Technology
Harmonic Announces Second Quarter 2024 Results
Published
2 years agoon
By
Revenue of $138.7 million up 14% quarter over quarter at high end of guidance
Reaffirming Broadband and Video Full Year Revenue Guidance
SAN JOSE, Calif., July 29, 2024 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2024.
“Our second quarter revenue was at the high end of our guidance range while profitability in both businesses exceeded our expectations,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “These results demonstrate strong execution in both our Broadband and Video businesses as we continue to implement our 2024 and long-term growth plans.”
Q2 Financial and Business Highlights
Financial
Revenue: $138.7 million, compared to $156.0 million in the prior year periodBroadband segment revenue: $92.9 million, compared to $97.1 million in the prior year periodVideo segment revenue: $45.8 million, compared to $58.9 million in the prior year periodGross margin: GAAP 52.9% and non-GAAP 53.1%, compared to GAAP 54.5% and non-GAAP 54.7% in the prior year periodBroadband segment non-GAAP gross margin: 47.6% compared to 50.5% in the prior year periodVideo segment non-GAAP gross margin: 64.4% compared to 61.7% in the prior year periodOperating income (loss): GAAP loss $15.6 million and non-GAAP income $12.2 million, compared to GAAP income $10.0 million and non-GAAP income $18.2 million in the prior year periodNet income (loss): GAAP net loss $12.5 million and non-GAAP net income of $9.3 million, compared to GAAP net income $1.6 million and non-GAAP net income $14.0 million in the prior year periodNon-GAAP adjusted EBITDA: $16.1 million income compared to $21.1 million income in the prior year periodNet income (loss) per share: GAAP net loss per share of $0.11 and non-GAAP net income per share of $0.08, compared to GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12 in the prior year periodBacklog and deferred revenue of $613.1 millionCash: $45.9 million, compared to $71.0 million in the prior year period
Business
Commercially deployed our cOS™ solution with 118 customers, serving 30.1 million cable modemsContinuing to diversify our Broadband customer base with the recent announcement that Telecentro, a leading telecommunications operator in Argentina, has selected Harmonic’s industry-leading cOS broadband platformFirst production shipments of our new high-density Pier optical line terminal (OLT) shelf for PON applicationsIncreasing Video sales pipeline of larger Appliance and Tier 1 SaaS opportunities
Select Financial Information
GAAP
Non-GAAP
Key Financial Results
Q2 2024
Q1 2024
Q2 2023
Q2 2024
Q1 2024
Q2 2023
(Unaudited, in millions, except per share data)
Net revenue
$ 138.7
$ 122.1
$ 156.0
*
*
*
Net income (loss)
$ (12.5)
$ (8.1)
$ 1.6
$ 9.3
$ 0.4
$ 14.0
Net income (loss) per share
$ (0.11)
$ (0.07)
$ 0.01
$ 0.08
$ 0.00
$ 0.12
Other Financial Information
Q2 2024
Q1 2024
Q2 2023
(Unaudited, in millions)
Adjusted EBITDA for the quarter (1)
$ 16.1
$ 4.1
$ 21.1
Bookings for the quarter
$ 72.4
$ 146.1
$ 194.7
Backlog and deferred revenue as of quarter end
$ 613.1
$ 677.8
$ 663.8
Cash and cash equivalents as of quarter end
$ 45.9
$ 84.3
$ 71.0
(1) Adjusted EBITDA is a Non-GAAP financial measure. Refer to “Preliminary Adjusted EBITDA Reconciliation” below for a reconciliation to net income (loss), the most comparable GAAP measure.
* Not applicable
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and Non-GAAP measures, are provided in the sections below entitled “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations”.
Financial Guidance
Q3 2024 GAAP Financial Guidance
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total GAAP
Broadband
Video
Total GAAP
Net revenue
$ 130
$ 45
$ 175
$ 140
$ 50
$ 190
Gross margin %
51.9 %
52.9 %
Gross profit
$ 91
$ 101
Tax rate
24 %
24 %
Net income
$ 16
$ 22
Net income per share
$ 0.14
$ 0.19
Shares (1)
117.0
117.0
(1) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).
2024 GAAP Financial Guidance
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total GAAP
Broadband
Video
Total GAAP
Net revenue
$ 460
$ 185
$ 645
$ 500
$ 195
$ 695
Gross margin %
51.4 %
53.1 %
Gross profit
$ 332
$ 369
Tax rate
24 %
24 %
Net income
$ 23
$ 45
Net income per share
$ 0.19
$ 0.38
Shares (1)
117.3
117.3
(1) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).
Q3 2024 Non-GAAP Financial Guidance (1)
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total
Broadband
Video
Total
Gross margin %
48.0 %
63.0 %
51.9 %
49.0 %
64.0 %
52.9 %
Gross profit
$ 63
$ 28
$ 91
$ 69
$ 32
$ 101
Adjusted EBITDA(2)
$ 34
$ —
$ 34
$ 39
$ 3
$ 42
Tax rate
21 %
21 %
Net income per share
$ 0.19
$ 0.24
Shares (3)
117.0
117.0
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below.
