October 2024 - Page 340 of 340

NETSOL Technologies Reports 19% Revenue Growth in Fiscal Fourth Quarter of 2024 and Exceeds Full Fiscal Year 2024 Revenue Target

01.10.2024 by admin

FY’24 Total Revenue Increase 17% to $61.4 million exceeding target revenue range of $60 – $61 million
Q4′ 24 Gross Margins of 52% increased from 35% in 4Q’ 23; FY’ 24 Gross Margins of 48% increased from 32% in FY ’23
FY’24 Operating Income of $3.5 million from a loss of $(8.8 million) last year
$0.06 earnings per share in FY’ 24 compared with a loss of $(0.46) per share in FY’ 23
10% increase in Subscription and Support revenues to $7.5 million in 4Q’ 24; Annual Recurring Revenues of $28 million meets FY’ 24 target

ENCINO, Calif., Sept. 30, 2024 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and asset finance solutions provider, reported results for the fourth quarter and full fiscal 2024 ended June 30, 2024.

Najeeb Ghauri, Co-Founder, Chief Executive Officer, and Chairman of NETSOL Technologies Inc., commented, “We’re proud to have exceeded our full-year revenue estimates and achieve profitability for the full fiscal year. Our performance in fiscal 2024 underscores the successful execution of our long-term strategy, our commitment to investing in the growth of our business, and the ongoing development of innovative products and solutions that meet the diverse needs of our expanding customer base.”

Fiscal Fourth Quarter 2024 Financial Results

Total net revenues for the fourth quarter of fiscal 2024 increased 19% to $16.4 million, compared with $13.8 million in the prior year period. On a constant currency basis, total net revenues were $16.5 million.

License fees were $621,000 compared with $21,000 in the prior year period. License fees on a constant currency basis were $605,000.
Total subscription (SaaS and Cloud) and support revenues increased 10% to $7.5 million compared with $6.8 million in the prior year period. Total subscription and support revenues on a constant currency basis were $7.5 million.
Total services revenues were $8.4 million, compared with $7.0 million in the prior year period. Total services revenues on a constant currency basis were $8.4 million.

Gross profit for the fourth quarter of fiscal 2024 was $8.5 million or 52% of net revenues, compared to $4.8 million or 35% of net revenues in the fourth quarter of fiscal 2023. On a constant currency basis, gross profit for the fourth quarter of fiscal 2024 was $8.7 million or 52% of net revenues as measured on a constant currency basis.

Operating expenses for the fourth quarter of fiscal 2024 were $7.7 million or 47% of sales compared to $7.7 million or 56% of sales for the fourth quarter of fiscal 2023. On a constant currency basis, operating expenses for the fourth quarter of fiscal 2024 were $8.3 million or 50% of sales on a constant currency basis.

Income from operations for the fourth quarter of fiscal 2024 was $798,000 compared to a loss from operations of $(2.9 million) in the fourth quarter of fiscal 2023.

GAAP net loss attributable to NETSOL for the fourth quarter of fiscal 2024 totaled $(83,000) or $(0.01) per diluted share, compared with a GAAP net loss of $(5.1 million) or $(0.45) per diluted share in the fourth quarter of fiscal 2023.

Non-GAAP EBITDA for the fourth quarter of fiscal 2024 was $1.2 million or $0.11 per diluted share, compared with a non-GAAP EBITDA loss of $(4.5 million) or $(0.40) per diluted share in the fourth quarter of fiscal 2023 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2024 was $674,000 or $0.06 per diluted share, compared with a non-GAAP adjusted EBITDA loss of $(4.2 million) or $(0.37) per diluted share in the prior year period (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

Full Fiscal Year Ended June 30, 2024 Financial Results

Total net revenues for the full fiscal year ended June 30, 2024, were $61.4 million, compared to $52.4 million in the prior year. On a constant currency basis, total net revenues were $61.7 million.

License fees were $5.5 million compared with $2.3 million in the prior year period. License fees on a constant currency basis were $5.5 million.
Total subscription (SaaS and Cloud) and support revenues for the full fiscal year ended June 30, 2024, were $28.0 million compared with $26.0 million in the prior year period. Total subscription and support revenues on a constant currency basis were $28.0 million.
Total services revenues were $28.0 million compared with $24.1 million in the prior year period. Total services revenues on a constant currency basis were $28.1 million.

