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IMAX CORPORATION REPORTS Q4 AND FULL-YEAR 2023 RESULTS

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8 months ago

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Global entertainment technology platform delivers over 25% YoY growth in FY23 across Revenue, Net Income, Adjusted EBITDA(1) and Adjusted EPS(1)(2)Full-Year GAAP EPS of $0.46, up from a loss of ($0.40) in FY22; Full-Year Adjusted EPS of $0.94, up from $0.06 in FY22Net Income of $25 million in FY23 increased from a loss of $(23) million in 2022 while Adjusted EBITDA(2) increases to $128 million in FY23, up 52% from $84 million in FY22System sales activity increases 174% YoY to 129 signings worldwide in FY23Company delivers on high end of guidance with 128 system installations in FY23, up from 92 in FY22IMAX achieves global box office of approximately $1.1 billion, approaching previous recordFull-Year cash from operations more than triples to $59 million in FY23, up from $17 million FY22

NEW YORK, Feb. 27, 2024 /PRNewswire/ — IMAX Corporation (NYSE: IMAX) today reported financial results for the Fourth Quarter and Full-Year 2023, highlighted by strong top and bottom-line growth for the full-year.

“IMAX delivered excellent results in 2023 — we grew Net Income by $48 million, Adjusted EPS by 88 cents, Adjusted EBITDA by 52%, and system installations by nearly 40%  — on the strength of demand for our technology, our unique premium model, and a clear preference among consumers worldwide for awe-inspiring IMAX experiences,” said Rich Gelfond, CEO of IMAX.

“As the entertainment landscape transforms, it is clear that IMAX is among its premier, in-demand destinations. We drove significant expansion and diversification of our global footprint, with a record 61 of our system installations coming from strategic Rest of World markets such as Japan, South Korea and Europe. Even as we deliver an outsized share of the global box office, we estimate the current IMAX network is only at 47% penetration — with the opportunity to open nearly 2,000 additional locations worldwide.”

“Our strong network growth is a direct result of our global content strategy, which has yielded the biggest and most diverse portfolio of IMAX Experiences ever. 2023 saw IMAX deliver a record at the North American box office, highest grossing year ever for local language films and overall box office approaching our best year ever. We are strategically managing our content portfolio to drive greater share of Hollywood releases, grow local language, accelerate our pipeline of IMAX Documentaries, and push further into emerging verticals including music and gaming, live experiences and recurring programming.”

“Through our global technology platform, IMAX powers awe-inspiring experiences for audiences around the world — capitalizing on the limitlessness of human imagination and need for shared experiences. We look forward to further capturing this opportunity, growing our network and content portfolio, to deliver results for our shareholders.”

_______________

(1)

Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the non-GAAP financial measures used herein, as well as reconciliations to the most comparable GAAP amounts.

(2)

Attributable to common shareholders.

 

Fourth Quarter and December Full-Year Financial Highlights

Three Months Ended

Year Ended

December 31,

December 31,

In millions of U.S. Dollars, except per share data

2023

2022

YoY %
Change

2023

2022

YoY %
Change

Total Revenue

$

86.0

$

98.0

(12 %)

$

374.8

$

300.8

25 %

Gross Margin

$

43.7

$

48.8

(11 %)

$

214.3

$

156.4

37 %

Gross Margin (%)

51

%

50

%

57

%

52

%

Adjusted EBITDA – attributable to common shareholders(1)(3)

$

23.0

$

27.8

(17 %)

$

128.2

$

84.5

52 %

Adjusted EBITDA Margin (%) – attributable to common shareholders(1)(3)

28

%

31

%

(8 %)

37

%

30

%

22 %

Total Adjusted EBITDA(1)(3)(4)

$

25.2

$

31.5

(20 %)

$

144.0

$

95.7

51 %

Total Adjusted EBITDA Margin (%)(1)(3)(4)

29

%

32

%

(9 %)

38

%

32

%

21 %

Net Income (Loss)(2)

$

2.5

$

2.6

(3 %)

$

25.3

$

(22.8)

N/A

Net Income (Loss) per share(2) – basic and diluted

$

0.05

$

0.05

—

$

0.46

$

(0.40)

N/A

Adjusted Net Income(1)(2)

$

9.3

$

10.6

(12 %)

$

52.1

$

3.2

N/A

Adjusted Earnings Per Share(1)(2)

$

0.17

$

0.19

(11 %)

$

0.94

$

0.06

N/A

Weighted average shares outstanding (in millions)(5):

Basic

54.0

54.8

(2 %)

54.3

56.7

(4 %)

Diluted

55.0

55.7

(1 %)

55.1

57.4

(4 %)

_______________

(1)

Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the non-GAAP financial measures used herein, as well as reconciliations to the most comparable GAAP amounts.

(2)

Attributable to common shareholders.

(3)

Per Credit Facility.

(4)

Total Adjusted EBITDA is equivalent to Total Adjusted EBITDA Attributable to Non-controlling Interests and Common Shareholders.

(5)

Reflects weighted average shares outstanding used in Adjusted Earnings Per Share calculation.

 

Fourth Quarter and Full Year Segment Results(1)

Content Solutions

Technology Products and Services

Revenue

Gross Margin

Gross
Margin %

Revenue

Gross Margin

Gross
Margin %

4Q23

$

19.1

$

9.7

51

%

$

62.5

$

29.9

48

%

4Q22

29.3

12.1

41

%

66.1

35.2

53

%

% change

(35)

%

(20)

%

(5)

%

(15)

%

FY23

$

126.7

$

74.1

58

%

$

234.3

$

129.9

55

%

FY22

101.8

51.2

50

%

192.4

101.1

53

%

% change

24

%

45

%

22

%

28

%

_______________

(1)

Please refer to the Company’s Form 10-K for the year ended December 31, 2023 for additional segment information.

Content Solutions Segment

Content Solutions revenue of $126.7 million increased 24% year-over-year for the full year 2023 while Q4 revenue of $19.1 million decreased 35% year-over-year. Gross box office from IMAX locations for full year 2023 of approximately $1.1 billion was up 25% while Q4 2023 of $170 million was down 32% year-over-year. IMAX set numerous records for box office during 2023 including:Highest full year local language box office of $227 millionHighest full year domestic box office of $393 millionHighest Q3 box office of $347 millionGross margin for Content Solutions of $74.1 million for the full year 2023 increased 45% year-over-year while Q4 gross margin of $9.7 million decreased 20% year-over-year. The Company saw significant margin expansion for the full year 2023 (up 800 basis points) and Q4 2023 (up 1000 basis points) driven by the operating leverage in our business along with our disciplined cost management.

