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UMMC begins construction of $219M downtown cancer center expansion

The fundraising campaign for the addition raised over $50 million......»»

Category: topSource: bizjournalsMay 13th, 2022

UMMC begins construction of $219M Baltimore cancer center expansion

The fundraising campaign for the addition raised more than $50 million......»»

Category: topSource: bizjournalsMay 17th, 2022

Downtown St. Louis convention center is among several St. Louis-area projects affected by increasing construction costs

Inflation and supply issues are leading to delays or changes in local projects, with the expansion of the downtown convention center the latest project to run into roadblocks......»»

Category: topSource: bizjournalsMay 4th, 2022

California"s Vanished Dream, By The Numbers

California's Vanished Dream, By The Numbers Authored by Joel Kotkin via RealClear Investigations, Even today amid a mounting exodus among those who can afford it, and with its appeal diminished to businesses and newcomers, California, legendary state of American dreams, continues to inspire optimism among progressive boosters. Laura Tyson, the longtime Democratic economist now at the University of California at Berkeley, praises the state for creating “the way forward” to a more enlightened “market capitalism.” Like-minded analysts tout Silicon Valley’s massive wealth generation as evidence of progressivism’s promise. The Los Angeles Times suggested approvingly that the Biden administration’s goal is to “make America California again.” And, despite dark prospects in November’s midterm elections, the President and his party still seem intent on proving it. But most Californians, according to recent surveys, see things differently. They point to rising poverty and inequality, believe the state is in recession and that it is headed in the wrong direction. Parting with the state’s cheerleaders, the New York Times’ Ezra Klein, a reliable progressive and native Californian, says the Golden State’s failures are “making liberals squirm.” Reality may well be worse than even Klein admits. In a new report for Chapman University, my colleagues and I find California in a state of existential crisis, losing both its middle-aged and middle class, while its poor population faces dimming prospects. Despite the state’s myriad advantages, research shows it plagued by economic immobility and inequality, crushing housing and energy costs, and a failing education system. Worse than just a case of progressive policies creating regressive outcomes, it appears California is descending into something resembling modern-day feudalism, with the poor and weak trapped by policies subsidized by taxes paid by the rich and powerful. California may conjure images of Rodeo Drive and Malibu mansions in the public imagination, but today the state suffers the highest cost-adjusted poverty rate in the U.S. The poor and near-poor constitute over one third – well over 10 million – of the state’s residents according to the Public Policy Institute of California. Los Angeles, by far the state’s largest metropolitan area, and once a magnet for middle class aspirations, has one of the highest poverty rates among major U.S. cities. A United Way of California analysis shows that over 30 percent of residents lack sufficient income to cover basic living costs even after accounting for public-assistance programs; this includes half of Latino and 40 percent of black residents. Some two-thirds of noncitizen Latinos live at or below the poverty line. While many Californians are fleeing, some are decidedly less bearish. “In California, there is this idea of ‘Oh, we care about the poor,’ but on this metric, we are literally the worst,” Stanford’s University’s Mark Duggan, principal author of an economic comparison of California with Texas, told the San Francisco Chronicle. The state’s poverty and associated dysfunction are on full display in leading cities like Los Angeles and San Francisco, where a large underclass now inhabits the streets – the once-iconic locales having become poster children for urban dysfunction. Beyond massive homeless camps, crime has become so bad that the LAPD has warned tourists it can no longer protect them. San Francisco, meanwhile, suffers the highest property crime rate in the country. Businesses like Walgreens have shut down numerous Bay Area locations due to “rampant burglaries.” Homelessness and crime increasingly dominate the state’s political discourse, particularly in these two deep blue bastions. California also faces growing inequality. By the Gini index, a measure of the distribution of income across a population, California has the third-highest inequality behind New York and Louisiana, and has experienced the fifth largest expansion of inequality since 2010, according to American Community Survey data. California also suffers the widest gap between middle- and upper-middle-income earners of any state. In leading cities, homeless encampments line streets such as San Francisco's Golden Gate Avenue. AP Once among the most egalitarian regions in the country, Silicon Valley has become among the most segregated places in the country. CityLab has described the technology hub as “a region of segregated innovation,” a trend becoming more pronounced, according to recent research. Silicon Valley now boasts its own underclass of those who clean its buildings and provide food service. Nearly 30 percent of its residents rely on public or private financial assistance. Similarly, according to the Brookings Institution, San Francisco, the technology industry’s most important urban center, has experienced the most rapid growth in inequality among the nation’s large cities in the last decade. The California Budget and Policy Center has named the city first in California for economic inequality; the average income of the top one percent of households in the city averages $3.6 million, forty-four times the average income of the bottom 99 percent, which stands at $81,094 in a city and state with a high cost of living. The situation is worse elsewhere in the state. Over the past decade more than 80 percent of California jobs paid under the median income, and most under $40,000 annually, a poverty wage in California. Worse yet, as demonstrated in our analysis, California lags all peer competitors – Texas, Arizona, Tennessee, Nevada, Washington and Colorado – in creating high wage jobs in fields like business and professional services, as even tech growth begins to shift elsewhere. The biggest losers in California have been those industries that historically provided the best opportunities for working-class people – manufacturing, construction, energy – as well as agriculture, the state’s historic economic powerhouse. On a per capita basis, California builds only a fraction of the housing compared to its main rivals, while corporate new investment, suggests a new Hoover Institution study, has shriveled to a rate one-tenth Texas and one-sixteenth that of Ohio. The state’s climate change policies, however well-intentioned, have had a particularly devastating impact on manufacturing. California’s “renewable energy” push has generated high energy prices and the nation’s least-reliable power grid, crippling an industry reliant on fossil fuels and a stable electric supply. The state fell to 44th in the country in manufacturing sector employment growth last year; its industrial new job creation has lagged competitors such as Nevada, Kentucky, Michigan and Florida. Even without adjusting for costs, no California metro ranks in the U.S. top ten in terms of offering well-paying blue-collar jobs, notes The New York Times. But four – Ventura, Los Angeles, San Jose, and San Diego – sit among the bottom ten. Under California’s green agenda, electricity has skyrocketed while its grid has become less stable. Foundation for Research on Equal Opportunity As the environmentalist Breakthrough Institute summarizes it, the state’s climate agenda has created a “new Green Jim Crow era” keeping more people, particularly minorities, in poverty. Housing policy has also hurt most those who can least afford it. California’s state planning policies aim to reduce urban sprawl – the shift to locales where costs are lower and the state is gaining migrants. The heavily minority Inland Empire, which has little political influence, now has more people than the San Francisco metropolitan area, which dominates state politics, but the former is unable to reverse any of these policies. Despite expectations by planners that limiting suburban growth would reduce prices for the masses and greenhouse emissions by encouraging density, studies in Vancouver, Canada and several other locations have shown the opposite; they associate densification with higher land and housing prices. California has the highest urban density of any state, yet suffers the second highest housing costs and rents of any state except Hawaii. On this issue, some media coverage appears to have been influenced by the pro-density preferences of tech titans like Mark Zuckerberg. Striving, largely minority middle- and working-class families bear the brunt of such policies. According to a recent American Enterprise Institute survey, California is home to six of the nation’s worst markets for first-time homebuyers. It would take more than 100 years for the median-income household to save for a mortgage on a median-priced home in San Francisco, Los Angeles or San Jose. The state now ranks 49th in homeownership rate, producing far less new housing than competitive regions like Arizona, Texas or Florida. A recent study by economist John Husing found not one unionized construction worker can afford a median-priced home in any coastal California county. Unable to buy their own home, many working class families find themselves paying extraordinarily high rents, with more than half of all renters shelling out in excess of 30% of household income, the traditional definition of an outsized housing burden. Nearly four in ten California households meet or exceed this level. Not surprisingly, one quarter are contemplating a move elsewhere. High rents and house prices, along with low wages, also have produced the nation’s highest level of overcrowding. Nor has densification brought the purported environmental benefits cited by California’s champions at Brookings and in the Biden Administration; the pro-density Terner Center projects that if California’s cities followed the density guidelines, at best the state would see a 1% reduction in emissions. Manifest Education Failures Historically education was seen – particularly among traditional liberals – as critical to upward mobility for poor and working-class people. Yet for decades the state’s schools have underperformed national norms, particularly for poor students. Since 1998, California has ranked, on average, 46th in 8th-grade reading and mathematics subject-area performance on the National Assessment for Educational Progress (NAEP), the only comparable assessment between states nationwide. This includes comparisons with demographically similar states like Texas, which spends less money per student. Today, almost three of five California high schoolers are not prepared for either college or a career; the percentages are far higher for Latinos, African Americans, and the economically disadvantaged. Among the 50 states, California ranked 49th in the performance of poor, largely minority, students. San Francisco, the epicenter of California’s woke culture, and site of the recent recall of several far-left school board members, suffers the worst scores for African Americans of any county in the state. These students are often unprepared for college. At California State University – where ethnic studies programs are now mandated – the need for remedial courses or 40 percent of freshmen demonstrates a low level of preparedness in such basic skills as reading comprehension, writing and mathematics. Some educators have decided to eliminate this problem by eliminating remedial classes. California’s model curriculum, which focuses on how to “build new possibilities for post-imperial life that promotes collective narratives of transformative resistance,” may only exacerbate these problems by inculcating attitudes antithetical to those necessary to succeed in a highly competitive capitalist economy. Many California educators from the highest reaches of academia down to the grade school level champion “equity” in education over developing hard math skills and fostering excellence. Even basic life skills such as being on time are eschewed: The San Diego Unified School District will no longer count such scruples as turning in work on time in grading and evaluation. It may reduce the penalties for cheating. This is justified as a way of redressing racial issues, as many of the malefactors (like most California students) are from disadvantaged minority groups. Most Californians support charter schools, including nearly half of all Democrats, and three chapters of the Southern California NAACP – San Diego, San Bernardino and Riverside. The state’s powerful teachers unions, and the Democrats they back, oppose such education alternatives. Tech titans, once focused on improving schools, now seem less engaged. This may make sense given the extent to which tech relies on global talent rather than recruiting locally. In 2018, three-quarters of the tech workforce in the Bay Area was foreign-born, a majority on short-term non-immigrant visas. The answer to many of the problems plaguing California’s struggling lower classes has been to throw more of the upper class’s money at them. Michael Bernick, a former director of the state’s Employment Development Department, says “The culture for much of California, driven by state politics, is one of benefits (and now guaranteed income), not a jobs strategy or expectation.” California is unlikely to be devoting the state’s surplus –driven largely by stock and property gains among the wealth – as Texas and other states do, to attracting businesses. Instead, as Bernick suggests, the preference has been to boost the welfare state, as it did in initiating record-setting stimulus payments during the pandemic. It is now contemplating handing out debit cards to cope with high energy prices created by the state’s environmental policies. California’s technology industry consists of staunch funders of the states’ progressive Democrats. They may themselves be obsessed workaholics and living testaments to entrepreneurial capitalism, but Greg Ferenstein, who interviewed 147 digital company founders, says most believe that “an increasingly greater share of economic wealth will be generated by a smaller slice of very talented or original people. Everyone else will increasingly subsist on some combination of part-time entrepreneurial ’gig work ‘and government aid.” Many prominent business people, including those who made their fortunes in California such as Zuckerberg, Pierre Omidyar, Elon Musk, and Sam Altman, founder of the Y Combinator, have embraced the notion of a "guaranteed wage," that would cover most critical bills. Democratic Presidential candidate Andrew Yang’s campaign was built around this concept. In the interim, people are fleeing the state. Demographer Wendell Cox notes that since 2000, California has lost 2.6 million net domestic migrants, more than the current populations of San Diego, San Francisco and Anaheim combined. In 2020, California accounted for 28 percent of all net domestic outmigration in the nation, about 50 percent more than its share of the US population. California’s population growth has fallen below the national average for the first time, and the state appears to have even possibly lost population the last two years. The pandemic seems to have accelerated this movement. Last year California was home to three of the five large regions over one million with the highest percentage population loss – San Francisco, San Jose and Los Angeles. Both San Francisco and Los Angeles school districts face large decreases in enrollment; the LA district, the state’s largest, projects a 20% cut in this decade. This outmigration trend cannot be dismissed as “white flight.” An analysis of minority population flows shows that Latinos and African Americans are settling increasingly west of the Sierra, particularly in the south, Texas, and parts of the Midwest. Similarly, the foreign-born population – so critical to the state’s economy – has declined in Los Angeles over the past decade, and stagnated in the Bay Area while swelling in places like Dallas-Ft. Worth, Austin, Houston, Nashville and even midwestern cities like Columbus, Des Moines and Indianapolis. Simply put, California is in danger of losing its youthful mojo. Many of those leaving, according to IRS data, come from young, middle and working class families. When these people leave, birthrates plummet. Los Angeles and San Francisco rank last and second-to-last in birthrates among the 53 U.S. major metropolitan areas. Among California's big metros, only Riverside/San Bernardino exceeds the national average in women aged between 15 and 50 with births. California’s total fertility rate, long above the national average, is now the nation’s 10th lowest. Los Angeles County alone has lost three quarters of a million people under 25 over the past twenty years. California today is as old as the rest of the country and aging 50 percent faster than the national norm. It is rapidly replacing the surfboard with a walker. *  *  * Joel Kotkin is a Presidential Fellow in Urban Futures at Chapman University in Orange, Calif. Tyler Durden Fri, 04/15/2022 - 22:15.....»»

