Market Newsdesk

November 12, 2020 6:33 am

Radian Honored with MBA Diversity and Inclusion Leadership Award

Radian Honored with MBA Diversity and Inclusion Leadership Award

Award Spotlights Company’s Focus on Gender Parity and Inclusive & Diverse Hiring Practices

PHILADELPHIA–(BUSINESS WIRE)–
Radian Group Inc. (NYSE: RDN) has been honored by the Mortgage Bankers Association (MBA) as a recipient of its 2020 Diversity and Inclusion Residential Leadership Award. Winning companies were recognized for either Organizational Diversity & Inclusion or Market Outreach Strategies; Radian won the award for Organizational Diversity & Inclusion in the non-lender category. The MBA is the leading real estate finance trade association and has more than 2,200 member companies.

The award was announced during the MBA’s virtual 2020 Annual Convention & Expo. Radian is a second-time winner; it received an honorable mention in the Market Outreach Strategies category in 2016, the inaugural year for the awards.

In a press release, the MBA said, “Radian is being recognized for its Inclusion and Diversity (I&D) program, which boasted impressive metrics with a strong emphasis on talent acquisition. Radian’s I&D Leadership Council’s efforts focused on sourcing new talent from a diverse slate as well as offering numerous training opportunities for its employees.”

“At Radian we are driven both by our mission of helping Americans of every background sustainably achieve their dream of homeownership and by our commitment to furthering positive change at our company and beyond,” said Radian’s Chief Executive Officer Rick Thornberry. “We are proud of the achievements this award recognizes and will continue working hard to support minority homeownership and ensure that our workforce fully reflects the wonderful diversity of the communities we serve.”

Recent Inclusion and Diversity Highlights at Radian

In 2019, Radian launched a formal program for I&D, as well as an I&D Council, comprised of a group of cross-functional leaders, that helps drive the company’s I&D initiatives and strategic objectives. CEO Rick Thornberry also signed the “CEO Action for Diversity and Inclusion” pledge, which has been signed by more than 750 business leaders across various industries. By signing the pledge, Radian has committed to cultivating a trusting environment where all ideas and employees are welcomed.

Gender equality is a core component of the company’s overall I&D strategy. Radian has been recognized for two consecutive years on the Bloomberg Gender-Equality Index (GEI), which highlights companies dedicated to advancing women’s equality in the workplace. For example, the company increased the number of women on its board of directors in 2019 and again in 2020.

The company has also created a Hiring Manager Guide to promote inclusive hiring practices, developed targeted recruitment strategies, improved internal reporting capabilities regarding diversity, trained all managers on unconscious bias, and is carrying out an initiative to train all employees on unconscious bias. Additionally, current employee resource groups (ERGs) are being redefined, and new ones are being created.

CEO Rick Thornberry serves as the I&D Council’s Executive Sponsor, and the Council is led by two Co-Chairs: Emily Riley, EVP, Chief Marketing and Communications Officer, and Eric Ray, Sr EVP, Chief Digital Officer and Co-Head of Real Estate. It is also guided by HR Advisors Anita Scott, EVP, Chief Human Resources Officer and Dana Keyser, VP, HR Business Partner.

About Radian’s Corporate Responsibility Program

Radian’s I&D efforts are part of its broader Corporate Responsibility Program, which focuses on supporting the company’s commitment to environmental, health and safety, corporate social responsibility, corporate governance, sustainability and other public policy matters relevant to the company and its operations. This program aligns with Radian’s company-wide commitments to continue to be responsible corporate citizens with a positive impact in the community and with the people it serves.

A report and website provide further information about the company’s Corporate Responsibility programs and practices, including how its Environmental, Social and Governance (ESG) efforts help achieve the United Nations Sustainable Development Goals (UN SDGs) and correspond to the Sustainability Accounting Standards Board (SASB) standards for the Insurance sector.

About Radian

Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit www.radian.com to learn more about how Radian is shaping the future of mortgage and real estate services.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005352/en/

For the Media:

Rashi Iyer – Phone: 215.231.1167

Email: [email protected]

For Investors:

John Damian – Phone: 215.231.1383

Email: [email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Men Insurance Human Resources Finance Consumer Other Construction & Property Training Residential Building & Real Estate Professional Services Construction & Property Other Philanthropy Philanthropy Education Women

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November 12, 2020 6:33 am

CPI Aerostructures Reports Second Quarter 2020 Results

Second

Qua

rter 20

20

vs. Restated

Second

Quarter 201

9

Revenue of $19.7 million compared to $20.1 million;
Gross profit of $2.6 million compared to $2.2 million;
Gross margin was 13.1% compared to 11.2%;
Net loss of $0.6 million compared to $0.9 million;
Loss per diluted share of $0.05 compared to $0.07;
Cash flow from operations was $0.6 million compared to $(1.1) million;
Total backlog as of June 30, 2020 of $546.4 million including multi-year defense contracts of $491.1 million compared to total backlog as of June 30, 2019 of $394.0 million, including multi-year defense contracts of $319.1 million;
Total funded backlog of $209.0 million as of June 30, 2020, of which 98% or $205.6 million is comprised of defense orders, compared to total funded backlog of $116.0 as of June 30, 2019, of which 86%, or $99.7 million is comprised of defense orders.

Six Months 2020 vs. Restated Six Months 2019

Revenue of $36.6 million compared to $42.1 million;
Gross profit of $3.3 million compared to $4.7 million;
Gross margin of 9.0% compared to 11.2%;
Net loss of $3.4 million compared to $1.8 million;
Loss per share of $0.29 compared to $0.15;
Cash flow from operations of $(0.9) million compared to $(3.4) million

EDGEWOOD, N.Y., Nov. 12, 2020 (GLOBE NEWSWIRE) — CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced financial results for the three- and six-month periods ended June 30, 2020.

“Through continued execution of our funded defense backlog, we delivered solid results for the second quarter,” said Douglas McCrosson, president and CEO of CPI Aero. “Revenue was essentially flat with last year, reflecting revenue increases in our defense business offset by weakness in our commercial aviation business. As expected, gross margin percentage rebounded from the first quarter and we continue to expect that full-year 2020 gross margin percentage will be higher than 2019. Notably, we generated operating cash flow for the quarter, demonstrating initial evidence of our working capital improvement initiatives. On a year-to-date basis, cash from operations improved $2.5 million vs. last year despite a headwind of cash payments of approximately $.8 million for non-recurring professional fees related to the restatement.”

“Subsequent to the quarter end, we applied for full forgiveness of our $4.8 Paycheck Protection Loan we received under the CARES Act in April. The forgiveness application has been accepted by our lender during the fourth quarter and forwarded to the Small Business Administration for review and final approval. We expect that upon SBA approval, the balance sheet will reflect the conversion of the loan to a grant and the amount of the loan that is forgiven will be included in future results as ‘Other Income’. Despite the revenue decline during the first half of the year, our funded defense backlog of $205.6 million at June 30 is fueling a strong second half of the year, both in terms of accelerating revenue and margin improvement, and we expect to end the year with higher revenue and operating income than 2019,” concluded McCrosson.

Conference Call

Management will host a conference call on Thursday, November 12 at 8:30 a.m. to discuss these results. After opening remarks there will be a question and answer period. Interested parties may participate in the call by dialing 844-378-6486 or 412-542-4181. Please call 10 minutes before the conference call is scheduled to begin and ask for the CPI Aero call. The conference call will also be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the live call, please go to www.cpiaero.com, click the Investor Relations section, then the Event Calendar. Please go to the website 15 minutes early to download and install any audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days.

About CPI Aero

CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare pod systems, primarily for national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.

The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2019 and Form 10-Q for the three-month period ended March 31, 2020 and June 30, 2020.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.

Contact:
Investor Relations Counsel:
LHA Investor Relations
Jody Burfening
(212) 838-3777
[email protected]
www.lhai.com

CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	June 30,			December 31,
	2020 (Unaudited)			2019

ASSETS
Current Assets:
Cash	$6,749,201			$4,052,109
Restricted cash		1,380,684			1,380,684
Accounts receivable, net of allowance for doubtful accounts of $213,605 as of June 30, 2020 and $230,855 as of December 31, 2019		6,958,417			7,029,602
Contract assets		15,566,681			15,280,807
Inventory		7,658,508			5,891,386
Refundable income taxes		36,973			474,904
Prepaid expenses and other current assets		864,781			721,964
Total current assets		39,215,245			34,831,456

Operating lease right-of-use assets		3,122,360			3,886,863
Property and equipment, net		2,840,872			3,282,939
Intangibles, net		312,500			375,000
Goodwill		1,784,254			1,784,254
Other assets		123,013			179,068
Total assets	$ 47,398,244			$ 44,339,580

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable	$9,078,736			$8,199,557
Accrued expenses		3,825,606			2,372,522
Contract liabilities		4,995,427			3,561,707
Loss contract reserve		2,101,123			2,650,963
Current portion of long-term debt		4,728,515			2,484,619
Operating lease liabilities		1,783,249			1,709,153
Income tax payable		1,216			1,216
Total current liabilities		26,513,872			20,979,737

Line of credit		26,738,685			26,738,685
Long-term operating lease liabilities		1,680,897			2,596,784
Long-term debt, net of current portion		3,077,992			1,764,614
Total liabilities		58,011,446			52,079,820

Shareholders’ Deficit:
Common stock – $.001 par value; authorized 50,000,000 shares, 11,855,606
and 11,818,830 shares, respectively, issued and outstanding		11,856			11,819
Additional paid-in capital		71,830,980			71,294,629
Accumulated Deficit		(82,456,038	)		(79,046,688	)
Total Shareholders’ Deficit		(10,613,202	)		(7,740,240	)
Total Liabilities and Shareholders’ Deficit	$ 47,398,244			$ 44,339,580

CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

	For the Three Months Ended
	J une 30 ,
		2020			2019
Revenue	$19,740,767			$20,101,713
Cost of sales		17,160,698			17,858,070
Gross profit		2,580,069			2,243,643

Selling, general and administrative expenses		2,815,252			2,547,762
Loss from operations		(235,183	)		(304,119	)

Interest expense		360,126			575,412
Loss before provision for income taxes		(595,309	)		(879,531	)

Provision for income taxes		1,522			1,636
Net loss	$(596,831		)	$(881,167		)


Loss per common share – basic	$(0.05		)	$(0.07		)

Loss per common share – diluted	$(0.05		)	$(0.07		)

Shares used in computing loss per common share:
Basic		11,855,404			11,817,713
Diluted		11,855,404			11,817,713

November 12, 2020 6:33 am

Avaya Cloud Office™ UCaaS Solution Introduced in Five Additional Markets

Avaya Cloud Office^™ UCaaS Solution Introduced in Five Additional Markets

Global adoption accelerates as solution becomes available in additional large economies of Europe

RALEIGH-DURHAM, N.C. & BELMONT, Calif.–(BUSINESS WIRE)–Avaya (NYSE: AVYA) and RingCentral Inc. (NYSE: RNG) today announced that Avaya Cloud Office^™ by RingCentral^®, the unified communications solution offering team messaging, video meetings, and cloud PBX is expanding availability to five of the largest economies in Europe in December – Austria, Belgium, Germany, Italy, and Spain.

With the addition of these five new countries, Avaya Cloud Office has expanded its global market presence to 12 countries since its U.S. launch in March, with additional markets planned for 2021. Today’s announcement comes just weeks after Avaya and RingCentral announced the general availability of Avaya Cloud Office in Ireland, France, and the Netherlands.

