Artificial Intelligence
Rent the Runway, Inc. Announces First Quarter 2023 Results
Record High Active Subscriber Count of 145,220 as of April 30, 2023,
Growing 15% Quarter Over Quarter
Rapid Progress on Improving the Customer Experience
Significant Momentum on Path to Free Cash Flow Profitability:
Q1 2023 Net Loss of $(30.1)M and Net Margin of (40.6)% vs. $(42.5)M and (63.3)% in Q1 2022
Strong Adjusted EBITDA of $4.5M and Adjusted EBITDA Margin of 6.1% in Q1 2023, Up From $(8.8)M and (13.1)% in Q1 2022
Revenue of $74.2M in Q1 2023, up 10.6% YoY
NEW YORK, June 07, 2023 (GLOBE NEWSWIRE) — Rent the Runway, Inc. (“Rent the Runway” or “RTR”) (NASDAQ: RENT), the world’s first and largest shared designer closet platform, today reported financial results for the fiscal quarter ended April 30, 2023.
“I’m proud of the momentum we’re continuing to drive across the business, and of our Q1 2023 financial results, where we beat on the top and bottom line,” said Jennifer Hyman, CEO and Co-Founder of Rent the Runway. “Given our financial transformation over the past several years, we believe we are in a strong position to invest the majority of resources into our strategy of improving the customer experience. Rent the Runway has always been great at three things: agility, innovation and continuous improvement, and we’ve leveraged these guiding principles to make great progress on our strategy in Q1. We look forward to delivering for our customers in the quarters to come while working towards our subscriber growth and profitability goals.”
“We’re pleased with the strong start to fiscal 2023. Quarter over quarter subscriber growth was strong and we exceeded both our revenue and Adjusted EBITDA guidance. Our commitment to being disciplined on cost control is reflected in our strong improvement in Adjusted EBITDA, while we invest in important customer experience improvements,” said CFO Sid Thacker. “Based on this solid foundation for progress, we’re reiterating our fiscal 2023 goals of 25%+ ending active subscriber growth and almost 50% reduction in cash consumption on our path to free cash flow breakeven.”
First Quarter 2023 Key Metrics and Financial Highlights
- Revenue was $74.2 million, a 10.6% increase year-over-year from $67.1 million in the first quarter of fiscal year 2022.
- 145,220 ending Active Subscribers, representing an increase of 7.6% year-over-year from 134,998 at the end of the first quarter of fiscal year 2022.
- 135,966 Average Active Subscribers representing an increase of 8.7% year-over-year from 125,119 at the end of the first quarter of fiscal year 2022.
- 185,720 ending Total Subscribers, representing an increase of 4.8% year-over-year from 177,213 at the end of the first quarter of fiscal year 2022.
- Gross Profit was $31.4 million, representing an increase of 39.6% from $22.5 million in the first quarter of fiscal year 2022. Gross Margin was 42.3%, as compared to 33.5% in the first quarter of fiscal year 2022.
- Net Loss was $(30.1) million, as compared to $(42.5) million in the first quarter of fiscal year 2022. Net Loss as a percentage of revenue was (40.6)%, as compared to (63.3)% in the first quarter of fiscal year 2022.
- Adjusted EBITDA was $4.5 million, as compared to $(8.8) million in the first quarter of fiscal year 2022. Adjusted EBITDA margin was 6.1%, as compared to (13.1)% in the first quarter of fiscal year 2022.
Fiscal First Quarter and Recent Business Highlights
- Introduced text-based concierge service: In early May, launched RTR CONCIERGE, a luxury-style service that offers complimentary 1:1 communication via text with our customer service team to help subscribers early in their tenure. Concierge is focused on onboarding new subscribers to ensure they get the most out of their membership.
- Improved product discovery features: In early April, launched Rent the Look to enable customers to rent a complete outfit or a similar option based on our recommendations. This feature has led to a 34% increase in engagement with substitute items.
- Further elevated delivery and returns experience: Launched a new convenience feature in At-Home Pickup, leading to an increase in in-market adoption of the service by nearly four percentage points from the end of Q4 of 2022 to the end of Q1 of 2023, and launched Saturday delivery to more than half of our subscribers.
- Achieved faster site speed: Made improvements to load times across the site experience, driving a 48% improvement in average load times on a key entry point into our conversion funnel, which resulted in an 89% lift in conversion on that page.
- Made foundational investments in AI: Took a first and important step in leveraging AI models to improve the RTR search & discovery experience by developing an AI-driven search beta. Expected to launch in the coming weeks, the feature will allow customers to leverage RTR’s existing search tools and product catalog using common phrases or fashion terms, which is intended to make the process of discovering products more intuitive and natural.
