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MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS FISCAL 2025 FIRST QUARTER RESULTS

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NEW YORK, Nov. 8, 2024 /PRNewswire/ — Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal first quarter ended September 30, 2024.

Since the start of fiscal 2025, the Madison Square Garden Arena (“The Garden”) has hosted a record number of concerts for a fiscal first quarter and, last month, welcomed back the New York Knicks (“Knicks”) and the New York Rangers (“Rangers”) for the start of their 2024-25 regular seasons at The Garden. Later today, the Christmas Spectacular production kicks off its 2024 holiday season at Radio City Music Hall with 199 performances currently on sale as compared to 193 shows in fiscal 2024. In addition, new sales and renewal activity in the Company’s premium hospitality business remains strong, while the Company also recently announced new multi-year sponsorship deals with Lenovo and its subsidiary Motorola Mobility and the Department of Culture and Tourism – Abu Dhabi, as well as a multi-year extension of its sponsorship deal with Verizon.

For the fiscal 2025 first quarter, the Company reported revenues of $138.7 million, a decrease of $3.5 million, or 2%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $18.5 million, an improvement of $14.9 million, or 45%, and adjusted operating income of $1.9 million, an increase of $2.1 million, both as compared to the prior year quarter.(1)

Executive Chairman and CEO James L. Dolan said, “With fiscal ’25 underway, we expect our portfolio of assets and brands to continue benefiting from demand for shared experiences, including this year’s Christmas Spectacular production. Looking ahead, we remain confident in the strength of our Company and believe we are well positioned to generate long-term value for our shareholders.”

Results for the Three Months Ended September 30, 2024 and 2023:

Three Months Ended

September 30,

Change

$ millions

2024

2023

$

%

Revenues

$    138.7

$    142.2

$     (3.5)

(2) %

Operating Loss

$    (18.5)

$    (33.4)

$     14.9

45 %

Adjusted Operating Income (Loss)(1)

$        1.9

$      (0.2)

$       2.1

NM

Note: Amounts may not foot due to rounding. NM – Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are not considered meaningful.

(1)

See page 3 of this earnings release for the definition of adjusted operating income (loss) (“AOI”) included in the discussion of non-GAAP financial measures. During the fiscal 2024 third quarter, the Company amended this definition so that the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with Madison Square Garden Sports Corp. (“MSG Sports”) is no longer excluded in all periods presented. For the three months ended September 30, 2024 and the three months ended September 30, 2023, the non-cash portion of operating lease revenue was $0.5 million.

 

Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2025 first quarter revenues from entertainment offerings of $115.1 million decreased $1.4 million, or 1%, as compared to the prior year period, primarily due to lower event-related revenues.

Event-related revenues decreased $1.5 million, primarily due to lower revenues from concerts. This reflects lower per-concert revenues primarily due to a shift in the mix of events at The Garden from promoted events to rentals and a decrease in the number of concerts at the Company’s theaters, partially offset by an increase in the number of concerts at The Garden.

Fiscal 2025 first quarter arena license fees and other leasing revenues of $4.7 million increased $2.2 million, or 90%, as compared to the prior year period, due to an increase in other leasing revenues.

Fiscal 2025 first quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $86.5 million decreased $4.1 million, or 5%, as compared to the prior year quarter, primarily due to lower event-related expenses of $3.5 million. The decrease in event-related expenses was primarily due to lower expenses from concerts, mainly driven by lower per-concert expenses due to a shift in the mix of events at The Garden from promoted events to rentals, partially offset by an increase in the number of events at The Garden.

Food, Beverage and Merchandise
Fiscal 2025 first quarter food, beverage and merchandise revenues of $19.0 million decreased $4.3 million, or 18%, as compared to the prior year period. This was primarily due to lower food and beverage sales at concerts held at the Company’s venues as compared to the prior year quarter, primarily due to lower per-concert food and beverage revenues and, to a lesser extent, the decrease in the number of events at the Company’s theaters, partially offset by the increase the number of events at The Garden.

Fiscal 2025 first quarter food, beverage and merchandise direct operating expenses of $11.2 million increased $0.1 million, or 1%, as compared to the prior year period.

