Market Signal Briefing

Google's parent was the biggest winner among the "Magnificent Seven" stocks over the last 12 months. Its momentum could continue.

For some reason, Wall Street analysts aren't excited about Google parent Alphabet (GOOG 0.04%) (GOOGL 0.04%). The consensus 12-month price target for the stock reflects a minuscule potential upside.

I don't get it. Alphabet has been the most magnificent of the so-called "Magnificent Seven" stocks over the last 12 months. All the ingredients for continued momentum appear to be in place.

Should investors believe Wall Street's uninspiring price target for Alphabet? I don't think so. Here are five reasons to buy this high-flying stock like there's no tomorrow.

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1. Alphabet remains an advertising juggernaut Advertising on Google Search, YouTube, the Google Network, and other related products continues to generate more than 72% of Alphabet's total revenue. The great news for the company is that this ad revenue is growing, jumping 12.6% year-over-year in the third quarter of 2025.

Contrary to ominous predictions after OpenAI launched ChatGPT in late 2022, generative AI has provided a catalyst for Google Search instead of being a "Google killer." Search engine traffic has increased as a result of Google's implementation of genAI integration with AI Overviews and AI Mode. GenAI products such as Imagen4 are also helping customers create more and better online ads.

2. Google Cloud's momentum seems unstoppable Generative AI has also created a massive tailwind for Google Cloud, Alphabet's cloud platform. Google Cloud remains the fastest-growing of the big three cloud service providers. The unit's revenue soared 34% year-over-year to $15.2 billion in Q3. Google Cloud's backlog increased 46% quarter-over-quarter to $155 billion.

Alphabet CEO Sundar Pichai mentioned in the Q3 earnings call that Google Cloud signed more deals of over $1 billion in the first nine months of 2025 than it did in the previous two years combined. I believe this momentum is practically unstoppable right now, especially with more organizations implementing agentic AI solutions.

3. Google Gemini is a force to be reckoned with Alphabet's large language model (LLM), Google Gemini, is the key driver behind the company's AI success thus far. I fully expect that Gemini will continue to attract customers to Google Cloud and help Google Search stay at the top, especially with the recent launch of version 3.0.

Guess what the No. 1 overall AI model is on LMArena's leaderboard? Google Gemini 3.0 Pro. And Gemini 3.0 Flash ranks third. Alphabet has thrown down the gauntlet. Google Gemini is a force to be reckoned with.

Image source: Getty Images.

4. Waymo is a rising star The robotaxi market holds the potential to be huge within the next few years. Alphabet's Waymo unit is the leader in this market.

Waymo currently offers autonomous ride-hailing services in Atlanta, Austin, Los Angeles, Phoenix, and the San Francisco area. It's planning to expand soon to 12 additional cities, including London, England.

I predict that Waymo will be worth hundreds of billions of dollars within the next few years. It's off to a good start for my prediction to be fulfilled. Alphabet is in discussions to raise an additional $15 billion or so in funding for Waymo, which would peg its valuation at up to $110 billion.

5. Alphabet has multiple other ways to grow The best stocks offer something called optionality. This term refers to the fact that they have multiple paths to growth.

Google plans to launch AI-powered glasses this year. I think that the company will be a top contender in the smart glasses market and give Meta Platforms (META 2.47%) a run for its money.

Alphabet's famous "Other Bets" could pay off in several ways. While Waymo is the most prominent member of the group, don't overlook the potential for drone delivery company Wing and healthcare technology unit Verily.

Quantum computing could also be a lottery ticket for Alphabet. Google Quantum AI has achieved two of the six milestones on its roadmap. Does Alphabet need this lottery ticket to deliver market-beating gains over the next few years? No, but quantum computing could help make the stock an even bigger winner.

Guardian Pharmacy Services, Inc. (GRDN) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 7:30 PM EST

Company Participants

Ashley Stockton - Head of Investor Relations & Senior Director
Fred Burke - CEO, President & Director
David Morris - CFO, Executive VP & Director

Conference Call Participants

Harry Pearson

Presentation

Harry Pearson

All right. Hello, and thank you for coming this afternoon. My name is Harry Pearson. I'm an associate with the health care investment banking team here at JPMorgan. It's my pleasure to introduce the Guardian Pharma Services team. We have Fred Burke, President and CEO; David Morris, Chief Financial Officer; and Ashley Stockton, Senior Director of Investor Relations.

We're going to have a presentation then with a little moderated Q&A. If you guys want to take it away.

Ashley Stockton
Head of Investor Relations & Senior Director

Sure. Thank you. Good afternoon. I'm Ashley Stockton, Senior Director of Investor Relations for Guardian Pharmacy Services. Before I start, I just need to make a quick disclaimer here. Please note that today's discussion will include forward-looking statements, including those related to our expected results from 2025 and our outlook for future financial performance and industry and market conditions.

These forward-looking statements are subject to important risks and uncertainties, and we encourage you to review the cautionary note on forward-looking statements included in today's slide deck, which has been furnished on a Form 8-K filed with the SEC and is available on our Investor Relations website as is the slides that we'll be using today.

So thank you for joining. I have with me today, Fred Burke, President and CEO; as well as David Morris, CFO, both co-founders, along with Kendall Forbes. The team founded the company in 2004 and bring decades of experience building and scaling health care services businesses, including a prior nuclear pharmacy platform that was sold

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Nutanix, Inc. ("Nutanix" or "the Company") (NASDAQ: NTNX) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Nutanix reported its financial results for Q1 2026 on November 25, 2025. The Company's revenue was near the bottom of its prior guidance. The Company blamed a "revenue shift from Q1 to future periods," as well as factors including customer demand for flexible start dates. The Company lowered its full-year revenue projection. Based on this news, shares of Nutanix fell by 17.8% on the next day.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm 
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com

SOURCE The Schall Law Firm

Disc Medicine, Inc. (IRON) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 6:00 PM EST

Company Participants

John Quisel - CEO, President & Director

Conference Call Participants

Bhavana Balakrishnan

Presentation

Bhavana Balakrishnan

Good afternoon, everybody. Thank you so much for joining us on day 3 of the J.P. Morgan Healthcare Conference. My name is Bhavana Balakrishnan, and I'm an associate from the health care investment banking team. We are here today for the presentation of Disc Medicine, and we're joined by John Quisel, Chief Executive Officer. And I'll turn it over to you, John.

John Quisel
CEO, President & Director

Great. Thank you. All right. Great to be here. Thanks, everyone, for taking sometime today. I guess Wednesday afternoon, we've reached maybe the exhaustion stage of the conference. But thanks to the J.P. Morgan team for providing a speaking slide for us here.

Okay. So it's -- we're about the -- 3 years public listed here at Disc. It's been an exciting run, highly productive. We look forward to next year being a really exciting year. We're on the cusp of approval of our lead program, and then we have a whole pipeline behind that progressing well. So we'll walk through all that today.

First, a few disclaimers. We'll be making forward-looking statements. Everything should be taken in context with what we filed on our website and with the SEC. And 3 clinical programs, we'll be talking about, DISC -- sorry, bitopertin, DISC-0974 and DISC-3405. These are investigational agents, and they're not approved as therapies anywhere in the world.

So a quick rundown. I'll -- for those less familiar with the story, I'll give a brief intro of who we are here at Disc. And then we'll run through our lead program, some of the background, the progress towards approval and then some launch

MONTREAL, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading manufacturer of industrial valves, announced today financial results for its third quarter ended November 30, 2025. All amounts are expressed in U.S. dollars unless indicated otherwise.

THIRD-QUARTER HIGHLIGHTS FROM CONTINUING OPERATIONS

IFRS MEASURES

Sales of $71.7 million, versus $73.4 million last year.Gross profit of $27.2 million, or 37.9% of sales, compared to $28.3 million, or 38.6% of sales, last year.Operating income of $5.9 million, compared to an operating loss of $62.4 million a year ago.Net income1 of $3.0 million, or $0.14 per share, versus a net loss of $47.8 million, or $2.22 per share, last year.Solid financial position with access to total liquidity of approximately $86 million and a net cash position of $20.2 million as at November 30, 2025.
NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

Backlog2 of $296.8 million, up 8.0% since the beginning of the fiscal year.Bookings2 of $77.9 million, versus $59.1 million last year.Adjusted net income2 of $4.0 million, versus adjusted net income of $8.5 million last year.Adjusted EBITDA2 of $9.5 million, compared to $14.3 million last year. NINE-MONTH HIGHLIGHTS FROM CONTINUING OPERATIONS

IFRS MEASURES INCLUDING SIGNIFICANT TRANSACTIONS (see below)

Sales of $211.5 million, compared to $212.0 million for the same period last year.Gross profit of $63.5 million, or 30.0% of sales, versus $65.1 million, or 30.7% of sales, last year.Operating income of $2.4 million, compared to an operating loss of $64.4 million a year ago.Net income of $19.2 million, or $0.89 per share, versus a net loss of $51.2 million, or $2.37 per share last year.Net income of $77.8 million, including discontinued operations, compared to a net loss of $63.1 million for the same period last year.
NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

Bookings of $221.3 million, versus $230.5 million last year.Adjusted net income of $2.9 million, versus adjusted net income of $11.5 million last year.Adjusted EBITDA of $16.7 million, compared to $23.9 million last year.
"Velan delivered solid performance in the third quarter of fiscal 2026, driven by the execution of high-margin projects and a tight management of operating expenses," said James A. Mannebach, Chairman of the Board and CEO of Velan. “Our backlog sustained its momentum, reaching $296.8 million at the end of the quarter, driven by bookings rising nearly 32% year over year during the period. This improvement includes an important contract of more than $20 million CAD from Ontario Power Generation for three reactors being refurbished at the Pickering Nuclear Generation Station, confirming our leadership position in the fast-growing nuclear sector.”

"Looking ahead, the recently proposed sale of the Velan family’s majority share ownership in the Company to Birch Hill Equity Partners Management Inc. should provide a dynamic, results-oriented environment conducive to leveraging our strengths. We are looking forward to accelerating the execution of our business strategy and achieving our growth objectives to maximize shareholder value,” added Mr. Mannebach.