Outlook
For the second quarter of fiscal year 2023, Rent the Runway expects:
- Revenue in the range of $77.0 million to $79.0 million
- Adjusted EBITDA Margin of 7% to 8%
For fiscal year 2023, Rent the Runway continues to expect:
- Ending Active Subscriber growth of more than 25%
- Revenue in the range of $320 million to $330 million
- Adjusted EBITDA Margin of 7% to 8%
- YoY reduction in cash consumption by almost 50%
Please see our first quarter 2023 earnings presentation at https://investors.renttherunway.com/ under the “Presentations” section for supplemental guidance.
Earnings Presentation, Conference Call and Webcast
The first quarter 2023 Earnings Presentation is now accessible through the Investor Relations section of Rent the Runway’s website at https://investors.renttherunway.com/ under the “Presentations” section.
Rent the Runway will host a conference call and webcast to discuss its first quarter 2023 financial results and provide a business update today, June 7, 2023, at 4:30 pm EDT.
The financial results and live webcast will be accessible through the Investor Relations section of Rent the Runway’s website at https://investors.renttherunway.com/ under the “Events” section. To access the call through a conference line, dial 1-877-407-3982 (in the U.S.) or 1-201-493-6780 (international callers).
A replay of the conference call will be posted shortly after the call and will be available for at least fourteen days. To access the replay, dial 1-844-512-2921 (in the U.S.) or 1-412-317-6671 (international callers). The access code for the replay is 13737124.
About Rent the Runway, Inc.
Founded in 2009, Rent the Runway is disrupting the trillion-dollar fashion industry and changing the way women get dressed through the Closet in the Cloud, the world’s first and largest shared designer closet. RTR’s mission has remained the same since its founding: powering women to feel their best every day. Through RTR, customers can subscribe, rent items a-la-carte and shop resale from hundreds of designer brands. The Closet in the Cloud offers a wide assortment of millions of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear and ski wear. RTR has built a two-sided discovery engine, which connects deeply engaged customers and differentiated brand partners on a powerful platform built around its brand, data, logistics and technology. Under CEO and Co-Founder Jennifer Hyman’s leadership, RTR has been named to CNBC’s “Disruptor 50” five times in ten years, and has been placed on Fast Company’s Most Innovative Companies list four times, while Hyman herself has been named to the “TIME 100: Most Influential People in the World” and as one of People Magazine’s “Women Changing the World.”
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These statements include, but are not limited to, statements regarding our future results of operations, financial position, and revenue, future product launches, strategic initiatives, business objectives, anticipated macroeconomic environment, benefits of our customer-focused strategy and other strategic initiatives, including use of artificial intelligence and the expected timing of the launch of an AI-driven search beta, and expectations regarding customer loyalty and other subscriber trends. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements because they contain words such as “aim,” “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.
Forward-looking statements are based on information available at the time those statements are made and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties include our ability to manage our growth effectively; risks related to the macroeconomic environment; the highly competitive and rapidly changing nature of the global fashion industry; our ability to cost-effectively grow our customer base; any failure to retain customers; risk related to the COVID-19 pandemic and other future pandemics or public health crises; risks related to shipping, logistics and our supply chain; our ability to accurately forecast customer demand, manage our offerings effectively and plan for future expenses; our ability to improve website and mobile app performance and keep pace with technological changes; risks arising from the restructuring of our operations; our reliance on the effective operation of proprietary technology systems and software as well as those of third-party vendors and service providers; our ability to remediate our material weaknesses in our internal control over financial reporting; laws and regulations applicable to our business; failure by us to adequately obtain, maintain, protect and enforce our intellectual property and proprietary rights; compliance with data privacy, data security, data protection and consumer protection laws and industry standards; risks associated with our brand and manufacturing partners; our reliance on third parties for elements of the payment processing infrastructure underlying our business; our dependence on online sources to attract consumers and promote our business which may be affected by third-party interference or cause our customer acquisition costs to rise; failure by us, our brand partners, or third party manufacturers to comply with our vendor code of conduct or other laws; and risks related to our Class A capital stock and ownership structure. Additional information regarding these and other risks and uncertainties that could cause actual results to differ materially from the Company’s expectations is included in our Annual Report on Form 10-K for the year ended January 31, 2023, as will be updated in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2023. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Key Business and Financial Metrics
Active Subscribers is defined as the number of subscribers with an active membership as of the last day of any given period and excludes paused subscribers.
