Connect with us

Business Wire

voxeljet AG Reports Financial Results for the First Quarter Ended March 31, 2019

Business Wire

Published

on

Reading Time: 13 minutes

FRIEDBERG, Germany–(BUSINESS WIRE)–voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a leading
provider of high-speed, large-format 3D printers and on-demand parts
services to industrial and commercial customers, today announced
consolidated financial results for the first quarter ended March 31,
2019.

Highlights – First Quarter 2019(1)

  • Total revenues for the first quarter increased 10.2% to kEUR 5,565
    from kEUR 5,052
  • Gross profit margin decreased to 34.4% from 42.2% to kEUR 1,913 from
    kEUR 2,133
  • Systems revenues increased 75.6% to kEUR 2,415 from kEUR 1,375
  • Services revenues decreased 14.3% to kEUR 3,150 from kEUR 3,677
  • Reaffirm full year 2019 guidance

(1)Certain comparative figures for the 3-month
period ended March 31, 2018 were restated
 for immaterial
errors. For further information, see Note 9 of the Q3-2018 condensed
consolidated interim financial statements.

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We had
a strong first quarter with results that confirm why we are so excited
about our potential to establish a new manufacturing standard. Just
recently, we installed the first print engine into VJET X: This print
engine is the heart of our new additive mass manufacturing solution and
I firmly believe one of the most advanced piece of technology in the
whole additive manufacturing industry. The shifts we have made to our
business and our deeper focus on the three core areas of innovation,
integration and speed are igniting the next phase of growth and
profitability for voxeljet.”

First Quarter 2019 Results

Revenues for the first quarter of 2019 increased by 10.2% to kEUR 5,565
compared to kEUR 5,052 in the first quarter of 2018.

Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, increased 75.6% to kEUR 2,415 in the
first quarter of 2019 from kEUR 1,375 in last year’s first quarter. The
Company delivered two new and one used and refurbished 3D printer in the
first quarter of 2019, compared to two used and refurbished printers
delivered in last year’s first quarter. Systems revenues also include
all Systems-related revenues from consumables, spare parts and
maintenance. The increase of revenues from our Systems segment was
mainly due to higher revenues from Systems-related revenues, while
revenue from the sale of 3D printers slightly increased. The increase of
Systems-related revenues reflects the higher installed base of 3D
printers in the market and the associated growth in aftersales
activities. Systems revenues represented 43.4% of total revenues in the
first quarter of 2019 compared to 27.2% in last year’s first quarter.

Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, decreased 14.3% to kEUR 3,150 in the
first quarter of 2019 from kEUR 3,677 in the comparative period of 2018.
This was mainly due to lower revenue contributions from our German
operation. We received a lower number of orders mainly reflecting a
lower demand from the automotive industry. This was partially offset by
increased revenue contributions from our subsidiary voxeljet America
Inc. (“voxeljet America”). The increase in revenue at our American
service center was mainly attributable to a volume contract which we
entered into during the second quarter of 2018.

Cost of sales was kEUR 3,652 for the first quarter of 2019 compared to
kEUR 2,919 for the first quarter of 2018.

Gross profit and gross profit margin were kEUR 1,913 and 34.4%,
respectively, in the first quarter of 2019 compared to kEUR 2,133 and
42.2%, respectively in the first quarter of 2018.

Gross profit for our Systems segment increased to kEUR 829 in the first
quarter of 2019 from kEUR 381 in the first quarter of 2018. Gross profit
margin for this segment increased to 34.3% in the first quarter of 2019
compared to 27.7% in the first quarter of 2018. This was mainly due to
higher gross profit margin contributions from Systems-related revenues
resulting from a more favorable ratio of revenues to fixed costs
compared to last year’s first quarter.

Gross profit for our Services segment significantly decreased to
kEUR 1,084 in the first quarter of 2019 compared to kEUR 1,752 in the
first quarter of 2018. The gross profit margin for this segment
decreased to 34.4% in the first quarter of 2019 from 47.6% in the first
quarter of 2018. This was mainly related to lower gross profit margin
from the German service center as a result of lower utilization. Our
subsidiary voxeljet America also contributed lower gross profit margin
due to higher depreciation expense, as we added additional 3D printers
to our American service center during the third quarter of 2018,
including one VX4000 system.

