.

The company defines “Non-GAAP Sales and Marketing Expense” as sales and marketing expense, excluding (1) amortization of intangible assets and (2) stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to its sales and marketing strategies.

The company defines “Non-GAAP General and Administrative Expense” as general and administrative expense, excluding (1) amortization of intangible assets, (2) stock-based compensation expense, (3) acquisition-related expenses, and (4) tender offer-related costs. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s underlying expense structure to support corporate activities and processes.

The company defines “Non-GAAP Operating Income (Loss)” as operating income (loss), plus (1) amortization of intangible assets, (2) stock-based compensation expense, (3) acquisition-related expenses, and (4) tender offer-related costs. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Non-GAAP Net Income (Loss)” as net income, plus (1) convertible preferred stock deemed and accrued dividends, (2) (gain) loss on financial instruments, (3) amortization of intangible assets, (4) stock-based compensation expense, (5) acquisition-related expenses, and (6) tender offer-related costs. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Non-GAAP Net Income (Loss) per Share” as Non-GAAP Net Income divided by Weighted Average Shares Outstanding. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Adjusted EBITDA” as net loss before provision for income taxes, plus (1) (gain) loss on financial instruments, (2) interest (income) expense, net, (3) amortization of intangible assets, (4) depreciation, (5) stock-based compensation expense, (6) tender offer-related costs, and (7) acquisition-related costs. The company believes adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.

Investor Relations Contact

Rhett Butler
[email protected]

Media Relations Contacts

Jennifer Cortez
[email protected]

Audrey Pennisi
[email protected]

IRVINE, Calif., May 11, 2021 (GLOBE NEWSWIRE) — Inari Medical, Inc. (NASDAQ: NARI) (“Inari”) a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases, today reported financial results for its first quarter ended March 31, 2021.

First Quarter Revenue and Business Highlights:

• Treated a record number of patients, driving revenue of $57.4 million, which was up 18% sequentially and 113% over the prior year period.
• Announced first patient enrolled in FLAME study, the largest clinical trial ever conducted on high risk PE patients.
• Ended the quarter with $174.1 million in cash, cash equivalents, and short-term investments.

“During Q1 we again made important progress in our mission to treat and transform the lives of our patients,” said Bill Hoffman, CEO of Inari Medical. “We treated a record number of patients and significantly expanded our commercial footprint. We further demonstrated our commitment to advancing the science and the VTE space more broadly by expanding our FLASH registry to 1,000 patients, adding longer term monitoring via a smart watch, and launching FLAME to study the sickest PE patient population. Increasingly, we see our future filled not just with opportunity, but with responsibility to serve ever more patients. We are grateful for this responsibility, and for the support of all of you who continue to believe and invest in our mission.”   

First Quarter 2021 Financial Results

Revenue was $57.4 million for the first quarter of 2021, compared to $48.6 million for the prior quarter and $27.0 million for the first quarter of 2020. The increase over prior year was driven by continued US commercial expansion and increased production adoption.

Gross profit for the first quarter of 2021 was $52.7 million compared to $24.2 million for the first quarter of 2020. Gross margin increased slightly to 91.9% for the first quarter of 2021, compared with 90.0% in the same quarter last year, due primarily to greater operating leverage.

Operating expenses were $45.1 million for the first quarter of 2021, compared with $19.4 million in the same quarter last year. The increase was driven primarily by personnel-related expenses to fund expansion of the commercial, research and development, clinical and support organizations, as well as expenses related to being a public company.  

Net income was $7.5 million for the first quarter of 2021 and net income per share was $0.15 on a weighted-average basic share count of 49.4 million and $0.13 on a diluted share count of 55.7 million, compared to net income of $4.1 million and an income per share of $0.64 on a weighted-average basic share count of 64 million and $0.09 on a diluted share count of 45.0 million in the same period of the prior year.

Cash, cash equivalents and short-term investments were $174.1 million as of March 31, 2021.

COVID-19 and Guidance

Despite ongoing challenges and uncertainties in its operating environment due to the COVID-19 pandemic, Inari Medical is providing financial guidance as follows:

• For the full-year 2021, revenue of $240 to $250 million.