"Higher late-stage, work-in-process inventory raised our working capital requirements for a second consecutive quarter," said Rishi Sharma, Chief Financial and Administrative Officer of VeIan. “Nevertheless, our balance sheet remains strong with a positive net cash position, $86 million in liquidities available to invest in expansion opportunities, and expected cash inflows as working capital normalizes.”

FINANCIAL RESULTS
in ‘000s of U.S. dollars, excluding per share amounts)
Three-month periods endedNine-month periods endedNovember 30,
2025November 30,
2024November 30,
2025November 30,
2024From continuing operations    Sales$71,660 $73,404 $211,500 $211,998 Gross profit$27,177 $28,305 $63,478 $65,087 Gross margin37.9% 38.6% 30.0% 30.7% Administration costs$16,457 $17,003 $50,147 $48,348 Restructuring expenses$1,305 $74,468 $7,369 $81,301 Other expenses (income)$3,565 ($782)$3,520 ($192)Operating income (loss)$5,850 ($62,384)$2,442 ($64,370)Net income (loss)$2,996 ($47,835)$19,162 ($51,191)Net income (loss) from discontinued operations- ($14,262)$58,599 ($11,890)Net income (loss)$2,996 ($62,097)$77,761 ($63,081)(in dollars per share – basic and diluted)    Net income (loss) from continuing operations$0.14 ($2.22)$0.89 ($2.37)Net income (loss) from discontinued operations- ($0.66)$2.71 ($0.55)Net income (loss)$0.14 ($2.88)$3.60 ($2.92) NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES (From continuing operations, in ‘000s of U.S. dollars, excluding per share amounts)
Three-month periods ended
Nine-month periods ended
November 30,
2025
November 30,
2024
November 30,
2025
November 30,
2024
Adjusted EBITDA$9,542 $14,260 $16,680 $23,852 Adjusted net income (loss)$3,955 $8,502 $2,892 $11,499 per share - basic and diluted$0.18 $0.39 $0.13 $0.53 
BACKLOG AND BOOKINGS

BACKLOG
(‘000s of U.S. dollars)
As at
    November 30,
2025
February 28,
2025
    Backlog$296,776 $274,877     for delivery within the next 12 months$238,481 $225,662      BOOKINGS
(‘000s of U.S. dollars)
Three-month periods ended
Nine-month periods ended
November 30,
2025
November 30,
2024
November 30,
2025
November 30,
2024
Bookings$77,927 $59,056 $221,326 $230,474 
As at November 30, 2025, the backlog from continuing operations stood at $296.8 million, up $21.9 million, or 8.0%, from $274.9 million at the beginning of the fiscal year. Currency movements had an $8.9 million positive effect on the value of the backlog during the first nine months of fiscal 2026 mainly due to the strengthening of the euro versus the U.S. dollar. Excluding currency movements, the increase reflects bookings exceeding shipments in the first nine months of fiscal 2026. As at November 30, 2025, 80.4% of the backlog, representing orders of $238.5 million, is deliverable in the next 12 months, versus 83.4% of last year’s backlog. This shift in the delivery schedule is driven by the securing of an increasing number of long-term larger contracts for the nuclear and defense sectors.

Bookings from continuing operations amounted to $77.9 million in the third quarter of fiscal 2026, compared to $59.1 million a year ago. The increase reflects higher bookings by North American operations from the nuclear and the oil & gas sectors, as well as higher bookings recorded by Italian and Chinese operations. These factors were partially offset by lower bookings recorded by German operations due to large orders received in last year’s third quarter. Currency movements had a negligible effect on the value of bookings for the quarter.

In the first nine months of fiscal 2026, bookings from continuing operations totaled $221.3 million, compared to $230.5 million in the first nine months of fiscal 2025. The decrease is mainly attributable to lower bookings recorded in North America and Germany due to large orders received last year, partially offset by higher bookings recorded by Italian operations. Currency movements had a $0.8 million positive effect on the value of bookings for the period.

THIRD QUARTER RESULTS

Sales from continuing operations totaled $71.7 million, a decrease of $1.7 million or 2.4% compared to $73.4 million for the same period last year. The variation reflects lower shipments from Italian operations, following strong sales in last year’s third quarter, partially offset by higher sales from Indian and German operations. Currency movements had a $0.6 million positive effect on sales for the period.

Gross profit from continuing operations was $27.2 million, versus $28.3 million last year. As a percentage of sales, gross profit remained relatively steady, reaching 37.9% compared to 38.6% last year, driven by higher-margin projects, though partially offset by lower absorption due to reduced volume and tariff impacts. Currency movements had a $0.2 million positive effect on gross profit for the period.

Administration costs from continuing operations amounted to $16.5 million, or 23.0% of sales, compared to $17.0 million, or 23.2% of sales, last year. The variation is mainly attributable to cost reduction initiatives.

The Company incurred restructuring expenses of $1.3 million consisting of transaction-related costs. In last year’s third quarter, the Company incurred restructuring expenses of $74.5 million, including $69.1 million in asbestos-related costs and $5.4 million in transaction-related costs.

Adjusted EBITDA from continuing operations, excluding non-recurring elements, was $9.5 million, versus $14.3 million in the third quarter of fiscal 2025. The decrease is primarily attributable to lower gross profit and an increase in other expenses, mainly attributable to unfavourable currency movements. These factors were partially offset by the favourable reversal of a provision.

Net income from continuing operations was $3.0 million, or $0.14 per share, compared to a net loss of $47.8 million, or a loss of $2.22 per share, a year earlier. Net loss from discontinued operations for last year’s third quarter was $14.3 million, or a loss of $0.66 per share. As a result, net income was $3.0 million, $0.14 per share, compared with a net loss of $62.1 million, or a loss of $2.88 per share, last year.

Adjusted net income from continuing operations, excluding non-recurring elements, was $4.0 million, or $0.18 per share, versus adjusted net income of $8.5 million, or $0.39 per share, a year ago.

NINE-MONTH RESULTS

Sales from continuing operations amounted to $211.5 million, a decrease of $0.5 million, or 0.2%, compared to $212.0 million for the nine-month period ended November 30, 2025. The variation reflects changes in customers’ delivery schedules, disruptive effects related to the ongoing evolution of global tariff schemes, and non-recurring revenue of $5.2 million in last year’s nine-month period. These factors were mostly offset by higher sales in Korea and India. Currency movements had a $2.1 million positive effect on sales for the period.

Gross profit from continuing operations was $63.5 million, compared to $65.1 million last year. As a percentage of sales, gross profit was 30.0%, compared to 30.7% last year. The variation reflects the factors mentioned above. Currency movements had a $0.5 million positive effect on gross profit for the period.

Administration costs from continuing operations were $50.1 million, or 23.7% of sales, compared to $48.3 million, or 22.8% of sales, in the nine-month period ended November 30, 2024. The variation reflects higher professional fees and higher sales commissions, partially offset by cost reduction initiatives and lower freight costs.

The Company incurred restructuring expenses of $7.4 million, including $8.1 million in transaction-related costs, partially offset by a $0.8 million reversal of asbestos-related costs. Last year, restructuring expenses of $81.3 million included asbestos-related costs of $73.7 million transaction-related costs of $7.6 million.

Adjusted EBITDA from continuing operations, excluding non-recurring elements, was $16.7 million, versus $23.9 million in the first nine months of fiscal 2025. The decrease is primarily attributable to lower gross profit, higher administration costs, and an increase in other expenses. These factors were partially offset by the provision reversal mentioned above.

Net income from continuing operations was $19.2 million, or $0.89 per share, compared to a net loss of $51.2 million, or a loss of $2.37 per share, in the prior year. Net income from discontinued operations was $58.6 million, or $2.71 per share, versus a net loss from discontinued operations of $11.9 million, or $0.55 per share, last year. As a result, net income was $77.8 million, or $3.60 per share, compared with a net loss of $63.1 million, or a net loss of $2.92 per share, a year ago.

Adjusted net loss from continuing operations, excluding non-recurring elements and the tax effects of the transactions, was $2.9 million, or $0.13 per share, versus adjusted net income of $11.5 million, or $0.53 per share, a year ago.

FINANCIAL POSITION

As at November 30, 2025, the Company held cash and cash equivalents of $36.3 million and short-term investments of $0.4 million. Bank indebtedness stood at $16.1 million, while long-term debt, including the current portion, amounted to $17.7 million. In total, the Company has $86.0 million in cash and available credit to fund its growth and investment objectives.

OUTLOOK

As at November 30, 2025, orders amounting to $238.5 million, representing 80.4% of a total backlog of $296.8 million, are expected to be delivered in the next 12 months. Given these orders, and despite the current uncertainty related to tariffs, the Company expects to conclude fiscal 2026 with another solid performance.

SUBSEQUENT EVENT

On January 14, 2026, the Company announced that its controlling shareholder, Velan Holding Co. Ltd. (“Velan Holding”), the sole holder of the Company’s multiple voting shares, has agreed to sell its 15,566,567 multiple voting shares and one subordinate voting share (representing approximately 72.1% of the Company’s outstanding shares and 92.8% of its aggregate voting rights) to funds managed by Birch Hill Equity Partners Management Inc. (“Birch Hill”), at a price of C$13.10 per share, for aggregate gross proceeds of C$203,922,040.80 to Velan Holding and two other entities associated with shareholders of Velan Holding (the “VH Transaction”). Pursuant to a pre-closing reorganization, Velan Holding will, among other things, convert 2,290,075 multiple voting shares into the same number of subordinate voting shares. Therefore, giving effect to such pre-closing reorganization, 13,276,492 multiple voting shares and 2,290,076 subordinate voting shares will be sold to Birch Hill on closing of the VH Transaction (representing approximately 72.1% of the Company’s outstanding shares and 91.9% of its aggregate voting rights) (collectively the “VH Transaction Shares”).

