Artificial Intelligence
Lantheus Holdings, Inc. Reports First Quarter 2022 Financial Results
- Worldwide revenue of $208.9 million for the first quarter 2022, representing an increase of 125.8% from the prior year period
- GAAP net income of $43.0 million for the first quarter 2022, compared to GAAP net income of $9.0 million in the prior year period
- GAAP fully diluted net income of $0.61 for the first quarter 2022, compared to GAAP fully diluted net income of $0.13 in the prior year period; adjusted fully diluted EPS of $0.97 for the first quarter 2022, compared to adjusted fully diluted EPS of $0.05 in the prior year period
- Net cash provided by operating activities was $10.3 million for the first quarter 2022. Free cash flow was $7.1 million in the first quarter 2022
- The Company provides second quarter 2022 revenue and adjusted diluted earnings per share guidance; increases full year guidance
NORTH BILLERICA, Mass., April 29, 2022 (GLOBE NEWSWIRE) — Lantheus Holdings, Inc. (NASDAQ: LNTH) (Lantheus), an established leader and fully integrated provider committed to innovative imaging diagnostics, targeted therapeutics and artificial intelligence solutions to find, fight and follow serious medical conditions, today reported financial results for its first quarter ended March 31, 2022.
The Company’s worldwide revenue for the first quarter of 2022 totaled $208.9 million, compared with $92.5 million for the first quarter of 2021, representing an increase of 125.8% from the prior year period.
The Company’s first quarter 2022 GAAP net income was $43.0 million, or $0.61 per fully diluted share, as compared to GAAP net income of $9.0 million, or $0.13 per fully diluted share for the first quarter of 2021.
The Company’s first quarter 2022 adjusted fully diluted earnings per share were $0.97, as compared to $0.05 for the first quarter of 2021, representing an increase of approximately $0.92 from the prior year period.
Lastly, net cash provided by operating activities was $10.3 million for the first quarter 2022. Free Cash Flow was $7.1 million in the first quarter of 2022, representing a decrease of approximately $0.2 million from the prior year period.
“We continued to deliver strong performance with record revenue and earnings in the first quarter of 2022, led primarily by rapidly increasing PYLARIFY sales,” said Mary Anne Heino, President and CEO. “We are executing on our strategy to accelerate growth, diversify our portfolio, and position Lantheus as the category leader in markets in which we compete. We are excited by our recent strategic collaborations for PYLARIFY and PYLARIFY AI and continue to assess longer-term revenue opportunities through strategic transactions and internal development to drive shareholder value.”
The Company updates its guidance for full year 2022 and offers the following guidance for the second quarter:
| Q2 Guidance Issued April 29, 2022 | Previous Guidance Issued February 24, 2022 | |||
| Q2 FY 2022 Revenue | $200 million – $215 million | N/A | ||
| Q2 FY 2022 Adjusted Fully Diluted EPS | $0.67 – $0.73 | N/A | ||
| FY Guidance Updated April 29, 2022 | FY Guidance Issued February 24, 2022 | |||
| FY 2022 Revenue | $800 million – $835 million | $685 million – $710 million | ||
| FY 2022 Adjusted Fully Diluted EPS | $2.90 – $3.15 | $1.95 – $2.05 | ||
On a forward-looking basis, the Company does not provide GAAP income per common share guidance or a reconciliation of adjusted fully diluted EPS to GAAP income per common share because the Company is unable to predict with reasonable certainty business development and acquisition related expenses, purchase accounting fair value adjustments (including liability accruals relating to the contingent value rights issued as part of the Progenics Pharmaceuticals, Inc. acquisition), and any one-time, non-recurring charges. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a result, it is the Company’s view that a quantitative reconciliation of adjusted fully diluted EPS on a forward-looking basis is not available without unreasonable effort.
Internet Posting of Information
The Company routinely posts information that may be important to investors in the “Investors” section of its website at www.lantheus.com. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.
