November 2024 - Page 323 of 324

RE/MAX HOLDINGS, INC. REPORTS THIRD QUARTER 2024 RESULTS

01.11.2024 by admin

Total Revenue of $78.5 Million, Adjusted EBITDA of $27.3 Million

DENVER, Oct. 31, 2024 /PRNewswire/ —

Third Quarter 2024 Highlights
(Compared to third quarter 2023 unless otherwise noted)

Total Revenue decreased 3.4% to $78.5 million
Revenue excluding the Marketing Funds¹ decreased 3.3% to $58.4 million, driven by negative 3.0% organic growth² and 0.3% adverse foreign currency movements
Net income attributable to RE/MAX Holdings, Inc. of $1.0 million and earnings per diluted share (GAAP EPS) of $0.05
Adjusted EBITDA³ increased 2.0% to $27.3 million, Adjusted EBITDA margin³ of 34.8% and Adjusted earnings per diluted share (Adjusted EPS³) of $0.38
Total agent count increased 174 agents, or 0.1%, to 145,483 agents
U.S. and Canada combined agent count decreased 4.4% to 78,201 agents
Total open Motto Mortgage franchises decreased 3.3% to 234 offices⁴

RE/MAX Holdings, Inc. (the “Company” or “RE/MAX Holdings”) RMAX, parent company of RE/MAX, one of the world’s leading franchisors of real estate brokerage services, and Motto Mortgage (“Motto”), the first and only national mortgage brokerage franchise brand in the U.S., today announced operating results for the quarter ended September 30, 2024.

“We continue to drive operational efficiency across the enterprise, which helped generate better-than-forecasted third-quarter financial results,” said Erik Carlson, RE/MAX Holdings Chief Executive Officer. “Our team is developing new revenue opportunities while working to run our core business better each day. That effort has contributed to our strong margin performance the past two quarters, which is an encouraging trend.”

Carlson continued: “Business optimization, having a growth mindset, and delivering the absolute best customer experience possible are the cornerstones of our playbook. We are making measurable progress on each of these. With increasing optimism about the trajectory of future interest rates, our growing global agent count, and our bold new initiatives – including providing innovative and enhanced technology products to our RE/MAX affiliates, improving the agent-customer experience by cultivating leads, and starting to monetize our digital assets – we are well-positioned to finish the year with positive momentum.”

Third Quarter 2024 Operating Results

Agent Count

The following table compares agent count as of September 30, 2024 and 2023:


	As of September 30,		Change
	2024	2023	#	%
U.S.	52,808	56,494	(3,686)	(6.5)
Canada	25,393	25,288	105	0.4
Subtotal	78,201	81,782	(3,581)	(4.4)
Outside the U.S. & Canada	67,282	63,527	3,755	5.9
Total	145,483	145,309	174	0.1

Revenue

RE/MAX Holdings generated revenue of $78.5 million in the third quarter of 2024, a decrease of $2.7 million, or 3.4%, compared to $81.2 million in the third quarter of 2023. Revenue excluding the Marketing Funds was $58.4 million in the third quarter of 2024, a decrease of $2.0 million, or 3.3%, versus the same period in 2023. The decrease in Revenue excluding the Marketing Funds was attributable to negative organic revenue growth of 3.0% and adverse foreign currency movements of 0.3%. Negative organic revenue growth was principally driven by a decrease in U.S. agent count and a reduction in revenue from previous acquisitions, partially offset by an increase in Broker fee revenue.

Recurring revenue streams, which consist of continuing franchise fees and annual dues, decreased $1.5 million, or 3.8%, compared to the third quarter of 2023 and accounted for 66.4% of Revenue excluding the Marketing Funds in the third quarter of 2024 compared to 66.7% of Revenue excluding the Marketing Funds in the prior-year period.

Operating Expenses

Total operating expenses were $63.3 million for the third quarter of 2024, a decrease of $39.0 million, or 38.1%, compared to $102.2 million in the third quarter of 2023. During the third quarter of 2023, the Company agreed to pay $55.0 million to settle various industry class-action lawsuits, which was recorded in the third quarter of 2023. A $24.9 million gain on reduction in tax receivable agreement liability was also recorded in the third quarter of 2023.

Selling, operating and administrative expenses were $35.9 million in the third quarter of 2024, a decrease of $7.2 million, or 16.6%, compared to the third quarter of 2023 and represented 61.5% of Revenue excluding the Marketing Funds, compared to 71.4% in the prior-year period. Third quarter 2024 selling, operating and administrative expenses decreased primarily due to lower personnel costs and a decrease in bad debt, legal, and other technology expenses.

Net Income (Loss) and GAAP EPS

Net income attributable to RE/MAX Holdings was $1.0 million for the third quarter of 2024 compared to net loss of ($59.5) million for the third quarter of 2023. Reported basic and diluted GAAP earnings per share were $0.05 each for the third quarter of 2024 compared to basic and diluted GAAP loss per share of ($3.28) each in the third quarter of 2023.

Adjusted EBITDA and Adjusted EPS

Adjusted EBITDA was $27.3 million for the third quarter of 2024, an increase of $0.5 million, or 2.0%, compared to the third quarter of 2023. Third quarter 2024 Adjusted EBITDA increased primarily due to a decrease in bad debt, legal, personnel, and other technology expenses, partially offset by a decrease in U.S. agent count. Adjusted EBITDA margin was 34.8% in the third quarter of 2024, compared to 32.9% in the third quarter of 2023.

Adjusted basic and diluted EPS were $0.39 and $0.38, respectively, for the third quarter of 2024 compared to Adjusted basic and diluted EPS of $0.40 each for the third quarter of 2023. The ownership structure used to calculate Adjusted basic and diluted EPS for the quarter ended September 30, 2024, assumes RE/MAX Holdings owned 100% of RMCO, LLC (“RMCO”). The weighted average ownership RE/MAX Holdings had in RMCO was 60.0% for the quarter ended September 30, 2024.

Balance Sheet

As of September 30, 2024, the Company had cash and cash equivalents of $83.8 million, an increase of $1.2 million from December 31, 2023. As of September 30, 2024, the Company had $441.8 million of outstanding debt, net of an unamortized debt discount and issuance costs, compared to $444.6 million as of December 31, 2023.

Share Repurchases and Retirement

As previously disclosed, in January 2022 the Company’s Board of Directors authorized a common stock repurchase program of up to $100 million. During the three months ended September 30, 2024, the Company did not repurchase any shares. As of September 30, 2024, $62.5 million remained available under the share repurchase program.

Impact of Hurricanes Helene and Milton

Several of the Company’s affiliates were impacted by the recent hurricanes. While the extent of the hurricanes’ full impact on the Company’s networks is not entirely known at this time, the Company currently estimates that its fourth quarter revenue will be lower than previously expected as financial support is provided to affected affiliates for a limited time. As a result, the Company’s fourth quarter and full year revenue (below) was reduced by approximately $1.0 million to $1.5 million, of which approximately 40% relates to the Marketing Funds, to reflect expected foregone revenue in the form of fee waivers provided to affiliates impacted by these storms.

Outlook

The Company’s fourth quarter and full year 2024 Outlook includes the impact of the fee waivers to hurricane-impacted affiliates and assumes no further currency movements, acquisitions, or divestitures.

For the fourth quarter of 2024, RE/MAX Holdings expects:

Agent count to change 0.0% to 1.0% over fourth quarter 2023;
Revenue in a range of $71.0 million to $76.0 million (including revenue from the Marketing Funds in a range of $18.5 million to $20.5 million); and
Adjusted EBITDA in a range of $20.5 million to $23.5 million.

For the full year 2024, the Company now expects:

Agent count to change 0.0% to 1.0% over full year 2023, changed from negative 1.0% to positive 1.0%;
Revenue in a range of $306.0 million to $311.0 million (including revenue from the Marketing Funds in a range of $78.5 million to $80.5 million), changed from $305.0 million to $315.0 million (including revenue from the Marketing Funds in a range of $78.0 million to $82.0 million); and
Adjusted EBITDA in a range of $95.0 million to $98.0 million, changed from $93.0 million to $98.0 million.

Webcast and Conference Call

The Company will host a conference call for interested parties on Friday, November 1, 2024, beginning at 8:30 a.m. Eastern Time. Interested parties can register in advance for the conference call using the link below:

https://registrations.events/direct/Q4I941153

Interested parties also can access a live webcast through the Investor Relations section of the Company’s website at http://investors.remaxholdings.com. Please dial-in or join the webcast 10 minutes before the start of the conference call. An archive of the webcast will be available on the Company’s website for a limited time as well.

Basis of Presentation

Unless otherwise noted, the results presented in this press release are consolidated and exclude adjustments attributable to the non-controlling interest.

