Artificial Intelligence
iCAD Reports Financial Results for Fourth Quarter and Year Ended December 31, 2020
Fourth Quarter Revenues of $10.5 Million Represented 47% Sequential Growth Driven by 70% Growth in ProFound AI® Product Revenue
ProFound AI® Product Revenue Increased 21% in the Fourth Quarter of 2020 as Compared to 2019 Fourth Quarter Fueled by Launch of ProFound AI® Risk Assessment Offering
Recent Agreement with Solis Mammography Represents Largest Single Contract in iCAD’s History and Includes Both ProFound AI® Detection and Risk
Net Loss Declined 52% to $0.07 Per Share in the Fourth Quarter of 2020 as Compared to 2019 Fourth Quarter
Conference Call Today at 4:30 p.m. ET NASHUA, N.H., Feb. 24, 2021 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today reported its financial and operating results for the three and twelve months ended December 31, 2020.
Recent Highlights:
“Despite an evolving operating environment due to COVID-19, we have continued to achieve important progress throughout our business,” said Mike Klein, Chairman and CEO. “Our fourth quarter 2020 total revenue of $10.5 million represented sequential growth of 47 percent as compared to the third quarter and we generated over 70% sequential growth in AI product revenue in the fourth quarter, as ProFound AI® continues to achieve further market penetration. Our fourth quarter revenue growth was achieved while we remained diligent in managing operating expenses, resulting in a 52% decline in net loss to $0.07 per share.”
“In addition, we continue to see tremendous interest for ProFound AI® Risk in the market and remain very positive about the impact this innovative solution will have on our business moving forward,” continued Mr. Klein. “Both ProFound AI® Risk and Detection were included in our recent five-year agreement with Solis, which operates more than 80 branded centers in 11 states. We also recently signed an agreement with Wake Radiology, North Carolina’s largest provider of 3D mammography services, that covers 22 systems. These large deals help validate the clinical utility and economic value proposition for our AI breast health product portfolio.”
“We are also pleased to have appointed Dr. Kesari as Principal Investigator for our recently initiated multi-site international clinical trial of Xoft Brain IORT in the high-value indication of GBM. We continue to anticipate the availability of early progression-free survival data from this important study by the end of this year,” concluded Mr. Klein.
Fourth Quarter 2020 Financial Results Total Detection and Therapy revenue for the fourth quarter of 2020 was $10.5 million, an increase of $1.1 million, or 11%, as compared to the fourth quarter of 2019, reflecting a 19% increase in product revenue, and a 6% decrease in service and supplies revenue.
Revenue: Cancer Detection revenue for the fourth quarter of 2020, which includes the Company’s mammography and breast density products, and the associated service and supplies revenue, increased by approximately $1.3 million, or 18%, as compared to the fourth quarter of 2019. Therapy revenue for the fourth quarter of 2020, which includes Xoft® Axxent® eBx® System® sales, as well as the associated service and supplies revenue, decreased by $0.2 million, or 7%, as compared to the fourth quarter of 2019.
Gross Profit: Gross profit for the fourth quarter of 2020 was $7.5 million, or 71% of revenue, as compared to $7.2 million, or 76% of revenue, in the fourth quarter of 2019.
Operating Expenses: Total operating expenses for the fourth quarter of 2020 were $9.0 million, a $0.1 million, or 2%, decrease from $9.1 million in the fourth quarter of 2019.
GAAP Net Loss: Net loss for the fourth quarter of 2020 was ($1.6) million, or ($0.07) per diluted share, as compared to a net loss of ($3.3) million, or ($0.17) per diluted share, for the fourth quarter of 2019. Non-GAAP Adjusted Net Loss: Non-GAAP adjusted net loss, a non-GAAP financial measure as defined below, for the fourth quarter of 2020 was ($1.4) million, or ($0.06) per diluted share, as compared to a non-GAAP adjusted net loss of ($1.9) million, or ($0.10) per diluted share, for the fourth quarter of 2019. Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the three-month periods ended December 31, 2020 and 2019, respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP adjusted EBITDA, a non-GAAP financial measure as defined below, for the fourth quarter of 2020 was a loss of ($0.9) million, a $0.5 million decrease as compared to the fourth quarter 2019 non-GAAP adjusted EBITDA loss of ($1.4) million. Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the three-month periods ended December 31, 2020 and 2019, respectively.
