Artificial Intelligence
Lantheus Reports Third Quarter 2022 Financial Results
- Worldwide revenue of $239.3 million for the third quarter 2022, representing an increase of 134.4% from the prior year period
- GAAP net income of $61.2 million for the third quarter 2022, compared to GAAP net loss of $13.4 million in the prior year period
- GAAP fully diluted net income per share of $0.86 for the third quarter 2022, compared to GAAP fully diluted net loss per share of $0.20 in the prior year period; adjusted fully diluted net income per share of $0.99 for the third quarter 2022, compared to adjusted fully diluted net income per share of $0.08 in the prior year period
- Net cash provided by operating activities was $93.6 million for the third quarter 2022. Free cash flow was $87.5 million in the third quarter 2022
- The Company provides fourth quarter 2022 revenue and adjusted diluted earnings per share guidance; increases full year guidance
NORTH BILLERICA, Mass., Nov. 03, 2022 (GLOBE NEWSWIRE) — Lantheus Holdings, Inc. (NASDAQ: LNTH) (Lantheus), a company committed to improving patient outcomes through diagnostics, radiotherapeutics and artificial intelligence solutions that enable clinicians to Find, Fight and Follow disease, today reported financial results for its third quarter ended September 30, 2022.
The Company’s worldwide revenue for the third quarter of 2022 totaled $239.3 million, compared with $102.1 million for the third quarter of 2021, representing an increase of 134.4% from the prior year period.
The Company’s third quarter 2022 GAAP net income was $61.2 million, or $0.86 per fully diluted share, as compared to GAAP net loss of $13.4 million, or $0.20 per fully diluted share for the third quarter of 2021.
The Company’s third quarter 2022 adjusted fully diluted net income per share, or earnings per share (“EPS”), were $0.99, as compared to $0.08 for the third quarter of 2021, representing an increase of approximately $0.91 from the prior year period.
Lastly, net cash provided by operating activities was $93.6 million for the third quarter 2022. Free Cash Flow was $87.5 million in the third quarter of 2022, representing an increase of approximately $85.6 million from the prior year period.
“This quarter, we executed on our strategy and delivered outstanding results,” said Mary Anne Heino, President and Chief Executive Officer. “Through the dedicated efforts of our employees, we grew our market-leading franchises while also investing in our business. As we plan for the future, we believe our leading franchises and strong balance sheet will help us to drive sustainable growth.”
The Company updates its guidance for full year 2022 and offers the following guidance for the fourth quarter:
| Q4 Guidance Issued November 3, 2022 | Previous Guidance Issued August 4, 2022 | |||
| Q4 FY 2022 Revenue | $243 million – $247 million | N/A | ||
| Q4 FY 2022 Adjusted Fully Diluted EPS | $0.95 – $0.98 | N/A | ||
| FY Guidance Updated November 3, 2022 | FY Guidance Issued August 4, 2022 | |||
| FY 2022 Revenue | $915 million – $919 million | $885 million – $905 million | ||
| FY 2022 Adjusted Fully Diluted EPS | $3.80 – $3.83 | $3.50 – $3.60 | ||
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, 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 Thursday, November 3, 2022, at 8:00 a.m. ET. To access the conference call or webcast, participants should register online at https://investor.lantheus.com/news-events/calendar-of-events.
A replay will be available approximately two hours after completion of the webcast and will be archived on the same web page for at least 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.