Footnotes:

¹Revenue excluding the Marketing Funds is a non-GAAP measure of financial performance that differs from U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and a reconciliation to the most directly comparable U.S. GAAP measure is as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Revenue excluding the Marketing Funds:
Total revenue	$	78,478	$	81,223	$	235,218	$	249,071
Less: Marketing Funds fees		20,098		20,853		60,331		63,272
Revenue excluding the Marketing Funds	$	58,380	$	60,370	$	174,887	$	185,799

²The Company defines organic revenue growth as revenue growth from continuing operations excluding (i) revenue from Marketing Funds, (ii) revenue from acquisitions, and (iii) the impact of foreign currency movements. The Company defines revenue from acquisitions as the revenue generated from the date of an acquisition to its first anniversary (excluding Marketing Funds revenue related to acquisitions where applicable).

³Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EPS are non-GAAP measures. These terms are defined at the end of this release. Please see Tables 5 and 6 appearing later in this release for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

⁴Total open Motto Mortgage franchises includes only “bricks and mortar” offices with a unique physical address with rights granted by a full franchise agreement with Motto Franchising, LLC and excludes any “virtual” offices or Branchise^SM offices.

# # #

About RE/MAX Holdings, Inc.

RE/MAX Holdings, Inc. RMAX is one of the world’s leading franchisors in the real estate industry, franchising real estate brokerages globally under the RE/MAX^® brand, and mortgage brokerages within the U.S. under the Motto^® Mortgage brand. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Now with more than 140,000 agents in nearly 9,000 offices and a presence in more than 110 countries and territories, nobody in the world sells more real estate than RE/MAX, as measured by total residential transaction sides. Dedicated to innovation and change in the real estate industry, RE/MAX launched Motto Franchising, LLC, a ground-breaking mortgage brokerage franchisor, in 2016. Motto Mortgage, the first and only national mortgage brokerage franchise brand in the U.S., has grown to over 225 offices across more than 40 states.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as “believe,” “intend,” “expect,” “estimate,” “plan,” “outlook,” “project,” “anticipate,” “may,” “will,” “would” and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. Forward-looking statements include statements related to agent count; Motto open offices; franchise sales; revenue; operating expenses and cost management; the Company’s outlook for the fourth quarter and full year 2024; non-GAAP financial measures; housing and mortgage market conditions; interest rates; the amount of fee waivers to affiliates affected by recent hurricanes and the impact of such fee waivers on our fourth quarter and full year 2024 outlook; operational efficiencies; business optimization and delivering the absolute best customer experience; development of new revenue opportunities; our strong margin performance being an encouraging trend; increasing optimism about future interest rates; our growing global agent count and our bold new initiatives, including enhanced technology, improved customer experience with leads, and monetizing our digital assets; and being well positioned to finish the year with positive momentum. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily accurately indicate the times at which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, without limitation, (1) changes in the real estate market or interest rates and availability of financing, (2) changes in business and economic activity in general, (3) the Company’s ability to attract and retain quality franchisees, (4) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (5) changes in laws and regulations, (6) the Company’s ability to enhance, market, and protect its brands, (7) the Company’s ability to implement its technology initiatives, (8) risks related to the Company’s leadership transition, (9) fluctuations in foreign currency exchange rates, (10) the nature and amount of the exclusion of charges in future periods when determining Adjusted EBITDA is subject to uncertainty and may not be similar to such charges in prior periods, and (11) those risks and uncertainties described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company’s website at www.remaxholdings.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no obligation, to update this information to reflect future events or circumstances.

TABLE 1
RE/MAX Holdings, Inc.
Consolidated Statements of Income (Loss)
*(In thousands, except share and per share amounts)*
*(Unaudited)*

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Revenue:
Continuing franchise fees	$	30,798	$	31,834	$	92,223	$	96,011
Annual dues		7,969		8,456		24,345		25,661
Broker fees		14,915		14,255		40,159		39,468
Marketing Funds fees		20,098		20,853		60,331		63,272
Franchise sales and other revenue		4,698		5,825		18,160		24,659
Total revenue		78,478		81,223		235,218		249,071
Operating expenses:
Selling, operating and administrative expenses		35,932		43,090		116,488		132,417
Marketing Funds expenses		20,098		20,853		60,331		63,272
Depreciation and amortization		7,237		8,195		22,489		24,236
Settlement and impairment charges		—		55,000		—		55,000
Gain on reduction in tax receivable agreement liability		—		(24,917)		—		(24,917)
Total operating expenses		63,267		102,221		199,308		250,008
Operating income (loss)		15,211		(20,998)		35,910		(937)
Other expenses, net:
Interest expense		(9,249)		(9,292)		(27,696)		(26,377)
Interest income		885		1,173		2,835		3,318
Foreign currency transaction gains (losses)		74		125		(568)		383
Total other expenses, net		(8,290)		(7,994)		(25,429)		(22,676)
Income (loss) before provision for income taxes		6,921		(28,992)		10,481		(23,613)
Provision for income taxes		(3,507)		(53,680)		(6,484)		(56,494)
Net income (loss)	$	3,414	$	(82,672)	$	3,997	$	(80,107)
Less: net income (loss) attributable to non-controlling interest		2,448		(23,218)		2,679		(21,992)
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	966	$	(59,454)	$	1,318	$	(58,115)

Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	0.05	$	(3.28)	$	0.07	$	(3.22)
Diluted	$	0.05	$	(3.28)	$	0.07	$	(3.22)
Weighted average shares of Class A common stock outstanding
Basic		18,863,793		18,150,557		18,733,190		18,064,009
Diluted		19,483,798		18,150,557		19,063,279		18,064,009
Cash dividends declared per share of Class A common stock	$	—	$	0.23	$	—	$	0.69

TABLE 2
RE/MAX Holdings, Inc.
Consolidated Balance Sheets
*(In thousands, except share and per share amounts)*
*(Unaudited)*

	As of
	September 30,		December 31,
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	83,779	$	82,623
Restricted cash		72,599		43,140
Accounts and notes receivable, current portion, net of allowances		30,598		33,427
Income taxes receivable		1,693		1,706
Other current assets		13,224		15,669
Total current assets		201,893		176,565
Property and equipment, net of accumulated depreciation		8,295		8,633
Operating lease right of use assets		19,209		23,013
Franchise agreements, net		87,346		101,516
Other intangible assets, net		15,297		19,176
Goodwill		240,102		241,164
Other assets, net of current portion		6,507		7,083
Total assets	$	578,649	$	577,150
Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	5,347	$	4,700
Accrued liabilities		105,132		107,434
Income taxes payable		1,274		766
Deferred revenue		22,625		23,077
Current portion of debt		4,600		4,600
Current portion of payable pursuant to tax receivable agreements		285		822
Operating lease liabilities		8,437		7,920
Total current liabilities		147,700		149,319
Debt, net of current portion		437,176		439,980
Deferred tax liabilities		11,281		10,797
Deferred revenue, net of current portion		15,482		17,607
Operating lease liabilities, net of current portion		25,044		31,479
Other liabilities, net of current portion		3,729		4,029
Total liabilities		640,412		653,211
Commitments and contingencies
Stockholders’ equity (deficit):
Class A common stock, par value $.0001 per share, 180,000,000 shares authorized; 18,872,052 and 18,269,284 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		2		2
Class B common stock, par value $.0001 per share, 1,000 shares authorized; 1 share issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		—		—
Additional paid-in capital		562,594		550,637
Accumulated deficit		(139,524)		(140,217)
Accumulated other comprehensive income (deficit), net of tax		35		638
Total stockholders’ equity attributable to RE/MAX Holdings, Inc.		423,107		411,060
Non-controlling interest		(484,870)		(487,121)
Total stockholders’ equity (deficit)		(61,763)		(76,061)
Total liabilities and stockholders’ equity (deficit)	$	578,649	$	577,150

TABLE 3
RE/MAX Holdings, Inc.
Consolidated Statements of Cash Flows
*(In thousands)*
*(Unaudited)*

	Nine Months Ended
	September 30,
	2024		2023
Cash flows from operating activities:
Net income (loss)	$	3,997	$	(80,107)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		22,489		24,236
Equity-based compensation expense		14,443		14,050
Bad debt expense		1,039		4,903
Deferred income tax expense (benefit)		434		51,799
Fair value adjustments to contingent consideration		(300)		(379)
Settlement payment, net		—		55,000
Loss (gain) on sale or disposition of assets, net		160		386
Non-cash lease benefit		(2,110)		(2,242)
Non-cash debt charges		646		644
Payment of contingent consideration in excess of acquisition date fair value		(360)		—
Gain on reduction in tax receivable agreement liability		—		(24,917)
Other, net		53		(73)
Changes in operating assets and liabilities		2,376		(23,675)
Net cash provided by operating activities		42,867		19,625
Cash flows from investing activities:
Purchases of property, equipment and capitalization of software		(5,821)		(4,249)
Other		698		679
Net cash used in investing activities		(5,123)		(3,570)
Cash flows from financing activities:
Payments on debt		(3,450)		(3,450)
Distributions paid to non-controlling unitholders		—		(8,667)
Dividends and dividend equivalents paid to Class A common stockholders		(591)		(13,492)
Payments related to tax withholding for share-based compensation		(2,548)		(4,014)
Common shares repurchased		—		(3,408)
Payment of contingent consideration		—		(360)
Other financing		(21)		—
Net cash used in financing activities		(6,610)		(33,391)
Effect of exchange rate changes on cash		(519)		21
Net increase (decrease) in cash, cash equivalents and restricted cash		30,615		(17,315)
Cash, cash equivalents and restricted cash, beginning of period		125,763		138,128
Cash, cash equivalents and restricted cash, end of period	$	156,378	$	120,813

TABLE 4

RE/MAX Holdings, Inc.

