Artificial Intelligence
Sampo Group’s results for January–September 2022
SAMPO PLC INTERIM STATEMENT 2 November 2022 at 9:40 am
Sampo Group’s results for January–September 2022
• Group P&C gross written premiums increased by 7 per cent year-on-year.
• Strong Group combined ratio of 81.6 per cent (80.9).
• Underwriting profit increased by 3 per cent to EUR 1,009 million (985). Excluding COVID-19 effects reported in the 2021 comparison period, underwriting profit grew 13 per cent.
• Profit before taxes amounted to EUR 1,472 million (1,974) and earnings per share to EUR 2.19 (2.74). Excluding all Nordea-related items, profit before taxes was EUR 1,212 million (1,356).
• Group Solvency II coverage including dividend accrual increased to 238 per cent from 185 per cent at the 2021 year-end and 233 per cent at the end of the second quarter.
Key figures
| EURm | 1–9/ 2022 |
1–9/ 2021 |
Change, % |
7–9/ 2022 |
7–9/ 2021 |
Change, % |
| Profit before taxes | 1,472 | 1,974 | -25 | 407 | 632 | -36 |
| If | 932 | 818 | 14 | 270 | 252 | 7 |
| Topdanmark | 92 | 256 | -64 | 32 | 48 | -33 |
| Hastings | 65 | 115 | -43 | 40 | 31 | 30 |
| Mandatum | 189 | 201 | -6 | 74 | 59 | 24 |
| Holding | 194 | 584 | -67 | -10 | 242 | — |
| Profit for the period | 1,218 | 1,662 | -27 | 321 | 550 | -42 |
| Underwriting profit | 1,009 | 985 | 3 | 330 | 327 | 1 |
| Change | Change | |||||
| Earnings per share, EUR | 2.19 | 2.74 | -0.55 | 0.58 | 0.93 | -0.35 |
| EPS (without eo. items), EUR *) | 2.00 | 2.31 | -0.31 | 0.58 | 0.67 | -0.09 |
| EPS (including OCI), EUR **) | -0.97 | 3.67 | -4.64 | -0.28 | 1.01 | -1.63 |
| RoE (including OCI), % | -6.3 | 22.7 | -29.0 | — | — | — |
*) Nordea-related accounting effects of EUR 103 million in January-September 2022 have been defined as extraordinary items in accordance with Sampo Group’s dividend policy. The comparison figures included extraordinary items of EUR 237 million in January-September and EUR 144 million in the third quarter.
**) OCI refers to Other comprehensive income.
The figures in this report have not been audited.
| Sampo Group financial targets for 2021-2023 | Target | 1–9/2022 |
| Group | Mid-single digit UW profit growth annually on average (excluding COVID-19 effects) | 3% (13% excluding reported COVID-19 effects in 1-9/2021) |
| Group combined ratio: below 86% | 81.6% | |
| Solvency ratio: 170-190% | 256% (238% including dividend accrual) | |
| Financial leverage: below 30% | 25.9% | |
| If | Combined ratio: below 85% | 79.8% |
| Hastings | Operating ratio: below 88% | 88.0% |
| Loss ratio: below 76% | 77.6% |
Financial targets for 2021-2023 announced at the Capital Markets Day on 24 February 2021.
January-September 2022 effects related to the COVID-19 pandemic have been very limited; hence, these will not be reported separately.
FINANCIAL HIGHLIGHTS FOR JANUARY-SEPTEMBER 2022
Sampo Group’s core business, P&C insurance delivered strong results in January-September 2022. Underwriting profit exceeded EUR 1 billion, increasing by 3 per cent year-on-year or 13 per cent adjusted for COVID-19 effects reported in the 2021 comparison period. The Group combined ratio remained strong at 81.6 per cent (80.9), supported by good underlying development and continued benefits from higher discount rates. Excluding the reported COVID-19 effects in the comparison period, the combined ratio would have improved by 1.0 percentage point year-on-year. Gross written premiums increased by 7 per cent to EUR 6,493 million, driven by strong renewals, high retention and rate actions across key business lines. Sampo targets mid-single digit per cent underwriting profit growth on average and a combined ratio below 86 per cent for 2021-2023.
