Artificial Intelligence
WISeKey Reports Full Year 2022 Audited Consolidated Financial Results
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WISeKey Reports Full Year 2022 Audited Consolidated Financial Results
Schedules conference call for May 2 at 3:00 pm CET (9:00 am ET)
- Revenue growth: 35% increase in FY 2022 revenue to $23.8 million, as compared to $17.6 million in FY 2021.
- Strong gross profit margin: FY 2022 gross profit margin increased slightly to 42.4% from 42.2% in FY 2021.
- Strong cash position: cash and cash equivalents together with restricted cash remained strong at $20.7 million at December 31, 2022.
Geneva, Switzerland, April 28, 2022 – Ad-Hoc announcement pursuant to Art. 53 of SIX Listing Rules– WISeKey International Holding Ltd. (NASDAQ: WKEY / SIX: WIHN) (“WISeKey” or the “Company” or the “Group”), a leading cybersecurity and IoT company, announced today its audited consolidated financial results for full year (FY) 2022 (period ended December 31, 2022).
Carlos Moreira, WISeKey’s Founder and CEO, noted, “In 2022 WISeKey’s main focus was on the Internet of Things (IoT) and the development of its SEALSQ Semiconductors/Post Quantum offering. With SEALSQ, WISeKey aims to maximize the potential of semiconductors and list it on the NASDAQ, further expanding its reach and impact in the industry. With the increasing demand for connected devices, IoT has become a vital component of modern technology. The Company recognizes the importance of IoT and plans to channel its efforts towards developing new and advanced IoT solutions in 2023. This initiative will enable the Company to offer enhanced services to its clients and stay at the forefront of technological advancements.”
Despite strong revenue growth, the Company reported losses due to:
(a) Significant investment made during the year in next-generation semiconductors and the launch of SEALSQ’s listing process on the NASDAQ. SEALSQ’s investment in next-generation semiconductors and AI infrastructure is part of its long-term strategy to stay at the forefront of technological innovation. The Company has made significant investments in these areas in order to develop new products and services that will meet the needs of its customers in the years to come.
(b) The net proceeds from the sale of our 51% ownership WISeKey in ARAGO for $25 million have not yet been received, impacting the Company’s financial performance. WISeKey is currently assessing enforcement scenarios to turn its pledge over the arago AI IP into full ownership, allowing WISeKey to integrate the HIRO AI into the WISeKey platform.
WISeKey International Holding used the COVID transitional period in 2022 to define a new strategic direction that will see it operate as a holding company of several distinctive operational companies covering the full spectrum of WISeKey-related technologies. Currently this comprises the Root of Trust and PKI at WISeKey SA, semiconductors and Quantum technology with SEALSQ and WISeKey Semiconductors, Space technology using Picosatellites under WISeSat.Space and Trusted Blockchain NFT with WISe.ART Corp. Each of these subsidiaries contribute in meaningful ways to the overall mission of the WISeKey holding company, while also operating independently with a specific focus on their particular area of R&D and expertise and integrating their respective technologies into the WISeKey platform.
The decision to operate as a holding company of several distinctive operational companies reflects WISeKey International Holding’s commitment to provide the most comprehensive and effective cybersecurity platform solutions to its customers. By diversifying its operations, the holding company is better positioned to meet the evolving needs of the cybersecurity market while maintaining a central focus on its core mission of securing the Internet.
Each subsidiary has its own revenue stream and profitability targets, enabling it to focus on its core strengths and market opportunities. Each subsidiary has its own maturity stage, with SEALSQ already in process independently listing on the NASDAQ and the other subsidiaries still on start-up mode. These subsidiaries are aligned with the overall mission of the holding company that keeps majority ownership and provides managed financial services guaranteeing a proper operation while at the same time offers cutting-edge cybersecurity solutions to its customers.
Over time, the holding company plans to gradually IPO each independent company as they reach maturity. This approach will provide each subsidiary with the flexibility to operate independently while benefiting from the resources and support of the parent company. It will also create a diversified business structure that is better positioned to succeed in the rapidly evolving cybersecurity market.
