Premier Health Announces Launch of Tech Enabled Mental Health Initiative

VANCOUVER, British Columbia, Feb. 28, 2019 /PRNewswire/ — Premier Health Group (CSE: PHGI) (CSE: PHGI.CN) (OTCQB: PHGRF) (Frankfurt: 6PH) (the “Company” or “Premier Health”), a Company focused on developing innovative approaches that combine human skill-based expertise with emerging technologies for the healthcare industry, is pleased to announce the launch of a technology enabled mental health initiative. The initiative will focus on providing app enabled mental health counselling for patients in urban centers and remote and underserved populations. Dr. Tahmeena Ali and Dr. Robert McKenzie are two Vancouver-based family physicians with extensive experience in mental health care and will be championing the initiative.

According to the World Health Organization, mental health disorders are the leading cause of disease burden globally. And studies show that up to half of individuals with a serious mental health illness had not received treatment in the prior year. “It’s disheartening to hear that 1 in 5 people in Canada will personally experience a mental health problem or illness and due to the lack of accessibility to care providers, we are failing to meet the needs of mental health care provision,” said Dr. Essam Hamza, CEO of Premier Health. “Having the ability to offer virtual mental health counselling services is pivotal to our patient-centric app. Through my own practice I have encountered a significant number of teens and young adults who would much rather use virtual services from the comfort of their home than come in person and wait in a busy waiting room to talk about their mental health. The need is there, and Premier Health, working alongside Dr. Ali and Dr. McKenzie, will develop the tools and framework to be able to overcome the barriers associated with mental health treatment.”

Through private and secure online video, people will be able to easily access and book sessions with experienced professionals when and where they need it. The Company will also be focusing on providing access to mental health to underserved and under privileged communities, which due to geography and the scarcity of mental health professionals, have previously been overlooked

Dr. Tahmeena Ali practices full-service family medicine and contributes regularly to the Vine Youth clinic and Ministry of Child and Family Development. Along with colleagues and representatives from the Surrey School District and the Ministry for Child and Family Development, she created the School Triage Team which provides a much-needed interface between mental health professionals and school teachers. In addition, Dr. Ali is the current chair of the Division of Family Practice of White Rock/South Surrey and previously headed an Acquired Brain Injury unit where she further recognized the power of providing complex psychiatry patients with optimal and supportive follow-up upon discharge. 

Dr. Robert McKenzie has been practicing Family Medicine in Richmond since 1990 and has active privileges at Richmond Hospital. He was a board member of the Richmond Division of Family Practice for 6 years and has actively taken on a physician lead role for the Shared Care Psychiatry project – a program bringing Psychiatrists into the Family Practice offices.

“I’ve always had a strong interest in mental health and improving access and services in Richmond,” said Dr. McKenzie. “Through our program, we are aiming to remove the stigma around seeing a psychiatrist and promoting team-based care by bringing them to the patients home medical office. Now, through the virtual care initiative with Premier Health, we will be able to reach an even wider demographic.”

ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Executive Officer

About Premier Health

Premier Health is a Canadian company that is strategically poised to take advantage of business opportunities in the global health care industry. We are developing innovative health care approaches that combine human skill-based expertise with emerging technologies, with the goal of setting the gold standard for services in locations of interest worldwide. Premier Health’s subsidiary, HealthVue is focused on developing proprietary technology to deliver quality healthcare through the combination of connected primary care clinics with telemedicine and artificial intelligence (AI). We currently have an ecosystem of over 100,000 active patients and have plans to rapidly increase that number both domestically and internationally. The Premier Health team has a strong track record of successfully creating value in healthcare and technology enterprises. The Management team has deep clinical, financial and operational expertise and a passion for improving healthcare for all patients.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

For Additional Information Contact:
Premier Health Group Inc.
Email: investors@mypremierhealth.com 
+1-604-617-7221

www.mypremierhealth.com

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SOURCE Premier Health Group Inc.

Gosuncn signed a global strategic cooperation agreement with Mojio

BARCELONA, Spain, Feb. 28, 2019 /PRNewswire/ — On February 27, Barcelona, Gosuncn Technology Group Co., Ltd., a world leading provider of IoT products and solutions and Mojio, a connected car platform provider in Canada signed a strategic cooperation agreement during the Mobile World Congress 2019. The two parties will jointly develop the global Connected car market.

Gosuncn has been cooperating with Mojio for years. Gosuncn provides professional intelligent vehicle terminal products to realize safe and reliable connection of the vehicles based on 4G network. Relevant data is transmitted in real time to Mojio cloud platform for further processing and analysis. A wide range of functions and extended services are provided, including vehicle positioning, driving behavior analysis, vehicle failure warning and high-speed Wi-Fi service. Consumers can use these functions by connecting the plug-and-play smart device to the OBD-II port. New services can be deployed through upgrading such as collision detection and emergency call (eCall) response so as to enhance the safe driving experience and make vehicles sense collision, assess severity and trigger appropriate emergency response. Nearly 1 million users have upgraded their vehicle-mounted software in the North American and European markets.

Gosuncn and Mojio have already cooperated with each other in the United States and Canada to provide end-to-end smart connected car products and solutions for such leading operators as T-Mobile, Telus, Rogers and Bell. This time, both parties will jointly expand their market to multiple markets around the world so as to meet the business growth of more customers and the new business demands of car owners.

Liu Shuangguang, Chairman of Gosuncn Group, said, “Gosuncn is committed to providing global customers with innovative connected car products and services throughout the world. Together with Mojio, we can provide highly competitive end-to-end solutions for international customers. The close cooperation between both parties can realize the continuous increase of new services and better serve customers through remote upgrading of software and hardware.”

Gosuncn have been provided 4G smart Connected car terminals for more than 20 operators in the world and have been used in more than 7,000 models in Europe and America. Gosuncn has invested 5G and V2X and will provide leading intelligent networking vehicle solutions for more car manufacturers and industry customers in the future based on its development in artificial intelligence.

 

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SOURCE Gosuncn

Area9 Lyceum Launches Rhapsode|BRIDGE™ – A New, AI-Driven Solution for Adobe Flash Migration

CHESTNUT HILL, Mass., Feb. 28, 2019 /PRNewswire/ — As Adobe ends support for its Flash software platform by the end of 2020, Area9 Lyceum has a new, artificial intelligence (AI) and robotics enabled solution, Rhapsode|BRIDGE™, available for education companies and corporate learning and development departments. Rhapsode|BRIDGE™ will enable companies to migrate their Flash content and materials up to five times faster and more cost effective than alternative solutions. 

Adobe’s decision to stop support for Flash will require companies to migrate their software and content to new open formats, such as HTML5 and SCORM. The problem is significant for many companies who are still searching for an efficient strategy to migrate their large libraries of education content based on Flash.    

“Companies worldwide will soon find their existing platforms will no longer be supported and they will need to move all their valuable content to a compatible system,” said Dr. Ulrik Juul Christensen, CEO of Area9 Lyceum. “In addition to our expertise in education, we have built the most advanced automation content development workflow systems to streamline content creation and curation. There are several great solutions to transition Flash-based web content. For educational content, there is a significant gap because educational content is in many ways much harder to transition. Rhapsode|BRIDGE™ can close that gap. It is still not a ‘one-click’ operation, but it is significantly easier.” 

Using AI and robotics, Rhapsode|BRIDGE can facilitate the transition from Flash to a responsive platform up to five times faster than the alternatives. The process starts with an advanced ingestion layer that takes apart the Flash file and generates a library of resources. These are rebuilt again using Area9’s Rhapsode|CURATOR™ to a responsive component with the same or better functionality as the original.

