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‘I don’t understand’ why young LA Lakers talent is not a better shooter, says Stephen A. SmithThe mysteriously named Disease X has the potential to become the next big pandemic, a doctor has warned, while also claiming the world isn't prepared for a sudden boom in cases. Disease X - which is essentially the name given to an as-yet-unknown infection - was among 11 other dangerous diseases that doctors were most concerned about for the year ahead. Measles, cholera, scabies, bird flu , and even another Covid outbreak were also included in the list of scientists' most feared infections for 2025. The World Health Organization (WHO) had previously dubbed unknown pathogens as Disease X, and it was included in its own priority list of diseases that needed urgent research. It's most recently killed at least 31 people - mainly children - in the Panzi region of the Democratic Republic of Congo (DRC). The WHO said there were more than 400 recorded cases of an undiagnosed disease in the DRC between October 24 and December 5. The most common symptoms included fever, headache, body aches, and a bad cough. But, the most severe cases were often linked to severe malnutrition, it said. Disease X is one of the infections that's most likely to lead to severe outbreaks, and possibly even a pandemic, according to Dr Michael Head; Senior Research Fellow in Global Health at the University of Southampton. If an outbreak were to appear immediately, the world would likely be incredibly unprepared, in a similar vein to the international shock of coronavirus. Disease X Disease X isn't an actual infection - it's more the name given to any disease that hasn't been identified, so far. But, the idea of an unknown virus or bacterial infection is very real, and scientists have urged governments to be prepared for anything Mother Nature might throw at us. "Disease X is the name given to an as-yet-unknown bug, that has the potential to cause large outbreaks or even a pandemic," Dr Head told the Mirror . "This bug would have the potential to spread quickly and have a high mortality rate; for example like COVID-19. "The world was poorly prepared for the most recent pandemic, and though we have significant advances in technology , such as the use of mRNA platforms for vaccines and other medicines, we would likely fall short again should Disease X emerge tomorrow." Symptoms: Who knows? It could include anything dependent on its biological make-up. If it were a respiratory virus, it could cause coughs or difficulty breathing. But if it were a bacterial infection, it might cause more stomach bug-like symptoms. Dengue Dengue fever is the world's most commonly transmitted virus by mosquitoes. Tens of millions of cases are reported every year, and up to 25,000 people die annually. It's most commonly found in South America and Southeast Asia, but more and more cases are cropping up in southern Europe - mainly driven by climate change. France, Italy and Spain are most likely to see outbreaks of dengue - which is commonly referred to as the 'bone breaker' disease. The mosquito that carries the virus is eventually expected to gain a foothold in the UK, although it's still unclear exactly when that might be. Medicine professor at the University of East Anglia, Paul Hunter, expected to see more cases of dengue fever in 2025 - particularly in southern Europe. Symptoms: The virus usually causes flu-like symptoms, including a fever, headaches, joint pain, and a characteristic rash mad eup of slightly raised spots. In the most severe cases, it could lead to bleeding gums, repeated vomiting, and severe stomach pain. Chikungunya There was only one confirmed case of chikungunya in Europe in 2024, but it could be on the rise in the coming year, warned Professor Hunter. It's another mosquito-driven viral infection, and is similar to the mayaro virus and the ross river virus. Almost all cases of the virus are found in South America; particularly in Brazil, which had more than 400,000 between August and October in 2024. But, European climates are becoming more favourable for mosquitoes, and scientists fear chikungunya could be on the rise. Professor Hunter said: "I think we will likely see more mosquito-borne diseases in southern Europe; mainly dengue but also probably chikungunya. I also worry about West Nile fever." Symptoms: Most people with chikungunya develop joint pain and a fever about five days after the initial infection. Patients tend to feel better after a week, but it could lead to severe and debilitating joint pain that lasts for months. West Nile fever The West Nile virus goes completely unnoticed for about 80% of human patients. But for those remaining 20%, it can lead to deadly West Nile fever. The virus is transmitted by mosquito bite, although it could also be spread by blood transfusions and organ transplants. It's yet to be reported by local transmission in the UK, but there have been cases of travellers returning with the infection. Human infections have, however, been reported in