Technology
CarParts.com Reports Second Quarter 2024 Results
Published
2 years agoon
By
TORRANCE, Calif., July 30, 2024 /PRNewswire/ — CarParts.com, Inc. (NASDAQ: PRTS), a leading eCommerce provider of automotive parts and accessories, and a premier destination for vehicle repair and maintenance needs, is reporting results for the second quarter ended June 29, 2024.
Second Quarter 2024 Summary vs. Year-Ago Quarter
Net sales decreased to $144.3 million, down 18% from the year-ago quarter.Gross profit of $48.4 million vs. $60.4 million, with gross margin of 33.5%.Net loss was ($8.7) million, or ($0.15) per share, compared to a net loss of ($0.7) million, or ($0.01) per share.Adjusted EBITDA of ($0.1) million vs. $6.3 million.Cash of $34.1 million and no revolver debt.Total cumulative mobile app downloads of 450,000, more than double the number from the beginning of the year.
Management Commentary
“Last quarter we discussed our emphasis on financial discipline and profitability by focusing on driving gross and net margins, accelerating efficiency and effectiveness to quickly deliver improved profitability; and achieving sustainable growth with strong long-term free cash flow.
In the second quarter, we made significant progress on gross margin and efficiencies, which reinforces our confidence that we’re on the right track. We are confident in our roadmap and our opportunity as a leading online retailer in a highly fragmented $400 billion automotive aftermarket market.
In the first half of the year, we updated our pricing and marketing acquisition strategies to target more profitable customers and generate higher gross margins. As a result, in the second quarter, we saw sequential margin improvement with product margins at 54.0%, up 210 bps from Q1. We expect Q3 to be sequentially higher.
We are forging on a path that we expect will result in achieving sustainable and significantly positive Adjusted EBITDA next year while working towards achieving a 6-8% Adjusted EBITDA margin and enhanced free cash flow generation in the medium term” said David Meniane, CEO.
Second Quarter 2024 Financial Results
Net sales in the second quarter of 2024 were $144.3 million, down 18% from the year-ago quarter. The decrease was primarily driven by deliberate price increases to drive gross margin expansion combined with softness in consumer demand.
Gross profit in the second quarter was $48.4 million compared to $60.4 million, with gross margin decreasing 70 basis points to 33.5%, but up sequentially from 32.4% in the first quarter of 2024. For fiscal year 2024, the Company is focused on driving gross margin expansion. This improvement was primarily driven by price increases and expanded branded gross margins, offset by higher year-over-year freight costs.
Total operating expenses in the second quarter were $57.1 million compared to $61.3 million in the year-ago quarter.
Net loss in the second quarter was ($8.7) million compared to a net loss of ($0.7) million in the year-ago quarter.
Adjusted EBITDA in the second quarter was ($0.1) million compared to $6.3 million in the year-ago quarter.
On June 29, 2024, the Company had a cash balance of $34.1 million and no revolver debt, compared to no revolver debt and a $51.0 million cash balance at prior fiscal year-end December 30, 2023.
2024 Outlook
For the full year 2024, we are targeting net sales and gross profit to remain within the range we had previously forecasted. The Company expects net sales at the low end in the range of $600 million to $625 million and gross margin to be 33%, plus or minus 100 basis points.
Conference Call
CarParts.com CEO David Meniane, CFO Ryan Lockwood and COO Michael Huffaker will host a conference call today to discuss the results, followed by a question-and-answer period.
Date: Tuesday, July 30, 2024
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Webcast: www.carparts.com/investor/news-events
To listen to the live call, please click the link above to access the webcast. A replay of the audio webcast will be archived on the Company’s website at www.carparts.com/investor.
About CarParts.com, Inc.
CarParts.com, Inc. is a technology-driven eCommerce company offering over 1 million high-quality automotive parts and accessories. Operating for over 25 years, CarParts.com has established itself as a premier destination for drivers seeking repair and maintenance solutions. Our commitment lies in placing the customer at the forefront of our operations, evident in our easy-to-use, mobile-friendly website and app. With a commitment to affordability and customer satisfaction, CarParts.com simplifies the automotive repair process, aiming to eliminate the uncertainty and stress often associated with vehicle maintenance. Backed by a robust company-operated fulfillment network, we ensure swift delivery of top-quality parts from leading brands to customers across the nation.
