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Will evaluate the real-world repelling effectiveness of REPELWRAP(TM) film on surfaces at various test venues
Oakville, Ontario--(Newsfile Corp. - September 4, 2024) - FendX Technologies Inc. (CSE: FNDX) (OTCQB: FDXTF) (FSE: E8D) (the "Company" or "FendX") a nanotechnology company developing surface protection coatings, is pleased to announce that it has successfully completed its pilot manufacturing phase with Dunmore International Inc. and is now moving forward to evaluate the effectiveness of REPELWRAP™ film in real-world settings.
Dr. Carolyn Myers, CEO of FendX states, "With the completion of our pilot manufacturing phase of development, we are excited to embark on real-world testing at various announced test sites. This next phase is crucial, as it will provide valuable insights into the film's performance in real-world settings, guiding us towards finalizing the film for ultimate commercial production." Dr. Myers continues, "FendX acknowledges the invaluable collaboration and expertise that Dunmore International Corp. and McMaster University have provided in finalizing the pilot manufacturing phase. Their support has been pivotal in achieving this milestone and we look forward to building off this success."
About Dunmore International Corp. Dunmore International Corp. ("Dunmore"), a Steel Partners Holdings L.P. (NYSE: SPLP) operating company, is a global manufacturer of engineered coated and laminated films and foils with manufacturing facilities in the U.S. and Germany. Dunmore offers film conversion services such as coating, metallizing, and laminating along with contract film manufacturing and custom film product development. Dunmore services a diverse group of industries including aircraft, spacecraft, photovoltaic, graphic arts & labels, packaging, and insulation. Dunmore is a subsidiary of Steel Partners and is ISO 9001:2015 and OSHA VPP Star certified.
About FendX Technologies Inc. FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP™ film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has exclusive worldwide licenses to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.
ON BEHALF OF THE COMPANY
"Carolyn Myers" Carolyn Myers Chief Executive Officer and Director
Contacts: Dr. Carolyn Myers, CEO and Director
1-800-344-9868 investor@fendxtech.com
For more information, please visit https://fendxtech.com/ and the Company's profile on SEDAR+ at www.sedarplus.ca.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; statements regarding the Company's plans to embark on real-world testing on surfaces at various test sites and the timing of such testing and expectation of benefits, insights and results from testing; statements regarding finalizing the film for ultimate commercial production scale-up and commercialization; and products under development and any pathogen reduction benefits related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and involve several risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other risk factors set forth in the Company's public filings which are available on SEDAR+ at www.sedarplus.ca. Accordingly, the reader is urged to refer to the Company's such filings for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222042
Friday, August 30, 2024
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including NVIDIA Corporation , AT&T Inc. and Lockheed Martin Corporation , as well as two micro-cap stocks Steel Partners Holdings L.P. and Natural Resource Partners L.P. . The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
NVIDIA shares have lost some ground following the beat-and-raise quarterly release on Wednesday, August 28th, with market participants seemingly shrugging the company's raised guidance. But this lack of stock market follow through for the shares could very well be a reflection of the stock's impressive gains over the past year rather than a comment on underlying busines trends.
The company is benefiting from the strong growth of artificial intelligence , high-performance and accelerated computing. The data center end-market business is benefiting from the growing demand for generative AI and large language models using graphic processing units (GPUs) based on NVIDIA Hopper and Ampere architectures.
A surge in hyperscale demand and higher sell-ins to partners across the Gaming and ProViz end markets following the normalization of channel inventory are acting as tailwinds. Collaborations with Mercedes-Benz and Audi are likely to advance its presence in the autonomous vehicles and other automotive electronics space.
However, its near-term prospects are likely to be hurt by softening IT spending amid macroeconomic headwinds. The United States and China’s tit-for-tat trade war is also a major concern.
(You can read the full research report on NVIDIA here >>>)
Shares of AT&T have outperformed the Zacks Wireless National industry over the year-to-date period (+23.4% vs. +21.7%). The company is expected to benefit from an integrated fiber expansion strategy that improves broadband connectivity, while steady 5G deployments are likely to boost end-user experience. The deployment of O-RAN architecture is likely to offer more flexibility, lower costs and monetize the network to reduce huge debt burden.
With a customer-centric business model, AT&T is witnessing healthy momentum in its postpaid wireless business with a lower churn rate and increased adoption of higher-tier unlimited plans. However, lower demand for legacy voice and data services is affecting revenues in the Business Wireline vertical.
