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News

Dexcom Reports Fourth Quarter and Fiscal Year 2019 Financial Results

gbafNews28

DexCom, Inc. (Nasdaq: DXCM) today reported its financial results as of and for the quarter and fiscal year ended December 31, 2019.

Fourth Quarter 2019 Highlights:

  • Revenue grew 37% versus the same quarter of the prior year to $462.8 million
  • U.S. revenue growth of 34% and international revenue growth of 52%
  • GAAP operating income of $101.5 million or 21.9% of revenue. Non-GAAP operating income* of $103.6 million or 22.4% of revenue
  • Commenced launch of G6 into Medicare

Full Year 2019 Highlights:

  • Full year revenue grew 43% versus the prior year to $1,476.0 million
  • U.S. revenue growth of 42% and international revenue growth of 48%
  • GAAP operating income of $142.3 million or 9.6% of revenue. Non-GAAP operating income* of $161.3 million or 10.9% of revenue
  • Doubled G6 sensor manufacturing capacity

Dexcom sustained its revenue growth momentum in 2019, exceeding 40% growth for the second consecutive year and driving our first full year of GAAP profitability, said Kevin Sayer, Dexcoms Chairman, President and CEO. We have taken significant steps to prepare the business for long-term growth and believe we are well-positioned as we enter 2020.

2020 Annual Guidance

Dexcom reaffirmed its revenue projection and provided the following gross profit, operating margin, and Adjusted EBITDA margin expectations for full fiscal year 2020:

  • Revenue of $1.725 billion to $1.775 billion (17% – 20% growth)
  • Gross profit margin of approximately 64%
  • Non-GAAP operating margin of approximately 13%
  • Non-GAAP adjusted EBITDA margin of approximately 23%

Fourth Quarter 2019 Financial Results

Revenue: In the fourth quarter of 2019, worldwide revenue grew 37% to $462.8 million, up from $338.0 million in the fourth quarter of 2018. Volume growth in conjunction with strong new patient additions continues to be the primary driver of revenue growth as awareness of real-time CGM increases.

Gross Profit: Gross profit totaled $309.3 million or 66.8% of sales for the fourth quarter of 2019, compared to $222.8 million or 65.9% of sales in the fourth quarter of 2018.

Operating Income: GAAP operating income for the fourth quarter of 2019 was $101.5 million, compared to a GAAP operating loss of $164.6 million for the fourth quarter of 2018.

Non-GAAP operating income* for the fourth quarter of 2019 was $103.6 million, compared to a non-GAAP operating income of $54.4 million for the fourth quarter of 2018.

Net Income and Net Income per Share: GAAP net income was $92.7 million, or $1.00 per diluted share, for the fourth quarter of 2019, compared to GAAP net loss of $179.7 million, or $2.03 per diluted share, for the same quarter of 2018. GAAP net loss for the fourth quarter of 2018 included the $217.7 million non-cash charge related to the amended Verily agreement.

Non-GAAP net income* was $106.5 million, or $1.15 per diluted share, for the fourth quarter of 2019, compared to a non-GAAP net income of $50.2 million, or $0.56 per diluted share, for the same quarter of 2018. The fourth quarter 2019 non-GAAP amount excludes $11.7 million of non-cash interest expense related to Dexcoms senior convertible notes, $1.3 million of business transition and related costs and $0.8 million of amortization of intangible assets. The fourth quarter 2018 non-GAAP amount excludes the $217.7 million non-cash charge related to the amended Verily agreement, $6.0 million of non-cash interest expense related to Dexcoms senior convertible notes, $4.9 million of loss from equity investments, $0.8 million of business transition and related costs and $0.5 million of amortization of intangible assets.

Cash and Liquidity: As of December 31, 2019, Dexcom held $1,533.3 million in cash and marketable securities and our revolving credit facility remains undrawn. The cash balance represents significant financial and strategic flexibility as Dexcom continues to expand production capacity and explore new market opportunities.

* See Table E below for a reconciliation of these GAAP and non-GAAP financial measures.

Conference Call

Management will hold a conference call today starting at 4:30 p.m. (Eastern Time). The conference call will be concurrently webcast. The link to the webcast will be available on the Dexcom Investor Relations website at investors.dexcom.com by navigating to Events and Presentations, and will be archived for future reference. To listen to the conference call, please dial (800) 446-1671 (US/Canada) or (847) 413-3362 (International) and use the confirmation number 47626295 approximately five minutes prior to the start time.