Conference Call and Webcast
As previously announced, the Company will host a conference call and webcast on Friday, April 29, 2022 at 8:00 a.m. ET. To access the live conference call via telephone, please dial 1-866-498-8390 (U.S. callers) or 1-678-509-7599 (international callers) and provide passcode 8691334. A live webcast will be available in the Investors section of the Company’s website at www.lantheus.com.
A replay of the audio webcast will be available in the Investors section of our website at www.lantheus.com approximately two hours after completion of the call and will be archived for 30 days.
The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at www.lantheus.com.
The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.
About Lantheus Holdings, Inc.
Lantheus Holdings, Inc. is the parent company of Lantheus Medical Imaging, Inc., Progenics Pharmaceuticals, Inc. and EXINI Diagnostics AB and an established leader and fully integrated provider committed to innovative imaging diagnostics, targeted therapeutics and artificial intelligence solutions to Find Fight and Follow® serious medical conditions. Lantheus provides a broad portfolio of products, including the echocardiography agent DEFINITY® Vial for (Perflutren Lipid Microsphere) Injectable Suspension; PYLARIFY®, a PSMA PET imaging agent for the detection of suspected recurrent or metastatic prostate cancer; PYLARIFY AI™, an artificial intelligence platform that assists in the evaluation of PSMA PET images; TechneLite® (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures; AZEDRA® for the treatment of certain rare neuroendocrine tumors; and RELISTOR® for the treatment of opioid-induced constipation, which is partnered with Bausch Health Companies, Inc. The Company is headquartered in North Billerica, Massachusetts, with additional offices in New Jersey, Canada and Sweden. For more information, visit www.lantheus.com.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as adjusted net income and its line components; adjusted net income per share – fully diluted; and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. However, these measures may exclude items that may be highly variable, difficult to predict and of a size that could have a substantial impact on the Company’s reported results of operations for a particular period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by their use of terms such as “believe,” “could,” “estimate,” “expect,” “look forward to,” “may,” “plan,” “predict,” “target,” “will,” and other similar terms. Such forward-looking statements are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: (i) continued market expansion and penetration for our established commercial products, particularly DEFINITY, in the face of segment competition and potential generic competition, including as a result of patent and regulatory exclusivity expirations and challenges; (ii) our ability to continue to grow PYLARIFY as a commercial product, including (A) our ability to obtain FDA approval for additional positron emission tomography (“PET”) manufacturing facilities (“PMFs”) to manufacture PYLARIFY, (B) the ability of PMFs to manufacture PYLARIFY to meet product demand, (C) our ability to sell PYLARIFY to customers, (D) our ability to obtain and maintain adequate coding, coverage and payment for PYLARIFY, and (E) our ability to establish PYLARIFY as a leading PSMA PET imaging agent in a competitive environment in which other PSMA PET imaging agents have been approved and additional ones are in development; (iii) the global Molybdenum-99 (“Mo-99”) supply; (iv) our ability to have third party manufacturers manufacture our products and our ability to use our in-house manufacturing capacity; (v) our ability to successfully launch PYLARIFY AI as a commercial product; (vi) the continuing impact of the global COVID-19 pandemic on our business, financial condition and prospects; (vii) the efforts and timing for clinical development of our product candidates and new clinical applications for our products, in each case, that we may develop, including 1095 and LMI 1195, or that our strategic partners may develop, including flurpiridaz fluorine-18 (“F 18”); (viii) our ability to identify and acquire or in-license additional diagnostic and therapeutic product opportunities in oncology and other strategic areas; (ix) the potential reclassification by the FDA of certain of our products and product candidates from drugs to devices with the expense, complexity and potentially more limited competitive protection such reclassification could cause; and (x) the risk and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q).
