Connect with us

Technology

Kulicke & Soffa Reports Fourth Quarter 2024 Results

Published

1 day ago

on

SINGAPORE, Nov. 13, 2024 /PRNewswire/ — Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa,” “K&S,” “our,” or the “Company”), today announced the financial results of its fourth fiscal quarter ended September 28, 2024. The Company reported fourth quarter net revenue of $181.3 million, net income of $12.1 million, representing EPS of $0.22 per fully diluted shares, and non-GAAP net income of $18.5 million, representing non-GAAP EPS of $0.34 per fully diluted share.

Quarterly Results – U.S. GAAP

 

Fiscal Q4 2024

 

Change vs.

Fiscal Q4 2023

Change vs.

Fiscal Q3 2024

Net Revenue

$181.3 million

down 10.4%

down 0.2%

Gross Margin

48.3 %

up 90 bps

up 170 bps

Income from Operations

$2.7 million

down 86.2%

down 67.5%

Operating Margin

1.5 %

down 810 bps

down 310 bps

Net Income

$12.1 million

down 48.1%

down 1.2%

Net Margin

6.7 %

down 480 bps

down 10 bps

EPS – Diluted

$0.22

down 46.3%

up 0%

 

Quarterly Results – Non-GAAP

 

Fiscal Q4 2024

 

Change vs.

Fiscal Q4 2023

Change vs.

Fiscal Q3 2024

Income from Operations

$12.7 million

down 51.7%

down 20.2%

Operating Margin

7.0 %

down 600 bps

down 170 bps

Net Income

$18.5 million

down 37%

down 4.1%

Net Margin

10.2 %

down 430 bps

down 40 bps

EPS – Diluted

$0.34

down 33.3%

down 2.9%

A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of non-GAAP Financial Results” section.

Fusen Chen, Kulicke & Soffa’s President and Chief Executive Officer, stated, “We continue to drive market adoption of our advanced packaging and assembly solutions including vertical wire, high-power interconnect (HPI), advanced dispense and fluxless thermo-compression (FTC). Demand for these solutions is anticipated to accelerate along with coordinated General Semiconductor and Automotive market recovery through fiscal year 2025.”

The transition to emerging chiplet and heterogeneous applications — which are enabling new levels of performance and transistor density — position Kulicke & Soffa for additional share gains within leading-edge logic. Beyond this emerging FTC solution which is supporting leading-edge assembly transitions; high-volume memory, automotive and LED applications are also requiring new assembly solutions which can deliver package-level transistor density improvements. These growing market needs are being directly supported through Kulicke & Soffa’s portfolio of vertical wire, advanced dispense and advanced display solutions.

Fiscal Year 2024 Financial Highlights

Net revenue of $706.2 million.Gross margin of 38.1%.Net loss of $69.0 million or $(1.24) per fully diluted share; non-GAAP net income of $1.6 million or $0.03 per fully diluted share.GAAP cash from operations of $31.0 million; Adjusted free cash flow of $14.9 million.The Company repurchased a total of 3.2 million shares of common stock at a cost of $151.0 million.Cash, cash equivalents, and short-term investments were $577.1 million as of September 28, 2024.

Fourth Quarter Fiscal 2024 Financial Highlights 

Net revenue of $181.3 million.Gross margin of 48.3%.Net income of $12.1 million or $0.22 per fully diluted share; non-GAAP net income of $18.5 million or $0.34 per fully diluted share.GAAP cash from operations of $31.6 million; Adjusted free cash flow of $29.2 million.The Company repurchased a total of 1.0 million shares of common stock at a cost of $42.7 million.

First Quarter Fiscal 2025 Outlook

The Company currently expects net revenue in the first fiscal quarter of 2025, ending December 28, 2024, to be approximately $165.0 million, +/- $10 million, GAAP diluted EPS to be approximately $1.45 +/- 10%, and non-GAAP diluted EPS to be approximately $0.28, +/- 10%. This outlook includes favorable claim/proceeds relating to cessation of business due to the cancellation of Project W – which was disclosed on March 11, 2024.

A reconciliation between the GAAP and non-GAAP financial outlook is provided in the financial tables included at the end of this press release.