(2) Refer to “Net Income to Consolidated Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.
(3) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).
2024 Non-GAAP Financial Guidance (1)
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total
Broadband
Video
Total
Gross margin %
47.0 %
63.0 %
51.6 %
49.0 %
64.0 %
53.2 %
Gross profit
$ 216
$ 117
$ 333
$ 245
$ 125
$ 370
Adjusted EBITDA(2)
$ 102
$ —
$ 102
$ 126
$ 5
$ 131
Tax rate
21 %
21 %
Net income per share (3)
$ 0.56
$ 0.75
Shares (3)
117.3
117.3
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below.
(2) Refer to “Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.
(3) Diluted shares assumes stock price at $11.29 (Q2 2024 average price).
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 29, 2024. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI0a4873336ead4b6c81df331d35635fb3. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry’s first virtualized broadband solution, enabling operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: the market and technology trends underlying our Video and Broadband businesses will not continue to develop in their current direction or pace; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOS™ and VOS product solutions; dependence on various broadband and video industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the impact on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic’s filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2023, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic’s results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.
The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss), Adjusted EBITDA (including those amounts as a percentage of revenue) and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation – Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Restructuring and related charges – Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Non-cash interest expense expenses related to convertible notes and other debt – We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors’ ability to view the Company’s results from management’s perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Discrete tax items and tax effect of non-GAAP adjustments – The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.
Depreciation – Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.
Non-recurring advisory fees – There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives.
Lease-related asset impairment and other charges – There were lease-related asset impairment and other charges that we excluded from non-GAAP results relating to the reduction of our leased office space, as we continue to adapt to the changing dynamics of work and seek to optimize value for our business. These charges primarily consist of right-of-use asset impairment and related leasehold improvement impairment, and the fair value of other unrecoverable facility costs due to the intended change in use of certain leased space.
Harmonic Inc.
Preliminary Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
June 28, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$ 45,850
$ 84,269
Restricted cash
2,827
—
Accounts receivable, net
119,999
141,531
Inventories
84,133
83,982
Prepaid expenses and other current assets
31,742
20,950
Total current assets
284,551
330,732
Property and equipment, net
29,603
36,683
Operating lease right-of-use assets
15,244
20,817
Goodwill
237,884
239,150
Deferred income taxes
112,906
104,707
Other non-current assets
33,508
36,117
Total assets
$ 713,696
$ 768,206
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Convertible debt
$ —
$ 114,880
Current portion of long-term debt
944
—
Current portion of other borrowings
8,348
4,918
Accounts payable
30,017
38,562
Deferred revenue
53,142
46,217
Operating lease liabilities
6,166
6,793
Other current liabilities
53,284
61,024
Total current liabilities
151,901
272,394
Long-term debt
113,805
—
Other long-term borrowings
5,245
10,495
Operating lease liabilities, non-current
16,594
18,965
Other non-current liabilities
33,343
29,478
Total liabilities
320,888
331,332
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding
—
—
Common stock, $0.001 par value, 150,000 shares authorized; 115,998 and 112,407 shares issued and outstanding at June 28, 2024 and December 31, 2023, respectively
116
112
Additional paid-in capital
2,416,152
2,405,043
Accumulated deficit
(2,013,333)
(1,962,575)
Accumulated other comprehensive loss
(10,127)
(5,706)
Total stockholders’ equity
392,808
436,874
Total liabilities and stockholders’ equity
$ 713,696
$ 768,206
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three Months Ended
Six Months Ended
June 28, 2024
June 30, 2023
June 28, 2024
June 30, 2023
Revenue:
Appliance and integration
$ 94,184
$ 111,127
$ 175,779
$ 225,921
SaaS and service
44,556
44,836
85,021
87,691
Total net revenue
138,740
155,963
260,800
313,612
Cost of revenue:
Appliance and integration
50,878
57,437
93,952
117,185
SaaS and service
14,405
13,586
30,310
27,433
Total cost of revenue
65,283
71,023
124,262
144,618
Total gross profit
73,457
84,940
136,538
168,994
Operating expenses:
Research and development
28,784
32,205
59,489
65,714
Selling, general and administrative
39,821
42,773
78,686
82,055
Lease-related asset impairment and other charges
9,000
—
9,000
—
Restructuring and related charges
11,482
—
14,519
83
Total operating expenses
89,087
