Artificial Intelligence
Visteon Announces Third-Quarter 2020 Results
- Net sales of $747 million; 3% increase Y/Y excluding currency
- Net income of $6 million or $0.21 per diluted share
- Adjusted net income of $38 million or $1.36 per diluted share, excluding restructuring charges
- Adjusted EBITDA of $87 million, 11.6% of sales
- $1.5 billion in new business wins and record 23 new product launches in Q3
- Repaid $400 million on revolving credit facility; $87 million net cash position
VAN BUREN TOWNSHIP, Mich., Oct. 29, 2020 (GLOBE NEWSWIRE) — Visteon Corporation (NASDAQ: VC) today announced third-quarter net sales of $747 million, representing a year-over-year increase of 3% excluding the impact of currency.
Gross margin in the third quarter was $99 million, and net income attributable to Visteon was $6 million or $0.21 per diluted share. Adjusted net income was $38 million or $1.36 per diluted share, which excludes restructuring charges. Adjusted EBITDA, a non-GAAP measure as defined below, was $87 million for the third quarter of 2020 or 11.6% of sales.
During the third quarter, the company was awarded $1.5 billion in new business, for a total of $3.2 billion for the first nine months. Visteon launched a record of 23 new products in the third quarter, totaling 44 for the year to date, which will enable the company to continue to outperform the market.
Cash provided by the company’s operations for the first nine months was $97 million and capital expenditures were $83 million. Adjusted free cash flow, a non-GAAP financial measure as defined below, for the first nine months of 2020 was $37 million, compared to $21 million for the same period in 2019. The company repaid in full $400 million of the revolving credit facility it drew at the end of the first quarter and ended the third quarter with cash of $435 million and debt of $348 million, representing a net cash position of $87 million.
The company’s focus on cost controls is evident in the significant reductions in both engineering and adjusted SG&A, which are down 25% and 19%, respectively, over the prior year. Both areas benefited from a combination of short and long-term structural cost-saving initiatives, which will allow Visteon to support its business growth with an optimized structure.
“The proactive measures we took earlier in the year to control costs also helped Visteon achieve record profitability for a third quarter,” said President and CEO Sachin Lawande. “We launched a record 23 new products in Q3, including products on flagship vehicles such as the new Ford F-150 and the Mercedes Benz S-Class. The combined projected lifetime revenue of these 23 launches is more than $2.5 billion, and will help Visteon continue our market outperformance in the coming quarters.”
The company advanced its growth strategy in the third quarter by launching a 12.4-inch digital cluster, telematics control unit and scalable audio solution for the all-new 2021 Ford F-150, and a digital instrument cluster for Daimler’s S-Class sedan. The rest of the year remains strong with multiple programs scheduled for launch during the fourth quarter.
New business wins were robust in the quarter. Key wins included a 12-inch display for a Japanese OEM, the success of Visteon’s Android-based VW Play infotainment system, which helped the company secure a similar Android infotainment award with a U.S.-based OEM, and an extension of its previously awarded battery management system.
About Visteon
Visteon is a global technology company that designs, engineers and manufactures innovative cockpit electronics and connected car solutions for the world’s major vehicle manufacturers. Visteon is driving the smart, learning, digital cockpit of the future, to improve safety and the user experience. Visteon is a global leader in cockpit electronic products including digital instrument clusters, information displays, infotainment, head-up displays, telematics, SmartCore™ cockpit domain controllers, and the DriveCore™ autonomous driving platform. Visteon also delivers artificial intelligence-based technologies, connected car, cybersecurity, interior sensing, and embedded multimedia and smartphone connectivity software solutions. Headquartered in Van Buren Township, Michigan, Visteon has approximately 10,000 employees at more than 40 facilities in 18 countries. Visteon had sales of approximately $3 billion in 2019. Learn more at www.visteon.com.
Conference Call and Presentation
Today, Thursday, Oct. 29, at 9 a.m. ET, the company will host a conference call for the investment community to discuss the quarter’s results and other related items. The conference call is available to the general public via a live audio webcast.
The dial-in numbers to participate in the call are:
U.S./Canada: 866-411-5196
Outside U.S./Canada: 970-297-2404
Conference ID: 9459369
(Call approximately 15 minutes before the start of the conference.)
The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon’s website. A news release on Visteon’s third-quarter results will be available in the News section of the website.
