Forward Inds Inc N Y - FORD STOCK NEWS

Intelligent Product Solutions (IPS), a subsidiary of Forward Industries (NASDAQ: FORD), has received a New York Product Design award for its design work on the EON Laser, an FDA-cleared fat reduction device developed for Dominion Aesthetic Technologies.

The EON Laser represents a breakthrough in aesthetic medicine as the industry's first touch-free and painless treatment for subcutaneous fat reduction. The device works by using laser energy to heat subcutaneous fat, triggering lipolysis while simultaneously cooling the skin. This non-invasive alternative to liposuction is currently available at aesthetic surgery centers and med-spas across the United States.

The award recognizes IPS's contribution to innovative medical device design. The company, headquartered in New York, specializes in product design and engineering services, particularly in medtech and wearable technology solutions, serving leading brands like Google, Verizon, Zebra Technologies, and Steinway.

Intelligent Product Solutions (IPS), a subsidiary of Forward Industries (NASDAQ:FORD), has announced the promotion of Bob Wild to Chief Executive Officer (CEO). Former CEO and Co-founder Paul Severino will continue as President. Wild, who joined IPS in 2011, previously served as Chief Operating Officer and has held various leadership roles within the company.

Wild brings extensive experience from his previous roles at BAE Systems and Symbol Technologies. He holds an MBA in Accounting and Finance from Stony Brook University, an MS EE from NYU Polytechnic, and a BS EE from Stony Brook University.

Founded in 2007, IPS has grown to employ over 100 product designers and engineers, specializing in product design and development services with expertise in medtech and wearable technology solutions. The company serves leading brands including Neuvotion, Google, Verizon, Zebra Technologies, and Steinway.

Neuvotion, an early-stage medical device company, has expanded its partnership with Intelligent Product Solutions (IPS) to commercialize its NeuStim™ technology for stroke and spinal cord injury treatment. Forward Industries, IPS's parent company, has made an undisclosed investment in Neuvotion to accelerate the market launch of NeuStim™.

The company specializes in AI-driven neuromodulation technologies for neurorehabilitation, brain-computer interface, and physical therapy markets. The partnership leverages IPS's medical device design and engineering expertise to bring Neuvotion's solutions to market, aiming to improve patient recovery outcomes.

Intelligent Product Solutions (IPS), a product design firm and division of Forward Industries (NASDAQ: FORD), has joined the Advancing a Sustainable Hospital-at-Home Ecosystem at Scale (HaH) project. The initiative, co-hosted by the Digital Medicine Society (DiMe) and Consumer Technology Association (CTA), aims to improve digitally-enabled home care.

The project involves over 20 partners working to define hospital-at-home tech stack elements and functionality. Data shows hospitals offering in-home care have achieved reduced costs, improved outcomes, and better patient experiences. Research indicates two-thirds of individuals aged 60-79 prefer aging at home, though only 35% report technology helping their health routine.

Intelligent Product Solutions (IPS), a Forward Industries (NASDAQ: FORD) company, has announced the appointment of Brad Carlson as Vice President of Technology and Business Development. Dr. Carlson brings over 20 years of experience in medical devices and industrial markets, specializing in product strategy and development. His previous roles include VP of Research and Development at LivaNova and leadership positions at Danaher and Envista Holdings.

Bob Wild, COO of IPS, expressed enthusiasm about Carlson joining the team, highlighting his expertise as an engineer, innovator, and strategic leader. Dr. Carlson, who holds a PhD in Computer Engineering from Syracuse University, stated his excitement to bring new insights to IPS as they work to provide top service to clients. IPS is an award-winning global product design and development company with expertise in MedTech and wearable technology solutions.

Forward Industries (NASDAQ: FORD) announced a 1-for-10 reverse stock split effective June 18, 2024. This move is aimed at complying with Nasdaq's $1.00 minimum bid price requirement. Shareholders approved the split on June 10, 2024, and the company's board selected the 1-for-10 ratio. The stock will begin trading on a split-adjusted basis on June 18, 2024, with a new CUSIP number 349862 409. The reverse split will consolidate every ten shares into one while maintaining the overall shareholder equity percentage except for rounding adjustments. No fractional shares will be issued; they will be rounded up to the nearest whole share. The transfer agent, Equiniti Stock Transfer, will manage the exchange process.

Intelligent Product Solutions (IPS), a Forward Industries company, has launched the Advanced Concept Studio (ACS) division. ACS focuses on industrial design, UX/UI, product strategy, VR/AR visualization, and AI interface development. The award-winning team has developed products for major brands like Zebra Technologies, Med Spas, and aesthetic surgeons. The division emphasizes rapid prototyping, user research, and interdisciplinary collaboration. ACS aims to transform innovative ideas into scalable, well-designed solutions through a commitment to excellence and expansion of capabilities.

Forward Industries, Inc. (NASDAQ:FORD) reported a decrease in revenues to $7.8 million in the second quarter of fiscal year 2024, down by 19.6% from the previous year. Despite an increase in gross margin to 20.5%, the company faced a loss from continuing operations of $0.5 million. The net loss was $0.6 million, with basic and diluted loss per share at $0.05. The cash balance stood at $2.3 million as of March 31, 2024. CEO Terry Wise highlighted the company's focus on profitability and cost management.