With more than 60 years of experience in delivering life-changing science, Lantheus is committed to improving patient outcomes through diagnostics, radiotherapeutics and artificial intelligence solutions that enable clinicians to Find, Fight and Follow disease. Lantheus is headquartered in Massachusetts and has 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 “anticipate,” “believe,” “confident,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “introduce,” “may,” “momentum,” “plan,” “predict,” “progress,” “project,” “promising,” “target,” “will,” “would” 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) 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 an increasingly competitive environment in which other PSMA PET imaging agents have been approved and additional ones are in development; (ii) 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; (iii) the global Molybdenum-99 (“Mo-99”) supply; (iv) our ability to have third party manufacturers manufacture our products and our ability to manufacture DEFINITY in our in-house manufacturing facility; (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, supply chain, financial conditions and prospects; (vii) the efforts and timing for clinical development and regulatory approval of our product candidates and new clinical applications and territories for our products, in each case, that we may develop, including 1095 and NM-01, or that our strategic partners may develop, including piflufolastat F 18 in Europe and 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 September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenues | $ | 239,292 | $ | 102,073 | $ | 671,895 | $ | 295,646 | ||||||||
| Cost of goods sold | 91,859 | 59,404 | 257,363 | 165,859 | ||||||||||||
| Gross profit | 147,433 | 42,669 | 414,532 | 129,787 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | 25,414 | 17,195 | 73,260 | 48,999 | ||||||||||||
| General and administrative | 23,759 | 28,550 | 93,945 | 87,865 | ||||||||||||
| Research and development | 12,517 | 11,252 | 39,455 | 33,673 | ||||||||||||
| Total operating expenses | 61,690 | 56,997 | 206,660 | 170,537 | ||||||||||||
| Gain on sale of assets | — | — | — | 15,263 | ||||||||||||
| Operating income (loss) | 85,743 | (14,328 | ) | 207,872 | (25,487 | ) | ||||||||||
| Interest expense | 1,626 | 1,569 | 4,604 | 6,224 | ||||||||||||
| Gain on extinguishment of debt | — | — | — | (889 | ) | |||||||||||
| Other income | 1,101 | 3,940 | 306 | 3,209 | ||||||||||||
| Income (loss) before income taxes | 83,016 | (19,837 | ) | 202,962 | (34,031 | ) | ||||||||||
| Income tax expense (benefit) | 21,784 | (6,422 | ) | 55,710 | (2,967 | ) | ||||||||||
| Net income (loss) | $ | 61,232 | $ | (13,415 | ) | $ | 147,252 | $ | (31,064 | ) | ||||||
| Net income (loss) per common share: | ||||||||||||||||
| Basic | $ | 0.89 | $ | (0.20 | ) | $ | 2.15 | $ | (0.46 | ) | ||||||
| Diluted | $ | 0.86 | $ | (0.20 | ) | $ | 2.08 | $ | (0.46 | ) | ||||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic | 68,756 | 67,623 | 68,482 | 67,409 | ||||||||||||
| Diluted | 71,075 | 67,623 | 70,669 | 67,409 | ||||||||||||
Lantheus Holdings, Inc.
Consolidated Revenues Analysis
(in thousands – unaudited)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||
| 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||
| DEFINITY | $ | 60,740 | $ | 57,636 | 5.4 | % | $ | 181,374 | $ | 173,448 | 4.6 | % | ||||||||||
| TechneLite | 22,094 | 22,680 | (2.6 | )% | 64,139 | 69,252 | (7.4 | )% | ||||||||||||||
| Other precision diagnostics | 6,175 | 7,563 | (18.4 | )% | 16,803 | 21,289 | (21.1 | )% | ||||||||||||||