“The ongoing global rollout of Avaya Cloud Office is proceeding rapidly in response to high levels of partner and customer interest, and our efforts to meet that demand,” said Dennis Kozak, SVP, Business Transformation, Avaya. “Today’s announcement brings greater opportunities for European businesses to leverage a compelling UCaaS solution that meets the new needs of a mobile and distributed workforce. Avaya Cloud Office is becoming an important pillar in a meaningful number of our customers’ digital transformation strategies, many of which have been significantly accelerated as the world continues to adopt new ways of working. The solution delivers advanced communications features in a flexible and reliable package that meets increasingly varied business needs.”

Flexibility is a key draw for businesses adopting Avaya Cloud Office. According to the European Commission’s Summer 2020 Economic Forecast¹, the euro area economy is expected to rebound from 2020 and grow by 6.1 percent in 2021. Avaya Cloud Office helps to reduce business uncertainty associated with fluctuating economic forecasts with scalability, migration tools, enhanced devices support, and advanced telephony management among other capabilities.

“Frost & Sullivan’s latest analysis of the European UCaaS market finds that European businesses are expected to become increasingly distributed due to a growing number of remote and mobile workers, as well as expanding customer bases, reseller channels and supply chains across multiple countries and regions,” said Elka Popova, Vice President – Information & Communications Technologies, Frost & Sullivan. “This trend will drive demand for flexible technology consumption models, mobility, and advanced collaboration tools. In fact, 83% of global IT/telecom investment decision makers responding to a Frost & Sullivan survey report that they will have moved parts or all of their enterprise telephony workloads to the cloud by 2021. Avaya Cloud Office may provide considerable value to businesses looking to adopt feature-rich, flexible cloud solutions to improve business continuity and boost collaboration across distributed teams.”

In addition to the features that address current market needs, Avaya Cloud Office customers will enjoy new capabilities, such as:

Enhanced user experience: Avaya Cloud Office will now offer dark theme for easier viewing, integration with Microsoft O365 and Google contacts for easy communication, and desktop phone updates for better navigation.
New call features: will enable users to switch from a voice call to a video call with a single click, pick-up calls that are directed to another user’s extension, and setup queue overflow to extensions so that more calls are answered vs. getting routed to voicemail.
Enhanced video meeting experience and security: Avaya Cloud Office will include admin, host and moderator controls, and password protection. Also, participants will now have the ability to switch their view of the video gallery to one of two new layouts: Film Strip and Active Speaker. This will provide an improved user experience so if users choose, they can focus on who is speaking or presenting without distraction from other users.
Continued enhancement of migration tools: will help expedite the customer on-boarding to Avaya Cloud Office. Existing customer configurations such as page groups & user greetings, can now be quickly ported over to Avaya Cloud Office

“As European businesses continue to adapt to the impact from COVID-19, they need reliable, flexible communication solution that gives their workforce the power to communicate from anywhere, using any device, and in any mode,” said Phil Sorgen, Chief Revenue Officer, RingCentral. “Since jointly launching Avaya Cloud Office in March, and expanding its availability in new countries thereafter, we’ve helped organizations adapt quickly to the changing business environment, and now we look forward to doing the same for more customers across Europe.”

Avaya Cloud Office is scheduled to be available to new customers in these five countries starting December 2020. To support the latest geographic expansion of the solution, Avaya continues to pursue new master agent partnerships and extend existing partners to new countries to help meet growing regional demand. To date, six new partnership agreements have been implemented across five countries, with more to come.

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what’s next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com

About RingCentral

RingCentral, Inc. (NYSE: RNG) is a leading provider of cloud Message Video Phone™ (MVP), customer engagement and contact center solutions for businesses worldwide. More flexible and cost-effective than legacy on-premise PBX and video conferencing systems that it replaces, RingCentral empowers modern mobile and distributed workforces to communicate, collaborate, and connect via any mode, any device, and any location. RingCentral’s open platform integrates with leading third-party business applications and enables customers to easily customize business workflows. RingCentral is headquartered in Belmont, California, and has offices around the world.

All trademarks identified by ®, TM, or SM are registered marks, trademarks, and service marks, respectively, of Avaya Inc. All other trademarks are the property of their respective owners.

Cautionary Note Regarding Forward-Looking Statements

This document contains certain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking” statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “our vision,” “plan,” “potential,” “preliminary,” “predict,” “should,” “will,” or “would” or the negative thereof or other variations thereof or comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. The factors are discussed in the Company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) available at www.sec.gov, and may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The Company cautions you that the list of important factors included in the Company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Source: Avaya Newsroom

¹ Summer 2020 Economic Forecast: An even deeper recession with wider divergences https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1269

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005252/en/

For Avaya Media Inquiries:

Alex Alias

[email protected]

RingCentral media inquiries:

Jyotsna Grover

[email protected]

KEYWORDS: California Europe United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Telecommunications Audio/Video Software Networks Internet Consumer Electronics VoIP

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November 12, 2020 6:33 am

Armed Forces Services Corporation (AFSC) Rebrands as Magellan Federal

Armed Forces Services Corporation (AFSC) Rebrands as Magellan Federal

Initiative elevates commitment to reflect alignment in name and mission.

PHOENIX–(BUSINESS WIRE)–Magellan Health, Inc. (NASDAQ: MGLN) today announced the official rebrand of Armed Forces Services Corporation (AFSC) to Magellan Federal. The rebranding initiative positions Magellan Federal to effectively communicate its value and differentiation, and showcase the full breadth of capabilities to its target market.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201112005219/en/

“As we transition to Magellan Federal and leave behind the AFSC brand, we will continue to put individuals and their families at the center of our services, and deliver quality solutions with compassion, respect and dignity,” said Oscar Montes, chief executive officer, Magellan Federal. “In solidifying our identity as Magellan Federal, we remain a strong partner to our military and Federal customers, bringing next-generation, innovative solutions to the table.”

In 2016, Magellan Healthcare, Inc., acquired AFSC as a wholly-owned subsidiary, increasing both organizations’ capabilities and experience. Over the past four years, the combined Federal Government contract teams under Magellan Healthcare, Inc. have operated under a business unit identified as Magellan Federal. Magellan Federal has over 3,000 employees delivering services on more than 250 bases, installations, and agencies around the world. 

The new brand will encompass the exceptional services and experience of AFSC and the expanded resources and capabilities of Magellan Healthcare. As Magellan Federal, more can be offered to its employees, clients, and ultimately, the deserving military and federal families that they serve. Magellan Federal is a registered d/b/a of AFSC.

About Magellan Healthcare: Magellan Healthcare, Inc., the healthcare business unit of Magellan Health, Inc., offers solutions for complex conditions in the areas of behavioral health, medical specialty treatment and fully integrated managed care. Magellan Healthcare serves commercial health plans, employers, state and local governments, and the Federal government, including the Department of Defense. For more information, visit MagellanHealthcare.com.

About Magellan Health: Magellan Health, Inc., a Fortune 500 company, is a leader in managing the fastest growing, most complex areas of health, including special populations, complete pharmacy benefits and other specialty areas of healthcare. Magellan supports innovative ways of accessing better health through technology, while remaining focused on the critical personal relationships that are necessary to achieve a healthy, vibrant life. Magellan’s customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators. For more information, visit MagellanHealth.com.

(MGLN-GEN)

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005219/en/

Media Contact: Lilly Ackley, [email protected], (860) 507-1923

Investor Contact: Darren Lehrich, [email protected], (860) 507-1814

KEYWORDS: United States North America Arizona

INDUSTRY KEYWORDS: Professional Services Health Insurance Practice Management Managed Care Pharmaceutical

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November 12, 2020 6:33 am

InfuSystem Holdings, Inc. Reports Financial Results for the Third Quarter 2020

Revenue: $25.1 million, a 17% increase vs. Prior Year

Net Income: $2.9 million, an increase of 159%, and

Adjusted EBITDA: $7.5 million, a 46% increase

Company

Raises

Full Year 2020 Guidance

:

Revenues of $96 million – $97 million;
Adjusted EBITDA of $26 million – $27 million;
Operating Cash Flow of $18 million – $19 million

ROCHESTER HILLS, Michigan, Nov. 12, 2020 (GLOBE NEWSWIRE) — InfuSystem Holdings, Inc. (NYSE American: INFU), (“InfuSystem” or the “Company”), a leading national health care service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers, today reported financial results for the third quarter ended September 30, 2020.

Third

Quarter Highlights

:

Net revenues were $25.1 million, an increase of 17% vs. prior year.
Gross profit was $15.1 million, an increase of 24% vs. prior year.
Gross margin was 60.2%, an improvement of 3.2% vs. prior year.
Net income of $2.9 million, or $0.14 per diluted share, an improvement of $1.8 million compared to the net income of $1.1 million, or $0.05 per diluted share, during the prior year.
Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) was $7.5 million, an increase of 46% vs. prior year.
Operating cash flow was $8.4 million, an increase of 61% vs. prior year.

Management Discussion

Richard DiIorio, chief executive officer of InfuSystem, said, “I am extremely pleased with how the team continues to execute as we build momentum, including achieving very solid third quarter financial results with strong double-digit year-over-year growth at both the top- and bottom-lines. For the second consecutive quarter, we delivered better than expected revenue and net income, highlighted by net revenue growth of 17%, net income growth of 159% and Adjusted EBITDA growth of 46%.”

“We have successfully transformed InfuSystem into a growth company by focusing on high touch service opportunities that leverage our best-in-class medical device fleet and our unique and highly-leverageable platform, which allows us to address high-growth opportunities by adding new devices and expanding into new therapies with minimal additional expense. Our core Integrated Therapy Service (“ITS”) segment provides services allowing patients to leave the hospital and continue their medical treatment at home in a safe manner. Oncology has been the backbone of the ITS platform, but we believe pain management and negative pressure will be the next growth drivers of the business. Our goal for pain management is to double revenues in each of the next two years and our goal in negative pressure is to capture 5% to 10% of the estimated $600 million home health market opportunity over the next 3 to 5 years.”

Mr. DiIorio, continued, “On the strength of the third quarter and our continuing momentum, we are raising our full year 2020 guidance with net revenues to be within the range of $96 million to $97 million; Adjusted EBITDA¹ to be within the range of $26 million to $27 million; and operating cash flow between the range of $18 million to $19 million. Our guidance reflects our best estimates given the current market conditions.”

“Our success is due to the commitment and dedication of our employees and I want to thank them for all their efforts during these unprecedented times. We look forward to continuing to meet the rising demand for in-home health care services by providing our patients and customers with industry-leading service and improving patient outcomes,” concluded Mr. DiIorio.

¹
Future period non-GAAP guidance includes adjustments for items not indicative of our core operations, which may include, without limitation, items included in the accompanying schedule, titled “GAAP to Non-GAAP
Reconciliation
.” Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as nonrecurring, unusual or unanticipated charges, expenses or gains or other items that may not directly correlate to the underlying performance of our business operations. The exact amounts of these adjustments are not currently determinable but may be significant. It is therefore not practicable to provide the comparable GAAP measures or reconcile this non-GAAP guidance to the most comparable GAAP measures.

2020

Third

Quarter Financial Review

Results of operations

Net revenues for the third quarter ended September 30, 2020 were $25.1 million, an increase of $3.6 million, or 17%, compared to $21.5 million for the prior year third quarter. The increase was due to continued market penetration in Oncology and a strong market demand for infusion pumps in the DME Services segment.