Mr. Moreira added, “Our investments in innovation, strong customer demand, and execution excellence put us in a position of strength for the future. We continue to see solid demand for our semiconductors and the next generation post-quantum chips roadmap SEALSQ and are making substantial progress in the implementation of our post-quantum algorithms in Secure Semiconductors MS6001/MS6003. During the last two years, we have made considerable advancements in developing post-quantum resistant algorithms by establishing strategic R&D partnerships with MINES Saint-Etienne Research Institute (“MINES Saint-Etienne”), aiming to help the international community find cryptography algorithms that will resist future quantum computing based cyber-attacks. SEALSQ’s on-chip or cloud-based solutions are now also provisioning services with the Matter Root-of-Trust PAA (Product Attestation Authority) which will help our customers save time and money in achieving Matter security compliance.”
Mr. Moreira further explained, “WISeKey continues to build momentum by addressing the security needs across blockchain. In 2022, the blockchain business achieved significant new milestones in the supply management business. The supply chain management of critical goods can now be further secured by integrating IoT devices that communicate with picosatellites launched by WISeSat with the Casper blockchain. WISeKey’s security chips are being utilized to protect various types of IoT devices, including satellites and their captured images and communications from agriculture and logistics sensors. Leveraging the extensive reach of picosatellites and their ability to connect with low-energy IoT devices, this product combines it with the immutability of data and smart contracting feature of the Casper blockchain to provide unique benefits to the supply chain management industry. Now, logistics processes can be more efficient and transparent, and data on goods in transit, such as environmental conditions and geo-location, can be reliably tracked. Additionally, WISeKey semiconductors securely issue NFTs that authenticate and track objects, much like an embedded ePassport, providing a digital identity used throughout the object’s lifetime. This allows objects to become “Trusted Objects” of the Internet and provide verifiable data, enabling supply chain managers to make informed decisions and prevent possible accidents or delays during transit.”
Mr. Moreira continued, “Demand for WISeKey’s products and services substantially increased. With a 35% increase in revenue, the Group is back on its growth path, supported by investments in R&D aiming to remain at the edge of technology, and investments focused on strengthening our sales force. We anticipate this growth continuing in 2023 with a strong backlog of orders already in place while the significant investments we made to expand our production capacity will allow us to better meet our clients’ needs.”
“Regarding operational costs, in 2023 we will continue to invest in research and development, following $3.9 million of investments made in 2022. WISeKey, through its Semiconductor division, is investing heavily in its QUAntum resistant Secure ARchitectureS (QUASARS) project targeting the development of its next generation Quantum Resistant chip,” concluded Mr. Moreira
WISeKey’s FY22 audited consolidated financial results are available at https://www.wisekey.com/company/investors/financial-reports/.
FY 2022 Key Financial Milestones:
The key highlights of the year ended December 31, 2022 were:
- Revenue growth: 35% increase in revenue to $23.8 million in the year 2022, compared to $17.6 million in 2021.
- Cash position remains strong with $20.7 million cash available at December 31, 2022.
- Increase in semiconductors production capacity: in 2022, WISeKey initiated a 5-year capital expenditure (“CapEx”) plan to increase its semiconductors volume by up to 80% over the next 5 years. The plan is supported by a $2 million loan from a third-party client for the purpose of increasing production capacity.
- Cost structure efficiency improvements: our operating expenses decreased by $8.1 million and by $5 million when excluding non-cash stock-based compensation in comparison to 2021, showing our successful efforts to streamline our cost base while still being able to grow our revenue.
- Strong investments in Research & Development (“R&D”): we continue to support our R&D work with $3.9 million invested during the year. In 2022:
- we initiated our QUASARS project, a radical innovative solution paving the way of Post Quantum Cryptography era, and
- we launched 13 security-IoT hardened low-orbit picosatellites, WISeSaT, for our new satellite-based secure IoT connectivity-as-a-service, through which WISeKey provides the satellite platform, launch, integration, ground station services and all the security architecture and components, as part of a turnkey SaaS solution for low-power and secure space-based IoT connectivity, in collaboration with FOSSA Systems S.L. (“FOSSA”).
- Strengthening our Sales and Marketing (“S&M”) organization: the Group has continued reinforcing its sales and marketing team with a new sales director in the U.S.A. and the onboarding of 7 additional sales representatives in the E.U. region, Israel and South Africa and 2 representatives which will cover the Eastern states of the United States.
- Development of the WISe.ART NFT platform: an innovative platform where WISeKey adds identification to the emerging NFT trade market, therefore ensuring that NFTs sold on its platform are genuine. The WISe.ART platform now includes over 1000 artworks by over 100 artists worldwide ranging from traditional art, video art to 3 dimensional AI productions.
