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Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2021

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BOISE, Idaho, Sept. 28, 2021 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2021, which ended Sept. 2, 2021.

Fiscal Q4 2021 highlights

  • Revenue of $8.27 billion versus $7.42 billion for the prior quarter and $6.06 billion for the same period last year
  • GAAP net income of $2.72 billion, or $2.39 per diluted share
  • Non-GAAP net income of $2.78 billion, or $2.42 per diluted share
  • Operating cash flow of $3.88 billion versus $3.56 billion for the prior quarter and $2.27 billion for the same period last year

Fiscal 2021 highlights

  • Revenue of $27.71 billion versus $21.44 billion for the prior year
  • GAAP net income of $5.86 billion, or $5.14 per diluted share
  • Non-GAAP net income of $6.98 billion, or $6.06 per diluted share
  • Operating cash flow of $12.47 billion versus $8.31 billion for the prior year

“Micron’s outstanding fourth quarter execution capped a year of several key milestones,” said Micron Technology President and CEO Sanjay Mehrotra. “In fiscal 2021, we established DRAM and NAND technology leadership, drove record revenues across multiple markets, and initiated a quarterly dividend. The demand outlook for 2022 is strong, and Micron is delivering innovative solutions to our customers, fueling our long-term growth.”

Quarterly Financial Results

  GAAP(1)
    Non-GAAP(2)
(in millions, except per share amounts) FQ4-21
   FQ3-21
   FQ4-20
     FQ4-21
   FQ3-21
   FQ4-20
  
Revenue $ 8,274   $ 7,422   $ 6,056     $ 8,274   $ 7,422   $ 6,056  
Gross margin   3,912     3,126     2,068       3,964     3,185     2,111  
percent of revenue   47.3 %   42.1 %   34.1 %     47.9 %   42.9 %   34.9 %
Operating expenses   957     1,327     911       891     821     809  
Operating income   2,955     1,799     1,157       3,073     2,364     1,302  
percent of revenue   35.7 %   24.2 %   19.1 %     37.1 %   31.9 %   21.5 %
Net income attributable to Micron   2,720     1,735     988       2,778     2,173     1,229  
Diluted earnings per share   2.39     1.52     0.87       2.42     1.88     1.08  

Annual Financial Results

  GAAP(1)
   Non-GAAP(2)  
(in millions, except per share amounts) FY 21
   FY 20
     FY 21
   FY 20
  
           
Revenue $ 27,705   $ 21,435     $ 27,705   $ 21,435  
Gross margin   10,423     6,552       10,987     6,718  
percent of revenue   37.6 %   30.6 %     39.7 %   31.3 %
Operating expenses   4,140     3,549       3,320     3,299  
Operating income   6,283     3,003       7,667     3,419  
percent of revenue   22.7 %   14.0 %     27.7 %   16.0 %
Net income attributable to Micron   5,861     2,687       6,976     3,235  
Diluted earnings per share   5.14     2.37       6.06     2.83  

Investments in capital expenditures, net(2) were $2.01 billion for the fourth quarter of 2021 and $9.72 billion for the full year of 2021, which resulted in adjusted free cash flows(2) of $1.88 billion for the fourth quarter of 2021 and $2.75 billion for the full year of 2021. Micron repurchased approximately 13.9 million shares of its common stock for $1.05 billion during the fourth quarter of 2021 and 15.6 million shares of its common stock for $1.20 billion during the full year of 2021 and ended the year with cash, marketable investments, and restricted cash of $10.46 billion, for a net cash(2) position of $3.69 billion.

Business Outlook

The following table presents Micron’s guidance for the first quarter of 2022:

FQ1-22 GAAP(1) Outlook Non-GAAP(2) Outlook
Revenue $7.65 billion ± $200 million $7.65 billion ± $200 million
Gross margin 46.0% ± 1% 47.0% ± 1%
Operating expenses $986 million ± $25 million $915 million ± $25 million
Diluted earnings per share $2.00 ± $0.10 $2.10 ± $0.10

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Investor Webcast

Micron will host a conference call on Tuesday, Sept. 28, 2021 at 2:30 p.m. MT to discuss its fourth quarter financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2021 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, the completion of and timing for closing the pending sale of our Lehi facility, and our financial and operating results. These forward- looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward- looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)

