Technology
Blackbaud Announces 2024 Second Quarter Results
Published
2 years agoon
By
Revenue Growth More than Doubles Year over Year with Significantly Improved Profitability; Blackbaud Board of Directors Approve Expanded $800 Million Stock Repurchase Authorization
CHARLESTON, S.C., July 30, 2024 /PRNewswire/ — Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today announced financial results for its second quarter ended June 30, 2024.
“We continue to execute on our strategic initiatives, and I am optimistic about the opportunities ahead in the near, mid and long-term,” said Mike Gianoni, president, CEO and vice chairman of the board of directors, Blackbaud. “Blackbaud is a clear market leader with a path to penetrate even further into a rich market opportunity. The leverage of our financial model allows us to aggressively invest in innovation, which provides great value to our existing customers and increases our ability to attract new prospects. And our strong cash flow enables us to execute on a purposeful and prudent stock repurchase program to improve shareholder value.”
Second Quarter 2024 Results Compared to Second Quarter 2023 Results:
GAAP total revenue was $287.3 million, up 6.0% and non-GAAP organic revenue increased 6.7%.GAAP recurring revenue was $281.4 million, up 7.2% and represented 98% of total revenue. Non-GAAP organic recurring revenue increased 7.2%.GAAP income from operations was $42.1 million, with GAAP operating margin of 14.7%, an increase of 1,460 basis points.Non-GAAP income from operations was $86.1 million, with non-GAAP operating margin of 30.0%, an increase of 260 basis points.GAAP net income was $21.8 million, with GAAP diluted earnings per share of $0.42, up $0.38 per share.Non-GAAP net income was $55.7 million, with non-GAAP diluted earnings per share of $1.08, up $0.10 per share.Non-GAAP adjusted EBITDA was $102.5 million, up $13.7 million, with non-GAAP adjusted EBITDA margin of 35.7%, an increase of 290 basis points.GAAP net cash provided by operating activities was $53.8 million, an increase of $0.6 million, with GAAP operating cash flow margin of 18.7%, a decrease of 90 basis points.Non-GAAP free cash flow was $32.6 million, a decrease of $4.4 million, with non-GAAP free cash flow margin of 11.4%, a decrease of 220 basis points.Non-GAAP adjusted free cash flow was $36.4 million, a decrease of $7.2 million, with non-GAAP adjusted free cash flow margin of 12.7%, a decrease of 340 basis points.
“I’m pleased with our financial performance in the second quarter as our operating plan continues to deliver greatly improved profitable growth,” said Tony Boor, executive vice president and CFO, Blackbaud. “In the second quarter, total revenue grew 6.0%, while non-GAAP organic revenue growth was 6.7%. Our Social Sector, representing 88% of total revenue in the quarter, grew even faster at 8.5%. Non-GAAP adjusted EBITDA performance in the quarter was strong with a margin of 35.7%, a 290 basis points increase year over year. With our new $800 million repurchase authorization and ample debt capacity, we plan to be very purposeful about buying back our stock and believe there is no better use of capital than investing back into our business through product innovation and returning money to shareholders at this valuation.”
An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of the company’s non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Recent Company Highlights
Blackbaud’s board of directors reauthorized, expanded and replenished the company’s existing stock repurchase program, raising the total capacity from $500 million to $800 million available for repurchases of the company’s common stock.Blackbaud recently announced that Dale Strange has taken the reins of the Corporate Impact business and been appointed to the company’s executive leadership team as Tom Davidson, founder of EVERFI, moves to a strategic advisory role. Blackbaud was named one of America’s Best Mid-Size Companies 2024 by TIME, ranking 195 out of 500 companies based on employee satisfaction, revenue growth and sustainability transparency. At its recent spring Product Update Briefings, Blackbaud announced hundreds of product updates and rolled out new roadmaps, sharing how the company is more deeply connecting customers’ business offices, incorporating AI for greater impact, and delivering a unified view for Raiser’s Edge NXT®.Blackbaud made a strategic investment in UBIQ Education, innovators in school websites, to extend Blackbaud’s Total School Solution and offer a native integration with UBIQ’s AMAIS platform, giving customers direct access to a cutting-edge suite of marketing and admissions tools with seamless data integration across the platform.Six companies are participating in the July 2024 cohort of Blackbaud’s Social Good Startup Program, bringing innovative solutions to Blackbaud customers—from AI-powered fundraising and content tools to digital assistant chatbots. Blackbaud announced its bbcon 2024 tech conference, happening Sept. 24-26 in Seattle.
Visit www.blackbaud.com/newsroom for more information about Blackbaud’s recent highlights.
Financial Outlook
Blackbaud today reiterated its 2024 full year financial guidance:
GAAP revenue of $1.164 billion to $1.194 billionNon-GAAP adjusted EBITDA margin of 32.5% to 33.5%Non-GAAP earnings per share of $4.12 to $4.38Non-GAAP adjusted free cash flow of $254 million to $274 million
Included in its 2024 full year financial guidance are the following updated assumptions:
Non-GAAP annualized effective tax rate is expected to be approximately 24.5%Interest expense for the year is expected to be approximately $52 million to $56 millionFully diluted shares for the year are expected to be approximately 51.0 million to 52.0 millionCapital expenditures for the year are expected to be approximately $65 million to $75 million, including approximately $60 million to $70 million of capitalized software and content development costs
Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.
In order to provide a meaningful basis for comparison, Blackbaud uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software and content development, capital expenditures for property and equipment, plus cash outflows related to the previously disclosed Security Incident discovered in May 2020 (the “Security Incident”). Total costs related to the Security Incident exceeded the limit of our insurance coverage during the first quarter of 2022. For full year 2024, Blackbaud currently expects net cash outlays of $8 million to $13 million for ongoing legal fees related to the Security Incident. In line with the company’s policy, all associated costs due to third-party service providers and consultants, including legal fees, are expensed as incurred. Please refer to the section below titled “Non-GAAP Financial Measures” for more information on Blackbaud’s use of non-GAAP financial measures.
Stock Repurchase Program
As of July 16, 2024, Blackbaud had approximately $800.0 million remaining under its common stock repurchase program that was expanded, replenished and reauthorized in July 2024.
