Eastside Distilling CEO of Subsidiary Buys $36,749 in StockPLANO, Texas--(BUSINESS WIRE)--Dec 12, 2024-- Upbound Group, Inc. (“Upbound” or the “Company”) (NASDAQ: UPBD), a technology and data-driven leader in accessible and inclusive financial products that address the evolving needs and aspirations of underserved consumers, today announced it has entered into a definitive agreement to acquire Brigit, a leading financial health technology company, for total consideration of up to $460 million consisting of cash and shares of Upbound common stock. This transaction is a logical next step reflecting Upbound’s strategic focus on expanding its technology-driven financial solutions for consumers who are underserved by the traditional financial system. Brigit, which offers a subscription-based model, was launched nationally in 2019 to expand financial inclusion and help consumers build a brighter financial future. It is consistently ranked among the most downloaded financial health apps and is a recognized leader in innovation in the industry. Built on proprietary artificial intelligence and machine learning-powered cash flow data insights, Brigit’s core product is its direct-to-consumer Instant Cash advance product (earned wage access or EWA) which has saved its users approximately $1 billion in overdraft fees since inception 2. Brigit also offers a credit builder product that helps its subscribers build their credit history over time as they increase their savings, as well as financial wellness solutions and educational resources to help consumers better manage, save, and earn money. Brigit currently serves nearly two million monthly active customers, including over one million active paying subscribers and almost one million free subscribers. Their customers are highly engaged, with paid users logging in on average six times per month. The business is expected to generate revenues of approximately $215 million to $230 million in 2025 and approximately $350 million to $400 million in 2026. Brigit will expand Upbound’s offerings of innovative and flexible financial solutions, positioning the combined company to create an industry-leading technology platform for the financially underserved that meets the consumer wherever they are on their financial journey. In addition, Brigit’s proprietary data and sophisticated tech stack are expected to enhance Upbound’s existing brands, including Acima and Rent-A-Center (RAC), by improving risk management and fraud prevention, enabling more customer approvals while also mitigating net losses and enhancing account management. The combined company’s data-driven insights will create a more personalized customer experience with the ability to deliver, at the right time and through the right channels, a wider range of targeted solutions for consumers. Upbound expects these enhancements to boost conversion rates, lower churn, and increase customer loyalty and engagement. “We are thrilled to welcome Brigit, a company whose mission and target customer base are closely aligned with ours, into our family of brands,” said Upbound’s Chief Executive Officer Mitch Fadel. “Creating a financial solutions platform with Brigit as the backbone expands our addressable market and enables Upbound to innovate across even more product categories to improve the financial health of our customers. The ability to add new products for our customers beyond lease-to-own is an important part of our strategy and now we can offer liquidity solutions, budgeting, credit building, financial literacy and savings. We believe this transaction will position Upbound for accelerated growth, with greater scale and a more diversified financial profile, ultimately driving long-term value for our shareholders.” “Brigit has helped everyday Americans build a brighter financial future through a suite of innovative financial products that leverage cutting-edge cash flow technology,” said Brigit cofounder & CEO Zuben Mathews. “This transaction is a testament to our team’s continued passion for helping the underserved and our dedication to innovation. By combining forces with Upbound, we can accelerate our impact and better serve the millions of Americans who have been historically underserved by traditional financial institutions. Together, we are excited to widen our reach and bring financial freedom to even more people in need.” Brigit founders Zuben Mathews and Hamel Kothari will continue to lead the Brigit team as a business segment of Upbound. Brigit will continue to operate under its existing branding and will retain its headquarters in New York City, which is expected to serve as one of Upbound’s innovation hubs. Transaction Details Upbound is acquiring Brigit for up to $460 million, comprised of (1) $325 million payable at closing, 75% in cash and 25% in Upbound shares; (2) $75 million in deferred cash consideration over two years; and (3) a potential earnout of up to $60 million in cash based on achievement of certain financial performance metrics for the Brigit business in 2026. Upbound will fund the transaction through a combination of cash on hand, borrowing capacity under its $550 million revolving credit facility, and issuance of new shares of Upbound common stock to Brigit stockholders. The integration of Brigit’s all-digital, scalable platform is expected to expand Upbound’s addressable market outside of durable goods and enhance its strong financial profile while adding an additional complementary growth segment. With approximately 80% recurring subscription revenue, and an estimated total revenue growth in 2024 of 40% to 50% compared to 2023 with similar expectations in 2025, Upbound believes the transaction will accelerate its growth and is expected to be neutral to non-GAAP EPS in