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GeneDx Reports Second Quarter 2023 Financial Results and Business Highlights

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Accelerated whole exome and genome test volume growth by 56% year-over-year

Total revenue of $48M in Q2 is inclusive of 36% year-over-year growth of exome and genome test revenue

Expanded gross margins and operating expense rationalization resulting in continued cash burn reduction of 36% year-over-year

Broadened network of strategic partners, including breakthrough research collaboration with PacBio and University of Washington

GeneDx to host conference call today at 4:30 p.m. ET

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STAMFORD, Conn., Aug. 08, 2023 (GLOBE NEWSWIRE) — GeneDx Holdings Corp. (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic and clinical insights, today reported its financial results for the second quarter of 2023.

“Our goal at GeneDx is to end the diagnostic odyssey for patients and their families, and with the growth in exome volume and revenue this quarter, I’m pleased to say that we’re increasingly realizing that mission,” said Katherine Stueland, President and Chief Executive Officer of GeneDx. “We are accelerating physician conversion to whole exome and genome tests, which is not only better for patient care, but also better for the business. We expect this growth to continue through the second half of the year, which gives us confidence to meet our full year revenue guidance. In addition, we are continuing to rationalize our operating expenses and reduce our cash burn as we move forward to gain efficiency.”

Pro Forma Second Quarter Financial Results from Continuing Operations1

Pro forma results for GeneDx reported today include the combination of Legacy GeneDx and only the data and information business of Legacy Sema4, and assume Legacy GeneDx was owned for the entirety of 2022. Continuing operations exclude revenues and costs from the now discontinued Legacy Sema4 diagnostics testing business.

  • Revenue: Pro forma revenue for the second quarter of 2023 was $45.2 million, compared to $40.1 million in the second quarter of 2022, representing an increase of 13% year-over-year. Revenues from whole exome and genome tests were $28.7 million compared to $21.1 million in the second quarter of 2022, representing an increase of 36% year-over-year, and an increase of 28% quarter-over-quarter.
  • Test Volume: Total pro forma tests resulted in the second quarter of 2023 were nearly 55,000, compared to over 45,000 for the second quarter of 2022. Total whole exome and whole genome tests resulted were approximately 11,900, an increase of 56% year-over-year, and an increase of 36% quarter-over-quarter.
  • Gross Margin: Pro forma adjusted gross margin expanded to 37% in the second quarter of 2023 up sequentially from 34% in the first quarter of 2023

Total Company Second Quarter Financial Results1

Total Company results reported today for the second quarter of 2023 include the combination of continuing operations and the now discontinued Legacy Sema4 diagnostic testing business. All comparable 2022 information presented below excludes any Legacy GeneDx revenues and associated costs prior to the second quarter of 2022 acquisition of GeneDx which closed April 29, 2022.

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  • Cash Position: Cash and cash equivalents and restricted cash were $157.6 million as of June 30, 2023. Excluding financing proceeds, total Company burn for the second quarter of 2023 was $53 million, an improvement of 36% year-over-year and 10% sequentially.
  • Net Loss1: Total Company net loss for the second quarter of 2023 was $46.7 million. Total Company adjusted net loss for the second quarter of 2023 was $41.8 million2, an improvement of 37% year-over-year and 17% sequentially.
  • Revenue1: Revenue for the second quarter of 2023 was $48.7 million, compared to $36.2 million in the second quarter of 2022.
  • Gross Margin1: Gross margin for the second quarter of 2023 was 39%. Adjusted gross margin for the second quarter of 2023 was 42%.

Recent Business Highlights

Commercial Updates

  • Continued to expand access to services, including state rapid whole genome sequencing (rWGS) in Medicaid populations in Florida and Arizona
    • Eight state Medicaid programs now cover rWGS in the pediatric inpatient setting, and additional bills are pending in three states, including Massachusetts
  • Announced strategic partnership with Prognos Health to help rare disease patients rapidly gain access to potential treatment options, allowing commercial biopharma companies to leverage real-time data within Prognos Marketplace
  • Signed agreements with biotechnology companies to leverage GeneDx’s clinical and genomic data to advance drug development.
  • Increased the number of ordering clinicians by 39% in pediatrics and 55% in neurology through the second quarter of 2023