At CarParts.com, our global team is united by a shared vision: Empowering Drivers Along Their Journey.
CarParts.com is headquartered in Torrance, California.
Non-GAAP Financial Measures
Regulation G, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide “Adjusted EBITDA” in this earnings release and on today’s scheduled conference call, which are non-GAAP financial measures. Adjusted EBITDA consist of net (loss) income before (a) interest (income) expense, net; (b) income tax provision; (c) depreciation and amortization expense; (d) amortization of intangible assets; (e) share-based compensation expense; (f) workforce transition costs; and (g) distribution center costs. A reconciliation of Adjusted EBITDA to net (loss) income is provided below.
The Company believes that these non-GAAP financial measures provide important supplemental information to management and investors. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company’s business and results of operations.
Management uses Adjusted EBITDA as measures of the Company’s operating performance because it assists in comparing the Company’s operating performance on a consistent basis by removing the impact of stock compensation expense as well as other items that we do not believe are representative of our ongoing operating performance. Internally, these non-GAAP measures are also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; and for evaluating the effectiveness of operational strategies. The Company also believes that analysts and investors use these non-GAAP measures as supplemental measures to evaluate the ongoing operations of companies in our industry.
These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company’s consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company’s non-GAAP measures should not be construed as an inference that these costs are all unusual, infrequent or non-recurring.
Safe Harbor Statement
This press release contains statements which are based on management’s current expectations, estimates and projections about the Company’s business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “potential,” “believes,” “predicts,” “projects,” “seeks,” “estimates,” “may,” “will,” “would,” “will likely continue” and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial condition, our potential growth, our ability to innovate, our ability to gain market share, and our ability to expand and improve our product offerings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, competitive pressures, our dependence on search engines to attract customers, demand for the Company’s products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company’s product costs, the operating restrictions in its credit agreement, the weather and any other factors discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Risk Factors contained in the Company’s Annual Report on Form 10–K and Quarterly Reports on Form 10–Q, which are available at www.carparts.com/investor and the SEC’s website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.
Investor Relations:
Ryan Lockwood, CFA
IR@carparts.com
Summarized information for the periods presented is as follows (in millions):
Thirteen
Weeks
Ended
Thirteen
Weeks
Ended
Twenty-Six
Weeks
Ended
Twenty-Six
Weeks
Ended
June 29, 2024
July 1, 2023
June 29, 2024
July 1, 2023
Net sales
$
144.27
$
176.98
$
310.56
$
352.47
Gross profit
$
48.39
$
60.44
$
102.31
$
122.99
33.5
%
34.2
%
32.9
%
34.9
%
Operating expense
$
57.12
$
61.29
$
117.56
$
123.20
39.6
%
34.6
%
37.9
%
35.0
%
Net (loss) income
$
(8.69)
$
(0.67)
$
(15.17)
$
0.38
(6.0)
%
(0.4)
%
(4.9)
%
0.1
%
Adjusted EBITDA
$
(0.12)
$
6.30
$
0.93
$
15.67
(0.1)
%
3.6
%
0.3
%
4.4
%
The table below reconciles net (loss) income to Adjusted EBITDA for the periods presented (in thousands):
Thirteen
Weeks
Ended
Thirteen
Weeks
Ended
Twenty-Six
Weeks
Ended
Twenty-Six
Weeks
Ended
June 29, 2024
July 1, 2023
June 29, 2024
July 1, 2023
Net (loss) income
$
(8,687)
$
(671)
$
(15,165)
$
380
Depreciation & amortization
4,455
4,247
8,480
8,166
Amortization of intangible assets
13
9
21
20
Interest (income) expense, net
(68)
(221)
(205)
126
Income tax provision
27
141
125
282
EBITDA
$
(4,260)
$
3,505
$
(6,744)
$
8,974
Stock compensation expense
$
3,328
$
2,797
$
5,910
$
6,696
Workforce transition costs(1)
108
—
591
—
Distribution center costs(2)
706
—
1,177
—
Adjusted EBITDA
$
(118)
$
6,302
$
934
$
15,670
(1)
We incurred workforce transition costs, primarily related to severance, as part of our recent workforce reductions.
