Innovate Corp Stock Price, News & Analysis

Catalent, Inc. (NYSE: CTLT) has appointed Joseph A. Ferraro as its Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary, based in Somerset, New Jersey. Mr. Ferraro brings extensive experience from his tenure at Innovate Corp. (NYSE: VATE) and Prospect Capital (NASDAQ: PSEC), where he managed global legal and compliance operations, including significant M&A transactions. He will lead Catalent's legal and compliance teams and report to Steven Fasman, Chief Administrative Officer. This strategic appointment is expected to enhance Catalent's legal oversight as it navigates the highly regulated life sciences market.

MediBeacon Inc. has made significant strides in its Phase 3 study aimed at kidney disease, announcing amendments to its partnership with Huadong Medicine. This includes $10 million in funding through Q2 2023, with a milestone payment of $7.5 million contingent on FDA approval of the MediBeacon® TGFR Measurement System. The device measures Glomerular Filtration Rate non-invasively and has been designated as a Breakthrough Device by the FDA. The company has submitted three of five required PMA modules, moving closer to FDA approval.

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.