– Tables Follow –
Lantheus Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data – unaudited)
| Three Months Ended March 31, |
||||||||
| 2022 | 2021 | |||||||
| Revenues | $ | 208,880 | $ | 92,509 | ||||
| Cost of goods sold | 79,810 | 51,479 | ||||||
| Gross profit | 129,070 | 41,030 | ||||||
| Operating expenses | ||||||||
| Sales and marketing | 20,354 | 14,173 | ||||||
| General and administrative | 37,588 | 16,138 | ||||||
| Research and development | 12,203 | 10,360 | ||||||
| Total operating expenses | 70,145 | 40,671 | ||||||
| Gain on sale of assets | — | 15,263 | ||||||
| Operating income | 58,925 | 15,622 | ||||||
| Interest expense | 1,509 | 2,718 | ||||||
| Gain on extinguishment of debt | — | (889 | ) | |||||
| Other income | (485 | ) | (549 | ) | ||||
| Income before income taxes | 57,901 | 14,342 | ||||||
| Income tax expense | 14,939 | 5,334 | ||||||
| Net income | $ | 42,962 | $ | 9,008 | ||||
| Net income per common share: | ||||||||
| Basic | $ | 0.63 | $ | 0.13 | ||||
| Diluted | $ | 0.61 | $ | 0.13 | ||||
| Weighted-average common shares outstanding: | ||||||||
| Basic | 68,008 | 67,094 | ||||||
| Diluted | 70,051 | 67,714 | ||||||
Lantheus Holdings, Inc.
Consolidated Revenues Analysis
(in thousands – unaudited)
| Three Months Ended March 31, |
|||||||||||
| 2022 | 2021 | % Change | |||||||||
| DEFINITY | $ | 58,328 | $ | 55,971 | 4.2 | % | |||||
| TechneLite | 22,605 | 22,800 | (0.9 | )% | |||||||
| Other precision diagnostics | 5,265 | 6,984 | (24.6 | )% | |||||||
| Total precision diagnostics | 86,198 | 85,755 | 0.5 | % | |||||||
| PYLARIFY | 92,777 | — | N/A | ||||||||
| Other radiopharmaceutical oncology | 1,327 | 1,500 | (11.5 | )% | |||||||
| Total radiopharmaceutical oncology | 94,104 | 1,500 | 6,173.6 | % | |||||||
| Strategic Partnerships and other revenue | 28,578 | 5,254 | 443.9 | % | |||||||
| Total revenues | $ | 208,880 | $ | 92,509 | 125.8 | % | |||||
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data – unaudited)
| Three Months Ended March 31, |
||||||||
| 2022 | 2021 | |||||||
| Net income | $ | 42,962 | $ | 9,008 | ||||
| Stock and incentive plan compensation | 5,623 | 3,317 | ||||||
| Amortization of acquired intangible assets | 8,306 | 4,685 | ||||||
| Acquired debt fair value adjustment | — | (307 | ) | |||||
| Contingent consideration fair value adjustments | 18,400 | 300 | ||||||
| Non-recurring severance related fees | — | 436 | ||||||
| Non-recurring fees | (732 | ) | — | |||||
| Extinguishment of debt | — | (889 | ) | |||||
| Gain on sale of assets | — | (15,263 | ) | |||||
| Integration costs | — | 19 | ||||||
| Acquisition-related costs | 447 | (103 | ) | |||||
| ARO Acceleration and other related costs | 1,591 | — | ||||||
| Other | 129 | 10 | ||||||
| Income tax effect of non-GAAP adjustments(a) | (8,896 | ) | 2,083 | |||||
| Adjusted net income | $ | 67,830 | $ | 3,296 | ||||
| Adjusted net income, as a percentage of revenues | 32.5 | % | 3.6 | % | ||||
| Three Months Ended March 31, |
||||||||
| 2022 | 2021 | |||||||
| Net income per share – diluted | $ | 0.61 | $ | 0.13 | ||||
| Stock and incentive plan compensation | 0.08 | 0.05 | ||||||
| Amortization of acquired intangible assets | 0.12 | 0.08 | ||||||
| Acquired debt fair value adjustment | — | (0.01 | ) | |||||
| Contingent consideration fair value adjustments | 0.26 | 0.01 | ||||||
| Non-recurring severance related fees | — | 0.01 | ||||||
| Non-recurring fees | (0.01 | ) | — | |||||
| Extinguishment of debt | — | (0.01 | ) | |||||
| Gain on sale of assets | — | (0.23 | ) | |||||
| Integration costs | — | — | ||||||
| Acquisition-related costs | 0.01 | (0.01 | ) | |||||
| ARO Acceleration and other related costs | 0.02 | — | ||||||
| Income tax effect of non-GAAP adjustments(a) | (0.12 | ) | 0.03 | |||||
| Adjusted net income per share – diluted | $ | 0.97 | $ | 0.05 | ||||
| Weighted-average common shares outstanding – diluted | 70,051 | 67,714 | ||||||
(a) The income tax effect of the adjustments between GAAP net loss and non-GAAP adjusted net income takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction.