- M&A activity: divestiture of our 51% controlling interest in arago GmbH (“arago”) which freed up liquidity for the continuing operations of WISeKey and had a positive impact on its cash flow forecasts.
2023 KEY GROWTH AREAS
- Our strong semiconductors backlog of orders and pipeline of opportunities valued at over $100 million has given us a great building block that allows our sales team to focus on new opportunities to expand our customer base and geographic footprint. As a result, we expect to see a significant increase in the number of customers served by WISeKey in this sector by 2023 / 2024.
- Continued development of the WISe.ART NFT auction platform in conjunction with Polygon and CasperLabs, a product for which we have a patent pending, which would potentially add to our extensive patent portfolio. We are starting to bring revenues by charging commissions on the sales that are carried out on the WISe.ART platform which is a percentage of the total sale and depends upon multiple factors. In 2023, WISeKey expects to sign partnerships with Hedera and Italpreziosi for an even wider coverage, allowing for significant community growth, collectors’ transactions and new NFTs business.
- Launch of the WISeSat FOSSA picosatellite constellation as part of the WISeSat venture which will enable us to support Global Decentralized IoT Communications, a project that is building towards commercial deployment in the second half of 2023 when we believe our partnership agreement with the Swiss Army will become effective.
- New strategic partnerships to strengthen its position as IoT cybersecurity provider and to develop new use cases based on our established technologies.
- Investments in post-quantum cryptography that are resistant against quantum cryptanalysis so as to anticipate future cybersecurity threats, working in collaboration with the American National Institute of Standards and Technology (NIST) and the European Union Agency for Cybersecurity (ENISA).
- Planned significant investment in new equipment to increase the production volume of semiconductors.
- Investment in R&D to expand its patent portfolio.
FY 2022 RESULTS CONFERENCE CALL
Carlos Moreira, CEO and Peter Ward, CFO will host a conference call on Tuesday, May 2, 2023, at 3:00 p.m. CET / 9:00 a.m. ET to discuss these results, recent business developments and growth initiatives. A Q&A session will follow the prepared remarks.
Interested parties may participate in the call by dialing:
| United States (Toll) | 877-445-9755 |
| United States (Toll Free) | 201-493-6744 |
| France (fixed) ATT /excl. Monaco: | 0 800 912 848 |
| Germany (fixed) ATT: | 0 800 182 0040 |
| Germany (mobile) ATT: | 0 800 184 4713 |
| Italy (fixed) ATT: | 800 791 612 |
| Italy (mobile) ATT: | 800 796 508 |
| Netherlands (fixed) ATT: | 0 800 023 4340 |
| Netherlands (mobile) ATT: | 0 800 022 3580 |
| Spain (fixed) ATT: | 900 834 236 |
| Spain (mobile) ATT: | 900 834 876 |
| Switzerland (fixed) ATT: | 0 800 835 525 |
| Switzerland (mobile) ATT: | 0 800 891 374 |
| United Kingdom (fixed) ATT: | 0 800 756 3429 |
To access the call, please dial in approximately five minutes before the start time. The call will also be simultaneously webcasted over the Internet via this link and such link will also be made available in the “Investor Relations” section of WISeKey’s website http://wisekey.com/investors/.
An archived version of the webinar will be available on WISeKey’s website following the live presentation. For any questions regarding the event, please email [email protected].