Spain, France, Italy, Greece , and Germany since the start of November 2024. At its worst, West Nile fever can develop into West Nile neuroinvasive disease (WNND). WNND describes when the nervous system is directly affected by the virus, and it can include developing meningitis , encephalitis, and acute flaccid myelitis. Symptoms: Headaches, fevers, fatigue, and swollen glands are the most common signs of West Nile fever. Some patients might also develop an itchy skin rash that appears on the back, arms, or trunk of the body. Measles Measles is a very serious airborne infection that mainly affects young children. More than 107,000 people died from measles globally in 2023, a majority of whom were under fives years old. It's spread simply by coughing or sneezing, moving in air droplets, and can live in the air or on surfaces for up to two hours. That makes it highly infectious, and infects about 90% of all unvaccinated people within close contact. Measles has been on the rise in the western world over the past few years, largely driven by a fall in vaccination rates. The proportion of kids receiving their first dose of the measles vaccine in 2019 was 86%. But that fell to 83% in 2023. Dr Head said: "Measles is vaccine-preventable. With two doses of the MMR vaccine, that stops measles in its tracks. With a high uptake, we could literally eradicate it from the planet, like smallpox. A lower uptake, partly due to too much covid interrupting health service delivery in the pandemic, means children in the UK and globally are being affected. It is a nasty infection in unvaccinated children, and it can and does kill." Symptoms: The infection usually starts with flu-like symptoms, before the patient develops the characteristic 'measles rash'. It includes raised spots that join together to make large blotchy patches of skin, and spreads from the face to the rest of the body. Covid Coronavirus never went away, and it's still been bubbling away in the background. Even worse, it's still mutating and changing, with new strains harbouring the potential to become more infectious and - dare we say it - vaccine-resistant. In October this year, the UK Health Security Agency (UKHSA) confirmed a new variant appeared to be more infectious than previous strains. The XEC variant, which combined strains of KS.1.1 and KP.3.3 suddenly sparked a big rise in Covid cases across the country. Admission rates for people testing positive for Covid rose from 3.7 per 100,000 to 4.5 per 100,000 in just one week. Dr Head said: "The vaccines, along with use of medicines and diagnostics etc., have massively blunted the public health impact of COVID-19. But, it’s still here, very much hasn’t gone away, and will continue to pose a problem to health services and populations everywhere around the world. Do get vaccinated if another dose if offered to you!" Symptoms: The three key signs of Covid have remained the same for a number of years now, and there's no early signs of any variants causing unique symptoms. A continuous cough, high fever, or change to your sense of smell or taste could all be signs of coronavirus. Some people might also develop fatigue, a sore throat, headaches, diarrhoea, nausea, and general cold-like symptoms. Cholera Cholera is a global public health threat, the WHO warned. It's a severe diarrhoeal disease that's caused by consuming food or water contaminated with Vibrio cholerae bacteria. In the most extreme cases, the infection can develop very, very fast, leading to death within a few hours if not treated. Up to 143,000 people die from cholera each year worldwide. There have been seven cholera pandemics since in the 19th century, with the most recent in 1961 largely affecting south Asia. But forced migration, sparked by climate change, could mean that 2025 sees another big surge in cholera cases, warned Professor Hunter. Still, cholera cases are incredibly rare in Europe, and most confirmed cases are found in Africa and Asia. In 2022, for example, 29 cases were reported by nine EU countries; all of which included a history of travel to a cholera hotspot. Symptoms: The most common sign of cholera is having lots of watery diarrhoea. It might be accompanied by severe vomiting and stomach pain, and subsequently leads to dehydration. Bird flu Avian flu, or bird flu as it's more commonly known, is widely accepted as the most likely known cause of the next pandemic. It's a type of flu virus that commonly spreads among birds, but has been known to jump across to humans. The virus isn't easily passed to humans, however, although it can mutate rapidly, leaving scientists fearing a mass outbreak. As it stands, almost all cases of H5N1 - the most common bird flu strain in humans - have been reported in those that work closely with animals. "A permanent member of any ‘possible infectious disease threat’ list, avian influenza evolves its shape and style a little like the Covid variants, and has the potential to cause a pandemic," said Dr Head. "We haven’t yet seen widespread human-to-human transmission - but we could do." Bird