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 excels in three fundamental sectors of the new economy: infrastructure, life sciences, and spectrum. With a workforce of over 4,300 employees across its subsidiaries, INNOVATE is committed to stakeholder capitalism, ensuring that the interests of all stakeholders are considered in its operations.
The company's infrastructure segment is led by DBM Global Inc., which specializes in industrial construction and structural steel services. DBM Global offers integrated solutions that range from the fabrication and erection of structural steel to the maintenance of industrial facilities.
In the life sciences segment, INNOVATE operates through Pansend Life Sciences. This subsidiary focuses on developing innovative products for early osteoarthritis treatment of the knee, as well as aesthetic and medical skin technologies. These projects aim to revolutionize patient care with advanced medical solutions.
The spectrum segment is managed by HC2 Broadcasting Holdings Inc., which runs over-the-air broadcasting stations throughout the United States. This segment is crucial for providing accessible and widespread broadcasting services.
Recently, INNOVATE announced that it expects to use the proceeds from its rights offering for various general corporate purposes, further strengthening its financial position and supporting its growth initiatives. The company remains proactive in exploring new opportunities and forming strategic partnerships to enhance its asset portfolio and drive long-term value.
For the latest updates and detailed information on INNOVATE's performance, projects, and developments, visit their official website or contact Solebury Strategic Communications.
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
INNOVATE Corp. (NYSE: VATE) has announced it will release its second quarter 2024 financial results on August 7, 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 be accessed via phone using the following details:
- Domestic Dial-In: 1-800-717-1738
- Toll/International: 1-646-307-1865
- Conference Number: 1133462
The conference replay will be available until August 20, 2024.
INNOVATE Corp. announced first quarter 2024 results, with $315.2 million in revenue, a 0.8% decrease from the previous year. Net loss was $17.7 million, a 73.5% increase, with $12.8 million Adjusted EBITDA, up 161.2%. DBM Global had $307.9 million in revenue, R2 had record North America sales, and Broadcasting saw revenue growth from new network launches.
INNOVATE Corp. (NYSE: VATE) will unveil its first-quarter 2024 financial results on May 7, 2024, after the market closes. An earnings conference call will take place the same day at 4:30 p.m. ET. The call will be live-streamed on the company's Investor Relations website. Dial-in details are provided for interested parties. A replay will be accessible on the website post the call.
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