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Ceva, Inc. Announces Third Quarter 2024 Financial Results

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– Total revenue of $27.2 million, up 13% year-over-year
– Ceva-powered device shipments of 522 million units in the quarter, driven by a record of more than 400 million Bluetooth, Wi-Fi and cellular IoT combined shipments 
– Strategic licensing deals signed with satellite OEM for 5G-Advanced platform and smartphone OEM for Spatial Audio software
– First licensing deal signed for NeuPro-Nano embedded AI NPU targeting consumer AIoT
– Raises financial guidance for full year 2024
– Announces expansion of existing share repurchase program with an additional 700,000 shares

ROCKVILLE, Md., Nov. 7, 2024 /PRNewswire/ — Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, today announced its financial results for the third quarter ended September 30, 2024. Financial results for the third quarter ended September 30, 2023, reflect Ceva’s continuing operations only, with the Intrinsix business reflected as a discontinued operation, unless otherwise noted.

Operational Highlights:

Released second NeuPro-Nano embedded AI NPU – NPN64, available for licensingNew cellular IoT industrial module launched by STMicroelectronics based on Ceva cellular IoT platformNew AI/ML MCU family launched by Alif Semiconductor based on Ceva Bluetooth Low Energy and 802.15.4 IPsPartnership with Edge Impulse to enable faster, easier development of edge AI applications on Ceva-NeuPro NPUs

Total revenue for the third quarter of 2024 was $27.2 million, up 13% compared to $24.1 million reported for the third quarter of 2023. Licensing and related revenue for the third quarter of 2024 was $15.6 million, up 12% compared to $13.9 million reported for the same quarter a year ago. Royalty revenue for the third quarter of 2024 was $11.6 million, the fourth sequential year-over-year increase, and up 15% compared to $10.1 million reported for the same quarter a year ago.

Amir Panush, Chief Executive Officer of Ceva, commented: “We delivered another strong performance in the third quarter, driven by double-digit year-over-year revenue growth for both licensing and royalties. We continue to experience exceptional demand for our IP portfolio, as evidenced by strategic OEM customer deals for 5G-Advanced satellite communications and spatial audio for headphones and earbuds. We also achieved a significant milestone in embedded AI, with our first licensing deal signed for our NeuPro-Nano NPU targeting consumer AIoT devices. In royalties, strength in the consumer and industrial markets drove Ceva-powered shipments to the second highest quarter on record, including record combined shipments of Bluetooth, Wi-Fi and cellular IoT devices of more than 400 million units.”  

During the quarter, 10 IP licensing agreements were concluded, targeting a wide range of end markets and applications, including embedded AI solutions for consumer AIoT devices, 5G-Advanced satellite broadband for infrastructure and terminals, 5G for cellular IoT and V2X, spatial audio for headphones and TWS earbuds, and Bluetooth, Wi-Fi and UWB connectivity for wearables and hearables. Three of the deals signed in the quarter were with OEMs and three deals signed were with first-time customers.

GAAP gross margin for the third quarter of 2024 was 85%, as compared to 90% in the third quarter of 2023. GAAP operating loss for the third quarter of 2024 was $2.6 million, as compared to a GAAP operating loss of $2.7 million for the same period in 2023. GAAP net loss for the third quarter of 2024 was $1.3 million, as compared to a GAAP net loss of $2.8 million reported for the same period in 2023. GAAP diluted loss per share for the third quarter of 2024 was $0.06, as compared to GAAP diluted loss per share of $0.12 for the same period in 2023.

GAAP net loss with the discontinued operation for the third quarter of 2023 was $5.0 million. GAAP diluted loss per share with the discontinued operation for the third quarter of 2023 was $0.21.

Non-GAAP gross margin for the third quarter of 2024 was 87%, as compared to 92% for the same period in 2023. Non-GAAP operating income for the third quarter of 2024 increased 30% to $2.1 million, as compared to non-GAAP operating income of $1.6 million reported for the third quarter of 2023. Non-GAAP net income and diluted income per share for the third quarter of 2024 increased 137% and 133% to $3.4 million and $0.14, respectively, compared with non-GAAP net income and diluted income per share of $1.4 million and $0.06, respectively, reported for the third quarter of 2023. 

