Atlas Remodeling, a well-known home remodeling company in Central Pennsylvania, has announced a special promotion to make their top-notch services more affordable. For over 30 years, Atlas Remodeling has specialized in bathroom replacements, window replacements, and door installations, earning a solid reputation for quality and customer-focused solutions.
Gerald Miller, a representative from Atlas Remodeling, shared, “We are thrilled to introduce this new promotion aimed at making our high-quality services more accessible to homeowners. Whether it’s updating a bathroom, replacing old windows, or installing new doors, we want every customer to have the home of their dreams without the financial burden.”
Atlas Remodeling stands out for its dedication to enhancing both the functionality and look of homes. They emphasize straightforward processes that are easy for customers to navigate. Their latest promotion aims to offer a smooth experience for homeowners interested in comprehensive bathroom remodeling services. From bathtub conversions to shower replacements, Atlas is committed to designing stylish and functional spaces that fit the unique preferences of each home.
In the area of window replacements, Atlas Remodeling offers a variety of choices such as bay, casement, and double-hung windows. They also provide options for energy-efficient glass along with different window colors, allowing each home to not only look better but also gain in energy efficiency. These improvements not only boost a home’s curb appeal but can also reduce energy costs.
Atlas Remodeling is also proficient in door installation, offering a wide range of styles that includes custom doors, entrance doors, sliding doors, and storm doors. The goal is to complement any home’s architectural needs and personal taste while ensuring enhanced security and an inviting exterior.
The company’s commitment goes beyond craftsmanship to comprehensive customer support throughout the remodeling journey. Offering free consultations and assistance with insurance claims, Atlas makes the process as hassle-free as possible. Their A+ rating from the Better Business Bureau reflects their dedication to providing excellent service and ensuring customer satisfaction.
Besides their professional services, Atlas Remodeling is active in the community, supporting local initiatives and charities. This involvement demonstrates their belief in not only upgrading homes but also giving back to the communities they serve.
Gerald Miller adds, “We believe in growing with our community and serving as a reliable partner in home enhancement. This new promotional effort aligns with our goal to offer exceptional services that are attainable for every homeowner.”
Those looking for genuine customer feedback can turn to Atlas Remodeling Harrisburg Reviews, full of positive experiences and testimonials. One review highlighted the company’s ability to transform an outdated bathroom into a modern, accessible shower space, complete with essential safety features. This project showcases Atlas’s focus on practical design and innovation.
As more people show interest in remodeling, the demand for quality service providers like Atlas Remodeling also increases. Their experience, wide range of services, and customer-first approach sets them apart in the market.
This new promotion provides a timely chance for homeowners to upgrade their properties, especially with any upcoming seasonal changes. Whether looking to update bathrooms, install new windows, or improve door options, Atlas Remodeling is ready to deliver excellent results that enrich homes and ensure customer happiness.
Additionally, the Atlas Remodeling Facebook page is a great resource for those interested in more customer feedback and updates on ongoing projects. The company frequently shares photos and success stories there, offering potential clients a glimpse of the possibilities for their own home improvements.
As the year goes on, homeowners are encouraged to look into the options offered by Atlas Remodeling. By taking advantage of these promotional services, they can confidently undertake projects with the expertise and care that defines Atlas, keeping them a leader in home enhancement services in the region.
For those interested in learning more about their window solutions, visit the Atlas Remodeling website where detailed information and galleries of their completed projects are available.
Clinical data and cost-effectiveness analysis demonstrates the VenoValve would provide both better health outcomes and lower costs compared to current standard of care treatments
The VenoValve could potentially save $5.9 billion annually in healthcare costs for the approximately 2.5 million U.S. patients with severe CVI
Company to host live webcast with lead author of the cost-analysis manuscript, today, August 6th, at 12:00 PM ET; Access the Webcast Here
IRVINE, CA / ACCESS Newswire / August 6, 2025 / enVVeno Medical Corporation (Nasdaq:NVNO) (“enVVeno” or the “Company”), a company setting new standards of care for the treatment of deep venous disease, today announcedpreliminary findings from a VenoValve health economic study, which indicate that the VenoValve would be a cost-effective treatment option for patients with severe Chronic Venous Insufficiency (CVI) caused by deep valvular incompetency. The Company announced it will host a live webcast to discuss the cost-effectiveness analysis results today, Wednesday, August 6th at 12:00 PM ET (details below).
Key Findings from the Study Include:
VenoValve was dominant relative to standard of care (i.e., lower costs, higher quality-adjusted life years):
Cost savings: $32,442 per patient over 5 years
Clinical benefit: 2.2 ulcers avoided per patient
Quality of life: 0.33 additional QALYs gained per patient
Additional economic value associated with use of the VenoValve:
$14,912 saved per each venous ulcer avoided
$4,101 cost per each rVCSS point improvement
Break-even achieved between years 2-3
Results remained consistent across multiple sensitivity analyses and scenarios (different age populations, various assumptions), confirming the model’s reliability.
Mark H. Meissner M.D., surgeon at the Vascular and Endovascular Surgery Clinic at University of Washington (UW) Medical Center, a UW professor of Surgery, and the lead author of the manuscript added, “There remains a significant need for better treatment options for patients with severe, deep venous CVI, an advanced disease that affects millions of Americans annually and accounts for 1-2% of total healthcare expenditures, roughly ~$90 billion. These comprehensive economic analysis results, coupled with the robust clinical data demonstrated in the VenoValve U.S. pivotal trial, well positions the VenoValve to address the significant treatment gap while providing substantial economic value to the healthcare system.”
“There are several factors that need to align in order to promote wide adoption of a first-in-class medical device. Two of the more important factors are good clinical results, and a willingness to pay for the device and the procedure. This health economic study provides evidence that the VenoValve would be extremely cost-effective, resulting in substantial health cost savings over time. This cost-effectiveness data, together with the strong clinical evidence from the pivotal trial, make a compelling package for commercial payors such as private health insurance providers and employers, that often make coverage decisions based upon both clinical and cost-effectiveness data”, added Robert Berman, enVVeno Medical’s Chief Executive Officer.
While private payors generally make coverage decisions based upon clinical evidence and cost effectiveness, Medicare makes coverage decisions based upon clinical effectiveness to support reasonable and necessary criteria for the Medicare population.
As part of the health economic study, a de novo cost-effectiveness model was developed to simulate clinical and economic outcomes for patients with deep venous CVI caused valvular incompetence. The model structure was based on health states defined by the revised Venous Clinical Severity Score (rVCSS), which were derived from a post-hoc analysis of the one-year results from the VenoValve U.S. pivotal trial. Key input values for transition probabilities, clinical events, costs of care, and utilities were sourced from the pivotal trial and publicly available sources. Six-month cycles were assumed for the first year, to match the VenoValve pivotal trial, followed by annual cycles; outcomes were compared over a 5-year time horizon.A manuscript describing the full methodology and findings has been submitted for peer review and publication.
The VenoValve is a potential first-in-class, surgical replacement venous valve for patients with severe deep venous CVI. The Company estimates that approximately 2.5 million people in the United States could be candidates for the VenoValve, including approximately 1.5 million diagnosed with venous ulcers. The Company has submitted a pre-market authorization (PMA) application for the VenoValve to the U.S. Food and Drug Administration (FDA), with a decision anticipated in the second half of 2025.
Webcast Details
The Company will host a webcast presentation to discuss the results for investors, analysts and other interested parties today, August 6, 2025, at 12:00 PM ET. Joining enVVeno management for the event will be Dr. Meissner. The live webcast will be accessible on the Events page of the enVVeno website, envveno.com, and will be archived for 90 days.
About CVI
Severe deep venous CVI is a serious and debilitating disease that is most often caused by blood clots (deep vein thromboses or DVTs) in the deep veins of the leg. When valves inside of the veins of the leg fail, blood flows in the wrong direction and pools in the lower leg, causing pressure within the veins of the leg to increase (venous hypertension).
Symptoms of CVI include leg swelling, pain, edema, and in the most severe cases, recurrent open sores known as venous ulcers. The disease can severely impact everyday functions such as sleeping, bathing, dressing, and walking, and is known to result in high rates of depression and anxiety. There are currently no effective treatments that repair deep venous valve dysfunction, the #1 cause of severe CVI-a disease estimated to cost the U.S. healthcare system in excess of $26 billion each year.
About enVVeno Medical Corporation
enVVeno Medical (NASDAQ:NVNO) is an Irvine, California-based, late clinical-stage medical device Company focused on the advancement of innovative bioprosthetic (tissue-based) solutions to improve the standard of care for the treatment of deep venous disease. The Company’s lead product, the VenoValve®, is a first-in-class surgical replacement venous valve being developed for the treatment of deep venous CVI. The Company is also developing a non-surgical, transcatheter based replacement venous valve for the treatment of deep venous CVIcalled enVVe®. Both the VenoValve and enVVe are designed to act as one-way valves, to help assist in propelling blood up the leg, and back to the heart and lungs. The VenoValve is currently being evaluated in the VenoValve U.S. pivotal study and the Company is currently performing the final testing necessary to seek approval for the pivotal trial for enVVe.
Cautionary Note on Forward-Looking Statements
This press release and any statements of stockholders, directors, employees, representatives and partners of enVVeno Medical Corporation (the “Company”) related thereto contain, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results and timing may differ significantly from those set forth or implied in the forward-looking statements. Forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future presentations or otherwise, except as required by applicable law.
Global Fintech Doubles Down on ESG Commitments to Build a More Sustainable and Inclusive Future
BOULDER, CO / ACCESS Newswire / August 6, 2025 / For the fourth consecutive year, global fintech, SumUp has reaffirmed its dedication to making a meaningful and lasting impact through its environmental initiatives.
Guided by its mission to champion small business ownership globally and its “3Es” framework – focusing on Environment, Education and Entrepreneurship, SumUp continues committed to initiatives that empower thousands of people around the world. Learn more about SumUp’s ESG efforts below:
Environmental Initiatives
Having already worked with Belgium-based NGO, River CleanUp, to remove 215 tons of plastic from the Citarum River since 2022, SumUp is pledging to remove a further 100 tons of plastic in 2025.
Together with Wilderness International, SumUp has helped protect 300,000 m2 of rainforest in Peru, preserving valuable habitats and biodiversity while offsetting 18,000 tons of CO2. SumUp is also supporting StoveTeam International to supply 3,000 families in Central America with safe, fuel-efficient cookstoves.
Education Initiatives
Since 2022, SumUp has been working with American NGO, Generation, to offer free Java Full Stack courses to unemployed minority youth across Brazil, Chile and Colombia, with over 80% of the graduates securing jobs in the tech industry.
In Brazil, SumUp is collaborating with Associação Comunitária MonteAzul, who provide 350 children each month in the MonteAzul favela with extracurricular activities, cultural projects and psychological care. Additionally, SumUp supported an initiative with Brazilian charity, CapacitaMe, to help 500 vulnerable individuals enter the labor market.
SumUp has worked with the Rusalya Association in Bulgaria to improve the quality of education for 50-70 socially disadvantaged children at the Dimitar Ekimov Boarding School of Arts and Crafts.
Entrepreneurship Initiatives
In partnership with DharmaLife, SumUp has made a positive impact on the lives of thousands of girls in rural India. Building on the success of the Lighting Up Young Minds program – a digital platform that delivers education to over 10,000 children each year – SumUp now also funds JAYA, an entrepreneurship-focused initiative.
SumUpco-founder, Marc-Alexander Christ comments: “As a global industry leader, we recognize the importance of empowering individuals worldwide to reach their full potential while championing environmental conservation efforts. In 2025 we’ve taken action to complete our first double materiality assessment and understand our carbon footprint in preparation for further ESG reporting, doubling down on our commitments to sustainability and social impact initiatives.”
About SumUp SumUp is a global financial technology company driven by the mission of empowering small businesses all over the world. Established in 2012, SumUp is the financial partner for more than 4 million entrepreneurs in over 35 markets worldwide.
In the United States, SumUp offers an ecosystem of affordable, easy-to-use financial products, such as point-of-sale and loyalty solutions, card readers, and invoicing.
