Nyxoah Issues First Half 2021 Financial Results

REGULATED INFORMATION

Nyxoah Issues First Half 2021 Financial Results

Mont–Saint–Guibert, Belgium "" August 31, 2021, 10:30pm CET / 4:30pm ET "" Nyxoah SA (Euronext Brussels/Nasdaq: NYXH)("Nyxoah" or the "Company"), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today announced its unaudited condensed consolidated interim financial statements for the first half of 2021.

Highlights

  • $97.8 million Nasdaq IPO gross proceeds
  • On track to complete US DREAM trial enrollment
  • 355 thousand revenue generated in Europe, compared to no revenue for the six months ended June 30, 2020, driven mainly in Germany
  • Increased commercial activities in Germany with 12 active accounts in Q2, up from 2 in Q1 2021
  • Announced BETTER SLEEP study top–line results that showed primary safety and performance endpoints met, with statistically significant mean reduction in the AHI score in full patient population including Complete Concentric Collapse ("CCC") patients
  • To submit full BETTER SLEEP study data to a medical journal for publication and announce results following further analyses
  • Integrated Vanderbilt University technology into our scientific and technology department pipelines including collaboration with US and German key opinion leaders

"In the first half of 2021, we kept pace with our initiatives to deliver significant new accomplishments. In less than 12 months, we completed our second IPO with a Nasdaq listing, further strengthening our balance sheet; made important gains in commercial activities in Germany, our initial commercial proof of concept market; advanced clinical programs, including data to potentially expand our addressable market to include CCC patients; and maintained focused investments in new products and technologies," said Olivier Taelman, CEO of Nyxoah. "In the second half, we look forward to further accelerating our commercial activities in existing markets, enter new markets, scale up, and advance clinical programs, including enrollment completion of our US DREAM study in the fourth quarter."

First Half 2021 Results

For the six months ended
June 30
2021 2020
(in thousands)
Revenue 355 '
Cost of goods sold (115) '
Gross profit 240 '
General and administrative expenses (4 777) (2 400)
Research and development expenses (1 255) (56)
Clinical expenses (631) (509)
Manufacturing expenses (2 171) (207)
Quality assurance and regulatory expenses (642) (86)
Patents fees & Related (793) (107)
Therapy Development expenses (1 502) (761)
Other operating income / (expenses), net (97) 184
Operating loss for the period (11 628) (3 942)
Financial income 43 82
Financial expense (899) (416)
Loss for the period before taxes (12 484) (4 276)
Income taxes (124) (24)
Loss for the period (12 608) (4 300)
Loss attributable to equity holders (12 608) (4 300)
Other comprehensive loss
Items that may be subsequently reclassified to profit or loss (net of tax)
Currency translation differences 192 (89)
Total comprehensive loss for the year, net of tax (12 416) (4 389)
Loss attributable to equity holders (12 416) (4 389)
Basic Earnings Per Share (in EUR) (0.570) (0.262)
Diluted Earnings Per Share (in EUR) (0.570) (0.262)

Revenue

Revenue was 355 thousand for the six months ended June 30, 2021, compared to no revenue for the six months ended June 30, 2020. The increase in revenue was attributable to the Company's commercialization of the Genio system mainly in Germany, and to a lesser extent, Spain and Belgium.

Cost of Goods Sold

Cost of goods sold was 115 thousand for the six months ended June 30, 2021, compared to no cost for the six months ended June 30, 2020. The increase in cost of goods sold was attributable to the sales of the Genio system in Europe.

General and Administrative Expenses. General and administrative expenses increased by 2.4 million, or 99 %, from 2.4 millionfor the six months ended June 30, 2020 to 4.8 million for the six months ended June 30, 2021 mainly due to an increase in consulting and contractors' fees. The increase in consulting and contractors' fees includes variable compensations for an amount of 0.3 million for the six months ended June 30, 2020 and 1.9 million for the six months ended June 30, 2021 related to a cash–settled share based payment transaction and an increase of consultant services to support the company in legal, finance, tax and IT matters.

Research and Development Expenses. Before capitalization of 0.6 million for the six months ended June 30, 2021 and 0.6 million for the six months ended June 30, 2020, research and development expenses increased by 1.1 million or 173 %, from 0.7 million for the six months ended June 30, 2020, to 1.8 million for the six months ended June 30, 2021, due to an increase in staff and consulting costs to support our R&D activities. The Company started as of January 2021 to amortize its intangible assets. This explains the significant increase of depreciation expenses for the six months ended June 30, 2021, compared to the six months ended June 30, 2020.

Clinical Expenses. Before capitalization of 3.1 million for the six months ended June 30, 2021, and 1.4 million for the six months ended June 30, 2020, clinical expenses increased by 1.8 million, or 96%, from 1.9 million for the six months ended June 30, 2020, to 3.7 million for the six months ended June 30, 2021. The increase in the expenses was mainly due to an increase in staff and consulting to support the completion of the BETTER SLEEP trial implantations, continuous recruitment for the EliSA trial and the ongoing DREAM IDE trial in the United States.

Manufacturing Expenses. Before capitalization of 0.3 million for the six months ended June 30, 2021, and 1.2 million for the six months ended June 30, 2020, manufacturing expenses increased by 1.0 million, or 72% from 1.4 million for the six months ended June 30, 2020, to 2.4 million for the six months ended June 30, 2021. The increase in the expenses was mainly due to an increase in staff, in production and engineering team to support capacity and yield improvement. In addition, manufacturing expenses increased for the six months ended June 30, 2021, compared to the same period of 2020 due to the increase demand of our Genio system for non–commercial purposes (clinical trials, development activities, etc) and, therefore, the increase of associated production costs.

Quality Assurance and Regulatory Expenses. Before capitalization of 0.2 million for the six months ended June 30, 2021, and 0.5 million for the six months ended June 30, 2020, quality assurance and regulatory expenses increased by 0.3 million, or 44% from 0.6 million for the six months ended June 30, 2020, to 0.9 million for the six months ended June 30, 2021. The increase in the expenses was mainly due to an increase in staff and QA & regulatory activities to support manufacturing scaling up process.

Patent Fees & Related Expenses. Before capitalization of 0.2 million for the six months ended June 30, 2020, patents fees and related expenses increased by 0.5 million, or 199 % from 0.3 million for the six months ended June 30, 2020, to 0.8 million for the six months ended June 30, 2021, due to expenses related the in–licensing agreement with Vanderbilt University.

Therapy Development Expenses. Therapy development expenses increased by 0.7 million or 97 % from 0.8 million for the six months ended June 30, 2020, to 1.5 million for the six months ended June 30, 2021. The increase in the expenses was mainly due to an increase in staff and consulting, to support the launch of the commercialization in Europe.

Other Operating Income / (Expenses). The Company had other operating expenses of 0.1 million for the six months ended June 30, 2021, and other operating income of 0.2 million for the six months ended June 30, 2020, the evolution being mainly due to the impact of the initial measurement and re–measurement of the financial debt.

Operating Loss

The Company realized a net loss of 12.6 million for the six months ended June 30, 2021, compared to a net loss of 4.3 million for the six months ended June 30, 2020, due to increases of activities in all departments.

Cash Position

Cash and cash equivalents totaled 79.2 million on June 30, 2021, as compared to 23.9 million on June 30, 2020.

Net cash used in operations was 8.4 million for the six months ended June 30, 2021 compared to 4.0 million for the six months ended June 30, 2020. The increase of 4.3 million was primarily due to an increase in a loss for the period of 8.2 million that was mainly attributable to increased general and administrative expenses, research and development expenses, manufacturing expenses and therapy development expenses, which were offset by a positive variation in the working capital and other non–cash transactions of 3.9 million.

Net cash used in investing activities was 4.5 million for the six months ended June 30, 2021 compared 3.7 million to the six months ended June 30, 2020.

Net cash used in financing activities for the six months ended June 30, 2021 was 289 thousand compared to 25.7 million of net cash provided by financing activities during the six months ended June 30, 2020. The decrease was due to the fact that no financing rounds have been organized in the first half of 2021.