(2)
We incurred certain non-recurring costs, primarily overlapping rent expense, attributable to moving to our new Las Vegas, Nevada distribution center.
CARPARTS.COM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE OPERATIONS
(Unaudited, In Thousands, Except Per Share Data)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
2024
2023
Net sales
$
144,270
$
176,978
$
310,559
$
352,470
Cost of sales (1)
95,877
116,536
208,247
229,477
Gross profit
48,393
60,442
102,312
122,993
Operating expense
57,121
61,286
117,557
123,201
Loss from operations
(8,728)
(844)
(15,245)
(208)
Other income (expense):
Other income, net
354
639
791
1,553
Interest expense
(286)
(325)
(586)
(683)
Total other income, net
68
314
205
870
(Loss) income before income taxes
(8,660)
(530)
(15,040)
662
Income tax provision
27
141
125
282
Net (loss) income
(8,687)
(671)
(15,165)
380
Other comprehensive gain:
Foreign currency adjustments
—
—
87
—
Unrealized gain on deferred compensation trust assets
—
24
—
48
Total other comprehensive gain
—
24
87
48
Comprehensive (loss) income
$
(8,687)
$
(647)
$
(15,078)
$
428
Net (loss) income per share:
Basic net (loss) income per share
$
(0.15)
$
(0.01)
$
(0.27)
$
0.01
Diluted net (loss) income per share
$
(0.15)
$
(0.01)
$
(0.27)
$
0.01
Weighted-average common shares outstanding:
Shares used in computation of basic net (loss) income per share
56,851
56,532
56,677
55,789
Shares used in computation of diluted net (loss) income per share
56,851
56,532
56,677
58,028
(1)
Excludes depreciation and amortization expense which is included in operating expense.
CARPARTS.COM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited, In Thousands, Except Par Value Data)
June 29,
December 30,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
34,065
$
50,951
Accounts receivable, net
6,147
7,365
Inventory, net
109,289
128,901
Other current assets
8,154
6,121
Total current assets
157,655
193,338
Property and equipment, net
34,622
26,389
Right-of-use – assets – operating leases, net
29,530
19,542
Right-of-use – assets – finance leases, net
12,929
15,255
Other non-current assets
3,303
3,331
Total assets
$
238,039
$
257,855
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
62,701
$
77,851
Accrued expenses
17,571
20,770
Right-of-use – obligation – operating, current
5,692
4,749
Right-of-use – obligation – finance, current
3,897
4,308
Other current liabilities
4,742
5,308
Total current liabilities
94,603
112,986
Right-of-use – obligation – operating, non-current
26,166
16,742
Right-of-use – obligation – finance, non-current
10,517
12,327
Other non-current liabilities
2,863
2,969
Total liabilities
134,149
145,024
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 100,000 shares authorized; 57,088 and 56,303 shares issued and outstanding as of June 29, 2024 and December 30, 2023 (of which 3,786 are treasury stock)
61
60
Treasury stock
(11,912)
(11,912)
Additional paid-in capital
319,010
312,874
Accumulated other comprehensive income
870
783
Accumulated deficit
(204,139)
(188,974)
Total stockholders’ equity
103,890
112,831
Total liabilities and stockholders’ equity
$
238,039
$
257,855
CARPARTS.COM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, In Thousands)
Twenty-Six Weeks Ended
June 29,
July 1,
2024
2023
Operating activities
Net (loss) income
$
(15,165)
$
380
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization expense
8,480
8,166
Amortization of intangible assets
21
20
Share-based compensation expense
5,910
6,696
Stock awards issued for non-employee director service
19
11
Stock awards related to officers and directors stock purchase plan from payroll deferral
4
—
Gain from disposition of assets
—
(75)
Amortization of deferred financing costs
32
32
Changes in operating assets and liabilities:
Accounts receivable
1,217
(1,090)
Inventory
19,613
22,286
Other current assets
(2,032)
(4)
Other non-current assets
15
60
Accounts payable and accrued expenses
(17,802)
28,630
Other current liabilities
(566)
925
Right-of-use obligation – operating leases – current
1,169
380
Right-of-use obligation – operating leases – long-term
(790)
(398)
Other non-current liabilities
(107)
342
Net cash provided by operating activities
18
66,361
Investing activities
Additions to property and equipment
(14,567)
(4,669)
Payments for intangible assets
(40)
—
Proceeds from sale of property and equipment
—
83
Net cash used in investing activities
(14,607)
(4,586)
