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St. Vincent Hospital Nurses and the MNA File Fifth in Series of Complaints with State and Federal Agencies About Dangerous Patient Care Conditions That Continue to Compromise the Care and Safety of Patients Admitted to the Worcester-Based Facility

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7 months ago

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New complaints highlight alarming increase in patients experiencing preventable hospital-acquired pressure ulcers (bed sores) due to lack of staff to monitor and reposition patients, the assignment of managerial staff unqualified to fill those roles, and a listing of patient reviews showing most patients are dissatisfied with care

Conditions are so bad, the nurses appeal to DPH for the assignment of investigators at the hospital on a daily basis to ensure the safety of patients

WORCESTER, Mass., May 29, 2024 /PRNewswire/ — As patient care conditions continue to deteriorate at St. Vincent Hospital, the registered nurses and the Massachusetts Nurses Association (MNA) have filed yet another round of complaints to state and federal agencies seeking immediate intervention to protect patients and staff, a situation so dire the complaints include a direct appeal to the Department of Public Health to assign onsite inspectors on a daily basis to ensure hospital administration is providing the resources needed to ensure the safety of all concerned.

In fact, the nurses report that DPH has recently been at the hospital investigating yet another serious patient safety incident.

In December, January, March, April and last week, the SVH nurses and MNA filed a number of official complaints with the Department of Public Health Division of Healthcare Quality, Joint Commission (which accredits acute care hospitals), the Center for Medicare and Medicaid Services and the Mass. Board of Registration in Nursing in response to a growing and dire crisis in the safety of care for patients admitted to the Worcester-based facility.

Among the issues raised in this, the fifth round of complaints, is an alarming increase in patients experiencing preventable, hospital-acquired pressure ulcers (debilitating bed sores), which studies show and SVH nurses attribute to unsafe staffing conditions at the hospital. Below is a statement from the complaint detailing the issue:

The lack of staff, both licensed and unlicensed has allowed too many patients to go unmonitored and left unattended without the ability of staff to reposition patients as required under accepted patient care standards, which has resulted in an alarming number of patients suffering from documented hospital acquired pressure ulcers, including 25 in April alone. As you are aware, pressure ulcers are mandated by the Joint Commission and the DPH as serious reportable events that signal problems in care management that need to be addressed. Instead of addressing the systemic issue that prohibits the nurses from repositioning at-risk patients and minimizing the risk for soft tissue injury, nurses have been told that nursing leadership has threatened to fire every nurse who has cared for a particular patient whose ulcer advanced to a Stage IV wound while admitted to the hospital.

“In my over three decades working at St. Vincent Hospital, I can’t remember a time when dozens of patients were afflicted with pressure ulcers in a single month,” explained Marlena Pellegrino, RN, a long time nurses at the hospital and co-chair of the MNA local bargaining unit at the hospital. “As a nurse, like all the nurses at St. Vincent Hospital, I take pride in providing the best care possible, but I am sad to report that under these current staffing conditions, conditions we have been duty bound to report to appropriate authorities, we are unable to fulfill our professional responsibilities. If anyone is to be disciplined or terminated for this situation, it is not the dedicated RNs and nurses aides at the hospital, it is our senior hospital and nursing administrators who are professionally and morally accountable for the unnecessary pain and preventable suffering their decisions have caused for our patients.”

According to a 2020 report on a number of studies regarding hospital-acquired bedsores, “pressure ulcers are the third most costly disease after cancers and cardiovascular diseases. The mortality rates from this disease are 2 to 6 times as much as from other diseases, with 60,000 deaths annually due to this complication. In the USA, about $11 billion is spent annually by the healthcare system for the prevention and treatment of pressure ulcers. Another study makes clear that “The prevention of pressure injury is of great importance in providing quality care to patients, as it has been reported that approximately 95% of all pressure injury are preventable. Nurses working in clinical settings play a key role in identifying patients at risk and administering preventative care.”

