Clarivate Plc reports developments in data, analytics and workflow software for academia and government, intellectual property, and life sciences and healthcare. Its news commonly covers earnings, subscription and recurring revenue trends, cash flow and leverage actions, and progress under its operating improvement initiatives.
Company updates also focus on AI-enabled research and decision-support products, including Web of Science Research Intelligence, Nexus Connect, Cortellis Regulatory Intelligence, Derwent-based patent analytics and other Clarivate data assets. Recurring announcements address institutional research intelligence, academic library workflows, regulatory intelligence for life sciences teams, intellectual property benchmarks and investor conference appearances.
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On May 18, 2021, Clarivate Plc (NYSE:CLVT) announced a strategic partnership with Alt Legal, Inc. to integrate CompuMark™ international trademark data into Alt Legal's platform. This collaboration aims to enhance Alt Legal's offerings by providing access to 186 trademark databases globally. The integration will allow users to receive updates on trademark filings, streamline workflows, and minimize human error. Alt Legal is responding to client demand for broader international capabilities, positioning itself as a leading docketing solution for global trademark management.
Clarivate (NYSE: CLVT) has agreed to acquire ProQuest for $5.3 billion, enhancing its position as a leading provider of research intelligence solutions. The deal includes $4 billion in cash and $1.3 billion in equity, with expected closing in Q3 2021. ProQuest serves over 25,000 institutions globally, and this acquisition will expand Clarivate’s data offerings significantly. Financially, the transaction is projected to be accretive to earnings, with anticipated cost synergies exceeding $100 million within 15-18 months, paired with substantial cash tax savings.
Clarivate Plc (NYSE: CLVT) will present at the Barclays Americas Select Franchise Conference on May 19, 2021, at 1:00 PM Eastern Time. The presentation will feature Executive Chairman and CEO Jerre Stead and CFO Richard Hanks. A live webcast will be available on the Investor Relations section of Clarivate's website, with a replay accessible for 30 days post-event. Clarivate is dedicated to accelerating innovation through actionable insights and solutions in science and intellectual property.
Clarivate reaffirmed its 2021 outlook for key financial metrics including Adjusted revenues, Adjusted EBITDA, and Adjusted free cash flow. The company also filed its Form 10-Q for Q1 2021, reporting a net loss of $24.0 million ($0.04 per diluted share), an improvement from a loss of $129.6 million in Q1 2020. Adjusted net income rose to $88.4 million ($0.14 per diluted share) versus $25.5 million ($0.07 per diluted share) year-over-year. Additionally, adjustments were made to the classification of certain warrants as liabilities, impacting financial statements without altering reported revenues or cash flows.
Clarivate Plc (NYSE: CLVT) announced the winners of the 2020 Revenue Cycle Awards, recognizing healthcare organizations for outstanding performance in revenue cycle KPIs. The winners include ThedaCare (WI), University of Iowa Hospitals & Clinics (IA), and Essentia Health (MN). Award recipients adapted to pandemic challenges, enhancing operations to support staff and patients. Winners demonstrated top decile performance metrics, including first-pass appeal success rates and online payment percentages, showcasing effective revenue cycle management amidst the COVID-19 crisis.
Clarivate Plc (NYSE: CLVT) reported strong results for Q1 2021, with revenues of $428.4 million, up 78% year-over-year. Adjusted revenues also increased by 78% to $431.5 million. Organic revenues rose 7%, driven by a 6% increase in subscription revenues and a 10% rise in transactional revenues. However, the company faced a GAAP loss from operations of $34.2 million, up 21%. Adjusted EBITDA surged 111% to $164.8 million. Cash from operations was $174 million, significantly higher than the previous year. The company updated its 2021 outlook to forecast 6% to 8% organic growth.
Clarivate Plc (NYSE: CLVT) announced enhancements to its Cortellis Deals Intelligence, introducing new deal trend visualizations and predictive analytics powered by artificial intelligence. These tools aim to streamline the assessment of potential net present value (NPV) for in-licensing candidates in drug development. The integration of real-time data allows users to make informed decisions and better estimate deal sizes. Notably, biopharma deal-making reached record levels in 2020, with nearly $200 billion in transactions.
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Clarivate Plc (NYSE: CLVT) has appointed Julie Wilson as the new Chief People Officer, succeeding Andrea Degutis, who retires after four years. This leadership transition occurs during a period of significant growth and transformation for the company. CEO Jerre Stead acknowledged Degutis's vital contributions, especially during the pandemic. Wilson, formerly at Cerner Corporation, brings extensive experience in talent management and a commitment to a high-performance culture. Clarivate aims to enhance employee engagement and profitability while positioning itself as one of the world's best workplaces.