Artificial Intelligence
Surgalign Announces First Quarter 2023 Results and Provides Update on its Business Operations
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DEERFIELD, Ill., May 11, 2023 (GLOBE NEWSWIRE) — Surgalign Holdings, Inc., (NASDAQ: SRGA) a global medical technology company focused on elevating the standard of care by driving the evolution of digital surgery, today announced financial results for its 2023 first quarter ended March 31, 2023.
2023 First Quarter and Subsequent Corporate Highlights:
- Launch of HOLO™ AI Insights for Spine Imaging; collaboration with Dr. Alexander Vaccaro, Dr. Pierce Nunley and Spine Institute of Louisiana, and leading neuro and orthopedic spine surgeons and San Diego Spine Foundation.
- Launch of HOLO AI Insights for Neurovascular Research; collaboration with Dr. Brian Jankowitz, a fellowship trained cerebrovascular neurosurgeon, for neurovascular research.
- HOLO Portal™ Surgical Guidance System (“HOLO Portal”) upgrades unveiled; next generation software and new surgical tool integration to improve system functionality and drive further adoption.
- Two new sites added in May 2023 for HOLO Portal; onboarding underway with cases to be scheduled.
- HOLO Portal expansion into Texas; first case performed by Dr. Ripul Panchal, DO of Medical City Frisco, part of HCA Healthcare.
- Sale of its Coflex® and CoFix™ product lines for $17.0 million, raising net proceeds of $14.8 million.
“Throughout 2023, we have advanced our HOLO AI portfolio with an upgraded HOLO Portal system, and the launch of HOLO AI Insights for research-use for both spine imaging and neurovascular research,” stated Terry Rich, President and Chief Executive Officer. “This was made possible by the invaluable feedback from the medical community, and we couldn’t be happier to be working with such world-class physicians to harness the full potential of artificial intelligence. We are focused on further enhancements to our AI platform with a goal to expedite commercialization efforts as we capitalize on the Digital Health opportunity.”
Mr. Rich continued, “With the sale of our Coflex and CoFix product lines in February, we strengthened our balance sheet and extended our cash runway, while our restructuring initiatives are progressing accordingly to plan. We will remain vigilant in our capital allocation and continue to explore strategic paths to improve liquidity and provide the resources needed to execute on our vision.”
Financial Update
Total revenue for the three months ended March 31, 2023 was $16.7 million as compared to $20.6 million in the comparable year-ago period, a decline of $3.9 million. On a sequential basis when compared to the three months ended December 31, 2022, total revenue declined by $3.9 million. The sequential decrease in revenue was primarily related to a significant reduction in product offerings as part of the Company’s ongoing restructuring efforts, lower international revenue resulting from wind down of the international business, and lost revenue from the sale of the Coflex® and CoFix™ product lines in February 2023.
The Company reported gross margin of 63.7% for the three months ended March 31, 2023, as compared to gross margin of 68.9% in the comparable year-ago period, a reduction of 520 basis points. On a sequential basis when compared to the three months ended December 31, 2022, gross margin improved by 7730 basis points. The sequential increase in gross profit was primarily related to product rationalization initiatives during the fourth quarter of 2022, which led to significant charges to cost of goods sold in that period.
On a non-GAAP basis, the Company reported adjusted gross margin of 69.5% for the three months ended March 31, 2023, as compared to adjusted gross margin of 70.9% in the comparable year-ago period, a reduction of 140 basis points. On a sequential basis when compared to the three months ended December 31, 2022, adjusted gross margin decreased by 240 basis points.
Total operating expenses for the three months ended March 31, 2023 were $24.4 million as compared to $23.1 million in the comparable year-ago period, an increase of $1.3 million or 5.8%. On a sequential basis when compared to the three months ended December 31, 2022, total operating expenses declined by approximately $20.9 million. The primary drivers for the sequential improvement in operating expenses were a $17.5 million decline in transaction and financing expenses related to the Company’s November 2022 warrant offering, and a $1.3 million decline in general and administrative expenses, primarily related to restructuring.
