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TAT Technologies Grows Revenue by 36%, Increases Net Income by 78% and increased adjusted EBITDA by 69%, for the Second Quarter of 2024

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Company Delivers 7th Consecutive Quarter of Expanding Revenues and Profits

Management Reviews Financial Results and Provides Business Update on Quarterly Webcast

CHARLOTTE, N.C., Aug. 28, 2024 /PRNewswire/ — TAT Technologies Ltd. (NASDAQ: TATT) (TASE: 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 unaudited results for the three-month and six-month period ended June 30, 2024.

Financial Highlights for the Second Quarter and First Six Months of 2024:

Revenues increased by 36.2% to $36.5 million compared to $26.8 million for the second quarter of 2024. For the first half of 2024 revenues increased by 36% to 70.6$ million compared to $52 million in the first half of 2023.Gross profit increased by 47.1% to $8.0 million compared to $5.4 million for the second quarter of 2023 (21.9% of revenues in Q224 compared to 20.2% of revenues in Q223). For the first half of 2024 gross profit increase by 55.4% to $15.1 million compared to $9.7 million in the first half of 2023 (20.9% of revenues in H124 compared to 18.6% of revenues in H123)Operating Income increased by 78.5% to $2.7 million compared to $1.5 million in Q223, (7.5% of revenues in Q224 compared to 6.5% of revenues in Q223). For the first half of 2024 operating income increased by 99% to $4.9 million compared to $2.5 million in the first half of 2023 (7% of revenues in H124 compared to 4.8% of revenues in H123).Net Income increased by 78% to $2.6 million compared to $1.5 million in the second quarter of 2023. For the first half of 2024 net income increased by 122% to $4.7 million compared to $2.1 million in the first half of 2023.Adjusted EBITDA increased by 69.4% to $4.3 million (11.9% of revenues) compared to $2.6 million (9.6% of revenues) in the second quarter of 2023. Adjusted EBITDA for the first half of 2024 increased by 73% to $8 million compared $4.6 in the first half of 2023 (11.4% of revenues in H124 compared to 9% in H123).Cash flow from operating activities was negative $(4.1) million compared to positive cash flow of $2.5 million in the second half of 2023. Cash flow from operating activities for the first half of 2024 was negative $(7.7) million compared to positive cash flow of $4.2 million in the first half of 2023.

Mr. Igal Zamir, TAT’s CEO and President commented: “We are very proud to report another record quarter marked by revenue growth, margin expansion, and profitability improvement. Our results demonstrate increasing demand for our products and services, which are aligned with our growth strategy. This was the seventh consecutive quarter of growth in revenue and EBITDA, and given our growing momentum and backlog, we expect this trend to continue.”

“During the second quarter, we secured orders of more than $40 million, resulting in a record backlog and LTA Value of over $414 million,” continued Mr. Zamir. “These new orders give us significant visibility into revenue potential over the coming quarters and bolster our confidence in continued success. On top of the continued revenue growth, we invest efforts in improving our operational efficiency and cost structure. This resulted in an improved Gross margin and EBITDA margin.”

“During the first six months of 2024 we started serving APU of the newly certified 131 and 331-500 which serves a fleet of close to 20,000 aircraft (with a total addressable annual market of about $2 billion),” added Mr. Zamir. “The revenue obtained during the first half of 2024 is mainly driven from TAT’s historical products and services. The revenue from these new engines’ capabilities is insignificant. We are very excited about our future revenue growth and profits, as we start leveraging the potential of this new market. We will continue to expand our customer base for those engines MRO services according to our growth strategy”

Shareholder Webcast

Igal Zamir and Ehud Ben-Yeir, TAT’s CEO and CFO, have posted a webcast reviewing the financial results and to provide a business update.  Investors interested in accessing the webcast can visit the investor relations section of the Company’s website at https://tat-technologies.com/investors/. The webcast will remain accessible on the website for at least 90 days.

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents 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 excluding the impact of: the Company’s share in results of affiliated companies, share-based compensation, taxes on income, financial (expenses) income, net, and depreciation and amortization. Adjusted EBITDA, however, should not be considered as alternative to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor it is meant to be predictive of potential future results. Adjusted EBITDA is not 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 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 the area of 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 the area of 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.