Category: worldSource: nytApr 15th, 2022

HDI Announces Annual and Fourth Quarter 2021 Results

Business transformation delivers HDI's best ever sales and profitability results with strong total returns for shareholders LANGLEY, BC, March 14, 2022 /CNW/ - Hardwoods Distribution Inc. ("HDI" or the "Company") today announced financial results for the three and twelve months ended December 31, 2021. HDI is one of North America's leading suppliers of specialty building products to fabricators, home centers and pro dealers servicing the new residential, repair and remodel, and commercial construction end markets. The Company currently operates a network of 88 distribution facilities in the United States and Canada. All amounts are shown in United States dollars ("U.S. $" or "$"), unless otherwise noted. 2021 Highlights Sales increased 74.1% to $1.6 billion. Organic sales growth in 2021 was 35.3% while acquisitions contributed an additional 39.7% Gross profit margin increased to 23.1%, from 19.2% Operating expenses as a percentage of sales were lower at 13.9%, as compared to 14.5% Profit per share increased significantly to $4.81, up 264.4% or $3.49 per share Adjusted EBITDA* increased 168.4% to $195.2 million, with Adjusted EBITDA margin* increasing to 12.1% from 7.8% in the comparative period. Profit grew 267.9% to $103.1 million Free Cash Flow per share* grew to $7.53, an increase of 159% or $4.62 per share Completed the purchase of Novo Building Products Holdings LLC ("Novo") for $306 million, a transformative acquisition which had a significant and positive impact on HDI, in the second half of 2021 The Board of Directors declared a quarterly dividend of $0.12 per share, payable on January 28, 2022 to shareholders of record as at January 17, 2022. This represents a 20% increase to the quarterly dividend amount paid in the corresponding period in 2020. Subsequent to year-end, on February 7, 2022 HDI completed another significant transaction, acquiring Mid-Am Building Products for $270 million, strategically building on the Novo acquisition *See "Non-GAAP Measures". "HDI achieved outstanding growth and profitability in 2021, demonstrating both the magnitude and the success of the transformation we have achieved in our business," said Rob Brown, HDI's President and CEO. "Our results set new records across virtually every financial metric, and I am delighted to report that we translated this into a total return to investors of 79%, comprised of dividends and the lift in our share price to $44.80 at year-end. Our success in growing our cash flows and earnings also provided ample support for a 20% increase in our dividend effective with our January 2022 distribution. This marks our ninth dividend increase in as many years and resulted in HDI's admittance into the S&P Dividend Aristocrats Index." "Among the many significant milestones achieved in 2021, we boosted our sales to $1.6 billion on a combination of strong organic and acquisitions-based growth. This result not only met, but surpassed our long-term goal of doubling our sales and we delivered on our target two years ahead of schedule. Our bottom-line performance more than kept pace, with HDI's product price pass-through model, our ability to successfully leverage our well-established global supply chain in a year of supply constraints, and the evolution in our product mix to higher-margin offerings delivering a record gross profit margin of 23.1%. Combined with our disciplined focus on expense management across our expanded organization, we more than doubled earnings per share to $4.81 year-over-year," added Mr. Brown. "These are exceptional results and they were underpinned by the ongoing transformation of our business platform. During 2021 we continued to reposition HDI with stronger channels to market, broader regional presence, and an expanded array of value-added products for our customers. Our Novo acquisition, which we completed in mid-2021 and which represents the largest transaction in HDI's history, was a critical part of this strategy and provided us with a large and immediate new presence in the home center and pro dealer customer channels. Our more recent acquisition of Mid-Am Building Products in February 2022 further expanded our access to these customer channels in the U.S. Midwest. Combined, the Novo and Mid-Am acquisitions are expected to add approximately $950 million of revenue on a pro forma annual basis, and both transactions are on track to be highly accretive to earnings per share. Additionally, our expansion into the pro dealer and customer center segments has more than doubled our addressable market and provided access to multiple new customer end-segments with related growth opportunities." "HDI is now moving forward as one of North America's largest suppliers of architectural building products to fabricators, home centers and builders servicing the new residential, repair and remodel, and commercial construction end-markets. Our diversified business platform and proven track-record of accretive growth through acquisitions is enabling us to bring new solutions to an expanded set of customers across more high growth markets, and we continue to support our growth with a strong and responsibly-managed balance sheet. We are tremendously excited about the opportunities available to us and confident that we have the expertise and proven experience to translate them into strategic and accretive growth," concluded Mr. Brown. Outlook We expect the demand for our products to remain favorable in 2022, supported by strong fundamentals in our end markets. We continue to see a multi-year runway for growth in the residential, repair and remodel, and commercial end-markets that we participate in. Supply is expected to continue to be tight, which may result in disruptions to product availability. However we generally expect to have ongoing access to supply from our vendors given we are often the largest customer for our key suppliers. As it relates to the availability and predictability of freight, global shipping routes and equipment have been disrupted resulting in supply constraints across multiple industries. We believe we are well positioned as a significant importer and this allows us to cost-effectively employ multiple freight options. In addition, we maintain dedicated internal resources that manage logistics daily and our strong balance sheet allows us to invest working capital to secure product and pursue creative freight options to meet our customers' needs. To date we have not experienced significant adverse effects from global freight challenges, which we believe demonstrates the resilience of our business. Going forward, we remain uniquely positioned to pursue strategic acquisitions in our core markets. The North American specialty building products distribution market is large in size and scope, and it remains fragmented. We believe our platform positions us to capture market share through both organic and acquisitions-based growth. As we have done in the past, we intend to continue achieving this growth on an accretive basis for our shareholders. Outlook for our end-markets  Leading indicators for the U.S. residential construction market remain very positive. Housing starts have meaningfully lagged population growth this past decade, leading to pent-up demand for housing. Millennials represent the largest segment of the population and as they move into the home-buying phase of their lives, are expected to further drive demand for homes. Low mortgage rates and a trend, resulting from the pandemic, toward population shift from urban to suburban markets are also contributing to a sharp increase in housing permits and starts. These trends are expected to drive strong multi-year demand for our products. The repair and remodel market is benefiting from rising home equity and availability of low-cost consumer capital, the advancing age of the current U.S. housing stock, and social trends such as individuals spending more of their time and disposable income on their homes. These trends are also expected to an important driver of multi-year demand for our products. The demand outlook for U.S. commercial markets is mixed, with some sectors showing strength and others recovering at a slower pace. Commercial market participation is highly diverse for HDI, including construction activity in healthcare, education, public buildings, hospitality, office, retail facilities and recreational vehicles. We expect certain of these commercial end markets will perform better than others, with the broad nature of our participation reducing the impact of dynamics in any one geography or end market. Q4 and Year-end 2021 Investor Call HDI will hold an investor call on Monday, March 14, 2022 at 8:00 am Pacific (11:00 am Eastern). Participants should dial 1-888-204-4368 or (647) 794-4605 (GTA) at least five minutes before the call begins. A replay will be available through March 21, 2022 by calling toll free 1-888-203-1112 or (647) 436-0148 (GTA), followed by passcode 1829067. Summary of Results Selected Unaudited Consolidated Financial Information (in thousands of Canadian dollars) Three months Three months For the year For the year ended December 31 ended December 31 ended December 31 ended December 31 2021 2020 2021 2020 Total sales $ 515,353 $ 236,515 $ 1,616,199 $ 928,438 Sales in the US 470,727 206,295 1,441,119 821,034 Sales in Canada ($CAD) 56,268 39,439 219,803 144,077 Gross profit 122,890 45,297 372,910 178,546 Gross profit % 23.8% 19.2% 23.1% 19.2% Operating expenses (76,419) (35,590).....»»

Category: earningsSource: benzingaMar 14th, 2022

Florida Skyline Ignites Tallest Digital “Happy New Year” Countdown Clock

The world’s tallest digital New Year’s Countdown Clock; an enormous electronic Champagne Geyser; and the world’s largest animated fireworks display are lighting-up the South Florida skyline this holiday weekend, at the 60-story Paramount Miami Worldcenter skyscraper in downtown Miami. The Tower lightings continue nightly through January 3, 2022. New Year’s... The post Florida Skyline Ignites Tallest Digital “Happy New Year” Countdown Clock appeared first on Real Estate Weekly. The world’s tallest digital New Year’s Countdown Clock; an enormous electronic Champagne Geyser; and the world’s largest animated fireworks display are lighting-up the South Florida skyline this holiday weekend, at the 60-story Paramount Miami Worldcenter skyscraper in downtown Miami. The Tower lightings continue nightly through January 3, 2022. New Year’s Eve Tower Lighting IMAGE DISTRIBUTED FOR PARAMOUNT MIAMI WORLDCENTER – On New Year’s Eve; at the stroke of midnight, the superstructure ignited its state-of-the-art animation lighting system — marking the start of 2022. Appearing across the Paramount Miami Worldcenter’s 100-foot-tall by 300-foot-wide rooftop crown is a digital display of a colossal 60-second countdown clock. During the last few moments of 2021, the clock started ticking-away the final seconds of the year, as an electronic geyser of champagne bubbles started spewing vertically upward through the building’s center column. When the clock stroked zero, at midnight, a set of mammoth L.E.D. digits fired-up the numerals, “2022,” followed by the words, “Happy New Year.” The building’s lighting system then morphed into a massive virtual fireworks display – lighting-up the “Magic City” Skyline. World’s Most-Advanced Animation Lighting System The ultra-futuristic Paramount is the soaring signature skyscraper of the $4-billion, 27-acre Miami Worldcenter. It is, currently, the nation’s biggest urban core construction project and America’s second-largest real estate development, which is dubbed as, “The City-within-the-City-of-the-Future.” Paramount’s lighting system consists of 16,000 light emitting diodes embedded in 10,000 panes of high impact resistant glass. The $3-million lighting system, which took 12 technicians a total of three years to build, can create a combination of 16.2-million colors. CEO-Developer Dazzles City “The Paramount Miami Worldcenter spectacular New Year’s weekend tower lighting is a shining beacon of cheer and best wishes to all — as a challenging year comes to a close and a new year begins; and with it are the prospects for a brighter future,” says Paramount Miami Worldcenter CEO, Daniel Kodsi (Cod-See). Continuous Lightings The tower lightings began at midnight on New Year’s Eve and will continue nightly through January 3, 2022. The post Florida Skyline Ignites Tallest Digital “Happy New Year” Countdown Clock appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 2nd, 2022

Exelixis (EXEL) Initiates Study on XL092 in Advanced Solid Tumors

Exelixis (EXEL) begins the dose-escalation stage of its study evaluating XL092 in combination with immuno-oncology therapies in patients with advanced solid tumors. Exelixis, Inc. EXEL recently announced that it has initiated the dose-escalation stage of its phase Ib study, STELLAR-002.STELLAR-002 is the second study to evaluate XL092 in advanced cancers.  The phase Ib study is evaluating XL092 in combination with immuno-oncology therapies in advanced solid tumors.  XL092 is a next-generation oral tyrosine kinase inhibitor (TKI) that targets kinases implicated in cancer growth and spread, including VEGF receptors, MET, AXL and MER. The study's objective is to evaluate the safety, tolerability and efficacy of XL092, in combination with Bristol Myers’ BMY Opdivo (nivolumab), Opdivo and Yervoy; and Opdivo and bempegaldesleukin.The dose-escalation stage will determine the recommended dose in patients with advanced solid tumors for each of the XL092 combination therapy regimens. The study will begin to enroll tumor-specific expansion cohorts for patients with advanced renal cell carcinoma (RCC), urothelial carcinoma and metastatic castration-resistant prostate cancer, once the recommended dose is established. The primary efficacy endpoint of the expansion stage will be objective response rates, except for the cohort of patients with metastatic castration-resistant prostate cancer. The primary endpoint will be the duration of radiographic progression-free survival.While Exelixis is sponsoring STELLAR-002, Bristol-Myers is providing Opdivo, Yervoy and bempegaldesleukin for use in the trial.  Both the companies had entered into a clinical trial collaboration and supply agreement in June.XL092 is the first internally discovered Exelixis compound to enter the clinic following the company’s reinitiation of drug-discovery activities.  It is currently being developed to treat advanced solid tumors, including genitourinary cancers, as a monotherapy and in combination with immune checkpoint inhibitors.Exelixis’ shares have lost 11% in the year so far compared with the industry’s decline of 20.3%.Image Source: Zacks Investment ResearchExelixis is looking to build a differentiated next-generation pipeline in oncology through strategic collaborations. The successful development of additional candidates will diversify its revenue base and reduce dependence on Cabometyx, which is approved for advanced RCC and previously treated hepatocellular carcinoma (HCC), maintaining momentum on label expansions.In January 2021, the FDA approved Cabometyx in combination with immuno-oncology drug Opdivo for the first-line treatment of patients with advanced RCC.  Sales of the drug saw an increase in volume thereafter driven by the strong uptake for the combination therapy of Cabometyx and Opdivo.However, competition is stiff in this space and hence Exelixis is looking to develop its portfolio beyond Cabometyx.Merck’s MRK Keytruda, in combination with Pfizer’s PFE Inlyta, is also indicated for the first-line treatment of patients with advanced RCC.Merck’s Keytruda, an anti-PD-1 therapy, is approved for the adjuvant treatment of patients with RCC at intermediate-high or high risk of recurrence, following nephrectomy, or following nephrectomy and resection of metastatic lesions.Pfizer’s Inlyta has shown strong performance, driven by continued adoption in the United States and Europe. Pfizer’s older drug Sutent is also approved for advanced RCC.Exelixis currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.  Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bristol Myers Squibb Company (BMY): Free Stock Analysis Report Pfizer Inc. (PFE): Free Stock Analysis Report Merck & Co., Inc. (MRK): Free Stock Analysis Report Exelixis, Inc. (EXEL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksDec 16th, 2021