Outlook for 2021

The Company's business, operational, and clinical outlook for 2021 include the following expected milestones and goals:

  • Begin marketing in Switzerland with approved DRG, as well as additional European countries by the second half of 2021
  • Ramp up EU revenue through dedicated sales team in Germany
  • Open second independent manufacturing site in Belgium
  • Complete DREAM pivotal trial enrollment in the fourth quarter of 2021

First half–year report 2021
Nyxoah's financial report for the first half of 2021, including details of the unaudited condensed consolidated financial statements, are available on the investor page of Nyxoah's website (https://investors.nyxoah.com/financials).

Conference call and webcast presentation
Nyxoah will conduct a conference call to open to the public tomorrow, September 1, 2021, at 3:00 p.m. CET / 9:00 a.m. ET, which will also be webcasted. To participate in the conference call, please dial one of the following numbers:

Conference ID: 7468474

USA: (844) 260–3718
Belgium: 0800 73264
International: (929) 517–0938

A question–and–answer session will follow the presentation of the results. To access the live webcast, go to https://investors.nyxoah.com/events. The archived webcast will be available for replay shortly after the close of the call.

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah's lead solution is the Genio system, a CE–validated, patient–centered, next generation hypoglossal neurostimulation therapy for OSA, the world's most common sleep disordered breathing condition that is associated with increased mortality risk and comorbidities including cardiovascular diseases, depression and stroke.

Following the successful completion of the BLAST OSA study in patients with moderate to severe OSA, the Genio system received its European CE Mark in 2019. The Company has completed the BETTER SLEEP study in Australia and New Zealand for therapy indication expansion and is currently conducting the DREAM IDE pivotal study for FDA approval and a post–marketing EliSA study in Europe to confirm the long–term safety and efficacy of the Genio system.

For more information, please visit http://www.nyxoah.com/.

Caution "" CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

Forward–looking statements
Certain statements, beliefs and opinions in this press release are forward–looking, which reflect the Company's or, as appropriate, the Company directors' or managements' current expectations regarding the Genio system; planned and ongoing clinical studies of the Genio system; the potential advantages of the Genio system; Nyxoah's goals with respect to the development, regulatory pathway and potential use of the Genio system; the utility of clinical data in potentially obtaining FDA approval of the Genio system; and the Company's results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward–looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward–looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward–looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward–looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward–looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward–looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward–looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward–looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward–looking statements, which speak only as of the date of this press release.

Contacts:
Nyxoah
Fabian Suarez, Chief Financial Officer
corporate@nyxoah.com
+32 (0)10 22 24 55

Gilmartin Group
Vivian Cervantes
IR@nyxoah.com

Attachment


GLOBENEWSWIRE (Distribution ID 1000544674)

Dante Labs Announces Appointment of Sandra Close to its Board of Directors to Support Strategic Initiatives in Diagnostics

CAMBRIDGE, United Kingdom, Aug. 31, 2021 (GLOBE NEWSWIRE) — Dante Labs, a global leader in genomics and precision medicine, announced today the appointment of Sandra Close, Ph.D., as a member of its Board of Directors. Sandra was formerly the Chief Diagnostics Strategy Officer at Invitae, a leading medical genetics company, which acquired ArcherDX in 2020.

"I'm thrilled to welcome Sandra Close to the Dante Labs Board," said Dante Labs CEO Andrea Riposati. "Sandra's expertise in leading strategic efforts to provide actionable, more personalized medical information have had real life impact on people's healthcare decisions, and her leadership in the field will be a valuable addition to our board as we expand the capabilities of the diagnostics side of our business."

Dr. Close stated, "I'm very pleased to be joining Dante's Board at this exciting time to help accelerate diagnostics in healthcare, particularly in rare disease and oncology where earlier intervention is so essential to better health outcomes."

Dr. Close is an experienced leader in driving quality, regulatory and business strategy for growing diagnostics companies on a global scale. Her work at Invitae was focused on leading diagnostics strategy efforts on the oncology team, having joined Invitae through the acquisition of ArcherDX, where she served as Executive Vice President of Quality, Regulatory and Business Strategy. Prior to that, Dr. Close served as CEO and Independent Consultant at GenEngine, an information company providing genetics support technology and services. Prior to her work at GenEngine, Dr. Close held several roles in biotechnology and biopharma. Dr. Close will join Illumina Chief Operations Officer Bob Ragusa, GRAIL SVP Mark Morgan and Pacific Biosciences Chief Operating Officer Mark Van Oene to Dante Labs Board of Directors.

About Dante Labs
Dante Labs is a global genomic data company building and commercializing a new class of transformative health and longevity applications based on whole genome sequencing and AI. Our assets include one of the largest private genome databases with research consent, a proprietary software platform designed to unleash the power of genomic data at scale and proprietary processes which enable an industrial approach to genomic sequencing.

Headquartered in Cambridge, United Kingdom, with a research laboratory in Wolverhampton, Dante Labs supported the UK Government's urgent requirement to scale–up a high–capacity, highly automated testing solution for Covid–19, including infected patients as well as those with antibodies. Dante Labs was able to deliver by leveraging existing technology that had been developed for whole genome sequencing.

Contact
Giorgio Lodi
media@dantelabs.com
+39 0862 191 0671
www.dantelabs.com


GLOBENEWSWIRE (Distribution ID 8317670)

CORRECTION – Zoom Reports Financial Results for the Second Quarter of Fiscal Year 2022

  • Second quarter total revenue of $1,021.5 million, up 54% year over year
  • Number of customers contributing more than $100,000 in TTM revenue up 131% year over year
  • Second quarter GAAP operating margin of 28.8% and non–GAAP operating margin of 41.6%

SAN JOSE, Calif., Aug. 30, 2021 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM) is updating this press release to include the "Amortization on marketable securities" line item in its condensed consolidated statements of cash flows. Complete corrected text follows.

Zoom Video Communications, Inc. (NASDAQ: ZM) today announced financial results for the second fiscal quarter ended July 31, 2021.

"In Q2, we achieved our first billion dollar revenue quarter while delivering strong profitability and cash flow," said Zoom founder and CEO, Eric S. Yuan. "Q2 also marked several milestones on our expansion beyond the UC platform. We launched Zoom Apps, bringing over 50 apps directly into the Zoom experience, and Zoom Events, an all–in–one digital events service. Today we are a global brand counting over half a million customers with more than 10 employees, which we believe positions us extremely well to support organizations and individuals as they look to reimagine work, communications, and collaboration."

Second Quarter Fiscal Year 2022 Financial Highlights:

  • Revenue: Total revenue for the second quarter was $1,021.5 million, up 54% year over year.
  • Income from Operations and Operating Margin: GAAP income from operations for the second quarter was $294.6 million, up from $188.1 million in the second quarter of fiscal year 2021. After adjusting for stock–based compensation expense and related payroll taxes, acquisition–related expenses, and expenses related to charitable donation of common stock, non–GAAP income from operations for the second quarter was $424.7 million, up from $277.0 million in the second quarter of fiscal year 2021. For the second quarter, GAAP operating margin was 28.8% and non–GAAP operating margin was 41.6%.
  • Net Income and Diluted Net Income Per Share: GAAP net income attributable to common stockholders for the second quarter was $316.9 million, or $1.04 per share, up from $185.7 million, or $0.63 per share in the second quarter of fiscal year 2021.

    Non–GAAP net income for the quarter was $415.1 million, after adjusting for stock–based compensation expense and related payroll taxes, acquisition–related expenses, gains on strategic investments, undistributed earnings attributable to participating securities, and expenses related to charitable donation of common stock. Non–GAAP net income per share was $1.36. In the second quarter of fiscal year 2021, non–GAAP net income was $274.8 million, or $0.92 per share.

  • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of July 31, 2021 was $5.1 billion.
  • Cash Flow: Net cash provided by operating activities was $468.0 million for the second quarter, compared to $401.3 million in the second quarter of fiscal year 2021. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $455.0 million, compared to $373.4 million in the second quarter of fiscal year 2021.

Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the second quarter of fiscal year 2022, Zoom had:

  • 2,278 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 131% from the same quarter last fiscal year.
  • Approximately 504,900 customers with more than 10 employees, up approximately 36% from the same quarter last fiscal year.
  • A trailing 12–month net dollar expansion rate in customers with more than 10 employees above 130% for the 13th consecutive quarter.