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

Contact:
Mr. Eran Yunger
Director of IR
erany@tat-technologies.com

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, [LTAs] and backlog, the price and continuity of supply of component parts used in our operations, 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.

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands)

Jun 30,

December 31,

2024

2023

(unaudited)

(audited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$        8,058

$      15,979

Accounts receivable, net of allowance for credit losses of $305

   and $345 thousand as of Jun 30, 2024 and December 31, 2023
respectively 

 

26,197

 

20,009

 

Restricted deposit   

661

Other current assets and prepaid expenses

6,722

6,397

Inventory

56,763

51,280

          Total current assets

97,740

94,326

NON-CURRENT ASSETS:

 Restricted deposit

294

302

 Investment in affiliates

2,763

2,168

Funds in respect of employee rights upon retirement

644

664

 Deferred income taxes

1,097

994

Property, plant and equipment, net

40,934

42,554

Operating lease right of use assets

2,656

2,746

Intangible assets, net

1,687

1,823

Total non-current assets

50,075

51,251

Total assets

$                  147,815

$                  145,577

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current maturities of long-term loans

$                    1,937

$                      2,200

Short term loans

12,547

12,138

Accounts payable

9,079

9,988

Accrued expenses

12,907

13,952

Operating lease liabilities

1,155

1,033

          Total current liabilities

37,625

39,311

NON CURRENT LIABILITIES:

     Long-term loans

11,970

12,886

     Liability in respect of employee rights upon retirement

998

1,000

     Operating lease liabilities

1,486

1,697

 Total non-current liabilities

14,454

15,583

Total liabilities

$                     52,079

$                  54,894

EQUITY:

Share capital

3,152

3,140

Translation reserves

164

Additional paid-in capital

76,512

76,335

Treasury shares at cost

(2,088)

(2,088)

Accumulated other comprehensive income

27

Retained earnings

17,996

13,269

Total shareholders’ equity

95,736

90,683

Total liabilities and shareholders’ equity

147,815

$             145,577

 

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

Three months ended

Six months ended

Year ended

June 30,

December 31,

2024

2023

2024

2023

2023

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

Revenues:

     Products

$    11,732

$   8,167

$     23,667

$   15,458

$     35,241

     Services

24,793

18,637

46,946

36,564

78,553

36,525

26,804

70,613

52,022

113,794

Cost of goods:

     Products

7,673

5,548

16,659

11,822

30,517

     Services

20,868

15,830

38,904

30,515

60,809

28,541

21,378

55,563

42,337

91,326

Gross Profit

7,984

5,426

15,050

9,685

22,468

Operating expenses:

     Research and development, net

343

157

620

256

715

     Selling and marketing

1,993

1,298

3,653

2,457

5,523

     General and administrative

2,916

2,474

6,225

4,933

10,588

     Other income

(2)

(35)

(390)

(441)

(433)

5,250

3,894

10,108

7,205

16,393

Operating income (Loss)

2,734

1,532

4,942

2,480

6,075

      Interest expenses

(413)

(440)

(763)

(806)

(1,683)

      Other financial income (expenses), Net

106

167

7

148

353

Income before taxes on income (tax benefit)

2,427

1,259

4,186

1,822

4,745

Taxes on income (tax benefit)

44

(63)

(109)

(90)

576

Income before share of equity investment

2,383

1,322

4,295

1,912

4,169

Profit of equity investment of affiliated
      companies

234

153

432

221

503

Net Income

$    2,617

$   1,475

$   4,727

$   2,133

$     4,672

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

Basic and diluted income per share

Net income per share

$    0.26

$      0.16

$    0.46

$    0.24

$    0.52

Net income per diluted shares

$   0.25

$    0.15

$   0.44

$   0.23

$      0.51

Weighted average number of shares
     outstanding

Basic

10,394,654

8,942,423

10,386,859

8,942,423

8,961,689

Diluted

10,561,420

9,052,163

10,722,153

9,052,163

9,084,022

 