Webcast and Conference Call Information

Inari Medical will host a conference call to discuss the first quarter financial results after market close on Tuesday, May 11, 2021 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. The conference call can be accessed live over the phone (833) 519-1265 for U.S. callers or (914) 800-3838 for international callers, using conference ID: 5787033. The live webinar can be accessed at https://ir.inarimedical.com.

About Inari Medical, Inc.

Inari Medical, Inc. is a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases. Inari has developed two minimally-invasive, novel catheter-based mechanical thrombectomy devices that are designed to remove large clots from large vessels and eliminate the need for thrombolytic drugs. The company purpose-built its products for the specific characteristics of the venous system and the treatment of the two distinct manifestations of venous thromboembolism, or VTE: deep vein thrombosis and pulmonary embolism. The ClotTriever system is 510(k)-cleared by the FDA and CE Mark approved for the treatment of deep vein thrombosis. The FlowTriever system is 510(k)-cleared by the FDA and CE Mark approved for the treatment of pulmonary embolism and cleared by the FDA for clot in transit in the right atrium.

Forward Looking Statements

Statements in this press release may contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements include financial guidance regarding first quarter and full year 2021 revenue and the potential impact of COVID-19 on the business, and are based on Inari’s current expectations, forecasts and assumptions, are subject to inherent uncertainties, risks and assumptions that are difficult to predict and actual outcomes and results could differ materially due to a number of factors. These and other risks and uncertainties include those described more fully in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the period ended December 31, 2020 and in its other reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements contained in this announcement are based on information available to Inari as of the date hereof and are made only as of the date of this release. Inari undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing Inari’s views as of any date subsequent to the date of this press release. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Inari.

Investor Contact:

Westwicke Partners
Caroline Corner
Phone +1-415-202-5678
[email protected] 

INARI MEDICAL, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

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INARI MEDICAL, INC.

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-New STS101 Phase 3 efficacy trial (the SUMMIT trial) expected to begin mid-2021 with topline results expected second half of 2022-

-Results expected in Q2 from ongoing Phase 1 trial to inform dose selection for Phase 3-

-$133 million in cash, cash equivalents and marketable securities as of March 31, 2021 provides runway into second half of 2023-

SOUTH SAN FRANCISCO, Calif., May 11, 2021 (GLOBE NEWSWIRE) — Satsuma Pharmaceuticals, Inc. (Nasdaq: STSA), a clinical-stage biopharmaceutical company developing STS101, a novel therapeutic product candidate for the acute treatment of migraine, today reported financial results for the first quarter of 2021 and summarized recent business highlights.

“Our team continues to execute well against our updated STS101 development plan,” stated John Kollins, Satsuma’s President and Chief Executive Officer. “We look forward to completing and sharing results in the near future from our ongoing Phase 1 trial to evaluate the pharmacokinetics, safety and tolerability of STS101 5.2 mg and two higher dose strengths. Results from this Phase 1 trial will inform dose selection for our new pivotal SUMMIT study, a Phase 3 efficacy trial for which we are actively preparing to initiate patient enrollment.”

Recent Business Highlights

$80 Million Private Placement of Common Stock Financing 

• In March 2021, Satsuma closed an $80 million private placement of common stock. As of March 31, 2021, the Company had $133 million in combined cash, cash equivalents and marketable securities, which it believes is sufficient to fund operations into the second half of 2023 and through projected completion of the STS101 Phase 3 clinical development program and potential filing of a New Drug Application for STS101 by the end of 2022.

STS101 development update

• In March 2021, Satsuma announced an updated STS101 development plan which includes a new double-blind, randomized, placebo-controlled Phase 3 efficacy trial (the SUMMIT trial) designed to enroll approximately 1,400 subjects. The new Phase 3 SUMMIT trial, which the Company anticipates initiating in mid-2021 with topline results expected in the second half of 2022, will take into account findings from analyses of the EMERGE Phase 3 pivotal trial results.
• In addition, the Company is conducting a new Phase 1 trial to evaluate the pharmacokinetics, safety, and tolerability of STS101 5.2 mg (the highest STS101 dose strength evaluated in the EMERGE trial) and two higher dose strengths. The Company anticipates completing this Phase 1 trial in the second quarter of 2021 and based on trial results, plans to select the STS101 dose strength to evaluate in the new Phase 3 SUMMIT trial.

