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Logitech Delivers Record Sales, Up 22%

Jaa

Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the third quarter of Fiscal Year 2018.

  • Q3 sales were an all-time record $812 million, up 22 percent in US dollars and 18 percent in constant currency, compared to Q3 of the prior year.
  • Q3 GAAP operating income amounted to $100 million, compared to $96 million in the same quarter a year ago. Q3 GAAP earnings per share (EPS) amounted to $0.48, compared to $0.59 in the same quarter a year ago. GAAP profitability was impacted by a one-time $16 million net tax expense following the reduction in the U.S. federal income tax rate and other reforms.
  • Q3 non-GAAP operating income grew 18 percent to $117 million, compared to $99 million in the same quarter a year ago. Q3 non-GAAP EPS grew 16 percent to $0.65, compared to $0.56 in the same quarter a year ago.
  • Cash flow from operations grew 27 percent to $189 million, the highest quarterly level ever.

“This holiday quarter, we’ve delivered our highest quarterly sales ever and highest sales growth in seven years,” said Bracken Darrell, Logitech president and chief executive officer. “Video Collaboration, Gaming and Mobile Speakers all grew 25% or more, and we gained share broadly across our product categories. Our ASTRO acquisition also performed better than expected. We are raising our Fiscal Year 2018 outlook.”

Outlook

Logitech raised its Fiscal Year 2018 outlook to 12 to 14 percent sales growth in constant currency, up from its previous range of 10 to 12 percent sales growth in constant currency. The Company also increased its non-GAAP operating income outlook for Fiscal Year 2018 to a range of $270 million to $280 million, up from its prior range of $260 million to $270 million.

Prepared Remarks Available Online

Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate website at http://ir.logitech.com.

Financial Results Teleconference and Webcast

Logitech will hold a financial results teleconference to discuss the results for Q3 FY 2018 on Tuesday, January 23, 2018 at 8:30 a.m. Eastern Standard Time and 2:30 p.m. Central European Time. A live webcast of the call will be available on the Logitech corporate website at http://ir.logitech.com.

Use of Non-GAAP Financial Information and Constant Currency

To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures, which exclude share-based compensation expense, amortization of intangible assets, purchase accounting effect on inventory, acquisition-related costs, change in fair value of contingent consideration for business acquisition, restructuring charges (credits), gain (loss) on investments in privately held companies, investigation and related expenses, non-GAAP income tax adjustment, and other items detailed under “Supplemental Financial Information” after the tables below. Logitech also presents percentage sales growth in constant currency to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales. Logitech believes this information, used together with the GAAP financial information, will help investors to evaluate its current period performance and trends in its business. With respect to the Company’s outlook for non-GAAP operating income, most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to the GAAP amounts has been provided for Fiscal Year 2018.

About Logitech

Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. More than 35 years ago, Logitech started connecting people through computers, and now it’s a multi-brand company designing products that bring people together through music, gaming, video and computing. Brands of Logitech include Ultimate Ears, Jaybird, Logitech G and ASTRO Gaming. Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @Logitech.

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding: our preliminary financial results for the three and nine months ended December 31, 2017 and our outlook for Fiscal Year 2018 operating income and sales growth. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities or our growth opportunities are more limited than we expect; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if our products and marketing strategies fail to separate our products from competitors’ products; if we do not fully realize our goals to lower our costs and improve our operating leverage; if there is a deterioration of business and economic conditions in one or more of our sales regions or product categories, or significant fluctuations in exchange rates. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2017 and our Annual Report on Form 10-K for the fiscal year ended March 31, 2017, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.

Note that unless noted otherwise, comparisons are year over year.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

 
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS *
(In thousands, except per share amounts) - unaudited
       
Three Months Ended
December 31,
Nine Months Ended
December 31,
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (A) 2017 2016 2017 2016
 
Net sales $ 812,021 $ 666,707 $ 1,974,437 $ 1,710,875
Cost of goods sold 533,631 418,015 1,271,127 1,083,908
Amortization of intangible assets and purchase accounting effect on inventory 2,789   1,929   6,304   4,705  
Gross profit 275,601   246,763   697,006   622,262  
 