Scientific Updates

  • PacBio and GeneDx in collaboration with the University of Washington to study the capabilities of HiFi long-read whole genome sequencing (WGS) to increase diagnostic rates in pediatric patients with genetic conditions.   
    • Comparing long-read with short-read sequencing will help researchers explore whether novel variants, previously undiscovered by short-read technologies, may explain specific genetic conditions.
  • Published research using PanGenome Research-Tool Kit (PGR-TK), a computational tool for scalable analysis of clinically relevant genes within the human pangenome
  • Presented new data at the 2023 United Mitochondrial Disease Foundation’s (UMDF) Mitochondrial Medicine Symposium demonstrating urine mitochondrial DNA testing as a clinically impactful and non-invasive option for analysis of the m.3243A>G variant
  • Recently hired team of engineers with decades of experience in building genomic analysis tools to accelerate clinical interpretation artificial intelligence (AI) platform

Financial & Corporate Growth

  • Completed 1-for-33 reverse stock split effective on May 4, 2023
  • Appointed Devin K. Schaffer, JD, MBA as general counsel and secretary, responsible for all legal, compliance, and regulatory activities

GeneDx Pro Forma Full Year 2023 Guidance

GeneDx is reiterating certain previously issued full year 2023 guidance. The continuing operations of GeneDx, excluding revenues and direct costs from the now discontinued Legacy Sema4 diagnostic testing business, are expected to:

  • Generate revenues between $205 to $220 million for full year 2023;
  • Expand gross margin profile in 2023 and beyond; and
  • Turn profitable in 2025.

GeneDx is updating its previously issued cash use guidance and now expects to use $70 to $85 million of net cash for the second half of 2023, inclusive of servicing obligations of the previously exited business activities. The Company’s total cash burn in the fourth quarter of 2023 is expected to be nearly half of second quarter burn.

1 The pro forma unadjusted and adjusted results from continuing operations for the second quarter of 2023 and the comparable results for the second quarter of 2022 are presented on a pro forma basis assuming Legacy GeneDx and the Company were combined for the entirety of 2022 and exclude the revenues and costs from the now discontinued Legacy Sema4 diagnostic testing business, and include the combination of the Legacy GeneDx diagnostic business revenues and costs with the data and information revenues and associated costs derived from the Legacy Sema4 business. Actual results include the Legacy GeneDx business from the date of the Company’s acquisition of Legacy GeneDx on April 29, 2022, the purchase accounting associated with the acquisition of Legacy GeneDx, and also include the financial impacts of exited Legacy Sema4 business activities for the full quarter.

2 Adjusted gross margin and adjusted net loss are non-GAAP financial measures. See appendix for a reconciliation of GAAP to Non-GAAP figures presented.

Webcast and Conference Call Details
GeneDx will host a conference call today, August 8, 2023, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the “Events” section of the GeneDx investor relations website at https://ir.genedx.com/.

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Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our future performance and our market opportunity, including our expected full year 2023 reported revenue guidance, our expectations regarding our gross margin profile in 2023 and beyond, our use of cash and our cash burn in 2023 and our turning profitable in 2025, our expectations for our growth and future investment in our business, our expectations regarding our plans to pursue new strategic direction, improve our operational efficiency and reduce our cash burn and our ability to scale to profitability, the associated cost savings of our business exits and impact on our gross margins. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to implement business plans, goals and forecasts, and identify and realize additional opportunities, (ii) the risk of downturns and a changing regulatory landscape in the highly competitive healthcare industry, (iii) the size and growth of the market in which we operate, (iv) our ability to pursue our new strategic direction, and (vi) our ability to enhance our artificial intelligence tools that we use in our clinical interpretation platform. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2023, and other documents filed by us from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.

About GeneDx
GeneDx (Nasdaq: WGS) delivers personalized and actionable health insights to inform diagnosis, direct treatment and improve drug discovery. The company is uniquely positioned to accelerate the use of genomic and large-scale clinical information to enable precision medicine as the standard of care. GeneDx is at the forefront of transforming healthcare through its industry-leading exome and genome testing and interpretation, fueled by one of the world’s largest rare disease data sets. For more information, please visit genedx.com and connect with us on LinkedIn, Facebook, Twitter and Instagram.

