Technology
CCSC Technology International Holdings Limited Reports Financial Results for the First Six Months of Fiscal Year 2024
Published
7 months agoon
By
HONG KONG, Feb. 23, 2024 /PRNewswire/ — CCSC Technology International Holdings Limited (the “Company” or “CCSC”) (Nasdaq: CCTG), a Hong Kong-based company that engages in the sale, design and manufacturing of interconnect products, including connectors, cables and wire harnesses, today announced its unaudited financial results for the first six months of fiscal year 2024 ended September 30, 2023.
Mr. Kung Lok Chiu, Chief Executive Officer and Director of the Company, commented, “During the first six months of fiscal year 2024, amidst macroeconomic uncertainties and rising supply chain costs, our revenue and gross profit decreased from the same period of last year; however, our gross margin remained stable despite the challenging environment. Furthermore, in January 2024, we completed our initial public offering and listing on the Nasdaq Capital Market under the ticker symbol “CCTG”, which we expect to enhance our competitiveness globally. Looking forward, we plan to strategically focus on growing industries, such as new energy, robotics, and medical. We also plan to keep investing in research and development and offering innovative and cost-effective products to our customers. We are committed to delivering high-quality products to our customers and generating long-term value for our shareholders.”
First Six Months of Fiscal Year 2024 Financial Highlights
Revenue was $7.5 million for the six months ended September 30, 2023, compared to $15.6 million for the same period of last year.Gross profit was $2.3 million for the six months ended September 30, 2023, compared to $5.4 million for the same period of last year.Loss from operations was $0.3 million for the six months ended September 30, 2023, compared to income from operations of $2.1 million for the same period of last year.Net income was $0.4 million for the six months ended September 30, 2023, compared to $2.8 million for the same period of last year.Basic and diluted earnings per share was $0.04 for the six months ended September 30, 2023, compared to $0.28 for the same period of last year.
First Six Months of Fiscal Year 2024 Financial Results
Revenue
Total revenue was $7.5 million for the six months ended September 30, 2023, which decreased by 52.0% from $15.6 million for the same period of last year.
The following table sets forth revenue by interconnect products:
For the Six Months Ended September 30,
Change
($ millions)
2023
%
2022
%
Amount
%
Cables and wire harnesses
6.9
91.8
%
14.5
93.0
%
(7.6)
(52.6)
%
Connectors
0.6
8.2
%
1.1
7.0
%
(0.5)
(43.5)
%
Total
7.5
100.0
%
15.6
100.0
%
(8.1)
(52.0)
%
Revenue generated from cables and wire harnesses decreased by 52.6%, to $6.9 million for the six months ended September 30, 2023, from $14.5 million for the same period of last year. Revenue generated from connectors decreased by 43.5%, to $0.6 million for the six months ended September 30, 2023, from $1.1 million for the same period of last year.
The decrease in our revenue was primarily attributable to the decrease in sales volume. We experienced a contraction in demand, primarily because a number of our customers had purchased our products in advance in fiscal year 2022 and the first half of fiscal year 2023 in anticipation of higher supply chain costs. Customers also preferred reduced inventory, due to uncertainties about macroeconomic conditions.
The following table sets forth the disaggregation of revenue by regions:
For the Six Months Ended September 30,
Change
($ millions)
2023
%
2022
%
Amount
%
Europe
4.3
57.8
%
9.8
62.8
%
(5.5)
(55.8)
%
Asia
2.4
31.8
%
4.7
29.8
%
(2.3)
(48.7)
%
Americas
0.8
10.4
%
1.2
7.4
%
(0.4)
(32.9)
%
Total
7.5
100.0
%
15.6
100.0
%
(8.1)
(52.0)
%
Revenue generated from Europe decreased by 55.8%, to $4.3 million for the six months ended September 30, 2023, from $9.8 million for the same period of last year. The decrease was primarily due to the decrease of sales in Denmark, Hungary and Finland.