| Total precision diagnostics | 89,009 | 87,879 | 1.3 | % | 262,316 | 263,989 | (0.6 | )% | ||||||||||||||
| PYLARIFY | 143,754 | 7,724 | N/A | 366,763 | 7,997 | N/A | ||||||||||||||||
| Other radiopharmaceutical oncology | 928 | 1,166 | (20.4 | )% | 3,183 | 5,206 | (38.9 | )% | ||||||||||||||
| Total radiopharmaceutical oncology | 144,682 | 8,890 | 1,527.5 | % | 369,946 | 13,203 | 2702.0 | % | ||||||||||||||
| Strategic Partnerships and other revenue | 5,601 | 5,304 | 5.6 | % | 39,633 | 18,454 | 114.8 | % | ||||||||||||||
| Total revenues | $ | 239,292 | $ | 102,073 | 134.4 | % | $ | 671,895 | $ | 295,646 | 127.3 | % | ||||||||||
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data – unaudited)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net income (loss) | $ | 61,232 | $ | (13,415 | ) | $ | 147,252 | $ | (31,064 | ) | ||||||
| Stock and incentive plan compensation | 8,103 | 3,867 | 21,138 | 11,772 | ||||||||||||
| Amortization of acquired intangible assets | 8,306 | 8,374 | 24,918 | 19,133 | ||||||||||||
| Acquired debt fair value adjustment | — | — | — | (307 | ) | |||||||||||
| Contingent consideration fair value adjustments | (1,500 | ) | 2,600 | 25,400 | 28,500 | |||||||||||
| Non-recurring severance related fees | — | (6 | ) | — | 522 | |||||||||||
| Non-recurring fees | — | — | (384 | ) | — | |||||||||||
| Extinguishment of debt | — | — | — | (889 | ) | |||||||||||
| Gain on sale of assets | — | — | — | (15,263 | ) | |||||||||||
| Strategic collaboration and license costs | — | — | 500 | — | ||||||||||||
| Integration costs | — | 63 | — | 93 | ||||||||||||
| Acquisition-related costs | 169 | 62 | 868 | 726 | ||||||||||||
| Impairment of long-lived assets | — | 9,540 | — | 9,540 | ||||||||||||
| ARO Acceleration and other related costs | 1,287 | — | 3,087 | — | ||||||||||||
| Other | 106 | 7 | 111 | 60 | ||||||||||||
| Income tax effect of non-GAAP adjustments(a) | (7,038 | ) | (5,411 | ) | (21,512 | ) | (6,059 | ) | ||||||||
| Adjusted net income | $ | 70,665 | $ | 5,681 | $ | 201,378 | $ | 16,764 | ||||||||
| Adjusted net income, as a percentage of revenues | 29.5 | % | 5.6 | % | 30.0 | % | 5.7 | % | ||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net income (loss) per share – diluted | $ | 0.86 | $ | (0.20 | ) | $ | 2.08 | $ | (0.46 | ) | ||||||
| Stock and incentive plan compensation | 0.11 | 0.05 | 0.30 | 0.18 | ||||||||||||
| Amortization of acquired intangible assets | 0.12 | 0.12 | 0.36 | 0.28 | ||||||||||||
| Acquired debt fair value adjustment | — | — | — | (0.01 | ) | |||||||||||
| Contingent consideration fair value adjustments | (0.02 | ) | 0.04 | 0.36 | 0.42 | |||||||||||
| Non-recurring severance related fees | — | — | — | 0.01 | ||||||||||||
| Non-recurring fees | — | — | (0.01 | ) | — | |||||||||||
| Extinguishment of debt | — | — | — | (0.01 | ) | |||||||||||
| Gain on sale of assets | — | — | — | (0.23 | ) | |||||||||||
| Strategic collaboration and license costs | — | — | 0.01 | — | ||||||||||||
| Integration costs | — | — | — | — | ||||||||||||
| Acquisition-related costs | — | 0.01 | 0.01 | 0.01 | ||||||||||||
| Impairment of long-lived assets | — | 0.14 | — | 0.14 | ||||||||||||
| ARO Acceleration and other related costs | 0.02 | — | 0.04 | — | ||||||||||||
| Other | — | — | — | — | ||||||||||||
| Income tax effect of non-GAAP adjustments(a) | (0.10 | ) | (0.08 | ) | (0.30 | ) | (0.09 | ) | ||||||||
| Adjusted net income per share – diluted | $ | 0.99 | $ | 0.08 | $ | 2.85 | $ | 0.24 | ||||||||
| Weighted-average common shares outstanding – diluted | 71,075 | 69,237 | 70,669 | 68,674 | ||||||||||||
