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Analog Devices Reports Fiscal First Quarter 2025 Financial Results

Published

2 years ago

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Revenue of more than $2.4 billion, with sequential growth in Industrial, Automotive, and Communications, and double-digit year-over-year growth in ConsumerOperating cash flow of $3.8 billion and free cash flow of $3.2 billion on a trailing twelve-month basisRaised quarterly dividend 8% to $0.99, marking twenty-one consecutive years of increasesIncreased share repurchase authorization by $10.0 billion, bringing total remaining authorization to approximately $11.5 billion

WILMINGTON, Mass., Feb. 19, 2025 /PRNewswire/ — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal first quarter 2025, which ended February 1, 2025.

“ADI delivered first quarter revenue, profitability, and earnings per share above the midpoint of our outlook, despite the challenging macro and geopolitical backdrop,” said Vincent Roche, CEO and Chair. “Our recovery is being propelled by improving cyclical dynamics and numerous new wins across our franchise converting to revenue. We remain firmly committed to delivering ever higher levels of value for customers through differentiated innovation and customer experience, coupled with an agile and resilient supply chain.”

“Bookings continued to show gradual improvement during the first quarter with strength in Industrial and Automotive positioning us to grow sequentially and year-over-year in our second fiscal quarter. We remain confident that fiscal 2025 represents a return to growth for ADI,” said Richard Puccio, CFO.

 Performance for the First Quarter of Fiscal 2025 

Results Summary(1)

(in millions, except per-share amounts and percentages)

Three Months Ended

Feb. 1, 2025

Feb. 3, 2024

Change

Revenue

$                    2,423

$                   2,513

(4) %

Gross margin

$                    1,430

$                   1,474

(3) %

Gross margin percentage

59.0 %

58.7 %

30 bps

Operating income

$                       491

$                       586

(16) %

Operating margin

20.3 %

23.3 %

(300 bps)

Diluted earnings per share

$                      0.78

$                      0.93

(16) %

Adjusted Results(2)

Adjusted gross margin

$                   1,668

$                   1,734

(4) %

Adjusted gross margin percentage

68.8 %

69.0 %

(20 bps)

Adjusted operating income

$                       981

$                    1,054

(7) %

Adjusted operating margin

40.5 %

42.0 %

(150 bps)

Adjusted diluted earnings per share

$                      1.63

$                      1.73

(6) %

Three Months
Ended

Trailing Twelve
Months

Cash Generation

Feb. 1, 2025

Feb. 1, 2025

Net cash provided by operating activities

$                   1,127

$                   3,841

% of revenue

47 %

41 %

Capital expenditures

$                      (149)

$                     (656)

Free cash flow(2)

$                       978

$                   3,184

% of revenue

40 %

34 %

Three Months
Ended

Trailing Twelve
Months

Cash Return

Feb. 1, 2025

Feb. 1, 2025

Dividend paid

$                     (456)

$                 (1,826)

Stock repurchases

(160)

(596)

Total cash returned

$                     (616)

$                 (2,421)

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

(2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the “Non-GAAP Financial Information” section for additional information.

Outlook for the Second Quarter of Fiscal Year 2025

For the second quarter of fiscal 2025, we are forecasting revenue of $2.50 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 24.2%, +/-160 bps, and adjusted operating margin of approximately 40.5%, +/-100 bps. We are planning for reported EPS to be $0.97, +/-$0.10, and adjusted EPS to be $1.68, +/-$0.10.  

Our second quarter fiscal 2025 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. The statements about our second quarter fiscal 2025 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.

The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $0.99 per outstanding share of common stock. The dividend will be paid on March 17, 2025 to all shareholders of record at the close of business on March 4, 2025.

Conference Call Scheduled for Today, Wednesday, February 19, 2025 at 10:00 am ET

ADI will host a conference call to discuss our first quarter fiscal 2025 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company’s use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release.