Essential Reading for HR Leaders, DEI Professionals and Executives Navigating Inclusion Efforts in a Shifting Legal and Political Climate
SAN FRANCISCO, CALIFORNIA / ACCESS Newswire / August 6, 2025 / Introducing “Reimagining Fairness: An Equity, Cultural Diversity, and Inclusion Competency Approach,” the latest release from internationally recognized cognitive cultural psychologist and organizational change strategist Dr. Billy E. Vaughn. Arriving at a critical moment amid growing legal and political pressures on equity efforts, this timely book delivers a groundbreaking, practical framework for embedding fairness into organizational culture, leadership, and talent management. Dr. Vaughn’s approach equips organizations to advance equity in ways that are not only sustainable, but also resilient to legal and regulatory challenges.
What Sets This Book Apart
While most DEI books focus on increasing representation, offering standard diversity training or holding leaders accountable, Reimagining Fairness takes a bold direction few have taken. It introduces the Equity, Cultural Diversity, and Inclusion (ECDI) Competency Framework – a practical philosophy and strategic method that goes beyond implementing legally vulnerable best practices. This framework directly connects fairness to organizational objectives, bottom line, and long-term success, making equity an integral part of how organizations achieve and sustain their goals while managing risk.
“This book is not about checking boxes. It’s about making fairness part of how organizations lead, operate, succeed.” – Dr. Billy Vaughn
Key Features
A decisive shift from equality values to equity-driven fairness aligned with legal defensibility and cultural change
The ECDI Framework for leaders and HR professionals
Real-world examples from transit agencies, universities, and corporate environments
Tools for implementation: KPI templates, assessment checklists, and more
Endorsement by pioneers, such as Dr. Edward E. Hubbard, an expert in DEI analytics, and Dr. Judith Katz, an expert in organizational change
Who Should Read This
C-suite executives and DEI officers
HR leaders and change managers
Organizational change experts and teachers
Public agency administrators
Nonprofit and higher education leaders
Diversity consultants and scholars
Author Bio
Dr. Billy E. Vaughn is the visionary founder of Diversity Training University International (DTUI.com) and the Diversity Executive Leadership Academy (DELA). He also serves as publisher of Diversity Officer Magazine. With three decades of experience, Dr. Vaughn has been a trusted advisor to leading corporations, healthcare institutions, universities, and government agencies, guiding them in embedding fairness and equity throughout their organizational systems. Since launching the DELA academy in 1998, he has overseen the certification of several thousand diversity practitioners. Recognized by his peers as one of the top 100 influencers in the field, Dr. Vaughn is known for his robust social media presence and is widely regarded as a thought leader and innovator in diversity, equity, and inclusion.
Availability
Reimagining Fairness is available now on Amazon and other major bookselling platforms. Bulk orders, signed copies, and speaker requests can be arranged through DTUI.com.
Trusted partners and experts for clients navigating the New York State of Health Marketplace join AmeriLife’s growing Health Distribution network
CLEARWATER, FL / ACCESS Newswire / August 6, 2025 / GS National Insurance, a wholesale distributor of health insurance products for independent brokers and agencies, and affiliate of AmeriLife, today announced a strategic partnership with Davies Agency, a leading Medicare and health brokerage based in Orchard Park, N.Y. Per the agreement, terms of the deal were not disclosed.
“We are very excited to partner with GS National Insurance and AmeriLife, respected leaders in the Medicare and insurance industry,” said Tom and Sue Davies, principals of Davies Agency, in a joint statement. “This strategic partnership marks an exciting chapter in our journey, allowing us to expand our services and deliver even greater value to our clients, partners, and community.”
For more than 20 years, Davies Agency has specialized in Medicare insurance and individual and family health plans offered through the New York State of Health Marketplace. The agency is known for its personalized approach to health insurance, offering comprehensive services that include navigating Medicare Advantage Plans, Medicare Supplement (Medigap) Insurance, Part D Prescription Drug Plans, Individual Coverage Health Reimbursement Arrangements (ICHRA), and more. Davies’ experienced agents, who offer face-to-face, concierge-level support, are trained to support clients with personalized support that takes the confusion out of Medicare and health insurance and helps them maximize benefits to fit their lifestyles.
The partnership with GS National and AmeriLife will provide enhanced support, expanded product offerings, and a broader range of solutions and services to agents to streamline their sales processes, grow their books of business, and serve even more clients across the region.
“It’s an honor to officially welcome Tom and Sue into our family,” said Brian Breisinger, founder, president, and CEO of GS National Insurance. “I’ve had the privilege of working alongside them for several years and have always admired their integrity, client-first mindset, and deep industry knowledge. This partnership represents a continuation of the values and service we both cherish.”
“We are thrilled to strengthen our Health Distribution family through this partnership with Davies Agency,” added Scotty Elliott, AmeriLife’s Chief Distribution Officer for Health. “Tom and Sue have built a reputation for excellence and personalized service, which aligns perfectly with AmeriLife’s commitment to providing best-in-class solutions for agents and their clients. This collaboration is yet another significant step forward in our mission to enhance the health and well-being of communities across the country.”
About Davies Agency
Davies Agency is a trusted health brokerage in Orchard Park, New York, dedicated to providing personalized support and guidance in navigating Medicare and health insurance options. Their experienced agents are committed to helping clients find the best plans and secure the lowest costs. To learn more, visit DaviesAgency.net.
About GS National Insurance
Founded in 2007, GS National Insurance, an affiliate of AmeriLife, is a national wholesale distributor of insurance products for independent brokers built on the belief that simplicity, transparency, and recognition are the cornerstones for success in the insurance industry. For more information, visit GSNational.com.
About AmeriLife
AmeriLife’s strength is its mission: to provide insurance and retirement solutions to help people live longer, healthier lives. AmeriLife develops, markets, and distributes life and health insurance, annuities, and retirement planning solutions to enhance the lives of pre-retirees and retirees across the United States. For over 50 years, AmeriLife has partnered with top insurance carriers to provide value and quality to customers through a national distribution network of over 300,000 agents, financial professionals, and more than 160 marketing organizations and insurance agencies. For more information, visit AmeriLife.com and follow AmeriLife on Facebook and LinkedIn.
PLANO, TX / ACCESS Newswire / August 6, 2025 / BGSF, Inc. (NYSE:BGSF), a leading provider of workforce solutions through the Property Management segment, today reported financial results for the second fiscal quarter ended June 29, 2025.
Q2 2025 Highlights from Continuing Operations (results include sequential comparisons to Q1 2025):
Revenues were $23.5 million for Q2, compared to $20.9 million for Q1 . The 12.6% increase from Q1 is primarily driven by increased billed hours from seasonal demand.
Gross profit was $8.4 million for Q2, up from $7.6 million in Q1, primarily due to higher sales.
Net loss was $4.9 million, or $0.44 per diluted share for Q2, compared to a net loss of $2.2 million in Q1 or $0.21 per diluted share.
Adjusted EBITDA1 loss was $1.1 million (4.9% of revenues) in Q2 compared to $1.0 million (5.4% of revenues) in Q1.
Adjusted EPS1 loss was $0.19 for Q2, compared with Adjusted EPS1 loss of $0.11 for Q1.
SUMMARY OF FINANCIAL RESULTS FROM CONTINUING OPERATIONS (dollars in thousands) (unaudited)
For the Thirteen Week Periods Ended
June 29, 2025
June 30, 2024
March 30, 2025
Revenues
$
23,506
$
25,726
$
20,883
Gross profit
$
8,410
$
9,596
$
7,560
Gross profit percentage
35.8
%
37.3
%
36.2
%
Operating loss
$
(4,425
)
$
(1,475
)
$
(1,773
)
Net loss
$
(4,862
)
$
(2,082
)
$
(2,245
)
Net loss per diluted share
$
(0.44
)
$
(0.19
)
$
(0.21
)
Non-GAAP Financial Measures:
Adjusted EBITDA1
$
(1,145
)
$
(264
)
$
(1,032
)
Adjusted EBITDA Margin (% of revenue)1
(4.9)
%
(1.0)
%
(5.4)
%
Adjusted EPS1
$
(0.19
)
$
(0.04
)
$
(0.11
)
1 Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures as defined and reconciled below.
Interim Co-Chief Executive Officer, Chief Financial Officer and Secretary, Keith Schroeder, said, “The proposed sale of BGSF’s Professional division to INSPYR is moving along as planned, a proxy statement was filed on July 25th to call for a special meeting of shareholders on September 4th to vote on the transaction. Following the closing of the transaction, we will perform under a Transition Service Agreement, or TSA, for up to six months or longer to help INSPYR stand up the business in their operating environment. We will be paid for those services, and we also plan to continue reducing our overhead costs to align with a smaller, Property Management-focused company. We expect our financial results, post-close, to be noisy for a couple of quarters.”
Interim Co-Chief Executive Officer and Property Management President, Kelly Brown, commented, “Our second quarter Sales from continuing operations, or the Property Management business, of $23.5 million, improved sequentially on seasonality from the first quarter by 12.6%, and declined from last year’s quarter of 8.6%. Gross margins were relatively stable at 35.8% for the second quarter. In addition to implementing cost reduction measures that Keith addressed, we are also re-baselining Property Management costs to align more closely with revenue and investing in strategic initiatives to drive revenue and profitability in our business. Specifically, we are implementing AI-powered sales and recruiting tools that are expected to be operational by the middle of the fourth quarter.”
Conference Call
BGSF will discuss its second quarter 2025 financial results during a conference call and webcast at 9:00 a.m. ET on August 7, 2025. Interested participants may dial 1-888-506-0062 (Toll Free) or 1-973-528-0011 (International). A replay of the call will be available until August 21, 2025. To access the replay, please dial 1-877-481-4010 (Toll Free), or 1-919-882-2331 (International) and enter access code 52558. The live webcast and archived replay are accessible from the investor relations section of the Company’s website at https://investor.bgsf.com/events-and-presentations/default.aspx
About BGSF
BGSF provides consulting, managed services and professional workforce solutions to a variety of industries through its various divisions in IT, Finance & Accounting, Managed Solutions, and Property Management. BGSF has integrated several regional and national brands achieving scalable growth. The Company was ranked by Staffing Industry Analysts as the 97th largest U.S. staffing company and the 49th largest IT staffing firm in 2024. The Company’s disciplined acquisition philosophy, which builds value through both financial growth and the retention of unique and dedicated talent within BGSF’s family of companies, has resulted in a seasoned management team with strong tenure and the ability to offer exceptional service to our field talent and client partners while building value for investors. For more information on the Company and its services, please visit its website at www.bgsf.com.
Previously Announced Equity Purchase Agreement
On June 16, 2025, BGSF announced that it had signed a definitive agreement to sell its Professional Division to INSPYR Solutions (“INSPYR”). The proposed transaction is subject to the satisfaction of customary closing conditions, including but not limited to the approval of BGSF’s stockholders. For additional information associated with the transaction, please see BGSF’s filings from time to time with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding the proposed transaction, obtaining customary shareholder approval, satisfying closing conditions, the closing, including its timing, of the sale of BGSF, Inc.’s Professional Division, the use of proceeds of the sale, the projected operational and financial performance of BGSF and its various subsidiaries, including following the sale of BGSF’s Professional Division, its offerings of services and solutions and developments and reception of its services and solutions by client partners, and BGSF’s expectations, hopes, beliefs, intentions, plans, prospects, or strategies regarding the future revenue and the business plans of BGSF’s management team. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “endeavor,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of BGSF considering their respective experience and perception of historical trends, current conditions, and expected future developments and their potential effects on BGSF as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting BGSF will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the closing conditions for the sale of BGSF’s Professional Division not being satisfied, the ability of the parties to close the transaction on the expected closing timeline or at all, the nature, cost, or outcome of any legal proceedings relating to the transaction, the impact of the contemplated transaction on our stock price, the ability of BGSF to service or otherwise pay its debt obligations, including in the event the closing does not occur, the mix of services or solutions utilized by BGSF’s client partners and such client partners’ needs for these services or solutions, market acceptance of new offerings of services or solutions, the ability of BGSF to expand what it does for existing client partners as well as to add new client partners, whether BGSF will have sufficient capital to operate as anticipated, the impact the transaction or its announcement may have on BGSF’s operations, team members, field talent, client partners, and other constituents, the demand for BGSF’s services and solutions, economic activity in BGSF’s industry and in general, and certain risks, uncertainties, and assumptions described in BGSF’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q under the heading “Risk Factors.” Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. BGSF undertakes no obligation to update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as may be required under applicable securities laws.