ASCEND Phase 3 open-label, long-term safety trial

In August 2020, Satsuma announced the initiation of patient enrollment in the ASCEND trial, a multi-center, open-label, 12-month trial to evaluate the safety and tolerability of STS101 as an acute treatment for migraine.

• As of May 6, 2021, the Company has enrolled more than 290 subjects in the ASCEND trial who had treated more than 3,300 migraine attacks with STS101 5.2 mg.  To date, STS101 5.2 mg continues to be generally well-tolerated, with low adverse event rates and no treatment-related serious adverse events reported.

Upcoming 2021 & 2022 expected milestones

• Complete ongoing Phase 1 trial with STS101 5.2 mg and two higher dose strengths in the second quarter of 2021
• Initiate new STS101 SUMMIT Phase 3 efficacy trial in mid-2021 with a single STS101 dose selected from the Phase 1 trial
• Report top-line results from SUMMIT Phase 3 efficacy trial in second half of 2022
• Complete ASCEND Phase 3 open-label safety trial in second half of 2022
• File STS101 NDA by the end of 2022

Financial results for the first quarter of 2021

Net losses for the first quarter of 2021 were $10.5 million, or $0.48 per common share. This compared to a net loss of $11.8 million, or $0.68 per common share, for the same period in 2020. As of March 31, 2021, the Company had $133.1 million of cash, cash equivalents and marketable securities. The Company believes it has sufficient financial resources to fund operations into the second half of 2023.

Research and development expenses were $7.2 million for the first quarter 2021, compared to $9.6 million for the same period of 2020. First quarter expenses decreased by $2.5 million, primarily due to a decrease in the clinical expenses from EMERGE and partially offset by increases for the ASCEND trial and higher payroll and personnel expenses, including salaries, benefits and stock-based compensation expenses.

General and administrative expenses were $3.3 million for the first quarter 2021, compared to $2.5 million for the same period of 2020. First quarter expenses increased by $0.8 million, primarily due to higher stock-based compensation expense, D&O insurance, legal expenses and other administrative costs.  

About Satsuma Pharmaceuticals and STS101

Satsuma Pharmaceuticals is a clinical-stage biopharmaceutical company developing a novel therapeutic product candidate for the acute treatment of migraine. Its product candidate, STS101, is a drug-device combination of a proprietary dry-powder formulation of dihydroergotamine mesylate, or DHE, which is designed to be quickly and easily self-administered with a proprietary pre-filled, single-use, nasal delivery device. DHE products have long been recommended as a first-line therapeutic option for the acute treatment of migraine and have significant advantages over other therapeutics for many patients. However, broad use has been limited by invasive and burdensome administration and/or sub-optimal clinical performance of available injectable and liquid nasal spray products. STS101 is specifically designed to deliver the clinical advantages of DHE while overcoming these shortcomings.

Satsuma is headquartered in South San Francisco, California with operations in both California and Research Triangle Park, North Carolina. For further information, please visit www.satsumarx.com.

Cautionary Note on Forward-Looking Statements

This press release contains forward-looking statements concerning the business, operations and financial performance and condition of Satsuma Pharmaceuticals, Inc. (the “Company”), as well as the Company’s plans, objectives and expectations for its business operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would,” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about the Company’s expectations regarding the potential safety and efficacy of STS101, the potential results of the ASCEND trial, the timing of initiation and data readouts for ongoing and planned clinical trials, the anticipated timing for a potential NDA filing of STS-101, the potential for STS-101 to be an important and differentiated acute treatment option, and the expected cash runway of the Company. In light of these risks and uncertainties, the events or circumstances referred to in the forward-looking statements may not occur. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, to be filed with the Securities and Exchange Commission, as well as other documents that may be filed by the Company from time to time. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the Company’s ability to demonstrate sufficient evidence of efficacy and safety in its clinical trials of STS101; the results of preclinical and clinical studies may not be predictive of future results; and the risk that the COVID-19 worldwide pandemic may negatively impact the Company’s business, operations, clinical trials or ability to raise capital. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

INVESTOR AND CORPORATE CONTACTS

:         

Corey Davis, PhD
LifeSci Advisors, LLC
[email protected]

Tom O’Neil, Chief Financial Officer
Satsuma Pharmaceuticals, Inc.
[email protected]

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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.

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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

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

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, 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

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:

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.

For Further Information:

Jessica Gulis, 248.559.0840
[email protected]

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