Technology Products and Services Segment

Technology Products and Services revenues and gross margin for full year 2023 increased 22% year-over-year to $234.3 million and 28% year-over-year to $129.9 million, respectively. Q4 revenue and gross margin decreased 5% year-over-year to $62.5 million and 15% year-over-year to $29.9 million, respectively.For the full year 2023 the Company installed 128 systems compared to 92 systems in full year 2022. Of those, 75 systems were under sales and hybrid JRSA arrangements, compared to 46 systems in the prior year.During the fourth quarter the Company installed 69 systems compared to 52 systems in the fourth quarter of 2022. Of those, 38 systems were under sales and hybrid JRSA arrangements, compared to 24 systems in the prior year.Commercial network growth accelerated with the number of IMAX locations increasing 4% year-over-year to 1,693. The Company ended 2023 with a backlog of 450 IMAX systems.

Operating Cash Flow and Liquidity

Net cash provided by operating activities for full year 2023 was $58.6 million compared to $17.3 million in the prior period with the increase reflecting the higher profits year-over-year and improvements in working capital.

As of December 31, 2023, the Company’s available liquidity was $407 million. The Company’s liquidity includes cash and cash equivalents of $76 million, $276 million in available borrowing capacity under the Credit Facility, and $55 million in available borrowing capacity under IMAX China’s revolving facilities. Total debt, excluding deferred financing costs, was $257 million as of December 31, 2023.

In 2021, the Company issued $230.0 million of 0.500% Convertible Senior Notes due 2026 (“Convertible Notes”). In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with an initial cap price of $37.2750 per share of the Company’s common shares. 

Share Count and Capital Return

The weighted average basic and diluted shares outstanding used in the calculation of adjusted EPS for the full year of 2023 were 54.3 million and 55.1 million, respectively, compared to 56.7 million and 57.4 million, respectively for the full year 2022, a decrease year-over-year of 4% for both basic and diluted shares outstanding.

For the full year 2023, the Company repurchased 1.6 million common shares at an average price of $16.45 per share, for a total of $26.4 million, excluding commission, with $24.2 million of repurchases coming in the fourth quarter of 2023. Subsequent to year-end, the Company repurchased 1.2 million common shares at an average price of $13.99 per share, for a total of $16.2 million, excluding commission, year-to-date through February 26, 2024.

On June 14, 2023, the Company announced a 3-year extension to its share-repurchase program through June 30, 2026. The current share-repurchase program authorizes the Company to repurchase up to $400.0 million of its common shares, of which approximately $151.0 million remains available.

2024 Guidance

The Company expects the following for the full year 2024:

IMAX Gross Box Office: Similar to 2023System Installations: 120 to 150 SystemsTotal Consolidated Adjusted EBITDA Margin: High 30’s percent

Supplemental Materials

For more information about the Company’s results, please refer to the IMAX Investor Relations website located at investors.imax.com.

Investor Relations Website and Social Media

On a monthly basis, the Company posts quarter-to-date box office results on the IMAX Investor Relations website located at investors.imax.com. The Company expects to provide such updates within five business days of month-end, although the Company may change this timing without notice.

The Company may post additional information on the Company’s corporate and Investor Relations website which may be material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company’s website in addition to the Company’s press releases, SEC filings and public conference calls and webcasts, for additional information about the Company.

Conference Call

The Company will host a conference call today at 4:30 PM ET to discuss its full year and fourth quarter 2023 financial results. This call is being webcast and can be accessed at investors.imax.com. To access the call via telephone, interested parties please pre-register here: https://register.vevent.com/register/BI5eba9aa253da46dfb62bb6d573394a9d and you will be provided with a dial-in number and unique pin. To avoid delays, we encourage participants to dial into the conference call ten minutes ahead of the scheduled start time. A replay of the call will be available via webcast at investors.imax.com.

About IMAX Corporation

IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you’ve never imagined. Top filmmakers and studios are utilizing IMAX systems to connect with audiences in extraordinary ways, making IMAX’s network among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2023, there were 1,772 IMAX systems (1,693 commercial multiplexes, 12 commercial destinations, 67 institutional) operating in 90 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code “1970”.

IMAX®, IMAX® 3D, Experience It In IMAX®, The IMAX Experience®, DMR®, Filmed For IMAX®, IMAX LIVETM, IMAX Enhanced® are trademarks and trade names of IMAX Corporation or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You can also connect with IMAX on Instagram (www.instagram.com/company/imax), Facebook (www.facebook.com/imax), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies).

For additional information please contact:

Investors:

IMAX Corporation, New York

Jennifer Horsley

212-821-0154

jhorsley@imax.com

Media: 

IMAX Corporation, New York
Mark Jafar
212-821-0102
mjafar@imax.com

Forward-Looking Statements

This earnings release contains forward looking statements that are based on IMAX management’s assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These forward-looking statements include, but are not limited to, business and technology strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of business, operations and technology, future capital expenditures (including the amount and nature thereof), industry prospects and consumer behavior, plans and references to the future success of IMAX Corporation together with its consolidated subsidiaries (the “Company”) and expectations regarding the Company’s future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada, as well as geopolitical conflicts; risks related to the Company’s growth and operations in China; the performance of IMAX remastered films and other films released to the IMAX network; the signing of IMAX System agreements; conditions, changes and developments in the commercial exhibition industry; risks related to currency fluctuations; the potential impact of increased competition in the markets within which the Company operates, including competitive actions by other companies; the failure to respond to change and advancements in digital technology; risks relating to consolidation among commercial exhibitors and studios; risks related to brand extensions and new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cyber-security and data privacy; risks related to the Company’s inability to protect the Company’s intellectual property; risks related to climate change; risks related to weather conditions and natural disasters that may disrupt or harm the Company’s business; risks related to the Company’s indebtedness and compliance with its debt agreements; general economic, market or business conditions; risks related to political, economic and social instability; the failure to convert system backlog into revenue; changes in laws or regulations; any statements of belief and any statements of assumptions underlying any of the foregoing; other factors and risks outlined in the Company’s periodic filings with the SEC; and other factors, many of which are beyond the control of the Company. Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and actual results or anticipated developments by the Company may not be realized, and even if substantially realized, may not have the expected consequences to, or effects on, the Company. These factors, other risks and uncertainties and financial details are discussed in the Company’s most recent Annual Report on Form 10-K. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Primary Reporting Groups

The Company’s Chief Executive Officer (“CEO”) is its Chief Operating Decision Maker (“CODM”), as such term is defined under U.S. GAAP. The CODM, along with other members of management, assesses segment performance based on segment revenues and gross margins. Selling, general and administrative expenses, research and development costs, the amortization of intangible assets, provision for (reversal of) current expected credit losses, certain write-downs, interest income, interest expense, and income tax (expense) benefit are not allocated to the Company’s segments.