year one and meaningfully accretive to non-GAAP EPS in year two and beyond. Brigit will diversify Upbound’s revenue/Adjusted EBITDA mix; within the next four years, Upbound expects approximately two-thirds of revenue and Adjusted EBITDA 3 will be derived from virtual and digital platforms. Following the transaction, Upbound expects pro forma net leverage ratio of approximately 3x 4 and pro forma available liquidity of nearly $300 million 5. Upbound continues to target leverage of approximately 2x over the long-term. The acquisition is expected to close in Q1 2025, subject to receipt of requisite regulatory approvals and satisfaction of other customary closing conditions. Advisors Greenhill & Co. Inc. is acting as financial advisor to Upbound, Sullivan & Cromwell LLP and Mayer Brown LLP are acting as its legal counsel. FT Partners is acting as financial advisor to Brigit and Cooley LLP and Morgan Lewis & Bockius LLP are acting as its legal counsel. Investor Conference Call Details Upbound will host a conference call on Friday, December 13, 2024, at 9:00 am (ET) to discuss this transaction. Interested parties can access a live webcast of the conference call via this link or through the Company's investor relations website. About Upbound Group, Inc. Upbound Group, Inc. (NASDAQ: UPBD), is a technology and data-driven leader in accessible and inclusive financial products that address the evolving needs and aspirations of underserved consumers. The Company’s customer-facing operating units include industry-leading brands such as Rent-A-Center® and Acima® that facilitate consumer transactions across a wide range of store-based and digital retail channels, including over 2,300 company branded retail units across the United States, Mexico and Puerto Rico. Upbound Group, Inc. is headquartered in Plano, Texas. For additional information about the Company, please visit our website Upbound.com . About Brigit Brigit is a holistic financial health app that has helped millions of Americans budget better, get their earned wages early, build their credit through savings, protect themselves from identity theft, and find ways to earn and save money. Its mission is to help everyday Americans build a better financial future. Brigit is backed by Lightspeed, DCM, Nyca, Flourish Ventures, Hummingbird VC, DN Capital, Will Smith, Kevin Durant, and other prominent investors. Cautionary Note Regarding Forward-Looking Statements This press release and the associated investor presentation and webcast contain forward-looking statements that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "could," "estimate," "predict," "continue," "should," "anticipate," "believe," or “confident,” or the negative thereof or variations thereon or similar terminology and include, among others, statements concerning (a) the anticipated benefits of the proposed transaction, (b) the anticipated impact of the proposed transaction on the combined company’s business and future financial and operating results, (c) the anticipated closing date for the proposed transaction, (d) other aspects of both companies’ operations and operating results, and (e) our goals, plans and projections with respect to our operations, financial position and business strategy. However, there can be no assurance that such expectations will occur. The Company's actual future performance could differ materially and adversely from such statements. Factors that could cause or contribute to such material and adverse differences include, but are not limited to: (1) risks relating to the proposed transaction, including (i) the inability to obtain regulatory approvals required to consummate the transaction with Brigit on the terms expected, at all or in a timely manner, (ii) the impact of the additional debt on the Company’s leverage ratio, interest expense and other business and financial impacts and restrictions due to the additional debt, (iii) the failure of conditions to closing the transaction and the ability of the parties to consummate the proposed transaction on a timely basis or at all, (iv) the failure of the transaction to deliver the estimated value and benefits expected by the Company, (v) the incurrence of unexpected future costs, liabilities or obligations as a result of the transaction, (vi) the effect of the announcement of the transaction on the ability of the Company or Brigit to retain and hire necessary personnel and maintain relationships with material commercial counterparties, consumers and others with whom the Company and Brigit do business, (vii) the ability of the Company to successfully integrate Brigit’s operations over time, (viii) the ability of the Company to successfully implement its plans, forecasts and other expectations with respect to Brigit’s business after the closing and (ix) other risks and uncertainties inherent in a transaction of this size and nature, (2) the general strength of the economy and other economic conditions affecting consumer preferences, demand, payment behaviors and spending; (3) factors affecting the disposable income available to the Company's and Brigit’s current and potential customers; (4) the appeal of the Company’s and Brigit’s offerings to consumers; (5) the Company's and Brigit’s ability to protect their proprietary intellectual property; (6) the impact of the competitive environment in the Company’s and Brigit’s industries; (7) the Company's and Brigit’s ability to identify and successfully market products and services that appeal to their current and future targeted customer segments; (8) consumer preferences and perceptions of the Company's and Brigit’s brands; (9) the Company’s and Brigit’s compliance with applicable laws and regulations and the impact of active enforcement of those laws and