Non-GAAP net income, including the discontinued operation for the third quarter of 2023, was $0.4 million. Non-GAAP diluted income per share, including the discontinued operation for the third quarter of 2023, was $0.02.

Yaniv Arieli, Chief Financial Officer of Ceva, stated: “Our robust third quarter earnings more than doubled our non-GAAP net income and diluted income per share year-over-year. For the full year, we now expect overall revenues to be higher than previous guidance, at a new range of 7%-9% growth, enabling us to double our non-GAAP fully diluted EPS year-over-year. We continued to buy back the company’s stock during the quarter, repurchasing approximately 186,000 shares for approximately $4.2 million under our stock repurchase program. Furthermore, the Ceva Board of Directors today authorized the expansion of the company’s share repurchase program with an additional 700,000 shares of common stock available for repurchase, bringing the total shares available for repurchase to approximately 1 million. At the end of the quarter, our cash and cash equivalent balances, marketable securities and bank deposits were approximately $158 million, ensuring we are well-positioned to explore opportunities for non-organic growth.”

Ceva Conference Call
On November 7, 2024, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.

The conference call will be available via the following dial in numbers:

U.S. Participants : Dial 1-844-435-0316 (Access Code : Ceva)International Participants: Dial +1-412-317-6365 (Access Code: Ceva)

The conference call will also be available live via webcast at the following link: https://app.webinar.net/pyMYRB4aBXo. Please go to the web site at least fifteen minutes prior to the call to register.

For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 or +1-412-317-0088 (access code: 2106460) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on November 14, 2024. The replay will also be available at Ceva’s web site www.ceva-ip.com.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of Ceva to differ materially from those expressed or implied by such forward-looking statements and assumptions. Forward-looking statements include statements regarding customer demand for Ceva’s IP portfolio, Ceva’s positioning for non-organic growth given its current assets and updated guidance for the full year 2024. The risks, uncertainties and assumptions that could cause differing Ceva results include: the effect of intense industry competition; the ability of Ceva’s technologies and products incorporating Ceva’s technologies to achieve market acceptance; Ceva’s ability to meet changing needs of end-users and evolving market demands; the cyclical nature of and general economic conditions in the semiconductor industry; Ceva’s ability to diversify its royalty streams and license revenues; Ceva’s ability to continue to generate significant revenues from the handset baseband market and to penetrate new markets; instability and disruptions related to the ongoing IsraelGaza conflict; and general market conditions and other risks relating to Ceva’s business, including, but not limited to, those that are described from time to time in our SEC filings. Ceva assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Non-GAAP Financial Measures

Non-GAAP gross margin for both the third quarter of 2024 and 2023 excluded: (a) equity-based compensation expenses of $0.2 million and (b) amortization of acquired intangibles of $0.1 million.

Non-GAAP operating income for the third quarter of 2024 excluded: (a) equity-based compensation expenses of $4.2 million, (b) the impact of the amortization of acquired intangibles of $0.3 million and (c) $0.3 million of costs associated with business acquisitions.

Non-GAAP operating income for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million and (c) $0.1 million of costs associated with business acquisitions.

Non-GAAP net income and diluted income per share for the third quarter of 2024 excluded: (a) equity-based compensation expenses of $4.2 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.3 million of costs associated with business acquisitions and (d) Income of $0.02 million associated with the remeasurement of marketable equity securities. Non-GAAP net income and diluted income per share for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.1 million of costs associated with business acquisitions and (d) Income of $0.2 million associated with the remeasurement of marketable equity securities.

Non-GAAP net income including the discontinued operation and diluted income per share including the discontinued operation for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.1 million of costs associated with business acquisitions, (d) Income of $0.2 million associated with the remeasurement of marketable equity securities and (e) $1.2 million loss associated with discontinued operations.

About Ceva, Inc.

