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) generates news across its three reported segments: Infrastructure, Life Sciences and Spectrum. As a holding company with operating subsidiaries and equity method investments, its disclosures cover developments in structural steel construction, medical technology, aesthetic devices and over-the-air broadcasting.
News about the Infrastructure segment often focuses on DBM Global Inc., a family of companies providing integrated steel construction services. Coverage includes project activity, revenue by segment, backlog levels and cash dividends paid by DBM Global to its stockholders, with INNOVATE identified as the largest stockholder.
In Life Sciences, INNOVATE’s news highlights regulatory and commercial milestones at portfolio companies such as MediBeacon Inc. and R2 Technologies, Inc. Releases have detailed U.S. Food and Drug Administration approval for MediBeacon’s TGFR system, approvals in China for the Transdermal GFR System and Lumitrace injection, and growth in R2’s Glacial Skin CryoAesthetics platforms and global system sales.
The Spectrum segment generates updates on broadcasting operations, including revenue trends, new network launches and datacasting initiatives using ATSC 3.0 technology. INNOVATE has reported on the launch of ATSC 3.0 stations for a large mobile carrier and efforts to expand reach with additional networks.
Investors and followers of VATE can use this news feed to review INNOVATE’s quarterly earnings releases, Form 8-K announcements, refinancing transactions, segment performance commentary and major events at DBM Global, MediBeacon and R2. Regular updates provide a consolidated view of how developments in each segment contribute to the overall INNOVATE portfolio.
INNOVATE Corp. (NYSE: VATE) announced its financial results for Q1 2023 will be released on May 2, 2023, post-market. The Company will host an earnings conference call the same day at 4:30 p.m. ET, discussing its results, operations, and strategy. Participants can access the call via the Investor Relations website or by dialing the provided numbers. A replay will be available for those unable to attend live. INNOVATE operates in Infrastructure, Life Sciences, and Spectrum sectors and employs approximately 3,800 people across its subsidiaries. For more information, visit www.INNOVATECorp.com.
INNOVATE Corp. (NYSE: VATE) announced the adoption of a new Tax Benefits Preservation Plan on April 3, 2023, aimed at safeguarding its net operating loss carryforwards (NOLs) and other tax attributes following the expiration of a prior plan. As of December 31, 2022, the company had approximately $226.3 million in federal NOLs and $169.2 million in Section 163j interest limitation carryforwards. The new plan will limit ownership changes that could jeopardize these tax assets by deterring individuals or groups from acquiring over 4.9% of shares. The plan will terminate on October 1, 2023, unless extended by shareholder approval at the 2023 annual meeting.
INNOVATE Corp. (NYSE: VATE) reported strong financial results for the fourth quarter and fiscal year 2022, achieving a 3.7% increase in quarterly revenue to $409.3 million and a 35.9% annual revenue growth to $1,637.3 million. Despite a net loss of $7 million for the quarter, this marked an 82.2% reduction from 2021. Key segments, including Infrastructure with $1.6 billion in revenue, contributed to these results. Adjusted EBITDA rose 27.1% in Q4, totaling $28.1 million. The company also met NYSE compliance standards for share price, ensuring continued trading.
INNOVATE Corp. (NYSE: VATE) announced the successful completion of the sale of its 19% interest in HMN International Co. Ltd. to affiliates of Hengtong Optic-Electric Co Ltd. This transaction, initiated through a supplemental agreement in June 2022, will net INNOVATE approximately $32 million after taxes and fees. The funds are earmarked for reinvestment, debt repayment, and general working capital, enhancing the company's balance sheet flexibility. CEO Wayne Barr, Jr. highlighted that the proceeds will support the development of their innovative operating businesses aimed at sustainable growth and value creation.
On March 2, 2023, INNOVATE Corp. (NYSE: VATE) announced a rescheduling of its fourth quarter and full year 2022 earnings release to March 14, 2023, after market close. The earnings conference call will take place on the same day at 4:30 p.m. ET, focusing on the results, operations, and strategy of the company. INNOVATE operates in infrastructure, life sciences, and spectrum sectors, employing approximately 3,902 people across its subsidiaries.
INNOVATE Corp. (NYSE: VATE) announced it will release its financial results for Q4 and full year 2022 on March 8, 2023, 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. Interested parties can access the call via the Investor Relations website, with dial-in options available for domestic and international participants. A replay will be provided post-call until March 22, 2023. For further details, visit www.INNOVATECorp.com.
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.