Financing activities
Borrowings from revolving loan payable
127
117
Payments made on revolving loan payable
(127)
(117)
Payments on finance leases
(2,157)
(2,467)
Repurchase of treasury stock
—
(1,052)
Net proceeds from issuance of common stock for ESPP
202
221
Statutory tax withholding payment for share-based compensation
(429)
—
Proceeds from exercise of stock options
—
1,969
Net cash used in financing activities
(2,384)
(1,329)
Effect of exchange rate changes on cash
87
—
Net change in cash and cash equivalents
(16,886)
60,446
Cash and cash equivalents, beginning of period
50,951
18,767
Cash and cash equivalents, end of period
$
34,065
$
79,213
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use operating asset acquired
$
12,857
$
—
Accrued asset purchases
$
888
$
408
Share-based compensation expense capitalized in property and equipment
$
431
$
411
Supplemental disclosure of cash flow information:
Cash paid during the period for income taxes
$
48
$
155
Cash paid during the period for interest
$
586
$
683
Cash received during the period for interest
$
791
$
557
View original content to download multimedia:https://www.prnewswire.com/news-releases/carpartscom-reports-second-quarter-2024-results-302209437.html
SOURCE CarParts.com, Inc.
You may like
Technology
Harlem Children’s Zone Acquires FinTech Platform, Goalsetter, to Accelerate Universal Economic Mobility
Published
8 minutes agoon
October 22, 2026By
Acquisition combines HCZ’s proven model with Goalsetter’s innovative financial education technology to expand access and impact at scale
NEW YORK, Oct. 22, 2026 /PRNewswire/ — Today, Harlem Children’s Zone (HCZ), one of the nation’s leading anti-poverty organizations, announced the acquisition of Goalsetter, a financial technology platform that delivers best-in-class, engaging, technology-enabled learning experiences for people seeking to enhance their financial know-how, capabilities, and confidence.
The acquisition marks a significant step in HCZ’s Wealth Builds–Universal Economic Mobility (WB-UEM) strategy, a national framework designed to help children and families build long-term economic security through cradle-to-career supports, financial education and experiences, and direct access to capital via a Child Capital Stack of asset boosts.
“We know that economic mobility is a two-generation challenge,” says Harlem Children’s Zone CEO Kwame Owusu-Kesse. “With this acquisition, we are solving for a critical component of Universal Economic Mobility by melding a proven financial education platform and HCZ’s decades of experience providing people with the knowledge and tools to build strong futures for themselves and their families. This is more than an investment in financial education. It is an investment in critical national infrastructure for economic mobility.”
Harlem Children’s Zone has decades of experience driving outcomes at scale, beginning as a one-block pilot, expanding to over 100 blocks in Central Harlem, and now working with over 70 communities across the United States. HCZ seeks to use its learnings, decades of experience driving outcomes at scale, and renowned best practices to provide pathways to economic mobility for all of America’s children and families.
“Goalsetter was built on the belief that everyone should have access to the financial knowledge and tools that can shape their future and livelihood,” said Tanya Van Court, Chief FinTech Officer at Harlem Children’s Zone and Founder of Goalsetter. “Joining Harlem Children’s Zone gives us an extraordinary opportunity to build on that work. Together, we can continue enhancing the platform, expand access for learners of all ages and walks of life, and demonstrate what is possible when mission, innovation, and technology come together to serve the most people.”
Goalsetter creates opportunities to deliver high-quality, developmentally appropriate and culturally relevant financial education with extensive reach, including to low-income and rural communities that have historically had limited access to these resources. Its current offerings include Goalsetter Classroom, which provides standards-aligned financial education curriculum for middle and high school students, and MoneyLingo, a mobile-first financial education experience for college-aged students and adults in the workforce, covering practical topics such as saving, investing, credit, debt, and financial decision-making.
