Artificial Intelligence
Lantheus Reports Fourth Quarter and Full Year 2022 Financial Results
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- Worldwide revenue of $263.2 million and $935.1 million for the fourth quarter and full year 2022, representing increases of 103.1% and 119.9% over the prior year periods, respectively
- GAAP net loss of $119.2 million and GAAP net income of $28.1 million for the fourth quarter and full year 2022, compared to GAAP net loss of $40.2 million and $71.3 million in the prior year period
- GAAP fully diluted net loss per share of $1.74 and GAAP fully diluted net income per share of $0.40 for the fourth quarter and full year 2022, compared to GAAP fully diluted net loss per share of $0.59 and $1.06 in the prior year period; adjusted fully diluted net income per share of $1.37 and $4.22 for the fourth quarter and full year 2022, compared to adjusted fully diluted net income per share of $0.25 and $0.49 in the prior year period
- Net cash provided by operating activities was $105.4 million and $281.8 million for the fourth quarter and full year 2022. Free cash flow of $100.6 million and $263.4 million for the fourth quarter and full year 2022, compared to free cash flow of $9.3 million and $41.8 million for the fourth quarter and full year 2021
- The Company provides first quarter and full year 2023 revenue and adjusted diluted earnings per share guidance
BEDFORD, Mass., Feb. 23, 2023 (GLOBE NEWSWIRE) — Lantheus Holdings, Inc. (the Company) (NASDAQ: LNTH), 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 fourth quarter and full year ended December 31, 2022.
The Company’s worldwide revenue for the fourth quarter of 2022 totaled $263.2 million, compared with $129.6 million for the fourth quarter of 2021, representing an increase of 103.1% over the prior year period. Full year 2022 worldwide revenues were $935.1 million, compared with $425.2 million for the full year 2021, representing an increase of 119.9% over the prior year period.
The Company’s fourth quarter 2022 GAAP net loss was $119.2 million, or $1.74 per fully diluted share, as compared to GAAP net loss of $40.2 million, or $0.59 per fully diluted share for the fourth quarter of 2021. Full year 2022 GAAP net income was $28.1 million, or $0.40 per fully diluted share, as compared to GAAP net loss of $71.3 million, or $1.06 per fully diluted share for the full year 2021.
The Company’s fourth quarter 2022 adjusted fully diluted net income per share, or earnings per share (“EPS”), were $1.37, as compared to $0.25 for the fourth quarter of 2021, representing an increase of approximately $1.12 from the prior year period. The Company’s full year 2022 adjusted fully diluted EPS, were $4.22, as compared to $0.49 for the full year 2021, representing an increase of approximately $3.72 from the prior year period.
Lastly, net cash provided by operating activities was $105.4 million and $281.8 million for the fourth quarter and full year 2022. Free Cash Flow was $100.6 million for the fourth quarter of 2022, as compared to $9.3 million for the fourth quarter of 2021, representing an increase of approximately $91.3 million from the prior year period. Full year 2022 free cash flow was $263.4 million, as compared to $41.8 million for the full year 2021, representing an increase of approximately $221.7 million from the prior year period.
“2022 was an outstanding year for Lantheus, led by the success of PYLARIFY and expansion of our Radiopharmaceutical Oncology pipeline. We accelerated our growth, diversified our portfolio, and delivered record revenues and profits which created additional free cash flows,” said Mary Anne Heino, President and Chief Executive Officer of Lantheus. “In 2023, PYLARIFY, the #1 PSMA PET imaging agent and DEFINITY, the #1 ultrasound enhancing agent, will continue to deliver value for our patients, healthcare professionals, employees, and shareholders.”
