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Aviat Networks Announces Fiscal 2026 Third Quarter and Nine Month Financial Results

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Total Q3 QTD Revenues of $100.0 million

Q3 QTD Operating Income of $0.9 million; Q3 QTD Non-GAAP Operating Income of $3.0 million

Q3 QTD Net Earnings of $(2.1) million; Q3 QTD Adjusted EBITDA of $4.4 million

Q3 QTD Diluted Earnings per Share of $(0.16); Q3 QTD Non-GAAP Diluted Earnings per Share of $0.06

AUSTIN, Texas, May 4, 2026 /PRNewswire/ — Aviat Networks, Inc. (“Aviat Networks,” “Aviat,” or the “Company”), (Nasdaq: AVNW), the leading expert in wireless transport and access solutions, today reported financial results for its fiscal 2026 third quarter ended March 27, 2026.

Third Quarter Highlights

Recorded fiscal 2026 year-to-date revenue growth for the first nine months in North America of $2.1 million or 1.4% compared to the same nine-month period of fiscal 2025Increased year-to-date GAAP operating income to $13.4 million compared to $1.7 million in the comparable year-to-date period last yearReduced quarterly GAAP operating expenses by $1.7 million and Non-GAAP operating expenses by $0.8 million versus the year-ago periodMaintained a trailing-twelve month book-to-bill ratio greater than 1.0

Third Quarter QTD Financial Highlights

Total Revenues: $100.0 millionGAAP Results: Gross Margin 29.3%; Operating Expenses $28.3 million; Operating Income $0.9 million; Net Loss $2.1 million; Net Loss per diluted share (“Net Loss per share”) $0.16Non-GAAP Results: Adjusted EBITDA $4.4 million; Gross Margin 29.4%; Operating Expenses $26.4 million; Operating Income $3.0 million; Net Income $0.7 million; Net Income per share $0.06Cash and cash equivalents: $78.1 millionNet debt: $26.1 million

Fiscal 2026 Third Quarter and Nine Months Ended March 27, 2026

Revenues

The Company reported total revenues of $100.0 million for its fiscal 2026 third quarter, compared to $112.6 million in the fiscal 2025 third quarter, a decrease of $12.6 million or 11.2%. North America revenue of $46.2 million decreased by $3.2 million or 6.6%, compared to $49.4 million in the prior year due to timing of certain private and mobile network projects. International revenue of $53.8 million decreased by $9.4 million or 14.9%, compared to $63.2 million in the prior year, due to timing of capital expenditure plans of mobile network operators and revenue delays related to the conflict in the Middle East.

For the nine months ended March 27, 2026, revenue decreased by 0.1% to $318.8 million, compared to $319.3 million in the same period of fiscal 2025. North America revenue of $151.7 million increased by $2.1 million or 1.4%, compared to $149.6 million in the same period of fiscal 2025. International revenue of $167.1 million decreased by $2.6 million or 1.5% as compared to $169.7 million in the same period of fiscal 2025.

Gross Margins

In the fiscal 2026 third quarter, the Company reported GAAP gross margin of 29.3% and non-GAAP gross margin of 29.4%. This compares to GAAP gross margin of 34.9% and non-GAAP gross margin of 35.8% in the fiscal 2025 third quarter, a decrease of 560 and 640 basis points, respectively. The decrease was driven by regional and product mix in the quarter.

For the nine months ended March 27, 2026, the Company reported GAAP gross margin of 31.7% and non-GAAP gross margin of 32.1%. This compares to GAAP gross margin of 31.3% and non-GAAP gross margin of 32.1% in the same period of fiscal 2025, an increase of 40 and 0 basis points, respectively.

Operating Expenses

The Company reported GAAP total operating expenses of $28.3 million for the fiscal 2026 third quarter, compared to $30.0 million in the fiscal 2025 third quarter. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition and other expenses for the fiscal 2026 third quarter were $26.4 million, compared to $27.2 million in the prior year, a decrease of $0.8 million or 3.1%.

For the nine months ended March 27, 2026, the Company reported total operating expenses of $87.6 million, compared to $98.3 million in the same period of fiscal 2025, a decrease of $10.6 million or 10.8%. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition expenses and other expenses for the nine months ended March 27, 2026 were $81.9 million, compared to $86.4 million in the same period of fiscal 2025, a decrease of $4.5 million or 5.2%.