Conference Call Details
What: Blackbaud’s 2024 Second Quarter Conference Call
When: July 31, 2024
Time: 8:00 a.m. (Eastern Time)
Live Call: 1-877-407-3088 (US/Canada)
Webcast: Blackbaud’s Investor Relations Webpage
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the leading software provider exclusively dedicated to powering social impact. Serving the nonprofit and education sectors, companies committed to social responsibility and individual change makers, Blackbaud’s essential software is built to accelerate impact in fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management. With millions of users and over $100 billion raised, granted or managed through Blackbaud platforms every year, Blackbaud’s solutions are unleashing the potential of the people and organizations who change the world. Blackbaud has been named to Newsweek’s list of America’s Most Responsible Companies, Quartz’s list of Best Companies for Remote Workers and Forbes’ list of America’s Best Employers. A remote-first company, Blackbaud has operations in the United States, Australia, Canada, Costa Rica and the United Kingdom, supporting users in 100+ countries. Learn more at www.blackbaud.com, or follow us on X/Twitter, LinkedIn, Instagram, and Facebook.
Investor Contact
IR@blackbaud.com
Media Contact
media@blackbaud.com
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; cybersecurity and data protection risks and related liabilities; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from Blackbaud’s investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Trademarks
All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
Non-GAAP Financial Measures
Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud’s industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies.
The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
While Blackbaud believes these non-GAAP measures provide useful supplemental information, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.
As previously disclosed, beginning in 2024, we apply a non-GAAP effective tax rate of 24.5% when calculating non-GAAP net income and non-GAAP diluted earnings per share. The non-GAAP tax rate utilized in future periods will be reviewed annually to determine whether it remains appropriate in consideration of our financial results including our periodic effective tax rate calculated in accordance with GAAP, our operating environment and related tax legislation in effect and other factors deemed necessary. All 2023 measures of non-GAAP net income and non-GAAP diluted earnings per share included in this news release are calculated under Blackbaud’s historical non-GAAP effective tax rate of 20.0%.
Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software and content development, and capital expenditures for property and equipment. In addition, and in order to provide a meaningful basis for comparison, Blackbaud also uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software and content development, and capital expenditures for property and equipment, plus cash outflows related to the Security Incident. Blackbaud believes non-GAAP free cash flow and non-GAAP adjusted free cash flow provide useful measures of the company’s operating performance. Non-GAAP free cash flow and Non-GAAP adjusted free cash flow are not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.
In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis, non-GAAP organic recurring revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period. In addition, each of these measures excludes prior period revenue associated with divested businesses. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business’ organic revenue growth and revenue run-rate.
Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision (benefit); depreciation; amortization of intangible assets from business combinations; amortization of software and content development costs; stock-based compensation; employee severance; acquisition and disposition-related costs; restructuring and other real estate activities; Security Incident-related costs; and impairment of capitalized software development costs.
Blackbaud, Inc.
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except per share amounts)
June 30,
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$ 30,438
$ 31,251
Restricted cash
800,670
697,006
Accounts receivable, net of allowance of $6,006 and $6,907 at June 30, 2024 and
December 31, 2023, respectively
152,832
101,862
Customer funds receivable
2,943
353
Prepaid expenses and other current assets
92,290
99,285
Total current assets
1,079,173
929,757
Property and equipment, net
98,066
98,689
Operating lease right-of-use assets
28,489
36,927
Software and content development costs, net
165,465
160,194
Goodwill
1,053,249
1,053,738
Intangible assets, net
549,521
581,937
Other assets
68,785
51,037
Total assets
$ 3,042,748
$ 2,912,279
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable
$ 44,038
$ 25,184
Accrued expenses and other current liabilities
51,682
64,322
Due to customers
802,372
695,842
Debt, current portion
23,786
19,259
Deferred revenue, current portion
427,098
392,530
Total current liabilities
1,348,976
1,197,137
Debt, net of current portion
998,071
760,405
Deferred tax liability
75,397
93,292
Deferred revenue, net of current portion
2,315
2,397
Operating lease liabilities, net of current portion
36,290
40,085
Other liabilities
4,362
10,258
Total liabilities
2,465,411
2,103,574
Commitments and contingencies
Stockholders’ equity:
Preferred stock; 20,000,000 shares authorized, none outstanding
—
—
Common stock, $0.001 par value; 180,000,000 shares authorized, 70,883,488 and
69,188,304 shares issued at June 30, 2024 and December 31, 2023, respectively;
51,623,951 and 53,625,440 shares outstanding at June 30, 2024 and December 31, 2023,
respectively
71
69
Additional paid-in capital
1,208,624
1,203,012
Treasury stock, at cost; 19,259,537 and 15,562,864 shares at June 30, 2024 and
December 31, 2023, respectively
(857,452)
(591,557)
Accumulated other comprehensive income (loss)
175
(1,688)
Retained earnings
225,919
198,869
Total stockholders’ equity
577,337
808,705
Total liabilities and stockholders’ equity
$ 3,042,748
$ 2,912,279
Blackbaud, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(dollars in thousands, except per share amounts)
Three months ended
June 30,
Six months ended
June 30,
2024
2023
2024
2023
Revenue
Recurring
$ 281,376
$ 262,390
$ 552,894
$ 515,138
One-time services and other
5,910
8,652
13,642
17,657
Total revenue
287,286
271,042
566,536
532,795
Cost of revenue
Cost of recurring
119,810
113,926
238,998
228,426
Cost of one-time services and other
4,890
7,549
11,908
16,161
Total cost of revenue
124,700
121,475
250,906
244,587
Gross profit
162,586
149,567
315,630
288,208
Operating expenses
Sales, marketing and customer success
47,081
53,191
97,946
107,576
Research and development
39,068
36,146
81,870
76,737
General and administrative
33,443
59,148
81,197
111,986
Amortization
902
788
1,806
1,562
Total operating expenses
120,494
149,273
262,819
297,861
Income (loss) from operations
42,092
294
52,811
(9,653)
Interest expense
(15,715)
(11,167)
(25,991)
(21,829)
Other income, net
3,310
2,778
6,657
4,785
Income (loss) before provision (benefit) for income taxes
29,687
(8,095)
33,477
(26,697)
Income tax provision (benefit)
7,883
(10,200)
6,427
(14,101)
Net income (loss)
$ 21,804
$ 2,105
$ 27,050
$ (12,596)
Earnings (loss) per share
Basic
$ 0.43
$ 0.04
$ 0.53
$ (0.24)
Diluted
$ 0.42