Declining Mobility equipment sales are a concern. Fierce competition in a saturated wireless market will likely strain margins. A muted guidance for 2024 is worrisome while high debt burden remains a perennial problem.
(You can read the full research report on AT&T here >>>)
Lockheed Martin shares have outperformed the Zacks Aerospace - Defense industry over the past year (+29.1% vs. +1.9%). The company’s broad product offerings allow it to secure major defense contracts, which in turn boosts its backlog count. Lockheed remains the largest U.S. defense contractor with a steady order flow from its leveraged presence in the Army, Air Force, Navy and IT programs.
The solid U.S. defense budgetary provisions should boost its business. Its products also witness a strong international demand from the countries like Germany, Taiwan, Japan and Australia. Meanwhile, the company also holds a strong solvency position.
However, Lockheed is facing performance issues concerning some of its products that may affect its results. Shortage of skilled labor may adversely impact the company’s operating results. The sanctions imposed by China on Lockheed might also affect its business.
(You can read the full research report on Lockheed Martin here >>>)
Shares of Steel Partners’ have declined -2.5% over the year-to-date period against the Zacks Diversified Operations industry’s decline of -7%. This microcap company with market capitalization of $795.34 million reported strong financial results in second-quarter 2024, with revenues growing 6.4% year over year to $533.2 million and a 113.2% surge in net income to $124.9 million.
Revenues for the six months ended Jun 30, 2024 also increased by 6.7% to $1 billion. This growth reflects the company's effective diversification across its industrial and financial services segments. SPLP's operational efficiency is highlighted by a 15.7% adjusted EBITDA margin, up from 14.7% in second-quarter 2023.
Steel Partners’ balance sheet is robust, with $256.4 million in cash and a $112-million debt reduction in the first half of 2024, enhancing financial stability. Investments in the Supply Chain segment, which saw 192% in revenues for the six months ended Jun 30, 2024, position SPLP for long-term growth, particularly as global supply chains evolve.
(You can read the full research report on Steel Partners here >>>)
Natural Resource Partners’ shares have declined -0.4% over the year-to-date period against the Zacks Coal industry’s decline of -2.4%. This microcap company with market capitalization of $1.13 billion faces significant risks from its heavy reliance on coal royalties, with metallurgical coal accounting for 75% of second-quarter 2024 coal royalty revenues.
Weakened steel demand, particularly in China and Europe, is pressuring coal prices, potentially reducing NRP's cash flow. The secular decline in U.S. thermal coal demand, driven by environmental regulations and competition from natural gas, further threatens long-term revenues.
Additionally, a surge in Chinese soda ash production is depressing global prices, impacting NRP's profitability. Inflationary pressures, labor shortages, and high financing costs also pose challenges, while stringent environmental regulations and reliance on lessees increase operational risks. Overall, NRP's exposure to volatile coal markets and regulatory risks positions it in a challenging environment.
(You can read the full research report on Natural Resource Partners here >>>)
Other noteworthy reports we are featuring today include The Boeing Company , The Sherwin-Williams Company and MetLife, Inc. .
Director of Research
Sheraz Mian
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
NVIDIA Rides on Strong Adoption of GPUs, Partnerships
AT&T Rides on Wireless Traction, Fiber Densification
Solid Orders Growth Aids Lockheed , Amid Labor Shortage
Featured Reports
Acquisitions and Cost Actions to Aid Sherwin-Williams
Per the Zacks analyst, the company's strategic acquisitions and cost-control initiatives will aid its performance amid headwinds from weak demand in Europe and China.
Strategic Efforts Aid MetLife , Pressure on EMEA Unit Ail
Per the Zacks analyst, several acquisitions and partnerships will continue to bolster the capabilities and global presence of MetLife. Pressure on the EMEA segment is a concern.
Grainger Gains from Solid Volume Amid Cost Woes
Per the Zacks analyst, Grainger is poised well to gain from the volume growth in its end markets. However, elevated costs and supply shortages will remain headwinds.
Biogen's New Drugs Skyclarys & Others Can Revive Growth
The Zacks analyst believes Biogen's new products like Leqembi for Alzheimer's disease, Skyclarys for Friedreich's ataxia and Zurzuvae for depression can help revive growth in the long term
Tractor Supply's Strategic Efforts Appear Encouraging
Per Zacks analyst, Tractor Supply is benefiting from its Life Out Here plan and Neighbor's Club program. Its 'ONETractor' strategy, aimed at connecting store and online shopping also is encouraging.