Investor Relations Contact:
Tricia Truehart
[email protected]

Media Contact:
Maurissa Messier
[email protected]

Pro forma select volume and revenue from Continuing Operations in the table below assume Legacy GeneDx was owned for the entirety of the applicable quarter(s) and are calculated based on the construct of our continuing operations inclusive of Legacy GeneDx combined with data revenues and associated costs from Legacy Sema4. Pro forma select metrics are presented for illustrative purposes only and are not necessarily indicative of the results that would have occurred had the GeneDx acquisition been completed on such dates or that may occur in the future.

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Pro Forma Select Volume & Revenue from Continuing Operations

  2Q22 3Q22 4Q22 1Q23 2Q23
Volumes          
Whole Exome, Whole Genome 7,579 7,722 7,862 8,705 11,855
Exome based Panels 3,141 2,983 3,013 3,136 3,472
Hereditary Cancer 7,391 5,445 6,069 7,120 7,142
Other individual gene tests and multi-gene disease panels 27,446 28,764 31,891 33,817 32,459
Total 45,557 44,914 48,835 52,778 54,928
           
Revenue          
Whole Exome, Whole Genome $21.1 $24.0 $23.3 $22.4 $28.7
Exome based Panels $2.4 $2.3 $2.0 $2.0 $2.0
Hereditary Cancer $3.8 $3.5 $4.4 $4.3 $3.8
Other individual gene tests and multi-gene disease panels $10.5 $15.6 $14.3 $10.6 $8.6
Data Information $2.3 $1.8 $1.9 $1.3 $2.1
Total $40.1 $47.2 $45.8 $40.7 $45.2

Unaudited Pro forma select financial information assume Legacy GeneDx was owned for the entirety of 2022 and is calculated based on the construct of our continuing operations inclusive of Legacy GeneDx combined with data revenues and associated costs from Legacy Sema4. Unaudited Pro forma select financial information is presented for illustrative purposes only and is not necessarily indicative of the results that would have occurred had the Legacy GeneDx acquisition been completed on such dates or that may occur in the future.

 
UNAUDITED PRO FORMA SELECT FINANCIAL INFORMATION
FOR THE THREE MONTHS ENDED JUNE 30, 2023
(in thousands)
 
  GeneDx Continuing Operations Legacy Sema4 Discontinued Business Combined GeneDx and Sema4
Revenue $45,226 $3,480 $48,706
Adjusted Cost of Services 28,452 28,452
Adjusted Gross Margin $16,774 $3,480 $20,254
Adjusted Gross Margin % 37.1% -% 41.6%
       
UNAUDITED PRO FORMA SELECT FINANCIAL INFORMATION
FOR THE THREE MONTHS ENDED MARCH 31, 2023
(in thousands)
 
  GeneDx Continuing Operations Legacy Sema4 Discontinued Business Combined GeneDx and Sema4
Revenue $40,693 $2,446 $43,139
Adjusted Cost of Services 26,826 2,080 28,906
Adjusted Gross Margin $13,867 $366 $14,233
Adjusted Gross Margin % 34.1% 14.9% 33.0%
       
  Three months ended June 30,
  2023   2022
  (in thousands)  
Revenue      
Diagnostic test revenue $46,635   $34,004
Other Revenue 2,071   2,165
Total Revenue 48,706   36,169
Cost of Service 29,949   65,767
Gross (Loss) Profit $18,757   $(29,598)
Gross Margin 39%   (82)%
       
Depreciation and amortization 1,233   3,316
Stock-based compensation 251   1,810
Restructuring costs 13   205
Adjusted Gross (Loss) Profit $20,254   $(24,267)
Adjusted Gross Margin 42%   (67)%
       
  Three months ended March 31,
  2023
  (in thousands)
Revenue  
Diagnostic test revenue $41,850
Other Revenue 1,289
Total Revenue 43,139
Cost of Service 27,903
Gross (Loss) Profit $15,236
Gross Margin 35.3%
   
Depreciation and amortization 589
Stock-based compensation (1,666)
Restructuring costs 74
Adjusted Gross (Loss) Profit $14,233
Adjusted Gross Margin 33.0%
   