Average Active Subscribers is defined as the mean of the beginning of quarter and end of quarter Active Subscribers for a quarterly period; and for other periods, represents the mean of the Average Active Subscribers of every quarter within that period.
Gross Profit is defined as total revenue less fulfillment expense, revenue share and rental product depreciation. We depreciate owned apparel assets over three years and owned accessory assets over two years net of 20% and 30% salvage values, respectively, and recognize the depreciation and remaining cost of items when sold or retired on our statement of operations. Rental product depreciation expense is time-based and reflects all items we own. We use Gross Profit and Gross Profit as a percentage of revenue, or Gross Margin to measure the continued efficiency of our business after the cost of our products and fulfillment costs are included.
Non-GAAP Financial Measures
This press release and the accompanying tables contain the non-GAAP financial measures of Adjusted EBITDA and Adjusted EBITDA margin. In addition to our results determined in accordance with GAAP, we believe that Adjusted EBITDA and Adjusted EBITDA margin are useful in evaluating our performance. Adjusted EBITDA is a key performance measure used by management to assess our operating performance and the operating leverage of our business prior to capital expenditures. These non-GAAP financial metrics are not meant to be considered as indicators of our financial performance in isolation from or as a substitute for our financial information prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. There are limitations to the use of the non-GAAP financial metrics presented in this press release. For example, our non-GAAP financial metrics may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial metrics differently than we do, limiting the usefulness of those measures for comparative purposes.
We define Adjusted EBITDA as net loss, adjusted to exclude interest expense, rental product depreciation, other depreciation and amortization, share-based compensation expense, write-off of liquidated assets, non-recurring adjustments (see below footnotes to reconciliation table), other income and expense, net, and other gains / losses. Adjusted EBITDA margin is defined as Adjusted EBITDA calculated as a percentage of revenue.
The reconciliation of the non-GAAP financial metrics to the most directly comparable GAAP financial measure is presented below. We encourage reviewing the reconciliation in conjunction with the presentation of the non-GAAP financial metrics for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items, and may include other expenses, costs and non-recurring items. Reconciliation of Adjusted EBITDA and Adjusted EBITDA margin guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, share-based compensation expense and non-recurring expenses which can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted.
Investor Contact
Investor Relations
[email protected]
Media Contact
Alison Rappaport
[email protected]
Rent the Runway, Inc.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
| April 30, | January 31, | ||||||
| 2023 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 141.4 | $ | 154.5 | |||
| Restricted cash, current | 4.2 | 3.1 | |||||
| Prepaid expenses and other current assets | 12.9 | 14.5 | |||||
| Total current assets | 158.5 | 172.1 | |||||
| Restricted cash | 5.8 | 6.0 | |||||
| Rental product, net | 87.8 | 78.7 | |||||
| Fixed assets, net | 41.8 | 44.7 | |||||
| Intangible assets, net | 3.9 | 4.1 | |||||
| Operating lease right-of-use assets | 26.0 | 26.7 | |||||
| Other assets | 3.6 | 3.9 | |||||
| Total assets | $ | 327.4 | $ | 336.2 | |||
| Liabilities and Stockholders’ Equity (Deficit) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 18.8 | $ | 12.4 | |||
| Accrued expenses and other current liabilities | 21.8 | 24.4 | |||||
| Deferred revenue | 13.6 | 12.0 | |||||
| Customer credit liabilities | 6.5 | 6.8 | |||||
| Operating lease liabilities | 4.5 | 4.4 | |||||
| Total current liabilities | 65.2 | 60.0 | |||||
| Long-term debt, net | 281.2 | 272.5 | |||||
| Operating lease liabilities | 37.1 | 38.3 | |||||
| Other liabilities | 0.5 | 0.7 | |||||
| Total liabilities | 384.0 | 371.5 | |||||
| Stockholders’ equity (deficit) | |||||||
| Class A common stock | 0.1 | 0.1 | |||||
| Class B common stock | — | — | |||||
| Preferred stock | — | — | |||||
| Additional paid-in capital | 913.3 | 904.5 | |||||
| Accumulated deficit | (970.0 | ) | (939.9 | ) | |||
| Total stockholders’ equity (deficit) | (56.6 | ) | (35.3 | ) | |||
| Total liabilities and stockholders’ equity (deficit) | $ | 327.4 | $ | 336.2 | |||
Rent the Runway, Inc.