The Company updates its guidance for the first quarter and full year 2023 is as follows:
Guidance Issued February 23, 2023 | ||
Q1 FY 2023 Revenue | $280 million – $285 million | |
Q1 FY 2023 Adjusted Fully Diluted EPS | $1.28 – $1.32 | |
Guidance Issued February 23, 2023 | ||
FY 2023 Revenue | $1.140 billion – $1.160 billion | |
FY 2023 Adjusted Fully Diluted EPS | $4.95 – $5.10 |
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, February 23, 2023, 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 65 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,” “should,” “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) continued market expansion and penetration for our established commercial products, particularly PYLARIFY and DEFINITY, in the face of competition; (ii) our ability to have third parties manufacture our products and our ability to manufacture DEFINITY in our in-house manufacturing facility; (iii) the global availability of Molybdenum-99 (“Mo-99”) and other raw material and key components; (iv) the efforts and timing for clinical development, regulatory approval and successful commercialization of our product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake(v) our strategies, future prospects, and our projected growth, including revenue related to our collaboration agreements with POINT Biopharma Global Inc. (vi) our ability to identify and acquire or in-license additional diagnostic and therapeutic product opportunities in oncology and other strategic areas; (vii) the continuing impact of the global COVID-19 pandemic on our business, supply chain, financial conditions and prospects; and (viii) 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).
Lantheus Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data – unaudited)
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues | $ | 263,166 | $ | 129,562 | $ | 935,061 | $ | 425,208 | ||||||||
Cost of goods sold | 95,995 | 71,654 | 353,358 | 237,513 | ||||||||||||
Gross profit | 167,171 | 57,908 | 581,703 | 187,695 | ||||||||||||
Operating expenses | ||||||||||||||||
Sales and marketing | 26,983 | 19,423 | 100,243 | 68,422 | ||||||||||||
General and administrative | 39,639 | 62,530 | 133,584 | 150,395 | ||||||||||||
Research and development | 272,226 | 11,293 | 311,681 | 44,966 | ||||||||||||
Total operating expenses | 338,848 | 93,246 | 545,508 | 263,783 | ||||||||||||
Gain on sale of assets | — | — | — | 15,263 | ||||||||||||
Operating (loss) income | (171,677 | ) | (35,338 | ) | 36,195 | (60,825 | ) | |||||||||
Interest expense | 2,581 | 1,528 | 7,185 | 7,752 | ||||||||||||
Loss (gain) on extinguishment of debt | 588 | — | 588 | (889 | ) | |||||||||||
Other loss | 1,397 | 4,141 | 1,703 | 7,350 | ||||||||||||
(Loss) income before income taxes | (176,243 | ) | (41,007 | ) | 26,719 | (75,038 | ) | |||||||||
Income tax benefit | (57,058 | ) | (792 | ) | (1,348 | ) | (3,759 | ) | ||||||||
Net (loss) income | $ | (119,185 | ) | $ | (40,215 | ) | $ | 28,067 | $ | (71,279 | ) | |||||
Net (loss) income per common share: | ||||||||||||||||
Basic | $ | (1.74 | ) | $ | (0.59 | ) | $ | 0.41 | $ | (1.06 | ) | |||||
Diluted | $ | (1.74 | ) | $ | (0.59 | ) | $ | 0.40 | $ | (1.06 | ) | |||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 68,500 | 67,713 | 68,487 | 67,486 | ||||||||||||
Diluted | 68,500 | 67,713 | 70,671 | 67,486 |
Lantheus Holdings, Inc.
