Technology
Enghouse Releases Second Quarter Results
Published
3 months agoon
By
MARKHAM, ON, June 10, 2024 /CNW/ – Enghouse Systems Limited (TSX: ENGH) announces second quarter (unaudited) financial results for the period ended April 30, 2024. All figures are denominated in Canadian dollars unless otherwise indicated.
Highlights for the Second Quarter ended April 30, 2024 compared to the same quarter in the prior year:
Revenue increased 10.9% to $125.8 million.Recurring revenue, which includes SaaS and maintenance services, grew 18.6% to $85.0 million, and represents 67.5% of total revenue.Operating profits increased 30.5% to $33.5 million, while achieving a 28.4% EBITDA margin.
Financial results for the three and six months ended April 30, 2024, compared to the three and six months ended April 30, 2023, are as follows:
Revenue increased to $125.8 and $246.3 million, respectively, compared to revenue of $113.5 and $219.9 million;Results from operating activities was $33.5 and $66.1 million, respectively, compared to $25.6 and $55.5 million;Net income was $20.0 and $38.1 million, respectively, compared to $12.5 and $29.6 million;Adjusted EBITDA was $35.7 and $70.4 million, respectively, compared to $30.2 and $62.5 million;Cash flow from operating activities, excluding changes in working capital, was $38.6 and $74.2 million, respectively, compared to $28.9 and $61.5 million resulting in record cash and cash equivalents of $263.8 million.
Our strong performance this quarter is demonstrated by double-digit growth in revenue, profitability and operating cash flows. Our proficiency in executing and integrating acquisitions continues to be a crucial profit growth driver. This quarter we completed the acquisition of Mediasite, which expanded our video technology into the education and event market and increased our presence in Japan.
Our business model continues to prioritize operational discipline as the demand for SaaS increases. Operational expenditures have shown improvement when compared to revenue both for the quarter and period to date, despite inflationary pressures and integrating acquisitions. Continued discipline in our business activities has increased our cash and cash equivalents to the record level of $263.8 million, with no external debt, while increasing our dividend, repurchasing shares, and completing and integrating the Mediasite acquisition in the quarter.
Subsequent to quarter-end on May 9, 2024, Enghouse completed its acquisition of substantially all of the assets of SeaChange International, Inc. (“SeaChange”) related to its IPTV products and services business, for a net purchase price of approximately US$23 million. This acquisition increases the scale of our IPTV business, augments our product offering and furthers our expansion into the European market. SeaChange will be integrated within the Asset Management Group from the date of acquisition.
Quarterly dividends:
Today, the Board of Directors approved the Company’s eligible quarterly dividend of $0.26 per common share payable on August 30, 2024 to shareholders of record at the close of business on August 16, 2024.
Enghouse Systems Limited
Financial Highlights
(unaudited, in thousands of Canadian dollars)
For the period ended April 30
Three months
Six months
2024
2023
Var ($)
Var (%)
2024
2023
Var ($)
Var (%)
Revenue
$
125,813
$
113,461
12,352
10.9
$
246,302
$
219,896
26,406
12.0
Direct costs
43,201
38,106
5,095
13.4
84,783
72,914
11,869
16.3
Revenue, net of direct costs
$
82,612