Selling expenses remained nearly unchanged at kEUR 1,676 for the first
quarter of 2019 compared to kEUR 1,736 in the first quarter of 2018,
despite an increase in revenues. We incurred higher shipping and
packaging expenses, which vary from quarter to quarter depending on
quantity and types of products, as well as the destinations where those
goods are being delivered.

Administrative expenses were kEUR 1,439 for the first quarter of 2019
compared to kEUR 1,232 in the first quarter of 2018. This was mainly due
to an increase in headcount resulting in higher personnel expenses as
part of management’s remediation efforts on the material weakness
identified in the prior year. In addition, we incurred higher consulting
fees as part of our project to expand our Enterprise Resource Planning
(“ERP”) system. We have hired additional employees in the IT-Team for
the management of SAP ERP system related tasks.

Research and development (“R&D”) expenses increased to kEUR 1,705 in the
first quarter of 2019 from kEUR 1,597 in the first quarter of 2018. The
increase of kEUR 108 was mainly due to higher personnel expenses as a
result of a slight increase in headcount.

Other operating expenses in the first quarter of 2019 were kEUR 13
compared to kEUR 358 in the prior year period. This was mainly due to
lower losses from foreign currency transaction for the first quarter of
2019 compared to the first quarter of 2018.

Other operating income was kEUR 978 for the first quarter of 2019
compared to kEUR 402 in the first quarter of 2018. The increase was
mainly due to higher gains from foreign currency transactions.

The changes in foreign currency gains and losses were primarily driven
by the valuation of the intercompany loans granted by the parent company
to our UK and US subsidiaries.

Operating loss was kEUR 1,942 in the first quarter of 2019, compared to
an operating loss of kEUR 2,388 in the comparative period in 2018. The
improvement was primarily related to a significant increase of other
operating income partially offset by a lower gross profit.

Financial result was negative kEUR 858 in the first quarter of 2019,
compared to a financial result of positive kEUR 678 in the comparative
period in 2018. The significant decrease was mainly driven by the
revaluation of the derivative financial instruments in connection with
the European Investment Bank loan.

Net loss for the first quarter of 2019 was kEUR 2,788 or EUR 0.57 per
share, as compared to net loss of kEUR 1,716, or EUR 0.46 per share, in
the first quarter of 2018.

Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss was at EUR 0.11 per ADS for the first
quarter of 2019, compared to a net loss of EUR 0.09 per ADS for the
first quarter of 2018. Earnings per share is computed by dividing net
income attributable to stockholders of the parent by the
weighted-average number of ordinary shares outstanding during the
periods. Earnings per ADS is calculated by dividing the above earnings
per share by five as each ordinary share represents five ADSs.

Business Outlook

Our revenue guidance for the second quarter of 2019 is expected to be in
the range of kEUR 5,000 to kEUR 5,250.

We reaffirm our guidance for the full year ending December 31, 2019:

  • Full year revenue is expected to be in the range of kEUR 27,000 to
    kEUR 30,000
  • Gross margin is expected to be above 40%
  • Operating expenses for the full year are expected as follows: selling
    and administrative expenses are expected to be in the range of
    kEUR 12,000 to kEUR 12,500 and R&D expenses are projected to be
    between approximately kEUR 5,500 and kEUR 6,000. Depreciation and
    amortization expense is expected to be between kEUR 3,750 and
    kEUR 4,000.
  • Adjusted EBITDA for the second half of the year ending December 31,
    2019 is expected to be neutral-to-positive. Adjusted EBITDA is defined
    as net income (loss), as calculated under IFRS accounting principles
    before interest (income) expense, provision (benefit) for income
    taxes, depreciation and amortization, and excluding other operating
    (income) expense resulting from foreign exchange gains or losses on
    the intercompany loans granted to the subsidiaries.
  • Capital expenditures are projected to be in the range of kEUR 2,000 to
    kEUR 2,500, which primarily includes ongoing investments in our global
    subsidiaries.

Our total backlog of 3D printer orders at March 31, 2019 was kEUR 3,422,
which represents six 3D printers. This compares to a backlog of kEUR
3,392 representing six 3D printers, at December 31, 2018. As production
and delivery of our printers is generally characterized by lead times
ranging between three to nine months, the conversion rate of order
backlog into revenue is dependent on the equipping process for the
respective 3D printer as well as the timing of customers’ requested
deliveries.