Gross profit for the full fiscal year ended June 30, 2024, was $29.3 million or 48% of net revenues, compared with $16.9 million or 32% of net revenues in the prior year. On a constant currency basis, gross profit for the full fiscal year ended June 30, 2024, was $26.5 million or 43% of net revenues as measured on a constant currency basis.

Operating expenses for the full fiscal year ended June 30, 2024, were $25.8 million or 42% of sales compared with $25.7 million or 49% of sales in the prior year. On a constant currency basis, operating expenses were $27.8 million or 45% of sales on a constant currency basis.

Income from operations for the full year ended June 30, 2024 was $3.5 million compared to a loss from operations of $(8.8 million) in prior year.

GAAP net income attributable to NETSOL for the full fiscal year ended June 30, 2024, totaled $684,000 or $0.06 per diluted share, compared with a GAAP net loss attributable to NETSOL of $(5.2 million) or a loss of $(0.46) per diluted share in the prior year. Included in GAAP net income attributable to NETSOL was a loss of $(1.2 million) on foreign currency exchange transactions for the full fiscal year ended June 30, 2024, compared to a gain of $6.8 million in the prior year period. As most contracts are either in U.S. dollars or Euros, currency fluctuations will yield foreign currency exchange gains or losses depending on the value of other currencies compared to the U.S. dollar and the Euro. As such, on a constant currency basis, GAAP net loss attributable to NETSOL for the full fiscal year ended June 30, 2024 totaled $(2.9 million) or $(0.26) per diluted share.

Non-GAAP EBITDA for the full fiscal year ended June 30, 2024, was $4.2 million or $0.37 per diluted share, compared with a non-GAAP EBITDA loss of $(426,000) or $(0.04) per diluted share in the full fiscal year ended June 30, 2023 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

Non-GAAP adjusted EBITDA for the full fiscal year of 2024 was $2.7 million or $0.23 per diluted share, compared with a non-GAAP adjusted EBITDA loss of $(2.3 million) or $(0.20) per diluted share in the prior year period (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

At June 30, 2024, cash and cash equivalents increased to $19.1 million compared to $15.5 at June 30, 2023. Total NETSOL stockholders’ equity at June 30, 2024, was $34.8 million, or $3.05 per share.

Management Commentary

“We’re thrilled to report strong revenue growth and profitability for the full fiscal year of 2024,” Najeeb Ghauri, Co-Founder, Chief Executive Officer, and Chairman of NETSOL Technologies Inc., commented. “We reached several milestones during the fiscal year as we exceeded our full year revenue target of $60 – $61 million driven by strong demand for our comprehensive suite of products, met our annual recurring revenue target of $28 million, and achieved full year profitability with earnings per share of $0.06.”

Mr. Ghauri continued, “In addition to our sales growth, we continued to invest in the growth of our business throughout the fiscal year. We increased our investments in sales and marketing in support of our long-term goals and are intently focused on the development of new products and services that expand our total addressable market. Moreover, we remain committed to the innovation and integration of cutting-edge AI solutions into our business processes and our products and offerings. During the year, we made significant investments in our AI capabilities by adding top talent to our already impressive team.

“As a global company, our presence across key markets is a major focus. We performed well in our established markets during the fiscal year, signing a healthy mix of both new agreements and extensions with existing customers that include tier one automakers, banks, and financial services providers throughout Asia Pacific and Europe,” Mr. Ghauri added. “These longstanding partnerships are especially encouraging as they represent the stickiness of our customer base and validate the performance and reliability of our products. Our presence in the United States is still nascent but exhibiting strong signs of early growth, and we have a healthy and expanding pipeline of activity as we continue to establish NETSOL in this region.”

Roger Almond, Chief Financial Officer of NETSOL Technologies Inc., commented, “We’re very pleased by our results in fiscal 2024. We believe that we’re still only in the beginning stages of our renewed growth and anticipate double digit revenue improvement in fiscal 2025 driven by enhanced sales and market recognition of our products and services. As we look ahead, we remain committed to executing on our growth strategy while carefully managing costs to deliver sustainable, profitable growth for our shareholders.”

Conference Call

NETSOL Technologies management will hold a conference call on Tuesday, October 1, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss these financial results. A question-and-answer session will follow management’s presentation.

U.S. dial-in: 877-407-0789
International dial-in: 201-689-8562

Please call the conference telephone number 5-10 minutes prior to the start time and provide the operator with the conference ID: NETSOL. The operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Investor Relations at 818-222-9195.