When the content is rebuilt, it is critical to validate it. Area9 Lyceum has used its industry-leading experience to build new workflow automation and technology platforms to massively streamline such reviews and validation processes.  

“Our team has more than 20 years of experience working with highly regulated areas such as health care and we can help those companies manage and streamline compliance and regulatory approval,” Dr. Christensen said.

The final step is to publish the content with a brand-new technology that can cross compile the learning packages into modern formats, such as HTML5, ePub, SCORM, LTI, QTI – or to Area9’s adaptive format. This allows companies to use the most advanced education specific technologies to do the migration of their content without getting locked in or having to make the full investment towards adaptive learning.    

“We didn’t intend to resolve this problem or predict the Flash dismissal; however, our solution is a powerful way to solve it,” added Dr. Christensen.   

Area9 Lyceum leverages more than 20 years of research to identify the human factors that influence learning, such as when students prepare for medical exams or health-care professionals prepare for continuing medical education. Other key industries include aviation, defense, heavy industry, telecommunications, retail, professional services and higher education.

To get started unlocking Flash content with Area9 Lyceum, please visit www.area9lyceum.com/Flash.  For more information on Area9 Lyceum, visit https://area9lyceum.com or follow them on social media at Facebook, Twitter and LinkedIn.

Media Contact: 
Molly Lynch  
Lynch Communications Group, LLC
molly@lynchgrouponline.com
773-505-9719

 

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SOURCE Area9 Lyceum

Gridsum Announces Investment by Certain Equity Investment Firms

BEIJING, Feb. 28, 2019 /PRNewswire/ — Gridsum Holding Inc. (“Gridsum” or the “Company”) (NASDAQ: GSUM), a leading provider of cloud-based big-data analytics and artificial intelligence (“AI”) solutions in China, today announced that on February 28, 2019, it entered into a share subscription agreement (the “Subscription Agreement”) with certain equity investment firms (the “Investors”).

Pursuant to the Subscription Agreement, the Investors will make an aggregate investment of approximately US$11.1 million by subscribing for 3,461,902 newly issued Class B ordinary shares of the Company, par value US$0.001 per share, at a subscription price of US$3.20 per share. Closing of the investment is subject to the satisfaction of customary closing conditions.

About Gridsum

Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider of cloud-based big-data analytics and AI solutions for multinational and domestic enterprises and government agencies in China. Gridsum’s core technology, the Gridsum Big Data Platform and the Gridsum Prophet: Enterprise AI Engine, is built on a distributed computing framework and performs real-time multi-dimensional correlation analysis of both structured and unstructured data. This enables Gridsum’s customers to identify complex relationships within their data and gain new insights that help them make better business decisions. The Company is named “Gridsum” to symbolize the combination of distributed computing (Grid) and analytics (sum). As a digital intelligence pioneer, the Company’s mission is to help enterprises and government organizations in China use data in new and powerful ways to make better informed decisions and be more productive.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Forward-looking statements involve inherent risks and uncertainties. Many factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to unexpected difficulties in pursuit of our goals and strategies; reduced demand for our solutions; difficulties keeping and strengthening relationships with customers; potentially costly research and development activities; competition in the digital intelligence market; PRC governmental policies relating to media, software, big data, the internet, internet content providers and online advertising; and general economic and business conditions. Further information regarding these and other risks is included in Gridsum’s reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Gridsum undertakes no duty to update such information except as required under applicable law.

For more information, please visit http://www.gridsum.com/.

Investor Relations
Gridsum
ir@gridsum.com

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: carnell@christensenir.com

In U.S.
Mr. Tip Fleming
Phone: +1 917 412 3333
Email: tfleming@christensenir.com

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SOURCE Gridsum Holding Inc.

Safeguard Scientifics Announces Fourth Quarter and Full-Year 2018 Financial Results

RADNOR, Pa., Feb. 28, 2019 /PRNewswire/ — Safeguard Scientifics, Inc. (NYSE: SFE) (“Safeguard” or the “Company”) today announced financial results for the three months and 12 months ended December 31, 2018 and provided a business update regarding the achievement of developmental milestones for its partner companies.  “We are pleased with our accomplishments in 2018.  Our partner companies continue to mature and we are well-positioned to capitalize on exit opportunities that will create value for our shareholders,” said Brian J. Sisko, Safeguard’s President and CEO.  “Since we announced our strategy change in January 2018, Safeguard has realized over $120 million in cash proceeds related to monetizations of our partner companies.”

Highlights

  • Safeguard announced hiring of Evercore as its financial advisor as it executes against its strategy to maximize returns to shareholders.
  • The Company announced its intentions regarding the return of capital to shareholders through share repurchases as practicable, and ultimately, direct distributions.
  • Safeguard announced in December 2018 and realized in January 2019 $41.5 million from the sale of partner company Propeller.  The transaction represented an approximate 3x cash-on-cash return.
  • The Company realized $45 million in July 2018 from MediaMath’s repurchase of 39.1% of Safeguard’s interest.  The transaction represented a cash-on-cash return of 4.5x.
  • Safeguard’s deployment of funding to partner companies decreased from $38.0 million in 2017 to $15.9 million in 2018 reflecting both the health of the portfolio and a prudent focus to reduce our further deployments.
  • The Company repaid $41.0 million of convertible senior debentures with proceeds from its credit facility and other available cash in the second quarter of 2018.
  • At December 31, 2018, the Company’s balance of cash, cash equivalents, restricted cash and marketable securities was $46.2 million.
  • The Company reduced its aggregate debt principal balance to $68.6 million at December 31, 2018 from $85.0 million at September 30, 2018.
  • The Company has significantly reduced its on-going cost structure.  For the twelve months and three months ended December 31, 2018, our corporate expenses totaled $9.9 million and $1.9 million, respectively, reaching the targeted $8-9 million run rate for annual corporate expenses, excluding severance, retirement and non-recurring items.

For the three months ended December 31, 2018, Safeguard’s net loss was $16.6 million, or $0.81 per share, compared with net loss of $18.7 million, or $0.91 per share, for the same period in 2017.  For the year ended December 31, 2018, the Company’s net loss was $15.6 million, or $0.76 per share, compared with net loss of $88.6 million, or $4.34 per share, in 2017.

OUTLOOK
As a result of the significant changes implemented during 2018, including the monetization of several of our partner company interests, the reduction of the Company’s debt burden, and our dramatically reduced operating cost structure, Safeguard is well positioned for 2019.  Based upon the January 2019 closing of the Propeller transaction, Safeguard expects to make an additional principal repayment in excess of $20 million on our credit facility in April 2019.  Further, Safeguard’s aggregate cash and marketable securities will exceed our debt balances.  We continue to be optimistic about the overall health of our partner companies and expect that further exit events in 2019, if achieved at a sufficient level, will position Safeguard to make further early repayments on the credit facility and begin returning value to shareholders thereafter.

AGGREGATE PARTNER COMPANY REVENUE
Aggregate partner company revenue for the 22 partner companies held in 2018 was $396 million, slightly below the prior projection of $400$415 million due in large part to continued slowness in the digital media space.  The aggregate partner company revenue for the remaining 19 companies in 2019 is projected to be between $420 million and $450 million.  Aggregate revenue for the same partner companies was $379 million and $346 million for 2018 and 2017, respectively.  Safeguard reports the revenue of its partner companies on a one-quarter lag basis.

PARTNER COMPANY HIGHLIGHTS
This section summarizes significant accomplishments by Safeguard’s partner companies during 2018.