flu is spread to humans by touching infected animals, their droppings or bedding, or by preparing infected poultry for cooking. There isn't a seasonal bird flu vaccine, but a universal jab to protect against all types of flu, including avian flu, would be the "holy grail", added Dr Head. Symptoms: A very high fever is the earliest sign of a bird flu infection, combined with fatigue and a painful headche. Some patients have also previously reported severe conjunctivitis or bleeding from the nose or gums. Antimicrobial-resistant bacteria UKHSA has warned that antibiotic-resistant infections continue to rise in the UK, while the WHO said antimicrobial resistance is a top global health threat. Antimicrobials are medicines commonly used to treat infectious diseases, including antibiotics, antivirals and antifungals. But scientists have warned that these infections are taking increasingly longer to react to the medications, as they're evolving and developing to protect against them. Anyone that gets a bacterial infection that's resistant to antibiotics are more likely to die within 30 days, according to the UKHSA. Professor Hunter added that antimicrobial-resistant bacteria posed a "significant concern" going into 2025. E.coli is by far the most common type of antibiotic-resistant bacteria in the UK, which commonly causes diarrhoea, vomiting, and urinary tract infections. By the middle of 2024, the UK reported more than 600 cases of the bacteria, which was markedly more than seen in previous years. UKHSA Chief Executive, Professor Dame Jenny Harries, said in November: "Increasingly the first antibiotics that patients receive aren’t effective at tackling their infections. That’s not just an inconvenience – it means they are at greater risk of developing a severe infection and sepsis . Our declining ability to treat and prevent infections is having an increasing impact, particularly on our poorest communities. "Only take antibiotics if you have been told to do so by a healthcare professional. Do not save some for later or share them with friends and family. This isn’t just for your own health - it’s about protecting everyone in our communities and future generations." Symptoms: The signs of infection vary dependent on the bacterial or viral infection. E.coli infection, however, can cause bloody diarrhoea, vomiting, stomach cramps, and cystitis. Whooping cough Pertussis, or whooping cough , is a bacterial infection that affects the lungs, and can be deadly if left untreated. It mainly affects young children and babies, but any can develop symptoms if they become infected. The infection is named after the characteristic 'whoop' sound made by infected young babies between deep breaths. But, not all babies make the noise, which means it can go untreated for some time. The UK is in the midst of a major whooping cough outbreak, and annual confirmed cases topped 10,000 in August. The second quarter of the year saw more confirmed cases than any of the quarters in 2012, which was the last major outbreak year. Professor Hunter said it remained unclear whether there would be more cases of whooping cough in 2025 than 2024, but it remained a "big concern". At least 10 infants have died in the UK since the start of the current outbreak, which dates back to November 2023. UKHSA's Director of Immunisation, Dr Mary Ramsay, said earlier this year: "Vaccination is the best defence against whooping cough and it is vital that pregnant women and young infants receive their vaccines at the right time. Pregnant women are offered a whooping cough vaccine in every pregnancy , ideally between 20 and 32 weeks. "This passes protection to their baby in the womb so that they are protected from birth in the first months of their life when they are most vulnerable and before they can receive their own vaccines." Symptoms: The very first symptoms of whooping cough are similar to a normal cold, including a runny nose and sore throat. After about a week, it could develop into coughing bouts, difficulty breathing, and bringing up thick mucus. Scabies Doctors have recently urged the British public to avoid ignoring the signs of scabies infestation, after a spike in cases. The condition is casued by tiny mites burrowing into the skin to lay their eggs, sparking a really unpleasant itchy rash. Scabies doesn't killy many people, but it can really affect your quality of life, according to Dr Head. It's particularly common in the UK, and is mainly seen in institutional settings, including schools, care homes, and prisons. The number of confirmed scabies cases in England increased by 58% in the first half of 2024, compared with 2023. GP diagnoses were also well above the five-year average, with the north of England seeing the largest proportion of cases. "The mites burrow under the skin, causing an immune response that triggers inflammation and itching," said Dr Head. "You can catch it by prolonged skin-to-skin contact, or via clothes, furniture or bedding that an infected person may have used previously." Symptoms: Intense itching is the most obvious sign of scabies - particularly at nighttime. You might also develop a rash with lined-up red spots, showing where the mite has left its eggs. The rash is common between the fingers, and may eventually turn into dark spots.
