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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) reported a 7.1% increase in revenue to $423.0 million for Q3 2022, driven by its Infrastructure segment, which saw strong demand. The company achieved a remarkable 96.9% reduction in net loss to $6.6 million from $213.0 million, reflecting improved performance across its segments. Adjusted EBITDA rose by 14.7% to $16.4 million. The total backlog stood at $1.9 billion, while the company received a notice from the NYSE regarding continued listing standards compliance.
INNOVATE Corp. (NYSE: VATE) will release its third quarter 2022 financial results on November 2, 2022, after market close. A conference call to discuss these results, along with operational insights and strategic initiatives, is scheduled for the same day at 4:30 p.m. ET. Interested parties can participate via phone or listen to the live broadcast on the company’s Investor Relations website. Call-in details include a domestic dial-in number of 1-877-300-8521 and an international option of 1-412-317-6026. A replay will be available until November 16, 2022.
INNOVATE Corp. (NYSE: VATE) reported a significant revenue increase of 60.9% year-over-year, reaching $392.2 million in Q2 2022, driven primarily by its Infrastructure segment. The company also noted an 86.2% rise in Total Adjusted EBITDA, totaling $12.1 million. Despite a net loss of $13.6 million, improved performance at DBM Global and MediBeacon's FDA acceptance for its kidney monitoring technology highlighted the company's potential. However, Spectrum's revenue fell by 14.2%, reflecting challenges in advertising and programming.
INNOVATE Corp. (NYSE: VATE) announced the appointment of Amy Wilkinson to its Board of Directors, aiming to enhance shareholder value across its Infrastructure, Life Sciences, and Spectrum segments. Wilkinson, a consultant to Fortune 500 firms and founder of Ingenuity, brings extensive management and global business expertise. Her previous roles include White House Fellow and positions at McKinsey & Company. The Board now consists of five members, with four being independent.
INNOVATE Corp. (NYSE: VATE) will release its Q2 2022 financial results on August 3, 2022, after market close. An earnings conference call is scheduled for the same day at 4:30 p.m. ET, during which the Company will discuss its financial performance and strategic operations. The call can be accessed through the Company’s Investor Relations website, with specific dial-in instructions provided for both live participation and replay. INNOVATE is focused on stakeholder capitalism and operates in key areas including Infrastructure, Life Sciences, and Spectrum.
INNOVATE Corp. (NYSE: VATE) announced the immediate appointment of Brian Goldstein to its Board of Directors, enhancing the board's expertise in tax and strategic guidance. Goldstein brings over 35 years of experience from PwC, where he developed the U.S. Indirect Tax practice. The board now comprises four members, with three being independent. INNOVATE has also reduced board size to five and is seeking candidates for an additional independent director. The move aims to optimize assets across Infrastructure, Life Sciences, and Spectrum.
INNOVATE Corp. (NYSE: VATE) announced the resignation of three board directors, Michael Gorzynski, Shelly C. Lombard, and Kenneth S. Courtis, effective June 17, 2022. The directors will not stand for re-election during the 2022 Annual Meeting of Stockholders scheduled for June 16, 2022. The Company expressed gratitude for their service and is planning to identify new independent directors to fill the vacancies. The press release also included a cautionary statement regarding forward-looking statements related to the company's governance and compliance with NYSE listing standards.
INNOVATE Corp. (NYSE: VATE) reported a 140.3% increase in revenue for Q1 2022, reaching $412.8 million, driven by its Infrastructure segment. However, the company posted a net loss of $13.6 million compared to a profit of $12.2 million in Q1 2021. Notably, DBM Global achieved record revenues of $402.2 million. The Total Adjusted EBITDA surged 1,050.0% to $11.5 million.
Despite strong growth, the company experienced a decline in backlog from $1,580.9 million to $1,382.9 million. The Life Sciences and Spectrum segments are also progressing, with R2 shipping 100 GLACIAL® devices globally.
R2 Technologies, a subsidiary of INNOVATE Corp (NYSE: VATE), announced significant milestones in the development of its CryoAesthetic™ devices. The company shipped 100 GLACIAL® devices globally and performed over 15,000 treatment cycles in the first year of commercial sales. Recent presentations at the ASLMS annual meeting highlighted the clinical benefits of the GLACIAL® Rx platform, designed to reduce inflammation and enhance skin appearance. Customer feedback has been overwhelmingly positive, with 100% of surveyed patients expressing satisfaction.
INNOVATE Corp. (NYSE: VATE) plans to release its Q1 2022 financial results on May 4, 2022, after market close. A live earnings conference call will take place at 4:30 p.m. ET on the same day, discussing these results, operations, and strategies. Participants can join via domestic dial-in at 1-844-826-3033 or toll/international at 1-412-317-5185. A replay will be available after the call until May 18, 2022. INNOVATE operates across infrastructure, life sciences, and spectrum sectors with approximately 3,902 employees.
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