Selling, General and Administrative Expenses
Fiscal 2025 first quarter selling, general and administrative expenses of $45.7 million decreased $3.1 million, or 6%, as compared to the prior year period. The decrease was primarily due to (i) lower professional fees, mainly due to the absence of non-recurring costs incurred by the Company in the prior year period in connection with the registration and sale of the Company’s Class A common stock by Sphere Entertainment Co.; (ii) a decrease in employee compensation and benefits; and (iii) lower other costs, all as compared to the prior year period. These decreases were partially offset by higher rent expense as compared to the prior year period.

Operating Loss and Adjusted Operating Income (Loss)
Fiscal 2025 first quarter operating loss of $18.5 million improved $14.9 million, or 45%, as compared to the prior year period, primarily due to lower restructuring charges and, to a lesser extent, the decrease in direct operating expenses and selling, general and administrative expenses, partially offset by the decrease in revenues. Fiscal 2025 first quarter adjusted operating income of $1.9 million increased $2.1 million as compared to the prior year quarter, primarily due to lower direct operating expenses and selling, general and administrative expenses (excluding merger, spin-off and acquisition-related costs), partially offset by the decrease in revenues. 

About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering unforgettable experiences while forging deep connections with diverse and passionate audiences. The Company’s portfolio includes a collection of world-renowned venues – New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago Theatre – that showcase a broad array of sporting events, concerts, family shows, and special events for millions of guests annually. In addition, the Company features the original production, the Christmas Spectacular Starring the Radio City Rockettes, which has been a holiday tradition for more than 90 years. More information is available at www.msgentertainment.com.

Non-GAAP Financial Measures
During the fiscal 2024 third quarter the Company amended its definition of adjusted operating income so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in all periods presented.

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) merger, spin-off, and acquisition-related costs, including merger-related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) amortization for capitalized cloud computing arrangement costs and (viii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, spin-off, and acquisition-related costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles, gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan are recognized in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under the executive deferred compensation plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other income (expense), net, which is not reflected in Operating income (loss).

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of the Company on a consolidated and combined basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this release.

Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts:

Ari Danes, CFA

Senior Vice President, Investor Relations, Financial Communications & Treasury

Madison Square Garden Entertainment Corp.

(212) 465-6072

Justin Blaber

Vice President, Financial Communications

Madison Square Garden Entertainment Corp.

(212) 465-6109

Grace Kaminer

Vice President, Investor Relations & Treasury

Madison Square Garden Entertainment Corp.

(212) 631-5076

Sarah Rothschild

Senior Director, Investor Relations & Treasury

Madison Square Garden Entertainment Corp.

(212) 631-5345

Conference Call Information:
The conference call will be Webcast live today at 8:30 a.m. ET at investor.msgentertainment.com
Conference call dial-in number is 888-660-6386 / Conference ID Number 8020251
Conference call replay number is 800-770-2030 / Conference ID Number 8020251 until November 15, 2024
Investor presentation available at investor.msgentertainment.com/events-and-presentations

 

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

Three Months Ended
September 30,

2024

2023

Revenues

Revenues from entertainment offerings

$       115,081

$       116,505

Food, beverage, and merchandise revenues

18,975

23,261

Arena license fees and other leasing revenue

4,658

2,446

Total revenues

138,714

142,212

Direct operating expenses

Entertainment offerings, arena license fees, and other leasing direct operating expenses

(86,466)

(90,559)

Food, beverage, and merchandise direct operating expenses

(11,243)

(11,118)

Total direct operating expenses

(97,709)

(101,677)

Selling, general, and administrative expenses

(45,746)

(48,822)

Depreciation and amortization

(13,781)

(13,585)

Restructuring credits (charges)

40

(11,553)

Operating loss

(18,482)

(33,425)

Interest income

372

851

Interest expense

(14,043)

(14,287)

Other expense, net

(769)

(4,469)

Loss from operations before income taxes

(32,922)

(51,330)

Income tax benefit

13,601

659

Net loss

$       (19,321)

