Artificial Intelligence

Check Point Software Technologies Reports 2021 Second Quarter Financial Results

Published

3 years ago

July 26, 2021

SAN CARLOS, Calif., July 26, 2021 (GLOBE NEWSWIRE) — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the second quarter ended June 30, 2021.

Second Quarter 2021:

Total Revenue: $526 million, a 4 percent increase year over year
Deferred Revenues: $1,472 million, a 10 percent increase year over year
GAAP Operating Income: $222 million, representing 42 percent of revenues
Non-GAAP Operating Income: $257 million, representing 49 percent of revenues
GAAP EPS: $1.38, same as last year
Non-GAAP EPS: $1.61, a 2 percent increase year over year
Cash flow from operations: $264 million, a 4 percent increase year over year

“We had a good second quarter. Strong execution drove double-digit growth across CloudGuard and Harmony, and triple-digit growth in Infinity platform sales. Overall we grew our security subscription revenues by 12 percent,” said Gil Shwed, Founder and CEO of Check Point Software Technologies. “We’ve seen a 93 percent increase in ransomware attacks, as Gen V attacks are now the new norm. We believe organizations can stop the next cyber pandemic by adopting a prevention-first approach to security across the network, cloud and remote users.”

Financial Highlights for the Second Quarter of 2021:

Total Revenue: $526 million compared to $506 million in the second quarter of 2020, a 4 percent increase year over year.
GAAP Operating Income: $222 million compared to $221 million in the second quarter of 2020, representing 42 percent and 44 percent of revenues in the second quarter of 2021 and 2020, respectively.
Non-GAAP Operating Income: $257 million compared to $253 million in the second quarter of 2020, representing 49 percent and 50 percent of revenues in the second quarter of 2021 and 2020, respectively.
GAAP Taxes on Income: $47 million compared to $43 million in the second quarter of 2020.
GAAP Net Income: $186 million compared to $196 million in the second quarter of 2020.
Non-GAAP Net Income: $217 million compared to $225 million in the second quarter of 2020.
GAAP Earnings per Diluted share: $1.38 same as in the second quarter of 2020.
Non-GAAP Earnings per Diluted share: $1.61 compared to $1.58 in the second quarter of 2020, a 2 percent increase year over year.
Deferred Revenues: As of June 30, 2021, deferred revenues were $1,472 million compared to $1,338 million as of June 30, 2020, a 10 percent increase year over year.
Cash Balances, Marketable Securities and Short Term Deposits: $4,002 million as of June 30, 2021, compared to $3,959 million as of June 30, 2020.
Cash Flow: Cash flow from operations of $264 million compared to $252 million in the second quarter of 2020, a 4 percent increase year over year.
Share Repurchase Program: During the second quarter of 2021, the company repurchased approximately 2.7 million shares at a total cost of approximately $325 million.

For information regarding the non-GAAP financial measures discussed in this release, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures, please see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information.”

Business Highlights

In June, Check Point Software Technologies extended the capabilities of its Quantum Hybrid Data Center Security solution to deliver advanced protection for complex hybrid data centers.

Check Point R81.10 software: New version of the Cyber Security platform delivers major improvements in security operational efficiency with unified security management from the web browser and parallel multi-admin support.
The latest Quantum Maestro 175: Enables Quantum gateway orchestration to the capacity and performance of 52 gateways in minutes, giving companies elastic flexibility with Terabit per second threat prevention throughput
Quantum Smart-1: Security Management appliances provide advanced protections for complex hybrid data centers with automated operations and an ultra-scalable platform.

To support the new ‘work from anywhere’ (WFA) environment, organizations accelerated their transition to the cloud which left them vulnerable to cloud-targeted attacks. Check Point expanded the capabilities of its unified Cloud Native Security Platform, to deliver application-first workload protection with Check Point CloudGuard Workload Protection. This fully automated cloud workload security solution empowers security teams with tools to automate security across applications, Application Programing Interfaces (APIs) and microservices from development to runtime via a single interface.

Check Point extended its multi-cloud support through the integration of Check Point CloudGuard with Alibaba Cloud, the digital intelligence and technology backbone of Alibaba Group and a global leader in cloud computing and artificial intelligence. Alibaba Cloud’s customers will benefit from enhanced cloud network security and posture management, while other organizations have the opportunity to leverage Alibaba Cloud within their multi-cloud environments.

Partnerships & Customers

Throughout the quarter, Check Point demonstrated its ongoing commitment to provide cyber-security education and training at all levels. In May, Check Point launched the Global Cloud Academy Education with its Platinum Elite ATC Partners – Arrow Electronics, Red Education and Westcon Security. Check Point is the first security solutions provider to address the knowledge gap in the industry by offering a dedicated certified education program specializing in cloud security globally.