Operating Income

The Company reported GAAP operating income of $0.9 million for the fiscal 2026 third quarter, compared to GAAP operating income of $9.3 million in the fiscal 2025 third quarter, a decrease of $8.4 million. Operating income decreased primarily due to lower gross margin dollars. On a non-GAAP basis, the Company reported operating income of $3.0 million for the fiscal 2026 third quarter, compared to non-GAAP operating income of $13.0 million in the prior year, a decrease of $10.1 million.

For the nine months ended March 27, 2026, the Company reported a GAAP operating income of $13.4 million, compared to a GAAP operating income of $1.7 million in the same period of fiscal 2025, an increase of $11.7 million. On a non-GAAP basis, the Company reported operating income of $20.5 million, compared to an operating income of $16.1 million in the same period of fiscal 2025, an increase of $4.4 million.

Net Income / Net Income Per Share

The Company reported GAAP net loss of $2.1 million in the fiscal 2026 third quarter or GAAP net loss per share of $0.16. This compared to GAAP net income of $3.5 million or GAAP net income per share of $0.27 in the fiscal 2025 third quarter. On a non-GAAP basis, the Company reported non-GAAP net income of $0.7 million or non-GAAP net income per share of $0.06, compared to non-GAAP net income of $11.3 million or $0.88 per share in the prior year.

The Company reported GAAP net income of $3.8 million for the nine months ended March 27, 2026, or GAAP net income per diluted share of $0.29. This compared to GAAP net loss of $3.9 million or $0.30 per share in the comparable fiscal 2025 period. On a non-GAAP basis, the Company reported net income of $13.3 million or net income per share of $1.02 for the nine months ended March 27, 2026, as compared to non-GAAP net income of $10.6 million or $0.83 per share in the comparable fiscal 2025 period.

Adjusted EBITDA

Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) for the fiscal 2026 third quarter was $4.4 million, compared to $14.9 million in the fiscal 2025 third quarter.

For the nine months ended March 27, 2026, the Company reported Adjusted EBITDA of $24.8 million, as compared to $22.0 million in the comparable fiscal 2025 period, an increase of $2.8 million.

Balance Sheet Highlights

The Company reported $78.1 million in cash and cash equivalents as of March 27, 2026, compared to $59.7 million as of June 27, 2025, an increase of $18.4 million. As of March 27, 2026, total debt was $104.3 million, an increase of $16.7 million from June 27, 2025.

Fiscal 2026 Full Year Outlook

The Company is updating its fiscal 2026 full year guidance to:

Full year Revenue between $428 and $440 millionFull year Adjusted EBITDA between $35.0 and $40.0 million

Conference Call Details

Aviat Networks will host a conference call at 5:00 p.m. Eastern Time (ET) today, May 4, 2026, to discuss its financial and operational results for the fiscal 2026 third quarter ended March 27, 2026. Participating on the call will be Peter Smith, President and Chief Executive Officer; Andy Schmidt, Senior Vice President and Chief Financial Officer; Jonanna Mikulenka, Vice President and Chief Accounting Officer; and Andrew Fredrickson, Vice President, Corporate Finance. Following management’s remarks, there will be a question and answer period.

Interested parties may access the conference call live via the webcast through Aviat Network’s Investor Relations website at investors.aviatnetworks.com/events-and-presentations/events, or may participate via telephone by registering using this online form. Once registered, telephone participants will receive the dial-in number along with a unique PIN number that must be used to access the call. A replay of the conference call webcast will be available after the call on the Company’s investor relations website.

About Aviat Networks

Aviat Networks, Inc. is the leading expert in wireless transport and access solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high performance products, simplified operations, and the best overall customer experience. Aviat is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Facebook and LinkedIn.

Forward-Looking Statements

The information contained in this Current Report on Form 8-K includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including Aviat’s beliefs and expectations regarding outlook, business conditions, new product solutions, customer positioning, future orders, bookings, new contracts, cost structure, profitability in fiscal 2026, its recent acquisitions and acquisition strategy, process improvements, measures designed to improve internal controls, its ability to maintain effective internal control over financial reporting and management systems and remediate material weaknesses, plans and objectives of management, realignment plans and review of strategic alternatives and expectations regarding future revenue, gross margin, Adjusted EBITDA, operating income or earnings or loss per share. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat and trends in revenue, and other statements identified by the use of forward-looking terminology, including “anticipate,” “believe,” “plan,” “estimate,” “expect,” “goal,” “will,” “see,” “continue,” “delivering,” “view,” and “intend,” or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs, expectations and assumptions of the senior management of Aviat regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements.

Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following: the disruption the 4RF and NEC transactions may cause to customers, vendors, business partners and our ongoing business; our ability to integrate the operations of the acquired 4RF and NEC businesses with our existing operations and fully realize the expected synergies of the 4RF and NEC transactions on the expected timeline; disruptions relating to the ongoing conflict between Russia and Ukraine and the conflict in Israel and surrounding areas; continued price and margin erosion in the microwave transmission industry; the impact of the volume, timing, and customer, product, and geographic mix of our product orders; our ability to meet financial covenant requirements; the timing of our receipt of payment; our ability to meet product development dates or anticipated cost reductions of products; our suppliers’ inability to perform and deliver on time, component shortages, or other supply chain constraints; the effects of inflation; customer acceptance of new products; the ability of our subcontractors to timely perform; weakness in the global economy affecting customer spending; retention of our key personnel; our ability to manage and maintain key customer relationships; uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation; our failure to protect our intellectual property rights or defend against intellectual property infringement claims; the results of our restructuring efforts; the effects of currency and interest rate risks; the ability to preserve and use our net operating loss carryforwards; the effects of current and future government regulations; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States and other countries where we conduct business; the conduct of unethical business practices in developing countries; the impact of political turmoil in countries where we have significant business; our ability to realize the anticipated benefits of any proposed or recent acquisitions; the impact of tariffs, the adoption of trade restrictions affecting our products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; our ability to implement our stock repurchase program or that it will enhance long-term stockholder value; and the impact of adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions.

For more information regarding the risks and uncertainties for Aviat’s business, see “Risk Factors” in Aviat’s Form 10-K for the fiscal year ended June 27, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on September 10, 2025, as well as other reports filed by Aviat with the SEC from time to time. Aviat undertakes no obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Investor Relations:
Andrew Fredrickson
Email: investorinfo@aviatnet.com 

 

Table 1

AVIAT NETWORKS, INC.

Fiscal Year 2026 Third Quarter Summary

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Nine Months Ended

(In thousands, except per share amounts)

March 27,
2026

March 28,
2025

March 27,
2026

March 28,
2025

Revenues:

Product sales

$          68,405

$          76,824

$        224,699

$        220,252

Services

31,598

35,816

94,096

99,014

Total revenues

100,003

112,640

318,795

319,266

Cost of revenues:

Product sales

51,009

51,370

158,155

158,540

Services

19,711

21,974

59,593

60,756

Total cost of revenues

70,720

73,344

217,748

219,296

Gross profit

29,283

39,296

101,047

99,970

Operating expenses:

Research and development

7,656

7,704

21,163

28,334

Selling and administrative

20,365

22,121

66,125

68,348

Restructuring charges

323

177

344

1,592

Total operating expenses

28,344

30,002

87,632

98,274

Operating income

939

9,294

13,415

1,696

Interest expense, net

1,848

1,557

5,468

4,252

Other expense (income), net

1,400

3,068

(371)

4,047

(Loss) income before income taxes

(2,309)

4,669

8,318

(6,603)

(Benefit from) provision for income taxes

(244)

1,141

4,503

(2,747)

Net (loss) income

$          (2,065)

$           3,528

$           3,815

$          (3,856)

Net (loss) income per share of common stock outstanding:

Basic

$           (0.16)

$            0.28

$            0.30

$           (0.30)

Diluted

$           (0.16)

$            0.27

$            0.29

$           (0.30)

Weighted-average shares outstanding:

Basic

12,918

12,689

12,844

12,672

Diluted

12,918

12,838

13,030

12,672

 

Table 2

AVIAT NETWORKS, INC.

Fiscal Year 2026 Third Quarter Summary

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

March 27,
2026

June 27,
2025

(Unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

$             78,129

$             59,690

Accounts receivable, net

187,624

180,321

Unbilled receivables

85,260

105,870

Inventories

72,609

83,979

Other current assets

26,740

33,715

Total current assets

450,362

463,575

Property, plant and equipment, net

18,990

17,453

Goodwill

19,473

19,655

Intangible assets, net

24,395

26,897

Deferred income taxes

86,977

88,149

Right-of-use assets

2,214

3,113

Other assets

14,134

14,454

Total long-term assets

166,183

169,721

Total assets

$           616,545

$           633,296

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable

$           112,063

$           148,093

Accrued expenses

40,082

38,897

Short-term lease liabilities

547

1,090

Advance payments and unearned revenue

67,845

73,735

Other current liabilities

160

1,757

Current portion of long-term debt

5,595

18,624

Total current liabilities

226,292

282,196

Long-term debt

98,668

68,966

Unearned revenue

9,724

8,063

Long-term operating lease liabilities

1,858

2,241

Other long-term liabilities

328

430

Reserve for uncertain tax positions

3,724

3,242

Deferred income taxes

4,175

4,975

Total liabilities

344,769

370,113

Commitments and contingencies

Stockholder’s equity:

Preferred stock

—

—

Common stock

129

127

Treasury stock

(7,576)

(7,076)

Additional paid-in-capital

870,340

866,119

Accumulated deficit

(573,357)

(577,172)

Accumulated other comprehensive loss

(17,760)

(18,815)

Total stockholders’ equity

271,776

263,183

Total liabilities and stockholders’ equity

$           616,545

$           633,296

 

AVIAT NETWORKS, INC.
Fiscal Year 2026 Third Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement the consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), we provide additional measures of gross margin, research and development expenses, selling and administrative expenses, operating expenses, operating income, provision for or benefit from income taxes, net income, net income per share, and adjusted income before interest, tax, depreciation and amortization (Adjusted EBITDA), in each case, adjusted to exclude certain costs, charges, gains and losses, as set forth below. We believe that these non-GAAP financial measures, when considered together with the GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. We also believe these non-GAAP measures enhance the ability of investors to analyze trends in our business and to understand our performance. In addition, we may utilize non-GAAP financial measures as a guide in our forecasting, budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follow.

1We have not reconciled Adjusted EBITDA guidance to its corresponding GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to merger and acquisition costs and share-based compensation. In particular, share-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted EBITDA are not available without unreasonable effort.

 

Table 3
AVIAT NETWORKS, INC.
Fiscal Year 2026 Third Quarter Summary
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
Condensed Consolidated Statements of Operations
(Unaudited)

Three Months Ended

Nine Months Ended

March 27,
2026

% of

Revenue

March 28,
2025

% of

Revenue

March 27,
2026

% of

Revenue

March 28,
2025

% of

Revenue

(In thousands, except percentages and per share amounts)

GAAP gross margin

$        29,283

29.3 %

$       39,296

34.9 %

$   101,047

31.7 %

$    99,970

31.3 %

Share-based compensation

37

(1)

105

214

Merger and acquisition and other expenses

69

995

1,247

2,295

Non-GAAP gross margin

29,389

29.4 %

40,290

35.8 %

102,399

32.1 %

102,479

32.1 %

GAAP research and development expenses

$          7,656

7.7 %

$        7,704

6.8 %

$    21,163

6.6 %

$    28,334

8.9 %

Share-based compensation

(35)

(149)

(98)

(456)

Non-GAAP research and development expenses

7,621

7.6 %

7,555

6.7 %

21,065

6.6 %

27,878

8.7 %

GAAP selling and administrative expenses

$        20,365

20.4 %

$       22,121

19.6 %

$    66,125

20.7 %

$    68,348

21.4 %

Share-based compensation

(1,508)

(1,840)

(4,280)

(4,956)

Merger and acquisition and other expenses

(70)

(595)

(1,057)

(4,890)

Non-GAAP selling and administrative expenses

18,787

18.8 %

19,686

17.5 %

60,788

19.1 %

58,502

18.3 %

GAAP operating expense

$        28,344

28.3 %

$       30,002

26.6 %

$    87,632

27.5 %

$    98,274

30.8 %

Share-based compensation

(1,543)

(1,989)

(4,378)

(5,412)

Merger and acquisition and other expenses

(70)

(595)

(1,057)

(4,890)

Restructuring charges

(323)

(177)

(344)

(1,592)

Non-GAAP operating expense

26,408

26.4 %

27,241

24.2 %

81,853

25.7 %

86,380

27.1 %

GAAP operating income

$            939

0.9 %

$        9,294

8.3 %

$    13,415

4.2 %

$     1,696

0.5 %

Share-based compensation

1,580

1,988

4,483

5,626

Merger and acquisition and other expenses

139

1,590

2,304

7,185

Restructuring charges

323

177

344

1,592

Non-GAAP operating income

2,981

3.0 %

13,049

11.6 %

20,546

6.4 %

16,099

5.0 %

GAAP income tax (benefit) provision

$           (244)

(0.2) %

$        1,141

1.0 %

$     4,503

1.4 %

$    (2,747)

(0.9) %

Adjustment to reflect pro forma tax rate

644

(941)

(2,703)

3,947

Non-GAAP income tax provision

400

0.4 %

200

0.2 %

1,800

0.6 %

1,200

0.4 %

GAAP net (loss) income

$         (2,065)