74,978
161,694
147,852
Income (loss) from operations
(15,630)
9,962
(25,156)
21,142
Interest expense, net
(1,424)
(800)
(2,147)
(1,506)
Other income (expense), net
619
(136)
330
(429)
Income (loss) before income taxes
(16,435)
9,026
(26,973)
19,207
Provision for (benefit from) income taxes
(3,903)
7,471
(6,352)
12,559
Net income (loss)
$ (12,532)
$ 1,555
$ (20,621)
$ 6,648
Net income (loss) per share:
Basic
$ (0.11)
$ 0.01
$ (0.18)
$ 0.06
Diluted
$ (0.11)
$ 0.01
$ (0.18)
$ 0.06
Weighted average shares outstanding:
Basic
115,030
111,462
113,705
111,130
Diluted
115,030
119,255
113,705
118,508
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended
June 28, 2024
June 30, 2023
Cash flows from operating activities:
Net income (loss)
$ (20,621)
$ 6,648
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation
6,311
6,089
Lease related asset impairment and other charges
9,000
—
Stock-based compensation
13,877
13,483
Foreign currency remeasurement
2,469
991
Deferred income taxes, net
(8,897)
1,321
Provision for excess and obsolete inventories
2,152
3,383
Other adjustments
354
1,292
Changes in operating assets and liabilities:
Accounts receivable, net
20,765
(10,392)
Inventories
(3,929)
6,894
Other assets
(6,761)
2,060
Accounts payable
(8,680)
(30,527)
Deferred revenues
6,179
1,223
Other liabilities
(7,553)
(12,717)
Net cash provided by (used in) operating activities
4,666
(10,252)
Cash flows from investing activities:
Purchases of property and equipment
(3,856)
(3,833)
Net cash used in investing activities
(3,856)
(3,833)
Cash flows from financing activities:
Proceeds from long-term debt
115,000
—
Repayment of convertible debt
(115,500)
—
Payments for debt issuance costs
(332)
—
Repurchase of common stock
(30,047)
—
Proceeds from other borrowings
—
3,829
Repayment of other borrowings
(1,334)
(4,721)
Proceeds from common stock issued to employees
3,542
3,084
Taxes paid related to net share settlement of equity awards
(6,252)
(7,643)
Net cash used in financing activities
(34,923)
(5,451)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(1,391)
981
Net decrease in cash and cash equivalents and restricted cash
(35,504)
(18,555)
Cash and cash equivalents and restricted cash at beginning of period
84,269
89,586
Cash and cash equivalents and restricted cash at end of period
$ 48,765
$ 71,031
Cash and cash equivalents and restricted cash at end of period
Cash and cash equivalents
$ 45,850
$ 71,031
Restricted cash included in prepaid expenses and other current assets
2,827
—
Restricted cash included in other non-current assets
88
—
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows
$ 48,765
$ 71,031
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended
June 28, 2024
June 30, 2023
Supplemental cash flow disclosure:
Net cash paid for income taxes
$ 11,407
$ 5,008
Cash paid for interest
$ 1,895
$ 1,015
Supplemental schedule of non-cash investing activities:
Capital expenditures incurred but not yet paid
$ 282
$ 1,189
Supplemental schedule of non-cash financing activities:
Shares of common stock issued upon redemption of the 2024 Notes
4,578
—
Harmonic Inc.
Preliminary GAAP Revenue Information
(Unaudited, in thousands, except percentages)
Three Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
Geography
Americas
$ 109,597
79 %
$ 93,031
76 %
$ 111,407
72 %
EMEA
22,680
16 %
23,560
19 %
36,242
23 %
APAC
6,463
5 %
5,469
5 %
8,314
5 %
Total
$ 138,740
100 %
$ 122,060
100 %
$ 155,963
100 %
Market
Service Provider
$ 104,429
75 %
$ 86,693
71 %
$ 108,703
70 %
Broadcast and Media
34,311
25 %
35,367
29 %
47,260
30 %
Total
$ 138,740
100 %
$ 122,060
100 %
$ 155,963
100 %
Six Months Ended
June 28, 2024
June 30, 2023
Geography
Americas
$ 202,628
78 %
$ 227,073
72 %
EMEA
46,240
18 %
69,183
22 %
APAC
11,932
4 %
17,356
6 %
Total
$ 260,800
100 %
$ 313,612
100 %
Market
Service Provider
$ 191,122
73 %
$ 226,692
72 %
Broadcast and Media
69,678
27 %
86,920
28 %
Total
$ 260,800
100 %
$ 313,612
100 %
Harmonic Inc.
Preliminary Segment Information
(Unaudited, in thousands, except percentages)
Three Months Ended June 28, 2024
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 92,937
$ 45,803
$ 138,740
$ —
$ 138,740
Gross profit
44,236
(1)
29,494
(1)
73,730
(1)
(273)
73,457
Gross margin %
47.6 %
(1)
64.4 %
(1)
53.1 %
(1)
52.9 %
Three Months Ended March 29, 2024
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 78,897
$ 43,163
$ 122,060
$ —
$ 122,060
Gross profit
37,494
(1)
26,569
(1)
64,063
(1)
(982)
63,081
Gross margin %
47.5 %
(1)
61.6 %
(1)
52.5 %
(1)
51.7 %
Three Months Ended June 30, 2023
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 97,096
$ 58,867
$ 155,963
$ —
$ 155,963
Gross profit
49,076
(1)
36,303
(1)
85,379
(1)
(439)
84,940
Gross margin %
50.5 %
(1)
61.7 %
(1)
54.7 %
(1)
54.5 %
Six Months Ended June 28, 2024
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 171,834
$ 88,966
$ 260,800
$ —
$ 260,800
Gross profit
81,730
(1)
56,063
(1)
137,793
(1)
(1,255)
136,538
Gross margin %
47.6 %
(1)
63.0 %
(1)
52.8 %
(1)
52.4 %
Six Months Ended June 30, 2023
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 197,447
$ 116,165
$ 313,612
$ —
$ 313,612
Gross profit
99,366
(1)
70,917
(1)
170,283
(1)
(1,289)
168,994
Gross margin %
50.3 %
(1)
61.0 %
(1)
54.3 %
(1)
53.9 %
(1) Segment gross margin and segment gross profit are Non-GAAP financial measures. Refer to “Use of Non-GAAP Financial Measures” above and “GAAP to Non-GAAP Reconciliations” below.