ITS net revenue of $15.6 million during the 2020 third quarter increased $2.2 million, or 16%, primarily due to favorable changes in the competitive environment for oncology services, improved third party payor billing throughput and other market-related organic growth.

DME Services net revenue during the third quarter of 2020 of $9.5 million increased $1.5 million, or 18%, as compared to the prior year period. This performance was driven by strong market demand for infusion pumps attributable to the COVID-19 pandemic, expansion of our market share with national home infusion service providers and the addition of new devices to our product offerings stemming from new partnerships with certain device manufacturers. During the third quarter these activities mainly benefited rental revenues, which increased by $1.1 million. Sales of new and pre-owned medical equipment returned to normal levels during the 2020 third quarter, down from the peak amounts shipped during the 2020 second quarter.

Gross profit for the third quarter of 2020 of $15.1 million increased $2.9 million, or 24%, from $12.2 million for the third quarter of 2019. Gross margin increased to 60.2%, during this period as compared to 57.0% during the prior year third quarter, an increase of 3.2%. These improvements were driven by the increase in net revenues, improved operating leverage and favorable revenue mix. Both operating segments contributed to these improvements.

ITS gross profit was $10.1 million during the third quarter of 2020, an increase of $1.5 million, or 17%, compared to the prior year. ITS gross margin increased to 64.6%, an increase of 0.4% from the prior year, mainly due to improved leverage of fixed costs.

DME Services gross profit during the third quarter of 2020 was $5.0 million, an increase of $1.4 million, or 40%, over the prior year. The DME gross margin increased to 53.0%, compared to 44.7%, an increase of 8.3%, from the prior year. The improvement was primarily due to the increase in proportionally higher net revenues from equipment rentals, which typically have higher margins than other types of DME revenue such as sales of new medical equipment.

General and administrative (“G&A”) expenses for the third quarter of 2020 were $8.6 million, an increase of 24% from $6.9 million for the third quarter of 2019. The increase of $1.7 million was largely due to an increase in employee compensation reflecting higher staff levels supporting the growth in revenue volumes over the past 12 months, increases in short and long-term incentive compensation and annual inflation.

Net income for the third quarter of 2020 was $2.9 million, or $0.14 per diluted share, an improvement of $1.8 million, or 159%, as compared to the prior year net income of $1.1 million, or $0.05 per diluted share.

Adjusted EBITDA, a non-GAAP measure, was $7.5 million, or 30.0% of net revenue, and increased by $2.4 million or 46% over Adjusted EBITDA for the prior year quarter of $5.2 million, or 24.0% of prior year net revenue. This improvement in the Adjusted EBITDA margin is indicative of our ability to deliver sustainable strong revenue growth while leveraging our existing cost structure.

Balance sheet
, cash flows
and liquidity

During the third quarter of 2020, operating cash flow increased to $8.4 million, a 61% increase over the prior year third quarter. The increase was primarily a result of a significant increase in net income, as adjusted for noncash items, and a reduction in working capital during the 2020 third quarter as compared to increases during the prior year period. Working capital decreases during the 2020 third quarter were due in part to the return of working capital elements including inventory and accounts receivable to normal operating levels which were down from the elevated amounts at the end of the 2020 second quarter related to our COVID-19 preparedness initiatives. Our cash used in investing activities, which mainly includes purchases of medical devices, totaled $0.5 million during the 2020 third quarter representing a $7.2 million reduction as compared to the prior year and a $4.0 million decrease from the 2020 second quarter. This reduction was the result of an acceleration in the timing of planned purchases of medical devices favoring the 2020 first half allocated with our COVID-19 response activities.

The favorable operating cash flow was partially used to pay down our revolving line of credit which increased available liquidity and reduced our outstanding debt. Our net debt, a non-GAAP measure (calculated as total debt of $34.8 million less cash and cash equivalents of $1.9 million) as of September 30, 2020 was $32.9 million representing a reduction of $7.5 million during the 2020 third quarter. As of September 30, 2020, we had $17.5 million in available liquidity, including cash and undrawn amounts under our revolving credit line and our capital equipment bank facility, as compared to $11.7 million at the beginning of the quarter, an increase of $5.8 million. The increase was primarily due to our favorable operating cash flow and reduced capital expenditures, partially offset by amortization of our term debt. We estimate that our available liquidity will continue to increase during the 2020 fourth quarter as operating cash flows are expected to continue to exceed cash outlays for capital expenditures during the balance of the year.

Full Year

2020

Guidance

InfuSystem is raising its annual guidance for the full year 2020 with net revenues estimated to be within the range of $96.0 million to $97.0 million; Adjusted EBITDA estimated to be within the range of $26.0 million to $27.0 million; and operating cash flow projected to be within the range of $18.0 million to $19.0 million. The higher 2020 guidance is a result of the continued execution of our growth strategy, and includes estimated net favorable impacts related to COVID-19 of $2.0 million to $3.0 million in Adjusted EBITDA which may not recur in future periods once the pandemic ceases to play an important role in the market. Previously, the Company issued estimated full year 2020 guidance of net revenues to be within the range of $94.0 million to $97.0 million; Adjusted EBITDA estimated to be within the range of $23.0 million to $26.0 million; and operating cash flow to be within the range of $16.0 million to $18.0 million.

The full year 2020 guidance reflects management’s current expectation for operational performance, given the current market conditions, as well as various COVID-19 related uncertainties. The Company cannot predict the degree to which COVID-19 will ultimately, negatively or positively, impact future business, financial condition, results of operations and cash flows. It may also heighten other risks to which the Company is subject, including risks discussed in our most recent annual report on Form 10-K. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

Effect of Coronavirus (COVID-19)

The COVID-19 global pandemic has caused significant disruption to the United States and global economies and has severely impacted the overall health care industry and the related supply chain. The focus on preparing and treating large numbers of COVID-19 patients has resulted in significant shifts in market demand and related shortages in certain types of medical equipment, including infusion pumps, while simultaneously reducing capacity for non-COVID-19 services such as elective surgeries. These market dynamics resulted in a significant net favorable impact to InfuSystem during the second and third quarters. This impact included increased net revenues and margins in certain service lines that were partially offset by reductions in others. For example, the elevated levels of sales of new and pre-owed medical equipment sales in the second quarter will likely not recur in future quarters while a portion of the increased volume of DME rental revenues seen in the second and third quarters will likely continue in the near term but may slowly diminish over time. Pain management revenues decreased significantly in the second quarter as a result of the reduced capacity for elective surgeries yet recovered during the third quarter and is growing again. It is uncertain what additional impact the current second wave of COVID-19 will have on the demand for our products and services. However, we continue to prepare for future disruptions like the ones experienced during the second and third quarters which, if they occur, will likely include both positive and negative effects in varying amounts.

Conference Call

The Company will also conduct a conference call for all interested investors on Thursday, November 12, 2020, at 9:00 a.m. Eastern Time to discuss its third quarter 2020 financial results. The call will include discussion of Company developments, forward-looking statements and other material information about business and financial matters.

To participate in this call, please dial (833) 366-1127 or (412) 902-6773, or listen via a live webcast, which is available in the investors section of the Company’s website at https://ir.infusystem.com/. A replay of the call will be available by visiting https://ir.infusystem.com/ for the next 90 days or by calling (877) 344-7529 or (412) 317-0088, confirmation code 10149683, through November 19, 2020.

Non-GAAP Measures

This press release contains information prepared in conformity with GAAP as well as non-GAAP financial information. The Company believes that the non-GAAP financial measures presented in this press release provide useful information to the Company’s management, investors, and other interested parties about the Company’s operating performance because they allow them to understand and compare the Company’s operating results during the current periods to the prior year periods in a more consistent manner. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP, and similarly titled non-GAAP measures may be calculated differently by other companies. The Company calculates those non-GAAP measures by adjusting for non-recurring items that are not part of the normal course of business and that the Company’s management does not believe will have similar comparable year-over-year items or for non-operating items. A reconciliation of those measures to the most directly comparable GAAP measures is provided below.

About

InfuSystem

Holdings, Inc.

InfuSystem Holdings, Inc. (NYSE American: INFU), is a leading national health care service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers. INFU services are provided under a two-platform model. The lead platform is Integrated Therapy Services (“ITS”), providing the last-mile solution for clinic-to-home healthcare where the continuing treatment involves complex durable medical equipment and services. The ITS segment is comprised of Oncology, Pain Management, and Wound Therapy businesses. The second platform, Durable Medical Equipment Services (“DME Services”), supports the ITS platform and leverages strong service orientation to win incremental business from its direct payor clients. The DME Services segment is comprised of direct payor rentals, pump and consumable sales, and biomedical services and repair. Headquartered in Rochester Hills, Michigan, the Company delivers local, field-based customer support and also operates Centers of Excellence in Michigan, Kansas, California, Massachusetts and Ontario, Canada.

Forward-Looking Statements

The financial results in this press release reflect preliminary results, which are not final until the Company’s Form 10-Q for the quarter ended September 30, 2020 is filed. In addition, certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as statements relating to future actions, business plans, objectives and prospects, future operating or financial performance. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “strategy,” “future,” “likely,” variations of such words, and other similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Forward-looking statements are subject to factors, risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the uncertain impact of the COVID-19 pandemic, our dependence on estimates of collectible revenue, potential litigation, changes in third-party reimbursement processes, changes in law and other risk factors disclosed in the Company’s most recent annual report on Form 10-K and, to the extent applicable, quarterly reports on Form 10-Q. All forward-looking statements made in this press release speak only as of the date hereof. We do not undertake any obligation to update any forward-looking statements to reflect future events or circumstances, except as required by law.

Additional information about
InfuSystem
Holdings, Inc. is available at

www.infusystem.com

.

FINANCIAL TABLES FOLLOW

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended						Nine Months Ended
(in thousands, except share and per share data)	September 30,						September 30,
		2020			2019			2020			2019

Net revenues	$	25,125		$	21,489		$	72,677		$	59,405
Cost of revenues		10,003			9,251			28,914			25,470
Gross profit		15,122			12,238			43,763			33,935

Selling, general and administrative expenses:
Provision for doubtful accounts		11			160			534			(30	)
Amortization of intangibles		1,075			1,077			3,225			3,326
Selling and marketing		2,196			2,402			7,263			7,480
General and administrative		8,587			6,936			24,949			20,945

Total selling, general and administrative		11,869			10,575			35,971			31,721

Operating income		3,253			1,663			7,792			2,214
Other expense:
Interest expense		(283	)		(488	)		(1,018	)		(1,436	)
Other income (expense)		8			(11	)		(20	)		(71	)

Income before income taxes		2,978			1,164			6,754			707
Provision for income taxes		(38	)		(29	)		(92	)		(151	)
Net income	$	2,940		$	1,135		$	6,662		$	556


Net income per share:
Basic	$	0.15		$	0.06		$	0.33		$	0.03
Diluted		0.14			0.05			0.31			0.03
Weighted average shares outstanding:
Basic		20,179,056			19,781,527			20,060,416			19,690,737
Diluted		21,663,414			20,679,431			21,637,481			20,503,933

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

SEGMENT REPORTING

(UNAUDITED)

	Three Months Ended
	September 30,						Better/
(in thousands, except share and per share data)		2020			2019		(Worse)


Net revenues:
ITS	$	15,638		$	13,468		$	2,170
DME Services (inclusive of inter-segment revenues)		10,946			8,989			1,957
Less: elimination of inter-segment revenues		(1,459	)		(968	)		(491	)
Total		25,125			21,489			3,636
Gross profit (exclusive of certain inter-segment allocations):
ITS		11,554			9,620			1,934
DME Services		3,568			2,618			950
Total		15,122			12,238			2,884
Gross profit (inclusive of certain inter-segment allocations) (a):
ITS		10,095			8,652			1,443
DME Services		5,027			3,586			1,441
Total		15,122			12,238			2,884

(a) Inter-segment allocations are for cleaning and repair services performed on medical equipment.