Condensed Consolidated Statements of Operations
(in millions, except share and per share amounts)
(unaudited)
| Three Months Ended April 30, | |||||||
| 2023 | 2022 | ||||||
| Revenue: | |||||||
| Subscription and Reserve rental revenue | $ | 66.8 | $ | 61.4 | |||
| Other revenue | 7.4 | 5.7 | |||||
| Total revenue, net | 74.2 | 67.1 | |||||
| Costs and expenses: | |||||||
| Fulfillment | 21.9 | 22.9 | |||||
| Technology | 13.1 | 13.6 | |||||
| Marketing | 9.3 | 8.7 | |||||
| General and administrative | 26.5 | 29.2 | |||||
| Rental product depreciation and revenue share | 20.9 | 21.7 | |||||
| Other depreciation and amortization | 3.8 | 4.2 | |||||
| Total costs and expenses | 95.5 | 100.3 | |||||
| Operating loss | (21.3 | ) | (33.2 | ) | |||
| Interest income / (expense), net | (8.8 | ) | (9.3 | ) | |||
| Net loss before income tax benefit / (expense) | (30.1 | ) | (42.5 | ) | |||
| Income tax benefit / (expense) | — | — | |||||
| Net loss | $ | (30.1 | ) | $ | (42.5 | ) | |
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.46 | ) | $ | (0.67 | ) | |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 65,865,906 | 63,431,165 | |||||
Rent the Runway, Inc.
Condensed Consolidated Statements of Cash Flow
(in millions)
(unaudited)
| Three Months Ended April 30, | |||||||
| 2023 | 2022 | ||||||
| OPERATING ACTIVITIES | |||||||
| Net loss | $ | (30.1 | ) | $ | (42.5 | ) | |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||
| Rental product depreciation and write-offs | 9.6 | 12.3 | |||||
| Write-off of rental product sold | 2.5 | 1.3 | |||||
| Other depreciation and amortization | 3.8 | 4.2 | |||||
| (Gain) / loss from lease termination and write-off of fixed and intangible assets | 0.1 | 1.9 | |||||
| Proceeds from rental product sold | (5.4 | ) | (4.0 | ) | |||
| (Gain) / loss from liquidation of rental product | (0.2 | ) | — | ||||
| Accrual of paid-in-kind interest | 7.1 | 3.4 | |||||
| Amortization of debt discount | 1.6 | 1.0 | |||||
| Share-based compensation expense | 8.8 | 5.5 | |||||
| Changes in operating assets and liabilities: | |||||||
| Prepaid expenses and other current assets | 1.6 | 0.9 | |||||
| Operating lease right-of-use assets | 0.7 | 2.5 | |||||
| Other assets | 0.3 | 0.3 | |||||
| Accounts payable, accrued expenses and other current liabilities | (3.7 | ) | (1.8 | ) | |||
| Deferred revenue and customer credit liabilities | 1.3 | 3.0 | |||||
| Operating lease liabilities | (1.1 | ) | (5.5 | ) | |||
| Other liabilities | (0.2 | ) | 0.1 | ||||
| Net cash (used in) provided by operating activities | (3.3 | ) | (17.4 | ) | |||
| INVESTING ACTIVITIES | |||||||
| Purchases of rental product | (14.6 | ) | (13.4 | ) | |||
| Proceeds from liquidation of rental product | 1.3 | 0.6 | |||||
| Proceeds from sale of rental product | 5.4 | 4.0 | |||||
| Purchases of fixed and intangible assets | (0.9 | ) | (2.0 | ) | |||
| Net cash (used in) provided by investing activities | (8.8 | ) | (10.8 | ) | |||
| FINANCING ACTIVITIES | |||||||
| Other financing payments | (0.1 | ) | (1.6 | ) | |||
| Net cash (used in) provided by financing activities | (0.1 | ) | (1.6 | ) | |||
| Net (decrease) increase in cash and cash equivalents and restricted cash | (12.2 | ) | (29.8 | ) | |||
| Cash and cash equivalents and restricted cash at beginning of period | 163.6 | 259.6 | |||||
| Cash and cash equivalents and restricted cash at end of period | $ | 151.4 | $ | 229.8 | |||
Rent the Runway, Inc.