The VH Transaction is expected to close in the first half of 2026, subject to the receipt of the required regulatory approvals and other customary closing conditions. The completion of the VH Transaction is not subject to any financing condition or approval by the Company’s shareholders.

The Company estimates that transaction related fees will be approximately $12 million, as well as additional change of control triggered costs of approximately $5 million relating mostly to the vesting and accelerated vesting of various incentive plans already in place at the time of the transaction. Of this total amount, $4 million has already been paid or accrued.

DIVIDEND

While Velan is not a party to the VH Transaction, the Company has entered into a cooperation agreement with Birch Hill (the “Cooperation Agreement”) to facilitate the consummation of the VH Transaction, notably as regards the obtaining of the applicable regulatory approvals.

Under the terms of the Cooperation Agreement, the Company has agreed to suspend the declaration of dividend payments until closing, with ordinary course dividends currently planned to resume thereafter, as, if and when declared by the Board.

SIGNIFICANT TRANSACTIONS

On March 31, 2025, the Company announced the closing sale of its French subsidiaries Velan S.A.S. and Segault S.A.S. for a total consideration of $208.2 million (€192.5 million) and net consideration of $183.1 million. Based on the net book value at the closing of the transaction and related costs, a gain of $95.8 million was recorded in the first quarter of fiscal 2026. The sale also triggered the recognition of a cumulative translation adjustment of $12.5 million. These amounts were recorded as part of results from discontinued operations.

Concurrently with the sale of its French subsidiaries, the Company entered into an agreement to sell its current and future exposure to asbestos-related litigation in the United States. Part of the proceeds received from the sale of the French assets was used on April 3, 2025, to pay an amount of $143.0 million for this settlement.

CONFERENCE CALL NOTICE

Financial analysts, shareholders, and other interested individuals are invited to attend the third quarter conference call to be held on Thursday, January 15, 2026, at 8:00 a.m. (EST). The toll-free call-in number is 1-800-990-4777 or by RapidConnect URL: https://emportal.ink/4awUyQ3. The material that will be referenced during the conference call will be made available shortly before the event on the company’s website under the Investor Relations section (https://velan.com/investor-relations). A recording of this conference call will be available for seven days at 1-289-819-1450 or 1-888-660-6345 and entering the replay code 05881.

ABOUT VELAN

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world’s leading manufacturers of industrial valves, with sales from continuing operations of US$295.2 million in its last reported fiscal year. The Company employs 1,283 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

SAFE HARBOUR STATEMENT

This news release may include forward-looking statements, which generally contain words like “should”, “believe”, “anticipate”, “plan”, “may”, “will”, “expect”, “intend”, “continue” or “estimate” or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company’s filings with the appropriate securities commissions. While these statements are based on management’s assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

In this press release, the Company has presented measures of performance or financial condition which are not defined under IFRS (“non-IFRS measures”) and are, therefore, unlikely to be comparable to similar measures presented by other companies. These measures are used by management in assessing the operating results and financial condition of the Company and are reconciled with the performance measures defined under IFRS. The Company has also presented supplementary financial measures which are defined at the end of this report. Reconciliation and definition can be found below.

Adjusted net income (loss), Adjusted net income (loss) per share, Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA

 Three-month periods endedNine-month periods ended(in thousands, except per share amounts; certain totals may not add up due to rounding)November 30,
2025
$ November 30,
2024
$November 30,
2025
$November 30,
2024
$Reconciliation of net income (loss) from continuing operations to adjusted net income (loss) from continuing operations and adjusted net income (loss) from continuing operations per share      Net income (loss) from continuing operations2,996 (47,835)19,162 (51,190)Adjustments for:      Asbestos-related costs- 69,064 (754)73,745 Transaction-related costs959 3,972 7,594 5,554 Other restructuring expenses- - - 89 Deferred tax assets related to the transactions  (16,699) (16,699)Non-recurring tax recovery on France transaction- - (23,110)- Adjusted net income (loss) from continuing operations3,955 8,502 2,892 11,499 per share – basic and diluted0.18 0.39 0.13 0.53 Reconciliation of net income (loss) from continuing operations to Adjusted EBITDA from continuing operations     Net income (loss) from continuing operations2,996 (47,835)19,162 (51,190)Adjustments for:     Depreciation of property, plant and equipment1,732 1,545 5,084 5,090 Amortization of intangible assets and financing costs595 570 1,655 1,557 Finance costs – net259 442 893 966 Income tax expense (recovery)2,655 (14,930)(17,483)(13,993)EBITDA8,237 (60,208)9,311 (57,570)Adjustments for:     Asbestos-related costs- 69,064 (754)73,745 Transaction-related costs1,305 5,404 8,123 7,556 Other restructuring expenses- - - 121 Adjusted EBITDA9,542 14,260 16,680 23,852 
The term “Adjusted net income (loss)” is defined as net income or loss attributable to Subordinate and Multiple Voting Shares plus adjustment, net of income taxes, for costs related to restructuring and to the proposed transaction. The terms “Adjusted net income (loss) per share” is obtained by dividing Adjusted net income (loss) by the total amount of subordinate and multiple voting shares. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The term “EBITDA” is defined as adjusted net income plus depreciation of property, plant & equipment, plus amortization of intangible assets, plus net finance costs, plus income tax provision. The term “Adjusted EBITDA” is defined as EBITDA plus adjustment for costs related to restructuring and to the proposed transaction. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Definitions of supplementary financial measures

The term “Net new orders” or “bookings” is defined as firm orders, net of cancellations, recorded by the Company during a period. Bookings are impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the Company’s sales operation performance for a given period as well as well as an expectation of future sales and cash flows to be achieved on these orders.

The term “backlog” is defined as the buildup of all outstanding bookings to be delivered by the Company. The Company’s backlog is impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the future operational challenges of the Company as well as an expectation of future sales and cash flows to be achieved on these orders.

The term “book-to-bill” is obtained by dividing bookings by sales. The measure provides an indication of the Company’s performance and outlook for a given period.

The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Contact: Rishi Sharma, Chief Financial and Administrative OfficerMartin Goulet, M.Sc., CFAVelan Inc.MBC Capital Markets AdvisorsTel: (438) 817-4430Tel.: (514) 731-0000, ext. 229 1 Net income or loss refer to net income or loss attributable to Subordinate and Multiple Voting Shares.
2 Non-IFRS and supplementary financial measures – more information at the end of this report.