If P&C reported robust results for January-September 2022 as its underwriting profit increased by 11 per cent to EUR 756 million (680). The growth was driven by a 1.0 percentage point improvement in the combined ratio to 79.8 per cent (80.8) and a currency adjusted premium growth of 7.0 per cent. The premium growth was particularly strong in Industrial and Baltic, whereas continued weak Nordic new car sales weighed on growth in Private. If’s adjusted risk ratio improved by 0.6 percentage points and the combined ratio outlook for 2022 was strengthened to 80–82 per cent. If’s investment portfolio continued to be gradually reinvested at higher rates, increasing the fixed income running yield to 2.7 per cent at the end of September, from 2.1 per cent at the end of the second quarter and 1.5 per cent at year end 2021. Profit before taxes increased to EUR 932 million (818).
Topdanmark’s profit before taxes decreased to EUR 92 million (256) in Sampo Group’s profit and loss account as investment returns continued to be affected by the adverse market environment. The combined ratio was 83.4 per cent (82.9).
Hastings delivered solid performance in a challenging UK motor insurance market, in which market prices still lagged behind elevated claims inflation. Hastings remained disciplined and continued to apply rate increases, supporting currency adjusted GWP growth of 11 per cent in January-September 2022 and 20 per cent in the third quarter. Live customer policies increased 2 per cent year-on-year to nearly 3.2 million, driven by a 28 per cent growth in home insurance, while motor insurance policies remained stable. The operating ratio increased to 88.0 per cent (78.1). Hastings’ profit before taxes excluding non-operational amortisation amounted to EUR 109 million (145) and reported profit before taxes was EUR 65 million (115).
The Mandatum segment’s profit before taxes for January-September 2022 decreased to EUR 189 million (201), as the investment results continued to be affected by the adverse market environment. Mandatum’s third-party assets under management decreased to EUR 10.1 billion from EUR 11.1 billion at the year-end 2021 and EUR 10.3 billion at the end of the second quarter, as the decline in market values outweighed positive net flows. Mandatum Life’s Solvency II ratio increased to 282 per cent (190), driven by higher interest rates and continued decline in solvency capital requirement.
The Holding segment’s profit before taxes amounted to EUR 194 million (584), including a dividend of EUR 157 million from Nordea and a gain of EUR 103 million from selling all the remaining Nordea shares during the first half of 2022.
Sampo’s third buyback programme of EUR 1 billion, launched on 9 June 2022, continued at a good pace during the third quarter with the repurchase of 8.7 million Sampo A shares for a total consideration of EUR 379 million. Prior to the launch of the ongoing programme, Sampo had already completed its first two buyback programmes. In total, Sampo repurchased 24.4 million shares for a total of EUR 1.1 billion in January-September 2022.
Sampo Group’s Solvency II ratio increased to 238 per cent from 185 per cent at the end of 2021 and 233 per cent at the end of June 2022, net of dividend accrual based on the 2021 insurance dividend of EUR 1.70 per share. The 5 percentage points increase from the end of the second quarter was mainly driven by strong underwriting profit and continued benefits from higher interest rates. Sampo targets a solvency ratio of 170-190 per cent.
Sampo Group’s financial leverage increased to 25.9 per cent from 23.8 per cent at the end of 2021, but decreased from 29.2 per cent at the end of June 2022. The 3.3 percentage point decrease in the quarter was driven by the EUR 501 million tender offer of Sampo plc senior bonds and the redemption of Hastings’ GBP 250 million senior bond in September 2022. Sampo targets a financial leverage ratio below 30 per cent.