  Three months ended June 30,
  2023   2022
  (in thousands)
Net (loss) income $(46,719)   $(85,742)
Interest expense, net         (1,074)   408
Income tax benefit         (196)   (49,077)
Depreciation and amortization         10,332   8,964
Stock-based compensation expense         108   22,721
Transaction and acquisition costs           9,099
Restructuring         1,637   6,832
Change in fair market value of financial liabilities         (3,547)   (28,182)
Gain on sale of assets         (2,954)  
Third party payor reserve release         (3,238)  
Provision for excess and obsolete inventory associated with Legacy Sema4         2,620  
Other income, net         (86)   (56)
Adjusted EBITDA $(43,117)   $(115,033)
       
Net (loss) income (46,719)   (85,742)
Stock-based compensation expense         108   22,721
Depreciation and amortization         10,332   8,964
Change in fair market value of warrant and earn-out contingent liabilities         (3,547)   (28,182)
Transaction and acquisition costs           9,099
Restructuring         1,637   6,832
Gain on sale of assets         (2,954)  
Third party payor reserve release         (3,238)  
Provision for excess and obsolete inventory associated with Legacy Sema4         2,620  
Other income, net         (86)   (56)
Adjusted Net loss $(41,847)   $(66,364)
       
  Three months ended March 31,
  2023
  (in thousands)
Net (loss) income $(60,989)
Interest expense, net 35
Income tax benefit (147)
Depreciation and amortization 8,636
Stock-based compensation expense 48
Impairment loss 2,120
Transaction and acquisition costs
Restructuring 702
Change in fair market value of financial liabilities 3,453
Gain on debt forgiveness (2,750)
Adjusted EBITDA $(48,892)
   
Net (loss) income (60,989)
Stock-based compensation expense 48
Depreciation and amortization 8,636
Impairment loss 2,120
Change in fair market value of warrant and earn-out contingent liabilities 3,453
Transaction and acquisition costs
Restructuring 702
Other, net (2,750)
Adjusted Net loss $(48,780)
   
  Three months ended,
  Q2 2023   Q1 2023   Q2 2022   Q4 2022
  (in thousands)
               
Operating expenses   $70,379       $75,600       $133,051       $308,557  
Depreciation and amortization   (9,099 )     (8,046 )     (5,648 )     (14,046 )
Stock-based compensation   143       (1,715 )     (20,911 )     (10 )
Restructuring costs   (1,624 )     (628 )     (15,726 )     (7,358 )
Impairment loss         (2,120 )           (210,145 )
Other, net   334                    
Adjusted operating expenses $ 60,133     $ 63,091     $ 90,766     $ 76,998  
 
GeneDx Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
 
  June 30,
2023
(unaudited)
  December 31,
2022
Assets      
Current assets:      
Cash and cash equivalents $ 156,655     $ 123,933  
Restricted cash         13,470  
Accounts receivable, net   32,710       42,634  
Due from related parties   1,196       708  
Inventory, net   11,531       13,665  
Prepaid expenses and other current assets   11,185       18,212  
Total current assets   213,277       212,622  
Operating lease right-of-use assets   33,684       32,758  
Property and equipment, net   43,332       51,527  
Intangible assets, net   179,638       186,650  
Long-term restricted cash   900       900  
Other assets   5,559       6,485  
Total assets $ 476,390     $ 490,942  
Liabilities and Stockholders’ Equity    
Current liabilities:      
Accounts payable and accrued expenses $ 54,767     $ 84,878  
Due to related parties   4,338       3,593  
Short-term lease liabilities   5,346       6,121  
Other current liabilities   19,917       49,705  
Total current liabilities   84,368       144,297  
Long-term debt, net of current portion   6,250       6,250  
Long-term lease liabilities   63,748       60,013  
Other liabilities   22,411       22,000  
Deferred taxes   2,250       2,659  
Warrant liability   220       418  
Earn-out contingent liability   1,030       1,600  
Total liabilities   180,277       237,237  
Commitments and contingencies (Note 10)      
Stockholders’ equity:      
Preferred Stock, $0.0001 par value: 1,000,000 and 1,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 0 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively          
Class A common stock, $0.0001 par value: 1,000,000,000 and 1,000,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 25,761,147 and 11,773,065 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively   2       1  
Additional paid-in capital   1,528,240     $ 1,378,125,000  
Accumulated deficit   (1,232,129 )     (1,124,421 )
Total stockholders’ equity   296,113       253,705  
Total liabilities and stockholders’ equity $ 476,390     $ 490,942  
               