Consolidated Statements of Financial Position     (in thousands of U.S. dollars)         As at   November 30, February 28,   2025 2025   $ $ Assets           Current assets     Cash and cash equivalents 36,320 34,872 Short-term investments 383 358 Accounts receivable 78,615 62,612 Income taxes recoverable 5,711 5,617 Inventories 154,933 134,969 Deposits and prepaid expenses 4,162 3,689 Derivative assets 249 24 Assets held for sale - 176,762   280,373 418,903       Non-current assets     Property, plant and equipment 50,398 51,349 Intangible assets and goodwill 6,375 5,893 Deferred income taxes 5,193 25,101 Other assets 740 720         62,706 83,063       Total assets 343,079 501,966       Liabilities           Current liabilities     Bank indebtedness 16,097 2,508 Accounts payable and accrued liabilities 76,726 78,776 Income taxes payable 2,304 1,818 Customer deposits 11,559 22,338 Provisions 7,875 153,957 Derivative liabilities 145 480 Current portion of long-term lease liabilities 1,560 1,437 Current portion of long-term debt 3,722 2,096 Liabilities held for sale - 110,883   119,988 374,293       Non-current liabilities     Long-term lease liabilities 4,221 4,727 Long-term debt 13,967 14,107 Income taxes payable - 692 Deferred income taxes 1,339 737 Customer deposits 11,908 3,876 Other liabilities 5,090 4,796         36,525 28,935       Total liabilities 156,513 403,228       Total equity 186,566 98,738       Total liabilities and equity 343,079 501,966  Consolidated Statements of Income (loss)
(in thousands of U.S. dollars, excluding number of shares and per share amounts)
 Three-month periods ended
  Nine-month periods ended
  November
30, November
30,  November
30, November
30,  2025 2024  2025 2024  $ $  $ $             Sales 71,660 73,404  211,500 211,998       Cost of sales44,483 45,099  148,022 146,911       Gross profit27,177 28,305  63,478 65,087       Administration costs16,457 17,003  50,147 48,348 Restructuring expenses1,305 74,468  7,369 81,301 Other expense (income)3,565 (782) 3,520 (192)      Operating income (loss)5,850 (62,384) 2,442 (64,370)      Financing expenses(259)(442) (893)(966)      Net income (loss) before income taxes5,591 (62,826) 1,549 (65,336)      Income tax expense (recovery)2,655 (14,930) (17,483)(13,993)      Net income (loss) for the period from continuing operations2,936 (47,896) 19,032 (51,343)Results from discontinued operations- (14,262) 58,599 (11,890) 2,936 (62,158) 77,631 (63,233)      Net income (loss) attributable to:     Subordinate Voting Shares and Multiple Voting Shares2,996 (62,097) 77,761 (63,081)Non-controlling interest(60)(61) (130)(152)      Net income (loss) for the period2,936 (62,158) 77,631 (63,233)      Net income (loss) per Subordinate and Multiple Voting Share     Basic and diluted from continuing operations0.14 (2.22) 0.89 (2.37)Basic and diluted from discontinued operations- (0.66) 2.71 (0.55)Basic and diluted from all operations0.14 (2.88) 3.60 (2.92)      Dividends declared per Subordinate and Multiple(0.07)0.02  (0.38)0.02 Voting Share(CA$ 0.10)(CA$ 0.03) (CA$ 0.53)(CA$ 0.03)            Total weighted average number of Subordinate and     Multiple Voting Shares      Basic and diluted21,585,635 21,585,635  21,585,635 21,585,635  Consolidated Statements of Comprehensive Loss
(in thousands of U.S. dollars)
 Three-month periods ended
  Nine-month periods ended
  November
30, November
30,  November
30, November
30,  2025 2024  2025 2024  $ $  $ $             Comprehensive loss            Net income (loss) for the period2,936 (62,158) 77,631 (63,233)      Other comprehensive income (loss)     Foreign currency translation of foreign subsidiaries11,226 1,188  6,035 (740)Foreign currency translation of foreign subsidiaries from discontinued operations- (4,297) - (2,123)Reclassification of foreign currency translation from discontinued operations- -  12,456 -       Comprehensive loss 14,162 (65,267) 96,122 (66,096)      Comprehensive income (loss) attributable to:     Subordinate Voting Shares and Multiple Voting Shares14,222 (65,206) 96,252 (65,944)Non-controlling interest(60)(61) (130)(152)      Comprehensive loss 14,162 (65,267) 96,122 (66,096)            Other comprehensive loss is composed solely of items that may be reclassified subsequently to the consolidated statement of loss.       Consolidated Statements of Changes in Equity
(in thousands of U.S. dollars, excluding number of shares)
                               Equity attributable to the Subordinate and Multiple Voting shareholders   Share capital Contributed
surplus Accumulated
other
comprehensive
lossRetained
earningsTotalNon-
controlling
interestTotal equity          Balance - February 29, 202472,695 6,260 (38,692)141,914 182,177 1,082 183,259           Net Loss for the period- - - (63,081)(63,081)(152)(63,233)Other comprehensive Income- - (2,863)- (2,863)- (2,863)          Comprehensive Income (loss)- - (2,863)(63,081)(65,944)(152)(66,096)          Other- 95 - - 95 - 95 Dividends              Multiple Voting Shares- - - (333)(333)- (333)Subordinate Voting Shares- - - (129)(129)- (129)          Balance - November 30, 202472,695 6,355 (41,555)78,371 115,866 930 116,796           Balance - February 28, 202572,695 6,355 (47,141)65,952 97,861 877 98,738           Net Income (loss) for the period- - - 77,761 77,761 (130)77,631 Other comprehensive income (loss)- - 6,035 - 6,035 - 6,035           Comprehensive Income (loss)- - 6,035 77,761 83,796 (130)83,666           Reclassification of foreign currency translation to discontinued operations (note 6)- - 12,456 - 12,456 - 12,456 Dividends         Multiple Voting Shares- - - (5,980)(5,980)- (5,980)Subordinate Voting Shares- - - (2,314)(2,314)- (2,314)          Balance - November 30, 202572,695 6,355 (28,650)135,419 185,819 747 186,566  Consolidated Statements of Cash Flow
(in thousands of U.S. dollars)
 Three-month periods ended
  Nine-month periods ended
  November 30, November 30,  November 30, November 30,  2025 2024  2025 2024  $ $  $ $       Cash flows from           Operating activities     Net income (loss) for the period2,936 (62,158) 77,631 (63,233)Less: results from discontinued operations- 14,262  (58,599)11,890 Net income (loss) for the period from continuing operations2,936 (47,896) 19,032 (51,343)Adjustments to reconcile net loss to cash used by operating activities5,188 45,240  (9,538)54,424 Changes in non-cash working capital items(15,804)2,647  (50,679)16,243 Cash provided (used) by operating activities from continuing operations (excluding Asbestos settlement)(7,680)(9) (41,185)19,324 Asbestos Settlement transaction- -  (143,553)- Cash provided (used) by operating activities from continuing operations(7,680)(9) (184,738)19,324       Investing activities     Short-term investments- (193) (33)472 Additions to property, plant and equipment(1,721)(4,039) (4,653)(7,860)Additions to intangible assets- (981) - (1,083)Proceeds on disposal of property, plant and equipment25 31  1,158 177 Net change in other assets26 258  13 (190)Cash provided (used) by investing activities from continuing operations (excluding proceeds on disposal of France assets) (1,670)(4,923) (3,515)(8,484)Proceeds on disposal of France assets- -  182,363 - Cash provided (used) by investing activities from continuing operations (1,670)(4,923) 178,848 (8,484)      Financing activities     Dividends paid to Subordinate and Multiple Voting shareholders(1,539)-  (8,294)- Net change in revolving credit facility- -  - - Increase in long-term debt2,168 506  3,311 1,090 Repayment of long-term debt(392)(242) (1,904)(6,753)Repayment of long-term lease liabilities(420)-  (1,232)(425)Cash provided (used) by financing activities from continuing operations(183)264  (8,119)(6,088)      Effect of exchange rate differences on cash 279 (315) 1,868 26       Net change in cash during the period from continuing operations(9,254)(4,984) (12,141)4,778 Net change in cash during the period from discontinued operations- 9,581  8,745 4,641 Net change in cash during the period(9,254)4,597  (3,396)9,419       Net cash – Beginning of the period29,477 37,045  32,364 27,283       Net cash – End of the period20,223 32,061  20,223 32,061       Net cash is composed of:     Cash and cash equivalents36,320 35,051  36,320 35,051 Bank indebtedness(16,097)(2,990) (16,097)(2,990)      Net cash – End of the period20,223 32,061  20,223 32,061       Supplementary information     Interest received (paid)320 (206) 42 (623)Income taxes paid(1,288)(3,618) (4,152)(8,389)

Purpose-built to enable organizations to deploy their own secured, compliant and automated environments for AI-ready sovereign workloads

, /PRNewswire/ -- IBM (NYSE: IBM) today announced IBM Sovereign Core, the industry's first AI-ready sovereign-enabled software for enterprises, governments and service providers to build, deploy and manage AI-ready sovereign environments. Organizations around the world are facing a growing imperative to exercise control over their technology infrastructure. Driven by evolving regulatory requirements, and the need for auditable governance, enterprises and governments are seeking self-managed environments where they maintain complete operational authority, particularly as they deploy AI workloads that amplify sovereignty concerns.

Digital sovereignty goes beyond data residency. It encompasses who operates and controls the technology environment, how data is accessed and governed, where workloads execute, and under whose jurisdiction AI models run. Yet most organizations lack a destination to land, modernize, and re-host applications under sovereign control, including applications that will incorporate AI capabilities, and have continuous compliance reporting capabilities. "Gartner® predicts that more than 75% of all enterprises will have a digital sovereignty strategy by 2030, often sovereign cloud strategies1."

"Businesses are facing growing pressure to innovate while meeting tightening regulatory requirements and recognizing the importance of controlling how sensitive data and AI workloads are accessed and operated," said Priya Srinivasan, General Manager, IBM Software Products. "This shift is creating an urgent need for sovereign solutions that deliver AI-ready environments. With IBM Sovereign Core, we are helping clients move faster and with confidence— combining openness, compliance, and operational autonomy to meet the demands of the AI era, without the need to sacrifice sovereignty requirements."

Sovereignty as a Software Foundation

IBM Sovereign Core will help customers achieve verifiable sovereignty and full operational control. Sovereign Core is purpose-built software to build, deploy, and manage cloud-native and AI workloads under an organization's own authority, within chosen jurisdictions, built on Red Hat's open source foundation. Unlike approaches that layer sovereignty controls onto existing architectures, Sovereign Core makes sovereignty an inherent property of the software itself. Organizations can gain:

Customer-operated control plane: organizations maintain direct operational authority over software operations, deployment decisions, and system configurations without intermediation from a vendor not in region. In-boundary identity and keys: all authentication, authorization, encryption keys, and access management remain within jurisdiction boundaries under customer control. Ongoing compliance enablement and generated evidence of continuous compliance: comprehensive operational data, system telemetry, and audit trails are generated, stored, and managed within the sovereign boundary, including automated identity. Governed AI inference: AI model deployment and hosting, local GPU clusters, local inference execution and agent operations occur under local governance with traceability and oversight, without exporting data to external providers. Ease of deployment: delivering sovereignty at scale with consistency and flexibility allowing organizations to stand up isolated environments with built-in multitenancy capabilities within a matter of days of deployment; choice of hardware and infrastructure. "The sovereign AI conversation has focused on data residency, but that's only part of the equation," said Sanjeev Mohan, Principal, SanjMo. "IBM Sovereign Core addresses the harder question: who controls the system and can you prove it to regulators? IBM takes a holistic approach spanning data, operations, technology, and assurance, with continuous monitoring. As AI moves into production, that kind of ongoing accountability becomes non-negotiable."

"AI is accelerating the pace at which sovereignty questions move from theory to daily operations," said Erik Fish, Director of Geotechnology at Eurasia Group. "As geopolitics, regulation, and data governance increasingly converge, governments and enterprises must move while demonstrating clear control over critical data and infrastructure. The challenge is no longer a trade-off between openness and sovereignty, but governing data, access, and infrastructure amid growing regulatory and geopolitical constraints." 

Operational Independence Through Environment Choice

Customers can deploy IBM Sovereign Core in the environment of their choice – whether in on-premises data centers, supported in-region cloud infrastructure or through IT Service Providers. IBM is collaborating with IT Service Providers globally, starting with an initial rollout in Europe with Cegeka in Belgium and the Netherlands and Computacenter in Germany. These partnerships allow local operational independence and compliance management, while enabling IT Service Providers to offer differentiated sovereign services to enterprises preparing for and running AI-scale workloads.

"As organizations navigate increasingly complex compliance and regulatory requirements, we're seeing strong demand for digital platforms and software that allows sensitive data to remain within controlled, compliant boundaries," said Gaetan Willems, VP Cloud & Digital Platforms, Cegeka. "Partnering with IBM to offer a pre-architected solution through our in-country environment enables us to deliver enterprise-ready software to our clients, while allowing them to address local compliance standards."

"With IBM Sovereign Core, we can focus on configuring the software to each client's specific use cases rather than spending months piecing together disparate components and validating sovereignty controls," said Christian Schreiner, Unit Director Cloud, Computacenter. "It can significantly accelerate our time-to-value and let us help clients who previously couldn't consider AI solutions at all."

IBM Sovereign Core Availability

Starting in February, IBM Sovereign Core will be available in tech preview, with full general availability planned for mid-year 2026. At GA, additional capabilities will be introduced.

To learn more about IBM Sovereign Core, read our blog here, and join us virtually for the IBM Tech Summit, January 27, register here.  To join the waitlist for IBM Sovereign Core Tech Preview, visit here.