Earnings Conference Webcast

A webcast to discuss these results will be held tomorrow, November 14, 2024, beginning at 8:00am EST. The live webcast link, supplemental earnings presentation, and archived webcast will be available at investor.kns.com. To access the audio-only portion of the live webcast, parties may call +1-877-407-8037 or internationally +1-201-689-8037.

A replay will be available from approximately one hour after the completion of the call by calling toll-free +1-877-660-6853 or internationally +1-201-612-7415 and using the replay ID number of 13743544.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains the following non-GAAP financial results: income from operations, operating margin, net income, net margin, net income per fully diluted share and adjusted free cash flow. The Company’s non-GAAP results exclude amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, equity-based compensation, acquisition and integration cost, impairment relating to assets acquired through business combinations, long-lived asset impairment relating to business cessation or disposal, impairment relating to equity investments, income tax expense arising from discrete tax items triggered by acquisition, disposal of business (both via a sale or an abandonment), restructuring and significant changes in tax laws, gain/loss on disposal of business, as well as tax benefits or expenses associated with the foregoing non-GAAP items. The non-GAAP adjustments may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. These non-GAAP measures are consistent with the way management analyzes and assesses the Company’s operating results. The Company believes these non-GAAP measures enhance investors’ understanding of the Company’s underlying operational performance, as well as their ability to compare the Company’s period-to-period financial results and the Company’s overall performance to that of its competitors.

Management uses both U.S. GAAP metrics as well as non-GAAP metrics to evaluate the Company’s operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors’ ability to view the Company’s results from management’s perspective. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure discussed in this press release is contained in the financial tables at the end of this press release.

About Kulicke & Soffa

Founded in 1951, Kulicke & Soffa specializes in developing cutting-edge semiconductor and electronics assembly solutions enabling a smart and more sustainable future. Our ever-growing range of products and services supports growth and facilitates technology transitions across large-scale markets, such as advanced display, automotive, communications, compute, consumer, data storage, energy storage and industrial.

Caution Concerning Results and Forward Looking Statements

In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our judgments and future expectations concerning our business, including the importance and competitiveness of our thermo-compression products and other emerging technology transitions, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, the persistent macroeconomic headwinds on our business, actual or potential inflationary pressures, disruptions, breaches or failures in our information technology systems and network infrastructures, interest rate and risk premium adjustments, falling customer sentiment, or economic recession caused directly or indirectly by geopolitical tensions, our ability to develop, manufacture and gain market acceptance of new products, our ability to operate our business in accordance with our business plan and the other factors listed or discussed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed on November 16, 2023, and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contacts:

Kulicke and Soffa Industries, Inc.
Joseph Elgindy
Finance
P: +1-215-784-7518

 

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share and employee data)

(Unaudited)

Three months ended

Twelve months ended

September
28, 2024

September
30, 2023

September
28, 2024

September
30, 2023

Net revenue

$       181,319

$       202,320

$       706,232

$       742,491

Cost of sales

93,662

106,481

437,478

383,836

Gross profit

87,657

95,839

268,754

358,655

Operating expenses:

Selling, general and administrative

42,645

37,380

155,142

145,493

Research and development

38,763

37,616

151,214

144,701

Impairment charges

—

—

44,472

21,535

Acquisition-related cost

—

13

—

511

Amortization of intangible assets

1,266

1,356

5,188

6,099

Restructuring

2,294

—

5,234

879

Total operating expenses

84,968

76,365

361,250

319,218

Income/(loss) from operations

2,689

19,474

(92,496)

39,437

Other income / (expense):

Interest income

7,423

9,500

34,230

32,906

Interest expense

(29)

(26)

(89)

(142)

Income/(loss) before income taxes

10,083

28,948

(58,355)

72,201

Income tax (benefit) / expense

(2,034)

5,591

10,651

15,053

Net income / (loss)

$         12,117

$         23,357

$       (69,006)

$         57,148

Net income / (loss) per share:

Basic

$             0.22

$             0.41

$           (1.24)

$             1.01

Diluted

$             0.22

$             0.41

$           (1.24)

$             0.99

Cash dividends declared per share

$             0.20

$             0.19

$             0.80

$             0.76

Weighted average shares outstanding:

Basic

54,368

56,442

55,613

56,682

Diluted

54,871

57,408

55,613

57,548

Three months ended

Twelve months ended

Supplemental financial data:

September
28, 2024

September
30, 2023

September
28, 2024

September
30, 2023

Depreciation and amortization

$           4,839

$           8,111

$         24,735

$         28,857

Capital expenditures

3,091

4,217

13,736

47,702

Equity-based compensation expense:

Cost of sales

240

289

1,277

1,192

Selling, general and administrative

4,441

3,841

18,524

16,239

Research and development

1,758

1,311

7,090

5,313

Total equity-based compensation expense

$           6,439

$           5,441

$         26,891

$         22,744

As of

September 28,
2024

September 30,
2023

Number of employees

2,746

3,025

 

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited)

As of

September 28,
2024

September 30,
2023

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$              227,147

$              529,402

Short-term investments

350,000

230,000

Accounts and notes receivable, net of allowance for doubtful accounts of $49 and $49 respectively

193,909

158,601

Inventories, net

177,736

217,304

Prepaid expenses and other current assets

46,161

53,751

TOTAL CURRENT ASSETS

994,953

1,189,058

Property, plant and equipment, net

64,823

110,051

Operating right-of-use assets

35,923

47,148

Goodwill

89,748

88,673

Intangible assets, net

25,239

29,357

Deferred tax assets

17,900

31,551

Equity investments

3,143

716

Other assets

8,433

3,223

TOTAL ASSETS

$           1,240,162

$           1,499,777

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

58,847

49,302

Operating lease liabilities

7,718

6,574

Accrued expenses and other current liabilities

90,802

103,005

Income taxes payable

26,427

22,670

TOTAL CURRENT LIABILITIES

183,794

181,551

Deferred tax liabilities

34,594

37,264

Income taxes payable

31,352

52,793

Operating lease liabilities

33,245

41,839

Other liabilities

13,168

11,769

TOTAL LIABILITIES

$              296,153

$              325,216

SHAREHOLDERS’ EQUITY

Common stock, no par value

596,703

577,727

Treasury stock, at cost

(881,830)

(737,214)

Retained earnings

1,242,558

1,355,810

Accumulated other comprehensive loss

(13,422)

(21,762)

TOTAL SHAREHOLDERS’ EQUITY

$              944,009

$           1,174,561

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$           1,240,162

$           1,499,777

 

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three months ended

Twelve months ended

September
28, 2024

September
30, 2023

September
28, 2024

September
30, 2023

Net cash provided by operating activities

$         31,619

$         77,492

$         31,037

$       173,404

Net cash (used in) / provided by investing activities, continuing operations

(117,983)

70,386

(138,501)

(91,338)

Net cash used in financing activities, continuing operations

(54,371)

(19,518)

(196,100)

(111,876)

Effect of exchange rate changes on cash and cash equivalents

965

(764)

1,309

3,675

Changes in cash and cash equivalents

(139,770)

127,596

(302,255)

(26,135)

Cash and cash equivalents, beginning of period

366,917

401,806

529,402

555,537

Cash and cash equivalents, end of period

$       227,147

$       529,402

$       227,147

$       529,402

Short-term investments

350,000

230,000

350,000

230,000

Total cash, cash equivalents, and short-term investments

$       577,147

$       759,402

$       577,147

$       759,402

 

Reconciliation of U.S. GAAP Income from Operating

to Non-GAAP Income from Operation and Operating Margin

(In thousands, except percentages)

(unaudited)

Three months ended

September 28,
2024

September 30,
2023

June 29,
2024

Net revenue

$         181,319

$          202,320

$          181,650

U.S. GAAP income from operations

2,689

19,474

8,277

U.S. GAAP operating margin

1.5 %

9.6 %

4.6 %

Pre-tax non-GAAP items:

Amortization related to intangible assets

$             1,266

$              1,356

1,250

Acquisition-related costs

—

13

—

Equity-based compensation

6,439

5,441

6,363

Restructuring

2,294

—

—

Non-GAAP income from operations

$           12,688

$            26,284

$            15,890

Non-GAAP operating margin

7.0 %

13.0 %

8.7 %

 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and

U.S. GAAP net income per share to Non-GAAP net income per share

(in thousands, except per share data)

(unaudited)