(2.1) %

$        3,528

3.1 %

$     3,815

1.2 %

$    (3,856)

(1.2) %

Share-based compensation

1,580

1,988

4,483

5,626

Merger and acquisition and other expenses

139

1,590

2,304

7,185

Restructuring charges

323

177

344

1,592

Other expense (income), net

1,400

3,068

(371)

4,047

Adjustment to reflect pro forma tax rate

(644)

941

2,703

(3,947)

Non-GAAP net income

$            733

0.7 %

$       11,292

10.0 %

$    13,278

4.2 %

$    10,647

3.3 %

Diluted net (loss) income per share:

GAAP

$          (0.16)

$          0.27

$       0.29

$      (0.30)

Non-GAAP

$           0.06

$          0.88

$       1.02

$       0.83

Shares used in computing diluted net (loss)
income per share

GAAP

12,918

12,838

13,030

12,672

Non-GAAP

13,074

12,838

13,030

12,818

Adjusted EBITDA:

GAAP net (loss) income

$         (2,065)

(2.1) %

$        3,528

3.1 %

$     3,815

1.2 %

$    (3,856)

(1.2) %

Depreciation and amortization of property,
plant and equipment and intangible assets

1,426

1,830

4,247

5,935

Interest expense, net

1,848

1,557

5,468

4,252

Other expense (income), net

1,400

3,068

(371)

4,047

Share-based compensation

1,580

1,988

4,483

5,626

Merger and acquisition and other expenses

139

1,590

2,304

7,185

Restructuring charges

323

177

344

1,592

(Benefit from) provision for income taxes

(244)

1,141

4,503

(2,747)

Adjusted EBITDA

$          4,407

4.4 %

$       14,879

13.2 %

$    24,793

7.8 %

$    22,034

6.9 %

(1)

The adjustments above reconcile our GAAP financial results to the non-GAAP financial measures used by us. Our non-GAAP net income excluded share-based compensation, and other non-recurring charges (recovery). Adjusted EBITDA was determined by excluding depreciation and amortization on property, plant and equipment, interest, provision for or benefit from income taxes, and non-GAAP pre-tax adjustments, as set forth above, from GAAP net income. We believe that the presentation of these non-GAAP items provides meaningful supplemental information to investors, when viewed in conjunction with, and not in lieu of, our GAAP results. However, the non-GAAP financial measures have not been prepared under a comprehensive set of accounting rules or principles. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial measures.

 

Table 4
AVIAT NETWORKS, INC. 
Fiscal Year 2026 Third Quarter Summary 
SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA
(Unaudited)

Three Months Ended

Nine Months Ended

March 27,
2026

March 28,
2025

March 27,
2026

March 28,
2025

(In thousands)

North America

$             46,165

$             49,402

$           151,713

$     149,589

International:

Africa and the Middle East

16,446

15,086

43,868

38,210

Europe

10,333

9,429

29,318

23,376

Latin America and Asia Pacific

27,059

38,723

93,896

108,091

Total international

53,838

63,238

167,082

169,677

Total revenue

$           100,003

$           112,640

$           318,795

$     319,266

 

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SOURCE Aviat Networks, Inc.

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U.S. Representatives Hoyer and Sessions Lead AbilityOne Modernization Bill

Kidney Disease and Jobs are Focus of National Disability Employment Month

WASHINGTON, Oct. 23, 2026 /PRNewswire/ — The American Association of Kidney Patients (AAKP), the nation’s oldest and largest independent kidney patient advocacy organization, today announced plans to accelerate national grassroots patient advocacy in support of bipartisan legislation that will modernize the federal AbilityOne program. The American Procurement Improvement Act (APIA), H.R. 10443, is championed by U.S. Representatives Pete Sessions (R-TX) and Steny Hoyer (D-MD). AAKP defines kidney disease as both an American healthcare and workforce issue and fights to expand career opportunities and job protections for all Americans impacted by kidney disease, disabilities, and chronic diseases.

The AbilityOne program creates private sector employment opportunities for over 41,000 Americans with severe vision and other disabilities, including nearly 3,000 American Veterans. In FY 2025, the program generated nearly 48 million direct labor hours, an 8 percent increase and a significant measure of disability employment growth, with workers working and working more hours. AbilityOne delivered more than $4.7 billion in products and services to the Federal government in FY 2025 and drew discouraged workers into the U.S. labor force while supporting greater workforce participation, increasing economic independence, and self-sufficiency. The AbilityOne mission taps the underutilized workforce of people with significant disabilities to deliver high-quality, mission-essential products and services to federal agencies, including the U.S. Department of Defense and the U.S. Department of Homeland Security.