Revenue generated from Asia decreased by 48.7%, to $2.4 million for the six months ended September 30, 2023, from $4.7 million for the same period of last year. The decrease was primarily due to sales decreases in China of $1.5 million, and sales decreases in the Association of Southeast Asian Nations, or ASEAN, of $0.8 million.
Revenue generated from the Americas decreased by 32.9%, to $0.8 million for the six months ended September 30, 2023, from $1.2 million for the same period of last year. The decrease was primarily due to sales decreases in Northern America of $0.4 million.
Cost of Revenue
Cost of revenue decreased by 48.7%, to $5.2 million for the six months ended September 30, 2023, from $10.2 million for the same period of last year, which was in line with the decrease of the total revenue.
Inventory costs amounted to $3.5 million for the six months ended September 30, 2023, compared to $7.9 million for the same period of last year. The decrease of inventory costs was primarily due to a 51.5% decrease in the total sales volume and an 8.5% decrease in the inventory cost per unit.
Labor costs amounted to $1.2 million for the six months ended September 30, 2023, compared to $1.7 million for the same period of last year. The decrease of labor costs was primarily due to the reduction in the number of our manufacturing employees.
Gross Profit and Gross Margin
Gross profit decreased by 58.1%, to $2.3 million for the six months ended September 30, 2023, from $5.4 million for the same period of last year.
Gross profit margin decreased by 4.4%, to 30.4% for the six months ended September 30, 2023, from 34.8% for the same period of last year. The gross profit margin was generally on par with the same period of 2022.
Operating Expenses
Operating expenses decreased by 23.2%, to $2.6 million for the six months ended September 30, 2023, from $3.3 million for the same period of last year. The expense reduction was mainly due to the decreases in the selling expenses, general and administrative expenses, and research and development expenses.
Other Income/(Expenses)
Other income decreased by 37.0%, to $0.6 million for the six months ended September 30, 2023, from $1.0 million for the same period of last year. The decrease included an increase in foreign exchange loss of $0.4 million.
Net Income
Net income decreased by 85.4%, to $0.4 million for the six months ended September 30, 2023, from $2.8 million for the same period of last year.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share was $0.04 for the six months ended September 30, 2023, compared to $0.28 for the same period of last year.
Recent Development
On January 22, 2024, the Company completed its initial public offering (the “Offering”) of 1,375,000 ordinary shares at a public price of $4.00 per share. On February 8, 2024, the underwriters of Offering exercised their over-allotment option in full to purchase an additional 206,250 ordinary shares of the Company at the public offering price of US$4.00 per share. The gross proceeds were $6.325 million from the Offering, before deducting underwriting discounts and commissions, and other expenses. The Company’s ordinary shares began trading on the Nasdaq Capital Market on January 18, 2024, under the ticker symbol “CCTG.”
About CCSC Technology International Holdings Limited
CCSC Technology International Holdings Limited, is a Hong Kong-based company that engages in the sale, design and manufacturing of interconnect products. The Company specializes in customized interconnect products, including connectors, cables and wire harnesses that are used for a range of applications in a diversified set of industries, including industrial, automotive, robotics, medical equipment, computer, network and telecommunication, and consumer products. The Company produces both OEM (“original equipment manufacturer”) and ODM (“original design manufacture”) interconnect products for manufacturing companies that produce end products, as well as electronic manufacturing services (“EMS”) companies that procure and assemble products on behalf of such manufacturing companies. The Company has a diversified global customer base located in more than 25 countries throughout Asia, Europe and the Americas. For more information, please visit the Company’s website: http://ir.ccsc-interconnect.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
