TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word… This stock has the potential to break new highs with its key hepatitis B vaccine and emerging vaccine-adjuvant platform for COVID-19 vaccines. Streaming Channel Revenues Up 59% for the Fiscal Year Driven by 466% Growth in Ad Revenues Core Business Achieves Profitability in Fourth Quarter, $0.7… The deal is the latest move in a high-profile race for food delivery giants to become profitable through consolidation.
TR-1: Standard form for notification of major holdings
As of 1 July 2020, Merian Global Investors UK (MGI) Limited is owned by Jupiter Fund Management Plc (JFM). As such this disclosure indicates that MGI no longer has responsibility for filing TR1 notifications and this responsibility has been transferred to JFM as the group parent entity.
Chatham, UNITED KINGDOM
Author: OneSavings Bank plc
Is Dynavax Technologies Stock a Buy?
Biopharma Dynavax Technologies (NASDAQ:DVAX) is one of many companies racing to develop a COVID-19 vaccine. Like many coronavirus-focused companies, Dynavax has seen its shares rise on the ongoing concern related to the pandemic — in its case, by 50% year to date.
While investors may consider these biotech stocks as potential paths to riches, they are also prone to see their share prices fluctuate based on recent headlines. There are plenty of companies in this space racing for a potential coronavirus treatment, and it is equally important for investors to understand the dynamics of each company. Dynavax offers more for investors than the typical coronavirus-focused company, however. It has an approved vaccine with huge commercial opportunity, and the potential to develop a platform that could bolster the treatment of a coronavirus vaccine.
Let’s take a closer look.
Image Source: Getty Images.
Dynavax’s Heplisav-B is the only two-dose hepatitis B (HBV) vaccine approved for adults in the United States. Its clinical studies demonstrated a significantly higher rate of protection over GlaxoSmithKline’s Energix-B (which requires three doses), offering an encouraging long-term sales outlook.
In the first quarter of 2020, Dynavax generated $10.5 million in net product sales of Heplisav-B, an increase of 87.5% year over year. The company has seen tremendous sales growth since the drug’s approval by the U.S. Food and Drug Administration (FDA) in January 2018. In 2019, Dynavax had sales growth of 330%, though that number was a slightly more modest 3.30% in the first quarter due to the impact from the pandemic.
Even more exciting is the commercial opportunity available in this space. Total gross sales in the U.S. for adult hepatitis B treatments are estimated to be $400 million annually, and this is expected to grow to $700 million over the coming years. The growth is expected to come from including patients with diabetes and pricing adjustments.
While there are three other vaccines (including GlaxoSmithKline’s and Merck’s) on the market, Dynavax has set the bar high, targeting 60% of HBV sales in the U.S. It plans to focus on large segments, including independent hospitals and clinics, integrated delivery networks, dialysis centers, public health clinics and prisons, the Departments of Defense and Veterans Affairs, and retail pharmacies. By focusing its promotional activity on these segments, Dynavax has a chance to prevail in capturing the market.
The dialysis market presents a huge opportunity for the company, which is currently evaluating a four-dose regimen of Heplisav-B in patients with end-stage renal disease (ESRD) who are beginning or undergoing dialysis. A win in this segment could increase its target U.S. market coverage to 75%, boosting the company’s potential for top-line growth.
Early results from the trial show promise, with Heplisav-B demonstrating an 86.4% rate of seroprotection (the antibody response after a vaccine that prevents infection) and a well-tolerated safety profile. Dynavax anticipates full data to be reported in the second half of 2020.
Dynavax’s CpG 1018 platform was developed as a vaccine adjuvant for Heplisav-B to stimulate the immune systems response to an antigen. When combined with a vaccine, this platform targets and activates an important protein called “toll-like receptor 9” (TLR9) to stimulate the immune system’s T-cells to provide a long-lasting protective response against infection.
The CpG 1018 vaccine adjuvant, in combination with a coronavirus treatment, could enhance the immune response and accelerate the development of a safe and effective product. Throughout the course of the pandemic, Dynavax has established multiple research collaborations with the University of Queensland (Australia), Clover Biopharmaceuticals (China), Sinovac Biotech (China), and Valneva (France) to begin development of a potential coronavirus vaccine.
On June 19, preclinical results of the CpG 1018 platform with the Clover Biopharmaceuticals S-Trimer Vaccine (SCB-2019) showed an ability to produce neutralizing antibodies in multiple animal species. The companies are working toward enrolling 150 healthy adult and elderly patients to begin Phase 1 trials. The initial results regarding safety and immunogenicity are expected in August.