Financial Outlook: Zoom is providing the following guidance for its third quarter fiscal year 2022 and its full fiscal year 2022.

  • Third Quarter Fiscal Year 2022: Total revenue is expected to be between $1.015 billion and $1.020 billion and non–GAAP income from operations is expected to be between $340.0 million and $345.0 million. Non–GAAP diluted EPS is expected to be between $1.07 and $1.08 with approximately 309 million non–GAAP weighted average shares outstanding.
  • Full Fiscal Year 2022: Total revenue is expected to be between $4.005 billion and $4.015 billion. Non–GAAP income from operations is expected to be between $1.500 billion and $1.510 billion. Non–GAAP diluted EPS is expected to be between $4.75 and $4.79 with approximately 308 million non–GAAP weighted average shares outstanding.

Additional information on Zoom's reported results, including a reconciliation of the non–GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non–GAAP guidance measures to corresponding GAAP measures is not available on a forward–looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom's results computed in accordance with GAAP.

A supplemental financial presentation and other information can be accessed through Zoom's investor relations website at investors.zoom.us.

Zoom Video Earnings Call
Zoom will host a Zoom Video Webinar for investors on August 30, 2021 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company's financial results and business highlights. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/

About Zoom
Zoom is for you. We help you express ideas, connect to others, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for large enterprises, small businesses, and individuals alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

Forward–Looking Statements
This press release contains express and implied "forward–looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter of fiscal year 2022 and full fiscal year 2022, Zoom's growth strategy and business aspirations to support organizations and people on multiple fronts as they look to reimagine work, communications and collaboration. In some cases, you can identify forward–looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," or the negative of these terms, and similar expressions intended to identify forward–looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers and hosts, renewals or upgrades, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, continued uncertainty regarding the extent and duration of the impact of COVID–19 and the responses of government and private industry thereto, including the potential effect on our user growth rate once the impact of the COVID–19 pandemic tapers, particularly as a vaccine becomes widely available, and users return to work or school or are otherwise no longer subject to shelter–in–place mandates, as well as the impact of COVID–19 on the overall economic environment, any or all of which will have an impact on demand for remote work solutions for businesses as well as overall distributed, face–to–face interactions and collaboration using Zoom, delays or outages in services from our co–located data centers, and failures in internet infrastructure or interference with broadband access which could cause current or potential users to believe that our systems are unreliable. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward–looking statements are included under the caption "Risk Factors" and elsewhere in our most recent filings with the Securities and Exchange Commission (the "SEC"), including our quarterly report on Form 10–Q for the fiscal quarter ended April 30, 2021. Forward–looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward–looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non–GAAP Financial Measures
Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Zoom uses these non–GAAP financial measures internally in analyzing its financial results and believes that use of these non–GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom's financial results with other companies in its industry, many of which present similar non–GAAP financial measures.

Non–GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom's condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom's historical non–GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Non–GAAP Income From Operations and Non–GAAP Operating Margins. Zoom defines non–GAAP income from operations as income from operations excluding stock–based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition–related expenses, and litigation settlements, net. Zoom excludes stock–based compensation expense and expenses related to charitable donation of common stock because they are non–cash in nature and excluding these expenses provides meaningful supplemental information regarding Zoom's operational performance and allows investors the ability to make more meaningful comparisons between Zoom's operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock–based compensation expense had on Zoom's operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition–related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition–related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In particular, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses and assist in the comparison with the results of other companies in the industry.

Non–GAAP Net Income and Non–GAAP Net Income Per Share, Basic and Diluted. Zoom defines non–GAAP net income and non–GAAP net income per share, basic and diluted, as GAAP net income attributable to common stockholders and GAAP net income per share attributable to common stockholders, basic and diluted, respectively, adjusted to exclude stock–based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition–related expenses, litigation settlements, net, gains on strategic investments, and undistributed earnings attributable to participating securities. Zoom excludes gains on strategic investments because given the size and volatility in the ongoing adjustments to the valuation of our strategic investments, we believe that excluding these gains or losses facilitates a more meaningful evaluation of our operational performance. Zoom excludes undistributed earnings attributable to participating securities because they are considered by management to be outside of Zoom's core operating results, and excluding them provides investors and management with greater visibility to the underlying performance of Zoom's business operations, facilitates comparison of its results with other periods and may also facilitate comparison with the results of other companies in the industry.

In order to calculate non–GAAP net income per share, basic and diluted, Zoom uses a non–GAAP weighted–average share count. Zoom defines non–GAAP weighted–average shares used to compute non–GAAP net income per share, basic and diluted, as GAAP weighted average shares used to compute net income per share attributable to common stockholders, basic and diluted, adjusted to reflect the common stock issued in connection with the IPO, including the concurrent private placement, that are outstanding as of the end of the period as if they were outstanding as of the beginning of the period for comparability.

Free Cash Flow. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.

Customer Metrics
Zoom defines a customer as a separate and distinct buying entity, which can be a single paid host or an organization of any size (including a distinct unit of an organization) that has multiple paid hosts.

Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue ("ARR") from all customers with more than 10 employees as of 12 months prior ("Prior Period ARR"). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. We then calculate the ARR from these customers as of the current period end ("Current Period ARR"), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

Press Relations

Colleen Rodriguez
Global Public Relations Lead for Zoom
press@zoom.us

Investor Relations

Tom McCallum
Head of Investor Relations for Zoom
investors@zoom.us



Zoom Video Communications, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)

As of
July 31,
2021
January 31,
2021
Assets
Current assets:
Cash and cash equivalents $ 1,931,370 $ 2,240,303
Marketable securities 3,174,029 2,004,410
Accounts receivable, net 395,266 294,703
Deferred contract acquisition costs, current 162,126 136,630
Prepaid expenses and other current assets 172,288 116,819
Total current assets 5,835,079 4,792,865
Deferred contract acquisition costs, noncurrent 154,971 157,262
Property and equipment, net 193,852 149,924
Operating lease right–of–use assets 91,087 97,649
Strategic investments 137,795 18,668
Goodwill 26,247 24,340
Other assets, noncurrent 69,562 57,285
Total assets $ 6,508,593 $ 5,297,993
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 49,762 $ 8,664
Accrued expenses and other current liabilities 482,162 393,018
Deferred revenue, current 1,154,449 858,284
Total current liabilities 1,686,373 1,259,966
Deferred revenue, noncurrent 23,579 25,211
Operating lease liabilities, noncurrent 83,009 90,415
Other liabilities, noncurrent 57,884 61,634
Total liabilities 1,850,845 1,437,226
Stockholders' equity:
Preferred stock "" ""
Common stock 296 292
Additional paid–in capital 3,440,222 3,187,168
Accumulated other comprehensive income 147 839
Retained earnings 1,217,083 672,468
Total stockholders' equity 4,657,748 3,860,767
Total liabilities and stockholders' equity $ 6,508,593 $ 5,297,993

Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $35.4 million and $24.6 million as of July 31, 2021 and January 31, 2021, respectively.