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The joy is back – how ‘top fixer’ Joe Schmidt has transformed AustraliaWith a focus on human rights, US policy toward Latin America under Jimmy Carter briefly tempered a long tradition of interventionism in a key sphere of American influence, analysts say. Carter, who died Sunday at the age of 100, defied the furor of US conservatives to negotiate the handover of the Panama Canal to Panamanian control, suspended aid to multiple authoritarian governments in the region, and even attempted to normalize relations with Cuba. Carter's resolve to chart a course toward democracy and diplomacy, however, was severely tested in Central America and Cuba, where he was forced to balance his human rights priorities with pressure from adversaries to combat the spread of communism amid the Cold War standoff with the Soviet Union. "Latin America was fundamental and his global policy was oriented toward human rights, democratic values and multilateral cooperation," political analyst Michael Shifter of the Inter-American Dialogue, a think tank in Washington, told AFP. During his 1977-1981 administration, which was sandwiched between the Republican presidencies of Gerald Ford and Ronald Reagan, the Democrat sought to take a step back from US alignment with right-wing dictatorships in Latin America. An important symbol of Carter's approach was the signing of two treaties in 1977 to officially turn over the Panama Canal in 1999. "Jimmy Carter understood that if he did not return the canal to Panama, the relationship between the United States and Panama could lead to a new crisis in a country where Washington could not afford the luxury of instability," said Luis Guillermo Solis, a political scientist and former president of Costa Rica. Carter called the decision, which was wildly unpopular back home, "the most difficult political challenge I ever had," as he accepted Panama's highest honor in 2016. He also hailed the move as "a notable achievement of moving toward democracy and freedom." During his term, Carter opted not to support Nicaraguan strongman Anastasio Somoza, who was subsequently overthrown by the leftist Sandinista Front in 1979. But in El Salvador, the American president had to "make a very uncomfortable pact with the government," said Shifter. To prevent communists from taking power, Carter resumed US military assistance for a junta which then became more radical, engaging in civilian massacres and plunging El Salvador into a long civil war. Carter took a critical approach to South American dictatorships in Argentina, Chile, Uruguay and Paraguay, suspending arms deliveries and imposing sanctions in some cases. But his efforts "did not achieve any progress in terms of democratization," said Argentine political scientist Rosendo Fraga. The American president also tried to normalize relations with Cuba 15 years after the missile crisis. He relaxed sanctions that had been in force since 1962, supported secret talks and enabled limited diplomatic representation in both countries. "With him, for the first time, the possibility of dialogue rather than confrontation as a framework for political relations opened up," Jesus Arboleya, a former Cuban diplomat, told AFP. But in 1980, a mass exodus of 125,000 Cubans to the United States, with Fidel Castro's blessing, created an unexpected crisis. It "hurt Carter politically with the swarm of unexpected immigrants," said Jennifer McCoy, a professor of political science at Georgia State University. Castro continued to support Soviet-backed African governments and even deployed troops against Washington's wishes, finally putting an end to the normalization process. However, more than 20 years later, Carter made a historic visit to Havana as ex-president, at the time becoming the highest-profile American politician to set foot on Cuban soil since 1959. During the 2002 visit, "he made a bold call for the US to lift its embargo, but he also called on Castro to embrace democratic opening," said McCoy, who was part of the US delegation for the trip, during which Castro encouraged Carter to throw out the ceremonial first pitch at a Cuban All-Star baseball game. "Castro was sitting in the front row and we were afraid he would rise to give a long rebuttal to Carter's speech. But he didn't. He just said, 'Let's go to the ball game.'" In the years following Carter's presidency, Ronald Reagan (1981-1989) would go on to resume a full-frontal confrontation with Cuba. Decades later, Barack Obama (2009-2017) opened a new phase of measured normalization, which Donald Trump (2017-2021) brought to an end. US President Joe Biden promised to review US policy toward Cuba, but hardened his stance after Havana cracked down on anti-government protests in 2021. "Carter showed that engagement and diplomacy are more fruitful than isolation," McCoy said. bur-lp-rd-jb/lbc/mlr/bfm/sst/bbk