(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 September 30, |
Nine Months Ended September 30, |
||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net cash provided by operating activities | $ | 93,568 | $ | 4,340 | $ | 176,429 | $ | 40,027 | |||||||
| Capital expenditures | (6,090 | ) | (2,420 | ) | (13,623 | ) | (7,596 | ) | |||||||
| Free cash flow | $ | 87,478 | $ | 1,920 | $ | 162,806 | $ | 32,431 | |||||||
| Net cash (used in) provided by investing activities | $ | (6,090 | ) | $ | (2,420 | ) | $ | (11,823 | ) | $ | 8,227 | ||||
| Net cash used in financing activities | $ | (1,959 | ) | $ | (1,726 | ) | $ | (6,149 | ) | $ | (37,232 | ) | |||
Lantheus Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands – unaudited)
| September 30, 2022 |
December 31, 2021 |
||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 257,259 | $ | 98,508 | |||
| Accounts receivable, net | 197,276 | 89,336 | |||||
| Inventory | 34,793 | 35,129 | |||||
| Other current assets | 12,570 | 12,818 | |||||
| Total current assets | 501,898 | 235,791 | |||||
| Property, plant and equipment, net | 120,826 | 116,772 | |||||
| Intangibles, net | 323,591 | 348,510 | |||||
| Goodwill | 61,189 | 61,189 | |||||
| Deferred tax assets, net | 46,806 | 62,764 | |||||
| Other long-term assets | 41,628 | 38,758 | |||||
| Total assets | $ | 1,095,938 | $ | 863,784 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities | |||||||
| Current portion of long-term debt and other borrowings | $ | 15,372 | $ | 11,642 | |||
| Accounts payable | 30,135 | 20,787 | |||||
| Accrued expenses and other liabilities | 190,477 | 58,068 | |||||
| Total current liabilities | 235,984 | 90,497 | |||||
| Asset retirement obligations | 23,358 | 20,833 | |||||
| Long-term debt, net and other borrowings | 152,057 | 163,121 | |||||
| Other long-term liabilities | 46,489 | 124,894 | |||||
| Total liabilities | 457,888 | 399,345 | |||||
| Total stockholders’ equity | 638,050 | 464,439 | |||||
| Total liabilities and stockholders’ equity | $ | 1,095,938 | $ | 863,784 | |||
Contacts:
Mark Kinarney
Vice President, Investor Relations
978-671-8842
[email protected]
Melissa Downs
Senior Director, Corporate Communications
646-975-2533
[email protected]
Artificial Intelligence
Reliance Cyber and Google Cloud Security unite to transform cybersecurity for UK businesses
LONDON, May 28, 2024 /PRNewswire/ — Leading Managed Security Service Provider (MSSP), Reliance Cyber has been selected as one of only four MSSPs to partner with Google Cloud Security (GCS). This collaboration is set to make cybersecurity more effective and less complicated for businesses throughout the UK and Ireland.
Why this matters:In today’s complex security environment, businesses face a multitude of challenges, including escalating cyberattacks, an overwhelming number of security alerts, rising cybersecurity costs, and a critical shortage of skilled professionals. The partnership between Reliance Cyber and Google Cloud Security provides organisations with improved security postures through insightful, data-driven analytics, which underpin Reliance Cyber’s XDR service. For businesses facing diverse economic, social, and technological changes—such as the ongoing impacts of COVID-19, the transition to hybrid and remote work, rapid technological advancements like AI, and budget pressures from the cost of living crisis—this partnership represents a significant step forward. It enhances cybersecurity without the usual challenges of high costs, complexity, or the need for specialised staff. It’s about making world-class security simple and available to a wider audience.