In the first quarter, Dynavax reported total revenue of $10.9 million and posted a net loss of $12.6 million, or $0.25 per share, beating the consensus estimates of an $0.31 loss. While the effects of COVID-19 have resulted in reduced use and sales of vaccines such as Heplisav-B, this trend may be temporary, and sales could return as soon as the U.S. returns to more manageable conditions.
Financially, Dynavax is in a stable cash position, with $129.5 million in the first quarter. Its assets exceed its liabilities, although its debt ratio of 0.95 suggests that further debt could add financial risk to the company.
Its stock may be in an ideal position to run higher in the next 12 months. Dynavax’s current price-to-sales ratio is 6.8, which is undervalued compared to those of peers such as Omeros Corporation (8.5) and Progenics Pharmaceuticals (9.6). The stock could run higher with positive news from the coronavirus treatment and top-line growth of Heplisav-B.
Although Dynavax stock is trading near its 52-week high of $9.74, Wall Street analysts believe that this stock could reach new highs with positive news. Institutional investors such as Bain Capital, Blackrock, and Vanguard hold large positions in this stock, suggesting that investors are optimistic about Dynavax’s outlook.
Dynavax may be the coronavirus-focused stock that investors are looking for, as it possesses a huge opportunity with Heplisav-B, a promising platform with CpG 1018, and in an ideal position to run higher with positive news. Investors should consider adding shares of Dynavax Technologies for the long run during the next dip.
Author: Amar Khatri
Cinedigm Reports Fiscal Year 2020 (March 31, 2020 Year End) Financial Results
Streaming Channel Revenues Up 59% for the Fiscal Year Driven by 466% Growth in Ad Revenues
Core Business Achieves Profitability in Fourth Quarter, $0.7 million in Adjusted EBITDA, up $3.5 million or 125% over Q4 2019; Full Year Adjusted Core EBITDA Improved by $6.0 Million or 76%
Monthly Ad-Supported Streaming Viewers Grew to 9.7 Million by March 31,2020 and to 13.2 Million by May 31, 2020, Almost Tripling in Trailing 7 Months
LOS ANGELES, July 06, 2020 (GLOBE NEWSWIRE) — Cinedigm Corp. (NASDAQ: CIDM) today announced its financial results for the 3-month and 12-month periods ended March 31, 2020.
Key FY 2020 Financial Results:
- Q4 2020 EBITDA for Core Streaming and Content distribution business was $0.7 million, a $3.5 million or 125% increase from Q4 2019
- Consolidated Adjusted EBITDA was $6 million
- Consolidated revenues were $39.3 million
• Streaming Channel revenues increased 59% year-over-year, primarily driven by 466% growth in free ad-supported linear television (FAST) and ad-supported video on demand (AVOD) ad revenue growth
• Including Digital content licensing, overall Streaming-related revenues were up 31% year-over-year, with total sales billings of $24.4 million. Total reported streaming related billings now represent more than half of the Company’s core entertainment business billings
- Full year SG&A and operating costs were reduced by $15.5 million
- Overall debt was reduced by $15.5 million, a 24% reduction year-over-year; interest was reduced by $3 million, a 29% reduction year-over-year
Key Business Highlights*
- Increased Cinedigm’s portfolio of owned and operated streaming networks to 10 premium networks launched or under contract during FY20.
- Overall Ad-supported streaming viewers grew from zero fifteen months ago to 4.5 million viewers by October 31,2020 to 9.7 million users at March 31, 2020 and to 13.2 million users by the end of May 2020, nearly tripling in the trailing 7 months.
- Increased total year-over-year viewing hours by 43% and total viewing sessions by 77%.
- Signed multiple new advertising demand partners during the fiscal year, including Verizon Media, AT&T’s Xandr, Beachfront Media, among others.
- Added multiple new streaming distribution partners, expanding our global distribution addressable device footprint by hundreds of millions of addressable devices. Our current addressable footprint has since reached 670 million global devices from more than 40 distribution partners including some of the world’s largest tech platforms, OEMs, satellite and cable operators including Amazon, Apple, Comcast, Dish Networks/SlingTV, Roku, Samsung and Vizio, among many others.
- Signed an Agreement to launch two streaming channels with All3 Media, a producer of some of the largest global television franchises and more than 3,000 hours of programming annually. The two channels announced are: So…Dramatic, featuring the company’s best drama series and So…Real, focusing on the company’s top-rated non-fiction and reality programming. All3Media is jointly owned by Discovery Communications and Liberty Global.
