Artificial Intelligence
PARROT: 2022 first-half earnings
| PRESS RELEASE Paris, July 28, 2022, 8am CET |
2022 first-half earnings
- 72% revenue growth for the new scope(1)
- Acceleration of microdrone sales benefiting from the complete transition from consumer to professional UAVs
- Increased sales to defense organizations, continuing to improve the Group’s outlook for the second half of the year
2022 first-half business
Focused exclusively on the design, development and marketing of professional drone solutions, combining microdrones and image analysis solutions, Parrot is benefiting from the strategic repositioning completed in 2021. First-half revenues climbed to €30.5m, up 72% for the new scope(1) and 26% for the consolidated Group. Driven by technological and regulatory advances, and thanks to the visibility provided by the current geopolitical context, demand for high-performance and secure drone equipment and solutions is accelerating.
During the first half of 2022, the Group generated:
- 87% growth in revenues for microdrones (+81% at constant exchange rates) to €15.4m, reflecting the deliveries of ANAFI USA microdrones to agencies & defense forces, as well as the start of ANAFI Ai sales to professionals. In a specific geopolitical context, the alignment between supply and demand for microdrones is facilitating the growing integration of its technologies on the core target markets (inspection, surveillance, mapping).
- 29% growth in revenues from data analysis software (+21% at constant exchange rates) to €15.1m, reflecting the success of Pix4D’s international deployment in a market that is expanding. The robust commercial development is continuing to be supported by Pix4Dmapper, the most widely-used drone-based photogrammetry solution, combined with the gradual ramping up of the new business solutions launched since 2020.
| Revenues (€m) | H1 2022 | H1 2021 | Change | FY 2021 | ||||
| A | Parrot Drones | 15.4 | 50% | 8.2 | 34% | +87% | 20.9 | 38% |
| B | Of which, consumer products(2) | 0.4 | 1% | 2.1 | 9% | – | 6.2 | 11% |
| C | Pix4D | 15.1 | 50% | 11.7 | 48% | +29% | 26.2 | 48% |
| D | Parrot SA | 0.3 | 1% | 0.1 | 0% | – | 0.3 | 1% |
| E | Intragroup eliminations | -0.3 | -1% | -0.5 | -2% | – | -0.8 | -2% |
| F | SenseFly (activity divested in October 2021) | – | – | 4.7 | 19% | – | 7.7 | 14% |
| G | MicaSense (activity divested in January 2021) | – | – | – | 9% | – | 0.0 | 0% |
| CONSOLIDATED PARROT GROUP TOTAL | 30.5 | 100% | 24.3 | 100% | +26% | 54.3 | 100% | |
| NEW SCOPE TOTAL (1) (=A-B+C+D+E) | 30.1 | 99% | 17.5 | 72% | +72% | 40.4 | 74% | |
(1) “New scope total” is a performance indicator reflecting the impact of the strategy rolled out since end-2018. It corresponds to the Parrot Group’s consolidated revenues less revenues from consumer products (cf. 2) and revenues from the subsidiaries divested.
(2) Consumer products: consumer drones (all ranges), legacy automotive products (car kit, plug & play) and connected devices.
2022 first-half earnings
| Condensed consolidated accounts – IFRS (€m)(3) | First half of 2022 | First half of 2021 | Change | FY 2021 |
| Consolidated revenues | 30.5 | 24.3 | +26% | 54.3 |
| Gross margin | 24.3 | 17.8 | +36% | 39.1 |
| % of revenues | 80% | 73% | 72% | |
| Research and development costs | 20.8 | 20.8 | 0% | -40.2 |
| Sales and marketing costs | 5.6 | 7.7 | -27% | -14.0 |
| Administrative costs and overheads | 7.7 | 6.1 | +26% | -13.6 |
| Production and industrialization costs | 2.4 | 2.5 | -3% | -5.4 |
| Income from ordinary operations | -12.1 | -19.2 | +37% | -34.2 |
| % of revenues | -40% | -79% | -63% | |
| Other operating income and expenses | -4.2 | 16.2 | – | 30.4 |
| EBIT | -16.3 | -2.9 | – | -3.7 |
| % of revenues | -53% | -12% | -7% | |
| Net income (Group share) | -14.1 | -2.8 | – | -1.9 |
| % of revenues | -36% | -12% | -4% |
(3) Sensefly has no longer been consolidated since October 20, 2021.