Statement Regarding Use of Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the section of the accompanying tables titled About Non-GAAP Financial Measures as well as the related Table E.

About DexCom, Inc.

DexCom, Inc., headquartered in San Diego, California, is developing and marketing continuous glucose monitoring systems for use by people with diabetes and by healthcare providers.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements that are not purely historical regarding Dexcoms or its managements intentions, beliefs, expectations and strategies for the future. All forward-looking statements and reasons why results might differ included in this press release are made as of the date of this release, based on information currently available to Dexcom, deal with future events, are subject to various risks and uncertainties, and actual results could differ materially from those anticipated in those forward-looking statements. The risks and uncertainties that may cause actual results to differ materially from Dexcoms current expectations are more fully described in Dexcoms Annual Report on Form 10-K for the period ended December 31, 2019, as filed with the Securities and Exchange Commission on February 13, 2020. Except as required by law, Dexcom assumes no obligation to update any such forward-looking statement after the date of this report or to conform these forward-looking statements to actual results.

DexCom, Inc.

Table A

Consolidated Balance Sheets

(In millions, except par value and share data)

 

 

 

December 31, 2019

 

December 31, 2018

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

446.2

 

 

$

1,137.0

 

Short-term marketable securities

 

1,087.1

 

 

248.6

 

Accounts receivable, net

 

286.3

 

 

226.7

 

Inventory

 

119.8

 

 

70.7

 

Prepaid and other current assets

 

30.0

 

 

16.5

 

Total current assets

 

1,969.4

 

 

1,699.5

 

Property and equipment, net

 

321.3

 

 

183.1

 

Operating lease right-of-use assets

 

71.5

 

 

 

Goodwill

 

18.6

 

 

18.7

 

Other assets

 

14.2

 

 

14.7

 

Total assets

 

$

2,395.0

 

 

$

1,916.0

 

Liabilities and Stockholders Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued liabilities

 

$

256.4

 

 

$

147.1

 

Accrued payroll and related expenses

 

88.5

 

 

72.4

 

Operating lease liabilities, current portion

 

13.6

 

 

 

Deferred revenue

 

1.7

 

 

2.9

 

Total current liabilities

 

360.2

 

 

222.4

 

Long-term senior convertible notes

 

1,059.7

 

 

1,010.3

 

Operating lease liabilities, net of current portion

 

72.4

 

 

 

Other long-term liabilities

 

20.1

 

 

20.0

 

Total liabilities

 

1,512.4

 

 

1,252.7

 

Commitments and contingencies

 

 

 

 

Stockholders equity:

 

 

 

 

Preferred stock, $0.001 par value, 5.0 million shares authorized; no shares issued and outstanding at December 31, 2019 and December 31, 2018

 

 

 

 

Common stock, $0.001 par value, 200.0 million shares authorized; 92.4 million and 91.6 million shares issued and outstanding, respectively, at December 31, 2019; and 91.1 million and 90.0 million shares issued and outstanding, respectively, at December 31, 2018

 

0.1

 

 

0.1

 

Additional paid-in capital

 

1,675.9

 

 

1,560.6

 

Accumulated other comprehensive income

 

2.3

 

 

1.5

 

Accumulated deficit

 

(695.7

)

 

(798.9

)

Treasury stock, at cost; 0.8 million shares at December 31, 2019 and December 31, 2018

 

(100.0

)

 

(100.0

)

Total stockholders equity

 

882.6

 

 

663.3

 

Total liabilities and stockholders equity

 

$

2,395.0

 

 

$

1,916.0

 

DexCom, Inc.

Table B

Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2019

 

2018

 

2019

 

2018

Revenues

 

$

462.8

 

 

$

338.0

 

 

$

1,476.0

 

 

$

1,031.6

 

Cost of sales

 

153.5

 

 

115.2

 

 

544.5

 

 

367.7

 

Gross profit

 

309.3

 

 

222.8

 

 

931.5

 

 

663.9

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

78.8

 

 

57.6

 

 

273.5

 

 

199.7

 

Collaborative R&D fee

 

 

 

217.7

 

 

 

 

217.7

 

Selling, general and administrative

 

129.0

 

 

112.1

 

 

515.7

 

 

432.8

 

Total operating expenses

 

207.8

 

 

387.4

 

 

789.2

 

 

850.2

 

Operating income (loss)

 

101.5

 

 

(164.6

)

 

142.3

 

 

(186.3

)

Interest expense

 

(15.3

)

 

(8.2

)

 

(60.3

)

 

(22.7

)

Income (loss) from equity investments

 