In the first quarter of 2023, the Company revised its internal segment reporting, including the information provided to the CODM to assess segment performance and allocate resources.

The Company has the following reportable segments:

(i)                 

Content Solutions, which principally includes the digital remastering of films and other content into IMAX formats for distribution to the IMAX network. To a lesser extent, the Content Solutions segment also earns revenue from the distribution of large-format documentary films and exclusive experiences ranging from live performances to interactive events with leading artists and creators, as well as film post-production services.

(ii)                 

Technology Products and Services, which includes results from the sale or lease of IMAX Systems, as well as from the maintenance of IMAX Systems. To a lesser extent, the Technology Product and Services segment also earns revenue from certain ancillary theater business activities, including after-market sales of IMAX System parts and 3D glasses.

Transactions between segments are valued at exchange value. Inter-segment profits are eliminated upon consolidation, as well as for the disclosures below.

 

IMAX Network and Backlog

Three Months
Ended December 31,

Year
Ended December 31,

System Signings(1):

2023

2022

2023

2022

Sales Arrangements

10

11

64

21

Hybrid JRSA

—

—

—

3

Traditional JRSA

25

1

65

23

   Total IMAX System signings

35

12

129

47

Three Months
Ended December 31,

Year
Ended December 31,

System Installations(2):

2023

2022

2023

2022

Sales Arrangements

35

21

70

38

Hybrid JRSA

3

3

5

8

Traditional JRSA

31

28

53

46

   Total IMAX System installations

69

52

128

92

 

Year
Ended December 31,

System Backlog:

2023

2022

Sales Arrangements

164

162

Hybrid JRSA

103

120

Traditional JRSA

183

168

Total System backlog

450

450

Year
Ended December 31,

System Network:

2023

2022

Commercial Multiplex Systems

Sales Arrangements

769

702

Hybrid JRSA

138

151

Traditional JRSA

786

780

Total Commercial Multiplex Systems

1,693

1,633

Commercial Destination Systems

12

12

Institutional Systems

67

71

Total System network

1,772

1,716

______________

(1)

System signings include new signings of 32 in Q4 2023, 9 in Q4 2022, 108 in the full year 2023 and 30 in the full year 2022.

(2)

System installations include new systems installations of 47 in Q4 2023, 21 in Q4 2022, 86 in the full year 2023 and 56 in the full year 2022.

 

IMAX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except per share amounts)

Three Months Ended

December 31,

Year Ended

(Unaudited)

December 31,

2023

2022

2023

2022

Revenues

Technology sales

$

35,337

$

33,888

$

100,792

$

69,158

Image enhancement and maintenance services

35,508

44,094

189,752

161,379

Technology rentals

12,954

18,060

75,566

61,786

Finance income

2,219

2,004

8,729

8,482

86,018

98,046

374,839

300,805

Costs and expenses applicable to revenues

Technology sales

17,805

17,346

46,756

37,610

Image enhancement and maintenance services

18,586

25,575

88,056

81,834

Technology rentals

5,939

6,278

25,686

25,006

42,330

49,199

160,498

144,450

Gross margin

43,688

48,847

214,341

156,355

Selling, general and administrative expenses

35,070

37,862

144,406

138,043

Research and development

2,722

1,633

10,110

5,300

Amortization of intangible assets

1,250

1,417

4,578

4,829

Credit loss expense (reversal), net

170

398

1,759

8,547

Asset impairments

144

—

144

4,470

Restructuring and executive transition costs

1,593

—

2,946

—

Income (loss) from operations

2,739

7,537

50,398

(4,834)

Realized and unrealized investment gains (losses)

29

(29)

465

70

Retirement benefits non-service expense

(179)

(139)

(411)

(556)

Interest income

648

252

2,486

1,428

Interest expense

(1,776)

(1,523)

(6,821)

(5,877)

Income (loss) before taxes

1,461

6,098

46,117

(9,769)

Income tax recovery (expense)

1,850

(2,017)

(13,051)

(10,108)

Net income (loss)

3,311

4,081

33,066

(19,877)

Net income attributable to non-controlling interests

(771)

(1,468)

(7,731)

(2,923)

Net income (loss) attributable to common shareholders

$

2,540

$

2,613

$

25,335

$

(22,800)

Net income (loss) per share attributable to common shareholders

Basic

$

0.05

$

0.05

$

0.47

$

(0.40)

Diluted

$

0.05

$

0.05

$

0.46

$

(0.40)

Weighted average shares outstanding (in thousands):

Basic

53,973

54,816

54,310

56,674

Diluted

54,983

55,659

55,146

56,674

Additional Disclosure:

Depreciation and amortization

$

13,545

$

13,998

$

60,022

$

56,661

Amortization of deferred financing costs

$

493

$

712

$

2,235

$

3,177

 

IMAX CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars, except share amounts)

As of December 31,

2023

2022

Assets

Cash and cash equivalents

$

76,200

$

97,401

Accounts receivable, net of allowance for credit losses

136,259

136,142

Financing receivables, net of allowance for credit losses

127,154

129,384

Variable consideration receivable, net of allowance for credit losses

64,338

44,024

Inventories

31,584

31,534

Prepaid expenses

12,345

12,343

Film assets, net of accumulated amortization

6,786

5,277

Property, plant and equipment, net of accumulated depreciation

243,299

252,896

Investment in equity securities

—

1,035

Other assets

20,879

15,665

Deferred income tax assets, net of valuation allowance

7,988

9,900

Goodwill

52,815

52,815

Other intangible assets, net of accumulated amortization

35,022

32,738

Total assets

$

814,669

$

821,154

Liabilities

Accounts payable

$

26,386

$

25,237

Accrued and other liabilities

111,013

117,286

Deferred revenue

67,105

70,940

Revolving credit facility borrowings, net of unamortized debt issuance costs

22,924

36,111

Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs

229,131

226,912

Deferred income tax liabilities

12,521

14,900

Total liabilities

469,080

491,386

Commitments, contingencies and guarantees

Non-controlling interests

658

722

Shareholders’ equity

Capital stock common shares — no par value. Authorized — unlimited number.