Consolidated Revenues Analysis
(in thousands – unaudited)
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||
DEFINITY | $ | 63,619 | $ | 59,311 | 7.3 | % | $ | 244,993 | $ | 232,759 | 5.3 | % | ||||||
TechneLite | 24,725 | 22,041 | 12.2 | % | 88,864 | 91,293 | (2.7) | % | ||||||||||
Other precision diagnostics | 6,022 | 5,684 | 5.9 | % | 22,825 | 26,973 | (15.4) | % | ||||||||||
Total precision diagnostics | 94,366 | 87,036 | 8.4 | % | 356,682 | 351,025 | 1.6 | % | ||||||||||
PYLARIFY | 160,642 | 35,417 | 353.6 | % | 527,405 | 43,414 | 1,114.8 | % | ||||||||||
Other radiopharmaceutical oncology | 919 | 267 | 244.2 | % | 4,102 | 5,473 | (25.1) | % | ||||||||||
Total radiopharmaceutical oncology | 161,561 | 35,684 | 352.8 | % | 531,507 | 48,887 | 987.2 | % | ||||||||||
Strategic Partnerships and other revenue | 7,239 | 6,842 | 5.8 | % | 46,872 | 25,296 | 85.3 | % | ||||||||||
Total revenues | $ | 263,166 | $ | 129,562 | 103.1 | % | $ | 935,061 | $ | 425,208 | 119.9 | % |
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data – unaudited)
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income (loss) | $ | (119,185 | ) | $ | (40,215 | ) | $ | 28,067 | $ | (71,279 | ) | |||||
Stock and incentive plan compensation | 8,124 | 4,162 | 29,262 | 15,934 | ||||||||||||
Amortization of acquired intangible assets | 8,307 | 8,373 | 33,225 | 27,506 | ||||||||||||
Acquired debt fair value adjustment | — | — | — | (307 | ) | |||||||||||
Contingent consideration fair value adjustments | 9,300 | 43,900 | 34,700 | 72,400 | ||||||||||||
Non-recurring refinancing related fees | 70 | — | 70 | — | ||||||||||||
Non-recurring severance related fees | — | — | — | 522 | ||||||||||||
Non-recurring fees | — | 818 | (384 | ) | 818 | |||||||||||
Extinguishment of debt | 588 | — | 588 | (889 | ) | |||||||||||
Gain on sale of assets | — | — | — | (15,263 | ) | |||||||||||
Strategic collaboration and license costs | 265,856 | — | 266,356 | — | ||||||||||||
Integration costs | — | 9 | — | 102 | ||||||||||||
Acquisition-related costs | 169 | 823 | 1,037 | 1,549 | ||||||||||||
Impairment of long-lived assets | — | 189 | — | 9,729 | ||||||||||||
ARO Acceleration and other related costs | (968 | ) | 5,259 | 2,119 | 5,259 | |||||||||||
Other | 583 | 2 | 694 | 62 | ||||||||||||
Income tax effect of non-GAAP adjustments(b) | (76,227 | ) | (6,079 | ) | (97,739 | ) | (12,138 | ) | ||||||||
Adjusted net income | $ | 96,617 | $ | 17,241 | $ | 297,995 | $ | 34,005 | ||||||||
Adjusted net income, as a percentage of revenues | 36.7 | % | 13.3 | % | 31.9 | % | 8.0 | % |
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income (loss) per share – diluted | $ | (1.74 | ) | $ | (0.59 | ) | $ | 0.40 | $ | (1.06 | ) | |||||
Stock and incentive plan compensation | 0.12 | 0.06 | 0.41 | 0.24 | ||||||||||||
Amortization of acquired intangible assets | 0.12 | 0.13 | 0.47 | 0.41 | ||||||||||||
Acquired debt fair value adjustment | — | — | — | (0.01 | ) | |||||||||||
Contingent consideration fair value adjustments | 0.13 | 0.63 | 0.49 | 1.05 | ||||||||||||
Non-recurring refinancing related fees | — | — | — | — | ||||||||||||
Non-recurring severance related fees | — | — | — | 0.01 | ||||||||||||
Non-recurring fees | — | 0.01 | (0.01 | ) | 0.01 | |||||||||||
Extinguishment of debt | 0.01 | — | 0.01 | (0.01 | ) | |||||||||||
Gain on sale of assets | — | — | — | (0.23 | ) | |||||||||||
Strategic collaboration and license costs | 3.76 | — | 3.77 | — | ||||||||||||
Integration costs | — | — | — | — | ||||||||||||
Acquisition-related costs | — | 0.01 | 0.01 | 0.02 | ||||||||||||
Impairment of long-lived assets | — | — | — | 0.14 | ||||||||||||
ARO Acceleration and other related costs | (0.01 | ) | 0.08 | 0.03 | 0.08 | |||||||||||
Other(a) | 0.06 | — | 0.01 | — | ||||||||||||
Income tax effect of non-GAAP adjustments(b) | (1.08 | ) | (0.08 | ) | (1.37 | ) | (0.16 | ) | ||||||||
Adjusted net income per share – diluted | $ | 1.37 | $ | 0.25 | $ | 4.22 | $ | 0.49 | ||||||||
Weighted-average common shares outstanding – diluted | 70,642 | 69,446 | 70,671 | 68,963 |