	Nine Months Ended
	September 30,						Better/
(in thousands, except share and per share data)		2020			2019		(Worse)


Net revenues:
ITS	$	45,369		$	37,182		$	8,187
DME Services (inclusive of inter-segment revenues)		31,263			25,012			6,251
Less: elimination of inter-segment revenues		(3,955	)		(2,789	)		(1,166	)
Total		72,677			59,405			13,272



Gross profit (exclusive of certain inter-segment allocations):
ITS		33,435			26,271			7,164
DME Services		10,328			7,664			2,664
Total		43,763			33,935			9,828



Gross profit (inclusive of certain inter-segment allocations) (a):
ITS		29,480			23,482			5,998
DME Services		14,283			10,453			3,830
Total		43,763			33,935			9,828




(a) Inter-segment allocations are for cleaning and repair services performed on medical equipment.

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

GAAP TO
NON-GAAP RECONCILIATION

(UNAUDITED)

NET INCOME TO ADJUSTED EBITDA:
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands)		2020			2019			2020			2019

GAAP net income		2,940			1,135			6,662			556
Adjustments:
Interest expense		283			488			1,018			1,436
Income tax provision		38			29			92			151
Depreciation		2,485			2,051			7,267			5,727
Amortization		1,075			1,077			3,225			3,326

Non-GAAP EBITDA	$	6,821		$	4,780		$	18,264		$	11,196

Stock compensation costs		659			250			1,222			780
Office move expenses		–			–			17			–
Early termination fees for capital leases		–			–			–			190
Exited facility costs		–			–			–			6
Management reorganization/transition costs		10			6			471			51
ASC 842 accounting principle change		–			108			–			216
Certain other non-recurring costs		53			24			87			371

Non-GAAP Adjusted EBITDA	$	7,543		$	5,168		$	20,061		$	12,810

GAAP Net Revenues	$	25,125		$	21,489		$	72,677		$	59,405
Non-GAAP Adjusted EBITDA Margin		30.0	%		24.0	%		27.6	%		21.6	%

Non-GAAP Adjusted EBITDA Margin is defined as Non-GAAP Adjusted EBITDA as a percentage of GAAP Net Revenues.

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET
S

(UNAUDITED)

	As of
	September 30,			December 31,
(in thousands, except share data)		2020			2019

ASSETS
Current assets:
Cash and cash equivalents	$	1,939		$	2,647
Accounts receivable, net		13,927			12,097
Inventories		3,973			2,899
Other current assets		1,587			1,662


Total current assets		21,426			19,305
Medical equipment for sale or rental		1,359			1,306
Medical equipment in rental service, net of accumulated depreciation		36,110			33,225
Property & equipment, net of accumulated depreciation		4,286			4,037
Intangible assets, net		12,238			15,463
Operating lease right of use assets		4,784			5,733
Other assets		105			155


Total assets	$	80,308		$	79,224


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	6,936		$	7,962
Current portion of long-term debt		7,759			8,082
Other current liabilities		5,009			5,803


Total current liabilities		19,704			21,847
Long-term debt, net of current portion		27,034			30,295
Deferred income taxes		120			104
Operating lease liabilities, net of current portion		4,061			4,644


Total liabilities		50,919			56,890



Stockholders’ equity:
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued		–			–
Common stock, $.0001 par value: authorized 200,000,000 shares; issued and
outstanding 23,755,421 and 20,236,932, respectively, as of September 30, 2020
and 23,400,625 and 19,882,136, respectively, as of December 31, 2019		2			2
Additional paid-in capital		84,092			83,699

Retained deficit		(54,705	)		(61,367	)











Total stockholders’ equity		29,389			22,334











Total liabilities and stockholders’ equity	$	80,308		$	79,224

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended
	September 30,
(in thousands)		2020			2019
(in thousands)		2020			2019
OPERATING ACTIVITIES
Net income	$	6,662		$	556
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts		534			(30	)
Depreciation		7,267			5,727
Loss on disposal of medical equipment and other assets		150			390
Gain on sale of medical equipment		(2,949	)		(1,264	)
Amortization of intangible assets		3,225			3,326
Amortization of deferred debt issuance costs		13			29
Stock-based compensation		1,222			780
Deferred income taxes		16			76
Changes in assets – (Increase)/Decrease:
Accounts receivable		(1,490	)		(735	)
Inventories		(1,074	)		(514	)
Other current assets		75			(233	)
Other assets		(114	)		(326	)
Changes in liabilities – Increase/(Decrease):
Accounts payable and other liabilities		(869	)		1,752
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	12,668		$	9,534

INVESTING ACTIVITIES
Purchase of medical equipment		(11,955	)		(15,005	)
Purchase of property and equipment		(865	)		(1,415	)
Proceeds from sale of medical equipment, property and equipment		3,870			2,239
NET CASH USED IN INVESTING ACTIVITIES		(8,950	)		(14,181	)

FINANCING ACTIVITIES
Principal payments on term loans, equipment line, revolving credit facility and other financing		(35,458	)		(3,915	)
Cash proceeds from 2019 equipment line, equipment line, revolving credit facility and other financing		31,861			7,462
Debt issuance costs		–			(3	)
Common stock repurchased to satisfy statutory withholding on employee
stock-based compensation plans		(1,269	)		(295	)
Cash proceeds from stock plans		190			237
Common stock – issued		250			–
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(4,426	)		3,486

Net change in cash and cash equivalents		(708	)		(1,161	)
Cash and cash equivalents, beginning of period		2,647			4,318
Cash and cash equivalents, end of period	$	1,939		$	3,157

November 12, 2020 6:33 am

Docebo Reports Third Quarter 2020 Results

Docebo Reports Third Quarter 2020 Results

Annual Recurring Revenue (“ARR”) growth of 55% and positive Adjusted EBITDA

TORONTO–(BUSINESS WIRE)–Docebo Inc. (TSX:DCBO) (“Docebo” or the “Company”), a leading AI-powered learning platform, today announced financial results for the three and nine months ended September 30, 2020. All amounts are expressed in US dollars unless otherwise stated.

“Customer momentum remained strong in the third quarter as we reported 55% year over year growth in ARR and 54% year over year growth in subscription revenue, driven by another quarter of record new logo and upsell performance,” said Claudio Erba, CEO and Founder of Docebo. “This resulted in our first quarter of positive Adjusted EBITDA as a public company as we are seeing strong returns from our investments in growth. We will continue to focus on increasing our sales reach, expanding our relationships with our customers and broadening our product offering to capitalize on the tailwinds we are seeing for Docebo and the LMS industry.”

Third Quarter 2020 Financial Highlights

Revenue of $16.1 million, an increase of 52.0% from the comparative period in the prior year
Subscription revenue of $15.1 million, representing 93.8% of total revenue, and an increase of 54.1% from the comparative period in the prior year
Annual Recurring Revenue^1,2 as at September 30, 2020 of $64.6 million, an increase of $22.9 million from $41.7 million at the end of the third quarter of 2019, or an increase of 55%
Gross profit of $13.2 million, or 82.1% of revenue, a 200 bps improvement from the comparative period in the prior year
Net loss of $1.2 million, compared to net loss of $3.7 million for the comparative period in the prior year
Positive Adjusted EBITDA² of $0.6 million, or 3.6% of revenue, compared to ($1.4) million, or (13.1%) of revenue, for the comparative period in the prior year
Positive cash flow generated from operating activities of $0.5 million, compared to $(1.9) million for the comparative period in the prior year
Free cash flow² was near break-even at ($0.140) million compared to $(1.986) million for the comparative period in the prior year
Completed bought deal offering comprised of 500,000 common shares issued from treasury for net proceeds of $18.1 million (C$23.8 million) and 1,225,000 common shares sold by the certain shareholders, including the exercise in full by the underwriters of their overallotment option to purchase 225,000 common shares
Cash and cash equivalents of $60.8 million as at September 30, 2020

¹ Please refer to “Key Performance Indicators” section of this press release.

²Please refer to “Non-IFRS Measures and Reconciliation of Non-IFRS Measures” section of this press release.

Third Quarter 2020 Business Highlights

Docebo is now used by 2,025 customers, an increase from 1,632 customers at the end of September 30, 2019¹

Strong growth in average contract value, calculated as total Annual Recurring Revenue divided by the number of active customers, increasing from $25,551 to $31,901¹
Signed a customer expansion agreement with one of the largest operators of quick-service restaurants in the world to scale their learning across the globe. Originally signed in November of 2018 to train in 3,000 restaurant locations, Docebo will now extend training across 24,000 locations worldwide beginning in 2021, and will include some of world’s most prominent and iconic quick-service restaurant brands
Signed a customer expansion agreement with Syngenta Group, the world’s largest agrochemical company, to scale internal training across multiple departments across their global organization
Signed a new customer agreement with Amazon Web Services (“AWS”) to power its training and certification products across the globe
Added new customer agreements with Economical Insurance, SiriusXM and the World Anti-Doping Agency (WADA) during the third quarter of 2020
Received first revenues from a second OEM partner, just one month after completing the agreement
In the third quarter of 2020, Docebo received 14 Learning Excellence awards with Brandon Hall Group alongside their customers
Docebo has also been recognized as the #1 Learning Management System of 2020 by eLearningIndustry and has been included on the list of Canada’s top growing companies for 2020 by The Globe and Mail Report on Business
Subsequent to quarter end, launched Docebo Learning Impact following the completion of the acquisition of forMetris Société par Actions Simplifiée, a leading SaaS-based learning impact evaluation platform

¹ Historically, in calculating average contract value, all references to the number of customers or companies we serve included separate accounts per customer based on their installation(s) count. For the third quarter of the fiscal year ended December 31, 2020 and going forward, any separate accounts that our customers may have will be aggregated and counted as one customer based on the contracted customer for the purposes of calculating our average contract value to provide a more precise understanding of this metric. The following table outlines our average contract value from the start of fiscal year 2019 using this updated calculation method and historically reported values:


	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020
	$	$	$	$	$	$
Updated Methodology
Number of customers	1,491	1,549	1,632	1,725	1,831	1,923
Average contract value (in thousands of US dollars)	$22,468	$23,848	$25,551	$27,362	$28,454	$29,616
As Previously Reported
Number of customers	1,596	1,651 ¹	1,712 ¹	1,808	1,938	2,046
Average contract value (in thousands of US dollars)	$20,990	$22,374	$24,357	$26,106	$26,883	$27,835

¹ Includes number of customers from OEM contracts

Third Quarter 2020 Results

Selected Financial Measures

	Three months ended September 30,							Nine months ended September 30,
	2020		2019		Change	Change		2020		2019		Change	Change
	$		$		$	%		$		$		$	%
Subscription Revenue	15,101		9,802		5,299	54.1	%	40,699		26,036		14,663	56.3	%
Professional Services	995		784		211	26.9	%	3,462		3,109		353	11.3	%
Total Revenue	16,096		10,586		5,510	52.0	%	44,161		29,145		15,016	51.5	%

Gross Profit Margin	13,213		8,476		4,737	55.9	%	35,597		23,087		12,510	54.2	%
Percentage of Total Revenue	82.1	%	80.1	%				80.6	%	79.2	%

Key Performance Indicators

	As at September 30,
	2020	2019	Change	Change %
Annual Recurring Revenue (in millions of US dollars)	64.6	41.7	22.9	54.9	%
Average Contract Value (in thousands of US dollars)	31.9	25.6	6.3	24.6	%
Customers	2,025	1,632	393	24.1	%

Non-IFRS Metrics

	Three months ended September 30,							Nine months ended September 30,
	2020		2019		Change	Change		2020		2019		Change		Change
	$		$		$	%		$		$		$		%
Adjusted EBITDA	577		(1,388	)	1,965	(142	)	(2,698	)	(4,552	)	1,854		(40.7	)%
Free Cash Flow	(140	)	(1,986	)	1,846	(93.0	)%	(2,882	)	(1,395	)	(1,487	)	106.6	%

Conference Call

Management will host a conference call on Thursday, November 12, 2020 at 8:00 am ET to discuss these third quarter results.