- Launched Bambu, a premium movie network featuring the best of Chinese theatrical films and event television, and the Comedy Dynamics Channel, a 24/7 comedy network in partnership with Nacelle, one of the largest independent producers and distributors of comedic television, film, and stand-up comedy specials.
- Expanded our slate of new releases with premium talent and brands, including Badland: A Western starring Trace Adkins, Mira Sorvino and Bruce Dern; Beyond The Law: An action/thriller starring DMX and Steven Seagal; The Outsider: a Western starring Trace Adkins; Awake: A thriller starring Jonathan Rhys Meyers; and NFL Super Bowl LIV Champions: Kansas City Chiefs.
Key Business Highlights Subsequent to Year End (March 31, 2020):
- Announced six additional streaming network deals in the last 3 months, bringing the total to 16 streaming channels under management. These include launches or channel partnership announcements with:
• The Bob Ross Channel in partnership with American Public Media featuring the series created by the iconic painter and television celebrity Bob Ross. In just a few months, the channel has become one of the top performing channels in the Cinedigm portfolio and recently launched on Samsung TV Plus and Tubi
• ConTV Anime, a new 24/7 linear and AVOD streaming network dedicated to streaming Japanese Anime films & series, which launched on June 8th, 2020.
• SPI International, a global provider of premium streaming networks to more than 42 million subscribers, to launch and operate e-sports channel Gametoon and fashion lifestyle network FashionBox in North America
• Team Whistle, a leading sports and lifestyle media company, to distribute a FAST linear and AVOD network Whistle TV
• LiveXLive, the leader in live music streaming, to develop a global LiveXLive branded music streaming channel and form advertising and content partnership
• MyTime Film Network, a female-focused streaming movie network targeted for launch in late Q3 2020
- Announced that Amazon’s IMDb TV is offering Cinedigm’s free ad-supported linear channels CONtv, Dove Channel, Comedy Dynamics and Docurama
- Significantly expanded international smart TV carriage and distribution by closing deals with platform providers Vewd, Foxxum and Zeasn, extending the company’s reach to the majority of smart TV manufacturers.
- Expanded our base of signed advertising partners to 26 companies with six additional at contract.
- Completed purchase of approximately 26% of the outstanding current common shares in leading Chinese entertainment company Starrise Media Holdings Limited (“Starrise”) in an all-stock transaction
“Clearly, we have made remarkable progress as an OTT/Streaming Company over the last year, including achieving profitability in our core business in this fourth quarter by increasing Adjusted EBITDA by $3.5 million or 125% over last year,” said Chris McGurk, Cinedigm’s Chairman and CEO. “We launched several new streaming channels to build a premium 16-channel portfolio. We expanded our distribution framework to include approximately 670 million global devices from more than 40 distribution partners including some of the world’s largest platforms, OEMs and Telcos. We grew ad supported viewers on connected TV’s from zero to 13.2 million in 15 months, almost tripling viewers in just the last 7 months prior to May 31,2020. We signed multiple new ad demand partners and increased our OTT ad revenues by 466%. Importantly, we are just beginning to see all of this monetized in our results, starting with 59% OTT channel revenue growth last year. This monetization will increase rapidly because we added significantly to our channel portfolio, distribution/device reach and geographic footprint with multiple new deals closed since February 2020. This strong performance and deal flow demonstrate how we are rapidly scaling up our streaming business to capitalize on the on-going and permanent cord-cutting shift towards premium OTT entertainment. Heavy streaming adoption rates, particularly for free, ad-supported linear channels, continue to dramatically accelerate. We are uniquely well positioned to take advantage of this once-in-a–generation permanent shift in viewing habits, accelerated by the current stay-at-home environment, by capturing and growing a meaningful, high margin, and profitable share of this huge market.”
“Our accomplishments in fiscal 2020 drove a $6 million or 76% improvement in Adjusted EBITDA for our core business and we generated a core business profit in Q4 with $0.7 million in Adjusted EBITDA, up $3.5 million or 125% from Q4 2019.” added Gary Loffredo, Cinedigm’s COO. “Combined with our recent significant cost streamlining efforts, which will not have full impact until FY 2021, this EBITDA performance underscores our progress toward profitability in the next full fiscal year and sustained profitability beyond that. We also have made incredible progress in closing new channel and distribution deals since February 2020 that are not yet reflected in our financial results but set us up nicely for future quarters. In addition, we strengthened our balance sheet with the addition of a 26% ownership interest in Starrise and the $15.5 mil debt reduction we achieved. Reducing this debt decreased our interest expense by $3 million annually.”
