Technology
Haivision Announces Results for the Three Months and Nine Months Ended July 31, 2024
Published
2 months agoon
By
Operational Restructuring Now Complete, Focus Turns to Higher Revenue Growth
MONTREAL, Sept. 11, 2024 /CNW/ – Haivision Systems Inc. (“Haivision” or the “Company”) (TSX: HAI), a leading global provider of mission critical, real-time video networking and visual collaboration solutions, today announced its results for the third quarter ended July 31, 2024.
“As we get closer to the end of our Fiscal 2024, I’m proud to say that we have completed our 2-year strategic plan for major EBITDA and profitability transformation,” said Mirko Wicha, Chairman and CEO of Haivision. Successfully transitioning out of low margin businesses, our focus over the next two years will be to return Haivision to organic, double-digit revenue growth.”
Q3 2024 Financial Results
Revenue of $30.6 million, down from the prior year comparative period, partially the result of delays in the U.S. budget approval, but also reflect our transformation away from the bespoke “integrator” model and our success in the long-term rental program.Gross Margins* were 75.0%, a significant improvement from 71.9% for the same prior year period.Total expenses were $21.9 million, a decrease of $3.8 million, from the same prior year period.Operating profit was $1.1 million, a $1.8 million or 333% improvement from the same prior year period.Adjusted EBITDA* was $4.1 million, consistent with the prior year period.Adjusted EBITDA Margins* was 13.5%, compared to 12.4% for the same prior year period.Net income was $0.4 million, a $1.3 million or 298% improvement from the same prior year period.
Financial Results for the nine months ended July 31, 2024
Revenue of $99.4 million, down from the prior year comparative period, partially the result of delays in approval of the U.S. federal budget, but also reflects our transformation away from the bespoke integrator model, our success in the long-term rental program and are departure from the house of worship business.Gross Margins* were 73.1%, a notable improvement from 69.1% for the same prior year period.Total expenses were $67.4 million, a decrease of $7.0 million from the same prior year period.Operating profit was $5.2 million, a $7.7 million or 317% improvement from the same prior year period.Adjusted EBITDA* was $14.4 million, a $5.3 million or 78% improvement from the same prior year period.Adjusted EBITDA Margins* was 14.5%, a signficant improvement when compared to 8.7% for the same prior year period.Net income was $2.6 million, a $6.4 million or 243% improvement from the same prior year period.
Key Company Highlights
Haivision joins consortium with Airbus Defense and Space to develop new technologies for rapid, secure, and reliable communications.Haivision MCS awarded US$61.2 million (CAD$82 million) production agreement by U.S. Navy for next-generation combat visualization and video distribution systems.Haivision collaborates with Shield AI to bring together full-motion video with AI object detection for defense and ISR applications.France Television provides exclusive coverage of the Paris 2024 Olympic surfing competition with Haivision’s private 5G video transmission ecosystem.Celebrated its 20-years anniversary as a leader and innovator in mission critical live video.Unveiled Hub 360, a cloud-based master control solution that streamlines live production workflows.Published its fifth annual Broadcast Transformation Report, highlighting the state of technology adoption in the broadcast industry.Awarded “Single/Dual-Stream Encoding Hardware” and “Best On-Prem Encoding/ Transcoding Solution” for the Makito X4 by Streaming Media Readers’ Choice Awards.Joined the Panasonic Partner Alliance for live video production workflows with Kairos; joined the Sony Cloud Production Platform for low latency live video in the cloud; and partnered with Grabyo, a London-based live cloud production platform, enabling integrated solution for live multi-camera productions.Announced strategic partnerships with CP Communications, Flypack, RF Wireless Systems, and Vidovation to extend mobile video transmitters rental services into North America.
“Haivision MCS’s recent award of a C$82M production agreement by the U.S. Navy, the Airbus Defense development partnership, and our investment in AI development demonstrate our ability to deliver advanced technology solutions for our key markets. Said Dan Rabinowitz, Chief Financial Officer and EVP, Operations. These are but a few example of growth opportunities for the Company. It has clearly been a busy year for Haivision.”
Financial Results
Revenue for the three months and nine months ended July 31, 2024 was $30.6 million and $99.4 million, respectively modest decrease when compared to the prior year comparative period. In this last quarter revenues were impacted by delays in the approval of a U.Ss Federal spending bill which, in turn, delayed certain procurement process; our transition away from the integrator model in the control room space, which offered lower-margined, third-party components; our long-term rental program which will offer a recurring revenue model and enhanced margins in our transmitter business; and our departure from the house of worship market in fiscal 2023.
Gross Margin* for the three months and nine months ended July 31, 2024 was 75.0% and 71.9%, respectively compared to 72.0% and 69.1% for the prior year comparable periods. Gross Margin* were positively impacted by our decision to exit the managed services business; transitioning away from the integrator model in the control room market, decreases in the incremental costs of components procured during the worldwide component shortage, and supply chain improvements.
Total expenses for the three months and nine months ended July 31, 2024 were $21.9 million and $67.4 million, respectively representing decrease of $3.8 million and $7.0 million when compared to from the prior year comparative periods, largely the result of recently completed restructuring efforts.