~ Milestones ~

Trice Medical acquired SegWay Orthopedics, a leader in solutions for minimally invasive orthopedic procedures.  The acquisition transforms Trice Medical into the first company that offers both minimally invasive orthopedic diagnostic and surgical solutions.  The company also closed an $18 million extension of its Series C financing.

Aktana raised $21 million in equity capital in a Series C financing led by Leerink Transformation Partners with participation by a strategic investor and existing participants, including Safeguard.  The company has raised $49 million in total funding.

InfoBionic closed a $50 million financing.  Proceeds will support continued commercial expansion of its FDA-cleared MoMe® Kardia system for remote wireless outpatient monitoring and diagnosis of cardiac arrhythmias.  Participants were Eagle Investments; Excel Venture Management; Safeguard; Zaffre Investments, a subsidiary of Blue Cross Blue Shield of Massachusetts; and Blue Cross and Blue Shield of Kansas, Inc.  InfoBionic reported month-to-month subscription growth in excess of 35% for the MoMe® Kardia system during the past year.

meQuilibrium raised $6 million in equity capital in a Series C financing led by HLM Venture Partners of Boston with participation by Chrysalis Ventures and Safeguard.  Proceeds will be used to expand sales and marketing initiatives.  The company has raised $31 million in total funding.  In addition, meQuilibrium hired Neal Bruce as senior vice president for product strategy and Kerry Smith as senior vice president for customer success.

WebLinc secured $6 million in debt financing from Montage Capital and Partners for Growth.  Proceeds will be used to expand sales and marketing efforts, and to improve the company’s cloud commerce products, including content and search components.  WebLinc employs approximately 116 people in its Philadelphia, Vancouver and Toronto offices.  The company has raised $20 million in venture capital to date.

Zipnosis recently secured $3 million in Series B equity funding from existing investors, including Safeguard, to continue growing its telemedicine sales, product development and customer support activities.  The company has raised $23 million since its 2009 founding.

~ Product Launches / Regulatory Approvals ~

MediaMath launched new creative management offerings and supply partnerships that fully integrate native advertising into its omnichannel DSP, empowering clients to leverage a single platform to manage a larger share of their media spend using a creative format that has proven to be more engaging to consumers.  The launch comes on the heels of MediaMath’s recent $225 million funding round and demonstrates its commitment to improving the consumer experience while creating business outcomes.  MediaMath’s new native offering enables clients to upload creative assets in their component parts, such as images, headlines, copy and click-through-URLs and tracking tags, directly into T1, and then use the same assets flexibly across any compatible native inventory.  MediaMath has partnered with Sharethrough, TripleLift and PowerLinks to launch these capabilities with a globally-scaled inventory of premium native ad opportunities.  MediaMath has also been testing leveraging the same framework to target Facebook and Instagram inventory with the same creative units.

QuanticMind has expanded the Bidding Optimization Capabilities of its digital advertising platform, allowing users to have better control of their spend targets and minimum margins, among other goals.  The company also has upgraded algorithms and infrastructure used to calculate location and device-bid adjustments for Google and Bing, improving accuracy and scalability.

~ Major Customer Wins / Strategic Partnerships ~

Aktana has integrated its decision-support software for the life science industry with offerings by Salesforce Sales Cloud, Marketing Cloud and Einstein AI to enhance sales and marketing team workflow and drive multichannel engagement.

Clutch Holdings has added West Coast grocer New Seasons Market to its customer roster.  Clutch will centralize all of the grocer’s transaction, SKU and customer loyalty data and design outreach campaigns across all channels using personalized communications.  New Seasons Market operates 21 stores in Oregon, Washington and northern California.

Flashtalking has formed separate partnerships with Adobe Advertising Cloud and Neustar.  The Adobe deal integrates Flashtalking and Adobe advertising technology platforms to enable advertisers to analyze data on their own terms at a granular level.  Neustar and Flashtalking are teaming to integrate identity and ad management functions in the wake of Google’s recent announcement that it will restrict and ultimately eliminate the use of DoubleClick IDs.

InfoBionic granted BIOTRONIK, a global leader in cardio- and endovascular medical technology, exclusive U.S. distribution rights for InfoBionic’s MoMe® Kardia system for ambulatory cardiac arrhythmia monitoring.

MediaMath has allied with Rubicon Project, Integral Ad Science, Mindshare and Zilliqa to explore how to apply blockchain in advertising technology.  The alliance is developing Project Proton, a prototype for enterprise level, secure collaboration across all facets of digital advertising and marketing – advertisers, agencies, demand side platforms, supply side platforms, data management platforms, trading desks and publishers.

Sonobi and San Francisco-based LiveRamp, an Acxiom® company, are teaming to help marketers improve targeting of potential customers.  The partnership allows brands and agencies to build media packages using the Sonobi JetStream multichannel ad platform and LiveRamp’s identity resolution system.  Users will be able to connect their CRM databases directly with media companies with appropriate inventory, informing them how customers customers consume media.  It also lets them make programmatic media purchases.

~ Industry Awards / Certifications ~

Prognos is included with GE Healthcare, GlaxoSmithKline, Google, IBM, Massachusetts General Hospital, Merck, and Quest Diagnostics as prominent providers in the healthcare industry’s booming artificial-intelligence sector in a recent study published by news aggregator ResearchMoz.us.  The study projects the global hospital AI market, estimated at $19 billion in 2016, will grow to $50 billion by 2023, driven by AI’s expanding role in improving diagnoses, personalizing treatments, and streamlining clinical workflow.

Zipnosis has been certified by Surescripts to add medication history services to its virtual care platform.  Certification allows healthcare providers to view real-time medication history validation and prescriptions from updated provider workflow.  Zipnosis will provide extra safety features, including medication interaction and allergy checking, as well as prescribing precautions related to pregnancy and breastfeeding.  The added features allow providers to make more accurate decisions on medications using personalized healthcare data.

PARTNER COMPANY HOLDINGS AT DECEMBER 31, 2018

Partner Company Revenue Stages

Initial Revenue Stage
·   Up to $1M in revenue

Expansion Stage
·   $1M to $5M in revenue

Traction Stage
·   $5M to $10M in revenue

High Traction Stage
·   $10M+ in revenue

Partner Companies

Stage

Category

Acquisition
Year

Primary
Ownership%

Carrying
Value
(in millions)

Cost
(in millions)

Aktana

Traction

Healthcare

2016

19%

$  5.3

$  10.2

Brickwork

Expansion

Digital Media

2016

20%

2.4

4.8

Clutch Holdings

High Traction

Digital Media

2013

41%

6.5

16.3

Flashtalking

High Traction

Digital Media

2018

10%

11.0

19.2

Hoopla Software

Expansion

Digital Media

2011

26%

5.1

InfoBionic

Expansion

Healthcare

2014

25%

0.1

22.0

Lumesis

Traction

Financial Services

2012

44%

1.5

6.3

MediaMath

High Traction

Digital Media

2009

13%

15.5

meQuilibrium

Expansion

Healthcare

2015

33%

4.6

11.5

Moxe Health

Initial Revenue

Healthcare

2016

32%

3.8

5.5

NovaSom

High Traction

Healthcare

2011

32%

1.5

26.4

Prognos (fka Medivo)

High Traction

Healthcare

2011

29%

6.7

12.6

Propeller Health

Traction

Healthcare

2014

20%

7.8

14.3

QuanticMind

Traction

Digital Media

2015

24%

5.7

12.9

Sonobi

Traction

Digital Media

2015

22%

7.1

11.4

Syapse

High Traction

Healthcare

2014

20%

2.5

15.6

T-REX Group

Initial Revenue

Financial Services

2016

21%

3.9

6.0

Transactis

High Traction

Financial Services

2014

24%

7.5

14.5

Trice Medical

Expansion

Healthcare

2014

17%

3.5

10.2

WebLinc

High Traction

Digital Media

2014

39%

5.9

15.0

Zipnosis

Expansion

Healthcare

2015

35%

3.1

8.5

TOTAL:

$  90.4

$263.8

CONFERENCE CALL AND WEBCAST DETAILS
Please call 10-15 minutes prior to the call to register.