$
75,355
7,257
9.6
$
161,519
$
146,982
14,537
9.9
As a % of revenue
65.7 %
66.4 %
65.6 %
66.8 %
Operating expenses
49,031
47,712
1,319
2.8
95,211
89,422
5,789
6.5
Special charges
106
2,001
(1,895)
(94.7)
197
2,029
(1,832)
(90.3)
Results from operating activities
$
33,475
$
25,642
7,833
30.5
$
66,111
$
55,531
10,580
19.1
As a % of revenue
26.6 %
22.6 %
26.8 %
25.3 %
Amortization of acquired software and
customer relationships
(11,146)
(9,838)
(1,308)
(13.3)
(21,520)
(18,670)
(2,850)
(15.3)
Foreign exchange losses
(86)
(790)
704
89.1
(1,803)
(1,843)
40
2.2
Interest expense – lease obligations
(148)
(192)
44
22.9
(298)
(359)
61
17.0
Finance income
2,602
1,006
1,596
158.6
4,963
1,982
2,981
150.4
Finance expenses
(12)
(124)
112
90.3
(12)
(131)
119
90.8
Other income (expenses)
220
( 528)
748
141.7
106
(655)
761
116.2
Income before income taxes
$
24,905
$
15,176
9,729
64.1
$
47,547
$
35,855
11,692
32.6
Provision for income taxes
4,931
2,640
2,291
86.8
9,440
6,296
3,144
49.9
Net Income for the period
$
19,974
$
12,536
7,438
59.3
$
38,107
$
29,559
8,548
28.9
Basic earnings per share
0.36
0.23
0.13
56.5
0.69
0.53
0.16
30.2
Diluted earnings per share
0.36
0.23
0.13
56.5
0.69
0.53
0.16
30.2
Operating cash flows
40,256
18,698
21,558
115.3
60,155
47,960
12,195
25.4
Operating cash flows excluding changes
in working capital
38,613
28,875
9,738
33.7
74,170
61,507
12,663
20.6
Adjusted EBITDA
Results from operating activities
33,475
25,642
7,833
30.5
66,111
55,531
10,580
19.1
Depreciation
551
613
(62)
10.1
1,045
1,239
(194)
15.7
Depreciation of right-of-use assets
1,570
1,931
(361)
18.7
3,076
3,667
(591)
16.1
Special charges
106
2,001
(1,895)
94.7
197
2,029
(1,832)
90.3
Adjusted EBITDA
$
35,702
$
30,187
5,515
18.3
$
70,429
$
62,466
7,963
12.7
Adjusted EBITDA margin
28.4 %
26.6 %
28.6 %
28.4 %
Adjusted EBITDA per diluted share
$
0.64
$
0.54
0.10
18.5
$
1.27
$
1.13
0.14
12.4
Condensed Consolidated Interim Statements of Financial Position
(in thousands of Canadian dollars)
(unaudited)
As at April 30,
2024
As at October 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
262,918
$
239,532
Short-term investments
854
827
Accounts receivable
110,965
93,383
Prepaid expenses and other assets
17,369
15,515
Income taxes recoverable
–
114
392,106
349,371
Non-current assets:
Property and equipment
3,328
3,273
Right-of-use assets
9,966
12,242
Intangible assets
98,253
109,659
Goodwill
292,990
280,241
Deferred income tax assets
25,422
28,884
429,959
434,299
$
822,065
$
783,670
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
70,229
$
67,769
Income tax payable
1,500
–
Dividends payable
14,398
12,156
Provisions
1,420
2,238
Deferred revenue
130,273
109,019
Lease obligations
5,733
6,322
223,553
197,504
Non-current liabilities:
Income taxes payable
–
1,333
Deferred income tax liabilities
11,897
13,340
Deferred revenue
7,752
8,170
Net employee defined-benefit obligation
1,922
1,912
Lease obligations
4,337
6,080
25,908
30,835
249,461
228,339
Shareholders’ equity:
Share capital
113,237
107,701
Contributed surplus
10,252
10,404
Retained earnings
436,848
426,397
Accumulated other comprehensive income
12,267
10,829
572,604
555,331
$
822,065
$
783,670
Condensed Consolidated Interim Statements of Operations and Comprehensive Income
(in thousands of Canadian dollars, except per share amounts)
(unaudited)
Three months
Six months
Periods ended April 30
2024
2023
2024
2023
Revenue
Software licenses
$ 20,492
$ 22,016
$ 37,467
$ 42,751
SaaS and maintenance services
84,984
71,634
169,571
138,137