THIRD QUARTER 2022 IN BRIEF
In July-September 2022, Sampo Group reported profit before taxes of EUR 407 million (632). Excluding all Nordea-related items, the comparison figure was EUR 374 million in the third quarter of 2021. Earnings per share amounted to EUR 0.58 (0.93). Total comprehensive income, which takes changes in the market values of assets into account, was affected by the adverse capital markets environment and amounted to EUR -131 million (595).
Group underwriting profit amounted to EUR 330 million (327). Excluding COVID-19 effects reported in the comparison period, underwriting profit grew by 5 per cent. The Group combined ratio amounted to 82.4 per cent (81.1).
If P&C delivered profit before taxes of EUR 270 million (252) and underwriting profit of EUR 235 million (238). The combined ratio was 81.6 per cent (80.2) and constant currency gross written premium growth stood at 5.7 per cent. The adjusted risk ratio, which excludes the impact of large losses, severe weather, reported COVID-19 effects and prior year development, improved by 0.5 percentage points year-on-year.
Topdanmark’s profit before taxes decreased to EUR 32 million (48) and the combined ratio improved to 81.8 per cent (84.4).
Hastings’ profit before taxes amounted to EUR 40 million (31) and the operating ratio was 87.0 per cent (81.3). Live customer policy count remained stable, supported by strong growth in home insurance policies.
The Mandatum segment’s profit before taxes amounted to EUR 74 million (59). Net flows in third-party assets under management remained positive despite the challenging market environment and the Mandatum Life Solvency II ratio increased by 27 percentage points to 282 per cent.
GROUP CEO’S COMMENT
Sampo’s first full quarter as a pure insurance group illustrated the benefits of our focused strategy. We delivered strong results and our balance sheet remains in excellent condition, despite ongoing economic uncertainty and capital markets volatility. Underwriting profit is up 13 per cent year to date, net of reported COVID-19 effects, ahead of our annual mid-single digit growth target.
In September, Sampo hosted an Investor Update focused on our operational capabilities in Nordic P&C insurance. The Group has, through extensive investment over two decades, built significant competitive advantages that have driven, and continue to drive, excellent financial performance. The third quarter was no exception, as we delivered P&C premium growth of 7 per cent and a Group combined ratio of 82.4 per cent, comfortably within our below 86 per cent target.
The operational environment in Sampo’s main business area, Nordic P&C insurance, was stable over the quarter. Claims inflation remained in the 4-5 per cent range, broadly unchanged from the second quarter; we have continued to cover this with adjustments to premium rates and without adverse effect on our high retention. If P&C achieved a combined ratio of 81.6 per cent in the quarter, well within the target of below 85 per cent, despite an unusually high large claims load. In the UK, we have implemented significant further price increases in response to continued high claims inflation, which has limited customer growth in motor insurance. However, our pricing discipline has ensured that margins remain strong as we delivered an operating ratio of 87.0 per cent for the quarter.
The economic and geopolitical uncertainty observed this year has translated into volatility in the capital markets that has adversely affected Sampo’s fair value investment returns. However, Sampo is well positioned to benefit from rising interest rates due to our short duration fixed income portfolio. If P&C has seen its running yield increase by 120 basis points to 2.7 per cent over 2022, while the Solvency II ratio of our Finnish life and savings business, Mandatum Life, has risen by 92 percentage points year to date to a record 282 per cent. Notably, Mandatum saw positive customer net flows into capital light fee products during the third quarter despite the tumultuous market environment, which highlights its strong position in the Finnish market.
Solid underwriting results and positive gearing to rising interest rates also supported our Group financial position and we remain overcapitalised. We estimate EUR 3–4 per share of excess capital over and above the levels needed to run our insurance operations, of which just over half is available following the exit from Nordea earlier in 2022. The balance relates to direct investments in Sampo plc that we plan to exit over time. We remain firmly committed to our balance sheet targets and I believe it is desirable to continue our gradual approach to returning excess capital given the ongoing economic uncertainty. We will announce the Board’s proposal for further capital returns in connection with full-year 2022 results on 10 February 2023.