53,260,276 issued and outstanding (December 31, 2022 — 54,148,614 issued and outstanding)

389,048

376,715

Other equity

185,087

185,678

Statutory surplus reserve

3,932

3,932

Accumulated deficit

(292,845)

(293,124)

Accumulated other comprehensive loss

(12,081)

(9,846)

Total shareholders’ equity attributable to common shareholders

273,141

263,355

Non-controlling interests

71,790

65,691

Total shareholders’ equity

344,931

329,046

Total liabilities and shareholders’ equity

$

814,669

$

821,154

 

IMAX CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of dollars)

Years Ended December 31,

2023

2022

Operating Activities

Net income (loss)

$

33,066

$

(19,877)

Adjustments to reconcile net income (loss) to cash provided by operating activities:

Depreciation and amortization

60,022

56,661

Amortization of deferred financing costs

2,235

3,177

Credit loss expense, net

1,759

8,547

Write-downs, including asset impairments

1,884

7,176

Deferred income tax benefit

(1,447)

(2,073)

Share-based and other non-cash compensation

24,230

27,573

Unrealized foreign currency exchange (gain) loss

(212)

1,108

Realized and unrealized investment gain

(465)

(70)

Changes in assets and liabilities:

Accounts receivable

(1,907)

(29,003)

Inventories

(285)

(5,529)

Film assets

(20,394)

(19,598)

Deferred revenue

(3,882)

(11,572)

Changes in other operating assets and liabilities

(35,989)

801

Net cash provided by operating activities

58,615

17,321

Investing Activities

Purchase of property, plant and equipment

(6,491)

(8,424)

Investment in equipment for joint revenue sharing arrangements

(18,000)

(19,803)

Interest in film classified as a financial instrument

—

(4,731)

Acquisition of other intangible assets

(8,344)

(4,394)

Proceeds from sale of equity securities

1,045

—

Acquisition of SSIMWAVE Inc., net of cash and cash equivalents acquired

—

(15,939)

Net cash used in investing activities

(31,790)

(53,291)

Financing Activities

Proceeds from revolving credit facility borrowings

39,717

37,871

Repayments of revolving credit facility borrowings

(53,248)

(3,600)

Proceeds from other borrowings

322

—

Repayment of other borrowings

(53)

—

Credit facility amendment fees paid

(46)

(2,279)

Repurchase of common shares, IMAX Corporation

(26,823)

(80,124)

Repurchase of common shares, IMAX China

(15)

(3,043)

Taxes withheld and paid on employee stock awards vested

(6,466)

(3,687)

Principal payment under finance lease obligations

(480)

(948)

Dividends paid to non-controlling interests

(1,438)

(2,704)

Net cash used in financing activities

(48,530)

(58,514)

Effects of exchange rate changes on cash

504

2,174

Decrease in cash and cash equivalents during year

(21,201)

(92,310)

Cash and cash equivalents, beginning of year

97,401

189,711

Cash and cash equivalents, end of year

$

76,200

$

97,401

 

Segment Revenue and Gross Margin

(In thousands of dollars)

Three Months Ended

Years Ended

December 31,

December 31,

2023

2022

2023

2022

Revenue

Content Solutions

19,093

29,320

126,698

101,820

Technology Products and Services

62,490

66,107

234,303

192,368

Sub-total for reportable segments

81,583

95,427

361,001

294,188

All Other(1)

4,435

2,619

13,838

6,617

Total

$

86,018

$

98,046

$

374,839

$

300,805

Gross Margin

Content Solutions

9,709

12,122

74,106

51,240

Technology Products and Services

29,880

35,179

129,946

101,055

Sub-total for reportable segments

39,589

47,301

204,052

152,295

All Other(1)

4,099

1,546

10,289

4,060

Total

$

43,688

$

48,847

$

214,341

$

156,355

______________

(1)     All Other includes the results from Streaming and Consumer Technology and other ancillary activities.

IMAX CORPORATION
NON-GAAP FINANCIAL MEASURES
(in thousands of U.S. dollars)

In this release, the Company presents adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per basic and diluted share, EBITDA, Adjusted EBITDA per Credit Facility, Adjusted EBITDA margin as supplemental measures of the Company’s performance, which are not recognized under U.S. GAAP. Adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per basic and diluted share exclude, where applicable: (i) share-based compensation; (ii) COVID-19 government relief benefits, net; (iii) realized and unrealized investment gains or losses; (iv) transaction-related expenses; and (v) restructuring and executive transition costs, as well as the related tax impact of these adjustments.

The Company believes that these non-GAAP financial measures are important supplemental measures that allow management and users of the Company’s financial statements to view operating trends and analyze controllable operating performance on a comparable basis between periods without the after-tax impact of share-based compensation and certain unusual items included in net income (loss) attributable to common shareholders. Although share-based compensation is an important aspect of the Company’s employee and executive compensation packages, it is a non-cash expense and is excluded from certain internal business performance measures.

A reconciliation from net income (loss) attributable to common shareholders and the associated per share amounts to adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share is presented in the table below. Net income (loss) attributable to common shareholders and the associated per share amounts are the most directly comparable GAAP measures because they reflect the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non-controlling interests.

In addition to the non-GAAP financial measures discussed above, management also uses “EBITDA,” as such term is defined in the Company’s Credit Agreement, and which is referred to herein as “Adjusted EBITDA per Credit Facility.” As allowed by the Credit Agreement, Adjusted EBITDA per Credit Facility includes adjustments in addition to the exclusion of interest, taxes, depreciation and amortization. Adjusted EBITDA per Credit Facility measure is presented to allow a more comprehensive analysis of the Company’s operating performance and to provide additional information with respect to the Company’s compliance against its Credit Agreement requirements when applicable. In addition, the Company believes that Adjusted EBITDA per Credit Facility presents relevant and useful information widely used by analysts, investors and other interested parties in the Company’s industry to evaluate, assess and benchmark the Company’s results.

