Technology

TAT Technologies Reports Full Year 2023 Results

Published

1 year ago

March 6, 2024

NETANYA, Israel, March 6, 2024 /PRNewswire/ — TAT Technologies Ltd. (NASDAQ: TATT) (“TAT” or the “Company”), a leading provider of products and services to the commercial and military aerospace and ground defense industries, reported today its audited results for the twelve months ended December 31, 2023.

Key Financial Highlights:

Total revenues for the twelve months ended December 31, 2023, were $113.8 million compared to $84.6 million for the twelve months ended December 31, 2022, an increase of 35%.Gross profit for the twelve months ended December 31, 2023, were $22.5 million (19.7% of revenues) compared to $15.9 million (18.8% of revenues) for the twelve months ended December 31, 2022, an increase of 41%.Adjusted EBITDA for the twelve months ended December 31, 2023, was $11.2 million compared to $4 million for the twelve months ended December 31, 2022, an increase of 176%.GAAP net profit from continued operations for the twelve months ended December 31, 2023, was $4.7 million ($0.51 per share on a fully diluted basis) compared to GAAP net loss from continued operations of $1.6 million (net profit of $0.1 million without a onetime impact of our restructuring plan) ($0.175 loss per share on a fully diluted basis) for the twelve months ended December 31, 2022.Net debt as of December 31, 2023, was $10.3 million compared to net debt of $19.4 million as of December 31, 2022.In December 2023 the Company raised $10.1 million (net from all related expenses) in a private placement sale to Israelis institutional investors.

Mr. Igal Zamir, CEO and President of TAT Technologies stated “We are very pleased to present the results of 2023. Since Q4 of 2022 we are in constant growth mode. This as a result of the increasing demand to our products and services as well as our new line of services and operation ramp up. The demand continues to grow while our industry is ramping up from the COVID crisis. During 2023 we managed to improve our margins leading to a record year in all relevant aspects of revenue, gross margin and EBITDA. We saw our backlog increase to a record number of over $400 million. We are pleased to see that the strategic shift the Company made over the last 3 years is starting to bear fruit, enabling the Company to compete and win large strategic deals and enjoy improved margin. We ended 2023 with positive operational cash flow despite the revenue increase and the need for working capital to support the growth. The industry supply chain challenges force us to hold much more inventory than what we used to pre COVID”.

Mr Zamir continue: “We remain optimistic for 2024 as we see our increase in backlog and its coverage for the year, new contracts that we believe will yield additional revenue, and the large potential from the new APU MRO capabilities. Various operational initiatives keep us optimistic that our margins will continue to improve.”

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents a Non-GAAP presentation of Adjusted EBITDA. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance. Adjusted EBITDA is calculated as net income before the Company’s share in results and sale of equity investment of affiliated companies, share-based compensation, taxes on income, financial (expenses) income, net, depreciation and amortization, inventory impairment from exit and dismissal activity and customers relationship write off. Non-GAAP Adjusted EBITDA, however, should not be considered as alternatives to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor they are meant to be predictive of potential future results. Non-GAAP Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. See reconciliation of GAAP Adjusted EBITDA below.

About TAT Technologies LTD

TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries. TAT operates under four segments: (i) Original equipment manufacturing (“OEM”) of heat transfer solutions and aviation accessories through its Gedera facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary. TAT controlling shareholders is the FIMI Private Equity Fund.

TAT’s activities in the area of OEM of heat transfer solutions and aviation accessories primarily include the design, development and manufacture of (i) broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft in and ground applications; and (iii) a variety of other mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.

TAT’s activities in MRO Services for heat transfer components and OEM of heat transfer solutions primarily include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT’s Limco subsidiary operates an FAA-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in MRO services for aviation components include the MRO of APUs, landing gears and other aircraft components. TAT’s Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of overhaul and coating of jet engine components includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S dollars in thousands, except share data

December 31,

2023

2022

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 15,979

$ 7,722

Accounts receivable, net of allowance for credit losses of $345 and $527 thousand
as of December 31, 2023 and December 31, 2022 respectively

20,009

15,622

Restricted deposit

661

–

Other current assets and prepaid expenses

6,397

6,047

Inventory

51,280

45,759

Total current assets

94,326

75,150

NON-CURRENT ASSETS:

Restricted deposit

302

304

Investment in affiliates

2,168

1,665

Funds in respect of employee rights upon retirement

664

780

Deferred income taxes

994

1,229

Property, plant and equipment, net

42,554

43,423

Operating lease right of use assets

2,746

2,477

Intangible assets, net

1,823

1,623

Total non-current assets

51,251

51,501

Total assets

$ 145,577

$ 126,651

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S dollars in thousands, except share data

December 31,

2023

2022

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current maturities of long-term loans

$ 2,200

$ 1,876

Credit line from bank

12,138

6,101

Accounts payable

9,988

10,233

Accrued expenses and other

13,952

9,876

Operating lease liabilities

1,033

904

Total current liabilities

39,311

28,990

NON-CURRENT LIABILITIES:

Long-term loans

12,886

19,408

Liability in respect of employee rights upon retirement

1,000

1,148

Operating lease liabilities

1,697

1,535

Total non-current liabilities

15,583

22,091

COMMITMENTS AND CONTINGENCIES (NOTE 15)

Total liabilities

54,894

51,081

EQUITY:

Ordinary shares of NIS 0.9 par value:

Authorized: 13,000,000 shares at December 31, 2023 and at
December 31, 2022; Issued: 10,377,085 and 9,186,019 shares at
December 31, 2023 and at December 31, 2022 respectively;
Outstanding: 10,102,612 and 8,911,546 shares at December 31, 2023
and at December 31, 2022 respectively

3,140

2,842

Additional paid-in capital

76,335

66,245

Treasury shares, at cost, 274,473 shares at December 31, 2023 and 2022

(2,088)

Accumulated other comprehensive income (loss)

(26)

Retained earnings

13,269

8,597

Total shareholders’ equity

90,683

75,570

Total liabilities and shareholders’ equity

145,577

$ 126,651

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S dollars in thousands

Year ended December 31,

2023

2022

2021

Revenue:

Products

$ 35,241

$ 25,460

$ 25,870

Services

78,553

59,096

52,103

113,794

84,556

77,973

Cost of revenue, net:

Products

30,517

21,631

23,761

Services

60,809

46,997

42,942

91,326

68,628

66,703

Gross profit

22,468

15,928

11,270

Operating expenses:

Research and development, net

715

479

517

Selling and marketing, net

5,523

5,629

5,147

General and administrative, net

10,588

9,970

8,354

Other (income) expenses

(433)

(90)

(468)

Restructuring expenses, net

–

1,715

1,755

16,393

17,703

15,305

Operating income (loss)

6,075

(1,775)

(4,035)

Interest expenses,net

(1,683)

(902)

(250)

Other financial income (expenses), net

353

1,029

(290)

Income profit (loss) before taxes on income (tax benefit)

4,745

(1,648)

(4,575)

Taxes on income (tax benefit)

576

(662)

Loss before share of equity investment

4,169

(1,746)

(3,913)

Share in profit (losses) of equity investment of affiliated companies

503

184

(76)

Net income (loss) from continued operation

$ 4,672

$ (1,562)

$ (3,989)

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

U.S dollars in thousands

Year ended December 31,

2023

2022

2021

Net income (loss) from discontinued operation

–

$ 427

Net income (loss)

$ 4,672

$ (1,562)

$ (3,562)

Net income (loss) per share from continued operation —basic

$ 0.52

$ (0.175)

$ (0.45)

Net income (loss) per share from continued operation —diluted

$ 0.51

$ (0.175)

$ (0.45)

Net income (loss) per share from discontinued operation – basic and diluted

–

$ 0.05

Net income (loss) per share — basic

$ 0.52

$ (0.175)

$ (0.4)

Net income (loss) per share — diluted

$ 0.51

$ (0.175)

$ (0.4)

Weighted average number of shares outstanding:

8,961,689

8,911,546

8,874,696

Basic

Diluted

9,084,022

8,911,546

8,874,696

Year ended December 31,

2023

2022

2021

Net loss)

$ 4,672

$ (1,562)

$ (3,562)

Other comprehensive income (loss), net

Net unrealized gains (losses) from derivatives

(89)

(76)

Reclassification adjustments for loss (gains) from derivatives included in net income

