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) 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.
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.