During the first half of 2022, the Parrot Group recorded consolidated revenues of €30.5m, up 26%. Professional drones and solutions generated 99% of these revenues, which no longer include sales for the business units (MicaSense Inc, Sensefly SA, Sensefly Inc) that were divested in 2021 and contributed €4.7m in the first half of 2021. Excluding revenues from the business units divested and from consumer products, like-for-like revenues represent €30.1m, compared with €17.5m for the first half of 2021, up 72%. The Group estimates that around 9% of its microdrone sales are directly related to the conflict in Ukraine.
The gross margin rate came to 80% for the period, compared with 73% for the first half of 2021. This increase primarily reflects a favorable mix effect for professional drone equipment and the reversal of provisions, with some linked to the clearance of old product ranges which have now been fully written down, while others were no longer applicable.
For the first half of 2022, the Parrot Group’s consolidated operating expenditure totaled €36.4m, compared with €37.0m for the same period in 2021. €0.4m was recorded in 2021 for economic support measures during the health crisis, but this was not recorded in 2022. The disposals are reflected in a €5.4m reduction in operating expenditure, with the majority reallocated to the Group’s R&D, notably following on from the CHF 10m capital increase carried out in February 2022 to support Pix4D. As a result, R&D spending is stable at €20.8m for the first half of this year compared with the same period in 2021. For its next innovation phase, the Group is harnessing artificial intelligence and extended connectivity to automate missions and processes for all types of sites or infrastructures.
The reduction (-27%) in sales and marketing spending, which came to €5.6m, compared with €7.7m for the first half of 2021, mainly reflects the impact of the disposals combined with the effective management of BtoB marketing budgets.
Production and quality spending is virtually stable (-3%), highlighting the good management of procurement and supplies. Against the backdrop of significant health constraints in China and disruption affecting the components market, Parrot is maintaining its agile approach and increasing the resources allocated to production management.
The increase in administrative costs and overheads (+26%) for the first half of 2022 primarily reflects non-recurring impacts that reduced the figure for 2021 (reversal of provisions for disputes) and led to an increase in 2022 (recruitments, employee-related provisions recorded).
At end-June 2022, income from ordinary operations shows an improvement of €7.0m, with a first-half current operating loss of -€12.1m, versus -€19.2m at end-June 2021. The Group’s workforce (permanent and fixed-term contracts) represented 514 people (448 at December 31, 2021 and 547 at June 30, 2021), in addition to 63 external contractors (49 at December 31, 2021 and 50 at June 30, 2021). 56 people joined the Group during the first half of 2022, with 34 focused on R&D.
The non-recurring operating expenses of -€4.2m concern the impacts of the divestments. On the one hand, a capital loss on the sale of the AgEagle Systems Inc shares received as payment for the equivalent of $3m corresponding to part of Sensefly’s sale. These shares were sold in March for a total of €1.8m on the NYSE American market, generating a capital loss of €1.2 m. On the other hand, negotiations launched with the buyer in June were completed on July 22 and recognized in the accounts at June 30. They concern the early payment and the securing of the remaining sums payable in 2022 and 2023, representing approximately $7.5m. A payment of $3.7 million is now expected in the next few days, the difference of $3.7 million provisioned at June 30, 2022. As a reminder, in June 2021, €16.2m of non-recurring operating income linked to the sale of Micasense at the start of 2021 was recorded in the accounts. End of June 2022 EBIT therefore came to -€16.3m.