The MNA complaints detail staffing cuts to nearly every floor and unit in the hospital over the last several months that have resulted in more than 900 official reports of patient care conditions that jeopardized the safety of their patients. Many of those complaints cite patients being left unattended and unmonitored for several hours, due to the lack of RN and support staff. Dozens of those report detail instances where patients were left for hours lying in their own urine and feces – these are just the conditions that serve as a breeding ground for the pressure ulcers the nurses are now documenting for state and federal officials. 

The nurses are not alone in raising the alarm about unsafe conditions at the hospital. Nurses aides, technicians and other valuable support staff who are represented by UFCW 1445 had been conducting informational picketing outside the hospital in an effort to win provisions in their contract to ensure they can provide appropriate patient care. Like the nurses, they have seen their staffing levels cut by Tenet, which forced them to care for too many patients, limits their ability to help reposition patients or help to ensure a clean patient care environment, which contribute to the increase in bedsores. One aide reported being responsible for more than 20 patients on a single shift. 

“In years past, we had a robust program to prevent pressure ulcers, including wound care swat teams, with specialized training for staff on how to prevent them,” Pellegrino explained. “But all that has been dismantled under our current administration, and instead of supporting us in preventing these outcomes, they are threatening to punish us for the result of their mismanagement.”

As a result of hospital managements’ mistreatment of staff and their failure to provide staff with the resources they need to deliver safe care, hundreds of experienced nurses have left the hospital for facilities that offer better conditions. On one unit, a medical surgical floor that was once predominantly staffed with seasoned nurses, is now being run almost exclusively by newly graduated nurses, representing a loss of experience, particularly on aspects of nursing care dealing with wound care and pressure ulcer prevention. 

Nurse Cite Hiring of Manager Unqualified for Their Role in Care Delivery. 

The new complaint also calls attention to Tenet Healthcare’s hiring of managerial staff into roles for which they are not qualified. For example, the complaint states, “The role of the Bed Manager who is “responsible for the coordination and management of personnel and assumes responsibility for hospital administration” for the off shifts, requires a registered nurse with “3-5 years of demonstrated leadership ability in an acute care setting” by the hospital’s own job description. The hospital has violated its own policy and hired a Bed Manager who graduated from community college and has an LPN license that was issued on 9/29/2023, just months prior to being hired in the role. The relief Bed Manager is not clinically trained, but rather the Director of Transportation. Neither of these employees meet the basic requirements of the hospital’s own identified qualifications for skills and education to manage the flow of patients through the hospital and onto appropriate units, which has resulted in patients receiving inadequate care.

Patient Reviews Indicate Dissatisfaction with Care While Agencies Cite Tenet for Deficiencies

The new complaint includes a document sharing recently published patients reviews that reveal widespread dissatisfaction with care provided at the hospital. As stated in the complaint, “Of the 73 reviews posted in the first quarter of the year, more than half (53%) are negative; 12% are neutral and 10% are mixed. Less than one quarter of the posted reviews indicate a positive experience at the hospital. This provides some indication of the patient experience under the current care conditions.”

Two agencies have already validated the concerns raised by nurses following submission of previous complaints. In March, the Joint Commission, which conducted an investigation into the nurses complaints found the hospital to be “non-compliant with applicable Centers for Medicaid and Medicare Services (CMS) Conditions”.

And in April, as reported by MassLive, in response to reports by the nurses, the Department of Public Health conducted an investigation and interviewed several nurses, ultimately citing the hospital for its failure to provide appropriate telemetry boxes, essential devices that are used to monitor patients who have been admitted for serious cardiac conditions. 

According to the DPH findings, “Based on interviews and medical record review, the hospital failed to provide care in a safe setting. This nurse stated that the situation comes up often where a patient arrives to the telemetry unit with telemetry orders and the nurse has to either wait for an available tele-box or go hunting for a tele-box.” When patients go without appropriate monitoring their lives are placed at risk, as an ensuing cardiac arrest could go undetected until too late. “The patient has the right to receive care in a safe setting,” the report reads. “This standard is not met as evidenced by interviews and medical records.”

The nurses continue to report serious problems with the hospital’s outdated telemetry and other cardiac monitoring equipment that are impacting the care of cardiac patients. 