Agent Count

(Unaudited)

As of

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

2024

2023

2022

Agent Count:

U.S.

Company-Owned Regions

46,283

46,780

47,302

48,401

49,576

50,011

50,340

51,491

52,804

Independent Regions

6,525

6,626

6,617

6,730

6,918

6,976

7,110

7,228

7,311

U.S. Total

52,808

53,406

53,919

55,131

56,494

56,987

57,450

58,719

60,115

Canada

Company-Owned Regions

20,515

20,347

20,151

20,270

20,389

20,354

20,172

20,228

20,174

Independent Regions

4,878

4,846

4,885

4,898

4,899

4,864

4,899

4,892

4,844

Canada Total

25,393

25,193

25,036

25,168

25,288

25,218

25,071

25,120

25,018

U.S. and Canada Total

78,201

78,599

78,955

80,299

81,782

82,205

82,521

83,839

85,133

Outside U.S. and Canada

Independent Regions

67,282

64,943

64,332

64,536

63,527

62,305

61,002

60,175

59,167

Outside U.S. and Canada Total

67,282

64,943

64,332

64,536

63,527

62,305

61,002

60,175

59,167

Total

145,483

143,542

143,287

144,835

145,309

144,510

143,523

144,014

144,300

TABLE 5
RE/MAX Holdings, Inc.
Adjusted EBITDA Reconciliation to Net Income (Loss)
*(In thousands, except percentages)*
*(Unaudited)*

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Net income (loss)	$	3,414		$	(82,672)		$	3,997		$	(80,107)
Depreciation and amortization		7,237			8,195			22,489			24,236
Interest expense		9,249			9,292			27,696			26,377
Interest income		(885)			(1,173)			(2,835)			(3,318)
Provision for income taxes		3,507			53,680			6,484			56,494
EBITDA		22,522			(12,678)			57,831			23,682
Settlement charge ⁽¹⁾		—			55,000			—			55,000
Equity-based compensation expense		4,618			4,891			14,443			14,050
Acquisition-related expense⁽²⁾		—			59			—			160
Fair value adjustments to contingent consideration⁽³⁾		(437)			(280)			(300)			(379)
Restructuring charges ⁽⁴⁾		(18)			4,278			(59)			4,245
Gain on reduction in tax receivable agreement liability ⁽⁵⁾		—			(24,917)			—			(24,917)
Other ⁽⁶⁾		605			395			2,444			1,471
Adjusted EBITDA⁽⁷⁾	$	27,290		$	26,748		$	74,359		$	73,312
Adjusted EBITDA Margin⁽⁷⁾		34.8	%		32.9	%		31.6	%		29.4	%


(1)	Represents the settlement of industry class-action lawsuits.
(2)	Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with acquisition activities and integration of acquired companies.
(3)	Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liabilities.
(4)	During the third quarter of 2023, the Company announced a reduction in force and reorganization intended to streamline the Company’s operations and yield cost savings over the long term.
(5)	Gain on reduction in tax receivable agreement liability is a result of a valuation allowance on deferred tax assets recorded during the third quarter of 2023.
(6)	Other is primarily made up of employee retention related expenses from the Company’s CEO transition.
(7)	Non-GAAP measure. See the end of this press release for definitions of non-GAAP measures.

TABLE 6
RE/MAX Holdings, Inc.
Adjusted Net Income (Loss) and Adjusted Earnings per Share
*(In thousands, except share and per share amounts)*
*(Unaudited)*

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Net income (loss)	$	3,414	$	(82,672)	$	3,997	$	(80,107)
Amortization of acquired intangible assets		4,672		5,768		15,085		17,299
Provision for income taxes		3,507		53,680		6,484		56,494
Add-backs:
Settlement charge ⁽¹⁾		—		55,000		—		55,000
Equity-based compensation expense		4,618		4,891		14,443		14,050
Acquisition-related expense⁽²⁾		—		59		—		160
Fair value adjustments to contingent consideration⁽³⁾		(437)		(280)		(300)		(379)
Restructuring charges ⁽⁴⁾		(18)		4,278		(59)		4,245
Gain on reduction in tax receivable agreement liability ⁽⁵⁾		—		(24,917)		—		(24,917)
Other ⁽⁶⁾		605		395		2,444		1,471
Adjusted pre-tax net income		16,361		16,202		42,094		43,316
Less: Provision for income taxes at 25% ⁽⁷⁾		(4,091)		(4,051)		(10,524)		(10,829)
Adjusted net income⁽⁸⁾	$	12,270	$	12,151	$	31,570	$	32,487

Total basic pro forma shares outstanding		31,423,393		30,710,157		31,292,790		30,623,609
Total diluted pro forma shares outstanding		32,043,398		30,710,157		31,622,879		30,623,609

Adjusted net income basic earnings per share⁽⁸⁾	$	0.39	$	0.40	$	1.01	$	1.06
Adjusted net income diluted earnings per share⁽⁸⁾	$	0.38	$	0.40	$	1.00	$	1.06


(1)	Represents the settlement of industry class-action lawsuits.
(2)	Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with acquisition activities and integration of acquired companies.
(3)	Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liabilities.
(4)	During the third quarter of 2023, the Company announced a reduction in force and reorganization intended to streamline the Company’s operations and yield cost savings over the long term.
(5)	Gain on reduction in tax receivable agreement liability is a result of a valuation allowance on deferred tax assets recorded during the third quarter of 2023.
(6)	Other is primarily made up of employee retention related expenses from the Company’s CEO transition.
(7)	The long-term tax rate assumes the exchange of all outstanding non-controlling interest partnership units for Class A Common Stock that (a) removes the impact of unusual, non-recurring tax matters and (b) does not estimate the residual impacts to foreign taxes of additional step-ups in tax basis from an exchange because that is dependent on stock prices at the time of such exchange and the calculation is impracticable.
(8)	Non-GAAP measure. See the end of this press release for definitions of non-GAAP measures.

TABLE 7
RE/MAX Holdings, Inc.
Pro Forma Shares Outstanding
*(Unaudited)*

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023
Total basic weighted average shares outstanding:
Weighted average shares of Class A common stock outstanding	18,863,793	18,150,557	18,733,190	18,064,009
Remaining equivalent weighted average shares of stock outstanding on a pro forma basis assuming RE/MAX Holdings owned 100% of RMCO	12,559,600	12,559,600	12,559,600	12,559,600
Total basic pro forma weighted average shares outstanding	31,423,393	30,710,157	31,292,790	30,623,609

Total diluted weighted average shares outstanding:
Weighted average shares of Class A common stock outstanding	18,863,793	18,150,557	18,733,190	18,064,009
Remaining equivalent weighted average shares of stock outstanding on a pro forma basis assuming RE/MAX Holdings owned 100% of RMCO	12,559,600	12,559,600	12,559,600	12,559,600
Dilutive effect of unvested restricted stock units⁽¹⁾	620,005	—	330,089	—
Total diluted pro forma weighted average shares outstanding	32,043,398	30,710,157	31,622,879	30,623,609


(1)	In accordance with the treasury stock method.