At March 31, 2019, we had cash and cash equivalents of kEUR 8,482 and
held kEUR 8,924 of investments in bond funds and kEUR 1,253 in one note
receivable, which are included in current financial assets on our
consolidated statements of financial position.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the
results for the first quarter on Friday, May 17, 2019 at 8:30 a.m.
Eastern Time. Participants from voxeljet will include its Chief
Executive Officer, Dr. Ingo Ederer, and its Chief Financial Officer,
Rudolf Franz, who will provide a general business update and respond to
investor questions.

Interested parties may access the live audio broadcast by dialing
1-877-705-6003 in the United States/Canada, or 1-201-493-6725 for
international, Conference Title “voxeljet AG First Quarter 2019
Financial Results Conference Call”. Investors are requested to access
the call at least five minutes before the scheduled start time in order
to complete a brief registration. An audio replay will be available
approximately two hours after the completion of the call at
1-844-512-2921 or 1-412-317-6671, Replay Conference ID number 13690018.
The recording will be available for replay through May 24, 2019.

A live webcast of the call will also be available on the investor
relations section of the Company’s website. Please go to the website https://event.webcasts.com/starthere.jsp?ei=1241565&tp_key=90fb6173de
at least fifteen minutes prior to the start of the call to register,
download and install any necessary audio software. A replay will also be
available as a webcast on the investor relations section of the
Company’s website.

Non-IFRS Measure

The Company uses Adjusted EBITDA as a supplemental financial measure of
its financial performance. Adjusted EBITDA is defined as net income
(loss), as calculated under IFRS accounting principles, interest
(income) expense, provision (benefit) for income taxes, depreciation and
amortization, and excluding other (income) expense resulting from
foreign exchange gains or losses on the intercompany loans granted to
the subsidiaries. Management believes Adjusted EBITDA to be an important
financial measure because it excludes the effects of fluctuating foreign
exchange gains or losses on the intercompany loans granted to its
subsidiaries. We are unable to reasonably estimate the potential
full-year financial impact of foreign currency translation because of
volatility in foreign exchange rates. Therefore, we are unable to
provide a reconciliation our forward-looking guidance for non-GAAP
Adjusted EBITDA without unreasonable effort as certain information
necessary to calculate such measure on an IFRS basis is unavailable,
dependent on future events outside of our control and cannot be
predicted without unreasonable efforts by the Company.

Management regularly uses both IFRS and non-IFRS results and
expectations internally to assess its overall performance of the
business, making operating decisions, and forecasting and planning for
future periods. Management believes that Adjusted EBITDA is a useful
financial measure to the Company’s investors as it helps investors
better understand and evaluate the projections our management board
provides. The Company’s calculation of Adjusted EBITDA may not be
comparable to similarly titled financial measures reported by other peer
companies. Adjusted EBITDA should not be considered as a substitute to
financial measures prepared in accordance with IFRS.

Exchange rate

This press release contains translations of certain U.S. dollar amounts
into euros at specified rates solely for the convenience of readers.
Unless otherwise noted, all translations from U.S. dollars to euros in
this press release were made at a rate of USD 1.1235 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
March 31, 2019.

About voxeljet

voxeljet is a leading provider of high-speed, large-format 3D
printers and on-demand parts services to industrial and commercial
customers. The Company’s 3D printers employ a powder binding, additive
manufacturing technology to produce parts using various material sets,
which consist of particulate materials and proprietary chemical binding
agents. The Company provides its 3D printers and on-demand parts
services to industrial and commercial customers serving the automotive,
aerospace, film and entertainment, art and architecture, engineering and
consumer product end markets. For more information, visit http://www.voxeljet.de/en/.