–

(19)

Total other comprehensive income (loss)

$ (59)

$ (95)

Total comprehensive income (loss)

$ 4,725

$ (1,621)

$ (3,657)

TAT TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY

U.S dollars in thousands, except share data

Ordinary shares

Number of shares issued

Amount

Additional paid-in capital

Accumulated
other comprehensive income (loss)

Treasury shares

Retained earnings

Total equity

BALANCE AT DECEMBER 31, 2020

9,149,169

$ 2,809

$ 65,711

$ 128

$ (2,088)

13,721

$ 80,281

CHANGES DURING THE YEAR ENDED DECEMBER 31, 2020:

Comprehensive loss

–

(95)

–

(3,562)

(3,657)

Share based compensation

–

160

–

160

BALANCE AT DECEMBER 31, 2021

9,149,169

$ 2,809

$ 65,871

$ 33

$ (2,088)

10,159

$ 76,784

CHANGES DURING THE YEAR ENDED DECEMBER 31, 2021:

Comprehensive loss

–

(59)

–

(1,562)

(1,621)

Exercise of Options

36,850

156

–

189

Share based compensation

–

218

–

218

BALANCE AT DECEMBER 31, 2022

9,186,019

$ 2,842

$ 66,245

$ (26)

$ (2,088)

$ 8,597

$ 75,570

CHANGES DURING THE YEAR ENDED DECEMBER 31, 2022:

Comprehensive income

4,672

4,725

Exercise of Options

32,466

157

165

Issuance of common shares net of issuance costs of $141 thousands

1,158,600

290

9,774

10,064

Share based compensation

159

BALANCE AT DECEMBER 31, 2023

10,377,085

$ 3,140

$ 76,335

$ 27

$ (2,088)

13,269

90,683

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

Year ended December 31,

2023

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) from continued operations

$ 4,672

$ (1,562)

$ (3,989)

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

Depreciation and amortization

4,710

3,706

4,881

Loss (gain) from change in fair value of derivatives

(9)

(19)

Change in funds in respect of employee rights upon retirement

116

377

Change in operating right of use asset and operating leasing liability

(82)

(73)

Lease modification

–

(1,315)

Non cash financial expenses

(172)

(902)

Increase (decrease) in restructuring plan provision

(126)

(467)

657

change in allowance for credit losses

(182)

138

248

Share in results of affiliated companies

(503)

(184)

Share based compensation

159

218

160

Liability in respect of employee rights upon retirement

(148)

(356)

Impairment of fixed assets

–

1,820

Capital gain from sale of property, plant and equipment

(530)

(90)

(468)

Deferred income taxes, net

235

(686)

Government loan forgiveness

–

(1,442)

Changes in operating assets and liabilities:

increase in trade accounts receivable

(4,205)

(2,659)

(2,934)

increase in other current assets and prepaid expenses

(341)

(1,836)

(1,035)

increase in inventory

(5,400)

(5,069)

(681)

Increase (decrease) in trade accounts payable

(245)

1,143

2,571

Increase (decrease) in accrued expenses and other

4,202

2,727

(218)

Net cash provided by (used in) operating activities from continued operation

$ 2,255

$ (4,867)

$ (2,269)

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of property and equipment

2,002

1,163

Purchase of property and equipment

(5,102)

(16,213)

(16,247)

Purchase of intangible assets

(479)

–

(555)

Net cash used in investing activities from continued operations

$ (3,579)

$ (16,120)

$ (15,639)

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

Year ended December 31,

2023

2022

2021

CASH FLOWS FROM FINANCING ACTIVITIES:

Repayments of long-term loans

(1,701)

(1,071)

–

Short-term credit received from banks

1,000

–

3,000

Proceeds from long-term loans received

712

16,680

3,042

Proceeds from issuance of common shares, net

10,064

–

Exercise of options

165

189

–

Net cash provided by financing activities from continued operations

$10,240

$ 15,798

$ 6,042

CASH FLOWS FROM DISCONTINUED ACTIVITIES:

Net cash provided by operating activities

–

777

Net cash provided by (used in) discontinued activities

–

$ 777

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS

8,916

(5,189)

(11,089)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS AT BEGINNING OF YEAR