Lincoln Equites sells slice of NJ science campus to BeiGene

 Lincoln Equities Group (LEG) has sold a 42-acre portion of its Princeton West Innovation Campus in Hopewell, NJ, to global biotech company BeiGene. BeiGene, which develops and commercializes cancer medicines, has announced plans to transform the space into a new state-of-the-art manufacturing campus and clinical research and development center. Subject to... The post Lincoln Equites sells slice of NJ science campus to BeiGene appeared first on Real Estate Weekly.  Lincoln Equities Group (LEG) has sold a 42-acre portion of its Princeton West Innovation Campus in Hopewell, NJ, to global biotech company BeiGene. BeiGene, which develops and commercializes cancer medicines, has announced plans to transform the space into a new state-of-the-art manufacturing campus and clinical research and development center. Subject to finalizing the development plans, BeiGene will locate in a state-of-the-art facility that is expected to include up to approximately 400,000 s/f of dedicated commercial-stage biologic pharmaceutical manufacturing, including up to 16,000 liters of biologics capacity, along with clinical R&D and office space. “We are excited to welcome BeiGene as an anchor tenant within our new Princeton West Innovation Campus,” said LEG President Joel Bergstein. “Our 1.2 million-square-foot life sciences site, formerly owned by Bristol-Myers Squibb, is an ideal location for both manufacturing and R&D given its existing infrastructure and prime location along New Jersey’s life sciences corridor.” Construction of the initial phase is expected to begin in 2022 and be completed in late-2023 or in 2024. In addition, the property has more than one million square feet of developable real estate for potential future expansion. BeiGene is investing in U.S. manufacturing to expand and diversify its global supply chain and build manufacturing capabilities for its pipeline of biologic and drug candidates.   “Post pandemic, life sciences companies are increasingly seeking locations near their customer base in the U.S., and we are thrilled that BeiGene has chosen our Princeton West Innovation Campus for its important work,” said Lance Bergstein, managing director, Lincoln Equities Group. “We’re proud to help attract global companies to New Jersey, especially when it results in new jobs and investment in the region.” The 1.2 million-square-foot life sciences campus, formerly owned by pharmaceutical giant Bristol-Myers Squibb, was purchased by Lincoln Equities Group and H.I.G. Realty Partners in 2020. The Princeton West Innovation Campus features nine principal buildings consisting of state-of-the-art clinical manufacturing, plug-and-play biological laboratories and office space, plus freestanding R&D support space, storage facilities and a global data and command center. It is supported by a central utility complex (CUC), which provides wastewater management, generator-backed electricity, chilled water and steam. Onsite amenities include a full-service cafeteria, an 8,000-square-foot fitness center and a freestanding, 28,000-square-foot child development center; plus, multiple conference areas including a 9,000-square-foot mansion, the campus’ original building. The site is just minutes from downtown Princeton, I-95, I-295 and Routes 1, 31, 206 and within 12 miles of three Amtrak train stations. Lincoln Equities Group was represented by Daniel Loughlin of JLL and Robert Klausner of Fox Rothschild LLP. The post Lincoln Equites sells slice of NJ science campus to BeiGene appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyNov 24th, 2021

FATE"s Q3 Loss Narrower Than Expected, Pipeline in Focus

FATE reports a year-over-year wider loss on increased R&D expenses in the third quarter. Fate Therapeutics FATE reported a loss of 57 cents per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 58 cents but wider than the year-ago loss of 36 cents.Increased research & development (R&D) and general & administrative (G&A) expenses led to the wider year-over-year loss.The company earned collaboration revenues of $14.2 million in the third quarter, which easily beat the Zacks Consensus Estimate of $9 million, and were up from $7.6 million reported in the year-ago quarter. Revenues are primarily derived from the company’s collaborations with Janssen, a unit of Johnson & Johnson JNJ, and Ono Pharmaceutical.R&D expenses surged to $53.1 million from $30.7 million in the year-ago quarter.G&A expenses jumped to $15.7 million from $8.3 million in the year-ago quarter.Cash, cash equivalents and investments at the end of the third quarter were $803.6 million.Shares of Fate have lost 34.4% in the year so far compared to the industry’s decline of 6.8%.Image Source: Zacks Investment ResearchPipeline UpdateIn August, Fate reported interim clinical data from its dose-escalating phase I study of FT596 as monotherapy and in combination with rituximab for the treatment of relapsed / refractory (r/r) B-cell lymphoma (BCL). As of the data cutoff date of Jun 25, 2021, in the second (90 million cells) and third (300 million cells) dose cohorts of the single-dose monotherapy and combination regimens, 10 of 14 patients (71%) achieved an objective response (ORR), including seven patients (50%) who achieved a complete response (CR) on day 29 as assessed by PET-CT scan per Lugano 2014 criteria. Fate has completed enrollment in the dose-escalation stage of its phase I study of FT516 in combination with rituximab for the treatment of r/r BCL, and has initiated enrollment in the study’s dose-expansion stage at 900 million cells per dose.In July, the first patient was treated in the company’s phase I study of FT819, the first-ever T-cell therapy manufactured from a clonal master induced pluripotent stem cell (iPSC) line to undergo clinical investigation.The first patient has been treated in the phase I study, designed to assess three once-weekly doses of FT538 in combination with daratumumab for patients with r/r multiple myeloma (MM).   The company has also initiated enrollment of a multi-center phase I study to assess single-dose and multi-dose treatment regimens of FT576 as monotherapy and in combination with daratumumab for the treatment of r/r MM.Enrollment has also been in phase I study of FT538 in combination with monoclonal antibody therapy. The clinical protocol includes a combination with each of three monoclonal antibodies: EGFR-targeted cetuximab; HER2-targeted trastuzumab; and PDL1-targeted Bavencio. Fate Therapeutics, Inc. Price, Consensus and EPS Surprise Fate Therapeutics, Inc. price-consensus-eps-surprise-chart | Fate Therapeutics, Inc. QuoteOur TakeHigher R&D expenses hit the bottom line in the third quarter. Nevertheless, pipeline progress has been impressive. Cellular immunotherapies promise huge potential and hence, the successful development of its product candidates will be a significant boost for the company.Companies like Gilead Sciences, Inc. GILD and Bristol-Myers Squibb Company BMY are currently focusing on developing cellular immunotherapies to treat cancer.Fate currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.  Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bristol Myers Squibb Company (BMY): Free Stock Analysis Report Johnson & Johnson (JNJ): Free Stock Analysis Report Gilead Sciences, Inc. (GILD): Free Stock Analysis Report Fate Therapeutics, Inc. (FATE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 8th, 2021

Citing COVID-19, Froedtert South postpones start of construction on Pleasant Prairie project

Froedtert South is seeking approval for a renovation and expansion of its Pleasant Prairie hospital's cancer center, but will postpone starting the project due to the COVID-19 pandemic......»»

Category: topSource: bizjournalsApr 11th, 2020

Wisconsin Center seeks construction management bids for $300M project

The most-coveted contract — construction manager — for an estimated $300 million expansion of Milwaukee’s downtown convention center likely to be awarded in January 2020. The building’s owner the Wisconsin Center District issued a request fo.....»»

Category: topSource: bizjournalsNov 26th, 2019

Alpha Tau Medical Announces First Quarter 2022 Financial Results and Provides Corporate Update

-Debuted as publicly-traded oncology company in March 2022 under symbol DRTS while raising approximately $104 million in gross proceeds- -Targeted start of U.S. multi-center pivotal trial in skin cancers in the middle of 2022- JERUSALEM, May 26, 2022 /PRNewswire/ -- Alpha Tau Medical Ltd. (NASDAQ:DRTS) (NASDAQ: DRTSW), ("Alpha Tau" or the "Company"), the developer of the innovative alpha-radiation cancer therapy Alpha DaRT™, reported first quarter 2022 financial results and provided a corporate update. "2022 is an important year for the Company, as we look to initiate a number of important clinical trials across large global markets, including our first U.S. pivotal trial as well as trials in internal organs such as the prostate," commented Alpha Tau CEO Uzi Sofer. "The first quarter of 2022 already saw us reach a number of meaningful milestones, including our first U.S. data read out and our debut as a public company traded on NASDAQ under symbol "DRTS." We are also working in parallel to expand our manufacturing capabilities and to strengthen our supply chain in the U.S., Israel, and Asia, as part of the expansion of our clinical trial activities and future commercialization." First quarter 2022 Corporate Highlights: Reported results in January 2022 from the first pilot multi-center study of Alpha DaRT in the United States, led by Memorial Sloan Kettering Cancer Center. In this trial of malignant skin and soft tissue cancer patients, a complete response, as measured by RECIST criteria, was observed in all ten out of ten tumors treated (100%), with no product-related serious adverse events reported. Alongside these data, a 98% overall response rate was observed in a pooled analysis of superficial tumors treated that reached their efficacy endpoint measurement by quarter end, across the Company's various trials. Completed patient recruitment in the Company's Japanese pivotal trial in head and neck cancer, with data submission targeted for the second half of 2022. Entered into a sponsored research agreement with investigators at The University of Texas MD Anderson Cancer Center in January 2022 to evaluate the combination of Alpha DaRT with DNA-repair inhibitors and immune checkpoint inhibitors for the treatment of breast tumors. Completed its business combination in March 2022 with Healthcare Capital Corp., a special purpose acquisition company, together with a concurrent Private Investment in Public Equity (PIPE) financing, raising a total of approximately $104 million in gross proceeds, and commenced trading of its shares and warrants on the Nasdaq Capital Market under the symbols "DRTS" and "DRTSW", respectively. Appointed Ruth (Ruti) Alon to its Board of Directors in March 2022. Ms. Alon brings a wealth of healthcare experience and serves on the boards of multiple private and public companies in the sector. Upcoming 2022 Milestone Targets Include: First Israeli patient in the prostate cancer feasibility trial in the second quarter of 2022. Initiation of multi-center pivotal U.S. trial in skin cancers in the middle of 2022. Recruitment in the Canadian feasibility trial in pancreatic tumors to begin in the second half of 2022. Submission of Alpha DaRT pivotal trial in head and neck cancer to Japan's PMDA in the second half of 2022 for marketing authorization. Financial results for the first quarter ended March 31, 2022 R&D expenses for the quarter ended March 31, 2022 were $5.2 million, compared to $2.2 million for the same period in 2021, primarily due to increased R&D activity and increased share-based compensation costs. Marketing expenses for the quarter ended March 31, 2022 were $0.2 million, compared to $0.2 million for the same period in 2021. G&A expenses for the quarter ended March 31, 2022 were $3.3 million, compared to $0.4 million for the same period in 2021, primarily due to costs associated with the merger with Healthcare Capital Corp., increased professional fees and share-based compensation. Financial expenses, net, for the quarter ended March 31, 2022 were $17.0 million, compared to $9.0 million for the same period in 2021, primarily due to an increase in the revaluation of warrants. For the quarter ended March 31, 2022, the Company had a net loss of $25.7 million, or ($0.54) per share, compared to a loss of $11.7 million, or ($0.29) per share, in the same period in 2021. Balance Sheet Highlights As of March 31, 2022, the Company had cash and cash equivalents, restricted cash and short term deposits in the amount of $107.0 million, compared to $31.9 million on December 31, 2021. In addition, incremental proceeds of approximately $13 million from the original PIPE were received after March 31, 2022. The Company expects that this cash balance will be sufficient to fund operations for at least two years. In addition, the Company's Board of Directors approved a program for the buyback of the Company's publicly traded warrants in an amount of up to $3 million. Repurchases may be started or suspended at any time without prior notice, depending on market conditions and other factors. About Alpha DaRT™ Alpha DaRT™ (Diffusing Alpha-emitters Radiation Therapy) is designed to enable highly potent and conformal alpha-irradiation of solid tumors by intratumoral insertion of radium-224 impregnated seeds. When the radium decays, its short-lived daughters are released from the seed, and disperse while emitting high-energy alpha particles with the goal of destroying the tumor. Since the alpha-emitting atoms diffuse only a short distance, Alpha DaRT aims to mainly affect the tumor, and to spare the healthy tissue around it.  About Alpha Tau Medical, Ltd. Founded in 2016, Alpha Tau is an Israeli medical device company that focuses on research, development, and potential commercialization of the Alpha DaRT for the treatment of solid tumors. The technology was initially developed by Prof. Itzhak Kelson and Prof. Yona Keisari from Tel Aviv University. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used herein, words including "anticipate," "being," "will," "plan," "may," "continue," and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon Alpha Tau's current expectations and various assumptions. Alpha Tau believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Alpha Tau may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation: (i) Alpha Tau's ability to receive regulatory approval for its Alpha DaRT technology or any future products or product candidates; (ii) Alpha Tau's limited operating history; (iii) Alpha Tau's incurrence of significant losses to date; (iv) Alpha Tau's need for additional funding and ability to raise capital when needed; (v) Alpha Tau's limited experience in medical device discovery and development; (vi) Alpha Tau's dependence on the success and commercialization of the Alpha DaRT technology; (vii) the failure of preliminary data from Alpha Tau's clinical studies to predict final study results; (viii) failure of Alpha Tau's early clinical studies or preclinical studies to predict future clinical studies; (ix) Alpha Tau's ability to enroll patients in its clinical trials; (x) undesirable side effects caused by Alpha Tau's Alpha DaRT technology or any future products or product candidates; (xi) Alpha Tau's exposure to patent infringement lawsuits; (xii) Alpha Tau's ability to comply with the extensive regulations applicable to it; (xiii) the ability to meet Nasdaq's listing standards; (xiv) costs related to being a public company; (xv) changes in applicable laws or regulations; (xix) impacts from the COVID-19 pandemic; and the other important factors discussed under the caption "Risk Factors" in Alpha Tau's Annual Report on Form 20-F filed with the SEC on March 28, 2022, and other filings that Alpha Tau may make with the United States Securities and Exchange Commission. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While Alpha Tau may elect to update such forward-looking statements at some point in the future, except as required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing Alpha Tau's views as of any date subsequent to the date of this press release. Investor Relations Contact:IR@alphatau.com   CONSOLIDATED BALANCE SHEETS  U.S. dollars in thousands March 31, 2022 December 31, 2021 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents $      98,071 $     23,236 Restricted cash 837 618 Short-term deposits 8,092.....»»

