IntentKey generated approximately $8.5 million in revenue for the full year 2019
IntentKey revenue is expected to increase 48% in the first quarter of 2020 compared to the prior year periodLITTLE ROCK, Ark., March 25, 2020 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE American: INUV), a leading provider of marketing technology, powered by IntentKey™ artificial intelligence that serves brands and agencies, today announced its preliminary unaudited financial results for the fourth quarter and full year period ending December 31, 2019. Revenue for the 2019 fourth quarter and full year totaled $18.2 million and $61.5 million, respectively. IntentKey, Inuvo’s proprietary machine learning technology, accounted for approximately 14% of 2019 revenue generating $8.5 million during its first full year of operation.Richard Howe, CEO of Inuvo, commented, “2019 was a significant year for Inuvo, marking the first full operational year of the IntentKey integration with AppNexus. During the period we generated $8.5 million of IntentKey sales with margins in the fourth quarter over 40% and a 2020 path to IntentKey break even at roughly $3.5 million in quarterly revenue. In the 2019 fourth quarter, we generated positive Adjusted EBITDA in large part due to the IntentKey revenue and margin contributions. We expect IntentKey revenue for the first quarter of this year to increase 48% over the $1.3 million revenue reported for the first quarter of last year.”Howe added, “We are also pleased to have recently announced that we closed a loan and security agreement with Hitachi Capital America Corp. to become our new primary lender and we closed a $688 thousand private placement of common stock with our Board members.”Unaudited Financial Results for the Three Months and Full Year Ended December 31, 2019:Net revenue for the 2019 fourth quarter totaled $18.2 million as compared to $17 million for the same period in 2018, an increase of 7%. Net revenue for the full year ended December 31, 2019 totaled $61.5 million as compared to $73.3 million for the same period in 2018, a decrease of 16.1%. The full year revenue was primarily impacted by lost momentum within the ValidClick business during the merger that was terminated in June 2019, and to the attrition of $3.5 million of publisher technology revenue associated with the IntentKey re-engineering strategy in 2018. ValidClick revenue for the fourth quarter this year was $15.5 million, an increase of approximately 4% over the same period in 2018. Overall revenue from IntentKey partially offset these declines and was approximately $8.5 million for the 2019 full year.Adjusted EBITDA for the 2019 fourth quarter totaled $47 thousand as compared to an Adjusted EBITDA loss of $1.2 million for the same period in 2018. Adjusted EBITDA loss for the full year ended December 31, 2019 totaled $2.4 million as compared to an Adjusted EBITDA loss of $1.4 million for the same period in 2018.Net loss for the 2019 fourth quarter totaled $859 thousand as compared to a net loss of $2.2 million for the same period in 2018. Net loss for the full year ended December 31, 2019 totaled $4.5 million as compared to a net loss of $5.9 million for the same period in 2018.Gross profit for the 2019 fourth quarter totaled $12.8 million as compared to $9.1 million for the same period in 2018, an increase of 41.6%. Gross profit for the full year ended December 31, 2019 totaled $38.8 million as compared to $43.4 million for the same period in 2018, a decrease of 10.6%. Gross profit margin in 2019 increased to 63.1% as compared to 59.2% in 2018 primarily due to the change of revenue mix within the ValidClick business. IntentKey gross margins were 41.6% in the fourth quarter and increased over the year from 10.4% in January to 46% in December of 2019.Operating expenses for the 2019 fourth quarter totaled $14.1 million as compared to $11.1 million for the same period in 2018, an increase of 27.0%. Operating expenses for the full year ended December 31, 2019 totaled $46.6 million as compared to $48.9 million for the same period in 2018, a decrease of 4.7%. The higher operating expenses in the fourth quarter of 2019 was primarily due to higher marketing costs associated with the higher revenue in the same period.Other income, net, of $3.4 million in 2019 is due primarily to the receipt of the one-time merger termination fee of $2.8 million and the excess