Harmonic Inc.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
Three Months Ended June 28, 2024
Revenue
Gross Profit
Total
Operating
Expense
Income
(Loss) from
Operations
Total Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$ 138,740
$ 73,457
$ 89,087
$ (15,630)
$ (805)
$ (12,532)
Stock-based compensation
—
273
(6,681)
6,954
—
6,954
Restructuring and related charges
—
—
(11,482)
11,482
—
11,482
Non-recurring advisory fees
—
—
(406)
406
—
406
Lease-related asset impairment and other charges
—
—
(9,000)
9,000
—
9,000
Non-cash interest expense related to convertible notes
—
—
—
—
338
338
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(6,369)
Total adjustments
—
273
(27,569)
27,842
338
21,811
Non-GAAP
$ 138,740
$ 73,730
$ 61,518
$ 12,212
$ (467)
$ 9,279
As a % of revenue (GAAP)
52.9 %
64.2 %
(11.3) %
(0.6) %
(9.0) %
As a % of revenue (Non-GAAP)
53.1 %
44.3 %
8.8 %
(0.3) %
6.7 %
Diluted net income (loss) per share:
GAAP
$ (0.11)
Non-GAAP
$ 0.08
Shares used in per share calculation:
GAAP
115,030
Non-GAAP
116,690
Three Months Ended March 29, 2024
Revenue
Gross Profit
Total
Operating
Expense
Income
(Loss) from
Operations
Total Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$ 122,060
$ 63,081
$ 72,607
$ (9,526)
$ (1,012)
$ (8,089)
Stock-based compensation
—
522
(6,401)
6,923
—
6,923
Restructuring and related charges
—
460
(3,037)
3,497
11
3,508
Non-recurring advisory fees
—
—
(349)
349
—
349
Non-cash interest expense related to convertible notes
—
—
—
—
229
229
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(2,538)
Total adjustments
—
982
(9,787)
10,769
240
8,471
Non-GAAP
$ 122,060
$ 64,063
$ 62,820
$ 1,243
$ (772)
$ 382
As a % of revenue (GAAP)
51.7 %
59.5 %
(7.8) %
(0.8) %
(6.6) %
As a % of revenue (Non-GAAP)
52.5 %
51.5 %
1.0 %
(0.6) %
0.3 %
Diluted net income (loss) per share:
GAAP
$ (0.07)
Non-GAAP
$ 0.00
Shares used in per share calculation:
GAAP
112,350
Non-GAAP
118,107
Three Months Ended June 30, 2023
Revenue
Gross Profit
Total
Operating
Expense
Income from
Operations
Total Non-
operating
Expense, net
Net Income
GAAP
$ 155,963
$ 84,940
$ 74,978
$ 9,962
$ (936)
$ 1,555
Stock-based compensation
—
439
(5,620)
6,059
—
6,059
Non-recurring advisory fees
—
—
(2,135)
2,135
—
2,135
Non-cash interest expense related to convertible notes
—
—
—
—
223
223
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
3,982
Total adjustments
—
439
(7,755)
8,194
223
12,399
Non-GAAP
$ 155,963
$ 85,379
$ 67,223
$ 18,156
$ (713)
$ 13,954
As a % of revenue (GAAP)
54.5 %
48.1 %
6.4 %
(0.6) %
1.0 %
As a % of revenue (Non-GAAP)
54.7 %
43.1 %
11.6 %
(0.5) %
8.9 %
Diluted net income per share:
GAAP
$ 0.01
Non-GAAP
$ 0.12
Shares used in per share calculation:
GAAP and Non-GAAP
119,255
Six Months Ended June 28, 2024
Revenue
Gross Profit
Total
Operating
Expense
Income
(Loss) from
Operations
Total Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$ 260,800
$ 136,538
$ 161,694
$ (25,156)
$ (1,817)
$ (20,621)
Stock-based compensation
—
795
(13,082)
13,877
—
13,877
Restructuring and related charges
—
460
(14,519)
14,979
11
14,990
Non-recurring advisory fees
—
—
(755)
755
—
755
Lease-related asset impairment and other charges
—
—
(9,000)
9,000
—
9,000
Non-cash interest expense related to convertible notes
—
—
—
—
567
567
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(8,907)
Total adjustments
—
1,255
(37,356)
38,611
578
30,282
Non-GAAP
$ 260,800
$ 137,793
$ 124,338
$ 13,455
$ (1,239)
$ 9,661
As a % of revenue (GAAP)
52.4 %
62.0 %
(9.6) %
(0.7) %
(7.9) %
As a % of revenue (Non-GAAP)
52.8 %
47.7 %
5.2 %
(0.5) %
3.7 %
Diluted net income (loss) per share:
GAAP
$ (0.18)
Non-GAAP
$ 0.08
Shares used in per share calculation:
GAAP
113,705
Non-GAAP
117,419
Six Months Ended June 30, 2023
Revenue
Gross Profit
Total
Operating
Expense
Income from
Operations
Total Non-
operating
Expense, net
Net Income
GAAP
$ 313,612
$ 168,994