What’s changing:
Support for growth: The partnership will expand the reach of state-of-the-art security services to more businesses, helping to protect organisations without the stress of financial and operational barriersEnhanced visibility, lower costs: Leveraging Google’s SOAR capabilities and Chronicle’s powerful telemetry, Reliance Cyber’s tailored ingestion approach means organisations can achieve enhanced visibility across their digital environments at a reduced cost. This approach enables proactive prevention and detection of threats, ensuring better security with less expenditure.Key benefits of the strategic partnership include:
AI and automation: Automation is at the core of Reliance Cyber’s offering. Every alert is enriched with threat intel from leading vendors, automatically correlated, and grouped into cases, reducing mean time to detect (MTTD) and mean time to respond (MTTR). Google’s additions enhance this with lower data ingestion costs, superior threat intelligence, curated detections, and advanced anomaly detection using machine learningSimplified security operations to support staff: Integration of Google Cloud’s SOAR capabilities simplifies the security management landscape, allowing CISOs to focus on strategic planning rather than daily operational hurdlesScalable security for business growth: The partnership supports business expansion strategies by providing scalable security solutions that grow with the company, crucial for organisations driving technological advancementData-driven insights for better decision-making: Boards will gain unparalleled visibility into their digital environments, fostering smarter, faster decision-making to preemptively address potential security threats.Rob Walton, Chief Revenue Officer at Reliance Cyber, on the transformative impact: “We’re thrilled to partner with Google Cloud Security. This partnership aligns perfectly with our mission to deliver comprehensive, advanced security services to the market, making top-level security accessible and manageable for businesses of all sizes. Ultimately, it’s about creating predictability and peace of mind in an area that can often cause businesses and their boards sleepless nights, particularly due to concerns about attacks and the financial constraints that dictate risk appetites.”
Do you want more coverage, at less cost, with zero compromises?
Enquire about a proof of concept. Visit: https://eu1.hubs.ly/H09bKtG0.
About Reliance Cyber
Since our founding in 2003, Reliance Cyber has established itself as a leading Managed Security Service Provider (MSSP). By combining deep cybersecurity expertise with a true partnership ethos, we enable organisations to concentrate on their core business.
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Artificial Intelligence
Eficode acquires Jodocus and reinforces Atlassian Cloud skills and Atlassian partnership in Germany
HELSINKI, May 28, 2024 /PRNewswire/ — Eficode has acquired Jodocus, the first cloud-native Atlassian Platinum partner in Germany. This acquisition further reinforces Eficode’s role as an Atlassian partner in Germany and expands its skills and services in Atlassian Cloud.
“Atlassian is moving to the Cloud, and the related know-how is essential to speed up this transition. Jodocus was originally the first Atlassian partner in Germany to focus fully on the Cloud. Their broad expertise in Atlassian tools and cloud migrations helps our customers in their journey to the cloud and complements our mission to build the future of software development,” says Ilari Nurmi, CEO of Eficode. “We welcome Jodocus’ employees and customers to Eficode.”
Founded in 2019, Jodocus is an Atlassian Platinum Solution Partner with extensive expertise in Atlassian Cloud. In addition to focusing on the Cloud, the Jodocus team offers support on business processes, Application Lifecycle Management, and DevOps. Their customer base is in Germany, with well-known names such as Otto Group and Fricke. Jodocus has 45 employees, and its revenue in 2023 was 11,5 million euros. “Together, Eficode and Jodocus will form a more significant entity and have even more international customers, which opens possibilities for deepening and broadening our relationship with our customers,” says Werner Krandick, CEO of Jodocus.
Eficode has enabled countless businesses with DevOps and digital transformation to adopt new technologies and practices to create software better. Its full spectrum of digital services can now be extended also to Jodocus’ customers. Eficode ROOT provides software development tools as a managed service in a Software-as-a-Service manner. In turn, with Total Support, we manage the tools and offer support, coaching, and mentoring for Atlassian solutions as a subscription.
In recent years, Eficode has grown strongly both organically and through acquisitions. Eficode’s compound annual growth (CAGR) during the previous four fiscal years has been 70%.