fair value over assets received of $967 thousand associated with the failed merger in June 2019, offset by approximately $191 thousand due to the change of the fair market value of the derivative liability associated with convertible promissory notes and to $255 thousand due to the conversion of a portion of the convertible promissory notes.Cash as of December 31, 2019 totaled $372,989 as compared to $228,956 as of December 31, 2018. Between December 31, 2019 and March 20, 2020, the Company has raised $688 thousand from the sale of its securities and has refinanced its previous credit facility with a new $5 million facility with Hitachi Capital America Corp.We are unable at this time to predict the long term impacts of the COVID-19 pandemic on our company. Thus far, we have experienced a pause in marketing campaigns for two new IntentKey clients signed in March 2020 and a potential impact from a number of suppliers within ValidClick. Our office in San Jose, California is closed due to the stay at home order in place for California residents. We closed our Little Rock, Arkansas office and have issued a work from home policy to protect our employees and their families from potential virus transmission among co- workers. Generally, marketing budgets tend to decline in times of a recession. We have started to curtail some travel and entertainment expenses. We are beginning to experience interruptions in our daily operations, including our 10K reporting process, as a result of these policies. Should the impact of the virus on the United States be prolonged, we would expect a corresponding impact to marketing budgets as companies move to preserve cash. This in turn could have a negative impact on our business and results of operations.We are in the process of completing our audit for 2019 and the results announced for the fourth quarter and full year 2019 contained herein are preliminary, unaudited and subject to audit adjustment. While the audit of our year-end numbers is substantially complete and we are issuing the unaudited earnings contained herein, the finalization of our audit and related Form 10-K have been delayed due to the impact of COVID-19. We are currently in the process of working with our auditors on a remote basis to complete our audit and our internal and external review of our Form 10-K, including a more detailed assessment of the impact of COVID-19 on our business. We anticipate taking advantage of regulatory relief provided by the Securities and Exchange Commission and taking an additional 45 days to file our Form 10-K and audited 2019 financial statements.Conference Call Details:
Date: Wednesday, March 25, 2020
Time: 4:30 p.m. Eastern Time
Toll-free Dial-in Number: 1-888-394-8218
International Dial-in Number: 1-323-701-0225
Conference ID: 3905092
Live Webcast: https://investor.inuvo.com/ir-calendar A telephone replay will be available through April 8, 2020. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, enter the code 3905092 followed by the # sign. You will then be prompted for your name, company and phone number. Playback will then automatically begin.About Inuvo
Inuvo®, Inc. (NYSE American: INUV) is a market leader in artificial intelligence, aligning and delivering consumer-oriented product & brand messaging strategies online based on powerful, anonymous and proprietary consumer intent data for agencies, advertisers and partners. To learn more, visit www.inuvo.com.About the IntentKey™
Inuvo®’s IntentKey™ is a patented, machine-learning technology designed to mirror the manner in which the human brain instantly associates ideas, emotions, places, people, and objects. It creates an accurate, high-definition picture of consumer intent and sentiment related to a particular topic or item. Inuvo harnesses the power of the IntentKey™ to discover and reach high volumes of incremental in-market and relevant audiences that are hidden from typical marketing approaches. The IntentKey™ enables pinpoint media execution reaching consumers throughout the purchasing funnel all the way to conversion.Safe Harbor / Forward-Looking Statements / Disclosures