regulations, including any changes with respect thereto or attempts to recharacterize their offerings as credit sales, (10) information technology and data security costs; (11) the impact of any breaches in data security or other disturbances to the Company's or Brigit’s information technology and other networks and the Company's and Brigit’s ability to protect the integrity and security of individually identifiable data of its customers and employees; and (12) the other risks detailed from time to time in the Company's SEC reports, including but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2023 and in its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures This release and the associated investor presentation and webcast contain certain financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (GAAP), including (1) Adjusted EBITDA (net earnings before interest, taxes, stock-based compensation, depreciation and amortization, as adjusted for special items) on a consolidated and segment basis and (2) Net Leverage Ratio (total debt less unrestricted cash, divided by Adjusted EBITDA). “Special items” refers to certain gains and charges we view as extraordinary, unusual or non-recurring in nature or which we believe do not reflect our core business activities. Special items are reported as Other Gains and Charges in our Consolidated Statements of Operations. Because of the inherent uncertainty related to these special items, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measures or reconciliation to any forecasted GAAP measure without unreasonable effort. These non-GAAP measures are additional tools intended to assist our management in comparing our performance on a more consistent basis for purposes of business decision-making by removing the impact of certain items management believes do not directly reflect our core operations. These measures are intended to assist management in evaluating operating performance and liquidity, comparing performance and liquidity across periods, planning and forecasting future business operations, helping determine levels of operating and capital investments and identifying and assessing additional trends potentially impacting our Company that may not be shown solely by comparisons of GAAP measures. Consolidated Adjusted EBITDA is also used as part of our incentive compensation program for our executive officers and others. We believe these non-GAAP financial measures also provide supplemental information that is useful to investors, analysts and other external users of our consolidated financial statements in understanding our financial results and evaluating our performance and liquidity from period to period. However, non-GAAP financial measures have inherent limitations and are not substitutes for, or superior to, GAAP financial measures, and they should be read together with our consolidated financial statements prepared in accordance with GAAP. Further, because non-GAAP financial measures are not standardized, it may not be possible to compare such measures to the non-GAAP financial measures presented by other companies, even if they have the same or similar names. ______________________________ 1 Non-GAAP Financial Measure. See descriptions below in this release. Due to the inherent uncertainty related to the special items discussed under “Non-GAAP Financial Measures” below, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measure or reconciliation to any forecasted GAAP measure without unreasonable effort. 2 Assumes all Brigit’s cash advances since inception have assisted customers with avoiding overdraft fees at an estimated $34/overdraft. 3 Non-GAAP Financial Measure. See descriptions below in this release. Due to the inherent uncertainty related to the special items discussed under “Non-GAAP Financial Measures” below, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measure or reconciliation to any forecasted GAAP measure without unreasonable effort. 4 Non-GAAP Financial Measure. See descriptions below in this release. Due to the inherent uncertainty related to the special items discussed under “Non-GAAP Financial Measures” below, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measure or reconciliation to any forecasted GAAP measure without unreasonable effort. 5 Pro forma net leverage ratio (total debt less unrestricted cash, divided by Adjusted EBITDA) and pro forma available liquidity (estimated available borrowings under the company’s revolving credit facility and unrestricted cash) assume the acquisition of Brigit is completed March 31, 2025 and the Company makes the closing date cash payment at that time. Above metrics reflect the Company’s estimates and are not reflective of actual amounts or indicative of future results. View source version on businesswire.com : https://www.businesswire.com/news/home/20241212082702/en/ CONTACT: Investor Contact Jeff Chesnut SVP, Strategy & Corporate Development 972-801-1108 jeff.chesnut@upbound.comMedia Contacts Kelly Kimberly 713-822-7538 Kelly.kimberly@fgsglobal.com Leah Polito 212-687-8080 Leah.polito@fgsglobal.com KEYWORD: TEXAS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: APPS/APPLICATIONS TECHNOLOGY FINANCE FINTECH HEALTH TECHNOLOGY PROFESSIONAL SERVICES SOFTWARE HEALTH DATA MANAGEMENT SOURCE: Upbound Group, Inc. Copyright Business Wire 2024. PUB: 12/12/2024 05:00 PM/DISC: 12/12/2024 05:00 PM http://www.businesswire.com/news/home/20241212082702/en
Vince Carter and Tracy McGrady join Bills' ownership group as limited partnersLong waiting lists for NHS weight loss services ‘driving unsafe buying of jabs’
TikToker teaching science hopes short-form video will become part of curriculum