The result of these Gross Margin* improvements and lower total expenses was operating profits for the three months and nine months ended July 31,, 2024 of $1.1 million and $5.3 million, respectively representing improvements of $1.6 million and $7.7 million when compared to the prior year comparable periods. Adjusted EBITDA* for the three months ended July 31, 2024 was $4.1 million a modest decrease of $0.2 million from the prior year period. However, Adjusted EBITDA* for the nine-month period ended July 31, 2024 was $14.4 million representing a significant increase of $5.3 million (or 58%) from the prior year comparative period. Adjusted EBITDA Margins* for the three months ended July 31, 2024, was 13.5% compared to 12.4% in the prior year comparative period. Adjusted EBITDA Margins* for the nine months ended July 31, 2024, was 14.5% compared to 8.7% in the prior year comparative period.
Net income for the three months ended July 31, 2024, was $0.4 million representing an increase of $1.3 million from the prior year net loss of $0.9 million, and net income for the nine months ended July 31, 2024 was $2.6 million and increase of $6.4 million from the prior year loss of $3.8 million.
*Measures followed by the suffix “*” in this press release are non-IFRS measures. For the relevant definition, see “Non-IFRS Measures” below. As applicable, a reconciliation of this non-IFRS measure to the most directly comparable IFRS financial measure is included in the tables at the end of this press release and in the Company’s management’s discussion and analysis for the three months and nine months ended July 31, 2024.
Conference Call Notification
Haivision will hold a conference call to discuss its second quarter financial results on Thursday, September 12, 2024 at 8:30 am (ET). To register for the call, please use this link https://registrations.events/direct/Q4I3341499 . After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry.
Financial Statements, Management’s Discussion and Analysis and Additional Information
Haivision’s unaudited interim consolidated financial statements for the third quarter ended July 31, 2024 (the “Q3 Financial Statements”), the management’s discussion and analysis thereon and additional information relating to Haivision and its business can be found under Haivision’s profile on SEDAR+ at www.sedarplus.ca. The financial information presented in this release was derived from the Q3 Financial Statements.
Forward-Looking Statements
This release includes “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including, without limitation, statements regarding the Company’s growth opportunities and its ability to execute on its growth strategy. In some cases, but not necessarily in all cases, forward-looking statements 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 statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on opinions, assumptions and estimates that, while considered reasonable by Haivision as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in the Company’s latest annual information form, and in other periodic filings that the Company has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect Haivision. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Haivision undertakes no obligation to publicly update any forward-looking statement, except as required by applicable securities laws.
Non-IFRS Measures
Haivision’s consolidated financial statements for the third quarter ended July 31, 2024 are prepared in accordance with International Financial Reporting Standards (“IFRS”). As a compliment to results provided in accordance with IFRS, this press release makes reference to certain (i) non-IFRS financial measures, including “EBITDA”, and “Adjusted EBITDA”, (ii) non-IFRS ratios including “Adjusted EBITDA Margin”, and (iii) supplementary financial measures including “Gross Margins” (collectively “non-IFRS measures”). These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. For information on the most directly comparable financial measure disclosed in the primary financial statements of Haivision, composition of the non-IFRS measures, a description of how Haivision uses these measures and an explanation of how these measures provide useful information to investors, refer to the “Non-IFRS Measures” section of the Company’s management’s discussion and analysis for the three months and nine months ended July 31, 2024, dated September 11, 2024, available on the Company’s SEDAR+ profile at www.sedarplus.ca, which is incorporated by reference into this press release. As applicable, the reconciliations for each non-IFRS measure are outlined below. Non-IFRS measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of the Company’s performance, liquidity, cash flow and profitability.
About Haivision
Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com.