The APIA legislation removes outdated statutory barriers to hiring, retention, advancement, and movement into careers of choice, including emerging fields and new lines of business. It also modernizes federal procurement by aligning AbilityOne with contemporary procurement practices and streamlines procurement processes so the program can respond faster to emerging federal agency priorities. The APIA legislation protects taxpayer interests, strengthens program accountability and stewardship by preserving oversight, transparency, and worker protections while modernizing AbilityOne Commission authorities. The legislation is seen as an opportunity to improve federal procurement and strengthen the federal government’s domestic supplier base.

Over 36 million Americans live with kidney disease, over 600,000 are on dialysis, and nearly 100,000 are awaiting a kidney transplant. Further, interrelated cardiovascular, kidney, and metabolic diseases have impacted more than 25% of the adult population and are a leading cause of death. More broadly, the American Heart Association estimates that 90% of U.S. adults, or about 240 million people, have some degree of interconnected cardiovascular, kidney, or metabolic health conditions. For kidney patients dependent upon status-quo, in-center hemodialysis, burdensome thrice-weekly dialysis sessions force many patients, against their own choosing, into unemployment, disability, and dependency. AAKP believes dialysis-related unemployment, and the associated costs borne by families and taxpayers, is one of the media’s least-reported stories in legacy kidney care. AAKP’s policy agenda focuses on transplant readiness, more opportunities for organ transplants, more flexible, patient-centered home dialysis solutions, and stronger job protections for both kidney patients and living organ donors.

AAKP President Edward V. Hickey, III, a chronic kidney disease patient, stated, “AAKP strongly endorses the American Procurement Improvement Act (APIA) and expresses our deepest gratitude to Representatives Steny Hoyer and Peter Sessions for their bipartisan leadership and commitment to Americans managing disabilities and their efforts to secure meaningful employment opportunities with solid wages. People impacted by disability and chronic diseases face tremendous hurdles to continued employment and return to the workforce – especially America’s proud Veterans. This legislation reflects consensus language among stakeholders, including advocates, employers, and organized labor, and sends a very positive message, amid national economic concerns, that the voices and needs of disabled Americans and their families are heard and not forgotten by the U.S. Congress. We encourage Congress to step up and pass this legislation before the close of the year.” Hickey is a U.S. Marine Corps Veteran, a former senior congressional aide, and has served in appointed roles in two presidential administrations, including the U.S. Department of Commerce (DOC) and the U.S. Office of Personnel Management (OPM). At OPM, he was heavily involved in policy issues related to federal Veterans preference in civil service hiring and expanded federal job opportunities. He currently serves on the American Board of Internal Medicine’s (ABIM) Nephrology Specialty Board and as the Chair of the AAKP Veterans Health Initiative, the largest kidney health outreach program outside of the U.S. Department of Veterans Affairs.

October is National Disability Employment Month, and AAKP and its allies remind elected and appointed government leaders to address health and employment concerns that impact patients, families, and communities. Through multiple partnerships, AAKP leads the kidney community in providing kidney patients and transplant recipients, including Veterans, access to virtual job fairs and employment skills training opportunities. AAKP is currently sponsoring virtual job fairs, in partnership with CareerEco, on January 13, 2027, and May 18, 2027, that will service Veterans and military families. AAKP’s past collaborations have included webinars with Idealist and virtual disability and Veteran hiring fairs with Bender Consulting.

AAKP Vice President and Chair of Policy and Global Affairs Paul T. Conway, a 49-year kidney patient and 29-year transplant recipient, stated, “The AbilityOne program has supported private sector employment for people managing disabilities and chronic diseases for nearly ninety years and reflects the exceptional American values of self-reliance and independence. Representatives Steny Hoyer and Pete Sessions have consistently shown respect for the creativity, talents, and skills of disabled citizens and have dedicated their public careers to expanding job opportunities in the workforce and across the federal supply chain. The American Procurement Improvement Act increases accountability for taxpayer funds and will result in more well-paying jobs for Americans whose desire and capacity to work and contribute are underappreciated.” Conway is a former Chief of Staff for both the U.S. Department of Labor and the U.S. Office of Personnel Management and a former Deputy Secretary for Health and Human Resources for the Commonwealth of Virginia. He has overseen multiple federal and state disability employment, workforce training, and health service programs throughout his public career. He is the past Chair of the U.S. Food and Drug Administration’s Patient Engagement Advisory Committee (PEAC) and serves on the Observational Study Monitoring Board of the Kidney Precision Medicine Program (KPMP) administered by the National Institutes of Health, National Institute of Diabetes, Digestive and Kidney Diseases (NIH/NIDDK).