Despite Previous Investigations by State and Federal Agencies, More Needs to be Done

While the nurses appreciate efforts by some agencies to investigate Tenet in response to their complaints, they believe much more needs to be done to protect the patients under their care. 

“As we have stated in previous complaints, every patient and every nurse on every shift is subjected to abnormally dangerous conditions, with both patients and nurses at risk for imminent harm at the hands of an administration that fails to meet the most basic standards of patient care delivery. We have already reported to your agency and all other applicable agencies specific deficiencies in staffing, hospital policies, allocation of technology, and a deliberately punitive management culture that is resulting in dangerous delays in the administration of needed medications and treatments, preventable patient falls and other complications, including preventable sentinel events. Despite onsite investigation and monitoring by state and national agencies, the conditions have not improved and have in fact, gotten worse,” the complaint states.

In fact, conditions are so bad, the nurses’ complaint includes a direct appeal to DPH for the assignment of investigators at the hospital on a daily basis to ensure the safety of patients in keeping with a similar approach taken by DPH in the wake of the Steward crisis. The complaint concludes:

As an organization, the MNA represents nurses and health care professionals working in 70 percent of the state’s acute care hospitals, including the hospitals currently owned by Steward Healthcare, and we can state without equivocation or hyperbole that the conditions at St. Vincent Hospital are the worst among all those providers – by far. As such, we believe the DPH, as they have done in the case of the Steward facilities, should immediately assign DPH inspectors on site on a daily basis to ensure that this administration fulfills its responsibility to provide the care these patients and this community deserves. As an agency responsible for holding providers accountable for the care they provide, we reiterate our call for your immediate intervention, as without proper oversight, we fully expect many more patients to be harmed, and tragically, a number of our patients will die. 

MassNurses.org/Facebook.com/MassNursesTwitter.com/MassNurses

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SOURCE Massachusetts Nurses Association

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CLOU Electronics Earns Global Recognition in BloombergNEF’s 2024 Bankability Rankings

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26 minutes ago

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December 26, 2024

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DALLAS, Dec. 26, 2024 /PRNewswire/ — Bloomberg New Energy Finance (BNEF) has released its Storage Providers and Integrators Bankability List 2024, with CLOU Electronics achieving a notable improvement in its ranking compared to last year. Recognized by BNEF—a leading authority in the renewable energy sector—this distinction underscores CLOU’s comprehensive strength, market competitiveness, and ability to earn the trust of capital markets. This achievement further reflects the confidence of customers worldwide in CLOU’s technological innovation, product reliability, and brand value.

In Q4 2024, CLOU achieved another distinction by being simultaneously listed in the BNEF Energy Storage Tier 1 List Q4 2024 and the BNEF PCS and Inverter Tier 1 List Q4 2024. As one of the few companies excelling in both categories, CLOU continues to showcase its industry-leading product technology and innovation capabilities.

CLOU’s commitment to providing safe and reliable energy storage solutions is exemplified in its diverse product portfolio. For utility-scale applications, the Aqua-C 2.5 system integrates long battery modules into a compact 20-foot container, offering a nominal capacity exceeding 5MWh, high power density, exceptional stability across various environments, and low noise levels. For commercial and industrial (C&I) applications, CLOU’s Aqua-E series provides scalable solutions starting at 233kWh, with a 418kWh model already in development.

CLOU continues to deepen its presence in the Americas, expand into European markets, and accelerate its global reach into emerging regions such as Asia-Pacific and the Middle East. With subsidiaries in Dallas, Texas, and Germany, CLOU is strategically positioned to serve its growing international customer base.

View original content to download multimedia:https://www.prnewswire.com/news-releases/clou-electronics-earns-global-recognition-in-bloombergnefs-2024-bankability-rankings-302339208.html

SOURCE CLOU Electronics Co., Ltd.

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iHuman Inc. Announces Third Quarter 2024 Unaudited Financial Results

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26 minutes ago

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December 26, 2024

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BEIJING, Dec. 26, 2024 /PRNewswire/ — iHuman Inc. (NYSE: IH) (“iHuman” or the “Company”), a leading provider of tech-powered, intellectual development products in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.  