GeneDx Holdings Corp.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
(unaudited)
 
  Three months ended June 30,   Six months ended June 30,
    2023       2022       2023       2022  
Revenue:              
Diagnostic test revenue $ 46,635     $ 34,004     $ 88,485     $ 86,499  
Other revenue   2,071       2,165       3,360       3,611  
Total revenue   48,706       36,169       91,845       90,110  
Cost of services   29,949       65,767       57,852       114,083  
Gross profit (loss)   18,757       (29,598 )     33,993       (23,973 )
Research and development   17,138       27,168       31,730       48,483  
Selling and marketing   15,182       32,827       28,634       58,456  
General and administrative   37,341       71,325       81,030       118,027  
Related party expenses   1,052       1,731       2,799       3,015  
Impairment loss               2,120        
Other, net   (334 )           (334 )      
Loss from operations   (51,622 )     (162,649 )     (111,986 )     (251,954 )
               
Other income (expense), net:              
Change in fair market value of warrant and earn-out contingent liabilities   3,547       28,182       94       41,372  
Interest income   1,700       382       2,432       409  
Interest expense   (626 )     (790 )     (1,393 )     (1,598 )
Other income, net   86       56       2,802       56  
Total other (expense) income, net   4,707       27,830       3,935       40,239  
Loss before income taxes $ (46,915 )   $ (134,819 )   $ (108,051 )   $ (211,715 )
Income tax benefit   196       49,077       343       49,077  
Net loss and comprehensive loss $ (46,719 )   $ (85,742 )   $ (107,708 )   $ (162,638 )
Weighted average shares outstanding of Class A common stock   25,418,358       10,234,910       22,754,948       8,827,829  
Basic and diluted net loss per share, Class A common stock $ (1.84 )   $ (8.38 )   $ (4.73 )   $ (18.42 )
                               
GeneDx Holdings Corp.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
  Six months ended June 30,
    2023       2022  
Operating activities      
Net loss $ (107,708 )   $ (162,638 )
       
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense   18,968       14,767  
Impairment loss   2,120        
Gain on sale of assets   (2,954 )      
Stock-based compensation expense   156       40,280  
Gain on debt forgiveness   (2,750 )      
Change in fair value of warrant and earn-out contingent liabilities   (94 )     (41,372 )
Deferred tax benefit   (343 )     (49,077 )
Provision for excess and obsolete inventory   2,620       347  
Third party payor reserve release   (4,308 )      
Non-cash lease expense   155       331  
Amortization of deferred debt issuance costs   257       257  
Change in operating assets and liabilities:      
Accounts receivable   10,174       2,357  
Inventory   (486 )     (2,282 )
Prepaid expenses and other current assets   5,476       2,910  
Due to/from related parties   256       (1,325 )
Other assets   416       (1,126 )
Accounts payable and accrued expenses   (25,399 )     35,712  
Contract liabilities         (473 )
Other current liabilities   (5,617 )     (4,807 )
Net cash used in operating activities   (109,061 )     (166,139 )
Investing activities      
Consideration on escrow paid for GeneDx acquisition   (12,144 )     (127,004 )
Purchases of property and equipment   (2,762 )     (2,748 )
Proceeds from sale of assets   3,634        
Development of internal-use software assets   (461 )     (4,458 )
Net cash used in investing activities   (11,733 )     (134,210 )
Financing activities      
Proceeds from PIPE issuance, net of issuance costs         197,712  
Proceeds from offerings, net of issuance costs   143,002        
Long-term debt principal payment   (2,000 )      
Finance lease principal payments   (784 )     (1,634 )
Finance lease payoff   (438 )      
Exercise of stock options   266       1,819  
Net cash provided by financing activities   140,046       197,897  
Net increase (decrease) in cash, cash equivalents and restricted cash   19,252       (102,452 )
Cash, cash equivalents and restricted cash, at beginning of period   138,303       401,469  
Cash, cash equivalents and restricted cash, at end of period $ 157,555     $ 299,017  

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Artificial Intelligence

ResourceWise Brings Its Cross-Commodity Data and Analytics Expertise to New Oleochemicals Service