Category: earningsSource: benzingaMay 26th, 2022

Jefferson Apartment Group Closes on Debut Deal in Charlotte, North Carolina

Jefferson Apartment Group (JAG), a leading multifamily developer and operator specializing in premier apartment communities on the East Coast, is making its North Carolina debut in Charlotte with a just-closed land purchase and its expansion into the area with a new regional office. JAG has purchased a 5-acre parcel at... The post Jefferson Apartment Group Closes on Debut Deal in Charlotte, North Carolina appeared first on Real Estate Weekly. Jefferson Apartment Group (JAG), a leading multifamily developer and operator specializing in premier apartment communities on the East Coast, is making its North Carolina debut in Charlotte with a just-closed land purchase and its expansion into the area with a new regional office. JAG has purchased a 5-acre parcel at 200 Wadsworth Place in the Optimist Park neighborhood ofCharlotte along with its equity partner Cadre. Optimist Park is within a mile of uptown—Charlotte’scentral business district—and is situated among some of the area’s most sought-after neighborhoods,including NoDa and Belmont. The site has been graded and full construction will start this summer onthis 350-unit Class A mid-rise with financing through United Bank. Signaling a commitment to expand its 1,000-unit pipeline in the Carolinas, Washington, DC-based JAGhas established a Charlotte office, where it has several development projects in the planning stages. Inaddition to their own pipeline, JAG Management will begin offering property management services tothird party regional owners. “As our pipeline of projects in the Carolinas continues to grow, we knew it was the right time to plantroots in Charlotte,” said Jim Butz, President and CEO of Jefferson Apartment Group. “The Queen Cityis experiencing explosive growth, and we feel confident that it is not slowing down anytime soon. We’relooking forward to investing more in the Carolinas region.” As for JAG’s debut project in Charlotte, Senior Vice President and Development Partner Greg Van Wiesaid, “200 Wadsworth Place has been a long-time in the making, and we’re excited to see it begin totake shape. The industrial history around North Charlotte is rich, and we’ve worked hard to representthe heritage of the Optimist Park neighborhood in our architecture and design.” The exterior of the 6-story building will feature red brick and ironwork, and units will be a mix of studio,one- and two-bedrooms ranging from 585 square feet to 1,027 square feet—some with private balconies and views of uptown. All units will feature top-of-the-line finishes, including plank flooring, quartz countertops, stainless steel appliances, and tile backsplashes. Additionally, 355 parking spaces will be available to residents, consisting of both garage and surface parking. Amenities will include a lounge with double-sided fireplace, game room, fitness center, open coworking space, pet spa, and a bike storage room with maintenance bench. Outdoor amenities include a resort-style swimming pool and two courtyards. The building’s interior assumes nostalgia meets vintage travel, inspired in a fresh new way through a Vestaboard in the lobby lounge adding a distinctive railway element to the atmosphere and with touches of Gingham patterns in the interior design as a nod to thefabric mill that was previously located next door at what is now Optimist Hall. In addition to its proximity to the uptown business district, 200 Wadsworth Place is convenient tointerstates 277 and 74 and is an easy walk (a little over six blocks) to the new Parkwood Station on theLynx Blue Line. “Transit-oriented communities are very much in line with market demand across Charlotte,” said RyanMunoz, Cadre’s Director of Private Equity Real Estate. “The close proximity to uptown and the NoDaarts district makes this project even more appealing. We are pleased to be partnering with JeffersonApartment Group on this premier property in Optimist Park.” For more information about 200 Wadsworth Place and JAG, please visit jeffersonapartmentgroup.com. The post Jefferson Apartment Group Closes on Debut Deal in Charlotte, North Carolina appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 25th, 2022

Marriott (MAR) to Expand Ritz-Carlton Reserve in Saudi Arabia

Marriott (MAR) collaborates with The Red Sea Development Company to open its first Ritz-Carlton Reserve branded hotel in the Middle East. Marriott International, Inc. MAR recently announced an agreement with The Red Sea Development Company to open its first Ritz-Carlton Reserve branded hotel —  Nujuma —  in the Middle East region. The company anticipates opening the property in 2023.Located on the west coast of Saudi Arabia (on Red Sea's Blue Hole cluster of islands), the resort will likely comprise 63 one-to-four-bedroom water and beach villas. It will come with amenities like spas, swimming pools, culinary venues, a retail area and a conservation center.The company stated that the destination is expected to include 18 Ritz-Carlton Reserve branded residences. The regenerative tourism project will include development features such as an archipelago of more than 90 untouched natural islands, dormant volcanoes, sweeping desert dunes, mountains and wadis, and more than 1,600 cultural heritage sites.Jerome Briet, Chief Development Officer, Europe, Middle East & Africa, Marriott International, stated, "We are thrilled to bring our most luxurious brand, Ritz-Carlton Reserve, and its exemplary experience to the Middle East. Perfectly situated on one of the most anticipated regenerative tourism projects in the world, the resort will blend seclusion and sophistication to provide a highly personalized luxury escape."Increased Focus on Expansion Bodes WellMarriott is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in international markets. Moving ahead, the company plans to expand its global portfolio of luxury and lifestyle brands. At the end of first-quarter 2022, Marriott's development pipeline totaled nearly 2,878 hotels, with approximately 489,000 rooms. Nearly 201,400 rooms were under construction. During the quarter, the company added 75 new properties (11,799 rooms) to its worldwide lodging portfolio.In 2022, Marriott anticipates net rooms growth in the range of 3.5-4%. The hotel company is also trying to strengthen its presence outside the United States, especially in Asia, Latin America, the Middle East and Africa. The company’s European pipeline has grown consistently in the recent past and is expected to continue going forward.Price PerformanceImage Source: Zacks Investment ResearchComing to price performance, shares of Marriott have gained 5.7% in the past year against the industry’s fall of 9.9%. The company is benefiting from its focus on expansion initiatives, digital innovation and the loyalty program. Also, it is gaining from the reopening of the international borders and leniency in travel restrictions. Also, recovery in business transient and group demand bodes well. With global trends improving, the company expects the recovery momentum to continue in the upcoming periods as well. Earnings estimates for 2022 have increased in the past 30 days, depicting analysts’ optimism regarding the stock growth potential.Zacks Rank and Other Stocks to ConsiderMarriott currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Some other top-ranked stocks in the Zacks Consumer Discretionary sector are Civeo Corporation CVEO, Funko, Inc. FNKO and Bluegreen Vacations Holding Corporation BVH.Civeo sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 1,565.1%, on average. Shares of the company have increased 71.6% in the past year.The Zacks Consensus Estimate for CVEO’s 2022 sales and earnings per share (EPS) suggests growth of 12.5% and 1,450%, respectively, from the year-ago period’s levels.Funko carries a Zacks Rank #2 (Buy). FNKO has a trailing four-quarter earnings surprise of 78.7%, on average. Shares of the company have declined 29.9% in the past year.The Zacks Consensus Estimate for Funko’s current financial year sales and EPS suggests growth of 26.8% and 31%, respectively, from the year-ago period’s reported levels.Bluegreen Vacations carries a Zacks Rank #2. BVH has a trailing four-quarter earnings surprise of 85.9%, on average. The stock has increased 20.6% in the past year.The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 11.2% and 35.1%, respectively, from the year-ago period’s reported levels. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marriott International, Inc. (MAR): Free Stock Analysis Report Civeo Corporation (CVEO): Free Stock Analysis Report Funko, Inc. (FNKO): Free Stock Analysis Report Bluegreen Vacations Holding Corporation (BVH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 25th, 2022

Hunt Midwest sells The Vue multifamily community to JVM Realty

Hunt Midwest has announced the sale of The Vue, a Class-A luxury, multifamily apartment community in Overland Park, Kansas, to JVM Realty (JVM) out of Oak Brook, Illinois. The sale marks JVM’s first entry into the Johnson County submarket of Kansas City. The purchase will add to JVM’s seven properties on the... The post Hunt Midwest sells The Vue multifamily community to JVM Realty appeared first on Real Estate Weekly. Hunt Midwest has announced the sale of The Vue, a Class-A luxury, multifamily apartment community in Overland Park, Kansas, to JVM Realty (JVM) out of Oak Brook, Illinois. The sale marks JVM’s first entry into the Johnson County submarket of Kansas City. The purchase will add to JVM’s seven properties on the Missouri side of Kansas City and 19 total apartment communities throughout the Midwest.One of the first mixed-use redevelopment projects developed in historic Downtown Overland Park, The Vue offers 216,000 square feet of luxury apartment living for residents with a mix of 219 one- and two-bedroom units and 7,600 square feet of diverse retail offerings, including Parisi Coffee and Evolve Juicery & Kitchen. The Vue’s residents enjoy upscale amenities such as a 24-hour fitness center, saltwater pool, clubhouse with a full-service kitchen, business conference room, secure-structured parking garage, bike repair and storage room, covered outdoor bar and lounge, and pet spa. The community was named for its unique location, which offers panoramic views of Downtown Overland Park that almost reach downtown Kansas City. The Vue offers carefree living with walkability to Overland Park’s revitalized downtown retail, restaurant, and office district, the Farmer’s Market, and Matt Ross Community Center. With proximity to Interstates 35, 435, 635, and Highway 69, residents can easily access major employers and premier healthcare facilities. “The Vue has added immeasurable value to the greater Downtown Overland Park community by providing a diverse mix of retail options, luxury amenities, and walkability for residents,” said Hunt Midwest’s Senior Vice President of Residential Development, Brenner Holland. “The Vue’s unique location, quality construction, and extremely low vacancy allowed us to capture rent increases while still leaving potential upside for JVM.” “We’ve continued to see incredible demand for upscale multifamily in a mixed-use environment, and Hunt Midwest has the reputation, resources, and relationships to see those projects to fruition,” said Hunt Midwest’s President & CEO Ora Reynolds.“It’s been energizing to see the impact that The Vue has had on Downtown Overland Park’s resurgence. We look forward to continuing to shape the Kansas City landscape through new multifamily opportunities.”  The Vue reflects the ongoing revitalization efforts in Overland Park’s historic downtown district, which has continued to add prominent retailers and businesses to the area. Hunt Midwest’s expertise in developing infill multifamily was required due to the project’s high degree of complexity, which tied two disparate properties together on a two-acre plot of land utilizing Overland Park’s Downtown Form Based Code ordinance. KC-based architecture firm Hoefer Welker was the project’s architect-of-record with Lincoln, Nebraska-based engineering firm Olsson providing civil engineering and survey. The Vue received a Kansas City Business Journal Capstone Award in the multifamily category in 2020. Construction on the project completed in 2019. Hunt Midwest continues to develop Class-A multifamily as infill opportunities arise, including its next major development adjacent to the University of Kansas Medical Center Campus. The post Hunt Midwest sells The Vue multifamily community to JVM Realty appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 23rd, 2022

Onyx Equities Debuts Head-Turning Renovation at Gateway Center’s Grand Opening in Downtown Newark

On Thursday, May 19th, Onyx Equities was joined by Newark Mayor Ras Baraka and other Newark elected and civic leaders to unveil the new two-story “Jewel Box” entryway into Gateway Center, downtown Newark’s cornerstone redevelopment project that links three newly reimagined Class A office towers through a massive 100,000 square... The post Onyx Equities Debuts Head-Turning Renovation at Gateway Center’s Grand Opening in Downtown Newark appeared first on Real Estate Weekly. Newark Mayor Ras Baraka joined John Saraceno and Jon Schultz, Co-Founders and Managing Partners for Onyx Equities to reveal the Jewel Box entrance to Gateway Center.  The new two-story, glass enclosed entrance is part of a $60 million renovation that will change the way that commuters, visitors and residents interact with the building and the surrounding neighborhood.From Left to Right: John Saraceno, Mayor Ras Baraka, Jon Schultz. On Thursday, May 19th, Onyx Equities was joined by Newark Mayor Ras Baraka and other Newark elected and civic leaders to unveil the new two-story “Jewel Box” entryway into Gateway Center, downtown Newark’s cornerstone redevelopment project that links three newly reimagined Class A office towers through a massive 100,000 square foot retail/dining concourse known as The Junction, opening later this year. The event celebrates a pinnacle moment in Gateway’s transformation – one of the largest in New Jersey’s history, and Newark’s revitalization as an international center for commerce, culture and cuisine. “The new Jewel Box entryway and the larger Gateway redevelopment project are a testament to what New Jerseyans have always known: there is no better place in the world to live, work, and play,” said Governor Phil Murphy. “Visitors, employees, and families will all benefit from this game-changing development, which showcases some of the best dining options and recreational activities the Garden State has to offer. Now more than ever, Newark remains an internationally renowned commercial and cultural hub.” Located along Raymond Plaza West across from Newark Penn Station, the “Jewel Box” was designed as a welcoming beacon for all Newark visitors, employees, and residents, and will soon serve as the main entrance into The Junction, which will deliver an exciting combination of food options from Newark’s local culinary talent and well-known restauranteurs from across the Hudson River in late 2022. Recently announced restaurant tenants include Serafina, Mökbar, Brooklyn Dumpling Shop, Fresh & Co, Greek from Greece Bakery & Café, Farinella, 375˚ Chicken & Fries, Chip City Cookies, The Brookdale, among other notables – many of which were highlighted as part of the Grand Opening celebration. Additional fitness, educational, and wellness retailers will round out a total lifestyle program. “The Jewel Box is a state-of-the-art entrance to the Gateway Center, one of our city’s signature complexes,” Newark Mayor Ras J. Baraka said. “Adjoined with The Junction that opens later this year, it will showcase our excellence, hospitality, and diverse array of food to Newark residents, workforce, and visitors. “We are thankful to Onyx Equities for transforming such an important center in the heart of our downtown.” “We are opening The Jewel Box at a really exciting time when people are coming back to the office,” said Jonathan Schultz, Co-Founder and Principal at Onyx Equities. “This was not just about improving the pedestrian and employee experience within the complex; it is part of a larger overall reinterpretation of what Newark can be for businesses and residents looking for a thriving urban community.” “Our design intent was to activate the streetscape and create a welcoming connection to the community. Designed in the 1970s, Gateway was deliberately inward-facing with little connection to the life of the city, but Onyx’s new vision re-engages the community,” said Roger Smith, Design Director. “With street level local retailers, a landscaped public plaza and the two-story entrance hall across from Newark Penn Station, Gateway will become Newark’s new front door.” Comprised of some of the tallest buildings in the city, the transformation of the 2.3 million square foot, four-building Gateway Center complex is nothing short of spectacular. Inside and out, over $50 Million in capital improvements bring the vision of world-renowned architect Gensler to life, introducing a new exterior façade, modernized lobbies and common areas, tech-forward collaborative spaces, generous and flexible office build-out configurations, state-of-the-art post-COVID sanitation systems, a newly renovated parking garage, and a best-in-class retail experience that anticipates over 75,000 daily visitors once complete thanks to direct skybridge connectivity to Newark Penn Station, a Doubletree by Hilton, One Riverfront Center, Panasonic’s Corporate Headquarters, and several new residential developments under construction. “Gateway is on course to be New Jersey’s premier office and dining destination – the first of its kind in our state,” said Matthew P. Flath, vice president of asset management at Onyx Equities. “We know we’re hitting the right note because we’re attracting world-renowned restaurants like Serafina and celebrity chefs like Esther Choi of Mökbar, as well our top-tier regional and local culinary talent.” Appealing to a wide audience, the development also plays a major day-to-day role in the immediate area where there is a growing population of 300,000, a daytime workforce population of 200,000 and 58,000 riders who board at Newark Penn Station daily. In addition, more than 60,000 vehicles pass The Junction at Gateway Center along McCarter Highway each day. Prudential Center, home of the New Jersey Devils and Seton Hall Pirates Basketball, is directly across the street and four major universities with over 50,000 students are nearby. To learn more about Gateway Center, visit GatewayNJ.com. For retail leasing inquiries at The Junction, contact Jason Pierson and Ryan Starkman of Pierson Commercial Real Estate at (927) 823-4800. For information about Class A office opportunities within 1, 2 & 4 Gateway Center, contact Tim Greiner and Blake Goodman of JLL at (732) 707-6900 x5. The post Onyx Equities Debuts Head-Turning Renovation at Gateway Center’s Grand Opening in Downtown Newark appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 21st, 2022