Third Quarter 2024 Highlights

Revenues were RMB239.4 million (US$34.1 million), compared with RMB261.5 million in the same period last year.Gross profit was RMB163.9 million (US$23.4 million), compared with RMB186.6 million in the same period last year.Operating income was RMB20.7 million (US$2.9 million), compared with RMB40.4 million in the same period last year.Net income was RMB25.1 million (US$3.6 million), compared with RMB51.9 million in the same period last year.Average total MAUs[1] reached a record-high of 29.12 million, a year-over-year increase of 14.8%.

[1] “Average total MAUs” refers to the monthly average of the sum of the MAUs of each of the Company’s apps during a specific period, which is counted based on the number of unique mobile devices through which such app is accessed at least once in a given month, and duplicate access to different apps is not eliminated from the total MAUs calculation.

Dr. Peng Dai, Director and Chief Executive Officer of iHuman, commented, “In the third quarter, we continued to see robust user demand for our products, driving average total MAUs to another record high of 29.12 million, representing a year-over-year increase of 14.8%. This growth underscores the effectiveness of our product strategy focused on innovation, overseas market expansion, and responsiveness to evolving market dynamics.

Domestically, we further strengthened our market leadership by enhancing our product portfolio with the launch of iHuman Chinese Reading. This new offering aims to cultivate an interest in Chinese reading, enhance literacy and verbal skills, and deepen children’s understanding of the Chinese culture. Developed by the same team behind our highly acclaimed iHuman Chinese app, iHuman Chinese Reading continues our proud tradition and commitment to excellent content and innovative design. The course features a leveled reading system that facilitates gradual progress in Chinese proficiency and offers a rich variety of content formats, such as ancient Chinese poems, interactive storybooks, and online study tours.

Building on our foundation, we expanded our content library by strengthening ties with influential industry players and leveraged our advanced technology to create richer and more immersive experiences for children. For instance, through our previously announced strategic partnership with Children’s Fun Publishing Co. Ltd., a leading children’s book publisher in China, we recently launched a new “Frozen” theme within iHuman Little Artists, where children can color their favorite Frozen characters and scenes, upload their artwork, and watch them come to life in a narrated storybook. This integration provides children with a creative way to experience the popular Frozen story while offering a highly interactive reading and drawing experience.

We also continued to roll out updates across other app products. For example, we added two new themes to iHuman Magic Thinking: “Sudoku” and “Thinking Logic.” “Sudoku” introduces children to Sudoku rules and mathematical concepts through short, animated stories and interactive challenges, and “Thinking Logic” engages them with a detective story series designed to sharpen judgment, analytical thinking, and problem-solving abilities.

On the international front, we enriched our portfolio with fresh content and features to boost user engagement and expand our global reach. Aha World received several updates, adding even more fun and adventure to its ever-expanding fantasy world. Children can now explore the “Love Animal Shelter,” where they can adopt, wash, and care for adorable virtual pets and enjoy an immersive and joyful pet ownership experience. For those captivated by the mystical, we introduced themes like “Magic School” and “Magic Street,” which take children on enchanting adventures and introduce magical shops filled with delightful surprises. These efforts have further boosted Aha World’s popularity. By the end of September, Aha World achieved over 502 million cumulative views across various social media platforms and attracted more than 1.4 million followers globally, reflecting its growing appeal among young users worldwide. 

Looking ahead, we remain focused on enhancing our diverse portfolio across markets to better promote children’s holistic development while advancing our sustainable growth initiatives,” concluded Dr. Dai.

Ms. Vivien Weiwei Wang, Director and Chief Financial Officer of iHuman, added, “In the third quarter of 2024, we achieved our eleventh consecutive quarter of profitability, with net income reaching RMB25.1 million. This sustained financial strength enables us to continue expanding our impact across diverse channels and customer segments. For instance, our animation studio, Kunpeng, broadened its product lineup with the launch of a new animated series, “Rainbow Crew,” in October. The new series swiftly gained traction following its release, topping the charts for children’s shows on leading streaming platforms, including Tencent Video, iQIYI, and Youku.