“Over the last fiscal year, Cinedigm has become the go-to provider of channels, streaming content, and services for major global media companies seeking to compete in this once-in-a-generation paradigm shift from traditional to OTT media consumption,” added Erick Opeka, President of Cinedigm Digital Networks. “Our revenue model is driven by signing and launching new channels, increasing our distribution footprint, growing our viewership, and achieving monetization with scale partners. Our relentless focus on these four key areas can be reflected in our outstanding results and our announced deals with the best companies in the industry. Given this, Cinedigm has enormous prospects for growth in the coming fiscal year.”
Fiscal Year 2020 Financial Summary (comparing the 12 months ended March 31, 2020 to the 12 months ended March 31, 2019)
Revenue was $39.3 million, a decrease of 27% compared to $53.5 million in the prior fiscal year, due to the expected decline in the legacy Cinema Equipment business. This was partially offset by growth in OTT / streaming revenues. Overall OTT/streaming revenues, including digital content licensing, were up 31%, with OTT Channel revenues, particularly AVOD, growing 59%. At $24.4 million in FY2020 sales billings, streaming related revenues now represent over 50% of the Company’s core entertainment business.
Total operating expenses were $43.6 million, compared to $59.1 million, a decrease of $15.5 million, or 26%, which was primarily driven by lower selling, general and administrative expenses and lower depreciation and amortization expense. Selling, general and administrative expenses for fiscal year 2020 were $16.3 million compared to $27.7 million in the prior fiscal year, a decrease of $11.4 million, or 41%. Amortization of intangible assets was $ 2.8 million for fiscal year 2020 compared to $5.6 million in the prior fiscal year, a decrease of $2.8, or 51%.
The Company reported a net loss of $14.7 million for fiscal year 2020 compared to a net loss of $16.3 million in fiscal year 2019. After giving effect to preferred stock dividends of $0.4 million, the net loss to common stockholders was $15.1 million, or ($0.34) per basic and diluted share, based on a weighted average of 44.0 million shares outstanding. In comparison, for fiscal year 2019, after giving effect to preferred stock dividends of $0.4 million, net loss to common stockholders was $16.6 million, or ($0.44) per basic and diluted share based on a weighted average of 37.9 million shares outstanding.
For fiscal year 2020, Adjusted EBITDA was $6 million, compared to $11.7 million in the year-ago period. The decrease was due to the expected reduction in the legacy Cinema Equipment business. Q4 2020 EBITDA for the core streaming and content distribution business was $0.7 million, a $3.5 million or 125% increase from Q4 2019.
Through a series of financing transactions, the company significantly strengthened its balance sheet in fiscal year 2020 resulting in a $15.5 million, a 24% reduction in debt over the prior year. As of March 31, 2020, the company had cash, cash equivalents and restricted cash of $15.3 million.
Adjusted EBITDA is defined by the Company for the periods presented to be earnings before interest, taxes, depreciation and amortization, other income, net, goodwill impairment, litigation related expenses and recoveries, stock-based compensation, expenses, restructuring, transition and acquisitions expenses, net, and certain other items. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation in the tables attached to this release of loss from continuing operations calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”) to Adjusted EBITDA. Adjusted EBITDA is not a measurement of financial performance under GAAP and may not be comparable to other similarly titled measures of other companies. The Company calculated and communicated Adjusted EBITDA in the tables because the Company’s management believes it is of importance to investors and lenders by providing additional information with respect to the performance of its fundamental business activities. Management presents Adjusted EBITDA because it believes that Adjusted EBITDA is a useful supplement to net loss as an indicator of operating performance. Management also believes that Adjusted EBITDA is an industry-wide financial measure that is useful both to management and investors when evaluating the Company’s performance and comparing our performance with the performance of our competitors. Management also uses adjusted EBITDA for planning purposes, as well as to evaluate the Company’s performance because it believes that adjusted EBITDA more accurately reflects the Company’s results, as it excludes certain items, such as stock-based compensation charges, that management believes are not indicative of the Company’s operating performance. The Company believes that Adjusted EBITDA is a performance measure and not a liquidity measure. Adjusted EBITDA should not be considered as an alternative to operating or net loss as an indicator of performance or as an alternative to cash flows from operating activities as an indicator of cash flows, in each case as determined in accordance with GAAP, or as a measure of liquidity. In addition, adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of net income (loss). In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. Management does not intend the presentation of these non-GAAP measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP measures should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.