Additional Information About the Equity Purchase Agreement and Where to Find It
In connection with the proposed transaction, BGSF filed with the Securities and Exchange Commission (the “SEC”) on July 25, 2025 a definitive proxy statement and other relevant documents, and mailed to BGSF’s shareholders a definitive proxy statement and other relevant documents on or about August 5, 2025. BEFORE MAKING ANY VOTING DECISION, BGSF’S SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE IN THE DEFINITIVE PROXY STATEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and shareholders may obtain a free copy of documents filed by BGSF with the SEC at the SEC’s website at www.sec.gov. In addition, investors and shareholders may obtain a free copy of BGSF’s filings with the SEC from BGSF’s website at https://investor.bgsf.com/financials/sec-filings/default.aspx, or by sending a written request to BGSF’s Corporate Secretary at our principal executive offices at 5850 Granite Parkway, Suite 730, Plano, Texas 75024.
Participants in the Solicitation
This communication is not a solicitation of proxies in connection with the proposed transaction. BGSF, its directors, and certain of its executive officers and employees may be deemed to be participants in soliciting proxies from its shareholders in connection with the proposed transaction. Information regarding BGSF’s directors and executive officers is contained in the most recent Annual Report on Form 10-K filed with the SEC. More detailed information regarding the identity of potential participants in the solicitation of BGSF’s shareholders in connection with the proposed transaction, and their direct or indirect interests, by securities, holdings, or otherwise, is set forth in the definitive proxy statement and other materials relating to the proposed transaction filed with the SEC. You may obtain free copies of these documents using the sources indicated above in Additional Information and Where to Find It.
CONTACT:
Steven Hooser or Sandy Martin Three Part Advisors ir@BGSF.com 214.872.2710 or 214.616.2207
CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts)
2025
2024
(unaudited)
(audited)
ASSETS
Current assets
Cash and cash equivalents
$
2,777
$
32
Accounts receivable (net of allowance for credit losses of $1,156 and $910, respectively)
13,637
17,148
Prepaid expenses
1,687
1,600
Other current assets
2,029
2,213
Current assets of discontinued operations
27,473
24,354
Total current assets
47,603
45,347
Property and equipment, net
299
608
Other assets
Deposits
1,996
2,003
Software as a service, net
3,651
4,068
Deferred income taxes, net
9,227
7,849
Right-of-use asset – operating leases, net
856
1,083
Intangible assets, net
3,911
4,385
Goodwill
1,074
1,074
Noncurrent assets of discontinued operations
81,075
83,694
Total other assets
101,790
104,156
Total assets
$
149,692
$
150,111
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
1,368
$
80
Accrued payroll and expenses
7,086
4,868
Long-term debt, current portion (net of debt issuance costs of $18 and $24, respectively)
3,807
3,801
Accrued interest
510
223
Income taxes payable
295
212
Convertible note
4,368
4,368
Lease liabilities, current portion
474
544
Current liabilities of discontinued operations
11,093
11,825
Total current liabilities
29,001
25,921
Line of credit (net of debt issuance costs of $256 and $770, respectively)
7,744
5,625
Long-term debt, less current portion (net of debt issuance costs of $149 and $198, respectively)
30,664
32,527
Lease liabilities, less current portion
506
698
Noncurrent liabilities of discontinued operations
3,491
3,071
Total liabilities
71,406
67,842
Commitments and contingencies
Preferred stock, $0.01 par value per share, 500,000 shares authorized, -0- shares issued and outstanding
–
–
Common stock, $0.01 par value per share; 19,500,000 shares authorized 11,158,828 and 11,038,623 shares issued and outstanding, respectively, net of 3,930 shares of treasury stock, at cost, respectively.
55
53
Additional paid in capital
70,733
70,260
Retained earnings
7,498
11,956
Total stockholders’ equity
78,286
82,269
Total liabilities and stockholders’ equity
$
149,692
$
150,111
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share and dividend amounts)
For the Thirteen and Twenty-six Week Periods Ended June 29, 2025 and June 30, 2024
Thirteen Weeks Ended
Twenty-six Weeks Ended
2025
2024
2025
2024
Revenues
$
23,506
$
25,726
$
44,389
$
50,273
Cost of services
15,096
16,130
28,419
31,334
Gross profit
8,410
9,596
15,970
18,939
Selling, general, and administrative expenses
12,576
10,739
21,580
21,001
Depreciation and amortization
259
332
588
671
Operating loss
(4,425
)
(1,475
)
(6,198
)
(2,733
)
Interest expense, net
(1,829
)
(1,105
)
(2,931
)
(2,386
)
Loss from continuing operations before income taxes
(6,254
)
(2,580
)
(9,129
)
(5,119
)
Income tax benefit from continuing operations
1,392
498
2,031
989
Net loss from continuing operations
(4,862
)
(2,082
)
(7,098
)
(4,130
)
Income from discontinued operations:
Income from discontinued operations
1,309
1,601
3,377
3,319
Income tax expense
(183
)
(280
)
(737
)
(742
)
Net loss
$
(3,736
)
$
(761
)
$
(4,458
)
$
(1,553
)
Net (loss) income per share – basic:
Net loss from continuing operations
$
(0.44
)
$
(0.19
)
$
(0.65
)
$
(0.38
)
Net income from discontinued operations:
Income
0.12
0.15
0.31
0.31
Income tax expense
(0.02
)
(0.03
)
(0.07
)
(0.07
)
Net loss per share – basic
$
(0.34
)
$
(0.07
)
$
(0.41
)
$
(0.14
)
Net (loss) income per share-diluted:
Net loss from continuing operations
$
(0.44
)
$
(0.19
)
$
(0.65
)
$
(0.38
)
Net income from discontinued operations:
Income
0.12
0.15
0.31
0.31
Income tax expense
(0.02
)
(0.03
)
(0.07
)
(0.07
)
Net loss per share – diluted
$
(0.34
)
$
(0.07
)
$
(0.41
)
$
(0.14
)
Weighted-average shares outstanding:
Basic
11,019
10,880
10,986
10,858
Diluted
11,019
10,880
10,986
10,858
Cash dividends declared per common share
$
–
$
–
$
–
$
0.15
PROPERTY MANAGEMENT SEGMENT (dollars in thousands)
Thirteen Weeks Ended
Twenty-six Weeks Ended
June 29, 2025
June 30, 2024
June 29, 2025
June 30, 2024
Contract field talent
$
23,000
$
25,272
$
43,279
$
49,332
Contingent placements
506
454
1,110
941
Revenue
23,506
25,726
44,389
50,273
Compensation and related
15,058
16,090
28,344
31,254
Other
38
40
75
80
Gross profit
8,410
9,596
15,970
18,939
Selling:
Compensation
4,195
4,771
8,121
9,321
Advertising, occupancy, and travel
447
564
825
908
Software, insurance, and professional fees
296
336
669
632
Other
1,806
674
2,176
1,374
Contributions to overhead
1,666
3,251
4,179
6,704
General and administrative:
Compensation
2,184
2,365
4,245
4,678
Software
828
590
1,525
1,226
Professional fees
569
482
1,111
932
Strategic alternatives review
1,613
280
1,634
349
Other
638
677
1,273
1,580
Depreciation and amortization
259
332
588
671
Operating loss
(4,425
)
(1,475
)
(6,197
)
(2,732
)
Interest expense, net
(1,829
)
(1,105
)
(2,931
)
(2,386
)
Income tax benefit from continuing operations
1,392
498
2,031
989
Net loss from continuing operations
$
(4,862
)
$
(2,082
)
$
(7,097
)
$
(4,129
)
Capital expenditures
$
13
$
432
$
13
$
863
Total assets
$
41,881
$
50,240
$
41,881
$
50,240
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
For the Twenty-six Week Periods Ended June 29, 2025 and June 30, 2024
2025
2024
Cash flows from operating activities
Net loss
$
(4,458
)
$
(1,553
)
Net income from discontinued operations
(2,640
)
(2,577
)
Adjustments to reconcile net loss to net cash provided by activities:
Depreciation
58
83
Amortization
530
588
Software as a service
425
328
Loss on disposal of property and equipment
6
–
Amortization of debt issuance costs
598
89
Provision for credit losses
1,656
1,016
Share-based compensation
305
439
Deferred income taxes, net of acquired deferred tax liability
(1,378
)
1,436
Net changes in operating assets and liabilities:
Accounts receivable
1,851
5,948
Prepaid expenses
(87
)
616
Other current assets
(393
)
820
Deposits
8
593
Accounts payable
1,288
160
Accrued payroll and expenses
3,263
(867
)
Accrued interest
287
(218
)
Income taxes receivable
(384
)
(771
)
Other current liabilities
–
2,116
Operating leases
(33
)
(33
)
Net cash provided by continuing operating activities
2,962
14,585
Net cash provided by discontinued operating activities
253
132
Net cash provided by operating activities
3,215
14,717
Cash flows from investing activities
Capital expenditures
(13
)
(863
)
Net cash used in continuing investing activities
(13
)
(863
)
Net cash used in discontinued investing activities
(63
)
(132
)
Net cash used in investing activities
(76
)
(995
)
Cash flows from financing activities
Net borrowings (payments) under line of credit
1,604
(10,808
)
Principal payments on long-term debt
(1,913
)
(850
)
Payments of dividends
–
(1,639
)
Issuance of ESPP shares
134
244
Issuance of shares under the 2013 Long-Term Incentive Plan
–
102
Payments of debt issuance costs
(29
)
(545
)
Net cash used in continuing financing activities
(204
)
(13,496
)
Net change in cash and cash equivalents of continuing operations
2,745
226
Cash and cash equivalents, beginning of period
32
–
Cash and cash equivalents, end of period
$
2,777
$
226
Supplemental cash flow information:
Cash paid for interest, net
$
1,950
$
2,417
Cash paid for taxes, net of refunds
$
739
$
636
NON-GAAP FINANCIAL MEASURES
The financial results of BGSF, Inc. are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the U.S. Securities and Exchange Commission. To help the readers understand our financial performance, we supplements our GAAP financial results with Adjusted EBITDA and Adjusted EPS.
A non-GAAP financial measure is a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company. Adjusted EBITDA and Adjusted EPS are not measurements of financial performance under GAAP and should not be considered as alternatives to net income, net income per diluted share, operating income, or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities or measures of our liquidity. We believe that Adjusted EBITDA and Adjusted EPS are useful performance measures and are used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone. In addition, the financial covenants in our credit agreement are based on EBITDA as defined in the credit agreement.
We define “Adjusted EBITDA” as earnings before interest expense, income taxes, depreciation and amortization expense, costs associated with the evaluation of potential strategic alternatives (“strategic alternatives review”), software as a service costs, and certain non-cash expenses such as share-based compensation expense, as well as certain specific events that management does not consider in assessing our on-going operating performance.
We define “Adjusted EPS” as diluted earnings per share eliminating amortization expense of intangible assets from acquisitions, the strategic alternatives review, software as a service costs, and certain non-cash expenses such as share-based compensation expense, as well as certain specific events that management does not consider in assessing our on-going operating performance, net of the respective income tax effect.