Professional services
17,401
17,995
33,346
34,886
Hardware
2,936
1,816
5,918
4,122
125,813
113,461
246,302
219,896
Direct costs
Software licenses
741
698
1,415
1,568
Services
40,951
36,793
80,482
69,218
Hardware
1,509
615
2,886
2,128
43,201
38,106
84,783
72,914
Revenue, net of direct costs
82,612
75,355
161,519
146,982
Operating expenses
Selling, general and administrative
24,812
23,935
47,681
44,733
Research and development
22,098
21,233
43,409
39,783
Depreciation
551
613
1,045
1,239
Depreciation of right-of-use assets
1,570
1,931
3,076
3,667
Special charges
106
2,001
197
2,029
49,137
49,713
95,408
91,451
Results from operating activities
33,475
25,642
66,111
55,531
Amortization of acquired software and customer relationships
(11,146)
(9,838)
(21,520)
(18,670)
Foreign exchange losses
(86)
(790)
(1,803)
(1,843)
Interest expense – lease obligations
(148)
(192)
(298)
(359)
Finance income
2,602
1,006
4,963
1,982
Finance expenses
(12)
(124)
(12)
(131)
Other income (expenses)
220
(528)
106
( 655)
Income before income taxes
24,905
15,176
47,547
35,855
Provision for income taxes
4,931
2,640
9,440
6,296
Net income for the period
19,974
12,536
38,107
29,559
Item that may be subsequently reclassified to income:
Cumulative translation adjustment
9,455
11,295
1,438
21,038
Other comprehensive income
9,455
11,295
1,438
21,038
Comprehensive income
$ 29,429
$ 23,831
$ 39,545
$ 50,597
Earnings per share
Basic
$ 0.36
$ 0.23
$ 0.69
$ 0.53
Diluted
$ 0.36
$ 0.23
$ 0.69
$ 0.53
Condensed Consolidated Interim Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)
Three months
Six months
Periods ended April 30
2024
2023
2024
2023
OPERATING ACTIVITIES
Net income for the period
$ 19,974
$ 12,536
$ 38,107
$ 29,559
Adjustments for non-cash items
Depreciation
551
613
1,045
1,239
Depreciation of right-of-use assets
1,570
1,931
3,076
3,667
Interest expense – lease obligations
148
192
298
359
Amortization of acquired software and customer relationships
11,146
9,838
21,520
18,670
Stock-based compensation expense
501
473
778
931
Provision for income taxes
4,931
2,640
9,440
6,296
Finance expenses and other (income) expenses
(208)
652
(94)
786
38,613
28,875
74,170
61,507
Changes in non-cash operating working capital
6,651
(5,989)
(6,489)
(3,987)
Income taxes paid
(5,008)
(4,188)
(7,526)
(9,560)
Net cash provided by operating activities
40,256
18,698
60,155
47,960
INVESTING ACTIVITIES
Net purchase of property and equipment
(418)
(66)
(778)
(171)
Acquisitions, net of cash acquired*
(12,594)
(25,617)
(12,594)
(25,617)
Purchase consideration for prior-year acquisition
–
233
171
233
Purchase of short-term investments
–
–
–
(69)
Net cash used in investing activities
(13,012)
(25,450)
(13,201)
(25,624)
FINANCING ACTIVITIES
Issuance of share capital
373
–
4,683
604
Normal course issuer bid share repurchases
(1,147)
–
(1,147)
Repayment of lease obligations
(1,798)
(2,470)
(3,400)
(4,280)
Dividends paid
(12,188)
(10,225)
(24,344)
(20,446)
Net cash used in financing activities
(14,760)
(12,695)
(24,208)
(24,122)
Impact of foreign exchange on cash and cash equivalents
3,682
3,797
640
8,833
Increase (decrease) in cash and cash equivalents
16,166
(15,650)
23,386
7,047
Cash and cash equivalents – beginning of period
246,752
247,801
239,532
225,104
Cash and cash equivalents – end of period
$ 262,918
$ 232,151
$ 262,918
$ 232,151
* Acquisitions are net of cash acquired of $497 for the three and six months ended April 30, 2024 and $2,088 for the three and six months ended April 30, 2023, respectively.