$ 147,852
$ 21,142
$ (1,935)
$ 6,648
Stock-based compensation
—
1,289
(12,194)
13,483
—
13,483
Restructuring and related charges
—
—
(83)
83
—
83
Non-recurring advisory fees
—
—
(2,135)
2,135
—
2,135
Non-cash interest expense related to convertible notes
—
—
—
—
446
446
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
5,488
Total adjustments
—
1,289
(14,412)
15,701
446
21,635
Non-GAAP
$ 313,612
$ 170,283
$ 133,440
$ 36,843
$ (1,489)
$ 28,283
As a % of revenue (GAAP)
53.9 %
47.1 %
6.7 %
(0.6) %
2.1 %
As a % of revenue (Non-GAAP)
54.3 %
42.5 %
11.7 %
(0.5) %
9.0 %
Diluted net income per share:
GAAP
$ 0.06
Non-GAAP
$ 0.24
Shares used in per share calculation:
GAAP and Non-GAAP
118,508
Harmonic Inc.
Calculation of Adjusted EBITDA by Segment (Unaudited)
(In thousands, except percentages)
Three Months Ended June 28, 2024
Broadband
Video
Income (loss) from operations (1)
$ 13,781
$ (1,569)
Depreciation
2,133
1,093
Other non-operating income, net
406
213
Adjusted EBITDA(2)
$ 16,320
$ (263)
Revenue
$ 92,937
$ 45,803
Adjusted EBITDA margin % (2)
17.6 %
(0.6) %
Three Months Ended March 29, 2024
Broadband
Video
Income (loss) from operations (1)
$ 8,594
$ (7,351)
Depreciation
1,986
1,099
Other non-operating expenses, net
(179)
(99)
Adjusted EBITDA(2)
$ 10,401
$ (6,351)
Revenue
$ 78,897
$ 43,163
Adjusted EBITDA margin % (2)
13.2 %
(14.7) %
Three Months Ended June 30, 2023
Broadband
Video
Income from operations (1)
$ 18,066
$ 90
Depreciation
1,671
1,388
Other non-operating expenses, net
(84)
(52)
Adjusted EBITDA(2)
$ 19,653
$ 1,426
Revenue
$ 97,096
$ 58,867
Adjusted EBITDA margin % (2)
20.2 %
2.4 %
Six Months Ended June 28, 2024
Broadband
Video
Income (loss) from operations (1)
$ 22,375
$ (8,920)
Depreciation
4,119
2,192
Other non-operating income, net
227
114
Adjusted EBITDA(2)
$ 26,721
$ (6,614)
Revenue
$ 171,834
$ 88,966
Adjusted EBITDA margin % (2)
15.6 %
(7.4) %
Six Months Ended June 30, 2023
Broadband
Video
Income (loss) from operations (1)
$ 38,179
$ (1,336)
Depreciation
3,315
2,774
Other non-operating expenses, net
(255)
(174)
Adjusted EBITDA(2)
$ 41,239
$ 1,264
Revenue
$ 197,447
$ 116,165
Adjusted EBITDA margin % (2)
20.9 %
1.1 %
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” above.
(2) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. Refer below for the “Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation”.
Harmonic Inc.
Preliminary Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation (Unaudited)
(In thousands, except percentages)
Three Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
Net income (loss) (GAAP)
$ (12,532)
$ (8,089)
$ 1,555
Provision for (benefit from) income taxes
(3,903)
(2,449)
7,471
Interest expense, net
1,424
723
800
Depreciation
3,226
3,085
3,059
EBITDA
(11,785)
(6,730)
12,885
Adjustments
Stock-based compensation
6,954
6,923
6,059
Restructuring and related charges
11,482
3,508
—
Non-recurring advisory fees
406
349
2,135
Lease-related asset impairment and other charges
9,000
—
—
Total consolidated segment adjusted EBITDA (Non-GAAP)
$ 16,057
$ 4,050
$ 21,079
Revenue
$ 138,740
$ 122,060
$ 155,963
Net income (loss) margin (GAAP)
(9.0) %
(6.6) %
1.0 %
Consolidated segment Adjusted EBITDA margin (Non-GAAP)
11.6 %
3.3 %
13.5 %
Six Months Ended
June 28, 2024
June 30, 2023
Net income (loss) (GAAP)
$ (20,621)
$ 6,648
Provision for (benefit from) income taxes
(6,352)
12,559
Interest expense, net
2,147
1,506
Depreciation
6,311
6,089
EBITDA
(18,515)
26,802
Adjustments
Stock-based compensation
13,877
13,483
Restructuring and related charges
14,990
83
Non-recurring advisory fees
755
2,135
Lease-related asset impairment and other charges
9,000
—
Total consolidated segment adjusted EBITDA (Non-GAAP)
$ 20,107
$ 42,503
Revenue
$ 260,800
$ 313,612
Net income (loss) margin (GAAP)
(7.9) %
2.1 %
Consolidated segment Adjusted EBITDA margin (Non-GAAP)
7.7 %
13.6 %
Harmonic Inc.
GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited)
(In millions, except percentages and per share data)
Q3 2024 Financial Guidance (1)
Revenue
Gross Profit
Total Operating
Expense
Income from
Operations
Net Income
GAAP
$ 175
to
$ 190
$ 91
to
$ 101
$ 67
to
$ 69
$ 24
to
$ 32
$ 16
to
$ 22
Stock-based compensation expense
—
—
(5)
5
5
Restructuring and related charges
—
—
(1)
1
1
Lease-related impairment and other charges
—
—
(1)
1
1
Tax effect of non-GAAP adjustments
—
—
—
—
(1)
to
—
Total adjustments
—
—
(7)
7
6
to
7
Non-GAAP
$ 175
to
$ 190
$ 91
to
$ 101
$ 60
to
$ 62
$ 31
to
$ 39
$ 22
to
$ 29
As a % of revenue (GAAP)
51.9 %
to
52.9 %
38.3 %
to
36.3 %
13.7 %
to
16.8 %
9.3 %
to
11.6 %
As a % of revenue (Non-GAAP)
51.9 %
to
52.9 %
34.3 %
to
32.6 %
17.7 %
to
20.3 %
12.8 %
to
15.3 %
Diluted net income per share:
GAAP
$ 0.14
to
$ 0.19
Non-GAAP
$ 0.19
to
$ 0.24
Shares used in per share calculation:
GAAP and Non-GAAP
117.0
(1) Components may not sum to total due to rounding.
2024 Financial Guidance (1)
Revenue
Gross Profit
Total Operating
Expense
Income from
Operations
Net Income
GAAP
$ 645
to
$ 695
$ 332
to
$ 369
$ 296
to
$ 304
$ 36
to
$ 65
$ 23
to
$ 45
Stock-based compensation expense
—
1
(25)
26
26
Restructuring and related charges
—
—
(15)
15
15
Non-recurring advisory fees
—
—
(1)
1
1
Lease-related impairment and other charges
—
—
(11)
(11)
11
Non-cash interest expense related to convertible
notes
—
—
—
—
1
Tax effect of non-GAAP adjustments
—
—
—
—
(12)
to
(11)
Total adjustments
—
1
(52)
31
42
to
43
Non-GAAP
$ 645
to
$ 695
$ 333
to
$ 370
$ 244
to
$ 252
$ 89
to
$ 118
$ 65
to
$ 88
As a % of revenue (GAAP)
51.4 %
to
53.1 %
45.9 %
to
43.7 %
5.6 %
to
9.4 %
3.6 %
to
6.5 %
As a % of revenue (Non-GAAP)
51.6 %
to
53.2 %
37.8 %
to
36.3 %
13.7 %
to
16.9 %
10.1 %
to
12.7 %
Diluted net income per share:
GAAP
$ 0.19
to
$ 0.38
Non-GAAP
$ 0.56
to
$ 0.75
Shares used in per share calculation:
GAAP and Non-GAAP
117.3
(1) Components may not sum to total due to rounding.
Harmonic Inc.
Calculation of Adjusted EBITDA by Segment on Financial Guidance (Unaudited) (1)
(In millions)
Q3 2024 Financial Guidance
Broadband
Video
Income (loss) from operations (2)
$ 32
to
$ 37
$ (1)
to
$ 2
Depreciation
2
2
1
1
Segment adjusted EBITDA(3)
$ 34
to
$ 39
$ —
to
$ 3
2024 Financial Guidance
Broadband
Video
Income (loss) from operations (2)
$ 93
to
$ 117
$ (4)
to
$ 1
Depreciation
9
9
4
4
Segment adjusted EBITDA(3)
$ 102
to
$ 126
$ —
to
$ 5
(1) Components may not sum to total due to rounding.
(2) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” above.
(3) Segment Adjusted EBITDA is a Non-GAAP financial measure. Refer below for the “Net income to Consolidated Segment Adjusted EBITDA reconciliation on Financial Guidance”.
Harmonic Inc.
Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance (Unaudited) (1)
(In millions)
Q3 2024 Financial Guidance
2024 Financial Guidance
Net income (GAAP)
$ 16
to
$ 22
$ 23
to
$ 45
Provision for income taxes
5
7
7
14
Interest expense, net
2
2
6
6
Depreciation
3
3
13
13
EBITDA
26
to
34
49
to
78
Adjustments
Stock-based compensation
6
6
26
26
Restructuring and related charges
1
1
15
15
Lease-related impairment and other charges
1
1
11
11
Non-recurring advisory fees
—
—
1
1
Total consolidated segment adjusted EBITDA (Non-GAAP) (2)
$ 34
to
$ 42
$ 102
to
$ 131
(1) Components may not sum to total due to rounding.
(2) Consolidated Segment adjusted EBITDA is a Non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” above.
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SOURCE Harmonic Inc.
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Jack Henry’s Annual Survey of Financial Institutions Highlights Priorities Amid Economic Uncertainty and a New Hybrid Monetary Era
Published
59 minutes agoon
April 28, 2026By
Banks and credit unions plan to increase technology spending, led by investments in AI, digital banking, and data analytics
MONETT, Mo., April 28, 2026 /PRNewswire/ — Banks and credit unions are prioritizing operational efficiency, deposit growth, and new payment capabilities as they navigate economic uncertainty and increasing technological complexity, according to findings from Jack Henry’s eighth annual Strategy Benchmark.
Jack Henry® (Nasdaq: JKHY) surveyed 193 executives from financial institutions using Jack Henry solutions. The survey highlights the industry’s most pressing strategic priorities, top concerns, and technology investment plans for the next two years.
“Banks and credit unions have finally recognized their biggest competitive threat in Big Fintech and Big Crypto,” says Lee Wetherington, Senior Director of Corporate Strategy and lead author of the benchmark. “As we enter a new hybrid monetary era, the game is changing and charter franchises are under attack. The goal of strategy is no longer simply to win but to ensure you’re competing to win the right game.”
The vast majority of financial institutions plan to increase technology spending, with 88% expecting to raise their tech budgets over the next two years, up from 76% last year. Four in 10 institutions (41%) plan increases of 6% to 10%, compared with 33% a year ago. Artificial intelligence (48%) is the top planned technology investment for the first time, followed by digital banking (38%) and data analytics (32%). While banks remain focused on growing deposits (64%) as their top strategic priority in 2026-2027, credit unions (40%) continue to place outsized emphasis on acquiring younger accountholders (Gen Z/Alpha).
“Financial institutions are in a high-stakes race for Gen Z and small business,” says Jennifer Geis, Senior Strategic Advisor of Corporate Strategy at Jack Henry and Managing Editor of the study. “Given Gen Z now drives most small-business formation—and given small-business deposits are 4-5X larger than retail—understanding and meeting the unique needs of “bizumers” is key to growth, whether you frame it in terms of deposits or demographics.”
Among the highlights from the survey:
PaymentsMore than nine out of 10 CEOs (94%) plan to add new payment services within the next two years, yet only 36% have a formal payments strategy in place.More than four out of five (82%) financial institutions plan to incorporate tap-to-pay as part of their strategy to add younger accountholders.Nearly half (47%) of CEOs plan to embed payments into their digital banking experience over the next two years.Small Business FocusThree out of four CEOs say they plan to expand services for small- and medium-sized businesses (SMBs).The most common planned addition is payment services, including FedNow®, request for payment, and tap-to-pay.
Cryptocurrency18% of CEOs plan to support stablecoins, tokenized money, and/or cryptocurrency by the end of 2027. This includes:Tokenized deposits/deposit tokensSupport for on-chain wallets for accountholdersAbility to orchestrate, exchange, and settle dollars to and from stablecoins/crypto.However, only 3% of CEOs report having a formal stablecoin strategy in place.
Getting YoungerThe second most important strategic priority for credit unions (and fourth overall) is adding younger accountholders. It is also one of the top three concerns for CEOs.More than 40% of credit unions have a formal strategy, compared to just 10% of banks.Fintechs and neobanks are considered the biggest competitive threat in this area.Data analytics and AILeveraging data is the 5th most important strategic priority overall among banks and credit unionsPlans to implement AI grew double digits compared to last year1/3 of FIs plan to embed data collection/analysis tools within digital banking
The study’s results are based on an online survey conducted in January and February 2026 of a diverse sample of Jack Henry clients with assets ranging from less than $500 million to more than $5 billion. Download the eBook to learn more.
About Jack Henry & Associates, Inc.®
Jack Henry® (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For 50 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,400 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at jackhenry.com.
Statements made in this news release that are not historical facts are “forward-looking statements.” Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company’s Securities and Exchange Commission filings, including the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Any forward-looking statement made in this news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.
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SOURCE Jack Henry & Associates, Inc.
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CorroHealth Honored As Stevie® Award Winner In 2026 American Business Awards®
Published
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April 28, 2026By
PLANO, Texas, April 28, 2026 /PRNewswire/ — Leading revenue cycle technology company CorroHealth was named the winner of a Silver Stevie® Award in the Health Provider category in The 24th Annual American Business Awards®.
