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Radius Recycling, Inc. (NASDAQ: RDUS), formerly known as Schnitzer Steel Industries, Inc., stands as a prominent figure in North America's recycling and steel manufacturing industry. Established in 1906 in Portland, Oregon, the company has evolved from a small, one-man scrap metal operation into a major player in the market, boasting a diversified and vertically integrated business model.
Radius Recycling specializes in the recycling of ferrous and nonferrous metals, including end-of-life vehicles, and the manufacture of finished steel products. Their operational network comprises 54 metals recycling facilities, 50 self-service auto parts stores, and an electric arc furnace steel mill. This extensive infrastructure enables Radius to meet global demand efficiently.
Key Business Units:
- Metals Recycling Business: Processes a substantial quantity of recycled ferrous and nonferrous metals, significantly contributing to environmental sustainability and resource conservation.
- Auto Parts Business: Operates 50 retail stores selling serviceable parts from salvaged vehicles, receiving over 4 million annual visits from retail customers.
- Steel Manufacturing Business: Produces a variety of finished steel products, including rebar and wire rod, using eco-friendly electric arc furnace technology.
Despite the challenges posed by tight supply flows and adverse weather conditions impacting sales volumes, Radius Recycling has demonstrated resilience and adaptability. Recent productivity initiatives aim to reduce selling, general, and administrative expenses by 10%, alongside increasing production efficiencies, expected to yield $40 million in annual benefits.
Recent Financial Highlights:
- Revenue: Achieved $2.5 billion in fiscal 2014, reflecting robust market presence and operational efficiency.
- Global Reach: Positions in 25 states, Puerto Rico, and Western Canada, with deep-water export facilities expanding its market access.
- Strategic Initiatives: Focused on enhancing nonferrous production and expanding recycling services, positioning the company favorably against market headwinds.
Under the leadership of Tamara Lundgren, Chairman and CEO, Radius Recycling remains focused on cost control, operational efficiency, and strategic growth. The company's commitment to sustainability and low-carbon technologies aligns with global decarbonization trends, positioning Radius to capitalize on future market opportunities.
Partnerships and Projects: Radius continues to invest in advanced metal recovery technologies and expand its recycling platform, supporting its mission of promoting environmental sustainability and efficient resource use.
The company will report its financial results for the second quarter of fiscal 2024 on April 4, 2024, with a webcast conference call hosted by Tamara Lundgren and Stefano Gaggini, Senior Vice President and CFO, to discuss the results.
Radius Health and Menarini have submitted a New Drug Application (NDA) to the FDA for elacestrant, an investigational oral SERD for treating ER+/HER2- advanced breast cancer. The submission includes a request for Priority Review, which could lead to an 8-month review timeline. The NDA is based on positive results from the EMERALD study, which demonstrated significant efficacy in patients, including those with ESR1 mutations. Menarini plans to manage commercialization in the U.S. via its subsidiary, Stemline Therapeutics.
Velan Capital and Repertoire Partners, major stockholders of Radius Health (RDUS), advocate for a board reconstitution ahead of the July 8, 2022 Annual Meeting. They cite a 60% employee turnover and a 10% decline in net sales since CEO Martin's tenure began. The current board's governance has led to persistent value destruction, with Radius' stock price down 59% over the past year. Velan-Repertoire urges stockholders to vote for their nominees, citing significant upside potential and promising a roadmap to generate over $100 million in annual Adjusted EBITDA.
Rubric Capital Management, holding 14.62% of Radius Health (NASDAQ: RDUS), announced plans to support Velan-Repertoire's director candidates at the upcoming annual meeting on July 8, 2022. The investment firm expressed concerns over Radius's corporate governance and management's ability to enhance shareholder value. Key initiatives proposed include maximizing the value of Tymlos and elacestrant royalty, generating cash flows from tax attributes, and empowering a top-tier management team. Rubric believes that Radius shares could see an upside of 80%-135% based on a comprehensive evaluation of its assets.
Velan-Repertoire, a prominent stockholder of Radius Health (NASDAQ: RDUS), highlights serious governance issues within the company, including a 49% stock price decline and 60% employee turnover during CEO G. Kelly Martin's leadership. Despite claims of 'internal activism,' the Board's lack of oversight and prioritization of personal interests over stockholder value is emphasized. The group advocates for change by promoting their nominees, including Eric Ende, Cynthia Flowers, and Ann MacDougall, who have proven track records of enhancing stockholder value.
Radius Health, Inc. (NASDAQ: RDUS) has announced significant global expansion for its product TYMLOS (abaloparatide) through new agreements with Labatec Pharma SA (Switzerland and MENA), Pharmbio Korea Inc. (South Korea), and Biosidus (Colombia). This adds 13 new countries outside the U.S., joining Japan and Canada. Radius anticipates regulatory approvals in Japan and Canada by the end of 2022, with potential launches in up to four markets in the first half of 2023. The company will receive milestone payments along with cost of goods sold considerations from these agreements.
Velan Capital Investment Management and Repertoire Partners, owning approximately 7.7% of Radius Health, Inc. (RDUS), filed a proxy statement for the election of their nominees, Eric Ende, Cynthia Flowers, and Ann MacDougall, to the Board. They criticize the current Board for value destruction, poor governance, and mismanagement. Velan-Repertoire argues that substantial change is essential to unlock the company's potential and urges shareholders to vote for their nominees at the July 8, 2022 Annual Meeting.
Radius Health (NASDAQ: RDUS) and Menarini Group announced promising results from the EMERALD phase 3 trial presented at the 2022 ASCO Annual Meeting. The trial evaluated elacestrant, an investigational oral selective estrogen receptor degrader (SERD), in ER+/HER2- metastatic breast cancer patients without prior chemotherapy. Results showed a significant prolongation of progression-free survival (PFS) in this subgroup, with a 31% reduction in progression or death risk (HR=0.681; P=0.00388). Elacestrant achieved median PFS of 3.68 months versus 1.97 months for standard care.
Radius Health (Nasdaq: RDUS) filed its definitive proxy statement for the 2022 Annual Meeting of Stockholders, scheduled for July 8, 2022. The company urges shareholders to vote for its independent director nominees—Catherine J. Friedman, Jean-Pierre Garnier, Ph.D., and Andrew C. von Eschenbach, M.D.—to support continued progress under a refreshed Board and management. Key achievements since 2020 include a 20% reduction in SG&A expenses, a 66% increase in net revenue per employee, and a strengthened capital structure aimed at long-term value creation.
Radius Health provided an update on its abaloparatide transdermal system (abalo-TDS) development program. Following regulatory feedback, the company determined that an additional clinical trial is needed to proceed, with a potential launch now pushed to the second half of 2025. Consequently, Radius will cease work on abalo-TDS, eliminating prospective costs exceeding $100 million over the next three years. The decision reflects a strategic capital management approach amid delays and additional funding requirements.
Radius Health, Inc. (Nasdaq: RDUS) announced the appointment of Jennifer A. Jarrett and Susan Vissers Lisa as new independent directors, enhancing the Board's expertise and gender diversity. Both directors bring significant experience from the life sciences sector, with Jarrett serving as COO of Arcus Biosciences and Lisa as former Senior VP of Investor Relations at CVS Health. In addition, the Board proposed corporate governance changes to allow easier charter amendments and implement proxy access for long-term shareholders. These changes aim to align interests with shareholders.
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