Thousands of Canadian dollars (except per share amounts)
Three months ended
July 31,
Nine months ended
July 31,
2024
2023
2024
2023
($)
($)
($)
($)
Revenue
30,646
34,954
99,394
104,132
Cost of sales
7,665
9,826
26,709
32,133
Gross profit
22,981
25,128
72,685
71,999
Expenses
Sales and marketing
6,744
7,823
20,378
23,339
Operations and support
3,939
3,820
11,903
11,409
Research and development
6,713
7,236
20,738
22,542
General and administrative
3,870
4,740
12,788
14,036
Share-based payment
585
449
1,627
1,545
Restructuring costs
—
1,546
—
1,546
21,851
25,615
67,434
74,417
Operating Profit (loss)
1,131
(486)
5,251
(2,417)
Financial expenses
206
393
749
1,337
Income (loss) before income taxes
925
(880)
4,502
(3,754)
Income taxes
Current
887
(388)
2,236
(242)
Deferred
(397)
371
(378)
283
490
(17)
1,858
40
Net income (loss)
435
(863)
2,644
(3,795)
Other comprehensive income (loss)
Foreign currency translation adjustment
785
(2,670)
203
(2)
Comprehensive income (loss)
1,221
(3,532)
2,848
(3,797)
Net income (loss) per share:
Basic
$0.01
$(0.03)
$0.09
$(0.13)
Diluted
$0.01
$(0.03)
$0.09
$(0.13)
Weighted average number of shares outstanding
Basic
29,038,392
29,004,453
29,074,599
28,964,172
Diluted
30,162,758
29,004,453
30,123,314
28,964,172
Thousands of Canadian dollars
As at
July 31,
2024
October 31,
2023
$
$
Assets
Current assets
Cash
13,882
8,285
Trade and other receivables
24,676
26,113
Investment tax credits receivable
2,044
2,238
Inventories
15,581
18,930
Prepaid expenses and deposits
3,828
4,043
60,011
59,609
Property and equipment
3,727
3,900
Right-of-use assets
6,199
7,494
Intangible assets
12,727
17,668
Goodwill
46,309
46,219
Non-refundable investment tax credits receivable
7,313
5,602
Deferred income taxes
3,953
3,599
80,228
84,482
140,239
144,091
Liabilities
Current liabilities
Line of credit
3,402
4,685
Trade and other payables
14,031
17,534
Restructuring costs payable
70
240
Purchase price payable
208
204
Income taxes payable
1,779
659
Current portion of lease liabilities
1,677
1,688
Current portion of term loans
1,138
964
Deferred revenue
12,672
12,104
34,977
38,078
Lease liabilities
5,460
6,738
Long term debt
1,664
2,101
Deferred revenue
3,009
3,021
45,110
49,938
Equity
Share capital
89,900
90,902
Retained earnings
(7,792)
(9,997)
Share-based compensation and other reserves
4,864
5,295
Cumulative translation adjustment
8,157
7,953
95,129
94,153
140,239
144,091
Thousands of Canadian dollars
Three months ended
July 31,
Nine months ended
July 31,
2024
2023
2024
2023
($)
($)
($)
($)
Net Income (loss)
434
(863)
2,644
(3,795)
Income Taxes
490
(17)
1,858
40
Income (loss) before income taxes
925
(880)
4,502
(3,755)
Depreciation
828
768
2,561
2,315
Amortization
1,602
2,053
4,947
6,091
Financial expenses
206
393
749
1,337
EBITDA(1)
3,561
2,335
12,759
5.988
Share-based payments (LTIP)
585
449
1,627
1,545
Restructuring costs
—
1,546
—
1,546
Adjusted EBITDA(1)
4,146
4.330
14,386
9,079
Adjusted EBITDA Margin(1)
13.5 %
12.4 %
14.5 %
8.7 %
___________________
Note:
(1) Non-IFRS measure. See “Non-IFRS Measures.”
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SOURCE Haivision Systems Inc.
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Power Financial – Dividends on Preferred Shares
Published
13 mins agoon
November 12, 2024By
All figures are expressed in Canadian dollars.
MONTRÉAL, Nov. 12, 2024 /CNW/ – The Board of Directors of Power Financial Corporation (Power Financial or the Corporation) today declared the following quarterly dividends on the Corporation’s preferred shares.
Dividends on Preferred Shares
Dividends payable February 15, 2025 to shareholders of record January 24, 2025:
Series
Stock Symbol
Amount
Series A
PWF.PR.A
Floating rate [1]
[1]
Equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks for the period October 1 to December 31, 2024.
Dividends payable January 31, 2025 to shareholders of record January 10, 2025:
Series
Stock Symbol
Amount
Series
Stock Symbol
Amount
Series D
PWF.PR.E
34.375¢
Series P
PWF.PR.P
12.4875¢
Series E
PWF.PR.F
32.8125¢
Series Q
PWF.PR.Q
35.1555¢
Series F
PWF.PR.G
36.875¢
Series R
PWF.PR.R
34.375¢
Series H
PWF.PR.H
35.9375¢
Series S
PWF.PR.S
30¢
Series K
PWF.PR.K
30.9375¢
Series T
PWF.PR.T
34.9688¢
Series L
PWF.PR.L
31.875¢
Series V
PWF.PR.Z
32.1875¢
Series O
PWF.PR.O
36.25¢
Series 23
PWF.PF.A
28.125¢
For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on the Corporation’s preferred shares are eligible dividends.
About Power Financial
Power Financial, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. It also has significant holdings in a portfolio of global companies based in Europe. To learn more, visit www.powerfinancial.com.
Readers are reminded that Power Financial relies on certain of the continuous disclosure documents filed by Power Corporation of Canada pursuant to an exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations as provided in the decision of the Autorité des marchés financiers and the Ontario Securities Commission, dated September 10, 2024, regarding Power Financial and Power Corporation of Canada, and that such continuous disclosure documents, including a press release announcing the third quarter 2024 financial results of Power Corporation of Canada, can be found for viewing in electronic format under the profile of Power Financial on SEDAR+ at www.sedarplus.ca.
SOURCE Power Financial Corporation
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Ginkgo Bioworks Reports Third Quarter 2024 Financial Results
Published
13 mins agoon
November 12, 2024By
Ginkgo provides update on its restructuring process including an acceleration of site consolidation initiatives and continued progress on cost reductions
Ginkgo signs new and expanded deals with Novo Nordisk and achieves a major research milestone with Merck
BOSTON, Nov. 12, 2024 /PRNewswire/ — Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, “Ginkgo”), which is building the leading platform for cell programming and biosecurity, today announced its results for the third quarter ended September 30, 2024. The update, including a webcast slide presentation with additional details on the third quarter and supplemental financial information will be available at investors.ginkgobioworks.com.