8,026

13,215

24,304

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR

16,942

8,026

13,215

SUPPLEMENTARY INFORMATION ON INVESTING ACTIVITIES NOT INVOLVING CASH FLOW:

Purchase of property, plant and equipment on credit

$ –

$ 196

$ 199

Additions of operating lease right-of-use assets and operating lease liabilities

$ 1,345

$ 318

$ 399

Reclassification of inventory to property, plant and equipment

$ 68

$ 284

$ 829

Capital contribution to equity method investee

$ –

$ 787

$ –

Supplemental disclosure of cash flow information:

Interest paid

$ (1,438)

$ (796)

$ (251)

Income taxes received (paid), net

– $

$ –

$ (3)

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)

(In thousands)

December 31,

2023

2022

Net income (loss)

$ 4,672

$ (1,562)

Adjustments:

Share in results of equity investment of affiliated companies

(503)

(184)

Taxes on income (tax benefit)

576

Financial expenses/ (income), net

1,330

(127)

Depreciation and amortization

4,902

3,878

Share base compensation

159

218

Restructuring expenses

–

1,715

Adjusted EBITDA

11,136

4,036

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management’s current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, the war and hostilities between Israel and Hamas and Israel and Hezbollah, and other risks detailed from time to time in the Company’s filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement, except as required by law.

For more information of TAT Technologies Ltd., please visit our web-site: www.tat-technologies.com

Contact:

Mr. Ehud Ben-Yair
Chief Financial Officer
(Principal Accounting Officer)
Tel: 972-8-862-8503
ehudb@tat-technologies.com

View original content:https://www.prnewswire.com/news-releases/tat-technologies-reports-full-year-2023-results-302082136.html

SOURCE TAT Technologies Ltd.

Technology

Google Cloud AI Helps Formula E in Groundbreaking ‘Mountain Recharge’ Energy Feat

Published

44 minutes ago

May 3, 2025

GENBETA car completes Monaco E-Prix lap powered solely by regenerative braking after AI-planned mountain descent; the feat was filmed and produced by Red Bull Media House

MONTE CARLO, Monaco and LONDON, May 3, 2025 /PRNewswire/ — In a daring demonstration enabled by Google Cloud’s AI capabilities, Formula E successfully charged its GENBETA prototype race car using only regenerative braking during a 1,000-vertical-meter mountain descent – generating enough energy to complete a full lap of the iconic Circuit de Monaco. Leveraging the Gemini API via Google AI Studio, Formula E planned the optimal “Mountain Recharge” route down a French alpine pass, analyzing data in real time to maximize energy recuperation.

The groundbreaking “Mountain Recharge” project, undertaken in collaboration with Google Cloud, Formula E’s Official Cloud Technology Services Partner and Official Cloud Security Partner, highlights the significant energy efficiency of Formula E vehicles. During races, the competing cars must regenerate approximately 40% of their required energy through braking.

The challenge involved the GENBETA car descending the Col de Braus mountain road in “free-wheel mode”, starting with only minimal energy for system power-up. Driven by Formula E Test Driver James Rossiter, the car successfully generated the 1.6 to 2.0 kWh needed for the 3.337 km Monaco lap solely through gravity and optimized braking – equivalent to fully charging nearly 60 Google Pixel 9 Pro XL devices. The feat was filmed and produced by Red Bull Media House.

To determine the feasibility and plan the execution of the “Mountain Recharge” Formula E utilized several Google Cloud technologies:

Google AI Studio: The Gemini API via Google AI Studio was used to analyze the complex variables of the descent. The AI model helped identify and analyze optimal braking zones, calculate the impact of speed-to-weight ratios and gravitational forces, and refine driving angles to maximize energy regeneration.BigQuery: Google Cloud’s unified, serverless data to AI platform collected, stored, and analyzed real-time telemetry data transmitted from the car during the descent, providing crucial insights for verification and analysis.Firebase: Google Cloud’s application development platform, Firebase was used to rapidly build and host the intuitive dashboard application that allowed race engineers to visualize real-time car telemetry data from BigQuery on their Chromebooks and Pixel devices.NotebookLM: Google’s AI-powered research and writing assistant, NotebookLM, was used throughout the project lifecycle to consolidate technical specifications, logistical plans, and engineering data, streamlining collaboration between Formula E and Google Cloud teams.