After €3.1m of financial income and expenses and a -€0.9m share of income from associates, consolidated net income (Group share) came to -€14.1m for the first half of 2022.
Changes in the cash position and balance sheet at June 30, 2022
The Group had €70.0m of net cash at June 30, 2022, compared with €82.0m at end-December 2021, excluding the impact of IFRS 16. Cash and cash equivalents totaled €70.0m, with €12.8m consumption during the first six months of 2022.
Cash flow from operations came to -€9.3m (versus -€18.4m at end-June 2021). The loss for the period includes the reversal of provisions, the capital loss on the sale of the AgEagle Aerial Systems shares, and the IFRS 2 costs for the Group’s various stock option and bonus share plans. Factoring in the -€4.8m change in working capital requirements, cash from operating activities totaled -€14.1m, compared with -€22.9m at end-June 2021.
The change in working capital requirements reflects the following developments: (i) a +€1.9m impact linked to a reclassification of €3.2m of tax receivables allocated against various liabilities for a similar amount (VAT) and offsetting an increase in trade receivables for €1.7m, (ii) a -€3.9m change in trade and other payables, resulting from the decrease in advances and deposits received on orders, tax and employee-related liabilities, and prepaid income, and (iii) a -€2.7m change in inventories, linked to the ramping up of professional microdrone sales (finished products and components). With net inventories raised to €8.1m at June 30, 2022, versus €4.9m at December 31, 2021, Parrot is ramping up the production of its microdrones with its subcontractors in the United States and Asia.
Cash flow from investment activities came to €3.5m, linked primarily to the payment instalments received on the sales of SenseFly and Micasense during the first half of 2022. These amounts, which totaled €4.8m, offset the operating investments for -€1.2m.
Cash flow from financing activities came to -€3.5m, with -€1.5m of IFRS 16 costs, as well as -€1.6m of costs linked to the unwinding of a stock option plan concerning Pix4D.
In terms of the balance sheet, the application of IFRS 5 (Assets Held for Sale for €1.8m) concerns a proposed operation to sell the interest in Planck Aerosystems Inc, which is consolidated on an equity basis and was 47.2% owned by Parrot at end-June 2022. The valuation of this interest has led to a -€1.0m impairment in goodwill, recognized in “Share of profit of companies accounted for by the equity method” on the income statement. This item has no cash impact.
Outlook for 2022
Realigned, streamlined and driven by professional solutions at the forefront of innovation, Parrot is looking ahead to 2022 with confidence in its strategy and vigilance concerning the changes in the international environment. During the second half of this year, the deliveries for orders received from NATO countries defense forces will generate a further acceleration in growth.
The Group is continuing to allocate its resources to an ambitious R&D roadmap. Supported by its advances in the field of artificial intelligence and the growing integration between hardware and software, Parrot aims to continue facilitating the adoption of drone technologies and offer new use cases that are aligned with the needs of professionals, businesses and institutions, focused on (i) 3D Mapping, Geomatics and Inspection, (ii) Defense and Security, and (iii) Precision Farming.
To secure its production capacity over the medium and long term, and respond to the growing interest in its microdrones at the start of this year, Parrot is further strengthening its synergies between R&D, procurement and production tracking. The increase in the resources allocated to these operations will be combined with an agile sourcing management approach. These transformational initiatives are limiting the reduction of costs in 2022, and their efficiency and effectiveness are still strongly correlated with changes in the health context in China, where the situation has deteriorated at the start of this year.
Looking beyond the disruption linked to the economic and geopolitical environment, which is difficult to predict, the Group plans to move forward with its roadmap for revenue growth on its “new scope” and capitalize on the opportunities opened up by the growing adoption of drone technologies in businesses and the public sector. The Group will continue to closely monitor the allocation of its cash, and will be ready to respond and adapt to potential changes in the conditions.