Third Quarter 2024 Financial Results
Third quarter 2024 Total revenue of $89 million, up from $55 million in the comparable prior year period, an increase of 61% driven by $45 million of non-cash revenue from a release of deferred revenue relating to the mutual termination of a customer agreement. Excluding this impact, Total revenue in the quarter was $44 million, a decrease of 21% over the prior year periodExcluding the $45 million non-cash deferred revenue release, third quarter 2024 Cell Engineering revenue of $30 million, down from $37 million in the comparable prior year period, a decrease of 20% driven by the continued shift from early stage customers to large/enterprise customers along with commercial changes related to the restructuringThird quarter 2024 Biosecurity revenue of $14 million with gross profit margin of 28%. Biosecurity revenue decreased from the comparable prior year period due to the expected ramp down of K-12 testingThird quarter 2024 Loss from operations of $(55) million (inclusive of stock-based compensation expense of $14 million and M&A and restructuring related costs of $2 million, net), compared to Loss from operations of $(286) million (inclusive of stock-based compensation expense of $54 million and M&A and restructuring related costs, including asset impairments, of $124 million) in the comparable prior year period. The 2024 period also benefited from the above non-cash deferred revenue releaseThird quarter 2024 Adjusted EBITDA of $(20) million, up from $(84) million in the comparable prior year period, driven by the above non-cash deferred revenue release and a decrease in operating expensesCash and cash equivalents balance as of the end of the third quarter of $616 million
“I’m extremely proud of the significant progress we made in the third quarter,” said Jason Kelly, co-founder and CEO of Ginkgo. “The team has been laser-focused on delivering for customers while driving down costs even further. We are achieving ambitious milestones, signing new deals with several new and existing customers while also launching our new Automation, Datapoints and AI offerings. Beyond customer successes, we will substantially consolidate our overall real estate footprint by exiting several facilities in Cambridge, MA and Europe by year end. We couldn’t have done this without the support of our Board and we’re very grateful to Arie for all of his service and contributions to our journey since going public, and look forward to working closely with Sri as he brings a wealth of knowledge in the automation and life science tools space as we expand increasingly into tools. It’s an incredibly important time to be pursuing the mission of making biology easier to engineer and creating sustainable biosecurity infrastructure for the future. I am excited by the momentum we are gaining to meet that mission as we close out this year on a substantially reduced cost base.”
Recent Business Highlights & Strategic Positioning
Cell Engineering closed deals with new and existing customersAdded 25 new programs and other customer contracts to the Cell Engineering platform in Q3 2024, of which 11 were comparable in size and scope to historically reported New Programs and an additional 14 contracts that represent a variety of other deal archetypes, such as Datapoints projectsSigned a new deal with Novo Nordisk focused on the discovery and development of proteins while also expanding Ginkgo’s existing collaboration on expression systems for pharmaceutical productsDelivered on a major research milestone for Ginkgo’s previously announced deal with Merck. As part of this milestone completion, Ginkgo will receive a fee of $9 million in cash, expected in Q4 2024, and will move to Stage 2 to work towards making an even more effective production processSigned three new Datapoints deals with a major TechBio company and two of the top 25 pharmaceutical companiesGinkgo Biosecurity continues to work towards creating solutions that offer persistent, pervasive monitoringGinkgo validated its approach to rapidly detect H5N1 and has updated its offerings to include DNA sequencing of raw milk, bioinformatics as a service and comprehensive analyzed data setsGinkgo made significant progress on its plan to reach Adjusted EBITDA breakeven by the end of 2026The reduction in force is estimated to achieve over $85 million in annualized savings by mid-2025Ginkgo has continued implementing significant non-people cost cutting measures, including rationalizing third-party costs and site consolidationDr. Sri Kosuri, CEO of Octant and former associate professor at UCLA in the Chemistry and Biochemistry Department, joined our Board on November 6, 2024. Dr. Arie Belldegrun, a director since September 2021 and member of our compensation committee, resigned from the Board on November 7, 2024
Full Year 2024 Outlook
Ginkgo previously issued 2024 guidance for Total revenue of $170-190 million; Cell Engineering services revenue of $120-140 million; and Biosecurity revenue of at least $50 million. Ginkgo updates its previously issued guidance solely to reflect the impact of the previously mentioned $45 million non-cash deferred revenue release in the third quarter to:Total revenue guidance of $215-235 million in 2024;Cell Engineering services revenue of $165-185 million in 2024; andBiosecurity revenue of at least $50 million in 2024.
Conference Call Details
Ginkgo will host a videoconference today, Tuesday, November 12, 2024, beginning at 5:30 p.m. ET. The presentation will include an overview of third quarter financial performance, recent business updates, a discussion on Ginkgo’s outlook, as well as a moderated question and answer session.
To ask a question ahead of the presentation, please submit your questions to @Ginkgo on X (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com.
A webcast link is available on Ginkgo’s Investor Relations website and a replay will be made available following the presentation.
Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/
Audio-Only Dial Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington DC)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)
Webinar ID: 920 8859 2008
If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our website at https://investors.ginkgobioworks.com/events/ for updated dial-in information.