To access the conference call, please dial 416-764-8688 or 1-888-390-0546. The audited financial statements for the three and nine months ended September 30, 2020 and Management’s Discussion & Analysis for the same period have been filed on SEDAR at www.sedar.com. Alternatively, these documents along with a presentation in connection with the conference call can be accessed online at https://investors.docebo.com.

An archived recording of the conference call will be available until November 19, 2020 and for 90 days on our website. To listen to the recording, call 416-764-8677 or 1-888-390-0541 and enter passcode 296548.

Forward-looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may relate to our future financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, the impact of COVID-19 on our business, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information.

In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or, “will”, “occur” or “be achieved”, and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

This forward-looking information includes, but is not limited to, statements regarding industry trends; our growth rates and growth strategies; addressable markets for our solutions; the achievement of advances in and expansion of our platform; expectations regarding our revenue and the revenue generation potential of our platform and other products; our business plans and strategies; and our competitive position in our industry.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to:

the Company’s ability to execute on its growth strategies;

the impact of changing conditions in the global corporate e-learning market;

increasing competition in the global corporate e-learning market in which the Company operates;

fluctuations in currency exchange rates and volatility in financial markets;

the extent of the impact of COVID-19 and measures taken to contain the virus on our results of operations and overall financial performance;

changes in the attitudes, financial condition and demand of our target market;

developments and changes in applicable laws and regulations; and

such other factors discussed in greater detail under the “Risk Factors” section of our Annual Information Form dated March 11, 2020 (“AIF”), which is available under our profile on SEDAR at www.sedar.com.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and described in greater detail in the “Summary of Factors Affecting our Performance” section of our MD&A for the three and nine months ended September 30, 2020 and in the “Risk Factors” section of our AIF, should be considered carefully by prospective investors.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date specified herein, and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

Additional information relating to Docebo, including our Annual Information Form, can be found on SEDAR at www.sedar.com.

About Docebo

Docebo is redefining the way enterprises learn by applying new technologies to the traditional corporate learning management system market. Docebo provides an easy-to-use, highly configurable learning platform with the end-to-end capabilities designed to make customers, partners, and employees love their learning experience.

Results of Operations

The following table outlines our consolidated statements of loss and comprehensive loss for the following periods:


	Three months ended September 30,				Nine months ended September 30,
(In thousands of US dollars, except per share data)	2020		2019		2020		2019
	$		$		$		$
Revenue	16,096		10,586		44,161		29,145
Cost of revenue	2,883		2,110		8,564		6,058
Gross profit	13,213		8,476		35,597		23,087

Operating expenses
General and administrative	3,575		3,219		11,260		9,342
Sales and marketing	5,796		5,711		17,559		13,104
Research and development	3,265		2,175		9,476		6,434
Share-based compensation	512		99		1,317		251
Foreign exchange (gain) loss	440		148		(1,607	)	102
Depreciation and amortization	279		207		771		594
	13,867		11,559		38,776		29,827
Operating loss	(654	)	(3,083	)	(3,179	)	(6,740	)

Finance expense, net	78		228		37		707
Loss on change in fair value of convertible promissory notes	—		—		—		776
Other income	(19	)	(18	)	(57	)	(57	)
Loss before income taxes	(713	)	(3,293	)	(3,159	)	(8,166	)
Income tax expense	445		449		754		449
Net loss for the year	(1,158	)	(3,742	)	(3,913	)	(8,615	)

Other comprehensive loss
Item that may be reclassified subsequently to income:
Foreign currency translation loss (gain)	117		(471	)	2,035		(69	)
Item not subsequently reclassified to income:
Actuarial loss	—		10		—		30
	117		(461	)	2,035		(39	)
Comprehensive loss	(1,275	)	(3,281	)	(5,948	)	(8,576	)

Loss per share – basic and diluted	(0.04	)	(0.16	)	(0.14	)	(0.37	)
Weighted average number of common shares outstanding – basic and diluted	28,748,652		23,760,149		28,560,806		23,122,698

Key Statement of Financial Position Information


(In thousands of US dollars, except percentages)	September 30, 2020	December 31, 2019	Change	Change
	$	$	$	%
Cash and cash equivalents	60,835	46,278	14,557	31.5	%
Total assets	88,738	63,860	24,878	39.0	%
Total liabilities	43,740	32,479	11,261	34.7	%
Total long-term liabilities	4,477	3,938	539	13.7	%

Non-IFRS Measures and Reconciliation of Non-IFRS Measures

This press release makes reference to certain non-IFRS measures including key performance indicators used by management and typically used by our competitors in the software-as-a-service (“SaaS”) industry. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and SaaS metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including SaaS industry metrics, in the evaluation of companies in the SaaS industry. Management also uses non-IFRS measures and SaaS industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation. The non-IFRS measures and SaaS industry metrics referred to in this press release include “Annual Recurring Revenue”, “Adjusted EBITDA” and “Free Cash Flow”.

Key Performance Indicators

We recognize subscription revenues ratably over the term of the subscription period under the provisions of our agreements with customers. The terms of our agreements, combined with high customer retention rates, provides us with a significant degree of visibility into our near-term revenues. Management uses a number of metrics, including the ones identified below, to measure the Company’s performance and customer trends, which are used to prepare financial plans and shape future strategy. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.

Annual Recurring Revenue. We define Annual Recurring Revenue as the annualized equivalent value of the subscription revenue of all existing contracts (including Original Equipment Manufacturer (“OEM”) contracts) as at the date being measured, excluding non-recurring implementation, support and maintenance fees. Our customers generally enter into one to three year contracts which are non-cancellable or cancellable with penalty. All the customer contracts, including those for one-year terms, automatically renew unless cancelled by our customers. Accordingly, our calculation of Annual Recurring Revenue assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal. Subscription agreements may be subject to price increases upon renewal reflecting both inflationary increases and the additional value provided by our solutions. In addition to the expected increase in subscription revenue from price increases over time, existing customers may subscribe for additional features, learners or services during the term. We believe that this measure provides a fair real-time measure of performance in a subscription-based environment. Annual Recurring Revenue provides us with visibility for consistent and predictable growth to our cash flows. Our strong total revenue growth coupled with increasing Annual Recurring Revenue indicates the continued strength in the expansion of our business and will continue to be our target on a go-forward basis.

Annual Recurring Revenue was as follows as at September 30:

			2020		2019		Change		Change %
Annual Recurring Revenue (in millions of US dollars)			64.6		41.7		22.9		54.9%

Adjusted EBITDA

Adjusted EBITDA is used by management as a supplemental measure to review and assess operating performance and, in conjunction with the financial statements, provides a more comprehensive picture of factors and trends affecting our business. Management believes that Adjusted EBITDA is a useful measure of operating performance and our ability to generate cash-based earnings, as it provides a useful view of operating results by excluding the effects of financing and investing activities which removes the effects of interest, depreciation and amortization expenses as non-cash items that are not reflective of our underlying business performance, and other one-time or non-recurring expenses. The Company defines Adjusted EBITDA as net loss excluding taxes (if applicable), net finance expense, depreciation and amortization, loss on change in fair value of convertible promissory notes, loss on disposal of assets (if applicable), share based compensation, transaction related expenses and foreign exchange gains and losses. Management believes that these adjustments are appropriate in making Adjusted EBITDA an approximation of cash-based earnings from operations before capital replacement, financing, and income tax charges. Adjusted EBITDA does not have a standardized meaning under IFRS and is not a measure of operating income, operating performance or liquidity presented in accordance with IFRS and is subject to important limitations. The Company’s definition of Adjusted EBITDA may be different than similarly titled measures used by other companies.

The following table reconciles Adjusted EBITDA to net loss for the periods indicated:

Three months ended September 30,

Nine months ended September 30,

(In thousands of US dollars)

2020

2019

2020

2019

$

$

$

$

Net loss

(1,158

)

(3,742

)

(3,913

)

(8,615

)

Finance (income) expense, net⁽¹⁾

78

228

37

707

Depreciation and amortization⁽²⁾

279

207

771

594

Income tax expense

445

449

754

449

Loss on change in fair value of convertible promissory notes⁽³⁾

—

—

—

776

Share-based compensation⁽⁴⁾

512

99

1,317

251

Other income⁽⁵⁾

(19

)

(18

)

(57

)

(57

)

Foreign exchange (gain) loss⁽⁶⁾

440

148

(1,607

)

102

Transaction related expenses⁽⁷⁾

—

1,241

—

1,241

Adjusted EBITDA

577

(1,388

)

(2,698

)

(4,552

)

Notes:

Finance expense for the three and nine months ended September 30, 2019 is primarily related to interest and accretion expense on the secured debentures and convertible promissory notes. As these were repaid in October 2019 with the net proceeds from the IPO, no further interest expenses on debt have been incurred during the three and nine months ended September 30, 2020. In fiscal 2020 interest income was earned on the net proceeds from the IPO as the funds are held within short-term investments in highly liquid marketable securities which is offset by interest expenses incurred on lease obligations.

Depreciation and amortization expense is primarily related to depreciation expense on right-of-use assets (“ROU assets”) and property and equipment. As a result of the adoption of IFRS 16 – Leases effective January 1, 2019 depreciation and amortization expense for the three and nine months ended September 30, 2020 includes amortization expense on ROU assets of $190 and $523, respectively (2019 – $150 and $432).

These costs are related to the change in valuation of our convertible promissory notes from period to period, which is a non-cash expense and is thus not indicative of our operating profitability. These costs should be adjusted for in accordance with management’s view of Adjusted EBITDA as an approximation of cash-based earnings from operations before capital replacement, financing, and income tax charges. In May 2019, these convertible promissory notes were converted into common shares. There will be no further impact on our results of operations from such convertible promissory notes and the Company does not currently intend to issue any additional convertible promissory notes.

These expenses represent non-cash expenditures recognized in connection with the issuance of share-based compensation to our employees and directors.

Other income is primarily comprised of rental income from subleasing office space.

These non-cash losses relate to foreign exchange (gain) loss.

These expenses are related to our IPO and include professional, legal, consulting and accounting fees that are non-recurring and would otherwise not have been incurred and are not considered an expense indicative of continuing operations.