Date: Thursday, February 28, 2019

Time: 9:00am ET

Webcast: www.safeguard.com/results

Live Number: 833-236-5756 // (International) 647-689-4184

Replay Number: 800-585-8367 // (International) 416-621-4642

Access Code: 1796673

Speakers: President and Chief Executive Officer, Brian J. Sisko; and Senior Vice President and Chief Financial Officer, Mark A. Herndon.

Format: Discussion of fourth quarter and full-year 2018 financial results followed by Q&A.

Replay will be available through March 28, 2019 at 11:59pm ET.  For more information please contact IR@safeguard.com

About Safeguard Scientifics
Historically, Safeguard Scientifics (NYSE:SFE) has provided capital and relevant expertise to fuel the growth of technology-driven businesses.  Safeguard has a distinguished track record of fostering innovation and building market leaders that spans more than six decades.  For more information, please visit www.safeguard.com.

Forward-looking Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Our forward-looking statements are subject to risks and uncertainties.  Forward-looking statements include, but are not limited to, statements regarding Safeguard’s efforts to execute on and implement its strategy of maximizing and monetizing the overall value of its partner company holdings and returning the proceeds to shareholders as soon as possible.  Such forward-looking statements are not guarantees of future operational or financial performance and are based on current expectations that involve a number of uncertainties, risks and assumptions that are difficult to predict.  Therefore, actual outcomes and/or results may differ materially from those expressed or implied by such forward-looking statements.  The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the monetization of our partner companies for maximum value or at all and to return capital to our shareholders, the fact that our partner companies may vary from period to period, challenges to achieving liquidity from our partner company holdings, fluctuations in the market prices of our publicly traded partner company holdings, competition, our inability to obtain maximum value for our partner company holdings, our ability to attract and retain qualified employees, market valuations in sectors in which our partner companies operate, our inability to control our partner companies, our need to manage our assets to avoid registration under the Investment Company Act of 1940, risks, disruption, costs and uncertainty caused by or related to the actions of activist shareholders, including that if individuals are elected to our Board with a specific agenda, it may adversely affect our ability to effectively implement our business strategy and create value for our shareholders and perceived uncertainties as to our future direction as a result of potential changes to the composition of our Board may lead to the perception of a change in the direction of our business, instability or a lack of continuity that may adversely affect our business, and risks associated with our partner companies, including the fact that most of our partner companies have a limited operating history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard’s partner companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission.  Many of these factors are beyond the Company’s ability to predict or control.  As a result of these and other factors, the Company’s past operational and financial performance should not be relied on as an indication of future performance.  The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release.

SAFEGUARD CONTACT:
John E. Shave III, IRC
Senior Vice President, Investor Relations and Corporate Communications
(610) 975-4952
jshave@safeguard.com

 

Safeguard Scientifics, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

December 31, 2018

December 31, 2017

Assets

Cash, cash equivalents, restricted cash and marketable securities

$

46,158

$

25,203

Other current assets

2,669

8,405

     Total current assets

48,827

33,608

Ownership interests in and advances to partner companies

95,585

134,691

Long-term restricted cash equivalents

6,336

Other assets

1,325

1,829

Total Assets

$

145,737

$

176,464

Liabilities and Equity

Other current liabilities

$

5,780

$

5,327

Credit facility – current

22,100

Credit facility repayment feature

5,060

Convertible senior debentures

40,485

     Total current liabilities

32,940

45,812

Credit facility – non-current

43,014

45,321

Other long-term liabilities

2,804

3,535

Total equity

66,979

81,796

Total Liabilities and Equity

$

145,737

$

176,464

 

Safeguard Scientifics, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

Three Months Ended
 December 31,

Twelve Months Ended
 December 31,

2018

2017

2018

2017

Operating expenses

$

2,618

$

3,940

$

16,871

$

17,131

Operating loss

(2,618)

(3,940)

(16,871)

(17,131)

Other loss

(193)

(120)

(5,158)

(339)

Interest, net

(6,021)

(1,683)

(13,261)

(4,744)

Equity income (loss)

(7,791)

(12,985)

19,661

(66,358)

Net loss before income taxes

(16,623)

(18,728)

(15,629)

(88,572)

Income tax benefit (expense)

Net loss

$

(16,623)

$

(18,728)

$

(15,629)

$

(88,572)

Net loss per share:

Basic

$

(0.81)

$

(0.91)

$

(0.76)

$

(4.34)

Diluted

$

(0.81)

$

(0.91)

$

(0.76)

$

(4.34)

Weighted average shares used in computing loss per share:

Basic

20,472

20,357

20,544

20,430

Diluted

20,472

20,357

20,544

20,430

 

Safeguard Scientifics, Inc.

Partner Company Financial Data

(in thousands)

Additional Financial Information

To assist investors in understanding Safeguard and our 21 partner companies as of December 31, 2018, we are providing
additional financial information on our partner companies, including the aggregate cost and carrying value for all of our
partner companies and other holdings.  Carrying value of an equity method partner company represents the original
acquisition cost and any follow-on funding, plus or minus our share of the earnings or losses of each company, reduced by any
impairment charges.  The carrying value and cost data reflect our percentage holdings in the partner companies and reflect
both equity ownership interests in and advances to those partner companies.

December 31,
2018

Carrying
Value

Cost
(including
transaction
costs)

Safeguard Carrying Value and Cost

Equity method partner companies

$

79,422

$

229,030

Other partner companies

10,956

34,703

Other holdings

5,207

37,220

$

95,585

$

300,953

 

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SOURCE Safeguard Scientifics, Inc.

Identity Analytics Market to Reach $3.62 Bn, Globally, by 2025 at 27.8% CAGR: Allied Market Research

PORTLAND, Oregon, Feb. 28, 2019 /PRNewswire/ — Allied Market Research published a report, titled, Identity Analytics Market by Component (Software and Service), Deployment (On-Premise and Cloud), Organization Size (Small & Medium Sized Enterprises and Large Enterprises), Analytics Type (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics), and Industry Vertical (BFSI, Telecom & IT, Government, Manufacturing, Retail, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025.” The report offers a detailed analysis of changing market dynamics, top winning strategies, key segments, and competitive landscape. According to the report, the global identity analytics market generated $512 million in 2017, and is expected to reach $3.62 billion by 2025, registering a CAGR of 27.8% from 2018 to 2025.

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Surge in adoption by enterprises to improve identity and access management systems, increase in need to avail access certification, and rise in awareness regarding management of regulations and compliance drive the growth of the market. However, increase in complexities of IT infrastructure and slow rate of adoption of advanced analytics solutions in underdeveloped countries hinder the market growth. On the other hand, adoption of machine learning technologies and artificial intelligence for identity analytics solutions and increase in demand of mobility solutions create new opportunities in the industry.

Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/5170

The software segment to lead in terms of revenue by 2025

Based on component, the software segment contributed to more than two-thirds of the total market share in 2017, owing to rise in data governance and regulation policies for enterprises and the requirement to make informed and data-driven decisions. However, the services segment is expected to grow at the highest CAGR of 33.2% from 2018 to 2025, owing to increase in requirements for training, maintenance, planning, and support services during the usage of identity analytics and the demand for integration, implementation, and upgradation of services.

The predictive analytics segment to maintain its leadership status by 2025

Based on analytics type, the predictive analytics segment held the major market share, contributing nearly one-third of the total market share in 2017, and is expected to maintain its leadership status by 2025. This is due to its effectiveness in countering frauds and improvement of ongoing provisioning and governance. However, prescriptive analytics would register the highest growth rate with a CAGR of 29.4% from 2018 to 2025, owing to its characteristic to facilitate the organizations with hierarchical models, rule-induction, and decision trees. The research also analyzes descriptive analysis and diagnostic analysis.

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North America to maintain its dominant position throughout the forecast period

North America accounted for nearly two-fifths of the total market share in 2017, and will maintain its dominant position throughout the forecast period. This is due to rapid adoption of AI driven technologies in identity analytics. However, Asia-Pacific would grow at the highest growth rate, registering a CAGR of 30.7% from 2018 to 2025, owing to increase in security compliance requirements in various industry verticals such as BFSI, government, Telecom & IT, and others along with rise in number of data breaches and cyber-attacks that lead to adoption of identity analytics solutions.

Frontrunners of the industry

Leading market players analyzed in the research include Evidian, Hitachi Id Systems, Gurucul, LogRhythm, Happiest Minds, Verint Systems, ID analytics (Symantec), Microsoft, NetIQ (Microfocus), and Oracle.

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Knowledge tree is a cloud-based intelligence platform that offers more than 2,000 selective, off-the-shelf reports on niche markets to enable our clients gain deep insights on the latest trends, dynamic technologies, and emerging application areas.

Similar Reports:

Crowd Analytics Market Predicted to Reach $1,531 Million by 2022

The cloud deployment mode was the highest contributor in 2015, and accounted for around 61.6% of the global market, owing to high growth potential with extended cost competitiveness over on premise deployment. Moreover, crowd analytics adoption is expected to witness high growth rate, owing to increase in demand for better crowd distribution planning in smart cities and urban development in the regions including Europe, Asia-Pacific, and North America.             

Augmented Analytics Market Estimated to Reach $29,856 Million by 2025

Asia-Pacific augmented analytics market is expected to grow at a highest CAGR in the near future due to increase in technological development across different industry verticals such as BFSI, telecom & IT, retail, and others; adoption of AI-driven technologies in business intelligence; development of IT infrastructure ecosystem; and surge in adoption of cloud technology in this region.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
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SOURCE Allied Market Research

aicas to Showcase IIoT Solutions that Drive Digital Transformation at Embedded World 2019

NUREMBERG, Germany, Feb. 28, 2019 /PRNewswire-PRWeb/ — aicas, a leading producer of Java-based software for analysis, runtime and real-time embedded systems, at Embedded World 2019 will demonstrate its new Industrial-IoT solution, with a focus on developing agile, more efficient operations with Machine Learning.

The company will demonstrate applications of its technologies for realtime empowerment of the data from the very Edge of operations for Industrial IoT (IIoT), Artificial Intelligence (AI) and Machine Learning (ML) processes that are accelerating digital transformations across a wide range of industries.

aicas will introduce the flexibility of its new Jamaica-IOT solution, a secure, downloadable, connected, lightweight application framework for IIoT. Jamaica-IoT’s ability to make data from the edge of operations manageable, will be illustrated as an embedded, ML technology that supports autonomous decision-making using realtime data.

Building on its technologies that have delivered advanced, Connected car technologies, aicas has introduced solutions that meet the demand for reliable realtime data and low latency that are essential for fostering AI and ML for efficient industrial operations. Jamaica-IoT enables dynamic configuration updates as a platform with the flexibility to adapt to different applications with reusability, reliability, security, availability, and support for multiple communication protocols.

“Companies are discovering their competitive edge can be honed at their network’s edge, where realtime data analytics and control logic can be used to drive out operational inefficiencies,” said Johannes M. Biermann, aicas General Manager. “We look forward to demonstrating how we can open an instant, secure window into their data that so they can see where their operations can be more agile.”

aicas will focus on the power of Field Programmable Gate Arrays (FPGAs) as problem solving becomes an iterative procedure, often with more and more configurations that must be created, downloaded and turned operational. Aicas will demonstrate how these updates can be done quickly, safely and automatically, without a complete exchange of hardware or having to pause the running system.

“Successful Machine Learning models have the ability to draw conclusions from a range of input data based on experience,” said Dr. James J. Hunt, aicas Chief Executive Officer and Chief Technical Officer. “With Jamaica-IoT we’re providing the instant connections for analysis of a variety of data, tools to extract the useful information, and the ability to make informed decisions in realtime.”

The company demonstrated solutions at stand 4-605 within Hall 4 at the Exhibition Centre Nuremberg, in Nuremberg Germany, from February 26-28.

To schedule a demonstration, please email us at info(at)aicas(dot)com or use our online form at aicas.com/cms/en/contact-form. For more information on Jamaica-IoT, please visit aicas.com/cms/en/Jamaica-IoT

About aicas
The aicas-team has worked with customers in industrial, automotive, and other embedded software segments for almost two decades now. Originally starting out of the high-tech and academic environment in Karlsruhe, Germany, in recent years aicas has grown into a global high-tech firm with European and American branches serving global customers. Some of the largest suppliers in automotive and industrial segments use aicas software solutions and build on aicas expertise to empower their millions of devices and vehicles. For more information please visit http://www.aicas.com

 

SOURCE aicas

The global generative design market to grow from USD 111 million in 2018 to USD 275 million by 2023, at a CAGR of 19.9%

NEW YORK, Feb. 28, 2019 /PRNewswire/ — Rising need for advanced product design software to drive product innovation is driving the growth of the market

Read the full report: https://www.reportlinker.com/p05748098

The global generative design market to grow from USD 111 million in 2018 to USD 275 million by 2023, at a CAGR of 19.9% during the forecast period. The generative design market is growing rapidly with the rising need for advanced product design software, growing demand for environment-friendly architecture, and enhanced production efficiency. However, the complexity in using generative design software would limit the growth of the market.

Cost Optimization segment is expected to grow at the highest CAGR during the forecast period
By application, the cost optimization segment is expected to grow at the highest CAGR during the forecast period.Generative design is one such approach that enables designers to optimize fairly large and complex parameters such as material, energy, and time wastage.

Hence, developing robust and efficient optimization algorithms to deal with resource wastage has been one of the major focus areas of industries.

Automotive industry vertical is estimated to be the largest adopter of generative design solutions in 2018
The automotive industry has always been at the forefront of adopting technologies for their product design and development.With rapid manufacturing advancements in the industry, generative design has gained a prominent place in achieving cost and production efficiency.

Its use has increased to test and analyze designs of products in a virtual environment. Generative design software assists design engineers to reduce product design time, cost, and weight and improves the overall efficiency for automotive manufacturing and designing companies like General Motors, Hack Rod, and others.

Generative design market in Asia Pacific is projected to grow at the highest CAGR during the forecast period
The high growth of the market in Asia Pacific (APAC) is attributed to the rapid economic developments, favorable government policies, and increasing digitalization in the region with the increasing interest of businesses towards technologies such as Artificial Intelligence (AI).However, high installation costs, low acceptance of consumers, and changes in management processes remains the biggest hurdle in the adoption of generative design across the region.