ADDITIONAL FINANCIAL & OPERATIONAL DATA
Consolidated Statements of Comprehensive Income/(Loss) [as reported]
| 12 months ended December 31, | |||||||||||
| USD’000 | 2022 | 2021 | 2020 | ||||||||
| Net sales | 23,814 | 17,646 | 14,779 | ||||||||
| Cost of sales | (13,588) | (9,893) | (8,578) | ||||||||
| Depreciation of production assets | (132) | (301) | (736) | ||||||||
| Gross profit | 10,094 | 7,452 | 5,465 | ||||||||
| Other operating income | 2,073 | 183 | 43 | ||||||||
| Research & development expenses | (3,862) | (5,618) | (6,012) | ||||||||
| Selling & marketing expenses | (7,275) | (9,111) | (7,355) | ||||||||
| General & administrative expenses | (11,466) | (14,066) | (10,673) | ||||||||
| Total operating expenses | (20,530) | (28,612) | (23,997) | ||||||||
| Operating loss | (10,436) | (21,160) | (18,532) | ||||||||
| Non-operating income | 3,937 | 2,509 | 1,127 | ||||||||
| Debt conversion expense | (827) | (325) | – | ||||||||
| Gain on derivative liability | – | – | 44 | ||||||||
| Interest and amortization of debt discount | (168) | (1,057) | (458) | ||||||||
| Non-operating expenses | (5,551) | (3,426) | (11,079) | ||||||||
| Loss before income tax expense | (13,045) | (23,459) | (28,898) | ||||||||
| Income tax income / (expense) | 3,238 | (13) | (9) | ||||||||
| Loss from continuing operations, net | (9,807) | (23,472) | (28,907) | ||||||||
| Discontinued operations: | |||||||||||
| Net sales from discontinued operations | 1,805 | 4,612 | – | ||||||||
| Cost of sales from discontinued operations | (978) | (2,976) | – | ||||||||
| Total operating and non-operating expenses from discontinued operations | (5,274) | (2,364) | – | ||||||||
| Income tax recovery from discontinued operations | 25 | 106 | – | ||||||||
| Loss on disposal of a business, net of tax on disposal | (15,026) | – | – | ||||||||
| Income / (loss) on discontinued operations | (19,449) | (622) | – | ||||||||
| Net income / (loss) | (29,255) | (24,094) | (28,907) | ||||||||
| Less: Net income / (loss) attributable to noncontrolling interests | (1,780) | (3,754) | (248) | ||||||||
| Net income / (loss) attributable to WISeKey International Holding AG | (27,475) | (20,340) | (28,659) | ||||||||
| Earnings per share from continuing operations | |||||||||||
| Basic | (0.09) | (0.33) | (0.68) | ||||||||
| Diluted | (0.09) | (0.33) | (0.68) | ||||||||
| Earnings per share from discontinued operations | |||||||||||
| Basic | (0.17) | (0.01) | – | ||||||||
| Diluted | (0.17) | (0.01) | – | ||||||||
| Earning per share attributable to WISeKey International Holding AG | |||||||||||
| Basic | (0.24) | (0.28) | (0.67) | ||||||||
| Diluted | (0.24) | (0.28) | (0.67) | ||||||||
| Other comprehensive income / (loss), net of tax: | |||||||||||
| Foreign currency translation adjustments | (1,434) | (1,534) | 1,729 | ||||||||
| Change in unrealized gains related to available-for-sale debt securities | – | 1,965 | 5,385 | ||||||||
| Reclassifications out of the OCI arising during period | 1,156 | – | – | ||||||||
| Defined benefit pension plans: | |||||||||||
| Net gain (loss) arising during period | 2,934 | 1,572 | 1,189 | ||||||||
| Reclassification adjustments | (7,350) | ||||||||||
| Other comprehensive income / (loss) | 2,656 | (5,347) | 8,303 | ||||||||
| Comprehensive income / (loss) | (26,599) | (29,441) | (20,604) | ||||||||
| Other comprehensive income / (loss) attributable to noncontrolling interests | (964) | 187 | (95) | ||||||||
| Other comprehensive income / (loss) attributable to WISeKey International Holding AG | 3,620 | (5,534) | 8,398 | ||||||||
| Comprehensive income / (loss) attributable to noncontrolling interests | (2,744) | (3,567) | (343) | ||||||||
| Comprehensive income / (loss) attributable to WISeKey International Holding AG |
(23,855) | (25,874) | (20,261) | ||||||||
The notes are an integral part of our consolidated financial statements.