Twelve months ended December 31, 2020 Financial Results Cancer Detection revenue for the year ended December 31, 2020, which includes the Company’s mammography and breast density products, and the associated service and supplies revenue, decreased by approximately $0.3 million, or 1%, as compared to the same period of 2019. Therapy revenue for the year ended December 31, 2020, which includes Xoft® Axxent® eBx® System® sales, as well as the associated service and supplies revenue, decreased by $1.3 million, or 15%, as compared to the same period of 2019.
Gross Profit: Gross profit for the year ended December 31, 2020 was $21.4 million, or 72% of revenue, as compared to $24.2 million, or 77% of revenue, in the same period of 2019. Operating Expenses: Total operating expenses for the year ended December 31, 2020 were $30.7 million, essentially flat as compared to $30.6 million in the same period of 2019.
GAAP Net Loss: Net loss for the year ended December 31, 2020 was ($17.6) million, or ($0.80) per diluted share, as compared to a net loss of ($13.6) million, or ($0.74) per diluted share, for the same period of 2019.
Non-GAAP Adjusted Net Loss: Non-GAAP adjusted net loss, a non-GAAP financial measure as defined below, for the year ended December 31, 2020 was ($9.5) million, or ($0.43) per diluted share, as compared to a Non-GAAP adjusted net loss of ($6.7) million, or ($0.37) per diluted share, for the same period of 2019. Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the years ended December 31, 2020 and 2019, respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP adjusted EBITDA, a non-GAAP financial measure as defined below, for the year ended December 31, 2020 was a loss of ($5.7) million, a $1.4 million increase compared to the year ended December 31, 2019 non-GAAP adjusted EBITDA loss of ($4.3) million. Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the years ended December 31, 2020 and 2019, respectively.
Cash and Cash Equivalents: As of December 31, 2020, the Company had cash and cash equivalents of $27.2 million, which includes the receipt of $6.1 in net proceeds from sales of common stock pursuant to our at-the-market program, compared to cash and cash equivalents of $22.6 million at September 30, 2020. Use of Non-GAAP Financial Measures About iCAD, Inc. “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995 Contact: Investor Relations:
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures Management defines “Non-GAAP Adjusted EBITDA” as the sum of GAAP Net Loss before provisions for interest expense, other income, stock-based compensation expense, depreciation and amortization, tax expense, severance, gain on sale of assets, loss on disposal of assets, acquisition and litigation related expenses. Management considers this non-GAAP financial measure to be an indicator of the Company’s operational strength and performance of its business and a good measure of its historical operating trends, in particular the extent to which ongoing operations impact the Company’s overall financial performance. The non-GAAP financial measures do not replace the presentation of the Company’s GAAP financial results and should only be used as a supplement to, not as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company has provided a reconciliation of each non-GAAP financial measure used in its financial reporting and investor presentations to the most directly comparable GAAP financial measure.
Management excludes each of the items identified below from the applicable non-GAAP financial measure referenced above for the reasons set forth with respect to that excluded item:
On occasion in the future, there may be other items, such as loss on extinguishment of debt, the Cares tax credit, significant asset impairments, restructuring charges or significant gains or losses from contingencies that the Company may exclude if it believes that doing so is consistent with the goal of providing useful information to investors and management.
– Global launch for 3D mammography planned for later this year
– Significant percentage of licenses sold to facilities with GE, Siemens, and sites with multiple vendors, including Hologic and Fuji
In $000’s
Three months ended December 31,
2020
2019
$ Change
% Change
Product revenue
$
7,683
$
6,436
$
1,247
19
%
Service and supplies revenue
2,768
2,945
(177
)
(6
)%
Total Revenue
$
10,451
$
9,381
$
1,070
11
%
In $000’s
Three months ended December 31,
2020
2019
$ Change
% Change
Detection revenue
Product revenue
$
6,600
$
5,441
$
1,159
21
%
Service and supplies revenue
1,512
1,414
98
7
%
Detection Revenue
$
8,112
$
6,855
$
1,257
18
%
Therapy revenue
Product revenue
$
1,083
$
995
$
88
9
%
Service and supplies revenue
1,256
1,531
(275
)
(18
)%
Therapy Revenue
$
2,339
$
2,526
$
(187
)
(7
)%
Total Revenue
$
10,451
$
9,381
$
1,070
11
%
Revenue: Total Detection and Therapy revenue for the year ended December 31, 2020 was $29.7 million, a decrease of $1.6 million, or 5%, as compared to the same period of 2019, reflecting a 4% decrease in product revenue, and a 7% decrease in service and supplies revenue.