At Ceva, we are passionate about bringing new levels of innovation to the smart edge. Our wireless communications, sensing and Edge AI technologies are at the heart of some of today’s most advanced smart edge products. From wireless connectivity IPs (Bluetooth, Wi-Fi, UWB and 5G platform IP), to scalable Edge AI NPU IPs and sensor fusion solutions, we have the broadest portfolio of IP to connect, sense and infer data more reliably and efficiently. We deliver differentiated solutions that combine outstanding performance at ultra-low power within a very small silicon footprint. Our goal is simple – to deliver the silicon and software IP to enable a smarter, safer, and more interconnected world. This philosophy is in practice today, with Ceva powering more than 18 billion of the world’s most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles and 5G mobile networks.

Our headquarters are in Rockville, Maryland with a global customer base supported by operations worldwide. Our employees are among the leading experts in their areas of specialty, consistently solving the most complex design challenges, enabling our customers to bring innovative smart edge products to market.

Ceva is a sustainability- and environmentally-conscious company, adhering to our Code of Business Conduct and Ethics. As such, we emphasize and focus on environmental preservation, recycling, the welfare of our employees and privacy – which we promote on a corporate level. At Ceva, we are committed to social responsibility, values of preservation and consciousness towards these purposes.

Ceva: Powering the Smart Edge™

Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTubeFacebook, and Instagram.

Ceva, Inc. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAP

U.S. dollars in thousands, except per share data

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Unaudited

Unaudited

Unaudited

Unaudited

Revenues:

Licensing and related revenues

$  15,574

$  13,940

$  44,266

$  45,739

Royalties

11,633

10,133

33,450

27,518

Total revenues

27,207

24,073

77,716

73,257

Cost of revenues

3,961

2,357

9,397

9,389

Gross profit

23,246

21,716

68,319

63,868

Operating expenses:

Research and development, net

17,990

17,814

54,739

54,544

Sales and marketing

3,088

2,862

8,999

8,213

General and administrative

4,642

3,608

11,751

11,346

Amortization of intangible assets

150

149

449

445

Total operating expenses

25,870

24,433

75,938

74,548

Operating loss

(2,624)

(2,717)

(7,619)

(10,680)

Financial income, net

2,299

924

4,962

3,497

Reevaluation of marketable equity securities

21

160

(97)

(76)

Loss before taxes on income

(304)

(1,633)

(2,754)

(7,259)

Income tax expense

1,007

1,117

4,296

3,080

Net loss from continuing operation

(1,311)

(2,750)

(7,050)

(10,339)

Discontinued operation

(2,207)

(5,308)

Net loss

$  (1,311)

$  (4,957)

$  (7,050)

$  (15,647)

Basic and diluted net loss per share:

               Continuing operation

$   (0.06)

$   (0.12)

$   (0.30)

$   (0.44)

               Discontinued operation

(0.09)

(0.23)

Basic and diluted net loss per share

$   (0.06)

$   (0.21)

$   (0.30)

$   (0.67)

Weighted-average shares used to compute net loss
per share (in thousands):

Basic and diluted

23,678

23,605

23,605

23,473

 

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

U.S. Dollars in thousands, except per share amounts

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Unaudited

Unaudited

Unaudited

Unaudited

GAAP net loss

$  (1,311)

$  (4,957)

$  (7,050)

$  (15,647)

Equity-based compensation expense included in cost of
revenues

176

216

570

636

Equity-based compensation expense included in research
and development expenses

2,421

2,257

6,866

6,703

Equity-based compensation expense included in sales
and marketing expenses

491

478

1,307

1,305

Equity-based compensation expense included in general
and administrative expenses

1,120

1,018

2,936

2,787

Amortization of intangible assets related to acquisition
of businesses

279

278

835

753

Costs associated with business and asset acquisitions

251

100

783

195

(Income) loss associated with the remeasurement of
marketable equity securities

(21)

(160)

97

76

Non-GAAP from discontinued operations

1,184

3,233

Non-GAAP net income

$  3,406

$  414

$  6,344

$  41

GAAP weighted-average number of Common Stock
used in computation of diluted net loss and loss per share
(in thousands)

23,678

23,605

23,605

23,473

Weighted-average number of shares related to
outstanding stock-based awards (in thousands)

1,544

1,304

1,462

1,172

Weighted-average number of Common Stock used in
computation of diluted earnings per share, excluding the
above (in thousands)

