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Impinj Reports Third Quarter 2020 Financial Results

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Impinj, Inc. (NASDAQ: PI), a leading provider and pioneer of RAIN RFID solutions, today released its financial results for the third quarter ended September 30, 2020.

Third-quarter revenue improved sequentially, driven primarily by rebounding retail-apparel volumes that drove endpoint IC sales, said Chris Diorio, Impinj co-founder and CEO. With game-changing new products and a platform and vision that sit squarely in the center of our end users digital transformation, the opportunity in front of us is more compelling than ever.

Third Quarter 2020 Financial Summary

  • Revenue of $28.2 million
  • GAAP gross margin of 47.4%; non-GAAP gross margin of 50.1%
  • GAAP net loss of $14.3 million, or loss of $0.63 per diluted share using 22.9 million shares
  • Adjusted EBITDA loss of $6.2 million
  • Non-GAAP net loss of $6.7 million, or loss of $0.29 per diluted share using 22.9 million shares

A reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the Non-GAAP Financial Measures sections below.

Fourth Quarter 2020 Financial Considerations

Impinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinjs financial outlook for the fourth quarter of 2020 (in millions, except per share data):

 

 

Three Months Ending

 

 

December 31, 2020

Revenue

 

$26.5 to $28.5

GAAP Net loss

 

($17.2) to ($16.2)

Adjusted EBITDA loss

 

($8.9) to ($7.4)

Non-GAAP net loss

 

($9.3) to ($7.8)

GAAP Weighted-average shares basic and diluted

 

23.00 to 23.10

GAAP Net loss per share basic and diluted

 

($0.75) to ($0.70)

Non-GAAP Weighted-average shares basic and diluted

 

23.00 to 23.10

Non-GAAP Net loss per share basic and diluted

 

($0.40) to ($0.34)

A reconciliation between GAAP and non-GAAP is provided in the “Non-GAAP Financial Measures” section below.

Conference Call Information

Impinj will host a conference call today, Oct. 28, 2020 at 5:00 p.m. ET / 2:00 p.m. PT for analysts and investors to ask questions on its third quarter 2020 results. Open to the public, investors may access the call by dialing +1-412-317-5196. A live webcast of the conference call will also be accessible on our website at investor.impinj.com. Following the webcast, an archived version will be available on the website for one year. A telephonic replay of the call will be available one hour after the call and will run for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 10148757.

Managements prepared written remarks, along with quarterly financial data, will be made available on our website at investor.impinj.com commensurate with this release.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the market for RAIN RFID, our strategy, prospects, the impact of Covid-19, and financial considerations for fourth quarter of 2020 and future periods.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.

The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.

About Impinj

Impinj (NASDAQ: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things such as apparel, automobile parts, luggage, and shipments to the Internet. The Impinj platform uses RAIN RFID to deliver timely data about these everyday things to business and consumer applications, enabling a boundless Internet of Things. www.impinj.com

Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.

IMPINJ, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value, unaudited)

 

September 30, 2020

 

December 31, 2019 (1)

Assets:

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

40,063

 

 

$

66,898

 

Short-term investments

 

65,057

 

 

 

49,597

 

Accounts receivable, net

 

17,730

 

 

 

23,735

 

Inventory

 

37,982

 

 

 

34,153

 

Prepaid expenses and other current assets

 

3,339

 

 

 

2,386

 

Total current assets

 

164,171

 

 

 

176,769

 

Property and equipment, net

 

16,365

 

 

 

17,442

 

Operating lease right-of-use assets

 

14,472

 

 

 

16,501

 

Other non-current assets

 

1,193

 

 

 

453

 

Goodwill

 

3,881

 

 

 

3,881

 

Total assets

$

200,082

 

 

$

215,046

 

Liabilities and stockholders’ equity:

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

8,597

 

 

$

5,600

 

Accrued compensation and employee related benefits

 

4,062

 

 

 

5,859

 

Accrued liabilities

 

2,334

 

 

 

3,755

 

Current portion of operating lease liabilities

 