Alex Aidan, VP Marketing, Formula E said:

“This isn’t just another attention grabbing racing story – it’s a case study in how high-efficiency regeneration and cloud-based AI can revolutionise how we think about mobility, energy optimisation and sustainability. The challenge we faced illustrates the kind of real-world problems Google Cloud’s technology and that of our wider partner group can solve – whether it’s regenerative braking for road cars, dynamic route planning for delivery fleets, or efficient energy management in smart cities. It’s about developing technology that is designed to handle everyday circumstances and engineered to outrun.

“At Formula E and with the GENBETA project, we’re all about pushing the boundaries of what’s possible and doing things others have never dreamed of. The way our partnership with Google Cloud has rapidly evolved and our longstanding relationship with ABB not only shows the potential for technology to transform racing, but how global brands are bringing their narratives and products to life through impactful collaboration.

Guillaume Roques, Senior Director, EMEA Marketing, Google Cloud said: “Google Cloud thrives on helping partners solve unique challenges with data and AI, and the ‘Mountain Recharge’ project is a fantastic demonstration of how AI can tackle complex, real-world challenges. Using our technologies, we were able to model the intricate physics of the descent and precisely calculate the regeneration potential. This isn’t just about race cars; it’s about how our AI capabilities can help any organization optimize for efficiency and sustainability by turning data into actionable insights.”

For more information you can watch the video here and read more in our blog post here.

Supporting Partners:
The GENBETA project and the ‘Mountain Recharge’ were also supported by GENBETA partners ABB, Hankook and SABIC.

About Formula E and the ABB FIA Formula E World Championship:

As the world’s first all-electric FIA World Championship and the only sport certified net zero carbon since inception, the ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world’s most iconic cities providing an elite motorsport platform for the world’s leading automotive manufacturers to accelerate electric vehicle innovation.

The Formula E network of teams, manufacturers, partners, broadcasters, and host cities are united by a passion for the sport and belief in its potential to accelerate sustainable human progress and create a better future for people and planet.

www.FIAFormulaE.com

About ABB:

ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and more than 105,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com

About Google Cloud

Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

View original content to download multimedia:https://www.prnewswire.com/news-releases/google-cloud-ai-helps-formula-e-in-groundbreaking-mountain-recharge-energy-feat-302445223.html

SOURCE Google Cloud

Technology

Poets&Quants™ Names Best & Brightest MBAs of 2025

Published

2 hours ago

May 3, 2025

Annual feature celebrates graduating business students for achievement and influence

SAN FRANCISCO, May 3, 2025 /PRNewswire/ — Poets&Quants, the leading news source for graduate business education, has released its 11th annual Best & Brightest MBAs feature, which honors 100 of the most accomplished full-time MBAs from the Class of 2025.

“This year’s class could be described as more female and more international, with a stronger military presence,” says Jeff Schmitt, Poets&Quants’ senior writer, who launched the series in 2015. “What really distinguished Best & Brightest students this year was that they built things. They launched ventures early in their careers or started clubs or events at their business schools. They weren’t trying to maintain what already existed or follow the usual paths. They were creating something new – and they provided others with enrichment and opportunities as a result.”

This 2025 class features MBA graduates including Wharton School’s Simi Shah, a successful entrepreneur who has been invited to the White House twice and made the 2025 Forbes “30 Under 30” in Media. Mark O’Connell, a graduate of the University of Michigan’s Ross School, helped re-write the U.S. Maines combat training curriculum – and Ohio State’s Kyle Schembechler did the same for the U.S. Field Artillery School. At the University of Virginia’s Darden School, Amanda Golden has transitioned from covering the 2020 presidential election for NBC News to becoming a venture capitalist. By the same token, Evan Rizvi made the leap from opera singer to strategist at Boston University’s Questrom School.

To compile this year’s Best & Brightest MBAs, Poets&Quants reached out to 82 top graduate business schools worldwide to nominate their best candidates for the honor. Responses were judged by P&Q editorial according to four criteria: extracurricular involvement, academic and professional achievements, insightful responses, and faculty recommendations. Ultimately, P&Q received 220 nominations, including submissions from elite institutions ranging from INSEAD to the University of Chicago’s Booth School. By gender, Best & Brightest women outnumber men by a 60-to-40 margin, with 54 students hailing from outside the United States. The Boston Consulting Group also hired 8 Best & Brightest MBAs from the Class of 2025, the most of any employer.