Zoom Video Communications, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended July 31, Six Months Ended July 31,
2021 2020 2021 2020
Revenue $ 1,021,495 $ 663,520 $ 1,977,732 $ 991,687
Cost of revenue 261,256 192,271 526,250 295,978
Gross profit 760,239 471,249 1,451,482 695,709
Operating expenses:
Research and development 82,311 42,734 147,486 69,123
Sales and marketing 271,179 159,173 516,846 280,729
General and administrative 112,146 81,238 266,235 134,368
Total operating expenses 465,636 283,145 930,567 484,220
Income from operations 294,603 188,104 520,915 211,489
Gains on strategic investments 32,076 "" 32,076 2,538
Interest income and other, net (2,795 ) 2,081 (176 ) 5,333
Income before provision for income taxes 323,884 190,185 552,815 219,360
Provision for income taxes 6,800 4,196 8,200 6,296
Net income 317,084 185,989 544,615 213,064
Undistributed earnings attributable to participating securities (154 ) (247 ) (309 ) (305 )
Net income attributable to common stockholders $ 316,930 $ 185,742 $ 544,306 $ 212,759
Net income per share attributable to common stockholders:
Basic $ 1.07 $ 0.66 $ 1.85 $ 0.76
Diluted $ 1.04 $ 0.63 $ 1.78 $ 0.72
Weighted–average shares used in computing net income per share attributable to common stockholders:
Basic 295,712,675 282,850,805 294,769,619 281,394,901
Diluted 305,861,051 297,162,309 305,652,628 296,408,229



Zoom Video Communications, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)

Three Months Ended July 31, Six Months Ended July 31,
2021 2020 2021 2020
Cash flows from operating activities:
Net income $ 317,084 $ 185,989 $ 544,615 $ 213,064
Adjustments to reconcile net income to net cash provided by operating activities:
Stock–based compensation expense 102,142 56,855 201,111 85,632
Amortization of deferred contract acquisition costs 41,626 24,494 79,392 40,781
Gains on strategic investments (32,076 ) "" (32,076 ) (2,538 )
Charitable donation of common stock "" 22,312 "" 23,312
Provision for accounts receivable allowances 10,537 11,091 14,592 14,959
Depreciation and amortization 12,028 6,475 22,691 11,814
Non–cash operating lease cost 4,359 2,349 8,633 4,597
Amortization on marketable securities 7,041 947 12,637 1,190
Other (6 ) (36 ) 264 838
Changes in operating assets and liabilities:
Accounts receivable (41,594 ) (54,425 ) (117,259 ) (196,926 )
Prepaid expenses and other assets (27,395 ) (4,649 ) (57,370 ) (53,729 )
Deferred contract acquisition costs (54,784 ) (88,936 ) (102,597 ) (213,790 )
Accounts payable 42,368 9,115 43,960 10,871
Accrued expenses and other liabilities 5,153 34,744 93,809 202,066
Deferred revenue 85,740 196,287 296,636 519,149
Operating lease liabilities, net (4,211 ) (1,266 ) (7,724 ) (979 )
Net cash provided by operating activities 468,012 401,346 1,001,314 660,311
Cash flows from investing activities:
Purchases of marketable securities (669,136 ) (277,336 ) (2,094,587 ) (484,882 )
Maturities of marketable securities 500,859 150,324 791,906 287,338
Sales of marketable securities 119,569 10,284 119,569 36,897
Purchases of property and equipment (12,975 ) (27,981 ) (92,049 ) (35,253 )
Purchases of strategic investments (80,400 ) "" (86,900 ) (13,000 )
Cash paid for acquisition, net of cash acquired (2,121 ) (26,486 ) (2,121 ) (26,486 )
Purchase of intangible assets "" (1,332 ) "" (1,494 )
Other "" "" "" 1,319
Net cash used in investing activities (144,204 ) (172,527 ) (1,364,182 ) (235,561 )
Cash flows from financing activities:
Proceeds from issuance of common stock for employee stock purchase plan 37,846 20,760 37,846 20,760
Proceeds from employee equity transactions to be remitted to employees and tax authorities, net 28,884 15,925 18,900 234,465
Proceeds from exercise of stock options 4,653 7,831 8,021 17,417
Other "" "" 337 ""
Net cash provided by financing activities 71,383 44,516 65,104 272,642
Net increase (decrease) in cash, cash equivalents, and restricted cash 395,191 273,335 (297,764 ) 697,392
Cash, cash equivalents, and restricted cash "" beginning of period 1,600,161 758,139 2,293,116 334,082
Cash, cash equivalents, and restricted cash "" end of period $ 1,995,352 $ 1,031,474 $ 1,995,352 $ 1,031,474



Zoom Video Communications, Inc.
Reconciliation of GAAP to Non–GAAP Measures
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended July 31, Six Months Ended July 31,
2021 2020 2021 2020
GAAP income from operations $ 294,603 $ 188,104 $ 520,915 $ 211,489
Adjustments:
Stock–based compensation expense and related payroll taxes 116,742 61,602 221,117 91,848
Litigation settlements, net "" "" 66,916 ""
Acquisition–related expenses 13,320 4,942 16,604 4,942
Charitable donation of common stock "" 22,312 "" 23,312
Non–GAAP income from operations $ 424,665 $ 276,960 $ 825,552 $ 331,591
GAAP net income attributable to common stockholders $ 316,930 $ 185,742 $ 544,306 $ 212,759
Adjustments:
Stock–based compensation expense and related payroll taxes 116,742 61,602 221,117 91,848
Litigation settlements, net "" "" 66,916 ""
Gains on strategic investments (32,076 ) "" (32,076 ) ""
Acquisition–related expenses 13,320 4,942 16,604 4,942
Charitable donation of common stock "" 22,312 "" 23,312
Undistributed earnings attributable to participating securities 154 247 309 305
Non–GAAP net income $ 415,070 $ 274,845 $ 817,176 $ 333,166
Net income per share – basic and diluted:
GAAP net income per share – basic $ 1.07 $ 0.66 $ 1.85 $ 0.76
Non–GAAP net income per share – basic $ 1.40 $ 0.97 $ 2.77 $ 1.18
GAAP net income per share – diluted $ 1.04 $ 0.63 $ 1.78 $ 0.72
Non–GAAP net income per share – diluted $ 1.36 $ 0.92 $ 2.67 $ 1.12
GAAP and non–GAAP weighted–average shares used to compute net income per share – basic 295,712,675 282,850,805 294,769,619 281,394,901
GAAP and non–GAAP weighted–average shares used to compute net income per share – diluted 305,861,051 297,162,309 305,652,628 296,408,229
Net cash provided by operating activities $ 468,012 $ 401,346 $ 1,001,314 $ 660,311
Less:
Purchases of property and equipment (12,975 ) (27,981 ) (92,049 ) (35,253 )
Free cash flow (non–GAAP) $ 455,037 $ 373,365 $ 909,265 $ 625,058
Net cash used in investing activities $ (144,204 ) $ (172,527 ) $ (1,364,182 ) $ (235,561 )
Net cash provided by financing activities $ 71,383 $ 44,516 $ 65,104 $ 272,642


GLOBENEWSWIRE (Distribution ID 8317285)

Zoom Reports Financial Results for the Second Quarter of Fiscal Year 2022

  • Second quarter total revenue of $1,021.5 million, up 54% year over year
  • Number of customers contributing more than $100,000 in TTM revenue up 131% year over year
  • Second quarter GAAP operating margin of 28.8% and non–GAAP operating margin of 41.6%

SAN JOSE, Calif., Aug. 30, 2021 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM) today announced financial results for the second fiscal quarter ended July 31, 2021.

"In Q2, we achieved our first billion dollar revenue quarter while delivering strong profitability and cash flow," said Zoom founder and CEO, Eric S. Yuan. "Q2 also marked several milestones on our expansion beyond the UC platform. We launched Zoom Apps, bringing over 50 apps directly into the Zoom experience, and Zoom Events, an all–in–one digital events service. Today we are a global brand counting over half a million customers with more than 10 employees, which we believe positions us extremely well to support organizations and individuals as they look to reimagine work, communications, and collaboration."

Second Quarter Fiscal Year 2022 Financial Highlights:

  • Revenue: Total revenue for the second quarter was $1,021.5 million, up 54% year over year.
  • Income from Operations and Operating Margin: GAAP income from operations for the second quarter was $294.6 million, up from $188.1 million in the second quarter of fiscal year 2021. After adjusting for stock–based compensation expense and related payroll taxes, acquisition–related expenses, and expenses related to charitable donation of common stock, non–GAAP income from operations for the second quarter was $424.7 million, up from $277.0 million in the second quarter of fiscal year 2021. For the second quarter, GAAP operating margin was 28.8% and non–GAAP operating margin was 41.6%.
  • Net Income and Diluted Net Income Per Share: GAAP net income attributable to common stockholders for the second quarter was $316.9 million, or $1.04 per share, up from $185.7 million, or $0.63 per share in the second quarter of fiscal year 2021.

    Non–GAAP net income for the quarter was $415.1 million, after adjusting for stock–based compensation expense and related payroll taxes, acquisition–related expenses, gains on strategic investments, undistributed earnings attributable to participating securities, and expenses related to charitable donation of common stock. Non–GAAP net income per share was $1.36. In the second quarter of fiscal year 2021, non–GAAP net income was $274.8 million, or $0.92 per share.

  • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of July 31, 2021 was $5.1 billion.
  • Cash Flow: Net cash provided by operating activities was $468.0 million for the second quarter, compared to $401.3 million in the second quarter of fiscal year 2021. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $455.0 million, compared to $373.4 million in the second quarter of fiscal year 2021.

Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the second quarter of fiscal year 2022, Zoom had:

  • 2,278 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 131% from the same quarter last fiscal year.
  • Approximately 504,900 customers with more than 10 employees, up approximately 36% from the same quarter last fiscal year.
  • A trailing 12–month net dollar expansion rate in customers with more than 10 employees above 130% for the 13th consecutive quarter.

Financial Outlook: Zoom is providing the following guidance for its third quarter fiscal year 2022 and its full fiscal year 2022.

  • Third Quarter Fiscal Year 2022: Total revenue is expected to be between $1.015 billion and $1.020 billion and non–GAAP income from operations is expected to be between $340.0 million and $345.0 million. Non–GAAP diluted EPS is expected to be between $1.07 and $1.08 with approximately 309 million non–GAAP weighted average shares outstanding.
  • Full Fiscal Year 2022: Total revenue is expected to be between $4.005 billion and $4.015 billion. Non–GAAP income from operations is expected to be between $1.500 billion and $1.510 billion. Non–GAAP diluted EPS is expected to be between $4.75 and $4.79 with approximately 308 million non–GAAP weighted average shares outstanding.

Additional information on Zoom's reported results, including a reconciliation of the non–GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non–GAAP guidance measures to corresponding GAAP measures is not available on a forward–looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom's results computed in accordance with GAAP.

A supplemental financial presentation and other information can be accessed through Zoom's investor relations website at investors.zoom.us.

Zoom Video Earnings Call
Zoom will host a Zoom Video Webinar for investors on August 30, 2021 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company's financial results and business highlights. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/

About Zoom
Zoom is for you. We help you express ideas, connect to others, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for large enterprises, small businesses, and individuals alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

Forward–Looking Statements
This press release contains express and implied "forward–looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter of fiscal year 2022 and full fiscal year 2022, Zoom's growth strategy and business aspirations to support organizations and people on multiple fronts as they look to reimagine work, communications and collaboration. In some cases, you can identify forward–looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," or the negative of these terms, and similar expressions intended to identify forward–looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers and hosts, renewals or upgrades, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, continued uncertainty regarding the extent and duration of the impact of COVID–19 and the responses of government and private industry thereto, including the potential effect on our user growth rate once the impact of the COVID–19 pandemic tapers, particularly as a vaccine becomes widely available, and users return to work or school or are otherwise no longer subject to shelter–in–place mandates, as well as the impact of COVID–19 on the overall economic environment, any or all of which will have an impact on demand for remote work solutions for businesses as well as overall distributed, face–to–face interactions and collaboration using Zoom, delays or outages in services from our co–located data centers, and failures in internet infrastructure or interference with broadband access which could cause current or potential users to believe that our systems are unreliable. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward–looking statements are included under the caption "Risk Factors" and elsewhere in our most recent filings with the Securities and Exchange Commission (the "SEC"), including our quarterly report on Form 10–Q for the fiscal quarter ended April 30, 2021. Forward–looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward–looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non–GAAP Financial Measures
Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Zoom uses these non–GAAP financial measures internally in analyzing its financial results and believes that use of these non–GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom's financial results with other companies in its industry, many of which present similar non–GAAP financial measures.

Non–GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom's condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom's historical non–GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Non–GAAP Income From Operations and Non–GAAP Operating Margins. Zoom defines non–GAAP income from operations as income from operations excluding stock–based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition–related expenses, and litigation settlements, net. Zoom excludes stock–based compensation expense and expenses related to charitable donation of common stock because they are non–cash in nature and excluding these expenses provides meaningful supplemental information regarding Zoom's operational performance and allows investors the ability to make more meaningful comparisons between Zoom's operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock–based compensation expense had on Zoom's operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition–related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition–related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In particular, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses and assist in the comparison with the results of other companies in the industry.

Non–GAAP Net Income and Non–GAAP Net Income Per Share, Basic and Diluted. Zoom defines non–GAAP net income and non–GAAP net income per share, basic and diluted, as GAAP net income attributable to common stockholders and GAAP net income per share attributable to common stockholders, basic and diluted, respectively, adjusted to exclude stock–based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition–related expenses, litigation settlements, net, gains on strategic investments, and undistributed earnings attributable to participating securities. Zoom excludes gains on strategic investments because given the size and volatility in the ongoing adjustments to the valuation of our strategic investments, we believe that excluding these gains or losses facilitates a more meaningful evaluation of our operational performance. Zoom excludes undistributed earnings attributable to participating securities because they are considered by management to be outside of Zoom's core operating results, and excluding them provides investors and management with greater visibility to the underlying performance of Zoom's business operations, facilitates comparison of its results with other periods and may also facilitate comparison with the results of other companies in the industry.

In order to calculate non–GAAP net income per share, basic and diluted, Zoom uses a non–GAAP weighted–average share count. Zoom defines non–GAAP weighted–average shares used to compute non–GAAP net income per share, basic and diluted, as GAAP weighted average shares used to compute net income per share attributable to common stockholders, basic and diluted, adjusted to reflect the common stock issued in connection with the IPO, including the concurrent private placement, that are outstanding as of the end of the period as if they were outstanding as of the beginning of the period for comparability.

Free Cash Flow. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.

Customer Metrics
Zoom defines a customer as a separate and distinct buying entity, which can be a single paid host or an organization of any size (including a distinct unit of an organization) that has multiple paid hosts.

Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue ("ARR") from all customers with more than 10 employees as of 12 months prior ("Prior Period ARR"). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. We then calculate the ARR from these customers as of the current period end ("Current Period ARR"), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

Press Relations

Colleen Rodriguez
Global Public Relations Lead for Zoom
press@zoom.us

Investor Relations

Tom McCallum
Head of Investor Relations for Zoom
investors@zoom.us



Zoom Video Communications, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)

As of
July 31,
2021
January 31,
2021
Assets
Current assets:
Cash and cash equivalents $ 1,931,370 $ 2,240,303
Marketable securities 3,174,029 2,004,410
Accounts receivable, net 395,266 294,703
Deferred contract acquisition costs, current 162,126 136,630
Prepaid expenses and other current assets 172,288 116,819
Total current assets 5,835,079 4,792,865
Deferred contract acquisition costs, noncurrent 154,971 157,262
Property and equipment, net 193,852 149,924
Operating lease right–of–use assets 91,087 97,649
Strategic investments 137,795 18,668
Goodwill 26,247 24,340
Other assets, noncurrent 69,562 57,285
Total assets $ 6,508,593 $ 5,297,993
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 49,762 $ 8,664
Accrued expenses and other current liabilities 482,162 393,018
Deferred revenue, current 1,154,449 858,284
Total current liabilities 1,686,373 1,259,966
Deferred revenue, noncurrent 23,579 25,211
Operating lease liabilities, noncurrent 83,009 90,415
Other liabilities, noncurrent 57,884 61,634
Total liabilities 1,850,845 1,437,226
Stockholders' equity:
Preferred stock "" ""
Common stock 296 292
Additional paid–in capital 3,440,222 3,187,168
Accumulated other comprehensive income 147 839
Retained earnings 1,217,083 672,468
Total stockholders' equity 4,657,748 3,860,767
Total liabilities and stockholders' equity $ 6,508,593 $ 5,297,993

Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $35.4 million and $24.6 million as of July 31, 2021 and January 31, 2021, respectively.



