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) delivers essential updates across its three core sectors: infrastructure development, life sciences innovation, and spectrum technology. This dedicated news hub provides stakeholders with timely announcements, strategic initiatives, and operational milestones from the diversified holding company and its subsidiaries.
Investors and industry observers will find comprehensive coverage of material developments including quarterly results, partnership agreements, regulatory filings, and technological advancements. The curated news flow enables efficient tracking of DBM Global's construction projects, Pansend Life Sciences' medical breakthroughs, and HC2 Broadcasting's spectrum utilization strategies.
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INNOVATE Corp. (NYSE: VATE) announced that its operating subsidiary DBM Global Inc. (DBMG), a steel construction services provider, will distribute a cash dividend of $5.5 million, equivalent to $1.42 per share. The dividend will be paid on June 16, 2025 to DBMG stockholders of record as of June 2, 2025. As DBMG's largest shareholder, INNOVATE expects to receive approximately $5 million of the total dividend payout. Notably, INNOVATE's individual stockholders will not be eligible to receive this cash dividend.
INNOVATE Corp. (NYSE: VATE) has announced it will release its first quarter 2025 financial results on Tuesday, May 6, 2025, after market close. The company will host an earnings conference call at 4:30 p.m. ET on the same day to discuss the results, operations, and strategy.
Investors and interested parties can access the live broadcast through INNOVATE's Investor Relations website at www.innovate-ir.com. The conference call can be accessed via domestic dial-in at 1-877-704-4453 or international at 1-201-389-0920. A replay will be available approximately three hours after the call through May 20, 2025, accessible via domestic (1-844-512-2921) or international (1-412-317-6671) numbers with conference number 13753315.
INNOVATE Corp. (NYSE: VATE) reported Q4 2024 results with consolidated revenue of $236.6 million, down 34.5% year-over-year. The company posted a net loss of $16.9 million, or $1.29 per share.
Key segment performance:
- Infrastructure: DBM Global revenue decreased 36.2% to $225.7 million, with adjusted backlog of $1.1 billion
- Life Sciences: MediBeacon received FDA approval for its TGFR kidney function assessment system. R2 Technologies achieved 113% Q4 growth in worldwide system unit sales
- Spectrum: Broadcasting revenue grew to $6.8 million, up from $5.7 million year-over-year
The company reduced total debt by $54.5 million year-over-year. Cash and cash equivalents stood at $48.8 million as of December 31, 2024, compared to $80.8 million the previous year.
INNOVATE Corp. (NYSE: VATE) has scheduled the release of its fourth quarter and full year 2024 financial results for Monday, March 31, 2025, after market close. The company will host an earnings conference call at 4:30 p.m. ET on the same day to discuss the results, operations, and strategy.
Investors can access the live broadcast through INNOVATE's Investor Relations website at www.innovate-ir.com. A replay will be available after the call until April 14, 2025. Participants can join via domestic dial-in at 1-877-704-4453 or international at 1-201-389-0920, with replay numbers 1-844-512-2921 (domestic) and 1-412-317-6671 (international), conference number 13750910.
INNOVATE Corp. (NYSE: VATE) announced that MediBeacon's Transdermal GFR System received approval from China's NMPA for kidney function assessment. The system consists of the TGFR Monitor and TGFR Sensor, while Lumitrace® (relmapirazin) injection is expected to be approved in late 2025.
The technology received the TGFR Innovative Medical Device Designation in 2021, granted to only 10% of applications. Recent studies published in the Clinical Kidney Journal revealed that current eGFR methods misclassified 35% of patients' CKD stages. Additionally, research published in JASN demonstrated the system's exceptional correlation (r² = 0.90) with plasma mGFR across all skin types.
The TGFR system, including Lumitrace, recently received FDA approval on January 17th. MediBeacon is developing next-generation TGFR products with updated software and algorithms.
INNOVATE Corp. (NYSE: VATE) announced FDA approval of the MediBeacon® Transdermal GFR System (TGFR) for assessing kidney function. This first-in-kind system comprises the TGFR Sensor, Monitor, and Lumitrace® injection, enabling non-invasive kidney function assessment without blood draws or urine analysis.
The system measures kidney function by tracking a fluorescent tracer agent's clearance rate through a skin sensor, providing real-time readings at the point of care. Clinical trials demonstrated strong efficacy with a P30 value of 94%, meeting FDA requirements. The technology works effectively across the adult population regardless of age, weight, sex, gender, race, or ethnicity.
This innovation addresses a significant healthcare need, as over 800 million people worldwide suffer from Chronic Kidney Disease (CKD), with associated deaths increasing over recent decades. No serious or severe adverse events were observed in clinical studies.
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.
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