                        

  4th Qtr. 3rd Qtr. 4th Qtr. Year Ended
  September 2, June 3, September 3, September 2, September 3,
  2021     2021     2020     2021     2020  
           
Revenue $         8,274   $         7,422   $         6,056   $         27,705   $         21,435  
Cost of goods sold   4,362     4,296     3,988     17,282     14,883  
Gross margin   3,912     3,126     2,068     10,423     6,552  
           
Research and development   705     670     630     2,663     2,600  
Selling, general, and administrative   236     230     231     894     881  
Restructure and asset impairments   22     453     50     488     60  
Other operating (income) expense, net   (6 )   (26 )   —     95     8  
Operating income   2,955     1,799     1,157     6,283     3,003  
           
Interest income   9     8     13     37     114  
Interest expense   (47 )   (46 )   (50 )   (183 )   (194 )
Other non-operating income (expense), net   19     45     5     81     60  
    2,936     1,806     1,125     6,218     2,983  
           
Income tax (provision) benefit   (230 )   (65 )   (136 )   (394 )   (280 )
Equity in net income (loss) of equity method investees   14     (6 )   1     37     7  
Net income   2,720     1,735     990     5,861     2,710  
           
Net income attributable to noncontrolling interests   —     —     (2 )   —     (23 )
Net income attributable to Micron $         2,720   $         1,735   $         988   $         5,861   $         2,687  
                               
Earnings per share                                
Basic $ 2.42   $ 1.55   $ 0.89   $ 5.23   $ 2.42  
Diluted   2.39     1.52     0.87     5.14     2.37  
                               
Number of shares used in per share calculations                                
Basic   1,123     1,121     1,111     1,120     1,110  
Diluted   1,138     1,145     1,131     1,141     1,131  

MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

  September 2, June 3, September 3,
As of   2021     2021     2020  
       
Assets  
Cash and equivalents $ 7,763   $ 7,759   $ 7,624  
Short-term investments   870     590     518  
Receivables   5,311     4,231     3,912  
Inventories   4,487     4,537     5,373  
Assets held for sale   974     966     —  
Other current assets   502     478     538  
Total current assets   19,907     18,561     17,965  
Long-term marketable investments   1,765     1,399     1,048  
Property, plant, and equipment   33,213     32,209     31,031  
Operating lease right-of-use assets   551     558     584  
Intangible assets   349     350     334  
Deferred tax assets   782     822     707  
Goodwill   1,228     1,228     1,228  
Other noncurrent assets   1,054     816     781  
Total assets $ 58,849   $ 55,943   $ 53,678  
       
Liabilities and equity      
Accounts payable and accrued expenses $ 5,325   $ 4,427   $ 5,817  
Current debt   155     297     270  
Other current liabilities   944     738     548  
Total current liabilities   6,424     5,462     6,635  
Long-term debt   6,621     6,418     6,373  
Noncurrent operating lease liabilities   504     513     533  
Noncurrent unearned government incentives   808     722     643  
Other noncurrent liabilities   559     569     498  
Total liabilities   14,916     13,684     14,682  
       
       
Commitments and contingencies      
       
Shareholders’ equity
Common stock   122     120     119  
Additional capital   9,453     9,285     8,917  
Retained earnings   39,051     36,452     33,384  
Treasury stock   (4,695 )   (3,645 )   (3,495 )
Accumulated other comprehensive income (loss)   2     47     71  
Total equity   43,933     42,259     38,996  
Total liabilities and equity $ 58,849   $ 55,943   $ 53,678  
                   

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

 For the year ended   September 2,
2021		     September 3,
2020		  
Cash flows from operating activities            
Net income $         5,861   $         2,710  
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation expense and amortization of intangible assets   6,214     5,650  
Amortization of debt discount and other costs   30     26  
Noncash restructure and asset impairment   454     40  
Stock-based compensation   378     328  
(Gain) loss on debt prepayments, repurchases, and conversions   1     (40 )
Change in operating assets and liabilities    
Receivables   (1,446 )   (723 )
Inventories   866     (435 )
Accounts payable and accrued expenses   210     725  
Deferred income taxes, net   (50 )   79  
Other   (50 )   (54 )
Net cash provided by operating activities   12,468     8,306  
     