IBM's statements regarding its plans, directions, and intent are subject to change or withdrawal without notice at IBM's sole discretion. Information regarding potential future products is intended to outline our general product direction and it should not be relied on in making a purchasing decision.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.

1 Gartner, The Future of Cloud in 2030: AI-Enabling Cloud Services. 6 August 2025, Dennis Smith. Al. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

Contact:
Michele Brancati
[email protected]

SOURCE IBM

A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, March 25, 2024. REUTERS/Gonzalo Fuentes/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesMicrosoft to buy 2.85 million credits over 12 yearsTotal value between $171-$228 million, source saysTech giant aims to be carbon negative by 2030LONDON, Jan 15 (Reuters) - Microsoft (MSFT.O), opens new tab has agreed with Indigo Carbon to buy a record 2.85 million soil carbon credits linked to regenerative agriculture in the United States, as the tech giant aims to become "carbon negative" by 2030 despite surging emissions linked to AI.

While Microsoft - the world's biggest buyer of carbon removal credits - did not disclose the cost of the 12-year tie-up, a person with knowledge of the deal said it falls within the historic range of $60 to $80 a ton for Indigo Carbon's credits, which would value the deal at between $171 million and $228 million.

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Regenerative farming covers a range of actions such as reducing tilling, using cover crops and letting livestock graze to improve the ability of the soil to capture climate-damaging carbon emissions and retain water.

Market data firm Sylvera said it had seen an increase in demand for such credits last year, including a deal by Microsoft for 2.6 million credits from Agoro Carbon, which previously held the record for the biggest deal.

Largest buyers of durable carbon removal credits"It's bringing the importance of soil carbon removal into corporate climate action, and really for Indigo, solidifying our reputation and leadership on high-integrity carbon credits," Meredith Reisfield, Indigo's senior director for policy, partnerships and impact told Reuters in an interview.

Farmers also benefit financially, receiving 75% of the average weighted cost of a credit from any given issuance or crop year, she added.

"Microsoft is excited by Indigo’s approach to regenerative agriculture that delivers measurable results through verified credits and payments to growers," Phillip Goodman, Director of Carbon Removal at Microsoft said in a press release.

Being carbon negative means Microsoft plans to ensure it facilitates more removals of carbon than the amount its operations globally emit.

In the voluntary carbon market, projects can be awarded credits for each ton of carbon dioxide they remove from the atmosphere and companies can buy these credits to offset emissions from their business operations.

Indigo helps identify areas where emissions can be cut or removed and then works with the farmers to develop the projects and sell the credits.

Many scientists say carbon-removal projects are essential for the world to slow global warming by offsetting emissions from industries, such as power generation, that continue to use fossil fuels.

Sceptics say there are wider concerns about measurement and permanence of removal credits and say removal technologies can distract from emissions reductions.

Reporting by Susanna Twidale and Simon Jessop Editing by Tomasz Janowski

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Simon leads a team tracking how the financial system and companies more broadly are responding to the challenges posed by climate change, nature loss and other environmental, social and governance (ESG) issues including diversity and inclusion.

Xvivo Perfusion AB (publ) (XVIPY) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 7:30 PM EST

Company Participants

Christoffer Rosenblad - Chief Executive Officer

Conference Call Participants

Vidhushi Taduri

Presentation

Vidhushi Taduri

Hi, everyone. Hope you're enjoying day 3 of the JPMorgan Healthcare Conference. My name is Vidhushi Taduri, and I'm an associate in the health care team here at JPM. It's my pleasure to introduce XVIVO's CEO, Christoffer Rosenblad, who will be presenting to you today. Over to you.

Christoffer Rosenblad
Chief Executive Officer

Thank you so much, and welcome to XVIVO's presentation. XVIVO is a company that scientifically pushed the boundaries of organ care prior to transplantation. And since you so amicably introduced me, I would jump to the XVIVO's vision. Today, organ failure is the most common cause of mortality. XVIVO is determined to change this and one day make sure that our vision come true, which is that nobody should die waiting for an organ.

Alex, on this picture used to live in Perth, Australia, which is a very remote town in Australia. Before XVIVO, Alex would have died due to organ shortage or too far distances to recover new heart. Now she got enrolled in the XVIVO Australian study for the Heart Assist Transport device, and she did receive a heart from across the country. And this would have been impossible without XVIVO's technology. And I actually met her in Europe. Today, she's living her fullest life. She's taking her PhD in Amsterdam in the Netherlands and living a normal life like the rest of us going to the gym every day.

So what do we do in XVIVO? This is an overview. If we start with the company's XVIVO, it actually means outside the body. And that is exactly where we operate in the transplant

Nvidia logo and Chinese flag are seen in this illustration taken August 27, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

Jan 15 (Reuters) - China is working to set rules on how many advanced artificial intelligence chip companies can buy from foreign makers such as Nvidia (NVDA.O), opens new tab, Nikkei Asia reported on Thursday, citing two people familiar with the matter.

The Chinese central government is working on rules that will likely regulate the total volume of cutting-edge AI chips local companies can purchase, effectively allowing some sales by Nvidia instead of banning them outright, the report added.

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Reuters could not immediately verify the report. Nvidia declined to comment.

This follows the Trump administration's decision on Tuesday to give a formal green light to the sale of U.S.-based Nvidia's H200 chips to China.

U.S. lawmakers and former officials questioned Trump's decision on Wednesday, arguing that the move erodes America's AI edge and threatens to electrify Beijing's military.

Reuters reported exclusively on Wednesday that Chinese customs authorities have told customs agents this week that Nvidia's H200 AI chips are not permitted to enter China.

The Chinese government summoned domestic technology companies to meet where they were explicitly instructed not to purchase the chips unless necessary, sources told Reuters.

Reporting by Disha Mishra in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Liquidia Corporation (LQDA) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 8:15 PM EST

Company Participants

Roger Jeffs - CEO & Director
Michael Kaseta - COO & CFO

Conference Call Participants

Ben Davis

Presentation

Ben Davis

Hello, everyone. My name is Ben Davis. I'm an associate with the JPMorgan Healthcare Investment Banking team, and I hope you're all enjoying your third day of the 2026 JPMorgan Healthcare Conference. It's my privilege to introduce Liquidia team. CEO, Roger Jeffs, will be presenting. Afterwards, he'll be joined by CFO, Michael Kaseta, on stage for a Q&A at the end.

Roger Jeffs
CEO & Director

Great. Thank you, Ben, and thank you for all of you here today. Also, thank you to those online who are listening in. I'm going to give the corporate overview really to give you a sense of kind of how we did in 2025. As a preview to that, we had a spectacular year, and also then give you a look into the future, kind of where we're headed above and beyond where we are today.

Also, I want to say that I'm joined here today with Rusty Schundler, our General Counsel; Scott Moomaw, our Chief Commercial Officer; Jason Adair, our Chief Business Officer; and Rajeev Saggar, our Chief Medical Officer. Usual forward-looking statements, and I'll refer you to our SEC filings for the true risks and uncertainties.

So for those of you who may be new to the story, Liquidia is a biopharmaceutical company driven by science and passion with patients as our North Star. And our purpose is to improve inhaled drug delivery to by employing proprietary and better formulations to focus on particularly the prostacyclin class of therapeutics to change and improve the standard of care for patients with high unmet need.

What

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- UCSD's Dr. Davey Smith, former ACTIV-2 Protocol Chair, endorses 'Xafty' as "The weapon to end the virus war." 
- Announces "One Drug, Two Tracks" strategy: Targeting Dengue in Vietnam and Respiratory Viruses (Flu, COVID, RSV) in the U.S. with the same drug. 
- Dr. Davey Smith: "With this multi-virus treatment, 2026 may mark the inaugural year of modern treatments that can treat multiple viruses with one drug, perhaps even viruses that haven't hit us yet."

, /PRNewswire/ -- Hyundai Bioscience (KOSDAQ: 048410) today announced a groundbreaking roadmap to combat global viral epidemics, officially declaring its entry into Phase 2 clinical trials in the United States.

Presenting at the Biotech Showcase 2026, the company unveiled its pre-emptive therapeutic strategy using Xafty™, a broad-spectrum antiviral drug. The presentation highlighted a bold transition: "Preparation in Vietnam is complete. Now, it is America."

- Dr. Davey Smith: "The Broad-Spectrum Weapon We Have Been Waiting For."

The core of the announcement centered on the clinical strategy designed in collaboration with Dr. Davey Smith, Professor of Medicine and Assistant Vice Chancellor at the University of California, San Diego (UCSD).

Dr. Smith, a world-renowned expert who previously led the U.S. government's ACTIV-2 COVID-19 trials, diagnosed the current U.S. healthcare crisis as a "tripledemic" of Influenza, RSV, and COVID-19 variants, for which there is no unified countermeasure.

In a statement regarding the new clinical design, Dr. Smith emphasized, "We now have a promising weapon to fight multiple viruses at the same time. Xafty's 'Basket Trial' design is the only efficient way to solve this multi-viral crisis." He further urged, "There is no time to lose. We must proceed with the trials necessary with maximum speed to deliver this solution to patients who are currently defenseless."

- "One Drug, Two Tracks": A Universal Solution

Hyundai Bioscience presented its unique "One Drug, Two Tracks" global strategy. The company is using the same drug (Xafty) to target:

* Dengue Fever in Vietnam (Track 1)

* Upper-Respiratory Infection Viruses in the US (Track 2)

This approach validates the drug's breadth and potency, demonstrating its potential to treat both mosquito-borne and respiratory viral infections. This mechanism is analogous to modern antibiotics that can treat multiple bacterial types with a single drug.

Mr. Jason Kim, CEO of Hyundai Bioscience USA, stated, "At the showcase, we confirmed that our strategy, designed with Dr. Smith, perfectly aligns with the unmet needs of the U.S. medical field. Our preparation is complete. We are ready to submit our IND application to the FDA immediately."