A replay of the conference call will be available through the company’s website or by dialing
855-859-2056 (toll-free from the U.S. and Canada) or 404-537-3406 (international). The conference ID for the phone replay is 9459369. The phone replay will be available for one week following the conference call.
Use of Non-GAAP Financial Information
Because not all companies use identical calculations, adjusted gross margin, adjusted SG&A, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.
The company has withdrawn its financial guidance and, due to the continued uncertainty of market conditions, will not be providing revised guidance until there is better clarity regarding the COVID-19 impact.
In order to provide the forward-looking non-GAAP financial measures for full-year 2020, the company is providing reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this press release and the adjustments that management can reasonably predict.
Forward-looking Information
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “forecasts” and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:
- continued and future impacts of the coronavirus (COVID-19) pandemic on our financial condition and business operations including global supply chain disruptions, market downturns, reduced consumer demand and new government actions or restrictions;
- conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;
- our ability to execute on our transformational plans and cost-reduction initiatives in the amounts and on the timing contemplated;
- our ability to satisfy future capital and liquidity requirements, including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us, our ability to comply with financial and other covenants in our credit agreements, and the continuation of acceptable supplier payment terms;
- our ability to satisfy pension and other post-employment benefit obligations;
- our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;
- general economic conditions, including changes in interest rates and fuel prices, and the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations;
- increases in raw material and energy costs and our ability to offset or recover these costs, increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; and
- those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated by our subsequent filings with the Securities and Exchange Commission).
Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this press release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the company’s Quarterly Report on Form 10-Q for the fiscal quarter ended Sept. 30, 2020. New business wins, re-wins and backlog do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer cancellations, installation rates, customer price reductions and currency exchange rates.
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Contacts:
Media:
Dave Barthmuss
805-660-1914
[email protected]
Investors:
Kris Doyle
201-247-3050
[email protected]
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Net sales | $ | 747 | $ | 731 | $ | 1,761 | $ | 2,201 | |||||||||||
Cost of sales | (648 | ) | (647 | ) | (1,605 | ) | (1,981 | ) | |||||||||||
Gross margin | 99 | 84 | 156 | 220 | |||||||||||||||
Selling, general and administrative expenses | (45 | ) | (52 | ) | (140 | ) | (167 | ) | |||||||||||
Restructuring expense, net | (32 | ) | (1 | ) | (69 | ) | (2 | ) | |||||||||||
Interest expense, net | (5 | ) | (3 | ) | (10 | ) | (7 | ) | |||||||||||
Equity in net income of non-consolidated affiliates | 2 | 1 | 4 | 7 | |||||||||||||||
Other income, net | 3 | 2 | 10 | 7 | |||||||||||||||
Income (loss) before income taxes | 22 | 31 | (49 | ) | 58 | ||||||||||||||
Provision for income taxes | (12 | ) | (13 | ) | (19 | ) | (16 | ) | |||||||||||
Net income (loss) | 10 | 18 | (68 | ) | 42 | ||||||||||||||
Net income attributable to non-controlling interests | (4 | ) | (4 | ) | (6 | ) | (7 | ) | |||||||||||
Net income (loss) attributable to Visteon Corporation | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 | ||||||||||
Comprehensive income (loss) | $ | 30 | $ | (4 | ) | $ | (80 | ) | $ | 21 | |||||||||
Less: Comprehensive income attributable to non-controlling interests | 7 | 1 | 9 | 4 | |||||||||||||||
Comprehensive income (loss) attributable to Visteon Corporation | $ | 23 | $ | (5 | ) | $ | (89 | ) | $ | 17 | |||||||||
Basic earnings (loss) per share attributable to Visteon Corporation | $ | 0.22 | $ | 0.50 | $ | (2.65 | ) | $ | 1.25 | ||||||||||
Diluted earnings (loss) per share attributable to Visteon Corporation | $ | 0.21 | $ | 0.50 | $ | (2.65 | ) | $ | 1.24 | ||||||||||
Average shares outstanding (in millions) | |||||||||||||||||||
Basic | 27.8 | 28.0 | 27.9 | 28.1 | |||||||||||||||
Diluted | 28.0 | 28.1 | 27.9 | 28.2 |