The conference call will also be broadcast live and available for replay here, along with additional replay access being provided through the company information section of NETSOL’s website.

A telephone replay of the conference call will be available approximately three hours after the call concludes through Tuesday, October 15, 2024.

Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13749314

About NETSOL Technologies
NETSOL Technologies, Inc. NTWK is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of professionals placed in ten strategically located support and delivery centers throughout the world. NETSOL’s products help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Use of Non-GAAP Financial Measures
The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release.

Investor Relations Contact:

IMS Investor Relations
netsol@imsinvestorrelations.com
+1 203-972-9200


NETSOL Technologies, Inc. and Subsidiaries Schedule 1: Consolidated Balance Sheets

			As of			As of
	ASSETS		June 30, 2024			June 30, 2023
Current assets:
	Cash and cash equivalents		$	19,127,165		$	15,533,254
	Accounts receivable, net of allowance of $398,809 and $420,354			13,049,614			11,714,422
	Revenues in excess of billings, net of allowance of $116,148 and $1,380,141			12,684,518			12,377,677
	Other current assets			2,600,786			1,978,514
		Total current assets		47,462,083			41,603,867
Revenues in excess of billings, net – long term				954,029			–
Property and equipment, net				5,106,842			6,161,186
Right of use assets – operating leases				1,328,624			1,151,575
Other assets				32,340			32,327
Intangible assets, net				–			127,931
Goodwill				9,302,524			9,302,524
		Total assets	$	64,186,442		$	58,379,410

	LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
	Accounts payable and accrued expenses		$	8,232,342		$	6,552,181
	Current portion of loans and obligations under finance leases			6,276,125			5,779,510
	Current portion of operating lease obligations			608,202			505,237
	Unearned revenue			8,752,153			7,932,306
		Total current liabilities		23,868,822			20,769,234
Loans and obligations under finance leases; less current maturities				95,771			176,229
Operating lease obligations; less current maturities				688,749			652,194
		Total liabilities		24,653,342			21,597,657

Stockholders’ equity:
	Preferred stock, $.01 par value; 500,000 shares authorized;			–			–
	Common stock, $.01 par value; 14,500,000 shares authorized;
		12,359,922 shares issued and 11,420,891 outstanding as of June 30, 2024,
		12,284,887 shares issued and 11,345,856 outstanding as of June 30, 2023		123,602			122,850
	Additional paid-in-capital			128,783,865			128,476,048
	Treasury stock (at cost, 939,031 shares
	as of June 30, 2024 and June 30, 2023)			(3,920,856	)		(3,920,856	)
	Accumulated deficit			(44,212,313	)		(44,896,186	)
	Other comprehensive loss			(45,935,616	)		(45,975,156	)
		Total NetSol stockholders’ equity		34,838,682			33,806,700
	Non-controlling interest			4,694,418			2,975,053
		Total stockholders’ equity		39,533,100			36,781,753
		Total liabilities and stockholders’ equity	$	64,186,442		$	58,379,410


NETSOL Technologies, Inc. and Subsidiaries Schedule 2: Consolidated Statement of Operations

			For the Three Months						For the Years
			Ended June 30,						Ended June 30,
				2024			2023			2024			2023
Net Revenues:
	License fees		$	620,749		$	20,735		$	5,449,991		$	2,269,564
	Subscription and support			7,472,386			6,805,076			27,952,768			25,980,661
	Services			8,355,318			6,964,538			27,990,332			24,142,990
		Total net revenues		16,448,453			13,790,349			61,393,091			52,393,215

Cost of revenues				7,976,157			8,974,275			32,108,221			35,477,652
Gross profit				8,472,296			4,816,074			29,284,870			16,915,563

Operating expenses:
	Selling, general and administrative			7,336,916			7,366,072			24,388,714			24,093,908
	Research and development cost			337,189			356,820			1,402,601			1,601,613
		Total operating expenses		7,674,105			7,722,892			25,791,315			25,695,521

Income (loss) from operations				798,191			(2,906,818	)		3,493,555			(8,779,958	)