Given our strong operational momentum, I am delighted that the Sampo Board has decided to work toward a dual listing on Nasdaq Stockholm in the second half of November, subject to market conditions and approvals from Nasdaq Stockholm and the Swedish Financial Supervisory Authority. Following our increased focus on Sampo’s successful P&C insurance operations, along with our leading market position in the Nordics, and the ability to offer attractive capital returns, I believe that Sampo is well placed to create shareholder value over time.
Torbjörn Magnusson
Group CEO
OUTLOOK
Outlook for 2022
Sampo Group’s P&C insurance operations are expected to achieve underwriting margins that meet the annual targets set for 2021-2023. At Group level, Sampo targets a combined ratio of below 86 per cent, while the target for its largest subsidiary, If P&C, is below 85 per cent. Hastings targets an operating ratio of below 88 per cent. Following strong performance in the first nine months, the outlook for If P&C’s 2022 combined ratio has been improved to 80–82 per cent from 80.5-82.5 per cent at the end of the second quarter.
The combined and operating ratios of Sampo Group’s P&C insurance operations are subject to volatility driven by, among other factors, seasonal weather patterns, large claims, prior year development and fluctuations in claims frequency related to the COVID-19 pandemic. These effects are particularly relevant for individual segments and business areas, such as the Danish and UK operations.
The mark-to-market component of investment returns will be significantly influenced by capital markets’ developments, particularly in life insurance.
With regard to Topdanmark, reference is made to the profit forecast model that the company publishes on a quarterly basis.
The major risks and uncertainties for the Group in the near-term
In its current day-to-day business activities Sampo Group is exposed to various risks and uncertainties, mainly through its major business units.
Major risks affecting the Group companies’ profitability and its variation are market, credit, insurance and operational risks. At the Group level, sources of risks are the same, although they are not directly additive due to the effects of diversification.
Uncertainties in the form of major unforeseen events may have an immediate impact on the Group’s profitability. The identification of unforeseen events is easier than the estimation of their probabilities, timing, and potential outcomes. During 2022 the global economy has been hit by the war in Ukraine and further COVID-related lockdowns in China. At the same time, inflation pressures have intensified and broadened forcing central banks to raise interest rates sharply. This may lead to both a further significant slowdown in economic growth and a deterioration in the debt service capacity of businesses, households and governments. Furthermore, the re-alignment of energy supplies in Europe takes time and the energy crisis could continue for several years. These developments are currently causing significant uncertainties on economic and capital market development. At the same time rapidly evolving hybrid threats create new challenges for states and businesses. There are also a number of widely identified macroeconomic, political and other sources of uncertainty which can, in various ways, affect the financial services industry in a negative manner.
Other sources of uncertainty are unforeseen structural changes in the business environment and already identified trends and potential wide-impact events. These external drivers may have a long-term impact on how Sampo Group’s business will be conducted. Examples of identified trends are demographic changes, sustainability issues, and technological developments in areas such as artificial intelligence and digitalisation including threats posed by cybercrime.
DUAL LISTING ON NASDAQ STOCKHOLM
Sampo plc’s Board of Directors decided on 2 November 2022 to proceed with the dual listing on Nasdaq Stockholm, following the evaluation announced on 8 September 2022, with the aim to conclude the process and to commence trading on Nasdaq Stockholm in the second half of November.
The next step in the dual listing process is for Sampo to attain approval from Nasdaq Stockholm regarding the dual listing and that the Swedish Financial Supervisory Authority approves the listing prospectus being prepared by Sampo. Sampo will provide updates on the status of the dual listing in due course. The dual listing process remains subject to suitable market conditions and approvals from by Nasdaq Stockholm and the Swedish Financial Supervisory Authority.