Lantheus Holdings, Inc.
Reconciliation of Free Cash Flow
(in thousands – unaudited)
| Three Months Ended March 31, |
|||||||
| 2022 | 2021 | ||||||
| Net cash provided by operating activities | $ | 10,264 | $ | 9,818 | |||
| Capital expenditures | (3,190 | ) | (2,520 | ) | |||
| Free cash flow | $ | 7,074 | $ | 7,298 | |||
| Net cash (used in) provided by investing activities | $ | (1,390 | ) | $ | 13,303 | ||
| Net cash used in financing activities | $ | (2,179 | ) | $ | (34,791 | ) | |
Lantheus Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands – unaudited)
| March 31, 2021 |
December 31, 2021 |
||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 105,355 | $ | 98,508 | |||
| Accounts receivable, net | 172,283 | 89,336 | |||||
| Inventory | 34,249 | 35,129 | |||||
| Other current assets | 12,860 | 12,818 | |||||
| Total current assets | 324,747 | 235,791 | |||||
| Property, plant and equipment, net | 116,959 | 116,772 | |||||
| Intangibles, net | 340,204 | 348,510 | |||||
| Goodwill | 61,189 | 61,189 | |||||
| Deferred tax assets, net | 47,868 | 62,764 | |||||
| Other long-term assets | 42,199 | 38,758 | |||||
| Total assets | $ | 933,166 | $ | 863,784 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities | |||||||
| Current portion of long-term debt and other borrowings | $ | 12,878 | $ | 11,642 | |||
| Accounts payable | 22,383 | 20,787 | |||||
| Accrued expenses and other liabilities | 142,396 | 58,068 | |||||
| Total current liabilities | 177,657 | 90,497 | |||||
| Asset retirement obligations | 21,514 | 20,833 | |||||
| Long-term debt, net and other borrowings | 159,369 | 163,121 | |||||
| Other long-term liabilities | 58,776 | 124,894 | |||||
| Total liabilities | 417,316 | 399,345 | |||||
| Total stockholders’ equity | 515,850 | 464,439 | |||||
| Total liabilities and stockholders’ equity | $ | 933,166 | $ | 863,784 | |||
Contacts:
Mark Kinarney
Senior Director, Investor Relations
978-671-8842
[email protected]
Melissa Downs
Senior Director
646-975-2533
[email protected]
Artificial Intelligence
HITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS
HOLLAND, Mich., April 26, 2024 /PRNewswire/ — Hitachi Ltd. (TSE: 6501, “Hitachi”) has signed a stock purchase agreement on April 26 to acquire all shares of MA micro automation GmbH (“MA micro automation”, headquartered in St. Leon-Rot, Germany) from MAX Management GmbH (a subsidiary of MAX Automation SE). MA micro automation is a leading provider of robotic and automation technology (robotic SI) including high-speed linear handling systems, high-precision assembly lines, and high-speed vision inspection technology for Europe, North America, and Southeast Asia, for EUR 71.5M million. The transaction is expected to close in the second half of 2024, pending completion of the customary regulatory filings. After the acquisition is completed, MA micro automation will join JR Automation Technologies, LLC (“JR Automation”), a market leader in providing advanced automation solutions and digital technologies in the robotic system integration business for North America, Europe, and Southeast Asia as a continued effort to expand the company’s global presence.
