Innovate Corp Stock Price, News & Analysis

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.

INNOVATE Corp. (NYSE: VATE) reported a 140.3% increase in revenue for Q1 2022, reaching $412.8 million, driven by its Infrastructure segment. However, the company posted a net loss of $13.6 million compared to a profit of $12.2 million in Q1 2021. Notably, DBM Global achieved record revenues of $402.2 million. The Total Adjusted EBITDA surged 1,050.0% to $11.5 million.

Despite strong growth, the company experienced a decline in backlog from $1,580.9 million to $1,382.9 million. The Life Sciences and Spectrum segments are also progressing, with R2 shipping 100 GLACIAL® devices globally.

R2 Technologies, a subsidiary of INNOVATE Corp (NYSE: VATE), announced significant milestones in the development of its CryoAesthetic™ devices. The company shipped 100 GLACIAL® devices globally and performed over 15,000 treatment cycles in the first year of commercial sales. Recent presentations at the ASLMS annual meeting highlighted the clinical benefits of the GLACIAL® Rx platform, designed to reduce inflammation and enhance skin appearance. Customer feedback has been overwhelmingly positive, with 100% of surveyed patients expressing satisfaction.

INNOVATE Corp. (NYSE: VATE) plans to release its Q1 2022 financial results on May 4, 2022, after market close. A live earnings conference call will take place at 4:30 p.m. ET on the same day, discussing these results, operations, and strategies. Participants can join via domestic dial-in at 1-844-826-3033 or toll/international at 1-412-317-5185. A replay will be available after the call until May 18, 2022. INNOVATE operates across infrastructure, life sciences, and spectrum sectors with approximately 3,902 employees.

INNOVATE Corp. (NYSE: VATE) reported a remarkable fourth quarter in 2021 with revenue soaring to $394.8 million, a 121.8% increase from the previous year. The Infrastructure segment, particularly DBM Global, led this growth with record revenues of $383.4 million. Despite a net loss of $5.2 million, down from $7.1 million in Q4 2020, Adjusted EBITDA also rose significantly to $22.1 million. The company maintains a strong backlog of $1,580.9 million, indicating robust future potential.

INNOVATE Corp. (NYSE: VATE) will announce its fourth quarter and full year 2021 financial results on March 9, 2022, after market close. An earnings conference call will follow at 4:30 p.m. ET, discussing the results, operations, and strategic direction. Interested parties can access the live call via INNOVATE’s Investor Relations website. For those unable to attend, a replay will be available post-call until March 23, 2022. INNOVATE operates in key sectors including Infrastructure, Life Sciences, and Spectrum.

INNOVATE Corp. (NYSE: VATE) has announced the successful completion of 21 new broadcast stations by its Spectrum segment, HC2 Broadcasting Holdings. This expansion adds 12 new designated market areas (DMAs) to their coverage, bringing the total to nearly 250 stations across the U.S. Broadcasting now operates in over 106 TV markets, including 34 of the top 35. This strategic growth is positioned to enhance service to over-the-air customers and provide robust distribution platforms for content providers, ultimately driving value for stakeholders.

INNOVATE Corp. (NYSE: VATE) reported Q3 2021 results with consolidated revenue of $394.8 million, a 131.6% increase from $170.5 million in Q3 2020. However, the company faced a net loss of $213.0 million, drastically up from $17.7 million the previous year. Key segments showed notable performance: Infrastructure secured $383.0 million in revenue, maintaining a $1.6 billion backlog, while Life Sciences achieved a crucial FDA approval for Glacial Rx®, and Spectrum reported its fourth positive EBITDA quarter.