Condensed Consolidated Statements of Cash Flow
(in millions)
(unaudited)
| Three Months Ended April 30, | |||||||
| 2023 | 2022 | ||||||
| RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS: | |||||||
| Cash and cash equivalents | $ | 141.4 | $ | 219.0 | |||
| Restricted cash, current | 4.2 | 5.0 | |||||
| Restricted cash, noncurrent | 5.8 | 5.8 | |||||
| Total cash and cash equivalents and restricted cash | $ | 151.4 | $ | 229.8 | |||
| Supplemental Cash Flow Information: | |||||||
| Cash payments (receipts) for: | |||||||
| Fixed operating lease payments (reimbursements), net | $ | 2.8 | $ | 3.7 | |||
| Fixed assets and intangibles received in the prior period | 0.1 | 0.8 | |||||
| Rental product received in the prior period | 5.4 | 6.5 | |||||
| Non-cash financing and investing activities: | |||||||
| Financing leases right-of-use asset amortization | $ | 0.2 | $ | 0.1 | |||
| ROU assets obtained in exchange for lease liabilities | — | 0.1 | |||||
| Purchases of fixed assets and intangibles not yet settled | — | 1.5 | |||||
| Purchases of rental product not yet settled | 13.0 | 12.7 | |||||
Rent the Runway, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in millions)
(unaudited)
The following table presents a reconciliation of net loss, the most comparable GAAP financial measure, to Adjusted EBITDA for the periods presented:
| Three Months Ended April 30, | |||||||
| 2023 | 2022 | ||||||
| (in millions) | |||||||
| Net loss | $ | (30.1 | ) | $ | (42.5 | ) | |
| Interest (income) / expense, net (1) | 8.8 | 9.3 | |||||
| Rental product depreciation | 12.1 | 13.6 | |||||
| Other depreciation and amortization (2) | 3.8 | 4.2 | |||||
| Share-based compensation (3) | 8.8 | 5.5 | |||||
| Write-off of liquidated assets (4) | 1.0 | 0.6 | |||||
| Non-recurring adjustments (5) | — | 0.3 | |||||
| Other (gains) / losses (6) | 0.1 | 0.2 | |||||
| Adjusted EBITDA | $ | 4.5 | $ | (8.8 | ) | ||
| Adjusted EBITDA Margin (7) | 6.1 | % | (13.1 | )% | |||
(1) Includes debt discount amortization of $1.6 million in the three months ended April 30, 2023 and $1.0 million in the three months ended April 30, 2022.
(2) Reflects non-rental product depreciation and capitalized software amortization.
(3) Reflects the non-cash expense for share-based compensation.
(4) Reflects the write-off of the remaining book value of liquidated rental product that had previously been held for sale.
(5) Non-recurring adjustments for the three months ended April 30, 2022 includes $0.3 million of costs related to public company SOX readiness.
(6) Includes gains / losses recognized in relation to foreign exchange, operating lease terminations and the related surrender of fixed assets (see “Note 4 – Leases – Lessee Accounting” in the Notes to the Condensed Consolidated Financial Statements).
(7) Adjusted EBITDA Margin calculated as Adjusted EBITDA as a percentage of revenue.
Artificial Intelligence
Juniper Biologics Expands Distribution Rights for Caris Life Sciences’ Molecular Profiling in the Middle East and Africa
SINGAPORE, June 23, 2024 /PRNewswire/ — Singapore-headquartered Juniper Biologics Pte Ltd (Juniper), a leading healthcare and pharmaceuticals company focused on commercialising novel therapies, has been granted distribution rights for Caris Life Sciences (Caris)’ solid tumour molecular profiling services in the Middle East and Africa (MEA). Caris is the leading next-generation AI TechBio company and precision medicine pioneer. This expansion follows the initial January 2023 distribution rights partnership with Caris for the same services in Southeast Asia (SEA). Juniper is now poised to offer Caris’ advanced solid tumour molecular profiling services across a broader region, enhancing patient access to personalised treatment options.
Caris’ best-in-class molecular profiling, combined with proprietary artificial intelligence, provides more precise and individualized cancer treatments. This profiling approach assesses DNA, RNA, and proteins, revealing a molecular blueprint that identifies treatment options specific to each patient’s cancer. Caris has developed the world’s largest and most informative platform for cancer analysis, featuring the most advanced tumour profiling available, including Whole Exome and Whole Transcriptome Sequencing across over 23,000 genes. By analysing biomarkers found in tumours, Caris helps healthcare providers make informed choices for personalised care.
Juniper Biologics is committed to driving positive change in the pharmaceutical industry on a global scale. Aligned with its mission to deliver transformative therapies through bold scientific innovation, Juniper’s collaboration with Caris will enhance access to quality treatments for patient communities in the Middle East and Africa. Juniper continues to pursue impactful partnerships aimed at uplifting communities and individuals, especially in underserved regions where access to advanced therapies is limited.