Twelve months ended

Three months ended

September 28,
2024

September 28,
2024

September 30,
2023

June 29,
2024

Net revenue

$     706,232

$   181,319

$   202,320

$   181,650

U.S. GAAP net income

(69,006)

12,117

23,357

12,264

U.S. GAAP net margin

(9.8) %

6.7 %

11.5 %

6.8 %

Non-GAAP adjustments:

Amortization related to intangible assets

$         5,188

$       1,266

$       1,356

1,250

Restructuring

5,234

2,294

—

—

Acquisition-related costs

—

—

13

—

Equity-based compensation

26,891

6,439

5,441

6,363

Impairment charges

44,472

—

—

—

Income tax benefit – US one-time transition tax

(6,461)

(6,461)

—

—

Net income tax (benefit)/expense on non-GAAP items

(4,752)

2,866

(758)

(568)

Total non-GAAP adjustments

70,572

6,404

6,052

7,045

Non-GAAP net income

1,566

18,521

29,409

19,309

Non-GAAP net margin

0.2 %

10.2 %

14.5 %

10.6 %

U.S. GAAP net income per share:

Basic

(1.24)

0.22

0.41

0.22

Diluted(a)

(1.24)

0.22

0.41

0.22

Non-GAAP adjustments per share:(b)

Basic

1.27

0.12

0.11

0.13

Diluted

1.27

0.12

0.10

0.13

Non-GAAP net income per share:

Basic

$           0.03

$        0.34

$        0.52

$        0.35

Diluted(c)

$           0.03

$        0.34

$        0.51

$        0.35

Weighted average shares outstanding:

Basic

55,613

54,368

56,442

55,280

Diluted

55,613

54,871

57,408

55,724

(a)

GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock, but that effect is excluded when calculating GAAP diluted net loss per share because it would be anti-dilutive.

(b)

Non-GAAP adjustments per share includes amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, acquisition and integration cost, equity-based compensation expenses, impairment relating to business cessation or disposal, income tax benefit from the U.S. Tax Court opinion in Varian Medical Systems, Inc. v. Commissioner related to the U.S. one-time transition tax and income tax effects associated with the foregoing non-GAAP items.

(c)

Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock.

 

Reconciliation of U.S. GAAP Cash provided by Operating Activities

to Non-GAAP Adjusted Free Cash Flow

(In thousands, except percentages)

(unaudited)

Twelve
months ended

Three months ended

September 28,
2024

September
28, 2024

September
30, 2023

June 29,
2024

U.S. GAAP net cash provided by operating activities

$          31,037

$        31,619

$        77,492

$        26,897

Expenditures for property, plant and equipment

(16,148)

(2,468)

(9,281)

(2,683)

Proceeds from sales of property, plant and equipment

27

27

273

—

Non-GAAP adjusted free cash flow

14,916

29,178

68,484

24,214

 

Reconciliation of U.S. GAAP to Non-GAAP Outlook

(In millions, except per share data)

(Unaudited)

First quarter of fiscal 2025 ending December 28, 2024

GAAP Outlook

Adjustments

Non-GAAP Outlook

Net revenue

$165 million

+/- $10 million

—

$165 million

+/- $10 million

Operating expenses

$4.0 million

+/- 2%

$(66.5) million B,C,D,E

$70.5 million

+/- 2%

Diluted EPS(1)

$1.45

+/- 10%

$(1.17) A,B,C,D,E,F

$0.28

+/- 10%

Non-GAAP Adjustments

A. Equity-based compensation – Cost of sales

0.5

B. Equity-based compensation – Selling, general and
administrative and Research and development

6.3

C. Amortization related to intangible assets

1.4

D. Restructuring expenses

0.8

E. Claim/proceeds relating to cessation of business

(75.0)

F. Net income tax effect of the above items

2.4

(1)

GAAP and non-GAAP diluted EPS based on approximately 54.2 million diluted weighted average shares outstanding.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, strategic investments and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

 

View original content:https://www.prnewswire.com/news-releases/kulicke–soffa-reports-fourth-quarter-2024-results-302304678.html

SOURCE Kulicke & Soffa Industries, Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Trainocate Wins Cisco Learning Partner of the Year – APJC for Second Consecutive Year

Published

45 minutes ago

on

November 15, 2024

By

BANGALORE, India, Nov. 15, 2024 /PRNewswire/ — Trainocate Holdings, a leading global provider of technology and business training solutions, today announced that it has been awarded the Cisco Learning Partner of the Year 2024 for Asia Pacific, Japan, and China (APJC) for the second year in a row.