Operating expenses:
Marketing and selling 116,153 102,036 325,917 279,700
Research and development 34,398 32,284 106,144 96,867
General and administrative 22,291 24,598 72,850 75,543
Amortization of intangible assets and acquisition-related costs 2,496 1,494 6,377 4,535
Change in fair value of contingent consideration for business acquisition   (9,925 ) (4,908 ) (9,925 )
Total operating expenses 175,338   150,487   506,380   446,720  
Operating income 100,263 96,276 190,626 175,542
Interest income 874 202 3,097 263
Other income (expense), net (324 ) 2,634   (894 ) 943  
Income before income taxes 100,813 99,112 192,829 176,748
Provision for income taxes 20,040   1,647   18,691   10,297  
Net income $ 80,773   $ 97,465   $ 174,138   $ 166,451  
 
Net income per share:
Basic $ 0.49 $ 0.60 $ 1.06 $ 1.03
Diluted $ 0.48 $ 0.59 $ 1.03 $ 1.01
 
Weighted average shares used to compute net income per share:
Basic 164,248 161,977 163,924 162,070
Diluted 169,079 165,901 168,832 165,211
 
Cash dividend per share $ $ $ 0.63 $ 0.57
 
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS *
(In thousands) - unaudited
   
CONDENSED CONSOLIDATED BALANCE SHEETS (A) December 31,
2017
March 31,
2017
 
Current assets:
Cash and cash equivalents $ 564,888 $ 547,533
Accounts receivable, net 351,753 185,179
Inventories 278,979 253,401
Other current assets 57,530   41,732  
Total current assets 1,253,150 1,027,845
Non-current assets:
Property, plant and equipment, net 86,901 85,408
Goodwill 275,563 249,741
Other intangible assets, net 92,371 47,564
Other assets 122,839   88,119  
Total assets $ 1,830,824   $ 1,498,677  
 
Current liabilities:
Accounts payable $ 429,119 $ 274,805
Accrued and other current liabilities 278,055   232,273  
Total current liabilities 707,174 507,078
Non-current liabilities:
Income taxes payable 34,410 51,797
Other non-current liabilities 82,004   83,691  
Total liabilities 823,588   642,566  
 
Shareholders’ equity:
Registered shares, CHF 0.25 par value: 30,148 30,148
Issued and authorized shares — 173,106 at December 31 and March 31, 2017
Conditionally authorized shares — 50,000 at December 31 and March 31, 2017
Additional paid-in capital 38,902 26,596
Shares in treasury, at cost — 8,899 at December 31, 2017 and 10,727 at March 31, 2017 (164,559 ) (174,037 )
Retained earnings 1,197,912 1,074,110
Accumulated other comprehensive loss (95,167 ) (100,706 )
Total shareholders’ equity 1,007,236   856,111  
Total liabilities and shareholders’ equity $ 1,830,824   $ 1,498,677  
 
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS *
(In thousands) - unaudited
 
  Three Months Ended
December 31,
  Nine Months Ended
December 31,
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (A) 2017   2016 2017   2016
 
Cash flows from operating activities:
Net income $ 80,773 $ 97,465 $ 174,138 $ 166,451
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 10,850 8,863 30,218 32,479
Amortization of intangible assets 4,415 2,751 10,653 6,618
Gain on investments in privately held companies (114 ) (375 ) (550 ) (547 )
Loss (gain) on disposal of property, plant and equipment (5 ) 7
Share-based compensation expense 11,556 9,387 33,239 26,354
Deferred income taxes 18,661 (88 ) 6,728 (473 )
Change in fair value of contingent consideration for business acquisition (9,925 ) (4,908 ) (9,925 )
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net (72,310 ) (42,413 ) (164,028 ) (139,414 )
Inventories 52,386 13,123 (5,692 ) (15,194 )
Other assets (10,463 ) (1,608 ) (18,953 ) (6,346 )
Accounts payable 41,575 25,419 151,711 109,095
Accrued and other liabilities 51,260   46,162   43,521   71,549  
Net cash provided by operating activities 188,584   148,761   256,084   240,647  
Cash flows from investing activities:
Purchases of property, plant and equipment (10,405 ) (8,614 ) (27,593 ) (23,372 )
Investment in privately held companies (360 ) (160 ) (880 ) (640 )
Acquisitions, net of cash acquired (3,323 ) (88,323 ) (66,987 )
Proceeds from return of investment in privately held companies 237
Changes in restricted cash 715
Purchases of short-term investments (6,789 )
Sales of short-term investments 6,789 6,789
Purchases of trading investments (1,843 ) (597 ) (2,842 ) (5,868 )
Proceeds from sales of trading investments 2,152   616   3,209   5,912  
Net cash used in investing activities (6,990 ) (8,755 ) (116,192 ) (90,240 )
Cash flows from financing activities:
Payment of cash dividends (104,248 ) (93,093 )
Payment of contingent consideration for business acquisition (5,000 ) (5,000 )
Purchases of registered shares (9,726 ) (20,870 ) (20,408 ) (63,764 )
Proceeds from exercises of stock options and purchase rights 947 5,871 30,947 20,355
Tax withholdings related to net share settlements of restricted stock units (1,799 ) (2,007 ) (25,505 ) (13,054 )
Net cash used in financing activities (15,578 ) (17,006 ) (124,214 ) (149,556 )
Effect of exchange rate changes on cash and cash equivalents 24     (4,623 ) 1,677   (6,468 )
Net increase (decrease) in cash and cash equivalents 166,040     118,377   17,355   (5,617 )
Cash and cash equivalents, beginning of the period 398,848   395,201   547,533   519,195  
Cash and cash equivalents, end of the period $ 564,888   $ 513,578   $ 564,888   $ 513,578  
 