Free Cash Flow

Free Cash Flow is defined as cash used in operating activities less additions to property and equipment and non-current assets. The following table reconciles our cash flow used in operating activities to Free Cash Flow:

Three months ended September 30,

Nine months ended September 30,

(In thousands of US dollars)

2020

2019

2020

2019

$

$

$

$

Cash flow used in operating activities

455

(1,893

)

(1,891

)

(1,089

)

Additions to property and equipment and non-current assets

(595

)

(93

)

(991

)

(306

)

Free Cash Flow

(140

)

(1,986

)

(2,882

)

(1,395

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005187/en/

Dennis Fong, Investor Relations

(416) 283-9930

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Software Technology Mobile/Wireless Other Technology

MEDIA:

Logo

Posted on November 12, 2020 6:33 am
BiomX Reports Third Quarter 2020 Financial Results and Announces Expanded Portfolio of Phage Therapy Candidates

BiomX Reports Third Quarter 2020 Financial Results and Announces Expanded Portfolio of Phage Therapy Candidates

Company unveils BOLT (BacteriOphage Lead to Treatment) platform designed for more rapid and efficient development of phage therapy

BOLT enables the Company to expand portfolio with two additional phage therapy programs in cystic fibrosis and atopic dermatitis and allows consolidation of two programs into one product candidate, BX003, for the treatment of both inflammatory bowel disease (IBD) and primary sclerosing cholangitis (PSC)

Company to host conference call today at 8:00 a.m. Eastern Time

NESS ZIONA, Israel–(BUSINESS WIRE)–
BiomX Inc. (NYSE American: PHGE), a clinical stage company developing natural and engineered phage therapies targeting specific pathogenic bacteria, today reported financial results and a business update for the third quarter ended September 30, 2020.

“BiomX continues to lead in the field of phage therapy by implementing proprietary processes for accelerated development,” commented Jonathan Solomon, Chief Executive Officer of BiomX. “Our novel BOLT platform, which is the result of an accumulated five years of technological development, significantly reduces the time required to reach clinical proof-of-concept. The improved efficiency of this platform allows us to expand our portfolio with two significant new programs without affecting our projected cash runway.”

Continued Mr. Solomon, “This expansion includes near term opportunities with phage therapy candidates. We expect clinical proof of concept results in patients for cystic fibrosis and atopic dermatitis by the end of 2021 and mid-2022, respectively. Improvements in R&D also allow for the consolidation of our inflammatory bowel disease (IBD) and primary sclerosing cholangitis (PSC) programs. We now have one improved, broad host range product candidate, BX003, targeting Klebsiella pneumoniae, a potential pathogen implicated in both diseases to be developed for both indications. The consolidation of these programs results in an updated timeline for Phase 1b/2a results with BX003 expected in mid-2022. In addition, we expect data from a planned Phase 2 cosmetic clinical study in acne-prone skin in the second quarter of 2021.”

About the BOLT Platform

The newly unveiled BOLT (“BacteriOphage Lead to Treatment”) R&D platform enables BiomX to rapidly develop, manufacture and formulate a phage treatment targeting a given pathogenic bacteria. The platform allows BiomX to conduct an initial clinical proof of concept study in patients (Phase 2 results) within approximately 12-18 months of project initiation¹. The ability to move quickly into clinical development is also driven by the strong safety profile of naturally-occurring phage, as corroborated by regulatory guidance provided to BiomX by the FDA as relating to its IBD program, allowing the Company to bypass safety studies and studies in healthy volunteers and to proceed directly to patient studies.

Recent Highlights and Key Upcoming Milestones

Acne-Prone Skin

The Company expects to initiate a Phase 2 cosmetic clinical study of phage therapy BX001 in the first quarter of 2021, with results expected in the second quarter of 2021.

Cystic Fibrosis

A new program for development of a phage therapy targeting chronic respiratory infections caused by Pseudomonas aeruginosa, a main contributor to morbidity and mortality in patients with cystic fibrosis. Phase 2 results of a proof of concept clinical study evaluating safety and efficacy in patients are expected in the fourth quarter of 2021.

Atopic Dermatitis

A new program for development of a topically administered phage therapy targeting Staphylococcus aureus, a bacterium linked to the development and exacerbation of inflammation in atopic dermatitis. Phase 2 results of a proof of concept clinical study evaluating safety and efficacy in patients are expected in the first half of 2022.

IBD and PSC

Results of a Phase 1a study are expected in the first quarter of 2021. The study is designed to provide safety and pharmacokinetic data, including an assessment of delivery of viable phage to the gastrointestinal system as a key exploratory endpoint.

Results of the Phase 1b/2a study aimed at evaluating the efficacy of BX003, improved broad host range phage therapy, in reduction of the target bacteria Klebsiella pneumoniae are expected by mid-2022.

Tumor-Targeted Delivery in Cancer

BiomX is exploring phage mediated delivery of therapeutic payloads to Fusobacterium nucleatum bacteria residing in the tumors of patients with colorectal cancer. Preclinical results from animal studies evaluating use of phage therapy in combination with checkpoint inhibitors are expected in the second quarter of 2021.

Biomarker Discovery Collaboration with Boehringer Ingelheim

In September 2020, BiomX entered into a collaboration with Boehringer Ingelheim to utilize the BiomX XMarker microbiome-based biomarker discovery platform to potentially identify biomarkers associated with patient phenotypes in IBD.

Third Quarter 2020 Financial Results

Cash balance and short-term deposits as of September 30, 2020, were $64.5 million, compared to $82.4 million as of December 31, 2019. The decrease was primarily due to net cash used in operating activities.

Research and development expenses were $6.4 million in the third quarter of 2020, compared to $2.9 million in the same period of 2019. The increase was primarily due to growth in the number of employees which resulted in an increase of salaries and related expenses and due to an increase in depreciation and amortization expenses.

General and administrative expenses were $2.4 million in the third quarter of 2020, compared to $1.8 million in the same period in 2019. The increase was primarily due to expenses associated with operating as a public company, such as directors’ and officers’ insurance, filing and legal and accounting expenses.

Net loss was $8.8 million in the third quarter of 2020, compared to $4.3 million in the same period of 2019.

Net cash used in operating activities was $17.3 million for the nine months ended September 30, 2020, compared to $10.5 million in the same period of 2019.

Financial Expectations

Existing cash, cash equivalents and short-term deposits are expected to be sufficient to fund the Company’s current operating plan through mid-2022.

Conference Call Details

BiomX management will host a conference call and webcast today at 8:00 a.m. ET to report financial results for the third quarter of 2020 and provide business updates. To participate in the conference call, please dial 1-877-407-0724 (U.S.), 1-809-406-247 (Israel) or 1-201-389-0898 (international). A live and archived webcast of the call will be available in the Investors section of the company’s website at www.biomx.com.

About BiomX

BiomX is a clinical-stage biotechnology company developing both natural and engineered phage cocktails designed to target and destroy bacteria that affect the appearance of skin, as well as target bacteria in the treatment of chronic diseases, such as inflammatory bowel disease, primary sclerosing cholangitis, cystic fibrosis and colorectal cancer. BiomX discovers and validates proprietary bacterial targets and customizes phage compositions against these targets.

Additional information is available at www.biomx.com, the content of which does not form a part of this press release.

Safe Harbor Language

This press release contains express or implied “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. For example, when BiomX discusses the potential opportunities for and benefits of the BOLT platform, the expected timing of initiation and receipt of results from its various pre-clinical and clinical studies as well as the acceptance of regulatory agencies of the design thereof, its collaboration with Boehringer Ingelheim and the potential thereof and the sufficiency of its funding through mid-2022, BiomX is making forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on BiomX management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of BiomX control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in BiomX’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and additional disclosures BiomX makes in its filings with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and except as provided by law BiomX expressly disclaims any obligation or undertaking to update forward-looking statements.

¹ In certain indications the length of clinical proof of concept may be longer depending on indication, identity of target bacteria, recruitment rate, cohort size and other factors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005113/en/

Noel Kurdi, BiomX

VP Investor Relations and Strategy

(646) 241-4400

[email protected]

Media contact:

Rich Allan, Solebury Trout

(646) 378-2958

[email protected]

KEYWORDS: United States North America Israel Middle East New York

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Clinical Trials

MEDIA:

Posted on November 12, 2020 6:33 am
MEDIA ADVISORY: WWF-Canada’s guide to Gifts That Change the World

WWF-Canada’s new collection lets you give a gift that gives back long after the holidays are over

TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — ‘Tis the season for giving — and for giving back! This holiday season, shoppers can choose from a range of new WWF-Canada products that can literally help change the world by supporting the conservation organization’s efforts to restore habitats, reverse wildlife decline and fight climate change.

WWF-Canada’s guide to Gifts that Change the World includes:

New wildlife species for adoption:

Four new species — the collared pika, red kangaroo, ring-tailed lemur and platypus –have joined the WWF-Canada plush collection this year. Dozens of past favourites have also returned, including polar bear, narwhal, bumblebee, sloth, grey wolf and giant panda.

Each $45 to $65 symbolic adoption kit includes a high-quality stuffed animal, personalized adoption certificate, educational poster about the species and conservation work the purchase supports, and a charitable tax receipt all wrapped up in a reusable WWF tote bag.

Purchasers can also choose to give a card-only symbolic adoption for $25. Each stunning wildlife card comes with an embedded adoption certificate, all enclosed in a beautiful envelope.

Virtual gifts
These e-cards are perfect for friends and family who you can’t see in person this year or as a last-minute gift for someone who has everything. Sent straight to their inbox, these gifts may be virtual, but their impact is very real.

Keep a bumblebee buzzing for $55

Give an orca the gift of silence for $45

Help reindeer thrive for $25

Clothing and accessories for kids and adults

This adorable panda print face masklets you show your support for wildlife.

WWF-branded T-shirts and hoodiesare eco-friendly and let you wear your love of nature on your sleeve.

Our branded wool mittensare 100 per cent cruelty-free and will keep your friends and family warm.

A panda-branded leash
lets you spoil the pets on your gift list

Sustainable stocking stuffers
Instead of single-use trinkets, fill their stockings with a WWF-branded reusable straw set, reusable produce sacks and a JOCO coffee cup.

How to order:

Visit wwf.ca/shop or call 1-800-26-PANDA.

Canada Post is experiencing high parcel volumes and has implemented important COVID-19 safety measures in their processing facilities which can result in shipping delays. To ensure delivery by Dec. 25, please place your order well before Dec. 13 for urban addresses or Dec. 11 for rural addresses. Priority shipping options are available.

Gifts that Change the World media assets are available for download.

About World Wildlife Fund Canada

WWF-Canada creates solutions to the environmental challenges that matter most for Canadians. We work in places that are unique and ecologically important, so that nature, wildlife and people thrive together. Because we are all wildlife. For more information, visit wwf.ca.

Attachments

Platypus Plush

Website image

Emily Vandermeer WWF-Canada 519-616-1556 [email protected]

Posted on November 12, 2020 6:33 am
Metacrine Reports Business Updates and Third Quarter 2020 Financial Results

Upcoming Data at AASLD Support Robust, Sustained FXR Activation by MET409 in Patients with NASH

$85 Million Initial Public Offering Completed

SAN DIEGO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Metacrine, Inc. (Nasdaq: MTCR), a clinical-stage biopharmaceutical company focused on discovering and developing differentiated therapies for patients with liver and gastrointestinal diseases, today reported recent business highlights and third quarter 2020 financial results.

“2020 has been a transformational year for Metacrine, as we advanced the development of our proprietary FXR platform, including our MET409 and MET642 clinical programs, and made the important transition into a publicly traded company,” said Preston Klassen, M.D., MHS, president and chief executive officer of Metacrine. “As we look to the rest of the year, we plan to present new data from our MET409 Phase 1b proof-of-concept clinical trial in patients with NASH at AASLD, which further support the continued advancement of these potential best-in-class FXR programs. Additionally, we have selected the antidiabetic agent, an SGLT-2 inhibitor, to be evaluated with MET409 in our planned combination trial, which is on-track to initiate in the first half of next year. With additional capital and an established leadership team of talented industry veterans, we stand in a strong position to continue advancing both MET409 and MET642, while also exploring additional opportunities in our early-stage pipeline to expand our portfolio and support our future growth.”