$ 0.04
$ 0.52
$ (0.24)
Common shares and equivalents outstanding
Basic weighted average shares
50,747,337
52,642,411
51,399,853
52,389,112
Diluted weighted average shares
51,677,418
53,643,124
52,371,927
52,389,112
Other comprehensive (loss) income
Foreign currency translation adjustment
$ 339
$ 3,055
$ (846)
$ 5,213
Unrealized (loss) gain on derivative instruments, net of tax
(1,386)
5,383
2,709
(5,309)
Total other comprehensive (loss) income
(1,047)
8,438
1,863
(96)
Comprehensive income (loss)
$ 20,757
$ 10,543
$ 28,913
$ (12,692)
Blackbaud, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Six months ended
June 30,
(dollars in thousands)
2024
2023
Cash flows from operating activities
Net income (loss)
$ 27,050
$ (12,596)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
60,553
53,622
Provision for credit losses and sales returns
519
3,798
Stock-based compensation expense
57,856
63,289
Deferred taxes
(18,810)
(33,101)
Amortization of deferred financing costs and discount
984
963
Loss on disposition of business
1,561
—
Other non-cash adjustments
2,462
(1,569)
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable
(53,062)
(69,624)
Prepaid expenses and other assets
(2,473)
9,470
Trade accounts payable
19,146
(3,431)
Accrued expenses and other liabilities
(13,579)
11,948
Deferred revenue
36,228
52,233
Net cash provided by operating activities
118,435
75,002
Cash flows from investing activities
Purchase of property and equipment
(6,118)
(2,779)
Capitalized software and content development costs
(28,392)
(28,756)
Net cash used in disposition of business
(1,179)
—
Other investing activities
(5,029)
—
Net cash used in investing activities
(40,718)
(31,535)
Cash flows from financing activities
Proceeds from issuance of debt
1,211,600
158,000
Payments on debt
(966,680)
(171,824)
Debt issuance costs
(6,458)
—
Employee taxes paid for withheld shares upon equity award settlement
(54,483)
(33,687)
Change in due to customers
106,851
61,313
Change in customer funds receivable
(2,577)
(3,359)
Purchase of treasury stock
(262,596)
—
Net cash provided by financing activities
25,657
10,443
Effect of exchange rate on cash, cash equivalents and restricted cash
(523)
2,489
Net increase in cash, cash equivalents and restricted cash
102,851
56,399
Cash, cash equivalents and restricted cash, beginning of period
728,257
733,931
Cash, cash equivalents and restricted cash, end of period
$ 831,108
$ 790,330
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown above in the consolidated statements of cash flows:
(dollars in thousands)
June 30,
2024
December 31,
2023
Cash and cash equivalents
$ 30,438
$ 31,251
Restricted cash
800,670
697,006
Total cash, cash equivalents and restricted cash in the statement of cash flows
$ 831,108
$ 728,257
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(dollars in thousands, except per share amounts)
Three months ended
June 30,
Six months ended
June 30,
2024
2023
2024
2023
GAAP Revenue
$ 287,286
$ 271,042
$ 566,536
$ 532,795
GAAP gross profit
$ 162,586
$ 149,567
$ 315,630
$ 288,208
GAAP gross margin
56.6 %
55.2 %
55.7 %
54.1 %
Non-GAAP adjustments:
Add: Stock-based compensation expense
3,377
4,143
7,151
8,097
Add: Amortization of intangibles from business combinations
14,639
13,136
29,302
26,247
Add: Employee severance
—
54
—
797
Subtotal
18,016
17,333
36,453
35,141
Non-GAAP gross profit
$ 180,602
$ 166,900
$ 352,083
$ 323,349
Non-GAAP gross margin
62.9 %
61.6 %
62.1 %
60.7 %
GAAP income (loss) from operations
$ 42,092
$ 294
$ 52,811
$ (9,653)
GAAP operating margin
14.7 %
0.1 %
9.3 %
(1.8) %
Non-GAAP adjustments:
Add: Stock-based compensation expense
24,286
33,364
57,856
63,289
Add: Amortization of intangibles from business combinations
15,541
13,924
31,108
27,809
Add: Employee severance
—
632
—
4,954
Add: Acquisition and disposition-related costs
2,398
(849)
4,653
(230)
Add: Security Incident-related costs(1)
1,822
26,777
12,145
44,560
Subtotal
44,047
73,848
105,762
140,382
Non-GAAP income from operations
$ 86,139
$ 74,142
$ 158,573
$ 130,729
Non-GAAP operating margin
30.0 %
27.4 %
28.0 %
24.5 %
GAAP income (loss) before provision (benefit) for income taxes
$ 29,687
$ (8,095)
$ 33,477
$ (26,697)
GAAP net income (loss)
$ 21,804
$ 2,105
$ 27,050
$ (12,596)
Shares used in computing GAAP diluted earnings (loss) per share
51,677,418
53,643,124
52,371,927
52,389,112
GAAP diluted earnings (loss) per share
$ 0.42
$ 0.04
$ 0.52
$ (0.24)
Non-GAAP adjustments:
Add: GAAP income tax provision (benefit)
7,883
(10,200)
6,427
(14,101)
Add: Total non-GAAP adjustments affecting income from operations
44,047
73,848
105,762
140,382
Non-GAAP income before provision for income taxes
73,734
65,753
139,239
113,685
Assumed non-GAAP income tax provision(2)
18,065
13,151
34,114
22,737
Non-GAAP net income
$ 55,669
$ 52,602
$ 105,125
$ 90,948
Shares used in computing non-GAAP diluted earnings per share
51,677,418
53,643,124
52,371,927
53,168,985
Non-GAAP diluted earnings per share
$ 1.08
$ 0.98
$ 2.01
$ 1.71
(1)
Includes Security Incident-related costs incurred during the three and six months ended June 30, 2024 of $1.8 million and $12.1 million, respectively, which includes approximately $0.0 million and $7.0 million, respectively, in recorded liabilities for loss contingencies, and during the three and six months ended June 30, 2023 of $26.8 million and $44.6 million, respectively, which included approximately $19.8 million and $30.0 million, respectively, in recorded aggregate liabilities for loss contingencies. Recorded expenses consisted primarily of payments to third-party service providers and consultants, including legal fees, as well as settlements of customer claims, negotiated settlements and accruals for certain loss contingencies. Not included in this adjustment were costs associated with enhancements to our cybersecurity program. For full year 2024, we currently expect pre-tax expenses of approximately $5 million to $10 million and cash outlays of approximately $8 million to $13 million for ongoing legal fees related to the Security Incident. Not included in these ranges are our previous settlements or current accruals for loss contingencies related to the matters discussed below. In line with our policy, legal fees are expensed as incurred. As of June 30, 2024, we have recorded approximately $8.5 million in aggregate liabilities for loss contingencies, which included $6.8 million for our settlement with the Attorney General of the State of California on June 13, 2024, and other accruals based primarily on recent negotiations with certain customers related to the Security Incident that we believe we can reasonably estimate. It is reasonably possible that our estimated or actual losses may change in the near term for those matters and be materially in excess of the amounts accrued, but we are unable at this time to reasonably estimate the possible additional loss. There are other Security Incident-related matters, including customer claims, customer constituent class actions and governmental investigations, for which we have not recorded a liability for a loss contingency as of June 30, 2024 because we are unable at this time to reasonably estimate the possible loss or range of loss. Each of these matters could, separately or in the aggregate, result in an adverse judgment, settlement, fine, penalty or other resolution, the amount, scope and timing of which we are currently unable to predict, but could have a material adverse impact on our results of operations, cash flows or financial condition.