As part of this feature, each MBA receives an in-depth profile, which covers subjects ranging from their proudest achievement to their favorite business movie. Over the coming months, Best & Brightest will also spotlight the best student responses related topics like their favorite faculty members, biggest school myths, and most interesting school traditions.

The “Best & Brightest MBAs” is the second of a four-part series recognizing the world’s top business students. In April, Poets&Quants For Undergrads unveiled its 100 Best & Brightest Undergraduate Business Majors of 2025. This summer, Poets&Quants will also recognize its “Best & Brightest Executive MBAs” and “Best & Brightest Online MBAs.” In the fall, P&Q will continue its “Meet the Class” series that highlights the top incoming full-time MBA students at over 40 top business schools.

To read about the “100 Best & Brightest MBAs: Class of 2025”, CLICK HERE.

Poets&Quants, a part of Times Higher Education, is the leading resource for complete coverage of graduate business education. We feature multiple tools and authoritative content, including consolidated business school rankings, news and in-depth features, videos, podcasts, searchable directories, and events, empowering our community with information needed to make decisions along their journey from pre- to post-MBA.

Media Contact: Sat Sharma
Chief Revenue Officer
Poets & Quants
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Technology

RaySearch Laboratories and Vision RT present innovations in surface guided treatment planning at ESTRO

Published

4 hours ago

May 3, 2025

STOCKHOLM, May 3, 2025 /PRNewswire/ — At this week’s ESTRO conference in Vienna, RaySearch Laboratories AB (publ) and Vision RT proudly announces the next step in their collaboration: the full integration of MapRT with RayStation®* treatment planning system. This integration enables full access to the MapRT clearance map in RayStation to guide the user during treatment planning in choosing beam trajectories clear from collisions between the treatment unit, patient and couch.

During CT simulation, MapRT cameras capture the entire surface of the patient, along with any immobilization accessories. The MapRT software then analyzes this data, alongside models of the treatment couch and machine, to identify safe gantry and couch angles which are represented by a clearance map that is immediately accessible in RayStation.

The integration is designed to optimize beam options for better plans and minimize the need for dry runs. This is particularly important for treatment plans where the couch is rotated. Recent studies have demonstrated that non-coplanar treatments can significantly improve treatment plans for several cancers, including lung1,2,3,4, breast5,6,7,8, head and neck cancers9,10,11,12,13, lymphoma14,15, and high-grade glioma16. These treatments can offer clinically relevant benefits, such as improved organ-at-risk dose sparing.

Helen Convery, Senior Dosimetrist (Development & Clinical Trials), who has tested the integration, says: “We have used MapRT at Raigmore Hospital since 2022 and have found it invaluable for checking for collision on all plans and optimizing non-coplanar plan angles. I think the integration into RayStation is of significant value and I can see it further streamlining and improving the efficiency of our workflow.”

Thomas Carter, VP of Marketing, Vision RT, adds: “We are already seeing clinics changing their planning techniques, allowing their patients to benefit from the extra beam options MapRT provides. This integration has the potential to streamline workflows, reduce errors, and free up resources, all while improving treatment predictability. It also opens the path for automated, collision-free planning.”

Björn Hårdemark, Deputy CEO, RaySearch: “Surface scanning is an excellent source of information about the most central aspect of radiation therapy – the patient. The tight integration between MapRT and RayStation makes this information available already during treatment planning, allowing the user to explore more creative beam configurations while maintaining clearance around the patient. It is a great example of how clinical benefit can be achieved through collaboration between radiation therapy technology vendors.”

MapRT is approved for CE marking and clinical distribution in the EU and UK. A version without the API is currently cleared for sale in the USA, with API version 510(k) pending.

About Vision RT
Vision RT is the inventor of Surface Guided Radiation Therapy (SGRT) which uses camera systems to track surface data, to offer more guidance across every step of the radiotherapy workflow: simulation, planning, treatment and dose visualization. We work tirelessly to improve the accuracy, efficiency, safety and comfort of radiation therapy.