CCSC Technology International Holdings Limited
Investor Relations Department
Email: ir@ccsc-interconnect.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amount in U.S. dollars, except for number of shares)
As of
September 30,
2023
As of
March 31,
2023
Assets
(Unaudited)
Current assets:
Cash
$
7,370,501
$
7,708,310
Restricted cash
9,095
9,305
Accounts receivable
2,295,302
2,260,222
Inventories, net
1,854,088
2,187,518
Deferred initial public offering costs
1,419,736
1,051,038
Prepaid expenses and other current assets
1,407,266
1,242,054
Total current assets
14,355,988
14,458,447
Non-current assets:
Property, plant and equipment, net
179,169
211,949
Intangible asset, net
66,787
88,319
Operating right-of-use assets, net
1,754,977
2,121,070
Deferred tax assets, net
115,989
41,015
Other non-current assets
39,387
41,844
Total non-current assets
2,156,309
2,504,197
TOTAL ASSETS
$
16,512,297
$
16,962,644
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable
$
2,009,560
$
1,663,749
Advance from customers
125,218
186,874
Accrued expenses and other current liabilities
1,537,312
1,648,970
Taxes payable
361,035
365,851
Operating lease liabilities – current
434,871
485,051
Long-term bank loan – current
—
39,725
Total current liabilities
4,467,996
4,390,220
Non-current liabilities:
Operating lease liabilities – non-current
1,343,653
1,653,411
Total non – current liabilities
1,343,653
1,653,411
TOTAL LIABILITIES
$
5,811,649
$
6,043,631
Commitments and Contingencies
—
—
Shareholders’ equity
Ordinary shares, par value of US$0.0005 per share; 100,000,000 shares authorized,
10,000,000 shares issued and outstanding as of September 30, 2023 and March 31,
2022*
5,000
5,000
Subscription receivable
—
(5,000)
Additional paid-in capital
1,236,773
1,236,773
Statutory reserve
813,235
813,235
Retained earnings
10,628,306
10,214,692
Accumulated other comprehensive loss
(1,982,666)
(1,345,687)
Total shareholders’ equity
10,700,648
10,919,013
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
16,512,297
$
16,962,644
*The shares and per share information are presented on a retroactive basis to reflect the corporate subdivision and 1 to 2 share split.
CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE (LOSS)/INCOME
(Amount in U.S. dollars, except for number of shares)
For the six months ended
September 30,
2023
2022
Net revenue
$
7,503,520
$
15,620,925
Cost of revenue
(5,223,159)
(10,181,670)
Gross profit
2,280,361
5,439,255
Operating expenses:
Selling expenses
(473,636)
(566,879)
General and administrative expenses
(1,753,179)
(2,202,153)
Research and development expenses
(338,038)
(568,648)
Total operating expenses
(2,564,853)
(3,337,680)
Loss/(Income) from operations
(284,492)
2,101,575
Other income/(expenses):
Other non-operating income, net
51,628
16,221
Government subsidies
—
59,079
Foreign currency exchange gains
539,844
921,565
Financial and interest income/(expenses), net
35,783
(1,483)
Total other income
627,255
995,382
Income before income tax expense
342,763
3,096,957
Income tax benefits/(expenses)
70,851
(256,607)
Net income
413,614
2,840,350
Other comprehensive (loss)/income
Foreign currency translation adjustment
(636,979)
(1,096,403)
Total comprehensive (loss)/income
$
(223,365)
$
1,743,947
Earnings per share
Basic and Diluted
$
0.04
$
0.28
Weighted average number of ordinary shares
Basic and Diluted*
10,000,000
10,000,000
* The shares and per share information are presented on a retroactive basis to reflect the corporate subdivision and 1 to 2 share split.
CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amount in U.S. dollars, except for number of shares)
For the six months ended
September 30,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
413,614
$
2,840,350
Adjustments to reconcile net income to net cash provided by operating activities:
Change in inventory reserve
73,643
(10,202)
Depreciation and amortization
114,208
172,174
Amortization of right-of-use asset
251,865
276,485
Loss from disposal of fixed assets
595
363
Deferred tax (expenses)/benefits
(79,198)
1,450
Foreign currency exchange gains
(539,844)
(921,565)
Changes in operating assets and liabilities:
Accounts receivable
(47,683)
(2,227,930)
Inventories
164,072
1,559,757
Amount due from related parties
—
478,724
Prepaid expenses and other current assets
(223,354)
39,894
Operating right-of-use assets
—
(2,281,448)
Other non-current assets
—
42,077
Accounts payable
418,473
(600,059)
Advance from customers
(60,075)
(43,413)
Taxes payable
(4,408)
151,071
Accrued expenses and other current liabilities
(39,341)
(56,394)
Operating lease liabilities
(244,763)
1,987,398
Amount due to related parties
—
(215,163)
Net cash provided by operating activities
197,804
1,193,569
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
(52,025)
(110,498)
Proceed from disposal of property and equipment
—
11
Purchase of intangible asset
(19,217)
(23,691)
Net cash used in investing activities
(71,242)
(134,178)
CASH FLOWS FORM FINANCING ACTIVITIES
Proceeds from short-term bank loans
—
136,641
Repayments of long-term bank loans
(39,817)
(77,478)
Payment for deferred initial public offering costs
(366,094)
(442,399)
Capital contribution by shareholders
5,000
—
Net cash used in financing activities
(400,911)
(383,236)
Effect of exchange rate changes on cash and restricted cash
(63,670)
(60,781)
Net change in cash and restricted cash
(338,019)
615,374
Cash and restricted cash, beginning of the period
7,717,615
5,285,940
Cash and restricted cash, end of the period
$
7,379,596
$
5,901,314
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income tax
$
(39,402)
$
(39,113)
Cash paid for interest
$
(228)
$
(3,154)
Cash paid for operating lease
$
(288,667)
$
(309,679)
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease obligations
$
—
$
1,955,909
View original content:https://www.prnewswire.com/news-releases/ccsc-technology-international-holdings-limited-reports-financial-results-for-the-first-six-months-of-fiscal-year-2024-302070220.html
SOURCE CCSC Technology International Holdings Limited
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NASA Awards $1.5 Million at Watts on the Moon Challenge Finale
Published
58 mins agoon
September 20, 2024By
WASHINGTON, Sept. 20, 2024 /PRNewswire/ — NASA has awarded a total of $1.5 million to two U.S. teams for their novel technology solutions addressing energy distribution, management, and storage as part of the agency’s Watts on the Moon Challenge. The innovations from this challenge aim to support NASA’s Artemis missions, which will establish long-term human presence on the Moon.
This two-phase competition has challenged U.S. innovators to develop breakthrough power transmission and energy storage technologies that could enable long-duration Moon missions to advance the nation’s lunar exploration goals. The final phase of the challenge concluded with a technology showcase and winners’ announcement ceremony Friday at Great Lakes Science Center, home of the visitor center for NASA’s Glenn Research Center in Cleveland.
“Congratulations to the finalist teams for developing impactful power solutions in support of NASA’s goal to sustain human presence on the Moon,” said Kim Krome-Sieja, acting program manager for NASA Centennial Challenges at NASA’s Marshall Space Flight Center in Huntsville, Alabama. “These technologies seek to improve our ability to explore and make discoveries in space and could have implications for improving power systems on Earth.”
The winning teams are:
First prize ($1 million): High Efficiency Long-Range Power Solution of Santa Barbara, CaliforniaSecond prize ($500,000): Orbital Mining Corporation of Golden, Colorado
Four teams were invited to refine their hardware and deliver full system prototypes in the final stage of the competition, and three finalist teams completed their technology solutions for demonstration and assessment at NASA Glenn. The technologies were the first power transmission and energy storage prototypes to be tested by NASA in a vacuum chamber mimicking the freezing temperature and absence of pressure found at the permanently shadowed regions of the Lunar South Pole. The simulation required the teams’ power systems to demonstrate operability over six hours of solar daylight and 18 hours of darkness with the user three kilometers (nearly two miles) away from the power source.
During this competition stage, judges scored the finalists’ solutions based on a Total Effective System Mass (TESM) calculation, which measures the effectiveness of the system relative to its size and weight – or mass – and the total energy provided by the power source. The highest-performing solution was identified based on having the lowest TESM value – imitating the challenges that space missions face when attempting to reduce mass while meeting the mission’s electrical power needs.
