CRUS = Reports Q2 revenue $388.9M, consensus $320.98M. “Cirrus Logic reported revenue for the September quarter significantly above the high end of guidance as we experienced stronger-than-anticipated demand for certain components,” said Jason Rhode, president and chief executive officer. “The company continues to experience increased demand for products that solve complex analog and digital signal-processing challenges. Leveraging solid relationships with many of the leaders in the markets we target, a robust product portfolio and meaningful investments in innovative technologies, we are excited about our opportunities for growth in the coming years.”
CREE = Reports Q1 revenue $242.8M, consensus $239.48M. “The transformation of Cree continued during the quarter and we delivered results that met or exceeded the upper end of our ranges,” stated Gregg Lowe, CEO of Cree. “While we will continue to experience some near-term headwinds, we are continuing to build our long-term prospects as customers look to leverage the benefits of our silicon carbide and GaN solutions to drive innovation.”
TDOC = Reports Q3 revenue $138M, consensus $136.47M. “The third quarter marked a continuation of Teladoc Health’s very strong momentum from the first half of the year, as we delivered at the high end of our growth expectations and made progress on our path to profitability,” said Jason Gorevic, chief executive officer, Teladoc Health. As we close out the year, we are confident in our positive momentum and are raising revenue and visit guidance for the full year. Our results serve as yet another affirmation of the expanding role of virtual care globally, and our proven ability to execute at scale.” Teladoc shares were up 5% last night on a beat and raise quarter plus positive takeaways on the key selling season, Citi analyst Stephanie Demko tells investors in a research note. However, the analyst says Teladoc has the highest short interest in her coverage universe at 38% of float. This potentially setts the company up for a double digit stock price move tomorrow, says Demko. She raised her estimates and reiterates a Buy rating on Teladoc with a $93 price target.
FLIR = Reports Q3 revenue $471.2M, consensus $486.28M. Commenting on FLIR’s third quarter results, Jim Cannon, President and CEO, said, “Overall, FLIR’s third quarter results were somewhat mixed. I am pleased with the performance of the Government & Defense Business Unit, which delivered franchise program awards, solid organic revenue growth augmented by recent successful acquisitions, as well as improving organic operating margins. We also continue to build momentum in the Industrial Business Unit which generated strong bookings in the quarter along with expanding operating margins. However, several product lines within our Commercial Business Unit continue to face headwinds and some key end-markets served by the Commercial Business Unit were negatively impacted by geopolitical and macroeconomic factors. While consolidated earnings were in-line with our expectations and cash flow from operations was very strong, I am not satisfied with FLIR’s third quarter revenue performance.” Cannon continued, “Based on our year-to-date results and outlook for the fourth quarter, we are slightly reducing full-year revenue expectations. However, year-to-date total bookings are up 13.5% and total backlog is up 16.7% from a year ago, bolstered by important franchise program wins, providing us with a long runway for growth. We remain very confident in our long term strategy and continue to believe that FLIR is poised to deliver profitable growth in the quarters and years ahead.”
WHD = Reports Q3 revenue $160.8M, consensus $160.8M. Reports Q3 adjusted EBITDA $58.8M vs. $61.3M last year. CEO Scott Bender says: “Looking to the fourth quarter, lower drilling and completion activity is expected to reduce company revenues, though the impact will be mitigated somewhat as our October Product market share has improved from third quarter levels. While the impact of Section 301 tariffs and the typical seasonality in Field Service present potential margin headwinds, we will continue to operate with a focus on reducing costs and believe the impact of the tariffs will be less severe than previously anticipated.”
OLED = Reports Q3 revenue $97.5M, consensus $85.92M. “We are pleased to report another quarter of solid results,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “During the quarter, OLED activity continued to gain strength on a global scale. As a result, we are raising our 2019 revenue guidance and believe that we are well on track to deliver record revenues and earnings for the year, and expect this strength to continue into 2020.”
INOV = Reports Q3 revenue $166.45M, consensus $164.93M. “The third quarter was another period of positive execution across the Company,” said Keith Dunleavy, Inovalon’s CEO and chairman of the board. “As we continue to expand the reach of our connectivity, the depth of our datasets, and the sophistication of our analytics, we are successfully bringing an expanding portfolio of highly differentiated capabilities to the marketplace. In turn, this is translating into both a deepening of existing relationships as well as a continued growth in new logos. These factors, combined with ongoing maturation and strengthening of our teams and processes, have translated into both a strong performance here in 2019 and a positive outlook for 2020.”
LKQ = LKQ Corporation (Nasdaq:LKQ) today reported revenue for the third quarter of 2019 of $3.15 billion, an increase of 0.8% as compared to $3.12 billion in the third quarter of 2018. For the third quarter of 2019, parts and services organic revenue increased 2.3% (0.9% on a per day basis), and acquisition revenue growth was 0.8%, while the impact of exchange rates was (2.3%), for total parts and services revenue growth of 0.8%.