EBITDA is defined as net income or loss excluding (i) income tax expense or benefit; (ii) interest expense, net of interest income; (iii) depreciation and amortization, including film asset amortization; and (iv) amortization of deferred financing costs. Adjusted EBITDA per Credit Facility is defined as EBITDA excluding: (i) share-based and other non-cash compensation; (ii) realized and unrealized investment gains or losses; (iii) transaction-related expenses; (iv) restructuring and executive transition costs; and (v) write-downs, net of recoveries, including asset impairments and credit loss expense.

A reconciliation of net income (loss) attributable to common shareholders, which is the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA per Credit Facility is presented in the table below. Net income (loss) attributable to common shareholders is the most directly comparable GAAP measure because it reflects the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non-controlling interests.

In this release, the Company also presents free cash flow, which is not recognized under U.S. GAAP, as a supplemental measure of the Company’s liquidity. The Company definition of free cash flow deducts only normal recurring capital expenditures, including the Company’s investment in joint revenue sharing arrangements, the purchase of property, plant and equipment and the acquisition of other intangible assets (from the Consolidated Statements of Cash Flows), from net cash provided by or used in operating activities. Management believes that free cash flow is a supplemental measure of the cash flow available to reduce debt, add to cash balances, and fund other financing activities. Free cash flow does not represent residual cash flow available for discretionary expenditures. A reconciliation of cash provided by operating activities to free cash flow is presented below.

These non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Additionally, the non-GAAP financial measures used by the Company should not be considered as a substitute for, or superior to, the comparable GAAP amounts.

 

Adjusted EBITDA per Credit Facility

For the Three Months Ended December 31, 2023 (1)

For the Three Months Ended December 31, 2022 (1)

Attributable to
Non-controlling

Less:

Attributable to
Non-controlling

Less:

Interests and

Attributable to

Attributable to

Interests and

Attributable to

Attributable to

Common

Non-controlling

Common

Common

Non-controlling

Common

Shareholders

Interests

Shareholders

Shareholders

Interests

Shareholders

(In thousands of U.S. Dollars)

Reported net income

$

3,311

$

771

$

2,540

$

4,081

$

1,468

$

2,613

Add (subtract):

Income tax expense

(1,850)

(147)

(1,703)

2,016

786

1,230

Interest expense, net of interest income

636

(137)

773

559

(15)

574

Depreciation and amortization, including film asset
amortization

13,545

1,161

12,384

13,998

1,109

12,889

Amortization of deferred financing costs(2)

493

—

493

712

—

712

EBITDA

$

16,135

$

1,648

$

14,487

$

21,366

$

3,348

$

18,018

Stock and other non-cash compensation

6,400

144

6,256

8,063

205

7,858

Unrealized investment (gains) losses

(29)

—

(29)

29

—

29

Transaction-related expenses(3)

327

208

119

166

—

166

Write-downs, including asset impairments and
credit loss expense

812

(37)

849

1,867

162

1,705

Restructuring and executive transition costs(4)

1,593

258

1,335

—

—

—

Adjusted EBITDA per Credit Facility

$

25,238

$

2,221

$

23,017

$

31,491

$

3,715

$

27,776

Revenues attributable to common shareholders(5)

86,018

4,687

81,331

98,046

7,273

90,773

Adjusted EBITDA margin attributable to common
shareholders

29.3

%

47.4

%

28.3

%

32.1

%

51.1

%

30.6

%

For the Twelve Months Ended December 31, 2023 (1)

For the Twelve Months Ended December 31, 2022 (1)

Attributable to
Non-controlling

Less:

Attributable to
Non-controlling

Less:

Interests and

Attributable to

Attributable to

Interests and

Attributable to

Attributable to

Common

Non-controlling

Common

Common

Non-controlling

Common

Shareholders

Interests

Shareholders

Shareholders

Interests

Shareholders

(In thousands of U.S. Dollars)

Reported net income (loss)

$

33,066

$

7,731

$

25,335

$

(19,877)

$

2,923

$

(22,800)

Add (subtract):

Income tax expense

13,051

1,725

11,326

10,108

1,256

8,852

Interest expense, net of interest income

2,101

(408)

2,509

1,272

(251)

1,523

Depreciation and amortization, including film asset
   amortization

60,022

5,312

54,710

56,661

4,820

51,841

Amortization of deferred financing costs(2)

2,235

—

2,235

3,177

—

3,177

EBITDA

$

110,475

$

14,360

$

96,115

$

51,341

$

8,748

$

42,593

Stock and other non-cash compensation

24,230

774

23,456

27,573

760

26,813

Unrealized investment gains

(465)

(93)

(372)

(70)

—

(70)

Transaction-related expenses(3)

3,569

208

3,361

1,122

—

1,122

Write-downs, including asset impairments and
credit loss expense

3,273

362

2,911

15,723

1,723

14,000

Restructuring and executive transition costs(4)

2,946

258

2,688

—

—

—

Adjusted EBITDA per Credit Facility

$

144,028

$

15,869

$

128,159

$

95,689

$

11,231

$

84,458

Revenues attributable to common shareholders(5)

374,839

25,674

349,165

300,805

20,883

279,922

Adjusted EBITDA margin attributable to common
shareholders

38.4

%

61.8

%

36.7

%

31.8

%

53.8

%

30.2

%

______________

(1)

The Senior Secured Net Leverage Ratio is calculated using Adjusted EBITDA per Credit Facility determined on a trailing twelve-month basis.

(2)

The amortization of deferred financing costs is recorded within Interest Expense in the Condensed Consolidated Statement of Operations.

(3)

Reflects costs incurred resulting from the Company’s proposal to acquire the outstanding 96.3 million shares in IMAX China.

(4)

Reflects costs in connection with the departure of the President, IMAX Entertainment and Executive Vice President of the Company and other employees to capture efficiencies and centralize certain operational roles.