In April, Check Point Software introduced new initiatives to its channel sales model to further accelerate benefits and profits for partners. The four new initiatives in Check Point’s Partner Growth Program further increase value to partners, and accelerate their access to benefits and rewards for sales-generating activities through closer collaboration with Check Point.

In July, Check Point Software became a sponsor of Deloitte’s new Industry 4.0 immersive experience center based in Wichita. The sponsorship identifies the need for cyber security as a core component of any secure smart factory and enables Check Point customers’ access to experience the advanced manufacturing methods and technologies at the heart of digital transformation.

Research & Cyber Security

Ransomware attacks continue to Surge, hitting a 93% increase year over year: Check Point Research (CPR) issued an updated data snapshot of global ransomware trends, including attacks per organizations by industry and regional attack trends. CPR found that average number of ransomware attacks each week increased by 20% in the last two months, 41% in the last six months, and 93% in the last 12 months. The recent attack on a U.S. pipeline is confirmation that the acceleration in sophisticated ransomware attacks is continuing. Following this attack, Check Point Research warned of a new ransomware threat called Triple Extortion.

Vulnerabilities in Applications & Infrastructure:

Security Flaws in Atlassian’s Platform Led to Account Takeover in One Click: Check Point Research (CPR) identified security flaws on Atlassian, the team collaboration and productivity platform used by 180,000 customers worldwide. With just one click, an attacker could have used the flaws to take over accounts and control some of Atlassian’s applications, including Jira and Confluence.

Four Security Vulnerabilities were found in Microsoft Office: Four security vulnerabilities affected products in the Microsoft Office suite, including Excel and Office online. If exploited, the vulnerabilities would grant an attacker the ability to execute code on targets via malicious Office documents, such as Word (.DOCX), Excel (.XLS) and Outlook (.EML). The vulnerabilities are the result of parsing mistakes made in legacy code found in Excel95 File Formats, giving researchers reason to believe that the security flaws have existed for several years.

Misconfiguration of third party cloud services exposed data of over 100 million users: After examining 23 Android applications on Google Play, Check Point discovered that mobile app developers have exposed the personal data of over 100 million users through a variety of misconfigurations of third party cloud services. Personal data included emails, chat messages, location, passwords and photos which, in hands of hackers, could lead to fraud and identity-theft.

Companies’ 5 Million Personal identifiable information records detected on an AWS service due to misconception of users: By analyzing and enumerating public AWS Systems Manager (SSM) documents, CPR retrieved over five million personally identifiable information records and credit card transactions of companies, including a global sportswear manufacturer.

Android users’ privacy at risk as Check Point Research identifies vulnerability on Qualcomm’s mobile station modems: Check Point Research (CPR) found a security vulnerability in Qualcomm’s mobile station modem (MSM), the chip responsible for cellular communication in nearly 40% of the world’s phones. If exploited, the vulnerability would have allowed an attacker to use Android OS itself as an entry point to inject malicious and invisible code into phones, granting them access to SMS messages and audio of phone conversations.

Malware and Campaigns Research:

Cybercriminals go after Amazon Prime Day Shoppers: Cybercriminals impersonated the Amazon brand ahead of the annual shopping event in order to trick consumers into credential theft of their email addresses, payment details and passwords, and more. In the run-up to Amazon Prime Day 2021, nearly 80% of domains containing the word “Amazon” were potentially dangerous.

New ‘ToxicEye’ RAT is the latest to use Telegram for command & control: There is a growing cyber threat where hackers use Telegram, the instant messaging app with over 500 million active users, as a command and control system to distribute malware into organizations. Even when Telegram is not installed or being used, the system allows hackers to send malicious commands and operations remotely via the instant messaging app.

Research & Recognitions

We continued our focus on security through innovation, industry research and recognition including:

Secure Access Service Edge (SASE) Solutions are the Future: Survey Uncovers Organizations’ Security Priorities for Hybrid Working: Check Point revealed the results from a survey showing how organizations have been impacted by the pandemic, particularly when it comes to IT and security strategies. The survey of 450 IT and security professionals revealed the impact that the pandemic has had on organizations as well as their security priorities for the hybrid workplace

Check Point Software Technologies Recognized as a Microsoft Security 20/20 Partner Award Winner for Most Transformative Integration Partner: At the second annual Microsoft Security 20/20 Awards held May 12, 2021, Microsoft announced award winners in 18 categories spanning security, compliance and identity. This year, Check Point Software is a winner for Microsoft Security 20/20 Most Transformative Integration Partner award. The company was honored among a global field of top Microsoft partners for demonstrating excellence in innovation, integration, and customer implementation with Microsoft technology.