Three months ended

Six months ended

Year ended 

June 30,

December 31,

2024

2023

2024

2023

2023

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

Net income

$    2,617

$     1,475

$    4,727

$     2,133

$    4,672

Other comprehensive income , net 

Change in foreign currency translation
adjustments

164

164

Net unrealized income from derivatives

26

(27)

26

53

Total comprehensive income 

2,781

$    1,501

$ 4,864

$    2,159

$    4,725

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except share data)

Share capital

Accumulated

Number of
shares issued

Amount

Additional
paid-in
capital

Translation
reserves

other
comprehensive
income (loss)

Treasury
shares

Retained
earnings

Total equity

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, 2023:

Comprehensive loss

53

4,672

4,725

Exercise of option

32,466

8

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

159

BALANCE AT DECEMBER 31, 2023

10,377,085

$            3,140

$     76,335

$              27

$            (2,088)

$            13,269

$            90,683

CHANGES DURING THE PERIOD ENDED JUN
     31, 2024 (unaudited):

Comprehensive profit

164

(27)

4,727

4,864

Exercise of option

49,109

12

(12)

Change in foreign currency translation adjustments

Share based compensation

189

189

BALANCE AT JUN 30, 2024 (unaudited)

10,426,194

3,152

76,512

164

(2,088)

17,996

95,736

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Three months ended

Six months ended

Year ended

June 30,

December 31,

2024

2023

2024

2023

2023

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$  2,617

$  1,475

$ 4,727

$  2,133

$     4,672

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

Depreciation and amortization

1,431

901

2,805

1,942

4,710

Loss (gain) from change in fair value of derivatives

22

(9)

Change in funds in respect of employee rights upon
retirement

15

(27)

20

(97)

116

Change in operating right of use asset and operating leasing
     liability

(3)

1

(6)

22

Non-cash financial expenses

(274)

(134)

(488)

(248)

(172)

 Decrease in restructuring plan provision

(43)

(32)

(63)

(90)

(126)

Change in allowance for credit losses

40

(2)

40

(5)

(182)

Share in results of affiliated companies

(233)

(153)

(431)

(221)

(503)

Share based compensation

148

30

189

120

159

Liability in respect of employee rights upon retirement

(5)

(47)

(2)

(127)

(148)

Capital gain from sale of property, plant and equipment

(1)

(29)

(355)

(485)

(530)

Deferred income taxes, net

306

(98)

(103)

(76)

235

Changes in operating assets and liabilities:

     Decrease (increase) in trade accounts receivable

(5,430)

3,137

(6,250)

1,123

(4,205)

    Decrease (increase) in other current assets and prepaid
    expenses

(144)

359

(325)

1,634

(341)

        Increase in inventory

(2,906)

(3,248)

(5,543)

(285)

(5,400)

    Decrease in trade accounts payable

(209)

(1,034)

(909)

(2,155)

(245)

    Increase (decrease) in accrued expenses and other

591

1,352

(982)

1,062

4,202

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

$ (4,100)

$     2,450

(7,647)

$       4,219

$     2,255

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of property and equipment

375

1,306

1,935

2,002

Purchase of property and equipment

(978)

(1,021)

(1,967)

(2,454)

(5,102)

Purchase of intangible assets

(479)

Cash flows used in investing activities

$(978)

$ (646)

$  (661)

$(519)

$(3,579)

CASH FLOWS FROM FINANCING ACTIVITIES:

Repayments of long-term loans

(510)

(425)

(950)

(847)

(1,701)

Short-term credit received from banks

4,668

668

1,000

Proceeds from long-term loans received

712

Issuance of common shares

12

12

Proceeds from issuance of common shares, net

10,064

Exercise of options

(13)

165

(12)

165

165

Cash flows provided by (used in) financing activities

$  4,157

$ (260)

$  (282)

$(682)

$10,240

Net increase (decrease) in cash and cash equivalents and
restricted cash

(921)

1,546

(8,590)