The cloud-based generative design tools present an optimal solution for these countries by minimizing integration complexities and installation costs.

In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the generative design market.
• By Company – Tier 1–10%, Tier 2–25%, and Tier 3–65%
• By Designation – C-Level–25%, Director Level–50%, and Others–25%
• By Region – North America–60%, Europe–20%, and APAC–10% RoW – 10%

The generative design market comprises major solution providers, such Altair (US), Autodesk (US), ANSYS (US), Dassault Systèmes (France), Desktop Metal (US), MSC Software (US), ESI Group (France), Bentley Systems (US), nTopology (US), and Paramatters (US). The study includes an in-depth competitive analysis of these key players in the generative design market with their company profiles, recent developments, and key market strategies.

Research Coverage
The market is segmented on the basis of application, component, deployment model, industry vertical, and region.

Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall generative design market and the subsegments.This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.

Read the full report: https://www.reportlinker.com/p05748098

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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Contact Clare: clare@reportlinker.com
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SOURCE Reportlinker

Pure Storage Announces Fourth Quarter and Full Year Fiscal 2019 Financial Results

MOUNTAIN VIEW, Calif., Feb. 28, 2019 /PRNewswire/ — Pure Storage (NYSE: PSTG), the data solutions leader that helps innovators build a better world with data, today announced financial results for its fourth quarter and full year ended January 31, 2019.

www.purestorage.com (PRNewsFoto/Pure Storage) (PRNewsfoto/Pure Storage)

“We finished a strong FY19, growing annual revenue 33% year over year, to over $1.3B, and we are excited about our ability to continue to deliver strong growth,” said Charles Giancarlo, Chairman and CEO, Pure Storage. “Looking ahead, we expect to drive industry leading growth, expand our product portfolio, and increase our lead in customer delight.”

Key Business and Financial Highlights:

  • Q4 Revenue; $422 million, up 24% year over year
  • Full-year revenue $1.36 billion, up 33% year over year

 

  • Q4 GAAP gross margin 66.5%; non-GAAP gross margin 67.6%
  • Full-year GAAP gross margin 66.4%; non-GAAP gross margin 67.6%

 

  • Q4 GAAP operating margin -5.9%; non-GAAP operating margin +7.4%
  • Full year GAAP operating margin -12.5%; non-GAAP operating margin +3.7%

While Q4 results were below the company’s guided ranges, they were directly impacted by two distinct items. First, a process breakdown at a contract manufacturer prevented a number of orders from shipping in the quarter. Second, Pure exceeded its expectations in selling the company’s ES2 subscription offering, which ultimately drives positive long-term economics for Pure, but resulted in lower revenue recognized in the quarter. Except for these two items, our revenue and profits would have been within our guided range.

Recent Company Highlights:

  • Following the quarter close, Pure signed a more than $100 million-dollar deal over approximately two years with a leading global systems integrator.
  • As part of Pure’s Cloud Data Services, the company announced ObjectEngine, redefining data protection to rapid restoration built for modern enterprises.
  • In addition, Pure launched DirectFlash™ Fabric for end-to-end NVMe and NVMe-oF support, enabling customers to improve performance of mission-critical applications and web-scale applications that traditionally have relied on direct attached storage.

“Pure delivered another strong fiscal year of growth, leverage, and scale,” said Tim Riitters, CFO, Pure Storage. “The innovative portfolio of platform, software, and cloud products Pure is bringing to market is expanding our opportunity and positioning us for long-term success.”

Fourth Quarter Fiscal 2019 Financial Highlights

The following tables summarize our consolidated financial results for the fiscal quarters ended January 31, 2019 and 2018 (in millions except percentages, per share amounts and headcount, unaudited):

GAAP Quarterly Financial Information

Three Months Ended
January 31, 2019

Three Months Ended
January 31, 2018

Y/Y Change

Revenue

$422.2

$339.9

24%

Gross Margin

66.5%

65.3%

1.2 ppts

Product Gross Margin

67.4%

66.2%

1.2 ppts

Support Subscription Gross Margin

62.5%

60.6%

1.9 ppts

Operating Loss

$(25.0)

$(18.8)

$(6.2)

Operating Margin

-5.9%

-5.5%

-0.4 ppts

Net Loss

$(25.8)

$(14.9)

$(10.9)

Net Loss per Share – Basic and Diluted

$(0.11)

$(0.07)

$(0.04)

Weighted-Average Shares

239.6

218.0

21.6

Headcount

>2,800

>2,100

~700

Non-GAAP Quarterly Financial Information

Three Months Ended
January 31, 2019

Three Months Ended
January 31, 2018

Y/Y Change

Gross Margin

67.6%

66.3%

1.3 ppts

Product Gross Margin

67.8%

66.5%

1.3 ppts

Support Subscription Gross Margin

66.8%

65.4%

1.4 ppts

Operating Income

$31.1

$24.9

$6.2

Operating Margin

7.4%

7.3%

0.1 ppts

Net Income

$37.0

$28.8

$8.2

Net Income per Share – Diluted

$0.14

$0.11

$0.03

Weighted-Average Shares – Diluted

263.7

250.8

12.9

A reconciliation between GAAP and non-GAAP information is provided at the end of this release.

Financial Outlook

Pure Storage’s first quarter fiscal 2020 guidance is as follows:

  • Revenue in the range of $327 million to $339 million, 30% Y/Y growth at the midpoint
  • Non-GAAP gross margin in the range of 65.0% to 68.0%
  • Non-GAAP operating margin in the range of -8.5% to -4.5%

Pure Storage’s full year fiscal 2020 guidance is as follows:

  • Revenue in the range of $1.735 billion to $1.805 billion, 30% Y/Y growth at the midpoint
  • Non-GAAP gross margin in the range of 65.0% to 68.0%
  • Non-GAAP operating margin in the range of 3.0% to 7.0%

All forward-looking non-GAAP financial measures contained in this section titled “Financial Outlook” exclude stock-based compensation expense, payroll tax expense related to stock-based activities, amortization of debt discount and debt issuance costs, amortization of intangible asset acquired from acquisition, any applicable anti-dilutive share count impact of our convertible debt hedge agreements and, as applicable, other special items. We have not reconciled guidance for non-GAAP gross margin and non-GAAP operating margin to their most directly comparable GAAP measures because the items that impact these measures are not within our control and/or cannot be reasonably predicted. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort.

Conference Call Information

Pure Storage will host a teleconference to discuss the fourth quarter and fiscal year 2019 results at 2:00 p.m. (PT) on February 28, 2019. Pure Storage will post management’s prepared remarks and supplemental earnings presentation to the investor relations website at investor.purestorage.com in advance of the conference call.

Teleconference details are as follows:

  • To Listen via Telephone: (866) 393-4306 or (734) 385-2616 (for international callers).
  • To Listen via the Internet: A live and replay audio broadcast of the conference call with corresponding slides will be available at investor.purestorage.com.
  • Replay: A telephone playback of this conference call is scheduled to be available two hours after the call ends on Thursday, February 28, 2019, through March 14, 2019. The replay will be accessible by calling (855) 859-2056 or (404) 537-3406 (for international callers), with conference ID 5479904.

Upcoming Events

Management will participate in an upcoming financial Q&A discussion at the Eighth Annual Technology Conference in New York on March 12, 2019. Pure Storage will post a link to this event on the investor relations website at investor.purestorage.com for both live and archived events.