BEIJING, Dec. 12, 2024 (GLOBE NEWSWIRE) -- 17 Education & Technology Group Inc. (NASDAQ: YQ) (“17EdTech” or the “Company”), a leading education technology company in China, today announced its unaudited financial results for the third quarter of 2024. Third Quarter 2024 Highlights1 First Nine Months 2024 Highlights Mr. Andy Liu, Founder, Chairman and Chief Executive Officer of the Company commented, “In the third quarter of 2024, we have continued our business progress and have seen consistent growth in school subscribing to our teaching and learning SaaS offerings under subscription model. This is a strong testimony in the value of our offerings and creates a clear growth path into the future.” “We continue to evolve our teaching and learning SaaS solutions and expand customer base to improve efficiency through digital means, ensuring high-quality development and fostering growth in the school-based procurement,” he added. Mr. Michael Du, Director and Chief Financial Officer of the Company commented, “During the quarter, our teaching and learning SaaS business saw revenue growth compared to the same quarter last year. As we enhance operating efficiency, net loss on a GAAP basis continued to narrow for the past three consecutive quarters. As our SaaS billing model is maturing, we achieved significant progress with a remarkable growth rate that outpaces the overall revenue growth.” Third Quarter 2024 Unaudited Financial Results Net Revenues Net revenues for the third quarter of 2024 were RMB59.6 million (US$8.5 million), representing a year-over-year increase of 32.2% from RMB 45.1 million in the third quarter of 2023. This was mainly due to the increased number of teaching and learning SaaS contracts and the recurring revenue generated from on-going projects. Cost of Revenues Cost of revenues for the third quarter of 2024 was RMB23.3 million (US$3.3 million), representing a year-over-year increase of 12.5% from RMB20.7 million in the third quarter of 2023, which was mainly due to the increase in project deliveries for our teaching and learning SaaS offerings during the quarter. Gross Profit and Gross Margin Gross profit for the third quarter of 2024 was RMB36.3 million (US$5.2 million), compared with RMB24.4 million in the third quarter of 2023. Gross margin for the third quarter of 2024 was 60.9%, compared with 54.1% in the third quarter of 2023. Total Operating Expenses The following table sets forth a breakdown of operating expenses by amounts and percentages of revenue during the periods indicated (in thousands, except for percentages): Total operating expenses for the third quarter of 2024 were RMB58.0 million (US$8.3 million), including RMB11.7 million (US$1.7 million) of share-based compensation expenses, representing a year-over-year decrease of 43.7% from RMB103.1 million in the third quarter of 2023. Sales and marketing expenses for the third quarter of 2024 were RMB20.2 million (US$2.9 million), including RMB1.9 million (US$0.3 million) of share-based compensation expenses, representing a year-over-year decrease of 27.6% from RMB27.9 million in the third quarter of 2023. This was mainly due to the decrease in the share-based compensation and efficiency improvements in marketing and sales work force and expenses compared with the same period last year. Research and development expenses for the third quarter of 2024 were RMB12.8 million (US$1.8 million), including RMB3.5 million (US$0.5 million) of share-based compensation expenses, representing a year-over-year decrease of 72.2% from RMB45.9 million in the third quarter of 2023. The decrease was primarily due to the decrease in the share-based compensation and efficiency improvements in our research and development work force and expenses. General and administrative expenses for the third quarter of 2024 were RMB25.0 million (US$3.6 million), including RMB6.4 million (US$0.9 million) of share-based compensation expenses, compared with RMB29.2 million in the third quarter of 2023. This was mainly due to the decrease in the office and professional service fees compared with the same period last year. Loss from Operations Loss from operations for the third quarter of 2024 was RMB21.6 million (US$3.1 million), compared with RMB78.7 million in the third quarter of 2023. Loss from operations as a percentage of net revenues for the third quarter of 2024 was negative 36.3%, compared with negative 174.4% in the third quarter of 2023. Net Loss Net loss for the third quarter of 2024 was RMB17.4 million (US$2.5 million), compared with net loss of RMB72.9 million in the third quarter of 2023. Net loss as a percentage of net revenues was negative 29.2% in the third quarter of 2024, compared with negative 161.6% in the third quarter of 2023. Adjusted Net Loss (non-GAAP) Adjusted net loss (non-GAAP) for the third quarter of 2024 was RMB5.7 million (US$0.8 million), compared with adjusted net loss (non-GAAP) of RMB53.7 million in the third quarter of 2023. Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 9.5% in the third quarter of 2024, compared with negative 119.1% of adjusted net loss (non-GAAP) as a percentage of net revenues in the third quarter of 2023. Please refer to the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release for a reconciliation of net loss under U.S. GAAP to adjusted net loss (non-GAAP). Cash and Cash Equivalents and Term Deposit Cash and cash equivalents and term deposit were RMB339.7 million (US$48.4 million) as of September 30, 2024, compared with RMB476.7 million as of December 31, 2023. Conference Call Information The Company will hold a conference call on Wednesday, December 11, 2024 at 8:00 p.m. U.S. Eastern Time (Thursday, December 12, 2024 at 9:00 a.m. Beijing time) to discuss the financial results for the third quarter of 2024. Please note that all participants will need