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SOITEC REPORTS FY’23 FOURTH QUARTER REVENUE

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SOITEC REPORTS FY’23 FOURTH QUARTER REVENUE

  • Q4’23 revenue reached the record level of €344m, up 22% on a reported basis and up 16% at constant exchange rates and perimeter versus Q4’22
    • FY’23 annual revenue reached the strong level of €1,089m, up 26% on a reported basis compared with FY’22, or up 19% at constant exchange rates and perimeter, in line with guidance
  • FY’23 EBITDA1 margin2 expected around 36% in line with the guidance
  • FY’24 annual revenue expected to be stable at constant exchange rates and perimeter compared with FY’23 and FY’24 EBITDA1 margin2 expected to remain at around 36%
  • Soitec is managing its business to reach a revenue target of around $2.1 billion in FY’26 with an EBITDA1 margin2 target of around 40% (at a 1.10 Euro/ US Dollar exchange rate)

Bernin (Grenoble), France, April 26th, 2023 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced consolidated revenue of 344 million Euros for the fourth quarter of FY’23 (ended March 31st, 2023), up 22% on a reported basis compared with 282 million Euros achieved in the fourth quarter of FY’22. This results from the combination of a 16% growth at constant exchange rates and perimeter3 and a positive currency impact of 6% compared with the fourth quarter of FY’22.

FY’23 annual revenue reached 1,089 million Euros, up 26% on a reported basis against 863 million Euros achieved in FY’22. At constant exchange rates and perimeter4, FY’23 revenue grew by 19% compared with FY’22, in line with the guidance of “around 20%” announced one year ago.

Soitec also announced today that Chief Operating Officer Bernard Aspar will leave the company in August to take up new challenges, after 17 years at Soitec. Bernard Aspar joined Soitec upon its 2006 acquisition of Tracit Technologies, the company he founded as a spin-off from CEA-Leti, and subsequently helped to lead the development and deployment of Smart CutTM technology.

Pierre Barnabé, Soitec’s CEO, commented: 

“We delivered another record quarter and finished the year with an annual organic growth of 19%, in line with our guidance. In the context of a global smartphone market slowdown, we continued to benefit from the penetration of high-end 5G handsets and the growth of Soitec content within smartphones. The automotive market, where we leverage increasing demand for digitalization and electrification, remained robust. Sustained growth across our product portfolio developed for Smart devices completed this strong performance.

“Going forward, we will face inventory clearing in the smartphone market supply chain and we expect it to last two quarters, resulting in lower performance in the mobile communications business. For the year as a whole, we expect to offset this by taking advantage of continuous strong demand for both Automotive & Industrial and Smart devices. Overall, after a stable revenue anticipated in the fiscal year 2024 on an organic basis, we expect strong growth momentum to resume as we manage our business to reach a target revenue of around $2.1 billion in fiscal year 2026.”

I would also like to take this opportunity, on behalf of Soitec, to thank Bernard for the valuable support he has provided during the leadership transition of the past 15 months, and for his extensive contribution to the company’s success over the years.

Fourth quarter FY’23 consolidated revenue (unaudited)

  Q4’22 Q4’23 Q4’23/Q4’22
         
(Euros millions)     change reported chg. at const. exch. rates & perimeter
         
Mobile communications 200 220 +10% +5%
Automotive & Industrial 22 47 +109% +99%
Smart devices 60 77 +29% +25%
         
Total revenue 282 344 +22% +16%

Soitec achieved its highest quarter ever in the fourth quarter of FY’23, with total revenue reaching 344 million Euros. This represents a 16% growth at constant exchange rates and perimeter3 compared to the fourth quarter of FY’22, reflecting a continuously strong momentum in Automotive & Industrial, a sustained growth in Smart devices and a slower one in Mobile communications.

Mobile communications

Mobile communications revenue continues to be supported by ongoing growth of Soitec content within smartphones, further adoption of 5G smartphones and Wi-Fi 6, as well as by the deployment of 5G infrastructure.