 

 

(4.9

)

 

(4.2

)

 

80.1

 

Interest and other income, net

 

8.1

 

 

0.8

 

 

26.4

 

 

2.4

 

Income (loss) before income taxes

 

94.3

 

 

(176.9

)

 

104.2

 

 

(126.5

)

Income tax expense

 

1.6

 

 

2.8

 

 

3.1

 

 

0.6

 

Net income (loss)

 

$

92.7

 

 

$

(179.7

)

 

$

101.1

 

 

$

(127.1

)

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share

 

$

1.01

 

 

$

(2.03

)

 

$

1.11

 

 

$

(1.44

)

Shares used to compute basic net income (loss) per share

 

91.6

 

 

88.7

 

 

91.1

 

 

88.2

 

Diluted net income (loss) per share

 

$

1.00

 

 

$

(2.03

)

 

$

1.10

 

 

$

(1.44

)

Shares used to compute diluted net income (loss) per share

 

92.8

 

 

88.7

 

 

92.3

 

 

88.2

 

DexCom, Inc.

Table C

Revenue by Geography

(Dollars in millions)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2019

 

2018

 

2019

 

2018

U.S. revenue

 

$

375.9

 

 

$

281.0

 

 

$

1,161.5

 

 

$

818.4

 

Year over year growth

 

34

%

 

50

%

 

42

%

 

37

%

% of total revenue

 

81

%

 

83

%

 

79

%

 

79

%

 

 

 

 

 

 

 

 

 

International revenue

 

$

86.9

 

 

$

57.0

 

 

$

314.5

 

 

$

213.2

 

Year over year growth

 

52

%

 

72

%

 

48

%

 

74

%

% of total revenue

 

19

%

 

17

%

 

21

%

 

21

%

 

 

 

 

 

 

 

 

 

Total revenue (1)

 

$

462.8

 

 

$

338.0

 

 

$

1,476.0

 

 

$

1,031.6

 

Year over year growth

 

37

%

 

53

%

 

43

%

 

44

%

(1)

The sum of the revenue components may not equal total revenue due to rounding.

DexCom, Inc.

Table D

Revenue by Component

(Dollars in millions)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2019

 

2018

 

2019

 

2018

Sensor and other revenue(2) (3)

 

$

359.5

 

 

$

252.8

 

 

$

1,149.0

 

 

$

758.1

 

Year over year growth

 

42

%

 

57

%

 

52

%

 

47

%

% of total revenue

 

78

%

 

75

%

 

78

%

 

73

%

 

 

 

 

 

 

 

 

 

Transmitter revenue(2)

 

$

86.1

 

 

$

59.0

 

 

$

255.1

 

 

$

189.1

 

Year over year growth

 

46

%

 

39

%

 

35

%

 

31

%

% of total revenue

 

19

%

 

17

%

 

17

%

 

18

%

 

 

 

 

 

 

 

 

 

Receiver revenue

 

$

17.2

 

 

$

26.3

 

 

$

71.9

 

 

$

84.4

 

Year over year growth

 

(35

)%

 

46

%

 

(15

)%

 

45

%

% of total revenue

 

4

%

 

8

%

 

5

%

 

8

%

 

 

 

 

 

 

 

 

 

Total revenue(1)

 

$

462.8

 

 

$

338.0

 

 

$

1,476.0

 

 

$

1,031.6

 

Year over year growth

 

37

%

 

53

%

 

43

%

 

44

%

(1)

The sum of the revenue components may not equal total revenue due to rounding.

(2)

Includes allocated subscription revenue.

(3)

Includes services, freight, accessories, etc.

DexCom, Inc.

Table E

Itemized Reconciliation Between GAAP and Non-GAAP Financial Measures

(In millions, except per share data)

(Unaudited)

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2019

 

2018

(As Adjusted)(1)

 

2019

 

2018

(As Adjusted)(1)

GAAP operating income (loss)

 

$

101.5

 

 

$

(164.6

)

 

$

142.3

 

 

$

(186.3

)

Non-cash collaborative research and development fee (2)

 

 

 

217.7

 

 

 

 

217.7

 

Amortization of intangible assets

 

0.8

 

 

0.5

 

 

1.8

 

 

0.5

 

Business transition and related costs (3)

 

1.3

 

 

0.8

 

 

17.2

 

 

6.3

 

Non-GAAP operating income

 

$

103.6

 

 

$

54.4

 

 

$

161.3

 

 

$

38.2

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

92.7

 

 

$

(179.7

)

 