(a) | This effect includes an adjustment related to the increase from basic to diluted shares as the Company changed from GAAP net loss to non-GAAP adjusted net income for the three months ended December 31, 2022. |
(b) | 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 December 31, |
Year Ended December 31, |
||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Net cash provided by operating activities | $ | 105,352 | $ | 13,889 | $ | 281,781 | $ | 53,916 | |||||||
Capital expenditures | (4,724 | ) | (4,544 | ) | (18,347 | ) | (12,140 | ) | |||||||
Free cash flow | $ | 100,628 | $ | 9,345 | $ | 263,434 | $ | 41,776 | |||||||
Net cash (used in) provided by investing activities | $ | (264,724 | ) | $ | (4,544 | ) | $ | (276,547 | ) | $ | 3,683 | ||||
Net cash used in financing activities | $ | 317,840 | $ | (2,100 | ) | $ | 311,691 | $ | (39,332 | ) |
Lantheus Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands – unaudited)
December 31, 2022 |
December 31, 2021 |
||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 415,652 | $ | 98,508 | |
Accounts receivable, net | 213,397 | 89,336 | |||
Inventory | 35,475 | 35,129 | |||
Other current assets | 13,092 | 12,818 | |||
Total current assets | 677,616 | 235,791 | |||
Property, plant and equipment, net | 122,166 | 116,772 | |||
Intangibles, net | 315,285 | 348,510 | |||
Goodwill | 61,189 | 61,189 | |||
Deferred tax assets, net | 110,647 | 62,764 | |||
Other long-term assets | 34,355 | 38,758 | |||
Total assets | $ | 1,321,258 | $ | 863,784 | |
Liabilities and stockholders’ equity | |||||
Current liabilities | |||||
Current portion of long-term debt and other borrowings | $ | 354 | $ | 11,642 | |
Accounts payable | 20,563 | 20,787 | |||
Short-term contingent liability | 99,700 | — | |||
Accrued expenses and other liabilities | 127,084 | 58,068 | |||
Total current liabilities | 247,701 | 90,497 | |||
Asset retirement obligations | 22,543 | 20,833 | |||
Long-term debt, net and other borrowings | 557,712 | 163,121 | |||
Other long-term liabilities | 46,155 | 124,894 | |||
Total liabilities | 874,111 | 399,345 | |||
Total stockholders’ equity | 447,147 | 464,439 | |||
Total liabilities and stockholders’ equity | $ | 1,321,258 | $ | 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
VeriPark and FICO Announce Strategic Partnership to Transform Financial Services
ISTANBUL, June 26, 2024 /PRNewswire/ — VeriPark and FICO have launched a partnership to revolutionize the financial services sector through AI-driven decision making and digital transformation.
The collaboration between VeriPark, a global provider of innovative digital solutions, and FICO, a renowned analytics software company, will enhance decision-making and promote financial inclusion across Turkey, the Middle East, Africa, Asia and CIS regions.
Combining FICO’s decision automation, optimization and omnichannel communications capabilities with VeriPark’s customer engagement, omni-channel delivery, branch automation and loan origination solutions, the partnership aims to improve customer experience and accelerate digital transformation.
“We are excited to bring FICO’s cutting-edge technology to our region. This collaboration will enhance customer experiences and operational efficiency across the financial services sector. Integrating FICO’s technology with our solutions represents a significant leap forward, ensuring we stay ahead in a rapidly changing environment. We look forward to showcasing our joint success stories soon,” said Ozkan Erener, CEO of VeriPark.
“The combination of FICO and VeriPark’s strengths brings a unique blend of innovation to the market. Our goal is to help build a better society by bringing more people into the banking system, and our partnership with VeriPark is a critical step towards achieving that. FICO has been working with AI since 1992, and we are eager to introduce this long-standing expertise to businesses in this region through our collaboration with VeriPark.” said Alexandre Graff, Vice President of Global Partners & Alliances, FICO.