On a non-GAAP basis, total adjusted operating expenses for the three months ended March 31, 2023 were $23.0 million, as compared to $28.4 million for the three months ended March 31, 2022. Excluded from non-GAAP operating expenses for the 2023 first quarter was a gain of $1.1 million due to adjustments to the fair value of Holo Surgical Inc. contingent consideration, $0.6 million in asset impairment charges, $1.0 million in non-cash stock-based compensation, $0.5 million in transaction and financing expenses, and $0.5 million in severance and restructuring costs. On a sequential basis when compared to the three months ended December 31, 2022, total adjusted operating expenses declined by approximately $1.6 million.
The Company reported an operating loss of $1.1 million for the three months ended March 31, 2023, as compared to an operating loss of $8.9 million in the comparable year-ago period and an operating loss of $48.2 million for the three months ended December 31, 2022. Net income from continuing operations for the three months ended March 31, 2023 was $4.1 million. This compares to net income from continuing operations of $0.0 million in the comparable year-ago period and a net loss from continuing operations of $39.1 million for the three months ended December 31, 2022.
Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) for the three months ended March 31, 2023 was a loss of $10.8 million. This compares to an Adjusted EBITDA loss of $13.3 million in the comparable year-ago period and an Adjusted EBITDA loss of $9.1 million for the three months ended December 31, 2022.
As of March 31, 2023, cash and cash equivalents were approximately $22.4 million, as compared to $16.3 million reported as of December 31, 2022.
The Company continues to implement a corporate-wide review of its organizational structure, processes and costs, along with continued product rationalization initiatives. The restructuring plan began during the fourth quarter of 2022 and continues today.
Conference Call
Surgalign will host a conference call and audio webcast at 4:30 p.m. ET today. The conference call can be accessed by dialing (888) 437-3179 (U.S.) or (862) 298-0702 (International). The webcast can be accessed through the investor section of Surgalign’s website at surgalign.com/investors/. A replay of the conference call will be available on Surgalign’s website for one month following the call.
About Surgalign Holdings, Inc.
Surgalign Holdings, Inc. is a global medical technology company committed to the promise of digital health to drive transformation across the surgical landscape. Uniquely aligned and resourced to advance the standard of care, the company is building technologies physicians and other health providers will look to for what is truly possible for their patients. Surgalign is focused on developing solutions that predictably deliver superior clinical and economic outcomes. Surgalign markets products throughout the United States and in approximately 40 countries worldwide through its network of top independent distributors. Surgalign is headquartered in Deerfield, IL, with commercial, innovation and design centers in San Diego, CA, Warsaw and Poznan, Poland, and Wurmlingen, Germany. Learn more at www.surgalign.com and connect on LinkedIn and Twitter.
Forward Looking Statements
This press release contains forward-looking statements based on management’s current expectations, estimates and projections about our industry, our management’s beliefs and certain assumptions made by our management, and such forward-looking statements include (among others) statements regarding anticipated future financial and operating performance (including forecasted full-year revenue and number of HOLO sites secured), product rationalization and expense reduction initiatives and the results thereof, potential third party financing and anticipated cash needs. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “projects,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements are not guarantees of future performance and are based on certain assumptions including general economic conditions, as well as those within the Company’s industry, and numerous other factors and risks identified in the Company’s most recent Form 10-K, 10-Q and other filings with the SEC. Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Important factors that could cause actual results to differ materially from the anticipated results reflected in these forward-looking statements include risks and uncertainties relating to the following: (i) the Company’s access to adequate operating cash flow, trade credit, borrowed funds and equity capital to fund its operations and pay its obligations as they become due, and the terms on which external financing may be available, including the impact of adverse trends or disruption in the global credit and equity markets; (ii) our ability to continue as a going concern, which requires us to manage costs and obtain significant additional funding; (iii) the need for additional financing to fund future operations; (iv) our expectations regarding our ability to regain and maintain compliance with the continued listing requirements of the Nasdaq Global Select Market; (v) our financial position and results, total revenue, product revenue, gross margin, and operations; (vi) failure to realize, or unexpected costs in seeking to realize, the expected benefits of the Holo Surgical Inc. (“Holo Surgical”) and Inteneural Networks Inc. (“INN”) acquisitions, including the failure of Holo Surgical’s and INN’s products and services to be satisfactorily developed or achieve applicable regulatory approvals or as a result of the failure to commercialize and distribute its products; (vii) risks relating to existing or potential litigation or regulatory actions; (viii) the continued impact of COVID-19 variants, particularly in international markets served by the Company; (ix) the failure by the Company to identify, develop and successfully implement its strategic initiatives, particularly with respect to its digital surgery strategy; (x) the reliability of our supply chain; (xi) our ability to meet obligations, including purchase minimums, under our vendor and other agreements; (xii) whether or when the demand for procedures involving our products will increase; (xiii) the number of shares and amount of cash that will be required in connection with any post-closing milestone payments, including as a result of changes in the trading price of the Company’s common stock and their effect on the amount of cash needed by the Company to fund any post-closing milestone payments in connection with the acquisitions; (xiv) the continuation of recent quality issues with respect to our global supply chain; (xv) the effect and timing of changes in laws or in governmental regulations; and (xvi) other risks described in our public filings with the SEC. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. Each forward-looking statement in this communication speaks only as of the date of the particular statement. Copies of the Company’s SEC filings may be obtained by contacting the Company or the SEC or by visiting Surgalign’s website at http://www.surgalign.com/ or the SEC’s website at http://www.sec.gov/. We undertake no obligation to update these forward-looking statements except as may be required by law.
