Newly-unveiled startup to speed up biotech and drug development

NEWTON, Mass., Oct. 24, 2024 /PRNewswire/ — Dash Bio, an innovator in tech-enabled services for drug development, announced today that it has raised $6.5M in seed financing. The round was led by Freestyle Capital, with participation from Swift Ventures, LifeX Ventures, and other private investors.

Despite tremendous innovation in biotech research over the past decade – from pioneering applications of AI to major breakthroughs in mRNA and CRISPR – drug development remains slow and expensive, with new drugs costing an average of $6.7 billion and taking 12 years to get from concept to launch. That lag is driven by manual processes and legacy systems, which dramatically reduce the efficiency of clinical development and the effectiveness of the industry overall.

“Development is broken in biotech today, and we all pay the price,” says Dave Johnson, CEO and co-founder of Dash Bio and former Chief Data & AI Officer at Moderna. “We founded Dash Bio to ensure that groundbreaking medicines reach those who need them — faster.”

Now out of stealth, Dash Bio takes a technology-first approach to developing critical services across the drug development lifecycle. The company is building new capabilities that leverage AI, robotics, and fully-integrated software to fundamentally reinvent the way drugs are brought to market. Their first capability is a highly-automated clinical bioanalysis lab that promises to deliver GLP-compliant services with unprecedented speed.

Dash Bio’s founding team draws from a deep well of knowledge in this space. Founders include Dave Johnson (CEO), former Chief Data & AI Officer at Moderna; Ander Tallett (COO), CEO and founder of DigitalRadius and an experienced executive with stints at Moderna and Science Exchange; and Ely Porter, CTO and co-founder of Rootpath, a pioneer in synthetic immunology and gene synthesis.

“With the advancements of AI and quantum among other technologies, we are seeing huge advancements in drug discovery and expect that only to continue, but feel that the path from discovery through development to make drugs patient ready is still very antiquated and untouched by technology. We knew this was the team to tackle that challenge and you rarely find a team as deep in both AI and bio as this founding team,” says Maria Palma, General Partner at Freestyle Capital.

“We’re living through a golden age of biotech and drug discovery, but the reality is that the process for getting a drug to market threatens to slow progress. Dash Bio promises a new era of faster clinical drug development that meets the moment,” notes Brett Wilson, General Partner at Swift Ventures.

About Dash Bio
Dash Bio is rebuilding drug development from the ground up by leveraging AI, robotics, and fully-integrated software to fundamentally reinvent the way drugs are brought to market. Learn more at dash.bio.

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Sales of $9.7 Billion, Reported Sales Up 6%, Organic1 Sales Up 3%Operating Margin of 19.1% and Segment Margin1 of 23.6%, Above High End of Previous GuidanceEarnings Per Share of $2.16 and Adjusted Earnings Per Share1 of $2.58, Above High End of Previous GuidanceClosed $1.9 Billion Acquisition of CAES Systems and $1.8 Billion Acquisition of Air Products’ LNG BusinessAnnounced Intention to Spin Off Advanced Materials Business and Exit PPE Business

CHARLOTTE, N.C., Oct. 24, 2024 /PRNewswire/ — Honeywell (NASDAQ: HON) today announced results for the third quarter, including segment margin1 and adjusted earnings per share1 that exceeded the company’s guidance despite lower revenues in a challenging operating environment. The company also updated its full-year sales, segment margin2, adjusted earnings per share2,3, and cash flow guidance ranges.

The company reported third-quarter year-over-year sales growth of 6% and organic1 sales growth of 3%, highlighted by strength in defense and space, commercial aviation, and building solutions. Operating income decreased 4% and operating margin contracted 180 basis points to 19.1%, primarily as a result of an impairment related to classifying the personal protective equipment (PPE) business as assets held for sale. Segment profit1 increased 6% year over year led by strength in Aerospace Technologies and a full quarter from the Access Solutions acquisition, and segment margin1 held flat year over year at 23.6%, exceeding the high end of our guidance range by 30 basis points. Earnings per share for the third quarter was $2.16, down 5% year over year, and adjusted earnings per share1 was $2.58, up 8% year over year and above the high end of our guidance range. Operating cash flow was $2.0 billion and free cash flow1 was $1.7 billion, up 10% year over year.

In the past few months, Honeywell executed several additional actions to further simplify and improve its portfolio, including closing the acquisitions of Civitanavi, CAES Systems, and Air Products’ LNG business. Earlier this month, the company also announced its intention to spin off Advanced Materials into an independent company that will be a leading provider of sustainability-focused specialty chemicals and materials.

“Honeywell executed through a challenging environment in the third quarter, delivering segment margin1 and adjusted earnings per share1 above the high end of our guidance,” said Vimal Kapur, chairman and chief executive officer of Honeywell. “Our Accelerator operating system and culture of execution enabled us to grow segment profit1 by 6% in spite of transitory sales headwinds. We continue to see healthy order rates and sequential growth in our backlog, even excluding the impact of acquisitions closed in the quarter, giving us confidence in our ability to achieve our long-term targets. We also further advanced on our capital deployment strategy, deploying $3.1 billion to M&A, dividends, and high-return capex.”

