Welcome to our dedicated page for Innovate news (Ticker: VATE), a resource for investors and traders seeking the latest updates and insights on Innovate stock.
Innovate Corp (NYSE: VATE) is a diversified holding company that manages a portfolio of best-in-class assets across three critical sectors of the modern economy: infrastructure, life sciences, and spectrum. With a commitment to stakeholder capitalism, Innovate leverages its operational expertise to drive growth and innovation across its subsidiaries, employing over 4,000 people globally.
Infrastructure Segment
The infrastructure segment is anchored by DBM Global Inc., a fully integrated industrial construction and structural steel fabrication provider. DBM Global offers a comprehensive range of services, including the fabrication and erection of structural steel and heavy steel plate. These services cater to industries such as commercial construction, heavy industry, and facility maintenance. By combining engineering expertise with advanced fabrication technologies, DBM Global plays a crucial role in delivering large-scale, complex construction projects that meet the demands of modern infrastructure development.
Life Sciences Segment
The life sciences segment is represented by Pansend Life Sciences, which focuses on developing innovative medical technologies and treatments. Key areas of focus include addressing early osteoarthritis of the knee and advancing aesthetic and medical technologies for skin health. Through its subsidiaries, such as R2 Technologies, Pansend Life Sciences is at the forefront of advancements in CryoAesthetics® and other cutting-edge solutions. These innovations aim to improve patient outcomes and expand access to advanced healthcare treatments, particularly in the fields of dermatology and chronic disease management.
Spectrum Segment
The spectrum segment operates under HC2 Broadcasting Holdings Inc., which manages a network of over-the-air broadcasting stations across the United States. By leveraging its extensive spectrum assets, HC2 Broadcasting delivers high-quality, accessible broadcasting services to a diverse audience. Its operations support media companies, advertisers, and content providers, enabling them to reach wide-ranging demographics through innovative broadcasting solutions.
Strategic Vision
Innovate Corp’s ability to integrate operational excellence and strategic oversight across its subsidiaries is a defining characteristic of its business model. By fostering innovation and efficiency within each segment, the company ensures that its subsidiaries remain competitive in their respective markets. This multifaceted approach not only diversifies risk but also positions Innovate as a key player in sectors critical to the modern economy.
Market Challenges and Differentiation
Operating in highly competitive and regulated industries, Innovate faces challenges such as market competition, regulatory compliance, and the complexity of managing diverse business units. However, its differentiated approach—centered on operational expertise, strategic capital allocation, and a focus on innovation—enables it to navigate these challenges effectively. Innovate’s subsidiaries benefit from shared resources and strategic guidance, allowing them to achieve scale and efficiency in their operations.
By maintaining a balanced portfolio across infrastructure, life sciences, and spectrum, Innovate Corp demonstrates a commitment to creating long-term value for its stakeholders while addressing critical needs in construction, healthcare, and media.
INNOVATE Corp. (NYSE: VATE) has scheduled the release of its fourth quarter and full year 2024 financial results for Monday, March 31, 2025, after market close. The company will host an earnings conference call at 4:30 p.m. ET on the same day to discuss the results, operations, and strategy.
Investors can access the live broadcast through INNOVATE's Investor Relations website at www.innovate-ir.com. A replay will be available after the call until April 14, 2025. Participants can join via domestic dial-in at 1-877-704-4453 or international at 1-201-389-0920, with replay numbers 1-844-512-2921 (domestic) and 1-412-317-6671 (international), conference number 13750910.
INNOVATE Corp. (NYSE: VATE) announced that MediBeacon's Transdermal GFR System received approval from China's NMPA for kidney function assessment. The system consists of the TGFR Monitor and TGFR Sensor, while Lumitrace® (relmapirazin) injection is expected to be approved in late 2025.
The technology received the TGFR Innovative Medical Device Designation in 2021, granted to only 10% of applications. Recent studies published in the Clinical Kidney Journal revealed that current eGFR methods misclassified 35% of patients' CKD stages. Additionally, research published in JASN demonstrated the system's exceptional correlation (r² = 0.90) with plasma mGFR across all skin types.
The TGFR system, including Lumitrace, recently received FDA approval on January 17th. MediBeacon is developing next-generation TGFR products with updated software and algorithms.
INNOVATE Corp. (NYSE: VATE) announced FDA approval of the MediBeacon® Transdermal GFR System (TGFR) for assessing kidney function. This first-in-kind system comprises the TGFR Sensor, Monitor, and Lumitrace® injection, enabling non-invasive kidney function assessment without blood draws or urine analysis.