(2)
Beginning in 2024, we now apply a non-GAAP effective tax rate of 24.5% when calculating non-GAAP net income and non-GAAP diluted earnings per share. For the three and six months ended June 30, 2023, the tax impact related to non-GAAP adjustments is calculated under our historical non-GAAP effective tax rate of 20.0%.
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
(Unaudited)
(dollars in thousands)
Three months ended
June 30,
Six months ended
June 30,
2024
2023
2024
2023
GAAP revenue(1)
$ 287,286
$ 271,042
$ 566,536
$ 532,795
GAAP revenue growth
6.0 %
6.3 %
Less: Non-GAAP revenue from divested businesses(2)
—
(1,851)
—
(2,497)
Non-GAAP organic revenue(2)
$ 287,286
$ 269,191
$ 566,536
$ 530,298
Non-GAAP organic revenue growth
6.7 %
6.8 %
Non-GAAP organic revenue(3)
$ 287,286
$ 269,191
$ 566,536
$ 530,298
Foreign currency impact on non-GAAP organic revenue(4)
(195)
—
(1,106)
—
Non-GAAP organic revenue on constant currency basis(4)
$ 287,091
$ 269,191
$ 565,430
$ 530,298
Non-GAAP organic revenue growth on constant currency basis
6.6 %
6.6 %
GAAP recurring revenue
$ 281,376
$ 262,390
$ 552,894
$ 515,138
GAAP recurring revenue growth
7.2 %
7.3 %
Less: Non-GAAP recurring revenue from divested businesses(2)
—
—
—
—
Non-GAAP organic recurring revenue(3)
$ 281,376
$ 262,390
$ 552,894
$ 515,138
Non-GAAP organic recurring revenue growth
7.2 %
7.3 %
Non-GAAP organic recurring revenue(2)
$ 281,376
$ 262,390
$ 552,894
$ 515,138
Foreign currency impact on non-GAAP organic recurring revenue(4)
(197)
—
(1,065)
—
Non-GAAP organic recurring revenue on constant currency basis(4)
$ 281,179
$ 262,390
$ 551,829
$ 515,138
Non-GAAP organic recurring revenue growth on constant
currency basis
7.2 %
7.1 %
(1)
Includes EVERFI revenue of $23.8 million and $27.3 million for the three months ended June 30, 2024 and 2023, respectively, and $47.3 million and $54.2 million for the six months ended June 30, 2024 and 2023, respectively.
(2)
Non-GAAP revenue from divested businesses excludes revenue associated with divested businesses. The exclusion of the prior period revenue is to present the results of the divested business with the results of the combined company for the same period of time in both the prior and current periods.
(3)
Non-GAAP organic revenue and non-GAAP organic recurring revenue for the prior year periods presented herein may not agree to non-GAAP organic revenue and non-GAAP organic recurring revenue presented in the respective prior period quarterly financial information solely due to the manner in which non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth are calculated.
(4)
To determine non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, revenues from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period’s quarterly weighted average foreign currency exchange rates. The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian Dollar and Euro.
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
(Unaudited)
(dollars in thousands)
Three months ended
June 30,
Six months ended
June 30,
2024
2023
2024
2023
GAAP net income (loss)
$ 21,804
$ 2,105
$ 27,050
$ (12,596)
Non-GAAP adjustments:
Add: Interest, net
12,900
8,859
21,128
18,285
Add: GAAP income tax provision (benefit)
7,883
(10,200)
6,427
(14,101)
Add: Depreciation
3,253
3,272
6,328
6,608
Add: Amortization of intangibles from business combinations
15,541
13,924
31,108
27,809
Add: Amortization of software and content development costs(1)
12,639
10,934
24,729
21,540
Subtotal
52,216
26,789
89,720
60,141
Non-GAAP EBITDA
$ 74,020
$ 28,894
$ 116,770
$ 47,545
Non-GAAP EBITDA margin(2)
25.8 %
20.6 %
Non-GAAP adjustments:
Add: Stock-based compensation expense
24,286
33,364
57,856
63,289
Add: Employee severance
—
632
—
4,954
Add: Acquisition and disposition-related costs(3)
2,398
(849)
4,653
(230)
Add: Security Incident-related costs(3)
1,822
26,777
12,145
44,560
Subtotal
28,506
59,924
74,654
112,573
Non-GAAP adjusted EBITDA
$ 102,526
$ 88,818
$ 191,424
$ 160,118
Non-GAAP adjusted EBITDA margin(4)
35.7 %
33.8 %
Rule of 40(5)
42.4 %
40.6 %
Non-GAAP adjusted EBITDA
102,526
88,818
191,424
160,118
Foreign currency impact on Non-GAAP adjusted EBITDA(6)
(88)
574
(503)
1,871
Non-GAAP adjusted EBITDA on constant currency basis(6)
$ 102,438
$ 89,392
$ 190,921
$ 161,989
Non-GAAP adjusted EBITDA margin on constant currency basis
35.7 %
33.8 %
Rule of 40 on constant currency basis(7)
42.3 %
40.4 %
(1)
Includes amortization expense related to software and content development costs, and amortization expense from capitalized cloud computing implementation costs.