In the fourth quarter of FY’23, Mobile communications revenue reached 220 million Euros, a 5% growth at constant exchange rates compared to the fourth quarter of FY’22, mainly reflecting an increase in volumes.

In the context of weaker smartphone sales across the world, RF-SOI wafer sales continue to be supported by a solid penetration of high-end smartphones, with a higher content of Soitec substrates within 5G high-end smartphones as compared to 4G, as well as by the strength of Soitec’s customer contracts.

Sales of FD-SOI wafers dedicated to front end modules continued to benefit from a positive momentum.

As anticipated, the adoption phase of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters for 5G smartphones is still ongoing, and Soitec continues to work with several customers on qualifying different design architectures.

In this regard, Soitec today announced a partnership with the foundry SAWNICS to provide a process design kit (PDK) based on Soitec’s POI substrates to accelerate the design of high-performance RF filters for 5G smartphones.

Automotive & Industrial

Demand from the automotive industry continues a steady increase, driven by the rise in semiconductor content embedded in the latest generations of vehicles. Soitec continues to address rising demand for multimedia and infotainment, functional safety, autonomous and assisted driving, as well as increasing electrification.

Automotive & Industrial revenue reached 47 million Euros in the fourth quarter of FY’23, a 99% growth at constant exchange rates compared to the fourth quarter of FY’22. Growth essentially reflects a sharp increase in volumes and, to a lesser extent, a positive price effect.

Sales of Power-SOI wafers continued to sustain a solid level of growth.

Sales of FD-SOI wafers dedicated to automotive applications had another strong quarter representing a significant increase compared to the fourth quarter of FY’22.

Automotive & Industrial revenue also benefited from first sales generated by Soitec’s SmartSiC offering.

Smart devices

The demand from the Smart devices market is driven by the need for more complex sensors, higher connectivity functionalities and embedded intelligence, leading to more powerful and efficient chips for Edge Artificial Intelligence, Data Centers and Cloud Computing.

Smart devices revenue reached 77 million Euros in the fourth quarter of FY’23, a 25% increase at constant exchange rates compared to the fourth quarter of FY’22. This performance mostly reflects higher volumes and, to a lesser extent, a positive mix effect.

Sales of FD-SOI wafers benefitted from another strong quarter, compared to the fourth quarter of FY’22, confirming structural demand for Edge Computing devices across consumer and industrial sectors.

Sales of Imager-SOI wafers for 3D imaging applications remained at a solid level.

Sales of Photonics-SOI wafers to provide high speed connectivity solutions for Artificial Intelligence in the Cloud showed strong growth over the fourth quarter of FY22. These products are also suitable for Co-Packaged Optics architectures.

FY’23 annual consolidated revenue (unaudited)

  FY’22 FY’23 FY’23/FY’22
         
(Euros millions)     change reported chg. at const. exch. rates & perimeter
         
Mobile communications 624        731 +17% +10%
Automotive & Industrial 74 141 +89% +77%
Smart devices 165 217 +32% +26%
         
Total revenue 863 1,089 +26% +19%

Overall, FY’23 consolidated annual revenue reached an all-time record of 1,089 million Euros, up 26% on a reported basis compared to 863 million Euros in FY’22. This reflects a 19% growth at constant exchange rates and perimeter4 compared with FY’22, combined with a positive currency impact of 7%.

On a full-year basis, Mobile communications revenue was up 10% at constant exchange rates and perimeter4 compared with FY’22, representing 67% of total revenue in FY’23 against 72% in FY’22. Automotive & Industrial revenue was up 77% at constant exchange rates and perimeter4 compared with FY’22, increasing from 9% to 13% of total revenue. Smart devices revenue was up 26% at constant exchange rates and perimeter4 compared with FY’22, raising from 19% to 20% of total revenue.

Outlook

FY’23

Soitec continues to expect FY’23 EBITDA1 margin2 to reach around 36%.