$

101.1

 

 

$

(127.1

)

Non-cash collaborative research and development fee (2)

 

 

 

217.7

 

 

 

 

217.7

 

Share-based compensation

 

23.6

 

 

24.6

 

 

102.7

 

 

101.9

 

Depreciation and amortization

 

14.3

 

 

8.6

 

 

48.7

 

 

29.1

 

Business transition and related costs (3)

 

1.1

 

 

0.8

 

 

14.5

 

 

6.3

 

(Income) loss from equity investments (4)

 

 

 

4.9

 

 

4.2

 

 

(80.1

)

Interest expense and interest income

 

8.4

 

 

3.9

 

 

31.9

 

 

12.2

 

Income tax expense

 

1.6

 

 

2.8

 

 

3.1

 

 

0.6

 

Adjusted EBITDA

 

$

141.7

 

 

$

83.6

 

 

$

306.2

 

 

$

160.6

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

92.7

 

 

$

(179.7

)

 

$

101.1

 

 

$

(127.1

)

Non-cash collaborative research and development fee (2)

 

 

 

217.7

 

 

 

 

217.7

 

Amortization of intangible assets

 

0.8

 

 

0.5

 

 

1.8

 

 

0.5

 

Business transition and related costs (3)

 

1.3

 

 

0.8

 

 

17.2

 

 

6.3

 

Non-cash interest expense (5)

 

11.7

 

 

6.0

 

 

45.8

 

 

16.0

 

(Income) loss from equity investments (4)

 

 

 

4.9

 

 

4.2

 

 

(80.1

)

Tax effect of adjustments (6)

 

 

 

 

 

 

 

 

Non-GAAP net income

 

$

106.5

 

 

$

50.2

 

 

$

170.1

 

 

$

33.3

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share

 

$

1.00

 

 

$

(2.03

)

 

$

1.10

 

 

$

(1.44

)

Impact of diluted shares on net income (basic net loss) per share (8)

 

 

 

0.04

 

 

 

 

0.01

 

Non-cash collaborative research and development fee (2)

 

 

 

2.41

 

 

 

 

2.44

 

Amortization of intangible assets

 

0.01

 

 

0.01

 

 

0.02

 

 

0.01

 

Business transition and related costs (3)

 

0.01

 

 

0.01

 

 

0.19

 

 

0.07

 

Non-cash interest expense (5)

 

0.13

 

 

0.07

 

 

0.50

 

 

0.18

 

(Income) loss from equity investments (4)

 

 

 

0.05

 

 

0.05

 

 

(0.90

)

Tax effect of adjustments (6)

 

 

 

 

 

 

 

 

Non-GAAP net income per share (7)

 

$

1.15

 

 

$

0.56

 

 

$

1.84

 

 

$

0.37

 

 

 

 

 

 

 

 

 

 

Shares used in GAAP diluted per share calculations:

 

92.8

 

 

88.7

 

 

92.3

 

 

88.2

 

Shares used in non-GAAP per share calculations:

 

92.8

 

 

90.4

 

 

92.3

 

 

89.1

 

(1)

The 2018 non-GAAP presentation is adjusted to include amortization of intangible assets and business transition and related costs to conform to the 2019 presentation.

(2)

Non-cash collaborative research and development fee under our 2018 collaboration and licensing agreement with Verily Life Sciences.

(3)

Business transition costs are primarily related to the Restructuring Plan that DexCom announced on February 21, 2019.

(4)

(Income) loss from equity investments is related to our investment in Tandem Diabetes Care, Inc.

(5)

Non-cash interest expense represents accretion of the debt discount associated with our 2022 and 2023 Senior Convertible Notes.

(6)

We are tax-effecting GAAP-only items at a 0% tax rate because we record a full valuation allowance on our deferred tax assets.

(7)

The sum of the non-GAAP net income (loss) per share components may not equal the totals due to rounding.

(8)

Basic and diluted net loss per share are the same because in loss periods common share equivalents are anti-dilutive and therefore excluded from the calculation of diluted loss per share. The per share adjustments labeled Impact of diluted shares on net income (basic net loss) per share are necessary to transition from or to diluted net income per share, which includes diluted shares.

ABOUT NON-GAAP FINANCIAL MEASURES

The accompanying press release dated February 13, 2020 contains non-GAAP financial measures. Table E reconciles the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share as well as adjusted EBITDA.

Dexcom reports non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. We believe that non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand our business.

We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.