Raman Singh, Founder and Chief Executive Officer (CEO) of Juniper Biologics, spoke on the successful acquisition: “Caris molecular profiling bridges the gap between tumour biology and cancer treatments, guiding precision medicine through personalised treatment selection for physicians and their patients. Our exclusive partnership with Caris Life Sciences to distribute this service in the Middle East and Africa will significantly empower healthcare professionals to make informed decisions for their patients. This service enables oncologists to recommend highly personalised treatments that specifically target a patient’s cancer, thereby improving and expanding their care options. This targeted approach offers patients, particularly those with rare or aggressive cancers, an improved quality of life.”
“Caris is pleased to expand the distribution of our molecular profiling services in the Middle East and Africa through our partnership with Juniper Biologics,” said Caris President David Spetzler, MS, PhD, MBA. “This collaboration aligns with Caris’ goal of enabling clinicians worldwide to make the best individualised treatment choices for their patients and ultimately helping to improve patient outcomes.”
This partnership marks a significant milestone in expanding access to personalised medicine and advanced cancer treatment technologies in the Middle East and Africa.
About Juniper Biologics
Backed by The Sylvan Group, Juniper Biologics is a science-led healthcare company focused on delivering novel therapies to improve the health and quality of life of patients, by building a growing presence in Oncology and Oncology Supportive Care, Rare/Orphan Diseases and Gene Therapy. It was founded on a vision to provide treatments for unmet medical needs focused on specialist therapy areas in which it can make the most difference. Through bold and transformative science, Juniper Biologics is committed to creating possibilities that have the potential to become the next generation of life-changing medicines for patient communities in China, Japan, Asia, Australia, New Zealand, Middle East, and Africa.
Website: https://www.juniperbiologics.com/
LinkedIn: https://www.linkedin.com/company/juniper-biologics
About Caris Life SciencesCaris Life Sciences® (Caris) is the leading next-generation AI TechBio company and precision medicine pioneer actively developing and delivering innovative solutions to revolutionize healthcare and improve the human condition using molecular science and AI. Through comprehensive molecular profiling (Whole Exome and Whole Transcriptome Sequencing) and the application of advanced AI and machine learning algorithms, Caris has created the large-scale, multi-modal database and computing capability needed to analyse and unravel the molecular complexity of disease. This convergence of sequencing power, big data, and AI technologies provides an unmatched platform to deliver the next generation of precision medicine tools for early detection, diagnosis, monitoring, therapy selection, and drug development.
Headquartered in Irving, Texas, Caris has offices in Phoenix, New York, Cambridge (MA), Tokyo, Japan and Basel, Switzerland. Caris or its distributor partners provide services in the U.S., Europe, Asia, and other international markets. To learn more, please visit CarisLifeSciences.com.
View original content:https://www.prnewswire.co.uk/news-releases/juniper-biologics-expands-distribution-rights-for-caris-life-sciences-molecular-profiling-in-the-middle-east-and-africa-302179643.html
Artificial Intelligence
2024 Tang Prize Laureates Announced: Six Global Visionaries to Be Honored in Taiwan This September
TAIPEI, June 22, 2024 /PRNewswire/ — The prestigious 2024 Tang Prize Laureates have been announced, recognizing outstanding contributions in various fields. The Tang Prize in Sustainable Development is awarded to American chemist Omar M. Yaghi. In the field of Biopharmaceutical Science, the prize is jointly awarded to Joel F. Habener, Svetlana Mojsov, and Jens Juul Holst. University Professor Emeritus Hsu Cho-yun of the University of Pittsburgh and Academician of Academia Sinica is honored with the Tang Prize in Sinology. Mary Robinson, a former lawyer and senator, former president of Ireland, former United Nations High Commissioner for Human Rights, and current Chair of The Elders, is awarded the Tang Prize in Rule of Law. These six distinguished laureates will be formally honored at an upcoming ceremony to be held in Taiwan this September.
The Tang Prize in Sustainable Development is awarded to Omar M. Yaghi, for his extraordinary contributions to sustainable development, particularly his pioneering work with Metal-Organic Frameworks (MOFs) and other ultra-porous frameworks that can be tailored for carbon capture, hydrogen and methane storage, and water harvesting from desert air. His research has revolutionized the field of chemistry and materials science, offering transformative solutions for sustainable development through the creation of customizable materials with exceptional properties.
Professor Joel F. Habener, Professor Svetlana Mojsov, and Professor Jens Juul Holst have been jointly awarded the Tang Prize in Biopharmaceutical Science, for the discovery of GLP-1 (7-37) as an insulinotropic factor and the development of GLP-1 (7-37)-based anti-diabetic and anti-obesity drugs.