This prestigious award recognizes Trainocate’s outstanding performance, commitment to customer success, and dedication to delivering high-quality Cisco training programs across the region.

“To be recognized once was an honour beyond words, but to be bestowed this distinction again is truly humbling and a testament to the unwavering support and encouragement of those who have walked this journey with us,” said Takashi Ozawa, President & CEO of Trainocate Holdings. “We are deeply grateful for everyone who has been a part of our success. This award reflects our core values of collaboration, excellence, and customer centricity, and it inspires us to continue upholding them in everything we do.”

“Receiving the Cisco Learning Partner of the Year award for a second consecutive year is a true reflection of our team’s dedication and our unwavering pursuit of excellence,” said Khor Hee Soo, CTO of Trainocate Holdings, Managing Director for India, and Chairman for Sri Lanka and UAE. “This recognition not only celebrates the hard work of everyone at Trainocate but also reinforces our commitment to empowering individuals and organizations across the APJC region with transformative learning solutions. We are deeply grateful to Cisco for their partnership and look forward to continuing our journey of innovation and impact in the learning and development space.”

During the award ceremony held on 23 October 2024, Cisco highlighted Trainocate’s impressive achievements within the past year, including:

32% of Instructor-Led Training (ILT) seats sold in the APJC region.45% of Cisco U subscriptions sold in the APJC region.Exceptional learner satisfaction on score of 94%.

These accomplishments demonstrate Trainocate’s strong track record of delivering impactful and engaging learning experiences that help professionals achieve their career goals and organizations drive digital transformation.

As a Cisco Platinum Learning Partner, Trainocate offers a comprehensive portfolio of authorized Cisco training courses, certifications, and learning solutions. With over 29 years of experience, Trainocate is a trusted partner for organizations seeking to upskill their workforce and stay ahead of the curve in today’s rapidly evolving technology landscape.

About Trainocate Holdings

Trainocate Holdings is a leading provider of IT and professional training, offering a comprehensive range of courses and certifications across various domains.

Boasting a global presence in 22 countries (and counting!) and a commitment to excellence, Trainocate empowers individuals and organizations to achieve their full potential through continuous learning and development.

With 30+ authorized training partnerships and countless awards from leading technology vendors, you’re guaranteed learning from the industry’s elite when you #GetTrainocated.

For more information, visit Trainocate’s website www.trainocate.com.

Photo: https://mma.prnewswire.com/media/2557947/Trainocate_Wins_2024.jpg
Logo: https://mma.prnewswire.com/media/2425834/5027333/Trainocate_Logo.jpg

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/trainocate-wins-cisco-learning-partner-of-the-year—apjc-for-second-consecutive-year-302305808.html

Continue Reading

Technology

Can Independent Physicians Survive in 2025?

Published

45 minutes ago

on

November 15, 2024

By

Learn How at an Exclusive Webinar on Nov. 20th Hosted by Medical Economics and Specialdocs 

CHICAGO, Nov. 14, 2024 /PRNewswire/ — In healthcare change is inevitable, but for independent physicians already facing an uncertain economic forecast in 2025, the prospect of a new administration is sparking even more concern. To help decipher the implications of an ever-evolving regulatory and reimbursement landscape, Medical Economics has teamed up with Terry Bauer, CEO of concierge medicine pioneer Specialdocs Consultants, and Max Reiboldt, Chairman of leading healthcare advisory, Coker, to present an exclusive, informational webinar for physicians on November 20th. Bauer and Reiboldt bring insights gained collectively over more than a century advising physicians on career strategies, to address the headwinds that threaten to topple private medical practices, and explain why concierge medicine offers one of today’s most viable pathways to retaining independence. 

Prominent healthcare industry experts share how physicians can thrive in 2025: join our complimentary webinar on Nov. 20th.

CLICK HERE to register for “2025 Forecast for Physicians: Financial Headwinds, Continued Burnout, and How Concierge Medicine May Be the Cure for What Ails You” at 7 pm CST/8 pm EST on Wednesday, November 20th.