MITRE Engenuity ATT&CK^® Evaluations Highlight Check Point Software’s Leadership in Endpoint Security: In the MITRE ATT&CK Endpoint Protection Product Evaluation, Check Point Harmony Endpoint successfully detected 100% of the unique techniques used during the evaluations. Furthermore, Check Point Harmony Endpoint achieved the highest technique detection level for 96% of the unique techniques used in the evaluations.

Conference Call and Webcast Information
Check Point will host a conference call with the investment community on July 26, 2021, at 8:30 AM ET/5:30 AM PT. To listen to the live video cast or replay, please visit the website: www.checkpoint.com/ir.

Third Quarter Investor Conference Participation Schedule:

Oppenheimer 24^th Annual Virtual Technology, Internet & Communications Conference
August 9, 2021 – Virtual 1×1’s
Nasdaq Virtual Asia Investor Conference
August 9-10, 2021 – Virtual 1×1’s
KeyBanc Virtual Technology Leadership Forum
August 11, 2021 – Virtual Fireside Chat & 1×1’s
BMO 2021 Virtual Technology Summit
August 24, 2021 – Virtual Fireside Chat & 1×1’s
Deutsche Bank 2021 Technology Conference
September 9-10, 2021 – Physical 1×1’s
Citi 2021 Global Technology Virtual Conference
September 13, 2021 – Virtual 1×1’s
Piper Sandler 2021 Virtual Global Technology Conference
September 14, 2021 – Virtual 1×1’s
Jefferies 2021 Virtual Technology Conference
September 14, 2021 – Virtual 1×1’s
Morningstar Management Behind The Moat Virtual Conference
September 15, 2021 – Virtual 1×1’s

Members of Check Point’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Check Point’s conference presentations are expected to be available via webcast on the company’s web site. To access these presentations and the most updated information please visit the company’s web site at www.checkpoint.com/ir. The schedule is subject to change.

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cyber security solutions to governments and corporate enterprises globally. Check Point Infinity’s portfolio of solutions protects enterprises and public organizations from 5^th generation cyber-attacks with an industry leading catch rate of malware, ransomware and other threats. Infinity comprises three core pillars delivering uncompromised security and generation V threat prevention across enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and datacenters, all controlled by the industry’s most comprehensive, intuitive unified security management. Check Point protects over 100,000 organizations of all sizes.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding our products and solutions and partnerships, the effects on our business of the COVID-19 pandemic, expectations related to our new channel initiatives, and our participation in investor conferences during the third quarter of 2021. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the continued effects on our business of the COVID-19 pandemic, the market for IT security continuing to develop; competition from other products and services; and general market, political, economic and business conditions. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2021. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Check Point uses non-GAAP measures of operating income, net income and earnings per diluted share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets and acquisition related expenses and the related tax affects. Check Point’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of Check Point’s ongoing core operations and prospects for the future. Historically, Check Point has also publicly presented these supplemental non-GAAP financial measures in order to assist the investment community to see the Company “through the eyes of management,” and thereby enhance understanding of its operating performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such has determined that it is important to provide this information to investors.

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
		2021		2020		2021		2020
Revenues:
Products and licenses	$	119.1	$	122.6	$	228.4	$	232.8
Security subscriptions		183.7		164.0		361.1		322.8
Total revenues from products and security subscriptions		302.8		286.6		589.5		555.6
Software updates and maintenance		223.3		219.0		444.2		436.5
Total revenues		526.1		505.6		1,033.7		992.1

Operating expenses:
Cost of products and licenses		23.2		22.5		44.8		43.4
Cost of security subscriptions		8.7		6.1		16.7		12.6
Total cost of products and security subscriptions		31.9		28.6		61.5		56.0
Cost of Software updates and maintenance		25.6		24.0		50.9		47.2
Amortization of technology		1.7		1.6		3.4		3.2
Total cost of revenues		59.2		54.2		115.8		106.4

Research and development		67.5		62.4		135.9		124.6
Selling and marketing		148.9		140.4		288.9		283.4
General and administrative		28.2		27.7		56.0		56.2
Total operating expenses		303.8		284.7		596.6		570.6

Operating income		222.3		220.9		437.1		421.5
Financial income, net		10.4		18.7		23.0		38.0
Income before taxes on income		232.7		239.6		460.1		459.5
Taxes on income		46.7		43.2		91.2		84.4
Net income	$	186.0	$	196.4	$	368.9	$	375.1
Basic earnings per share	$	1.39	$	1.39	$	2.74	$	2.63
Number of shares used in computing basic earnings per share		133.7		141.5		134.8		142.8
Diluted earnings per share	$	1.38	$	1.38	$	2.71	$	2.58
Number of shares used in computing diluted earnings per share		134.8		142.6		136.1		145.3