FY’24

Regarding FY’24, as indicated early April, Soitec anticipates total revenue to be stable at constant exchange rates and perimeter as compared to FY’23 and EBITDA1 margin2 to remain around 36%.

A weaker smartphone market with a strong inventory correction is expected to weigh on Mobile communications revenue, especially during the first half of FY’24, while further strong demand is anticipated for both Automotive & Industrial and Smart Devices. H1’24 total revenue is therefore expected to decline at constant exchange rates and perimeter by around -15% year-on-year while a strong acceleration is expected in H2’24.

FY’26 financial model

Soitec is anticipating significant growth in each of its three end markets and new products and is managing its business to reach in FY’26:

  • a targeted revenue of around $2.1 billion, as compared to a revenue of $2.3 billion communicated in June 2022,
  • an EBITDA1 margin2 target of around 40% (at a 1.10 Euro/ US Dollar exchange rate).

These targets are sustained by Soitec’s strong portfolio with both further growth in existing products (FD-SOI, RF-SOI, Power-SOI and Photonics-SOI) and new products (especially SiC, POI and GaN) coming in the three end markets: Mobile communications, Automotive & Industrial and Smart devices. Soitec will provide more information during its Capital Market Day on June 8th, 2023.

Additional information

ESG

Climate: Soitec is part of the CAC SBT 1.5 index, launched in January 2023 by Euronext.

Water: Soitec joined the Water Observatory created in March 2023 by the Communauté des Communes du Grésivaudan, to plan and implement further coordinated actions to be taken by water users and providers, to mitigate environmental impacts.

Ineligibility for the PEA-PME mechanism

Soitec informs its shareholders of its ineligibility for the PEA-PME mechanism, in accordance with the provisions of Articles L. 221-32-2 and D. 221-113-5 of the French Monetary and Financial Code, which specify the conditions for assessing eligibility criteria5. As a result, Soitec’s shares can no longer be included in PEA-PME accounts.

# # #

Analysts conference call to be held in English on Thursday 27th April at 8:00 am CET.

To listen this conference call, the audiocast is available live and in replay at the following address: https://channel.royalcast.com/soitec/#!/soitec/20230427_1

# # #

Agenda

FY’23 annual results are due to be published on June 7th, 2023, after market close.

Soitec will be hosting a Capital Markets Day in Paris on June 8th, 2023.        

# # #

Disclaimer

This document is provided by Soitec (the “Company”) for information purposes only.

The Company’s business operations and financial position are described in the Company’s 2021-2022 Universal Registration Document (which notably includes the 2021-2022 Annual Financial Report) which was filed on June 20, 2022 with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.22-0523, as well as in the Company’s 2022-2023 half-year report released on November 23, 2022. The French versions of the 2021-2022 Universal Registration Document and of the 2022-2023 half-year report, together with English courtesy translations for information purposes of both documents, are available for consultation on the Company’s website (www.soitec.com), in the section Company – Investors – Financial Reports.

Your attention is drawn to the risk factors described in Chapter 2.1 of the Company’s 2021-2022 Universal Registration Document.

This document contains summary information and should be read in conjunction with the 2021-2022 Universal Registration Document and the 2022-2023 half-year report.

This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance. The occurrence of any of the risks described in Chapter 2.1 of the Universal Registration Document may have an impact on these forward-looking statements. In addition, the future consequences of geopolitical conflicts, in particular the Ukraine / Russia situation, as well as rising inflation, may result in greater impacts than currently anticipated in these forward-looking statements.

The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.

The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document. In addition, the occurrence of any of the risks described in Chapter 2.1 of the Universal Registration Document may have an impact on these forward-looking statements.

This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.

Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.

# # #

About Soitec

Soitec (Euronext, Tech 40 Paris) is a world leader in designing and manufacturing innovative semiconductor materials. The company uses its unique technologies to serve the electronics markets. With more than 3,700 patents worldwide, Soitec’s strategy is based on disruptive innovation to meet its customers’ needs for high performance, energy efficiency and cost competitiveness. Soitec has manufacturing facilities, R&D centers and offices in Europe, the United States and Asia. Fully committed to sustainable development, Soitec adopted in 2021 its corporate purpose to reflect its engagements: “We are the innovative soil from which smart and energy efficient electronics grow into amazing and sustainable life experiences.”