University Professor Emeritus Hsu Cho-yun is awarded the Tang Prize in Sinology for his exceptional contributions to the field of Sinology. Professor Hsu’s illustrious academic career has been distinguished by his holistic approach to the study of ancient Chinese history, seamlessly integrating an exploration of cultural and intellectual exchanges between China and the world. With his profound erudition and unwavering public spirit, Professor Hsu embodies the quintessential Sinologist, possessing both a deep historical sensibility and a broad, worldly vision.
The Tang Prize in Rule of Law is awarded to Professor Mary Robinson, for her “powerful advocacy for the most disadvantaged in different spheres, including gender equality, poverty alleviation, human rights, and climate justice.” In particular, the Selection Committee noted that her “passionate endeavors demonstrated an effective combination of legal acumen and practical solutions.” The Committee also noted that “from the national to the global stage, legal and political, she has innovatively transformed and expanded the various positions in which she has served to strengthen the rule of law.”
About the Tang Prize
Since the advent of globalization, mankind has been able to enjoy the convenience brought forth by the advancement of human civilization and science. Yet a multitude of challenges, such as climate change, the emergence of new infectious diseases, wealth gap, and moral degradation, have surfaced along the way. Against this backdrop, Dr. Samuel Yin established the Tang Prize in December 2012. It consists of four award categories, namely Sustainable Development, Biopharmaceutical Science, Sinology, and Rule of Law. Every other year, four independent and professional selection committees, comprising many internationally renowned experts, scholars, and Nobel winners, choose as Tang Prize laureates people who have influenced and made substantive contributions to the world, regardless of ethnicity, nationality or gender. A cash prize of NT$50 million (approx. US$1.7 million) is allocated to each category, with NT$10 million (approx. US$ 0.35 million) of it being a research grant intended to encourage professionals in every field to examine mankind’s most urgent needs in the 21st century, and become leading forces in the development of human society through their outstanding research outcomes and active civic engagement.
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Artificial Intelligence
Key Tech Stocks Optimizing AI Usability and Infrastructure for a $20-Trillion Future
USA News Group CommentaryIssued on behalf of Avant Technologies Inc.
VANCOUVER, BC, June 21, 2024 /PRNewswire/ — USA News Group – Several big winners have been made already in the ongoing artificial intelligence (AI) revolution. However, there’s clearly none bigger than chipmaking giant NVIDIA Corporation (NASDAQ: NVDA), which just surpassed two of its big tech peers to become the most valued publicly-traded company on the planet. To put it into perspective, NVIDIA’s market cap is currently larger than each of Europe’s largest stock markets, while lucky investors who bet $1000 on NVIDIA stock just ten years ago would be sitting on an extra $297,600 today. Now as analysts are predicting that AI and cryptocurrency could inject $20 trillion into the global economy by 2030, the best minds in the tech sector are moving their pieces into place to secure their piece of the pie. Behind the scenes, tech stocks are optimizing the infrastructure, security, and usability of AI, including new developments from Avant Technologies Inc. (OTCQB: AVAI), International Business Machines Corporation (IBC) (NYSE: IBM), Cloudflare, Inc. (NYSE: NET), and Accenture plc (NYSE: ACN).
Known as a pioneer in the sector for its innovative AI technology, Avant Technologies Inc. (OTCQB: AVAI) has improved its main product, Avant AI™. This sophisticated AI system, celebrated for its advanced machine and deep learning capabilities, is adaptable across a wide range of industries.
In a recent strategic development, Avant has signed a Binding Letter of Intent (BLOI) with Flow Wave, LLC (FW), a Florida-based leader in immersible computer server technology. This agreement allows Avant to acquire up to 50 cutting-edge immersible computer servers from FW in a deal valued at $50 million.
“Avant’s revolutionary AI software platform is poised to transform the landscape of data center management,” said William Hisey, CEO of Avant. “By integrating proprietary machine learning algorithms with open-source innovations into these servers, Avant is developing a highly intelligent system designed to optimize resource allocation, enhance performance, and drive unprecedented levels of efficiency and automation. This marks the beginning of a new era for Avant Technologies, positioning us at the forefront of the supercomputer-driven data center industry and setting new standards for managing and storing AI applications.”
Flow Wave Immersible AI Supercomputer Servers are great for heavy AI and machine learning tasks because they have strong processing power, meaning they can analyze data faster and more efficiently. Their special cooling technology uses less energy, saving money and reducing environmental impact. The servers are also compact and easy to set up, making them ideal for data centers with limited space. Plus, their design helps them last longer and require less maintenance.
Avant plans to tackle the challenges of the digital age by buying up to 50 of these high-performance servers from Flow Wave. These servers, with their advanced cooling technology, boost performance and save energy. This deal shows Avant’s dedication to providing top-notch AI infrastructure and improving efficiency. More details about the transaction will be shared once a definitive agreement is finalized.