We exclude the following items from non-GAAP operating income (loss):

  • Non-cash collaborative research and development fees
  • Amortization of intangible assets
  • Business transition and related costs

In addition, we exclude the following items from non-GAAP net income (loss) and non-GAAP net income (loss) per share:

  • Income and loss from equity investments
  • Non-cash interest expense on senior convertible notes
  • Income tax effects of non-GAAP adjustments

We believe that presentation of financial results that exclude these items provides useful supplemental information to investors and facilitates the analysis of our core operating results as well as comparison of operating results across reporting periods. Our non-GAAP financial measures exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization and our senior management.

The following are descriptions of the items we exclude from non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share.

Non-cash collaborative research and development fees. Collaborative research and development fees under our 2018 collaboration agreement with Verily Life Sciences may be paid in cash or shares of our common stock, at our election. We exclude non-cash collaborative research and development fees that we pay using shares of our common stock from our non-GAAP financial measures.

Amortization of intangible assets. When we acquire an entity, we are required by GAAP to record the fair values of the intangible assets of the entity on our balance sheet and amortize them over their useful lives. We exclude these non-cash amortization charges from our non-GAAP financial measures.

Business transition and related costs. Represents costs associated with acquisition, integration and business transition activities, including severance, relocation, consulting, leasehold exit costs, third party merger and acquisition costs, and other costs directly associated with such activities. We exclude business transition and related costs from our non-GAAP financial measures because they are unrelated to our ongoing business operating results.

Income and loss from equity investments. Income and loss from equity investments is related to our investment in Tandem Diabetes Care. We exclude income and loss from equity investments from our non-GAAP financial measures because they are unrelated to our ongoing business operating results.

Non-cash interest expense. Represents the accretion of the debt discount associated with our 2022 Notes and 2023 Senior Convertible Notes. We exclude these non-cash interest expenses from our non-GAAP financial measures.

Income tax effects of non-GAAP adjustments. We currently reflect no income tax effects for our non-GAAP adjustments because we record a full valuation allowance on our deferred tax assets.

Adjusted EBITDA excludes non-cash operating charges for share-based compensation and depreciation and amortization as well as non-operating items such as interest income, interest expense, income and loss from equity investments, and income tax expense. Adjusted EBITDA also excludes non-cash collaborative research and development fees and business transition and related costs for the reasons explained above.

INVESTOR RELATIONS CONTACT:

Steven R. Pacelli

Executive Vice President, Strategy and Corporate Development

(858) 200-0200

www.dexcom.com

MEDIA CONTACT:

James McIntosh

(619) 884-2118

News

Suncity Group Named Title Sponsor for Local Arts Events

gbafNews28

Fully Supports Macau’s Cultural Industry and the Recovery of Macau

 

MACAU, CHINA – Media OutReach – 20 September 2020 – To revitalize the development of Macau’s cultural industry, Suncity Group fully supports the local arts event, rooting for Macau citizens and local artists through series of astonishing and diversified music entertaining events. ‘Suncity Group Rooting for Macau – SIM! Music Festival 2020’ is the first musical performance of series events title sponsored by Suncity Group, ended perfectly at the Cotai Arena, Venetian Macau on September 19.

[View Image]

Maria Helena de Senna Fernandes, Director of Macau Government Tourist Office, Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd. attended the event 

‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau

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Local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival

 

With the purpose of ‘reigniting the local performing arts power’, a group of outstanding local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival. A total of 12 units did their utmost to compete in the same stage with singing and dancing. There was no cessation to the excitement and the symphony of applause and cheers in the whole night.

 

The organisers have specially invited Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd., Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association to serve as adjudicators and presenters, witnessing and supporting this diversified music festival that belongs to Macau with the other officiating guests. It shot in the arm of Macau’s cultural industry which has been gradually recovering after the pandemic. After a series of stiff competitions and wonderful performances by the participating units, the ‘Best Styling Award’ went to Walk with Scamper, the ‘Best Teamwork Award’ was awarded to Girls Rock, the ‘Best Positive Energy’ was given to Bacalhau Talkshow & Band, and finally the ‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau.

 

Mr. Chau said, ‘2020 is the year full of difficulties. With the impact of the pandemic, performing arts and cultural industries in mainland China and Macau have been hard hit. Most of the large-scale musical performances have also been suspended. “Suncity Group Rooting for Macau – SIM! Music Festival 2020” as the first music festival of this year, it undoubtedly brings more positive energy to Macau society as well as the cultural industry, pro-actively supporting the development of Macau’s industrial diversification.’