3,018

8,916

 Cash and cash equivalents and restricted cash at
     beginning of period

9,273

9,498

16,942

8,026

8,026

 Cash and cash equivalents and restricted cash at the end
     of period

8,352

11,044

8,352

11,044

16,942

SUPPLEMENTARY INFORMATION ON INVESTING
     ACTIVITIES NOT INVOLVING CASH FLOW:

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

245

590

1,345

Reclassification of inventory to property, plant and
     equipment

60

68

Supplemental disclosure of cash flow information:

Interest paid

(410)

(267)

(852)

(512)

(1,438)

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

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

(UNAUDITED)

(In thousands)

Three months ended

Six months ended

Year ended

June 30,

June 30,

December 31,

2024

2023

2024

2023

2023

Net income (Loss)

$ 2,617

$  1,475

$4,727

$ 2,133

$4,672

Adjustments:

Share in results and sale of equity
     investment of affiliated companies

(234)

(153)

(432)

(221)

(503)

Taxes on income (tax benefit)

44

(63)

(109)

(90)

576

Financial expenses (income), net

306

272

755

658

1,330

Depreciation and amortization

1,468

1,006

2,898

2,140

4,902

       Share based compensation

148

30

189

120

159

Adjusted EBITDA

$ 4,349

$ 2,567

$    8,028

$       4,740

$              11,136

 

SIGNATURE

            Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

TAT TECHNOLOGIES LTD.

            (Registrant)

 

By: /s/ Ehud Ben-Yair
Ehud Ben-Yair
Chief Financial Officer

 

Date: August 28, 2024

Photo – https://mma.prnewswire.com/media/2492171/EBITDA_Q224.jpg
Photo – https://mma.prnewswire.com/media/2492172/revenue_Q224.jpg

View original content to download multimedia:https://www.prnewswire.com/news-releases/tat-technologies-grows-revenue-by-36-increases-net-income-by-78-and-increased-adjusted-ebitda-by-69-for-the-second-quarter-of-2024-302233529.html

SOURCE TAT Technologies Ltd.

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Technology

NASA Awards $1.5 Million at Watts on the Moon Challenge Finale

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WASHINGTON, Sept. 20, 2024 /PRNewswire/ — NASA has awarded a total of $1.5 million to two U.S. teams for their novel technology solutions addressing energy distribution, management, and storage as part of the agency’s Watts on the Moon Challenge. The innovations from this challenge aim to support NASA’s Artemis missions, which will establish long-term human presence on the Moon.

This two-phase competition has challenged U.S. innovators to develop breakthrough power transmission and energy storage technologies that could enable long-duration Moon missions to advance the nation’s lunar exploration goals. The final phase of the challenge concluded with a technology showcase and winners’ announcement ceremony Friday at Great Lakes Science Center, home of the visitor center for NASA’s Glenn Research Center in Cleveland.

“Congratulations to the finalist teams for developing impactful power solutions in support of NASA’s goal to sustain human presence on the Moon,” said Kim Krome-Sieja, acting program manager for NASA Centennial Challenges at NASA’s Marshall Space Flight Center in Huntsville, Alabama. “These technologies seek to improve our ability to explore and make discoveries in space and could have implications for improving power systems on Earth.”

The winning teams are:

First prize ($1 million): High Efficiency Long-Range Power Solution of Santa Barbara, CaliforniaSecond prize ($500,000): Orbital Mining Corporation of Golden, Colorado

Four teams were invited to refine their hardware and deliver full system prototypes in the final stage of the competition, and three finalist teams completed their technology solutions for demonstration and assessment at NASA Glenn. The technologies were the first power transmission and energy storage prototypes to be tested by NASA in a vacuum chamber mimicking the freezing temperature and absence of pressure found at the permanently shadowed regions of the Lunar South Pole. The simulation required the teams’ power systems to demonstrate operability over six hours of solar daylight and 18 hours of darkness with the user three kilometers (nearly two miles) away from the power source.

During this competition stage, judges scored the finalists’ solutions based on a Total Effective System Mass (TESM) calculation, which measures the effectiveness of the system relative to its size and weight – or mass – and the total energy provided by the power source. The highest-performing solution was identified based on having the lowest TESM value – imitating the challenges that space missions face when attempting to reduce mass while meeting the mission’s electrical power needs.