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation, statements made with respect to expectations with respect to the results of revenues from IntentKey in future periods, our lack of profitable operating history, changes in our business, potential need for additional capital, the ultimate impact of the COVID-19 pandemic on our industry in general and our business in particular, and other risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, our subsequent Quarterly Reports on Form 10-Q for the periods ended March 31, 2019, June 30, 2019 and September 30, 2019, and our other filings with the SEC. The company’s quarterly reports filed on form 10-Q with the Securities and Exchange Commission for the quarterly periods during year ended December 31, 2019 have included disclosure concerning our ability to continue as a going concern. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Inuvo, Inc. and are difficult to predict. In addition, our expectations about full year 2019 results are based on preliminary unaudited information about the full year, internally prepared by management, have not been audited and are subject to revision. There can be no assurance that actual results for the periods presented herein will not differ from the preliminary financial information presented herein and such changes could be material. This preliminary financial data should not be viewed as a substitute for full financial statements prepared in accordance with GAAP to be included in our Annual Report on Form 10-K for the year fiscal year ended December 31, 2019 to be filed with the SEC. The information which appears on our websites and our social media platforms is not part of this press release.Inuvo Company Contact:
Chief Financial Officer
Tel (501) 205-8397
firstname.lastname@example.org Investor Relations:
KCSA Strategic Communications
Valter Pinto, Managing Director
Tel (212) 896-1254
CONDENSED CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF OPERATIONS
Reconciliation of Loss from Continuing Operations before Taxes to Adjusted EBITDA
We present Adjusted EBITDA as a supplemental measure of our performance. We defined Adjusted EBITDA as net loss from continuing operations before taxes plus (i) interest expense, net, (ii) depreciation, (iii) amortization, (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These further adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
OMNIQ’s CEO Interviewed on “CEO Roadshow”
SALT LAKE CITY, April 01, 2020 (GLOBE NEWSWIRE) — OMNIQ Corp. (OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced that its CEO, Shai Lustgarten, recently conducted an interview with Mike Elliott of CEO Roadshow.
The interview may be viewed in its entirety via: CEORoadshowhttp://ceoroadshow.com/ceoroadshow-interview-with-shai-lustgarten-president-ceo-of-omniq-corp-omqs/Interview Highlights:OMNIQ provides unique and scalable AI-Machine Vision technology solutions to the Public Safety, Supply Chain and Automated parking industriesCompany customer base comprised of Fortune 500 leading companies, governments, municipalities, schools and colleges, cultural and religious centers and others.Company participates in rapidly growing, multi-billion dollar market verticalsOMNIQ holds 8 patents and has developed algorithms applicable to:
– Vehicle comprehensive license plate, color and make recognition for use in homeland security, public safety and automated parking
– AI-based Machine Vision solutions for supply chain & logistics promoting efficiencies from warehouse/yard management through point of sale
– Comprehensive parking management solution enabling ticketless parking, automation and revenue control currently installed at more than 30 major airports in the U.S.Company in a unique position offering state-of-the-art, high margin technology solutionsAbout OMNIQ, Corp.
OMNIQ Corp. (OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis , the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in OMNIQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting OMNIQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at http://www.sec.gov. OMNIQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.Investor Contact:
John Nesbett/Jen Belodeau
IMS Investor Relations
Enterprise Connect Announces Winners for the Best of Enterprise Connect Industry Awards
SAN FRANCISCO, April 01, 2020 (GLOBE NEWSWIRE) — Enterprise Connect, the leading conference and exhibition for enterprise communications and collaboration, is pleased to announce the winners for The Best of Enterprise Connect awards program. Best of Enterprise Connect recognizes excellence and innovation in the enterprise communications and collaboration industry.