To advance the APIA, AAKP is working with former U.S. Representative Tony Coelho, Chair of the Partnership to Improve Patient Care as well as the Alliance for Expanding America’s Workforce. Along with AAKP, APIA is endorsed by over 60 national patient and disability organizations, labor unions and employers including the American Association of People with Disabilities, SEIU, Bender Consulting, National Council of SourceAmerica Employers, CEO Commission for Disability Employment, the Arc of the United States, National Organization on Disability, National Down Syndrome Society, National Disability Rights Network, National Federation of the Blind, Melwood Inc., WORK Inc., ORC Industries, Employment Source, Opportunity Center, Inc., PARC, ACHIEVE Human Services, Inc., Human Technologies, InspiriTec, PORTCO Inc, PRIDE Industries, Phoenix, Pueblo Diversified Industries, and the Association of People Supporting EmploymentFirst (APSE).

AAKP, alongside a broad and diverse coalition of patient organizations, transplant experts, and Congressional allies, is also working to secure passage of the Living Donor Protection Act (LDPA), S. 1552/H.R. 4582 and H.R. 4583, in 2026. The bipartisan bill protects living organ donors from job and insurance discrimination based solely on their decision to donate a kidney to save another life, barriers cited most often by potential organ donors. The bipartisan legislation is led by Senator Tom Cotton (R-AK) and Senator Kirsten Gillibrand (D-NY). It was voted out of the Senate HELP Committee on February 26, 2026, with full bipartisan support, the endorsement of AAKP, the larger kidney community, and the American Council of Life Insurance (ACLI).

In 2018, with bipartisan support from Congress and the Trump Administration, AAKP and transplant professionals worked with the U.S. Department of Labor’s (DOL) legal team and the DOL Wage and Hour Division to have DOL issue Family and Medical Leave Act (FMLA) protections for living organ donors, based on the original intent of the FMLA’s Congressional co-sponsors (click here to read the letter and click here to watch the video). Congressional passage of the LDPA in 2026 will codify the DOL’s 2018 FMLA job protections and prohibit insurers from discriminating against living donors. Increased living organ donation, improved transplant readiness among kidney patients, and greater opportunities for transplantation have been national goals for decades and were reinforced in 2019 through the Executive Order on Advancing American Kidney Health.

Follow AAKP on social media at @kidneypatient on Facebook, @kidneypatients on X, and @kidneypatients on Instagram, and visit https://aakp.org/ for more information. AAKP patient advocates advance bipartisan kidney policy including: passage of the bipartisan law modernizing the Organ Procurement and Transplantation Network (OPTN) (2023); lifetime transplant drug coverage for kidney patients (2020); the historic Executive Order on Advancing American Kidney Health signed by President Donald Trump (2019); job protections for living organ donors under the Family Medical Leave Act (FMLA) via the U.S. Department of Labor (2018); and Congressional approval of HIV positive organ transplants for HIV positive patients (2013).

MEDIA CONTACT:
Brendan LaCivita
National and Medical Media Specialist
blacivita@aakp.org
(813) 906-7740

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SOURCE American Association of Kidney Patients

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BioVid Launches Mimetics™, AI Research Audiences Built on How Physicians Reason and Decide

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Modeling physician response patterns and behavior, showing an 80–90% match with real physicians on content, reasoning, and emotion. 

BRISTOL, Pa., Oct. 23, 2026 /PRNewswire/ — BioVid, a life science consultancy, today announced the launch of BioVid Mimetics™, a research platform that gives pharmaceutical teams mimetics: synthetic physician audiences modeled on how those audiences reason and decide. Its respondent models are grounded in BioVid’s proprietary MindSet Modeling™ program, large-scale, multi-specialty surveys of practicing physicians that measure the mindsets shaping how they process information, make judgments, and decide. The models are aligned with secondary data on clinical practice, moving beyond generic AI role-play to model the decision logic behind treatment choices.

Like a mimetic drug, each BioVid mimetic is tested against the original: real physicians.

Prescribing data shows what physicians choose, not why. Pharma teams now face more of those “why” questions than research budgets and timelines can absorb. BioVid Mimetics™ applies the social and behavioral science of clinical judgment to model how physicians interpret evidence, weigh benefit against risk, and decide when they know enough to act.