3,618

 

 

 

3,380

 

Current portion of deferred revenue

 

953

 

 

 

551

 

Other current liabilities

 

19

 

 

 

352

 

Total current liabilities

 

19,583

 

 

 

19,497

 

Long-term debt, net of current portion

 

53,595

 

 

 

50,876

 

Operating lease liabilities, net of current portion

 

16,160

 

 

 

18,907

 

Deferred revenue, net of current portion

 

260

 

 

 

213

 

Long-term liabilities other

 

1,056

 

 

 

314

 

Total liabilities

 

90,654

 

 

 

89,807

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock, $0.001 par value

 

23

 

 

 

22

 

Additional paid-in capital

 

408,342

 

 

 

387,926

 

Accumulated other comprehensive income

 

12

 

 

 

34

 

Accumulated deficit

 

(298,949

)

 

 

(262,743

)

Total stockholders’ equity

 

109,428

 

 

 

125,239

 

Total liabilities and stockholders’ equity

$

200,082

 

 

$

215,046

 

(1) Certain immaterial amounts on our condensed consolidated balance sheets in prior periods have been reclassified to conform with current period presentation.

 

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Revenue

 

$

28,196

 

 

$

40,762

 

 

$

102,475

 

 

$

112,015

 

 

Cost of revenue

 

 

14,824

 

 

 

20,981

 

 

 

54,749

 

 

 

57,945

 

 

Gross profit

 

 

13,372

 

 

 

19,781

 

 

 

47,726

 

 

 

54,070

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

11,901

 

 

 

10,344

 

 

 

33,619

 

 

 

27,678

 

 

Sales and marketing

 

 

6,964

 

 

 

7,842

 

 

 

20,577

 

 

 

24,579

 

 

General and administrative

 

 

7,527

 

 

 

5,503

 

 

 

26,215

 

 

 

16,653

 

 

Total operating expenses

 

 

26,392

 

 

 

23,689

 

 

 

80,411

 

 

 

68,910

 

 

Loss from operations

 

 

(13,020

)

 

 

(3,908

)

 

 

(32,685

)

 

 

(14,840

)

 

Other income, net

 

 

49

 

 

 

317

 

 

 

584

 

 

 

947

 

 

Interest expense

 

 

(1,360

)

 

 

(413

)

 

 

(4,021

)

 

 

(1,263

)

 

Loss before income taxes

 

 

(14,331

)

 

 

(4,004

)

 

 

(36,122

)

 

 

(15,156

)

 

Income tax expense

 

 

(15

)

 

 

(77

)

 

 

(84

)

 

 

(151

)

 

Net loss

 

$

(14,346

)

 

$

(4,081

)

 

$

(36,206

)

 

$

(15,307

)

 

Net loss per share basic and diluted

 

$

(0.63

)

 

$

(0.19

)

 

$

(1.60

)

 

$

(0.70

)

 

Weighted-average shares basic and diluted

 

 

22,931

 

 

 

21,961

 

 

 

22,686

 

 

 

21,738

 

 

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(36,206

)

 

$

(15,307

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

3,402

 

 

 

3,637

 

Stock-based compensation

 

 

15,501

 

 

 

11,813

 

Accretion of discount or amortization of premium on short-term investments

 

 

85

 

 

 

(464

)

Amortization of debt issuance costs and debt discount

 

 

2,719

 

 

 

51

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

6,005

 

 

 

(6,341

)

Inventory

 

 

(3,829

)

 

 

8,451

 

Prepaid expenses and other assets

 

 

(1,637

)

 

 

(222

)

Deferred revenue

 

 

449

 

 

 

114

 

Accounts payable

 

 

2,608

 

 

 

1,508

 

Accrued compensation and employee related benefits

 

 

(1,797

)

 

 

(2,440

)

Operating lease right-of-use assets

 

 

2,029

 

 

 

1,505

 

Operating lease liabilities

 

 

(2,509

)

 

 

(2,255

)

Accrued liabilities and other liabilities

 

 