* All figures based on 2020 performance data.
** YoY comparisons are between FY 2019 and FY 2020
Cinedigm will host a conference call to discuss its financial results at 7:00 am. PDT / 10:00 am. EDT on July 6, 2020.
To participate in the conference call, please dial (877) 754-5303 or for international callers (678) 894-3030 at least five minutes prior to the start of the call. No passcode is required. An audio webcast is available directly at the following link https://edge.media-server.com/mmc/p/zefcynr9 and will also be accessible at http://investor.cinedigm.com/events.cfm. To listen to the live webcast, please visit the site prior to the start of the call-in order to register, download and install any necessary audio software.
For those unable to participate during the live broadcast, a replay will be available by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (International) and use passcode: 1837249
Since inception, Cinedigm (NASDAQ: CIDM) has been a leader at the forefront of the digital transformation of content distribution. Adapting to the rapidly transforming business needs of today’s entertainment landscape, Cinedigm remains a change-centric player focused on providing content, channels and services to the world’s largest media, technology and retail companies. Cinedigm’s Content and Networks groups provide original and aggregated programming, channels and services that entertain consumers globally across hundreds of millions of devices. For more information, visit www.cinedigm.com.
Safe Harbor Statement
Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of Cinedigm officials during presentations about Cinedigm, along with Cinedigm’s filings with the Securities and Exchange Commission, including Cinedigm’s registration statements, quarterly reports on Form 10-Q and annual report on Form 10-K, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as “expects,” “anticipates,” “intends,” “plans,” “could,” “might,” “believes,” “seeks,” “estimates” or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by Cinedigm’s management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about Cinedigm, its technology, economic and market factors and the industries in which Cinedigm does business, among other things. These statements are not guarantees of future performance and Cinedigm undertakes no specific obligation or intention to update these statements after the date of this release.
For more information:
Jill Newhouse Calcaterra
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data)
Following is the reconciliation of our consolidated net loss to Adjusted EBITDA:
Cinedigm Digital Cinema Corp.
Sherman Oaks, California, UNITED STATES
Author: Cinedigm Digital Cinema Corp.
Uber Agrees To Buy Postmates For $2.65 Billion – Reports
Editors’ Pick||Jul 6, 2020,04:48am EDT
Uber, following its failed bid to merge with rival GrubHub, is now set to acquire food delivery service Postmates in a $2.65 billion all-stock deal that could be announced early on Monday, sources close to discussions told Bloomberg.
AFP via Getty Images
Under the deal, Uber Eats will continue to be run by Vice President Pierre-Dimitri Gore-Coty, while Postmates will run as a separate service, still led by CEO Bastian Lehmann and his team.
The deal will help shore up Uber Eats’ position in the U.S. food delivery market, which is currently dominated by DoorDash which holds 45% of U.S food delivery sales.
The agreement comes after Uber pulled back from its bid to takeover GrubHub following scrutiny from antitrust authorities.
GrubHub eventually merged with Europe’s biggest food delivery group, Just Eat Takeaway, in June.
Talks between Uber and Postmates had been in the works for years, but discussions picked up again last week, Bloomberg reports.
The deal has reportedly been approved by Uber’s board of directors.
37%. That’s the percentage of food delivery sales that a combined Uber Eats and Postmates would control, according to Edison Trends figures reported by the New York Times.
Food delivery startups, which are powered by an army of gig workers, have transformed how many Americans eat but the major players have struggled to turn a profit. Business has been booming with the pandemic and lockdowns that kept people at home but building scale, and tamping down price wars, may be the only way the industry is viable without the life support of billions of dollars of investors money, analysts say.
The deal could be a boost to Uber, which has seen it’s core ride-sharing business suffer in the pandemic. While its Eats division saw a 53% rise in revenue in the three months to March, the company posted a $2.9 billion loss in the first quarter, while it has cut 14% of its workforce and CEO Dara Khosrowshahi waived his base salary for the year.
Uber, Postmates Agree on $2.65 Billion All-Stock Deal (Bloomberg)
GrubHub To Merge With Europe’s Largest Food Delivery Service In $7.3 Billion Deal (Forbes)
Uber Slashes 3,700 Jobs, CEO Waives Salary As Coronavirus Hits Ride-Hailing Demand (Forbes)
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I am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night
Author: Isabel Togoh