(2)
Measured by GAAP revenue divided by non-GAAP EBITDA.
(3)
See additional details in the reconciliation of GAAP to Non-GAAP operating income above.
(4)
Measured by non-GAAP organic revenue divided by non-GAAP adjusted EBITDA.
(5)
Measured by non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. See Non-GAAP organic revenue growth table above.
(6)
To determine non-GAAP adjusted EBITDA on a constant currency basis, non-GAAP adjusted EBITDA from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period’s quarterly weighted average foreign currency exchange rates. The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian Dollar and Euro.
(7)
Measured by non-GAAP organic revenue growth on constant currency basis plus non-GAAP adjusted EBITDA margin on constant currency basis.
(dollars in thousands)
Six months ended
June 30,
2024
2023
GAAP net cash provided by operating activities
$ 118,435
$ 75,002
GAAP operating cash flow margin
20.9 %
14.1 %
Non-GAAP adjustments:
Less: purchase of property and equipment
(6,118)
(2,779)
Less: capitalized software and content development costs
(28,392)
(28,756)
Non-GAAP free cash flow
$ 83,925
$ 43,467
Non-GAAP free cash flow margin
14.8 %
8.2 %
Non-GAAP adjustments:
Add: Security Incident-related cash flows
5,822
15,822
Non-GAAP adjusted free cash flow
$ 89,747
$ 59,289
Non-GAAP adjusted free cash flow margin
15.8 %
11.1 %
View original content to download multimedia:https://www.prnewswire.com/news-releases/blackbaud-announces-2024-second-quarter-results-302210142.html
SOURCE Blackbaud
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Technology
Hearing Aids Market to Reach US$ 15.3 Bn by 2031, Driven by AI and Growing Accessibility | Wissen Research
Published
1 minute agoon
October 22, 2026By
SHERIDAN, Wyo., Oct. 22, 2026 /PRNewswire/ —
Hearing Aids Market Outlook: Innovation and Accessibility Drive Growth
“The hearing aids market is evolving rapidly as advances in AI, rechargeable technology, and over-the-counter devices make hearing care more accessible. With the global market projected to reach USD 15.3 billion by 2031, innovation and growing awareness of untreated hearing loss are expected to play a key role in shaping the industry,” said Mayur Jain, Research Expert at Wissen Research.
The need is large. The World Health Organization (WHO) estimates that more than 1.5 billion people worldwide live with hearing loss and about 430 million need rehabilitation for disabling hearing loss, and the report notes the number of people with hearing disorders could reach 2.5 billion by 2050. Aging populations are expanding the pool of users, while noise at work and in leisure activities is adding younger people to it. WHO calls untreated hearing loss a serious public health issue because it limits communication, education, work, and social life.
The report also points to a wide gap between the number of people with hearing loss and the number who use appropriate devices and treatment. That gap is where the industry is competing. Hearing aids have moved from simple sound amplifiers to connected, rechargeable, AI-enabled hearing aids, and a new over-the-counter category in the United States is changing how some adults buy them.
Get a Free Sample of This Report to Explore Key Findings and Data: https://www.wissenresearch.com/request-a-sample/?report=hearing-aids-market
From Amplifiers to AI: Hearing Aids Now Process Speech, Noise, and Context in Real Time
Modern hearing aids are built from microphones, digital signal processors, amplifiers, receivers, and batteries, and the technology has moved from plain sound amplification to personalized, automatically adjusting listening. Directional microphones prioritize sound coming from certain directions, feedback cancellation and adaptive noise reduction clean up the signal, and processing can now tell speech from background noise and adjust amplification to the acoustic setting.
The hardest test is a crowded room, where background conversation and ambient noise make speech difficult to follow. The report notes that how well hearing aids cope with that depends on factors such as device design, which is why manufacturers keep working on speech enhancement. The race is visible in recent launches. In August 2026, three of the five companies the report names as top players, Sonova, Demant, and WS Audiology, each introduced a new platform built around AI that processes speech and surrounding sound in real time.
Over-the-Counter, Rechargeable, and Connected: Hearing Aids Become a Consumer Product
The second shift is about access. The U.S. Food and Drug Administration (FDA) has defined a category of over-the-counter (OTC) hearing aids for adults over 18 with mild to moderate hearing impairment, who can buy them in a store or online without a prescription or fitting appointment. The report sees this opening the door to self-fitting technology, easier-to-use devices, lower-priced products, and more consumer-oriented distribution. OTC devices are not right for every case, however, and children and people who need specialized assessment still require professional fitting.
Convenience features are changing expectations as well. Rechargeable hearing aids remove the need for frequent battery purchases, Bluetooth lets users stream calls and audio from compatible devices, and smartphone apps handle volume, listening preferences, and device settings. Remote fitting and teleaudiology services add support without a clinic visit. These features are especially helpful for older users and anyone who wants a simpler device.
What’s Fueling Growth in the Hearing Aids Market
Rising prevalence of hearing loss: Aging populations and noise exposure at work and in leisure activities are expanding the number of potential users.Greater awareness of hearing care: Consumers and health professionals increasingly recognize how hearing loss affects communication, social life, and quality of life, which encourages earlier evaluation and treatment.Better sound technology: Improvements in personalization, directionality, noise reduction, feedback control, and adaptability make it easier for users to follow sound in different listening environments.Rechargeable and smart devices: Rechargeable batteries, smartphone compatibility, wireless audio streaming, and easy pairing of devices remove daily frustrations.More ways to buy: Audiology clinics, specialty shops, online stores, and OTC devices, where regulations allow, are widening access.Demand for customized products: Manufacturers are offering more styles, form factors, and technologies to match individual needs.