(5)

(In thousands of U.S. Dollars)

Three months ended
December 31, 2023

Three months ended
December 31, 2022

Year ended
December 31, 2023

Year ended
December 31, 2022

Total revenues

$

86,018

$

98,046

$

374,839

$

300,805

Greater China revenues

$

16,521

$

25,728

$

90,496

$

73,330

Non-controlling interest ownership
percentage(6)

28.37

%

28.27

%

28.37

%

28.48

%

Deduction for non-controlling interest
share of revenues

(4,687)

(7,273)

(25,674)

(20,883)

Revenues attributable to common
shareholders

$

81,331

$

90,773

$

349,165

$

279,922

(6)

Weighted average ownership percentage for change in non-controlling interest share

 

Adjusted Net Income Attributable to Common Shareholders and Adjusted Net Income Per Share

Three Months Ended

Three Months Ended

December 31, 2023

December 31, 2022

(In thousands of U.S. dollars, except per share amounts)

Net Income

Per Diluted
Share

Net Income

Per Diluted
Share

Net income attributable to common shareholders

$

2,540

$

0.05

$

2,613

$

0.05

Adjustments(1):

Share-based compensation

6,074

0.11

7,730

0.14

Unrealized investment gains

(32)

—

29

—

Transaction-related expenses(2)

119

—

166

—

Restructuring and executive transition costs(3)

1,335

0.02

—

—

Tax impact on items listed above

(747)

(0.01)

17

—

Adjusted net income(1)

$

9,289

$

0.17

$

10,555

$

0.19

Weighted average basic shares outstanding

53,973

54,816

Weighted average diluted shares outstanding

54,983

55,659

Year Ended

Year Ended

December 31, 2023

December 31, 2022

(In thousands of U.S. dollars, except per share amounts)

Net Income

Per Diluted
Share

Net (Loss)
Income

Per Diluted
Share

Net income (loss) attributable to common shareholders

$

25,335

$

0.46

$

(22,800)

$

(0.40)

Adjustments(1):

Share-based compensation

23,184

0.42

26,382

0.46

COVID-19 government relief benefits, net

—

—

(373)

(0.01)

Unrealized investment gains

(558)

(0.01)

(70)

—

Transaction-related expenses(2)

3,361

0.06

1,122

0.02

Restructuring and executive transition costs(3)

2,688

0.05

—

—

Tax impact on items listed above

(1,931)

(0.04)

(1,054)

(0.02)

Adjusted net income(1)

$

52,079

$

0.94

$

3,207

$

0.06

 Weighted average shares outstanding – basic

54,310

56,674

 Weighted average shares outstanding – diluted

55,146

57,371

 _______________

(1)

Reflects amounts attributable to common shareholders.

(2)

Reflects costs in connection with the Company’s proposal to acquire the outstanding 96.3 million shares in IMAX China in 2023 and costs incurred associated with the acquisition of SSIMWAVE in 2022.

(3)

Reflects costs in connection with the departure of the President, IMAX Entertainment and Executive Vice President of the Company and other employees to capture efficiencies and centralize certain operational roles.

 

Free Cash Flow

Year Ended

Year Ended

(In thousands of U.S. Dollars)

December 31, 2023

December 31, 2022

Net cash provided by operating activities

$

58,615

$

17,321

Purchase of property, plant and equipment

(6,491)

(8,424)

Acquisition of other intangible assets

(8,344)

(4,394)

Free cash flow before growth CAPEX

43,780

4,503

Investment in equipment for joint revenue sharing arrangements

(18,000)

(19,803)

Free cash flow

$

25,780

$

(15,300)

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SOURCE IMAX Corporation

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Technology

IQST – iQSTEL and Cycurion Form Exclusive Cybersecurity Partnership to Supercharge Expansion into High-Tech, High-Margin Markets

Published

46 mins ago

on

October 10, 2024

By

NEW YORK, Oct. 10, 2024 /PRNewswire/ — iQSTEL Inc. (OTCQX: IQST), a dynamic leader in telecommunications, fintech, electric vehicle (EV), and AI-driven solutions, is thrilled to announce an exclusive partnership with Cycurion, INC. This strategic collaboration will allow iQSTEL to offer Cycurion’s top-tier cybersecurity products exclusively to the U.S. telecommunications industry, while also expanding into other sectors internationally. Leveraging iQSTEL’s global presence across 17 time zones, from California to Melbourne, and 7 offices worldwide, this partnership is set to unleash a new wave of high-margin, high-tech offerings for telecommunications clients in Europe, Latin America, the Middle East, and the United States, all while delivering cutting-edge cybersecurity solutions to an increasingly challenging market.

A Transformational Move for iQSTEL.

This partnership is a bold leap forward in iQSTEL’s ongoing journey to diversify and expand its portfolio. Over the past few years, iQSTEL has meticulously built a strong business platform, earning the trust of its global customer base. Now, with this deep foundation in place, iQSTEL is perfectly positioned to cross-sell high-margin, high-tech products such as Fintech, EV, and AI-based services. With this partnership, iQSTEL is adding cybersecurity to its offerings, further solidifying its presence in emerging markets.

Leandro Iglesias, CEO of iQSTEL, stated:

“This partnership with Cycurion couldn’t have come at a more pivotal time for iQSTEL. We’ve earned the trust of our clients by building a strong foundation, and now we’re amplifying that strength by offering the high-tech solutions they need, especially in cybersecurity. We’re delivering future-proof, high-margin services that not only meet the demands of today’s digital landscape but also cement our leadership in these rapidly growing sectors. Investors should take note: we’re just getting started.”

The partnership is laser-focused on addressing critical challenges faced by telecom operators, including meeting stringent security compliance requirements, navigating a global shortage of cybersecurity professionals, and mitigating the increasing number of data breaches. By combining iQSTEL’s operational excellence with Cycurion’s advanced cybersecurity expertise, the companies are poised to deliver unparalleled security solutions to telecom customers, turning these challenges into high-margin growth opportunities.

A Next-Generation Cybersecurity Strategy

Cycurion’s portfolio of cybersecurity services, powered by artificial intelligence (AI), includes 24/7 monitoring, advanced threat detection, incident response, vulnerability assessments, and compliance management. The AI-driven platform continuously adapts to emerging threats, enhancing its ability to detect and respond to cyber risks in real time. Trusted by government agencies such as FEMA, TSA, and the US Courts, Cycurion’s proven track record of delivering world-class security services will empower iQSTEL to enhance its product lineup, further increasing customer loyalty and securing long-term revenue growth.

This partnership is expected to drive significant revenue growth for iQSTEL, tapping into the rapidly expanding global cybersecurity market, projected to reach $376 billion by 2029.