Beyond consumer-facing products, we have also built a robust B2B model that currently supports nearly 10,000 kindergartens and institutions across China. Our tailored content resources and solutions empower these institutions with a comprehensive suite of diverse, ready-to-use products that effectively meet the developmental needs of young children, promoting the high-quality development of kindergartens and institutions. Recently, we have opened an experience center in Zhongshan, Guangdong Province, which combines education, entertainment, hands-on experience, and some unique features. Designed as a one-stop demonstration hub for institutional customers and vendors, the center is organized into six key areas—core content, specialty content, extended services, a multi-functional hall, indoor play spaces, and outdoor activity zones—showcasing our interactive products and innovative approach to supporting early childhood development in a kindergarten setting. This hands-on experience enables institutions to gain a deeper understanding of how our offerings can seamlessly integrate into their educational environments. Moving forward, we will leverage our solid financial foundation and innovative product ecosystem to deepen our impact in both the consumer and business segments, reinforcing our industry-leading position and creating value for our shareholders.”

Third Quarter 2024 Unaudited Financial Results

Revenues

Revenues were RMB239.4 million (US$34.1 million), a decrease of 8.4% from RMB261.5 million in the same period last year, primarily due to more conservative consumer spending. 

Average total MAUs for the quarter were 29.12 million, an increase of 14.8% year-over-year from 25.36 million in the same period last year, primarily due to the effective execution of our user acquisition strategy and ongoing product innovation.

Cost of Revenues

Cost of revenues was RMB75.5 million (US$10.8 million), compared with RMB74.9 million in the same period last year.

Gross Profit and Gross Margin

Gross profit was RMB163.9 million (US$23.4 million), compared with RMB186.6 million in the same period last year. Gross margin was 68.4%, compared with 71.4% in the same period last year. The slight decrease in gross margin was mainly due to our increased focus on the offline component in the integrated online-offline product strategy to enhance the attractiveness of the product.

Operating Expenses

Total operating expenses were RMB143.2 million (US$20.4 million), compared to RMB146.2 million in the same period last year.

Research and development expenses were RMB59.3 million (US$8.5 million), a decrease of 10.4% from RMB66.2 million in the same period last year, primarily due to savings in payroll related expenses.  

Sales and marketing expenses were RMB60.9 million (US$8.7 million), an increase of 12.7% from RMB54.0 million in the same period last year, primarily due to increased strategic spending on promotional activities, brand enhancement, and overseas expansion.

General and administrative expenses were RMB23.0 million (US$3.3 million), a decrease of 11.8% from RMB26.1 million in the same period last year, primarily due to savings in payroll related expenses, share-based compensation expenses, as well as other administrative expenses. 

Operating Income

Operating income was RMB20.7 million (US$2.9 million), compared with RMB40.4 million in the same period last year.

Net Income

Net income was RMB25.1 million (US$3.6 million), compared with RMB51.9 million in the same period last year.

Basic and diluted net income per ADS were RMB0.48 (US$0.07) and RMB0.47 (US$0.07), respectively, compared with RMB0.98 and RMB0.95 in the same period last year. Each ADS represents five Class A ordinary shares of the Company.

Deferred Revenue and Customer Advances

Deferred revenue and customer advances were RMB298.9 million (US$42.6 million) as of September 30, 2024, compared with RMB318.6 million as of December 31, 2023.

Cash, Cash Equivalents and Short-term Investments

Cash, cash equivalents and short-term investments were RMB1,168.6 million (US$166.5 million) as of September 30, 2024, compared with RMB1,213.8 million as of December 31, 2023.

Extension of Share Repurchase Program

Given its confidence in the Company’s business prospects, the board of directors (the “Board”) has authorized an extension of the Company’s existing share repurchase program, as authorized in December 2021 and extended to remain effective to the end of December 2024, by another twelve months through December 31, 2025. Pursuant to the extended share repurchase program, the Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and Rule 10b5-1 requirements. The Board will continue to review the extended share repurchase program periodically, and may authorize adjustments to its terms and size. The Company expects to continue to fund the repurchases under the extended share repurchase program with its existing cash balance.