Next financial dates
- 2022 third-quarter business: Thursday November 17, 2022
ABOUT PARROT
Founded in 1994 by Henri Seydoux, Parrot is today the leading European drone manufacturer in this rapidly expanding market.
Visionary, at the forefront of innovation Parrot has a complementary range of equipment and software adapted to the needs of companies, large groups and government organizations. Its offer is mainly centred on three vertical markets: (i) Inspection, 3D mapping and Geomatics, (ii) Defence and security, and Precision agriculture.
Its ANAFI range of micro UAVs, recognized for their performance, robustness and ease of use, features an open source architecture and meets the highest safety standards. Its software suite for mobile and drone mapping is based on advanced expertise in photogrammetry and offers solutions tailored to the specificities of the verticals it addresses.
The Parrot Group designs and develops its products in Europe, mainly in Paris where its headquarters are located and in Switzerland. Today, it has approximately 450 employees worldwide and carries out the vast majority of its sales internationally. Parrot has been listed on Euronext Paris since 2006 (FR0004038263 – PARRO). For more information:www.parrot.com, www.pix4d.com
CONTACTS
| Investors, analysts, financial medias Marie Calleux – T. : +33(0) 1 48 03 60 60 [email protected] |
Tech & consumer medias Jean Miflin – T. : +33(0) 1 48 03 60 60 [email protected] |
APPENDICES
The consolidated accounts for the first half of 2022 were approved by the Board of Directors on July 27. The audit procedures have been carried out by the statutory auditors and the reports will be issued once the necessary procedures have been completed. The half-year financial report will then be published on https://www.parrot.com/fr/corporate/rapports-financiers-annuels-et-semestriels
BREAKDOWN OF REVENUES BY QUARTER
| Revenues (€m and % of revenues) | Q2 2022 | Q2 2021 | Change | Q1 2022 | Q1 2021 | Change | |||||
| A | Parrot Drones | 7.7 | 54% | 3.4 | 29% | +125% | 7.7 | 54% | 4.8 | 39% | +60% |
| B | Of which, consumer products(2) | 0.4 | 3% | 0.9 | 8% | -51% | 0 | 0% | 1.2 | 9% | – |
| C | Pix4D | 6.7 | 46% | 8.5 | 52% | +38% | 6.7 | 46% | 5.6 | 45% | +20% |
| D | Parrot SA | 0.1 | 1% | 0.0 | 0% | ns | 0.1 | 1% | 0.1 | 1% | – |
| E | Intragroup eliminations | -0.1 | -1% | -0.2 | -2% | ns | -0.1 | -1% | -0.2 | -2% | – |
| F | SenseFly (activity divested in Oct. 2021) | – | – | 2.5 | 21% | ns | – | – | 2.2 | 18% | – |
| CONSOLIDATED PARROT GROUP TOTAL | 16.1 | 100% | 11.9 | 100% | +36% | 14.4 | 100% | 12.4 | 100% | +16% | |
| NEW SCOPE TOTAL(1) (=A-B+C+D+E) |
15.7 | 97% | 8.5 | 71% | +86% | 14.4 | 100% | 9.0 | 73% | +60% | |
(1) “New scope total” is a performance indicator reflecting the impact of the strategy rolled out since end-2018. It corresponds to the Parrot Group’s consolidated revenues less revenues from consumer products (cf. 2) and revenues from the subsidiaries divested. Note that intragroup eliminations are not reallocated and therefore include a relatively insignificant percentage for sales from the subsidiaries divested.
(2) Consumer products: consumer drones (all ranges), legacy automotive products (car kit, plug & play) and connected devices.