Investor and Media Relations Contact:
Glenn Wiener
GW Communications
T: +1 (917) 887 8434
E: [email protected]
| SURGALIGN HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (Unaudited, in thousands, except share and per share data) | ||||||||
| For the Three Months Ended | ||||||||
| March 31, | ||||||||
| 2023 | 2022 | |||||||
| Revenues | $ | 16,748 | $ | 20,605 | ||||
| Cost of goods sold | 6,074 | 6,410 | ||||||
| Gross profit | 10,674 | 14,195 | ||||||
| Operating Expenses: | ||||||||
| General and administrative | 21,127 | 25,317 | ||||||
| Severance and restructuring costs | 466 | — | ||||||
| Research and development | 2,905 | 4,447 | ||||||
| Gain on acquisition contingency | (1,066 | ) | (8,503 | ) | ||||
| Asset impairment and abandonments | 553 | 939 | ||||||
| Transaction and financing expenses | 463 | 916 | ||||||
| Total operating expenses | 24,448 | 23,116 | ||||||
| Gain on sale of Coflex | (12,631 | ) | — | |||||
| Operating loss | (1,143 | ) | (8,921 | ) | ||||
| Other (income) expense – net | ||||||||
| Other (income) expense – net | (147 | ) | 28 | |||||
| Interest expense | 252 | 252 | ||||||
| Foreign exchange (gain) loss | (238 | ) | 353 | |||||
| Change in fair value of warrant liability | (5,288 | ) | (9,743 | ) | ||||
| Total other (income) – net | (5,421 | ) | (9,110 | ) | ||||
| Income before income tax provision | 4,278 | 189 | ||||||
| Income tax provision | 133 | 162 | ||||||
| Net income from operations | 4,145 | 27 | ||||||
| Other comprehensive income (loss) | ||||||||
| Unrealized foreign currency translation (gain) | (509 | ) | (109 | ) | ||||
| Total other comprehensive income | $ | 4,654 | $ | 136 | ||||
| Net income per common share – basic | $ | 0.51 | $ | 0.00 | ||||
| Net (loss) income per common share – diluted | $ | (0.03 | ) | $ | 0.00 | |||
| Weighted average shares outstanding – basic | 8,072,339 | 5,733,646 | ||||||
| Weighted average shares outstanding – diluted | 13,320,439 | 5,910,719 | ||||||
| SURGALIGN HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Unaudited, in thousands) | ||||||||
| March 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Cash | $ | 22,430 | $ | 16,295 | ||||
| Accounts receivable – net | 12,575 | 16,057 | ||||||
| Current inventories – net | 13,530 | 17,710 | ||||||
| Prepaid and other assets | 4,895 | 6,649 | ||||||
| Total current assets | $ | 53,430 | $ | 56,711 | ||||
| Non-current inventories – net | 6,148 | 5,947 | ||||||
| Property, plant and equipment – net | 2,421 | 2,057 | ||||||
| Other assets – net | 5,713 | 5,527 | ||||||
| Total assets | $ | 67,712 | $ | 70,242 | ||||
| Liabilities, Mezzanine Equity and Stockholders’ Equity | ||||||||
| Accounts payable | $ | 7,492 | $ | 7,705 | ||||
| Accrued expenses and other current liabilities | 12,090 | 13,146 | ||||||
| Accrued income taxes | 402 | 296 | ||||||
| Total current liabilities | $ | 19,984 | $ | 21,147 | ||||
| Notes payable – related party | 10,244 | 10,192 | ||||||
| Acquisition contingencies – Holo | 22,995 | 24,061 | ||||||
| Warrant liability | 15,512 | 22,982 | ||||||
| Other Long-term liabilities | 7,906 | 7,583 | ||||||
| Total liabilities | $ | 76,641 | $ | 85,965 | ||||
| Mezzanine equity | 10,006 | 10,006 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock and additional paid-in capital | 604,487 | 601,329 | ||||||
| Accumulated other comprehensive loss | (3,349 | ) | (2,840 | ) | ||||