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED FINANCIAL METRICS
(Unaudited, in millions, except per share amounts)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
		2021		2020		2021		2020

Revenues	$	526.1	$	505.6	$	1,033.7	$	992.1
Non-GAAP operating income		257.1		253.2		503.4		484.4
Non-GAAP net income		217.0		225.0		428.2		430.9
Diluted Non-GAAP Earnings per share	$	1.61	$	1.58	$	3.15	$	2.96
Number of shares used in computing diluted Non-GAAP earnings per share		134.8		142.6		136.1		145.3

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
RECONCILIATION OF GAAP TO NON GAAP FINANCIAL INFORMATION

(Unaudited, in millions, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2021			2020			2021			2020

GAAP operating income	$	222.3		$	220.9		$	437.1		$	421.5
Stock-based compensation (1)		29.9			28.0			56.5			54.4
Amortization of intangible assets and acquisition related expenses (2)		4.9			4.3			9.8			8.5
Non-GAAP operating income	$	257.1		$	253.2		$	503.4		$	484.4

GAAP net income	$	186.0		$	196.4		$	368.9		$	375.1
Stock-based compensation (1)		29.9			28.0			56.5			54.4
Amortization of intangible assets and acquisition related expenses (2)		4.9			4.3			9.8			8.5
Taxes on the above items (3)		(3.8	)		(3.7	)		(7.0	)		(7.1	)
Non-GAAP net income	$	217.0		$	225.0		$	428.2		$	430.9

Diluted GAAP Earnings per share	$	1.38		$	1.38		$	2.71		$	2.58
Stock-based compensation (1)		0.22			0.20			0.42			0.37
Amortization of intangible assets and acquisition related expenses (2)		0.04			0.03			0.07			0.06
Taxes on the above items (3)		(0.03	)		(0.03	)		(0.05	)		(0.05	)
Diluted Non-GAAP Earnings per share	$	1.61		$	1.58		$	3.15		$	2.96

Number of shares used in computing diluted Non-GAAP earnings per share		134.8			142.6			136.1			145.3

(1) Stock-based compensation:
Cost of products and licenses	$	0.1		$	0.1		$	0.2		$	0.2
Cost of software updates and maintenance		1.1			1.0			2.0			1.9
Research and development		7.2			5.5			13.7			10.3
Selling and marketing		10.5			8.8			18.8			16.6
General and administrative		11.0			12.6			21.8			25.4
		29.9			28.0			56.5			54.4

(2) Amortization of intangible assets and acquisition related expenses:
Amortization of technology-cost of revenues		1.7			1.6			3.4			3.2
Research and development		1.3			0.9			2.6			1.7
Selling and marketing		1.9			1.8			3.8			3.6
		4.9			4.3			9.8			8.5
(3) Taxes on the above items		(3.8	)		(3.7	)		(7.0	)		(7.1	)
Total, net	$	31.0		$	28.6		$	59.3		$	55.8

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEET DATA

(Unaudited, in millions)

ASSETS

	June 30,		December 31,
	2021		2020
Current assets:
Cash and cash equivalents	$	356.6	$	255.7
Marketable securities and short-term deposits		1,502.8		1,432.0
Trade receivables, net		368.4		540.8
Prepaid expenses and other current assets		50.1		50.1
Total current assets		2,277.9		2,278.6

Long-term assets:
Marketable securities		2,142.6		2,311.9
Property and equipment, net		85.0		88.1
Deferred tax asset, net		40.6		34.4
Goodwill and other intangible assets, net		1,036.5		1,040.7
Other assets		76.9		85.5
Total long-term assets		3,381.6		3,560.6

Total assets	$	5,659.5	$	5,839.2

LIABILITIES AND
SHAREHOLDERS’ EQUITY

Current liabilities:
Deferred revenues	$	1,087.3		$	1,108.6
Trade payables and other accrued liabilities		434.6			435.2
Total current liabilities		1,521.9			1,543.8

Long-term liabilities:
Long-term deferred revenues		385.1			373.3
Income tax accrual		452.1			422.8
Other long-term liabilities		29.8			33.1
		867.0			829.2

Total liabilities		2,388.9			2,373.0

Shareholders’ equity:
Share capital		0.8			0.8
Additional paid-in capital		2,106.1			2,028.4
Treasury shares at cost		(9,942.5	)		(9,319.0	)
Accumulated other comprehensive gain		22.0			40.7
Retained earnings		11,084.2			10,715.3
Total shareholders’ equity		3,270.6			3,466.2
Total liabilities and shareholders’ equity	$	5,659.5		$	5,839.2
Total cash and cash equivalents, marketable securities and short-term deposits	$	4,002.0		$	3,999.6