Consolidated Balance Sheets [as reported]
| As at December 31, | As at December 31, | ||
| USD’000 | 2022 | 2021 | |
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 20,706 | 34,201 | |
| Restricted cash, current | 108 | 110 | |
| Accounts receivable, net of allowance for doubtful accounts | 2,573 | 2,979 | |
| Notes receivable from employees and related parties | 67 | 68 | |
| Inventories | 7,510 | 2,710 | |
| Prepaid expenses | 831 | 1,198 | |
| Current assets held for sale | – | 689 | |
| Other current assets | 1,380 | 555 | |
| Total current assets | 33,175 | 42,510 | |
| Noncurrent assets | |||
| Notes receivable, noncurrent | 64 | 190 | |
| Deferred income tax assets | 3,295 | 1 | |
| Deferred tax credits | 694 | 848 | |
| Property, plant and equipment net of accumulated depreciation | 842 | 573 | |
| Intangible assets, net of accumulated amortization | 98 | 105 | |
| Finance lease right-of-use assets | – | 171 | |
| Operating lease right-of-use assets | 2,289 | 2,941 | |
| Goodwill | 8,317 | 8,317 | |
| Equity securities, at cost | 472 | 501 | |
| Equity securities, at fair value | 1 | 1 | |
| Noncurrent assets held for sale | – | 32,391 | |
| Other noncurrent assets | 249 | 256 | |
| Total noncurrent assets | 16,321 | 46,295 | |
| TOTAL ASSETS | 49,496 | 88,805 | |
| LIABILITIES | |||
| Current Liabilities | |||
| Accounts payable | 13,401 | 14,786 | |
| Notes payable | 4,196 | 4,206 | |
| Deferred revenue, current | 174 | 92 | |
| Current portion of obligations under finance lease liabilities | – | 55 | |
| Current portion of obligations under operating lease liabilities | 592 | 595 | |
| Income tax payable | 57 | 11 | |
| Current liabilities held for sale | – | 4,567 | |
| Other current liabilities | 409 | 440 | |
| Total current liabilities | 18,829 | 24,752 | |
| Noncurrent liabilities | |||
| Bonds, mortgages and other long-term debt | 1,850 | 458 | |
| Convertible note payable, noncurrent | 1,267 | 9,049 | |
| Deferred revenue, noncurrent | 23 | 100 | |
| Operating lease liabilities, noncurrent | 1,727 | 2,468 | |
| Employee benefit plan obligation | 1,759 | 4,769 | |
| Other deferred tax liabilities | 8 | 62 | |
| Noncurrent liabilities held for sale | – | 5,712 | |
| Other noncurrent liabilities | 8 | 56 | |
| Total noncurrent liabilities | 6,642 | 22,674 | |
| TOTAL LIABILITIES | 25,471 | 47,426 | |
| Commitments and contingent liabilities | |||
| SHAREHOLDERS’ EQUITY | |||
| Common stock – Class A | 400 | 400 | |
| CHF 0.01 par value | |||
| Authorized – 50,021,988 and 40,021,988 shares | |||
| Issued and outstanding – 40,021,988 and 40,021,988 shares | |||
| Common stock – Class B | 5,334 | 4,685 | |
| CHF 0.05 par value | |||
| Authorized – 177,419,580 and 138,058,468 | |||
| Issued – 100,294,518 and 88,120,054 | |||
| Outstanding – 99,837,254 and 80,918,390 | |||
| Treasury stock, at cost (457,264 and 7,201,664 shares held) | (371) | (636) | |
| Additional paid-in capital | 280,597 | 268,199 | |
| Accumulated other comprehensive income / (loss) | 5,935 | 1,407 | |
| Accumulated deficit | (265,635) | (238,160) | |
| Total shareholders’equity attributable to WISeKey shareholders | 26,260 | 35,895 | |
| Noncontrolling interests in consolidated subsidiaries | (2,235) | 5,484 | |
| Total shareholders‘ equity | 24,025 | 41,379 | |
| TOTAL LIABILITIES AND EQUITY | 49,496 | 88,805 |
The notes are an integral part of our consolidated financial statements.
About WISeKey
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
| WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 [email protected] |
WISeKey Investor Relations (US) Contact: Lena Cati The Equity Group Inc. Tel: +1 212 836-9611 [email protected] |
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its respective businesses. Forward-looking statements include statements regarding business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipates will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements WISeKey’s ability to implement its growth strategies, WISeKey’s ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in WISeKey’s’s filings with the SEC. Risks and uncertainties are further described in reports filed by WISeKey with the SEC.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any shares or other securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
The registration statement referred to in this press release, including the Prospectus contained therein, constitutes a foreign prospectus within the meaning of article 54 paras. 2 and 3 of the FinSA and article 70 paras. 2-4 of the Swiss Financial Services Ordinance of November 6, 2019, as amended.
USA News Group Commentary
VANCOUVER, BC, April 25, 2024 /PRNewswire/ — Across several sectors the use of artificial intelligence (AI) is making a huge impact, with healthcare emerging as possibly receiving the largest boost. According to a new research report from analysts at Mordor Intelligence, the market for artificial intelligence in health care is set to explode at a CAGR of 42.20% through 2029. As the tech sector races to provide the market with solutions, several companies are emerging as leaders in aiding the healthcare sector, including Avant Technologies Inc. (OTC:AVAI), Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT), Health Catalyst, Inc. (NASDAQ:HCAT), Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), and Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX).