Zoom Video Communications, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended July 31, Six Months Ended July 31,
2021 2020 2021 2020
Revenue $ 1,021,495 $ 663,520 $ 1,977,732 $ 991,687
Cost of revenue 261,256 192,271 526,250 295,978
Gross profit 760,239 471,249 1,451,482 695,709
Operating expenses:
Research and development 82,311 42,734 147,486 69,123
Sales and marketing 271,179 159,173 516,846 280,729
General and administrative 112,146 81,238 266,235 134,368
Total operating expenses 465,636 283,145 930,567 484,220
Income from operations 294,603 188,104 520,915 211,489
Gains on strategic investments 32,076 "" 32,076 2,538
Interest income and other, net (2,795 ) 2,081 (176 ) 5,333
Income before provision for income taxes 323,884 190,185 552,815 219,360
Provision for income taxes 6,800 4,196 8,200 6,296
Net income 317,084 185,989 544,615 213,064
Undistributed earnings attributable to participating securities (154 ) (247 ) (309 ) (305 )
Net income attributable to common stockholders $ 316,930 $ 185,742 $ 544,306 $ 212,759
Net income per share attributable to common stockholders:
Basic $ 1.07 $ 0.66 $ 1.85 $ 0.76
Diluted $ 1.04 $ 0.63 $ 1.78 $ 0.72
Weighted–average shares used in computing net income per share attributable to common stockholders:
Basic 295,712,675 282,850,805 294,769,619 281,394,901
Diluted 305,861,051 297,162,309 305,652,628 296,408,229



Zoom Video Communications, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)

Three Months Ended July 31, Six Months Ended July 31,
2021 2020 2021 2020
Cash flows from operating activities:
Net income $ 317,084 $ 185,989 $ 544,615 $ 213,064
Adjustments to reconcile net income to net cash provided by operating activities:
Stock–based compensation expense 102,142 56,855 201,111 85,632
Amortization of deferred contract acquisition costs 41,626 24,494 79,392 40,781
Gains on strategic investments (32,076 ) "" (32,076 ) (2,538 )
Charitable donation of common stock "" 22,312 "" 23,312
Provision for accounts receivable allowances 10,537 11,091 14,592 14,959
Depreciation and amortization 12,028 6,475 22,691 11,814
Non–cash operating lease cost 4,359 2,349 8,633 4,597
Other (6 ) (36 ) 264 838
Changes in operating assets and liabilities:
Accounts receivable (41,594 ) (54,425 ) (117,259 ) (196,926 )
Prepaid expenses and other assets (27,395 ) (4,649 ) (57,370 ) (53,729 )
Deferred contract acquisition costs (54,784 ) (88,936 ) (102,597 ) (213,790 )
Accounts payable 42,368 9,115 43,960 10,871
Accrued expenses and other liabilities 5,153 34,744 93,809 202,066
Deferred revenue 85,740 196,287 296,636 519,149
Operating lease liabilities, net (4,211 ) (1,266 ) (7,724 ) (979 )
Net cash provided by operating activities 468,012 401,346 1,001,314 660,311
Cash flows from investing activities:
Purchases of marketable securities (669,136 ) (277,336 ) (2,094,587 ) (484,882 )
Maturities of marketable securities 500,859 150,324 791,906 287,338
Sales of marketable securities 119,569 10,284 119,569 36,897
Purchases of property and equipment (12,975 ) (27,981 ) (92,049 ) (35,253 )
Purchases of strategic investments (80,400 ) "" (86,900 ) (13,000 )
Cash paid for acquisition, net of cash acquired (2,121 ) (26,486 ) (2,121 ) (26,486 )
Purchase of intangible assets "" (1,332 ) "" (1,494 )
Other "" "" "" 1,319
Net cash used in investing activities (144,204 ) (172,527 ) (1,364,182 ) (235,561 )
Cash flows from financing activities:
Proceeds from issuance of common stock for employee stock purchase plan 37,846 20,760 37,846 20,760
Proceeds from employee equity transactions to be remitted to employees and tax authorities, net 28,884 15,925 18,900 234,465
Proceeds from exercise of stock options 4,653 7,831 8,021 17,417
Other "" "" 337 ""
Net cash provided by financing activities 71,383 44,516 65,104 272,642
Net increase (decrease) in cash, cash equivalents, and restricted cash 395,191 273,335 (297,764 ) 697,392
Cash, cash equivalents, and restricted cash "" beginning of period 1,600,161 758,139 2,293,116 334,082
Cash, cash equivalents, and restricted cash "" end of period $ 1,995,352 $ 1,031,474 $ 1,995,352 $ 1,031,474



Zoom Video Communications, Inc.
Reconciliation of GAAP to Non–GAAP Measures
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended July 31, Six Months Ended July 31,
2021 2020 2021 2020
GAAP income from operations $ 294,603 $ 188,104 $ 520,915 $ 211,489
Adjustments:
Stock–based compensation expense and related payroll taxes 116,742 61,602 221,117 91,848
Litigation settlements, net "" "" 66,916 ""
Acquisition–related expenses 13,320 4,942 16,604 4,942
Charitable donation of common stock "" 22,312 "" 23,312
Non–GAAP income from operations $ 424,665 $ 276,960 $ 825,552 $ 331,591
GAAP net income attributable to common stockholders $ 316,930 $ 185,742 $ 544,306 $ 212,759
Adjustments:
Stock–based compensation expense and related payroll taxes 116,742 61,602 221,117 91,848
Litigation settlements, net "" "" 66,916 ""
Gains on strategic investments (32,076 ) "" (32,076 ) ""
Acquisition–related expenses 13,320 4,942 16,604 4,942
Charitable donation of common stock "" 22,312 "" 23,312
Undistributed earnings attributable to participating securities 154 247 309 305
Non–GAAP net income $ 415,070 $ 274,845 $ 817,176 $ 333,166
Net income per share – basic and diluted:
GAAP net income per share – basic $ 1.07 $ 0.66 $ 1.85 $ 0.76
Non–GAAP net income per share – basic $ 1.40 $ 0.97 $ 2.77 $ 1.18
GAAP net income per share – diluted $ 1.04 $ 0.63 $ 1.78 $ 0.72
Non–GAAP net income per share – diluted $ 1.36 $ 0.92 $ 2.67 $ 1.12
GAAP and non–GAAP weighted–average shares used to compute net income per share – basic 295,712,675 282,850,805 294,769,619 281,394,901
GAAP and non–GAAP weighted–average shares used to compute net income per share – diluted 305,861,051 297,162,309 305,652,628 296,408,229
Net cash provided by operating activities $ 468,012 $ 401,346 $ 1,001,314 $ 660,311
Less:
Purchases of property and equipment (12,975 ) (27,981 ) (92,049 ) (35,253 )
Free cash flow (non–GAAP) $ 455,037 $ 373,365 $ 909,265 $ 625,058
Net cash used in investing activities $ (144,204 ) $ (172,527 ) $ (1,364,182 ) $ (235,561 )
Net cash provided by financing activities $ 71,383 $ 44,516 $ 65,104 $ 272,642


GLOBENEWSWIRE (Distribution ID 8317285)

JETEX NAMED OFFICIAL FBO OF DUBAI AIRSHOW 2021

Dubai, United Arab Emirates, Aug. 30, 2021 (GLOBE NEWSWIRE) — For the fourth consecutive time, Jetex will be the Official FBO of the Dubai Airshow, taking place on 14–18 November 2021 at Dubai World Central (DWC). The airshow is set to be a landmark event for the aviation industry preparing for post COVID–19 era.

Jetex, an award–winning global leader in executive aviation, is once again honored to be presented the opportunity to take the lead within such a prominent event held in the United Arab Emirates, showing its trust, respect and commitment for the region. The Dubai Airshow is closely connected with the history of the company: Jetex made its debut during the Dubai Airshow back in 2005.

Today, the Dubai Airshow has evolved to become one of the largest and most important aerospace events in the world. Complete with never–before–seen features, a captivating display of the most advanced aircraft along with unrivalled networking opportunities, the five–day airshow is the premier live and in person aerospace event happening this year. It will take place at its purpose–built venue at DWC, Dubai Airshow Site, easily accessible from Dubai and Abu Dhabi, and only a few minutes away from the World Expo 2020, taking place at the same time – a celebration of the UAE Vision 2021, with 182 days to collaborate, innovate and marvel at what humanity can accomplish together.

Jetex VIP Terminal will host a special networking program across its luxurious lounges with plenty of opportunities to socialize, entertain and enjoy the art of Jetex hospitality. Guests will be invited to experience signature elements of the Jetex private terminal concept designed with both passengers and crew in mind.