Program Highlights

New MET409 Data to be Presented at AASLD’s The Liver Meeting Digital Experience:

Two posters highlighting pharmacokinetic and pharmacodynamic data along with early prediction of longer term changes in liver fat content on the company’s lead clinical candidate, MET409
, a farnesoid X receptor (FXR) agonist for the treatment of non-alcoholic steatohepatitis (NASH), will be presented at the American Association for the Study of Liver Diseases’ (AASLD) The Liver Meeting Digital Experience™. The virtual meeting is taking place November 13-16, 2020.

SGLT-2 Inhibitor Selected as Combination Agent for MET409 Phase 2a Combination Trial: Metacrine has selected empagliflozina sodium-glucose cotransport-2 (SGLT-2) inhibitor, to be evaluated in combination with MET409 in the company’s planned Phase 2a clinical trial for the treatment of patients with both NASH and type 2 diabetes. SGLT-2 inhibitors, in addition to affording glycemic control and cardiovascular/renal benefits, have demonstrated positive effects on liver fat reduction. A daily oral combination treatment with an FXR agonist and SGLT-2 inhibitor could be beneficial for patients with NASH and type 2 diabetes, who are believed to be at a greater risk of liver disease progression. The company anticipates beginning the combination trial in the first half of 2021.

Positive MET409 Phase 1b Clinical Data in NASH Patients Presented at the Digital International Liver Congress™ 2020: In August, Metacrine presented positive, final results from its 12-week, randomized, placebo-controlled Phase 1b study of MET409 in patients with NASH in a late-breaking poster presentation as part of the Digital International Liver Congress. In the Phase 1b proof-of-concept trial, 58 patients with NASH were randomized 1:1:1 to receive oral, once-daily MET409 at 50 mg or 80 mg, or to placebo. Study findings show that MET409 meaningfully lowered and normalized liver fat content compared to placebo with a reassuring safety and tolerability profile. The full findings can be seen here.

MET409 Received FDA Fast Track Designation for the Treatment of NASH: In August, Metacrine announced that the FDA granted Fast Track designation to MET409 for the treatment of NASH. Fast Track is a process designed to facilitate the development and expedite the review of drugs designed to treat serious diseases or conditions and that have the potential to fill an unmet medical need for such diseases or conditions. This designation was granted to MET409 based on data from a completed Phase 1b study in NASH patients as well as preclinical studies.

Recent Business Highlights

Successful Initial Public Offering (IPO) Completed: On September 15, 2020, Metacrine sold 6,540,000 shares of its common stock at a public offering price of $13.00 per share. The gross proceeds to Metacrine from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Metacrine, were approximately $85.0 million.

Anticipated Milestones

Metacrine expects to announce topline results from its Phase 1 clinical study in healthy volunteers of MET642 before the end of 2020.

Upcoming Investor Conference Presentation

Preston Klassen, M.D., MHS, president and chief executive officer of Metacrine, will participate in a fireside chat during the Jefferies Virtual London Healthcare Conference on Thursday, Nov. 19, 2020 at 7:20 p.m. GMT/11:20 a.m. PT.

The live webcast will be available in the investor section of the company’s website at www.metacrine.com. The webcast will be archived for 60 days following the presentation.

Third Quarter Financial Results

Cash Balance: Cash, cash equivalents and short-term investments were $109.2 million as of September 30, 2020, which includes $85.0 million in gross proceeds from the company’s IPO completed in September 2020.

R&D Expenses: Research and development (R&D) expenses were $6.2 million for the three months ended September 30, 2020, as compared to $7.6 million for the same period in the prior year. The decrease in research and development expenses was primarily attributable to manufacturing, preclinical and toxicology work performed during 2019 to support the initiation of the Phase 1 clinical trial of MET642 in March 2020.

G&A Expenses: General and administrative (G&A) expenses were $2.7 million for the three months ended September 30, 2020, as compared to $1.1 million for the same period in the prior year. The increase in general and administrative expenses was primarily attributable to increased headcount and non-cash stock-based compensation charges.

Net Loss: Net loss was $9.1 million for the three months ended September 30, 2020, as compared to $8.5 million for the same period in the prior year.

About Metacrine

Metacrine, Inc. (Nasdaq: MTCR) is a clinical-stage biopharmaceutical company building a differentiated pipeline of therapies to treat liver and gastrointestinal (GI) diseases. The company’s most advanced programs, MET409 and MET642, target the farnesoid X receptor (FXR), which is central to modulating liver and GI diseases. Both MET409 and MET642 are currently being investigated in clinical trials as potential new treatments for non-alcoholic steatohepatitis (NASH).

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding the therapeutic potential of MET409 and MET642; statements regarding Metacrine’s timelines; the differentiated nature of Metacrine’s FXR program; plans underlying Metacrine’s clinical trials; plans for advancing the clinical development of Metacrine’s FXR program; the potential best-in-class nature of Metacrine’s FXR program; and the potential for its FXR product candidates to be long-term therapies for NASH; and the potential benefits of MET409’s Fast Track designation. Words such as “may,” “will,” “expect,” “plan,” “aim,” “anticipate,” “estimate,” “intend,” “potential,” “prepare” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Metacrine’s expectations and assumptions that may never materialize or prove to be incorrect. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks and uncertainties regarding regulatory approvals for MET409 or MET642; potential delays in initiating, enrolling or completing any clinical trials; potential adverse side effects or other safety risks associated with Metacrine’s product candidates; competition from third parties that are developing products for similar uses; and Metacrine’s ability to obtain, maintain and protect its intellectual property. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in Metacrine’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2020, and in Metacrine’s other filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except as required by law, Metacrine assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Contact:

Chelcie Lister
THRUST Strategic Communications
910.777.3049
[email protected]

Metacrine, Inc.

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except per share data)

Three Months Ended Nine Months Ended

September 30, September 30,

2020 2019 2020 2019

Operating expenses:

Research and development $ 6,217 $ 7,647 $ 19,973 $ 19,497

General and administrative 2,693 1,069 6,087 3,057

Total operating expenses 8,910 8,716 26,060 22,554

Loss from operations (8,910 ) (8,716 ) (26,060 ) (22,554 )

Total other income (expense) (144 ) 251 (428 ) 1,018

Net loss $ (9,054 ) $ (8,465 ) $ (26,488 ) $ (21,536 )

Net loss per share, basic and diluted $ (1.41 ) $ (3.51 ) $ (6.89 ) $ (9.17 )

Weighted average shares of common stock outstanding, basic and diluted 6,436,546 2,409,227 3,845,793 2,349,635

Metacrine, Inc.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

September 30, December 31,

2020 2019

Assets

Current assets:

Cash, cash equivalents, and short-term investments $ 109,239 $ 55,651

Prepaid expenses and other current assets 1,663 1,692

Total current assets 110,902 57,343

Property and equipment, net 690 735

Operating lease right-of-use asset 1,740 2,203

Total assets $ 113,332 $ 60,281

Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

Current liabilities:

Accounts payable $ 655 $ 239

Accrued and other current liabilities 3,447 4,149

Total current liabilities 4,102 4,388

Long-term debt, net of debt discount 9,309 9,099

Other long-term liabilities 1,758 2,566

Convertible preferred stock – 122,465

Stockholders’ equity (deficit) 98,163 (78,237 )

Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) $ 113,332 $ 60,281

Metacrine, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)

Nine Months Ended

September 30,

2020 2019

Operating activities:

Net loss $ (26,488 ) $ (21,536 )

Non-cash adjustments 4,025 1,505

Changes in operating assets and liabilities (1,658 ) 1,361

Net cash used in operating activities (24,121 ) (18,670 )

Investing activities:

Purchases of property and equipment (172 ) (56 )

Proceeds from short-term investments 29,089 11,398

Net cash provided by investing activities 28,917 11,342

Financing activities:

Proceeds from issuance of common stock from initial public offering, net of issuance costs 77,750 –

Proceeds from issuance of long-term debt, net of issuance cost – 9,717

Proceeds from other financing activities 67 29

Net cash provided by financing activities 77,817 9,746

Net increase in cash and cash equivalents 82,613 2,418

Cash and cash equivalents at beginning of period 15,668 15,965

Cash and cash equivalents at end of period $ 98,281 $ 18,383

Posted on November 12, 2020 6:33 am
Gold Standard Drilling Finds New High-Grade Oxide Gold Zone at the Pinion Deposit, Carlin Trend, Nevada

PR20-26 intersects 77.7m of 2.24 g Au/t, including 22.9m of 4.21 g Au/t and PR20-34 intersects 38.1m of 4.37 g Au/t including 16.8m of 5.41 g Au/t

PR20-26 intersects 77.7m of 2.24 g Au/t, including 22.9m of 4.21 g Au/t and PR20-34 intersects 38.1m of 4.37 g Au/t including 16.8m of 5.41 g Au/t

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — Gold Standard Ventures Corp. (TSX: GSV; NYSE AMERICAN: GSV) (“Gold Standard” or the “Company”) today announced that its 2020 Pinion deposit development program has found a new higher-grade oxide zone with potential to grow. The new zone at Pinion exhibits thicker breccia as well as exceptional oxide grades based on recent drilling on GSV’s 100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin Trend.

The drill results released today are from an additional 36 reverse-circulation (“RC”) holes (see Pinion DH Location Map – Nov. 10, 2020 and Significant Pinion DH Intercepts – Nov. 10, 2020). With this release, all reverse circulation holes (60 total) have been reported. Results from 15 core holes are pending.

Oxide results include 77.7m of 2.24 g Au/t, including 22.9m of 4.21 g Au/t in PR20-26; 38.1m of 4.37 g Au/t, including 16.8m of 5.41 g Au/t in PR20-34; 25.9m of 3.66 g Au/t, including 12.2m of 6.45 g Au/t in PR20-60; and 39.6m of 1.36 g Au/t, including 15.2m of 2.03 g Au/t in PR20-37. These results identify a number of new and potentially value-add opportunities at Pinion and the greater South Railroad Project, including: 1) a N60W trending zone of higher-grade oxide mineralization at Pinion that remains open to the south, east and at depth; 2) a potential expansion of the Pinion Phase 4 resource; and 3) a new gold host unit – the Tripon Pass Formation – which hosts +1 g Au/t reduced mineralization.

Objectives of the drilling included: 1) decreasing drill spacing on the Pinion Phase 4 inferred oxide resource for conversion to Measured and Indicated; 2) providing material for metallurgical testing; and 3) tightening the drill spacings near historic Cameco holes SB-136, an RC hole that intersected 102.1m of 1.38 g Au/t, and SB-162-99, a core hole that twinned and verified the SB-136 results with an intercept of 112.0m of 1.24 g Au/t. All of these objectives have been successfully completed.

Jonathan Awde, CEO and Director of Gold Standard commented: “Railroad-Pinion has continued to provide upside surprises. The new Pinion zone has the best oxide gold grades we have ever drilled at Pinion and it has potential to expand. Finding gold in the Tripon Pass Formation opens up a possible new host unit. Twelve holes ended in altered multilithic breccia with oxide gold values ranging from 0.31 g Au/t to 2.52 g Au/t as mineralized thicknesses exceeded expectations. All considered, this has been a very successful program and we have more results to come.”