Kevin Kelly, CEO of Cycurion, commented:

“Our partnership with iQSTEL opens up tremendous opportunities. We’re bringing our cybersecurity expertise to iQSTEL’s already strong business platform, enabling them to offer next-level protection to telecom clients. This isn’t just about security—it’s about enhancing customer confidence, increasing profitability, and ultimately growing both companies’ market share in the cybersecurity space.”

Key Benefits for iQSTEL Customers and Investors:

24/7/365 Threat and Risk Management: Immediate, real-time protection from the most advanced cybersecurity threats.Revenue-Driving Public Confidence: Enhanced security measures lead to greater trust from customers, preventing breaches that could undermine public and stakeholder confidence.Privacy Protection & Compliance: Strengthening privacy safeguards while ensuring clients meet evolving regulatory standards.Volume Pricing & Financial Advantage: iQSTEL’s purchasing power ensures significantly lower cybersecurity costs for customers, while maintaining a competitive edge.Expanding into High-Growth Sectors: With Cycurion’s services, iQSTEL will continue expanding its reach into high-margin markets such as Fintech, EV, and AI, reinforcing its leadership position.

Empowering the Future with iQSTEL’s Strong Business Platform.

This partnership exemplifies iQSTEL’s long-term strategy: leveraging the strong foundation of its customer relationships to seamlessly introduce high-tech, high-margin products. The trust that iQSTEL’s customers place in its services positions the company to capitalize on massive opportunities in rapidly growing industries like cybersecurity, fintech, electric vehicles, and AI.

Investors are invited to join iQSTEL on this exciting journey. With a projected revenue of $290 million for FY-2024 and plans to continue delivering innovative solutions, iQSTEL’s growth trajectory is stronger than ever. This partnership with Cycurion sets the stage for significant revenue expansion and positions iQSTEL as a major player in the high-margin tech markets of the future.

About Cycurion Inc.

Cycurion, headquartered in McLean, Virginia, is a premier cybersecurity provider specializing in multi-layered defense systems, monitoring, incident response, and compliance management. With a strong leadership team and a growing portfolio of services, Cycurion is dedicated to protecting its clients’ most valuable digital assets across both the public and private sectors.

Cycurion’s leadership team brings a wealth of experience from various sectors, including technology, finance, and cybersecurity:

Emmit McHenry, Chairman: Founder of NetCom Solutions International, which grew to nearly $300 million in revenue within six years, with operations in the U.S., UK, and South Africa. He also founded Network Solutions, which was later sold to SAIC. McHenry is a U.S. Marine Corps service-disabled veteran and has held executive positions at major firms like Allstate Insurance.Kevin Kelly, CEO: Former CEO of Halo Privacy, a cybersecurity company, and Heidrick & Struggles, a leading executive search firm. He also served as CEO and President of North America for APP – Asia Pulp and Paper. Kelly holds an MBA from Duke University’s Fuqua School of Business.Alvin McCoy, CFO: Former Managing Partner of Quantum Capital Partners and President & CEO of The McCoy Group, LLC. McCoy managed over $75 billion in new debt origination at Merrill Lynch and has served on the boards of financial institutions with assets up to $5 billion. He holds an MBA in Finance from Duke University.

Key Facts About Cycurion:

Headquarters: McLean, VirginiaR&D Center: Tel Aviv, IsraelStaff: 80 highly skilled employees, with an impressive list of industry certificationsDoD Cleared Facilities30% of employees hold Top Secret security clearances45 large active contracts2023 Year-End Revenue: $19.6 million

Cycurion Security Platform: Powered by artificial intelligence (AI), Cycurion has developed an enhanced, multi-layered SaaS solution designed to protect clients’ digital assets while minimizing false positives. This AI-driven platform continuously improves its threat detection and incident response capabilities, delivering effective defense in an increasingly complex and evolving cyber landscape.

About iQSTEL (Updated Oct. 2024):

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based multinational publicly listed company in the final stages of the path to becoming listed on NASDAQ. With FY2023 revenues of $144 million and a forecasted $290 million in revenue, alongside positive operating income of seven digits for FY-2024, iQSTEL is positioning itself for explosive growth. iQSTEL’s mission is to serve basic human needs in today’s modern world by making essential tools accessible, regardless of race, ethnicity, religion, socioeconomic status, or identity. The company recognizes that modern human needs such as physiological, safety, relationship, esteem, and self-actualization are marginalized without access to ubiquitous communications, financial freedom, clean, affordable mobility, and information.

iQSTEL has been building a strong business platform with its customers, and by leveraging this trust, the company is now beginning to sell high-tech, high-margin products across its divisions. iQSTEL is strategically positioned to achieve $1 billion in revenue by 2027 through organic growth, acquisitions, and high-margin product expansion.

Telecommunications Services Division (Communications):
Includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.Fintech Division (Financial Freedom):
Provides remittance services, top-up services, a MasterCard Debit Card, US bank accounts (no SSN required), and a Mobile App.Electric Vehicles (EV) Division (Mobility):
Offers Electric Motorcycles and plans to launch a Mid-Speed Car.Artificial Intelligence (AI) Services Division (Information and Content):
Features an enriched, immersive white-label proprietary AI-Enhanced Metaverse platform that provides access to products, services, entertainment, information, and customer support in a virtual 3D interface.Cybersecurity Services:
Through a new partnership with Cycurion, iQSTEL will offer advanced cybersecurity solutions, including 24/7 monitoring, threat detection, incident response, vulnerability assessments, and compliance management, providing essential protection to telecommunications clients and beyond.

iQSTEL has completed 11 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions, further expanding its suite of products and services both organically and through mergers and acquisitions.

Safe Harbor Statement: Statements in this news release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Company Website
www.iqstel.com

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SOURCE iQSTEL

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Technology

CULT Food Science Subsidiary Further Foods Welcomes New Head of Sales and Marketing

Published

46 mins ago

on

October 10, 2024

By

Kevin Ryan joins Noochies! team to drive growth and innovation

TORONTO, Oct. 10, 2024 /PRNewswire/ – CULT Food Science Corp. (“CULT” or the “Company”) (CSE: CULT) (OTC: CULTF) (FRA: LN00), a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry, is pleased to announce that Kevin Ryan will be joining its subsidiary, Further Foods Inc., as the Head of Sales and Marketing for its innovative pet food brand, Noochies!