About Ginkgo Bioworks
Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo Biosecurity is building and deploying the next-generation infrastructure and technologies that global leaders need to predict, detect, and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and ginkgobiosecurity.com, read our blog, or follow us on social media channels such as X (@Ginkgo and @Ginkgo_Biosec), Instagram (@GinkgoBioworks), Threads (@GinkgoBioworks) or LinkedIn.
Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, including with respect to our current expectations, operations and anticipated results of operations, both business and financial, including the timing for attaining Adjusted EBITDA breakeven and profitability, our reduction in workforce and anticipated impacts thereof, the timing and structuring of our facilities consolidation and the potential financial impact thereof, potential customer success, including successful application of our offerings by our customers, expectations with regard to revenue, expenses, including our stock-based compensation expenses, our full year 2024 outlook, and the market environment, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “can,” “project,” “potential,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) our ability to realize near-term and long-term cost savings associated with our site consolidation plans, including the ability to terminate leases or find sub-lease tenants for unused facilities, (ii) volatility in the price of Ginkgo’s securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo’s business, (iii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iv) the risk of downturns in demand for products using synthetic biology, (v) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (vi) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vii) the outcome of any pending or potential legal proceedings against Ginkgo, (viii) our ability to realize the expected benefits from and the success of our Foundry platform programs, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, (x) the product development or commercialization success of our customers, and (xi) the potential negative impact on our business of our planned reduction in force or the failure to realize the anticipated savings associated therewith. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Ginkgo’s annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 29, 2024 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.
Use of Non-GAAP Financial Measures
Certain of the financial measures included in this release, including Adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles (“GAAP”), and constitute “non-GAAP financial measures” as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo’s financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, and should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo’s most comparable GAAP financial measures.
Ginkgo Bioworks Contacts:
INVESTOR CONTACT:
investors@ginkgobioworks.com
MEDIA CONTACT:
press@ginkgobioworks.com
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data, unaudited)
As of September 30, 2024
As of December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$ 616,214
$ 944,073
Accounts receivable, net
23,411
17,157
Accounts receivable – related parties
531
742
Prepaid expenses and other current assets
22,324
39,777
Total current assets
662,480
1,001,749
Property, plant, and equipment, net
211,035
188,193
Operating lease right-of-use assets
405,911
206,801
Investments
62,103
78,565
Intangible assets, net
79,566
82,741
Goodwill
—
49,238
Other non-current assets
59,788
58,055
Total assets
$ 1,480,883
$ 1,665,342
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 15,700
$ 9,323
Deferred revenue
22,894
44,486
Accrued expenses and other current liabilities
75,833
110,051
Total current liabilities
114,427
163,860
Non-current liabilities:
Deferred revenue, net of current portion
105,247
158,062
Operating lease liabilities, non-current
445,592
221,835
Other non-current liabilities
17,674
24,433
Total liabilities
682,940
568,190
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value
—
—
Common stock, $0.0001 par value
5
5
Additional paid-in capital
6,527,698
6,386,191
Accumulated deficit
(5,730,023)
(5,290,528)
Accumulated other comprehensive income
263
1,484
Total stockholders’ equity
797,943
1,097,152
Total liabilities and stockholders’ equity
$ 1,480,883
$ 1,665,342
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share data, unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Cell Engineering revenue
$ 75,089
$ 37,176
$ 139,183
$ 116,555
Biosecurity revenue:
Product
—
6,495
—
28,949
Service
13,957
11,759
44,013
71,196
Total revenue
89,046
55,430
183,196
216,700
Costs and operating expenses:
Cost of Biosecurity product revenue
—
906
—
7,481
Cost of Biosecurity service revenue
9,987
6,017
30,996
39,913
Cost of other revenue
2,016
—
3,930
—
Research and development (1)
77,006
156,662
347,684
463,583
General and administrative (1)
52,292
82,028
188,864
295,802
Impairment of lease assets
—
96,210
—
96,210
Goodwill impairment
—
—
47,858
—
Restructuring charges
2,949
—
20,015
—
Total operating expenses
144,250
341,823
639,347
902,989
Loss from operations
(55,204)
(286,393)
(456,151)
(686,289)
Other income (expense):
Interest income, net
9,251
15,020
31,275
43,914
Loss on equity method investments
—
—
—
(1,516)
Loss on investments
(6,912)
(36,324)
(16,282)
(44,815)
Loss on deconsolidation of subsidiary
(7,013)
—
(7,013)
—
Change in fair value of warrant liabilities