- Vision: "2026, The Inaugural Year of a Virus-Free Era"

The announcement concluded with a historic vision for global public health, articulated by Dr. Smith. "For too long, we have been chasing after variants," Dr. Smith noted. "But with this pre-emptive, broad-spectrum approach, we are finally getting ahead of the curve. I am confident that this trial will be a turning point for modern antivirals that can tackle multiple viruses with one drug."

About Hyundai Bioscience:

Hyundai Bioscience is a biotechnology company focused on developing novel drug delivery systems (DDS) to repurpose existing drugs for new therapeutic applications. The company is a member of the US Medical CBRN Defense Consortium (MCDC). Its lead candidate, Xafty (CP-COV03), is an oral antiviral drug based on niclosamide, modified for enhanced bioavailability.

This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. The Company undertakes no obligation to update these statements except as required by law.

Media Contact:
Jason Kim
[email protected]
(562)964-3910

SOURCE Hyundai Bioscience

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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SummaryPacer US Cash Cows 100 ETF is reiterated as a buy, driven by strong free cash flow focus and recent outperformance versus the S&P 500.COWZ benefits from overweight positions in Energy and Health Care, attractive 13.7x P/E, and a 2.13% yield, supporting its value-oriented investment thesis.Technical momentum is robust, with all-time highs, a bullish RSI, and a measured move price target in the low $70s.While seasonality suggests caution in Q1, COWZ’s broadening trend and shift toward value equities reinforce its favorable outlook. Clara Bastian/iStock via Getty Images

The best S&P 500 sector ETFs over the past three months are XLE (Energy) and XLV (Health Care). These areas are generally healthy with respect to free cash flow, and now they are the two biggest overweights in the

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Total of 945 integrated projects in 2025, including 74 Phase III clinical projects and 25 commercial manufacturing projects 209 new integrated projects in 2025 set a new record, with approximately 50% originating from U.S. clients Complex modalities are WuXi Biologics' core growth engine, with 2/3 of the new integrated projects comprising bispecific/multispecific antibodies and ADCs Bispecific/multispecific antibodies are WuXi Biologics' most exciting, fastest‑growing and highest‑margin engine. With 196 projects in the pipeline, this modality contributes nearly 20% of the company's revenue and delivers 120%+ YoY growth Scaling integrated CRDMO capabilities across the U.S. and Asia, while expanding the global network into the Middle East , /PRNewswire/ -- On January 14, Dr. Chris Chen, CEO of WuXi Biologics, delivered a keynote at the 44th J.P. Morgan Healthcare Conference, highlighting the company's 2025 achievements and outlining its outlook.

Dr. Chen commented, "Through the CRDMO model, we have achieved significant advancements spanning discovery, development, and manufacturing. By executing our 'Follow and Win the Molecule' strategy, world-class quality systems, deep technical capabilities and operational excellence, WuXi Biologics has become the partner of choice for biopharmaceutical innovators and MNCs. With the launch of the CRDMO+ strategy, we will further enable client success by scaling global manufacturing capacity, advancing modality innovation, and accelerating speed and execution."

Strong Project Funnel Achieving Record High

Building on leading technology, proven execution and expanding global reach, WuXi Biologics added 209 new integrated projects in 2025, increasing the total to 945 and reinforcing its position as the partner of choice for biopharma innovators worldwide. Approximately half of the new projects originated from U.S. clients, underscoring strong client trust from the market. 

The company has excelled in three key areas—bispecific/multispecific antibodies, ADCs, and mAbs—leveraging its deep expertise and fully integrated end-to-end capabilities.

Bispecific/multispecific antibody and ADC projects continued to expand rapidly, with each growing by approximately 30% to reach 196 and 252 projects, respectively. Together, these complex modalities now account for nearly 50% of the total pipeline, underscoring strong demand for differentiated biologics. In parallel, the company maintains a deep and diversified base of over 400 mAbs and other protein therapeutics, including multiple multi-billion-dollar franchises in late-stage development and commercial manufacturing. With strength across research, development, manufacturing, bispecific/multispecific antibodies represent WuXi Biologics' most exciting, fastest-growing and highest‑margin modality, contributing nearly 20% of the company's revenue and achieving YoY growth exceeding 120%.

Through its "Win-the-Molecule" strategy, WuXi Biologics has been securing a quantity of projects across different stages. In 2025, the company added 23 projects, including 6 Phase III and commercial projects. Notably, half of these projects involve complex modalities, led by bispecific/multispecific antibodies and ADCs.

Research: Accelerating Deal Momentum and Platform Inflection

Research services maintained strong momentum from 2024 into 2025, with accelerating T‑cell engager (TCE) deals highlighting an inflection point for the company's CD3 platform.

The CD3 platform enables bispecific antibodies to retain potent tumor-killing activity against target cells while minimizing cytokine release, optimizing the efficacy-safety balance. It has been widely adopted within the industry, including Merck, GSK, Chia Tai Tianqing Pharmaceutical, and Zai Lab.

WuXi Biologics' research services business achieved another record year in 2025, securing record-breaking upfront payments and potential milestone values exceeding USD 4 billion.

Development: Pioneering Innovative Solutions

WuXi Biologics continues to expand its integrated services through new technology solutions that accelerate timelines, improve product quality and ensure scalable manufacturing.

It launched WuXia™ TrueSite, an industry-leading targeted integration (TI)-based CHO cell line platform designed to reshape biologics development by accelerating timelines, enhancing product quality, and ensuring consistent scalability for antibody and complex protein therapies. The platform has achieved an average mAb titer exceeding 8.0 g/L, with over 99% of clonal cell lines maintaining stable protein expression after passaging for 60 generations.

The company has also expanded core technology solutions for high-dose delivery into clinical and commercial applications, including High-throughput formulation development platform WuXiHighTM, Hyaluronidase Co-Formulation platform, and large-volume devices capabilities.

Manufacturing: Advancing Growth at Speed and Scale

As the "Follow and Win the Molecule" strategy continues, the total number of Phase III clinical and commercial manufacturing projects reached 99 in 2025. Manufacturing is positioned for accelerated growth, driven by an expanding commercial portfolio and revenue ramp per program over time.

Built on operational excellence, technology leadership and a proven quality system, WuXi Biologics completed 28 PPQs in 2025 and has 34 PPQs scheduled for 2026 based on current contracts, reflecting strong momentum in CMO services. It has achieved a 99%+ success rate on PPQ batches, ranking among the industry's top performers. Since 2017, it has delivered more than 350 large‑scale batches (6,000 L – 16,000 L per batch) for global partners.

WuXi Biologics has consistently demonstrated a proven track record of adherence to the industry's rigorous quality standards. As of the end of 2025, the company had successfully passed 46 regulatory inspections, including 22 inspections conducted by the FDA and EMA. The company also holds an industry-leading record with a 100% pass rate for FDA Pre-License Inspection (PLI). In addition, WuXi Biologics passed more than 1,800 GMP quality audits led by clients, including over 230 audits by EU Qualified Persons. Currently, the company operates 15 GMP-certified drug substance and drug product facilities within its global network, with 136 facility license approvals and a 100% success in GMP inspections. Its world-class quality and compliance capabilities remain the cornerstone of clients' trust.

Global Layout: Building Strategic Hubs in the U.S., Singapore and Qatar

WuXi Biologics is increasing strategic investments in the U.S. to deliver integrated biologics services. By leveraging cross‑site synergies among facilities in New Jersey and Massachusetts, the company enables the seamless transfer of materials, samples, and products across the U.S..

In Singapore, the company has commenced construction of its new modular drug product facility, while the drug substance modular facility is currently in the design phase. Meanwhile, its subsidiary WuXi XDC achieved mechanical completion of its Singapore manufacturing facility in June 2025, positioning the Singapore site as a strategic hub within the global network.

In December 2025, WuXi Biologics announced the signing of an MOU with the Qatar Free Zones Authority (QFZ). The long-term strategy is to establish the Qatar site as a strategic pillar within WuXi Biologics' global CRDMO network, marking the company's entry into the region while extending its global footprint and capabilities.

Global Leading Digital CRDMO: Powering World-class Speed, Quality, Operational Efficiency and Client Experience

WuXi Biologics has embedded digital innovations into every fabric of research, development, manufacturing, operations and customer engagement that truly redefined values for its partners.

The DaVinci Client Portal provides a secure, real-time interface for proposal generation, access to experimental and manufacturing data and reports, cost estimates, and shipment tracking. Lab core systems, such as BioFoundry and InSilico, accelerate discovery, development and manufacturing by enabling digital twins, in‑silico modeling and predictive decision-making. By leveraging smart manufacturing solutions, such as Electronic Batch Record (EBR), the company has driven an approximately 40% productivity gain and ensured data integrity and high product quality, while advanced planning systems have delivered about a 20% improvement in efficiency. Recently, WuXi Biologics launched the industry-leading digital twin platform PatroLabTM to enhance process performance, minimize process risks, shorten development timelines, and ensure consistent, high-quality biologics manufacturing.

A Leader in Industry Sustainability

As a participant of the United Nations Global Compact (UNGC), WuXi Biologics has made significant strides in sustainability, earning widespread industry recognition. The company was granted an MSCI AAA Rating; awarded an EcoVadis Platinum Medal; listed in the Dow Jones Sustainability Indices (DJSI); named to the CDP "A List" for Climate Change, Water Security, Supplier Engagement Assessment; given the highest negligible-risk rating by Sustainalytics, and recognized as a Sustainalytics industry and regional ESG top-rated company for five consecutive years; selected as a Constituent of the FTSE4Good Index Series; listed in the Hang Seng ESG 50 Index; and rated as Prime by ISS ESG Corporate Rating.

Sustainable High Growth in 2026

In 2026, WuXi Biologics will build on strong momentum with accelerated growth driven by robust research, leading development and explosive manufacturing business. By putting clients first and leveraging its full end‑to‑end capabilities, WuXi Biologics is fast‑tracking biologics innovation for global clients and delivering meaningful benefits to patients around the world.

About WuXi Biologics

WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide.