MA micro automation is a technology leader for automation solutions within micro-assembly. Through its state-of-the-art proprietary high-speed and high-precision automation know-how, combined with unique optical image inspection capabilities, MA micro automation serves high-growth med-tech automation end-markets, covering the production, assembly, and testing medical and optical components including contact lenses, IVD and diabetes diagnostics consumables, and injection molding for medical use. The company was established in 2003 through a carve-out from Siemens*1 and since 2013 has been part of the MAX Automation group.
JR Automation is a leading provider of intelligent automated manufacturing technology solutions, serving customers across the globe in a variety of industries including automotive, life sciences, e-mobility, consumer and industrial products. With over 20 locations between North America, Europe, and Southeast Asia, the leading integrator offers nearly 2 million square feet (185,806 sq. m) of available build and engineering floorspace. This acquisition allows JR Automation to further grow and strengthen both the company’s geographical footprint and their continued commitment on expanding support capabilities within the European region and medical market vertical.
“MA micro automation provides engineering, build and support expertise with established capabilities in complex vision applications, high-speed and high-precision automation technologies. When integrated with JR Automation’s uniform global process and digital technologies, this partnership will further enhance our ability to deliver added value and support to all of our customers worldwide and continue to grow our capabilities in the medical market,” says Dave DeGraaf, CEO of JR Automation. “As we integrate this new dimension, impressive talents and abilities of the MA micro automation team we further enhance our ability to serve our customers, creating a more robust and globally balanced offering.”
With this acquisition, Hitachi aims to further enhance its ability to provide a “Total Seamless Solution*2” to connect manufacturer’s factory floors seamlessly and digitally with their front office data, allowing them to achieve total optimization and bringing Industry 4.0 to life. This “Total Seamless Solution” strategy links organizations’ operational activities such as engineering, supply chain, and purchasing to the plant floor and allows for real time, data-driven decision-making that improves the overall business value for customers.
Kazunobu Morita, Vice President and Executive Officer, CEO of Industrial Digital Business Unit, Hitachi, Ltd. says, “We are very pleased to welcome MA micro automation to the Hitachi Group. The team is based in Europe, providing robotic SI to global medical device manufacturing customers with its high technological capabilities and will join forces with JR Automation and Hitachi Automation to strengthen our global competitiveness. Hitachi aims to enhance its ability to provide value to customers and grow alongside them by leveraging its strengths in both OT, IT, including robotic SI, and “Total Seamless Solution” through Lumada*3’s customer co-creation framework.”
Joachim Hardt, CEO MA micro automation GmbH says, “Following the successful establishment and growth of MA micro automation within the attractive automation market for medical technology products, we are now opening a new chapter. Our partnership with Hitachi will not only strengthen our global competitive position, but we will also benefit from joint technological synergies and a global market presence. We look forward to a synergistic partnership with Hitachi and JR Automation.”
Outline of MA micro automation
Name
MA micro automation GmbH
Head Office
St. Leon-Rot, Germany
Representative
Joachim Hardt (CEO)
Outline of Business
Automation solutions within micro-assembly
Total no. of Employees:
Approx. 200 (As of April 2024)
Founded
2003
Revenues (2023)
€ 46.5 million
Website
*1
“Siemens” is a registered trademark or trademark of Siemens Trademark GmbH & Co. KG in the U.S. and other countries.
*2
“Total Seamless Solution” is a registered trademark of Hitachi, Ltd. in the U.S. and Japan.
*3
Lumada: A collective term for solutions, services and technologies based on Hitachi’s advanced digital technologies for creating value from customers’ data accelerating digital innovation. https://www.hitachi.com/products/it/lumada/global/en/index.html
About JR AutomationEstablished in 1980, JR Automation is a leading provider of intelligent automated manufacturing technology solutions that solve customers’ key operational and productivity challenges. JR Automation serves customers across the globe in a variety of industries, including automotive, life sciences, aerospace, and more.