25,222

24,909

25,067

24,645

GAAP diluted loss per share

$  (0.06)

$  (0.21)

$  (0.30)

$  (0.67)

Equity-based compensation expense

$  0.18

$  0.17

$  0.48

$  0.49

Amortization of intangible assets related to acquisition
of businesses

$  0.01

$  0.01

$  0.04

$  0.03

Costs associated with business and asset acquisitions

$  0.01

$  0.00

$  0.03

$  0.01

Income (loss) associated with the remeasurement of
marketable equity securities

$  0.00

$  0.00

$  0.00

$  0.00

Non-GAAP from discontinued operation

$  0.05

$  0.14

Non-GAAP diluted earnings  per share

$  0.14

$  0.02

$  0.25

$  0.00

 

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Unaudited

Unaudited

Unaudited

Unaudited

GAAP Operating loss

$  (2,624)

$  (2,717)

$  (7,619)

$  (10,680)

Equity-based compensation expense included in cost of
revenues

176

216

570

636

Equity-based compensation expense included in
research and development expenses

2,421

2,257

6,866

6,703

Equity-based compensation expense included in sales
and marketing expenses

491

478

1,307

1,305

Equity-based compensation expense included in
general and administrative expenses

1,120

1,018

2,936

2,787

Amortization of intangible assets related to acquisition
of businesses

279

278

835

753

Costs associated with business and asset acquisitions

251

100

783

195

Total non-GAAP Operating Income 

$  2,114

$  1,630

$  5,678

$  1,699

 

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Unaudited

Unaudited

Unaudited

Unaudited

GAAP Gross Profit

$  23,246

$  21,716

$  68,319

$  63,868

GAAP Gross Margin

85 %

90 %

88 %

87 %

Equity-based compensation expense included in cost of
revenues

176

216

570

636

Amortization of intangible assets related to acquisition
of businesses

129

129

386

308

Total Non-GAAP Gross profit

$  23,551

$  22,061

$  69,275

$  64,812

Non-GAAP Gross Margin

87 %

92 %

89 %

88 %

 

Ceva, Inc. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)

September 30,

December 31,

2024

2023 (*)

Unaudited

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

$  13,228

$  23,287

Marketable securities and short-term bank deposits

144,884

143,251

Trade receivables, net

15,250

8,433

Unbilled receivables

23,380

21,874

Prepaid expenses and other current assets

13,970

12,526

Total current assets

210,712

209,371

Long-term assets:

Severance pay fund

6,851

7,070

Deferred tax assets, net

1,685

1,609

Property and equipment, net

6,875

6,732

Operating lease right-of-use assets

5,625

6,978

Investment in marketable equity securities

309

406

Goodwill

58,308

58,308

Intangible assets, net

2,132

2,967

Other long-term assets

12,394

10,644

Total assets

$  304,891

$  304,085

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Trade payables

$  1,960

$  1,154

Deferred revenues

3,418

3,018

Accrued expenses and other payables

19,770

20,202

Operating lease liabilities

2,571

2,513

Total current liabilities

27,719

26,887

Long-term liabilities:

    Accrued severance pay

7,304

7,524

Operating lease liabilities

2,627

3,943

Other accrued liabilities

1,471

1,390

Total liabilities

39,121

39,744

Stockholders’ equity:

Common stock

24

23

Additional paid in-capital

256,685

252,100

Treasury stock

(2,943)

(5,620)

Accumulated other comprehensive loss

(956)

(2,329)

Retained earnings

12,960

20,167

Total stockholders’ equity

265,770

264,341

Total liabilities and stockholders’ equity

$  304,891

$  304,085

(*) Derived from audited financial statements.

 

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SOURCE Ceva, Inc.

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Enhanced Lending for Auto Dealers through ProGuard and OTTOMOTO® Partnership

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Next-Generation Auto Finance Platform ensures speed, accuracy, and compliance

AVOCA, Pa., Nov. 7, 2024 /PRNewswire/ — ProGuard Warranty announced today that they have formed a professional alliance with OTTOMOTO® to bring their lending aggregation and Business Continuity Platform to ProGuard’s base of independent and franchise dealers across the United States. With tight credit markets and interest rates negatively affecting sales, this modernized software enterprise improves access and efficiency to close more deals.