Reconciliation of Net Loss to Adjusted EBITDA (dollars in thousands)
Thirteen Weeks Ended
Twenty-six Weeks Ended
Thirteen Weeks Ended
June 29, 2025
June 30, 2024
June 29, 2025
June 30, 2024
March 30, 2025
Net loss from continuing operations
$
(4,862
)
$
(2,082
)
$
(7,098
)
$
(4,130
)
$
(2,245
)
Income tax benefit
(1,392
)
(498
)
(2,031
)
(989
)
(630
)
Interest expense, net
1,829
1,105
2,931
2,386
1,102
Operating loss
(4,425
)
(1,475
)
(6,198
)
(2,733
)
(1,773
)
Depreciation and amortization
259
332
588
671
329
Share-based compensation
137
220
305
439
168
Strategic alternatives review
1,613
280
1,634
349
20
Software as a service2
291
180
425
328
134
Aged receivable adjustment
980
199
1,070
324
90
Adjusted EBITDA from continuing operations
(1,145
)
(264
)
(2,176
)
(622
)
(1,032
)
Adjusted EBITDA Margin (% of revenue)
(4.9)
%
(1.0)
%
(4.9)
%
(1.2)
%
(5.4)
%
Income from discontinued operations
1,126
1,321
2,640
2,577
1,522
Adjustments to discontinued operations
1,142
1,901
3,090
4,001
1,405
Adjusted EBITDA from discontinued operations
2,268
3,222
5,730
6,578
2,927
Adjusted EBITDA, net
$
1,123
$
2,958
$
3,554
$
5,956
$
1,895
2 We capitalize direct costs incurred in cloud computing implementation from hosting arrangements, which are reported as a Software as a service and are expensed as incurred in selling, general, and administrative expenses.
Reconciliation of Net Loss EPS to Adjusted EPS
Thirteen Weeks Ended
Twenty-six Weeks Ended
Thirteen Weeks Ended
June 29, 2025
June 30, 2024
June 29, 2025
June 30, 2024
March 30, 2025
Net loss from continuing operations per diluted share
$
(0.44
)
$
(0.19
)
$
(0.65
)
$
(0.38
)
$
(0.21
)
Income tax benefit
(0.13
)
(0.05
)
(0.18
)
(0.09
)
(0.06
)
Interest expense, net
0.17
0.10
0.27
0.22
0.10
Operating loss
(0.40
)
(0.14
)
(0.56
)
(0.25
)
(0.17
)
Depreciation and amortization
0.02
0.03
0.05
0.06
0.03
Share-based compensation
0.01
0.02
0.03
0.04
0.02
Strategic alternatives review
0.15
0.03
0.15
0.03
–
Software as a service2
0.03
0.02
0.04
0.03
0.01
Adjusted EPS from continuing operations
(0.19
)
(0.04
)
(0.29
)
(0.09
)
(0.11
)
Adjusted EPS from discontinued operations
0.21
0.29
0.52
0.60
0.27
Adjusted EPS
$
0.02
$
0.25
$
0.23
$
0.51
$
0.16
2 We capitalize direct costs incurred in cloud computing implementation from hosting arrangements, which are reported as a Software as a service and are expensed as incurred in selling, general, and administrative expenses.
LAFAYETTE, LA / ACCESS Newswire / August 6, 2025 / Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD), an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, announced today that it has reported its financial results for the three and six months ended June 30, 2025.
Operational highlights (all dollar amounts are USD; comparisons are to the period ended June 30, 2024 unless otherwise noted):
Net revenues for the quarter ended June 30, 2025 were $63.1 million, setting another Company record, representing an increase of $8.1 million, or 14.7%, over net revenues reported for the comparable quarter ended June 30, 2024.
Net income attributable to Viemed for the quarter ended June 30, 2025 totaled $3.2 million, or $0.08per diluted share, an increase of 115.1% over net income attributable to Viemed of $1.5 million, or $0.04 per diluted share, for the quarter ended June 30, 2024.
Adjusted EBITDA for the quarter ended June 30, 2025 totaled $14.3 million, an 11.5% increase as compared to the quarter ended June 30, 2024. A reconciliation of reported non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures can be found in the tables accompanying this press release.
During the second quarter of 2025, the Company repurchased and cancelled 270,061 common shares under its share repurchase program at a cost of $1.8 million, representing an average buyback price of $6.79 per share.
The Company increased its ventilator patient count to 12,152 as of June 30, 2025, an increase of 11.4% over June 30, 2024, and a 2.9% sequential increase from March 31,2025.
The Company increased its PAP therapy patient count to 26,260 as of June 30, 2025, an increase of 51.4% over June 30, 2024, and a 14.7% sequential increase from March 31,2025. The Company’s sleep resupply patient count was 25,246 as of June 30, 2025, an increase of 25.1% over June 30, 2024, and a 10.0% sequential increase from March 31,2025.
As of June 30, 2025, the Company maintains a strong cash balance of $20.0 million and an overall working capital balance of $18.0 million. Long term debt as of June 30, 2025 amounted to $3.5 million and the Company has $55 million available under existing credit facilities.
On July 1, 2025, Viemed closed on the previously announced acquisition of Lehan’s Medical Equipment (“Lehan”) for a base purchase price of $26 million, subject to customary adjustments, plus estimated contingent payments of $2.2 million. Financial results for Lehan will be included in the Company’s results beginning with the third quarter of 2025.
Updated Full Year 2025 Guidance (all dollar amounts are USD):
Net revenue for the year ending December 31, 2025 is expected to be in the range of $271 million to $277 million, increased from the prior range of $256 million to $265 million. The increase in the range is primarily related to the inclusion of Lehan’s anticipated results for the second half of 2025.
Adjusted EBITDA for the year ending December 31, 2025 is expected to be in the range of $59 million to $62 million, increased from the prior range of $55 million to $58 million. The increase in the range is primarily related to the inclusion of Lehan’s anticipated results for the second half of 2025. See “Forward-Looking Statements” below for further information on this non-GAAP financial guidance.
Casey Hoyt, Viemed’s CEO, noted, “Viemed’s focus as a company is on improving the quality of life for patients with compassionate care in the home. We are at the forefront of delivering greater patient satisfaction with better outcomes at a lower total cost of care, including in complex respiratory care and now women’s health driven by our acquisition of Lehan’s. During the past two years, we have significantly increased the patient populations we can address and invested in a technology-enabled clinical approach that extends the capabilities and impact of our certified Respiratory Therapists. Our model of care is rare in the industry, and we believe it will continue to serve us well in today’s rapidly evolving regulatory environment.
“The solid execution of our vent and sleep businesses – together with continued leveraging of expenses – produced second quarter results that met our expectations and kept us on track for our organic growth targets in 2025. The addition of Lehan’s enabled us to increase our full year revenue and Adjusted EBITDA guidance, and the early progress from our integration plans reinforces the confidence we have in accelerating their growth. The strong operating cash flow during the quarter continues to contribute to our rock-solid balance sheet. We have successfully deployed that capital into share repurchases and have remained active to date with that program in the third quarter.”
Conference Call Details
The Company will host a conference call to discuss second quarter results on Thursday, August 7, 2025, at 11:00 a.m. EDT.
Interested parties may participate in the call by dialing:
Following the conclusion of the call, an audio recording and transcript of the call can be accessed on the Company’s website.
ABOUT VIEMED HEALTHCARE, INC.
Viemed is an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, including non-invasive ventilators (NIV), sleep therapy, staffing, and other complementary products and services. Viemed focuses on efficient and effective in-home treatment with clinical practitioners providing therapy, education and counseling to patients in their homes using high-touch and high-tech services. Visit our website at www.viemed.com.
Viemed Healthcare, Inc. Trae Fitzgerald Chief Financial Officer
Forward-Looking Statements
Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or “forward-looking information” as such term is defined in applicable Canadian securities legislation (collectively, “forward-looking statements”). Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “potential”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “projects”, or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “will”, “should”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. All statements other than statements of historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance, including the Company’s net revenue and Adjusted EBITDA guidance for 2025, and the anticipated synergies and other benefits of the acquisition of Lehan’s Medical Equipment, are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business, market and economic conditions in the regions in which the we operate; significant capital requirements and operating risks that we may be subject to; our ability to implement business strategies and pursue business opportunities; volatility in the market price of our common shares; the state of the capital markets; the availability of funds and resources to pursue operations; inflation; reductions in reimbursement rates and audits of reimbursement claims by various governmental and private payor entities; dependence on few payors; possible new drug discoveries; dependence on key suppliers; granting of permits and licenses in a highly regulated business; competition; disruptions in or attacks (including cyber-attacks) on our information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which we are exposed; difficulty integrating newly acquired businesses; the impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation and regulatory environment; increased competition; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by us; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns, as well as other general economic, market and business conditions; and other factors beyond our control; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and with the securities regulatory authorities in certain provinces of Canada available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.
This press release contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company’s non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods. As a result, reconciliation of the non-GAAP financial guidance to the most directly comparable GAAP measure is not available without unreasonable effort. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results.
The Company’s financial guidance in this press release excludes the impact of potential future strategic acquisitions and any items that have not yet been identified or quantified. This guidance is subject to risks and uncertainties inherent in all forward-looking statements, as outlined above.
VIEMED HEALTHCARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in thousands of U.S. Dollars, except share amounts) (Unaudited)
At
June 30, 2025
At
December 31, 2024
ASSETS
Current assets
Cash and cash equivalents
$
20,016
$
17,540
Accounts receivable, net
26,549
24,911
Inventory
4,324
4,320
Prepaid expenses and other assets
4,402
6,109
Total current assets
$
55,291
$
52,880
Long-term assets
Property and equipment, net
79,735
76,279
Finance lease right-of-use assets
13
50
Operating lease right-of-use assets
2,639
2,831
Equity investments
2,794
2,794
Deferred tax asset
10,359
8,398
Identifiable intangibles, net
783
848
Goodwill
32,989
32,989
Total long-term assets
$
129,312
$
124,189
TOTAL ASSETS
$
184,603
$
177,069
LIABILITIES
Current liabilities
Trade payables
$
8,253
$
5,322
Deferred revenue
7,193
6,694
Income taxes payable
1,450
3,883
Accrued liabilities
18,644
20,157
Finance lease liabilities, current portion
15
50
Operating lease liabilities, current portion
895
811
Current portion of long-term debt
820
409
Total current liabilities
$
37,270
$
37,326
Long-term liabilities
Accrued liabilities
549
846
Operating lease liabilities, less current portion
1,695
2,007
Long-term debt
3,465
3,589
Total long-term liabilities
$
5,709
$
6,442
TOTAL LIABILITIES
$
42,979
$
43,768
Commitments and Contingencies
–
–
SHAREHOLDERS’ EQUITY
Common stock – No par value: unlimited authorized; 39,605,005 and 39,132,897 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
27,787
23,365
Additional paid-in capital
18,102
18,337
Retained earnings
93,842
89,691
TOTAL VIEMED HEALTHCARE, INC.’S SHAREHOLDERS’ EQUITY
$
139,731
$
131,393
Noncontrolling interest in subsidiary
1,893
1,908
TOTAL SHAREHOLDERS’ EQUITY
141,624
133,301
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
184,603
$
177,069
VIEMED HEALTHCARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts) (Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenue
$
63,056
$
54,965
$
122,185
$
105,558
Cost of revenue
26,325
22,073
52,175
42,864
Gross profit
$
36,731
$
32,892
$
70,010
$
62,694
Operating expenses
Selling, general and administrative
28,803
26,503
57,228
51,317
Research and development
847
758
1,644
1,508
Stock-based compensation
2,341
1,620
4,652
3,052
Depreciation and amortization
353
377
701
792
Gain on disposal of property and equipment
(636
)
(545
)
(3,004
)
(332
)
Other expense (income), net
(72
)
563
(147
)
537
Income from operations
$
5,095
$
3,616
$
8,936
$
5,820
Non-operating income and expenses
Loss on investments
–
(1,117
)
–
(1,050
)
Interest expense, net
(132
)
(254
)
(311
)
(404
)
Net income before taxes
4,963
2,245
8,625
4,366
Provision for income taxes
1,713
768
2,665
1,286
Net income
$
3,250
$
1,477
$
5,960
$
3,080
Net income attributable to noncontrolling interest
93
9
178
9
Net income attributable to Viemed Healthcare, Inc.