The system measures kidney function by tracking a fluorescent tracer agent's clearance rate through a skin sensor, providing real-time readings at the point of care. Clinical trials demonstrated strong efficacy with a P30 value of 94%, meeting FDA requirements. The technology works effectively across the adult population regardless of age, weight, sex, gender, race, or ethnicity.
This innovation addresses a significant healthcare need, as over 800 million people worldwide suffer from Chronic Kidney Disease (CKD), with associated deaths increasing over recent decades. No serious or severe adverse events were observed in clinical studies.
R2 Technologies, a portfolio company of INNOVATE Corp. (NYSE: VATE), reported significant growth in 2024, with a 294% increase in worldwide Glacial Skin system unit sales compared to last year. The company announced new partnerships with Woodhouse Spas and leading skincare brands including Epicutis, iS CLINICAL, BABOR, and BioSkin Aesthetics. Providers using Glacial Skin systems saw a 168% increase in patients treated and a 58% increase in monthly utilization. The company's social media presence grew substantially, with a 4,086% increase in mentions during Q3.
INNOVATE Corp. (NYSE: VATE) reported Q3 2024 financial results with revenue of $242.2 million, a 35.5% decrease from $375.3 million in Q3 2023. The company posted a net loss of $15.3 million ($1.18 per share). Infrastructure segment DBM Global's revenue decreased 37% to $232.8 million, while Life Sciences saw record worldwide system unit sales growth of 416% year-over-year. Spectrum segment revenue grew to $6.4 million from $5.4 million. Total Adjusted EBITDA was $16.8 million compared to $22.1 million in Q3 2023. Cash and cash equivalents stood at $51.0 million as of September 30, 2024.
INNOVATE Corp. (NYSE: VATE) has announced that it will release its financial results for the third quarter 2024 on Wednesday, November 6, 2024, after market close. The company will host an earnings conference call on the same day at 4:30 p.m. ET to review the results, operations, and strategy.
Investors can access the live call through INNOVATE's Investor Relations website at www.innovate-ir.com. For those unable to listen live, a replay will be available shortly after the call on the same website. The conference call can also be accessed via phone using the following details:
- Live Call Domestic: 1-800-717-1738
- Live Call International: 1-646-307-1865
- Replay Domestic: 1-844-512-2921
- Replay International: 1-412-317-6671
- Conference Number: 1192054
The replay will be available until November 20, 2024.
INNOVATE Corp. (NYSE: VATE) has regained compliance with the New York Stock Exchange's (NYSE) minimum price requirement. The company received a letter from the NYSE on August 27, 2024, confirming that it is no longer considered below the continued listing criterion of a minimum average share price of $1.00 over a 30 trading-day period.
CEO Paul Voigt expressed satisfaction with this development, stating that regaining compliance allows the company to refocus on its positive growth story. This announcement marks a significant milestone for INNOVATE, as it ensures the company's continued listing on the NYSE and potentially improves investor confidence.
INNOVATE Corp. (NYSE: VATE) announced its second quarter 2024 results, reporting consolidated revenue of $313.1 million, a 15.1% decrease from the prior year. Despite the revenue decline, the company reported net income of $14.1 million, a significant improvement from a net loss of $10.5 million in the same period last year. Adjusted EBITDA increased by 61.8% to $26.7 million. The Infrastructure segment, DBM Global, reported revenue of $305.2 million, down 15.8%, but managed to grow its gross margin to 20.2%. The Life Sciences segment, R2, achieved record Glacial system sales in North America. Spectrum saw growth driven by new network launches and cost-cutting measures. The company announced a 1-for-10 reverse stock split effective August 9, 2024.
INNOVATE Corp. (NYSE: VATE) has announced an extension of the effective date for its 1-for-10 reverse stock split to August 8, 2024, after the close of trading on the NYSE. The stock is expected to begin trading on a split-adjusted basis on August 9, 2024. This move aims to increase the per share market price to meet the NYSE's minimum bid price requirement for continued listing. The reverse split, approved by stockholders on June 18, 2024, will reclassify every ten shares into one new share. Adjustments will be made to outstanding equity awards and convertible securities. The number of authorized shares and par value will remain unchanged. Computershare, Inc. is acting as the exchange agent for the split.
INNOVATE Corp. (NYSE: VATE) has announced a 1-for-10 reverse stock split of its common stock, effective August 2, 2024. The primary goal is to increase the per share market price to meet the NYSE's minimum bid price requirement for continued listing. Trading on a split-adjusted basis will commence on August 5, 2024, under the existing symbol 'VATE'.
Key points:
- Every ten shares will be reclassified into one new share
- Adjustments will be made to outstanding equity awards and convertible securities
- The number of authorized shares and par value remain unchanged
- Computershare is acting as the exchange agent
- Stockholders with book-entry shares need not take action; those with certificates must turn them in
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