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ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 
CHARLOTTE, N.C., June 24, 2024 /PRNewswire/ — ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 

For the first time, one digital product encompasses expertise that spans all the key commodity sectors that ResourceWise covers. Dedicated to renewable feedstock, the new platform-based oleochemicals analysis and insight tools draw on decades of experience within each distinct business sector. 
Dwight Lynch, Biomaterials Business Manager at ResourceWise, is leading the transition towards data and insight on renewable intermediates and biobased and biodegradable polymer inputs. 
“Navigating oleochemicals markets at a time when regulation, legislation, and competition from renewable fuels markets are the key drivers is a challenge. Our new service offers pricing and analysis that informs decision-makers and allows sustainable business to thrive.” 
The new oleochemicals portal in ResourceWise’s flagship chemicals market intelligence platform, OrbiChem360, has evolved beyond its legacy biomaterials insights to focus on the fats and oils markets that are key to sustainability.  
It presents pricing data and analysis that ResourceWise biomaterials experts have furnished within OrbiChem360 this past decade and includes a crude tall oil (CTO) price index. The inclusion of a forest-based output introduces the ResourceWise platform FisherSolve’s pulp and paper industry insight to our portfolio. 
Pete Stewart, the CEO of ResourceWise, is focused on the future. “From raw material converters to end-use consumer goods producers, manufacturing value chain participants are increasingly seeking cross-commodity insights to meet low-carbon targets. We are building and providing the data and analytics businesses need to achieve environmental, social, and governance (ESG) targets and market products competitively worldwide.  
“The ResourceWise mission is to use the intelligence within the increasingly inter-related business sectors we have harnessed to guide customers in their journey toward a net-zero future. This new offering is the first of many milestones in our endeavor to do just that,” adds Stewart.  
A Streamlined Renewable Chemicals Service  
The new product leverages oleochemical pricing and commentary gathered by ResourceWise legacy brands since 2014 and insight collected since the 1990s. It extends our regional reach with additional price points and streamlines the data and analytics provided.  
The new portal is designed with personal care, cosmetics, detergents, lubricants, pharmaceuticals, flavor and fragrance, and food and beverage market participants in mind. However, it provides pricing data and insights for producers, intermediaries, and consumer product manufacturers in broader industries. 
More Than Forty Current and Historical Prices          
International price indexes for oleochemicals include the feedstocks soybean, coconut, tall, rapeseed, and palm oils, as well as tallow and glycerine grades Dozens of spot and contract prices for fatty acids and fatty alcohols plus comprehensive commentary based on intelligence from a worldwide contact base       Low-carbon price benchmarks and commentary in our oleochemicals offering will increasingly leverage intelligence on the biofuels sector within the Prima CarbonZero platform      Global Trade Flow graphics for all oils and tallow to help customers understand how key plant and animal-based feedstocks are traded globally to identify new markets and sources   Industry experts contextualize data, making it actionable, and respond personally to customer inquiries By bridging information gaps in the chemicals market, OrbiChem360 subscribers gain a competitive edge in volatile markets. The platform provides decision makers with robust, data-driven insight that unravels market trends so they can harness growth opportunities. For more information on the OrbiChem360 platform, visit the ResourceWise OrbiChem360 page. 
CONTACT:
Contact:Suz-Anne Kinney          Vice President, Marketing & Communications at [email protected]  +1 (980) 233-4021
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Artificial Intelligence

AI Vulnerability Scanning market Size to Grow USD 7,574.30 Million by 2030 at a CAGR of 13.52% | Valuates Reports