1,528
1,891
5,701
(1,387)
Other income, net
1,572
2,893
2,821
9,045
Total other income (expense)
(1,574)
(16,520)
16,502
5,241
Loss before income taxes
(56,778)
(302,913)
(439,649)
(681,048)
Income tax expense (benefit)
(375)
(22)
(154)
127
Net loss
$ (56,403)
$ (302,891)
$ (439,495)
$ (681,175)
Net loss per share, basic and diluted
$ (1.08)
$ (6.21)
$ (8.58)
$ (14.09)
Weighted average common shares outstanding:
Basic
52,240
48,770
51,244
48,330
Diluted
52,246
48,770
51,250
48,330
Comprehensive loss:
Net loss
$ (56,403)
$ (302,891)
$ (439,495)
$ (681,175)
Other comprehensive income (loss):
Foreign currency translation adjustment
494
(1,599)
(2,713)
(267)
Reclassification of foreign currency translation
adjustment realized upon sale of
foreign subsidiary
1,492
—
1,492
—
Total other comprehensive income (loss)
1,986
(1,599)
(1,221)
(267)
Comprehensive loss
$ (54,417)
$ (304,490)
$ (440,716)
$ (681,442)
(1) Total stock-based compensation expense, inclusive of employer payroll taxes, was allocated as follows (in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Research and development
$ 3,214
$ 33,976
$ 48,028
$ 122,086
General and administrative
10,799
19,671
46,608
69,238
Total
$ 14,013
$ 53,647
$ 94,636
$ 191,324
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Nine Months Ended September 30,
2024
2023
Cash flows from operating activities:
Net loss
$ (439,495)
$ (681,175)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
47,368
57,670
Stock-based compensation
91,783
187,047
Goodwill impairment
47,858
—
Restructuring related impairment charges
4,823
—
Loss on investments and equity method investments
16,282
46,331
Loss on deconsolidation of subsidiary
7,013
—
Change in fair value of warrant liabilities
(5,701)
1,387
Change in fair value of contingent consideration liability
3,698
10,217
Non-cash lease expense
20,619
24,635
Non-cash in-process research and development
19,796
3,981
Impairment of long-lived assets
—
121,404
Other non-cash activity
655
3,053
Changes in operating assets and liabilities:
Accounts receivable
(6,101)
21,168
Prepaid expenses and other current assets
3,487
13,557
Operating lease right-of-use assets
19,224
9,277
Other non-current assets
(196)
(2,733)
Accounts payable, accrued expenses and other current liabilities
(31,099)
(4,822)
Deferred revenue, current and non-current
(67,779)
(29,382)
Operating lease liabilities, current and non-current
(11,383)
(18,310)
Other non-current liabilities
1,998
(974)
Net cash used in operating activities
(277,150)
(237,669)
Cash flows from investing activities:
Purchases of property and equipment
(48,831)
(37,355)
Business acquisition
(5,400)
—
Proceeds from sales of marketable securities
3,951
—
Proceeds from sale of equipment
591
3,000
Other
538
336
Net cash used in investing activities
(49,151)
(34,019)
Cash flows from financing activities:
Proceeds from exercise of stock options
84
79
Principal payments on finance leases
(694)
(977)
Contingent consideration payment
(922)
(1,082)
Other
(4)
(604)
Net cash used in financing activities
(1,536)
(2,584)
Effect of foreign exchange rates on cash and cash equivalents
(208)
(690)
Net decrease in cash, cash equivalents and restricted cash
(328,045)
(274,962)
Cash and cash equivalents, beginning of period
944,073
1,315,792
Restricted cash, beginning of period
45,511
53,789
Cash, cash equivalents and restricted cash, beginning of period
989,584
1,369,581
Cash and cash equivalents, end of period
616,214
1,049,244
Restricted cash, end of period
45,325
45,375
Cash, cash equivalents and restricted cash, end of period
$ 661,539
$ 1,094,619
Selected Non-GAAP Financial Measures
(in thousands, unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Net loss (1)
$ (56,403)
$ (302,891)
$ (439,495)
$ (681,175)
Interest income, net
(9,251)
(15,020)
(31,275)
(43,914)
Income tax expense (benefit)
(375)
(22)
(154)
127
Depreciation and amortization
17,171
21,060
47,368
57,670
EBITDA
(48,858)
(296,873)
(423,556)
(667,292)
Stock-based compensation (2)
14,013
53,647
94,636
191,324
Impairment expense (3)
—
112,403
47,858
121,404
Restructuring charges (4)
2,949
—
20,015
—
Merger and acquisition related expenses (5)
(796)
12,253
6,110
43,127
Loss on equity method investments
—
—
—
1,516
Loss on investments
6,912
36,324
16,282
44,815
Loss on deconsolidation of subsidiary
7,013
—
7,013
—
Change in fair value of warrant liabilities
(1,528)
(1,891)
(5,701)
1,387
Change in fair value of convertible notes
281
317
1,127
121
Adjusted EBITDA
$ (20,014)
$ (83,820)
$ (236,216)
$ (263,598)
(1)
All periods include non-cash revenue when earned, including $45.4 million in the three and nine months ended September 30, 2024, recognized pursuant to the termination of revenue contracts with Motif.
(2)
Includes $0.2 million and $1.1 million in employer payroll taxes for the three months ended September 30, 2024 and 2023, respectively, and $2.9 and $4.3 million for the nine months ended September 30, 2024 and 2023, respectively.
(3)
For 2024, includes $47.9 million related to goodwill impairment. For the three months ended September 30, 2023, includes a $16.2 million impairment loss on lab equipment and a $96.2 million impairment loss on an operating lease right-of-use asset and related leasehold improvements associated with an exited Zymergen leased facility. For the nine months ended September 30, 2023, includes a $25.2 million impairment loss on lab equipment and a $96.2 million impairment loss on lease assets associated with the exited Zymergen leased facility.