| Accumulated deficit | (620,073 | ) | (624,218 | ) | ||||
| Total stockholders’ equity | $ | (18,935 | ) | $ | (25,729 | ) | ||
| Total liabilities and stockholders’ equity | $ | 67,712 | $ | 70,242 | ||||
| SURGALIGN HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited, in thousands) | ||||||||
| For the Three Months Ended March 31, |
||||||||
| 2023 | 2022 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 4,145 | $ | 27 | ||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
| Depreciation and amortization expense | 499 | 562 | ||||||
| Provision for bad debts and product returns | 29 | 913 | ||||||
| Investor fee | — | 916 | ||||||
| Change in fair value of warrant liability | (5,288 | ) | (9,743 | ) | ||||
| Provision for inventory write-downs | 215 | 3,044 | ||||||
| Deferred income tax provision | (21 | ) | — | |||||
| Stock-based compensation | 985 | 1,374 | ||||||
| Asset impairment and abandonments | 553 | 939 | ||||||
| Gain on acquisition contingency | (1,066 | ) | (8,503 | ) | ||||
| Gain on sale of Coflex | (12,631 | ) | — | |||||
| Other | (35 | ) | (3 | ) | ||||
| Change in assets and liabilities: | ||||||||
| Accounts receivable | 3,451 | (2,235 | ) | |||||
| Inventories | 1,580 | (2,122 | ) | |||||
| Accounts payable | (2,405 | ) | 1,771 | |||||
| Accrued expenses | (826 | ) | (17,492 | ) | ||||
| Right-of-use asset and lease liability | (360 | ) | (2 | ) | ||||
| Other operating assets and liabilities | 2,153 | 11,416 | ||||||
| Net cash used in operating activities | $ | (9,022 | ) | $ | (19,138 | ) | ||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (1,297 | ) | (1,261 | ) | ||||
| Disposal of Coflex | 17,000 | — | ||||||
| Patent and acquired intangible asset costs | (35 | ) | (81 | ) | ||||
| Net cash provided by (used in) investing activities | $ | 15,668 | $ | (1,342 | ) | |||
| Cash flows from financing activities: | ||||||||
| Share offering proceeds including prefunded warrant exercised, net | — | 17,729 | ||||||
| Payment of Holo Milestones – contingent consideration | — | (4,081 | ) | |||||
| Pre-funded warrant execution | 1 | — | ||||||
| Payments for treasury stock | (20 | ) | (5 | ) | ||||
| Net cash (used in) provided by investing activities | $ | (19 | ) | $ | 13,643 | |||
| Effect of exchange rate changes on cash and cash equivalents | (492 | ) | 227 | |||||
| Net increase (decrease) in cash and cash equivalents | 6,135 | (6,610 | ) | |||||
| Cash and cash equivalents, beginning of period | 16,295 | 51,287 | ||||||
| Cash and cash equivalents, end of period | $ | 22,430 | $ | 44,677 | ||||
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements presented on a GAAP basis, we disclose non-GAAP net loss applicable to common shares, non-GAAP net loss per diluted share, non-GAAP operating expenses, and non-GAAP gross profit, in each case adjusted for certain amounts. In addition, we disclose EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The calculation of the tax effect on the adjustments between GAAP net loss applicable to common shares and non-GAAP net income applicable to common shares is based upon our estimated annual GAAP tax rate, adjusted to account for items excluded from GAAP net loss applicable to common shares in calculating non-GAAP net loss applicable to common shares. Reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP measures are included in the reconciliations below.
