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CloudMD Reports Solid Performance with Third Quarter 2021 Financial Results; Record Revenue of $39.2M and First Quarter with Positive Adjusted EBITDA

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2 years ago

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  • Q3 2021 is the first quarter that fully recognizes the financial results from all previously announced and closed acquisitions
  • Record Q3 2021 revenue of $39.2 million; an increase of 150% compared to Q2 2021 and an increase of 1066% compared to Q3 2020
  • First quarter with positive Adjusted EBITDA of $0.8 million compared to a loss of $0.7 million in Q2 2021 and a loss of $1.3 million in Q3 2020
  • Increased annualized revenue run rate to over $185 million demonstrating strategic capital allocation and strong organic growth
  • Increased engagement on the Comprehensive Integrated Health Platform; added an additional 300,000 employees and family members, resulting in a total of 560,000 individuals
  • Positive client outcomes with Net Promoter Score of 80, 98% satisfaction rate and 164 new clients added in the quarter
  • Program with Sun Life delivered proven data-driven individual health outcomes including:
    • 89% of those experiencing depression and 91% of those experiencing anxiety noticed ‘major improvements’
    • 82% said they would recommend the service based on their own experience
    • 46% increase in plan members utilizing their mental health benefits for the first time

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology company revolutionizing the delivery of care, announced its financial results for the third quarter ended September 30, 2021. All financial information is presented in Canadian dollars unless otherwise indicated.

“This was a milestone quarter for CloudMD as it’s the first quarter we recognized full revenue contributions from all the recently closed acquisitions and clearly demonstrated that our whole-person, patient-centric approach to healthcare is working. We’ve onboarded 560,000 individuals onto our Comprehensive Integrated Health Platform and are providing valuable data-driven outcomes, which is proven by our successful program with Sun Life where 89% of those experiencing depression and 91% of those experiencing anxiety noticed major improvements. We’ve also achieved positive client outcomes across engagement, attachment rate, and net promoter scores,” said Dr. Essam Hamza, CEO of CloudMD. “I am extremely proud of the Company’s progress and the team’s ability to execute on our growth strategy across all divisions, which is evident by new clients wins, rapid growth and improved profitability. Our unique, proprietary healthcare offering is an industry first, and I’m confident that we will be able to continue our North American and global expansion.”

Third Quarter 2021 Financial Highlights

  • Q3 2021 revenue was $39.2 million, compared to $15.7 million in Q2 2021 and $3.4 million in Q3 2020. The increase is primarily attributable to acquisition growth with 4 acquisitions completed in the preceding quarter, and 14 acquisitions completed in the last 12 months.
  • Q3 2021 gross margin1 was 34.0%, compared to 35.5% in Q2 2021 and 37.5% in Q3 2020. The decrease is due to revenue mix where the Company’s patient support programs and online eyewear platform, currently lower-margin businesses, represented 32% of revenues for the current quarter. The Company expects its gross margin to increase due to ongoing efforts to integrate its acquisitions and increase its operational efficiency.
  • Net comprehensive loss attributable to equity holders of the Company in Q3 2021 was $4.2 million or $0.02 per share, compared to $6.2 million or $0.03 per share in Q2 2021 and $2.7 million or $0.02 per share in Q3 2020.
  • Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA1”) was $0.8 million in Q3 2021, compared to a loss of $0.7 million in Q2 2021 and a loss of $1.3 million in Q3 2020.
  • Cash and cash equivalents were $53.7 million as at September 30, 2021, compared to $60.9 million at June 30, 2021 and $59.7 million at December 31, 2020. The decrease for the period was primarily attributable to payments related to the acquisitions completed near the end of June 2021, which will not reoccur in the future.

Third Quarter & Subsequent Corporate Highlights

  • On September 14, 2021, the Company announced a partnership with 19 new post-secondary institutions across Canada to provide its Aspiria Student Assistance Program and multi-layered mental health resources to over 167,000 additional students.
  • On September 28, 2021, the Company announced the appointment of KPMG LLP as the Company’s independent auditors to hold office until the end of the next annual general meeting of shareholders.
  • On October 5, 2021, the Company announced the appointment of Angel Paravicini as Senior Vice President of Business Development and Customer Success to drive expansion in the United States and globally.
  • On October 27, 2021, the Company announced that through one of its subsidiaries, it has received U.S. Patent Approval for its Real Time Intervention Platform (“RTIP”) which is the technology backbone for CloudMD’s comprehensive healthcare platform that addresses all points of a patients care from one, connected platform.
  • On November 9, 2021, the Company announced the appointment of Duncan Hannay and Karen Adams to the Board of Directors of CloudMD.
  • On November 15, 2021, the Company announced it had entered into a definitive agreement (the “Arrangement Agreement”) with MindBeacon Holdings Inc. (“MindBeacon”) pursuant to which CloudMD agreed to acquire all of MindBeacon’s issued and outstanding common shares for cash and shares of the Company. Under the terms of the Arrangement Agreement, each common share of MindBeacon will be exchanged for $1.22 cash and 2.285 common shares of CloudMD. Closing of the transaction is subject to a number of customary closing conditions, including approval by at least two-thirds of the votes cast at a special meeting of MindBeacon’s shareholders, as well as court and regulatory approval. The MindBeacon shareholder meeting is expected to be held on or about January 10, 2022 and, subject to the satisfaction or waiver of the other closing conditions, closing is expected to occur shortly thereafter, on or about January 14, 2022.
  • On November 29, 2021, the Company announced it has partnered with Sun Life to expand the seven month pilot program and start rolling out its Mental Health Coach as part of Sun Life’s Group Benefits offering. Findings from the pilot include (1) 89% of those experiencing depression and 91% of those experiencing anxiety noticed ‘major improvements’; (2) 82% said they would recommend the service based on their own experience; and, (3) 46% increase in plan members utilizing their mental health benefits for the first time.