One of the most active tech giants in the AI space is International Business Machines Corporation (IBC) (NYSE: IBM), which recently released a new methodology through its IBM Research® wing called LAB (Large-Scale Alignment for ChatBots), through an open-source project called InstructLab with its subsidiary Red Hat®, which IBM acquired for $34 billion in 2019. The InstructLab project builds on the LAB technique for a community-driven approach to language model development through skills and knowledge training.
As well, IBM has teamed up with WPP and LinkedIn to launch a new business-to-business (B2B) solution powered by IBM’s AI and data platform watsonx, designed to reinvent how B2B markets identify and engage clients and prospects across the buying journey. WPP Open for B2B will help marketers solve complex B2B marketing challenges, accurately identify and engage buying groups, and improve clients’ return on investment.
“B2B marketers have been focused on creating truly personalized, relevant and consistent experiences for buying groups at scale for years,” said Jonathan Adashek, Senior Vice President of Marketing and Communications at IBM. “Our collaboration with WPP and LinkedIn provides real-time, actionable insights that are based on trusted data. We are excited to create and use these new, powerful and trusted AI solutions to deliver a force multiplier for B2B marketing.”
Cloud-based security solution provider Cloudflare, Inc. (NYSE: NET) recently announced the general availability of its AI Gateway platform, dubbed as a unified interface for managing and scaling the generative AI workloads of clients. Since its beta launch in September 2023, AI Gateway has handled over 500 million requests and is now ready for full client use.
The general availability release followed upon another Cloudflare announcement of a collaboration with Hugging Face, the leading open and collaborative platform for AI builders, for a one-click-simple global deployment for AI applications. With its Workers AI platform now generally available, Cloudflare became the first serverless inference partner integrated on the Hugging Face Hub for deploying models, enabling developers to quickly, easily, and affordably deploy AI globally, without managing infrastructure or paying for unused compute capacity.
“Workers AI is one of the most affordable and accessible solutions to run inference,” said Matthew Prince, CEO and co-founder, Cloudflare. “With Hugging Face and Cloudflare both deeply aligned in our efforts to democratize AI in a simple, affordable way, we’re giving developers the freedom and agility to choose a model and scale their AI apps from zero to global in an instant.”
Reporting impressive generative AI revenues in its latest Q3 2024 fiscal results has caused shares of Accenture plc (NYSE: ACN) to jump this week, reporting more than $900 million in generative AI bookings in the latest quarter alone.
“Our actions to stay laser-focused on the needs of our clients are clear in our third quarter results,” said Julie Sweet, Chair and CEO of Accenture. “We… achieved two significant milestones this quarter — with $2 billion in Generative AI sales year-to-date and $500 million in revenue year-to-date — which demonstrate our early lead in this critical technology.”
Prior to the financial report, Accenture announced its intent to acquire Italian-based network services company, Fibermind, which specializes in fiber and mobile 5G networks deployment, as well as infrastructure engineering services. Together, Accenture and Fibermind will offer clients network engineering capabilities, deep industry knowledge, and technology assets powered by automation, robotics, data and AI.
Prior to its surge into the position as the world’s most valuable publicly-traded company, NVIDIA Corporation (NASDAQ: NVDA) made a pair of announcements, further cementing its role in the AI revolution.
The first was the announcement of its NVIDIA Omniverse Cloud Sensor RTX, a set of microservices that enable physically accurate sensor simulation to accelerate the development of fully autonomous machines of every kind, allowing developers to test sensor perception and associated AI software at scale in physically accurate, realistic virtual environments prior to real-world deployment.
The second announcement was the NVIDIA AI Computing by HPE, a portfolio of AI solutions and joint go-to-market integrations that enable enterprises to accelerate adoption of generative AI, co-developed with Hewlett Packard (HP).
“Generative AI and accelerated computing are fueling a fundamental transformation as every industry races to join the industrial revolution,” said Jensen Huang, Founder and CEO of NVIDIA. “Never before have NVIDIA and HPE integrated our technologies so deeply – combining the entire NVIDIA AI computing stack along with HPE’s private cloud technology – to equip enterprise clients and AI professionals with the most advanced computing infrastructure and services to expand the frontier of AI.”
All NVIDIA AI Computing offerings by HPE will be available through a combined marketing strategy involving sales teams, channel partners, and training. This strategy includes a global network of system integrators such as Deloitte, HCLTech, Infosys, TCS, and Wipro. These integrators will assist enterprises across various industries in running complex AI workloads.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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