Enghouse Systems Limited
Segment Reporting Information
(in thousands of Canadian dollars)
Three months ended April 30
2024
2023
IMG
AMG
Total
IMG
AMG
Total
Revenue
$
80,530
$
45,283
$
125,813
$
64,578
$
48,883
$
113,461
Direct costs
(26,573)
(16,628)
(43,201)
(19,133)
(18,973)
(38,106)
Revenue, net of direct costs
53,957
28,655
82,612
45,445
29,910
75,355
Operating expenses excluding special charges
(23,483)
(11,751)
(35,234)
(23,034)
(12,596)
(35,630)
Depreciation
(392)
(159)
(551)
(544)
(69)
(613)
Depreciation of right-of-use assets
(997)
(573)
(1,570)
(941)
(990)
(1,931)
Segment profit
$
29,085
$
16,172
$
45,257
$
20,926
$
16,255
$
37,181
Special charges
(106)
(2,001)
Corporate and shared service expenses
(11,676)
(9,538)
Results from operating activities
$
33,475
$
25,642
Six months ended April 30
2024
2023
IMG
AMG
Total
IMG
AMG
Total
Revenue
$
156,666
$
89,636
$
246,302
$
122,431
$
97,465
$
219,896
Direct costs
(51,979)
(32,804)
(84,783)
(35,564)
(37,350)
(72,914)
Revenue, net of direct costs
104,687
56,832
161,519
86,867
60,115
146,982
Operating expenses excluding special charges
(44,909)
(23,447)
(68,356)
(42,285)
(23,916)
(66,201)
Depreciation
(769)
(276)
(1,045)
(1,081)
(158)
(1,239)
Depreciation of right-of-use assets
(1,933)
(1,143)
(3,076)
(2,041)
(1,626)
(3,667)
Segment profit
$
57,076
$
31,966
$
89,042
$
41,460
$
34,415
$
75,875
Special charges
(197)
(2,029)
Corporate and shared service expenses
(22,734)
(18,315)
Results from operating activities
$
66,111
$
55,531
Enghouse is a Canadian publicly traded company (TSX:ENGH) that provides mission-critical vertically focused enterprise software solutions. Our core technologies are used for contact centers, video communications, virtual healthcare, telecommunications networks, public safety and the transit market. The Company’s two-pronged growth strategy to grow earnings focuses on organic growth and acquisitions, which, to date, have been funded through operating cash flows as the Company has no outstanding external debt financing. The Company is organized around two business segments, the Interactive Management Group (“IMG”) and the Asset Management Group (“AMG”) due to their unique customer segments and technology offerings. Further information about Enghouse may be obtained from the Company’s website at www.enghouse.com.
Conference Call and Webcast
A conference call to discuss the results will be held on Tuesday, June 11, 2024 at 8:45 a.m. EST. To participate, please call
+1-289-514-5100 or North American Toll-Free +1-800-717-1738. Confirmation code: 14684. A webcast is also available at: https://www.enghouse.com/investors.php.
The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA as a measure of operating performance. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is calculated based on results from operating activities adjusted for depreciation of property and equipment and right-of-use assets, and special charges for acquisition related restructuring costs. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, foreign exchange gains and losses, other income and restructuring costs primarily related to acquisitions.
SOURCE Enghouse Systems Limited
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Augmented Reality Navigation Market worth $6.33 billion by 2029 – Exclusive Report by MarketsandMarkets™
Published
12 mins agoon
September 20, 2024By
DELRAY BEACH, Fla., Sept. 20, 2024 /PRNewswire/ — The augmented reality (AR) navigation market is expected to reach USD 6.33 billion by 2029 from USD 1.17 billion in 2024, at a CAGR of 40.3% during the 2024-2029 period according to a new report by MarketsandMarkets™. Multiple companies like Volkswagen (Germany), Mercedes-Benz Group AG and many others are investing is augmented reality (AR) navigation which is increasing the opportunity for growth in the AR navigation market. The AR navigation market is continuously developing, with the presence of multiple players. Currently, the North America region is contributing significantly to the growth of the AR navigation market. Similarly, Asia Pacific, Europe and RoW regions are expected to be the growing market for the forecasted period.