 

As the first extraordinary music feast of series events ended, ‘Suncity Group Rooting for Macau – SIM! Full Band festival 2020’, also title sponsored by Suncity Group, comes immediately thereafter and will be held on September 26. 13 teams of local rock bands will spare no effort to inspire local Macau citizens and awaken their rocking soul. There are also DJ performances, cold beer and snacks at that night, creating a diversified and dynamic rock music festival with hyper performances and mouth-watering delicacies. It once again roots for the recovery of Macau’s economy.

 

As an enterprise rooted in Macau, Suncity Group is committed to the motherland and Macau. With actively fulfilling its social responsibilities, the Group strives to support the recovery of cultural industry in mainland China and Macau as well as the diversified development of Macau in cooperating to national policies and long-term development of China. Through the title sponsorship of the series arts events, Suncity Group hopes to bring more positive energy and get the uptick of confidence to the Macau society.

 

High-resolution images can be downloaded in the gallery:

https://dropbox.suncity-group.com/url/0919sim

About Suncity Group

Suncity Group was founded in 2007. Since establishment, Suncity Group has been striving to provide the extraordinary VIP entertainment service for our guests, and we then opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business. Meanwhile, we successively set up exclusive VIP Clubs in Manila, Seoul, Incheon, Phnom Penh and Da Nang, etc.

 

Adhering to the spirit of “Innovating With Diversity, Striving For Success”, Suncity Group spared no effort to develop high-end entertainment services and products as well as roll out global VIP loyalty program for the selected members to enjoy entertainment, travel, catering services, luxury shopping and motion picture. Today, the scope of our business covers most sectors, especially in the fields of global travel, film production, concert and event planning, catering and luxury goods.

 

As a Macau born and bred enterprise, Suncity Group is not only devoted to develop the Asian market, but also oriented to expand the global network. In the future, we will surely continue to diversify our VIP entertainment services, attract more exclusive members and make every effort to promote our business in every corner of the world.

 

Official Website | www.suncitygroup.com.mo/en

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CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project

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HONG KONG, Sept. 20, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua 16-2 oilfield/ 20-2 oilfield joint development project has commenced production.

Liuhua 16-2 oilfield / 20-2 oilfield joint development project is located in Eastern South China Sea. The average water depth of the joint development project is approximately 410 meters.  One 150,000 DWT FPSO and three underwater production systems are newly built. A total of 26 development wells are planned to be put into production and development. The project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Liuhua 16-2 oilfield/ 20-2 oilfield joint development project.

– End –

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

*** *** *** ***

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks.  For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ada Leung 
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: [email protected]

Photo – https://photos.prnasia.com/prnh/20200911/2914374-1LOGO?lang=0

 

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Odonate Therapeutics, Inc. of Class Action Lawsuit and Upcoming Deadline – ODT

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NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Odonate Therapeutics, Inc.  (“Odonate” or the “Company”) (NASDAQ: ODT) and certain of its officers.   The class action, filed in United States District Court for the Southern District of California, and docketed under 20-cv-01828, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Odonate securities between December 7, 2017, and August 21, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Odonate securities during the class period, you have until November 16, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Odonate was founded in 2013 and is based in San Diego, California.  Odonate is a pharmaceutical company that develops therapeutics for the treatment of cancer.  The Company is focused on developing tesetaxel, an orally administered chemotherapy agent. 

Tesetaxel is in Phase 3 clinical study for patients with locally advanced or metastatic breast cancer (“MBC”), called the CONTESSA trial, which is evaluating tesetaxel in combination with capecitabine in patients with MBC.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tesetaxel was not as safe or well-tolerated as the Company had led investors to believe; (ii) consequently, tesetaxel’s commercial viability as a cancer treatment was overstated; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 24, 2020, during pre-market hours, Odonate issued a press release announcing top-line results from the CONTESSA trial.  Although the study met its primary endpoint, tesetaxel plus capecitabine was associated with Grade 3 or higher neutropenia (low levels of white blood cells), which occurred in 71.2% of patients with the combination treatment versus 8.3% for capecitabine alone.  Various other Grade 3 or higher treatment-emergent adverse events (“AEs”) were also associated with tesetaxel plus capecitabine versus capecitabine alone.  Further, discontinuation rates were 4.2% from neutropenia and 3.6% from neuropathy, and the overall discontinuation rate was 23.1% in the treatment group compared to 11.9% in the capecitabine alone group.

On this news, Odonate’s stock price fell $15.21 per share, or 45.35%, to close at $18.33 per share on August 24, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]

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