TABLE 8
RE/MAX Holdings, Inc.
Adjusted Free Cash Flow & Unencumbered Cash
*(Unaudited)*

	Nine Months Ended
	September 30,
	2024		2023
Cash flow from operations	$	42,867	$	19,625
Less: Purchases of property, equipment and capitalization of software		(5,821)		(4,249)
(Increases) decreases in restricted cash of the Marketing Funds⁽¹⁾		(1,959)		12,222
Adjusted free cash flow⁽²⁾		35,087		27,598

Adjusted free cash flow ⁽²⁾		35,087		27,598
Less: Tax/Other non-dividend distributions to RIHI		—		—
Adjusted free cash flow after tax/non-dividend distributions to RIHI⁽²⁾		35,087		27,598

Adjusted free cash flow after tax/non-dividend distributions to RIHI ⁽²⁾		35,087		27,598
Less: Debt principal payments		(3,450)		(3,450)
Unencumbered cash generated⁽²⁾	$	31,637	$	24,148

Summary
Cash flow from operations	$	42,867	$	19,625
Adjusted free cash flow⁽²⁾	$	35,087	$	27,598
Adjusted free cash flow after tax/non-dividend distributions to RIHI ⁽²⁾	$	35,087	$	27,598
Unencumbered cash generated⁽²⁾	$	31,637	$	24,148

Adjusted EBITDA ⁽²⁾	$	74,359	$	73,312
Adjusted free cash flow as % of Adjusted EBITDA⁽²⁾		47.2 %		37.6 %
Adjusted free cash flow less distributions to RIHI as % of Adjusted EBITDA⁽²⁾		47.2 %		37.6 %
Unencumbered cash generated as % of Adjusted EBITDA⁽²⁾		42.5 %		32.9 %


(1)	This line reflects any subsequent changes in the restricted cash balance (which under GAAP reflects as either (a) an increase or decrease in cash flow from operations or (b) an incremental amount of purchases of property and equipment and capitalization of developed software) to remove the impact of changes in restricted cash in determining adjusted free cash flow.
(2)	Non-GAAP measure. See the end of this press release for definitions of non-GAAP measures.

Non-GAAP Financial Measures

The SEC has adopted rules to regulate the use in filings with the SEC and in public disclosures of financial measures that are not in accordance with U.S. GAAP, such as revenue excluding the Marketing Funds, Adjusted EBITDA and the ratios related thereto, Adjusted net income, Adjusted basic and diluted earnings per share (Adjusted EPS) and adjusted free cash flow. These measures are derived based on methodologies other than in accordance with U.S. GAAP.

Revenue excluding the Marketing Funds is calculated directly from our consolidated financial statements as Total revenue less Marketing Funds fees.

The Company defines Adjusted EBITDA as EBITDA (consolidated net income before depreciation and amortization, interest expense, interest income and the provision for income taxes, each of which is presented in the unaudited consolidated financial statements included earlier in this press release), adjusted for the impact of the following items that are either non-cash or that the Company does not consider representative of its ongoing operating performance: loss or gain on sale or disposition of assets and sublease, settlement and impairment charges, equity-based compensation expense, acquisition-related expense, gain on reduction in tax receivable agreement liability, expense or income related to changes in the estimated fair value measurement of contingent consideration, restructuring charges and other non-recurring items. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.

Because Adjusted EBITDA and Adjusted EBITDA margin omit certain non-cash items and other non-recurring cash charges or other items, the Company believes that each measure is less susceptible to variances that affect its operating performance resulting from depreciation, amortization and other non-cash and non-recurring cash charges or other items. The Company presents Adjusted EBITDA and the related Adjusted EBITDA margin because the Company believes they are useful as supplemental measures in evaluating the performance of its operating businesses and provides greater transparency into the Company’s results of operations. The Company’s management uses Adjusted EBITDA and Adjusted EBITDA margin as factors in evaluating the performance of the business.

Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analyzing the Company’s results as reported under U.S. GAAP. Some of these limitations are:

these measures do not reflect changes in, or cash requirements for, the Company’s working capital needs;
these measures do not reflect the Company’s interest expense, or the cash requirements necessary to service interest or principal payments on its debt;
these measures do not reflect the Company’s income tax expense or the cash requirements to pay its taxes;
these measures do not reflect the cash requirements to pay dividends to stockholders of the Company’s Class A common stock and tax and other cash distributions to its non-controlling unitholders;
these measures do not reflect the cash requirements pursuant to the tax receivable agreements;
these measures do not reflect the cash requirements for share repurchases;
these measures do not reflect the cash requirements for the settlement of industry class-action lawsuits and other legal settlements;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and these measures do not reflect any cash requirements for such replacements;
although equity-based compensation is a non-cash charge, the issuance of equity-based awards may have a dilutive impact on earnings per share; and
other companies may calculate these measures differently so similarly named measures may not be comparable.

The Company’s Adjusted EBITDA guidance does not include certain charges and costs. The adjustments to EBITDA in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior quarters, such as gain or loss on sale or disposition of assets and sublease, settlement and impairment charges, equity-based compensation expense, acquisition-related expense, gains or losses from changes in the tax receivable agreement liability, expense or income related to changes in the fair value measurement of contingent consideration, restructuring charges and other non-recurring items. The exclusion of these charges and costs in future periods will have a significant impact on the Company’s Adjusted EBITDA. The Company is not able to provide a reconciliation of the Company’s non-GAAP financial guidance to the corresponding U.S. GAAP measures without unreasonable effort because of the uncertainty and variability of the nature and amount of these future charges and costs.

Adjusted net income is calculated as Net income attributable to RE/MAX Holdings, assuming the full exchange of all outstanding non-controlling interests for shares of Class A common stock as of the beginning of the period (and the related increase to the provision for income taxes after such exchange), plus primarily non-cash items and other items that management does not consider to be useful in assessing the Company’s operating performance (e.g., amortization of acquired intangible assets, gain on sale or disposition of assets and sub-lease, non-cash impairment charges, acquisition-related expense, restructuring charges and equity-based compensation expense).

Adjusted basic and diluted earnings per share (Adjusted EPS) are calculated as Adjusted net income (as defined above) divided by pro forma (assuming the full exchange of all outstanding non-controlling interests) basic and diluted weighted average shares, as applicable.

When used in conjunction with GAAP financial measures, Adjusted net income and Adjusted EPS are supplemental measures of operating performance that management believes are useful measures to evaluate the Company’s performance relative to the performance of its competitors as well as performance period over period. By assuming the full exchange of all outstanding non-controlling interests, management believes these measures:

facilitate comparisons with other companies that do not have a low effective tax rate driven by a non-controlling interest on a pass-through entity;
facilitate period over period comparisons because they eliminate the effect of changes in Net income attributable to RE/MAX Holdings, Inc. driven by increases in its ownership of RMCO, LLC, which are unrelated to the Company’s operating performance; and
eliminate primarily non-cash and other items that management does not consider to be useful in assessing the Company’s operating performance.

Adjusted free cash flow is calculated as cash flows from operations less capital expenditures and any changes in restricted cash of the Marketing Funds, all as reported under GAAP, and quantifies how much cash a company has to pursue opportunities that enhance shareholder value. The restricted cash of the Marketing Funds is limited in use for the benefit of franchisees and any impact to adjusted free cash flow is removed. The Company believes adjusted free cash flow is useful to investors as a supplemental measure as it calculates the cash flow available for working capital needs, re-investment opportunities, potential Independent Region and strategic acquisitions, dividend payments or other strategic uses of cash.

Adjusted free cash flow after tax and non-dividend distributions to RIHI is calculated as adjusted free cash flow less tax and other non-dividend distributions paid to RIHI (the non-controlling interest holder) to enable RIHI to satisfy its income tax obligations. Similar payments would be made by the Company directly to federal and state taxing authorities as a component of the Company’s consolidated provision for income taxes if a full exchange of non-controlling interests occurred in the future. As a result and given the significance of the Company’s ongoing tax and non-dividend distribution obligations to its non-controlling interest, adjusted free cash flow after tax and non-dividend distributions, when used in conjunction with GAAP financial measures, provides a meaningful view of cash flow available to the Company to pursue opportunities that enhance shareholder value.

Unencumbered cash generated is calculated as adjusted free cash flow after tax and non-dividend distributions to RIHI less quarterly debt principal payments less annual excess cash flow payment on debt, as applicable. Given the significance of the Company’s excess cash flow payment on debt, when applicable, unencumbered cash generated, when used in conjunction with GAAP financial measures, provides a meaningful view of the cash flow available to the Company to pursue opportunities that enhance shareholder value after considering its debt service obligations.

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SOURCE RE/MAX Holdings, Inc.

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Hometown Hero Honors Veterans with $60,000 Donation to Support Texas VFW

01.11.2024 by admin

AUSTIN, Texas, Nov. 01, 2024 (GLOBE NEWSWIRE) — Hometown Hero, the veteran-supporting cannabusiness of hemp-derived THC and cannabidiol-based products, will present officers from the Texas Department of the Veterans of Foreign Wars (VFW) with a $60K donation to help the organization continue its mission of providing essential resources and assistance for veterans.

WHEN:	November 4, 2024 at 1 p.m.

WHERE:	Texas VFW Headquarters (8503 North Interstate 35, Austin, Texas 78753).