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BANGALORE, India, June 24, 2024 /PRNewswire/ — AI Vulnerability Scanning market is Segmented by Type (On-premises, Cloud-Based), by Application (SMEs, Large Enterprise): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The global AI Vulnerability Scanning market was valued at USD 3121.56 million in 2023 and is anticipated to reach USD 7,574.30 million by 2030, witnessing a CAGR of 13.52% during the forecast period 2024-2030.
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 Major Factors Driving the Growth of AI Vulnerability Scanning Market:
The market for AI vulnerability assessment is being pushed by the growing requirement for strong cybersecurity defenses against increasingly complex and dynamic cyberthreats. AI-specific vulnerabilities are becoming more likely as organizations use machine learning (ML) and artificial intelligence (AI) more extensively, which calls for the use of specialized scanning solutions. AI vulnerability scanners use cutting-edge algorithms to find and fix security flaws in AI models, shielding against criminal activity, data breaches, and adversarial attacks. The demand for AI vulnerability screening tools is being driven primarily by the increasing awareness of AI security concerns, regulatory constraints for strict data protection, and the integration of AI across multiple sectors, including banking, healthcare, and automotive. Furthermore, improvements in AI and ML methods boost these scanning solutions’ efficacy and propel the market forward.
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TRENDS INFLUENCING THE GROWTH OF THE AI VULNERABILITY SCANNING MARKET
Because cloud-based AI vulnerability scanning provides scalable, effective, and all-encompassing security solutions, it is driving the growth of the AI vulnerability scanning market in major companies. By constantly monitoring and analyzing enormous volumes of data across enterprise networks, these cloud-based systems make use of cutting-edge AI algorithms to spot possible vulnerabilities in real time. Large businesses can effectively manage security across different and complex IT infrastructures thanks to the flexibility and scalability of cloud solutions, which guarantees strong defense against constantly changing cyber threats. Furthermore, cloud-based platforms’ centralized architecture makes it simpler to integrate and upgrade with pre-existing security frameworks, which improves overall resiliency. The market is expanding significantly as a result of large organizations prioritizing cybersecurity and the increased need for advanced, AI-driven vulnerability detection solutions.
The market for AI vulnerability scanning is primarily driven by the rise in complex cyberthreats. Organizations are becoming more cognizant of the necessity for sophisticated security measures as cyber threats escalate in complexity and frequency. When it comes to identifying and countering these contemporary threats, traditional vulnerability scanning techniques frequently fall short. Real-time detection and prediction analysis capabilities are provided by AI-powered vulnerability scanning solutions, which can detect possible security breaches before they happen. Organizations must make significant investments in AI-based security solutions in order to preserve business continuity and protect critical data.
One major element propelling the market expansion for AI vulnerability scanning is regulatory compliance. Tight laws are being passed by governments and business associations across the globe to guarantee cybersecurity and data security. Sufficient observance of regulations like GDPR, HIPAA, and CCPA necessitates ongoing security vulnerability reporting and monitoring. AI vulnerability scanning systems offer thorough and automated security assessments, which assist enterprises in meeting these legal obligations. This ability not only guarantees compliance but also lowers the possibility of fines and harm to one’s reputation, which motivates more companies to choose AI-powered security solutions.
Another important element propelling the market for AI vulnerability scanning is cost effectiveness. Conventional security methods are resource-intensive and can require a large amount of manual effort, which raises operational costs. The identification and mitigation of security threats are automated by AI-powered vulnerability scanning solutions, which minimizes the need for significant human participation. Organizations save a significant amount of money because of this automation, especially big businesses with sophisticated IT infrastructures. Furthermore, early vulnerability detection reduces the possible financial effect of cyberattacks, which makes AI-driven solutions a financially viable choice for companies.
The market for AI vulnerability scanning is expanding due in large part to the need for real-time threat identification. Real-time security threat detection and response is essential in today’s fast-paced digital world. Artificial intelligence (AI)-driven vulnerability scanning solutions enable businesses to quickly respond to possible threats by offering continuous monitoring and instantaneous analysis of security weaknesses. Reducing the effects of cyberattacks and preserving the integrity of vital systems depend on this real-time detection capabilities. Adoption of AI-based security solutions is driven by the increased requirement for quick reaction to threats.
The market for AI vulnerability screening is being driven by several factors, including increased accuracy and precision. Conventional vulnerability scanning techniques can miss subtle security risks and generate false positives. On the other hand, AI-powered products use sophisticated analytics and machine learning algorithms to pinpoint vulnerabilities extremely precisely. This lowers the quantity of false alarms and guarantees that serious dangers are dealt with right away. Because AI-driven solutions are more accurate, security measures are more effective overall, which is why businesses looking for dependable and all-inclusive vulnerability management choose them.
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AI VULNERABILITY SCANNING MARKET SHARE ANALYSIS
The market for AI vulnerability scanning is dominated by North America because of the region’s strong emphasis on cybersecurity and technical improvements. Because there are so many tech businesses, financial institutions, and government organizations in the US that need to implement strong cybersecurity measures, the country is a big participant in this space. The development and uptake of sophisticated vulnerability scanning solutions are aided by the presence of significant AI and cybersecurity companies in the area. The industry is additionally driven by strict regulatory requirements, such as those imposed by the Health Insurance Portability and Accountability Act (HIPAA) and the Federal Information Security Management Act (FISMA), which force firms to install extensive security measures. The increased frequency of cyberattacks in North America emphasizes the necessity for sophisticated AI-powered security measures.
Key Players:
European UnionCRYPTTECHSecPointTheSmartScannerSecureWorksCybotsCyber OrionImmuniWeb SAVertaHuawei CloudFreeBufAlibaba CloudIBMGoogle CloudBARUTUAmazon AWSPurchase Regional Data: https://reports.valuates.com/request/regional/QYRE-Auto-12L15782/Global_AI_Vulnerability_Scanning_Market_Research_Report_2023
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Artificial Intelligence