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements concerning our
business, operations and financial performance. Any statements that are
not of historical facts may be deemed to be forward-looking statements.
You can identify these forward-looking statements by words such as
‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘projects,’’
‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’
‘‘should,’’ ‘‘aims,’’ or other similar expressions that convey
uncertainty of future events or outcomes. Forward-looking statements
include statements regarding our intentions, beliefs, assumptions,
projections, outlook, analyses or current expectations concerning, among
other things, our results of operations, financial condition, business
outlook, the industry in which we operate and the trends that may affect
the industry or us. Although we believe that we have a reasonable basis
for each forward-looking statement contained in this press release, we
caution you that forward-looking statements are not guarantees of future
performance. All of our forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that are in some
cases beyond our control and that may cause our actual results to differ
materially from our expectations, including those risks identified under
the caption “Risk Factors” in the Company’s Annual Report on Form 20-F
and in other reports the Company files with the U.S. Securities and
Exchange Commission, as well as the risk that our revenues may fall
short of the guidance we have provided in this press release. Except as
required by law, the Company undertakes no obligation to publicly update
any forward-looking statements for any reason after the date of this
press release whether as a result of new information, future events or
otherwise.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

     
Notes 3/31/2019 12/31/2018 (1)
(€ in thousands)
unaudited
Current assets 36,519 37,936
Cash and cash equivalents 7 8,482 7,402
Financial assets 7 10,177 12,905
Trade receivables, net 4,857 6,030
Inventories 4 11,156 10,064
Income tax receivables 37 13
Other assets 1,810 1,522
 
Non-current assets 35,371 31,416
Financial assets 7 1,632 2,234
Intangible assets 1,404 1,420
Property, plant and equipment, net 2, 5 32,255 27,675
Investments in joint venture 32 33
Other assets 48 54
   
Total assets 71,890 69,352
     
Notes 3/31/2019 12/31/2018 (1)
 
Current liabilities 6,732 6,302
Trade payables 7 2,507 2,945
Contract liabilities 7 1,027 817
Financial liabilities 2, 7 1,377 850
Other liabilities and provisions 6 1,821 1,690
 
Non-current liabilities 20,780 16,575
Deferred tax liabilities 63 76
Financial liabilities 2, 7 20,539 16,321
Other liabilities and provisions 6 178 178
 
Equity 44,378 46,475
Subscribed capital 4,836 4,836
Capital reserves 87,572 86,803
Accumulated deficit (49,184) (46,400)
Accumulated other comprehensive income 907 1,201
Equity attributable to the owners of the company 44,131 46,440
Non-controlling interest 247 35
Total equity and liabilities 71,890 69,352

See accompanying notes to unaudited condensed consolidated interim
financial statements.

(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this approach,
comparative information is not restated and the cumulative effect of
initially applying IFRS 16 is recognized in retained earnings at the
date of initial application. For further information, see Note 2 of the
condensed consolidated interim financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

     
Three months ended March 31,
Notes 2019 2018 (1) (2)
(€ in thousands except share and share data)
Revenues 9, 10 5,565 5,052
Cost of sales (3,652) (2,919)
Gross profit 9 1,913 2,133
Selling expenses (1,676) (1,736)
Administrative expenses (1,439) (1,232)
Research and development expenses (1,705) (1,597)
Other operating expenses (13) (358)
Other operating income 978 402
Operating loss (1,942) (2,388)
Finance expense 8 (917) (268)
Finance income 8 59 946
Financial result 8 (858) 678
Loss before income taxes (2,800) (1,710)
Income taxes 12 (6)
Net loss (2,788) (1,716)
 
Debt investment at FVOCI – net change in fair value 106 (15)
Foreign currency translation differences (400) (64)
Other comprehensive income (294) (79)
Total comprehensive loss (3,082) (1,795)
 
Loss attributable to:
Owners of the Company (2,784) (1,710)
Non-controlling interests (4) (6)
(2,788) (1,716)
 
Total comprehensive loss attributable to:
Owners of the Company (3,078) (1,789)
Non-controlling interests (4) (6)
(3,082) (1,795)
 
Weighted average number of ordinary shares outstanding 4,836,000 3,720,000
Loss per share – basic/ diluted (EUR) (0.58) (0.46)

See accompanying notes to unaudited condensed consolidated interim
financial statements.

(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this approach,
comparative information is not restated and the cumulative effect of
initially applying IFRS 16 is recognized in retained earnings at the
date of initial application. For further information, see Note 2 of the
condensed consolidated interim financial statements.