Media contactsIlari Nurmi, Chief Executive Officer, Eficode. [email protected], +358 40 577 5084 Lauri Palokangas, Chief Marketing Officer, Eficode. [email protected], +358 50 486 4918
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Artificial Intelligence
New first of its kind UK legal-tech recruitment platform aims to put an end to overseas worker scams
Unique UK-based legal technology platform, Immpact, helps unite the global talent market to fulfil UK skills shortages across healthcare, construction, engineering, life sciences and hospitality Immpact directly connects employers, recruiters and regulated legal experts with pre-qualified global talent – and aims to help eradicate profiteering job scammersREADING, England, May 28, 2024 /PRNewswire/ — A unique new legal-tech recruitment platform has launched in the UK to help put an end to overseas worker scams and directly connect UK employers and recruiters with pre-qualified overseas global talent. Immpact will help fulfil acute skills shortages across sectors including healthcare, construction, engineering, life sciences and hospitality, while ensuring full legal Home Office compliance.
The launch of Immpact follows over two years of advanced legal-tech development. Using the immigration law expertise of Founder and Managing Director, Jonathan Beech, and his team of specialists, the platform will help unite a previously disconnected global talent market with under-resourced UK employers and transform global workplace migration. Immpact has also been developed through discussions with hundreds of employers, industry bodies and overseas talent.
With job scams – from fake jobs to illegal fees for sponsor licences – ongoing, particularly in the social and healthcare sector, Immpact will ensure only pre-qualified talent, employers and recruitment firms are placed on its platform following stringent multi-layer checks. This will ensure that all jobs and talent are qualified and genuine along with thoroughly regulated employers and recruiters, to provide a global marketplace for talent.
Jonathan Beech, Founder and Managing Director of Immpact, said: “Through my existing business running Migrate UK, I’m acutely aware of the issues that UK employers and recruiters are having in trying to fulfil talent shortages across sectors such as care, healthcare and life sciences. I also regularly hear terrible stories of genuine overseas job hunters being ripped off in their home countries or the UK by job scammers, often running to thousands of pounds.
“I knew there had to be a better way to match pre-qualified overseas talent with genuine work opportunities and responsible UK employers – effectively a ‘talent’ match-making site which is designed to eradicate scammers to provide a global, trusted marketplace for talent.”
Following the latest government immigration rule changes, overseas recruitment costs are continuing to rise for businesses struggling with talent shortages. From 4 April 2024, the minimum salary for entering the new skilled visa worker route for the first time increased by 48%, from £26,200 to £38,700 a year. There are different rates for those already holding a skilled worker certificate of sponsorship prior to this date and discounts are available for key shortage roles on the Immigration Salary List (ISL).
Immpact will benefit employers and recruiters by saving them time and money. Working with recruitment experts to analyse existing overseas recruitment workflows, Immpact has calculated that it will save 50% of the time involved in managing overseas recruitment, helping to cut down the time-consuming filtering of applications traditionally needed.
For employers traditionally looking to recruit overseas applicants, previous data from industry recruitment software specialists show that 30% of overseas applications are rejected as they do not have the right to work, while 64% are rejected due to CVs being unclear or requirements not being met. This leaves just 6% of applications remaining, which results in about 2% then being interviewed. Immpact will automatically present only suitable pre-qualified applications to employers or recruiters, eradicating wasted time on unsuitable or unqualified applicants.
Beech continues: “Following thousands of hours of development and utilising the latest advanced technology which can adapt to evolving Home Office requirements and procedures, we’re proud to launch Immpact. Our unique new platform takes care of the entire process – from pre-qualifying processes, searching and shortlisting, down to arranging interviews, successful appointments, onboarding, the provision of regular content and guidance, and access to regulated immigration legal professionals.
“Our new technology will transform global migration for both UK organisations and businesses struggling to recruit and global talent looking to work in the UK. Immpact has been thoroughly tested at every stage and is both user-friendly and, crucially, compliant, so qualified overseas applicants and UK employers and recruiters can be confident that only genuine UK jobs and overseas applicants match and proceed. Quite simply, we want Immpact to simplify the whole migration process by putting the right talent in the right place at the right time, and for UK employers to fulfil critical talent shortages which will help them not only survive, but thrive.”
The platform has a free trial or low-cost subscriber options for search-matching and more for employers and recruiters. For talent, the platform has zero costs for creating a profile, using the pre-qualifying tools or searching for opportunities. For further information visit www.immpact.ai.
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