In $000’s
Twelve months ended December 31,
2020
2019
$ Change
% Change
Product revenue
$
18,903
$
19,767
$
(864
)
(4
)%
Service revenue
10,795
11,573
(778
)
(7
)%
Total Revenue
$
29,698
$
31,340
$
(1,642
)
(5
)%
In $000’s
Twelve months ended December 31,
2020
2019
$ Change
% Change
Detection revenue
Product revenue
$
16,291
$
16,788
$
(497
)
(3
)%
Service revenue
5,706
5,531
175
3
%
Detection Revenue
$
21,997
$
22,319
$
(322
)
(1
)%
Therapy revenue
Product revenue
$
2,612
$
2,979
$
(367
)
(12
)%
Service revenue
5,089
6,042
(953
)
(16
)%
Therapy Revenue
$
7,701
$
9,021
$
(1,320
)
(15
)%
Total Revenue
$
29,698
$
31,340
$
(1,642
)
(5
)%
In its quarterly news releases, conference calls, slide presentations or webcasts, the Company may use or discuss non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. When analyzing the Company’s operating performance, investors should not consider these non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP. The Company’s quarterly news releases containing such non-GAAP reconciliations can be found on the Investors section of the Company’s website at www.icadmed.com.
Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions. For more information, visit www.icadmed.com.
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For example, when the Company discusses the potential of ProFound AI Risk, the benefits of the Company’s products, and clinical plans and updates, it is using forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited, to the Company’s ability to achieve business and strategic objectives, increase sales and acceptance of products, adoption by CMS of a new payment model, and that such model will prove beneficial to the Company, which is not assured, implement expansion plans, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, uncertainty of future sales levels, protection of patents and other proprietary rights, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence of products, increased competition, to successfully defend itself in litigation matters, government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; the effects of a global pandemic, and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “demonstrate,” “intend,” “expect,” “estimate,” “will,” “continue,” “anticipate,” “likely,” “seek,” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.
Media Inquiries:
Amy Cook, iCAD
+1-925-200-2125
[email protected]
Jeremy Feffer, LifeSci Advisors
+ 1-212-915-2568
[email protected]
iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
December 31,
December 31,
Assets
2020
2019
Current assets:
Cash and cash equivalents
$
27,186
$
15,313
Trade accounts receivable, net of allowance for doubtful
accounts of $111 in 2020 and $136 in 2019
10,027
9,819
Inventory, net
3,144
2,611
Prepaid expenses and other current assets
1,945
1,453
Total current assets
42,302
29,196
Property and equipment, net of accumulated depreciation
of $6,778 in 2020 and $6,510 in 2019
744
551
Operating lease assets
1,758
2,406
Contract and Other assets
1,527
50
Intangible assets, net of accumulated amortization
of $8,494 in 2020 and $8,186 in 2019
889
1,183
Goodwill
8,362
8,362
Total assets
$
55,582
$
41,748
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
2,869
$
1,990
Accrued and other expenses
7,039
6,590
Notes payable – current portion
–
4,250
Lease payable – current portion
726
758
Deferred revenue
6,117
5,248
Total current liabilities
16,751
18,836
Notes payable, long-term portion
6,960
2,003
Convertible debentures payable to non-related parties, at fair value
–
12,409
Convertible debentures payable to related parties, at fair value
–
1,233
Lease payable – long-term portion
1,075
1,837
Deferred revenue, long-term portion
267
356
Deferred tax
4
3
Total Liabilities
25,057
36,677
Stockholders’ Equity:
Preferred stock, $ 0.01 par value: authorized 1,000,000 shares;
none issued.
–
–
Common stock, $0.01 par value: authorized 30,000,000
shares; issued 23,693,735 in 2020 and 19,546,151 in 2019.