Cash flows from investing activities    
Expenditures for property, plant, and equipment   (10,030 )   (8,223 )
Purchases of available-for-sale securities   (3,163 )   (1,857 )
Proceeds from maturities of available-for-sale securities   1,250     814  
Proceeds from sales of available-for-sale securities   856     1,458  
Proceeds from government incentives   495     262  
Other   3     (43 )
Net cash provided by (used for) investing activities   (10,589 )   (7,589 )
     
Cash flows from financing activities    
Repayments of debt   (1,520 )   (4,366 )
Payments to acquire treasury stock   (1,294 )   (251 )
Payments on equipment purchase contracts   (295 )   (63 )
Acquisition of noncontrolling interest in IMFT   —     (744 )
Proceeds from issuance of debt   1,188     5,000  
Other   140     107  
Net cash provided by (used for) financing activities   (1,781 )   (317 )
     
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash   41     11  
     
Net increase (decrease) in cash, cash equivalents, and restricted cash   139     411  
Cash, cash equivalents, and restricted cash at beginning of period   7,690     7,279  
Cash, cash equivalents, and restricted cash at end of period $         7,829   $         7,690  

MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)

Inventory

Effective as of the beginning of the second quarter of 2021, we changed our method of inventory costing from average cost to FIFO. This change in accounting principle is preferable because in an environment with continuously changing production costs FIFO more closely matches the actual cost of goods sold with the revenues from sales of those specific units, better represents the actual cost of inventories remaining on hand at any period- end, and improves comparability with our semiconductor industry peers. The change to FIFO was not material to any prior periods, nor was the cumulative effect of $133 million material to the second quarter of 2021. As such, prior periods were not retrospectively adjusted, and the cumulative effect was reported as an increase to cost of goods sold for the second quarter of 2021 of $133 million, with an offsetting reduction to beginning inventories. This charge resulted in a corresponding reduction to operating income, a $128 million reduction to net income, and an $0.11 reduction to diluted earnings per share for both the second quarter and the year ended 2021.

Beginning in the second quarter of 2021, we changed the classification of spare parts for equipment to better align with the manner in which they are used in operations. As a result, we now present spare parts as other current assets and no longer as a component of raw materials inventories. This reclassification was applied on a retrospective basis. As a result, $254 million of spare parts were presented in other current assets as of September 2, 2021, and we reclassified $256 million and $234 million of spare parts from inventories to other current assets in the accompanying balance sheets as of June 3, 2021 and September 3, 2020, respectively.

Lehi, Utah, Fab and 3D XPoint

In the second quarter of 2021, we updated our portfolio strategy to further strengthen our focus on memory and storage innovations for the data center market. In connection therewith, we determined that there was insufficient market validation to justify the ongoing investments required to commercialize 3D XPoint™ at scale. Accordingly, we ceased development of 3D XPoint technology and engaged in discussions with potential buyers for the sale of our facility located in Lehi that was dedicated to 3D XPoint production. As a result, we classified the property, plant, and equipment as held for sale and ceased depreciating the assets. On June 30, 2021, we announced that we have entered into a definitive agreement to sell our Lehi facility to Texas Instruments for cash consideration of $900 million. The sale is anticipated to close later this calendar year.

In the third quarter of 2021, we recognized a charge of $435 million included in restructure and asset impairments (and a tax benefit of $104 million included in income tax (provision) benefit) to write down the assets held for sale to the expected consideration, net of estimated selling costs, to be realized from the sale of these assets and liabilities. The impairment charge was based on Level 3 inputs including expected consideration and the composition of assets included in the sale, which were derived from the agreement with TI. In the second quarter of 2021, we also recognized a charge of $49 million to cost of goods sold to write down 3D XPoint inventory due to our decision to cease further development of this technology.