About Pure Storage

Pure Storage (NYSE: PSTG) helps innovators build a better world with data. Pure’s data solutions enable SaaS companies, cloud service providers, and enterprise and public sector customers to deliver real-time, secure data to power their mission-critical production, DevOps, and modern analytics environments in a multi-cloud environment. One of the fastest growing enterprise IT companies in history, Pure Storage enables customers to quickly adopt next-generation technologies, including artificial intelligence and machine learning, to help maximize the value of their data for competitive advantage. And with a Satmetrix-certified NPS customer satisfaction score in the top one percent of B2B companies, Pure’s ever-expanding list of customers are among the happiest in the world.

Pure Storage, DirectFlash, Evergreen, FlashBlade, FlashStack, ObjectEngine and the “P” Logo mark are trademarks of Pure Storage, Inc. All other trademarks or names referenced in this document are the property of their respective owners.

Forward Looking Statements
This press release contains forward-looking statements regarding our products, business and operations, including our growth prospects and expectations regarding technology differentiation, and our outlook for the first quarter and full year fiscal 2020, and statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, including, which are available on our investor relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended January 31, 2019. All information provided in this release and in the attachments is as of February 28, 2019, and we undertake no duty to update this information unless required by law.

Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow as a percentage of revenue, free cash flow without ESPP impact, and free cash flow without ESPP impact as a percentage of revenue.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense, amortization of debt discount and debt issuance costs, and amortization of intangible asset acquired from acquisition that may not be indicative of our ongoing core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow and free cash flow without ESPP impact,” included at the end of this release.

PURE STORAGE, INC.

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

January 31, 2019

January 31, 2018

 (As Adjusted*)

Assets

Current assets:

Cash and cash equivalents

$

447,990

$

244,057

Marketable securities

749,482

353,289

Accounts receivable, net of allowance of $660 and $1,062

378,729

243,001

Inventory

44,687

34,497

Deferred commissions, current

29,244

21,088

Prepaid expenses and other current assets

51,695

47,552

Total current assets

1,701,827

943,484

Property and equipment, net

125,353

89,142

Deferred commissions, non-current

85,729

66,225

Intangible assets, net

20,118

5,057

Goodwill

10,997

Deferred income taxes, non-current

1,060

1,060

Restricted cash

15,823

14,763

Other assets, non-current

12,118

4,264

Total assets

$

1,973,025

$

1,123,995

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

103,462

$

84,420

Accrued compensation and benefits

99,910

59,898

Accrued expenses and other liabilities

39,860

27,149

Deferred revenue, current

266,584

191,229

Total current liabilities

509,816

362,696

Convertible senior notes, net

449,828

Deferred revenue, non-current

269,336

182,873

Other liabilities, non-current

6,265

4,025

Total liabilities

1,235,245

549,594

Stockholders’ equity:

Common stock and additional paid-in capital

1,820,067

1,479,905

Accumulated other comprehensive loss

(338)

(1,917)

Accumulated deficit

(1,081,949)

(903,587)

Total stockholders’ equity

737,780

574,401

Total liabilities and stockholders’ equity

$

1,973,025

$

1,123,995

*Prior period information has been adjusted to reflect the adoption impact of Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606), which we adopted on February 1, 2018.

 

PURE STORAGE, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data, unaudited)

Three Months Ended
January 31,

Twelve Months Ended
January 31,

2019

2018

2019

2018

(As Adjusted*)

(As Adjusted*)

Revenue:

Product

$

340,137

$

284,163

$

1,075,586

$

834,454

Support subscription

82,079

55,693

284,238

190,308

Total revenue

422,216

339,856

1,359,824

1,024,762

Cost of revenue:

Product (1)

110,762

95,953

352,054

275,242

Support subscription (1)

30,758

21,970

105,474

78,539

Total cost of revenue

141,520

117,923

457,528

353,781

Gross profit

280,696

221,933

902,296

670,981

Operating expenses:

Research and development (1)

96,630

75,480

349,936

279,196

Sales and marketing (1)

171,092

137,763

584,111

464,049

General and administrative (1)

37,934

27,506

137,506

95,170

Total operating expenses

305,656

240,749

1,071,553

838,415

Loss from operations

(24,960)

(18,816)

(169,257)

(167,434)

Other income (expense), net

(96)

5,046

(8,016)

11,445

Loss before provision for income taxes

(25,056)

(13,770)

(177,273)

(155,989)

Income tax provision

699

1,134

1,089

3,889

Net loss

$

(25,755)

$

(14,904)

$

(178,362)

$

(159,878)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.11)

$

(0.07)

$

(0.77)

$

(0.76)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

239,571

218,009

232,042

211,609

*Prior period information has been adjusted to reflect the adoption impact of ASC 606, which we adopted on February 1, 2018.

(1) Includes stock-based compensation expense as follows:

Cost of revenue — product

$

761

$

732

$

2,951

$

1,630

Cost of revenue — support subscription

3,438

2,609

12,378

9,050

Research and development

24,528

19,597

92,484

71,229

Sales and marketing

16,460

13,518

66,350

47,687

General and administrative

9,520

6,297

36,482

21,077

Total stock-based compensation expense

$

54,707

$

42,753

$

210,645

$

150,673

 

PURE STORAGE, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

Three Months Ended
January 31,

Twelve Months Ended
January 31,

2019

2018

2019

2018

(As Adjusted*)

(As Adjusted*)

Cash flows from operating activities

Net loss

$

(25,755)

$

(14,904)

$

(178,362)

$

(159,878)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

19,497

16,219

70,878

61,744

Amortization of debt discount and debt issuance costs

6,617

21,031

Stock-based compensation expense

54,707

42,753

210,645

150,673

Other

(2)

1,175

(5,039)

2,054

Changes in operating assets and liabilities, net of effects of acquisition:

Accounts receivable, net

(73,026)

(40,875)

(135,649)

(74,505)

Inventory

4,814

1,719

(12,289)

(12,595)

Deferred commissions

(18,533)

(14,009)

(27,660)

(27,978)

Prepaid expenses and other assets

(8,968)

(23,687)

(6,972)

(23,799)

Accounts payable

2,493

17,470

14,293

29,278

Accrued compensation and other liabilities

44,218

26,263

51,810

26,622

Deferred revenue

74,732

46,876

161,737

101,140

Net cash provided by operating activities

80,794

59,000

164,423

72,756

Cash flows from investing activities

Purchases of property and equipment

(29,439)

(20,709)

(100,246)

(65,060)

Acquisition, net of cash acquired

(13,899)

Purchase of other investment

(5,000)

(5,000)

Purchases of marketable securities

(107,109)

(50,658)

(665,357)

(202,656)

Sales of marketable securities

1,076

20,422

19,878

66,489

Maturities of marketable securities

97,231

45,047

253,280

144,068

Net cash used in investing activities

(43,241)

(5,898)

(511,344)

(57,159)

Cash flows from financing activities

Net proceeds from exercise of stock options

4,429

8,916

47,771

24,677

Proceeds from issuance of common stock under employee stock purchase plan

33,444

22,137

Proceeds from issuance of convertible senior notes, net of issuance costs

562,062

Payment for purchase of capped calls

(64,630)

Repayment of debt acquired from acquisition

(6,101)

Tax withholding on vesting of restricted stock

(632)

(632)

Repurchase of common stock

(20,000)

Net cash provided by financing activities

3,797

8,916

551,914

46,814

Net increase in cash and cash equivalents and restricted cash

41,350

62,018

204,993

62,411

Cash, cash equivalents and restricted cash, beginning of period

422,463

196,802

258,820

196,409

Cash, cash equivalents and restricted cash, end of period

$

463,813

$

258,820

$

463,813

$

258,820

*Prior period information has been adjusted to reflect the adoption impact of ASC 606 and ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which we adopted on February 1, 2018.