Challenges Facing the Hearing Aids Market
The biggest challenge is the gap between those who have hearing loss and those who use appropriate devices and care. High costs of devices and fitting, limited coverage from public programs, low awareness, stigma, and limited access to hearing specialists can all slow adoption.
Results also vary from person to person, depending on the type and degree of hearing loss, the device chosen, the fitting method, and the listening environment. Even advanced devices can struggle in noise, and some users have discomfort, trouble handling small devices, or difficulty adapting to amplification. Manufacturers must also balance reliability and pricing with battery life, wireless technology, cybersecurity, safety, and regulatory compliance.
Recent Strategic Developments in the Hearing Aids Market
In August 2026, Sonova launched its Phonak EON hearing aid platform, featuring real-time artificial intelligence to improve speech understanding and reduce listening effort. The company positioned the smaller, lighter device in the premium segment, launching first in the United States, followed by Australia and key European markets.
In August 2026, Demant A/S of Denmark introduced Oticon Reveal, a platform with Dual AI technology that processes speech and contextual sounds simultaneously in real time. The platform also adds improved feedback control and enhanced wireless connectivity, aiming to improve speech understanding and deliver a more natural listening experience.
In August 2026, WS Audiology A/S of Denmark introduced Signia’s Multi-adaptive Xperience (MaX) platform, which integrates four deep neural networks to process speech, background noise, environmental sounds, and the wearer’s own voice simultaneously. It also offers enhanced group-conversation processing, improved computing power, rechargeable functionality, and expanded Bluetooth and Auracast connectivity.
All three launches lean on AI to separate speech from everything else, and all three add connectivity.
Key Insights from Hearing Aids Market Analysis
Hearing aid devices held a leading position by product type in 2025. The category covers behind-the-ear, receiver-in-canal, in-the-ear, in-the-canal, and completely-in-canal devices. Hearing implants, including cochlear implants and bone-anchored hearing systems, are the other category, serving patients who do not get enough benefit from conventional hearing aids, and their use depends on qualification, medical assessment, surgery, rehabilitation, and reimbursement.Digital hearing aids held a leading position by technology type in 2025, because digital signal processing allows personalized amplification across different frequencies and makes features such as feedback cancellation, directional microphones, and adaptive noise reduction possible. Analog devices are used less often today.North America is the leading region, supported by developed hearing care infrastructure, specialized distribution channels, advanced hearing technologies, and the U.S. OTC category.Asia Pacific is the fastest-growing region, supported by large and aging populations, rising awareness of hearing impairment, and gradually expanding hearing care facilities. China, India, and Japan are the most important national markets, each with a different level of healthcare access, purchasing power, device adoption, and audiology infrastructure.The market is moderately consolidated, with a small group of established manufacturers holding significant competitive positions, supported by established brands, extensive distribution networks, proprietary hearing technologies, and relationships with hearing care professionals. Smaller manufacturers and emerging consumer-focused companies compete in specialized and price-sensitive segments.
Key Players in the Hearing Aids Market
Leading companies in the hearing aids market are focusing on digital signal processing, rechargeable devices, wireless connectivity, personalized fitting, speech enhancement, and expansion across professional and consumer-oriented distribution channels.
The report names Sonova AG (Switzerland), Demant A/S (Denmark), WS Audiology A/S (Denmark), GN Store Nord A/S (Denmark), and Starkey Laboratories, Inc. (US) as the top five players, participating through hearing aid devices, digital sound-processing technologies, connectivity features, and hearing care solutions. Competition turns on sound quality, comfort, battery duration, connectivity, fitting accuracy, price, availability through distribution channels, and consumer support.
Other companies profiled in the report include Cochlear Limited (Australia), MED-EL Elektromedizinische Geräte Gesellschaft m.b.H. (Austria), RION Co., Ltd. (Japan), Eargo, Inc. (US), and Audina Hearing Instruments, Inc. (US). The report also covers Amplifon S.p.A., Audicus, Inc., Nuheara Limited, Earlens Corporation, Etymotic Research, Inc., IntriCon Corporation, hearX Group, and Sound World Solutions, LLC, among others.
Regional Analysis and Growth Opportunities
North America leads the hearing aids market. The report points to developed hearing care infrastructure, specialized distribution channels, and advanced hearing technologies in North America and Europe, and to the FDA’s OTC category, which created a prescription-free route to hearing aids for adults with mild to moderate hearing loss.
Asia Pacific is the fastest-growing region. Its large and aging population, rising awareness of hearing health, and gradually expanding healthcare infrastructure support demand, with China, India, and Japan the most important national markets because of their population size and rising need for hearing care services. WHO stresses that hearing loss should be treated as an important public health issue and that access to diagnosis, treatment, and assistive technologies should improve. Growth in specialized hearing clinics, hospitals, retailers, and online channels, along with improvements in digital, wireless, and rechargeable devices, is helping make hearing aids more accessible in the region, although high costs, low awareness, limited access to specialists, and differences in reimbursement continue to limit adoption.
Europe, Latin America, and the Middle East & Africa complete the report’s regional coverage.
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Market Segmentation Snapshot
The global hearing aids market is segmented across product type, patient type, technology type, hearing loss type, distribution type, and region:
By Product Type:Hearing Aid Devices (Receiver-in-the-Ear/RIC Hearing Aids, Behind-the-Ear/BTE Hearing Aids, Canal Hearing Aids, In-the-Ear/ITE Hearing Aids, Other Hearing Aid Devices)Hearing Implants (Cochlear Implants, Bone-Anchored Hearing Systems)By Patient Type:AdultsPaediatricsBy Technology Type:DigitalAnalogBy Hearing Loss Type:Sensorineural Hearing LossConductive Hearing LossBy Distribution Type:Audiology and ENT Hospitals & ClinicsRetail & Pharmacy StoresOnline SalesBy Region:North AmericaEuropeAsia-PacificLatin AmericaMiddle East & Africa
Frequently Asked Questions
Q: What is the size of the hearing aids market?
A: The global hearing aids market is estimated at USD 10.9 billion in 2026 and is projected to reach USD 15.3 billion by 2031.