to preregister for the conference call participation by navigating to https://register.vevent.com/register/BIcb0cb8cc902d426b9cbd52d075f15685 . Upon registration, you will receive an email containing participant dial-in numbers, and PIN number. To join the conference call, please dial the number you receive, enter the PIN number, and you will be joined to the conference call instantly. Additionally, a live and archived webcast of this conference call will be available at https://ir.17zuoye.com/ . Non-GAAP Financial Measures 17EdTech’s management uses adjusted net income (loss) as a non-GAAP financial measure to gain an understanding of 17EdTech’s comparative operating performance and future prospects. Adjusted net income (loss) represents net loss excluding share-based compensation expenses and such adjustment has no impact on income tax. Adjusted net income (loss) is used by 17EdTech’s management in their financial and operating decision-making as a non-GAAP financial measure; because management believes it reflects 17EdTech’s ongoing business and operating performance in a manner that allows meaningful period-to-period comparisons. 17EdTech’s management believes that such non-GAAP measure provides useful information to investors and others in understanding and evaluating 17EdTech’s operating performance in the same manner as management does, if they so choose. Specifically, 17EdTech believes the non-GAAP measure provides useful information to both management and investors by excluding certain charges that the Company believes are not indicative of its core operating results. The non-GAAP financial measure has limitations. It does not include all items of income and expense that affect 17EdTech’s income from operations. Specifically, the non-GAAP financial measure is not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measure that excludes certain items under GAAP, does not reflect any benefit that such items may confer to 17EdTech. Management compensates for these limitations by also considering 17EdTech’s financial results as determined in accordance with GAAP. The presentation of this additional information is not meant to be considered superior to, in isolation from or as a substitute for results prepared in accordance with US GAAP. Exchange Rate Information The Company’s business is primarily conducted in China and all of the revenues are denominated in Renminbi (“RMB”). However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars (“USD” or “US$”) using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the consolidated balance sheets and the related consolidated statements of operations, comprehensive loss, change in shareholders’ deficit and cash flows from RMB into USD as of and for the three months ended September 30, 2024 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0176 representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on September 30, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on September 30, 2024, or at any other rate. About 17 Education & Technology Group Inc. 17 Education & Technology Group Inc. is a leading education technology company in China, offering smart in-school classroom solution that delivers data-driven teaching, learning and assessment products to teachers, students and parents. Leveraging its extensive knowledge and expertise obtained from in-school business over the past decade, the Company provides teaching and learning SaaS offerings to facilitate the digital transformation and upgrade at Chinese schools, with a focus on improving the efficiency and effectiveness of core teaching and learning scenarios such as homework assignments and in-class teaching. The product utilizes the Company’s technology and data insights to provide personalized and targeted learning and exercise content that is aimed at improving students’ learning efficiency. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about 17EdTech’s beliefs and expectations, are forward-looking statements. 17EdTech may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 17EdTech’s growth strategies; its future business development, financial condition and results of operations; its ability to continue to attract and retain users; its ability to carry out its business and organization transformation, its ability to implement and grow its new business initiatives; the trends in, and size of, China’s online education market; competition in and relevant government policies and regulations relating to China's online education market; its expectations regarding demand for, and market acceptance of, its products and services; its expectations regarding its relationships with business partners; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 17EdTech’s filings with the SEC. All information provided in this press release is as of the date of this press release, and 17EdTech does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: 17 Education & Technology Group Inc. Ms. Lara Zhao Investor Relations Manager E-mail: ir@17zuoye.comOilers have a well-kept secret with dynamic KHL prospect