“The traditional lending process is outdated and painful for both the dealer and the consumer. Dealers want to offer a broad spectrum of lenders to match their customer base, but don’t have the resources to find suitable institutions. They often shot gun credit applications to every lender, many of which are denied outright. This puts them at a competitive disadvantage to the lot down the street that can offer a better rate and payment terms,” said Dominic Limongelli, President of ProGuard Warranty. “We are always seeking alliances with companies that can help our dealer partners succeed. OTTOMOTO® streamlines every part of retail financing — from credit applications through funding. Through their unique lender verification tool, they guide dealers to the most appropriate lenders for each customer, enhancing the probability of credit approval to close more deals.”

Through the OTTOMOTO® platform, dealers of all sizes have access to an array of lenders across the entire credit spectrum. A comprehensive suite of tools helps dealers enhance security, ensure compliance, and improve efficiency. F&I products, including ProGuard protection plans, can be added into financing with one click to further increase revenue. The customer experience is enhanced as well, allowing buyers to complete their credit application or get prequalified anywhere by simply scanning a QR code. Real-time text notifications alert them to any additional requirements needed for approval, improving funding turnaround time and customer satisfaction.

OTTOMOTO® is also a valuable compliance tool, eliminating data entry and legibility errors that can lead to FTC Safeguards Rule violations and fines. “At a time when privacy is a top concern, dealers are still collecting paper documents with personal information on it,” stated Limongelli. “One fine can put a dealer out of business but with OTTOMOTO® all aspects of financing are done online. It’s an effortless way to stay compliant without increasing staff.”

 “ProGuard has an excellent reputation for transparency and recognized the value we could bring to their dealers,” said Paul Nicholas, CEO of OTTOMOTO®. “Their timing was excellent as we have enhanced our offering to include the Digital Deal Jacket which further enhances security and compliance. By integrating automated compliance checks and advanced fraud detection we have significantly increased our ability to prevent fraud and protect our clients.”  Added Limongelli, “Further enriching the customer experience is our top priority and this robust desking tool does so by raising the bar on efficiency.”

About ProGuard Warranty

ProGuard is a third-generation, family-owned business that has been serving the automotive industry for over seventy years. Their many years in the industry has led to a unique expertise in knowing the products and coverage needed to protect dealers and their customers. An expansive menu of new and pre-owned vehicle protection plans is available through their nationwide network of dealer partners. The product offering also includes a unique product for Farm and Ranch Trucks, another designed specifically for commercial vehicles, a standalone OEM technology package and Guaranteed Asset Protection (GAP) waivers. Dealers appreciate the company’s tradition of flexibility, transparency, and accessibility, and knowing their customers are protected from the high cost of repairs.

Media Contact: Al Celentano, VP of Strategic Alliances, acelentano@proguardwarranty.com

About OTTOMOTO®

OTTOMOTO® is at the forefront of transforming the lending landscape. By pioneering a digital-lender-first approach, OTTOMOTO® streamlines lending into a fast, secure, and fully compliant digital process that benefits dealers, consumers, and financial institutions alike. Addressing longstanding inefficiencies in traditional lending practices, OTTOMOTO® capitalizes on industry demand for a more efficient and transparent approach to financing. Leveraging strategic partnerships and deep expertise in finance, OTTOMOTO® is positioned as a trailblazer in lending technology. For more information, visit ottomoto.net.

Media Contact: Carol Docalavich, Co-Founder and COO carol@ottomotoapp.com 

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LucidLink Unveils a New Era of Real-Time Creative Collaboration

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New Release Expands Seamless Creative Collaboration Across Desktop, Web and Mobile

SAN FRANCISCO, Nov. 7, 2024 /PRNewswire/ — LucidLink, the storage collaboration platform for creative teams, today announced the launch of its next-generation product. This major release expands LucidLink’s real-time cloud collaboration across desktop, browser and mobile, freeing teams to instantly and securely access their data wherever they are working.

The new LucidLink introduces a sleek, collaboration-first user experience designed to unify the customer journey across all creative touchpoints. With flexible pricing and scalable infrastructure, this release empowers teams of any size — from freelancers to global enterprises — to collaborate without limits.