Team H.E.L.P.S. (High Efficiency Long-Range Power Solution) from University of California, Santa Barbara, won the grand prize for their hardware solution, which had the lowest mass and highest efficiency of all competitors. The technology also featured a special cable operating at 800 volts and an innovative use of energy storage batteries on both ends of the transmission system. They also employed a variable radiation shield to switch between conserving heat during cold periods and disposing of excess heat during high power modes. The final 48-hour test proved their system design effectively met the power transmission, energy storage, and thermal challenges in the final phase of competition.
Orbital Mining Corporation, a space technology startup, received the second prize for its hardware solution that also successfully completed the 48-hour test with high performance. They employed a high-voltage converter system coupled with a low-mass cable and a lithium-ion battery.
“The energy solutions developed by the challenge teams are poised to address NASA’s space technology priorities,” said Amy Kaminski, program executive for Prizes, Challenges, and Crowdsourcing in NASA’s Space Technology Mission Directorate at NASA Headquarters in Washington. “These solutions support NASA’s recently ranked civil space shortfalls, including in the top category of surviving and operating through the lunar night.”
During the technology showcase and winners’ announcement ceremony, NASA experts, media, and members of the public gathered to see the finalist teams’ technologies and hear perspectives from the teams’ participation in the challenge. After the winners were announced, event attendees were also welcome to meet NASA astronaut Stephen Bowen.
The Watts on the Moon Challenge is a NASA Centennial Challenge led by NASA Glenn. NASA Marshall Space Flight Center manages Centennial Challenges, which are part of the agency’s Prizes, Challenges, and Crowdsourcing program in the Space Technology Mission Directorate. NASA contracted HeroX to support the administration of this challenge.
For more information on NASA’s Watts on the Moon Challenge, visit:
View original content to download multimedia:https://www.prnewswire.com/news-releases/nasa-awards-1-5-million-at-watts-on-the-moon-challenge-finale-302254470.html
SOURCE NASA
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Kits Eyecare Ltd. Files Final Prospectus For Secondary Offering of Common Shares
Published
58 mins agoon
September 20, 2024By
Final Short Form Prospectus Accessible on SEDAR+
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Sept. 20, 2024 /CNW/ – Kits Eyecare Ltd. (TSX: KITS) (“KITS” or the “Company”), a leading vertically integrated eyecare provider, is pleased to announce that it has filed with the securities regulatory authorities in each of the provinces of Canada, other than Québec, and obtained a receipt for, a final short form prospectus (the “Final Prospectus”) in connection with the previously announced secondary offering of common shares of the Company (the “Common Shares”) pursuant to which Canaccord Genuity Corp., as sole bookrunner and co-lead underwriter, together with Beacon Securities Limited, as co-lead underwriter, on behalf of a syndicate of underwriters (collectively, the “Underwriters”) have agreed to purchase, on a bought deal basis, an aggregate of 1,125,000 Common Shares held by Roger Hardy and entities managed by Roger Hardy (the “Hardy Shareholders”), LD Group Holdings Ltd. (“LD Group”) and Joseph Thompson (together with the Hardy Shareholders and LD Group, the “Selling Securityholders”) at an offering price of $10.15 per share (the “Offering Price”) for total gross proceeds to the Selling Securityholders of $11,418,750 (the “Offering”). KITS will not receive any proceeds from the Offering.
The Underwriters have also been granted an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 168,750 Common Shares from the Selling Securityholders at the Offering Price for additional gross proceeds of $1,712,812.50 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised at any time, in whole or in part, for a period of 30 days from the closing date of the Offering, which is expected to occur on or about September 26, 2024 and is subject to certain customary closing conditions.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable U.S. state securities laws.
Access to the Final Prospectus and any amendment is provided in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The Final Prospectus is accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Final Prospectus and any amendment may be obtained, without charge, from Canaccord Genuity Corp. at ecm@cgf.com by providing the contact with an email address or address, as applicable.
About KITS
KITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers’ lifelong trust. For more information on KITS, visit: www.kits.com.