Vision RT is part of the William Demant Invest (WDI) family, a leading Danish Medtech investor with a long-term investment perspective. The companies in WDI employ more than 21,000 people.

About RaySearch
RaySearch Laboratories AB (publ) is a medical technology company that develops innovative software solutions for improved cancer treatment. RaySearch markets the RayStation®* treatment planning system (TPS) and the oncology information system (OIS) RayCare®*. The most recent additions to the RaySearch product line are RayIntelligence® and RayCommand®*. RayIntelligence is an oncology analytics system (OAS) which enables cancer clinics to collect, structure and analyze data. RayCommand, a treatment control system (TCS), is designed to link the treatment machine and the treatment planning and oncology information systems.

RaySearch’s software has been sold to over 1,100 clinics in 47 countries. The company was founded in 2000 as a spin-off from the Karolinska Institute in Stockholm and the share has been listed on Nasdaq Stockholm since 2003. More information is available at raysearchlabs.com.

About RayStation
RayStation®* is a flexible, innovative treatment planning system, chosen by many leading cancer centers worldwide. It combines unique features such as unmatched adaptive therapy capabilities, multi-criteria optimization, market-leading algorithms for treatment plan optimization for HDR brachytherapy and external beam therapy with photons, electrons, and protons, as well as helium and carbon ions. RayStation supports a wide range of treatment machines, providing one control center for all treatment planning needs and ensuring centers get greater value from existing equipment. RayStation also seamlessly integrates with RayCare®*. By harmonizing the treatment planning, the care of cancer patients worldwide is improved.

* Subject to regulatory clearance in some markets.

For more information, please contact:

Johan Löf, founder and CEO, RaySearch Laboratories AB (publ)
Telephone: +46 (0) 8 510 530 00
johan.lof@raysearchlabs.com 

Learn more about us on:
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[1] Ma M, Ren W, Li M, Niu C, Dai J. Dosimetric comparison of coplanar and non-coplanar beam arrangements for radiotherapy of patients with lung cancer: A meta-analysis. J Appl Clin Med Phys. 2021 Apr;22(4):34-43. doi: 10.1002/acm2.13197. Epub 2021 Feb 26. PMID: 33634946; PMCID: PMC8035566.

[2] Kim ST, An HJ, Kim JI, Yoo JR, Kim HJ, Park JM. Non-coplanar VMAT plans for lung SABR to reduce dose to the heart: a planning study. Br J Radiol. 2020 Jan;93(1105):20190596. doi: 10.1259/bjr.20190596. Epub 2019 Oct 22. PMID: 31625759; PMCID: PMC6948076.

[3] Lincoln JD, MacDonald RL, Syme A, Thomas CG. Static couch non-coplanar arc selection optimization for lung SBRT treatment planning. Phys Med Biol. 2023 Jul 21;68(15). doi: 10.1088/1361-6560/ace23f. PMID: 37369237.

[4]Chapet O, Khodri M, Jalade P, N’guyen D, Flandin I, D’hombres A, Romestaing P, Mornex F. Potential benefits of using non-coplanar field and intensity modulated radiation therapy to preserve the heart in irradiation of lung tumors in the middle and lower lobes. Radiother Oncol. 2006 Sep;80(3):333-40. doi: 10.1016/j.radonc.2006.07.009. Epub 2006 Aug 24. PMID: 16934354.

[5] J, F., et al. (2023). Locoregional breast radiotherapy including IMN: optimizing the dose distribution using an automated non-coplanar VMAT-technique. Acta oncologica (Stockholm, Sweden), [online] 62(10). doi:https://doi.org/10.1080/0284186X.2023.2264488.

[6] Xu, Y., Ma, P., Hu, Z., Tian, Y., Men, K., Wang, S., Xu, Y. and Dai, J. (2021). Non-coplanar volumetric modulated arc therapy for locoregional radiotherapy of left-sided breast cancer including internal mammary nodes. Radiology and Oncology, 55(4), pp.499–507. doi:https://doi.org/10.2478/raon-2021-0045.

[7] A, B., et al. (2023). Dosimetric Comparision of Coplanar versus Non-coplanar Volumetric Modulated Arc Therapy for Treatment of Bilateral Breast Cancers. Journal of medical physics, [online] 48(3). doi:https://doi.org/10.4103/jmp.jmp_36_23.