Other income and (expenses)
	Interest expense			(286,150	)		(252,920	)		(1,142,166	)		(765,030	)
	Interest income			651,794			212,293			1,911,258			1,217,850
	Gain (loss) on foreign currency exchange transactions			(74,563	)		(610,481	)		(1,187,320	)		6,748,038
	Share of net loss from equity investment			–			(1,040,753	)		–			(1,033,243	)
	Other income (expense)			125,910			(662,953	)		148,120			(605,570	)
		Total other income (expenses)		416,991			(2,354,814	)		(270,108	)		5,562,045

Net income (loss) before income taxes				1,215,182			(5,261,632	)		3,223,447			(3,217,913	)
Income tax provision				(727,001	)		285,438	)		(1,145,518	)		(926,560	)
Net income (loss)				488,181			(5,547,070	)		2,077,929			(4,144,473	)
	Non-controlling interest			(571,063	)		472,354			(1,394,056	)		(1,099,275	)
Net income (loss) attributable to NetSol			$	(82,882	)	$	(5,074,716	)	$	683,873		$	(5,243,748	)


Net income (loss) per share:
	Net income (loss) per common share
		Basic	$	(0.01	)	$	(0.45	)	$	0.06		$	(0.46	)
		Diluted	$	(0.01	)	$	(0.45	)	$	0.06		$	(0.46	)

Weighted average number of shares outstanding
	Basic			11,405,240			11,308,571			11,378,595			11,279,966
	Diluted			11,405,240			11,308,571			11,421,940			11,279,966


NETSOL Technologies, Inc. and Subsidiaries Schedule 3: Consolidated Statement of Cash Flows

			For the Years
			Ended June 30,
				2024			2023
Cash flows from operating activities:
	Net income (loss)		$	2,077,929		$	(4,144,473	)
	Adjustments to reconcile net income (loss) to net cash
		provided by operating activities:
	Depreciation and amortization			1,721,800			3,244,538
	Provision (reversal) for bad debts			(29,134	)		1,702,744
	Impairment and share of net loss from investment under equity method			–			2,113,430
	(Gain) loss on sale of assets			(101,864	)		19,721
	Stock based compensation			308,569			317,451
	Changes in operating assets and liabilities:
		Accounts receivable		(1,296,321	)		(6,860,983	)
		Accounts receivable – related party		(606,061	)
		Revenues in excess of billing		(1,205,456	)		1,514,305
		Other current assets		(216,944	)		(131,108	)
		Accounts payable and accrued expenses		1,611,745			709,758
		Unearned revenue		645,125			3,524,188
	Net cash provided by operating activities			2,909,388			2,009,571

Cash flows from investing activities:
	Purchases of property and equipment			(515,404	)		(1,639,438	)
	Sales of property and equipment			223,866			240,207
	Net cash used in investing activities			(291,538	)		(1,399,231	)

Cash flows from financing activities:
	Purchase of subsidiary treasury stock			–			(61,124	)
	Proceeds from bank loans			756,936			270,292
	Payments on finance lease obligations and loans – net			(517,385	)		(928,160	)
	Net cash provided by (used in) financing activities			239,551			(718,992	)
Effect of exchange rate changes				736,510			(8,321,891	)
Net increase (decrease) in cash and cash equivalents				3,593,911			(8,430,543	)
Cash and cash equivalents at beginning of the period				15,533,254			23,963,797
Cash and cash equivalents at end of period			$	19,127,165		$	15,533,254


NETSOL Technologies, Inc. and Subsidiaries Schedule 4: Reconciliation to GAAP

	For the Three Months						For the Years
	Ended June 30,						Ended June 30,
		2024			2023			2024			2023

Net Income (loss) attributable to NetSol	$	(82,882	)	$	(5,074,716	)	$	683,873		$	(5,243,748	)
Non-controlling interest		571,063			(472,354	)		1,394,056			1,099,275
Income taxes		727,001			285,438			1,145,518			926,560
Depreciation and amortization		370,561			725,069			1,721,800			3,244,538
Interest expense		286,150			252,920			1,142,166			765,030
Interest (income)		(651,794	)		(212,293	)		(1,911,258	)		(1,217,850	)
EBITDA	$	1,220,099		$	(4,495,936	)	$	4,176,155		$	(426,195	)
Add back:
Non-cash stock-based compensation		47,694			118,892			308,569			317,451
Adjusted EBITDA, gross	$	1,267,793		$	(4,377,044	)	$	4,484,724		$	(108,744	)
Less non-controlling interest (a)		(594,303	)		208,924			(1,810,394	)		(2,154,850	)
Adjusted EBITDA, net	$	673,490		$	(4,168,120	)	$	2,674,330		$	(2,263,594	)