“We’d like to extend a congratulations to all of this year’s Best of Enterprise Connect winners and participants,” said Eric Krapf, Enterprise Connect General Manager and Program Co-Chair. “These companies represent the most innovative technologies that are making a significant impact on the enterprise communications and collaboration industry.”Recipients of The Best of Enterprise Connect Awards include:OVERALL Best of Enterprise Connect (Winner)JourneyJourney Identity Platform, which aims to make it easy for enterprises to establish trusted interactions with their customers that simultaneously solve for security, customer experience and privacy using an encrypted network and a platform of best-in-class identity solutions that can be dynamically applied using the enterprise’s existing mobile app.OVERALL Best of Enterprise Connect (Finalists)Genesys Predictive Engagement, now working within Genesys Cloud, new capabilities enable businesses to anticipate individual customer needs, building on every interaction across multiple channels and events to improve and personalize future engagements.Glia Conversational Compliance AI Framework, part of Glia’s digital-first customer service platform, provides the framework to provision, measure and manage AI-driven virtual assistants to converse with customers and operator assistants to guide agents.Mio’s new intercompany federation for Microsoft Teams, Slack and Cisco WebEx Teams enables users to chat seamlessly with external business contacts who use a different messaging app.Omilia Natural Language Solutions — Omilia Cloud Platform miniApps, zero-touch natural language microservices that handle a single dialog task; instantly deployable to any call center provider and seamlessly adapted to any CCaaS service creation environmentPexip, Adaptive Composition, an AI-powered technology with real-time face detection, auto-framing, and optimized use of screen real estate; works with any camera-enabled deviceBest Innovation for Meeting Rooms (Three-way tie)AvayaAvaya Spaces, a simple cloud solution that integrates friction-free web meetings and team collaboration into one app.Kramer ElectronicsVIA GO², which gives iOS, Android, Chromebook, PC and Mac users instant wireless connectivity with advanced presentation technology, featuring content streaming for 4K mirrored images and video playback.RingCentralFor a new product that will be announced at Enterprise Connect.Best Innovation in Customer ExperienceJourneyJourney Identity Platform, which aims to make it easy for enterprises to establish trusted interactions with their customers that simultaneously solve for security, customer experience and privacy using an encrypted network and a platform of best-in-class identity solutions that can be dynamically applied using the enterprise’s existing mobile app.Best Application of Artificial Intelligence (Three-way tie)GenesysGenesys Predictive Engagement, now working within Genesys Cloud, new capabilities enable businesses to anticipate individual customer needs, building on every interaction across multiple channels and events to improve and personalize future engagements.PexipAdaptive Composition, an AI-powered technology with real-time face detection, auto-framing and optimized use of screen real estate; works with any camera-enabled device.Theta LakeCompliant Collaboration Archive, new module within Theta Lake’s Compliance Suite for record keeping, archiving and eDiscovery requirements for video, audio and collaboration chat, with on-demand compliance risk analysis using AI and ML across leading UCaaS platforms (RingCentral, WebEx, Microsoft Teams, Zoom, LogMeIn, Red Box).Best Innovation for Advancing Employee/End User EngagementEmbrava (Winner)Embrava Desk Sign, a smart sensor IoT device designed for Hot Desking, Office Hoteling and Activity-Based Working.Mio (Runner-up)Mio’s new intercompany federation for Microsoft Teams, Slack and WebEx Teams, enables users to seamlessly chat with their external business contacts who use a different messaging app.Best of Enterprise Connect judges for 2020 included: Jon Arnold, principal, J Arnold & Associates; Brent Kelly, president & principal analyst, KelCor; Steve Leaden, president, Leaden Associates and Sheila McGee-Smith, founder & principal analyst, McGee-Smith Analytics.Enterprise Connect 2020 will take place August 3rd– 6th at the Moscone Center in San Francisco. For more information on #E20 and to register for the event, go to www.enterpriseconnect.com/sanfrancisco.About Enterprise Connect
For 30 years, Enterprise Connect has been the leading conference and exhibition for enterprise Unified Communications and Collaboration in North America. Enterprise Connect brings corporate IT decision makers together with the industry’s vendors, analysts and consultants to focus on the issues central to enterprise networks and communications. Enterprise Connect owns and produces No Jitter, (nojitter.com), providing daily blogging and analysis of enterprise communications, and it also serves the community with a weekly email newsletter, research surveys and a Webinar Series. For more information, visit enterpriseconnect.com/sanfrancisco. Enterprise Connect is brought to you by Informa Tech.About Informa Tech