Management uses non-GAAP measures internally to evaluate the Company’s operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company’s core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as primary performance measurements when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company’s core business. Management also believes that free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company’s ability to pay dividends, purchase common stock, make investments and fund acquisitions and, in the absence of refinancings, to repay its debt obligations.  

The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage. 

Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue. 

Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue. 

Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.   

Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below.   

Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items3, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes. 

Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, special charges, net2, and tax related items3, which are described further below.

Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue.  

1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.

2Special Charges, net: Expenses, net, incurred as part of the integration of Maxim, in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.

3Tax Related Items: Income tax effect of the non-GAAP items discussed above. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.

About Analog Devices, Inc.
Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $9 billion in FY24 and approximately 24,000 people globally, ADI ensures today’s innovators stay Ahead of What’s Possible. Learn more at www.analog.com and on LinkedIn and Twitter (X).

Forward-Looking Statements
This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding financial performance; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflict, including actions taken or which may be taken by the presidential administration, executive offices of the U.S. government, or U.S. Congress, monetary policy, political, geopolitical, trade, or other issues in the United States or internationally, including increased tariffs or trade wars, and the ongoing conflicts between Russia and Ukraine and in Israel and the Middle East; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; diversion of products from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.

ANALOG DEVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Feb. 1, 2025

Feb. 3, 2024

Revenue

$         2,423,174

$         2,512,704

Cost of sales

992,871

1,038,763

Gross margin

1,430,303

1,473,941

Operating expenses:

   Research and development

402,892

391,427

   Selling, marketing, general and administrative

284,796

290,078

   Amortization of intangibles

187,415

190,332

   Special charges, net

63,887

16,140

Total operating expenses

938,990

887,977

Operating income

491,313

585,964

Nonoperating expense (income):

   Interest expense

75,264

77,141

   Interest income

(23,487)

(9,169)

   Other, net

3,960

4,574

Total nonoperating expense (income)

55,737

72,546

Income before income taxes

435,576

513,418

Provision for income taxes

44,260

50,691

Net income

$            391,316

$            462,727

Shares used to compute earnings per common share – basic

496,116

495,765

Shares used to compute earnings per common share – diluted

498,668

498,741

Basic earnings per common share

$                   0.79

$                   0.93

Diluted earnings per common share

$                   0.78

$                   0.93

 

ANALOG DEVICES, INC. 

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share amounts)

Feb. 1, 2025

Nov. 2, 2024

ASSETS

Current Assets

Cash and cash equivalents

$               2,349,994

$               1,991,342

Short-term investments

371,460

371,822

Accounts receivable

1,192,442

1,336,331

Inventories

1,474,656

1,447,687

Prepaid expenses and other current assets

344,524

337,472

Total current assets

5,733,076

5,484,654

Non-current Assets

Net property, plant and equipment

3,355,240

3,415,550

Goodwill

26,945,180

26,909,775

Intangible assets, net

9,183,038

9,585,464

Deferred tax assets

2,032,676

2,083,752

Other assets

718,336

749,082

Total non-current assets

42,234,470

42,743,623

TOTAL ASSETS

$             47,967,546

$             48,228,277

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities

Accounts payable

$                  368,939

$                  487,457

Income taxes payable

487,456

447,379

Debt, current

399,855

399,636

Commercial paper notes

548,403

547,738

Accrued liabilities

1,166,343

1,106,070

Total current liabilities

2,970,996

2,988,280

Non-current Liabilities

Long-term debt

6,618,556

6,634,313

Deferred income taxes

2,514,866

2,624,392

Income taxes payable

261,564

260,486

Other non-current liabilities

531,029

544,489

Total non-current liabilities

9,926,015

10,063,680

Shareholders’ Equity

Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding

—

—

Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 495,976,483 shares
outstanding (496,296,854 on November 2, 2024)

82,664

82,718

Capital in excess of par value

25,041,250

25,082,243

Retained earnings

10,131,590

10,196,612

Accumulated other comprehensive loss

(184,969)

(185,256)