About VeriPark (https://www.veripark.com)VeriPark is a global solutions provider enabling financial institutions to become digital leaders with its Intelligent Customer Experience suite. With offices located in United Kingdom, Europe, the United States & Canada, Asia, Africa and the Middle East, VeriPark is helping businesses to enhance their customer acquisition, retention and cross-sell capabilities by providing proven, secure and scalable Customer Relationship Management, Omni-Channel Delivery, Branch Automation, and Loan Origination solutions.
About FICO (https://www.fico.com/)FICO powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries.
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Artificial Intelligence
Altair Names Devoteam Channel Partner for the EMEA Region
![altair-names-devoteam-channel-partner-for-the-emea-region](https://roboticulized.com/wp-content/uploads/2024/06/150648-altair-names-devoteam-channel-partner-for-the-emea-region.jpg)
Devoteam to offer Altair’s leading data analytics and AI solutions throughout the EMEA region
TROY, Mich., June 26, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, is thrilled to welcome Devoteam as a new channel partner for the EMEA region. Within the partnership, Devoteam will offer Altair’s leading data analytics and artificial intelligence (AI) solutions to its customers throughout the EMEA region.
“Partnering with Devoteam underscores our dedication to shaping the future of technology,” said Kimon Afsaridis, managing director of Eastern Europe and vice president of indirect EMEA sales, Altair. “This partnership marks a pivotal moment in our global expansion strategy, reinforcing our mission to lead and innovate in AI and beyond.”
“Together, Devoteam and Altair will help industrial companies harness the power of data to improve their efficiency, productivity, and competitiveness,” said Pablo Martin, industry and retail business unit director, Devoteam. “This collaboration is an important step in our commitment to help companies, particularly in the industrial sector, better their digital transformation efforts.”
Devoteam boasts more than 25 years of passion for tech and more than 11,000 tech-native specialists in offices in 25 countries. The company believes that technology combined with strong human values can drive change for the better, and specializes in managing large-scale projects while remaining agile enough to deliver customized solutions.
Altair works with a global network of channel and technology partners. To learn more or to become a partner, visit https://altair.com/altair-partners.
About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit https://www.altair.com.
Media contacts
Altair Corporate
Altair Investor Relations
Bridget Hagan
Stephen Palmtag
+1.216.769.2658
+1.669.328.9111
[email protected]
[email protected]
Altair Europe/The Middle East/Africa
Charlotte Hartmann
+49 7031 6208 0
[email protected]
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Artificial Intelligence
IBM Study: Fan Engagement and Consumption of Sports Shifting, Reveals New Opportunities for Technology Integrations including AI
![ibm-study:-fan-engagement-and-consumption-of-sports-shifting,-reveals-new-opportunities-for-technology-integrations-including-ai](https://roboticulized.com/wp-content/uploads/2024/06/150650-ibm-study-fan-engagement-and-consumption-of-sports-shifting-reveals-new-opportunities-for-technology-integrations-including-ai.jpg)
International sports fans surveyed are optimistic about the impact of technologies like AI on their digital sports experiences.Real-time updates and personalized content rank as top priorities for fans when it comes to how generative AI can enhance following and engaging with sports events.Younger sports fans overwhelmingly embrace AI-powered experiences and digital platforms for sports content consumption and engagement.ARMONK, N.Y., June 26, 2024 /PRNewswire/ — As sports fans worldwide tune in to a myriad of athletic events this summer, new research commissioned by IBM (NYSE: IBM) reveals a growing generational shift and acceptance of technology-driven experiences that will impact the future of sports consumption.
The international study*, conducted by Morning Consult, gathers insights from more than 18,000 sports fans across 10 countries to better understand both how they follow and engage with sports, including live coverage, highlights, and summaries, as well as preferences for future engagement and consumption. The findings confirm that fans are prioritizing more personalized and time-saving digital sports content, with the majority recognizing the positive impact technologies like artificial intelligence (AI) will have on these experiences.
The data also confirms that younger sports fans are more likely to favor AI-enhanced features as they increasingly turn to digital platforms for sports content. Surveyed fans aged 18-29 are using a mobile phone or tablet as their primary device to watch sporting events more often than older fans, with subscription streaming of live sporting events being most popular among the younger age group. More than half (58%) of 18-29 year old respondents also believe AI will have a positive impact on sports.