“The new LucidLink is both an evolution of everything we’ve built so far and a revolution in how teams collaborate globally,” said Peter Thompson, Co-Founder and CEO of LucidLink. “For the first time, teams can collaborate instantly on projects of any size from desktop, browser or mobile, all while ensuring their data is secure.”

While the initial release focuses on a seamless desktop and web experience, future updates will unlock real-time collaboration on mobile, giving teams even more freedom to connect and create. This update also marks LucidLink’s emergence as a platform, unlocking deeper integrations, business intelligence and advanced tiered pricing tailored to the needs of teams worldwide.

The first wave of LucidLink’s all-new features:

Real-time collaboration across platforms: The release launches with a reimagined experience for both desktop and web, built on an entirely new architecture. Future updates will introduce mobile apps, freeing creatives to instantly access and collaborate on files wherever they’re working.

New desktop and web applications: Now teams can collaborate in real-time across workflows that span home, on-prem and cloud without needing to download, sync or transfer data. This is an upgraded, sleek user experience across desktop and web applications that simplifies administration on both platforms.

Global user model: With a single account, users can join multiple filespaces seamlessly across mobile, web and desktop — taking LucidLink wherever they go. Ideal for freelancers and the companies that work with them.

Streamlined macOS installation: A faster and smoother installation process for macOS users eliminates reboots or security changes, allowing creatives to get started faster.

Simplified onboarding: New teammates can be onboarded with a simple link for fast, friction-free setup.

Scalable infrastructure: Users can choose from LucidLink’s bundled high-performance, egress-free storage options powered by AWS or bring their own cloud storage provider.

Future-forward collaboration updates

LucidLink’s new release is only the beginning. The launch lays the foundation for a series of future updates coming in early 2025 that will redefine how teams collaborate in the cloud, including:

Mobile apps for Android and iOS: Full-featured mobile apps will give users immediate access to data on the go.External link sharing: Users can share content with external collaborators without needing the desktop application.Browser-based upload: Users can drag and drop files directly from their browser for seamless collaboration.Multi-Factor Authentication (MFA) and SAML-based SSO: Enhanced security options for all users.Guest links: Teams can collaborate securely without requiring full user accounts.

An upcoming filespace upgrade tool will also give existing customers a smooth path to the new LucidLink. With instant access to files of any size across desktop, web browser and mobile, teams will have the freedom to create and collaborate securely whenever and wherever inspiration strikes.

“This milestone release marks a new chapter in our mission to make data instantly and securely accessible from anywhere and from any touchpoint,” added Thompson. “As we introduce more new features in the coming months, our focus remains on empowering teams to collaborate seamlessly, wherever they are.”

About LucidLink

LucidLink is the storage collaboration platform that frees creative teams to work together from anywhere. With a single shared filespace protected by zero-knowledge encryption, teams can instantly and securely access, edit and share projects of any size.

Combining the ease of a local drive with the power of the cloud, LucidLink gives teams on-demand access to their files. Now creatives can get straight to work without downloading, syncing or versioning disasters.

Spotify, Paramount, Adobe and creative teams worldwide have used LucidLink to 5x productivity, access the best talent globally and free their people to focus on creating.

Just like its customers, LucidLink’s teams work together from anywhere. Privately held and headquartered in San Francisco, California, with an office in Sofia, Bulgaria, LucidLink’s hybrid and remote employees work across Europe, North America and Australia. Discover more about lucidlink.com.

For media inquiries, please contact:
Clare Plaisted
PRComs
clare@prcoms.com

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Hospital PMI® at 51.9%; October 2024 Hospital ISM® Report On Business®

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TEMPE, Ariz., Nov. 7, 2024 /PRNewswire/ — Economic activity in the hospital subsector grew in October for the 14th consecutive month after contracting twice in the previous four-month period, with 35 consecutive months of growth prior to that, say the nation’s hospital supply executives in the latest Hospital ISM® Report On Business®.