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NoneVancouver city councillors are weighing a 5.5-per cent property tax as they review the city’s draft 2025 operating budget on Tuesday. But homeowners could also see an 18.2-per cent utility fee hike, partially driven by a 37-per cent increase in sewer rates related to cost overruns on the North Shore Wastewater Treatment plant. Last spring, Vancouver Mayor Ken Sim said he wanted to keep property taxes capped at 5.5 per cent, down from the 7.5 per cent homeowners paid for 2024 and 10.7 per cent the year prior. “That’s the number we are starting with to see if we can bring down any lower,” ABC Vancouver Coun. Mike Klassen told Global News on Tuesday. The budget envisions $453.4 million, a 2.4 per cent funding increase, for the Vancouver Police Department. Police funding is the single largest expenditure category in the budget, accounting for 19 per cent of spending. However, Klassen said the city is in talks with the provincial government, with hopes it could help cover the cost of the city’s police body-worn camera program and other public safety costs. The draft earmarks $880 million in capital spending, with major projects including seismic upgrades to the Granville and Cambie bridges, the construction of the new PNE Amphitheatre, and upgrades to fire halls, sports fields and the city’s sewer and water systems. “We have an infrastructure deficit right now,” Klassen said. “That’s why we have really been working hard to find new revenue sources. Of course we have brought forward the sponsorship and naming rights program concept, so that is going to help us to find other ways to be able to bring in millions of dollars a year.” Green Coun. Pete Fry said city staff had uncovered additional revenue sources including dividends from the city’s property endowment fund, investments and tax increases from new development that could bring the tax hike as low as 3.9 per cent. “What’s interesting is there is a bunch of unfunded priorities, which roughly could top up that 3.9 per cent to 5.5 per cent,” he said, pointing to the body-worn camera project, street cleaning grants and additional library hours. “Obviously, ever-increasing taxes is not the kind of news that anyone wants to hear, but the reality is we have a significant amount of monetary pressures at the City of Vancouver to keep everything running the way Vancouverites enjoy and expect.” Other key spending areas include the fire department, public libraries and parks and recreation. The draft budget envisions a 4.3-per cent funding hike to $195.2 million for the Vancouver Fire Rescue Services. It forecasts a 2.5-per cent spending increase to $64.5 million for the Vancouver Public Library. And it earmarks $183.9 million for the Vancouver Park Board, an increase of 7.2 per cent. It also lays out a number of increases to user fees, including a 6-per cent fee hike for recreation facilities, a 6-per cent fee hike for most business licences, and a 3-per cent increase to building and development permit fees. Council is not expected to vote on the final budget until next week.
M inisters have set out their overhaul of planning rules that they hope will allow Sir Keir Starmer to deliver the 1.5 million homes he has promised across the parliament. In an 84-page planning “bible”, they make far-reaching reforms to a system they say is “faltering on all fronts”. The new national planning policy framework sets the rules for local councils deciding on planning applications for new developments — and includes key changes on the rules for building on the green belt , along with sanctions for local authorities who block new housebuilding in their area. There are also sanctions for developers who get planning permission and then sit on land rather than build on it. Alongside this, the government has also published new housebuilding targets for every part of the country, which will see some councils having to increase rates of development by up to 750 per cent.Findlay's Vacuum and Sewing shutters for good after more than 40 years, Lee's Music to take over location (Kamloops)
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Burt, the huge crocodile that rose to fame with a cameo in the movie “Crocodile Dundee” and continued to impress visitors with his fiery temper and commanding presence, has died. Burt died over the weekend, the Crocosaurus Cove reptile aquarium in Darwin, Australia , said. He was at least 90 years old. “Known for his independent nature, Burt was a confirmed bachelor — an attitude he made clear during his earlier years at a crocodile farm,” Crocosaurus Cove wrote in social media posts. “He wasn’t just a crocodile, he was a force of nature and a reminder of the power and majesty of these incredible creatures. While his personality could be challenging, it was also what made him so memorable and beloved by those who worked with him and the thousands who visited him over the years,” the aquarium wrote. A saltwater