The name comes from pharmacology, where a mimetic earns trust by doing the work of the original molecule. Every BioVid mimetic is tested against that standard, bringing the firm’s long-standing commitment to science-based research to a new method.

“At BioVid, we’ve always believed that better commercial decisions start with a deeper understanding of human behavior,” said Peggy Hirtle, CEO of BioVid. “Our goal was never simply faster or cheaper respondents. It was to reflect how physicians actually reason, with the same scientific rigor clients already trust from BioVid. Mimetics is a new way to put human understanding to work, never a replacement for it.”

“A synthetic respondent can sound right and still reason wrong. The real test is whether it reasons the way the audience does,” said Marco Barcella, Executive Director, Product & Technology at BioVid. “Where the decision warrants, we run the same study with a human cohort and a mimetic cohort and compare the findings, the reasoning, and the mental and emotional responses directly. Clients see where mimetic findings hold and where human research should lead.”

In BioVid’s validation work to date, mimetic and human cohorts have shown an 80% to 90% match on content, reasoning, and emotion across thousands of parallel tests.

BioVid Mimetics™ is available off the shelf or tailored with a client’s own primary research. It supports message and concept testing, positioning, drivers and barriers, segmentation, and opportunity assessment, and includes:

Mimetic Respondents: Mimetic or hybrid studies, with mimetic fieldwork complete in one to two weeks after receipt of required inputs, followed by a full report and readout from BioVid’s research team.

Mimetic Segments App: Segments that client teams question directly, share materials with, and return to between research waves.

Client Customization: Models tailored with a client’s own research, segment profiles, and CRM data, exclusive to that client and firewalled from all others.

To learn more, visit www.biovid.com/mimetics. 

About BioVid

BioVid is a life science consultancy applying behavioral science and AI to commercial and market access strategy. Its offerings include the CIAIRA™ AI platform, Tumor Worlds™, and BioVid Mimetics™. BioVid is a recognized leader in new product demand estimation, commercial communication optimization, and customer and patient segmentation research.

Visit www.biovid.com.

Media Contact:
Sal Zerilli, PhD, Executive Director, Knowledge and Innovation, BioVid
szerilli@biovid.com | 267.201.4008

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SOURCE BioVid

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Egan-Jones Finds Steady CLO Credit Metrics as Interest Rates Turn Higher

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Egan-Jones released its monthly report on the collateralized loan obligation (CLO) market, finding that credit metrics across the deals it rates held steady even as interest rates and high-yield spreads moved higher in September. For investors, the publication sets these steadier portfolio measures against a tighter rate backdrop.

Among Egan-Jones’ measures, the weighted average rating score, a gauge of the default risk in a deal’s underlying loans where a lower score indicates stronger credit, has improved over the past year. The share of assets rated CCC+ or lower, the weakest tier of loan ratings, has been stable to slightly lower, with a median of 6.1%. As of September 2026, Egan-Jones rated 1,568 CLO deals.

The steadier metrics come as financing conditions shift. The 5-year Treasury yield rose 60 basis points to 5.09%, its highest close of 2026, and on September 16 the Federal Reserve raised rates by 25 basis points, its first increase since 2023. High-yield spreads widened to 312 basis points from their late-August low, while new CLO issuance totaled 91 deals ($38.2 billion), down 12.5% by count from a year earlier.

Higher rates cut both ways for CLOs, according to the analysis: coupons on the underlying loans reset upward, but so do the interest burdens of the borrowers. Egan-Jones points to rising loss severity on distressed exchanges and other selective defaults, and identifies software loans, pressured by concerns over disruption from artificial intelligence, as the weakest sector in CLO portfolios.

Egan-Jones also compares its ratings with those of other agencies across 20 deals, ranking the tranches where views differ most. On that comparison, Egan-Jones currently tends to take a more positive view of CLO credit quality than other credit rating agencies. A full sample rating report on MP CLO VIII, whose largest industry exposure is High Tech Industries at 15.9%, is included.

Taken together, the findings describe a market in which issuance has eased and borrowing costs are rising, while the credit profile of Egan-Jones-rated portfolios remains stable. Watching where pressures such as software exposure and loss severity are building may help investors assess CLO risk as the rate cycle turns.

About Egan-Jones Ratings
Egan-Jones, an NRSRO founded in 1995, offers timely and accurate credit ratings and proxy services.

Media Contact:
sales@egan-jones.com
+1 212 425 0460

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SOURCE Egan-Jones Ratings Co.

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