The report was issued today by Nancy LeMaster, MBA, Chair of the Institute for Supply Management® (ISM®) Hospital Business Survey Committee: “The Hospital PMI® registered 51.9 percent in October, a 3.1-percentage point decrease from the September reading of 55 percent, indicating a 14th consecutive month of growth. October’s Hospital PMI® reading is the lowest since a contraction in August 2023 (47.5 percent). The Business Activity Index moved into contraction territory after expanding for 13 straight months. The New Orders Index returned to contraction after two consecutive months of expansion, and the Employment Index also moved back into contraction territory in October after expanding for five straight months. The Supplier Deliveries Index remained in expansion (which indicates slower delivery performance) for the 14th consecutive month. The Prices: Pharmaceuticals Index went into contraction (or ‘decreasing’) territory for the first time since Hospital ISM® Report On Business® data collection began in April 2018.

“The Case Mix Index expanded in October after contracting in the previous month and expanding for four consecutive months prior to that, registering 52 percent, 3.5 percentage points higher than September’s figure of 48.5 percent. The Days Payable Outstanding Index returned to contraction in October, registering 45.5 percent, down 6.5 percentage points from the 52 percent reported in September. The Technology Spend Index reading of 61 percent is an increase of 4.5 percentage points compared to the 56.5 percent recorded in September. The Touchless Orders Index returned to expansion territory in October, registering 50.5 percent, up 3.5 percentage points from the 47 percent reported in September.”

LeMaster continues, “Two hurricanes in less than two weeks in late September and early October reminded everyone of the fragility of the health-care supply chain. The Baxter IV solutions plant in North Carolina was significantly damaged, and the B. Braun plant in Florida sustained minor damage. In addition, supply deliveries were interrupted, and there were widespread elective procedure cancellations. The federal government is working to quickly provide emergency authorization for importation of IV fluids from other countries. The North Carolina facility also manufactured peritoneal dialysis fluids and bags used by pharmacies to compound fluids. It is unclear how much of the reduction in the Employment Index was related to a decrease in demand versus budget constraints and turnover.” 

Hospital PMI® History

Month

Hospital PMI®

Month

Hospital PMI®

Oct 2024

51.9

Apr 2024

53.5

Sep 2024

55.0

Mar 2024

52.3

Aug 2024

58.6

Feb 2024

56.6

Jul 2024

53.3

Jan 2024

61.5

Jun 2024

55.8

Dec 2023

62.5

May 2024

58.4

Nov 2023

59.8

Average for 12 months – 56.6

High – 62.5

Low – 51.9

 

About This Report
The information compiled in this report is for the month of October 2024.

The Hospital PMI® was developed in collaboration with the Association for Health Care Resource & Materials Management (AHRMM), an association for the health care supply chain profession, and a professional membership group of the American Hospital Association (AHA).

The data presented herein is obtained from a survey of hospital supply executives based on information they have collected within their respective organizations. ISM® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.

Data and Method of Presentation
The Hospital ISM® Report On Business® is based on data compiled from hospital purchasing and supply executives nationwide. Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (Business Activity, New Orders, Employment, Supplier Deliveries, Inventories, Prices, Prices: Pharmaceuticals, Prices: Supplies, Backlog of Orders, Imports, Inventory Sentiment, Case Mix, Days Payable Outstanding, Technology Spend, and Touchless Orders), this report shows the percentage reporting each response and the diffusion index. Responses represent raw data and are never changed. Beginning in January 2021, the Report On Business® staff and consultants are gathering market information to better validate the Exports Index. Exports Index data are still being collected.

The Hospital PMI® is a composite index computed from the following, equally weighted indexes: Business Activity, New Orders, Employment and Supplier Deliveries. Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. A Hospital PMI® index reading above 50 percent indicates that the hospital sub-sector is generally expanding; below 50 percent indicates that it is generally declining. For the sub-indexes, except Supplier Deliveries, an index reading above 50 percent indicates that the sub-index is generally expanding; below 50 percent indicates that it is generally contracting. A Supplier Deliveries Index above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries.

The Hospital ISM® Report On Business® survey is sent out to the Hospital Business Survey Panel respondents the first part of each month. Respondents are asked to ONLY report on U.S. operations for the current month. ISM® receives survey responses throughout most of any given month, with the majority of respondents generally waiting until late in the month to submit responses to give the most accurate picture of current business activity. ISM® then compiles the report for release on the fifth business day of the following month.