CONSOLIDATED INCOME STATEMENT
| IFRS, €m | Jun 30, 2022 (6 months) |
Dec 31, 2021 (12 months) |
Jun 30, 2021 (6 months) |
| Revenues | 30.5 | 54.3 | 24.3 |
| Cost of sales | -6.2 | -15.2 | -6.5 |
| Gross margin | 24.3 | 39.1 | 17.8 |
| % of revenues | 79.6% | 72.0% | 73.4% |
| Research and development costs | -20.8 | -40.2 | -20.8 |
| % of revenues | -68.1% | -74.1% | -85.4% |
| Sales and marketing costs | -5.6 | -14.0 | -7.7 |
| % of revenues | -18.2% | -25.8% | -31.5% |
| Overheads | -7.7 | -13.6 | -6.1 |
| % of revenues | -25.1% | -25.1% | -25.1% |
| Production and quality | -2.4 | -5.4 | -2.5 |
| % of revenues | -7.8% | -10.0% | -10.2% |
| Income from ordinary operations | -12.1 | -34.2 | -19.2 |
| % of revenues | -39.7% | -62.9% | -78.8% |
| Other operating income and expenses | -4.2 | 30.4 | 16.2 |
| EBIT | -16.3 | -3.7 | -2.9 |
| % of revenues | -53.3% | -6.9% | -12.1% |
| Income from cash and cash equivalents | 0.0 | 0.0 | 0.0 |
| Gross finance costs | -0.1 | -0.2 | -0.1 |
| Net finance costs | -0.1 | -0.2 | -0.1 |
| Other financial income and expenses | 3.2 | 1.8 | 0.6 |
| Financial income and expenses | 3.1 | 1.5 | 0.5 |
| Share in income from associates | -0.9 | 0.4 | -0.5 |
| Tax | -0.2 | -0.1 | 0.1 |
| Net income | -14.1 | -1.9 | -2.8 |
| Group share | -14.1 | -1.9 | -2.8 |
| % of revenues | -46.1% | -3.6% | -11.5% |
| Non-controlling interests | -0.1 | 0.0 | 0.0 |
CONSOLIDATED BALANCE SHEET (IFRS, €m)
| ASSETS | Jun 30, 2022 (6 months) |
Dec 31, 2021 (12 months) |
Jun 30, 2021 (6 months) |
| Non-current assets | 21.1 | 27.3 | 25.0 |
| Other intangible assets | 0.3 | 0.3 | 0.4 |
| Property, plant and equipment | 2.2 | 1.8 | 2.3 |
| Right of use | 8.4 | 8.7 | 10.4 |
| Investments in associates | 3.1 | 5.6 | 4.6 |
| Financial assets | 6.6 | 6.5 | 6.6 |
| Non-current lease receivables | 0.0 | 0.1 | 0.3 |
| Deferred tax assets | 0.2 | 0.4 | 0.3 |
| Other non-current assets | 0.2 | 4.0 | |
| Current assets | 105.3 | 117.3 | 120.3 |
| Inventories | 8.1 | 4.9 | 8.9 |
| Trade receivables | 6.9 | 5.2 | 5.6 |
| Tax receivables | 7.8 | 6.9 | 8.8 |
| Other receivables | 12.3 | 16.9 | 15.9 |
| Current lease receivables | 0.3 | 0.5 | 0.8 |
| Cash and cash equivalents | 70.0 | 82.8 | 80.4 |
| Assets held for sale | 1.8 | 0.0 | 0.0 |
| Total assets | 128.2 | 144.6 | 145.3 |
| Shareholders’ equity and liabilities | Jun 30, 2022 (6 months) |
Dec 31, 2021 (12 months) |
Jun 30, 2021 (6 months) |
| Shareholders’ equity | 90.5 | 100.1 | 97.3 |
| Share capital | 4.6 | 4.6 | 4.6 |
| Additional paid-in capital | 331.7 | 331.7 | 331.7 |
| Reserves excluding earnings for the period | -241.2 | -242.2 | -241.8 |
| Earnings for the period – Group share | -14.1 | -1.9 | -2.8 |
| Exchange gains or losses | 8.4 | 7.5 | 5.2 |
| Equity attributable to Parrot SA shareholders | 89.4 | 99.6 | 96.9 |
| Non-controlling interests | 1.1 | 0.5 | 0.4 |
| Non-current liabilities | 9.9 | 10.5 | 15.0 |
| Non-current financial liabilities | 0.0 | 0.0 | 1.7 |
| Non-current lease liabilities | 6.4 | 6.7 | 8.2 |