Exchange Rate Information

The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the reader. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024, which was RMB7.0176 to US$1.00. The percentages stated in this press release are calculated based on the RMB amounts.

Non-GAAP Financial Measures

iHuman considers and uses non-GAAP financial measures, such as adjusted operating income, adjusted net income and adjusted diluted net income per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). iHuman defines adjusted operating income, adjusted net income and adjusted diluted net income per ADS as operating income, net income and diluted net income per ADS excluding share-based compensation expenses, respectively. Adjusted operating income, adjusted net income and adjusted diluted net income per ADS enable iHuman’s management to assess its operating results without considering the impact of share-based compensation expenses, which are non-cash charges. iHuman believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company’s current operating performance and prospects in the same manner as management does, if they so choose.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. Share-based compensation expenses have been and may continue to be incurred in our business and are not reflected in the presentation of the non-GAAP financial measures. In addition, the non-GAAP financial measures iHuman uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about iHuman’s beliefs and expectations, are forward-looking statements. Among other things, the description of the management’s quotations in this announcement contains forward-looking statements. iHuman may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: iHuman’s growth strategies; its future business development, financial condition and results of operations; its ability to continue to attract and retain users, convert non-paying users into paying users and increase the spending of paying users, the trends in, and size of, the market in which iHuman operates; its expectations regarding demand for, and market acceptance of, its products and services; its expectations regarding its relationships with business partners; general economic and business conditions; regulatory environment; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in iHuman’s filings with the SEC. All information provided in this press release is as of the date of this press release, and iHuman does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About iHuman Inc.

iHuman Inc. is a leading provider of tech-powered, intellectual development products in China that is committed to making the child-upbringing experience easier for parents and transforming intellectual development into a fun journey for children. Benefiting from a deep legacy that combines over two decades of experience in the parenthood industry, superior original content, advanced high-tech innovation DNA and research & development capabilities with cutting-edge technologies, iHuman empowers parents with tools to make the child-upbringing experience more efficient. iHuman’s unique, fun and interactive product offerings stimulate children’s natural curiosity and exploration. The Company’s comprehensive suite of innovative and high-quality products include self-directed apps, interactive content and smart devices that cover a broad variety of areas to develop children’s abilities in speaking, critical thinking, independent reading and creativity, and foster their natural interest in traditional Chinese culture. Leveraging advanced technological capabilities, including 3D engines, AI/AR functionality, and big data analysis on children’s behavior & psychology, iHuman believes it will continue to provide superior experience that is efficient and relieving for parents, and effective and fun for children, in China and all over the world, through its integrated suite of tech-powered, intellectual development products.

For more information about iHuman, please visit https://ir.ihuman.com/.

For investor and media enquiries, please contact:

iHuman Inc.
Mr. Justin Zhang
Investor Relations Director
Phone: +86 10 5780-6606
E-mail: ir@ihuman.com 

Christensen
In China
Ms. Alice Li
Phone: +86-10-5900-1548
E-mail: alice.li@christensencomms.com  

In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: linda.bergkamp@christensencomms.com 

 

 

iHuman Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)

except for number of shares, ADSs, per share and per ADS data)