Team H.E.L.P.S. (High Efficiency Long-Range Power Solution) from University of California, Santa Barbara, won the grand prize for their hardware solution, which had the lowest mass and highest efficiency of all competitors. The technology also featured a special cable operating at 800 volts and an innovative use of energy storage batteries on both ends of the transmission system. They also employed a variable radiation shield to switch between conserving heat during cold periods and disposing of excess heat during high power modes. The final 48-hour test proved their system design effectively met the power transmission, energy storage, and thermal challenges in the final phase of competition.

Orbital Mining Corporation, a space technology startup, received the second prize for its hardware solution that also successfully completed the 48-hour test with high performance. They employed a high-voltage converter system coupled with a low-mass cable and a lithium-ion battery.

“The energy solutions developed by the challenge teams are poised to address NASA’s space technology priorities,” said Amy Kaminski, program executive for Prizes, Challenges, and Crowdsourcing in NASA’s Space Technology Mission Directorate at NASA Headquarters in Washington. “These solutions support NASA’s recently ranked civil space shortfalls, including in the top category of surviving and operating through the lunar night.”

During the technology showcase and winners’ announcement ceremony, NASA experts, media, and members of the public gathered to see the finalist teams’ technologies and hear perspectives from the teams’ participation in the challenge. After the winners were announced, event attendees were also welcome to meet NASA astronaut Stephen Bowen.

The Watts on the Moon Challenge is a NASA Centennial Challenge led by NASA Glenn. NASA Marshall Space Flight Center manages Centennial Challenges, which are part of the agency’s Prizes, Challenges, and Crowdsourcing program in the Space Technology Mission Directorate. NASA contracted HeroX to support the administration of this challenge.

For more information on NASA’s Watts on the Moon Challenge, visit:

https://www.nasa.gov/wattson

 

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SOURCE NASA

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Kits Eyecare Ltd. Files Final Prospectus For Secondary Offering of Common Shares

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Final Short Form Prospectus Accessible on SEDAR+

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, Sept. 20, 2024 /CNW/ – Kits Eyecare Ltd. (TSX: KITS) (“KITS” or the “Company”), a leading vertically integrated eyecare provider, is pleased to announce that it has filed with the securities regulatory authorities in each of the provinces of Canada, other than Québec, and obtained a receipt for, a final short form prospectus (the “Final Prospectus”) in connection with the previously announced secondary offering of common shares of the Company (the “Common Shares”) pursuant to which Canaccord Genuity Corp., as sole bookrunner and co-lead underwriter, together with Beacon Securities Limited, as co-lead underwriter, on behalf of a syndicate of underwriters (collectively, the “Underwriters”) have agreed to purchase, on a bought deal basis, an aggregate of 1,125,000 Common Shares held by Roger Hardy and entities managed by Roger Hardy (the “Hardy Shareholders”), LD Group Holdings Ltd. (“LD Group”) and Joseph Thompson (together with the Hardy Shareholders and LD Group, the “Selling Securityholders”) at an offering price of $10.15 per share (the “Offering Price”) for total gross proceeds to the Selling Securityholders of $11,418,750 (the “Offering”). KITS will not receive any proceeds from the Offering.

The Underwriters have also been granted an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 168,750 Common Shares from the Selling Securityholders at the Offering Price for additional gross proceeds of $1,712,812.50 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised at any time, in whole or in part, for a period of 30 days from the closing date of the Offering, which is expected to occur on or about September 26, 2024 and is subject to certain customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable U.S. state securities laws.

Access to the Final Prospectus and any amendment is provided in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The Final Prospectus is accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Final Prospectus and any amendment may be obtained, without charge, from Canaccord Genuity Corp. at ecm@cgf.com by providing the contact with an email address or address, as applicable.

About KITS

KITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers’ lifelong trust. For more information on KITS, visit: www.kits.com.