Recently, Avant Technologies Inc. (OTC:AVAI) strengthened its AI-powered healthcare offerings by acquiring Wired-4-Health, a company specializing in healthcare technology and data services. This addition supports Avant’s goal to create the first supercomputing network in the country. This network will offer big data and AI software companies a quicker, more potent, and more affordable computing infrastructure.
“Our strategy behind this acquisition was to enable Avant to deliver best-in-class data and system interoperability support services to the healthcare and life sciences sectors powered by AvantAI® and our high-density compute capabilities,” said Tim Lantz, CEO of Avant Technologies. “At the same time, this exciting combination significantly strengthens our financial profile, offers massive commercial growth opportunities in one of Avant’s largest target markets, and bolsters our internal customer support and R&D capabilities.”
The goal of this deal is to bring together Avant Technologies and Wired-4-Health to improve how healthcare data is shared and used. By joining forces, they can use advanced AI and powerful computing to help healthcare and life sciences organizations deal with data and system challenges more easily and effectively.
This partnership improves the way transactions are processed, analyzes health outcomes, and ensures compliance, leading to better performance, more reliable data, and a more affordable, scalable system for customers.
“In the near term, if the healthcare industry expects to succeed in lowering costs while improving quality, the deployment of advanced AI, combined with more powerful, cost- effective compute capabilities will be critical to that success,” said Angela Harris, Avant’s Chief Operating Officer. “The addition of Wired-4-Health will position Avant as a key contributor in helping healthcare organizations solve complex problems at the intersection of cost, quality, compliance and technology.”
Tech giant Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT) has also been aiding the healthcare sector, most notably with its Azure AI Health Bot, which helps create copilot experiences with healthcare safeguards. Microsoft is enhancing its Azure AI Health Bot services by adding new healthcare-specific safeguards and features, including integration with Microsoft Copilot Studio.
These upgrades allow healthcare organizations to create their own copilot experiences, with pre-built capabilities, templates, and connectors tailored to healthcare needs, supporting protocol-based workflows alongside AI-based answers, and ensuring compliance with industry standards and guidelines. Now the platform is already being put into use by big players, including by German pharma giant Roche.
“By leveraging Azure AI Health Bot to build copilot experiences for doctors, we are developing an intuitive, conversational interface that lets clinicians access and explore Roche’s clinical documentations in a more natural way and to cope with the complexity and flood of information,” said Dr. Georg Isbary of Roche Pharma Germany. “The pilot for this new user experience, powered by generative AI features and compliant with the necessary security standards, has been integrated into our systems and will be further tailored to regional market needs.”
Long-time developer in the AI and machine learning (ML) space for healthcare, Health Catalyst, Inc. (NASDAQ:HCAT) signed a multi-year partnership with SacValley MedShare, one of California’s largest and most established qualified health information organization, earlier this year. As per the deal, Health Catalyst will support SacValley’s important mission through a broad set of technology solutions, including KPI Ninja by Health Catalyst, Healthcare.AI – a Health Catalyst Data Operating System (DOSTM) Platform module, and several other application solutions and Professional Services.
“We are honored to partner with SacValley MedShare on their continued journey to advance healthcare and are confident our technology, combined with our dedicated, skilled team members, will deliver the improved efficiency and support SacValley MedShare needs to achieve its healthcare transformation goals,” said Dan Burton, CEO of Health Catalyst.
By choosing Health Catalyst’s advanced data and analytics services, SacValley will enhance its ability to share and use information. This will lead to better service for those paying for healthcare, by making it easier to share important health details. This helps in delivering top-notch reports and care for patients.
“Transforming data from movable to usable is the alchemy of insights, turning raw potential into the gold of informed decision-making, ultimately forging a path towards health equity and improved outcomes,” said John Helvey, Executive Director of SacValley MedShare. “This is the primary reason SVMS chose Health Catalyst as a transforming partner.”
Another AI player is Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), which is making it easier and cheaper for other biopharma companies to produce important biological materials and organisms by using artificial intelligence (AI). Back in February 2024, Ginkgo announced the acquisition of key assets of Reverie Labs, which has built and used AI/ML tools to accelerate drug discovery. The acquisition of Reverie’s infrastructure and software serves to help train large-scale AI foundation models, while four of Reverie’s key AI team members will also be joining Ginkgo.