December 31,

September 30,

September 30,

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents 

1,213,767

651,684

92,864

Short-term investments

–

516,910

73,659

Accounts receivable, net

60,832

66,376

9,459

Inventories, net

16,518

16,882

2,406

Amounts due from related parties

1,810

2,099

299

Prepayments and other current assets

89,511

102,036

14,540

Total current assets

1,382,438

1,355,987

193,227

Non-current assets

Property and equipment, net

6,169

3,893

555

Intangible assets, net

23,245

21,121

3,010

Operating lease right-of-use assets

3,648

2,376

339

Long-term investment

26,333

26,333

3,752

Other non-current assets

8,662

10,937

1,556

Total non-current assets

68,057

64,660

9,212

Total assets

1,450,495

1,420,647

202,439

LIABILITIES

Current liabilities

Accounts payable

22,139

25,761

3,671

Deferred revenue and customer advances

318,587

298,896

42,592

Amounts due to related parties

4,428

20,719

2,952

Accrued expenses and other current liabilities

143,677

116,382

16,584

Dividend payable

–

30,139

4,295

Current operating lease liabilities

1,927

1,683

240

Total current liabilities

490,758

493,580

70,334

Non-current liabilities

Non-current operating lease liabilities

1,933

735

105

Total non-current liabilities

1,933

735

105

Total liabilities

492,691

494,315

70,439

SHAREHOLDERS’ EQUITY

Ordinary shares (par value of US$0.0001 per share,
    700,000,000 Class A shares authorized as of
    December 31, 2023 and September 30, 2024;
    125,122,382 Class A shares issued and 119,704,787
    outstanding as of December 31, 2023; 125,122,382
    Class A shares issued and 117,107,067 outstanding as
    of September 30, 2024; 200,000,000 Class B shares
    authorized, 144,000,000 Class B ordinary shares
    issued and outstanding as of December 31, 2023 and
    September 30, 2024; 100,000,000 shares
    (undesignated) authorized, nil shares (undesignated)
    issued and outstanding as of December 31, 2023 and
    September 30, 2024)

185

185

26

Additional paid-in capital

1,088,628

996,089

141,942

Treasury stock

(16,665)

(23,579)

(3,360)

Statutory reserves

8,164

8,164

1,163

Accumulated other comprehensive income

17,955

13,828

1,970

Accumulated deficit

(140,463)

(68,355)

(9,741)

Total shareholders’ equity

957,804

926,332

132,000

Total liabilities and shareholders’ equity

1,450,495

1,420,647

202,439

 

 

iHuman Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)

except for number of shares, ADSs, per share and per ADS data)

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

September 30,

September 30,

September 30,

September 30,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Revenues

261,496

215,107

239,407

34,115

767,692

689,517

98,255

Cost of revenues

(74,871)

(63,372)

(75,541)

(10,765)

(224,667)

(205,805)

(29,327)

Gross profit

186,625

151,735

163,866

23,350

543,025

483,712

68,928

Operating expenses

Research and development expenses

(66,168)

(57,219)

(59,307)

(8,451)

(191,253)

(184,449)

(26,284)

Sales and marketing expenses

(53,994)

(51,263)

(60,863)

(8,673)

(134,993)

(167,121)

(23,815)

General and administrative expenses

(26,070)

(24,426)

(22,998)

(3,277)

(78,787)

(75,148)

(10,709)

Total operating expenses

(146,232)

(132,908)

(143,168)

(20,401)

(405,033)

(426,718)

(60,808)

Operating income

40,393

18,827

20,698

2,949

137,992

56,994

8,120

Other income, net

19,507

9,410

8,024

1,143

33,721

26,444

3,768

Income before income taxes

59,900

28,237

28,722

4,092

171,713

83,438

11,888

Income tax expenses

(7,984)

(3,574)

(3,579)

(510)

(24,077)

(11,330)

(1,615)

Net income

51,916

24,663

25,143

3,582

147,636

72,108

10,273

Net income per ADS:

   – Basic

0.98

0.47

0.48

0.07

2.79

1.37

0.20

   – Diluted

0.95

0.45

0.47

0.07

2.70

1.33

0.19

Weighted average number of ADSs:

   – Basic

52,747,426

52,496,541

52,283,334

52,283,334

52,834,352

52,502,206

52,502,206

   – Diluted

54,772,536

54,295,419

54,011,420

54,011,420

54,753,124

54,332,011

54,332,011

Total share-based compensation expenses included in:

Cost of revenues

67

26

22

3

235

88

13

Research and development expenses

1,160

348

225

32

2,940

1,030

147

Sales and marketing expenses

147

45

39

6

585

130

19

General and administrative expenses

1,105

392

329

47

3,557

1,022

146

 

 

iHuman Inc.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)

except for number of shares, ADSs, per share and per ADS data)

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

September 30,

September 30,

September 30,

September 30,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Operating income