WHAT:	The ceremony will include remarks from Hometown Hero executives, Texas VFW leadership and local veterans, as well as a formal check presentation and group photo opportunities.

WHY:	Hometown Hero donates a portion of its profits to veteran-focused organizations that provide vital support, resources and care to veterans in need. The company also provides year-round discounts for active and retired military service members for its premium line of hemp-derived and cannabidiol-based products, which are increasingly being used by veterans as an alternative to opioids. Visit here to learn more about how Hometown Hero is supporting veterans.

“Supporting our veterans is at the heart of everything we do at Hometown Hero,” said Lukas Gilkey, cofounder of Hometown Hero and a U.S. Coast Guard veteran. “This donation to the Texas VFW Foundation is our way of giving back to those who have sacrificed so much for our country. As we celebrate Veterans Day, we’re honored to help provide the resources and support veterans need, and we look forward to continuing this mission in every way we can.”

About Hometown Hero
Headquartered in Austin, Texas, Hometown Hero manufactures and distributes a variety of hemp-derived products, such as Delta-9 THC, Delta-8 THC, CBD, CBDA + CBGA, among others. Founded in 2015 by Lukas Gilkey and Lewis Hamer, the company donates a portion of all proceeds to various charities and organizations that support veterans. For more information, visit https://hometownhero.com/ or follow the brand on Twitter and Instagram @HometownHeroATX.

About the Texas VFW
The Texas Veterans of Foreign Wars (VFW) is a statewide organization committed to advocating for and supporting veterans who have served in overseas conflicts. With 288 posts and 60,000 members across Texas, the organization provides vital resources to veterans, such as access to healthcare, benefits assistance and educational programs. More information can be found by visiting https://www.texasvfw.org.

MEDIA CONTACT:

George Medici 
PondelWilkinson 
310.279.5968 
gmedici@pondel.com

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Automotive Properties REIT Announces Agreements to Acquire One Automotive Property in Tampa and Two Construction Equipment Dealership Properties in Greater Montreal

01.11.2024 by admin

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, Oct. 31, 2024 /CNW/ – Automotive Properties Real Estate Investment Trust APR (“Automotive Properties REIT” or the “REIT”) announced today that it has entered into two separate agreements to acquire a total of three properties (the “Acquisitions”). The first agreement is to acquire a Rivian-tenanted automotive property in Tampa, Florida (the “Tampa Property”) for a purchase price of approximately US$13.5 million. The second agreement is to acquire two heavy construction equipment dealership properties in the Greater Montreal Area (the “Greater Montreal Properties”) for a purchase price of approximately $25.4 million. The additions of the Tampa Property and the Greater Montreal Properties are expected to be accretive to the REIT’s Adjusted Funds from Operations (“AFFO”)¹ per unit.

“Our acquisition of this Rivian property in Tampa will mark our targeted entry into the U.S. market and increase our exposure to the electric vehicle retail and service market in North America. Our acquisition of these two heavy construction equipment dealership properties in Greater Montreal will mark our entry into a new industry vertical that has similar characteristics to automotive dealerships, including the essential nature of their business,” said Milton Lamb, President and CEO of Automotive Properties REIT. “Upon closing, these acquisitions will enhance the tenant and geographic diversification within our portfolio, and are expected to drive AFFO.”

The Tampa Property is a 25,000 square-foot Rivian sales, delivery and service facility that is situated on 2.75 acres of land located at 701 N. Dale Mabry Highway in Tampa, Florida, in close proximity to Interstate 275 and the Tampa International Airport. The Tampa Property is tenanted by Rivian LLC, which recently completed a major renovation to the facility, under a long term, triple-net lease that includes contractual fixed annual rent increases with renewal options. Rivian LLC is a leading American developer and manufacturer of electric vehicles and accessories that completed its US$13.7 billion initial public offering on the NASDAQ stock exchange in November 2021. The REIT expects to close the Tampa Property acquisition in the first quarter of 2025, subject to customary closing conditions.

The Greater Montreal Properties consist of a 31,000 square-foot Brandt Tractor Ltd. facility with a John Deere heavy construction equipment dealership that is situated on 6.6 acres of land located at 3855 Boulevard Matte in Brossard, Québec, and a 28,611 square-foot Strongco heavy construction equipment dealership (Volvo, and other equipment brands) that is situated on 5.1 acres of land located at 72 Chemin du Tremblay in Boucherville, Québec. The REIT expects to close the Greater Montreal Properties acquisition in December 2024, subject to customary closing conditions.

The triple-net lease on the Brandt Tractor Ltd. heavy construction equipment dealership property, is a mid-term lease, and includes contractual bi-annual fixed rent increases. Brandt Tractor Ltd. is the world’s largest John Deere construction and forestry dealer and a division of the Brandt Group of Companies, a privately-owned, Canadian based manufacturing and distribution company that was founded in 1932 and serves customers in industries such as agriculture, construction, forestry, rail, mining, steel, transportation, material handling, and energy in Canada, the United States, Australia, and New Zealand.

The Strongco heavy construction equipment dealership property is tenanted pursuant to a mid-term lease, and includes contractual annual fixed rent increases. Strongco is owned by Nors, S.A. Founded in 1933, Nors is a privately-owned, Portuguese based company that sells, rents and services construction, infrastructure, mining and forestry equipment, trucks, busses, cars and marine and industrial engines in 16 countries in four continents.

The REIT expects to fund the respective purchase prices of the Acquisitions with cash on hand and by drawing on its revolving credit facilities which had been paid down in full from the net proceeds of the previously announced closing of the sale of the REIT’s Markham, Ontario dealership property on October 1, 2024.

About Automotive Properties REIT
Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT’s portfolio currently consists of 76 income-producing commercial properties, representing approximately 2.8 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties. For more information, please visit: www.automotivepropertiesreit.ca.

(1) Non-IFRS Financial Measure
This news release contains a financial measure which is not defined under International Financial Reporting Standards (“IFRS”) and may not be comparable to similar measures presented by other real estate investment trusts or enterprises. AFFO is a key measure of earnings performance used by real estate businesses. This measure is not defined by IFRS and does not have a standardized meaning prescribed by IFRS, and therefore should not be construed as an alternative to net income or cash flow from operating activities calculated in accordance with IFRS. The REIT believes that AFFO is an important measure of economic earnings performance and is indicative of the REIT’s ability to pay distributions from earnings. The IFRS measurement most directly comparable to AFFO is net income. Please refer to the REIT’s Management Discussion & Analysis (“MD&A”) most recently filed on SEDAR+ for further discussion of this non-IFRS financial measure.

Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events and in some cases can be identified by such terms as “will”, “should”, “anticipates”, “could” and “expects”. Forward-looking information includes statements regarding the financial impact of the Acquisitions on the REIT’s AFFO per unit and the expected timing of closing the Acquisitions. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risks & Uncertainties, Critical Judgments & Estimates” in the REIT’s Management’s Discussion & Analysis (“MD&A”) for the three and six-month periods ended June 30, 2024 and in the REIT’s annual information form dated March 7, 2024, which are available on SEDAR+ (www.sedarplus.ca) and the REIT’s website (www.automotivepropertiesreit.ca). The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release.

SOURCE Automotive Properties Real Estate Investment Trust

View original content: http://www.newswire.ca/en/releases/archive/October2024/31/c4924.html

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Economics News

Surgical Equipment Market Size to Achieve USD 45.61 Bn by 2034

01.11.2024 by admin

Ottawa, Oct. 31, 2024 (GLOBE NEWSWIRE) — The global surgical equipment market size is predicted to increase from USD 20.25 billion in 2025 to approximately USD 45.61 billion by 2034, according to a study published by Towards Healthcare a sister firm of Precedence Statistics. The industry is representing a solid CAGR of 9.44% during the forecast period. North America dominated the market with the largest market share of 41% in 2023.

Download a sample of this report @ https://www.towardshealthcare.com/download-statistics/5240

Key Takeaways

Advancements in surgical techniques, the development of minimally invasive surgery techniques has increased the demand for specialized surgical equipment that allows for smaller incisions and faster recovery times.
Rising prevalence of chronic diseases, the growing burden of chronic diseases such as heart disease, cancer and diabetes has led to an increase in surgical procedures.
Technological innovations and advancements in medical technology including robotics, imaging and material science have led to the development of new and improved surgical equipment.

Regional Insights:

North America, Cosmetic Surgery Driving the Market

The region North America held the largest share of the surgical equipment market in 2023. The increasing number of surgical procedures, advancements in healthcare infrastructure and the presence of leading industry players are some of the factors which are driving the market in North America. The United States performs around 40 to 50 million surgeries annually which makes it a key contributor to the region’s market. For instance, in 2023, 9.5 million neuro modular procedures were conducted for wrinkle reduction, reflecting the growing demand for cosmetic surgeries.