Total shareholders’ equity

35,070,535

35,176,317

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$             47,967,546

$             48,228,277

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended

Feb. 1, 2025

Feb. 3, 2024

Cash flows from operating activities:

  Net income

$           391,316

$           462,727

  Adjustments to reconcile net income to net cash provided by operations:

       Depreciation

98,447

84,348

       Amortization of intangibles

417,156

440,903

       Stock-based compensation expense

77,574

69,815

       Deferred income taxes

(59,454)

(102,149)

       Other

(799)

4,684

       Changes in operating assets and liabilities

202,569

178,504

   Total adjustments

735,493

676,105

Net cash provided by operating activities

1,126,809

1,138,832

Cash flows from investing activities:

  Additions to property, plant and equipment, net

(148,978)

(222,978)

  Payments for acquisitions, net of cash acquired

(45,652)

—

  Other

329

3,877

Net cash used for investing activities

(194,301)

(219,101)

Cash flows from financing activities:

  Proceeds from commercial paper notes

1,969,276

2,779,494

  Payments of commercial paper notes

(1,968,611)

(2,782,274)

  Repurchase of common stock

(160,368)

(180,351)

  Dividend payments to shareholders

(456,338)

(426,076)

  Proceeds from employee stock plans

41,747

49,819

  Other

438

(14,844)

Net cash used for financing activities

(573,856)

(574,232)

Net increase in cash and cash equivalents

358,652

345,499

Cash and cash equivalents at beginning of period

1,991,342

958,061

Cash and cash equivalents at end of period

$        2,349,994

$        1,303,560

 

ANALOG DEVICES, INC. 

REVENUE TRENDS BY END MARKET

(Unaudited)

(In thousands)

The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.

Three Months Ended

February 1, 2025

February 3, 2024

Revenue

% of Revenue1

Y/Y%

Revenue

% of Revenue1

Industrial

$        1,077,900

44 %

(10) %

$        1,191,713

47 %

Automotive

732,513

30 %

(2) %

748,781

30 %

Consumer

322,900

13 %

19 %

270,211

11 %

Communications

289,861

12 %

(4) %

301,999

12 %

Total revenue

$        2,423,174

100 %

(4) %

$        2,512,704

100 %

1) The sum of the individual percentages may not equal the total due to rounding.

 

ANALOG DEVICES, INC. 

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Feb. 1, 2025

Feb. 3, 2024

Gross margin

$         1,430,303

$         1,473,941

  Gross margin percentage

59.0 %

58.7 %

      Acquisition related expenses

237,832

259,884

Adjusted gross margin

$         1,668,135

$         1,733,825

  Adjusted gross margin percentage

68.8 %

69.0 %

Operating expenses

$            938,990

$            887,977

  Percent of revenue

38.8 %

35.3 %

      Acquisition related expenses

(188,015)

(192,422)

      Special charges, net

(63,887)

(16,140)

Adjusted operating expenses

$            687,088

$            679,415

  Adjusted operating expenses percentage

28.4 %

27.0 %

Operating income

$            491,313

$            585,964

  Operating margin

20.3 %

23.3 %

      Acquisition related expenses

425,847

452,306

      Special charges, net

63,887

16,140

Adjusted operating income

$            981,047

$         1,054,410

  Adjusted operating margin

40.5 %

42.0 %

Nonoperating expense (income)

$              55,737

$              72,546

      Acquisition related expenses

2,150

2,150

Adjusted nonoperating expense (income)

$              57,887

$              74,696

Income before income taxes

$            435,576

$            513,418

     Acquisition related expenses

423,697

450,156

     Special charges, net

63,887

16,140

Adjusted income before income taxes

$            923,160

$            979,714

Provision for (benefit from) income taxes

$              44,260

$              50,691

Effective income tax rate

10.2 %

9.9 %

     Tax related items

65,062

65,030

Adjusted provision for income taxes

$            109,322

$            115,721

Adjusted tax rate

11.8 %

11.8 %

Diluted EPS

$                   0.78

$                   0.93

      Acquisition related expenses

0.85

0.90

      Special charges, net

0.13

0.03

      Tax related items

(0.13)

(0.13)

Adjusted diluted EPS*

$                   1.63

$                   1.73

* The sum of the individual per share amounts may not equal the total due to rounding.