$       (50,671)

Loss per share attributable to MSG Entertainment’s stockholders:

Basic and diluted

$            (0.40)

$            (1.00)

Weighted-average number of shares of common stock:

Basic and diluted

48,217

50,437

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(in thousands)
(Unaudited)

The following is a description of the adjustments to operating loss in arriving at adjusted operating income (loss) as described in this earnings release:

Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units and stock options granted under the Company’s Employee Stock Plan and the Company’s Non-Employee Director Plan.Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain corporate executives and employees.Merger, spin-off, and acquisition-related costs. This adjustment eliminates costs related to mergers, spin-offs and acquisitions, including merger-related litigation expenses.Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan.

Three Months Ended
September 30,

$ thousands

2024

2023

Operating loss

$       (18,482)

$       (33,425)

Depreciation and amortization

13,781

13,585

Share-based compensation (excluding share-based compensation included in restructuring charges)

6,262

6,177

Restructuring (credits) charges

(40)

11,553

Merger, spin-off, and acquisition-related costs (1)

2,035

Amortization for capitalized cloud computing arrangement costs

168

Remeasurement of deferred compensation plan liabilities

220

(145)

Adjusted operating income (loss) (2)

$           1,909

$             (220)

(1)

This adjustment represents non-recurring costs incurred and paid by the Company for the sale of the retained interest by Sphere Entertainment Co.

(2)

During the fiscal 2024 third quarter the Company amended the definition of adjusted operating income so that the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in all periods presented. Pursuant to GAAP, recognition of operating lease revenue is recorded on a straight-line basis over the term of the agreement based upon the value of total future payments under the arrangement. As a result, operating lease revenue is comprised of a contractual cash component plus or minus a non-cash component for each period presented. Adjusted operating income includes operating lease revenue of (i) $854 and $829 of revenue collected in cash for the three months ended September 30, 2024 and September 30, 2023, respectively, and (ii) a non-cash portion of $470 and $495 for the three months ended September 30, 2024 and September 30, 2023, respectively.

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(Unaudited)

September 30,
2024

June 30,
2024

ASSETS

Current Assets:

Cash, cash equivalents, and restricted cash

$             37,613

$             33,555

Accounts receivable, net

95,525

77,259

Related party receivables, current

20,768

17,469

Prepaid expenses and other current assets

106,490

90,801

Total current assets

260,396

219,084

Non-Current Assets:

Property and equipment, net

642,338

633,533

Right-of-use lease assets

391,058

388,658

Goodwill

69,041

69,041

Indefinite-lived intangible assets

63,801

63,801

Deferred tax assets, net

81,733

68,307

Other non-current assets

101,960

110,283

Total assets

$        1,610,327

$        1,552,707

LIABILITIES AND DEFICIT

Current Liabilities:

Accounts payable, accrued and other current liabilities

$           159,261

$           203,750

Related party payables, current

43,671

42,506

Long-term debt, current

20,313

16,250

Operating lease liabilities, current

27,014

27,736

Deferred revenue

270,955

215,581

Total current liabilities

521,214

505,823

Non-Current Liabilities:

Long-term debt, net of deferred financing costs

646,975

599,248

Operating lease liabilities, non-current

451,071

427,014

Other non-current liabilities

39,765

43,787

Total liabilities

1,659,025

1,575,872

Commitments and contingencies

Deficit:

Class A Common Stock (a)

460

456

Class B Common Stock (b)

69

69

Additional paid-in-capital

26,909

33,481

Treasury stock at cost (4,365 shares outstanding as of September 30, 2024 and June 30, 2024)

(140,512)

(140,512)

Retained earnings

96,282

115,603

Accumulated other comprehensive loss

(31,906)

(32,262)

Total deficit

(48,698)

(23,165)

Total liabilities and deficit

$        1,610,327

$        1,552,707

(a)

Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 45,958 and 45,556 shares issued as of September 30, 2024 and June 30, 2024, respectively.

(b)

Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of September 30, 2024 and June 30, 2024.