[8] Biau J, Lopez L, Thivat E, Casile M, Millardet C, Saroul N, Pham-Dang N, Molnar I, Bourhis J, Lapeyre M. Postoperative SBRT in the treatment of early-stage oropharyngeal and oral cavity cancers with high-risk margins: A dosimetric comparison of volumetric modulated arc therapy with or without non-coplanar arcs and acute toxicity outcomes from the STEREOPOSTOP GORTEC 2017-03 phase 2 trial. Clin Transl Radiat Oncol. 2022 Nov 14;38:169-174. doi: 10.1016/j.ctro.2022.11.07. PMID: 36466746; PMCID: PMC9712819.

[9]Woods KE, Ma TM, Cook KA, Morris ED, Gao Y, Sheng K, Kishan AU, Hegde JV, Felix C, Basehart V, Narahara K, Shen Z, Tenn S, Steinberg ML, Chin RK, Cao M. A Prospective Phase II Study of Automated Non-Coplanar VMAT for Recurrent Head and Neck Cancer: Initial Report of Feasibility, Safety, and Patient-Reported Outcomes. Cancers (Basel). 2022 Feb 14;14(4):939. doi: 10.3390/cancers14040939. PMID: 35205686; PMCID: PMC8870161.

[10] Gayen S, Kombathula SH, Manna S, Varshney S, Pareek P. Dosimetric comparison of coplanar and non-coplanar volumetric-modulated arc therapy in head and neck cancer treated with radiotherapy. Radiat Oncol J. 2020 Jun;38(2):138-147. doi: 10.3857/roj.2020.00143. Epub 2020 May 26. PMID: 33012157; PMCID: PMC7533406.

[11] Gayen S, Kombathula SH, Manna S, Varshney S, Pareek P. Dosimetric comparison of coplanar and non-coplanar volumetric-modulated arc therapy in head and neck cancer treated with radiotherapy. Radiat Oncol J. 2020 Jun;38(2):138-147. doi: 10.3857/roj.2020.00143. Epub 2020 May 26. PMID: 33012157; PMCID: PMC7533406.

[12] Subramanian VS, Subramani V, Chilukuri S, Kathirvel M, Arun G, Swamy ST, Subramanian K, Fogliata A, Cozzi L. Multi-isocentric 4π volumetric-modulated arc therapy approach for head and neck cancer. J Appl Clin Med Phys. 2017 Sep;18(5):293-300. doi: 10.1002/acm2.12164. Epub 2017 Aug 20. PMID: 28834021; PMCID: PMC5874945.

[13] Wild, E., Bangert, M., Nill, S. and Oelfke, U. (2015). Non-coplanar VMAT for nasopharyngeal tumors: Plan quality versus treatment time. Medical Physics, 42(5), pp.2157–2168. doi:https://doi.org/10.1118/1.4914863.

[14] Rossi L, Cambraia Lopes P, Marques Leitão J, Janus C, van de Pol M, Breedveld S, Penninkhof J, Heijmen BJM. On the Importance of Individualized, Non-Coplanar Beam Configurations in Mediastinal Lymphoma Radiotherapy, Optimized With Automated Planning. Front Oncol. 2021 Apr 15;11:619929. doi: 10.3389/fonc.2021.619929. PMID: 33937025; PMCID: PMC8082440.

[15] Chen X, Jin D, Wang S, Li M, Huang P, Dai J. Non-coplanar intensity-modulated radiation therapy for young female patients with mediastinal lymphoma. J Appl Clin Med Phys. 2012 Nov 8;13(6):3769. doi: 10.1120/jacmp.v13i6.3769. PMID: 23149772; PMCID: PMC5718536.

[16] Yu VY, Landers A, Woods K, Nguyen D, Cao M, Du D, Chin RK, Sheng K, Kaprealian TB. A Prospective 4π Radiation Therapy Clinical Study in Recurrent High-Grade Glioma Patients. Int J Radiat Oncol Biol Phys. 2018 May 1;101(1):144-151. doi: 10.1016/j.ijrobp.2018.01.048. Epub 2018 Jan 31. PMID: 29619962.

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