(372

)

 

 

164

 

Net cash provided by (used in) operating activities

 

 

(13,552

)

 

 

214

 

Investing activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(57,298

)

 

 

(59,036

)

Proceeds from maturities of investments

 

 

41,675

 

 

 

51,794

 

Purchases of property and equipment

 

 

(2,336

)

 

 

(971

)

Net cash used in investing activities

 

 

(17,959

)

 

 

(8,213

)

Financing activities:

 

 

 

 

 

 

 

 

Principal payments on finance lease obligations

 

 

(240

)

 

 

(410

)

Payments on term and equipment loans

 

 

 

 

 

(4,222

)

Proceeds from term loans, net of debt issuance costs

 

 

 

 

 

3,991

 

Proceeds from exercise of stock options and employee stock purchase plan

 

 

4,916

 

 

 

8,041

 

Net cash provided by financing activities

 

 

4,676

 

 

 

7,400

 

Net decrease in cash and cash equivalents

 

 

(26,835

)

 

 

(599

)

Cash and cash equivalents

 

 

 

 

 

 

 

 

Beginning of period

 

 

66,898

 

 

 

17,530

 

End of period

 

$

40,063

 

 

$

16,931

 

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, our key non-GAAP performance measures include adjusted EBITDA and non-GAAP net income (loss), as defined below. We use adjusted EBITDA and non-GAAP net income (loss) as key measures to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operating plans. We believe these measures provide useful information for period-to-period comparisons of our business to allow investors and others to understand and evaluate our operating results in the same manner as our management and board of directors. Our presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from similarly termed non-GAAP measures used by other companies.

Adjusted EBITDA

We define adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation; investigation costs; restructuring costs; settlement and related costs; other income, net; interest expense; loss on debt extinguishment; and income tax benefit (expense). In fourth-quarter 2019, we revised our definition of adjusted EBITDA to exclude loss on debt extinguishment incurred in connection with the December 2019 repayment of our senior credit facility. In second-quarter 2020, we revised our definition of adjusted EBITDA to exclude litigation settlement costs for the class-action and derivative lawsuits, including related costs. We have excluded these costs and expenses because we do not believe they reflect our core operations and us excluding them enables more consistent evaluation of our operating performance. Neither revision to the definition of adjusted EBITDA impacted adjusted EBITDA previously reported for prior periods preceding the revisions.

Non-GAAP Net Income (Loss)

We define non-GAAP net income (loss) as net income (loss), excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation; investigation costs; restructuring costs; settlement and related costs; amortization of debt discount related to the equity component of our convertible notes; and prepayment penalty on debt extinguishment. In fourth-quarter 2019, we revised our definition of non-GAAP net income (loss) to exclude the prepayment penalty on debt extinguishment incurred in connection with the December 2019 repayment of our senior credit facility and amortization of debt discount related to the equity component of the 2019 Notes. We have revised the prior period non-GAAP net income (loss) to conform to our current period presentation. In second-quarter 2020, we revised our definition of non-GAAP net income (loss) to exclude litigation settlement costs for the class-action and derivative lawsuits, including related costs. Excluding settlement and related costs did not impact non-GAAP net income (loss) previously reported for prior periods preceding the revision.

GAAP requires that certain convertible debt instruments that may be settled in cash on conversion be accounted for as separate liability and equity components in a manner that reflects our non-convertible debt borrowing rate. This accounting results in the debt component being treated as though it was issued at a discount, with the debt discount being amortized as additional non-cash interest expense over the debt instrument term using the effective interest method. As a result, we believe that excluding this non-cash interest expense attributable to the debt discount in calculating our non-GAAP net income (loss) is useful because this interest expense is not indicative of our ongoing operational performance.