Timekettle Announces HybridComm 3.0 Upgrade, Marking a New Era in Near-human-level AI Translation Technology

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SHENZHEN, China, June 24, 2024 /PRNewswire/ — Timekettle is excited to announce the release of its latest software upgrade, the AI Semantic Segmentation. Powered by Timekettle’s cutting-edge TurboFast Technology under HybridComm 3.0, the AI Semantic Segmentation sets a new standard in real-time language translation, solidifying Timekettle’s position as the expert in AI translator earbuds.

As the pioneer and innovator in cross-language communication solutions, Timekettle has relentlessly advanced the field through innovative products, marking a significant chapter in AI translation devices. Initially offering handheld translators for simple exchanges, Timekettle’s breakthrough came with the WT2 Plus Translator Earbuds, featuring HybridComm 1.0 for seamless, one-way translation and a speaker mode for broader communication. The subsequent launch of the WT2 Edge Real-time Translator Earbuds, with HybridComm 2.0, enabled natural, bidirectional conversations. The latest advancement, powered by HybridComm 3.0 featuring the AI Semantic Segmentation, significantly enhances translation efficiency and accuracy, marking a new era in near-human-level AI translation technology.
Leveraging the advanced TurboFast Technology, the AI Semantic Segmentation ensures a seamless and instant translation experience, helping the translated speech align perfectly with the speaker’s rhythm, and eradicating the issue of delayed translated output in crucial communication scenarios. It begins by grasping the core meaning of sentences. Once it aligns closely with the “entirely correct” benchmark, it begins translating while still processing the original voice, allowing users to hear the translated audio sooner.
Thanks to the AI Semantic Segmentation, the delay in receiving translated audio has been reduced by 200%, bringing its real-time translation capabilities on par with live interpretation. Internal test conducted recently revealed that with the AI Semantic Segmentation, a translated speech only delays a sentence lag time, while other traditional speech translation devices may experience significant delays of 30 to 40 seconds.
This significant reduction, cutting over 20 seconds of waiting time, has revolutionized continuous communication. Picture being at a conference room where attendees can instantly hear the translation of a sentence right as the speaker starts the next. Such a seamless flow of communication marks a new era of cross-language interaction, paving the way for a more connected world.
The AI Semantic Segmentation is now available on Timekettle WT2 Edge Real-time Translator Earbuds, M3 Language Translator Earbuds, and X1 AI Interpreter Hub (One-on-one mode, Listen & Play mode, and Ask & Go mode for now; Voice Call mode and more starting June 28th) and upon installing the latest software update for existing users. 
About Timekettle
Established in 2016, Timekettle is dedicated to advancing cross-language communication through innovative products and solutions. Recognized with numerous international accolades, including the CES Innovation Award, iF Design Award, and Japan Good Design Award, Timekettle’s products have proudly served the needs of cross-language communication in a variety of user scenarios, including abroad-living, traveling, multi-language meetings and classrooms, as well as in manufacturing and logistics, and beyond. Having solidified a user database of more than 400,000, Timekettle continues its journey as the Global No.1 AI Translator Device.
For further information, please visit https://www.timekettle.co/ or contact [email protected]
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