Technological innovations in surgical tools and favorable government policies are also propelling market growth. For instance, in May of 2023, Crothall Healthcare Partnered with Ascendco Health to introduce advanced tracking systems for sterile surgical instruments in United States healthcare facilities. This partnership highlights the increasing focus on safety, quality and technological improvement.

Get the latest insights on healthcare industry segmentation with our Annual Membership: https://www.towardshealthcare.com/get-an-annual-membership

Asia Pacific on to Grow and is Fastest Growing Market

In the coming years Asia Pacific is expected to grow at the fastest rate in surgical equipment market. This growth is driven by a combination of factors such as rising geriatric population, Increasing surgical procedures and rapid healthcare infrastructure development. In the country India around 30 million surgical procedures are performed each year, and the country has attracted significant foreign direct investments in medical and surgical appliances which is over USD 3.28 billion from April 2000 to March 2024.

Countries like China, South Korea and Japan are global leaders in plastic surgeries ranking third, fourth and fifth respectively. Government policies are further fueling market growth in the region. For instance, in 2022 the Chinese government introduced a USD 29 billion loan incentive policy to upgrade medical facilities which is helping boost demand for advanced surgical tools.

In June 2024, the Tamil Nadu state government in India announced plans to sell affordable surgical equipment to the public through government run medical shops. This initiative underscores the government’s focus on expanding access to high quality surgical equipment across the country.

Related Markets Impacted by Surgical Equipment Market:

3D Printed Medical Devices Market

The 3D printed medical devices market is closely connected to the surgical equipment market as both sectors rely on cutting edge technology and innovations to improve patient outcomes. 3D medical devices ranging from imaging equipment like MRI machines 2 monitoring devices and implants, are observed to gain momentum in the upcoming years. The increasing demand for advanced surgical tools naturally push the need for complementary medical devices that assist in diagnosis, monitoring and rehabilitation. Custom devices like hearing aids, orthotics, and surgical tools can be designed with precise measurements, offering a superior fit and enhancing patient comfort compared to mass-produced alternatives.

Medical Device Gaskets & Seals Market

The medical device gaskets & seals market was estimated at US$ 0.92 billion in 2023 and is projected to grow to US$ 1.57 billion by 2034, rising at a compound annual growth rate (CAGR) of 5% from 2024 to 2034. The surgical equipment market has positively impacted the Medical Device Gaskets & Seals Market in several significant ways, primarily driven by the growing demand for high-quality, reliable components in medical devices. As the surgical equipment market expands due to advancements in technology, increasing surgical procedures, and stringent regulatory standards, the need for effective gaskets and seals has surged.

You can place an order or ask any questions, please feel free to contact us at sales@towardshealthcare.com

Surgical Equipment Market Opportunity

Growing Demand for Power Tools in Surgical Procedures:

In recent years, the increasing demand for power tools in surgical procedures is set to drive the growth of the surgical equipment market. With the rise of minimally invasive surgeries power tools such as saws, trains and reamers are becoming essential for surgeons. These tools provide precision, reduce operative time and enhance overall surgical outcomes. Battery driven cordless surgical power tools are one of the key developments in this field which is shifting the market.

In March 2023, Stryker, a global leader in medical technology introduced a new line of battery powered surgical power tools. Their innovative system of 9 cordless surgical power tools uses lithium-ion batteries which offers longer operational time and enhanced performance. Surgeons have reported improved precision and workflow particularly in orthopedic surgeries.

Surgical Equipment Market Segments:

By product, in 2023 the surgical structures and staplers segment held the largest share of the surgical equipment market. Structures and staplers are critical for wound closures in various types of surgeries, from minor procedures to major operations like cardiovascular and gastrointestinal surgeries. Their widespread use across different specialities and advancements in structure materials and stapling technology have driven the demand.
By type, in 2023 disposable surgical equipment segment dominated the surgical equipment market. With growing concerns over hospital acquired infections and the need for sterile surgical environments, disposable tools like scalpels, forceps, and scissors are preferred for single use. They minimize cross contamination risks and ensure safety for both patients and healthcare professionals. In the July of 2023, Madeline Industries launched a new range of eco-friendly disposable surgical kits that offer enhanced safety while addressing environmental concerns by using biodegradable materials.
By application, the others segment which includes various general and specialized surgeries like plastic surgery, urology and obstetrics, let the surgical equipment market in 2023. These surgeries are becoming more frequent due to an aging population, rising cancer cases and an increase in elective cosmetic procedures.

Recent Developments and News of the Market:

Company	Indraprastha Apollo Hospital
Headquarter	New Delhi, India, Asia Pacific
Development	In March 2024, At Indraprastha Apollo Hospital in New Delhi, Apollo Hospitals introduced ZAP-X, a gyroscopic radiosurgery platform for the treatment of brain tumors. The US-based medical equipment manufacturer Zap Surgical is set to launch the platform in India. Apollo stated in an official statement that “ZAP-X will offer patients a non-invasive, pain-free alternative to traditional surgical interventions for brain tumors, with sessions lasting just 30 minutes and without the necessity of anesthesia.

Company	Crothall Healthcare
Headquarter	United States, North America
Development	May 2024, Crothall Healthcare (Crothall), a leading provider of sterile processing and support services, and Ascendco Health (Ascendco), a leading innovator in health technology, announced a groundbreaking partnership that will usher in a new era for instrument tracking and overall sterile processing quality within healthcare facilities across the nation. This partnership has the potential to significantly elevate standards within the field of sterile processing.

Browse More Insights of Towards Healthcare:

The drug-device combination products market size was estimated at $150.3 billion in 2023 and is projected to grow to $337.81 billion by 2034, with a CAGR of 7.64% from 2024 to 2034.
The mycobacterium tuberculosis market was estimated at US$ 730.00 million in 2023 and is projected to grow to US$ 1,385.79 million by 2034, rising at a CAGR of 6% from 2024 to 2034.
The safety lancets market was estimated at $2.1 billion in 2023 and is expected to grow to $6.32 billion by 2034, with a CAGR of 10.54% from 2024 to 2034.
The peripheral nerve conduit market was estimated at $140 million in 2023 and is projected to grow to $411.58 million by 2034, with a CAGR of 10.3% from 2024 to 2034.
The vet ultrasound system market was estimated at $400 million in 2023 and is projected to grow to $845.41 million by 2034, with a CAGR of 7.04% from 2024 to 2034.
The ambulatory electrocardiography (ECG) market was estimated at $630 million in 2023 and is expected to grow to $1,561.24 million by 2034, with a CAGR of 8.6% from 2024 to 2034.
The blood product market was estimated at $36.52 billion in 2023 and is projected to grow to $59.89 billion by 2034, with a CAGR of 4.6% from 2024 to 2034.
The personal protective equipment (PPE) market was estimated at $79.57 billion in 2023 and is projected to grow to $171.66 billion by 2034, with a CAGR of 7.24% from 2024 to 2034.
The cell therapy human raw materials market size was estimated at $2.91 billion in 2023 and is projected to grow to $22.75 billion by 2034, with a CAGR of 22.38% from 2023 to 2034.
The biomaterials market size was estimated at $178.16 billion in 2023 and is projected to grow to $761.23 billion by 2033, with a CAGR of 15.63% from 2024 to 2033.

Surgical Equipment Market Top Companies

Aesculap Implant Systems, Inc.
ARCH Medical Solutions
Arthrex
BioRad Medisys Pvt. Ltd.
Bricon GmbH
InTech Medical
KLS Martin Group
Medtronic Plc
Miraclus Orthotech Pvt. Ltd.
Precision Spine, Inc.
Trauson Medical Instruments

Segments Covered in the Report

By Product

Surgical Sutures & Staplers
Electrosurgical Devices
Handheld Surgical Devices
Forceps & Spatulas
Retractors
Dilators
Graspers
Auxiliary Instruments
Cutter instruments
Others

By Type

By Application

Neurosurgery
Plastic & Reconstructive Surgery
Wound Closure
Obstetrics & Gynecology
Cardiovascular
Orthopedic
Others

By Region

North America
Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
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Latin America
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- Saudi Arabia
- Kuwait

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Cohen & Company Sets Release and Conference Call Date for Third Quarter 2024 Financial Results

01.11.2024 by admin

PHILADELPHIA and NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — Cohen & Company Inc. COHN will release its financial results for the third quarter 2024 on Monday, November 4, 2024. The Company will host a conference call at 10:00 a.m. Eastern Time (ET) that day to discuss these results.