 

ANALOG DEVICES, INC. 

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(Unaudited)

(In thousands)

Trailing
Twelve
Months

Three Months Ended

Feb. 1, 2025

Feb. 1, 2025

Nov. 2, 2024

Aug. 3, 2024

May 4, 2024

Revenue

$  9,337,627

$ 2,423,174

$ 2,443,205

$ 2,312,209

$ 2,159,039

Net cash provided by operating activities

$  3,840,506

$ 1,126,809

$ 1,050,817

$     855,027

$     807,853

% of Revenue

41 %

47 %

43 %

37 %

37 %

Capital expenditures

$    (656,463)

$   (148,978)

$   (165,410)

$   (153,886)

$   (188,189)

Free cash flow

$  3,184,043

$     977,831

$     885,407

$     701,141

$     619,664

% of Revenue

34 %

40 %

36 %

30 %

29 %

 

ANALOG DEVICES, INC. 

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

Three Months Ending May 3, 2025

Reported

Adjusted

Revenue

$2.5 Billion

$2.5 Billion

(+/- $100 Million)

(+/- $100 Million)

Operating margin

24.2 %

40.5 %(1)

(+/-160 bps)

(+/-100 bps)

Nonoperating expenses

~ $60 Million

~ $60 Million

Tax rate

11% – 13%

11% – 13% (2)

Earnings per share

$0.97

$1.68 (3)

(+/- $0.10)

(+/- $0.10)

(1)

Includes $406 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. 

(2)

Includes $53 million of tax effects associated with the adjustment for acquisition related expenses noted above.

(3)

Includes $0.71 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items.

For more information, please contact:

Michael Lucarelli
781-461-3282
Vice President, Investor Relations
investor.relations@analog.com

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SOURCE Analog Devices, Inc.

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Published

31 minutes ago

on

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By

Senior notes received AAA ratings from S&P Global Ratings and AAA (sf) ratings from Morningstar DBRS

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The notes were offered to qualified institutional buyers under Rule 144A and Regulation S of the Securities Act of 1933.

About Aven

Aven is building financial products for homeowners that lower costs and make banking more efficient and convenient. The company has built the first machine-banking platform, using robotics and software to automate financial services and offer lower-cost products at scale. Its flagship Home Equity Visa Card combines a home equity line of credit with the convenience of a credit card and can be fully approved in minutes. Aven also offers high-yield checking accounts, home improvement loans, rewards credit cards, digital asset-backed credit cards and other financial products. Founded in 2019, Aven has helped consumers save more than $400 million in interest costs as of September 2026.

Aven is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC.

Aven Visa credit cards are issued by Coastal Community Bank pursuant to a license from Visa U.S.A. Inc. Aven (NMLS #2042345) accounts are held by Coastal Community Bank (NMLS #462289), Member FDIC. Equal Housing Lender. Learn more at www.aven.com.

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Technology

Modjeski and Masters Announces Kevin W. Johns as Next President

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October 30, 2026

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Johns will assume the role on January 1, succeeding longtime president Michael F. Britt

MECHANICSBURG, Pa., Oct. 30, 2026 /PRNewswire/ — The Board of Directors of leading engineering firm Modjeski and Masters elected Kevin W. Johns, P.E. as its next president. He will assume the role on January 1, 2027.

For more than 133 years, Modjeski and Masters has been defined by technical excellence, client service, innovation, and stewardship. Johns will build on that foundation while guiding the firm’s continued growth and preserving its culture and independence.

The board selected Johns based on his leadership, sound judgment, and vision for the firm’s future. His commitment to employees, clients, and long-term success will guide his work as president.