Outstanding 23,508,575 in 2020 and 19,360,320 in 2019.
236
196
Additional paid-in capital
273,639
230,615
Accumulated deficit
(241,935
)
(224,325
)
Treasury stock at cost, 185,831 shares in 2020 and 2019
(1,415
)
(1,415
)
Total Stockholders’ Equity
30,525
5,071
Total Liabilities and Stockholders’ Equity
$
55,582
$
41,748
iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands except for per share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2020
2019
2020
2019
Revenue:
Products
$
7,683
$
6,436
$
18,903
$
19,767
Service and supplies
2,768
2,945
10,795
11,573
Total revenue
10,451
9,381
29,698
31,340
Cost of revenue:
Products
2,101
1,144
5,000
3,278
Service and supplies
796
972
2,965
3,438
Amortization and depreciation
92
100
379
397
Total cost of revenue
2,989
2,216
8,344
7,113
Gross profit
7,462
7,165
21,354
24,227
Operating expenses:
Engineering and product development
2,176
2,520
8,114
9,271
Marketing and sales
4,094
4,353
13,312
13,634
General and administrative
2,641
2,167
9,117
7,443
Amortization and depreciation
46
70
199
276
Total operating expenses
8,957
9,110
30,742
30,624
Loss from operations
(1,495
)
(1,945
)
(9,388
)
(6,397
)
Interest expense
(116
)
(180
)
(476
)
(784
)
Loss on fair value of convertible debentures
–
(1,331
)
(7,464
)
(6,671
)
Loss on extinguishment of debt
–
–
(341
)
–
Other income
12
118
97
344
Other expense, net
(104
)
(1,393
)
(8,184
)
(7,111
)
Loss before income tax expense
(1,599
)
(3,338
)
(17,572
)
(13,508
)
Tax expense
(4
)
(10
)
(38
)
(43
)
Net loss and comprehensive loss
$
(1,603
)
$
(3,348
)
$
(17,610
)
$
(13,551
)
Net loss per share:
Basic
$
(0.07
)
$
(0.17
)
$
(0.80
)
$
(0.74
)
Diluted
$
(0.07
)
$
(0.17
)
$
(0.80
)
$
(0.74
)
Weighted average number of shares
used in computing loss per share:
Basic
23,072
19,320
22,140
18,378
Diluted
23,072
19,320
22,140
18,378
iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
For the twelve months ended December 31,
2020
2019
Cash flow from operating activities:
Net loss
$
(17,610
)
$
(13,551
)
Adjustments to reconcile net loss to net cash
used for operating activities:
Amortization
309
377
Depreciation
268
297
Bad debt provision
94
62
Stock-based compensation expense
2,844
1,169
Amortization of debt discount and debt costs
78
149
Change in fair value of convertible debentures
7,464
6,671
Deferred tax
1
1
Loss on extinguishment of debt
341
–
Changes in operating assets and liabilities
Accounts receivable
(302
)
(3,478
)
Inventory
(533
)
(1,024
)
Prepaid and other current assets
(1,390
)
294
Accounts payable
878
836
Accrued expenses
(207
)
982
Deferred revenue
780
108
Total adjustments
10,625
6,444
Net cash used for operating activities
(6,985
)
(7,107
)
Cash flow from investing activities:
Additions to patents, technology and other
(13
)
(10
)
Additions to property and equipment
(461
)
(296
)
Net cash (used for) provided by investing activities
(474
)
(306
)
Cash flow from financing activities:
Issuance of common stock pursuant to stock option plans
729
1,400
Issuance of common stock pursuant to Employee Stock Purchase Plan
266
–
Taxes paid related to restricted stock issuance
(225
)
(196
)
Principal payments of capital lease obligations
–
(16
)
Principal repayment of debt financing
(4,638
)
(2,000
)
Proceeds from Line of Credit
775
3,000
Repayment to Line of Credit
(2,775
)
(1,000
)
Proceeds from debt financing
6,957
–
Debt issuance costs
(42
)
–
Proceeds from issuance of common stock, net
18,285
9,353
Net cash provided by (used for) financing activities
19,332
10,541
Increase in cash and equivalents
11,873
3,128
Cash and equivalents, beginning of period
15,313
12,185
Cash and equivalents, end of period
$
27,186
$
15,313
The Company reports its financial results in accordance with United States generally accepted accounting principles, or GAAP. However, management believes that in order to understand the Company’s short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and/or impact on continuing operations. Management also uses results of operations before such items to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in the Company’s ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of the Company’s ongoing business with prior periods more difficult, obscure trends in ongoing operations or reduce management’s ability to make useful forecasts. Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing the Company’s financial and operational performance and comparing this performance to its peers and competitors.