Gingko followed this up through a collaboration with UK-based biotech company Prozomix, to build out the production of next generation enzyme plates for active pharmaceutical ingredient (API) manufacturing. The agreement aims to leverage Gingko’s Enzyme Services and industry-leading AI/ML models along with Prozomix’s existing enzyme libraries and deep experience manufacturing enzyme plates.
“API manufacturing is poised to greatly benefit from the latest in enzyme engineering and AI/ML enzyme models,” said Cindy Chang, Senior Director, Business Development at Ginkgo Bioworks. “We are so excited to partner with Prozomix to get enzymes into as many API routes as possible and help partners meet both their COGs savings and sustainability goals.”
Another developer helping to lead the way in AI-powered healthcare is Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX), which uses AI to pick out which treatments should be tested in clinical trials, while also letting biopharma companies to use their AI tools to do so also.
Last year, Recursion lined up a $50-million collaboration with AI chipmaking giant Nvidia for AI drug discovery. Then at the beginning of 2024, Recursion presented a demonstration of LOWE (Large Language Model-Orchestrated Workflow Engine), a new software designed to perform complex drug discovery tasks using a natural language interface. The platform is powered by Recursion’s proprietary biological and chemical data, and can orchestrate experiments using Recursion’s automated wet laboratories, unleashing the power of the Recursion Operating System in an easy-to-use tool.
“For the first time, we’ve taught Large Language Models to use many of Recursion’s tools and data in the same way an expert scientist would, but much more simply and in a more scalable way,” said Chris Gibson, Ph.D., Co-founder and CEO of Recursion. “LOWE provides an exciting glimpse into what we believe the future of drug discovery will look like – a first step towards the development of autonomous ‘AI scientists’ for therapeutic discovery.”
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:USA News [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/ai-in-healthcare-unveiling-the-future-with-a-42-20-cagr-through-2029–302127335.html
Artificial Intelligence
Oncolytics Biotech® Announces Upcoming Presentations at the American Society of Clinical Oncology Annual Meeting
SAN DIEGO and CALGARY, AB, April 25, 2024 /PRNewswire/ — Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced the acceptance of two abstracts at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, which is taking place from May 31 – June 4, 2024, in Chicago, Illinois. Details on the abstracts and poster presentation are shown below.
Title: Phase 1/2 randomized, open-label, multicenter, Simon two-stage study of pelareorep combined with modified FOLFIRINOX +/- atezolizumab in patients with metastatic pancreatic ductal adenocarcinoma.
Presentation Type: PosterAbstract Number: TPS4203Session Title: Gastrointestinal Cancer – Gastroesophageal, Pancreatic, and HepatobiliarySession Date and Time: June 1, 2024, 1:30 – 4:30 p.m. CTTitle: Pelareorep driven blood TIL expansion in patients with pancreatic, breast and colon cancer.Presentation Type: Online abstractAbstract Number: e14625
Abstracts will be published on the ASCO Annual Meeting website at 5:00 p.m. ET on May 23, 2024.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid and hematological malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @oncolytics.
Company Contact
Jon Patton
Director of IR & Communication
[email protected]
Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
+1-917-679-9282
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/oncolytics-biotech-announces-upcoming-presentations-at-the-american-society-of-clinical-oncology-annual-meeting-302127245.html
Artificial Intelligence
Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology
WESTFORD, Mass., April 25, 2024 /PRNewswire/ — SkyQuest projects that the Internet of Things (IoT) Market will attain a value of USD 1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period (2024-2031). Internet of Things (IoT) refers to the network of connected devices over the internet that are embedded with sensors and software. Growing adoption of automation around the world and advancements in connected device technologies are forecasted to be key factors driving the Internet of Things (IoT) market growth in the future.
Download a detailed overview:
https://www.skyquestt.com/report/internet-of-things-market
Browse in-depth TOC on “Internet of Things (IoT) Market”
Pages – 197Tables – 69Figures – 75Internet of Things (IoT) Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 380.6 billion
Estimated Value by 2031
$1572.37 billion
Growth Rate
Poised to grow at a CAGR of 19.4%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component Type, Application, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Rising demand for connected healthcare and growing use of industrial automation solutions
Key Market Drivers
Advancements in connectivity and connected device technologies
Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT
Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.
Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice
Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.
Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market
Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/internet-of-things-market
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/
View original content:https://www.prnewswire.co.uk/news-releases/internet-of-things-iot-market-to-expand-at-a-stellar-19-4-cagr-through-2031–skyquest-technology-302127239.html
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