“I have worked closely with Kevin through the years as he has progressed in responsibility across increasingly complex leadership and project roles. He has consistently shown himself to be informed, collaborative, and willing to make tough decisions, including during major decision-making moments where his judgment helped guide project outcomes in a positive direction,” said outgoing president and CEO Michael F. Britt.

Since joining Modjeski and Masters in 1998, Johns has held numerous leadership positions, including director of the Movable Bridge Business Unit, senior vice president, board member, and chairman of the board. His experience includes growing teams, expanding capabilities, and leading through change while advancing the firm’s legacy of quality and technical excellence.

“Leading a 133-year-old firm is both an honor and a humbling responsibility. Modjeski and Masters is well positioned for the next 100 years, and I am committed to strengthening our legacy while ensuring a prosperous future for our employees and our clients,” said Johns.

As part of the transition, Johns will step down as director of the Movable Bridge Business Unit, and Lee Lentz will assume that role. The leadership handover will prioritize continuity of client service, clear communication, and support for ongoing project commitments.

The transition reflects Modjeski and Masters’ long-standing approach to leadership continuity and its commitment to the technical excellence and client relationships that have shaped the firm for generations.

About Modjeski and Masters

Modjeski and Masters is one of the world’s leading bridge engineering firms, with a reputation for technical excellence and innovation that goes beyond current standards. Established 133 years ago, the firm is responsible for the design and maintenance of some of our nation’s most recognizable structures. Services include fixed and movable bridge design, inspection and rehabilitation, and all facets of life-cycle maintenance, research and code development. For more information, including in-depth videos of Modjeski and Masters at work, please visit www.modjeski.com.

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Technology

Amid Widespread Pharmacy Software Consolidation, Datascan Commits to Remaining Independent

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31 minutes ago

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October 30, 2026

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After years of acquisition interest, the family-owned pharmacy technology company says it will not sell to a private-equity or corporate consolidator—preserving long-term choice, personal service and vendor freedom for independent pharmacies

BOHEMIA, N.Y., Oct. 30, 2026 /PRNewswire/ — Following more than a decade of acquisitions, corporate consolidation, ownership changes and discontinued software platforms across the pharmacy software industry, Datascan announced a long-term commitment to remain independently owned and dedicated exclusively to serving independent community pharmacies.

Datascan President and Owner Kevin Minassian said the company is not being positioned for sale to a private-equity group, corporate consolidator or industry roll-up. Instead, Datascan will continue investing in its technology, employees, customer support and long-term relationships with independent pharmacy owners.

The announcement comes at a time when the number of independently owned pharmacy software companies has continued to shrink.

Pharmacy owners have watched longtime software vendors get acquired, products get discontinued and support organizations change almost overnight. Some have been forced to replace software systems they believed would support their businesses for years. Others have experienced higher prices, reduced service and new requirements to use specific payment processors, claims switches or other vendors selected by the software company.

According to Minassian these changes have left many independent pharmacies with fewer meaningful choices and less control over the technology relationships that affect their businesses every day.

“Independent pharmacy owners already have enough outside pressures working against them,” Minassian said. “They should not also have to wonder whether their software company will be sold, whether their system will be discontinued, whether the people they trust will still be there or whether they are going to be forced into another vendor relationship simply because it creates more profit for the software company.”

Independent pharmacy owners can request a complimentary Datascan demonstration to explore whether Datascan Pharmacy Software is the right fit for their pharmacy’s needs.

A Decision Forged Through Acquisition Interest

Over the last several years, Datascan has received repeated acquisition interest from companies seeking to purchase the business. One opportunity progressed far enough that Minassian seriously considered selling. The financial offer was significant, but the proposed terms changed late in the process.

Datascan walked away from the transaction.  Minassian said that experience ultimately gave him greater clarity about the future of the company.

Minassian has begun discussing with his daughter(s) the possibility that they could eventually become the third generation of the family to participate in the ownership or leadership of Datascan. While they are young and focused on education, it is a consideration for a future career, he says he wants to preserve Datascan so that opportunity remains available to his children.