Non-GAAP Adjusted EBITDA
Set forth below is a reconciliation of the Company’s “Non-GAAP Adjusted EBITDA”
(Unaudited)
(In thousands except for per share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2020
2019
2020
2019
GAAP Net Loss
$
(1,603
)
$
(3,348
)
$
(17,610
)
$
(13,551
)
Interest Expense
116
180
476
784
Other income
(12
)
(118
)
(97
)
(344
)
Stock Compensation
286
314
2,828
1,169
Depreciation
62
77
269
297
Amortization
76
93
310
376
Tax expense
4
10
38
43
Severance and Furlough
35
38
224
86
Cares Credit
–
–
(283
)
–
Loss on extinguishment of debt
–
–
341
–
Loss of fair value of convertible debentures
–
1,331
7,464
6,671
Litigation related
104
36
322
125
Non-GAAP Adjusted EBITDA
$
(932
)
$
(1,387
)
$
(5,718
)
$
(4,344
)
Three Months Ended December 31,
Twelve Months Ended December 31,
2020
2019
2020
2019
GAAP Net Loss
$
(1,603
)
$
(3,348
)
$
(17,610
)
$
(13,551
)
Adjustments to Net Loss:
Severance and Furlough
67
38
256
86
Cares Credit
–
–
(283
)
–
Loss from extinguishment of debt
–
–
341
–
Litigation related
104
36
322
125
Loss of fair value of convertible debentures
–
1,331
7,464
6,671
Non-GAAP Adjusted Net Loss
$
(1,432
)
$
(1,943
)
$
(9,510
)
$
(6,669
)
Net Loss per share
GAAP Net Loss per share
$
(0.07
)
$
(0.17
)
$
(0.80
)
$
(0.74
)
Adjustments to Net Loss (as detailed above)
0.01
0.07
0.37
0.37
Non-GAAP Adjusted Net Loss per share
$
(0.06
)
$
(0.10
)
$
(0.43
)
$
(0.37
)
Artificial Intelligence
Actian Launches Zen 16.0, the Next Generation Database for Edge Computing
Latest Zen Edition Delivers Secure, Modular, and Scalable Edge Data Solutions with Seamless Synchronization from Edge to Cloud
ROUND ROCK, Texas, June 17, 2024 /PRNewswire/ — Actian, the data and analytics division of HCLSoftware, today announced the launch of Actian Zen 16.0, the newest version of its innovative embedded database. To help businesses run faster, smarter applications on the edge, Zen 16.0 is designed for real-time data processing across mobile, IoT devices, edge gateways, and complex machinery.
Actian developed Zen 16.0 to capture the growing demand for edge computing. IDC predicts edge computing will account for $232 billion in spending this year*. Zen 16.0 simplifies and optimizes edge computing for resource-constrained environments that range from industrial IoT and connected healthcare to smart cities. Actian Zen 16.0 introduces performance enhancements and new features designed to improve efficiency and functionality for the more than 13,000 organizations currently using Zen, as well as attracting new customers.
“Actian Zen16.0 is designed to meet the needs of modern embedded systems and edge computing,” said Emma McGrattan, senior vice president of engineering and product at Actian. “Its secure and scalable design allows for easy data synchronization with Zero-ETL, making it perfect for developers creating intelligent applications that can deliver real-time decisioning from edge to cloud to give a business competitive advantage.”
Zen 16.0 delivers the small footprint with fast read and write access and automatic administration that resource-constrained environments require. Zen16.0 addresses the need to support high-performance intelligent applications with minimal administration, particularly for frequent data update use cases like sensor data collection to monitor patient well-being or asset management tracking using RFID scanners.