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS *
(In thousands) - unaudited
           
NET SALES Three Months Ended
December 31,
Nine Months Ended
December 31,
SUPPLEMENTAL FINANCIAL INFORMATION 2017 2016 Change 2017 2016 Change
 
Net sales by product category:
Pointing Devices $ 140,983 $ 142,166 (1 )% $ 386,700 $ 382,249 1 %
Keyboards & Combos 126,372 125,289 1 361,685 359,824 1
PC Webcams 27,280 30,503 (11 ) 80,371 80,072
Tablet & Other Accessories 26,648 24,852 7 80,650 59,351 36
Video Collaboration 46,252 35,807 29 128,008 88,298 45
Mobile Speakers 147,377 106,578 38 300,843 261,046 15
Audio-PC & Wearables 84,435 67,225 26 197,082 186,058 6
Gaming 173,802 107,181 62 365,232 242,874 50
Smart Home 38,692 26,942 44 73,481 49,916 47
Other (1) 180   164   10 385   1,187   (68 )
Total net sales $ 812,021   $ 666,707   22 $ 1,974,437   $ 1,710,875   15

(1) Other category includes products that we currently intend to transition out of, or have already transitioned out of, because they are no longer strategic to our business.

 
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS *
(In thousands, except per share amounts) - Unaudited
       
GAAP TO NON-GAAP RECONCILIATION (A)(B) Three Months Ended
December 31,
Nine Months Ended
December 31,
SUPPLEMENTAL FINANCIAL INFORMATION 2017 2016 2017 2016
 
Gross profit - GAAP $ 275,601 $ 246,763 $ 697,006 $ 622,262
Share-based compensation expense 960 617 2,762 1,930
Amortization of intangible assets and purchase accounting effect on inventory 2,789   1,929   6,304   4,705  
Gross profit - Non-GAAP $ 279,350   $ 249,309   $ 706,072   $ 628,897  
 
Gross margin - GAAP 33.9 % 37.0 % 35.3 % 36.4 %
Gross margin - Non-GAAP 34.4 % 37.4 % 35.8 % 36.8 %
 
Operating expenses - GAAP $ 175,338 $ 150,487 $ 506,380 $ 446,720
Less: Share-based compensation expense 10,596 8,770 30,477 24,424
Less: Amortization of intangible assets and acquisition-related costs 2,496 1,494 6,377 4,535
Less: Change in fair value of contingent consideration for business acquisition (9,925 ) (4,908 ) (9,925 )
Less: Restructuring credits, net (33 ) (116 ) (44 )
Less: Investigation and related expenses       612  
Operating expenses - Non-GAAP $ 162,246   $ 150,181   $ 474,550   $ 427,118  
 
% of net sales - GAAP 21.6 % 22.6 % 25.6 % 26.1 %
% of net sales - Non - GAAP 20.0 % 22.5 % 24.0 % 25.0 %
 