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED CONSOLIDATED CASH FLOW DATA

(Unaudited, in millions)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2021			2020			2021			2020
Cash flow from operating activities:
Net income	$	186.0		$	196.4		$	368.9		$	375.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment		5.5			4.4			10.2			9.0
Amortization of intangible assets		2.1			2.0			4.2			4.0
Stock-based compensation		29.9			28.0			56.5			54.4
Realized gain on marketable securities		(0.2	)		(0.5	)		(1.5	)		(0.7	)
Decrease (increase) in trade and other receivables, net		(24.9	)		(7.0	)		175.3			176.1
Increase (decrease) in deferred revenues, trade payables and other accrued liabilities		63.3			23.6			24.0			(17.0	)
Deferred income taxes, net		1.9			5.5			0.5			10.5
Net cash provided by operating activities		263.6			252.4			638.1			611.4

Cash flow from investing activities:
Investment in property and equipment		(3.3	)		(3.9	)		(7.1	)		(12.3	)
Net cash used in investing activities		(3.3	)		(3.9	)		(7.1	)		(12.3	)

Cash flow from financing activities:
Proceeds from issuance of shares upon exercise of options		14.4			3.7			47.5			26.6
Purchase of treasury shares		(324.7	)		(324.7	)		(649.6	)		(649.7	)
Payments related to shares withheld for taxes		(4.9	)		(4.1	)		(5.8	)		(4.8	)
Net cash used in financing activities		(315.2	)		(325.1	)		(607.9	)		(627.9	)

Unrealized gain (loss) on marketable securities, net		(6.0	)		46.3			(20.7	)		39.5

Increase (decrease) in cash and cash equivalents, marketable securities and short term deposits		(60.9	)		(30.3	)		2.4			10.7

Cash and cash equivalents, marketable securities and short term deposits at the beginning of the period		4,062.9			3,989.7			3,999.6			3,948.7

Cash and cash equivalents, marketable securities and short term deposits at the end of the period	$	4,002.0		$	3,959.4		$	4,002.0		$	3,959.4

INVESTOR CONTACT:	MEDIA CONTACT:
Kip E. Meintzer	Gil Messing
Check Point Software Technologies	Check Point Software Technologies
+1.650.628.2040	+1.650.628.2260
[email protected]	[email protected]

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Lithium Miners Strategize for Long-Term Gains as Market Recovers

Published

22 hours ago

May 3, 2024

CISION (PR Newswire)

USA News Group Commentary
Issued on behalf of Lithium South Development Corporation
VANCOUVER, BC, May 3, 2024 /PRNewswire/ — USA News Group – Despite what appears to be a supply glut currently in the global lithium market, already there are signs of a lithium rebound on the horizon. According to Statista, global lithium demand is projected to grow through next year, while Fastmarkets predicts lithium supply will increase 30% in 2024. Fastmarkets also expects that by 2030, US lithium demand alone will grow by nearly 500%. Looking ahead, lithium miners continue to move their chess pieces onto the board with anticipation of long-term rewards, including the work of Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF), Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), Piedmont Lithium Inc. (NASDAQ:PLL), Lithium Americas Corp. (NYSE:LAC) (TSX:LAC), and Rio Tinto Group (NYSE:RIO).

Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF) recently filed a new Preliminary Economic Assessment (PEA), which provides support for the company to proceed with development plans for a 15,600 tonnes per year lithium carbonate plant. As per the PEA, the project’s financial model shows a Net Present Value (NPV) after tax of US$938 million, and an after-tax Internal Rate of Return (IRR) of 31.6%, with a 2.5-year payback.
“We are very pleased to have achieved this important milestone for the HMN Li Project,” said Adrian F.C. Hobkirk, Founder, President and CEO of Lithium South. “The robust economics and room for expansion indicate a promising future for Lithium South.”
The HMN Li project is planned to use an extraction and recovery process based on conventional solar evaporation of the well brine. Magnesium and other contaminants will be removed using industry standard proven methods including liming. The concentrated lithium solution will then be processed into lithium carbonate technical grade.
The PEA announcement came just weeks after the company announced the expansion of its ongoing production well drill program. A 400 meter deep pumping well has been completed at the Alba Sabrina claim block, which at 2,089 hectares is the project’s largest. Recent efforts at the well successfully cleared out sediments, leading to the flow of clear brine with strong artesian characteristics, suggesting potential for enhanced brine extraction rates. To maximize these benefits, Lithium South has contracted a significantly larger 80-kilowatt pump, and is now completing a long term pump test. Based on results, further wells are planned for Alba Sabrina and the southern claim blocks at Viamonte and Norma Edith.
“These developments on the Alba Sabrina claim block could potentially enhance our operational capacity,” said Hobkirk. “The completion of this pumping test, anticipated by the end of May, will provide critical technical insight into the capacity potential of this area of the salar.”
Earlier in the year, Lithium South together with the Korean conglomerate POSCO, entered into a cooperative development agreement on the HMN Li Project, representing a crucial step forward in advancing towards lithium production. Previously, towards the end of 2023, Lithium South also released an updated NI 43-101 technical report for its premier HMN Li asset, which demonstrated a significant 175% boost in its lithium resource, amounting to over 1.58 million tonnes of lithium carbonate equivalent (LCE).
According to Chile’s Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), there will be steady lithium prices in the coming months, despite the supply glut. In particular, SQM is optimistic for the second half of the year, which the company predicts will entail higher sales volumes.
“As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials,” said Ricardo Ramos, CEO of SQM. “However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance.”
This optimism was shared by Keith Phillips, CEO of Piedmont Lithium Inc. (NASDAQ:PLL) in an interview with Yahoo! Finance Live.
“[When it comes to mining] low prices are the cure for low prices,” said Phillips, adding that “it’s a matter of time” that prices will rebound. How fast that rebound occurs is still to be determined, however, Piedmont isn’t slowing its march.
Just recently, Piedmont received its state mining permit from the state of North Carolina, where the company owns 3,600 acres, from which it plans to mine spodumene from at least half of the area. Piedmont will then convert the material to lithium hydroxide, which is key to the manufacturing of EV batteries.
“We look forward to continued engagement with the local community and the Gaston County Board of Commissioners,” said Phillips. “We have had extensive and ongoing dialogue with possible funding sources for Carolina Lithium.”
Domestically sourced lithium is projected to become even more desirable, especially with US government incentives underway. Lithium Americas Corp. (NYSE:LAC) (TSX:LAC) recently secured a record $2.26 billion loan from the US Department of Energy to build its Thacker Pass lithium project in Nevada.
Construction began at the site located just south of the Nevada-Oregon border in March 2023, following a lengthy and intricate legal victory over conservationists, ranchers, and Indigenous groups. Lithium Americas anticipates finalizing securing a loan later this year, pending the completion of final environmental assessments. Once the financing is in place, the company aims to commence substantial construction activities, a project slated to last three years. The initial phase of the mine is projected to yield 40,000 metric tons of battery-grade lithium carbonate annually, sufficient to supply up to 800,000 electric vehicles.
“Our team has been focused on refining the development plan and de-risking construction execution of Phase 1 for Thacker Pass,” said Jonathan Evans, President and CEO of Lithium Americas. “We have de-risked execution by advancing detailed engineering and project planning. To date, we have completed all the early-works and infrastructure required for major construction, including excavating the processing plant areas.”
Looking at multiple international lithium projects, mining giant Rio Tinto Group (NYSE:RIO) has already expressed the company remains bullish on lithium despite not currently seeking any big acquisitions. Back in March, Rio Tinto committed to spending $350 million on its Rincon lithium project in Argentina, set to commence production by the end of the year.
This comes just months after the President of Serbia expressed interest to hold further talks with Rio Tinto regarding its Jadar lithium project, after the country revoked licenses on the $2.4 billion asset in 2022. If brought to completion, the project could supply 90% of Europe’s current lithium needs, and make Rio Tinto a leading lithium producer. As well, Rio Tinto held talks with the country of Rwanda back in January for the exploration and mining of lithium in the East African nation.
“[Rio Tinto is] “excited to be partnering with the government of Rwanda, applying our global experience to accelerate the search for primary lithium deposits in Rwanda’s Western Province,” said Lawrence Dechambenoit, global head of external affairs at Rio Tinto. The move could further unlock the potential of another country’s mining sector, if successful.
Source: https://usanewsgroup.com/2023/10/18/the-lithium-race-to-power/
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Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101 participated in the production of this advertisement, and approves of the technical and scientific disclosure contained herein pertaining to Lithium South.
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Artificial Intelligence

ROLLER and Amusement Connect Announce Integration to Streamline Cashless Card Operations

Published

24 hours ago

May 3, 2024

CISION (PR Newswire)

New partnership enhances guest experiences and operational efficiency across attraction venues
AUSTIN, Texas, May 3, 2024 /PRNewswire/ — In an effort to improve the guest experience and streamline operations for attractions venues, ROLLER, a global leader in leisure and attractions technology, has joined forces with Amusement Connect, a recognized leader in cashless card operations. This strategic partnership delivers an integration that aims to streamline the arcade experience for operators and guests alike, providing a more efficient way for entertainment venues to operate.