Kapur continued, “We have made significant progress this year on the simplification and optimization of the Honeywell portfolio with the announcement of our plans to spin off Advanced Materials and exit our PPE business, as well as the closing of four strategic acquisitions. We are proud of the steps we have taken throughout 2024 to progress on our key priorities, but the work is not yet finished. I look forward to sharing more in the future as we further align our portfolio with the key megatrends of automation, the future of aviation, and energy transition.”

As a result of the company’s third-quarter performance and management’s outlook for the remainder of the year, including the impact of recently closed acquisitions, Honeywell updated its full-year sales, segment margin2, adjusted earnings per share2,3, and cash flow guidance1. Full-year sales are now expected to be $38.6 billion to $38.8 billion with organic1 sales growth of 3% to 4%. Segment margin2 is now expected to be in the range of 23.4% to 23.5% with segment margin2 flat to down 10 basis points year over year. Adjusted earnings per share2,3 is now expected to be in the range of $10.15 to $10.25, up 7% to 8% year over year. Operating cash flow is now expected to be in the range of $6.2 billion to $6.5 billion, with free cash flow1 of $5.1 billion to $5.4 billion. A summary of the company’s full-year guidance can be found in Table 1.

Third-Quarter Performance

Honeywell sales for the third quarter were up 6% year over year on a reported basis and 3% on an organic1 basis year over year. The third-quarter financial results can be found in Tables 2 and 3.

Aerospace Technologies sales for the third quarter increased 10% on an organic1 basis year over year, the ninth consecutive quarter of double-digit organic growth, led by continued strength in defense and space. Commercial original equipment grew double digits organically in the quarter on increased shipset deliveries, particularly in business and general aviation. Commercial aftermarket saw another quarter of strong growth as global flight activity rises. Defense and space sales increased 14% organically in the third quarter due to robust demand and supply chain improvements. Segment margin remained flat year over year at 27.7% as commercial excellence and productivity actions were offset by cost inflation and mix pressure within original equipment.

Industrial Automation sales for the third quarter decreased 5% on an organic1 basis year over year and were flat sequentially. Sales declines were led by volume softness in warehouse and workflow solutions and safety and sensing technologies. Process solutions delivered 2% organic growth in the third quarter and grew sequentially, as continued strength in aftermarket services and compressor controls was offset by softness in thermal solutions and smart energy. Productivity solutions and services delivered double-digit orders and organic sales1 growth when excluding the impact of a prior year license and settlement payment. Segment margin expanded 60 basis points to 20.3% as a result of productivity actions and commercial excellence, partially offset by cost inflation and volume deleverage.

Building Automation sales for the third quarter were up 3% on an organic1 basis year over year and up sequentially for the second consecutive quarter even excluding the first full quarter of access solutions ownership. Building solutions continues to lead the way, growing 8% organically on another quarter of double-digit growth in projects. Strength in solutions was partially offset by modest year over year declines in building products. Products delivered sequential growth in both sales and orders for the second consecutive quarter. Segment margin improved sequentially for the third consecutive quarter and expanded 30 basis points year over year to 25.9%, driven by the impact of access solutions and commercial excellence partially offset by cost inflation.

Energy and Sustainability Solutions grew 1% on an organic1 basis year over year in the third quarter. Advanced Materials increased 3% year over year due to further improvement in specialty chemicals and materials and continued growth in fluorine products. UOP sales declined 2% as growth in refining catalysts and aftermarket services was offset by softness in project timing. Orders were a bright spot in UOP, reaching a record $1 billion and up over 50% overall with strength in both core process technologies and sustainable technology solutions. Segment margin expanded 10 basis points to 24.5% as a result of commercial excellence net of inflation.

Conference Call Details

Honeywell will discuss its third-quarter results and full-year 2024 guidance during an investor conference call starting at 8:30 a.m. Eastern Time today. A live webcast of the investor call as well as related presentation materials will be available through the Investor Relations section of the company’s website (www.honeywell.com/investor). A replay of the webcast will be available for 30 days following the presentation.

During the third quarter of 2024, Honeywell concluded the assets and liabilities of the personal protective equipment business (part of the Sensing and Safety Technologies business unit within the Industrial Automation segment) met the held for sale criteria as of September 30, 2024; therefore, the associated assets and liabilities of the business have been presented as held for sale in the Consolidated Balance Sheet as of September 30, 2024. The company recognized a valuation allowance of $125 million in the third quarter of 2024 to write down the disposal group to fair value, less costs to sell, as well as recorded an impairment charge of $37 million (after tax) on indefinite-lived intangible assets.

Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation, and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Connected Enterprise integrated software platform. As a trusted partner, we help organizations solve the world’s toughest, most complex challenges, providing actionable solutions and innovations that help make the world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom. 