The American Business Awards are the U.S.A.’s premier business awards program. All organizations operating in the U.S.A. are eligible to submit nominations – public and private, for-profit and non-profit, large and small. This year, the program received more than 3,600 nominations from organizations across virtually every industry.
“We are honored to receive this prestigious award and to be recognized alongside many esteemed American business leaders,” said Pat Leonard, CEO of CorroHealth. “This acknowledgement reflects CorroHealth’s ongoing commitment to the healthcare industry, serving as the leading revenue cycle technology company built for the future of healthcare finance.”
CorroHealth earned recognition for its mission and purpose, transforming healthcare operations and driving innovation to deliver better outcomes for hospitals and health systems. The company was selected after a methodical nomination process and careful evaluation of its industry impact and dedication to bridging the gap between patient care and financial performance.
More than 250 professionals worldwide participated in the judging process to select this year’s Stevie Award winners. One judge who evaluated the nomination stated, “CorroHealth’s blend of expert driven services and AI-powered platforms delivers measurable, enterprise scale financial gains that far exceed industry norms.” The judges also recognized the company as a leader in innovation and operational excellence within the healthcare financial technology sector.
To learn more about CorroHealth, visit corrohealth.com.
About CorroHealth
CorroHealth, the leading healthcare technology and revenue cycle management company that helps providers and payers improve financial performance through automation, data-driven analytics, and clinically led expertise. CorroHealth delivers integrated, scalable solutions that support complex reimbursement and documentation workflows, backed by a global workforce operating in more than 10 locations, including the United States, United Kingdom, India, and the United Arab Emirates. The company was recently named one of the “Top Places to Work in Healthcare in 2026” by Becker’s Healthcare and a Great Place To Work® Certified™ in India for the second time in two years. Further information is available at corrohealth.com.
About the Stevie Awards
Stevie Awards are conferred in nine programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, the Stevie Awards for Sales & Customer Service, and the new Stevie Awards for Technology Excellence. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes, as well as the people behind them, the Stevies recognize outstanding workplace performance worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.
Media Contact:
CorroHealth
Mellissa Gardner, Chief Marketing and Strategy Officer
mellissa.gardner@corrohealth.com
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SOURCE CorroHealth
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Singular Genomics Names John Stark as Chief Executive Officer as Company Builds on Spatial Platform Momentum
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April 28, 2026By
SAN DIEGO, April 28, 2026 /PRNewswire/ — Singular Genomics Systems, Inc. today announced the appointment of John Stark as Chief Executive Officer. This leadership transition comes as Singular builds on the launch of its market-leading spatial platform and enters its next phase, focused on expanding adoption, deepening strategic partnerships, and increasing the impact of multimodal spatial data across translational research, drug development, and future clinical applications. Josh Stahl will transition to a new role as Independent Director on the Board.
“With Singular’s G4X platform now successfully on the market, the company is positioned to realize spatial pathology’s potential across translational research and clinical applications,” said Allison Ballmer, Chair of the Board. “Josh strengthened Singular and repositioned the company’s technology, culminating in the successful launch of the G4X platform. John’s leadership experience will now help scale the business and capitalize on the opportunity to drive precision medicine forward.”
John brings more than 25 years of experience commercializing innovative technologies while scaling organizations and raising capital. Most recently, John served as Chief Executive Officer of Resolve Biosciences, a spatial biology platform company, where he drove partnerships and routine use across the translational, drug development, and clinical research markets. Prior to Resolve, John served as Chief Executive Officer of Quantum-Si, a next-generation single-molecule protein sequencing platform company, and Chief Executive Officer of Celsee, a single-cell genomics platform company acquired by Bio-Rad in 2020. Earlier in his career, he held senior leadership positions at Life Technologies, Pacific Biosciences, and Affymetrix.
“Singular has built a competitive spatial platform and a strong foundation in a rapidly evolving market,” said John Stark, CEO. “I’m excited to build on that momentum – deepening partnerships, scaling adoption, and unlocking broader value from spatial data across research, drug development, and precision medicine.”
“We thank Josh Stahl for building an exceptional foundation for Singular, and welcome John Stark, who brings a long history of commercial leadership to the company,” said Andrew ElBardissi, Partner at Deerfield Management. “We remain confident in Singular’s technology, market opportunity, and path to leadership in precision medicine and are committed to supporting the company’s continued growth.”
About Singular Genomics
Singular is a life science technology company focused on delivering high-throughput spatial pathology solutions to advance precision medicine. The company’s G4X™ Spatial Sequencer enables scalable, multiomic analysis directly in tissue, combining performance, throughput, and cost efficiency to support translational research, AI-driven insights, and clinical developments. Singular is headquartered in San Diego, California.
Forward-Looking Statements
Certain statements contained in this press release, other than statements of historical fact, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. Singular Genomics undertakes no obligation to update forward-looking statements, except as required by law.
Media Contact
Darius Fugere
dariusf@singulargenomics.com
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SOURCE Singular Genomics
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