Soitec, SmartSiC™ and SmartCut™ are registered trademarks of Soitec.

# # #

For more information, please visit www.soitec.com and follow us on Twitter: @Soitec_EN

# # #

Soitec is a French joint-stock corporation with a Board of Directors (Société Anonyme à Conseil d’administration) with a share capital of €71,178,834 having its registered office located at Parc Technologique des Fontaines – Chemin des Franques – 38190 Bernin (France), and registered with the Grenoble Trade and Companies Register under number 384 711 909.

# # #

Appendix

Consolidated revenue (Q3’23 and Q4’23 unaudited)

Revenue Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23   FY’22 FY’23
(Euros million)                      
Mobile communications 135 142    146 200 152 189 170 220    624 731
Automotive & Industrial 16 17 19 22 23 34 37 47      74 141
Smart devices 29 33 43 60 28 45 67 77     165 217
                           
Total revenue 180    193 208 282 203 268 274 344   863 1,089
Change in revenue Q1’23/Q1’22 Q2’23/Q2’22 Q3’23/Q3’22 Q4’23/Q4’22   FY’23/FY’22
(vs. previous year) change reported chg. at const. exch. rates and perimeter1 change reported chg. at const. exch. rates and perimeter1 change reported chg. at const. exch. rates and perimeter1 change reported chg. at const. exch. rates and perimeter1   change reported chg. at const. exch. rates and perimeter1
Mobile communications +13% +6% +33% +22% +17% +11% +10% +5%   +17% +10%
Automotive & Industrial +46% +37% +96% +80% +96% +85% +109% +99%   +89% +77%
Smart devices -6% -11% +37% +28% +57% +50% +29% +25%   +32% +26%
                           
Total revenue +12% +6% +39% +28% +32% +26% +22% +16%   +26% +19%

1 At constant exchange rates and comparable scope of consolidation:

  • There was no scope effect in Q1’22, Q2’22, Q3’22, nor in Q4’23.

In Q4’22, Q1’23, Q2’23 and Q3’23 the scope effect relating to the acquisition of NOVASiC, finalized on December 29, 2021, had no material impact on Soitec’s revenue.

# # #


1 The EBITDA represents operating income (EBIT) before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. This alternative indicator of performance is a non-IFRS quantitative measure used to measure the company’s ability to generate cash from its operating activities. EBITDA is not defined by an IFRS standard and must not be considered an alternative to any other financial indicator

2 EBITDA margin = EBITDA from continuing operations / Revenue

3 There was no scope effect in Q4’23
4 The scope effect related to the acquisition of NOVASiC, the closing of which took place on December 29, 2021, had no material impact on Soitec’s revenue.

5 Companies whose securities are admitted to trading on a regulated market are eligible for the PEA-PME mechanism, if (i) on the one hand, their market capitalization is less than 1 billion euros or has been at the end of at least one of the four fiscal years preceding the period taken into account to assess the eligibility of the securities, and (ii) on the other hand, that have less than 5,000 employees, their annual revenue is less than 1.5 billion euros or the balance sheet total is less than 2 billion euros. These thresholds are assessed on the basis of the consolidated accounts of the issuing company whose securities are concerned and, when applicable, those of its subsidiaries.

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Artificial Intelligence

AI in Healthcare: Unveiling the Future with a 42.20% CAGR Through 2029

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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]
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Avant Technologies Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Avant Technologies Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Avant Technologies Inc. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Avant Technologies Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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Artificial Intelligence

Oncolytics Biotech® Announces Upcoming Presentations at the American Society of Clinical Oncology Annual Meeting

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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]
 
 

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Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology

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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.

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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:
Mr. Jagraj Singh Skyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/

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