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

SELECTED CASH FLOW INFORMATION

(in thousands)

(Unaudited)

Three Months Ended

September 30,

2024

2023

Net cash (used in) provided by operating activities

$       (27,359)

$           1,378

Net cash used in investing activities

(6,690)

(55,490)

Net cash provided by financing activities

38,107

9,273

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

4,058

(44,839)

Cash, cash equivalents, and restricted cash, beginning of period

33,555

84,355

Cash, cash equivalents, and restricted cash, end of period

$         37,613

$         39,516

 

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SOURCE Madison Square Garden Entertainment Corp.

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Bulletin from the Extraordinary General Meeting in Sivers Semiconductors AB (publ) on 8 November 2024

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NEW YORK, Nov. 8, 2024 /PRNewswire/ — The Extraordinary General Meeting in Sivers Semiconductors AB (publ) (the “Company”) has been held on 8 November 2024 and in particular the following decisions were resolved.

Resolution to approve the Board of Directors’ resolution on a new issue of shares to the CEO

The General Meeting resolved to approve the Board of Directors’ resolution to increase the Company’s share capital by up to SEK 881,168 through the issue of up to 1,762,336 new ordinary shares. The subscription price per ordinary share is SEK 3.972. With deviation from the shareholders’ preferential rights, the new ordinary shares may only be subscribed for by Vickram Vathulya, the CEO of the Company. The subscription price has been determined through agreement between the Board of Directors and Vickram Vathulya and corresponds to the closing price of the ordinary share on Nasdaq Stockholm on 11 October 2024.

For more information, please contact:
Dr. Bami Bastani, Chairman of the Board of Directors 
Tel: +1 908 87 28 370
E-mail: bami.bastani@sivers-semiconductors.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/sivers-semiconductors/r/bulletin-from-the-extraordinary-general-meeting-in-sivers-semiconductors-ab–publ–on-8-november-202,c4063583

The following files are available for download:

https://mb.cision.com/Main/11695/4063583/3102744.pdf

Sivers Semiconductors – Bulletin – EGM (8 November) 2024 – #43884673 v2

 

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SOURCE Sivers Semiconductors

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MaidCentral Partners with Maid Brigade to Empower Franchise-Wide Efficiency and Customer Satisfaction for the House Cleaning Industry

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CHARLESTON, S.C., Nov. 8, 2024 /PRNewswire/ — MaidCentral, a premier business management solution for the house cleaning industry, has partnered with Maid Brigade, a leading residential cleaning franchise, to become its official software provider. This strategic partnership aims to elevate operational efficiency, streamline processes, and enhance the customer experience across Maid Brigade’s extensive network of franchise locations throughout the USA and Canada.

“Our partnership with MaidCentral reflects our commitment to equipping Maid Brigade franchises with the most effective tools to optimize their operations,” said Raychel Leong-Sullins, President of Maid Brigade. “With MaidCentral, our franchisees will not only have access to state-of-the-art software but also gain insights that enable them to deliver consistent, five-star service.”

Meeting the Needs of Franchise-Wide Operations

As a fully integrated business management solution, MaidCentral provides tailored functionality that empowers each Maid Brigade franchise to automate scheduling, payroll, KPI tracking, and more. Designed for both independent cleaning companies and large-scale franchises, MaidCentral’s platform consolidates essential functions to improve the day-to-day workflows and overall performance of Maid Brigade’s franchisees.

“MaidCentral’s software aligns with our strategic goals, allowing Maid Brigade to enhance our customer experience while driving operational efficiency across all locations,” added Leong-Sullins. “This partnership is a key part of our growth as we continue to raise the standard for professional residential cleaning services.”

Key Features for Franchisees and Customers Alike

With MaidCentral, Maid Brigade franchisees can manage customer information, scheduling, and employee payroll more seamlessly, helping them focus on what matters most—providing exceptional service. The platform also allows franchisees to track and improve performance metrics in real-time, ultimately enhancing profitability and growth for each location.

Unified Operations: MaidCentral centralizes essential business functions, enabling franchisees to run their operations from a single, intuitive platform.Enhanced Customer Satisfaction: By streamlining operational processes, Maid Brigade franchisees can provide faster, more reliable service to customers nationwide.Performance Tracking: MaidCentral’s platform empowers franchisees to access KPI data, track growth metrics, and make data-driven decisions that benefit the entire franchise network.