(4)
Restructuring charges consist of employee termination costs from the reduction in force commenced in June 2024, as well as the impairment of a right-of-use asset relating to facilities consolidation.
(5)
Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) due diligence, legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery. Not included in this adjustment are non-cash charges for acquired in-process research and development expenses, which totaled $19.8 million and $4.0 million in the nine months ended September 30, 2024 and 2023, respectively.
Ginkgo Bioworks Holdings, Inc.
Segment Information
(in thousands, unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenue:
Cell Engineering
$ 75,089
$ 37,176
$ 139,183
$ 116,555
Biosecurity
13,957
18,254
44,013
100,145
Total revenue
89,046
55,430
183,196
216,700
Segment cost of revenue:
Cell Engineering
2,016
—
3,930
—
Biosecurity
9,987
6,923
30,996
47,394
Segment research and development expense:
Cell Engineering
57,201
90,889
253,790
275,494
Biosecurity
141
313
720
1,408
Total segment research and development expense
57,342
91,202
254,510
276,902
Segment general and administrative expense:
Cell Engineering
29,319
42,617
103,167
155,216
Biosecurity
10,040
12,207
33,169
42,862
Total segment general and administrative expense
39,359
54,824
136,336
198,078
Segment operating (loss) income:
Cell Engineering
(13,447)
(96,330)
(221,704)
(314,155)
Biosecurity
(6,211)
(1,189)
(20,872)
8,481
Total segment operating loss
(19,658)
(97,519)
(242,576)
(305,674)
Operating expenses not allocated to segments:
Stock-based compensation (1)
14,013
53,647
94,636
191,324
Depreciation and amortization
17,171
21,060
47,368
57,670
Impairment expense (2)
—
112,403
47,858
121,404
Restructuring charges
2,949
—
20,015
—
Change in fair value of contingent consideration liability
1,413
1,764
3,698
10,217
Loss from operations
$ (55,204)
$ (286,393)
$ (456,151)
$ (686,289)
(1)
Includes $0.2 million and $1.1 million in employer payroll taxes for the three months ended September 30, 2024 and 2023, respectively, and $2.9 million and $4.3 million in employer payroll taxes for the nine months ended September 30, 2024 and 2023, respectively.
(2)
For 2024, includes $47.9 million related to goodwill impairment. For the three months ended September 30, 2023, includes a $16.2 million impairment loss on lab equipment and a $96.2 million impairment loss on an operating lease right-of-use asset and related leasehold improvements associated with an exited Zymergen leased facility. For the nine months ended September 30, 2023, includes a $25.2 million impairment loss on lab equipment and a $96.2 million impairment loss on lease assets associated with the exited Zymergen leased facility.
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SOURCE Ginkgo Bioworks
Technology
Product Information Management Market to Grow by USD 10.87 Billion (2024-2028), Driven by Rising E-Commerce Demand, AI-Powered Report Highlights Market Transformation – Technavio
Published
13 mins agoon
November 12, 2024By
NEW YORK, Nov. 12, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global product information management market size is estimated to grow by USD 10.87 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 14.37% during the forecast period. Thriving e-commerce industry is driving up demand for PIM solutions is driving market growth, with a trend towards adaption of AI and machine learning skills to improve data management and consumer experience. However, concerns about data security and privacy threats poses a challenge.Key market players include Bluestone Norway, censhare GmbH, Contentserv Swiss GmbH, GS Topco GP LLC, Informatica Inc., International Business Machines Corp., Jasper Commerce Inc., Mobius Knowledge Services P. Ltd., Oracle Corp., Pimcore GmbH, Plytix SLU, Salsify Inc., SAP SE, Stibo Systems, Syndigo LLC, True Commerce Inc., Viamedici Software GmbH, Vinculum Solutions Pvt. Ltd., Akeneo SAS, and Inriver AB.
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Deployment (On-premises and Cloud), End-user (Large enterprises and SMEs), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
Region Covered
North America, Europe, APAC, South America, and Middle East and Africa
Key companies profiled
Bluestone Norway, censhare GmbH, Contentserv Swiss GmbH, GS Topco GP LLC, Informatica Inc., International Business Machines Corp., Jasper Commerce Inc., Mobius Knowledge Services P. Ltd., Oracle Corp., Pimcore GmbH, Plytix SLU, Salsify Inc., SAP SE, Stibo Systems, Syndigo LLC, True Commerce Inc., Viamedici Software GmbH, Vinculum Solutions Pvt. Ltd., Akeneo SAS, and Inriver AB
Key Market Trends Fueling Growth
Product Information Management (PIM) is a business solution that helps companies manage and distribute accurate and consistent product information to various channels. A key trend in PIM is data syndication, allowing retailers and wholesalers to access product info in real-time. The eCommerce industry is a major adopter, with omnichannel syndication enabling a seamless shopping experience. Cloud-based solutions offer flexibility and scalability, while automation streamlines data entry. Security frameworks ensure data privacy and protection. Industry verticals from consumer goods to electronics benefit, including retailers, wholesalers, and ecommerce sites. PIM improves customer experience and omnichannel experience, driving online shopping sales. Small companies and ecommerce startups can also benefit from digitalization and data enrichment. Augmented Reality (AR) and visualization tools provide real-scale product representation, enhancing the ecommerce system. PIM integrates with ERP and CRM systems, downstream channels, IT service teams, and marketing channels. A multi-cloud approach or hybrid cloud strategy offers deployment flexibility, while data storage solutions cater to large product catalogs. AI and machine learning enable data enrichment.