The conference call will be available via webcast. Interested parties can access the webcast by clicking the webcast link on the Company’s homepage at www.cohenandcompany.com. Those wishing to listen to the conference call with operator assistance can dial (877) 524-8416 (domestic) or +1 (412) 902-1028 (international). A replay of the call will be available for three days following the call by dialing (877) 660-6853 or (201) 612-7415, with participant passcode 13749865.

About Cohen & Company

Cohen & Company is a financial services company specializing in an expanding range of capital markets and asset management services. Cohen & Company’s operating segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of fixed income sales, trading, and gestation repo financing as well as new issue placements in corporate and securitized products, and advisory services, operating primarily through Cohen & Company’s subsidiaries, J.V.B. Financial Group, LLC in the United States and Cohen & Company Financial (Europe) S.A. in Europe. A division of JVB, Cohen & Company Capital Markets is the Company’s leading boutique investment bank that provides innovative strategic and financial advice in M&A, capital markets, and SPAC advisory. The Asset Management segment manages assets through collateralized debt obligations, managed accounts, and investment funds. As of September 30, 2024, the Company managed approximately $2.4 billion in primarily fixed income assets in a variety of asset classes including US and European trust preferred securities, subordinated debt, and corporate loans. The Principal Investing segment is comprised primarily of investments the Company holds related to its SPAC franchise and other investments the Company has made for the purpose of earning an investment return rather than investments made to support its trading or other capital markets business activity. For more information, please visit www.cohenandcompany.com.

Contact:

Investors –	Media –
Cohen & Company Inc.	Joele Frank, Wilkinson Brimmer Katcher
Joseph W. Pooler, Jr.	Joseph Sala or Zach Genirs
Executive Vice President and	212-355-4449
Chief Financial Officer
215-701-8952
investorrelations@cohenandcompany.com

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Longmont Homeowners Association Wins $6.413 Million Arbitration Award Against Dream Finders Homes for Construction Defects

01.11.2024 by admin

LONGMONT, Colo., Oct. 31, 2024 /PRNewswire/ — The construction defect law firm Kerrane Storz, P.C. achieved a major win this month for the Parkes at Stonebridge Townhome Owners Association against Dream Finders Homes.

Dream Finders built the 92-unit townhome community known as Parkes at Stonebridge in Longmont, Colorado from 2018 to 2021. Dream Finders promised homeowners “peace of mind” when they sold the homes to Coloradans but failed to deliver on that promise. Soon after moving in, the new homeowners noticed serious construction issues throughout the community including crumbling driveways, heaving sidewalks, and sagging garage awnings.

Depending on the season, sidewalks became dangerous due to ice buildup, ponding water, and slippery algae growth. These conditions caused injury to multiple homeowners who slipped and fell. When homeowners reported their safety concerns, Dream Finders responded with haphazard, negligent repairs that failed to fix the construction problems and caused new hazards.

After multiple failed attempts to negotiate a settlement, the Association proceeded to arbitration against Dream Finders. The Association prevailed on its claims of negligence, breach of contract, breach of express warranty, and breach of implied warranty against Dream Finders. The Arbiter awarded the Association $5,733,471 for its cost of repairs and $679,732 for its litigation costs for a total award of $6,413,204. In addition, the Arbiter awarded the Association post-judgment interest on unpaid amounts until the award plus interest is paid in full.

Dream Finders objected to the award for litigation costs, arguing that the purchase agreements for the townhomes – which their lawyers drafted – prevented the recovery of these costs. The Arbiter disagreed, holding:

“Colorado law clearly provides for an award of costs to the prevailing party in a construction defect arbitration. Any express waiver or limitations on these rights are void as against public policy. Of course, actual damages include costs.”

“We are thrilled with this award for our client and look forward to seeing the community make much-needed repairs,” said Heidi Storz, lead attorney for the community. “This decision will serve other Colorado homeowners by putting developer/builders on notice that they will be held accountable for poor construction despite boilerplate, take-it-or-leave-it waivers they may include in purchase agreements.”

Dream Finders has paid part of the arbitration award. As of today’s date, however, Dream Finders has not satisfied its obligation to pay the post-judgment interest awarded to the Association by the Arbiter. On October 30, 2024, the Association filed a motion in Boulder County District Court seeking entry of judgment on the arbitration award. The Association plans to enforce the judgment as necessary to hold Dream Finders accountable for all they owe.

As of June 2024, Dream Finders Homes had built and sold almost 2,000 homes across the Front Range. Dream Finders Homes is now selling homes in newly built communities in Arvada, Aurora, Brighton, Broomfield, Littleton, Parker, Strasburg, Berthoud, Fort Collins, and Longmont.

The law firm of Kerrane Storz, P.C. represents Colorado and Texas homeowners and community associations in construction defect matters.

Contact:
Heidi Storz
hstorz@kerranestorz.com
www.kerranestorz.com

View original content:https://www.prnewswire.com/news-releases/longmont-homeowners-association-wins-6-413-million-arbitration-award-against-dream-finders-homes-for-construction-defects-302293452.html

SOURCE Kerrane Storz, P.C.

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Economics News

Mortgage Rates Increase for the Fifth Consecutive Week

01.11.2024 by admin

MCLEAN, Va., Oct. 31, 2024 (GLOBE NEWSWIRE) — Freddie Mac FMCC today released the results of its Primary Mortgage Market Survey ^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.72 percent.

“Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August,” said Sam Khater, Freddie Mac’s Chief Economist. “With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile. Although uncertainty will remain, it does appear mortgage rates are cresting, and we do not expect them to reach the highs that we saw earlier this year.”

News Facts

The 30-year FRM averaged 6.72 percent as of October 31, 2024, up from last week when it averaged 6.54 percent. A year ago at this time, the 30-year FRM averaged 7.76 percent.
The 15-year FRM averaged 5.99 percent, up from last week when it averaged 5.71 percent. A year ago at this time, the 15-year FRM averaged 7.03 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/99b1a671-9ac3-4dff-b69e-b6cf87bdb78f

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Economics News

Fed Interest Rate Cuts Expected, But Economists Warn Of 'Bumpy Course In This Last Mile' To Curb Inflation

01.11.2024 by admin

A 0.25% interest rate cut at the Federal Reserve’s Nov. 7 meeting, just two days after the U.S. presidential election, is almost fully priced in by markets, with another similar cut likely in December as cooling inflation allows the Fed to gradually ease its policy stance.

The latest inflation data from September, as measured by the Personal Consumption Expenditure (PCE) price index, showed a deceleration that aligns with the Fed’s 2% target, giving policymakers a green light to consider further easing.

The annual PCE inflation rate cooled to 2.1% in September, down from 2.3% in August, broadly matching analyst expectations.

Economists have largely welcomed the Fed’s most-watched inflation report, but with some caveats as consumer prices, especially in services, remain somewhat sticky.

Fed Nears Inflation Target, But Core Pressures Signal Caution

“The Fed’s inflation target is now essentially at 2%,” Joseph Brusuelas RSM US LLP principal & chief economist, commented on the data.

Extended to three decimal points, the PCE stands at 2.095%, with a month-over-month increase of 0.175%. Inflation is rising at a 1.4% rate on a three-month basis and 1.9% over six months, the expert explained.

“The Fed has re-established price stability,” Brusuelas added.

According to Jeffrey Roach, chief economist at LPL Financial, the slowdown in core services prices, excluding housing, could keep the Fed on track for two rate cuts by the end of the year.

Yet, Roach also warned investors of potential “head fakes” in inflation data, as the path to sustained 2% inflation is expected to be long and difficult.

Bill Adams, chief economist at Comerica Bank, echoed a similar sentiment, stating that while headline inflation has slowed close to the Fed’s target, the persistence of higher core inflation could still affect the central bank’s approach.

“The Fed will likely cut by a quarter percent at their post-election decision,” Adams said, though he added that the Fed must remain vigilant as core pressures are far from fully subdued.

However, some Fed watchers are more cautious about declaring victory just yet. Core PCE inflation, which excludes food and energy, came in at 2.7% year-over-year, holding steady from August and surpassing estimates of 2.6%.

Mohamed El Erian, Allianz adviser and president at Queen’s College, commented “I suspect that, on the whole, this is not what the Federal Reserve expected data-wise when it suddenly decided last month to increase the pace of interest rate reductions from 25 basis points to 50 bps.”

El Erian added that the distribution of the price increases “will also capture the Fed’s attention.” Moreover, the robust 0.4% increase in real consumer spending, which suggests consumer demand is still resilient, is seen as a factor that could complicate the Fed’s efforts to maintain control over inflation.

Yet, he welcomed the reading in the Employment Cost Index (ECI) for the third quarter, which rose by 0.8%, the smallest gain since mid-2021.

Quincy Krosby, chief global strategist at LPL Financial, highlighted that the year-over-year core PCE print, which came in at 2.7%, indicates that inflation isn’t entirely under control.