$
3,157
$
1,468
$
5,782
$
3,071
Net income per share
Basic
$
0.08
$
0.04
$
0.15
$
0.08
Diluted
$
0.08
$
0.04
$
0.14
$
0.08
Weighted average number of common shares outstanding:
Basic
39,515,247
38,822,980
39,471,244
38,558,479
Diluted
41,083,760
40,553,449
41,393,523
40,313,042
VIEMED HEALTHCARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in thousands of U.S. Dollars) (Unaudited)
Six Months Ended June 30,
2025
2024
Cash flows from operating activities
Net income
$
5,960
$
3,080
Adjustments for:
Depreciation and amortization
13,504
12,594
Stock-based compensation expense
4,652
3,052
Distributions of earnings received from equity method investments
–
147
Income from equity method investments
–
(261
)
Loss from debt investment
–
1,219
Gain on disposal of property and equipment
(3,004
)
(332
)
Amortization of deferred financing costs
64
85
Deferred income tax benefit
(1,961
)
–
Changes in working capital:
Accounts receivable, net
(1,638
)
(8,225
)
Inventory
(4
)
470
Prepaid expenses and other assets
(150
)
1,523
Trade payables
1,598
1,114
Deferred revenue
499
394
Accrued liabilities
(1,979
)
(904
)
Income tax payable/receivable
(2,433
)
(2,599
)
Net cash provided by operating activities
$
15,108
$
11,357
Cash flows from investing activities
Purchase of property and equipment
(23,612
)
(14,940
)
Cash paid for acquisitions, net of cash acquired
–
(2,999
)
Proceeds from sale of property and equipment
13,355
1,407
Net cash used in investing activities
$
(10,257
)
$
(16,532
)
Cash flows from financing activities
Proceeds from exercise of options
1,368
325
Principal payments on term notes
(220
)
(810
)
Proceeds from revolving credit facilities
–
3,000
Payments for debt issuance costs
–
(151
)
Shares redeemed to pay income tax
(1,631
)
(972
)
Shares repurchased under the share repurchase program
(1,664
)
–
Repayments of finance lease liabilities
(35
)
(249
)
Distributions to non-controlling interest
(193
)
–
Net cash provided by (used in) financing activities
$
(2,375
)
$
1,143
Net increase (decrease) in cash and cash equivalents
2,476
(4,032
)
Cash and cash equivalents at beginning of year
17,540
12,839
Cash and cash equivalents at end of period
$
20,016
$
8,807
Supplemental disclosures of cash flow information
Cash paid during the period for interest
$
212
$
515
Cash paid during the period for income taxes, net of refunds
$
7,059
$
3,841
Supplemental disclosures of non-cash transactions
Equipment and other fixed asset purchases payable at end of period
$
3,955
$
2,725
Equipment sales receivable at end of period
$
986
$
2,187
Repurchases of shares not yet settled
$
169
$
–
Non-GAAP Financial Measures
This press release refers to “Adjusted EBITDA”, which is a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. Management believes Adjusted EBITDA provides helpful information with respect to the Company’s operating performance as viewed by management, including a view of the Company’s business that is not dependent on the impact of the Company’s capitalization structure and items that are not part of the Company’s day-to-day operations. Management uses Adjusted EBITDA (i) to compare the Company’s operating performance on a consistent basis, (ii) to calculate incentive compensation for the Company’s employees, (iii) for planning purposes, including the preparation of the Company’s internal annual operating budget, and (iv) to evaluate the performance and effectiveness of the Company’s operational strategies. Accordingly, management believes that Adjusted EBITDA provides useful information in understanding and evaluating the Company’s operating performance in the same manner as management. Adjusted EBITDA is not a measurement of the Company’s financial performance under U.S. GAAP and should not be considered as an alternative to revenue or net income, as applicable, or any other performance measures derived in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of the Company’s operating results as reported under U.S. GAAP. Adjusted EBITDA does not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of ongoing operations; and other companies in the Company’s industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. In calculating Adjusted EBITDA, certain items (mostly non-cash) are excluded from net income attributable to Viemed Healthcare, Inc., including depreciation and amortization of capitalized assets, net interest expense, stock based compensation, transaction costs, impairment of assets, and taxes.
The following table is a reconciliation of net income attributable to Viemed Healthcare, Inc., the most directly comparable U.S. GAAP measure, to Adjusted EBITDA, on a historical basis for the periods indicated:
VIEMED HEALTHCARE, INC. Reconciliation of Net Income to Non-GAAP Adjusted EBITDA (Expressed in thousands of U.S. Dollars) (Unaudited)
For the quarter ended
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Net income attributable to Viemed Healthcare, Inc.
$
3,157
$
2,625
$
4,316
$
3,878
$
1,468
$
1,603
$
3,477
$
2,919
Add back:
Depreciation & amortization
6,891
6,613
6,366
6,408
6,309
6,285
5,918
5,975
Interest expense, net
132
179
147
225
254
150
256
237
Stock-based compensation(a)
2,341
2,311
1,521
1,712
1,620
1,432
1,534
1,453
Transaction costs(b)
53
85
11
12
221
110
61
177
Impairment of assets(c)
–
–
–
125
2,173
–
–
–
Income tax expense
1,713
952
1,881
1,594
768
518
1,599
1,320
Adjusted EBITDA
$
14,287
$
12,765
$
14,242
$
13,954
$
12,813
$
10,098
$
12,845
$
12,081
(a) Represents non-cash, equity-based compensation expense associated with option and RSU awards.
(b) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions.
(c) Represents impairments of the fair value of investment and litigation-related assets.
VIEMED HEALTHCARE, INC. Key Financial and Operational Information (Expressed in thousands of U.S. Dollars, except vent patients) (Unaudited)
For the quarter ended
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Financial Information:
Revenue
$
63,056
$
59,129
$
60,695
$
58,004
$
54,965
$
50,593
$
50,739
$
49,402
Gross Profit
$
36,731
$
33,279
$
36,138
$
34,371
$
32,892
$
29,802
$
32,111
$
30,562
Gross Profit %
58
%
56
%
60
%
59
%
60
%
59
%
63
%
62
%
Net Income attributable to Viemed Healthcare, Inc.
$
3,157
$
2,625
$
4,316
$
3,878
$
1,468
$
1,603
$
3,477
$
2,919
Cash and Cash Equivalents (As of)
$
20,016
$
10,160
$
17,540
$
11,347
$
8,807
$
7,309
$
12,839
$
10,078
Total Assets (As of)
$
184,603
$
178,079
$
177,069
$
169,526
$
163,947
$
154,875
$
154,895
$
149,400
Adjusted EBITDA(1)
$
14,287
$
12,765
$
14,242
$
13,954
$
12,813
$
10,098
$
12,845
$
12,081
Operational Information:
Vent Patients(2)
12,152
11,809
11,795
11,374
10,905
10,450
10,327
10,244
PAP Therapy Patients(3)
26,260
22,899
21,338
19,478
17,349
15,726
14,900
14,788
Sleep Resupply Patients(4)
25,246
22,941
24,478
22,143
20,185
18,904
18,902
18,544
(1) Refer to “Non-GAAP Financial Measures” section above for definition of Adjusted EBITDA.
(2) Vent Patients represents the number of active ventilator patients on recurring billing service at the end of each calendar quarter.
(3) PAP Therapy Patients represents the number of distinct patients billed for PAP therapy services during each calendar quarter.
(4) Sleep Resupply Patients represents the number of distinct patients who received supplies through our sleep resupply program during each calendar quarter.
JACKSONVILLE, FL / ACCESS Newswire / August 6, 2025 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial Development, Mining and Royalty Lands, today reported financial results for the quarter ended June 30, 2025.
Second Quarter Highlights and Recent Developments
72% decrease in Net Income ($0.6 million vs $2.0 million) due largely to legal expenses related to due diligence for a potential investment the company is evaluating, as well as lower Net Interest Income offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures
5% increase in pro rata NOI ($9.7 million vs $9.2 million)
1% increase in the Multifamily segment’s pro rata NOI primarily due to improved occupancy of The Verge and Dock 79. This comparison includes the results for The Verge from the same period last year (when the Verge was still in our Development segment).
15% decrease in Industrial and Commercial segment NOI primarily due to an eviction of one tenant and lease expirations.
21% increase in NOI for Mining Royalty Lands segment
Effective July 21, 2025, the Company entered into a 2025 Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated December 22, 2023. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $50 million. The interest rate under the Credit Agreement will be 2.25% over the Daily Simple SOFR in effect. A commitment fee of 0.35% per annum is payable quarterly on the unused portion of the commitment.
On July 23, 2025, subsequent to quarters end, we entered into a joint venture agreement with Strategic Real Estate Partners (“SREP”), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future.
Executive Summary and Analysis
Results this quarter and for the first six months are consistent with both our expectations as well as what we cautioned investors to expect for the last two quarters. As stated previously, our primary aim for 2025 is to set the stage for future growth. We will accomplish this first by leasing up our current vacancies, but mostly by putting money to work in new projects. We have started construction on both our JVs with Altman Logistics in Lakeland and Broward County, FL which will add 384,193 square feet of class A industrial space to our portfolio. We expect substantial completion on these projects in the second quarter of 2026. Work continues on the entitlements for our industrial pipeline in Maryland in order to be shovel ready in 2026. Finally, as mentioned in our highlights, subsequent to the end of the quarter, the Company entered into a joint venture agreement to develop 377,892 square feet in two warehouses in Lake County, FL. The site is located off the Florida Turnpike, in the City of Minneola, outside of Orlando. The lack of available land in the broader Orlando market has driven industrial users to expand into the Lake County submarket, attracting both institutional owners and users. Notably, there remains a meaningful shortage of shallow bay industrial buildings in the size range of the buildings we are developing for this market. We expect to begin construction on this project this month and FRP will have a 95% interest in this joint venture, with options for future development of just under 1 million SF of industrial product on adjacent property. This agreement supports our shift in focus and investment toward our industrial business segment and the Company remains on track to deliver three new industrial assets every two years with the goal of doubling the size of our industrial segment by 2030.
Comparative Results of Operations for the three months ended June 30, 2025 and 2024
Consolidated Results
(dollars in thousands)
Three Months Ended June 30,
2025
2024
Change
%
Revenues:
Lease revenue
$
7,241
7,246
$
(5
)
-.1
%
Mining royalty and rents
3,609
3,231
378
11.7
%
Total revenues
10,850
10,477
373
3.6
%
Cost of operations:
Depreciation, depletion and amortization
2,726
2,543
183
7.2
%
Operating expenses
2,580
1,702
878
51.6
%
Property taxes
1,002
860
142
16.5
%
General and administrative
2,885
2,552
333
13.0
%
Total cost of operations
9,193
7,657
1,536
20.1
%
Total operating profit
1,657
2,820
(1,163
)
-41.2
%
Net investment income
2,348
3,708
(1,360
)
-36.7
%
Interest expense
(824
)
(829
)
5
-.6
%
Equity in loss of joint ventures
(2,379
)
(2,724
)
345
-12.7
%
Income before income taxes
802
2,975
(2,173
)
-73.0
%
Provision for income taxes
178
916
(738
)
-80.6
%
Net income
624
2,059
(1,435
)
-69.7
%
Income (loss) attributable to noncontrolling interest
46
15
31
206.7
%
Net income attributable to the Company
$
578
2,044
$
(1,466
)
-71.7
%
Net income for the second quarter of 2025 was $578,000 or $.03 per share versus $2,044,000 or $.11 per share in the same period last year. Pro rata NOI for the second quarter of 2025 was $9,688,000 versus $9,230,000 in the same period last year. The second quarter of 2025 was impacted by the following items:
Operating profit decreased $1,163,000 primarily as a result of higher Development segment professional fees ($831,000) and higher General and administrative expense ($333,000). Development segment professional fees included $712,000 of legal expenses related to due diligence for a potential investment the company is evaluating along with other expensed acquisition and development costs. General and administrative expense increased primarily because of overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $387,000 due to $211,000 higher depreciation from completion of our new Chelsea warehouse along with lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $355,000 primarily due to the prior year including a $277,000 overpayment deduction.
Net investment income decreased $1,360,000 because of reduced earnings on cash equivalents ($456,000) primarily due to lower interest rates and lower income from our lending ventures ($904,000) primarily due to 27 residential lots sold compared to 54 residential lots sold in the same quarter last year.
Equity in loss of Joint Ventures improved $345,000 due to improved results of our unconsolidated joint ventures. Results improved at The Verge ($90,000) due to improved occupancy and at Bryant Street ($212,000) and BC Realty ($115,000) both due to higher revenues and lower variable rate interest expense.