Forward-Looking Information
Certain information in this press release, including statements relating to the closing date of the Offering, and the exercise by the Underwriters of the Over-Allotment Option, constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by KITS as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail under the “Risk Factors” sections of the management’s annual information form, discussion and analysis of financial condition and results of operations of KITS for the 3-month and 6-month periods ended June 30, 2024, each available at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect KITS; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. In particular, the closing of the Offering is subject to customary closing conditions and there can be no assurance that all such conditions will be satisfied. The forward-looking statements contained in this press release are made as of the date of this press release, and KITS expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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Disparities Narrowing Among Patients Undergoing Blood Stem Cell Transplant, Roswell Park Study Reveals
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Historically, some patients with blood cancers have been less likely than others to receive stem cell transplant, also known as bone marrow transplant. Theresa Hahn, PhD, of Roswell Park is lead author of a new study showing that older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.
BUFFALO, N.Y., Sept. 20, 2024 /PRNewswire-PRWeb/ —
Study led by Dr. Theresa Hahn published in JAMA Network OpenNumber of transplants for blood cancers rose from 2009 to 2018Research team analyzed trends in transplant utilization for that period
Every year, more than 22,000 patients in the U.S. undergo a potentially lifesaving blood stem cell transplant — often called a “bone marrow transplant” — for the treatment of hematologic diseases. But historically, some patients with blood cancers have been less likely than others to receive the treatment. Theresa Hahn, PhD, of Roswell Park Comprehensive Cancer Center is lead author of a new study in the journal JAMA Network Open showing that while progress has been made in reducing those disparities, older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.
The research team analyzed data provided by the Center for International Blood and Marrow Transplant Research (CIBMTR) for 136,280 patients who underwent hematopoietic cell transplant (HCT) in the U.S. between 2009 and 1018, comparing those numbers with the incidence of six blood cancers (acute myeloid and lymphoblastic leukemia, multiple myeloma, Hodgkin and non-Hodgkin lymphoma and myelodysplastic syndrome) in various age, race and ethnic groups the U.S. as reported by the National Cancer Institute’s Surveillance Epidemiology and End Results (SEER) Program.
The team found that during that period, the use of HCT increased for the treatment of most blood cancers — and rose among all age, race and ethnic groups.
The researchers also discovered that in the most recent years analyzed, from 2017-2018:
The rate of HCT utilization for blood cancers rose among Hispanic and younger patients to equal the rate of non-Hispanic white patients.Non-Hispanic Black patients had a lower rate of HCT for all six diseases studied.Pediatric, adolescent and young adult patients had a higher rate than adult patients of allogeneic HCT, which involves receiving cells from a healthy donor.
“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages,” says Dr. Hahn, Professor of Oncology in the Department of Cancer Prevention and Control at Roswell Park and the study’s first author.
The research team also include Dr. Hahn’s Roswell Park colleague Megan Herr, PhD, and collaborators from the Medical College of Wisconsin, Milwaukee; the CIBMTR; and the Mayo Clinic.
From the world’s first chemotherapy research to the PSA prostate cancer biomarker, Roswell Park Comprehensive Cancer Center generates innovations that shape how cancer is detected, treated and prevented worldwide. Driven to eliminate cancer’s grip on humanity, the Roswell Park team of 4,000 makes compassionate, patient-centered cancer care and services accessible across New York State and beyond. Founded in 1898, Roswell Park was among the first three cancer centers nationwide to become a National Cancer Institute-designated comprehensive cancer center and is the only one to hold this designation in Upstate New York. To learn more about Roswell Park Comprehensive Cancer Center and the Roswell Park Care Network, visit http://www.roswellpark.org, call 1-800-ROSWELL (1-800-767-9355) or email ASKRoswell@RoswellPark.org.
Media Contact
Julia Telford, Roswell Park Comprehensive Cancer Center, 716-845-4919, julia.telford@roswellpark.org, roswellpark.org
View original content to download multimedia:https://www.prweb.com/releases/disparities-narrowing-among-patients-undergoing-blood-stem-cell-transplant-roswell-park-study-reveals-302254312.html
SOURCE Roswell Park Comprehensive Cancer Center
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