crocodile , Burt was estimated to be more than 5 meters (16 feet) long. He was captured in the 1980s in the Reynolds River and became one of the most well-known crocodiles in the world, according to Crocosaurus Cove. The 1986 movie stars Paul Hogan as the rugged crocodile hunter Mick Dundee. In the movie, American Sue Charlton (Linda Kozlowski) goes to fill her canteen in a watering hole when she is attacked by a crocodile, before being saved by Dundee. Burt is briefly shown lunging out of the water. But the creature shown in more detail as Dundee saves the day is apparently something else. The Internet Movie Database says the movie goofed by depicting an American alligator, which has a blunter snout. The Australian aquarium where Burt had lived since 2008 features a “Cage of Death” which it says is the nation's only crocodile dive. It said it planned to honor Burt's legacy with a commemorative sign “celebrating his extraordinary life and the stories and interactions he shared throughout his time at the park.”Letter writers comment on curbside recycling in Chesapeake, the health of the Chesapeake Bay, the future of the Newport News airport and parking at the Virginia Beach Oceanfront. 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Now he’s telling how he did it Percival Everett, 2024 National Book Award winner, rereads one book often— Enhanced liquidity through issuance of Second Lien Notes — Obtained amendment to credit agreement and extended note payable — Fourth quarter fiscal 2024 revenue down 7.3% to $130.4 million — Full year fiscal 2024 revenue down 14.3% to $490.7 million — Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months (“Q4 FY 2024”) and twelve months ("FY 2024") ended September 30, 2024. Revenue by Segment (in millions of USD) Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, “The fourth quarter was productive for Inotiv, including completing previously announced site optimization plans, some recovery of NHP sales with existing and new customers, raising capital and amending our credit agreement. Going forward, we are planning further integration and cost reduction initiatives, we will continue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet. We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger. "Overall, with the exception of the volatility we saw in the NHP business in 2024, we have seen financial improvements in some other aspects of our business. In addition to improving our financial performance, our goals for 2025 include reducing volatility in our NHP business and a continued focus on the customer, compliance and animal welfare. We will continue our customer-driven strategy that has a strong scientific foundation and fuels innovation as One Inotiv. We’ve grown stronger, adding key partners and building new services and products that have expanded our scientific expertise, services, and offerings. By integrating these efforts over the last two years, we’re streamlining our systems and processes to create a more unified customer driven approach across our global footprint." Highlights Q4 FY 2024 Highlights Revenue was $130.4 million in Q4 FY 2024, a decrease of $10.3 million or 7.3%, compared to $140.7 million during the three months ended September 30, 2023 (“Q4 FY 2023”), primarily driven by a $5.6 million, or 11.2%, decrease in Discovery and Safety Assessment ("DSA") revenue and a decrease of $4.7 million, or 5.2%, in Research Models and Services (“RMS”) revenue. Revenue of $130.4 million in Q4 FY 2024 was an increase of $24.6 million, or 23.3%, compared to revenue of $105.8 million in the sequential prior quarter of Q3 FY 2024 2 . Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $8.7 million, or 6.2% of total revenue, in Q4 FY 2023. Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $26.1 million, or 24.7% of total revenue, in the sequential prior quarter of Q3 FY 2024. Adjusted EBITDA 1 in Q4 FY 2024 was $5.4 million, or 4.1% of total revenue, compared to $23.7 million, or 16.8% of total revenue, in Q4 FY 2023. Book-to-bill ratio for Q4 FY 2024 was 0.78x for the DSA services business. DSA backlog was $129.9 million at September 30, 2024, down from $132.1 million at September 30, 2023. FY 2024 Highlights Revenue was $490.7 million during FY 2024, a decrease of $81.7 million, or 14.3%, compared to $572.4 million during the twelve months ended September 30, 2023 ("FY 2023"), primarily driven by a $76.7 million, or 19.8%, decrease in RMS revenue and a $5.0 million, or 2.7%, decrease in DSA revenue. Consolidated net loss for FY 2024 was $108.9 million, or 22.2% of total revenue, compared to consolidated net loss of $104.9 million, or 18.3% of total revenue, for FY 2023. Consolidated net loss for FY 2024 included a $28.5 million charge related to the Resolution Agreement (the “Resolution Agreement”) the Company and its related entities entered into with the U.S. Department of Justice ("DOJ") and the United States Attorney’s Office for the Western District of Virginia (“USAO-WDV”) and the Plea Agreement (the “Plea Agreement”) Envigo RMS, LLC