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
For ease of comparison all the figures in the tables below include the results for The Verge from the same period last year (when this project was still in our Development segment).
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
8,467
100.0
%
8,113
100.0
%
354
4.4
%
Depreciation and amortization
3,386
40.0
%
3,384
41.7
%
2
.1
%
Operating expenses
2,691
31.8
%
2,553
31.5
%
138
5.4
%
Property taxes
1,008
11.9
%
912
11.2
%
96
10.5
%
Cost of operations
7,085
83.7
%
6,849
84.4
%
236
3.4
%
Operating profit before G&A
$
1,382
16.3
%
1,264
15.6
%
118
9.3
%
Depreciation and amortization
3,386
3,384
2
Unrealized rents & other
(31
)
32
(63
)
Net operating income
$
4,737
55.9
%
4,680
57.7
%
57
1.2
%
The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $4,737,000, up $57,000 or 1% compared to $4,680,000 in the same quarter last year. Most of this increase was from the improved occupancy of The Verge. This project contributed $733,000 of pro rata NOI to this segment compared to $710,000 in the Development segment in the same quarter last year, an increase of $23,000. Same store NOI increased $34,000 as favorable revenues at Dock 79 were partially offset by lower revenues at the Maren and higher property taxes.
Apartment Building
Units
Pro rata NOI
Q2 2025
Pro rata NOI
Q2 2024
Avg. Occupancy Q2 2025
Avg. Occupancy Q2 2024
Renewal Success Rate Q2 2025
Renewal % increase Q2 2025
Dock 79 Anacostia DC
305
$
995,000
$
932,000
95.5
%
93.6
%
74.6
%
5.9
%
Maren Anacostia DC
264
$
890,000
$
923,000
93.6
%
94.8
%
55.3
%
3.2
%
Riverside Greenville
200
$
215,000
$
215,000
92.9
%
93.0
%
65.8
%
6.3
%
Bryant Street DC
487
$
1,542,000
$
1,555,000
94.6
%
91.2
%
56.3
%
2.1
%
.408 Jackson Greenville
227
$
362,000
$
345,000
94.3
%
96.2
%
52.2
%
4.7
%
Verge Anacostia DC
344
$
733,000
$
710,000
93.3
%
91.3
%
63.3
%
2.0
%
Multifamily Segment
1,827
$
4,737,000
$
4,680,000
94.1
%
93.0
%
Multifamily Segment (Consolidated – Dock 79 & The Maren)
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
5,567
100.0
%
5,496
100.0
%
71
1.3
%
Depreciation and amortization
1,935
34.8
%
1,981
36.1
%
(46
)
-2.3
%
Operating expenses
1,527
27.4
%
1,519
27.6
%
8
.5
%
Property taxes
648
11.6
%
576
10.5
%
72
12.5
%
Cost of operations
4,110
73.8
%
4,076
74.2
%
34
.8
%
Operating profit before G&A
$
1,457
26.2
%
1,420
25.8
%
37
2.6
%
Total revenues for our two consolidated joint ventures were $5,567,000, an increase of $71,000 versus $5,496,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $1,457,000, an increase of $37,000, or 3% versus $1,420,000 in the same period last year primarily due to lower depreciation.
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
5,436
100.0
%
5,118
100.0
%
318
6.2
%
Depreciation and amortization
2,325
42.8
%
2,299
44.9
%
26
1.1
%
Operating expenses
1,886
34.7
%
1,724
33.7
%
162
9.4
%
Property taxes
654
12.0
%
599
11.7
%
55
9.2
%
Cost of operations
4,865
89.5
%
4,622
90.3
%
243
5.3
%
Operating profit before G&A
$
571
10.5
%
496
9.7
%
75
15.1
%
For our four unconsolidated joint ventures, pro rata revenues were $5,436,000, an increase of $318,000 or 6% compared to $5,118,000 in the same period last year. Pro rata operating profit before G&A was $571,000, an increase of $75,000 or 15% versus $496,000 in the same period last year. The increase was due to improved occupancy at The Verge and Bryant Street and higher revenues at .408 Jackson.
Industrial and Commercial Segment
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
1,374
100.0
%
1,445
100.0
%
(71
)
(4.9
%)
Depreciation and amortization
571
41.6
%
360
25.0
%
211
58.6
%
Operating expenses
230
16.7
%
191
13.2
%
39
20.4
%
Property taxes
130
9.5
%
64
4.4
%
66
103.1
%
Cost of operations
931
67.8
%
615
42.6
%
316
51.4
%
Operating profit before G&A
$
443
32.2
%
830
57.4
%
(387
)
(46.6
%)
Depreciation and amortization
571
360
211
Unrealized revenues
(4
)
(3
)
(1
)
Net operating income
$
1,010
73.5
%
$
1,187
82.1
%
$
(177
)
(14.9
%)
Shell construction on our 258,279 square foot spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025 and is in the lease-up phase. We have ten buildings in service at four different locations totaling 773,356 square feet of industrial and 33,708 square feet of office of which 50.3% was leased and occupied at June 30, 2025. Excluding Chelsea these assets were 74.0% leased and occupied during the quarter compared to 95.6% leased and occupied during the same quarter last year primarily due to an eviction for failure to pay rent by one tenant and lease expirations. Total revenues in this segment were $1,374,000, down $71,000 or 5%, over the same period last year. Operating profit before G&A was $443,000, down $387,000 or 47% over the same quarter last year due to $216,000 of depreciation and $30,000 of operating costs at Chelsea along with the lower occupancy. Net operating income in this segment was $1,010,000, down $177,000 or 15% compared to the same quarter last year.
Mining Royalty Lands Segment Results
Three months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Mining royalty and rent revenue
$
3,609
100.0
%
3,231
100.0
%
378
11.7
%
Depreciation, depletion and amortization
177
5.0
%
159
4.9
%
18
11.3
%
Operating expenses
16
0.4
%
16
0.5
%
–
–
%
Property taxes
76
2.1
%
71
2.2
%
5
7.0
%
Cost of operations
269
7.5
%
246
7.6
%
23
9.3
%
Operating profit before G&A
$
3,340
92.5
%
2,985
92.4
%
355
11.9
%
Depreciation and amortization
177
159
18
Unrealized revenues
148
(116
)
264
Net operating income
$
3,665
101.6
%
$
3,028
93.7
%
$
637
21.0
%
Total revenues in this segment were $3,609,000, an increase of $378,000 or 12% versus $3,231,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of $277,000 of royalties to resolve an overpayment which we referenced previously. Royalty tons were down 3% primarily due to a decrease at one location that experienced a project specific spike in demand in the prior year. Royalty revenue per ton increased 7% over the same period last year excluding the prior year overpayment deduction. Total operating profit before G&A in this segment was $3,340,000, an increase of $355,000 versus $2,985,000 in the same period last year. Net operating income was $3,665,000, up $637,000 or 21% compared to the same quarter last year due to the higher revenues and a $264,000 decrease in unrealized revenues. The unrealized revenue decrease is due to the temporarily higher minimum royalty payments we are currently receiving at one location which are straight-lined across the life of the lease for GAAP revenue purposes.
Development Segment Results
Three months ended June 30
(dollars in thousands)
2025
2024
Change
Lease revenue
$
300
305
(5
)
Depreciation, depletion and amortization
43
43
–
Operating expenses
807
(24
)
831
Property taxes
148
149
(1
)
Cost of operations
998
168
830
Operating profit before G&A
$
(698
)
137
(835
)
With respect to ongoing Development Segment projects:
We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $27.0 million of our $31.1 million total commitment. A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots. At quarter-end, 160 lots have been sold and $22.2 million has been returned to the company of which $5.5 million was booked as profit to the Company.
We entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 201,420 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a two building 183,215 square-foot warehouse redevelopment project in Broward County, FL. We closed on both construction loans in March, 2025 and construction commenced in the second quarter of 2025.
On May 30, 2025, we secured construction financing for our multifamily joint venture with Woodfield Development, known as Woven. This is our third multifamily project in Greenville, SC. This is an $87.8M project with 214 units and 13,500 square feet of ground floor retail that is eligible to receive South Carolina Textile Rehabilitation Credits upon substantial completion and received Special Source Credits equal to 50% of the real estate taxes for a period of 20 years.
On June 16, 2025, our BC Realty partnership refinanced our FRP provided floating rate construction loans on our two (2) office buildings with Symetra Life Insurance Company. This is a 10-year, fully amortizing $10.5M permanent loan, at a fixed interest rate of 6.40%.
Six Month Highlights
32% decrease in Net Income ($2.3 million vs $3.3 million)
7% increase in pro rata NOI ($19.1 million vs $17.8 million)
2% increase in the Multifamily segment’s pro rata NOI primarily due to lease up of The Verge. This comparison includes the results for this project from the same period last year (when this project was still in our Development segment).
6% decrease in Industrial and Commercial revenue and 8% decrease in that segment’s NOI
20.1% increase in the Mining Royalty Lands’ segment’s NOI
Comparative Results of Operations for the Six months ended June 30, 2025 and 2024
Consolidated Results
(dollars in thousands)
Six Months Ended June 30,
2025
2024
Change
%
Revenues:
Lease revenue
$
14,313
14,416
$
(103
)
-.7
%
Mining royalty and rents
6,843
6,194
649
10.5
%
Total revenues
21,156
20,610
546
2.6
%
Cost of operations:
Depreciation/depletion/amortization
5,333
5,078
255
5.0
%
Operating expenses
4,439
3,569
870
24.4
%
Property taxes
1,940
1,667
273
16.4
%
General and administrative
5,462
4,594
868
18.9
%
Total cost of operations
17,174
14,908
2,266
15.2
%
Total operating profit
3,982
5,702
(1,720
)
-30.2
%
Net investment income
4,909
6,491
(1,582
)
-24.4
%
Interest expense
(1,519
)
(1,740
)
221
-12.7
%
Equity in loss of joint ventures
(4,410
)
(5,743
)
1,333
-23.2
%
Income before income taxes
2,962
4,710
(1,748
)
-37.1
%
Provision for income taxes
704
1,316
(612
)
-46.5
%
Net income
2,258
3,394
(1,136
)
-33.5
%
Income (loss) attributable to noncontrolling interest
(30
)
49
(79
)
-161.2
%
Net income attributable to the Company
$
2,288
$
3,345
$
(1,057
)
-31.6
%
Net income for the first six months of 2025 was $2,288,000 or $.12 per share versus $3,345,000 or $.18 per share in the same period last year. Pro rata NOI for the first six months of 2025 was $19,052,000 versus $17,764,000 in the same period last year. The first six months of 2025 were impacted by the following items:
Operating profit decreased $1,720,000 primarily due to higher Development segment professional fees ($682,000) and higher General and administrative expense ($868,000). Development segment professional fees included $712,000 of legal expenses related to due diligence for a potential investment the company is evaluating. General and administrative expense increased primarily due to overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $556,000 because of a $211,000 increase in depreciation expense from completion of our new Chelsea warehouse, as well as lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $596,000 primarily because of the prior year’s overpayment deduction of $566,000.
Net investment income decreased $1,582,000 from reduced earnings on cash equivalents ($904,000) and reduced income from our lending ventures ($678,000) primarily due to fewer residential lot sales.
Interest expense decreased $221,000 compared to the same period last year as we capitalized $209,000 more interest. More interest was capitalized due to increased in-house and joint venture projects under development this quarter compared to last year.
Equity in loss of Joint Ventures improved $1,333,000 because of improved results at our unconsolidated joint ventures. Results improved at The Verge ($499,000) due to lease up, and also at Bryant Street ($656,000) and BC Realty ($222,000) because of higher revenues and lower variable rate interest expense.
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
For ease of comparison all the figures in the tables below include the results for The Verge from prior periods (when this project was still in our Development segment).