Q: What is the growth rate of the hearing aids market?
A: The hearing aids market is projected to grow at a CAGR of 7% between 2026 and 2031.
Q: What are hearing aids?
A: Hearing aids are electronic devices that capture, process, amplify, and transmit sound, making it audible to people with different degrees and types of hearing loss. The main styles are behind-the-ear, receiver-in-canal, in-the-ear, in-the-canal, and completely-in-canal devices, and many now include digital processing, rechargeable batteries, Bluetooth connectivity, and AI-assisted sound processing.
Q: How many people have hearing loss?
A: According to the World Health Organization, more than 1.5 billion people worldwide live with hearing loss, and about 430 million need rehabilitation for disabling hearing loss.
Q: What are over-the-counter hearing aids?
A: In the United States, the FDA has defined a category of over-the-counter hearing aids for adults over 18 with mild to moderate hearing impairment, who can buy them in a store or online without a prescription. They are not suitable for all types and degrees of hearing loss, and children and people who need specialized assessment still require professional diagnosis and fitting.
Q: Which technology leads the hearing aids market?
A: Digital hearing aids held a leading position by technology type in 2025, because digital signal processing allows personalized amplification and features such as feedback cancellation, directional microphones, and adaptive noise reduction.
Q: Which product type leads the hearing aids market?
A: Hearing aid devices, which include behind-the-ear, receiver-in-canal, in-the-ear, in-the-canal, and completely-in-canal styles, held a leading position by product type in 2025, ahead of hearing implants such as cochlear implants.
Q: Which region leads the hearing aids market?
A: North America is the leading region in the hearing aids market, while Asia Pacific is the fastest-growing region through 2031.
Q: Who are the top players in the hearing aids market?
A: Leading companies in the hearing aids market include Sonova AG, Demant A/S, WS Audiology A/S, GN Store Nord A/S, and Starkey Laboratories, Inc.
The report describes a shift from amplifying sound to understanding it, and from a product sold through clinics to one that can also be bought off the shelf. For manufacturers, the work ahead is delivering hearing aids that perform in noisy real-world settings, stay affordable, and reach the many people who have hearing loss but do not yet use a device.
Get the Complete Hearing Aids Market Report – Forecasts, Insights & Growth Opportunities: https://www.wissenresearch.com/market-research-reports-pricings/hearing-aids-market
Expert Profile | Mayur Jain, Wissen Research
Mayur Jain is a Research Expert at Wissen Research with multidomain expertise with more than 12+ years of experience in market research industry.
Email: mayur@wissenresearch.com
LinkedIn: https://www.linkedin.com/in/mayur-jain-0190542a/
About Wissen Research
Wissen Research is a global market intelligence and consulting firm specializing in healthcare, life sciences, technology, and emerging industries. The company provides data-driven insights, strategic market analysis, and industry forecasts to help organizations make informed business decisions and identify new growth opportunities across global markets
Company Contact:
Wissen Research LLC,
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Technology
AHN Cancer Center Expands Successful Screening Initiative with New Workplace Program for Regional Employers
Published
1 minute agoon
October 22, 2026By
Dollar Bank becomes first participating employer as AHN brings life-saving cancer screenings directly to the workplace
PITTSBURGH, Oct. 22, 2026 /PRNewswire/ — Building on the success of its longstanding cancer screening program, Allegheny Health Network (AHN) Cancer Center is launching a new workplace cancer screening initiative designed to bring convenient, potentially life-saving cancer screenings directly to employees across western Pennsylvania.
The new program, part of the AHN Cancer Center’s S.T.O.P. Cancer initiative, will partner with large employer groups to offer on-site cancer screening events that remove barriers to preventive care and help identify cancer at its earliest, most treatable stages. S.T.O.P. Cancer stands for Screen, Test, Outsmart and Prevent Cancer.
Dollar Bank is the first employer to participate in the initiative. On Oct. 29, AHN Cancer Center clinicians will host an exclusive cancer screening event for eligible Dollar Bank employees, offering convenient access to screenings and educational resources focused on cancer prevention and early detection. AHN Cancer Center leaders are also working with the Pittsburgh Firefighters Union to schedule a workplace screening event in early 2027.
The new effort expands on AHN’s successful comprehensive cancer screening program, which has provided thousands of screenings across western Pennsylvania through dedicated screening clinics, community events and partnerships designed to increase access to preventive care. AHN has hosted large-scale screening events throughout the region, including programs with community organizations and professional sports partners, helping connect residents with screenings they might otherwise delay or forgo.
“Early detection remains one of the most powerful tools we have in the fight against cancer,” said David Bartlett, MD, director of the AHN Cancer Center. “By bringing screening services directly to workplaces, we are making it easier for people to prioritize their health, access recommended screenings and identify concerns before symptoms develop. This initiative reflects our commitment to meeting people where they are and helping more individuals take proactive steps to prevent cancer or detect it early.”
Workplace screening events will be customized based on employee demographics, screening eligibility guidelines and organizational needs. In addition to screening opportunities, participants will receive education about cancer prevention, risk factors and follow-up care resources.
“At Dollar Bank, we are committed to supporting the health and well-being of our employees,” said Jim McQuade, president and CEO of Dollar Bank. “Partnering with AHN Cancer Center to bring cancer screenings directly to our workplace makes preventive care more convenient and accessible for our team members. We are proud to be the first employer participating in this innovative program and to help raise awareness about the importance of early detection.”
Dollar Bank and AHN officials hope the event will serve as a model for future employer partnerships aimed at increasing access to cancer screenings throughout the region.
Cancer remains one of the leading causes of death in the United States, yet many recommended screenings continue to be underutilized due to challenges related to transportation, scheduling and awareness. AHN’s workplace model aims to eliminate many of those barriers by offering screening opportunities in convenient, familiar settings.
“Our S.T.O.P. Cancer initiative is focused on reducing the burden of cancer through prevention and early detection,” said Dr. Bartlett. “Expanding access through employer partnerships is a natural next step in that mission and an important opportunity to improve health outcomes across our communities.”
AHN expects to add additional employer partners throughout 2027 as the program grows.