Through this integration, ROLLER and Amusement Connect enable the sale, top-up, and balance checks of cashless cards directly from ROLLER’s point-of-sale devices, simplifying the management of pay-to-play attractions. This move is expected to enhance operational efficiency and improve guest satisfaction by making sales smoother and more convenient. The integration also simplifies reporting by automatically recording every purchase of a cashless card, saving venue operators time and ensuring accurate tracking of purchases.
Both companies leverage cloud-based technology to ensure that venues can operate without the need for expensive servers, with the promise of continuous updates to keep the systems equipped with the latest features and improvements. This integration also introduces the option for guests to purchase game cards online through ROLLER’s online checkout, a feature designed to make the check-in process more efficient and increase average transaction values.
“Amusement Connect and ROLLER have a shared commitment to helping attractions businesses deliver exceptional guest experiences. So, we’re thrilled to partner with Amusement Connect on this integration – a trailblazing company known for great customer support and providing innovative tech. This isn’t just about upgrading our technology—it’s delivering on our promise to make every guest experience smoother and every operator’s day a bit easier,” explained Luke Finn, CEO and Founder of ROLLER.
“As we continue to innovate and collaborate with industry leaders like ROLLER, we’re thrilled to see the tangible benefits our integration brings to our customers. Together, we’re not just transforming transactions; we’re elevating experiences and driving profitability with every interaction,” commented Frank Licausi, Co-Owner of Amusement Connect.
This partnership between ROLLER and Amusement Connect represents a significant step towards more streamlined operations in the amusement industry. It offers a blend of efficiency and convenience aimed at improving the way entertainment venues operate and enhancing the overall guest experience. For more information on this integration and how it can benefit your venue, contact ROLLER or Amusement Connect directly.
About ROLLER
ROLLER is the cloud-based venue management platform for the modern attraction, purpose-built to remove friction from the guest experience at every touchpoint. Their all-in-one platform simplifies its customers’ business processes, improving efficiency and maximizing revenue. ROLLER’s comprehensive solution includes: Online Checkout & Ticketing, Point-of-Sale, Integrated Payments, Memberships, Gift Cards, Waivers, Self-Serve Kiosks, Cashless Wallets, the Guest Experience Score®, and more. To learn more, visit roller.software.
About Amusement Connect
Founded by Frank Licausi and John Tarpley in 2017, our comprehensive game card system, accompanied by a variety of products, provides a complete overview on games and attractions in settings like bars, arcades, FEC’s, and multi-location entertainment centers. As operators and industry experts, we bring innovation, value, and the best possible experiences to entertainment venues with our award-winning game card system. Bringing you more at amusementconnect.com.

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Artificial Intelligence

Computer Vision in Healthcare Market Worth $11.5 billion | MarketsandMarkets™

Published

24 hours ago

May 3, 2024

CISION (PR Newswire)