Forward-Looking Information

Certain information in this press release, including statements relating to the closing date of the Offering, and the exercise by the Underwriters of the Over-Allotment Option, constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by KITS as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail under the “Risk Factors” sections of the management’s annual information form, discussion and analysis of financial condition and results of operations of KITS for the 3-month and 6-month periods ended June 30, 2024, each available at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect KITS; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. In particular, the closing of the Offering is subject to customary closing conditions and there can be no assurance that all such conditions will be satisfied. The forward-looking statements contained in this press release are made as of the date of this press release, and KITS expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE KITS Eyecare Ltd.

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Disparities Narrowing Among Patients Undergoing Blood Stem Cell Transplant, Roswell Park Study Reveals

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Historically, some patients with blood cancers have been less likely than others to receive stem cell transplant, also known as bone marrow transplant. Theresa Hahn, PhD, of Roswell Park is lead author of a new study showing that older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.

BUFFALO, N.Y., Sept. 20, 2024 /PRNewswire-PRWeb/ —

Study led by Dr. Theresa Hahn published in JAMA Network OpenNumber of transplants for blood cancers rose from 2009 to 2018Research team analyzed trends in transplant utilization for that period

Every year, more than 22,000 patients in the U.S. undergo a potentially lifesaving blood stem cell transplant — often called a “bone marrow transplant” — for the treatment of hematologic diseases. But historically, some patients with blood cancers have been less likely than others to receive the treatment. Theresa Hahn, PhD, of Roswell Park Comprehensive Cancer Center is lead author of a new study in the journal JAMA Network Open showing that while progress has been made in reducing those disparities, older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.

“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages.” — Theresa Hahn, PhD, Roswell Park Comprehensive Cancer Center

The research team analyzed data provided by the Center for International Blood and Marrow Transplant Research (CIBMTR) for 136,280 patients who underwent hematopoietic cell transplant (HCT) in the U.S. between 2009 and 1018, comparing those numbers with the incidence of six blood cancers (acute myeloid and lymphoblastic leukemia, multiple myeloma, Hodgkin and non-Hodgkin lymphoma and myelodysplastic syndrome) in various age, race and ethnic groups the U.S. as reported by the National Cancer Institute’s Surveillance Epidemiology and End Results (SEER) Program.

The team found that during that period, the use of HCT increased for the treatment of most blood cancers — and rose among all age, race and ethnic groups.

The researchers also discovered that in the most recent years analyzed, from 2017-2018:

The rate of HCT utilization for blood cancers rose among Hispanic and younger patients to equal the rate of non-Hispanic white patients.Non-Hispanic Black patients had a lower rate of HCT for all six diseases studied.Pediatric, adolescent and young adult patients had a higher rate than adult patients of allogeneic HCT, which involves receiving cells from a healthy donor.

“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages,” says Dr. Hahn, Professor of Oncology in the Department of Cancer Prevention and Control at Roswell Park and the study’s first author.

The research team also include Dr. Hahn’s Roswell Park colleague Megan Herr, PhD, and collaborators from the Medical College of Wisconsin, Milwaukee; the CIBMTR; and the Mayo Clinic.

From the world’s first chemotherapy research to the PSA prostate cancer biomarker, Roswell Park Comprehensive Cancer Center generates innovations that shape how cancer is detected, treated and prevented worldwide. Driven to eliminate cancer’s grip on humanity, the Roswell Park team of 4,000 makes compassionate, patient-centered cancer care and services accessible across New York State and beyond. Founded in 1898, Roswell Park was among the first three cancer centers nationwide to become a National Cancer Institute-designated comprehensive cancer center and is the only one to hold this designation in Upstate New York. To learn more about Roswell Park Comprehensive Cancer Center and the Roswell Park Care Network, visit http://www.roswellpark.org, call 1-800-ROSWELL (1-800-767-9355) or email ASKRoswell@RoswellPark.org.

Media Contact

Julia Telford, Roswell Park Comprehensive Cancer Center, 716-845-4919, julia.telford@roswellpark.org, roswellpark.org

View original content to download multimedia:https://www.prweb.com/releases/disparities-narrowing-among-patients-undergoing-blood-stem-cell-transplant-roswell-park-study-reveals-302254312.html

SOURCE Roswell Park Comprehensive Cancer Center

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