Catalent"s (CTLT) New Launch to Enhance Gene Therapy Development

Catalent's (CTLT) latest launch is expected to provide a reliable, reproducible and scalable path to clinic to its customers. Catalent, Inc. CTLT has recently introduced its new UpTempo Virtuoso platform process. The platform is designed for the development and CGMP (current good manufacturing practices) manufacturing of adeno-associated viral (“AAV”) vectors.    It is worth mentioning that the suspension-based UpTempo Virtuoso platform includes optimized standard protocols for cell culture, transfection and downstream purification. It also includes a standardized bill of materials to streamline the critical supply chain and material qualification.The latest launch is expected to help Catalent significantly strengthen its foothold in the global cell and gene therapy business, a component of the company’s broader Biologics segment.Significance of the LaunchThe UpTempo Virtuoso platform is expected to standardize and simplify various time-consuming steps in AAV manufacturing. This is likely to significantly lessen the timeline from gene to clinic and enable rapid first-in-human clinical evaluation.The new platform has been developed to deliver a CGMP-ready enhanced process capable of yielding drug products for clinical evaluation in nine months. This will potentially reduce the conventional development pathway considerably, thereby helping manage more predictable conclusions. Apart from this, customers using this new process will have access to Catalent’s integrated supply chain of plasmid DNA (pDNA), thereby offering further possibilities to cut development timelines.    Per management, the new process has been designed with the aim of providing Catalent’s customers with a reliable, reproducible and scalable path to clinic. Management has also confirmed that with the expansion of the gene therapy pipeline to a broader disease portfolio and in anticipation of increasing regulatory requirements, the company’s enhanced CGMP manufacturing process has been developed to meet robust regulatory submission guidelines for AAV gene therapy products while providing customers with the advantage of reduced timelines.Industry ProspectsPer a report by Research and Markets, the global cell and gene therapy market was valued at $4.99 billion in 2021 and is anticipated to reach $36.92 billion by 2027 at a CAGR of approximately 39.6%. Factors like increasing incidences of rare and chronic diseases, advancements in cell and gene therapy, and rising number of clinical trials are likely to drive the market.Given the market potential, the latest launch is expected to significantly strengthen Catalent’s global business.Notable Developments in BiologicsIn April, Catalent acquired Erytech Pharma’s commercial-scale cell therapy manufacturing facility in Princeton, NJ. The deal includes an exclusive long-term supply agreement for Catalent to support Erytech’s lead product candidate, eryaspase (GRASPA), which is currently in late-stage development for the treatment of acute lymphoblastic leukemia.The same month, Catalent announced the acquisition of a biologics development and manufacturing facility currently under construction near Oxford, U.K., from Vaccine Manufacturing and Innovation Centre UK Limited. This facility addition is expected to expand Catalent’s presence in the U.K. and across Europe.In March, Catalent announced the completion of a $30-million (€27 million) project at its facility in Limoges, France. The project completion is expected to convert the site into a European center of excellence for biopharmaceutical development, drug product fill/finish services and packaging.Price PerformanceShares of the company has lost 5.6% in the past year compared with the industry’s 33.2% decline and the S&P 500's 6.1% fall.Image Source: Zacks Investment ResearchZacks Rank & Key PicksCurrently, Catalent carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader medical space include Omnicell, Inc. OMCL, Patterson Companies, Inc. PDCO and AMN Healthcare Services, Inc. AMN.Omnicell, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 16%. OMCL’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters, the average beat being 13.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Omnicell has lost 20.1% compared with the industry’s 44.8% fall over the past year.Patterson Companies has an estimated long-term growth rate of 9.9%. PDCO’s earnings surpassed estimates in three of the trailing four quarters, the average beat being 2.7%. It currently carries a Zacks Rank #2.Patterson Companies has lost 11.1% compared with the industry’s 7.4% fall over the past year.AMN Healthcare has an estimated long-term growth rate of 1.1%. AMN’s earnings surpassed estimates in the trailing four quarters, the average beat being 15.6%. It currently sports a Zacks Rank #1.AMN Healthcare has lost 1.1% compared with the industry’s 63.4% fall over the past year. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +25.4% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Omnicell, Inc. (OMCL): Free Stock Analysis Report Patterson Companies, Inc. (PDCO): Free Stock Analysis Report AMN Healthcare Services Inc (AMN): Free Stock Analysis Report Catalent, Inc. (CTLT): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksMay 20th, 2022

More money for convention center? Lawmakers are skeptical after revelation on debt cost

Requests for St. Louis County to allocate more money to the downtown convention center expansion are likely to face an uphill climb, particularly after the revelation that taxpayers will spend more on debt for the project after a delay in issuing bonds, two lawmakers said Thursday......»»