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited) | |||||||||
September 30, | December 31, | ||||||||
2020 | 2019 | ||||||||
ASSETS | |||||||||
Cash and equivalents | $ | 431 | $ | 466 | |||||
Restricted cash | 4 | 3 | |||||||
Accounts receivable, net | 476 | 514 | |||||||
Inventories, net | 164 | 169 | |||||||
Other current assets | 193 | 193 | |||||||
Total current assets | 1,268 | 1,345 | |||||||
Property and equipment, net | 418 | 436 | |||||||
Intangible assets, net | 126 | 127 | |||||||
Right-of-use assets | 168 | 165 | |||||||
Investments in non-consolidated affiliates | 51 | 48 | |||||||
Other non-current assets | 133 | 150 | |||||||
Total assets | $ | 2,164 | $ | 2,271 | |||||
LIABILITIES AND EQUITY | |||||||||
Short-term debt | $ | — | $ | 37 | |||||
Accounts payable | 494 | 511 | |||||||
Accrued employee liabilities | 74 | 73 | |||||||
Current lease liability | 31 | 30 | |||||||
Other current liabilities | 189 | 147 | |||||||
Total current liabilities | 788 | 798 | |||||||
Long-term debt, net | 348 | 348 | |||||||
Employee benefits | 280 | 292 | |||||||
Non-current lease liability | 145 | 139 | |||||||
Deferred tax liabilities | 29 | 27 | |||||||
Other non-current liabilities | 72 | 72 | |||||||
Stockholders’ equity: | |||||||||
Common stock | 1 | 1 | |||||||
Additional paid-in capital | 1,344 | 1,342 | |||||||
Retained earnings | 1,605 | 1,679 | |||||||
Accumulated other comprehensive loss | (282 | ) | (267 | ) | |||||
Treasury stock | (2,283 | ) | (2,275 | ) | |||||
Total Visteon Corporation stockholders’ equity | 385 | 480 | |||||||
Non-controlling interests | 117 | 115 | |||||||
Total equity | 502 | 595 | |||||||
Total liabilities and equity | $ | 2,164 | $ | 2,271 |
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||
OPERATING | |||||||||||||||||||
Net income (loss) | $ | 10 | $ | 18 | $ | (68 | ) | $ | 42 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities: | |||||||||||||||||||
Depreciation and amortization | 25 | 25 | 75 | 74 | |||||||||||||||
Non-cash stock-based compensation | 4 | 3 | 13 | 14 | |||||||||||||||
Equity in net income (loss) of non-consolidated affiliates, net of dividends remitted | (2 | ) | (1 | ) | (4 | ) | (7 | ) | |||||||||||
Other non-cash items | (1 | ) | — | 1 | 5 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||
Accounts receivable | (132 | ) | (1 | ) | 38 | 17 | |||||||||||||
Inventories | 10 | (10 | ) | 5 | (13 | ) | |||||||||||||
Accounts payable | 160 | 29 | 11 | 49 | |||||||||||||||
Other assets and other liabilities | 36 | (6 | ) | 26 | (63 | ) | |||||||||||||
Net cash provided from operating activities | 110 | 57 | 97 | 118 | |||||||||||||||
INVESTING | |||||||||||||||||||
Capital expenditures, including intangibles | (18 | ) | (38 | ) | (83 | ) | (109 | ) | |||||||||||
Loan repayments from non-consolidated affiliates | — | 9 | 2 | 11 | |||||||||||||||
Net investment hedge | 1 | — | 7 | 4 | |||||||||||||||
Other | (3 | ) | — | (3 | ) | (2 | ) | ||||||||||||
Net cash used by investing activities | (20 | ) | (29 | ) | (77 | ) | (96 | ) | |||||||||||
FINANCING | |||||||||||||||||||
Borrowings on revolving credit facility | — | — | 400 | — | |||||||||||||||
Payments on revolving credit facility | (400 | ) | — | (400 | ) | — | |||||||||||||
Repurchase of common stock | — | — | (16 | ) | (20 | ) | |||||||||||||
Dividends paid to non-controlling interests | — | (7 | ) | (7 | ) | (7 | ) | ||||||||||||
Short-term debt repayments, net | (23 | ) | (5 | ) | (37 | ) | (8 | ) | |||||||||||
Net cash used by financing activities | (423 | ) | (12 | ) | (60 | ) | (35 | ) | |||||||||||
Effect of exchange rate changes on cash | 9 | (8 | ) | 6 | (8 | ) | |||||||||||||
Net increase (decrease) in cash | (324 | ) | 8 | (34 | ) | (21 | ) | ||||||||||||
Cash and restricted cash at beginning of the period | 759 | 438 | 469 | 467 | |||||||||||||||
Cash and restricted cash at end of the period | $ | 435 | $ | 446 | $ | 435 | $ | 446 |
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company’s performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company’s operating activities across reporting periods. The Company defines Adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, restructuring expense, net interest expense, loss on divestiture, equity in net income of non-consolidated affiliates, gain on non-consolidated affiliate transactions, provision for income taxes, discontinued operations, net income attributable to non-controlling interests, non-cash stock-based compensation expense, and other gains and losses not reflective of the Company’s ongoing operations. Because not all companies use identical calculations, this presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Visteon: | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Net income (loss) attributable to Visteon Corporation | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 | ||||||||||