In 2019, JR Automation was acquired by Hitachi, Ltd. In a strategic effort towards offering a seamless connection between the physical and cyber space for industrial manufacturers and distributers worldwide. With this partnership, JR Automation provides customers a unique, single-source solution for complete integration of their physical assets and data information, offering greater speed, flexibility, and efficiencies towards achieving their Industry 4.0 visions. JR Automation employs over 2,000 people at 21 manufacturing facilities in North America, Europe, and Asia. For more information, please visit www.jrautomation.com.
About Hitachi, Ltd.Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the 3 business sectors of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s revenues as 3 sectors for fiscal year 2023 (ended March 31, 2024) totaled 8,564.3 billion yen, with 573 consolidated subsidiaries and approximately 270,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.
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Artificial Intelligence
$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members
D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).
XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
View original content:https://www.prnewswire.co.uk/news-releases/10-million-artificial-intelligence-mathematical-olympiad-prize-appoints-further-advisory-committee-members-302128542.html
Artificial Intelligence
Hikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024
HANGZHOU, China, April 26, 2024 /PRNewswire/ — Hikvision made a significant appearance at Intertraffic Amsterdam, the leading global trade fair for mobility and traffic technology. At the trade event, Hikvision unveiled a suite of traffic, transport, and parking management solutions and products powered by Artificial Intelligence of Things (AIoT) technology, which promised to improve urban mobility, road safety, and operational efficacy.
Elevating urban traffic intelligence with AIoT
One highlight of the Hikvision stand was its intelligent urban traffic solution, which leveraged the power of AIoT to deliver comprehensive real-time monitoring, incident detection, and traffic control. This solution intelligently reshapes traffic dynamics, offering a more responsive and data-driven approach to enhance situational awareness and traffic management. Key innovations in the solution included:
Hikvision’s radar-video fusion camerasThese combine the range perception of radar with the visual perception of video. The 4 MP Radar and Video Vehicle Detector, for example, helps to enhance road safety by providing early warning of potential hazards in challenging situations such as blind spots at intersections and obstacles outside the visual range.Hikvision’s All-In-One Traffic SpotterThis stands out with its multifaceted design incorporating video, radar, and lighting technologies for heightened traffic violation detection. Its streamlined column design facilitates effortless installation.Hikvision’s Radar-Linked PTZ Camera This ensures consistent performance in adverse weather and lightening conditions, and minimizes false alarms with advanced deep-learning algorithms.Innovating parking management
Hikvision also introduced its parking management solutions. These combine extremely precise license plate recognition and intelligent barrier controls incorporating highly accurate radar sensors. This comprehensive approach enhances security, reduces the need for manual intervention, and streamlines traffic flow across parking areas. The Global Shutter CMOS* (GMOS) ANPR camera was a new addition to the lineup. Designed to seamlessly blend in the environment, it is tailored for the task of discreetly capturing license plates at parking facilities that prioritize subtlety.
Advancing public transportation safety and efficiency
Attendees also had the opportunity to explore Hikvision’s latest public transport solutions, integrating AI-driven analytics with advanced video security, on-site voice broadcasting, and centralized management for enhanced onboard security, improved passenger experience, and operational efficiency for buses and taxis. This included the Four-way monitoring system and the Panoramic Auxiliary System, both designed to reduce blind spots and provide high-definition imaging to improve driving safety.
“As ever, we are continually expanding our suite of technologies to enhance traffic safety and efficiency,” said Nick Wu, Project Product Director at Hikvision Europe. “Our commitment lies in minimizing the need for extensive roadside installations by incorporating comprehensive perception and robust AI within unified device frameworks. These innovations automate and streamline every aspect of traffic management, from violation detection to traffic flow monitoring, driving safety, and parking management.”
To find out more about Hikvision’s urban mobility products and solutions, please explore its official website.
Note: CMOS stands for Complementary Metal-Oxide-Semiconductor.
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View original content:https://www.prnewswire.co.uk/news-releases/hikvision-redefines-urban-mobility-with-aiot-powered-solutions-at-intertraffic-2024-302128527.html
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