The following are explanations of the adjustments that management excluded as part of the non-GAAP measures for the three months ended March 31, 2023 and 2022. Management removes the amount of these costs including the tax effect on the adjustments from our operating results to supplement a comparison to our past operating performance.
2023 and 2022 Non-cash stock-based compensation – These costs relate to expense amortization for all stock-based awards made to employees and directors, including restricted stock awards, restricted stock units, stock options and the employee stock purchase plan purchase rights.
2023 and 2022 Foreign exchange (gain) loss– These costs relate to the process of remeasuring international activity into the Company’s functional currency.
2023 and 2022 Change in fair value of warrant liability – Other income related to the revaluation of our warrant liability.
2023 and 2022 Gain on acquisition contingency – The gain on acquisition contingency relates to an adjustment to our estimate of obligation for future milestone payments on the Holo Surgical acquisition.
2023 and 2022 Asset impairment and abandonments – These costs relate to asset impairment and abandonments of certain long-term assets within the asset group.
2023 and 2022 Transaction and financing expenses – These costs relate to professional fees associated with financings, issuance costs for the underwritten public offering, and service related to sale of the Company’s Coflex inventory line.
2023 and 2022 Inventory purchase price adjustment – These costs relate to the purchase price effects of acquired Paradigm inventory that was sold during the two months of January and February of 2023 prior to the sale of inventory line, and for the three months ended March 31, 2022.
2023 Severance and restructuring costs – These costs relate to employee related severance costs as a result of the Company’s organization restructuring plan.
2023 Gain on sale of Coflex – Gain related to the sale of the Company’s Coflex and Cofix product lines in the United States.
2023 Product rationalization – These costs relate to inventory write downs associated with the wind down of the international business.
Material Limitations Associated with the Use of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Adjusted Net Income Applicable to Common Shares should not be considered in isolation, or as a replacement for GAAP measures.
Usefulness of Non-GAAP Financial Measures to Investors
The Company believes that presenting EBITDA, Adjusted EBITDA and Adjusted Net Income Applicable to Common Shares in addition to the related GAAP measures provide investors greater transparency to the information used by management in its financial decision-making.
| SURGALIGN HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||
| Reconciliation of Revenues to Adjusted Gross Profit | |||||||||||
| (Unaudited, in thousands) | |||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Revenues | $ | 16,748 | 100.0 | % | $ | 20,605 | 100.0 | % | |||
| Costs of processing and distribution | 6,074 | 36.3 | % | 6,410 | 31.1 | % | |||||
| Gross profit, as reported | 10,674 | 63.7 | % | 14,195 | 68.9 | % | |||||
| Inventory write-off | 730 | 4.4 | % | — | — | % | |||||
| Inventory purchase price adjustment | 235 | 1.4 | % | 410 | 2.0 | % | |||||
| Non-GAAP gross profit, adjusted | $ | 11,639 | 69.5 | % | $ | 14,605 | 70.9 | % | |||
| SURGALIGN HOLDINGS, INC. AND SUBSIDIARIES | |||||||
| Non-GAAP Operating Expenses, Adjusted | |||||||
| (Unaudited, in thousands) | |||||||
| For the Three Months Ended March 31, |
|||||||
| 2023 | 2022 | ||||||
| Operating Expenses | $ | 24,448 | $ | 23,116 | |||
| Non-cash stock-based compensation | 985 | 1,374 | |||||
| Gain on acquisition contingency | (1,066 | ) | (8,503 | ) | |||
| Asset impairment and abandonments | 553 | 939 | |||||
| Transaction and integration expenses | 463 | 916 | |||||
| Severance and restructuring costs | 466 | — | |||||
| Non-GAAP Operating Expenses, adjusted* | $ | 23,047 | $ | 28,390 | |||
| Non-GAAP Operating Expenses, adjusted, as a percent of revenues | 137.6 | % | 137.8 | % | |||
| *Please note this reconciliation does not include HOLO™ Portal capitalized costs of $0.4 million and $0.0 million for the three months ended March 31, 2023 and 2022. | |||||||
| #See explanations in Non-GAAP Financial Measures above. | |||||||
| SURGALIGN HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||