A Public Commitment to Remain Independent

Minassian said Datascan’s long-term plan is now clear: the company will remain independently owned and will not be sold into the private-equity and corporate consolidation cycle reshaping the pharmacy software industry.

Future succession could include continued family ownership or an internal transition involving members of the Datascan team, but the company is not being prepared for an outside sale or private-equity exit.

“I am making a clear commitment,” Minassian said. “We are not building Datascan so we can package it up and sell it to the highest bidder. We are building it to last.”

Continued Investment in Pharmacy Technology

Datascan has spent the last several years modernizing and expanding its technology ecosystem.

The company’s ongoing investments include:

Datascans core pharmacy management platformIntegrated point-of-sale system (POS System) Patient-facing mobile applicationDelivery management ApplicationWorkflow automation and customization Central store managementLong-term care and compounding capabilitiesintegrations with nearly 100 third-party pharmacy technology providers

Minassian said those investments will continue and accelerate.

“We have been working vigorously to update and improve every part of our platform,” Minassian said. “We are not slowing down. We are continuing to modernize our technology, improve workflow, expand automation, strengthen our mobile platforms and build the next generation of tools independent pharmacies will need.”

Preserving Customer Choice

Datascan’s commitment to independence also includes protecting the ability of pharmacy owners to choose the vendors and services that are best for their businesses.

The company said it will not require customers to use a particular credit card processor, insurance claims switch or other third-party vendor solely because the arrangement creates an additional revenue stream for Datascan.

Datascan feels its customers should be able to choose their credit card processor, switch, hardware and 3rd party vendors that make the most sense for them. They refuse to lock customers into relationships they did not choose.  Datascan also reaffirmed its commitment to reasonable, transparent pricing without relying on forced add-ons, surprise fees or mandatory vendor arrangements.

Support as a Long-Term Investment

20 Seconds or Less:  Average time for calls to be answered by our support team (*Data comes from phone system report last 12 months)Only 9 % of all calls went beyond 2 minutes on hold for support 11+ Years: Average tenure of a Datascan Employee 

Minassian said customer support will remain one of Datascan’s highest priorities.

While some acquired technology companies reduce staffing, outsource customer service or consolidate support operations to lower costs, Datascan intends to continue investing in experienced support personnel and programmers who understand both the software and the day-to-day realities of pharmacy operations.

The company has also committed that it will not replace anyone on the support team with an AI agent.   Customers can expect live, knowledgeable, and quick response support.  Data shows over the last 12 months, the average wait time for support calls was under 20 seconds, with only 9% of all calls waiting 2 minutes or greater for a representative.  

Datascan points out they have the highest review scores across the internet within the industry.  “Anyone can claim to offer great support. Our customers say it for us. Read our reviews. Talk to the pharmacies that use our software. Our clients know the people answering the phone, and our team knows our clients.”

The average Datascan employee has been with the company for more than 11 years, creating institutional knowledge and customer relationships that Minassian considers central to the company’s long-term value.

Ensuring Independent Pharmacies Continue to Have a Choice

Datascan serves independently owned community pharmacies rather than national retail chains or large corporate pharmacy groups.  Minassian said that focus will not change.

“We understand why independence matters because we are independent too,” Minassian said. “We know what it is like to compete against much larger companies. We know what it is like to make decisions based on what is right for customers, employees and the long-term health of the business—not what produces the best return for an outside investor this quarter.”

About Datascan

Datascan is an independently owned pharmacy software company serving independently owned community pharmacies throughout the United States and the Bahamas.

Its integrated technology ecosystem includes Datascan Pharmacy Software, Datascan Point of Sale, Mobile Scripts, Datascan Delivery, Central Store Management, customizable workflow, compounding, long-term care capabilities and integrations with nearly 100 third-party pharmacy technology providers.

Datascan’s sole purpose is to help independent community pharmacies operate more efficiently, remain profitable and provide exceptional patient care through reliable, powerful technology backed by knowledgeable, human support.

For more information, visit Datascan Pharmacy Software

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SOURCE Datascan Pharmacy

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