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Browse in-depth TOC on “Augmented Reality Navigation Market”
184 – Tables
61 – Figures
195 – Pages
Augmented Reality Navigation Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.17 billion
Estimated Value by 2029
$ 6.33 billion
Growth Rate
Poised to grow at a CAGR of 40.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By offering, type, application, end-user industry, and region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Limited user acceptance and familiarity with AR navigation
Key Market Opportunities
Integration of 5G technology with AR navigation
Key Market Drivers
Integration of AR in automotive systems drives AR navigation market
AR navigation software to have the highest market share in offering segment of augmented reality (AR) navigation market in the forecast period from 2024 to 2029.
AR navigation software dominates the AR navigation market as it plays a vital role in providing a complete and interactive navigation experience. This category includes different types of software, such as AR mapping and localization software, which are essential for accurate positioning and spatial awareness. AR navigation apps use AR technology to give real-time directions and visual guidance, making navigation more user-friendly and engaging. Moreover, AR SDKs (software development kits) allow developers to create custom AR solutions, promoting innovation and growth in the market. AR Cloud solutions provide persistent and shared spatial data, which enhances the accuracy and usefulness of navigation services. Other software solutions, like AR HUD software and AR data visualization software, also support the industry by enhancing navigation capabilities.
Indoor navigation sub-segment of type segment in augmented reality (AR) navigation market is expected to grow at the highest growth rate during the forecast period.
Indoor navigation involves the use of technology and systems to help people find their way inside buildings like shopping centers, airports, corporate offices, educational institutes, museums, hospitals, and others. Augmented reality navigation technology use sensors, maps, and location-finding tools to give accurate directions and information inside buildings where regular GPS are unavailable.
As indoor spaces become more complex it is rising the demand for easy-to-use AR navigation. Businesses are investing in AR navigation systems to improve customer satisfaction, make operations smoother, and make it easier for people to get around in big, complex buildings. Also, the growing use of smartphones and augmented reality is helping to create more advanced indoor AR navigation systems that provide real-time, interactive guidance and useful information.
As companies realize the importance of offering smooth and easy-to-use navigation experiences for their customers and staff, the demand for indoor navigation technology rises rapidly.
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Augmented reality navigation market in North America has the largest market share in 2023.
Augmented reality navigation industry in North America is sub-segmented into the US, Canada and Mexico. The North America market is undergoing significant growth due to advancement in augmented reality technology, widespread use of HUD and HMD and rising demand of advanced navigation system that provide real-time directions, visual indicators, and interactive features with enhanced wayfinding experience for both outdoor and indoor environment. North America has strong presence of key players and startup companies within the region that promotes new innovation and technological development. US based companies such as Google LLC, Microsoft, Apple Inc. are continuously involved in developing and upgrading the existing technology.
Key Players
The key players in AR navigation companies are Google LLC (US), Apple Inc. (US), Microsoft (US), Neusoft Corporation (China), WayRay AG (Switzerland), FURUNO ELECTRIC CO., LTD. (Japan), ARway Corp. (Canada), Wiser Marine Technologies Ltd. (Canada), Mapbox (US), Treedis (Israel), ViewAR GmbH (Austria), Artisense GmbH (Kudan Germany GmbH.) (Germany), IndoorAtlas (Finland), Hyper (London), SITUM TECHNOLOGIES (Spain), Insider Navigation Inc (Austria), Wemap SAS (France), Resonai Inc. (Israel), Oriient New Media Ltd (Israel), Navigine (US), 22Miles (US), Sygic (Bratislava), Veo (Poland), HERE (Netherlands), and Esri (US).
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Technology
HandicapMD Expands Leading Telemedicine Services for Disabled Parking Permits in Florida
Published
12 mins agoon
September 20, 2024By
HandicapMD’s virtual telemedicine platform connects patients with licensed doctors to obtain disabled parking placards quickly, safely, and affordably.
MIAMI, Sept. 20, 2024 /PRNewswire/ — HandicapMD, the nation’s leading telemedicine platform for disabled parking permits, has launched its services for residents across Florida, marking another milestone in its nationwide expansion. HandicapMD has already helped thousands of patients navigate the complex process of obtaining disabled parking placards through secure online disabled permit evaluations by licensed physicians.