“This acquisition sends an important signal to the field,” said Owusu-Kesse. “Social impact organizations should not have to choose between mission and scale. By bringing a proven technology platform into HCZ, we’re demonstrating how non-profit organizations can be centers of business excellence, using vehicles of innovation, AI, and technology to create efficient and effective pathways to scale and impact. This acquisition strengthens our in-house capacity to build, innovate, and continuously improve outcomes.”
The organization plans to build upon Goalsetter’s existing offerings by exploring financial education products for younger learners and creating opportunities to establish a continuous financial learning journey from early childhood through adulthood.
“This is ultimately about extending opportunity to all,” added Owusu-Kesse. “By connecting financial education, technology, family engagement, and access to assets, we can help create more accessible pathways to economic mobility.”
Services to current Goalsetter clients will be unaffected by this acquisition.
View original content:https://www.prnewswire.com/news-releases/harlem-childrens-zone-acquires-fintech-platform-goalsetter-to-accelerate-universal-economic-mobility-302917320.html
SOURCE Harlem Children’s Zone
Technology
Common Ground in the Battlegrounds? Surveys Reveal Widespread Bipartisan Agreement in 11 Competitive States and 28 Congressional Districts, as Well as Nationally
Published
8 minutes agoon
October 22, 2026By
Bipartisan Majorities Say If Congress Were to Listen to the People More, They Would More Likely Find Common Ground
COLLEGE PARK, Md., Oct. 22, 2026 /PRNewswire/ — The Program for Public Consultation (PPC) conducted extensive surveys in competitive states and congressional districts, as well as nationally, revealing a remarkable level of bipartisan common ground.
Majorities of both Democrats and Republicans agreed on:
106 policies nationally 82 policies in all states and districts surveyed101 policies in at least two-thirds of all the states and districts surveyed
Over 40,000 Americans were surveyed in two waves with representative samples of 600-2,016 in each of the 11 competitive states surveyed, and 400-592 in each of the 28 competitive congressional districts surveyed, and 1,200-2,509 nationwide.
Nearly all policy questions were based on congressional legislation or executive branch proposals.
Fourteen policy topics were covered: Artificial Intelligence, Housing, Healthcare, Low-Income Assistance, Families and Children, Social Security, Immigration, Abortion and Birth Control, Energy and Environment, Federal Taxes, Campaign Finance, Government Reform, Criminal Justice and America’s Role in the World. For every topic, most policies had bipartisan agreement across every battleground surveyed.
The policy questions used in these national and battleground surveys were chosen because they elicited bipartisan support in previous in-depth national surveys conducted by PPC, in which respondents received briefings on the topic and evaluated pro and con arguments for the proposed policy.
Steven Kull, director of PPC, comments, “What is striking here is that these surveys revealed widespread bipartisan agreement on over a dozen key issues that Congress has failed to resolve, from costs of healthcare, to risks of artificial intelligence, to Social Security’s impending insolvency, and many more. Clearly, there is far more common ground among the American people than there is in Congress.”
Americans Think Public Opinion Should Have More Influence
Respondents were also asked about the role of public opinion in policymaking. Across the battlegrounds, on average, respondents estimated that federally elected officials make the same decisions that the majority of Americans would make just 35% of the time.
Large majorities believe polarization in government comes not from the American people but from elected officials, and that more influence for the people would help break the logjam in Congress (Democrats 62 to 88%, Republicans 66 to 89%).
Perhaps most germane, overwhelming majorities of Democrats and Republicans in the battlegrounds believe that if members of Congress were more influenced by the people, they would be more likely to find common ground (Democrats 82 to 97%, Republicans 80 to 95%), and better serve the common good (Democrats 77 to 94%, Republicans 79 to 94%).
Steven Kull adds, “On the basis of this study, it does appear that the public is correct that if the people had more influence, Congress would be more likely to find common ground, and thus function better.”