Operating income - GAAP $ 100,263 $ 96,276 $ 190,626 $ 175,542
Share-based compensation expense 11,556 9,387 33,239 26,354
Amortization of intangible assets 4,415 2,751 10,653 6,618
Purchase accounting effect on inventory 500 457 614 1,160
Acquisition-related costs 370 215 1,412 1,462
Change in fair value of contingent consideration for business acquisition (9,925 ) (4,908 ) (9,925 )
Restructuring credits, net (33 ) (116 ) (44 )
Investigation and related expenses       612  
Operating income - Non - GAAP $ 117,104   $ 99,128   $ 231,520   $ 201,779  
 
% of net sales - GAAP 12.3 % 14.4 % 9.7 % 10.3 %
% of net sales - Non - GAAP 14.4 % 14.9 % 11.7 % 11.8 %
 
Net income - GAAP $ 80,773 $ 97,465 $ 174,138 $ 166,451
Share-based compensation expense 11,556 9,387 33,239 26,354
Amortization of intangible assets 4,415 2,751 10,653 6,618
Purchase accounting effect on inventory 500 457 614 1,160
Acquisition-related costs 370 215 1,412 1,462
Change in fair value of contingent consideration for business acquisition (9,925 ) (4,908 ) (9,925 )
Restructuring credits, net (33 ) (116 ) (44 )
Investigation and related expenses 612
Gain on investments in privately held companies (114 ) (375 ) (550 ) (547 )
Non-GAAP income tax adjustment 13,015   (7,595 ) 2,033   (8,649 )
Net income - Non - GAAP $ 110,515   $ 92,347   $ 216,515   $ 183,492  
 
Net income per share:
Diluted - GAAP $ 0.48 $ 0.59 $ 1.03 $ 1.01
Diluted - Non - GAAP $ 0.65 $ 0.56 $ 1.28 $ 1.11
 
Shares used to compute net income per share:
Diluted - GAAP and Non - GAAP 169,079 165,901 168,832 165,211
 
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS *
(In thousands) – unaudited
       
SHARE-BASED COMPENSATION EXPENSE Three Months Ended
December 31,
Nine Months Ended
December 31,
SUPPLEMENTAL FINANCIAL INFORMATION 2017 2016 2017 2016
 
Share-based Compensation Expense
Cost of goods sold $ 960 $ 617 $ 2,762 $ 1,930
Marketing and selling 4,624 4,006 13,348 10,687
Research and development 1,621 1,176 4,797 3,007
General and administrative 4,351   3,588   12,332   10,730  

Total share-based compensation expense

11,556 9,387 33,239 26,354
Income tax benefit (provision) 3,038   (2,391 ) (11,921 ) (6,092 )
Total share-based compensation expense, net of income tax $ 14,594   $ 6,996   $ 21,318   $ 20,262  

* Note: These preliminary results for the three and nine months ended December 31, 2017 are subject to adjustments, including subsequent events that may occur through the date of filing our Quarterly Report on Form 10-Q.

(A) Preliminary valuation from the business acquisition

The preliminary fair value of assets acquired and liabilities assumed from the business acquisition during the current period is included in the tables. The fair value of identifiable intangible assets acquired was based on estimates and assumptions made by us at the time of the acquisition. As additional information becomes available, such as finalization of purchase price adjustment and the finalization of the estimated fair value of the assets acquired and liabilities assumed, we may revise our preliminary or interim estimated fair value of the assets acquired and liabilities assumed during the remainder of the measurement periods (which will not exceed 12 months from the acquisition dates).

(B) Non-GAAP Financial Measures

To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.

While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting both our performance and our cash-generating potential, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. In assessing our business during the quarter ended December 31, 2017, we excluded items in the following general categories, each of which are described below:

Share-based compensation expenses. We believe that providing non-GAAP measures excluding share-based compensation expense, in addition to the GAAP measures, allows for a more transparent comparison of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine share-based compensation expense. We believe that excluding share-based compensation expense enhances our ability and the ability of investors to understand the impact of non-cash share-based compensation on our operating results and to compare our results against the results of other companies.

Amortization of intangible assets. We incur intangible asset amortization expense, primarily in connection with our acquisitions of various businesses and technologies. The amortization of purchased intangibles varies depending on the level of acquisition activity. We exclude these various charges in budgeting, planning and forecasting future periods and we believe that providing the non-GAAP measures excluding these various non-cash charges, as well as the GAAP measures, provides additional insight when comparing our gross profit, operating expenses, and financial results from period to period.