Weighted Average number of shares outstanding
Basic		11,405,240			11,308,571			11,378,595			11,279,966
Diluted		11,448,585			11,308,571			11,421,940			11,279,966

Basic adjusted EBITDA	$	0.06		$	(0.37	)	$	0.24		$	(0.20	)
Diluted adjusted EBITDA	$	0.06		$	(0.37	)	$	0.23		$	(0.20	)


(a) The reconciliation of adjusted EBITDA of non-controlling interest to net income attributable to non-controlling interest is as follows

Net Income (loss) attributable to non-controlling interest	$	571,063		$	(472,354	)	$	1,394,056		$	1,099,275
Income Taxes		43,287			54,809			198,923			253,158
Depreciation and amortization		92,159			191,326			440,302			905,002
Interest expense		87,702			79,233			354,624			237,162
Interest (income)		(202,480	)		(65,708	)		(590,170	)		(369,197	)
EBITDA	$	591,731		$	(212,694	)	$	1,797,735		$	2,125,400
Add back:
Non-cash stock-based compensation		2,572			3,770			12,659			29,450
Adjusted EBITDA of non-controlling interest	$	594,303		$	(208,924	)	$	1,810,394		$	2,154,850

Markets News

Apple, Nio, CVS Health, Stellantis, Tesla: Why These 5 Stocks Are On Investors' Radars Today

01.10.2024 by admin

U.S. markets closed Monday slightly higher, with the Dow Jones Industrial Average edging up 0.04% to 42,330.15, while the S&P 500 gained a similar 0.04% to reach 5,762.48. The Nasdaq also rose by nearly 0.04%, closing at 18,189.17.

These are the top stocks that gained the attention of retail traders and investors throughout the day:

Apple Inc AAPL shares ended Monday higher by 2.29% to end the day at $233. The company is preparing for potential disruptions due to a looming dockworkers’ strike on the East and Gulf Coasts. The strike could halt half of the goods entering and leaving the U.S., impacting the tech giant significantly.

NIO Inc NIO shares surged by 2.45% to close at $6.68. The company announced a significant investment in its subsidiary, Nio China, causing the stock to jump 12.7% in pre-market trading. Nio announced that strategic investors committed to a 3.3 billion yuan cash investment in its subsidiary Nio China, while the company agreed to invest 10 billion yuan to subscribe to newly issued shares of the subsidiary.

CVS Health Corp CVS is set to face renewed pressure as hedge fund Glenview Capital Management plans to meet top executives to discuss operational improvements. CVS shares rose by 2.44% to close at $62.88.

Stellantis NV STLA shares plunged by 12.52% to close at $14.05 after the company revised its fiscal 2024 guidance due to North American performance issues and a deterioration in global industry dynamics.

Tesla Inc TSLA shares rose by 0.45% to close at $261.63. The company is expected to release its third-quarter deliveries report soon, and despite a potential slight miss, the stock is not expected to be significantly impacted.

Photo by WHYFRAME on Shutterstock

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Economics News

'Don't Fight The Fed And…China,' Says Wealth Manager As Global Markets Rise

01.10.2024 by admin

Keith Lerner, the Co-Chief Investment Officer at Truist Wealth, has a word of advice for investors: “Don’t fight the trend and don’t fight the Fed.”

What Happened: Lerner emphasized that the global markets are currently reaching 52-week highs due to the actions of central banks and the Chinese stimulus, CNBC reported on Monday.

He pointed out that the markets have been on an upward trajectory over the past week, with the S&P, developed national markets, and emerging markets all hitting yearly highs. Lerner suggested that the old adage “Don’t fight the Fed” should be expanded.

“Now, don’t fight the Fed and don’t fight China or the Central Bank as well,” Lerner said.

Despite potential volatility due to the upcoming election and other factors, Lerner believes that the overall trend is upward, driven by global factors.

When asked about investment trends, Lerner noted that U.S. large caps are currently more attractive than emerging markets and U.S. Treasuries. He also highlighted the potential for short-term gains in China, given its recent stimulus and market position.

Why It Matters: The recent market highs come on the heels of the Federal Reserve’s unexpected 0.5% interest rate cut, the first in over four years. This move was seen as a response to potential economic risks, including those related to the upcoming election.