With over 12,000 skilled employees in China, the United States, Ireland, Germany, Singapore and Qatar, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of December 31, 2025, WuXi Biologics is supporting 945 integrated client projects, including 74 in Phase III and 25 in commercial manufacturing.

WuXi Biologics regards sustainability as the cornerstone of long-term business growth. The company continuously drives green technology innovations to offer advanced end-to-end Green CRDMO solutions for its global partners while consistently achieving excellence in Environment, Social and Governance (ESG). Committed to creating shared value, it collaborates with all stakeholders to foster positive social and environmental impacts and promote responsible practices that empower the entire value chain.

For more information about WuXi Biologics, please visit: www.wuxibiologics.com.

Contacts

Media
[email protected]

Business
[email protected]

SOURCE WuXi Biologics

Myriad Genetics, Inc. (MYGN) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 8:15 PM EST

Company Participants

Samraat Raha - President, CEO & Director
Ben Wheeler - CFO & Principal Accounting Officer

Conference Call Participants

Matthew Sykes

Presentation

Unknown Analyst

Good evening, ladies and gentlemen. I'm [ Nischal Kapadia ]. I'm an associate with the Healthcare Investment Banking Group at JPMorgan. It's my pleasure to welcome you to the company presentation for Myriad Genetics. Today, we are joined by Sam Raha, who is the President and CEO at Myriad, who will be taking us through the presentation. And Sam is also joined by Ben Wheeler, who will be joining us for the Q&A. Ben serves as the Chief Financial Officer at Myriad.

Samraat Raha
President, CEO & Director

Thank you very much. Good afternoon, everyone. It's a pleasure to be here and have an opportunity to provide you an update of Myriad what lies ahead. First, forward-looking statements for your pleasure.

So I've been with the company for 2 years now. And from the beginning, I've been inspired by the noble purpose, which is to advance the health and well-being for all. The noble purpose is palpable throughout our organization and a reminder every day how we are making an impact.

A little bit about Myriad. We are a leader in precision medicine and diagnostic testing. We have been a pioneer for over 30 years now since we originally bought BRCA1 testing to make breast cancer, we have over 1,000 publications and counting. We're deeply rooted in science and medicine and in 2025 we served over 55,000 health care providers and delivered over 1.5 million tests, test reports.

Now that being said, we are at a very important inflection point for the company. As we move forward, we're going to build

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Perspective Therapeutics, Inc. (CATX) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 5:15 PM EST

Company Participants

Johan Spoor - CEO & Director

Conference Call Participants

Ben Davis

Presentation

Ben Davis

Hello, everyone, and welcome to the 2026 JPMorgan Healthcare Conference. My name is Ben Davis. I'm an associate with the JPMorgan Healthcare Investment Banking team. And today, I will be introducing Thijs Spoor, Joel Sendik and Marcus Puhlmann, the Perceptive Therapeutics team. And they'll be running through the presentation. Afterwards, we'll have a bit of time for Q&A. We'll be passing around the mic for anyone who has questions. Thank you.

Johan Spoor
CEO & Director

Great. Thanks, Ben, and thank you to JPMorgan for inviting us to present at the conference today. My name is Thijs Spoor, the CEO. I do acknowledge that everything that we put out there is current on the SEC website. We may make some forward-looking statements. We encourage you to look with everything as filed. So I want to tell you first about why I'm in the business and why I like what we do and why I'm really passionate. And it always starts and should end with a patient and what happens to a patient.

So this woman is in her 80s. She had neuroendocrine cancer. So she had these tumors. She was stable on somatostatin for a while. And -- but she had then started to progress. And all these red circles here were tumors that showed up in this woman's abdomen. And so she needed some kind of interventional treatment. And so a woman in her 80s with a tumor with multiple tumors that couldn't just be treated directly. And so we actually treated her with one of our medicines, VMT-alpha-NET. And after the first dose of our drug, we're able to see actually a meaningful reduction in those tumors.

VANCOUVER, BC / ACCESS Newswire / January 14, 2026 / Zimtu Capital Corp. (TSXV:ZC)(FSE:ZCT1) ("Zimtu" or the "Company") announces that its has acquired 2,400,000 shares (the "Shares") of Apex Critical Metals Corp. ("Apex") at a price of $0.06667 per Share pursuant to a Warrant exercise.

Prior to the warrant exercise, Zimtu directly owned and controlled 5,547,216 common shares of Apex representing 7.75% of the issued and outstanding common shares of Apex on a fully diluted basis. Following the warrant exercise, Zimtu holds 7,947,216 common shares in the capital of Apex and 278,336 share purchase warrants, representing 10.87% of the issued and outstanding common shares of Apex, on an undiluted basis, and 7.58% of the issued and outstanding common shares of Apex on a partially diluted basis.

Zimtu acquired the Shares for investment purposes only, and depending on market and other conditions, may from time to time in the future increase or decrease its ownership, control or direction over securities of Apex, through market transactions, private agreements or otherwise.

This acquisition by Zimtu of the 2,400,000 Shares exceeded 2% of the issued and outstanding common shares of Apex and triggered the requirement to file this news release, which is being issued pursuant to the requirements set forth in National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Instrument 62-104 - Take-Over Bids and Issuer Bids. Zimtu will be filing an early warning report with respect to the acquisition of the Units containing additional information under Apex's SEDAR+ profile at www.sedarplus.ca.

About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The Company trades on the TSX Venture Exchange under the symbol "ZC" and Frankfurt under symbol "ZCT1". For more information, please visit https://www.zimtu.com.

On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.

"Sean Charland"
President & Director
Tel: 604.681.1568

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements, which include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this press release include statements that the Company may from time to time increase or decrease its ownership, control or direction over securities of Apex, depending upon market or other conditions and statements; that the Company will file an early warning report respecting the acquisition of the Units; and that the Company aspires to achieve long-term capital appreciation for its shareholders. These statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include, but are not limited to: risks associated with the business of the Company or the businesses of the companies that the Company has invested in, including, without limitation, the natural resource exploration industry; changes in commodity prices as the Company has investments in natural resource exploration issuers; changes in interest and currency exchange rates; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and economic, competitive, governmental, environmental and technological factors which may affect the Company's operations, investments, markets, products and share price. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.

SOURCE: Zimtu Capital Corp.

Vistry Group PLC (BVHMY) Q4 2025 Sales/Trading Call January 14, 2026 4:00 AM EST

Company Participants

Gerald Fitzgerald - CEO & Executive Chairman
Timothy Lawlor - CFO & Executive Director

Conference Call Participants

Aynsley Lammin - Investec Bank plc, Research Division
Clyde Lewis - Peel Hunt LLP, Research Division
Rebecca Parker - Goldman Sachs Group, Inc., Research Division
Christopher Millington - Deutsche Bank AG, Research Division
William Jones - Rothschild & Co Redburn, Research Division
Ami Galla - Citigroup Inc., Research Division
Allison Sun - BofA Securities, Research Division
Charlie Campbell - Stifel, Nicolaus & Company, Incorporated, Research Division

Presentation

Operator

Hello, and welcome to this Vistry Trading Update Call. Today, we will hear from Chief Executive Officer, Greg Fitzgerald; and Chief Financial Officer, Tim Lawlor. [Operator Instructions] I'll now hand you over to Greg Fitzgerald. Greg, please go ahead.

Gerald Fitzgerald
CEO & Executive Chairman

Thank you, Oliver, and good morning, everyone, and happy New Year to you all. I'll start with a brief introduction, if I can, before we open the lines for your questions. And as usual, I have Tim Lawlor with me.

So in 2025, we delivered our market expectations with profits ahead of 2024. This required a particularly strong second half performance delivered despite ongoing subdued market demand in the private sales market. This is absolutely a testament to the incredible hard work of the teams, but also a recognition of our differentiated market positioning. We start 2026 in a fundamentally better shape than a year ago, a leaner, more efficient business. The pent-up demand for housing is greater than ever and the affordable market, in particular, should take off in 2026.

We had a well-documented difficult year in 2024, and this required us to stabilize, simplify and reorganize the business in the first half of 2025. These steps were successfully completed and helped

NEW ORLEANS, La., Jan. 14, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until January 26, 2026 to file lead plaintiff applications in a securities class action lawsuit against Alexandria Real Estate Equities, Inc. (“Alexandria” or the “Company”) (NYSE: ARE), if they purchased or otherwise acquired the Company’s securities between January 27, 2025 to October 27, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Central District of California.

Get Help

Alexandria Real Estate Equities investors should visit us at https://claimsfiler.com/cases/nyse-are/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Alexandria and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On October 27, 2025, post-market, the Company disclosed financial results for the third quarter of fiscal year 2025 that were below expectations, including cuts to its FFO guidance for the full-year 2025, due to lower occupancy rates, slower leasing activity and most notably, a real estate impairment charge of $323.9 million with $206 million attributed to its LIC property.

On this news, the price of Alexandria’s shares fell from a closing market price of $77.87 per share on October 27, 2025 to $62.94 per share on October 28, 2025, a decline of about 19% in the span of just a single day.

The case is Warren Hern v. Alexandria Real Estate Equities, Inc., et al., No. 25-cv-11319.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

-

Aiming to transform into an innovative company through diverse knowledge and expertise

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it will launch the Talent Mobility System to match employees with jobs in the company’s global group in order to develop, mobilize and engage top talent. It will also revise the Global- On the Job Training (G-OJT) System to provide young employees with deeper overseas work experiences compared to those of conventional overseas temporary-training programs.

Mitsubishi Electric, which employs approximately 150,000 people at more than 200 Group companies around the world, is promoting initiatives that maximize the development, sharing and utilization of knowledge and abilities in its diverse and versatile workforce, as well as the allocation, utilization and development of employees across countries, regions and business sites. The company expects the newly announced systems to accelerate efforts to assign, develop, and utilize employees with diverse knowledge and abilities throughout the Group, with the goal of transforming Mitsubishi Electric into an “innovative company” that creates value with new ideas without fear of risk.