HandicapMD, Floridians can now complete the evaluation process for a how to get a disabled parking permit in Florida from the convenience of their homes, with services starting at just $159.
“Many patients face barriers when trying to get their disabled parking placards, whether due to mobility issues, long wait times, or the paperwork involved,” says Dr. Eric Jackson-Scott, CEO and Founder of HandicapMD. “Our goal is to streamline this process for Florida residents by offering telemedicine consults with licensed doctors.”
Through HandicapMD’s telemedicine platform, patients in Florida can receive the following benefits of a disabled parking placard:
Access to designated disabled parking spaces near entrancesExtended time limits in restricted zonesExemption from parking meter feesAbility to park in residential permit zones
HandicapMD’s service is available from 8 a.m. to 10 p.m., seven days a week, with no appointment needed. If a patient does not qualify for a disabled parking permit, they won’t be charged for the evaluation.
“Our expansion into Florida is driven by the need to provide an easier, more accessible solution for individuals with disabilities,” says Dr. Jackson. “We’re excited to bring our telemedicine platform to Florida, helping residents gain the mobility they deserve without unnecessary delays or inconvenience.”
About HandicapMD: HandicapMD is the nation’s leading telemedicine platform for disabled parking permits, offering services in states across the U.S. The platform connects patients with fully licensed doctors for hassle-free online evaluations, helping them secure disabled parking placards from the comfort of their homes. HandicapMD is committed to improving accessibility for individuals with disabilities and providing exceptional care through its innovative telehealth platform.
For more information, visit handicap placard Florida online.
Contact:
Ena D.
help@handicapmd.com
(833) DMV-3825
Photo(s):
https://www.prlog.org/13039451
Press release distributed by PRLog
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SOURCE HandicapMD
Technology
Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM with around 500K AMRs shipment by 2030 – LogisticsIQ
Published
12 mins agoon
September 20, 2024By
NEW DELHI, Sept. 20, 2024 /PRNewswire/ — The global Autonomous Mobile Robots (AMRs) market is poised for significant growth, driven by increasing demand for automation across various sectors, including logistics, manufacturing, and healthcare. According to the latest market research by LogisticsIQ (5th Edition), Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM by 2030 with a CAGR of ~30% between 2024 and 2030. We expect the installed base of AMRs to reach 2 million units in 2030.
Download a Free Sample of our report on Autonomous Mobile Robots Market
Key Market Drivers
Increased Efficiency: Businesses are rapidly adopting AMRs to enhance operational efficiency, reduce labour costs, and streamline workflows.Labor Shortages: The ongoing labour shortages in various industries have accelerated the need for automated solutions, making AMRs a crucial investment for companies.Technological Advancements: Innovations in artificial intelligence (AI), machine learning, and sensor technology are making AMRs more capable and reliable.Growing E-Commerce: The rise of e-commerce has created a demand for efficient warehouse management solutions, further boosting the AMR market.
Regional Insights
North America leads the AMR market, accounting for the largest share due to the early adoption of automation technologies. Meanwhile, the Asia-Pacific region, especially China is expected to witness the fastest growth, fuelled by rapid industrialization and increasing investments in smart factories. US and China are going to contribute ~40% of this market by 2030.
Industry Applications
Autonomous mobile robots are being utilized in various applications, including:
Warehouse Automation: AMRs enhance inventory management and order fulfillment processes. This industry is expected to lead with more than 75% share by 2030.Manufacturing: Robots facilitate material handling and assembly line operations. Traditionally, it has been dominated by AGVs but are getting replaced by AMRs due to more flexibility and scalability features.Healthcare: AMRs assist in transporting medical supplies, improving patient care and operational efficiency. It is a niche market but high growing area to focus further.