CHICAGO, May 3, 2024 /PRNewswire/ — Computer Vision in Healthcare Market in terms of revenue was estimated to be worth $3.9 billion in 2024 and is poised to reach $11.5 billion by 2029, growing at a CAGR of 24.0% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The market’s expansion is fueled by the exponential growth of medical imaging data which necessitates efficient analysis methods, where computer vision techniques excel in automating and enhancing diagnostic processes. Further, the demand for improved patient care and outcomes fuels the adoption of AI-driven solutions, empowering healthcare providers with precise tools for diagnosis, treatment planning, and monitoring. Nevertheless, ensuring the accuracy and reliability of computer vision algorithms remains a significant challenge, especially in complex medical imaging tasks where errors can have critical consequences. Additionally, the regulatory landscape surrounding AI-based medical devices is evolving, requiring stringent validation and approval processes, which can impede the timely deployment of innovative solutions. Thus, restraining the market.
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Browse in-depth TOC on “Computer Vision in Healthcare Market”
505 – Tables55 – Figures379 – Pages
Computer Vision in Healthcare Market Scope:
Report Coverage
Details
Market Revenue in 2024
$3.9 billion
Estimated Value by 2029
$11.5 billion
Growth Rate
Poised to grow at a CAGR of 24.0%
Market Size Available for
2022–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product & Service, Type, Applications, End User
Geographies Covered
North America, Europe, Asia Pacific, Latin America and Middle East and Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Computer vision solutions for healthcare that are hosted in the cloud
Key Market Drivers
The healthcare sector is experiencing a growing need for computer vision systems
“The largest share in the computer vision in healthcare market, based on type, was attributed to the PC-based computer vision systems segment in 2023.”
The PC-based computer vision systems segment holds the largest market share in the computer vision in healthcare market in 2023. The growth of this segment is propelled by factors such as PCs offering robust computational power, enabling real-time processing of complex algorithms required for tasks like medical image analysis. Also, PCs provide flexibility and scalability, allowing users to customize hardware configurations and software solutions according to specific requirements. This versatility makes them adaptable to various healthcare settings, from small clinics to large hospitals.
“In 2023, the patient activity monitoring/fall prevention segment demonstrated the most significant growth in the computer vision in healthcare market based on hospital management by type.”
The patient activity monitoring/fall prevention segment is expected to experience the highest growth in the computer vision in healthcare market. The key drivers for this growth include the aging population worldwide that has led to an increased focus on elderly care and fall prevention initiatives. Computer vision systems offer non-intrusive and continuous monitoring of patients’ movements, enabling early detection of potential fall risks and timely intervention to prevent accidents. Also, the growing adoption of wearable devices and smart sensors integrated with computer vision technology allows for seamless monitoring of patients’ activities both inside healthcare facilities and at home. This remote monitoring capability enhances patient safety and independence while reducing the burden on caregivers and healthcare resources.
“North America accounted for the largest share of the healthcare simulation market in 2023.”
In 2023, North America held the largest share in the computer vision in healthcare market, with Europe and Asia Pacific following. The significant presence of North America in the global market can be attributed to factors such as region’s strong focus on improving patient outcomes and reducing healthcare costs which incentivizes the integration of computer vision solutions to streamline processes, enhance diagnostics, and optimize treatment pathways.
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Computer Vision in Healthcare Market Dynamics:
Drivers:
The healthcare sector is experiencing a growing need for computer vision systemsRestraints:
The resistance of medical practitioners towards adopting AI-based technologiesOpportunities:
Computer vision solutions for healthcare that are hosted in the cloudChallenge:
Lack of curated dataKey Market Players of Computer Vision in Healthcare Industry:
The key players functioning in the computer vision in healthcare market include NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US), Basler AG (Germany), AiCure (US), iCAD, Inc. (US), Thermo Fisher Scientific Inc. (US), SenseTime (China), KEYENCE CORPORATION (Japan), Assert AI (India), Artisight (US), LookDeep Inc. (US), care.ai (US), CareView Communications (US), VirtuSense (US), Teton (Denmark), viso.ai (Switzerland), NANO-X IMAGING LTD. (Israel), Comofi Medtech Pvt. Ltd. (India), Avidtechvision (India), Roboflow, Inc. (US), Optotune (US) and CureMetrix, Inc. (US).
The break-down of primary participants is as mentioned below:
By Company Type – Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%By Designation – C-level: 42%, Director-level: 31%, and Others: 27%By Region – North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=231790940
Recent Developments of Computer Vision in Healthcare Industry:
In April 2024, iCAD partnered with RAD-AID to enhance breast cancer detection utilizing the AI technology in underserved regions and low- and middle-income countries (LMICs).In March 2024, Microsoft and NVIDIA have broadened their longstanding collaboration with robust new integrations that harness cutting-edge NVIDIA generative AI and Omniverse technologies across Microsoft Azure, Azure AI services, Microsoft Fabric, and Microsoft 365.In February 2022, Advanced Micro Devices acquired Xilinx. This acquisition established the forefront leader in high-performance and adaptive computing, with a significantly expanded scale and the most formidable portfolio of leadership computing, graphics, and adaptive SoC products in the industry.Computer Vision in Healthcare Market – Key Benefits of Buying the Report:
This report will enrich established firms and new entrants/smaller firms to gauge the market’s pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
Analysis of key drivers: (Increasing demand for computer vision systems in the healthcare industry, government initiatives to increase the adoption of AI-based technologies), restraints (Reluctance of medical practitioners to adopt AI-based technologies), opportunities (Cloud-based healthcare computer vision solutions), and challenges (Rising security concerns related to cloud-based image processing and analytics) influencing the growth of the computer vision in healthcare market.Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the computer vision in healthcare market.Market Development: Comprehensive information on the lucrative emerging markets, products & services, applications, end-users, and regions.Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the computer vision in healthcare market.Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the computer vision in healthcare market like NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US).Related Reports:
Medical Robots Market – Global Forecasts to 2029
Minimally Invasive Surgery Market – Global Forecasts to 2029
Spinal Implants Market – Global Forecasts to 2028
Medical Waste Management Market – Global Forecasts to 2028
Operating Room Integration Market – Global Forecasts to 2028
Get access to the latest updates on Computer Vision in Healthcare Companies and Computer Vision in Healthcare Market Size
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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.
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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.
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