As of September 2, 2021, the significant balances of assets held for sale in connection with our Lehi facility were as follows:

      September 2,  
As of     2021  
Property, plant, and equipment   $         1,334  
Other current assets     50  
Impairment     (435 )
Lehi assets held for sale   $  949  

As of September 2, 2021, we also had a $50 million finance lease obligation included in the current portion of long- term debt and $11 million of other liabilities that we expect to transfer with the sale. The expected cash consideration, net of estimated selling expenses, approximates the carrying value of the net assets and liabilities expected to transfer in the sale, after giving effect to the impairment charge discussed above.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)

  4th Qtr. 3rd Qtr. 4th Qtr. Year Ended
  September 2, June 3, September 3, September 2, September 3,
2021  2021 2020   2021     2020  
GAAP gross margin $         3,912   $         3,126   $         2,068   $         10,423   $         6,552  
Stock-based compensation   43     45     37     186     139  
Inventory accounting policy change to FIFO   —     —     —     133     —  
Change in inventory cost absorption   —     —     —     160     —  
3D XPoint inventory write-down   —     —     —     49     —  
Other   9     14     6     36     27  
Non-GAAP gross margin $         3,964   $         3,185   $         2,111   $         10,987   $         6,718  
           
GAAP operating expenses $         957   $         1,327   $         911   $         4,140   $         3,549  
Stock-based compensation   (50 )   (53 )   (52 )   (209 )   (189 )
Restructure and asset impairments   (22 )   (453 )   (50 )   (488 )   (60 )
Patent license charges   —     —     —     (128 )   —  
Other   6     —     —     5     (1 )
Non-GAAP operating expenses $         891   $         821   $         809   $         3,320   $         3,299  
           
GAAP operating income $         2,955   $         1,799   $         1,157   $         6,283   $         3,003  
Stock-based compensation   93     98     89     395     328  
Inventory accounting policy change to FIFO   —     —     —     133     —  
Change in inventory cost absorption   —     —     —     160     —  
3D XPoint inventory write-down   —     —     —     49     —  
Restructure and asset impairments   22     453     50     488     60  
Patent license charges   —     —     —     128     —  
Other   3     14     6     31     28  
Non-GAAP operating income $         3,073   $         2,364   $         1,302   $         7,667   $         3,419  
           
GAAP net income attributable to Micron $         2,720   $         1,735   $         988   $         5,861   $         2,687  
Stock-based compensation   93     98     89     395     328  
Inventory accounting policy change to FIFO   —     —     —     133     —  
Change in inventory cost absorption   —     —     —     160     —  
3D XPoint inventory write-down   —     —     —     49     —  
Restructure and asset impairments   22     453     50     488     60  
Patent license charges   —     —     —     128     —  
Amortization of debt discount and other costs   8     7     6     30     26  
(Gain) loss on debt repurchases and conversions   —     1     —     1     (40 )
Other   3     14     6     31     28  
Estimated tax effects of above and other tax adjustments   (68 )   (135 )   90     (300 )   146  
Non-GAAP net income attributable to Micron $         2,778   $         2,173   $         1,229   $         6,976   $         3,235  

GAAP weighted-average common shares

          
outstanding – Diluted   1,138     1,145     1,131     1,141     1,131  
Adjustment for stock-based compensation and capped          
calls   9     9     11     10     10  
Non-GAAP weighted-average common shares          
outstanding – Diluted   1,147     1,154     1,142     1,151     1,141  
GAAP diluted earnings per share $         2.39 $         1.52 $         0.87 $         5.14 $         2.37
Effects of the above adjustments   0.03   0.36   0.21   0.92   0.46
Non-GAAP diluted earnings per share $         2.42 $         1.88 $         1.08 $         6.06 $         2.83

RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued

    4th Qtr.   3rd Qtr.   4th Qtr.   Year Ended
  
    September 2,   June 3,   September 3,   September 2,   September 3,  
    2021   2021   2020   2021   2020  
           
GAAP net cash provided by operating activities $         3,884 $ 3,560 $ 2,271 $ 12,468 $ 8,306  
Investments in capital expenditures, net          
Expenditures for property, plant, and equipment, net(1)   (2,011 ) (2,185 ) (2,268 ) (9,922 ) (8,154 )
Payments on equipment purchase contracts   (156 ) (16 ) (14 ) (295 ) (63 )
Amounts funded by partners   160   159   122   502   272  
Adjusted free cash flow $         1,877 $ 1,518 $ 111 $ 2,753 $ 361  

(1) Expenditures for property, plant, and equipment, net include proceeds from sales of property, plant, and equipment of $4 million for the fourth quarter of 2021, $74 million for the third quarter of 2021, $12 million for the fourth quarter of 2020, $108 million for the full year of 2021, and $69 million for the full year of 2020.