Outlook

CloudMD is creating innovation in the delivery of healthcare services, by leveraging technology to improve access to care leading to better health outcomes. Through its team-based, patient-centric approach, CloudMD provides one, connected platform for patients, healthcare practitioners, and enterprise clients to address whole-person, coordinated care. The Company has a multi-pronged growth strategy which focuses on organic growth, accretive mergers and acquisitions and leveraging assets across all divisions.

The Company’s long term growth will be largely driven by: (1) continuing to integrate all its proprietary health technology solutions into its ecosystem, including the recently announced proposed acquisition of MindBeacon; (2) realizing cost savings and cross-selling opportunities to new and existing customers across CloudMD; (3) winning new customers with its unique healthcare offering and providing meaningful data driven outcomes; and (4) continuing to execute on its defined expansion strategy across North America and Globally.

CloudMD has proven out its integration strategy and by leveraging its proprietary technology, has successfully integrated all its recent acquisitions into one connected platform. In respect of the recently announced proposed acquisition of MindBeacon, CloudMD has already identified cost savings of approximately $2 million and cross-sell synergies and has started to plan the integration of MindBeacon’s synergistic healthcare solutions into its mental health services offerings. In addition, the Company believes there are an additional $2 million in potential synergies available over time through the integration of MindBeacon and its other acquisitions.

CloudMD’s proprietary Comprehensive Integrated Health Platform continues to see impressive adoption rates within the Enterprise Health Solutions division, and the Company has onboarded 560,000 employees and family members on the platform who are receiving individualized care. CloudMD has achieved positive client outcomes including a Net Promoter Score of 80, 98% satisfaction rate and 164 new clients added in the third quarter.

CloudMD continues to win new clients and customers including Sun Life and other large organizations in retail, transportation, and financial sectors with its industry-leading approach that delivers important outcomes that measure the patient success and engagement of its connected platform.

The technology that underpins the platform is scalable and the Company will continue looking at opportunities to expand its unique offering to clients across North America and globally. CloudMD has built an experienced sales team, and with the recent addition of Angel Paravicini, expects to drive sales and business development to open new distribution channels and attract new clients in the United States.

Upon close of the proposed acquisition of MindBeacon, CloudMD will have a strong balance sheet with over $60 million in cash and cash equivalents. The Company will continue to deploy capital towards a robust pipeline of accretive, synergistic acquisitions, focused on products, capabilities, clinical specialties, and technologies that are highly scalable and rapidly growing.

CloudMD will continue to focus on delivering meaningful shareholder value by executing on its growth strategy through the continued integration of its comprehensive healthcare offering, winning new business and clients with its unique, Comprehensive Integrated Health Platform, expansion of its scalable product across new geographies including the United States, and strategic capital allocation to drive its rapid growth.

Selected Financial Information

All results were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

(In thousands of Canadian dollars, except per share amounts)   Three months ended     Nine months ended  
  September 30,     September 30,  
  2021     2020   (%)   2021     2020   (%)
Revenue $ 39,162   $ 3,359   1066%   $ 63,596   $ 9,205   591%  
Cost of sales   (25,866)     (2,100)   1132%     (41,152)     (5,792)   610%  
Gross profit (1)   13,296     1,259   956%     22,444     3,413   558%  
Gross margin   34.0%     37.5%       35.3%     37.1%    
                     
Expenses   17,138     3,918   337%     37,803     10,001   278%  
Loss before other items   (3,842)     (2,659)   44%     (15,359)     (6,588)   133%  
Other items, taxes, non-controlling interest   (379)     (65)   483%     (305)     (527)   -42%  
Net comprehensive loss attributable to equity holders of the Company   (4,237)     (2,724)   56%     (15,694)     (7,115)   121%  
Loss per share, basic and diluted $ (0.02)   $ (0.02)   0%   $ (0.08)   $ (0.07)   14%  

(1) Gross profit is a non-GAAP measure as described in the Non-GAAP Financial Measures section of this news release.