Alternatively, respondents from older age groups remain loyal to traditional methods of consumption, with linear broadcasting being most popular among fans 45+. Forty percent of surveyed fans over the age of 55 believe AI will have a positive impact on sports.
“Fans worldwide are continuing to embrace platforms and solutions that allow them to feel more connected and informed on their favorite sporting events and athletes, and IBM’s new study confirms this now includes embracing technologies like AI to deliver these experiences,” said Noah Syken, Vice President, Sports and Entertainment Partnerships. “IBM’s longstanding portfolio of Sports and Entertainment partnerships aims to deliver on these expectations from fans by putting in the hands of our partners the most advanced IBM technologies from our AI and data platform watsonx.”
Other key study findings include:
Fans are optimistic about the impact of technology on sports, paving the way for generative AI powered experiences
63% of respondents point to data analytics as having the most positive impact on sports, while 50% of respondents think AI will have a positive impact.When it comes to how generative AI can improve engagement, surveyed sports fans identify real-time updates (34%) and personalized content (29%) as the top priorities.India, UAE and Saudi Arabia rank the highest in countries where fans are prioritizing real-time updates and personalized content powered by generative AI.Fans now prioritize personalized, bite-sized content when it comes to their consumption of sport content
More than half (56%) of respondents turn to social media for additional sports content; 46% are getting additional content from broadcast/video news while 35% are turning to news articles.64% of those fans engaging in additional sports content are viewing highlight videos of best moments; 48% are consuming post-match recaps and analysis.Among those engaging in additional sports content, respondents rank summarized content (33%) as their top priority followed by personalized content (26%).Sports fans are watching event summaries more often, with 41% of respondents indicating they watch summaries or highlights weekly; 24% report daily engagement.Younger fans may be reshaping how consumers experience sports content, as they engage with content via multiple screens and are more likely to favor AI-powered enhancements
Younger fans (18-29) are most likely to view sports highlights through social media over other platforms.When it comes to consuming sports content, fans aged between 18-29 are more likely to rank personalized content as their top priority.Fans aged 18-29 are more likely to rate AI improvements as high priority, with real-time updates (40%) and personalized content (36%) topping the list of priorities.While real-time updates (26%) and personalized content (19%) also top the list of AI improvement priorities among older fans (55+), these respondents are much less likely to consider AI improvements a high priority.Younger fans are also more likely to be using multiple devices while engaging with sporting events than older fans (55+). 10% of younger fans surveyed use three or more devices while watching sports compared to only 2% of older fans.While TV is the most common method for viewing sports, fans are increasingly using multiple devices to follow sporting events
64% of surveyed fans say linear or streaming TV is their top choice for watching sports.31% of respondents say they are most likely to watch a live sporting event on linear broadcast; 28% say they use a subscription streaming service and 23% use a free streaming serviceSubscription streaming of live sporting events is most popular among younger fans aged between 18-29.Mobile devices are a noteworthy alternative for watching sports, with 20% of consumers reporting it is the top way they watch sporting events and 38% saying it is their second most likely options.28% of surveyed sports fans use at least two devices while watching sporting events; 24% report they use at least two devices while listening to sportsFans between 18-44 are more likely to be using three or more devices.Respondents rank multi-tasking as the top reason for using multiple devices when consuming sports, followed by finding more game information while watching or listening to the sport.To view the full study, visit: https://newsroom.ibm.com/image/IBM+Global+Sports+Attitudes+and+Behaviors+Report+June+2024.pdf
*Study MethodologyThis survey was conducted in May 2024 among a total sample of 18,082 sports fans 18+ in the US, Canada, the UK, France, Germany, Italy, Spain, India, the UAE, and Saudi Arabia. The interviews for each country were conducted online, and the data is unweighted, with ~2,000 responses per market in the US, Canada, the UK, France, Germany, Italy, Spain, and India and ~1,000 responses per market in the UAE and Saudi Arabia.
To qualify for this survey respondents must be at least an average sports fan and follow one or more of the following sports: Soccer, Cricket, Tennis, Basketball, Baseball, Rugby, Golf, American football, F1 racing, Track and field, Swimming, and the Olympics.
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
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