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except percentages, unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

GAAP Gross margin

 

 

47.4

%

 

 

48.5

%

 

 

46.6

%

 

 

48.3

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

1.9

%

 

 

1.2

%

 

 

1.3

%

 

 

1.4

%

Stock-based compensation

 

 

0.8

%

 

 

0.5

%

 

 

0.6

%

 

 

0.4

%

Non-GAAP Gross margin

 

 

50.1

%

 

 

50.2

%

 

 

48.5

%

 

 

50.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net loss

 

$

(14,346

)

 

$

(4,081

)

 

$

(36,206

)

 

$

(15,307

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

1,108

 

 

 

1,220

 

 

 

3,402

 

 

 

3,637

 

Stock-based compensation

 

 

5,683

 

 

 

4,793

 

 

 

15,501

 

 

 

11,813

 

Other income, net

 

 

(49

)

 

 

(317

)

 

 

(584

)

 

 

(947

)

Interest expense

 

 

1,360

 

 

 

413

 

 

 

4,021

 

 

 

1,263

 

Income tax expense

 

 

15

 

 

 

77

 

 

 

84

 

 

 

151

 

Settlement and related costs

 

 

 

 

 

 

 

 

5,359

 

 

 

 

Adjusted EBITDA

 

$

(6,229

)

 

$

2,105

 

 

$

(8,423

)

 

$

610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net loss

 

$

(14,346

)

 

$

(4,081

)

 

$

(36,206

)

 

$

(15,307

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

1,108

 

 

 

1,220

 

 

 

3,402

 

 

 

3,637

 

Stock-based compensation

 

 

5,683

 

 

 

4,793

 

 

 

15,501

 

 

 

11,813

 

Amortization of debt discount

 

 

897

 

 

 

 

 

 

2,637

 

 

 

 

Settlement and related costs

 

 

 

 

 

 

 

 

5,359

 

 

 

 

Non-GAAP Net income (loss)

 

$

(6,658

)

 

$

1,932

 

 

$

(9,307

)

 

$

143

 

Non-GAAP Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.29

)

 

$

0.09

 

 

$

(0.41

)

 

$

0.01

 

Diluted

 

$

(0.29

)

 

$

0.08

 

 

$

(0.41

)

 

$

0.01

 

GAAP and non-GAAP Weighted-average shares basic

 

 

22,931

 

 

 

21,961

 

 

 

22,686

 

 

 

21,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Weighted-average shares diluted

 

 

22,931

 

 

 

21,961

 

 

 

22,686

 

 

 

21,738

 

Dilutive shares from stock plans

 

 

 

 

 

894

 

 

 

 

 

 

658

 

Non-GAAP Weighted-average shares diluted

 

 

22,931

 

 

 

22,855

 

 

 

22,686

 

 

 

22,396

 

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK

(in thousands, except per share data, unaudited “ calculated at the midpoint of the outlook range)

 

 

 

Three Months Ending

 

 

 

December 31,

 

 

 

2020

 

GAAP Net loss

 

$

(16,700

)

Adjustments:

 

 

 

 

Forecasted Depreciation

 

 

1,200

 

Forecasted Stock-based compensation

 

 

6,000

 

Forecasted Interest expense

 

 

1,400

 

Forecasted Other income, net

 

 

(50

)

Forecasted Income tax expense

 

 

 

Adjusted EBITDA loss

 

$

(8,150

)

 

 

 

 

 

GAAP Net loss

 

$

(16,700

)

Adjustments:

 

 

 

 

Forecasted Depreciation

 

 

1,200

 

Forecasted Stock-based compensation

 

 

6,000

 

Forecasted Accretion of debt discount

 

 

950

 

Non-GAAP Net loss

 

$

(8,550

)

 

 

 

 

 

GAAP Net loss per share basic and diluted

 

$

(0.72

)

Non-GAAP Net loss per share basic and diluted

 

$

(0.37

)

 

 

 

 

 

GAAP weighted-average shares basic and diluted

 

 

23,050

 

Non-GAAP weighted-average shares basic and diluted

 

 

23,050

 

 

Investor Relations

+1-206-315-4470

[email protected]

Media Relations

Jill West

Sr. Director, Marketing & Communications

+1 206-834-1110

[email protected]

News

Partnership to Fight Infectious Disease Urges Prioritization of National Pandemic Preparedness Strategy 

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The Partnership to Fight Infectious Disease (PFID) today sent an open letter to President-elect Joe Biden and his incoming administration to prioritize the buildout of a National Pandemic Preparedness Strategy. The Partnership is a group of patients, providers, health policy experts, community organizations, and business and labor groups that have joined together to raise awareness of threats posed by infectious disease, now a very stark reality in the U.S., as well as advance solutions to ensure future pandemic preparedness.