Informa Tech is a market leading provider of integrated research, media, training and events to the global Technology community. We’re an international business of more than 600 colleagues, operating in more than 20 markets. Our aim is to inspire the Technology community to design, build and run a better digital world through research, media, training and event brands that inform, educate and connect. Over 7,000 professionals subscribe to our research, with 225,000 delegates attending our events and over 18,000 students participating in our training programs each year, and nearly 4 million people visiting our digital communities each month. Learn more about Informa Tech.Media Contact:
Cancer Biomarker Sales to Reach US$ 27 Bn by 2025; Government Funding Pivotal in Accelerating Market Growth, Says a New Fact.MR Report
Dubai, UAE, April 01, 2020 (GLOBE NEWSWIRE) — The global cancer biomarker market will reach a valuation of US$ 27 Bn by the end of 2025, as projected by a new Fact.MR report. The growth is primarily driven by the increasing prevalence of cancer and the subsequent investments in research and development activities. Factors further complementing the growth are favorable government funding initiatives on cancer diagnostics.Cancer Biomarker Market: Key FindingsCirculating Tumor Test (CTT) and Prostate Specific Antigen (PSA) test collectively account for more than half of overall market value.On the back of high cigarette smoking, lung cancer is expected to be the most common type of cancer, thereby accounting for a quarter total market share in testing.North America is set to account for a large portion of the overall global revenue, on the back of heavy budget allocation by the government for cancer research and training.Asia-Pacific will witness tremendous growth owing to the increasing affordability of cancer treatments in emerging economies.Request Sample Report- https://www.factmr.com/connectus/sample?flag=S&rep_id=4587Cancer Biomarker Market: Key Driving FactorsGovernments in developed and emerging economies are financing clinical trials, thus enabling companies to develop effective diagnostics and treatments for cancer diseases, thus giving a significant boost to the global cancer biomarker market.Invigorated by technological advancements, numerous companies in the diagnostic imaging market are developing advanced, efficient, and economical equipment, and hence, are gaining traction among end-users.Explore the complete cancer biomarkers market report with detailed market segmentation, 64 illustrative figures, and 18 data tables at –
https://www.factmr.com/report/4587/cancer-biomarkers-marketCancer Biomarker Market: Key RestraintMajor factors possessing a challenge to the rapid growth of the market are reluctance among end-users to adopt new technologies and the high cost of biomarker techniques.Competition LandscapeSome of the key players in the global cancer biomarker market are F. Hoffmann-La Roche Ltd., Abbott Technologies & Merck & Co., Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Illumina, Inc., bioMérieux SA, Hologic, Inc., Genomic Health, Inc., and QIAGEN, among others. The market players are adopting Artificial Intelligence (to) to develop their offerings and to decode the cancer pathology.About the ReportThis 170-page study offers a detailed market forecast on the cancer biomarker market. The key categories covered in the report include Market statistics have been presented on the basis of Test Type (PSA tests, CTC tests, AFP tests, CA tests, HER2 tests, BRCA tests, ALK tests, CEA tests, EFGR mutation tests, KRAS mutation tests, and Others) and Disease Indication (Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, etc.) across five major regions.Explore Fact.MR’s lucid coverage of the healthcare landscapeAutomated External Defibrillators Market– The automated external defibrillators market study analyses the key trends, innovations, regulatory policies, and key strategies adopted by leading players in this evolving landscape.Atopic Dermatitis Market– The study analyses the atopic dermatitis market and offers growth opportunities in USD million across 30+ countries in six regions.Rare Neurological Disease Treatment Market– With strong growth through 2028, the rare neurological disease market is witnessing substantial growth in a market.About Fact.MRExpert analysis, actionable insights, and strategic recommendations of the highly seasoned research team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the Healthcare sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR’s latest healthcare market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.Contact:Fact.MR11140 Rockville PikeSuite 400Rockville, MD 20852United StatesEmail: email@example.comWeb: https://www.factmr.com/PR- https://www.factmr.com/media-release/1360/global-cancer-biomarkers-market
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