“Now representing just 22% of all practices,1 the independent physician is in danger of disappearing altogether amid unrelenting financial, professional and personal pressures,” says Bauer. “Among other challenges, rising costs to operate a traditional practice and continual cuts to Medicare reimbursements have contributed to an overall 29% downward slide in Medicare compensation over the last two decades.”2

He continues: “Yet we know that a change to our membership medicine model can prove lifesaving, restoring practice sustainability and ushering in a new era of unparalleled career satisfaction. We’ve long championed this solution for physicians in private practice, who have been consistently unappreciated for the very real value they bring to their patients and the health system.” 

Adds Reiboldt: “Physicians in private practice are still a cornerstone of our healthcare system yet are facing challenges that threaten their existence. More and more physicians are affiliating with capital and/or strategic partners, which is not a bad thing but still threatens their independence and private structure.”

A number of crucial issues will be examined during the webinar. “We will approach these with sensitivity as all providers (physicians, health systems, private and public investors, et al) share in both the credit and the blame for our current state of affairs,” says Reiboldt.

Topics will include:

The new administration’s approach to lowering costs, reducing regulatory barriers to consolidation and expanding price transparency mandates for healthcare services.Future use of AI and other technologies to drive greater efficiencies, quality of care.The outlook for primary care providers and programs such as Medicare Advantage, risk-based reimbursement, quality incentives.How upcoming changes in reimbursement and regulations impact the financial viability of traditional practices.Strategies for maintaining or regaining independence as a practitioner; concierge medicine as a model offering sustainable financial security and work-life balance.

About Our Speakers

Terry Bauer is CEO of Specialdocs Consultants. With more than three decades of healthcare leadership experience, Terry has a reputation for bringing about positive change as a strategist, builder, and driver of successful, high-performance companies. Terry’s mission at Specialdocs: to elevate the profile and escalate the growth of this firm that has pioneered the transition from traditional to independent concierge medicine practices, with a focus on expanding the reach and portfolio of high-quality services provided to the company’s growing national network of exceptional physicians. Terry’s career includes a long tenure as co-founder, president, CEO, and director of Orion HealthCorp, a national physician services and management organization. He has served on the board of directors of Specialdocs since Shore Capital Partners invested in the firm in 2015, and became CEO of the company in 2016.

Max Reiboldt, CPA, is Chairman of Coker. His 45 years of work in business and industry, primarily involving healthcare providers, has given him invaluable experience. He handles strategic, tactical, financial, and management issues that health systems, physicians, and other healthcare entities and/or investors face in today’s evolving marketplace. Max understands the nuances of the healthcare industry in a dynamic age, and how healthcare organizations need to maintain viability in a highly competitive market. Whether a transitional provider or a more trailblazing healthcare entity, Max works to provide sound solutions to everyday and long-range challenges with a hands-on approach much valued by his clients. Max oversees Coker’s services as part of the Executive Committee, and maintains his passion for working with clients and organizations of all sizes.

Physician’s Advocacy Institute reportAMA 2024 Medicare Updates

Media Contact:
Mindy Kolof
mkolof@specialdocs.com 
8479213271

View original content to download multimedia:https://www.prnewswire.com/news-releases/can-independent-physicians-survive-in-2025-302306453.html

SOURCE Specialdocs Consultants

Continue Reading

Technology

Rokid Glasses: Where AI Meets AR, Rivaling Meta’s Ray-Ban in an Exclusive Unveiling at Rokid Jungle 2024

Published

45 minutes ago

on

November 15, 2024

By

REDWOOD CITY, Calif., Nov. 14, 2024 /PRNewswire/ — Rokid is poised to unveil its groundbreaking next-generation smart glasses, the Rokid Glasses, at the highly anticipated Rokid Jungle 2024 event, set to take place on 18 November in Hangzhou, China. Seamlessly integrating cutting-edge artificial intelligence with augmented reality, Rokid Glasses represent the pinnacle of innovation. As the most eagerly awaited event in the augmented reality calendar, Rokid Jungle 2024 is destined to be the largest and most consequential gathering of its kind on the global stage. With an impressive turnout expected of over 1,000 distinguished attendees, the event will serve as a landmark occasion, bringing together partners, visionaries, and industry leaders. The launch of the Rokid Glasses promises to elevate the smart daily experience to unprecedented heights, setting new standards in the realm of wearable technology.