Depreciation and amortization | 25 | 25 | 75 | 74 | |||||||||||||||
Provision for income taxes | 12 | 13 | 19 | 16 | |||||||||||||||
Non-cash, stock-based compensation expense | 4 | 3 | 13 | 14 | |||||||||||||||
Interest expense, net | 5 | 3 | 10 | 7 | |||||||||||||||
Net income attributable to non-controlling interests | 4 | 4 | 6 | 7 | |||||||||||||||
Restructuring expense, net | 32 | 1 | 69 | 2 | |||||||||||||||
Equity in net income of non-consolidated affiliates | (2 | ) | (1 | ) | (4 | ) | (7 | ) | |||||||||||
Other | 1 | — | 3 | 1 | |||||||||||||||
Adjusted EBITDA | $ | 87 | $ | 62 | $ | 117 | $ | 149 |
Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses Adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company’s business strategies, and (iii) because the Company’s credit agreements use similar measures for compliance with certain covenants.
Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and Adjusted free cash flow are presented as supplemental measures of the Company’s liquidity that management believes are useful to investors in analyzing the Company’s ability to service and repay its debt. The Company defines Free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines Adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Free cash flow and Adjusted free cash flow include amounts associated with discontinued operations. Because not all companies use identical calculations, this presentation of Free cash flow and Adjusted free cash flow may not be comparable to other similarly titled measures of other companies.
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Total Visteon: | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Cash provided from operating activities | $ | 110 | $ | 57 | $ | 97 | $ | 118 | |||||||||||
Capital expenditures, including intangibles | (18 | ) | (38 | ) | (83 | ) | (109 | ) | |||||||||||
Free cash flow | $ | 92 | $ | 19 | $ | 14 | $ | 9 | |||||||||||
Restructuring related payments | 11 | 4 | 23 | 12 | |||||||||||||||
Adjusted free cash flow | $ | 103 | $ | 23 | $ | 37 | $ | 21 |
Free cash flow and Adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and Adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses Free cash flow and Adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.
Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and Adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company’s profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines Adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of restructuring expense, loss on divestiture, gain on non-consolidated affiliate transactions, discontinued operations, other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted earnings per share as Adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of Adjusted net income and Adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income (loss) attributable to Visteon | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income (loss) attributable to Visteon | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 | |||||||
Average shares outstanding, diluted | 28.0 | 28.1 | 27.9 | 28.2 | ||||||||||||
Diluted earnings (loss) per share | $ | 0.21 | $ | 0.50 | $ | (2.65 | ) | $ | 1.24 | |||||||
Adjusted earnings per share: | ||||||||||||||||
Net income (loss) attributable to Visteon | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 | |||||||
Restructuring expense, net | 32 | 1 | 69 | 2 | ||||||||||||
Other, including tax effects of adjustments | — | — | 1 | 1 | ||||||||||||
Adjusted net income (loss) | $ | 38 | $ | 15 | $ | (4 | ) | $ | 38 | |||||||
Average shares outstanding, diluted | 28.0 | 28.1 | 27.9 | 28.2 | ||||||||||||
Adjusted earnings (loss) per share | $ | 1.36 | $ | 0.53 | $ | (0.14 | ) | $ | 1.35 | |||||||
Adjusted net income and Adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and Adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses Adjusted net income and Adjusted earnings per share for internal planning and forecasting purposes.
Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/enghouse-video-partners-with-sonifi-health-to-deliver-advanced-telehealth-solutions-in-hospital-rooms-302126882.html
Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Artificial Intelligence
ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO
Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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View original content:https://www.prnewswire.co.uk/news-releases/screenpoint-medical-leadership-transition-pieter-kroese-confirmed-as-ceo-302127719.html
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