"We are pleased to once again be part of the prestigious Dubai Airshow. Throughout the health crisis, Jetex continued to facilitate travel and it was an unprecedented learning experience for all of us. Today, we are stronger than ever and eager to share our expertise with our clients and partners, as we congregate at the biggest aviation industry event of 2021", said Adel Mardini, Founder & CEO of Jetex, who is also a Member of the Dubai Airshow Advisory Board.

The Dubai Airshow is a special time for every company, providing an occasion to meet key players in the aerospace industry, seize fresh commercial opportunities, present expertise and innovations to the world, and form technological and industrial partnerships. The airshow participants who visit Jetex VIP Terminal will have the opportunity to meet representatives of all Jetex divisions, including FBO Network, Fuel Service, Trip Planning, Premier Experience and Aircraft Sales.

Commenting on the partnership, Timothy Hawes, Managing Director of Tarsus Aerospace added: "Jetex has a well–deserved reputation in the industry and we are delighted to partner with them once again as the official FBO for the Dubai Airshow to facilitate travel and support our esteemed guests at the event."

The 2021 edition of the Dubai Airshow looks extremely promising as it reflects the dynamic energy of an ever–growing industry now laying the foundations for the aviation of the future, and Jetex VIP Terminal at DWC looks forward to be a welcoming haven to all airshow participants.

– END –

About Jetex:

An award–winning global leader in executive aviation, Jetex is recognized for delivering flexible, best–in–class trip support solutions to customers worldwide. Jetex provides exceptional private terminals (FBOs), aircraft fueling, ground handling and global trip planning. The company caters to both owners and operators of business jets for corporate, commercial and personal air travel. To find out more about Jetex, visit www.jetex.com and follow us on Instagram, Twitter, Facebook, and LinkedIn.

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GLOBENEWSWIRE (Distribution ID 8316832)

Nyxoah Appoints Rita Johnson-Mills to its Board of Directors

Nyxoah Appoints Rita Johnson–Mills to its Board of Directors

Mont–Saint–Guibert, Belgium "" August 27, 2021, 10:30pm CET / 4:30pm ET "" Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) ("Nyxoah" or the "Company"), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today announced that it has appointed Rita Johnson–Mills as an Independent Director to its Board of Directors.

Robert Taub, Chairman of the Board of Directors of Nyxoah, commented: "We are delighted to welcome Rita Johnson–Mills to the Nyxoah Board of Directors. Her wealth of knowledge, extensive operating experience and expertise in corporate governance will be invaluable as we navigate the healthcare industry with new and innovative solutions. Rita's addition will also strengthen our US presence and our commitment to Board diversity."

Rita Johnson–Mills added: "Nyxoah is truly unique in the health technology field and I am thrilled to lend my expertise to the Board and the leadership team in identifying ways to positively impact the health and quality of life for those living with the debilitating impact of sleep disordered breathing conditions."

Rita Johnson–Mills is a seasoned former C–suite healthcare executive. Rita's background and experience include a combined 30 years of federal and state government and private industry experience, 15 years of which she was directly responsible for profitability and growth of healthcare organizations. She spent 11 years with UnitedHealthcare including as CEO of UnitedHealthcare Community Plan of Tennessee. Rita currently serves on the Board of Directors of Brookdale Senior Living Inc. and Quest Analytics, LLC. Rita received dual Master's degrees from Ohio State University, Master of Public Policy and Master of Labor/Human Resources. She is also a Hogan certified executive coach and a National Association of Corporate Directors Governance Fellow.

The appointment of Rita Johnson–Mills is effective immediately, subject to final appointment by the next shareholders' meeting.

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah's lead solution is the Genio system, a CE–validated, patient–centered, next generation hypoglossal neurostimulation therapy for OSA, the world's most common sleep disordered breathing condition that is associated with increased mortality risk and comorbidities including cardiovascular diseases, depression and stroke.

Following the successful completion of the BLAST OSA study in patients with moderate to severe OSA, the Genio system received its European CE Mark in 2019. The Company has completed the BETTER SLEEP study in Australia and New Zealand for therapy indication expansion and is currently conducting the DREAM IDE pivotal study for FDA approval and a post–marketing EliSA study in Europe to confirm the long–term safety and efficacy of the Genio system.

For more information, please visit http://www.nyxoah.com/.

Caution "" CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

Contacts:

Nyxoah
Fabian Suarez, Chief Financial Officer
corporate@nyxoah.com
+32 (0)10 22 24 55

Gilmartin Group
Vivian Cervantes
IR@nyxoah.com

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GLOBENEWSWIRE (Distribution ID 1000533972)

Micro Insurance Company and Lofte Kesho Are Partnering to Offer Digital Solutions to Livestock Farmers

NEW YORK, Aug. 25, 2021 (GLOBE NEWSWIRE) — Micro Insurance Company (MIC) and Lofte Kesho are partnering to offer digital solutions to livestock farmers in an effort to improve their economic well–being. Lofte Kesho, an integrated FinTech and AgriTech player, was created to help farmers collateralize animals as assets for financial benefits such as loans, working capital, cow replacement loans, and investment loans. They have also created unique systems for animal identification as well as the process of tokenizing animals using blockchain.

Lofte Kesho is partnering with Micro Insurance Company in an effort to strengthen their mission of helping farmers to unlock the financial benefits associated with their livestock. By partnering with MIC, farmers will now be able to insure their livestock, which gives them access to credit opportunities "" as they will now be able to use their insured livestock as collateral. This will help improve the financial state for many farmers. Furthermore, MIC is also offering a life and hospitalization cover to the middle and low segment Livestock farmers to safeguard them against many of the risks they face, so when the unexpected happens, they are able to bounce back swiftly.

Ms. Wairimu Njoki, Country Manager, Micro Insurance Company, says:

"We are pleased to be partnering with Lofte Kesho as they improve the inclusivity of livestock farmers for enhanced access to financial solutions. Farmers have always held assets through their livestock but are often locked out of financial access because historically, financial institutions have not considered livestock as a good form of security. By MIC insuring farmers' livestock, it has enabled financial institutions to get on board with accepting livestock as a secure asset, and thus, feel confident in accepting it as collateral."

Bernard Njathi, Co–Founder of Lofte Kesho, says:

"Our farmers are faced with multiple challenges. According to the World Bank, by the year 2050, food demand will increase by 70%. So what does this really mean? We need to support our farmers "" both our Crop and Livestock farmers. This is why Lofte Kesho Kenya Limited acknowledges that our livestock farmers are not necessarily poor but lack a supportive ecosystem that properly promotes and unlocks animal identification, valuation, insurance and animal collateralized loans. As a result, Lofte Kesho is excited to partner with Micro Insurance Company to further our aim of providing value–added services to livestock farmers in the areas of animal health, nutrition, and productivity. Our partnership with MIC will further enhance our ability to offer peace of mind to livestock farmers."

MIC and Lofte Kesho join forces to address both the financial and insurance inclusivity against the marginalized "" using the FarmTrek platform as a route to access these services. This partnership combines Lofte Kesho's knowledge of livestock along with MIC's expertise in product design to ensure optimal product consideration and adjusted premiums.

About Lofte Kesho

Founded in 2018 with headquarters in Kenya, Lofte Kesho is an integrated FinTech and AgriTech player offering an animal identification and traceability platform. In partnership with InfoCorp Technologies, Lofte Kesho has rolled out FarmTrek, a solution that brings inclusive financial services to the livestock industry in emerging markets via its blockchain–based platform. Lofte Kesho works with smallholder farmers to unlock financial benefits associated with their animals.

For more information, please contact Bernard.Njathi@loftekesho.com or visit: https://www.loftekesho.com/

About Micro Insurance Company

Micro Insurance Company (MIC) is a global insurance platform delivering technology, underwriting, policy management, and distribution. MIC provides insurance to platforms, micro & small businesses, and to the 4 billion people on the planet that are currently unserved. Whereas most insurtechs seek to improve existing monoline products and markets, we follow the concept of straight through processing. We do this in order to create highly relevant insurance products that we can offer globally at a very low cost via our platform to support people in their local communities. Micro Insurance Company is the world's first global end–to–end digital microinsurance platform that combines reinsurance capacity, in–country insurance licenses, world class distribution, and market leading AI functionality.