Key Takeaways:

Kevin brings a wealth of pet food industry experience to Noochies! Head of Sales and Marketing roleNoochies! brand is poised for retail sales growth both in North America and internationally

In his new role, Kevin will lead the development and implementation of all sales and marketing strategies aimed at achieving revenue targets and expanding distribution. He will guide the growth of the Noochies! brand into new markets and channels, while building and maintaining strong relationships with key clients, distributors and retail partners. Additionally, he’ll spearhead all consumer and digital marketing initiatives, overseeing the development and execution of the brand’s positioning, messaging and campaigns. Working closely with the Company’s CEO, Kevin will also focus on driving growth through direct-to-consumer platforms, including the company’s own website and 3rd party marketplaces like Amazon and Chewy.

No stranger to the pet industry, Kevin previously served as the International Sales Manager for Midwestern Pet Foods, Inc. While there, he managed the brand’s presence, sales channel and profitability outside of the United States through proactive and assertive marketing initiatives. Prior to that, he served as the Global Marketing Director for TOP 1 Oil Products Co. USA, where he expanded the brand’s global presence, sales channels and profitability across 40 international accounts, while also setting five Guinness World Records.

Management Commentary

“We are thrilled to welcome Kevin to the Noochies! team,” commented Mitchell Scott, CEO of CULT Food Science. “His expertise and ability to identify market opportunities, combined with his strategic approach to both sales and marketing, will be instrumental in driving our growth and establishing Noochies! as a top brand in the global specialty pet market.”

About CULT Food Science

CULT Food Science is a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry. CULT’s robust portfolio of investments in cutting-edge, venture-backed cellular agriculture and lab-grown meat companies provides widespread investor access to the future of food. Backed by a team of experts with extensive experience in food technology and launching consumer food products, CULT is committed to being at the forefront of the food revolution.

About Further Foods

Further Foods is revolutionizing pet nutrition through its innovative brand, Noochies! Noochies! leverages advanced cellular agriculture technologies to create pet food products with superior nutrition profiles and ethical standards. Noochies! recently introduced the world’s first freeze-dried, high-protein, nutrient-rich pet treats made without factory farming. Noochies! products are currently available for sale in the United States and Canada at select retailers and online at https://www.noochies.co/.

Additional information can be found by viewing the Company’s website at cultfoodscience.com or its regulatory filings on sedar.com.

On behalf of the Board of Directors of the Company,

CULT FOOD SCIENCE CORP.

“Mitchell Scott”
Mitchell Scott, Chief Executive Officer

Forward-Looking Information:

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include but are not limited to the following risks: those associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and except as required by law, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. For further information on risk, investors are advised to see the Company’s MD&A and other disclosure filings with the regulators which are found at sedar.com.

 

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SOURCE Cult Food Science Corp

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Technology

Clario and PathAI Collaborate to Deliver Integrated Solution for GI Clinical Trials

Published

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October 10, 2024

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Partnership combines revolutionary digital pathology and endoscopy solutions, enhancing drug development for IBD and other GI disorders

Strategic Partnership: Streamlined, single-vendor solution improves diagnostic accuracy, boosts efficiency, and enables reliable turnaround times in gastrointestinal (GI) clinical trials.

Advanced GI Solutions: Enhances trial efficiency with AI-powered solutions, including reading for ulcerative colitis (UC) from Clario and histopathology services from PathAI.

Integrated Workflow: Combines endoscopic and histopathology endpoints with simplified processes for CROs, sponsors, and investigational sites.

PHILADELPHIA, Oct. 10, 2024 /PRNewswire/ — Clario, a leading provider of endpoint data solutions to the clinical trials industry, is excited to announce a strategic partnership with PathAI, a leader in AI-powered digital pathology solutions aimed at improving diagnostic accuracy and efficiency. This collaboration offers a single-vendor solution for efficient anatomical pathology services and next-generation video endoscopy analysis.

This co-delivery model streamlines endoscopic and histopathology endpoints to improve efficiency in global GI studies. CROs and sponsors will benefit from an end-to-end process that covers training, logistics, tissue processing, slide digitization, image analysis, and data transfers all with the medical and scientific oversight of our experts. Sites will experience simplified workflows with improved training, reporting, and document management.

“At Clario we have long been at the forefront of supporting GI clinical trials, and we are excited to augment our strengths with PathAI’s capabilities in the area of discovery and patient care,” said Marcela Vieira, M.D., Clario’s Medical Director of Gastroenterology. “The combination of endoscopy and histopathology promises to unlock new avenues for clinical research, and we are proud to be in this leadership position with our partners at PathAI.”

Clario has extensive experience in GI trials, having supported over 130 studies through advanced imaging solutions like endoscopy, MRI, and ultrasound. Their scientists and technologies help reduce site burden and enhance trial efficiency with AI-supported reading for UC and HD-video endoscopy support.

PathAI bolsters the partnership with its expert GI pathologist network and cutting-edge anatomical pathology services while optimizing specimen handling and histological assessments. Their AI-powered tools enhance UC assessment, minimize variability in histological scoring, and expedite biomarker discovery.

“We’re thrilled to partner with Clario to provide a cutting-edge solution for IBD clinical trials,” said Matt Grow, Chief Business Officer & President of Biopharma at PathAI. “Our collaboration will offer an integrated approach in histology and endoscopy for assessing therapeutic efficacy, accelerating biomarker discovery and therapy development in IBD.”

About Clario

Clario is a leading provider of endpoint data solutions to the clinical trials industry, generating high-quality clinical evidence for our pharmaceutical, biotech, and medical device partners. We offer comprehensive evidence generation solutions that combine eCOA, cardiac solutions, medical imaging, precision motion, and respiratory endpoints.

For more than 50 years, Clario has delivered deep scientific expertise and broad endpoint technologies to help transform lives around the world. Our endpoint data solutions have supported over 26,000 clinical trials in more than 100 countries. Our global team of science, technology, and operational experts have supported over 60% of all FDA drug approvals since 2012.

For more information, visit Clario.com or follow on LinkedIn.

About PathAI

Headquartered in Boston, PathAI is the only AI-focused technology company providing comprehensive precision pathology solutions, from wet lab services to algorithm deployment for clinical trials and laboratory use. Rigorously trained and validated with over 15 million annotations, its AI-powered models optimize pathology sample analysis, improving efficiency and accuracy in interpretation while gauging therapeutic efficacy and accelerating drug development for complex diseases.

For more information, visit pathai.com 

Media Contact:
media@clario.com

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SOURCE Clario

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