“The Fed is still on a bumpy course in this last mile to quell inflation and declare victory,” Krosby said, emphasizing that the central bank’s journey to stable 2% inflation may face additional hurdles.

“The Fed will need to acknowledge that with still resilient consumer spending, higher wages from a series of successful strikes, and a solid labor market, they will need to adopt the gradual approach towards lowering rates,” Krosby added.

Read now:

Image created using artificial intelligence via Midjourney.

Economics News

Jobs Report Preview: Could October Nonfarm Payrolls Defy Hurricane Disruptions, Strikes And Election Uncertainty?

01.11.2024 by admin

Traders are eagerly awaiting October’s official jobs data, set for release on Friday at 8:30 a.m. ET — widely viewed as the week’s most crucial economic event.

The Employment Situation report is expected to provide valuable insights into the resilience of the U.S. labor market, especially in light of recent disruptions from hurricanes, strikes and uncertainties surrounding the imminent U.S. elections.

What are economists forecasting, and how have markets responded to recent jobs reports?

October Jobs Report: What Do Economists Expect?

The consensus among Wall Street economists is forecasting a sharp deceleration in the pace of employment growth in October.

Nonfarm payrolls are expected to slow down from 254,000 in September to 113,000 in October, an outcome that would represent the lowest monthly employment gain since April, suggesting that U.S. firms have hold back in their hiring plans.

“We expect nonfarm payrolls to rise by 100,000 in October after coming in at 254,000 in September. Although this is below consensus, we’d still view it as a solid print, since we estimate that Hurricane Milton and the Boeing strike temporarily lowered payrolls in October,” Bank of America economist Shruti Mishra stated.

According to Bank of America, Hurricane Milton’s landfall in Florida on Oct. 9, which coincided with the jobs survey week, likely weighed on payroll figures, particularly in sectors like leisure and hospitality. Additionally, lingering effects from Hurricane Helene, which struck in late September, may have added a slight drag on employment.

Bank of America analysts also noted that the Bureau of Labor Statistics estimates a 41,000 increase in striking workers from September to October, largely driven by the Boeing Co. BA strike. Taken together, these factors could have reduced October payrolls by at least 50,000 jobs.

On the positive side, government payrolls may see a 25,000 boost due to temporary hiring for election-related roles.

Looking at other indicators in the October jobs report, the unemployment rate is expected to hold steady at 4.1%, suggesting that the pace of job losses has also not advanced.

Wages are broadly expected to hold their recent trend, as average hourly earnings are expected to surge 0.3% month-over-month, down from 0.4% in September, and by 4.1% year-over-year as seen in the previous month.

Recent Data Shows Potential For Positive Employment Surprises

Earlier this week, the ADP National Employment report showed that private payrolls surged by 233,000 in October, sharply accelerating from 143,000 in September and well above economist expectations of 115,000, as tracked by TradingEconomics.

Nearly the whole increase in private employment came from services, with education, health services, trade, transportation, utilities and leisure and hospitality being the most active in the monthly increases.

The ADP data — which uses anonymized payroll data of more than 25 million U.S. employees – offered encouraging insights ahead of Friday’s official jobs report, suggesting the U.S. economy likely maintained robust job growth throughout the month.

“Even amid hurricane recovery, job growth was strong in October. As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient,” said Nela Richardson, chief economist at ADP.

Stock Reactions To Recent Jobs Reports

The last three jobs reports have highlighted how market sentiment shifts depending on whether employment numbers come in hotter or cooler than expected.

In the July jobs report, released on Aug. 2, the U.S. economy added 114,000 jobs, later revised up to 144,000 — significantly below the consensus estimate of 175,000. On that day, the S&P 500, tracked by the SPDR S&P 500 ETF Trust SPY, dropped 1.9% as investors grew concerned about potential economic slowdown.

Another cooler-than-expected report arrived with the August jobs data, published on Sep. 6. The U.S. added 142,000 jobs in August, missing forecasts of 160,000. The S&P 500 responded with a 1.7% decline, reflecting ongoing worries about weakening labor market momentum.

In contrast, the September jobs report, released on Oct. 4, showed the U.S. economy added a robust 254,000 jobs, well above the revised 159,000 in August and far exceeding expectations of 140,000. This marked the strongest job growth in six months, significantly above the prior 12-month average of 203,000.

The S&P 500 responded positively, rallying 0.9% on the day as investors saw this as a sign of resilience in the labor market.

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Stocks Tumble, Nasdaq 100 Selloffs As Tech Giants Disappoint, Crypto Companies Plummet: What's Driving Markets Thursday?

01.11.2024 by admin

Risk aversion swept across markets on Thursday as investor disappointment over third-quarter tech earnings triggered the steepest drop in major U.S. indices in nearly two months.

Microsoft Corp. MSFT plummeted over 5% by midday trading in New York, on track for its worst session in two years. Although the company surpassed earnings estimates, it forecasted slower growth in its Azure cloud business, dampening future revenue expectations.

Meta Platforms Inc. META also declined by over 4% despite a strong quarterly performance, as the social media giant projected “significant” capital expenditure growth next year, particularly for AI infrastructure.

The elite “Magnificent Seven” tech group shed nearly $500 billion in market capitalization within a single day after reaching a record high of $16.8 trillion. Apple Inc. AAPL and Amazon.com Inc. AMZN are set to report earnings after the market close.

In economic news, inflation sent mixed signals for September. The Personal Consumption Expenditures (PCE) price index slowed as expected to 2.1% annually, while the Fed’s preferred inflation measure, the core PCE price index, remained at 2.7% year over year, slightly above the expected 2.6%.

The S&P 500 dropped 1.4%, and the tech-heavy Nasdaq 100 slid 2.2%, both tracking their worst session since Sept. 6. The CBOE Volatility Index (VIX) surged 12%.

Risk aversion also weighed on commodities, with gold prices dropping 1.7%, marking their worst day since July, and silver plunging 3% after a 2% decline on Wednesday.

Bitcoin BTC/USD slid 2.4%, and crypto-related stocks suffered significant losses. Coinbase Global Inc. COIN tumbled over 10% on disappointing earnings, eyeing its worst day since May.

Thursday’s Performance In Major US Indices, ETFs

Major Indices	Price	1-day %chg
Dow Jones	41,832.30	-0.7%
Russell 2000	2,213.10	-0.9%
S&P 500	5,729.43	-1.4%
Nasdaq 100	19,943.07	-2.2%

Updated at 12:20 p.m. ET

According to Benzinga Pro data:

The SPDR S&P 500 ETF Trust SPY fell 1.5% to $571.51.
The SPDR Dow Jones Industrial Average DIA fell 0.8% to $418.60.
The tech-heavy Invesco QQQ Trust Series QQQ tumbled 2.2% to $485.78.
The iShares Russell 2000 ETF IWM fell 0.7% to $219.65.
The Utilities Select Sector SPDR Fund XLU outperformed, rising 1.4%. The Technology Select Sector SPDR Fund XLK lagged, down 2.4%.

Thursday’s Stock Movers

Stocks reacting to corporate earnings were:

Booking Holdings Inc. BKNG, up over 5%,
Amgen Inc. AMGN, up 1.7%,
Starbucks Corp. SBUX, down 0.6%,
eBay Inc. EBAY, down over 8%,
MicroStrategy Inc. MSTR, up 1.9%,
Carvana Co. CVNA, up 24%,
Mastercard Inc. MA, down 1.8%,
Merck & Company Inc. MRK, down 2.8%,
Linde plc LIN, down 2.9%,
Comcast Corp. CMCSA, up 2.9%,
Uber Technologies Inc. UBER, down over 11%,
Eaton Corp. plc ETN, down 5%,
ConocoPhillips COP, up 6%,
Bristo-Myers Squibb Co. BMY, up 3.3%,
Southern Company SO, up 2.2%,
Altria Group Inc. MO, up 7.6%,
Regeneron Pharmaceuticals Inc. REGN, down 9%,
The Cigna Group CI, up 3%,
Norwegian Cruise Line Holdings Ltd. NCLH, up over 9%.
Cheniere Energy Inc. LNG, up over 5%.

Large-cap companies slated to report their earnings after the close include Apple Inc, Amazon.com Inc, Intel Corp. INTC, Atlassian Corp. TEAM and Coterra Energy Inc. CTRA.

Read Next:

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Month: November 2024

Fed Nears Inflation Target, But Core Pressures Signal Caution

October Jobs Report: What Do Economists Expect?

Recent Data Shows Potential For Positive Employment Surprises

Stock Reactions To Recent Jobs Reports

Thursday’s Performance In Major US Indices, ETFs

Thursday’s Stock Movers