and Envigo Global Services, Inc. entered into with the DOJ and the USAO-WDV. Each of the Resolution Agreement and the Plea Agreement were entered into on June 3, 2024 in connection with the resolution of a previously-announced criminal investigation into the Company’s shuttered canine breeding facility located in Cumberland, Virginia. Consolidated net loss for FY 2023 included a $66.4 million non-cash goodwill impairment charge related to the RMS segment. Adjusted EBITDA 1 in FY 2024 was $18.2 million, or 3.7% of total revenue, compared to $65.8 million, or 11.5% of total revenue, in FY 2023. Book-to-bill ratio for FY 2024 was 0.99x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to “Note on Non-GAAP Financial Measures” in this release for further information. 2 "Q3 FY 2024" refers to the three months ended June 30, 2024. Operational and Capital Resources Highlights The consolidation of operating activities from the Company's Blackthorn, U.K. facility into its Hillcrest, U.K. site have been completed and the Company exited the leased facility by the end of September 2024. On September 13, 2024, the Company entered into a Seventh Amendment to the Company's Credit Agreement. The Seventh Amendment, among other changes, permitted the incurrence of the issuance by the Company of Second Lien Notes (as defined below) in an aggregate amount of approximately $22.6 million, made certain changes to the component definitions of the financial covenants, including the definition of Fixed Charge Coverage Ratio, and increased the cash netting capability in the Secured Leverage Ratio covenant. The Seventh Amendment included the addition of a maximum capital expenditure limit and a minimum EBITDA test effective September 13, 2024, waived the existing financial covenants from the date of the Seventh Amendment until June 30, 2025, and established additional new financial covenants for the fiscal quarters starting June 30, 2025 and thereafter. On September 13, 2024, certain investors acquired $22.0 million principal amount of the 15.00% Senior Secured Second Lien PIK Notes due 2027 (the "Second Lien Notes") and warrants to purchase 3,946,250 of the Company’s common shares for consideration comprised of (i) $17.0 million in cash and (ii) the cancellation of approximately $8.3 million of the Company’s 3.25% Convertible Senior Notes due 2027. In connection with this transaction, the Company also issued to the structuring agent approximately $0.6 million principal amount of the Second Lien Notes and warrants to purchase 200,000 of the Company's common shares as compensation for its services as structuring agent. Announcement In fiscal 2025, the Company intends to initiate the next phase of our site optimization program to further improve and consolidate additional RMS facilities in the U.S. This next phase is another important program, which the Company projects will eliminate approximately $4.0 million to $5.0 million in operating expenses and further improve RMS margins when completed. Most of these financial benefits are not expected until fiscal 2026. The Company expects to incur additional immaterial capital expenditures, which are included in our capital plan, and immaterial expenses in connection with the next phase of our site optimization program. The Company also believes it can achieve another $0.5 million to $1.0 million in cost reductions from the continued integration of its North American transportation and distribution system. Subsequent Event On October 24, 2024, the Company and Orient BioResource Center entered into a Third Amendment to extend the maturity date of the Seller Payable to January 27, 2026. Fourth Quarter Fiscal 2024 Financial Results (Three Months Ended September 30, 2024) Revenue decreased 7.3% to $130.4 million in Q4 FY 2024 as compared to $140.7 million in Q4 FY 2023. The lower total revenue in the fourth quarter was driven by a $5.6 million decrease in DSA revenue and a $4.7 million decrease in RMS revenue. DSA revenues decreased primarily due to a decrease in safety assessment services of $3.4 million, which was primarily due to decreased revenue from general toxicology services as a result of a change in the mix of studies conducted, and a decrease in discovery service revenue of $2.0 million as a result of the decline in overall biotech activity in the market. The decrease in RMS revenue was due to the lower non-human primate ("NHP") related product and service revenue of $1.6 million mainly as a result of lower pricing for NHPs. Additionally, in Q4 FY 2024, there was a decrease of $1.7 million in RMS revenue as a result of the sale of our Israeli businesses in Q4 FY 2023. The remaining decrease in RMS revenue in Q4 FY 2024 was primarily due to a decline in small animal model sales. Operating loss was $13.2 million in Q4 FY 2024 as compared to operating income of $2.5 million in Q4 FY 2023. RMS operating income decreased by $10.7 million, or 91.1%, driven by the decrease in revenue discussed above and an increase in cost of revenue of $6.8 million. The increased RMS cost of