About the Allegheny Health Network – and the AHN Cancer Center
Allegheny Health Network is a western Pennsylvania-based integrated healthcare system that serves patients from across a five-state region that includes western Pennsylvania and the adjacent regions of Ohio, West Virginia, Maryland, and New York. The Network’s Cancer Center employs more than 200 physicians and 500 oncology professionals who provide a complete spectrum of oncology care at 24 affiliated oncology clinics, including access to state-of-the-art technologies and new therapies being explored in hundreds of clinical cancer trials. The Cancer Center has the only cancer program in the Pittsburgh region accredited as an Integrated Network Cancer Program by the American College of Surgeons Commission on Cancer, and its radiation oncology program is the largest in the country accredited by the American Society for Radiation Oncology. AHN Cancer Center is a Quality Oncology Practice Initiative certified practice, and is accredited by the Foundation for Accreditation of Cellular Therapy, National Accreditation Program for Breast Centers and the National Accreditation Program for Rectal Cancer.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ahn-cancer-center-expands-successful-screening-initiative-with-new-workplace-program-for-regional-employers-302917237.html
SOURCE Allegheny Health Network
Technology
BRG Communications Adds Four Senior Leaders Amid Continued Agency Growth in Healthcare Communications
Published
1 minute agoon
October 22, 2026By
New appointments expand client leadership and deepen expertise in research, insights and digital strategy
ALEXANDRIA, Va., Oct. 22, 2026 /PRNewswire/ — BRG Communications (BRG), an award-winning healthcare public relations agency based in the Washington, D.C. area, announced four senior appointments: Caitlin Chase and Leanne Stone as vice president, managing directors, Brandon Kenah as director of research, insights and measurement, and Vijaya Singh as director of digital strategy and integrated visibility. The hires add experienced client leadership, deepen the agency’s research, insights and digital expertise, and support its continued growth.
These appointments come as BRG Communications celebrates its 25th anniversary, following six consecutive years of double-digit revenue growth and a 38% increase in team size over the past year. These investments reflect the agency’s commitment to building on its established strengths, creating opportunities for its tenured team members and bringing deeper expertise to the organizations it serves.
“One of the most rewarding parts of our growth is the opportunity it creates — for our people to expand their careers, for our clients to benefit from greater depth of expertise and for BRG to take on increasingly complex challenges,” said Jane Barwis, president and CEO of BRG Communications. “We’re intentionally bringing in experienced leaders who add new perspectives and capabilities while creating room for our long-standing team members to grow into expanded roles. It’s about building on the strengths that got us here while continually raising what we’re able to deliver.”
Expanding Senior Client Leadership
Caitlin Chase, Vice President, Managing Director, brings extensive experience guiding strategic communications, reputation and stakeholder engagement for organizations working at the intersection of healthcare, innovation and social impact. Her background includes leadership roles at XPRIZE Foundation and the American Heart Association, where she helped translate complex issues into compelling narratives and integrate communications programs. Chase brings expertise in strategic positioning, thought leadership and mission-driven communications, strengthening BRG’s counsel to organizations navigating complex challenges and working to advance meaningful change.
Leanne Stone, Vice President, Managing Director, brings deep experience leading integrated marketing and communications programs for global healthcare and consumer brands. Most recently with Burson, Stone has led multidisciplinary teams and large-scale campaigns for clients including Novo Nordisk on drugs including Ozempic and Wegovy. Her expertise in brand strategy, creative development, earned and paid media, and integrated communications strengthens BRG Communications’ ability to develop programs that connect audience insights, compelling storytelling, and measurable business outcomes.
Together, Chase and Stone strengthen BRG’s senior client leadership, providing additional strategic counsel, cross-disciplinary expertise and capacity to support the agency’s expanding portfolio of clients.
Deepening Research, Insights and Digital Expertise
Brandon Kenah, Director of Research, Insights and Measurement, brings more than a decade of experience using research, analytics and measurement to inform communications strategy across healthcare, life sciences and consumer industries. Previously with Lippe Taylor and Burson, Kenah has led research and audience intelligence programs that shape brand positioning, messaging and campaign development. At BRG, he will help deepen the integration of research and insights across client work, strengthening the foundation for strategic recommendations, identifying new opportunities and advancing the agency’s ability to measure communications effectiveness.
Vijaya Singh, Director of Digital Strategy, brings more than 10 years of experience developing data-driven digital communications and integrated campaigns for healthcare, technology and emerging brands. Her background includes roles with Mount Sinai, Zeno Group, and D2 Creative, where she developed digital strategies, audience engagement programs, and performance-driven campaigns. At BRG, Singh will deepen the agency’s digital strategy expertise, helping clients connect audience intelligence, creative content and emerging technologies to build engagement and deliver measurable results.
The additions of Kenah and Singh build on BRG Communications’ established research and digital offerings, bringing added leadership, specialized expertise and new approaches that can be applied across the agency’s client portfolio.
As BRG marks 25 years of Communications for Better Living, these investments underscore the agency’s commitment to growing with intention, bringing together the talent, experience and capabilities to support its people, strengthen client partnerships and deliver work that makes a difference.
About BRG Communications
Founded in 2001, BRG Communications is a top-ranked PR agency, delivering award-winning communications dedicated to Communications for Better Living. Specializing in healthcare, wellness and organizations advancing better living, BRG partners with corporations, associations and nonprofit organizations to build reputations, inspire action and create meaningful impact. Recognized as PRWeek’s 2026 Outstanding Small Agency, BRG combines deep sector knowledge, strategic creativity and a commitment to its clients and people. Learn more at www.brgcommunications.com.
Media Contact:
Maureen Higgins, Vice President
BRG Communications
mhiggins@brgcommunications.com
703-739-8366
View original content:https://www.prnewswire.com/news-releases/brg-communications-adds-four-senior-leaders-amid-continued-agency-growth-in-healthcare-communications-302917356.html
SOURCE BRG COMMUNICATIONS
Hearing Aids Market to Reach US$ 15.3 Bn by 2031, Driven by AI and Growing Accessibility | Wissen Research
AHN Cancer Center Expands Successful Screening Initiative with New Workplace Program for Regional Employers
BRG Communications Adds Four Senior Leaders Amid Continued Agency Growth in Healthcare Communications
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