About Talent Mobility System

Mitsubishi Electric promotes the allocation and utilization of employees across countries, regions and business sites, particularly management candidates from overseas Group companies. In many cases, mid-level and young employees of overseas Group companies are only utilized within their respective offices. Through the Talent Mobility System, the company will quickly grasp and share information on top talent throughout the Group, accelerating their development and motivation by creating opportunities for borderless career expansion.

For the full text, please visit: www.MitsubishiElectric.com/news/

More News From Mitsubishi Electric Corporation

Back to Newsroom

Expects 4Q25 consolidated operating income to be $135.0 to $145.0 million Expects 4Q25 net income and diluted EPS to be $131.3 to $146.3 million and $4.22 to $4.70, respectively 4Q25 diluted EPS includes a benefit of approximately $0.77 due to positive income tax adjustments Expects full year 2026 consolidated operating income to approach the level achieved in full year 2025 Repurchased approximately 0.7 million shares in 4Q25 , /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX) today announces preliminary fourth quarter financial results, provides 2026 outlook for consolidated operating income and announces that its fourth quarter earnings call will be held on February 24, 2026.

Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "Matson had a solid finish to the year with consolidated fourth quarter results that exceeded our expectations. During the quarter, our China service saw higher than expected freight rates and volume driven by strong e-commerce and e-goods demand. Our China service benefited from strong freight demand in our key customer segments as well as a more stable trading environment in the Transpacific tradelane as a result of the U.S.-China trade and economic deal announced on October 30, 2025, which reduced uncertainty regarding tariffs, port entry fees, global trade and other geopolitical factors. Looking ahead, for full year 2026 we expect consolidated operating income to approach the level achieved in full year 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane."

Mr. Cox added, "For the fourth quarter 2025, we expect consolidated operating income to be $135.0 to $145.0 million. We also expect fourth quarter 2025 net income and diluted EPS to be $131.3 to $146.3 million and $4.22 to $4.70, respectively. Fourth quarter 2025 diluted EPS includes a benefit of approximately $0.77 per share due to positive income tax adjustments. We will provide more details on our fourth quarter and full year 2025 financial performance and 2026 outlook on our earnings call on February 24, 2026."

Fourth Quarter Tradelane Volume (Forty-foot equivalent units (FEU)) (1)(2)(3):

For the three months ended December 31, 2025 compared to the three months ended December 31, 2024 and on a FEU basis: 

Hawaii container volume increased 0.6 percent primarily due to higher general demand; Alaska container volume decreased 3.3 percent primarily due to one less northbound sailing compared to the year ago period, partially offset by higher AAX volume; China container volume was 7.2 percent lower; Guam container volume was 4.4 percent higher primarily due to higher general demand; and Other containers volume increased 11.6 percent.
________________________

(1)

Approximate volume included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the
percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.

(2)

China volume includes containers from China and other Asia origins.

(3)

Other containers includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan.

Other Items

SSAT Impairment Charge Last Year: In the fourth quarter 2024, operating income, net income and diluted EPS included an impairment charge related to the write-down of a terminal operating lease asset at SSAT, which impacted fourth quarter 2024 operating income, net income and diluted EPS by $18.4 million, $14.0 million and $0.42 per share, respectively. Income Taxes: Income taxes for the fourth quarter 2025 is estimated to be $6.0 to $11.0 million, which implies an effective tax rate for the quarter of 3.9 to 7.7 percent, due to the benefit of positive income tax adjustments. Compared to an effective income tax rate of 22.0 percent, the midpoint of this fourth quarter income taxes range would benefit diluted EPS by approximately $0.77 per share for the quarter. Liquidity and Debt: Matson's cash and cash equivalents as of December 31, 2025 was approximately $141.9 million, which excluded $532.7 million in cash on deposit within the Capital Construction Fund ("CCF"). Total debt as of December 31, 2025 was $361.2 million.(4)  Share Repurchases: During the fourth quarter of 2025, Matson repurchased approximately 0.7 million shares for a total cost of $78.1 million.(5) As of December 31, 2025, the Company had approximately 1.1 million shares remaining in its share repurchase program. A slide presentation that accompanies this press release is available on the Company's website at www.matson.com, under Investors.

(4)     Total debt is presented before any reduction for deferred loan fees as required by GAAP.
(5)     Includes stock repurchased during the quarter but not settled and taxes on share repurchases that will be paid after the quarter end

Teleconference and Webcast

A conference call is scheduled on February 24, 2026 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson's fourth quarter results.

Date of Conference Call:

Tuesday, February 24, 2026

Scheduled Time:

4:30 p.m. ET / 1:30 p.m. PT / 11:30 a.m. HT

The conference call will be broadcast live along with an additional slide presentation on the Company's website at www.matson.com, under Investors. 

Participants may register for the conference call at:

https://register-conf.media-server.com/register/BI2f86b7aed35545c9bacf93a43078cde7

Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.

About the Company

Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes transshipment of cargo from other Asia origins, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia. Its integrated, logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.

Forward-Looking Statements

Statements in this news release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation those statements regarding outlook; operating income; consumer demand; and the trading environment. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to risks and uncertainties relating to repeal, invalidation, substantial amendment or waiver of the Jones Act or changes in its application, or the Company were determined not to be a United States citizen under the Jones Act; changes in macroeconomic conditions, geopolitical developments, or governmental policies; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or increased competition; our relationship with customers and vendors and changes in related agreements; fuel prices, our ability to collect fuel-related surcharges and/or the cost or limited availability of required fuels; evolving regulations and stakeholder expectations related to sustainability matters; timely or successful completion of fleet upgrade initiatives; the Company's vessel construction agreements with Philly Shipyard; the occurrence of weather, natural disasters, maritime accidents, spill events and other physical and operating risks; transitional and other risks arising from climate change; actual or threatened health epidemics, outbreaks of disease, pandemics or other major health crises; significant operating agreements and leases that may not be renewed/replaced on favorable or acceptable terms; any unexpected dry-docking or repair costs; joint venture relationships; conducting business in foreign shipping markets, including the imposition of tariffs or a change in international trade policies; any delays or cost overruns related to the modernization of terminals; war, actual or threatened terrorist attacks, efforts to combat terrorism and other acts of violence; consummating and integrating acquisitions; work stoppages or other labor disruptions caused by our unionized workers and other workers or their unions in related industries; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems and cybersecurity attacks; changes in our credit profile, disruptions of the credit markets, changes in interest rates and our future financial performance; our ability to access the debt capital markets; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.

SOURCE Matson, Inc.

NEW ORLEANS, Jan. 14, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 9, 2026 to file lead plaintiff applications in a securities class action lawsuit against Ardent Health, Inc. (“Ardent” or the “Company”) (NYSE: ARDT), if they purchased or otherwise acquired the Company’s securities between July 18, 2024 and November 12, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Middle District of Tennessee.

Get Help

Ardent Health investors should visit us at https://claimsfiler.com/cases/nyse-ardt/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Ardent and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On November 12, 2025, post-market, the Company disclosed a $43 million decrease in third quarter 2025 revenue due to revised determinations of accounts receivable collectability after the Company transitioned to a new revenue accounting system and from purported “recently completed hindsight evaluations of historical collection trends.” The Company further disclosed a cut to 2025 EBITDA guidance of $57.5 million at the midpoint, or about 9.6%, from $575 million – $625 million to $530 million – $555 million due to “persistent industry-wide cost pressures,” including “payer denials,” and also recorded a $54 million increase in professional liability reserves “with respect to recent settlements and ongoing litigation arising from a limited set of claims between 2019 and 2022 in New Mexico” as well as “consideration of broader industry trends, including social inflationary pressures.”

On this news, the price of Ardent’s shares fell $4.75 per share, or nearly 34%, from $14.05 per share on November 12, 2025, to close at $9.30 per share on November 13, 2025, on unusually heavy trading volume.

The case is Postiwala v. Ardent Health, Inc., et al., No. 26-cv-00022.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

Item 1 of 2 A woman checks her mobile phone inside the premises of the Supreme Court in New Delhi, India, September 28, 2018. REUTERS/Anushree Fadnavis/File Photo

[1/2]A woman checks her mobile phone inside the premises of the Supreme Court in New Delhi, India, September 28, 2018. REUTERS/Anushree Fadnavis/File Photo Purchase Licensing Rights, opens new tab

NEW DELHI, Jan 15 (Reuters) - India's top court is set to rule on Thursday if taxes should be levied on U.S. investment firm Tiger Global's $1.6 billion stake sale in Flipkart to Walmart (WMT.O), opens new tab in 2018, in what could be a landmark ruling on international tax-treaty use by firms.

Keenly watched by foreign investors, the legal dispute relates to how Tiger Global used the India–Mauritius tax treaty to claim tax exemptions and New Delhi's fierce objections to it. The ruling will have implications for how India applies tax principles in cross-border deals.

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"The ruling is likely to redefine the treaty interpretation law," said Mukesh Butani, managing partner of Indian law firm BMR Legal, which advises clients on international tax laws and treaties.

Tiger Global and Indian tax authorities have been locked in a legal tussle over its 2018 stake sale in Indian e-commerce company Flipkart to Walmart worth 144.4 billion rupees ($1.6 billion). The deal was part of the U.S. retail company's $16 billion acquisition of Flipkart that year.

The stake sold at the time, 17% according to local media reports, was held by Tiger Global's units in Mauritius.

While Indian tax authorities argued Tiger Global wrongly used the India-Mauritius tax avoidance treaty to not pay any tax on its profits, the investment firm argued it can do so as the treaty exempted such a transaction.

The tax authorities say the Tiger Global Mauritius units served merely as a conduit for Tiger Global U.S. - a description the investment firm says is incorrect.

The Supreme Court has been hearing the case since January 2025 as Indian tax authorities challenged a previous Delhi High Court ruling that was in favour of Tiger Global and found no wrongdoing.

Walmart competes with Amazon (AMZN.O), opens new tab in India's thriving e-commerce market, where online shopping has boomed in recent years. Walmart has previously not commented on the matter.

Reporting by Arpan Chaturvedi and Aditya Kalra; Editing by Muralikumar Anantharaman

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