Net income1 for the third quarter of 2019 was $152 million, an increase of 13% year-over-year. On an adjusted basis, net income was $189 million, an increase of 6% as compared to the $177 million for the same period of 2018. Diluted earnings per share1 for the third quarter of 2019 was $0.49 as compared to $0.42 for the same period of 2018, an increase of 17%. On an adjusted basis, diluted earnings per share for the third quarter of 2019 was $0.61, an increase of 9% as compared to $0.56 for the same period of 2018.
Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation, stated: “Our focus on profitable revenue, margin expansion and cash conversion continued to yield positive results this quarter. Despite soft macroeconomic conditions in Europe and declining scrap prices, the Company was able to generate Segment EBITDA expansion, driven by a 60-basis point improvement in our North American segment. I am particularly pleased with the ongoing growth in cash flows as the Company added $327 million in operating cash flows this quarter.”
On a nine-month year-to-date basis, revenue was $9.5 billion, an increase of 7.0% from $8.9 billion for the comparable period of 2018.
Net income for the first nine months of 2019 was $400 million, a decrease of 10% as compared to $444 million for the first nine months of 2018 owing to the non-cash impairment charges in the first and second quarters of 2019. On an adjusted basis, net income for the first nine months of 2019 was $569 million, an increase of 5% as compared to the $539 million for the same period of 2018. Diluted earnings per share for the first nine months of 2019 was $1.28, a decrease of 9% as compared to $1.41 for the same period of 2018. On an adjusted basis, diluted earnings per share for the first nine months of 2019 was $1.82, an increase of 6% as compared to $1.71 for the same period of 2018.
1 References to Net Income and Diluted earnings per share, and the corresponding adjusted figures, in this release reflect amounts from continuing operations attributable to LKQ stockholders.
CFMS = Conformis, Inc. (NASDAQ:CFMS), a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell patient-specific joint replacement implants designed to fit each patient’s unique anatomy, announced today financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Summary
- Total revenue of $17.3 million, a decrease of 40% year-over-year on a reported and constant currency basis, including a royalty settlement of $10.5 million in the third quarter of 2018.
- Product revenue of $17.1 million, a decrease of 7% year-over-year on a reported basis and 6% on a constant currency basis.
— U.S. product revenue of $15.1 million, a decrease of 7% year-over-year.
— Rest of World product revenue of $2.0 million, a decrease of 5% year-over-year on a reported basis and 1% on a constant currency basis.
- Royalty revenue of $0.2 million.
- Gross margin of 44%, a decrease of 2,400 basis points year-over-year, including 18.1% gross margin or 1,810 basis points related to a $10.5 million royalty settlement in the third quarter of 2018.
“The third quarter, as expected, was challenging for us given the Aetna insurance coverage denials. I am pleased with our OUS performance improvement,” said Mark Augusti, President and Chief Executive Officer of Conformis, Inc. “Also, in the third quarter we had two very significant positive events occur. The first being the execution of the Stryker transaction for patient specific instrumentation as announced earlier this month. The second being the successful limited launch of our new Identity total knee system which has received excellent physician feedback.”
MJNA = Medical Marijuana, Inc. (“the Company”) (OTC: MJNA), the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today that it has hired Tyler Whatcott as the Company’s Chief Technology Officer. Mr. Whatcott will be responsible for developing and managing the company’s information technology and web platforms as it develops its current business and expands around the world.
“Tyler shows great promise in leading the technological operations of our Company as he has already proven his capabilities in leading several successful IT departments at well-established and recognized companies,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We welcome his new perspective on how technology will continue to shape our Company’s offerings as we continue to lead the cannabis industry in innovation.”
Whatcott previously served as the Senior Director of IT Applications at several large firms. He holds over 10 years of experience leading and managing technology-related projects on both national and global levels. In his new role with Medical Marijuana, Inc., Whatcott will focus on enhancing the Company’s many new and redesigned brand websites to increase ROI and improve the consumer experience.
“Medical Marijuana, Inc. has been a major player in the industry for a decade now and I’m eager to join such a hard-working team that is on a mission to improve global wellness,” said Medical Marijuana, Inc. Chief Technology Officer Tyler Whatcott. “I plan to use my previous professional experiences to help optimize the Company’s consumer-facing entities and make it easier for people to interact with the Company and its brands.”
According to Google, search rates for the cannabis compound cannabidiol (CBD) grew 160% from 2017 to 2018 and are expected to increase another 117% this year compared to 2018. Recent reports from the Brightfield Group estimate that worldwide cannabis sales are expected to soar from $591 million in 2018 to as high as $22 billion by 2022.