Category: topSource: bizjournalsMay 19th, 2022

GDS Holdings Limited Reports First Quarter 2022 Results

SHANGHAI, China, May 18, 2022 (GLOBE NEWSWIRE) -- GDS Holdings Limited ("GDS Holdings", "GDS" or the "Company") (NASDAQ:GDS, HKEX: 9698)), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the first quarter ended March 31, 2022. First Quarter 2022 Financial Highlights Net revenue increased by 31.5% year-over-year ("Y-o-Y") to RMB2,243.6 million (US$353.9 million) in the first quarter of 2022 (1Q2021: RMB1,706.0 million). Service revenue increased by 31.6% Y-o-Y to RMB2,243.5 million (US$353.9 million) in the first quarter of 2022 (1Q2021: RMB1,704.5 million). Net loss was RMB373.3 million (US$58.9 million) in the first quarter of 2022, compared with a net loss of RMB278.7 million in the first quarter of 2021. Adjusted EBITDA (non-GAAP) increased by 28.5% Y-o-Y to RMB1,051.2 million (US$165.8 million) in the first quarter of 2022 (1Q2021: RMB817.9 million). See "Non-GAAP Disclosure" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. Adjusted EBITDA margin (non-GAAP) decreased to 46.9% in the first quarter of 2022 (1Q2021: 47.9%). Operating Highlights1 Total area committed and pre-committed by customers increased by 18,188 square meters ("sqm") in the first quarter of 2022, to reach 575,009 sqm as of March 31, 2022, an increase of 24.5% Y-o-Y (March 31, 2021: 461,823 sqm). Area in service increased by 4,461 sqm in the first quarter of 2022, to reach 492,344 sqm as of March 31, 2022, an increase of 36.6% Y-o-Y (March 31, 2021: 360,542 sqm). Commitment rate for area in service was 95.3% as of March 31, 2022 (March 31, 2021: 95.0%). Area under construction was 168,128 sqm as of March 31, 2022 (March 31, 2021: 170,149 sqm). Pre-commitment rate for area under construction was 63.1% as of March 31, 2022 (March 31, 2021: 70.0%). Area utilized by customers increased by 12,545 sqm in the first quarter of 2022, to reach 332,019 sqm as of March 31, 2022, an increase of 32.2% Y-o-Y (March 31, 2021: 251,063 sqm). Utilization rate for area in service was 67.4% as of March 31, 2022 (March 31, 2021: 69.6%). "We kicked off 2022 with a solid first quarter," said Mr.William Huang, Chairman and Chief Executive Officer. "During the first quarter, we secured over 18,000 sqm of new bookings and further cemented our leading position in China's Tier 1 markets through both organic and acquisition-driven growth. In addition, we progressed our regionalization plan to deepen our presence in Southeast Asia through our partnership with YTL for green data center campus development in Malaysia, creating a unique platform with access to renewable energy in this emerging digital region." "We maintained a steady financial performance in the first quarter, achieving a revenue increase of 31.5% and Adjusted EBITDA growth of 28.5% year-over-year, " commented Mr. Dan Newman, Chief Financial Officer. "Our Adjusted EBITDA margin was 46.9% compared with 47.0% last quarter. Additionally, we raised US$620 million during the first quarter through a private convertible senior note and obtained debt financing and refinancing facilities of around US$532 million to continue building our capital base to support future business growth." First Quarter 2022 Financial Results Net revenue in the first quarter of 2022 was RMB2,243.6 million (US$353.9 million), a 31.5% increase over the first quarter of 2021 of RMB1,706.0 million and a 2.6% increase over the fourth quarter of 2021 of RMB2,187.4 million. Service revenue in the first quarter of 2022 was RMB2,243.5 million (US$353.9 million), a 31.6% increase over the first quarter of 2021 of RMB1,704.5 million and a 2.6% increase over the fourth quarter of 2021 of RMB2,185.9 million. The increase over the previous quarter was mainly due to the full quarter revenue contribution from additional area utilized in the previous quarter and the contribution from 12,545 sqm of net additional area utilized in the first quarter of 2022, mainly related to the Beijing 8 ("BJ8"), Langfang 3 ("LF3"), Langfang 10 ("LF10") and Nantong 3 ("NT3") data centers. Cost of revenue in the first quarter of 2022 was RMB1,757.2 million (US$277.2 million), a 34.2% increase over the first quarter of 2021 of RMB1,309.1 million and a 3.4% increase over the fourth quarter of 2021 of RMB1,700.1 million. The increase over the previous quarter was mainly due to an increase in utility cost as a result of higher power consumption due to higher area utilized and higher power tariffs following the power market reform initiated during the previous quarter, and an increase in depreciation and amortization cost related to the full quarter contribution from new data centers coming into service in the previous quarter, as well as new data centers coming into service in the first quarter of 2022, namely Changshu 2 ("CS2") Phase 2 and Wuhan 1 ("WH1") Phase 1 (through acquisition) data centers. Gross profit was RMB486.4 million (US$76.7 million) in the first quarter of 2022, a 22.6% increase over the first quarter of 2021 of RMB396.9 million, and a 0.2% decrease over the fourth quarter of 2021 of RMB487.3 million. The slight decrease over the previous quarter was mainly due to higher power tariffs leading to higher utility cost as a result of the power market reform initiated during the previous quarter, and higher depreciation and amortization cost related to new data centers coming into service during the fourth quarter of 2021 and the first quarter of 2022. Gross profit margin was 21.7% in the first quarter of 2022, compared with 23.3% in the first quarter of 2021, and 22.3% in the fourth quarter of 2021. The decrease over the previous quarter was mainly due to higher power tariffs as a result of the power market reform initiated during the previous quarter, and higher depreciation and amortization cost related to new data centers coming into service during the fourth quarter of 2021 and the first quarter of 2022. Adjusted Gross Profit ("Adjusted GP") (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,174.6 million (US$185.3 million) in the first quarter of 2022, a 26.6% increase over the first quarter of 2021 of RMB928.0 million and a 2.3% increase over the fourth quarter of 2021 of RMB1,148.4 million. See "Non-GAAP Disclosure" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. Adjusted GP margin (non-GAAP) was 52.4% in the first quarter of 2022, compared with 54.4% in the first quarter of 2021, and 52.5% in the fourth quarter of 2021. The Adjusted GP margin stayed at a similar level as the previous quarter, which is an outcome of higher power tariffs leading to higher utility cost partially offset by a decrease of other cash costs in cost of revenue. Selling and marketing expenses, excluding share-based compensation expenses of RMB13.0 million (US$2.0 million), were RMB28.6 million (US$4.5 million) in the first quarter of 2022, a 40.2% increase from the first quarter of 2021 of RMB20.4 million (excluding share-based compensation of RMB15.3 million) and a 3.8% decrease from the fourth quarter of 2021 of RMB29.7 million (excluding share-based compensation of RMB12.4 million). The decrease over the previous quarter was primarily due to a decrease in marketing activities during the Chinese New Year season. General and administrative expenses, excluding share-based compensation expenses of RMB52.6 million (US$8.3 million), depreciation and amortization expenses of RMB121.1 million (US$19.1 million) and operating lease cost relating to prepaid land use rights of RMB20.7 million (US$3.3 million), were RMB105.3 million (US$16.6 million) in the first quarter of 2022, a 4.2% increase over the first quarter of 2021 of RMB101.1 million (excluding share-based compensation expenses of RMB59.7 million, depreciation and amortization expenses of RMB62.1 million and operating lease cost relating to prepaid land use rights of RMB8.2 million) and a 9.4% decrease from the fourth quarter of 2021 of RMB116.2 million (excluding share-based compensation of RMB50.8 million, depreciation and amortization expenses of RMB104.5 million, and operating lease cost relating to prepaid land use rights of RMB9.3 million). The decrease over the previous quarter was mainly due to a lower level of professional fees related to acquisitions. Research and development costs were RMB9.8 million (US$1.5 million) in the first quarter of 2022, compared with RMB9.3 million in the first quarter 2021 and RMB12.4 million in the fourth quarter of 2021. Net interest expenses for the first quarter of 2022 were RMB453.5 million (US$71.5 million), a 26.8% increase over the first quarter of 2021 of RMB357.7 million and a 2.4% increase over the fourth quarter of 2021 of RMB442.8 million. The increase over the previous quarter was mainly due to higher interest expenses on increased total gross debt balance to finance data center capacity expansion. Foreign currency exchange loss for the first quarter of 2022 was RMB4.7 million (US$0.7 million), compared with a gain of RMB1.2 million in the first quarter of 2021 and a loss of RMB3.9 million in the fourth quarter of 2021. Others, net for the first quarter of 2022 was RMB21.5 million (US$3.4 million), compared with RMB16.3 million in the first quarter of 2021 and RMB37.2 million in the fourth quarter of 2021. Net loss in the first quarter of 2022 was RMB373.3 million (US$58.9 million), compared with a net loss of RMB278.7 million in the first quarter of 2021 and a net loss of RMB312.9 million in the fourth quarter of 2021. Adjusted EBITDA (non-GAAP) is defined as net loss excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses and gain from purchase price adjustment. Adjusted EBITDA was RMB1,051.2 million (US$165.8 million) in the first quarter of 2022, a 28.5% increase over the first quarter of 2021 of RMB817.9 million and a 2.3% increase over the fourth quarter of 2021 of RMB1,027.4 million. Adjusted EBITDA margin (non-GAAP) was 46.9% in the first quarter of 2022, compared with 47.9% in the first quarter of 2021, and 47.0% in the fourth quarter of 2021. The slight decrease over the previous quarter was mainly due to higher power tariffs leading to higher utility cost partially offset by a lower level of corporate expenses during the quarter. Basic and diluted loss per ordinary share in the first quarter of 2022 was RMB0.39 (US$0.06), compared with RMB0.21 in the first quarter of 2021, and RMB0.24 in the fourth quarter of 2021. Basic and diluted loss per American Depositary Share ("ADS") in the first quarter of 2022 was RMB3.15 (US$0.50), compared with RMB1.66 in the first quarter of 2021, and RMB1.92 in the fourth quarter of 2021. Each ADS represents eight Class A ordinary shares. Sales Total area committed and pre-committed at the end of the first quarter of 2022 was 575,009 sqm, compared with 461,823 sqm at the end of the first quarter of 2021 and 556,822 sqm at the end of the fourth quarter of 2021, an increase of 24.5% Y-o-Y and 3.3% quarter-over-quarter ("Q-o-Q"), respectively. In the first quarter of 2022, net additional total area committed was 18,188 sqm, including significant contributions from the Shanghai 18 ("SH18") Phase 1, Beijing 14 ("BJ14") Phase 1, Beijing 21 ("BJ21") and Beijing 22 ("BJ22") data centers. Data Center Resources Area in service at the end of the first quarter of 2022 was 492,344 sqm, compared with 360,542 sqm at the end of the first quarter of 2021 and 487,883 sqm at the end of the fourth quarter of 2021, an increase of 36.6% Y-o-Y and 0.9% Q-o-Q. In the first quarter of 2022, CS2 Phase 2 and WH1 Phase 1 (through acquisition) data centers came into service. Area under construction at the end of the first quarter of 2022 was 168,128 sqm, compared with 170,149 sqm at the end of the first quarter of 2021 and 161,515 sqm at the end of the fourth quarter of 2021, a decrease of 1.2% Y-o-Y and an increase of 4.1% Q-o-Q, respectively. In the first quarter of 2022, construction commenced on the SH18 Phase 1 and WH1 Phase 2 data centers. SH18 Phase 1 is the first phase of SH18 data center at the same site as our Shanghai 16 and Shanghai 17 data centers in the Minhang District of Shanghai. SH18 Phase 1 will yield a net floor area of 6,680 sqm and is 67.5% pre-committed. It is expected to come into service in the second half of 2022. WH1 Phase 2 is the second and final phase of WH1 data center which the Company completed the acquisition of during the first quarter of 2022. WH1 Phase 2 will yield a net floor area of 2,800 and is expected to come into service in the first half of 2023. Commitment rate for area in service was 95.3% at the end of the first quarter of 2022, compared with 95.0% at the end of the first quarter of 2021 and 93.8% at the end of the fourth quarter of 2021. Pre-commitment rate for area under construction was 63.1% at the end of the first quarter of 2022, compared with 70.0% at the end of the first quarter of 2021 and 61.3% at the end of the fourth quarter of 2021. Area utilized at the end of the first quarter of 2022 was 332,019 sqm, compared with 251,063 sqm at the end of the first quarter of 2021 and 319,475 sqm at the end of the fourth quarter of 2021, an increase of 32.2% Y-o-Y and 3.9% Q-o-Q. Net additional area utilized was 12,545 sqm in the first quarter of 2022, which mainly came from additional area utilized in the BJ8, LF3, LF10 and NT3 data centers. Utilization rate for area in service was 67.4% at the end of the first quarter of 2022, compared with 69.6% at the end of the first quarter of 2021 and 65.5% at the end of the fourth quarter of 2021. During the first quarter of 2022, the Company completed its previously announced acquisition of 100% equity interest in target companies which are developing a data center site in Wuhan, Hubei Province, containing two data centers, WH1 and Wuhan 2 ("WH2"). The two data centers will yield an aggregate net floor area of approximately 8,400 sqm once fully developed. WH1 Phase 1, with a net floor area of 1,400 sqm, is currently in service and 100% committed. WH1 Phase 2, with a net floor area of 2,800 sqm, is currently under construction. WH2, with a potential net floor area of 4,200 sqm, is currently held for future development. During the first quarter of 2022, the Company completed its previously announced acquisition of a greenfield site in the Nusajaya Tech Park, Johor, Malaysia, immediately adjacent to Singapore. The Company intends to develop the site into a data center campus comprising a total net floor area of approximately 18,000 sqm, or 54 MW of total IT power capacity, according to the initial design. The first phase of the development, with an IT power capacity of 18 MW, is expected to be delivered in 2024. During the first quarter of 2022, the Company completed its previously announced acquisition of a greenfield site in the Nongsa Digital Park, located in Batam, Indonesia, approximately 25 km from Singapore. The Company plans to construct two new data center buildings on the site, comprising a total net floor area of approximately 10,000 sqm or 28 MW of total IT power capacity. The Company expects to secure a supply of renewable energy to support the data center site. The development of a data center campus in Nongsa Digital Park will complement the Company's existing project in the Nusajaya Tech Park, Johor, Malaysia forming a strong core for its "Singapore Plus" strategy in the region. During the first quarter of 2022, the Company completed its previously announced acquisition of a majority equity interest in a target company which owns greenfield land in the Xianghe County of Langfang in Hebei Province, namely Xianghe Land Site 1. The target company has already obtained required energy quota and other approvals for data center development on the site. Approximately 10 km to the east of Tongzhou District of Beijing, the site is well located to serve the Beijing market. Xianghe Land Site 1 has a land area of approximately 65,000 sqm and, once fully developed, it will yield a net floor area of approximately 30,000 sqm. It is currently held for future development. The Company will subsequently acquire all the remaining minority equity interest in the target company when certain conditions are met. During the first quarter of 2022, as previously announced, the Company entered into a definitive agreement for the lease of a purpose-built building shell (currently under construction by the landlord) in Hong Kong which will house our Hong Kong 3 ("HK3") data center. HK3 is located in West Kowloon, approximately 3 km from the Company's existing Hong Kong 1 ("HK1"), Hong Kong 2 ("HK2") and Hong Kong 4 ("HK4") data center cluster in the Kwai Chung area. HK3 will yield a net floor area of 7,265 sqm. It is expected to be delivered in the second half of 2024, ensuring that we will have continuous new capacity across four purpose-built data centers coming into service in Hong Kong through 2022 to 2025. On March 8, 2022 the Company closed its previously announced sale of US$620 million in aggregate principal amount of 0.25% convertible senior notes due 2029 (the "Notes") to Sequoia China Infrastructure Fund I ("SCIF"), ST Telemedia Global Data Centres ("STT GDC"), and an Asian sovereign wealth fund which has a strategic relationship with GDS (collectively, the "Investors"). In conjunction with SCIF's investment in the Notes, GDS and Sequoia Capital China (together with its affiliates, "Sequoia China") have entered into a Strategic Cooperation Agreement pursuant to which GDS and Sequoia China will identify and pursue collaborative opportunities for business synergies between GDS and Sequoia China; the development and implementation of GDS's regionalization strategy; and strategic acquisitions and investments in the internet data center business in China and overseas. Liquidity As of March 31, 2022, cash was RMB11,320.9 million (US$1,785.8 million). Total short-term debt was RMB6,793.1 million (US$1,071.6 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB6,242.3 million (US$984.7 million) and the current portion of finance lease and other financing obligations of RMB550.8 million (US$86.9 million). Total long-term debt was RMB33,983.9 million (US$5,360.8 million), comprised of long-term borrowings (excluding current portion) of RMB19,594.1 million (US$3,090.9 million), convertible bonds of RMB5,804.5 million (US$915.6 million) and the non-current portion of finance lease and other financing obligations of RMB8,585.4 million (US$1,354.3 million). During the first quarter of 2022, the Company obtained new debt financing and re-financing facilities of RMB3,369.5 million (US$531.5 million), and further raised $US620 million from a convertible bond issuance. Recent Developments Shenzhen 11 AcquisitionThe Company has recently completed its previously announced acquisition of 100% equity interest in a target company which has developed a data center in the Longhua District of Shenzhen, Shenzhen 11 ("SZ11"). SZ11 will yield a net floor area of approximately 7,089 sqm. It is a scarce resource in a Tier 1 core location which the Company believes is highly marketable. Partnership with YTL for green data center campus development in Johor, MalaysiaThe Company recently signed a partnership with YTL Power International Berhad ("YTL Power"), an international multi-utility infrastructure group, to co-develop 168 MW of data center capacity, across 8 individual data center facilities, at the upcoming YTL Green Data Center Park in Johor, Malaysia. The first phase of the co-development will enter service in 2024. YTL Green Data Center Park ("the Park") is a visionary project initiated by YTL Data Center Holdings Pte. Ltd., a wholly-owned subsidiary of YTL Power. Located in Kulai, Johor, approximately 30 kilometres from the cities of Johor Bahru and Singapore, the Park will comprise 500 MW of total data center capacity integrated with an equivalent amount of solar power generation. It is the first hyperscale data center campus in Malaysia to be powered by on-site renewable energy. GDS's presence at the YTL Green Data Center Park will complement its hyperscale data center projects at Nusajaya Tech Park, Johor, Malaysia and Nongsa Digital Park, Batam, Indonesia. Ulanqab 1 to become a B-O-T joint venture data centerThe Company recently signed a share purchase agreement for the sale of a 49% equity interest in the project company of Ulanqab 1 ("UL1"), a build-operate-transfer ("B-O-T") data center, under the new master joint venture agreement signed between GDS and GIC in the third quarter of 2021. Once the transaction is completed, UL1 will become the second B-O-T joint venture data center with GDS owning 51% equity interest and GIC owning 49%, after HL1 Phase 1 data center. Business Outlook The Company confirms that the previously provided guidance for total revenues of RMB9,320 – RMB9,680 million, adjusted EBITDA of RMB4,285 – RMB4,450 million and capex of around RMB12,000 million for the year of 2022 remain unchanged. This forecast reflects the Company's preliminary view on the current business situation and market conditions, which are subject to change. Conference Call Management will hold a conference call at 8:00 p.m. U.S. Eastern Time on May 18, 2022 (8:00 a.m. Beijing Time on May 19, 2022) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing: United States: +1-833-239-5565 International: +65-6713-5590 Hong Kong: +852-3018-6771 Mainland China: 400-820-5286 Conference ID: 1699103 Participants should dial in at least 15 minutes before the scheduled start time and provide the Conference ID to the Operator to be connected to the conference. Due to conditions surrounding the outbreak of COVID-19, participants may experience longer than normal hold period before being assisted to join the call. The Company thanks everyone in advance for their patience and understanding. A telephone replay will be available approximately two hours after the call until May 26, 2022 09:59 AM U.S. ET by dialing: United States: +1-646-254-3697 International: +61-2-8199-0299 Hong Kong: +852-3051-2780 Mainland China: 400-820-9035 Replay Access Code: 1699103 A live and archived webcast of the conference call will be available on the Company's investor relations website at investors.gds-services.com. Non-GAAP Disclosure Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance, whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company's core operating performance. We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses and gain from purchase price adjustment, each of which have been and may continue to be incurred in our business. We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB 6.3393 to US$1.00, the noon buying rate in effect on March 31, 2022 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. Statement Regarding Preliminary Unaudited Financial Information The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information. About GDS Holdings Limited GDS Holdings Limited (NASDAQ:GDS, HKEX: 9698)) is a leading developer and operator of high-performance data centers in China. The Company's facilities are strategically located in China's primary economic hubs where demand for high-performance data center services is concentrated. The Company also builds, operates and transfers data centers at other locations selected by its customers in order to fulfill their broader requirements. The Company's data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access all the major PRC telecommunications networks, as well as the largest PRC and global public clouds which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 21-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company's customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "continue," "estimate," "expect," "future," "guidance," "intend," "is/are likely to," "may," "ongoing," "plan," "potential," "target," "will," and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings' beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings' strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings' actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings' goals and strategies; GDS Holdings' future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China; GDS Holdings' expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings' expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the continued adoption of cloud computing and cloud service providers in China; risks and uncertainties associated with increased investments in GDS Holdings' business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings' ability to maintain or grow its revenue or business; fluctuations in GDS Holdings' operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings' business operations; competition in GDS Holdings' industry in China; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, the impact of the COVID-19 outbreak, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings' filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: GDS Holdings LimitedLaura ChenPhone: +86 (21) 2029-2203Email: ir@gds-services.com The Piacente Group, Inc.Ross WarnerPhone: +86 (10) 6508-0677Email: GDS@tpg-ir.com Brandi PiacentePhone: +1 (212) 481-2050Email: GDS@tpg-ir.com GDS Holdings Limited GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))               As ofDecember 31, 2021 As of March 31, 2022     RMB RMB US$             Assets       Current assets         Cash 9,968,109   11,320,911   1,785,830     Accounts receivable, net of allowance for doubtful accounts 1,732,686   2,313,110   364,884     Value-added-tax ("VAT") recoverable 229,090   243,739   38,449  .....»»