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
16,772
100.0
%
15,996
100.0
%
776
4.9
%
Depreciation and amortization
6,673
39.8
%
6,689
41.8
%
(16
)
-.2
%
Operating expenses
5,316
31.7
%
5,072
31.7
%
244
4.8
%
Property taxes
1,978
11.8
%
1,801
11.3
%
177
9.8
%
Cost of operations
13,967
83.3
%
13,562
84.8
%
405
3.0
%
Operating profit before G&A
$
2,805
16.7
%
2,434
15.2
%
371
15.2
%
Depreciation and amortization
6,673
6,689
(16
)
Unrealized rents & other
(111
)
46
(157
)
Net operating income
$
9,367
55.8
%
9,169
57.3
%
198
2.2
%
The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $9,367,000, up $198,000 or 2% compared to $9,169,000 in the same period last year. Most of this increase was from the lease up of The Verge which contributed $1,486,000 of pro rata NOI to this segment compared to $1,316,000 in the Development segment in the same period last year, an increase of $170,000. Same store NOI increased $28,000.
Apartment Building
Units
Pro rata NOI
YTD 2025
Pro rata NOI
YTD 2024
Avg. Occupancy YTD 2025
Avg. Occupancy YTD 2024
Renewal Success Rate YTD 2025
Renewal % increase YTD 2025
Dock 79 Anacostia DC
305
$
1,900,000
$
1,878,000
95.6
%
94.2
%
70.4
%
4.8
%
Maren Anacostia DC
264
$
1,745,000
$
1,847,000
93.7
%
94.3
%
54.0
%
4.9
%
Riverside Greenville
200
$
437,000
$
439,000
92.9
%
93.3
%
56.8
%
5.0
%
Bryant Street DC
487
$
3,081,000
$
3,051,000
93.5
%
92.0
%
51.8
%
2.1
%
.408 Jackson Greenville
227
$
718,000
$
638,000
96.1
%
94.6
%
58.8
%
4.6
%
Verge Anacostia DC
344
$
1,486,000
$
1,316,000
93.4
%
89.5
%
69.1
%
2.8
%
Multifamily Segment
1,827
$
9,367,000
$
9,169,000
94.1
%
92.7
%
Multifamily Segment (Consolidated – Dock 79 and The Maren)
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
10,991
100.0
%
10,910
100.0
%
81
.7
%
Depreciation and amortization
3,930
35.7
%
3,962
36.3
%
(32
)
-.8
%
Operating expenses
3,112
28.3
%
2,980
27.3
%
132
4.4
%
Property taxes
1,283
11.7
%
1,100
10.1
%
183
16.6
%
Cost of operations
8,325
75.7
%
8,042
73.7
%
283
3.5
%
Operating profit before G&A
$
2,666
24.3
%
2,868
26.3
%
(202
)
-7.0
%
Total revenues for our two consolidated joint ventures were $10,991,000, an increase of $81,000 versus $10,910,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $2,666,000, a decrease of $202,000, or 7% versus $2,868,000 in the same period last year primarily due to higher operating expenses ($132,000) and property taxes ($183,000).
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
10,785
100.0
%
10,051
100.0
%
734
7.3
%
Depreciation and amortization
4,518
41.9
%
4,518
45.0
%
–
–
%
Operating expenses
3,666
34.0
%
3,452
34.3
%
214
6.2
%
Property taxes
1,279
11.9
%
1,204
12.0
%
75
6.2
%
Cost of operations
9,463
87.7
%
9,174
91.3
%
289
3.2
%
Operating profit
$
1,322
12.3
%
877
8.7
%
445
50.7
%
For our four unconsolidated joint ventures, pro rata revenues were $10,785,000, an increase of $734,000 or 7% compared to $10,051,000 in the same period last year. Pro rata operating profit before G&A was $1,322,000, an increase of $445,000, or 51% versus $877,000 in the same period last year. The increase was due to lease up at The Verge and higher revenues at Bryant Street and .408 Jackson.
Industrial and Commercial Segment
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
2,721
100.0
%
2,898
100.0
%
(177
)
(6.1
%)
Depreciation and amortization
962
35.4
%
723
24.9
%
239
33.1
%
Operating expenses
463
17.0
%
406
14.0
%
57
14.0
%
Property taxes
210
7.7
%
127
4.4
%
83
65.4
%
Cost of operations
1,635
60.1
%
1,256
43.3
%
379
30.2
%
Operating profit before G&A
$
1,086
39.9
%
1,642
56.7
%
(556
)
(33.9
%)
Depreciation and amortization
962
723
239
Unrealized revenues
101
(19
)
120
Net operating income
$
2,149
79.0
%
$
2,346
81.0
%
$
(197
)
(8.4
%)
Total revenues in this segment were $2,721,000, down $177,000 or 6%, over the same period last year. Operating profit before G&A was $1,086,000, down $556,000 or 34% from $1,642,000 in the same period last year due to $216,000 of depreciation and $30,000 of operating costs at our spec Chelsea warehouse placed in service in April, a write-off of $118,000 unrealized rent receivable and $34,000 deferred leasing commission related to a tenant that defaulted, and the related lower occupancy. Net operating income in this segment was $2,149,000, down $197,000 or 8% compared to the same period last year.
Mining Royalty Lands Segment Results
Six months ended June 30
(dollars in thousands)
2025
%
2024
%
Change
%
Mining royalty and rent revenue
$
6,843
100.0
%
6,194
100.0
%
649
10.5
%
Depreciation, depletion and amortization
355
5.2
%
308
5.0
%
47
15.3
%
Operating expenses
32
0.5
%
33
0.5
%
(1
)
-3.0
Property taxes
151
2.2
%
144
2.3
%
7
4.9
%
Cost of operations
538
7.9
%
485
7.8
%
53
10.9
%
Operating profit before G&A
$
6,305
92.1
%
5,709
92.2
%
596
10.4
%
Depreciation and amortization
355
308
47
Unrealized revenues
289
(229
)
518
Net operating income
$
6,949
101.5
%
$
5,788
93.4
%
$
1,161
20.1
%
Total revenues in this segment were $6,843,000, an increase of $649,000 or 10% versus $6,194,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of royalties to resolve an $842,000 overpayment which we referenced previously. Through the six months of last year, the tenant withheld $566,000 in royalties otherwise due to the Company. Royalty tons were down 7% primarily due to a decrease at one location that had one-time project specific rail shipments in the prior year. The revenue reduction from the decreased volume was more than offset by increased royalties per ton (up 8.5% excluding the prior year payment deduction) along with the overpayment reduction in the prior year. Total operating profit before G&A in this segment was $6,305,000, an increase of $596,000 versus $5,709,000 in the same period last year. Net operating income in this segment was $6,949,000, up $1,161,000 or 20% compared to the same period last year due to higher revenues and a $518,000 increase in unrealized revenues due to temporarily higher minimum royalty payments at one location which are straight-lined across the life of the lease for GAAP revenue purposes.
Development Segment Results
Six months ended June 30
(dollars in thousands)
2025
2024
Change
Lease revenue
$
601
608
(7
)
Depreciation, depletion and amortization
86
85
1
Operating expenses
832
150
682
Property taxes
296
296
–
Cost of operations
1,214
531
683
Operating profit before G&A
$
(613
)
77
(690
)
FRP HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
Assets:
June 30 2025
December 31 2024
Real estate investments at cost:
Land
$
168,927
168,943
Buildings and improvements
308,561
283,421
Projects under construction
16,167
32,770
Total investments in properties
493,655
485,134
Less accumulated depreciation and depletion
82,916
77,695
Net investments in properties
410,739
407,439
Real estate held for investment, at cost
12,312
11,722
Investments in joint ventures
139,098
153,899
Net real estate investments
562,149
573,060
Cash and cash equivalents
153,167
148,620
Cash held in escrow
1,266
1,315
Accounts receivable, net
1,586
1,352
Federal and state income taxes receivable
778
–
Unrealized rents
1,264
1,380
Deferred costs
1,942
2,136
Other assets
630
622
Total assets
$
722,782
728,485
Liabilities:
Secured notes payable
$
180,371
178,853
Accounts payable and accrued liabilities
6,739
6,026
Other liabilities
1,487
1,487
Federal and state income taxes payable
–
611
Deferred revenue
2,842
2,437
Deferred income taxes
67,655
67,688
Deferred compensation
1,494
1,465
Tenant security deposits
780
805
Total liabilities
261,368
259,372
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,109,234 and 19,046,894 shares issued and outstanding, respectively
1,911
1,905
Capital in excess of par value
70,196
68,876
Retained earnings
354,555
352,267
Accumulated other comprehensive income, net
40
55
Total shareholders’ equity
426,702
423,103
Noncontrolling interests
34,712
46,010
Total equity
461,414
469,113
Total liabilities and equity
$
722,782
728,485
Non-GAAP Financial Measures.
To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro rata net operating income (NOI) because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. For ease of comparison all the figures in the tables below include the results for The Verge in the Multifamily segment for all periods shown.
Pro rata Net Operating Income Reconciliation Six months ending 6/30/25 (in thousands)
Industrial and
Commercial
Segment
Development
Segment
Multifamily
Segment
Mining
Royalties
Segment
Unallocated
Corporate
Expenses
FRP
Holdings
Totals
Net income (loss)
$
831
1,086
(2,531
)
4,806
(1,934
)
2,258
Income tax allocation
255
333
(788
)
1,476
(572
)
704
Income (loss) before income taxes
1,086
1,419
(3,319
)
6,282
(2,506
)
2,962
Less:
Unrealized rents
–
–
–
–
Interest income
1,876
1
3,032
4,909
Plus:
Unrealized rents
101
–
14
289
–
404
Professional fees
734
87
821
Equity in loss of joint ventures
–
(156
)
4,543
23
4,410
Interest expense
–
–
1,443
–
76
1,519
Depreciation/amortization
962
86
3,930
355
5,333
General and administrative
–
–
–
–
5,462
5,462
Net operating income (loss)
2,149
207
6,697
6,949
–
16,002
NOI of noncontrolling interest
(3,052
)
(3,052
)
Pro rata NOI from unconsolidated joint ventures
380
5,722
6,102
Pro rata net operating income
$
2,149
587
9,367
6,949
–
19,052
Pro-rata Net Operating Income Reconciliation Six months ended 06/30/24 (in thousands)
Industrial and
Commercial
Segment
Development
Segment
Multifamily
Segment
Mining
Royalties
Segment
Unallocated
Corporate
Expenses
FRP
Holdings
Totals
Net income (loss)
$
805
(1,115
)
(2,477
)
3,876
2,305
3,394
Income tax allocation
247
(343
)
(772
)
1,191
993
1,316
Income (loss) before income taxes
1,052
(1,458
)
(3,249
)
5,067
3,298
4,710
Less:
Unrealized rents
19
9
229
257
Interest income
2,554
3,937
6,491
Plus:
–
Professional fees
15
15
Equity in loss of joint ventures
–
1,782
3,939
22
5,743
Interest expense
–
–
1,652
–
88
1,740
Depreciation/amortization
723
85
3,962
308
5,078
General and administrative
590
2,307
526
620
551
4,594
–
Net operating income (loss)
2,346
162
6,836
5,788
–
15,132
NOI of noncontrolling interest
(3,111
)
(3,111
)
Pro-rata NOI from unconsolidated joint ventures
299
5,444
5,743
Pro-rata net operating income
$
2,346
461
9,169
5,788
–
17,764
Conference Call
The Company will host a conference call on Thursday, August 7, 2025 at 9:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-343-4849 (passcode 83364) within the United States. International callers may dial 1-203-518-9848 (passcode 83364). Audio replay will be available until August 21, 2025 by dialing 1-800-839-2385 within the United States. International callers may dial 1-402-220-7203. No passcode needed. An audio replay will also be available on the Company’s website under investors, financials, quarterly results (https://investors.frpdev.com/quarterly-reports) following the call.
Additional Information
Our investor relations website is https://investors.frpdev.com and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, press releases, quarterly earnings presentations, investor presentations, and corporate governance information, which may contain material information about us, and you may subscribe to Email Alerts to be notified of new information posted to this site.
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the MidAtlantic and Florida; multifamily demand in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; as the impact of tariffs on our industrial tenants and construction costs; well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.
FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, and (iv) leasing and management of residential apartment buildings.