Sampo will not raise capital or make any offering as part of the dual listing process. The dual listing on Nasdaq Stockholm will be carried out in the form of Swedish Depository Receipts (SDRs). To facilitate trading and enhance liquidity in the SDRs, Sampo plans to appoint SEB as issuer of the SDRs and as a market maker and liquidity provider in the SDRs.
SAMPO PLC
Board of Directors
For more information, please contact
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
Conference call
An English-language conference call for investors and analysts will be arranged at 4 pm Finnish time (2 pm UK time). Please call tel. +1 212 999 6659, +44 (0) 33 0551 0200, +46 (0) 8 5052 0424, or +358 9 2319 5437. Conference passcode: Sampo Q3
The conference call can also be followed live at www.sampo.com/result. A recorded version will later be available at the same address.
In addition, the Investor Presentation is available at www.sampo.com/result.
Sampo will publish the Financial Statement Release for 2022 on 10 February 2023.
Distribution:
Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority
www.sampo.com
Attachment
USA News Group Commentary
VANCOUVER, BC, April 25, 2024 /PRNewswire/ — Across several sectors the use of artificial intelligence (AI) is making a huge impact, with healthcare emerging as possibly receiving the largest boost. According to a new research report from analysts at Mordor Intelligence, the market for artificial intelligence in health care is set to explode at a CAGR of 42.20% through 2029. As the tech sector races to provide the market with solutions, several companies are emerging as leaders in aiding the healthcare sector, including Avant Technologies Inc. (OTC:AVAI), Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT), Health Catalyst, Inc. (NASDAQ:HCAT), Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), and Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX).
Recently, Avant Technologies Inc. (OTC:AVAI) strengthened its AI-powered healthcare offerings by acquiring Wired-4-Health, a company specializing in healthcare technology and data services. This addition supports Avant’s goal to create the first supercomputing network in the country. This network will offer big data and AI software companies a quicker, more potent, and more affordable computing infrastructure.
“Our strategy behind this acquisition was to enable Avant to deliver best-in-class data and system interoperability support services to the healthcare and life sciences sectors powered by AvantAI® and our high-density compute capabilities,” said Tim Lantz, CEO of Avant Technologies. “At the same time, this exciting combination significantly strengthens our financial profile, offers massive commercial growth opportunities in one of Avant’s largest target markets, and bolsters our internal customer support and R&D capabilities.”
The goal of this deal is to bring together Avant Technologies and Wired-4-Health to improve how healthcare data is shared and used. By joining forces, they can use advanced AI and powerful computing to help healthcare and life sciences organizations deal with data and system challenges more easily and effectively.
This partnership improves the way transactions are processed, analyzes health outcomes, and ensures compliance, leading to better performance, more reliable data, and a more affordable, scalable system for customers.
“In the near term, if the healthcare industry expects to succeed in lowering costs while improving quality, the deployment of advanced AI, combined with more powerful, cost- effective compute capabilities will be critical to that success,” said Angela Harris, Avant’s Chief Operating Officer. “The addition of Wired-4-Health will position Avant as a key contributor in helping healthcare organizations solve complex problems at the intersection of cost, quality, compliance and technology.”
Tech giant Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT) has also been aiding the healthcare sector, most notably with its Azure AI Health Bot, which helps create copilot experiences with healthcare safeguards. Microsoft is enhancing its Azure AI Health Bot services by adding new healthcare-specific safeguards and features, including integration with Microsoft Copilot Studio.
These upgrades allow healthcare organizations to create their own copilot experiences, with pre-built capabilities, templates, and connectors tailored to healthcare needs, supporting protocol-based workflows alongside AI-based answers, and ensuring compliance with industry standards and guidelines. Now the platform is already being put into use by big players, including by German pharma giant Roche.
“By leveraging Azure AI Health Bot to build copilot experiences for doctors, we are developing an intuitive, conversational interface that lets clinicians access and explore Roche’s clinical documentations in a more natural way and to cope with the complexity and flood of information,” said Dr. Georg Isbary of Roche Pharma Germany. “The pilot for this new user experience, powered by generative AI features and compliant with the necessary security standards, has been integrated into our systems and will be further tailored to regional market needs.”