Amid this pandemic, which has already claimed more than 270,000 American lives, our country has witnessed firsthand the health, economic and societal impacts of national health emergencies. The need to improve pandemic preparedness now, in order to prevent or otherwise lessen the impact of current and future national health emergencies, has never been more apparent, wrote Ken Thorpe, PFID advisory board member and Chairman of the Partnership to Fight Chronic Disease.

In the detailed letter, also delivered to Senate Majority Leader Mitch McConnell and Speaker of the House Nancy Pelosi, the Partnership outlined the key elements required for a successful National Pandemic Preparedness Strategy:

  • Address the needs of front-line workers;
  • Address existing and growing public health threats associated with pandemics;
  • Address the current and growing crisis of antimicrobial resistance (AMR);
  • Support a health care infrastructure that ensures access for all and addresses challenges to achieving health equity; and
  • Encourage the public and private sectors to work collaboratively.

The Partnership stressed the clear need to deal with the current crisis but with a vision for how to optimize lessons learned to mitigate future risks. Among several ideas, the group highlighted the need to support investment in medical products critical to preventing future pandemics and ensuring that front line medical staff have all the resources they need to save lives, including life-saving antibiotics.

Further, the Partnership contends that the preparedness strategy must facilitate access to health care for Americas most vulnerable populations elevating the importance of investment in telehealth systems that enable patients to access medical are remotely. The letter also highlighted considerations to address the behavioral health impacts associated with infectious disease outbreaks and expressed that the strategy should also be supported with a national communications plan to disseminate consistent, credible information about ongoing and emerging public health threats.

Without effective planning, we may one day face an infectious disease crisis even more deadly and disruptive than COVID-19, concluded Thorpe.

Read the full letter here.

To learn more about the Partnership to Fight Infectious Disease visit www.fightinfectiousdisease.org, on Twitter @ThePFID and LinkedIn.

The Partnership to Fight Infectious Disease (PFID) is a group of patients, providers, community organizations, business and labor groups, and health policy experts working to advance awareness and action on antimicrobial resistance. As an initiative of the Partnership to Fight Chronic Disease, PFID is focusing on the impact of this growing issue on our population and health care system.

Media Contact:

Jennifer Burke

[email protected]

301.801.9847

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SCHOTT Joins the NKBA Global Connect Program to Accelerate North American Growth

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SCHOTT, the inventor of specialty glass, has joined the National Kitchen & Bath Association (NKBA) Global Connect Subscription program to accelerate growth in North America. SCHOTT will tap into the NKBAs 50,000 strong membership to gain a stronger foothold in the kitchen and bath industry, leverage the programs expertise, and expand the companys opportunity to equip manufacturers with glass materials for current and future designs.

The NKBA Global Connect program will help SCHOTT deepen its ties with North American manufacturers and experts in the kitchen and bath industry, said Kathrin Becker, Marketing Director SCHOTT CERAN. Were honored to join the program and look forward to utilizing NKBAs deep-rooted expertise in this space.

SCHOTT introduced the first black glass-ceramic cooktop panels under the SCHOTT CERAN brand in 1971. Since, the company has manufactured and sold over 180 million units and made SCOTT AG a recognized consumer brand. SCHOTT CERAN is extremely durable and heat resistant, standing up to sudden temperature shocks in the range of up to 700 degrees Celsius without difficulty. Further, it puts up with the normal wear and tear of the kitchen and everyday cooking without losing any of its stability, which makes for a pleasant cooking experience.