Rokid Glasses: Transforming AI and AR into an Essential Daily Gadget for All
Rokid Glasses combine style, comfort, and lightweight design with intuitive, AI-powered features. Integrated with Alibaba’s Tongyi Qianwen AI, Rokid Glasses offer a range of capabilities, including object recognition, text translation, and even solving complex math problems. It can calculate the calorie content of food or provide real-time language translation, making it an indispensable tool for travelers.

Empowered by Zhi Xiaobao, Alibaba’s AI assistant, Rokid Glasses allow users to take full control of their world with simple voice commands, whether booking a ride or ordering a coffee. The advanced voiceprint recognition technology also facilitates secure payments via Alipay, ensuring a seamless and trusted connection to the user’s phone. Alipay’s cutting-edge AI audio detection technology guarantees top-tier security and fraud prevention during transactions.

A standout feature of Rokid Glasses is the ability to view message notifications directly through the glasses, effectively replacing the need for a phone screen. This functionality hints at a future where Rokid Glasses may evolve into a central hub of daily life, potentially replacing smartphones altogether as an essential tech gadget. “We’ve crafted our new glasses to redefine the user experience, bringing the world’s first AI+AR glasses to daily life,” says Misa Zhu, Founder and CEO of Rokid. “Our mission is to make high-quality AI+AR glasses accessible to everyone, and this launch marks a bold step in that direction.” True to Rokid’s ethos of Leave Nobody Behind, the Rokid Glasses bridge gaps in accessibility, usability, and comfort, ensuring that everyone can experience the transformative power of innovation.

Rokid’s Role to Impact Global Tech Arena and Its Commitments for leading AR Industry
Rokid is making significant strides in transforming the museum experience using augmented reality (AR) technology to enhance visitor engagement. By providing immersive, interactive experiences, Rokid brings historical artifacts and exhibitions to life in exciting new ways. With over 2.5 million users benefiting from its AR glasses and more than 300,000 of these users have made actual purchases and are actively engaged with the devices. Even more striking is the fact that Rokid users spend an average of 2 hours and 45 minutes daily with Rokid glasses—this not only underscores the strong appeal of Rokid’s products but also reflects the growing consumer interest in and adoption of augmented reality technology.

Rokid’s ecosystem continues to flourish, with over 6,200 registered developers, highlighting the company’s significant progress in cultivating an open and thriving ecosystem. As the race in augmented reality heats up, major players are competing for dominance in this rapidly evolving space. With AR technology expanding its global footprint, the question remains: who will emerge as the true leader in the AR industry? While the collaboration between Ray-Ban and Meta has brought new energy to the smart glasses market, Meta continues to face challenges. Despite a decade of investment in XR, VR, and AR, Meta has made strides with VR hardware like the Meta Quest but still struggles with slow user adoption and limited AR functionality.

Rokid Jungle 2024: A Decade of Breaking Boundaries in Augmented Reality
Rokid Jungle 2024 commemorates a significant milestone: Rokid’s 10th anniversary and the beginning of the next decade of AR innovation. From its founding in 2014, Rokid has maintained a relentless focus on human-computer interaction, driving the evolution of AR technology through unwavering dedication to innovation. From setting industry standards with the original Rokid Glass to the highly regarded consumer product Rokid Air, and now with the trendsetting AR Studio and AR Lite, Rokid has played a key role in propelling the AR industry forward.

With the launch of the latest Rokid Glasses, the company reaffirms its leadership in the new wave of AR technological innovation. To mark this remarkable milestone, Rokid is delighted to offer a $20 benefit on all purchases made via the official website, using the code ROKID10 at checkout. Looking ahead, Rokid is thrilled to showcase its innovations at CES 2025, where will continue to lead the charge in AR technology. Rokid looks forward to seeing you there and sharing the next chapter of this exciting journey.

Email: pr@rokid.com
Rokid Official Website https://global.rokid.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/rokid-glasses-where-ai-meets-ar-rivaling-metas-ray-ban-in-an-exclusive-unveiling-at-rokid-jungle-2024-302306452.html

SOURCE Rokid

Continue Reading

Trending