ISM ROB Content
The Institute for Supply Management® (“ISM”) Report On Business® (Manufacturing, Services, and Hospital reports) (“ISM ROB”) contains information, text, files, images, video, sounds, musical works, works of authorship, applications, and any other materials or content (collectively, “Content”) of ISM (“ISM ROB Content”). ISM ROB Content is protected by copyright, trademark, trade secret, and other laws, and as between you and ISM, ISM owns and retains all rights in the ISM ROB Content. ISM hereby grants you a limited, revocable, nonsublicensable license to access and display on your individual device the ISM ROB Content (excluding any software code) solely for your personal, non-commercial use. The ISM ROB Content shall also contain Content of users and other ISM licensors. Except as provided herein or as explicitly allowed in writing by ISM, you shall not copy, download, stream, capture, reproduce, duplicate, archive, upload, modify, translate, publish, broadcast, transmit, retransmit, distribute, perform, display, sell, or otherwise use any ISM ROB Content.

Except as explicitly and expressly permitted by ISM, you are strictly prohibited from creating works or materials (including, but not limited to tables, charts, data streams, time-series variables, fonts, icons, link buttons, wallpaper, desktop themes, online postcards, montages, mashups and similar videos, greeting cards, and unlicensed merchandise) that derive from or are based on the ISM ROB Content. This prohibition applies regardless of whether the derivative works or materials are sold, bartered, or given away. You shall not either directly or through the use of any device, software, internet site, web-based service, or other means remove, alter, bypass, avoid, interfere with, or circumvent any copyright, trademark, or other proprietary notices marked on the Content or any digital rights management mechanism, device, or other content protection or access control measure associated with the Content including geo-filtering mechanisms. Without prior written authorization from ISM, you shall not build a business utilizing the Content, whether or not for profit.

You shall not create, recreate, distribute, incorporate in other work, or advertise an index of any portion of the Content unless you receive prior written authorization from ISM. Requests for permission to reproduce or distribute ISM ROB Content can be made by contacting Rose Marie Goupil in writing at: ISM Research, Institute for Supply Management, 309 W. Elliot Road, Suite 113, Tempe, AZ 85284-1556, or by emailing rgoupil@ismworld.org; Subject: Content Request.

ISM shall not have any liability, duty, or obligation for or relating to the ISM ROB Content or other information contained herein, any errors, inaccuracies, omissions or delays in providing any ISM ROB Content, or for any actions taken in reliance thereon. In no event shall ISM be liable for any special, incidental, or consequential damages, arising out of the use of the ISM ROB. Report On Business®, PMI®, Manufacturing PMI®, Services PMI®, and Hospital PMI® are registered trademarks and trademarks of Institute for Supply Management®. Institute for Supply Management® and ISM® are registered trademarks of Institute for Supply Management, Inc.

About Institute for Supply Management®
Institute for Supply Management® (ISM®) is the first and leading not-for-profit professional supply management organization worldwide. Its community of more than 50,000 in more than 100 countries manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 by practitioners, ISM is committed to advancing the practice of supply management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. ISM empowers and leads the profession through the ISM® Report On Business®, its highly-regarded certification and training programs, corporate services, events, and assessments. The ISM® Report On Business®, Manufacturing, Services, and Hospital, are three of the most reliable economic indicators available, providing guidance to supply management professionals, economists, analysts, and government and business leaders. For more information, please visit: www.ismworld.org.

The text version of the public Hospital ISM® Report On Business® is posted on ISM®’s website at www.ismrob.org on the fifth business day* of every month at 10:00 a.m. ET.

The next Hospital ISM® Report On Business® featuring November 2024 data will be released at 10:00 a.m. ET on Friday, December 6, 2024.

*Unless the New York Stock Exchange is closed.

Contact:

Rose Marie Goupil

Report On Business® Analyst

ISM®, ROB/Program Manager

Tempe, Arizona

+1 480.752.6276, ext. 3005

Email: rgoupil@ismworld.org 

 

 

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SOURCE Institute for Supply Management

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