Long-time developer in the AI and machine learning (ML) space for healthcare, Health Catalyst, Inc. (NASDAQ:HCAT) signed a multi-year partnership with SacValley MedShare, one of California’s largest and most established qualified health information organization, earlier this year. As per the deal, Health Catalyst will support SacValley’s important mission through a broad set of technology solutions, including KPI Ninja by Health Catalyst, Healthcare.AI – a Health Catalyst Data Operating System (DOSTM) Platform module, and several other application solutions and Professional Services.
“We are honored to partner with SacValley MedShare on their continued journey to advance healthcare and are confident our technology, combined with our dedicated, skilled team members, will deliver the improved efficiency and support SacValley MedShare needs to achieve its healthcare transformation goals,” said Dan Burton, CEO of Health Catalyst.
By choosing Health Catalyst’s advanced data and analytics services, SacValley will enhance its ability to share and use information. This will lead to better service for those paying for healthcare, by making it easier to share important health details. This helps in delivering top-notch reports and care for patients.
“Transforming data from movable to usable is the alchemy of insights, turning raw potential into the gold of informed decision-making, ultimately forging a path towards health equity and improved outcomes,” said John Helvey, Executive Director of SacValley MedShare. “This is the primary reason SVMS chose Health Catalyst as a transforming partner.”
Another AI player is Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), which is making it easier and cheaper for other biopharma companies to produce important biological materials and organisms by using artificial intelligence (AI). Back in February 2024, Ginkgo announced the acquisition of key assets of Reverie Labs, which has built and used AI/ML tools to accelerate drug discovery. The acquisition of Reverie’s infrastructure and software serves to help train large-scale AI foundation models, while four of Reverie’s key AI team members will also be joining Ginkgo.
Gingko followed this up through a collaboration with UK-based biotech company Prozomix, to build out the production of next generation enzyme plates for active pharmaceutical ingredient (API) manufacturing. The agreement aims to leverage Gingko’s Enzyme Services and industry-leading AI/ML models along with Prozomix’s existing enzyme libraries and deep experience manufacturing enzyme plates.
“API manufacturing is poised to greatly benefit from the latest in enzyme engineering and AI/ML enzyme models,” said Cindy Chang, Senior Director, Business Development at Ginkgo Bioworks. “We are so excited to partner with Prozomix to get enzymes into as many API routes as possible and help partners meet both their COGs savings and sustainability goals.”
Another developer helping to lead the way in AI-powered healthcare is Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX), which uses AI to pick out which treatments should be tested in clinical trials, while also letting biopharma companies to use their AI tools to do so also.
Last year, Recursion lined up a $50-million collaboration with AI chipmaking giant Nvidia for AI drug discovery. Then at the beginning of 2024, Recursion presented a demonstration of LOWE (Large Language Model-Orchestrated Workflow Engine), a new software designed to perform complex drug discovery tasks using a natural language interface. The platform is powered by Recursion’s proprietary biological and chemical data, and can orchestrate experiments using Recursion’s automated wet laboratories, unleashing the power of the Recursion Operating System in an easy-to-use tool.
“For the first time, we’ve taught Large Language Models to use many of Recursion’s tools and data in the same way an expert scientist would, but much more simply and in a more scalable way,” said Chris Gibson, Ph.D., Co-founder and CEO of Recursion. “LOWE provides an exciting glimpse into what we believe the future of drug discovery will look like – a first step towards the development of autonomous ‘AI scientists’ for therapeutic discovery.”
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:USA News [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/ai-in-healthcare-unveiling-the-future-with-a-42-20-cagr-through-2029–302127335.html
Artificial Intelligence
Oncolytics Biotech® Announces Upcoming Presentations at the American Society of Clinical Oncology Annual Meeting
SAN DIEGO and CALGARY, AB, April 25, 2024 /PRNewswire/ — Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced the acceptance of two abstracts at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, which is taking place from May 31 – June 4, 2024, in Chicago, Illinois. Details on the abstracts and poster presentation are shown below.