Share Tweet Share Share Email The rising cost of healthcare has been a pressing concern for many individuals and families worldwide. Traditional health insurance plans, often riddled with complex terms, high premiums, and out-of-pocket expenses, have left countless people searching for alternative solutions. Enter subscription-based healthcare services—an innovative model that aims to simplify medical costs while providing affordable and accessible care . What Are Subscription-Based Healthcare Services? Subscription-based healthcare services operate on a model similar to popular streaming platforms like Netflix or Spotify. Instead of paying for each service separately or navigating the complexities of traditional insurance, members pay a monthly or annual fee to access a predefined set of healthcare services. These services often include: Routine check-ups Preventive care Virtual consultations Diagnostic tests Chronic disease management This straightforward approach eliminates hidden fees and allows patients to plan their healthcare expenses better. Why Are Healthcare Costs So High? Understanding the need for subscription-based healthcare begins with examining why traditional healthcare costs are so high. Factors contributing to these costs include: Administrative Expenses: A significant portion of healthcare spending goes toward billing, insurance negotiations, and paperwork. Pharmaceutical Prices: Prescription drug costs in some countries, especially the United States, are among the highest in the world. Fee-for-Service Model: Traditional systems often incentivize quantity over quality, leading to unnecessary procedures. Lack of Transparency: Patients rarely know the cost of services upfront, resulting in surprise bills . These challenges have created a demand for simpler, more predictable payment models—a gap that subscription-based services aim to fill. Benefits of Subscription-Based Healthcare Services Cost Predictability One of the primary advantages of subscription-based healthcare is cost predictability. With a fixed monthly fee, patients can budget their medical expenses without worrying about unexpected charges. This transparency fosters trust between providers and patients. Accessibility to Care Subscription models often include telehealth services, making it easier for patients to access care from the comfort of their homes. This is especially beneficial for individuals in remote areas or those with mobility challenges. Focus on Preventive Care Preventive care is a cornerstone of subscription-based healthcare. Regular check-ups and early interventions can prevent minor issues from escalating into costly emergencies, ultimately reducing overall healthcare spending. Enhanced Doctor-Patient Relationships By eliminating the bureaucracy associated with insurance, doctors can spend more time focusing on patient care. Many subscription-based providers limit the number of patients they serve, ensuring personalized attention. No Surprise Bills Unlike traditional healthcare systems, where bills can be confusing and unpredictable, subscription models offer clear pricing structures. Patients know exactly what they are paying for. Examples of Subscription-Based Healthcare Services Several companies and healthcare providers have embraced the subscription model , offering services tailored to different needs: Direct Primary Care (DPC) DPC practices charge a monthly fee, typically ranging from $50 to $150, covering a variety of primary care services. These include office visits, basic lab tests, and chronic disease management. Telehealth Platforms Companies like Teladoc and MDLIVE offer virtual healthcare subscriptions, providing access to doctors, mental health professionals, and specialists via video or phone calls. Specialized Care Subscriptions Some subscription services focus on specific areas like mental health (e.g., BetterHelp) or women’s health (e.g., Maven Clinic), catering to niche patient needs. How Subscription-Based Healthcare Benefits Employers Employers are also recognizing the value of subscription-based healthcare services. Many companies are offering these plans as part of their employee benefits packages to: Reduce overall healthcare costs Enhance employee satisfaction and retention Improve workplace productivity by ensuring employees have access to timely care Subscription-based models are especially attractive to small businesses that may struggle to afford traditional group insurance plans. Challenges and Considerations While subscription-based healthcare services have numerous advantages, they are not without challenges. Here are a few considerations: Limited Coverage Subscription models often focus on primary care and may not cover specialized treatments or hospitalizations. Patients may still need traditional insurance for catastrophic events. Regulatory Hurdles In some regions, regulatory frameworks are not yet equipped to handle this new model, potentially limiting its adoption. Scalability As more patients adopt subscription-based services, providers may face challenges in maintaining the personalized care that sets this model apart. The Future of Subscription-Based Healthcare The subscription-based healthcare model is poised for significant growth, driven by technological advancements and shifting patient preferences. Innovations such as artificial intelligence, wearable health devices, and data analytics can further enhance these services, making care more proactive and personalized. Additionally, as more individuals prioritize transparency and affordability, the demand for subscription-based healthcare is likely to rise. Policymakers and healthcare providers will need to collaborate to address regulatory barriers and ensure that these services are accessible to all. Conclusion Affordable subscription-based healthcare services represent a promising solution to the challenges of traditional healthcare systems. By offering cost predictability, improved access, and a focus on preventive care, this model has the potential to revolutionize how we approach medical costs. While it may not replace traditional insurance entirely, it serves as a valuable complement, providing individuals and families with an alternative path to managing their health. As the healthcare landscape continues to evolve, subscription-based services will undoubtedly play a crucial role in shaping a more equitable and efficient system for all. Related Items: Healthcare Services , Simplifying Medical Costs , Subscription-Based Healthcare Share Tweet Share Share Email Recommended for you Medical Expense Management: Simplifying Payments for Healthcare Services 5G Technology Explained: What It Means for Consumers and Businesses Navigating the Complexities of Life Care Planning in San Diego Comments