The NKBA Global Connect Subscription program offers a robust package of resources and connections to help international brands enter the North American kitchen and bath marketplace. Access to industry experts, proprietary NKBA market data, North American design and construction insights, VIP events and networking programs give NKBA Global Connect Subscribers a unique view into the market before they commit to launch.

We are pleased to welcome the SCHOTT AG into the NKBA Global Connect program, said Suzie Williford, EVP and Chief Strategy Officer, NKBA. We have built an outstanding program, designed to help marketers navigate the vast North American kitchen and bath market and its exciting to see it embraced. SCHOTT CERAN brings a wealth of technological capabilities and partnerships that are sure to positively impact many aspects of the market.

About SCHOTT SCHOTT is a leading international technology group in the areas of specialty glass, glass-ceramics and related high-tech materials. With over 130 years of experience, the company is an innovative partner to many industries, including the home appliance, pharma, electronics, optics, life sciences, automotive and aviation industries. SCHOTT has a global presence with production sites and sales offices in 34 countries. In the 2018/2019 fiscal year, the group generated sales of around $2.54 billion with over 16,200 employees.

About NKBA Global Connect The NKBA Global Connect goal is to expand visibility of the NKBA and the Associations premier trade show event the Kitchen & Bath Industry Show (KBIS) internationally with design professionals, brands, influencers and other industry constituents. The initiative is designed to facilitate discussion on conducting business and participating in trade development events in North America and, conversely, in Europe and beyond for North American brands looking to extend their global footprint.

About the National Kitchen & Bath Association and the Kitchen & Bath Industry Show The National Kitchen & Bath Association (NKBA) is the not-for-profit trade association that owns the Kitchen & Bath Industry Show (KBIS), as part of Design & Construction Week (DCW). With nearly 50,000 members in all segments of the kitchen and bath and design and remodeling industry, the NKBA has educated and led the industry since the associations founding in 1963. The NKBA envisions a world where everyone enjoys safe, beautiful and functional kitchen and bath spaces. The mission of the NKBA is to inspire, lead and empower the kitchen and bath industry through the creations of certifications, specialty badges, marketplaces and networks. For more information, visit www.NKBA.org or call 1-800-THE-NKBA (843-6522).

KBIS and NKBA are registered trademarks of the National Kitchen & Bath Association.

SCHOTT North America, Inc.

Rina Della Vecchia

555 Taxter Road

Elmsford, NY 10523

USA

Phone: 914-831-2286

E-mail

https://www.us.schott.com

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News

Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against JOYY Inc. (YY)

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Glancy Prongay & Murray LLP (GPM) reminds investors of the upcoming January 19, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired (JOYY or the Company) (NASDAQ: YY) securities between April 28, 2016 and November 18, 2020 inclusive (the Class Period).

If you suffered a loss on your JOYY investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/joyy-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On November 18, 2020, Muddy Waters Research published a report entitled “YY: You Can’t Make This Stuff Up. Well¦Actually You Can, alleging that the Company “is a multibillion-dollar fraud.” The report concluded that YY’s component businesses are a fraction of the size it reports, and that the company’s reported user metrics, revenues, and cash balances are predominantly fraudulent[,]” and that “[a]pproximately 84% of YY’s reported consolidated revenue appears to be fraudulent.”

On this news, JOYY American depositary shares (“ADSs”) price fell $26.53 per ADS, or 26%, to close at $73.66 per ADS on November 18, 2020.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) JOYY dramatically overstated its revenues from live streaming sources; (2) the majority of users at any given time were bots; (3) the Company utilized these bots to effect a roundtripping scheme that manufactured the false appearance of revenues; (4) the Company overstated its cash reserves; (5) the Companys acquisition of Bigo was largely contrived to benefit corporate insiders; and (6) as a result, Defendants public statements were materially false and/or misleading at all relevant times.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired JOYY securities during the Class Period, you may move the Court no later than January 19, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los Angeles

Charles Linehan, 310-201-9150 or 888-773-9224

[email protected]

www.glancylaw.com

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
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