Diverse Workforce Aids Interpublic , Seasonality Ails
Per the Zacks analyst, creative and digital talent from diverse backgrounds increase Interpublic's organic growth. Seasonality has a major impact on its business in the first quarter.
Rising Loan Balance Aids BOK Financial Amid High Costs
Per the Zacks analyst, BOK Financial's top line continues to benefit from rising loan and deposit balances. Yet, ongoing investments in technology are set to keep the bottom line under pressure.
New Upgrades
Rising Air Traffic Aids Boeing , Labor Shortage Woes
Per the Zacks analyst, improving air passenger traffic as well as increasing fiscal defense budget are expected to boost Boeing's growth. Yet shortage of skilled labor remains a concern.
Solid Pipeline, Oncotype DX Growth Aid Exact Sciences
The Zacks analyst is impressed with Exact Sciences' key pipeline progress, including the next-generation Cologuard and Oncodetect MRD tests. International expansion of Oncotype DX looks promising.
AXIS Capital Set to Grow on Improved Portfolio Mix
Per the Zacks analyst, AXIS Capital continues to build on Specialty Insurance, Reinsurance plus Accident and Health. Improved portfolio mix and effective capital deployment should pave way for growth.
New Downgrades
ProPetro Margins Pressured by Lower Activity
The Zacks analyst believes that declining rig counts and heightened competition has suppressed ProPetro Holding's margins and profitability by lowering utilization rates.
UPS' Prospects Hurt by High Costs & Low Shipping Volumes
High labor expenses at UPS bother the Zacks analyst. The shipping volume-related crisis represents another headwind.
Dull U.S. Retail Pharmacy Arm, High Cost Irk Walgreens
The Zacks analyst is worried about Walgreen Boots' soft U.S. Retail Pharmacy arm steaming from an unfavorable consumer environment. Mounting costs and expenses are putting pressure on profitability.
Zacks Investment Research
Zacks recently upgraded 2 small caps from Neutral to Outperform based on recent strategy execution by these companies which appears sustainable.
Fitlife Brands, Inc. is a provider of nutritional supplements serving the wellness and fitness markets. With a market cap of $153 m, Fitlife Brands, Inc. has $59 m of TTM sales. In Q2 Fitlife Brands grew revenue 14.7% YOY while adj. EBITDA grew 29%.
Gross Margin increased 480 bps YOY to 44.8% as higher margin online sales now comprise nearly two-thirds of revenue combined with effective cost optimization. Additionally, the company has been acquiring well-known brands and successfully rejuvenating them e.g. MusclePharm when incorporating them into their marketing ecosystem.
This asset light model with a high percentage of online sales is conducive to strong FCF (free cash flow). In our opinion, the strength in wellness and fitness trends appears sustainable. Anecdotally, I’ve been struck by the number of young athletes utilizing nutritional supplement products.
The stock is currently trading at 12.8X trailing 12-month EV/EBITDA TTM, which compares to 22.1X for the Zacks sub-industry, 13.5X for the Zacks sector and 14.7X for the S&P 500 Index. Over the past year, the stock has traded as high as 13.9X and as low as 10.1X, with a one-year median of 12.3X.
Source: Zacks Investment Research
Steel Partners Holdings L.P. is a diversified holding company focused on four segments: Diversified Industrial, Energy, Financial Services, and Supply Chain. Steel Partners has a market cap of $800 m with TTM sales of $1.9 B.
The Diversified Industrial segment manufactures engineered niche industrial products, including brazing alloys, stainless and low-carbon steel tubing, commercial construction materials, woven substrates for composite applications, power electronics, and specialized blades and films. This segment contributed 62.7% to the total revenues in 2023
Revenue grew 6.4% YOY in Q2 as weakness in the Energy segment was offset by strength in the other three segments. Q2 adj. EBITDA grew 13.8% YOY bolstered by the consolidation of its Supply Chain segment.
Most notably, the company has been able to reduce its debt from $191.4 m to $78.7 m over the last 6 months resulting in a material reduction in interest expense. Steel Partners Holdings also has $256.4 m in cash and cash equivalents.
The stock is currently trading at 1.28X trailing 12-month EV/EBITDA TTM, which compares to 14.44X for the Zacks sub-industry, 14.44X for the Zacks sector and 18.88X for the S&P 500 index.