For more information, please contact wairimu.njoki@microinsurance.com or visit: https://microinsurance.com/


GLOBENEWSWIRE (Distribution ID 8315071)

Etan Hon Named Product Manager of Turbo Aftermarket Services for Nikkiso Cryogenic Services

TEMECULA, Calif., Aug. 25, 2021 (GLOBE NEWSWIRE) — Nikkiso Cryogenic Industries' Clean Energy & Industrial Gases Group (Group), a subsidiary of Nikkiso Co., Ltd (Japan), is pleased to announce that Etan Hon has been appointed Product Manager of Turbo Aftermarket Services (AMS) for the Nikkiso Cryogenic Services unit (NCS).

This addition to their management team supports the Group's objectives to further grow their AMS for Turboexpanders. The Turbo All Brands line will also expand to support and service more brands, including ACD, Rotoflow, Atlas Copco, and Cryostar among others.

Etan received a degree in Aerospace engineering from the University of California, San Diego. He started his career by providing oilfield services to customers within the oil & gas industry in Texas working for Schlumberger and Baker Hughes. In 2017, he joined ACD LLC as a Field Service Manager. After the acquisition by Nikkiso in 2019, he transitioned into the role of Service Manager of Turbo AMS for NCS and helped move the ACD Turbo AMS division into a new facility in Irvine, CA. He helped re–develop the standards and processes with the international service centers for the Turbo AMS in Irvine. The new structure has created a successful operating business locally and will ensure proper support to the Turbo AMS team globally.

"The NCS team is excited to have Etan in this new Turbo AMS Product Management role," according to Jim Estes, President of NCS. "His years of experience and focus on customer service has exceeded our expectations. I'm looking forward to his success continuing in this new role."

Nikkiso Cryogenic Services provides service and support globally, including locations in Malaysia, Germany, India, Australia, Taiwan and China as well as six locations in North America.

ABOUT CRYOGENIC INDUSTRIES
Cryogenic Industries, Inc. (now a member of Nikkiso Co., Ltd.) member companies manufacture engineered cryogenic gas processing equipment and small–scale process plants for the liquefied natural gas (LNG), well services and industrial gas industries. Founded over 50 years ago, Cryogenic Industries is the parent company of ACD, Cosmodyne and Cryoquip and a commonly–controlled group of approximately 20 operating entities.

For more information please visit www.nikkisoCEIG.com and www.nikkiso.com.

MEDIA CONTACT:

Anna Quigley
+1.951.383.3314
aquigley@cryoind.com


GLOBENEWSWIRE (Distribution ID 8314634)

Dante Labs Announces Appointment of Mark Van Oene to its Board of Directors to Support Operational Approach and Commercial Strategy

CAMBRIDGE, United Kingdom, Aug. 24, 2021 (GLOBE NEWSWIRE) — Dante Labs, a global leader in genomics and precision medicine, announced today the appointment of Mark Van Oene as a member of its Board of Directors. Mark is the Chief Operating Officer at Pacific Biosciences, a leading provider of high–quality sequencing solutions.

"I'm so pleased to welcome Mark Van Oene to the Dante Labs Board," said Dante Labs CEO Andrea Riposati. "We are confident we will greatly benefit from Mark's proven leadership in scaling Dante's global commercial organization to serve more people with the genomic information needed to treat and prevent disease."

Mr. Van Oene stated, "I'm excited to be joining Dante's Board in order to help scale the business as the need for genomics in healthcare is realized and plays a more essential role in drug development and precision medicine."

Mr. Van Oene has deep expertise and leadership in the field of genomics, driving strategic planning and corporate development activities and managing research, development and manufacturing in his role at Pacific Biosciences. Prior to that, Mr. Van Oene held several key leadership roles at Illumina, ultimately serving as Chief Commercial Officer with his appointment in 2017. Prior to Illumina, he was the Director of Genotyping Services in Ellipsis Biotherapeutics. Mr. Van Oene will join Illumina Chief Operations Officer Bob Ragusa and GRAIL SVP Mark Morgan to the Dante Labs Board of Directors.

About Dante Labs

Dante Labs is a global genomic data company building and commercializing a new class of transformative health and longevity applications based on whole genome sequencing and AI. Our assets include one of the largest private genome databases with research consent, a proprietary software platform designed to unleash the power of genomic data at scale and proprietary processes which enable an industrial approach to genomic sequencing.

Headquartered in Cambridge, United Kingdom, with a research laboratory in Wolverhampton, Dante Labs supported the UK Government's urgent requirement to scale–up a high–capacity, highly automated testing solution for Covid–19, including infected patients as well as those with antibodies. Dante Labs was able to deliver by leveraging existing technology that had been developed for whole genome sequencing.

Contact

Giorgio Lodi
media@dantelabs.com
+39 0862 191 0671
www.dantelabs.com


GLOBENEWSWIRE (Distribution ID 8313863)

Conagen Expands Natural Preservation by Fermentation

Bedford, Mass., Aug. 24, 2021 (GLOBE NEWSWIRE) — As the “clean label” trend thrives in many consumer product categories, Massachusetts–based biotech Conagen announced the launch of a natural preservative, p–Coumaric Acid (PCA). Conagen's PCA is made by fermentation and expands the natural preservatives offered by its commercialization partner Blue California.

The natural preservation market is driven by consumer exploration of clean–label food, beverage, personal care, and cosmetic product which do not contain artificial ingredients while still possessing extended shelf life.

In a published Mintel report Feb. 2021, U.S. Consumers were polled on relating 'naturalness' with 'health, “43% of U.S. consumers have the perception that “all–natural” is an important factor when choosing healthy food and beverages.”

Food and beverage manufacturers are moving away from artificial ingredients in their processing and packaging methods. Therefore, new sources of natural preservatives, such as Conagen's natural, fermentation–derived PCA, are ideal for brands to make a seamless change from synthetic preservation ingredients to natural ones.

“Our PCA expands the toolbox for product developers looking for a scalable, low cost–in–use, natural solution for increasing the shelf life of food without interfering with the flavor of their products,” said Conagen's Vice President of Innovation, Dr. Casey Lippmeier.

PCA is a natural antioxidant and antimicrobial compound found in all plants, primarily peanuts, tomatoes, carrots, basil, and garlic. It is a key constituent of wine, vinegar, and honey.

Conagen produces PCA by an innovative precision fermentation process. This technology enables the cultivation of micro–organisms programmed to create sustainable, natural ingredients with high purity at a price competitive with synthetic PCA. PCA by fermentation is ideal for industrial applications as well.

“A sustainable source of PCA is also desirable as a precursor for different biopolymers and other high–tech biomaterials made with 'green chemistry,”' said Lippmeier.

Green chemicals are a part of the global discussion on climate change and large chemical companies' accelerating adoption of sustainable materials. “The novel polymers and co–polymers which can be made by fermentation–derived PCA enable the development of environmentally safer bioplastics and new applications in biomedicine,” said Lippmeier.

As an alternative to chemically synthesized compounds like bisphenol–A, PCA is a multifunctional natural and sustainable solution found in food to enable new and novel products by formulators and material scientists.

In the industrial applications space, PCA is ideal in coatings, composites, adhesives, and polymers for biomedical, transportation, aerospace, electronics, and packaging, just to name a few.

Last year, Blue California and Conagen jointly announced the commercialization of a 98% pure natural preservative, Rosavel rosmarinic acid, without the intensity of rosemary flavor and color as with most synthetic ingredients. Another important natural preservative molecule derived from Conagen's platform technologies is BC–DHQTM taxifolin, which secured GRAS status as announced last May.

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About Conagen

Conagen is making the impossible possible. Our scientists and engineers use the latest synthetic biology tools to develop high–quality sustainable nature–based products through systems of manufacturing on a molecular level and fermentation basis. We focus on the bioproduction of high–value ingredients for food, nutrition, flavors and fragrances, pharmaceutical, and renewable materials industries. www.conagen.com

About Blue California

Blue California is a vertically integrated technology company providing innovative ingredient solutions to global partners. With more than 20 years of innovation success, our ingredients are used in commercial products and applications in the industries of nutrition, personal care, healthy aging and wellness, functional food and beverage, and beauty. www.bluecal–ingredients.com

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GLOBENEWSWIRE (Distribution ID 8314108)