Category: earningsSource: benzingaMay 18th, 2022

Interim report January 1 - March 31, 2022

STOCKHOLM, May 18, 2022 /PRNewswire/ --"In the first quarter of 2022, license revenue rose 35 percent and support revenue rose 24 percent. Operating profit amounted to SEK 30 M (12)." Johan Löf, CEO of RaySearch FIRST QUARTER (JANUARY – MARCH 2022) Order intake SEK 272.5 M (145.1) Net sales SEK 208.1 M (162.1) Operating profit SEK 29.6 M (12.3) Profit after tax SEK 19.3 M (7.1) Earnings per share before/after dilution SEK 0.56 (0.21) Cash flow SEK 35.3 M (32.8) Order backlog SEK 1,488.7 M (1,207.1) at the end of the period SIGNIFICANT EVENTS DURING THE FIRST QUARTER In January, RaySearch signed an agreement with Proton International Arkansas to provide RayStation at the UAMS Radiation Oncology Center. In February, the Charles-Le Moyne hospital in Canada placed an order for RayStation, which will become the hospital's primary treatment planning system. The COVID-19 pandemic The negative effect of the pandemic on RaySearch's sales appears to be weakening as the pandemic subsides. In Asia, market conditions normalized and conditions improved in Europe and the US during the quarter. However, it remains difficult to say how the pandemic will affect the coming quarters with any great certainty. SIGNIFICANT events AFTER THE END OF THE REPORTING PERIOD In April, Hong Kong Sanatorium & Hospital placed an order for RayStation, thereby becoming RaySearch's first customer in Hong Kong within the proton therapy segment. In April, Seoul National University Hospital placed an order for RayStation. In April, Mevion China placed an order for RayStation, which it sold together with Mevion's proton therapy system to Tongji Hospital in Wuhan in China. In May, RaySearch entered into an agreement with GE Healthcare to develop a new radiation therapy simulation and treatment planning workflow solution. In May, RayCare was taken into clinical use with Accuray's CyberKnife treatment delivery system at Swiss Medical Network in Switzerland. CFO Torbjörn Wingårdh left RaySearch financial SUMMARY1                                                                                                               AMOUNTS IN SEK 000s                                                                                                             JAN-MAR                                                                         APR 2021-                                                                                                             FULL-YEAR                                                                                         2022       2021                                                                           MAR 2022                                         2021                                                                             Net sales                                         208,149       162,102       687,720       641,673                                                                             Operating profit/loss                                         29,564       12,261       -36,038       -53,341                                                                             Operating margin, %                                         14.2       7.6       -5.2       -8.3                                                                             Profit/loss for the period                                         19,298       7,110       -35,127       -47,315                                                                             Earnings/loss per share before/after dilution, SEK                                         0.56       0.21       -1.02       -1.38                                                                             Cash flow from operating activities                                         125,787       104,332       259,617       238,162                                                                             Cash flow for the period                                         35,320       32,840       -69,223       -71,703                                                                             Return on equity, %                                         2.9       1.0       -5.3       -7.3                                                                             Equity/assets ratio, %, at the end of the period                                         38.9       52.7       38.9       37.3                                                                             Share price at the end of the period, SEK                                         51.7       89.5       51.7       56.5     1 For definitions of key ratios, see page 20.  HIGHEST EVER FIRST QUARTER SALES The pandemic had a negative impact on our sales, but we could see clear signs of a recovery already in the fourth quarter of 2021 and are delighted to note that this positive trend has continued. During the year's first quarter, we witnessed an increase in order intake of 88 percent compared with the year-on-year period and RaySearch's sales were at the highest ever level for a first quarter, SEK 208 M. In addition, EBIT totaled SEK 30 M, representing an operating margin of 14 percent. We also had more opportunities to meet customers face-to-face as travel restrictions were lifted in many countries. The positive signals are in line with our expectations and I am optimistic about a stabilization in market conditions and a return to normal circumstances, even though the pandemic is not yet completely behind us. A few days ago, we returned from one of our industry's main trade fairs, ESTRO, which was a highly positive experience. There was a palpable energy among the many visitors to our booth and great interest in our products, with many demonstrations and a large number of fruitful partnership discussions. NEW ORDERS STRENGTHEN LEADING POSITION IN PROTON MARKET Treatment planning for particle treatments (protons/carbon ions/BNCT) is an important focus area for RaySearch and today RayStation has a global market share of more than 60 percent. This position was also strengthened by several important orders, including from Hong Kong Sanatorium & Hospital, Seoul National University Hospital (SNUH) and Proton International Arkansas. Another important order, though not in proton therapy, was from Charles-Le Moyne in Canada. The hospital's cancer clinic has used RayStation since 2018 and has now ordered additional licenses as well as upgrades to the system. We have seen a sharp increase in interest for RayCare. In addition to that fact that RayCare is seen as a next generation oncology information system, this was mainly driven by three factors. The first is the positive feedback provided by reference customers, such as Swiss Medical Network in Switzerland and UZ Leuven in Belgium. Furthermore, we can see that RaySearch's strong offering in proton therapy – which has given us a market-leading position – means new, potential proton customers look upon RayCare as an attractive alternative. Lastly, we expect to see increased interest when it becomes possible to connect RayCare to Varian's TrueBeam later in the year. We believe most interest in acquiring RayCare will be shown by centers with treatment machines from several different manufacturers. RAYCOMMAND IN CLINICAL USE An important milestone was reached in April when RaySearch's latest product, RayCommand, was taken into clinical use for the first time, which occurred at MedAustron in Austria. MedAustron has used RayStation for some time to plan carbon ion therapy, which is the most advanced form of radiation therapy. RaySearch and MedAustron have had a unique and close cooperation for several years in the development of RayCommand and it is very gratifying to see how this has now resulted in a new and innovative product. Earlier this spring, MedAustron also took RayCare into clinical use and therefore became the first center in the world to use the three systems – RayStation, RayCare and RayCommand – together to treat patients. The RayCommand treatment delivery system serves as a link between the treatment machine, RayStation and RayCare and also coordinates and orchestrates the other systems at the center, such as imaging systems, beam delivery systems and the patient positioning systems. Another key milestone after the end of the quarter was that Swiss Medical Network in Switzerland treated its first patient using Accuray's CyberKnife treatment delivery system together with RayStation and RayCare. In addition to these two extraordinary events, product development is progressing according to plan for all products and RayStation and RayCare are both in the final phase ahead of their half-year launches in June. WELL POSITIONED FOR GROWTH The cost-saving program initiated in autumn 2021 is continuing and we can see a clear reduction in costs for travel and events as well as a slight decrease in personnel costs as a result of the continued recruitment freeze. Given all of the positive signals from the market, I am optimistic about the future. Concurrently, I am retaining a realistic view of business, well aware of the fact that we have yet to fully leave the pandemic behind us. We will therefore continue along the route we have set, focusing on sales, product development and cost control. With this strategy, combined with improving market conditions, a quarter with strong figures and an order backlog that once again achieved a new peak (SEK 1,489 M), we have an solid foundation for a return to growth during the year. Stockholm, May 18, 2022 Johan Löf CEO and founder Financial information RaySearch operates in a market with uneven order flows where large individual orders can have a substantial impact on revenue recognition between the quarters and, because the company has limited (less than 10 percent) variable costs for license revenue, operating profit is affected by an amount that is nearly as high. For this reason, a longer perspective than a few quarters should be taken.  order intake and order backlog In the first quarter of 2022, order intake rose 87.8 percent year-on-year to SEK 272.5 M (145.1). License order intake increased 68.5 percent to SEK 131.4 M (78.0) while order intake for support increased 128.8 percent to SEK 111.2 M (48.6).                                                                                                               Order intake (amounts in SEK M)                                                                                                             Q1-22                                                                                                             Q4-21                                                                                                             Q3-21                                                                                                             Q2-21                                                                                                             Q1-21                                                                                                             Rolling 12 months                                                                                                             Full-year 2021                                                                                                                                                             Licenses                                         131.4       170.9       46.2       55.6       78.0       404.1       350.7                                                                             Hardware                                         24.1       35.7       7.9       9.3       12.1       77.0       65.0                                                                             Support (incl. warranty support)                                         111.2       130.7       69.1       116.6       48.6       427.6       365.0                                                                             Training and other                                         5.8       7.7       4.7       8.2       6.5       26.4       27.1                                                                             Total order intake                                         272.5       345.0       127.9       189.8       145.1       935.1       807.8                                                                             Order backlog (amounts in SEK M)                                                                                                             Q1-22                                                                                                             Q4-21                                                                                                             Q3-21                                                                                                             Q2-21                                                                                                             Q1-21                                                                                                             Licenses                                         184.1       176.6       105.3       115.0       129.6                                                                           Hardware                                         74.2       66.2       38.4       36.9       48.5                                                                           Support (incl. warranty support)                                         1,159.9       1,053.3       1,009.2       1,001.7       974.2                                                                           Training and other                                         70.5       66.8       59.5       59.9       54.8                                                                           Total order backlog at the end of the period                                         1,488.7       1,362.9       1,212.4       1,213.4       1,207.1     At March 31, 2022, the total order backlog was SEK 1,488.7 M (1,207.1), which is expected to generate revenue of approximately SEK 422 M over the next 12 months. The remaining amount in the order backlog mainly pertains to support obligations, which are primarily expected to generate revenue over a subsequent four-year period. Revenue In the first quarter of 2022, net sales rose 28.4 percent year-on-year to SEK 208.1 M (162.1). The change was attributable to higher license sales, which rose 35.2 percent to SEK 111.7 M (82.6). The increase in net sales at unchanged currencies was 15.9 percent (-14.2). Support revenue rose 23.8 percent to SEK 76.6 M (61.9), accounting for 36.8 percent (38.2) of net sales during the first quarter. Hardware sales, which have a limited profit margin, rose 7.8 percent to SEK 16.6 M (15.4). Excluding hardware, sales rose 30.6 percent year-on-year.                                                                                                               Revenue (amounts in SEK M)                                                                                                             Q1-22                                                                                                             Q4-21                                                                                                             Q3-21                                                                                                             Q2-21                                                                                                             Q1-21                                                                                                             Rolling 12 months                                                                                                             Full-year 2021                                                                                                                                                             License revenue                                         111.7       105.5       55.7       63.4       82.6       336.2       307.1                                                                             Hardware revenue                                         16.6       9.2       7.1       19.8       15.4       52.7       51.5                                                                             Support revenue                                         76.6       71.8       67.3       67.5       61.9       283.2       268.5                                                                             Training and other revenue                                         3.2       2.1       6.4       3.9       2.1       15.6       14.5                                                                             Net sales                                         208.1       188.6       136.4       154.6       162.1       687.7       641.7                                                                             Change in sales, corresp. period, %                                         28.4       17.6       14.5       -5.6       -22.4       13.7       -1.6                                                                             Change in organic sales, corresp. period, %                                         15.9       22.0       11.9       4.5       -14.2       13.2       1.6       In the first quarter of 2022, net sales had the following geographic distribution: North America, 39 percent (36); Asia, 29 percent (26); Europe and the rest of the world, 32 percent (38). Operating profit In the first quarter of 2022, operating profit totaled SEK 29.6 M (12.3), representing an operating margin of 14.2 percent (7.6). The earnings improvement was largely attributable to higher license revenue. In the first quarter, operating expenses increased 19.2 percent to SEK 178.6 M (149.8). The change was largely due to increased administrative costs. In the first quarter, the net of exchange gains and losses amounted to SEK 4.9 M (10.0) since a large proportion of the Group's receivables are denominated in USD and EUR, which strengthened against the SEK in the first quarter compared with the end of the fourth quarter. Adjusted for these currency translation effects, operating profit would have totaled SEK 24.7 M (2.3) in the first quarter and operating expenses would have increased 14.8 percent (-11.1). Currency effects Consolidated sales and earnings are impacted by USD/EUR to SEK exchange rates, since most sales are invoiced in USD and EUR, while most costs are denominated in SEK. At unchanged exchange rates, the change in sales was 15.9 percent in the first quarter of 2022, compared with the year-earlier period. In addition, the Group's exchange gains on balance sheet items amounted to SEK 4.4 M (10.0) in the first quarter. Currency effects therefore had a positive impact on net sales and operating profit in the first quarter 2022. A sensitivity analysis of the Group's currency exposure shows that a 1-percentage point change in the USD exchange rate against the SEK would have impacted consolidated operating profit by approximately +/- SEK 2.6 M in the first quarter of 2022, while a corresponding change in the EUR exchange rate would have impacted consolidated operating profit by approximately +/- SEK 1.4 M. The Group follows the financial policy established by the Board, whereby exchange-rate fluctuations are not hedged. Capitalization of development costs RaySearch is a research and development-oriented company that makes significant investments in the development of software solutions for improved cancer treatment. At March 31, 2022, some 199 employees (210) were engaged in research and development, corresponding to 50 percent (51) of the total number of employees.                                                                                                               