Title: Phase 1/2 randomized, open-label, multicenter, Simon two-stage study of pelareorep combined with modified FOLFIRINOX +/- atezolizumab in patients with metastatic pancreatic ductal adenocarcinoma.
Presentation Type: PosterAbstract Number: TPS4203Session Title: Gastrointestinal Cancer – Gastroesophageal, Pancreatic, and HepatobiliarySession Date and Time: June 1, 2024, 1:30 – 4:30 p.m. CTTitle: Pelareorep driven blood TIL expansion in patients with pancreatic, breast and colon cancer.Presentation Type: Online abstractAbstract Number: e14625
Abstracts will be published on the ASCO Annual Meeting website at 5:00 p.m. ET on May 23, 2024.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid and hematological malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @oncolytics.
Company Contact
Jon Patton
Director of IR & Communication
[email protected]
Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
+1-917-679-9282
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/oncolytics-biotech-announces-upcoming-presentations-at-the-american-society-of-clinical-oncology-annual-meeting-302127245.html
Artificial Intelligence
Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology
WESTFORD, Mass., April 25, 2024 /PRNewswire/ — SkyQuest projects that the Internet of Things (IoT) Market will attain a value of USD 1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period (2024-2031). Internet of Things (IoT) refers to the network of connected devices over the internet that are embedded with sensors and software. Growing adoption of automation around the world and advancements in connected device technologies are forecasted to be key factors driving the Internet of Things (IoT) market growth in the future.
Download a detailed overview:
https://www.skyquestt.com/report/internet-of-things-market
Browse in-depth TOC on “Internet of Things (IoT) Market”
Pages – 197Tables – 69Figures – 75Internet of Things (IoT) Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 380.6 billion
Estimated Value by 2031
$1572.37 billion
Growth Rate
Poised to grow at a CAGR of 19.4%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component Type, Application, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Rising demand for connected healthcare and growing use of industrial automation solutions
Key Market Drivers
Advancements in connectivity and connected device technologies
Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT
Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.
Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice
Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.
Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market
Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.
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Internet of Things (IoT) Market Insights:
Drivers
Advancements in connectivity and connected device technologies.Growing demand for Industrial IoT (IIoT) solutions.Increasing number of smart cities and development of smart infrastructure.Restraints
Lack of standardization of IoT devices and technologies.Privacy and data security issues.Interoperability challenges and complex integration scenarios.Prominent Players in Internet of Things (IoT) Market
MicrosoftCisco SystemsIntelSiemens (Germany)AWS (US)Oracle (US)Qualcomm (UK)SAP (Germany)IBM (US)Google (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/internet-of-things-market
Key Questions Answered in Internet of Things (IoT) Market Report
What are the top drivers for Internet of Things (IoT) market going forward?Who are the leading Internet of Things (IoT) market players?Where will demand for Internet of Things (IoT) be high?Which component accounts for a dominant revenue share of the global Internet of Things (IoT) market?This report provides the following insights:
Analysis of key drivers (advancements in connectivity and connected device technologies, growing demand for industrial IoT (IIoT), development of smart infrastructure for smart cities, growing use of smart devices ), restraints (lack of standardization, complexities in integration, concerns regarding security and privacy of data), and opportunities (rising popularity of connected healthcare, increasing adoption of Industry 4.0, rising use of industrial automation), influencing the growth of Internet of Things (IoT) market.Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Internet of Things (IoT) market.Market Development: Detailed analysis of potential regions where the market has potential to grow.Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.Related Reports:
Global Internet of Things in Retail Market
Global Internet of Things (IoT) in Agriculture Market
Global Internet of Things (IoT) Microcontroller Market
Global IOT In Healthcare Market
Global IOT in Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
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