Companies in various sectors, including healthcare, retail, and finance, are enhancing their Product Information Management (PIM) systems with artificial intelligence (AI) and machine learning (ML) technologies. AI-powered PIM solutions automate product classification, detect anomalies, enrich data from reliable sources, grade products, and provide contextual suggestions. These features offer insights into data issues and create a comprehensive view of product data from multiple systems. Moreover, AI-enabled chatbots improve consumer experience, leading to increased sales and profitability. By investing in these advanced technologies, businesses can stay competitive.
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Market Challenges
Product Information Management (PIM) is essential for businesses in various industry verticals, particularly in the eCommerce sector, to manage and deliver accurate product content to retailers, wholesalers, and downstream channels. Challenges include data syndication for omnichannel sales, ensuring consistency and quality across channels, and securing data from security threats. Cloud-based PIM solutions offer automation, data enrichment, and multi-cloud or hybrid cloud strategies for small companies and eCommerce startups. Data sources include product ingredients, weights, colors, and product specs. Adoption of PIM is crucial for delivering a great customer experience and omnichannel experience, driving online shopping sales. Security frameworks, privacy, and deployment options (cloud or on-premise) are essential considerations. PIM systems integrate with Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems, eCommerce systems, and marketing channels. Augmented Reality (AR) and Artificial Intelligence (AI) enhance product visualization on ecommerce sites for laptops, mobile devices, and online buyers.Product Information Management (PIM) systems enable organizations to efficiently collect, manage, and publish product data across multiple channels. However, some businesses are hesitant to adopt new PIM solutions due to concerns over data security and regulatory compliance. The transmission of data from one platform to another and data synchronization are integral parts of PIM. Yet, some firms express apprehensions about potential data breaches due to insufficient information about security standards. Consequently, they prefer vendors who can integrate PIM functionalities into their existing systems. Smaller enterprises, too, have reconsidered their decision to use cloud-based PIM systems due to privacy concerns associated with cloud storage.
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Segment Overview
This product information management market report extensively covers market segmentation by
Deployment1.1 On-premises1.2 CloudEnd-user2.1 Large enterprises2.2 SMEsGeography3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa
1.1 On-premises- An on-premises Product Information Management (PIM) system is a software solution installed and operated on a company’s own servers, purchased under a license agreement. This setup requires the hiring of specialized personnel for administration and maintenance. The installation process involves evaluating infrastructure requirements, assessing LAN/WAN bandwidth impact, determining access permissions, and obtaining internal approvals. For large-scale deployments or complex infrastructures, a Systems Integrator may be engaged. Access to product information is physical, with users typically requiring on-site presence. Security is a key advantage, as data is stored locally.
Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)
Research Analysis
The Product Information Management (PIM) market is a dynamic and growing sector that focuses on managing and enriching product data for various industries, particularly the consumer goods sector. PIM systems enable the collection, management, and distribution of accurate and consistent product information to retailers, wholesalers, and eCommerce platforms. These solutions provide omnichannel syndication, ensuring product data is up-to-date and accurate across all sales channels. Cloud-based PIM systems offer automation and data enrichment features, utilizing Artificial Intelligence to analyze and enhance product content, including ingredients, weight, colors, and product specifications. Security frameworks are integral to these solutions, safeguarding sensitive data and ensuring compliance with industry regulations. The eCommerce industry relies on PIM to maintain product data consistency and improve overall quality, driving better customer experiences and increased sales.
Market Research Overview
The Product Information Management (PIM) market is a dynamic and growing sector that enables businesses to effectively manage and distribute accurate and consistent product information across multiple channels and industry verticals. With the eCommerce industry’s increasing dominance, the need for omnichannel syndication of product content, including ingredients, weight, colors, and product specs, has become essential. Cloud-based PIM solutions offer automation and data source adoption, ensuring retailers and wholesalers maintain product information consistency and quality. Small companies and ecommerce startups benefit from these systems, enabling them to compete with larger enterprises. Security frameworks are crucial in PIM, safeguarding data privacy and ensuring compliance. Industry verticals such as Consumer Goods and Retail sectors can leverage PIM for digitalization, improving customer experience and omnichannel experience, driving online shopping sales. PIM solutions support multi-cloud and hybrid cloud strategies, including public cloud, augmented reality (AR) integration, and ecommerce site visualization on laptops, mobile devices, and real scale. Additionally, PIM systems can integrate with Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), product catalogs, downstream channels, IT service teams, marketing channels, and data storage solutions. Data enrichment through artificial intelligence and machine learning further enhances PIM capabilities, catering to various industry sectors and ecommerce systems.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
DeploymentOn-premisesCloudEnd-userLarge EnterprisesSMEsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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SOURCE Technavio
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