| Provisions for pensions and other employee benefits | 1.3 | 1.1 | 1.3 |
| Deferred tax liabilities | 0.0 | 0.2 | 0.0 |
| Other non-current provisions | 0.4 | 0.4 | 0.3 |
| Other non-current liabilities | 1.8 | 1.9 | 3.5 |
| Current liabilities | 27.8 | 34.0 | 32.9 |
| Current financial liabilities | 0.0 | 0.8 | 0.5 |
| Current lease liabilities | 2.5 | 2.7 | 3.6 |
| Current provisions | 1.6 | 1.2 | 1.8 |
| Trade payables | 10.7 | 9.9 | 10.5 |
| Current tax liabilities | 0.0 | 0.1 | 0.1 |
| Other current liabilities | 12.9 | 19.4 | 16.4 |
| Liabilities held for sale | 0.0 | 0.0 | 0.0 |
| Total shareholders’ equity and liabilities | 128.2 | 144.6 | 145.3 |
CONSOLIDATED CASH FLOW STATEMENT (IFRS, €m)
| Jun 30, 2022 (6 months) |
Dec 31, 2021 (12 months) |
Jun 30, 2021 (6 months) |
|
| Operating cash flow | |||
| Earnings for the period from continuing operations | -14.1 | -1.9 | -2.8 |
| Net income attributable to owners of the parent | -14.1 | -1.9 | |
| Non-controlling interests | -0.1 | 0.0 | |
| Share in income from associates | 0.9 | -0.4 | 0.5 |
| Depreciation and amortization | 2.5 | 2.3 | 0.3 |
| Capital gains and losses on disposals | 0.9 | -32.9 | -16.7 |
| Tax expense | 0.2 | 0.1 | -0.1 |
| Cost of share-based payments | 0.9 | 1.3 | 0.4 |
| Other non-cash items | -0.5 | – | – |
| Net finance costs | 0.1 | 0.2 | 0.1 |
| Cash flow from operations before net finance costs and tax | -9.3 | -31.2 | -18.4 |
| Change in working capital requirements | -2.1 | 6.2 | -4.4 |
| Tax paid | -0.1 | -0.3 | -0.1 |
| Cash flow from operating activities (A) | -11.5 | -25.3 | -22.9 |
| Investing cash flow | |||
| Acquisition of property, plant and equipment and intangible assets | -1.2 | -1.6 | -0.9 |
| Acquisition of financial assets | -2.7 | -2.7 | -2.6 |
| Disposal of property, plant and equipment and intangible assets | – | – | – |
| Disposal of subsidiaries, net of cash divested | 2.6 | 24.0 | 17.7 |
| Disposal of financial assets | 2.2 | 3.2 | 2.9 |
| Cash flow from investment activities (B) | 3.5 | 23.0 | 17.1 |
| Financing cash flow | |||
| Equity contributions | -1.7 | – | – |
| Net finance costs | -0.1 | -0.2 | -0.1 |
| Repayment of short-term financial debt (net) | -1.8 | -3.9 | -2.0 |
| Cash flow from financing activities (C) | -3.5 | -4.1 | -2.1 |
| Net change in cash position (D = A+B+C) | -14.1 | -6.4 | -7.9 |
| Impact of change in exchange rates | 1.3 | 1.3 | 0.2 |
| Impact of changes in accounting principles (IFRS 5 reclass.) | – | – | – |
| Cash and cash equivalents at start of period | 82.8 | 88.0 | 88.0 |
| Cash and cash equivalents at end of period | 70.0 | 82.8 | 80.4 |
***
Attachment
Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
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]
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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
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
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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