 

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):

Three Months Ended January 31, 2019

Three Months Ended January 31, 2018 (As Adjusted*)

GAAP
results

GAAP
gross
margin (a)

Adjustment

Non-
GAAP
results

Non-
GAAP
gross
margin (b)

GAAP
results

GAAP
gross
margin (a)

Adjustment

Non-
GAAP
results

Non-
GAAP
gross
margin (b)

$

761

(c)

$

732

(c)

10

(d)

8

(d)

632

(e)

Gross profit — product

$

229,375

67.4

%

$

1,403

$

230,778

67.8

%

$

188,210

66.2

%

$

740

$

188,950

66.5

%

$

3,438

(c)

$

2,609

(c)

63

(d)

82

(d)

Gross profit — support subscription

$

51,321

62.5

%

$

3,501

$

54,822

66.8

%

$

33,723

60.6

%

$

2,691

$

36,414

65.4

%

$

4,199

(c)

$

3,341

(c)

73

(d)

90

(d)

632

(e)

Total gross profit

$

280,696

66.5

%

$

4,904

$

285,600

67.6

%

$

221,933

65.3

%

$

3,431

$

225,364

66.3

%

*Prior period information has been adjusted to reflect the adoption impact of ASC 606, which we adopted on February 1, 2018.

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate amortization expense of acquired intangible assets.

 

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):

Three Months Ended January 31, 2019

Three Months Ended January 31, 2018 (As Adjusted*)

GAAP
results

GAAP
operating
margin (a)

Adjustment

Non-
GAAP
results

Non-
GAAP
operating
margin (b)

GAAP
results

GAAP
operating
margin (a)

Adjustment

Non-
GAAP
results

Non-
GAAP
operating
margin (b)

$

54,707

(c)

$

42,753

(c)

763

(d)

973

(d)

632

(e)

Operating income (loss)

$

(24,960)

-5.9

%

$

56,102

$

31,142

7.4

%

$

(18,816)

-5.5

%

$

43,726

$

24,910

7.3

%

$

54,707

(c)

$

42,753

(c)

763

(d)

973

(d)

632

(e)

6,616

(f)

Net income (loss)

$

(25,755)

$

62,718

$

36,963

$

(14,904)

$

43,726

$

28,822

Net income (loss) per share — diluted

$

(0.11)

$

0.14

$

(0.07)

$

0.11

Weighted-average shares used in per share calculation — diluted

239,571

24,097

(g)

263,668

218,009

32,752

(g)

250,761

*Prior period information has been adjusted to reflect the adoption impact of ASC 606, which we adopted on February 1, 2018.

(a) GAAP operating margin is defined as GAAP operating loss divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate amortization expense of acquired intangible assets.

(f) To eliminate amortization expense of debt discount and debt issuance costs related to our convertible debt.

(g) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employee stock purchase plan (ESPP)).

 

Reconciliation from net cash provided by operating activities to free cash flow and free cash flow without ESPP impact (in thousands except percentages, unaudited):

Three Months Ended January 31,

2019

2018

Net cash provided by operating activities

$

80,794

$

59,000

Less: purchases of property and equipment

(29,439)

(20,709)

Free cash flow (non-GAAP)

$

51,355

$

38,291

Adjust: ESPP Impact

(17,027)

(11,495)

Free cash flow without ESPP impact (non-GAAP)

$

34,328

$

26,796

Free cash flow as % of revenue

12.2

%

11.3

%

Free cash flow without ESPP Impact as % of revenue

8.1

%

7.9

%

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/pure-storage-announces-fourth-quarter-and-full-year-fiscal-2019-financial-results-300804520.html

SOURCE Pure Storage

Rare Genomics Institute Demonstrates the Power of Genomenon’s AI-Based Technology in Diagnosis

LOS ANGELES, Feb. 28, 2019  /PRNewswire-PRWeb/ — Rare Genomics Institute, a nonprofit providing direct support to undiagnosed rare disease patients, announced on Rare Disease Day that they were able to diagnose a previously undiagnosed patient with the use of the Mastermind® Genomic Search Engine, a clinical decision support tool by Genomenon®.

The Patient Research Services of the Rare Genomics Institute has created an ecosystem of leading technology partners and genetic experts from top research institutions around the world to give patients pro-bono access to world-class genomic sequencing, data analysis and interpretation services. Often, Rare Genomics works with their partners and volunteer experts to re-analyze cases that have hit a dead end.

Rare Genomics partner Genomenon, a Big Data genomics company, uses Artificial Intelligence (AI) to connect the genetic mutations buried in 30 million medical research publications with patient data obtained from genetic sequencing. Using technology that wasn’t available just a few years ago, Genomenon puts the research for over 4.1 million genomic variants at the scientist’s fingertips to make sure that no stone is left unturned in providing a comprehensive diagnosis.

In a recent case, a patient had their whole exome sequenced and analyzed by a leading genetics laboratory as part of their long diagnostic odyssey. The lab was unable to find any clinically relevant genetic mutations that could provide a diagnosis. That was where Rare Genomics Institute stepped in; Dr. Lipika Ray, a computational geneticist on the Patient Research Services team, reanalyzed the patient’s DNA, which included a search of the Mastermind Genomic Search Engine.

With Mastermind, Dr. Ray was able to find a single research report in the scientific literature that matched the patient’s DNA data. The patient in the report shared similar symptoms with the patient being analyzed. With this finding, RG recommended that the patient be re-examined based on the diagnosis found in the scientific research.

“I can say with certainty that without the findings obtained from Genomenon, I would not have been able to provide a diagnosis for this patient,” said Dr. Ray. “Sometimes there is only one research paper that can connect a patient’s DNA with a diagnosis. Searching through millions of research papers to find a patient’s genetic mutation can be like trying to find a needle in a haystack. With advanced AI techniques used by Genomenon, the needle can pop right into view.”

“This case is the perfect example of the innovative opportunities we try to bring to rare disease patients that have been fighting for so long with no answer,” said Romina Ortiz, COO Rare Genomics.

Find the complete diagnosis story on Genomenon.com.

ABOUT RARE GENOMICS INSTITUTE
Rare Genomics Institute (RG) was founded in 2011 to fill the health care gap for undiagnosed rare disease patients and supporting research in rare diseases. RG helps rare disease patients find a diagnosis, treatment, and pathway to a cure by individualized access, coordination and execution of genetic sequencing and research services with RG and its affiliates.
RG also supports rare disease advocacy by fostering an online community of rare disease patients, and supporting rare disease research through a yearly grant competition. We hope that these efforts slowly push science and care forward to meet the needs of the patients affected by rare diseases. For more information, visit RareGenomics.org.

ABOUT GENOMENON
Genomenon powers evidence-based genomics for faster; more comprehensive diagnosis and treatment decisions. Their flagship product, the Mastermind Genomic Search Engine provides immediate insight into the published genomic research for every disease, gene, and variant found in the literature.
Used by hundreds of diagnostic labs around the world, Mastermind accelerates genomic interpretation by providing unique insight into genomic relationships found in the full text of millions of scientific articles.
Pharmaceutical researchers license the Mastermind database for a comprehensive genomic landscape associated with any given disease – to identify and prioritize genomic biomarkers for drug discovery and clinical trial targets. For more information, visit http://www.genomenon.com.

 

SOURCE Genomenon