Americans also say that public opinion should play a substantial role in news reporting about policy. Over two-thirds say news reports on policy matters should include public opinion data most of the time or always when reliable information is available (Democrats 71 to 88%, Republicans 67 to 89%). Similarly, when Congress is about to vote on a law, large numbers say it is very or extremely important for news outlets to report whether a majority of Americans favor or oppose it (Democrats 65 to 84%, Republicans 60 to 85%).
MORE INFORMATION
Battlegrounds Common Ground SheetIndividual State and District Results, Questionnaires and MethodologiesNational Questionnaire with Toplines, Crosstabs and Methodology
About the Surveys
The state and district surveys used for this analysis were fielded July 21 – August 17, 2026, to a total of 19,949 adults, and May 27 – July 1, 2026, to 19,564 adults. They included 600-2016 in each of the 11 states, and 400-592 in each of the 28 congressional districts. Response rates ranged from 7.1 to 9.0%. Confidence intervals range from +/- 2.9 to 8.1%, and maximum weights range from 1.9 to 10.0.
The national surveys were fielded February 11-26, 2026, with 2,509 adults, and March 11-19, 2026, with 1,200 adults. The response rates were 7.6% and 8.3%, respectively. The confidence interval is +/- 2.9% for both surveys, and the maximum weights are 2.5 and 1.9.
The sample was obtained from multiple online opt-in panels, including Cint, Dynata and Prodege. Sample collection and quality control were managed by QuantifyAI under the direction of the Program for Public Consultation. The surveys were offered in both English and Spanish.
The samples were pre-stratified and weighted by age, race, ethnicity, gender, education, household income, marital status, and home ownership to match the general adult population. The national sample was further weighted by Census region. The distribution of partisan affiliation was within expectations, based on voter registration data for non-leaners and/or Cook’s Partisan Voting Index for leaners, or weighted to reflect those benchmarks.
About the Common Ground in the Battlegrounds? Survey Series
This effort aims to identify bipartisan common ground in competitive states and districts across the nation. The project seeks to educate the public, policymakers and candidates about the findings; and provide journalists with independent, nonpartisan research that brings the public into the conversation about public policy.
In addition to PPC, project partners include the Civic Innovation Center at the University of Maryland (CivIC) and Voice of the People (VOP), a national nonpartisan organization seeking to give the public a greater voice in government. None of these entities advocate for policy positions or endorse candidates.
States surveyed: Alaska; Georgia; Iowa; Maine; Michigan; Minnesota; Montana; Nebraska; New Hampshire; North Carolina; Ohio; and Texas.
Congressional Districts surveyed: Arizona’s 1st and 6th; Colorado’s 8th; Iowa’s 1st, 2nd, 3rd and 4th; Maine’s 2nd; Michigan’s 4th, 7th, 8th and 10th; Montana’s 1st; Nebraska’s 2nd; Nevada’s 3rd; New Jersey’s 7th and 9th; New Mexico’s 2nd; New York’s 3rd, 4th, 17th and 19th; Oregon’s 5th; Pennsylvania’s 1st, 7th, 8th and 10th; and Washington’s 3rd.
The survey series excluded several competitive districts because they were in states that had recently been redistricted and thus had no Census data yet to use for demographic benchmarks.
Program for Public Consultation
The Program for Public Consultation (PPC), affiliated with the University of Maryland’s School of Public Policy, seeks to improve democratic governance by consulting the public and bringing the people’s views into the public discourse. It conducts surveys with representative samples on policies proposed by elected officials and shares its findings with government officials, the media, other academics, and the general public.
Civic Innovation Center
The Civic Innovation Center (CivIC) at the University of Maryland’s School of Public Policy works to strengthen the foundations of civic health. It contributes to important debates about civic education, civic engagement, and needed democratic reforms in the state of Maryland and nationwide, in partnership with other BIG 10 universities. It works to build the connective tissue that brings together students, scholars and practitioners to help elevate the UMD community’s contribution to our wider democracy.
Voice of the People
Voice of the People (VOP) is a nonpartisan organization working to re-anchor our democracy in its founding principles by giving ‘We the People’ a greater and more effective voice in government. It champions innovative methods and technology that enable the American people to play a role in the policymaking process and provide policymakers with a more accurate understanding of the views of their constituents.