Zen 16.0 ensures seamless data synchronization from edge to cloud, supports both SQL and NoSQL data access, and leverages popular programming languages to empower developers in building low-latency embedded applications.
“Actian Zen provides a high performance, lightweight, and self-managed embedded database for our business,” said Trent Maynard, Director of Product & Engineering at Global Shop Solutions. “Zen continues to deliver exactly what we need and we’re enthusiastic about the new capabilities of Zen 16.0 to empower our business operations even further.”
Detailed here, Zen 16.0 includes improved L2 cache sizing, page preload for large data files, Kafka data stream support, EasySync – a new datasync utility, enhanced JSON support, Btrieve2 Python package, Docker and Kubernetes container support, and extended index key length.
*Source: IDC Press Release, New IDC Spending Guide Forecasts Edge Computing Investments Will Reach $232 Billion in 2024, March 2024
About Actian
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Artificial Intelligence
Application Security Market worth $55.0 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, June 17, 2024 /PRNewswire/ — The global Application Security Market to grow from USD 33.7 billion in 2024 to USD 55.0 billion by 2029 at a compound annual growth rate (CAGR) of 10.3% during the forecast period, according to a new report by MarketsandMarkets™. The application security (AppSec) market is expanding rapidly due to the growing reliance on applications and the escalating threat of cyberattacks. The increasing frequency and sophistication of these attacks are driving the demand for strong AppSec solutions, a trend likely to persist. As organizations shift to cloud-based applications, new security challenges arise, requiring AppSec solutions that can adapt and provide robust controls. AppSec vendors are creating user-friendly tools that integrate smoothly with developer workflows, promoting an early vulnerability detection approach. Small and medium-sized enterprises (SMEs) and organizations with limited security resources are turning to Managed Security Service Providers (MSSPs) for affordable expertise and tools. The extensive use of open-source software (OSS) also presents unique security issues, leading to the evolution of AppSec solutions to effectively secure open-source code.
Browse in-depth TOC on “Application Security Market”
200 – Tables 50 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
By Type, By Component, By Organization Size, By Deployment mode, By Vertical, and By Region
Geographies covered
North America, Europe, Asia Pacific, Middle East Africa, and Latin America
Major companies covered
Major vendors in the global Application Security Market include IBM (US), HCL (India), Synopsys (US), Microfocus (UK), Capgemini (France), Onapsis (US), Cloudflare (US), Guardsquare (Belgium), Checkmarx (US), Fortinet (US), Checkpoint (Israel), Broadcom (US), Palo Alto Networks (US), Qualys (US), Rapid7 (US)
By Component, the services segment will grow at the highest CAGR during the forecast period.
The cybersecurity skills gap persists as a significant challenge, but AppSec services offer a solution by providing access to experienced security professionals who can design, implement, and manage effective application security programs. These services bring specialized expertise in areas like penetration testing, security code reviews, and vulnerability assessments, complementing standard solutions and addressing complex security challenges. Navigating data privacy regulations and industry-specific security standards can be daunting, but AppSec services provide compliance guidance, helping organizations efficiently meet regulatory requirements. Managed Security Service Providers (MSSPs) play a crucial role in the AppSec services market, offering comprehensive security solutions such as AppSec assessments, vulnerability management, and ongoing monitoring, which is cost-effective and beneficial for organizations with limited security resources. AppSec services are also evolving to integrate seamlessly with DevSecOps workflows, allowing security professionals to collaborate with developers in identifying and addressing vulnerabilities early in the development lifecycle. Moreover, these services increasingly include security awareness training programs to educate employees on recognizing and mitigating security threats, complementing technical controls with essential human vigilance.
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By Type, the Mobile Application Security segment will grow at a higher CAGR during the forecast period.
The mobile application security segment within the broader application security (AppSec) market is experiencing rapid growth due to the widespread use of smartphones and the proliferation of mobile apps. With an ever-increasing number of mobile applications across diverse industries, ensuring their security has become a paramount concern. The trend of Bring Your Own Device (BYOD) further complicates security efforts, as personal devices may lack the same level of security controls as corporate-issued ones. Mobile AppSec solutions must address these concerns while complying with data privacy regulations governing the collection and storage of sensitive user data. Integrating security throughout the mobile app development lifecycle is crucial, with solutions tailored to seamlessly integrate with developer workflows to promote early vulnerability detection and remediation. Mobile AppSec solutions need to cater to the specific security requirements of both iOS and Android platforms, each with its own vulnerabilities and testing methodologies. Techniques like app shielding and code obfuscation are also being employed to deter attackers from reverse engineering and exploiting vulnerabilities within mobile applications.