revenue was primarily due to increased costs associated with NHP-related product and service revenue of $10.4 million, partially offset by decreases from the impact of the sale of our Israeli business of $1.2 million, as well as decreases in restructuring costs, transportation costs and costs related to sites closed in connection with our optimization plan. DSA operating income decreased by $4.8 million, or 71.5%, primarily due to the decrease in revenue noted above. Full Year Fiscal 2024 Financial Results (Twelve Months Ended September 30, 2024) Revenue decreased 14.3% to $490.7 million in FY 2024 as compared to $572.4 million in FY 2023. The lower total revenue in FY 2024 was primarily driven by a $76.7 million decrease in RMS revenue and a decrease in DSA revenue of $5.0 million. The decrease in RMS revenue was due primarily to the negative impact of lower NHP sales of $60.4 million. Additionally, there was a decrease of $10.6 million in RMS revenue as a result of the sale of our Israeli businesses in the fourth quarter of fiscal 2023. The remaining decrease in RMS revenue in FY 2024 was due primarily to decreases in small animal model sales and RMS services in the U.S., partially offset by an increase in diet, bedding and enrichment product sales and an increase in small animal model sales outside of the U.S. and RMS services outside of the U.S. The decrease in DSA revenue in FY 2024 was primarily driven by a $5.0 million decrease in discovery services revenue as a result of the decline in overall biotech activity in the market. Operating loss was $86.4 million in FY 2024 as compared to $81.5 million in FY 2023. The higher total operating loss in FY 2024 was due to an increase in RMS operating loss of $7.0 million and a decrease in DSA operating income of $6.5 million, partially offset by a decrease in unallocated corporate expenses of $8.6 million. The increase in RMS operating loss was primarily driven by the negative margin impact resulting from the decrease in RMS revenue noted above and included the $28.5 million charge incurred during FY 2024 related to the Resolution Agreement and Plea Agreement, partially offset by the $66.4 million non-cash goodwill impairment charge related to our RMS segment in FY 2023 that did not recur in FY 2024. DSA operating income decreased primarily due to the decreased revenue noted above. Unallocated corporate expenses decreased primarily due to decreases in professional fees, acquisition and integration costs, stock compensation expense and compensation and benefits expense, partially offset by an increase in information technology expenses. Cash and cash equivalents of $21.4 million at September 30, 2024, compares to $35.5 million at September 30, 2023. Cash used by operating activities was $6.8 million for FY 2024, which included payments of $6.5 million related to the Resolution Agreement and the Plea Agreement, compared to cash provided by operating activities of $27.9 million for FY 2023. For FY 2024, capital expenditures totaled $22.3 million compared to $27.5 million for FY 2023. Total debt, net of debt issuance costs, as of September 30, 2024, was $393.3 million. As of September 30, 2024, there were no borrowings on the Company’s $15.0 million revolving credit facility. Webcast and Conference Call Management will host a conference call on Tuesday, December 3, 2024, at 4:30 pm ET to discuss fourth quarter and full year fiscal 2024 results. Interested parties may participate in the call by dialing: (800) 267-6316 (Domestic) (203) 518-9783 (International) "Inotiv" (Conference ID) The live conference call webcast will be accessible in the Investors section of the Company’s web site and directly via the following link: https://viavid.webcasts.com/starthere.jsp?ei=1697836&tp_key=5c08e65813 For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv’s web site at: https://ir.inotiv.com/events-and-presentations/default.aspx . Note on Non-GAAP Financial Measures This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and twelve months ended September 30, 2024 and 2023 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss, statements of operations line items interest expense and income tax benefit/provision, as well as non-cash charges for depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution and Plea Agreements, gain on sale of subsidiary, gain on extinguishment of debt, and goodwill impairment loss. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company’s ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's condensed consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company’s products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotiv.com/ . This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to ( i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pricing, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 12, 2023, as well as other filings we make with the Securities and Exchange Commission.
Pure Storage Announces Third Quarter Fiscal 2025 Financial Results
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