China has been a key player in the global market, but new tensions have risen in recent times between Beijing and U.S. after President Joe Biden included multiple Chinese entities on its export control list. However, the Chinese stimulus and its market position have continued to drive global trends, as noted by Lerner.

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Lastest news News

BridgeBio Pharma's Lead Candidate Cuts Mortality, Related Hospitalizations In Patients With Certain Type Of Heart Disease

01.10.2024 by admin

On Friday, BridgeBio Pharma, Inc. BBIO presented a post-hoc analysis evaluating the effect of acoramidis on the composite endpoint of all-cause mortality (ACM) and recurrent cardiovascular-related hospitalizations (CVH) events in its Phase 3 ATTRibute-CM study in ATTR-CM.

The data were shared at the Heart Failure Society of America (HFSA) Annual Scientific Meeting 2024.

Also Read: BridgeBio Pharma Seeks Partner To Develop Gene Therapy For Inherited Condition.

ATTRibute-CM was designed to evaluate the efficacy and safety of acoramidis.

The analysis included:

A 42% reduction in composite ACM and recurrent CVH events at 30 months was observed with acoramidis treatment compared to placebo by applying a negative binomial regression model (post-hoc) (p=0.0005).
A 42% reduction in ACM and recurrent CVH events per patient was observed over 30 months with acoramidis treatment compared to placebo.
A 30.5% hazard reduction in ACM and recurrent CVH events at 30 months was observed with acoramidis treatment compared to placebo by applying the Andersen-Gill model (post-hoc) (p=0.0008).

“This post-hoc analysis provides further evidence that near-complete TTR stabilization with acoramidis can improve clinical outcomes for patients with ATTR-CM. The reduction of hospitalizations and all-cause mortality seen in ATTRibute-CM heightens the case for acoramidis as a first-line therapy, given its potential to improve the overall quality of life for patients,” said Daniel Judge, M.D., professor of medicine and cardiology at the Medical University of South Carolina.

Transthyretin amyloidosis (ATTR-CM) occurs when the liver produces faulty transthyretin (TTR) proteins. Clumps of these abnormal proteins (fibrils) build up in the heart’s main pumping chamber.

Based on the results from ATTRibute-CM, BridgeBio submitted an FDA marketing application, which has been accepted with a PDUFA action date of November 29, 2024, and a Marketing Authorization Application to the European Medicines Agency, with a decision expected in 2025.

In August, BridgeBio Pharma presented additional data from an analysis of its Phase 3 ATTRibute-CM and open-label extension study of acoramidis in ATTR-CM at the European Society of Cardiology 2024.

Price Action: BBIO stock is up 2.39% at $25.54 at last check Monday.

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MIDWOOD INVESTMENT & DEVELOPMENT ANNOUNCES THE LAUNCH OF ITS IN-HOUSE DESIGN FIRM MIDWOOD DESIGN STUDIO

01.10.2024 by admin

NEW YORK, Sept. 30, 2024 /PRNewswire/ — Midwood Investment & Development, a leading national real estate investment, development and management firm, today announced the launch of the Midwood Design Studio, an in-house interior design firm led by Shazia Shahid as Principal of Midwood Design Studio.

Midwood Design Studio was formed to provide a cohesive design vision for Midwood’s national portfolio, where all aspects of a commercial or residential building’s design can be conceptualized and implemented. Midwood Design Studio also offers design consultation services for current or new tenants to meet various needs, including building out various office or retail spaces in Midwood’s properties.

Shahid joined Midwood in 2010 and, since then, has overseen the design of some of the firm’s most notable commercial and residential developments by collaborating with top architects and designers. These notable projects include The Shops at Sportsmen’s Lodge in Studio City, Los Angeles, a 95,000-square-foot open-air community gathering place that features top dining, shopping, and wellness tenants designed by Gensler; 150 East 78th Street, the sold-out luxury condominium development featuring architecture by award-winning firm Robert A.M. Stern Architects on NYC’s Upper East Side; The Williams, a luxury residential and retail building in the heart of Williamsburg, Brooklyn with architecture by Morris Adjmi Architects; and a glass enclosed commercial building in the heart of Center City Philadelphia, designed by award winning architectural firm Bohlin Cywinski Jackson architects, who are known for their many iconic buildings including Apple’s glass cube store on 5th Avenue in New York.