| Reconciliation of Net Income Applicable to Common Shares and Income Per Diluted Share to Adjusted Net Loss Applicable to Common Shares and Adjusted Net Loss Per Diluted Share | ||||||||||||||||
| (Unaudited, in thousands except per share data) | ||||||||||||||||
| For the Three Months Ended | ||||||||||||||||
| March 31, 2023 | March 31, 2022 | |||||||||||||||
| Net Income Applicable to Common Shares | Amount Per Diluted Share | Net Income Applicable to Common Shares | Amount Per Diluted Share | |||||||||||||
| Net income from continuing operations | $ | 4,145 | $ | 0.31 | $ | 27 | $ | 0.00 | ||||||||
| Change in fair value of warrant liability | (5,288 | ) | (0.40 | ) | (9,743 | ) | (1.65 | ) | ||||||||
| Gain on acquisition contingency | (1,066 | ) | (0.08 | ) | (8,503 | ) | (1.44 | ) | ||||||||
| Non-cash stock-based compensation | 985 | 0.07 | 1,374 | 0.23 | ||||||||||||
| Foreign exchange (gain) loss | (238 | ) | (0.02 | ) | 353 | 0.06 | ||||||||||
| Gain on sale of Coflex | (12,631 | ) | (0.95 | ) | — | 0.00 | ||||||||||
| Asset impairment and abandonments | 553 | 0.04 | 939 | 0.16 | ||||||||||||
| Transaction and financing expenses | 463 | 0.03 | 916 | 0.15 | ||||||||||||
| Inventory purchase price adjustment | 235 | 0.02 | 410 | 0.07 | ||||||||||||
| Product rationalization | 730 | 0.05 | — | 0.00 | ||||||||||||
| Severance and restructuring costs | 466 | 0.03 | — | 0.00 | ||||||||||||
| Tax effect on adjustments | 17 | 0.00 | — | 0.00 | ||||||||||||
| Non-GAAP net loss from continuing operations, adjusted* | $ | (11,629 | ) | $ | (0.90 | ) | $ | (14,227 | ) | $ | (2.42 | ) | ||||
| *Please note this reconciliation does not include HOLO™ Portal capitalized costs of $0.4 million and $0.0 million for the three months ended March 31, 2023 and 2022. | ||||||||||||||||
| #See explanations in Non-GAAP Financial Measures above. | ||||||||||||||||
| SURGALIGN HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
| Reconciliation of Net Income Applicable to Commons Shares to Adjusted EBITDA | ||||||||
| (Unaudited, in thousands) | ||||||||
| For the Three Months Ended March 31, |
||||||||
| 2023 | 2022 | |||||||
| Net income from continuing operations | $ | 4,145 | $ | 27 | ||||
| Interest expense, net | 252 | 252 | ||||||
| Income tax provision | 133 | 162 | ||||||
| Depreciation | 450 | 509 | ||||||
| EBITDA | $ | 4,980 | $ | 950 | ||||
| Reconciling items impacting EBITDA | ||||||||
| Non-cash stock-based compensation | 985 | 1,374 | ||||||
| Foreign exchange loss | (238 | ) | 353 | |||||
| Other reconciling items* | ||||||||
| Inventory purchase price adjustment | 235 | 410 | ||||||
| Change in fair value of warrant liability | (5,288 | ) | (9,743 | ) | ||||
| Gain on acquisition contingency | (1,066 | ) | (8,503 | ) | ||||
| Gain on sale of Coflex | (12,631 | ) | — | |||||
| Asset impairment and abandonments | 553 | 939 | ||||||
| Transaction and financing expenses | 463 | 916 | ||||||
| Product rationalization | 730 | — | ||||||
| Severance and restructuring costs | 466 | — | ||||||
| Adjusted EBITDA* | $ | (10,811 | ) | $ | (13,304 | ) | ||
| Adjusted EBITDA as a percent of revenues | (64.6 | )% | (64.6 | )% | ||||
| *Please note this reconciliation does not include HOLO™ Portal capitalized costs of $0.4 million and $0.0 million for the three months ended March 31, 2023 and 2022. | ||||||||
| #See explanations in Non-GAAP Financial Measures above. | ||||||||
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TRENDS INFLUENCING THE GROWTH OF THE DATA CENTER CHIP MARKET:
In data centers, Graphics Processing Units (GPUs) are essential for speeding up computing operations and data processing. They are perfect for managing workloads related to artificial intelligence (AI), machine learning, and large-scale data analytics because of their parallel processing capabilities. The need for GPUs in data centers is growing as these technologies become increasingly essential to corporate operations. Businesses are purchasing GPUs in order to increase the effectiveness of their data processing, lower latency, and boost overall performance. The need for data center chips is being driven by the increasing reliance on GPUs for sophisticated computing activities, which is considerably contributing to the market’s rise. This need is further increased by the growing use of AI and machine learning in a variety of sectors, which puts GPUs at the forefront of the data center semiconductor industry.