PDUFA goal date is July 27, 2025 COPENHAGEN, Denmark, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND) today announced that the U.S. Food & Drug Administration (FDA) has accepted for review its supplemental Biologics License Application (sBLA) in adult growth hormone deficiency (GHD) for TransCon hGH (lonapegsomatropin-tcgd; marketed as SKYTROFA ® for pediatric GHD). The FDA set a Prescription Drug User Fee Act (PDUFA) goal date of July 27, 2025. "This marks another step towards achieving our objective to expand SKYTROFA's label beyond pediatric GHD and expand its reach to address new groups of patients,” said Jan Mikkelsen, Ascendis Pharma's President and Chief Executive Officer. "Adult GHD is an undertreated condition associated with significant comorbidities and higher annual healthcare costs compared to the 5-10% of patients who receive treatment, indicative of the high unmet need.” The sBLA submission is based on results from foresiGHt, a Phase 3 randomized, parallel-arm, placebo-controlled (double-blind) and active-controlled (open-label) trial that compared the efficacy and safety of weekly TransCon hGH with weekly placebo and daily human growth hormone (hGH) in adults with GHD. The trial evaluated 259 adults with GHD aged 23 to 80 years old, randomized 1:1:1, titrated to receive a target fixed dose of TransCon hGH, placebo, or daily hGH based on age and oral estrogen intake with approximately equivalent hGH mg/week for TransCon hGH and daily hGH. TransCon hGH demonstrated superiority on its primary efficacy and key secondary efficacy endpoints at Week 38, with TransCon hGH-treated participants showing a statistically significant reduction from baseline in trunk fat and increase in total body lean mass at Week 38 compared to placebo. In the trial, TransCon hGH was generally safe and well tolerated, with no discontinuations related to study drug and with comparable safety and tolerability to daily hGH treatment. About Adult Growth Hormone Deficiency Growth hormone plays an essential role in the health of children and adults, promoting normal growth in children and maintenance of normal body composition and cardiometabolic health throughout adulthood. In adults, growth hormone boosts protein production, promotes fat utilization, enhances muscle mass, and helps regulate blood sugar levels. Adult GHD is a condition in which an individual's body does not produce enough growth hormone. Symptoms and morbidity can include central obesity, metabolic syndrome, decreased bone density, alterations in lipid profile and markers of cardiovascular risk, fatigue, general weakness, lack of muscle tone, and psychological symptoms such as cognitive impairment, social isolation, lack of motivation, and depression. 1 About Ascendis Pharma A/S Ascendis Pharma is applying its innovative TransCon technology platform to build a leading, fully integrated biopharma company focused on making a meaningful difference in patients' lives. Guided by its core values of Patients, Science, and Passion, Ascendis uses its TransCon technologies to create new and potentially best-in-class therapies. Ascendis is headquartered in Copenhagen, Denmark and has additional facilities in Europe and the United States. Please visit ascendispharma.com to learn more. Forward-Looking Statements This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Ascendis' future operations, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to (i) the PDUFA goal date for SKYTROFA, (ii) Ascendis' objective to expand SKYTROFA's label and reach to address new groups of patients, (iii) Ascendis' ability to apply its TransCon technology platform to build a leading, fully integrated biopharma company, and (iv) Ascendis' use of its TransCon technologies to create new and potentially best-in-class therapies. Ascendis may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Ascendis makes, including the following: dependence on third party manufacturers, distributors and service providers for Ascendis' products and product candidates; unforeseen safety or efficacy results in Ascendis' development programs or on-market products; unforeseen expenses related to commercialization of any approved Ascendis products; unforeseen expenses related to Ascendis' development programs; unforeseen selling, general and administrative expenses, other research and development expenses and Ascendis' business generally; delays in the development of its programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; Ascendis' ability to obtain additional funding, if needed, to support its business activities; the impact of international economic, political, legal, compliance, social and business factors. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ascendis' business in general, see Ascendis' prospectus supplement filed on September 20, 2024 and Ascendis' current and future reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 20-F filed with the SEC on February 7, 2024. Forward-looking statements do not reflect the potential impact of any future licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments that Ascendis may enter into or make. Ascendis does not assume any obligation to update any forward-looking statements, except as required by law. Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo, TransCon, and SKYTROFA ® , are trademarks owned by the Ascendis Pharma group. © December 2024 Ascendis Pharma A/S.