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By region, Asia Pacific will grow at the highest CAGR during the forecast period.
The Asia Pacific region is undergoing significant growth in its Application Security Market, driven by several key factors. As industries undergo rapid digital transformation, there’s a heightened need for robust security measures to protect interconnected systems. Moreover, the region faces increasing cyber threats, prompting businesses to prioritize application security as a crucial defense mechanism. Stricter data privacy regulations, akin to data protection laws in Europe, mandate strong security practices for handling personal data, further driving market demand. Cloud adoption is surging, leading to a need for cloud-native security solutions that effectively protect applications in cloud environments. Managed Security Service Providers are becoming popular, especially among SMEs, offering cost-effective access to security expertise. Additionally, the adoption of agile and DevOps methodologies necessitates application security solutions that seamlessly integrate with development workflows. Despite challenges such as low awareness of security best practices, skills shortages, and budget constraints, the long-term outlook for the Asia Pacific Application Security Market remains highly positive. Factors like digitalization, cyber threats, and data privacy regulations are expected to sustain market growth, alongside trends like cloud computing and managed security services adoption.
Top Key Companies in Application Security Market:
Major vendors in the global Application Security Market include IBM (US), HCL (India), Synopsys (US), Microfocus (UK), Capgemini (France), Onapsis (US), Cloudflare (US), Guardsquare (Belgium), Checkmarx (US), Fortinet (US), Checkpoint (Israel), Broadcom (US), Palo Alto Networks (US), Qualys (US), Rapid7 (US).
Browse Adjacent Market: Information Security Market Research Reports & Consulting
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
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Artificial Intelligence
Membrane Chromatography Market to Reach USD 637 Million with 14.7% CAGR | MarketsandMarkets™
CHICAGO, June 17, 2024 /PRNewswire/ — The membrane chromatography market is poised to grow significantly, with a projected value of USD 637 million by 2029, reflecting a robust CAGR of 14.7% from an estimated USD 321 million in 2024. This growth is primarily fueled by the escalating production of biopharmaceuticals like vaccines and monoclonal antibodies, coupled with increased R&D activities in the biopharmaceutical sector. Key players in this market include Danaher Corporation (US), Sartorius AG (Germany), Merck KGaA (Germany), and Thermo Fisher Scientific Inc. (US), who employ strategies such as new product launches, acquisitions, agreements, collaborations, and geographical expansions to bolster their market presence. Danaher Corporation is known for its extensive range of life science and diagnostic products, investing heavily in R&D, while Sartorius AG stands out for its global reach and strategic collaborations like the one with Waters Corporation for downstream biomanufacturing. Merck KGaA, on the other hand, is recognized for its comprehensive solutions and ongoing investments in R&D, as demonstrated by its substantial investment in membrane and filtration manufacturing capabilities in Cork, Ireland.
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Browse in-depth TOC on “Membrane Chromatography Market”416 – Tables52 – Figures348 – Pages
DRIVER: Catalyzing Growth Through Increased Biopharmaceutical R&D
As C-level executives, you’re aware of the pivotal role R&D plays in the biopharmaceutical sector, especially amidst the escalating demand for treatments targeting chronic illnesses. The robust increase in R&D investments, exemplified by a significant uptick in spending among Spanish biotech firms in 2022, underscores the driving force behind the membrane chromatography market’s expansion.
RESTRAINT: Slow Adoption in Large-Scale Manufacturing
Despite its promising advantages, membrane chromatography encounters obstacles when it comes to scaling up for large-scale operations. Challenges such as membrane degradation and fouling, coupled with the entrenched dominance of traditional column chromatography, impede widespread adoption. These complexities, alongside the risks of process disruption and quality compromises, restrain the market’s growth within large-scale manufacturing.