Contact: Jonathan Casaverde, jonathan.casaverde@wardcirclestrategies.com,(786) 469-9422
View original content to download multimedia:https://www.prnewswire.com/news-releases/common-ground-in-the-battlegrounds-surveys-reveal-widespread-bipartisan-agreement-in-11-competitive-states-and-28-congressional-districts-as-well-as-nationally-302915872.html
SOURCE Program for Public Consultation
Technology
FDA grants 510(k) clearance for BoneEnhance, the first machine learning layer on RIVANNA’s Accuro XV platform
Published
8 minutes agoon
October 22, 2026By
Anatomy segmentation and three-dimensional skeletal visualization arrive with this clearance; an injury detection module for clinical decision support is in development on the platform roadmap
CHARLOTTESVILLE, Va., Oct. 22, 2026 /PRNewswire/ — RIVANNA®, developer of AI-enabled clinical decision-support solutions, today announced that the U.S. Food and Drug Administration (FDA) has granted 510(k) clearance for BoneEnhance®, a machine learning software module for the Accuro® XV diagnostic ultrasound system. The module segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions during image review.
The clearance moves the platform from acquisition toward interpretation. Accuro XV was cleared in April 2026 for B-mode imaging in musculoskeletal conventional and superficial applications. Its conformable three-dimensional probe automates large field-of-view image acquisition after initial patient positioning. BoneEnhance is the first machine learning software module cleared for the platform.
BoneEnhance identifies bone and surrounding tissues
Each automated acquisition creates a volumetric dataset for review. BoneEnhance identifies bone and surrounding tissues within that volume, then highlights them with color-coded overlays on the two-dimensional B-mode image. The original anatomical data remain unaltered and visible beneath the overlays. A three-dimensional indicator beside the image shows the scan orientation and the location of the displayed slice within the volume.
A platform milestone
The sequence is deliberate: decision support begins at acquisition. Accuro XV acquires the image; BoneEnhance identifies and labels the anatomy within it. Behind the integrated workflow stands a worldwide intellectual-property portfolio of more than 100 issued and pending patents across more than 20 patent families.
“We founded RIVANNA to solve a problem that cuts across care settings: decision-critical information sits outside the point-of-care workflow,” said Will Mauldin, PhD, Co-founder and CEO of RIVANNA. “BoneEnhance is where the stack begins to close that gap for musculoskeletal care: automated volumetric acquisition, now paired with cleared software-assisted review. This clearance is the foundation: the first machine learning layer, anchoring the decision-support capabilities now in development.”
Independently validated within a nationwide eight-site study
BoneEnhance was trained and validated within RIVANNA’s nationwide eight-site clinical study. Three sites contributed the training data; the other five provided the independent test set of 233 volumetric datasets, comprising 69,900 images from 173 subjects. None of the test data were used for training or tuning. Three board-certified radiologists established the reference labels, and per-volume label prediction accuracy, a measure of anatomical labeling, ranged from 95.1% to 100.0%.
Separate from the validation supporting this clearance, the platform’s automated acquisition carries peer-reviewed evidence: in a published study of 205 patients in the Journal of Emergency Medicine (DOI: 10.1016/j.jemermed.2025.11.011), operators with one hour of hands-on training acquired wrist and ankle images rated adequate for diagnostic interpretation in more than 90% of scans, with image quality comparable to physician-acquired scans.
“This clearance reflects the strength of the team RIVANNA has built across AI development, clinical affairs, and regulatory execution, and the commitment of the clinical sites that partnered with us to generate the evidence,” said Delphine Le Roux, PhD, PMP, Senior Director, Market Access and Strategic Partnerships at RIVANNA. “None of it happens without BARDA’s sustained support, which allowed us to do this the right way: rigorous, multi-site, and independent. The infrastructure, partnerships, and regulatory playbook we established for BoneEnhance are designed to carry forward. That execution engine is what positions us to pursue the next clearance with confidence.”
The next layer in development
The platform’s progression continues with an investigational musculoskeletal injury detection module. Where BoneEnhance labels the anatomy, the new module is being developed to assist clinicians in evaluating potential extremity fractures within acquired ultrasound images. The nationwide clinical study that trained and validated BoneEnhance, now expanded from eight to ten sites, is building the datasets used to train the module. Because the sites and data infrastructure were established once and are reused for each new module, every subsequent module builds on the program’s federal investment.