Emanuel Wallace, 27, from east London, is better known as Big Manny by his 1.9 million followers on TikTok, where he shares videos explaining various science experiments from his back garden while using Jamaican Patois phrases and London slang. In early December, Mr Wallace won the Education Creator of the Year award at the TikTok Awards ceremony, which he said is a “symbol that anything that you put your mind to you can achieve”. The content creator began making videos during the coronavirus pandemic when schools turned to online learning but has since expanded his teaching from videos to paper after releasing his debut book Science Is Lit in August. He believes his “unconventional” teaching methods help to make his content relatable for younger audiences by using slang deriving from his Jamaican and British heritage. “The language that I use, it’s a combination between Jamaican Patois and London slang because I have Jamaican heritage,” the TikToker, who holds a bachelors and masters degree in biomedical science, told the PA news agency. “That’s why in my videos sometimes I might say things like ‘Wagwan’ or ‘you dun know’. I just want to connect with the young people more, so I speak in the same way that they speak. “The words that I use, the way that I deliver the lesson as well, I would say that my method of teaching is quite unconventional. I speak in a way that is quite conversational.” Examples of his videos include lithium batteries catching fire after being sandwiched inside a raw chicken breast, as well as mixing gold with gallium to create blue gold, earning millions of views. Mr Wallace hopes his content will help make the science industry more diverse, saying “the scientists that I was taught about, none of them look like me”. “Now me being a scientist is showing young people that they can become one as well, regardless of the background that they come from, the upbringing that they’ve had,” he said. “I just want to make it seem more attainable and possible for them because if I can do it, and I come from the same place as you, there’s no reason why you can’t do it as well.” The TikToker has seen a shift in more young people turning to the app as a learning resource and feels short-form videos will soon become a part of the national curriculum in schools. “I’m seeing (young people) using that a lot more – social media as a resource for education – and I feel like in the future, it’s going to become more and more popular as well,” he said. “I get a lot of comments from students saying that my teacher showed my video in the classroom as a resource, so I feel like these short form videos are going to be integrated within the national curriculum at some point in the near future.” He also uses his platform to raise awareness of different social issues, which he said is “extremely important”. One of his videos highlighted an anti-knife campaign backed by actor Idris Elba, which earned more than 39 million views, while his clip about the banning of disposable vapes was viewed more than 4.6 million times. He said there is some pressure being a teacher with a large following online but hopes he can be a role model for young people. “I’m aware that I am in the public eye and there’s a lot of young people watching me,” he said. “Young people can be impressionable, so I make sure that I conduct myself appropriately, so that I can be a role model. “I always have the same message for young people, specifically. I tell them to stay curious. Always ask questions and look a little bit deeper into things.” His plans for 2025 include publishing a second Science Is Lit book and expanding his teaching to television where he soon hopes to create his own science show.Irish Government doubted UK campaign to ‘save David’ Trimble
Government was lobbied in 1998 to do more for ex-prisoners, records show
Ben Folds brings a dose of wit to the holidays on 'Sleigher'
More than a dozen New York-based Barclays bankers and traders were fired just before the holidays — and they received coal in their stocking by being denied bonuses, The Post has learned. The scrooges at Barclays, the UK-based lending giant, canned 15 Wall Street workers out of the roughly 50 it pink-slipped last month, two sources with close knowledge of the situation said. None were given a bonus, the sources added, depriving them of a windfall since the majority of their compensation comes from the year-end bump. Barclays is in the middle of a three-year plan to become more efficient. Bloomberg via Getty Images For example, an investment banker might make a $200,000 salary and an expected $1 million bonus, one of the sources said. One employment lawyer told The Post that while it is not unheard of for banks to fire workers late in the year, the... Josh Kosman
Patriots veteran leader believes players aren’t locked in amid another losing season
Declan Rice offers key set piece insight as Arsenal ease past Man United | Sporting News