Compared to general-purpose chips, Application Specific Integrated Circuits (ASICs) provide better performance and efficiency since they are designed specifically for a given application. ASICs are extensively utilized in data centers for specific tasks including networking, data compression, and encryption. ASICs are becoming more and more common as a result of the growth of cloud computing, big data analytics, and blockchain technology, which has increased demand for high-performance, energy-efficient processors. Their capacity to provide tailored performance for certain applications aids data centers in better workload management, power conservation, and operating expense reduction. The market is expanding as a result of the increased preference for ASICs in data centers, which is fueling the need for specialized data center chips.
Large data centers are important users of data center chips; they are run by well-known IT firms and cloud service providers. To manage enormous volumes of data and provide a wide range of services, these facilities need a great deal of processing power and sophisticated computing skills. High-performance data center chips are becoming more and more necessary as a result of the growth of massive data centers and the rising demand for online streaming, cloud services, and digital transactions. These chips are necessary to ensure effective data management, processing, and storage, which helps big data centers fulfill the increasing expectations of its clientele. Large data center proliferation is anticipated to considerably boost the data center chip industry as the digital economy continues to grow.
Data centers are becoming more and more important to the Banking, Financial Services, and Insurance (BFSI) industry as a means of safely and effectively managing high transaction volumes, consumer data, and financial records. The need for sophisticated data center processors is being driven by the sector’s requirement for real-time data processing, high-performance computing, and strong security measures. BFSI organizations may improve their operational efficiency, guarantee data integrity, and deliver superior client services by utilizing data centers fitted with robust chips. The BFSI sector’s need for data center chips is being driven by the increasing use of online banking, digital banking, and financial analytics tools, all of which increase the requirement for sophisticated data center infrastructure.
The market for data center chips is significantly influenced by the cloud computing industry’s explosive growth. There is a growing need for scalable, effective, and high-performance data center infrastructure as more companies move their operations to the cloud. In order to handle enormous volumes of data, facilitate virtualization, and guarantee flawless service delivery, cloud service providers need sophisticated data center chips. Sturdy data center chips are becoming more and more necessary as cloud-based solutions become more and more popular. Benefits like cost savings, flexibility, and scalability are driving this trend. In places like North America and Europe, where cloud adoption rates are high and data center chip demand is rising rapidly, this tendency is especially significant.
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DATA CENTER CHIP MARKET SHARE
In 2022, North America gained a sizable portion of the market.
In 2022, the GPU made up the largest portion of the market share.
Throughout the projection period, large data centers are expected to gain a significant portion.
The BFSI market is anticipated to be one of the most profitable markets.
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Key Companies:
Advanced Micro Devices IncTaiwan Semiconductor Manufacturing Company LimitedBroadcomHuawei Technologies Co LtdIntel CorporationNVidia CorporationSamsung Electronics Co LtdQualcomm Technologies IncGlobalFoundriesARM LIMITED (SOFTBANK GROUP CORP.)Purchase Chapters @ https://reports.valuates.com/request/chaptercost/ALLI-Auto-2B326/Data_Center_Chip_Market
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Artificial Intelligence
Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology
WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
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Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
Key Market Opportunities
Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
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Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
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Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning 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 SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.
Browse in-depth TOC on “Generative AI cybersecurity Market”
350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, End-user, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
Browse Adjacent Market: Artificial Intelligence (AI) Market Research Reports & Consulting
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AI Model Risk Management Market – Global Forecast to 2029
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Artificial Intelligence in Cybersecurity Market – Global Forecast to 2028
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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