“A thoughtful and innovative design approach has always been one of the top priorities for Midwood’s work. Whether we are developing new buildings or providing custom spaces for one of our tenants, Midwood has always understood design’s ability to elevate the built environment to create something truly special,” said Midwood Investment & Development President Jeff Dvorett. “Midwood Design Studio elevates our holistic approach to development, allowing us to manage all aspects of the project under one roof from inception to build out.”

“The new Midwood Design Studio allows us to provide an overarching design vision for our commercial and residential projects. It enables us to meet the highest level of vision and quality that Midwood is known for,” said Shahid. “Having the ability to manage all design elements for a building, allows us to deliver a tailored experience that sets us apart from other developers in the market and allows us to better serve our residents and tenants.”

Midwood’s portfolio includes more than 140 residential, retail, and office properties across the United States. Current Midwood Design Studio projects include 210 South 12th Street, where Midwood Design Studio is designing the interiors in partnership with BLT Architects of a 31-story luxury residential rental tower designed by RSHP, formerly Rogers Stirk Harbour + Partners, founded by Pritzker Prize-winner Richard Rodgers and partners, and 96 Spring Street, where Midwood Design Studio is re-envisioning the lobby of the flagship retail and office property in NYC’s SoHo neighborhood.

Shahid has over 25 years of design experience and has worked on several marquee buildings. Before joining Midwood, Shahid was AVP at Related Companies, designing ground-up luxury rentals and condos. Previously, Shahid worked with New York architect and designer Costas Kondylis on converting the iconic Plaza Hotel.

ABOUT MIDWOOD INVESTMENT & DEVELOPMENT
Founded in 1925 in New York City, Midwood Investment & Development is a sophisticated vertically integrated real estate company with a portfolio of 140 properties, including ground up developments, retail, office and residential in New York, Philadelphia, Boston, Pittsburgh, Washington D.C and Los Angeles. Midwood’s marquee properties include 150 East 78th Street, the sold-out luxury condominium development featuring architecture by award-winning firm Robert A.M. Stern Architects on Manhattan’s Upper East Side and The Shops at Sportsmen’s Lodge, a 95,000-square-foot lifestyle center that is fully leased with top retail, food, and wellness tenants in Studio City, California.

Media Contact:
Optimist Consulting
Maddie Schmitz, mschmitz@optimistconsulting.com

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SOURCE Midwood Investment & Development

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Amazon Secures Partial Victory Over FTC In Monopoly Case, Trial Split Into Two By Judge

01.10.2024 by admin

Amazon.com Inc AMZN secured a partial dismissal in a lawsuit filed by the U.S. Federal Trade Commission on Monday. The FTC accused Amazon of maintaining illegal monopolies.

What Happened: The FTC’s lawsuit claims Amazon employs anti-competitive practices to dominate online marketplaces. In December, Amazon requested U.S. District Judge John Chun to dismiss the case, arguing the FTC failed to show consumer harm, reported Reuters.

Judge Chun’s ruling, issued under seal, partially granted Amazon’s motion. Court records indicate the FTC can still pursue claims not permanently dismissed. Chun also decided the case will be tried in two parts, denying Amazon’s request to consolidate evidence and remedies in a single trial.

Why It Matters; This partial dismissal is a significant development in the ongoing antitrust scrutiny faced by Amazon. The FTC’s allegations are part of a broader pattern of antitrust challenges against the e-commerce giant globally.

Recently, an antitrust probe in India accused Amazon and Walmart Inc-owned Flipkart of violating local competition laws by favoring specific sellers on their platforms. The Indian e-retail sector, valued at $57-$60 billion in 2023, is projected to exceed $160 billion by 2028, according to Bain.

Moreover, the FTC recently exposed Amazon’s hidden algorithm, code-named “Project Nessie,” which allegedly manipulated prices to test competitors’ reactions. These revelations are part of the FTC’s monopoly lawsuit against Amazon, highlighting the company’s controversial practices.

Additionally, Amazon’s competitive landscape is evolving. In a recent antitrust trial, Alphabet Inc executive Jerry Dischler testified that Google is losing market share to emerging players like Amazon and TikTok. This underscores the increasing competition Amazon faces in the digital advertising space.

Price Action: Amazon stock closed at $186.33 on Monday, down 0.87% for the day. In after-hours trading, the stock slipped further by 0.34%. Year to date, Amazon’s stock has gained 24.28%, according to data from Benzinga Pro.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

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