OPPORTUNITY: Embracing Single-Use Technologies for Enhanced Efficiency
The shift towards single-use membrane chromatography systems presents a compelling opportunity for executives seeking efficiency gains. These systems offer tangible benefits, including reduced contamination risks and lower capital investments. Collaborative efforts, like the partnership between W. L. Gore & Associates, Inc. and AGC Biologics, signal a strategic move towards streamlining downstream purification processes and maximizing productivity.
CHALLENGE: Competing with Alternative Techniques
In the landscape of membrane chromatography, executives must navigate the challenge posed by alternative techniques such as protein crystallization and capillary electrophoresis. These methods, renowned for their simplicity and cost-effectiveness, present formidable competition, potentially diverting market focus from membrane chromatography solutions and posing a significant hurdle to its sustained growth.
Global Membrane Chromatography Industry Ecosystem Analysis
Executives operating within the membrane chromatography industry are part of a multifaceted ecosystem encompassing raw material suppliers, manufacturers, and end users ranging from pharmaceutical giants to academic institutions. Product portfolios span from essential syringe filters to advanced membrane sheets, catering to diverse needs across the sector’s spectrum.
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Flow-Through Membrane Chromatography Leads Industry Growth in 2023
The dominance of flow-through membrane chromatography in 2023 underscores a strategic focus on biologics development, particularly monoclonal antibodies. The segment’s ascendancy is further fueled by the industry’s quest for efficient chromatography operations, positioning it as a key driver in the membrane chromatography market.
Pharmaceutical & Biopharmaceutical Companies Drive Market Growth
In 2023, pharmaceutical and biopharmaceutical companies emerged as the dominant force within the membrane chromatography landscape, buoyed by the escalating demand for biotherapeutics. The segment’s robust growth trajectory is propelled by increased R&D investments aimed at advancing biopharmaceutical products, solidifying its pivotal role in the membrane chromatography market.
North America Commands Membrane Chromatography Market in 2023
North America’s commanding presence in the membrane chromatography market during 2023 underscores its status as a key hub for biopharmaceutical development and manufacturing. With significant investments in R&D and a well-established healthcare sector, North America leads the global market, followed closely by Europe and the Asia Pacific, reflecting the region’s pivotal role in driving industry innovation and growth.
Recent Innovations Shape Membrane Chromatography Landscape
Thermo Fisher Scientific Inc. Enhances Presence in Asia Pacific with New FacilityIn February 2024, Thermo Fisher Scientific Inc. fortified its position in the Asia Pacific market with the inauguration of a sterile drug facility in Singapore. This strategic investment aligns with the company’s commitment to delivering new medicines and vaccines, complementing enhanced research capabilities at its Customer Experience Center and Bioprocess Design Center. The Customer Experience Center, equipped with a wide array of products spanning molecular biology, genetic analysis sequencing, chromatography mass spectrometry, and cell therapy, underscores Thermo Fisher Scientific’s dedication to innovation and customer-centric solutions.Agilent Technologies Invests in Nucleic Acid Therapeutics ManufacturingJanuary 2023 witnessed Agilent Technologies’ significant investment of USD 725 million to expand its manufacturing capacity for nucleic acid-based therapeutics. This expansion underscores Agilent’s commitment to meeting the growing demand for advanced therapeutics, positioning the company as a key player in the evolving landscape of nucleic acid-based treatments.Sartorius AG Expands Portfolio Through Novasep AcquisitionIn February 2022, Sartorius AG bolstered its chromatography capabilities with the acquisition of Novasep’s chromatography division. This strategic move enables Sartorius to access a portfolio tailored for smaller biomolecules like oligonucleotides, peptides, and insulin, as well as innovative systems for continuous biologics manufacturing. By integrating Novasep’s offerings, Sartorius aims to diversify its revenue streams and strengthen its position as a leading provider of chromatography solutions.3M Introduces Breakthrough Solution for Protein Therapeutic ManufacturingJune 2021 marked the launch of 3M Harvest RC clarifier, a revolutionary single-stage purification solution designed for recombinant protein therapeutic manufacturing. This innovation underscores 3M’s commitment to advancing bioprocessing technologies, offering a streamlined and efficient solution for protein purification, thereby enhancing manufacturing efficiency and product quality.For more information, inquire now! Inquire Now
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About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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