“This partnership allows Maid Brigade to utilize technology to its fullest, ensuring a consistent, top-tier experience for all customers, while supporting each franchisee’s growth,” said Tom Stewart, CEO of MaidCentral. “We’re excited to work together to redefine the business management experience for the house cleaning industry.”

About MaidCentral

MaidCentral is a comprehensive business management software solution designed specifically for residential cleaning companies, from single-location businesses to large franchisors. MaidCentral empowers cleaning businesses to optimize scheduling, payroll, KPI tracking, and more, driving greater efficiency and profitability.

About Maid Brigade

Maid Brigade is a national franchise company specializing in professional residential cleaning services. Committed to providing high-quality, eco-friendly cleaning solutions, Maid Brigade has been a trusted name in the house cleaning industry for decades. Through innovative technology and a customer-focused approach, Maid Brigade continually sets new standards for residential cleaning excellence.

For more information, visit: MaidCentral Website | Maid Brigade Website

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SOURCE MaidCentral

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Sparrow BioAcoustics and Killick Capital host launch event for Canada’s First Cardiac AI Application – Stethophone

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Attendees at the event were the first in Canada to see and experience the power of Stethophone firsthand. Stethophone is now available to Canadians on the Apple AppStore..

ST. JOHN’S, NL, Nov. 8, 2024 /PRNewswire-PRWeb/ — Sparrow BioAcoustics, a pioneering Canadian company in the field of bioacoustic medical technology, together with lead investor Killick Capital, is proud to announce the official launch of Stethophone, the first of its kind Cardiac AI application, now available in Canada.

The launch event took place on November 6 at the Emera Innovation Exchange in St. John’s, Newfoundland and Labrador, bringing together distinguished guests from the medical and science communities, provincial and local government officials, members of the press, and key leaders from the medical technology sector.

Stethophone is groundbreaking smartphone application that delivers AI-powered analysis of heart sounds, empowering patients and healthcare professionals alike with cutting-edge tools for early detection of cardiac anomalies. The innovative application was developed entirely by Canadian company Sparrow BioAcoustics and represents a significant leap forward in healthcare technology.

“At Sparrow, we are committed to revolutionizing cardiac care with technology that allows individuals to take charge of their heart health,” said Mark Opauszky, CEO of Sparrow BioAcoustics.

The Government of Canada, through the Atlantic Canada Opportunities Agency (ACOA), is provided federal contribution of $500,000 to Sparrow BioAcoustics to assist with business and product development activities.

“Sparrow BioAcoustics is doing amazing work in the fight against heart disease right here in Newfoundland and Labrador,” said the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA. “With tech like their Stethophone, they are making it easier for folks to access quality heart care in their own homes.”

Attendees at the event were the first in Canada to see and experience the power of Stethophone firsthand. In a live demonstration, guests had the opportunity to try the application themselves and even download it directly from the Apple App Store.

The launch event highlighted the pivotal role that Stethophone will play in Canada’s medical landscape, further cementing the country’s leadership in healthcare innovation.

With its recent approval from Health Canada, Sparrow BioAcoustics is poised to make a lasting impact on both the local and the global stage of medical technology.

For more information about Stethophone and Sparrow BioAcoustics, visit https://stethophone.com/.

About Sparrow BioAcoustics

Sparrow BioAcoustics, with offices in Newfoundland and Nova Scotia, is leading the Software as a Medical Device industry in new directions for cardiac and pulmonary disease detection. Our team of physicians, engineers and data scientists are working to unlock the richest source of diagnostic information about cardiac and pulmonary conditions. Our mission is to help the millions of people at-risk and suffering from cardiac and respiratory disease to live longer, healthier lives enabled by earlier detection and quicker treatment.

Media Contact

Info@sparrowacoustics.com, Sparrow bioacoustics, 1 4162688966, Mark@sparrowacoustics.com, Sparrowbioacoustics.com

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