Key Highlights for
Pinion
include:

Drill hole PR20-26 intersected 77.7m of 2.24 g Au/t, including 22.9m of 4.21 g Au/t, and PR20-34 intersected 38.1m of 4.37 g Au/t, including 16.8m of 5.41 g Au/t. These drill holes are on the southern margin of the drill pattern and represent the best oxide intercepts ever completed at the Pinion deposit.

Nine holes (PR20-26, -28, -29, -30, -34, -35, -36, -37 and -42) in this release and three holes (PR20-19, -20 and -27) announced last month (see October 20, 2020 news release) ended in altered multilithic breccia with oxide gold values ranging from 0.31 g Au/t to 2.52 g Au/t. These holes intersected thicker and higher gold grades than predicted by the resource model.

Pinion Phase 4 drilling has defined a new N60W striking zone of higher than average deposit gold grade, considerable breccia thickness and an increase in igneous sills and dikes. Along this trend, oxide mineralization exhibits vertical and strike continuity over an area approximately 300m (along a NW/SE strike) by approximately 170m wide. Mineralization remains open for another 600m to the southeast of this drilling and at depth. Additional drilling is in progress to further define this zone, both at depth and along strike.

PR20-34 also intersected a reduced gold zone of 10.7m of 2.14 g Au/t (at a 1.0 g Au/t cutoff) in the Tripon Pass Formation, immediately above the oxide intercept of 38.1m of 4.37 g Au/t. This reduced intercept represents a new gold host and style of mineralization at Pinion.

In the northern portion of the drill pattern, three holes intersected vertically-continuous zones of +1 g Au/t oxide mineralization, including 32.0m of 1.14 g Au/t, including 10.7m of 2.40 g Au/t in PR20-47; 24.4m of 1.55 g Au/t, including 16.8m of 2.11 g Au/t in PR20-59; and 25.9m of 3.66 g Au/t, including 12.2m of 6.45 g Au/t in PR20-60. These holes intersected higher gold grades than predicted by the resource model.

Pinion RC drill results are as follows:

Drill Hole Method Azimuth Incl. TD (m) Intercept (m) Thickness (m) Grade (g Au/t)

PR20-22 RC -90 161.5 97.6-118.9 21.3 0.57

PR20-24 RC -90 146.3 68.6-105.2 36.6 1.00

Including

68.6-79.3

10.7

1.70

128.0-141.7 13.7 0.43

PR20-26 RC -90 265.2 187.5-265.2 77.7 2.24

Including

214.9-237.8

22.9

4.21

PR20-28 RC -90 231.7 153.9-170.7 16.8 0.25

211.9-224.1 12.2 0.27

228.6-231.7 3.1 0.87

PR20-29 RC -90 250.0 195.1-218.0 22.9 0.18

224.1-250.0 25.9 0.34

PR20-30 RC -90 271.3 196.6-213.4 16.8 0.37

Including

221.0-271.3 50.3 1.04

221.0-234.7

13.7

2.17

PR20-31 RC -90 297.2 228.7-256.1 27.4 1.29

Including

236.3-247.0

10.7

2.00

PR20-32 RC -90 289.6 187.5-225.6 38.1 0.60

Including

187.5-195.1

7.6

1.20

PR20-33 RC -90 271.3 228.6-239.3 10.7 0.61

PR20-34 RC -90 277.4 210.3-221.0 10.7 2.14

Including

239.3-277.4 38.1 4.37

245.4-262.2

16.8

5.41

PR20-35 RC 270 -74 246.9 211.8-246.9 35.1 0.76

PR20-36 RC -90 221.0 216.4-221.0 4.6 1.19

PR20-37 RC -90 251.5 211.9-251.5 39.6 1.36

Including

219.5-234.7

15.2

2.03

PR20-38 RC -90 230.2 208.8-219.5 10.7 1.17

PR20-39 RC 270 -82 144.8 86.9-123.5 36.6 1.46

Including

97.6-103.7

6.1

6.61

PR20-40 RC -90 160.0 131.1-155.5 24.4 0.42

PR20-41 RC -90 271.3 224.1-233.2 9.1 0.45

262.2-269.8 7.6 0.42

PR20-42 RC -90 259.1 231.7-259.1 27.4 0.35

PR20-43 RC -90 231.6 196.6-201.2 4.6 0.48

PR20-44 RC -90 216.4 164.6-192.0 27.4 0.65

PR20-45 RC -90 280.4 187.5-196.6 9.1 0.43

PR20-46 RC -90 227.1 181.4-202.7 21.3 0.73

PR20-47 RC -90 146.3 93.0-125.0 32.0 1.14

Including

93.0-103.7

10.7

2.40

PR20-48 RC -90 158.5 86.9-115.9 29.0 0.88

Including

96.0-102.1

6.1

2.61

PR20-49 RC -90 161.5 120.4-144.8 24.4 0.68

Including

120.4-131.1

10.7

1.18

PR20-50 RC -90 152.4 135.7-147.9 12.2 0.51

PR20-51 RC -90 182.9 150.9-178.3 27.4 0.71

PR20-52 RC -90 268.2 210.4-228.7 18.3 1.15

237.8-259.1 21.3 0.81

PR20-53 RC -90 280.4 234.8-254.6 19.8 0.30

PR20-54 RC -90 248.4 199.7-205.8 6.1 1.43

PR20-55 RC -90 199.6 150.9-155.5 4.6 0.43

160.1-167.7 7.6 0.39

PR20-56 RC -90 210.3 140.2-150.9 10.7 1.78

Including

140.2-144.8

4.6

3.46

PR20-57 RC -90 196.6 170.7-195.1 24.4 1.03

Including

179.9-192.1

12.2

1.53

PR20-58 RC -90 201.2 147.9-172.3 24.4 1.58

Including

152.4-164.6

12.2

2.06

PR20-59 RC -90 149.4 100.6-125.0 24.4 1.55

Including

103.6-120.4

16.8

2.11

PR20-60 RC 90 -74 155.4 91.5-117.4 25.9 3.66

Including

93.0-105.2

12.2

6.45

Gold intervals reported in this table were calculated using a 0.14 g Au/t cutoff for oxide mineralization and a 1.0 g Au/t cutoff for reduced mineralization. Weighted averaging has been used to calculate all reported intervals. True widths are estimated at 70-90% of drilled thicknesses.

Don Harris, Gold Standard’s General Manager commented, “Phase 4 drilling was designed as a routine infill program to increase confidence from inferred to measured and indicated. However, drill assay results along the southern portion of the program exceeded expectations with thicker and higher-grade intervals encountered. The higher oxide grades and refractory intercepts encountered in the Tripon Pass indicate the Pinion system is increasing in strength as we move south. Additional drilling is in progress to further refine this zone and impacts to the Pinion Phase 4 potential mining layback. The results will be incorporated into the ongoing feasibility study.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance:

All Gold Standard sampling was conducted under the supervision of the Company’s project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. A blank, certified reference material, or rig duplicate was inserted approximately every tenth sample. Samples from drill holes PR20-50 through PR20-60 were shipped to Paragon Geochemical’s certified laboratory in Sparks, NV where they were crushed and pulverized. Resulting sample pulps were digested and analyzed for gold using fire assay fusion and an ICP-OES finish on a 30-gram split. The remainder of the drill samples were delivered to Bureau Veritas Mineral Laboratories preparation facility in either Sparks, NV or Hermosillo, Mexico where they were crushed and pulverized. Resulting sample pulps were digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30-gram split. Over limit gold assays were determined using a fire assay fusion with a gravimetric finish on a 30-gram split. All other elements were determined by ICP. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to insure accurate and verifiable results.

Drill hole deviation was measured by gyroscopic down hole surveys that were completed on all holes by International Directional Services of Elko, NV. Final drill collar locations are surveyed by differential GPS by Apex Surveying, LLC of Spring Creek, Nevada.

The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Steven R. Koehler, Gold Standard’s Manager of Projects, BSc. Geology and CPG-10216, a Qualified Person as defined by NI 43-101.

ABOUT GOLD STANDARD VENTURES – Gold Standard is an advanced-stage gold exploration company focused on building value in a safe, responsible, sustainable and ethical manner by leveraging its strategic, cornerstone land package in Nevada’s Carlin Trend. Gold Standard intends to advance its South Railroad Project through permitting and a feasibility study towards a potential production decision. Gold Standard intends to augment this goal by advancing exploration that contributes value to the South Railroad Project.

The Pinion deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of an Measured and Indicated Mineral Resource of 28.93 million tonnes grading 0.58 g/t Au and 4.22 g/t Ag, totaling 544,000 ounces of gold and 3,929,000 ounces of silver, and an Inferred Mineral Resource of 10.81 million tonnes grading 0.64 g/t Au and 3.80 g/t Ag, totaling 224,000 ounces of gold and 1,322,000 ounces of silver, using a cut-off grade of 0.14 g/t Au and constrained by a $1,500/Au ounce LG Cone.

The Dark Star deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of a Measured and Indicated Mineral Resource of 32.72 million tonnes grading 0.88 g/t Au, totaling 921,000 ounces of gold and an Inferred Mineral Resource of 2.48 million tonnes grading 0.70 g/t Au, totaling 56,000 ounces of gold, using a cut-off grade of 0.14 g Au/t and constrained by a $1,500/Au ounce LG Cone.

The North Bullion deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of an Indicated Mineral Resource of 2.92 million tonnes grading 0.96 g/t Au, totaling 90,100 ounces of gold and an Inferred Mineral Resource of 10.97 million tonnes grading 2.28 g/t Au, totaling 805,800 ounces of gold, using a cut-off grade of 0.14 g Au/t for near surface oxide and 1.25 to 2.25 g Au/t for near surface sulfide and underground sulfide respectively.

The Jasperoid Wash deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of an Inferred Mineral Resource of 10.57 million tonnes grading 0.33 g/t Au, totaling 111,000 ounces of gold, using a cut-off grade of 0.14 g Au/t and constrained by a $1,500/Au ounces LG Cone.

Neither the Toronto Stock Exchange nor its regulation services provider nor the NYSE American LLC accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: obtaining drill results that will further enhance the Company’s mineral resources; advancing its South Railroad Project through permitting and a feasibility study towards a potential production decision and augmenting this goal by advancing exploration that contributes value to the South Railroad Project; and the success related to any future exploration or development programs.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve and resource estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the PFS; success of the Company’s projects, including the South Railroad Project; prices for silver and gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects; capital, decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour- related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver and gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the United States, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com) and with the SEC on EDGAR (available at www.sec.gov/edgar.shtml). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

CAUTIONARY NOTE FOR U.S. INVESTORS REGARDING RESERVE AND RESOURCE ESTIMATES

Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC set forth in Industry Guide 7 (“Industry Guide 7”), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies in accordance with Industry Guide 7. In particular, and without limiting the generality of the foregoing, this news release uses the terms “measured mineral resources,” ‘‘indicated mineral resources’’ and ‘‘inferred mineral resources’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, Industry Guide 7 does not recognize them. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of “inferred mineral resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource is permitted disclosure under Canadian securities laws. However, Industry Guide 7 normally only permits issuers to report mineralization that does not constitute “reserves” by Industry Guide 7 standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with Industry Guide 7.

On behalf of the Board of Directors of Gold Standard,

“Jonathan Awde”

Jonathan Awde, President and Director

FOR FURTHER INFORMATION PLEASE CONTACT:
Jonathan Awde
President
Tel: 604-669-5702
Email: [email protected]
Website: www.goldstandardv.com

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