Honeywell uses our Investor Relations website, www.honeywell.com/investor, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.

We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future and include statements related to the proposed spin-off of the Company’s Advanced Materials business into a stand-alone, publicly traded company. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and our other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.

This release contains financial measures presented on a non-GAAP basis. Honeywell’s non-GAAP financial measures used in this release are as follows:

Segment profit, on an overall Honeywell basis;Segment profit margin, on an overall Honeywell basis;Organic sales growth;Free cash flow; andAdjusted earnings per share.

Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.

Appendix

Non-GAAP Financial Measures

The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP).

Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. Management believes the change to adjust for amortization of acquisition-related intangibles and certain acquisition- and divestiture-related costs provides investors with a more meaningful measure of its performance period to period, aligns the measure to how management will evaluate performance internally, and makes it easier for investors to compare our performance to peers. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell’s business.

We define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, excluding the impact on sales from foreign currency translation and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for forward-looking measures of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change.

We define operating income as net sales less total cost of products and services sold, research and development expenses, impairment of assets held for sale, and selling, general and administrative expenses. We define segment profit, on an overall Honeywell basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, and repositioning and other charges. We define segment profit margin, on an overall Honeywell basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

A quantitative reconciliation of operating income to segment profit, on an overall Honeywell basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit, particularly pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings.

Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies.

We define adjusted earnings per share as diluted earnings per share adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. We therefore do not include an estimate for the pension mark-to-market expense. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change.

Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies.

We define free cash flow as cash provided by operating activities less cash for capital expenditures.

We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.

We define free cash flow as cash provided by operating activities less cash for capital expenditures.

We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.

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SOURCE Honeywell

Winners leverage the MQTT protocol for positive outcomes and business value in manufacturing, life sciences, and healthcare

BOSTON and LANDSHUT, Germany, Oct. 24, 2024 /PRNewswire-PRWeb/ — HiveMQ, the global leader in enterprise MQTT solutions, today announced the winners of the inaugural MQTT Innovation Awards, celebrating impactful outcomes from projects built on MQTT. This year’s recipients include Eli Lilly (Enterprise), Tulip (Partner), Måna Care (Cloud), and Lino Mediavilla (Community), all of whom have leveraged MQTT technology to transform their industries and enhance operations.

“Our customers and partners show us what is really possible with MQTT,” said Christian Meinerding, CEO of HiveMQ. “We started the MQTT Innovation Award to recognize these innovations and this year’s recipients have built solutions that are enhancing productivity, improving safety, and fostering innovation in manufacturing, life sciences, and healthcare. We are honored to recognize their success and share their stories as a testament to the power of MQTT in driving business impact.”

The 2024 MQTT Innovation Award winners include:

Eli Lilly & Co. – Enterprise: Lilly’s Equipment Connectivity Platform, powered by HiveMQ, securely connects lab and manufacturing equipment to MES and LES systems, automating data collection and enabling regulatory compliance across manufacturing sites. With HiveMQ, Eli Lilly is enabling real-time data exchange, reducing manual interventions, and setting the stage for a Real-Time Digital Data Twin expansion to additional sites by 2025.

Tulip – Partner: Tulip’s hands-free, speech-to-command solution uses HiveMQ to allow operators in life sciences to control equipment with voice commands, streamlining workflows without physical contact. HiveMQ’s reliable messaging enables seamless, hands-free operations in regulated environments, underscoring the flexibility and scalability of MQTT technology.

Måna Care – Cloud User: Måna Care’s Digital Assistant platform utilizes HiveMQ Cloud to bridge elderly clients with caregivers, enhancing communication and social interaction through text-to-speech messaging, video calls, and activity monitoring. HiveMQ’s MQTT capabilities enable Måna Care’s global scalability, fostering digital inclusion for more elderly users.

Lino Mediavilla – Community: Lino’s Predictive Maintenance Game, powered by free versions of HiveMQ, educates users on real-time machine health monitoring. With HiveMQ’s MQTT-based architecture, the game now supports 300 players, delivering low-latency updates even on mobile networks. This project showcases MQTT’s real-time capabilities in an educational, interactive format.

For more details on the MQTT Innovation Awards and to read the complete stories of this year’s winners, visit hivemq.com/mqtt/mqtt-innovation-awards.

About HiveMQ

HiveMQ empowers businesses to transform with the most trusted MQTT platform. Designed to connect, communicate, and control IoT data under real-world stress, the HiveMQ MQTT Platform is the proven enterprise standard and powers use cases in automotive, energy, logistics, smart manufacturing, transportation, and more. Leading brands like Audi, BMW, Liberty Global, Mercedes-Benz, Siemens, and ZF choose HiveMQ to build smarter IoT projects, modernize factories, and create better customer experiences. Visit hivemq.com to learn more.

Media Contact

Allison Yrungaray, HiveMQ, 1 6268411640, allison.yrungaray@hivemq.com, https://www.hivemq.com/ 

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SOURCE HiveMQ