40,393

18,827

20,698

2,949

137,992

56,994

8,120

Share-based compensation expenses

2,479

811

615

88

7,317

2,270

325

Adjusted operating income

42,872

19,638

21,313

3,037

145,309

59,264

8,445

Net income

51,916

24,663

25,143

3,582

147,636

72,108

10,273

Share-based compensation expenses

2,479

811

615

88

7,317

2,270

325

Adjusted net income

54,395

25,474

25,758

3,670

154,953

74,378

10,598

Diluted net income per ADS

0.95

0.45

0.47

0.07

2.70

1.33

0.19

Impact of non-GAAP adjustments

0.04

0.02

0.01

0.00

0.13

0.04

0.01

Adjusted diluted net income per ADS

0.99

0.47

0.48

0.07

2.83

1.37

0.20

Weighted average number of ADSs – diluted

54,772,536

54,295,419

54,011,420

54,011,420

54,753,124

54,332,011

54,332,011

Weighted average number of ADSs – adjusted

54,772,536

54,295,419

54,011,420

54,011,420

54,753,124

54,332,011

54,332,011

 

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Smartee Expands Middle East Presence, Showcases Innovative Clear Aligner Solutions at Riyadh Conferences

Published

1 hour ago

on

December 26, 2024

By

RIYADH, Saudi Arabia, Dec. 26, 2024 /PRNewswire/ — Smartee Denti-Technology, a global leader in clear aligners and digital orthodontic solutions, further strengthened its presence in the Middle East by unveiling its groundbreaking Clear Mandibular Repositioning Technology at three major orthodontic events in Riyadh: the 18th Saudi Orthodontic Society Annual Conference, the 15th World Implant Orthodontic Conference, and the 4th Saudi Orthodontic Clear Aligner Meeting. These events, held from December 12-14, 2024, brought together leading dental professionals from across the globe to explore advancements in orthodontic care. 

Driving Innovation in a Growing Market

With a rising demand for clear aligners in emerging markets, especially the Middle East, Smartee is positioning itself at the forefront of this growth. Social media platforms like Instagram and TikTok are fueling the popularity of clear aligners by educating patients, while demand in Saudi Arabia, one of the region’s largest markets, continues to rise.

“As China-Saudi Arabia collaboration deepens, Chinese brands like Huawei, Xiaomi, and DJI have built strong reputations for quality and innovation in the Saudi market,” said Garie Zhou, Director of the International Business and Development Division at Smartee. “Smartee entered the Middle East in 2021, achieving regulatory certifications and providing localized training to address the unique needs of this region. By aligning with these market trends, we’re empowering orthodontic professionals to deliver superior care to their patients.”

Revolutionizing Complex Orthodontic Cases

At the event, Prof. Gang Shen, Smartee’s Chief Scientist in R&D, delivered a presentation on Smartee Clear Mandibular Repositioning Therapy— a novel approach aiming to address severe Class II jaw discrepancies. Prof. Gang Shen discussed the increasing need for personalized treatment in complex orthodontics cases, emphasizing that one-size-fits-all solutions are no longer sufficient in today’s clinical environment.

“As patient expectations evolve, so must orthodontic technology,” stated Prof. Gang Shen. “Modern patients demand personalized treatments, especially for complex cases. Clear Mandibular Repositioning Therapy equips orthodontists with the tools to address this demand and enhance trust in the treatment process. I invite my colleagues to explore this technology, which fosters open communication and improves patient outcomes.”

Commitment to Collaboration and Growth

Smartee’s participation in the Riyadh conference underscores its commitment to innovation, collaboration, and the global advancement of orthodontic care. Its strategic initiatives in the Middle East reflect Smartee’s dedication to providing world-class solutions and driving the evolution of orthodontic treatments.

For more information about Smartee and its clear aligner solutions, visit www.smarteealigners.com.

About Smartee Denti-Technology

Smartee Denti-Technology is a global leader in clear aligners and digital orthodontic solutions, committed to transforming smiles with innovative technologies. With a focus on patient-centric care, Smartee provides orthodontists worldwide with advanced tools and training to deliver personalized treatments.

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