Purchase accounting effect on inventory. Business combination accounting principles require us to measure acquired inventory at fair value. The fair value of inventory reflects the acquired company’s cost of manufacturing plus a portion of the expected profit margin. The non-GAAP adjustment excludes the expected profit margin component that is recorded under business combination accounting principles associated with our business acquisitions. We believe the adjustment is useful to investors because such charges are not reflective of our ongoing operations.

Acquisition-related costs and change in fair value of contingent consideration for business acquisition. We incurred expenses and credits in connection with our acquisitions which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition related costs include all incremental expenses incurred to effect a business combination. Fair value of contingent consideration is associated with our estimates of the value of earn-outs in connection with certain acquisitions. We believe that providing the non-GAAP measures excluding these costs and credits, as well as the GAAP measures, assists our investors because such costs are not reflective of our ongoing operating results.

Restructuring charges (credits). These expenses are associated with re-aligning our business strategies based on current economic conditions. We have undertaken several restructuring plans in recent years. In connection with our restructuring initiatives, we incurred restructuring charges related to employee terminations, facility closures and early cancellation of certain contracts. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges (credits) are not reflective of our ongoing operating results in the current period.

Gain (loss) on investments in privately held companies. We recognized gain (loss) related our investments in various privately-held companies, which varies depending on the operational and financial performance of the privately-held companies in which we invested. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operations.

Investigation and related expenses. These expenses are forensic accounting, audit, consulting and legal fees related to the Audit Committee’s investigation and the formal investigation by and settlement with the Securities and Exchange Commission (SEC), together with accruals based on settlement with the SEC. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operations.

Non-GAAP income tax adjustment. Non-GAAP income tax adjustment primarily measures the income tax effect of non-GAAP adjustments excluded above and other events; the determination of which is based upon the nature of the underlying items, the mix of income and losses in jurisdictions and the relevant tax rates in which we operate.

Each of the non-GAAP financial measures described above, and used in this press release, should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in the Company’s financial results for the foreseeable future. We compensate for these limitations by providing specific information in the reconciliation included in this press release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information.

Additional Supplemental Financial Information - Constant Currency

In addition, Logitech presents percentage sales growth in constant currency to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales.

(LOGIIR)

Contact information

Logitech International
Ben Lu
Vice President, Investor Relations - USA
510-713-5568
or
Krista Todd
Vice President, Communications - USA
510-713-5834
or
Ben Starkie
Corporate Communications - Europe
+41 (0) 79-292-3499

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At the International Society for Pharmacoeconomics and Outcomes Research (ISPOR) 23rd Annual International Meeting in Baltimore, Celltrion Healthcare today advocated for healthcare systems to introduce biologics earlier in a patient’s treatment regimen in order to improve clinical outcomes. Several studies show that the early introduction of biologics can bring greater clinical benefit to patients.1,2,3,4,5,6 However, only a limited number of patients have access to biological treatment due to the high-cost of biologics and current reimbursement policies determined by pharmacoeconomic evaluations. Since the introduction of biosimilars, the overall cost of biological treatments has reduced in Europe, allowing an increased number of patients to access this important treatment option earlier in their course of treatment.7 Professor Jørgen Jahnsen said, “For the treatment of inflammatory bowel disease, biological treatments are proven to be the most efficacious medical therapy and their ea

Dole’s Joint Venture Recycling Company Celebrates 25 Years21.5.2018 14:00Tiedote

Dole Food Company announced today that Recyplast S.A., an innovative plastic recycling company based in Costa Rica and with joint ownership including a subsidiary of Dole Fresh Fruit, recently surpassed 25 years in its mission to dramatically reduce and reuse agricultural waste. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180521005160/en/ Raul Martinez (right), General Manager of Dole Standard Fruit de Costa Rica, receives a plaque from Jose Miguel Ramirez, General Manager of Recyplast, in recognition of the contribution of Dole's banana plantations in the correct handling, storage, and provision of field plastic waste. The plastic recycling facility pioneered the collection of field plastics after use in banana growing operations in Costa Rica. This reuse and recycling process includes reclamation of plastic bags that protect bananas from weather and insects, as well as the collection of plastic twine used to prop the ba

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