Capitalization of development costs                                                                                                             Q1-22                                                                                                             Q4-21                                                                                                             Q3-21                                                                                                             Q2-21                                                                                                             Q1-21                                                                                                             Rolling 12 months                                                                                                             Full-year 2021                                                                                                                                                             Research and development costs                                         64.3       79.1       57.9       68.0       64.9       269.4       270.0                                                                             Capitalization of development costs                                         -52.4       -59.3       -40.0       -52.5       -51.5       -204.1       -203.3                                                                             Amortization of capitalized development costs                                         45.0       44.1       43.2       40.1       39.2       172.5       166.7                                                                             Research and development costs                                         57.0       63.9       61.2       55.7       52.6       237.8       233.4       In 2022, RaySearch continued to invest in both existing products and future products. Overall, research and development costs decreased 1 percent to SEK 64.3 M (64.9) in the first quarter of 2022, corresponding to 31 percent (40) of the Group's net sales. Development costs of SEK 52.4 M (51.5) were capitalized, up 1.7 percent, corresponding to 81 percent (79) of total research and development costs. Amortization of capitalized development costs rose 14.7 percent to SEK 45.0 M (39.2), and the increase was attributable to an expansion of development activities, and that amortization periods had commenced for all products, including RayCommand and RayIntelligence. Research and development costs (after adjustments for capitalization and amortization of development costs) rose 8.2 percent to SEK 57.0 M (52.6).  Amortization and depreciation In the first quarter of 2022, total amortization and depreciation rose 19.8 percent to SEK 70.0 M (58.3), of which amortization of intangible fixed assets accounted for SEK 45.0 M (39.3), mainly related to capitalized development costs. Depreciation of tangible fixed assets amounted to SEK 25.0 M (19.1). profit and earnings per share In the first quarter of 2022, profit after tax was SEK 19.3 M (7.1), corresponding to earnings per share of SEK 0.56 (0.21) before and after dilution. Tax expense for the quarter was SEK -6.9 M (-4.3), corresponding to an effective tax rate of 26.2 percent (37.5). Cash flow and liquidity In the first quarter of 2022, cash flow from operating activities was SEK 125.8 M (104.3) and the change was largely attributable to a decrease in working capital, which mainly comprises various types of receivables from customers, such as accounts receivable and current and long-term unbilled customer receivables where payment plans have been drawn up. At the end of the period, the company's total customer receivables amounted to 46 percent (56) of net sales over the past 12 months. Working capital amounted to 2 percent (5) of net sales over the past 12 months. In the first quarter, cash flow from investing activities was SEK -60.6 M (-60.3). Investments in intangible fixed assets amounted to SEK -52.4 M (-51.5) and consisted of capitalized development costs for the company's products – RayStation, RayCare, RayCommand and RayIntelligence. Investments in tangible fixed assets amounted to SEK -8.2 M (-8.8), mainly related to investments in the head office in Stockholm. Cash flow from financing activities was SEK -29.9 M (-11.2) for the first quarter of 2022. The change was largely due to a bank overdraft of SEK 21 M drawn in the first quarter. Cash flow for the first quarter amounted to SEK 35.3 M (32.8). At March 31, 2022, consolidated cash and cash equivalents amounted to SEK 139.8 M (205.2). Financial position  At March 31, 2022, RaySearch's total assets amounted to SEK 1,722 M (1,334) and the equity/assets ratio was 38.9 percent (52.7). The change in total assets and the equity/assets ratio was largely attributable to an increase in right-of-use assets related to rented premises following the granting of access to the new head office premises. Current receivables amounted to SEK 376.7 M (414.3). The receivables mainly comprise various types of customer receivables. RaySearch's credit facility comprises a revolving loan facility of up to SEK 150 M that matures in March 2025 and an overdraft facility of SEK 50 M the matures in December 2022. Chattel mortgages amounted to SEK 100 M. At March 31, 2022, a short-term loan of SEK 0 M (50) was raised under the company's revolving loan facility and SEK 0 M (0) of the credit facility had been drawn. At March 31, 2022, the Group's net debt amounted to SEK 397.0 M (-66.0). The change was largely due to an increase in lease liabilities following the granting of access to the new head office premises during the fourth quarter. EMPLOYEES  At the end of the first quarter, the Group had 389 (413) employees, of whom 284 (310) were based in Sweden, and 105 (102) in foreign subsidiaries. PARENT COMPANY  RaySearch Laboratories AB (publ) is the Parent Company of the RaySearch Group. Since the Parent Company's operations are consistent with the Group's operations in all material respects, the comments for the Group are also largely relevant for the Parent Company. Differences in profitability between the Parent Company and the Group are attributable to the Parent Company accounting for a relatively high proportion of operating expenses, and to the capitalization of development costs being recognized in the Group but not in the Parent Company. The Parent Company was also not affected by the changes pertaining to lease recognition under IFRS 16, and instead continues to recognize lease payments as operating lease payments. This reduces operating profit compared with if IFRS 16 had been applied. The Parent Company's current receivables mainly comprise receivables from Group companies and external customers. SIGNIFICANT EVENTS DURING THE FIRST QUARTER Agreement signed with Proton International Arkansas In January, RaySearch signed an agreement with Proton International Arkansas to provide RayStation at the UAMS Radiation Oncology Center. The center will open in 2023 and be the first proton center in the state of Arkansas. The center at UAMS brings RaySearch's presence in proton therapy to thirty centers in the United States, a large majority of operating facilities. Agreement with Charles-Le Moyne in Canada In February, Montérégie Integrated Cancer Center (CICM), which is part of the Charles-Le Moyne hospital in Longueuil in Quebec in Canada, placed an order for additional RayStation licenses as well as upgrades to the system which includes advanced treatment planning functionality. SIGNIFICANT events AFTER THE END OF THE REPORTING PERIOD Agreement with Hong Kong Sanatorium & Hospital In April, Hong Kong Sanatorium & Hospital placed an order for RayStation as treatment planning system for its proton therapy center. The hospital thereby became RaySearch's first customer in Hong Kong within the proton therapy segment. Agreement with Seoul National University Hospital In April, Seoul National University Hospital (SNUH) placed an order for RayStation. SNUH is the second carbon ion center in Korea to select RaySearch, the first customer was Yonsei Cancer Center in Seoul. Agreement with Mevion China In April, Mevion China placed an order for RayStation, which it sold together with Mevion's proton therapy system to Tongji Hospital in Wuhan in China. RaySearch and Mevion have been collaborating since 2014. Treatment planning for particle treatments (protons/carbon ions/BNCT) is an important focus area for RaySearch and today RayStation has a global market share of more than 60 percent, a position that is further strengthened by the new order. Agreement with GE Healthcare In May, RaySearch entered into an agreement with GE Healthcare to develop a new radiation therapy simulation and treatment planning workflow solution designed to make use of the latest advancements in treatment planning technology. The companies aim to combine RaySearch's advanced treatment planning system RayStation with GE Healthcare's leading multi-modality (CT/MR/molecular imaging) simulator systems to make cancer treatment faster and more precise.  RayCare taken into clinical use with CyberKnife at Swiss Medical Network in Switzerland In May, RayCare was taken into clinical use with Accuray's CyberKnife treatment delivery system at La Clinique Générale-Beaulieu, a part of Swiss Medical Network in Switzerland. The center became first in the world to treat a patient using RayCare and CyberKnife. Management change Torbjörn Wingårdh stepped down as CFO of RaySearch on April 4, 2022. Effects of the COVID-19 pandemic Even though the pandemic is over in most countries, the effects of it remain a challenge for many operations. RaySearch is monitoring the situation closely and is prepared to take new action and align the company's operations if needed. Effects on RaySearch's operations in the first quarter of 2022 Sales. The negative effect of the pandemic on RaySearch's sales appears to be weakening as the pandemic subsides. In Asia, market conditions normalized and conditions improved in Europe and the US during the quarter. Delivery capacity. As a software company, RaySearch is well equipped for remote collaboration and both our R&D and delivery capacity have remained relatively unscathed by the COVID-19 pandemic to date. In the first quarter, COVID-19 did not have any major impact on the company's assessment items. Expected future effects It is still difficult to say how the ongoing pandemic will affect the coming quarters with any great certainty. The situation has normalized in most countries, though a few countries have registered rising case numbers. The company believes the underlying need and demand for effective software solutions for cancer care is in the process of returning to pre-pandemic levels. Since sales activities have been restricted for some time, however, it may take time before the full sales effect is regained. We see no major challenges in terms of R&D or the company's delivery capacity. The company will continue to focus on protecting the company's cash flow and liquidity. Increased focus on efficiencies and digitization. One effect of the COVID-19 pandemic could be a further acceleration of the ongoing digital transformation. The pandemic has drastically highlighted the major potential and benefits of digital technology, which could be positive for RaySearch's operations in the long term because the company's software solutions enable cancer clinics to improve their efficiency.  The company's share At March 31, 2022, the total number of registered shares in RaySearch was 34,282,773, of which 8,454,975 were Class A and 25,827,798 Class B shares. The quotient value is SEK 0.50 and the company's share capital amounts to SEK 17,141,386.50. Holders of Class A shares are entitled to 10 votes per share, and holders of Class B shares are entitled to one vote per share, at General Meetings. At March 31, 2022, the total number of votes in RaySearch was 110,377,548.  share ownership At March 31, 2022, the number of shareholders in RaySearch was 6,767, according to Euroclear, and the largest shareholders were as follows:                                                                                                               Name                                                                                                             Class A shares                                                                                                             Class B shares                                                                                                             Total shares                                                                                                             Share capital, %                                                                                                             Votes, %                                                                                                                                                             Johan Löf                                         6,243,084       318,393       6,561,477       19.1       56.8                                                                             Invesco fonder                                         0       4,254,309       4,254,309       12.4       3.9                                                                             La Financière de l'Echiquier                                         0       2,652,240       2,652,240       7.7       2.4                                                                             First AP Fund                                         0       1,982,448       1,982,448       5.8       1.8                                                                             Swedbank Robur Funds                                         0       1,800,000       1,800,000       5.3       1.6                                                                             Anders Brahme                                         1,150,161       200,000       1,350,161       3.9       10.6                                                                             Second AP Fund                                         0       1,220,942       1,220,942       3.6       1.1                                                                             Carl Filip Bergendal                                         1,061,577       139,920       1,201,497       3.5       9.7                                                                             C WorldWide Asset Management                                         0       935,249       935,249       2.7       0.8                                                                             Avanza Pension                                         0       564,685       564,685       1.6       0.5                                                                             Total, 10 largest shareholders                                         8,454,822       14,068,186       22,523,008       65.7       89.3                                                                             Others                                         153       11,759,612       11,759,765       34.3       10.7                                                                             Total                                         8,454,975       25,827,798       34,282,773       100.0       100.0                                                                               Source: Euroclear                                       Other information 2022 Annual General Meeting The Annual General Meeting (AGM) of RaySearch Laboratories AB (publ) will take place on Wednesday, May 25, 2022 and be held by postal vote only. This means the Meeting will take place without the physical presence of shareholders, agents or outsiders. The exercise of voting rights by shareholders at the Meeting can therefore only take place by shareholders submitting a postal vote using the procedure stipulated in the Notice of the Annual General Meeting, which was published on April 22, 2022 and is available on RaySearch's website. Proposed dividend Since the company is in the midst of an expansive and capital-intensive phase, the Board of RaySearch proposes that no dividend be paid for the 2022 fiscal year. risks and uncertainties As a global Group with operations in different parts of the world, RaySearch is exposed to various risks and uncertainties, such as market risk, operational and legal risk, as well as financial risk pertaining to exchange-rate fluctuations, interest rates, liquidity and financing opportunities. RaySearch's risk management aims to identify, measure and reduce risks related to the Group's transactions and operations. For more information about risks and risk management, refer to pages 39-41 of RaySearch's 2021 Annual Report. There have been no significant changes with any impact on the risks reported. This also applies to the risks and uncertainties arising from the COVID-19 pandemic that could affect RaySearch's sales, earnings and financial position.  Seasonal variations RaySearch's customers are healthcare providers and the company's operations are somewhat characterized by seasonal variations that are typical for the industry, whereby the fourth quarter is normally the strongest – mainly because many customers have budgets that follow the calendar year.  Environment and sustainability Sustainability is a key aspect of RaySearch's strategy and operations, and the company is working actively to become a sustainable enterprise. The primary aim of RaySearch's operations is to help cancer clinics improve and save the lives of cancer patients. Through innovative software solutions, the company is continuously striving to improve and streamline workflows in clinical environments and to improve treatment outcomes for cancer patients. The customer value created presents business opportunities for RaySearch, but also major social benefit and economic gains. The negative environmental impact of the company's products is limited. The company's environmental impact is mainly related to the purchase of goods and services, energy use and transportation. RaySearch aims to contribute to sustainable development and therefore works actively to improve the company's environmental performance wherever this is economically viable. More information about the company's environmental and sustainability initiatives is available in the company's Sustainability Report on pages 22-28 of RaySearch's 2021 Annual Report.  REVIEW This interim report has not been reviewed by the company's auditors. The Board of Directors and CEO give their assurance that this interim report gives a true and fair view of the Group's and the Parent Company's operations, position and earnings, and describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group. Stockholm, May 18, 2022 The Board of Directors of RaySearch Laboratories AB (publ)                                                                                                               Lars Wollung                                     Chairman of the Board                                                                                                             Johan Löf                                     CEO and Board member                                                                                                             Carl Filip Bergendal                                     Board member                                                                                                                                                             Britta Wallgren                                     Board member                                                                                                             Hans Wigzell                                     Board member                                                                                                             Johanna Öberg                                     Board member                                                                           FOR FURTHER INFORMATION, PLEASE CONTACT: Johan Löf, CEO  Tel: +46 (0)8 510 530 00 johan.lof@raysearchlabs.com Björn Hårdemark Interim CFO Tel: +46 (0)70 95 ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 18th, 2022

As convention center expansion kicks off, its leaders take on cost concerns

The long-delayed expansion of St. Louis' downtown convention center is officially underway. The head of the firm managing project acknowledged that price increases are a challenge. But here's why he said that shouldn't delay the project......»»

Category: topSource: bizjournalsMay 17th, 2022