Federal funding acknowledgment
This project has been supported in whole or in part with federal funds from the U.S. Department of Health and Human Services; the Administration for Strategic Preparedness and Response (ASPR); Biomedical Advanced Research and Development Authority (BARDA), under contract number 75A50121C00035.
About Accuro XV
Accuro XV is a portable, small-footprint point-of-care volumetric ultrasound imaging system for musculoskeletal imaging. Its conformable three-dimensional probe automates large field-of-view B-mode image acquisition without ionizing radiation. BoneEnhance is a cleared machine learning software module available during review of Accuro XV volumetric image acquisitions. It segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions.
An investigational computer-aided musculoskeletal injury detection module is in development for Accuro XV. It is designed to assist clinicians in detecting extremity fractures from volumetric ultrasound and annotating soft-tissue signs associated with injury, and to support triage decisions, including referral for additional radiographic imaging.
Accuro XV is designed to provide a fracture-care layer at the point of triage, helping to streamline emergency department workflows, expedite evaluation of low-severity extremity injuries, and reduce reliance on X-ray referrals. The platform is designed to support just-in-time training to promote consistent use across clinical experience levels, advancing a shared mission to transform musculoskeletal injury care while supporting broader emergency preparedness objectives.
About RIVANNA
RIVANNA is a medical technology company developing clinical decision-support solutions powered by proprietary clinical datasets, AI models, and purpose-built imaging hardware. The company’s platform is designed to automate complex anatomical analysis at the point of care, support faster and more confident clinical decisions, reduce variability, and expand access to advanced capabilities. Its initial applications address interventional guidance and trauma triage, beginning with neuraxial procedures and musculoskeletal injury assessment. RIVANNA has established an FDA-cleared product portfolio and maintains a worldwide intellectual-property portfolio of more than 100 issued and pending patents. RIVANNA is headquartered in Charlottesville, Virginia, and operates an FDA-registered, ISO 13485:2016-certified manufacturing facility.
RIVANNA, Accuro, BoneEnhance, and the Rivanna Medical family of marks are registered and unregistered trademarks of Rivanna Medical, Inc. in the United States and other jurisdictions.
View original content to download multimedia:https://www.prnewswire.com/news-releases/fda-grants-510k-clearance-for-boneenhance-the-first-machine-learning-layer-on-rivannas-accuro-xv-platform-302917179.html
SOURCE RIVANNA
Harlem Children’s Zone Acquires FinTech Platform, Goalsetter, to Accelerate Universal Economic Mobility
Common Ground in the Battlegrounds? Surveys Reveal Widespread Bipartisan Agreement in 11 Competitive States and 28 Congressional Districts, as Well as Nationally
FDA grants 510(k) clearance for BoneEnhance, the first machine learning layer on RIVANNA’s Accuro XV platform
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Nullmax and Renesas Forge Strategic Partnership to Deliver Competitive ADAS Solutions for the Global Market
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days agoBioethanol from human hair – Indian start-up’s solution to rising prices of grains and sugar
-
Technology4 days agoGMIF2026: AI Inference Powers the “Token Factory” and Drives System-Level Rethinking of Memory & Storage
-
Technology3 days agoInstaMall Launches Same-Day Fashion Delivery Experience, Bringing 80+ Brands to Shoppers’ Doors in Miami
-
Coin Market3 days agoWorld Liberty’s USD1 stablecoin sheds $400M in market cap in two weeks
-
Technology4 days agoTruecaller announces preliminary numbers for the third quarter 2026
-
Technology4 days agoSALMON SECURES $140 MILLION (PHP 8.8 BILLION) TO DOUBLE DOWN ON THE GROWTH OPPORTUNITY IN THE PHILIPPINES
-
Technology4 days agoLinktel Technologies Highlights Breakthrough 1.6T LPO Performance & Strong Market Pull at OCP 2026
-
Technology4 days agoTrend Micro Announces Up to ¥10 Billion toward Cyber Resilience Initiative to Strengthen Security for Japanese Organizations in the AI Era