(In thousands of Canadian dollars)    Three months ended     Nine months ended  
  September 30,     September 30,  
  2021     2020   (%)   2021     2020   (%)
Net comprehensive loss attributable to equity holders of the Company $ (4,237)   $ (2,724)   56%   $ (15,694)   $ (7,115)   121%  
Add:                    
Interest and accretion expense   774     64   1109%     974     190   413%  
Income taxes   445     19   2242%     600     19   3058%  
Depreciation and amortization   1,083     262   313%     2,601     673   286%  
EBITDA(1) for the period   (1,935)     (2,379)   -19 %   (11,519)     (6,233)   85%  
Share-based compensation   1,543     559   176%     4,576     1,508   203%  
Financing-related costs   –     245   -100 %   871     505   72%  
Acquisition-related and integration costs, net   1,802     190   848%     5,474     310   1666%  
Litigation costs and loss provision   37     64   -42 %   83     467   -82%  
Change in fair value of contingent consideration   (640)     –   -100 %   (966)     –   -100%  
Adjusted EBITDA for the period $ 807   $ (1,321)   -161 % $ (1,481)   $ (3,443)   -57%  

(1) EBITDA is a non-GAAP measure as described in the Non-GAAP Financial Measures section of this news release.

Third Quarter 2021 Earnings Conference Call

CloudMD invites all interested parties to join the conference call or webinar:

CloudMD Q3 2021 Earnings Call
Date: Today, November 29, 2021
Time: 2:00 pm PT / 5:00 pm ET

Toll-Free Dial-In Number: (833) 562-0117
International Dial-In Number: (661) 567-1009
Conference ID: 1743143 

Webcast Link: https://edge.media-server.com/mmc/p/nsy2gzh9

Financial Statements and Management’s Discussion and Analysis

This news release should be read in conjunction with the Company’s condensed interim consolidated financial statements and related notes, and management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2021, and 2020, copies of which can be found under the Company’s profile at www.sedar.com.

Non-GAAP Financial Measures

In addition to the results reported in accordance with IFRS, the Company uses various non-GAAP financial measures, which are not recognized under IFRS, as supplemental indicators of the Company’s operating performance and financial position. These non-GAAP financial measures are provided to enhance the user’s understanding of the Company’s historical and current financial performance and its prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of the Company’s core operating results and ongoing operations and provide a more consistent basis for comparison between quarters and years. Details of such non-GAAP financial measures and how they are derived are provided below as well as in conjunction with the discussion of the financial information reported.

Since non-GAAP financial measures do not have any standardized meanings prescribed by IFRS, other companies may calculate these non-IFRS measures differently and our non-GAAP financial measures may not be comparable to similar titled measures of other companies. Accordingly, investors are cautioned not to place undue reliance on them and are also urged to read all IFRS accounting disclosures presented in the condensed interim consolidated financial statements and the related notes for the three and nine months ended September 30, 2021, and 2020.

EBITDA
EBITDA is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. EBITDA referenced herein relates to earnings before interest, taxes, depreciation and amortization. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the cash operating income (loss) of the business. Please refer to the “Overall Performance and Discussion of Operations – EBITDA and Adjusted EBITDA” section of the MD&A for a detailed reconciliation.

Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Adjusted EBITDA referenced herein relates to earnings before interest; taxes; depreciation; amortization; share-based compensation; financing-related costs; acquisition-related and integration costs, net; litigation costs and loss provision; change in fair value of contingent consideration; and loss from discontinued operations. This measure does not have a comparable IFRS measure and is used by the Company to evaluate its cash operating income (loss) of the business, adjusted for factors that are unusual in nature or factors that are not indicative of the operating performance of the Company. Please refer to the “Overall Performance and Discussion of Operations – EBITDA and Adjusted EBITDA” section of the MD&A for a detailed reconciliation.

Gross Profit
Gross Profit is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross Profit referenced herein relates to revenues less cost sales. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the operating performance of the business.

Gross Margin
Gross Margin is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross Margin referenced herein is defined as gross profit as a percent of total revenue. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the operating performance of the business.

About CloudMD Software & Services

CloudMD is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.

CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America. For more information visit: https://investors.cloudmd.ca.

ON BEHALF OF THE BOARD OF DIRECTORS

“Dr. Essam Hamza, MD”
Chief Executive Officer

FOR ADDITIONAL INFORMATION, CONTACT:

Julia Becker
VP, Investor Relations
[email protected]
(604) 785-0850

Forward Looking Statements

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws. Forward-looking statements in this news release include, but are not limited to, statements regarding: North American and global expansion; expectations regarding gross margin increasing; payments attributable to acquisitions completed in June 2021 not reoccurring; the acquisition of MindBeacon, including anticipated timing for completion of the transaction and expected benefits, including cost savings, cross-sell and integration synergies; the Company’s growth strategy, including its focus and key drivers; results of expanded sales team and business development initiatives; its expectations in respect of its balance sheet following the transaction with MindBeacon and its capital deployment plans; and its plans to deliver meaningful shareholder value. These statements are based upon information currently available to CloudMD. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast”, “assumption” and other similar expressions or future or conditional terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the MD&A and the Company’s most recent Annual Information Form (which has been filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 Adjusted EBITDA and Gross Margin are non-GAAP measures as described in the Non-GAAP Financial Measures section of this news release.

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More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024

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23 hours ago

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

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

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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.
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