Contact:
Matthew C. McNulty Chief Financial Officer (904) 858-9100
NDA for icotrokinra for the treatment of adults and adolescents 12 years of age and older with moderate to severe plaque psoriasis (PsO) submitted to U.S. FDA in July
ANTHEM Phase 2b trial data of icotrokinra in ulcerative colitis scheduled for an oral presentation at the 33rd United European Gastroenterology Week (UEGW) on October 7th
Phase 3 VERIFY trial data set of rusfertide in polycythemia vera (PV) presented during plenary session at ASCO; U.S. NDA filing on track for Q4
Cash, cash equivalents and marketable securities of $673.0 million as of June 30, 2025, anticipated to provide cash runway through at least end of 2028
NEWARK, CA / ACCESS Newswire / August 6, 2025 / Protagonist Therapeutics (Nasdaq:PTGX) (“Protagonist” or “the Company”) today reported financial results for the second quarter ended June 30, 2025, and provided a corporate update.
“Thus far, 2025 has been a year of breakthrough accomplishments for Protagonist, as we saw rusfertide the topic of the prestigious ASCO Plenary Session in May, the announcement of an oral and injectable triple agonist anti-obesity peptide development candidate in June, and most recently the first ever NDA filing of icotrokinra for psoriasis last month,” said Dinesh V. Patel, Ph.D., the Company’s President and CEO. “Over the coming months, we look forward to the NDA filing of rusfertide for polycythemia vera, and advancing our wholly owned early-stage assets PN-881 and PN-477 into clinical and IND-enabling studies respectively.”
Second Quarter 2025 Recent Developments and Upcoming Milestones
Rusfertide: Subcutaneous Injectable Hepcidin Mimetic for Polycythemia Vera (PV) and Other Blood Disorders
The full data set from the positive Phase 3 VERIFY trial of rusfertide in PV was presented during the prestigious plenary session at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting on Sunday, June 1st.
The Company hosted an investor conference call on Monday, June 2nd discussing data shared during the plenary presentation. A replay of the call and accompanying presentation is available on the Company’s Investor Relations Events and Presentations webpage here.
Rusfertide U.S. NDA filing for treatment of patients with PV, by partner Takeda Pharmaceuticals, expected in Q4 of this year.
On July 21st, the Company and its partner Johnson and Johnson announced the first icotrokinra NDA filing for the treatment of adults and adolescents 12 years of age and older with moderate to severe plaque psoriasis (PsO). The application included data from four pivotal Phase 3 studies conducted as part of the ICONIC clinical development program, including ICONIC-LEAD, ICONIC-TOTAL and ICONIC-ADVANCE 1 & ICONIC-ADVANCE 2.
On May 9th, data from the Phase 3 ICONIC-TOTAL study in difficult-to-treat scalp and genital psoriasis was presented at the Society for Investigative Dermatology Annual Meeting held in San Diego from May 7-10th.
On April 10th, data from the adolescent cohort of the Phase 3 ICONIC-LEAD study in moderate-to-severe plaque psoriasis was presented as a late-breaking abstract at the 2025 World Congress of Pediatric Dermatology (WCPD).
On March 10th, positive top line results from the Phase 2b ANTHEM trial in moderately to severely active ulcerative colitis (UC) were announced. The full data set is scheduled for an oral presentation at the 33rd United European Gastroenterology Week (UEGW) on October 7th.
On June 30th, the Company hosted an investor call announcing the selection of PN-477, a potential best-in-class GLP-1, GIP, GCG receptor triple agonist peptide with oral and subcutaneous routes of administration, as a development candidate for the treatment of obesity. A replay of the call and accompanying presentation is available on the Company’s Investor Relations Events and Presentations webpage here.
On May 9th, preclinical data on PN-881 was presented at the Society for Investigative Dermatology (SID) Annual Meeting held in San Diego from May 7-10th. Key takeaways from the pre-clinical characterization of the IL-17 oral peptide antagonist PN-881:
Potently and selectively binds IL-17A and -17F, blocking the three dimeric forms of the cytokine.
Nanomolar to picomolar in vitro potency comparable to bimekizumab and superior (70-fold) to secukinumab.
Metabolic stability in several matrices across several species, making it a suitable candidate for oral delivery.
Pharmocodynamic-based target engagement in a mouse IL-17 challenge model after oral dosing.
Dose-dependent efficacy with significant reduction in skin thickness in a 5-day rat IL-23 induced skin inflammation model after oral dosing.
Second Quarter 2025 Financial Results
Cash, Cash Equivalents and Marketable Securities: Cash, cash equivalents and marketable securities as of June 30, 2025, were $673.0 million as compared to $559.2 million as of December 31, 2024.
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except per share amounts)
2025
2024
2025
2024
(Unaudited)
License and collaboration revenue
$
5,546
$
4,167
$
33,867
$
259,120
Research and development expense
$
37,036
$
33,520
$
72,929
$
67,254
General and administrative expense
$
10,551
$
9,440
$
22,289
$
24,350
Net (loss) income
$
(34,771
)
$
(30,616
)
$
(46,426
)
$
176,724
Basic (loss) earnings per share
$
(0.55)
$
(0.50)
$
(0.73)
$
2.89
Diluted (loss) earnings per share
$
(0.55)
$
(0.50)
$
(0.73)
$
2.77
License and Collaboration Revenue:
License and collaboration revenue of $5.5 million and $4.2 million for the second quarter of 2025 and 2024, respectively, was comprised of development services we provided under the Takeda collaboration agreement.
License and collaboration revenue of $33.9 million for the six months ended June 30, 2025 was comprised of (i) proportional recognition of a $25 million milestone earned from Takeda in Q1 25, and (ii) development services we provided during the period. License and collaboration revenue of $259.1 million for the six months ended June 30, 2024 included (i) $254.1 million of the $300.0 million initial transaction price for the Takeda collaboration agreement allocated to the rusfertide license upon effectiveness of the agreement, and (ii) development services we provided during the period.
Research and Development (“R&D”) Expense: The increases in R&D expense from the prior year periods were primarily due to increases in pre-clinical and drug discovery research expenses, including costs related to our new product candidates, IL-17 oral peptide antagonist PN-881 and obesity triple agonist peptide PN-477, partially offset by decreases in rusfertide expenses related to the Phase 3 VERIFY clinical trial.
General and Administrative (“G&A”) Expense: The increase in G&A expense for the second quarter of 2025 from the prior year period was primarily due to increases in stock-based compensation and other personnel-related expenses. The decrease in G&A expense for the six months ended June 30, 2025 from the prior year period was primarily due to $4.6 million in advisory and legal fees recognized in 2024 related to the Takeda collaboration, partially offset by increases in stock-based compensation expense and other personnel-related expenses.
Net (Loss) Income: Net loss was $34.8 million, or $0.55 per basic and diluted share, for the second quarter of 2025 as compared to net loss of $30.6 million, or $0.50 per basic and diluted share, for the second quarter of 2024. Net loss was $46.4 million, or $0.73 per basic and diluted share, for the six months ended June 30, 2025 as compared to net income of $176.7 million, or $2.89 per basic share and $2.77 per diluted share, for the six months ended June 30, 2024, which included recognition of $259.1 million revenue related to the Takeda collaboration agreement upfront payment of $300.0 million.
About Protagonist
Protagonist Therapeutics is a discovery through late-stage development biopharmaceutical company. Two novel peptides derived from Protagonist’s proprietary discovery platform are currently in advanced Phase 3 clinical development, with a New Drug Application (NDA) for icotrokinra submitted to the FDA in July and an NDA submission for rusfertide expected by end of 2025. Icotrokinra (formerly, JNJ-2113), a first-in-class investigational targeted oral peptide that selectively blocks the Interleukin-23 receptor (“IL-23R”) is licensed to J&J Innovative Medicines (“JNJ”), formerly Janssen Biotech, Inc. Following icotrokinra’s joint discovery by Protagonist and JNJ scientists pursuant to the companies’ IL-23R collaboration, Protagonist was primarily responsible for development of icotrokinra through Phase 1, with JNJ assuming responsibility for development in Phase 2 and beyond. Rusfertide, a mimetic of the natural hormone hepcidin, is currently in Phase 3 development for the rare blood disorder polycythemia vera (PV). Rusfertide is being co-developed and will be co-commercialized with Takeda Pharmaceuticals pursuant to a worldwide collaboration and license agreement entered in 2024 under which the Company remains primarily responsible for development through NDA filing. The Company also has a number of pre-clinical stage drug discovery programs addressing biologically and commercially validated targets, including IL-17 oral peptide antagonist PN-881, obesity triple agonist peptide PN-477, and the oral hepcidin program.
More information on Protagonist, its pipeline drug candidates and clinical studies can be found on the Company’s website at https://www.protagonist-inc.com/.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the potential benefits of icotrokinra and rusfertide, the timing of icotrokinra and rusfertide clinical trials, and timing of developments and announcements in our discovery programs. In some cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “may,” “will,” “expect,” or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, our ability to develop and commercialize our product candidates, our ability to earn milestone payments under our collaboration agreements with Janssen and Takeda, our ability to use and expand our programs to build a pipeline of product candidates, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that have greater resources than we do, and our ability to obtain and adequately protect intellectual property rights for our product candidates. Additional information concerning these and other risk factors affecting our business can be found in our periodic filings with the Securities and Exchange Commission, including under the heading “Risk Factors” contained in our most recently filed periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
90+ medical professionals gather in Sioux Falls for hands-on training, real-time telemedicine support, and continuing education through AVELearn
SIOUX FALLS, SD / ACCESS Newswire / August 6, 2025 / Over 90 medical professionals from across the country gathered in Sioux Falls for the 2025 Avel eCare Emergency Airway Training Program, powered by The Difficult Airway Course™. This immersive, two-day program combined classroom instruction with high-impact, hands-on practice to help clinicians build confidence and precision in one of the most critical emergency procedures-intubation.
A standout feature of the course was the use of over 100 porcine tracheas, allowing participants to practice surgical and video-guided airway techniques on a wide variety of anatomies. These real tracheas replicate the diverse challenges clinicians face in real-world airway emergencies, helping providers build muscle memory and quick-response capability.
“Every airway is different, and every second matters,” said Dr. Kelly Rhone, Chief Medical Officer at Avel eCare. “This course gives physicians the repetition and exposure they need to act decisively and safely when it counts.”
The training also highlighted Avel’s real-time telemedicine support, including the use of video laryngoscopes-specialized tools with mounted cameras. These allow remote Avel physicians to see exactly what on-site providers see during a live intubation and verbally guide them step-by-step.
“It’s not just about teaching intubation,” added Dr. Rhone. “It’s about being there-virtually-during the most critical seconds, helping physicians feel confident, supported, and prepared.”
For some, the impact of the course has already been felt in the field.
“I had to perform a surgical cricothyrotomy for the first time in the ER. I definitely would not have felt comfortable even attempting it before I had taken this course,” said Bryon Bellinger, ARNP, of Guttenberg Municipal Hospital. “I was also fortunate to have an Avel physician on camera helping me with it as well. I recommend [the course] to everyone.”
Course highlights included:
Pediatric Airway Case Discussions
Surgical Airway Techniques
Bag-Valve Mask and Laryngoscopy Workshops
Code Airway Simulations
Video Laryngoscopy Skill Stations
But training doesn’t stop at the end of the workshop. Avel eCare is committed to continuing education through its AVELearn platform, which provides ongoing access to clinical webinars, simulated learning, and accredited courses.
“Beyond airway training, Avel eCare’s AVELearn platform provides a wide range of education opportunities tailored to the unique needs of our partners. Whether it’s accessing credit hours online, participating in live webinars, or engaging in simulated education, Avel eCare ensures that continuing education is accessible, practical, and integrated into our partnership” said Dr. Luke Van Oeveren, Avel eEmergency Physician.
For Avel, this event reflects a broader mission: to empower clinicians with the tools, training, and telemedicine technology they need-whether they’re in a metro trauma center or a rural ER.
About Avel eCare Avel eCare is one of the nation’s leading telemedicine providers, delivering 24/7 virtual clinical support across emergency care, ICU, behavioral health, pharmacy, hospitalist, and specialty services. Through innovative programs like AVELearn, Avel supports continuous education and skill development for healthcare teams, helping them deliver consistent, high-quality care-anytime, anywhere. Learn more at avelecare.com/education.