    September 2,     June 3,     September 3,   
As of   2021     2021     2020  
Cash and short-term investments $         8,633   $         8,349   $         8,142  
Current and noncurrent restricted cash   66     67     66  
Long-term marketable investments   1,765     1,399     1,048  
Current and long-term debt   (6,776 )   (6,715 )   (6,643 )
Net cash $ 3,688   $ 3,100   $     2,613  

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income attributable to Micron, diluted shares, diluted earnings per share, adjusted free cash flow, and net cash. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

  • Stock-based compensation;
  • Flow-through of business acquisition-related inventory adjustments;
  • Acquisition-related costs;
  • Start-up and preproduction costs;
  • Employee severance;
  • Patent license charges;
  • Restructure and asset impairments;
  • Amortization of debt discount and other costs, including the accretion of non-cash interest expense associated with our convertible notes and other debt;
  • Gains and losses from debt repurchases and conversions;
  • Gains and losses from business acquisition activities;
  • Initial impact of inventory accounting policy change to FIFO and change in inventory cost absorption in the second quarter of 2021; and
  • The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock- based compensation from non-GAAP income. Non-GAAP diluted shares also include the impact of capped calls, which are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of convertible notes, based on the average share price for the period the capped calls were outstanding.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

FQ1-22         GAAP Outlook   Adjustments   Non-GAAP Outlook
Revenue         $7.65 billion ± $200 million   —   $7.65 billion ± $200 million
Gross margin         46.0% ± 1%   1% A   47.0% ± 1%
Operating expenses         $986 million ± $25 million   $71 million B   $915 million ± $25 million
Diluted earnings per share(1)         $2.00 ± $0.10   $0.10 A, B, C   $2.10 ± $0.10
           
Non-GAAP Adjustments
(in millions)		          
A Stock-based compensation – cost of goods sold         $         43  
A Other – cost of goods sold           5  
B Stock-based compensation – research and development           39  
B Stock-based compensation – sales, general, and administrative           32  
C Tax effects of the above items and other tax adjustments           (4 )
          $         115  

(1) GAAP earnings per share based on approximately 1.13 billion diluted shares and non-GAAP earnings per share based on approximately 1.14 billion diluted shares.

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



 


 





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 May 17, 2024





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Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.

TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.


The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.

Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.

Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.

Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.

 “Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”

Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.

“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”

Other top honors from the competition include:

Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.

Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.

Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.

Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.

Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.

Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.

For more information about the top winners and access to visual assets visit:  https://www.societyforscience.org/isef-2024-media-kit.

The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.

In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.

The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:

Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii

Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California

Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York

Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China

Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon

Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan

Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon

Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York

Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas

Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada

Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada

Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington

Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland

Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky

Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas

Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California

Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts

Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida

Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada

Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California

Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia

Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China

The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.

View all the finalists’ research here: https://projectboard.world/isef.

About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.

In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.

About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).

About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases. 

Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).

For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.

More information about the top winners and access to visual assets visit:  https://www.societyforscience.org/isef-2024-media-kit.

Media ContactsJoseph Brown, [email protected]

Gayle Kansagor, Society for [email protected]

Photo – https://mma.prnewswire.com/media/2416174/Regeneron_ISEF_2024_Winners_Photo.jpg 

Logo – https://mma.prnewswire.com/media/2416197/Society_for_Science_Logo.jpg 


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Artificial Intelligence


J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit





 






Published
 2 days ago 
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 May 17, 2024





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In conjunction with Abu Dhabi Global Healthcare Week 2024

ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.


In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation. 

In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.

The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso

Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.” 

Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”

Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”

Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.

Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.


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Artificial Intelligence


Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024





 






Published
 2 days ago 
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 May 17, 2024





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SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.


Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure

At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.

According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.

Steering Data Centers to the AI Era with Product + Service + Ecosystem

During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.

To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.

Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.

The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.

During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.

In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.

On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.

A single tree cannot make a forest.

AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.

Photo – https://mma.prnewswire.com/media/2415818/Global_Data_Center_Facility_Summit_2024.jpg


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