Over the past five years, the stock has traded as high as 20.85X and as low as 1.04X, with a 5-year median of 3.97X.
Source: Zacks Investment Research
Zacks Investment Research
Steel Partners Holdings L.P. SPLP reported robust financial results for the second quarter of 2024, showcasing significant growth across several key metrics. Despite some challenges in the Energy segment, SPLP's diversified portfolio and proactive financial strategies bolstered overall profitability and positioned the company for continued success.
Steel Partners Holdings LP Price, Consensus and EPS Surprise
Steel Partners Holdings LP price-consensus-eps-surprise-chart | Steel Partners Holdings LP Quote
Let us delve into the key financial metrics, segmental results, profitability and management's forward-looking guidance, providing a comprehensive overview of Steel Partners’ second-quarter performance.
Q2 Results
Steel Partners reported second-quarter 2024 earnings per share of $4.85, increasing 99% from $2.44 in the year-ago quarter.
Total quarterly revenues reached $533.2 million, a 6.4% rise from $501 million in the year-ago period.
The strong quarterly results were primarily driven by higher net sales in the Diversified Industrial segment. However, these gains were partially offset by a decrease in the Energy segment’s revenues.
Segmental Performances
Diversified Industrial: The Diversified Industrial segment reported revenues of $334.5 million, a 6.2% increase from $315 million in the second quarter of 2023. Higher sales volumes drove this segment's performance. Adjusted EBITDA for this segment rose to $42.2 million from $34.9 million in the prior-year quarter.
Energy: The Energy segment experienced a 26.5% decline in revenues to $37 million from $50.3 million in the prior year. This segment's adjusted EBITDA also decreased to $5.4 million from $7.2 million in the prior-year quarter primarily due to lower rig hours.
Financial Services: The Financial Services segment saw a 9.7% increase in revenues to $115.6 million from $105.4 million in the second quarter of 2023. This growth was attributed to higher credit performance fees and improved market conditions. Adjusted EBITDA for the segment increased to $28.9 million from $25.8 million in the prior-year quarter, bolstered by higher revenues and lower credit loss provisions.
Supply Chain: The Supply Chain segment reported 52.7% growth in revenues to $46.1 million from $30.2 million in the prior-year quarter. This impressive performance was driven by the consolidation of new business units within the segment. Adjusted EBITDA increased to $6.1 million from $2.9 million in the prior-year quarter.
Performance Metrics
Net income surged 113.2% year over year to $124.9 million in the second quarter of 2024, bolstered by a significant non-cash accounting adjustment. Net income attributable to common unitholders was $116.3 million in the second quarter, up from $59.2 million in the year-ago quarter.
A standout factor in the net income increase was a $71.5-million non-cash adjustment due to the release of a portion of Steel Connect's valuation allowance for deferred tax assets. This adjustment significantly impacted the income tax benefit, which increased to $58.9 million from $15.3 million in the second quarter of 2023.
Adjusted EBITDA increased to $83.8 million in the second quarter from $73.6 million in the same period of 2023, reflecting improved operating income in the Diversified Industrial and Financial Services segments, and the positive impacts of the Supply Chain segment's consolidation. However, the Energy segment experienced a decline due to lower rig hours.
Cost Management
The cost of goods sold increased 4.8% to $303.2 million from $289.4 million in the prior year due to higher net sales in the Diversified Industrial segment and the consolidation of the Supply Chain segment.
Selling, general and administrative expenses rose 2.4% year over year to $139.7 million in the second quarter of 2024, driven primarily by higher expenses in the Financial Services segment, including increased credit performance fees and personnel costs.
Cash and Debt
As of Jun 30, 2024, Steel Partners had cash and cash equivalents of $428.8 million.
Total debt at the end of 2024 was $78.6 million, a significant reduction from $191.3 million at the end of December 2023. Interest expenses significantly declined 71.1% year over year to $1.7 million in the second quarter, reflecting lower average debt outstanding
Other Developments
The quarter saw significant corporate actions, including the repurchase of 43,557 common units for $1.6 million and 76,146 preferred units for $1.8 million. These repurchases align with the company's strategy to return capital to unitholders and optimize its capital structure. The reduction in total debt by $112.7 million to $78.6 million at the quarter-end further underscores Steel Partners' focus on strengthening its balance sheet.
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