Purchase the full report on the Autonomous Mobile Robots Market – Growth, Trends, and Forecast
Top Factors & Challenges in the Autonomous Mobile Robots Market
Top Factors Driving Growth
Increased Demand for Automation: Businesses across industries are increasingly seeking automation to enhance efficiency and reduce operational costs.Technological Advancements: Innovations in AI, machine learning, and sensor technologies improve the capabilities and reliability of AMRs, making them more attractive to businesses.Labor Shortages: Ongoing labour shortages, especially in sectors like logistics and manufacturing, are pushing companies to adopt AMRs to maintain productivity.Growth of E-Commerce: The surge in online shopping requires efficient warehouse and logistics solutions, driving the adoption of AMRs for inventory management and order fulfillment.Improved Safety Standards: AMRs can reduce workplace accidents by taking over hazardous tasks, leading to safer working environments.Customization and Scalability: Many AMR solutions offer customizable features that allow businesses to scale operations according to their specific needs.
Top Challenges
High Initial Costs: The upfront investment for AMRs can be substantial, which may deter smaller businesses from adoption.Integration with Existing Systems: Integrating AMRs into current operational workflows and legacy systems can be complex and resource-intensive.Regulatory Compliance: Navigating regulatory requirements and safety standards can pose challenges, especially in highly regulated industries.Limited Awareness and Understanding: Some businesses may lack knowledge about AMR technology and its potential benefits, hindering adoption.Technical Limitations: While technology is advancing, AMRs may still struggle with navigating complex environments or handling unexpected obstacles.Cybersecurity Concerns: As AMRs become more connected, they may be vulnerable to cybersecurity threats, requiring robust security measures.
Know more about Autonomous Mobile Robots Market – Top Players, Cost Analysis, Competition, and Customer Expectation
What will you get in this report?
500 Pages and 160+ Exhibits Market ReportRevenue and Shipment data segmented:By form factor (Deck-load, Tugger/Pull, Forklift)By Navigation (Tape/Wire/Magnet, Reflector, QR Codes, LiDAR, Camera, Sensor, Fusion)By Function (Goods to person (G2P), Person to Goods (P2G), Conveying, Piece picking, Towing, Pallet Handling)By Application (Manufacturing, Logistics and Warehousing, Shipping, Delivery, Cleaning, Security, Hospital, Retail)Detailed excel file with 150+ market tables (Revenue and Shipment) including forecast till 2030A bottom-up analysis of Autonomous Mobile Robots Market for 19 countries (United States, Canada, Germany, UK, France, Italy, Spain, Nordics, China, Japan, South Korea, Australia, India, Taiwan, Thailand, Malaysia, Singapore, Indonesia, Phillippines) in 5 regionsIn-depth analysis of 700 companies in the ecosystem with more than 160 company profiles.Focus Group Discussion with 100+ key industry stakeholders across the value chain to collect the first-hand information to validate our analysis. Stakeholders include components and technology providers, system integrators, robot manufacturers (OEM/ODM), robotic software & service providers, and end-user industry verticals. Apart this, study also focuses on different components and integral parts of Autonomous Mobile Robots like Motion Control, Batteries & Chargers, Cameras / Vision Sensor, LiDAR, Sensor Fusion, QR Code and Wireless Communication.2 Analyst Sessions to brainstorm furtherInvestment details excel file with 175+ M&A and ~1000 funding dealsLogisticsIQ™ Exclusive Market Map (700+ Players across more than 15 categories)
About LogisticsIQ
LogisticsIQ is a dedicated market research and advisory firm in Logistics & Supply Chain sector, empowering decision makers from top fortune 1000 companies, financial and research institutions, private equity and high potential start-ups with market insights to make better decisions. We enable this by analysing the right mix of the best data, the best research methodologies, and the best industry panel to deliver value to our clients.
Media Contact
Name: Sunny M.
Email: sunny@thelogisticsiq.com
Phone: +91-952-918-4938
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View original content:https://www.prnewswire.co.uk/news-releases/autonomous-mobile-robots-amr-market-to-cross-10-billion-tam-with-around-500k-amrs-shipment-by-2030—logisticsiq-302253915.html
Augmented Reality Navigation Market worth $6.33 billion by 2029 – Exclusive Report by MarketsandMarkets™
HandicapMD Expands Leading Telemedicine Services for Disabled Parking Permits in Florida
Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM with around 500K AMRs shipment by 2030 – LogisticsIQ
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