(2)Certain comparative figures for the 3-month period ended
March 31, 2018 were restated for immaterial errors. For further
information, see Note 9 of the Q3-2018 condensed consolidated interim
financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

             
Attributable to the owners of the company
Accumulated
other
Subscribed Capital Accumulated comprehensive Non-controlling
(€ in thousands) capital reserves deficit gain (loss) Total interests Total equity
Balance at December 31, 2017 (2) 3,720 76,227 (37,480) 1,380 43,847 71 43,918
Adjustment on initial application of IFRS 15 (100) (100) (100)
Adjustment on initial application of IFRS 9 (63) (63) (63)
Adjusted balance at January 1, 2018 (2) 3,720 76,227 (37,643) 1,380 43,684 71 43,755
Loss for the period (1,710) (1,710) (6) (1,716)
Net changes in fair value of debt investments at FVOCI (15) (15) (15)
Foreign currency translations (64) (64) (64)
Equity-settled share-based payment 129 129 129
Balance at March 31, 2018 (2) 3,720 76,356 (39,353) 1,301 42,024 65 42,089
             
Attributable to the owners of the company
Accumulated
other
Subscribed Capital Accumulated comprehensive Non-controlling
(€ in thousands) capital reserves deficit gain (loss) Total interests Total equity
Balance at December 31, 2018 (1) 4,836 86,803 (46,400) 1,201 46,440 35 46,475
Loss for the period (2,784) (2,784) (4) (2,788)
Net changes in fair value of debt investments at FVOCI 106 106 106
Foreign currency translations (400) (400) (400)
Equity-settled share-based payment 165 165 165
Share-based payment transaction with the non-controlling shareholder
of a subsidiary
604 604 216 820
Balance at March 31, 2019 4,836 87,572 (49,184) 907 44,131 247 44,378

See accompanying notes to unaudited condensed consolidated interim
financial statements.

(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this approach,
comparative information is not restated and the cumulative effect of
initially applying IFRS 16 is recognized in retained earnings at the
date of initial application. For further information, see Note 2 of the
condensed consolidated interim financial statements.

(2)Certain comparative figures for the 3-month period ended
March 31, 2018 were restated for immaterial errors. For further
information, see Note 9 of the Q3-2018 condensed consolidated interim
financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

   
Three months ended March 31,
2019 2018 (1) (2)
(€ in thousands)
Cash Flow from operating activities
 
Loss for the period (2,788) (1,716)
 
Depreciation and amortization 1,050 841
Foreign currency exchange differences on loans to subsidiaries (769) (61)
Share-based compensation expense 165 129
Change in impairment of trade receivables (28) 10
Non-cash interest expense on long-term debt 205 189
Change in fair value of derivative equity forward 602 (941)
Change in inventory allowance (9) (226)
Other 9
 
Change in working capital (265) 1,578
Trade and other receivables, inventories and current assets 61 (901)
Trade payables (586) (260)
Other liabilities, contract liabilities and provisions 284 2,739
Income tax payable/receivables (24)
Net cash used in operating activities (1,837) (188)
 
Cash Flow from investing activities
 
Payments to acquire property, plant and equipment and intangible
assets
(173) (234)
Proceeds from disposal of financial assets 4,081 2,526
Payments to acquire financial assets (1,235) (6,170)
Proceeds from disposal of property, plant and equipment 22
Net cash from (used in) investing activities 2,695 (3,878)
 
Cash Flow from financing activities
 
Repayment of bank overdrafts and lines of credit (58)
Repayment of sale and leaseback obligation (118)
Repayment of lease liabilities (2018: Repayment of finance lease
obligations)
(77) (12)
Repayment of long-term debt (250) (197)
Proceeds from issuance of long-term debt 500 40
Net cash from (used in) financing activities 173 (345)
 
Net increase (decrease) in cash and cash equivalents 1,031 (4,411)
 
Cash and cash equivalents at beginning of period 7,402 7,569
Changes to cash and cash equivalents due to foreign exchanges rates 49 (18)
Cash and cash equivalents at end of period 8,482 3,140
 
Supplemental Cash Flow Information
Interest paid 66 47
Interest received 43 1

Contacts

Investors and Media
Johannes Pesch
Director Investor
Relations and Business Development
johannes.pesch@voxeljet.de
Office:
+49 821 7483172
Mobile: +49 176 45398316

Read full story here

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

For the last half century, thousands of communications professionals have turned to us to deliver their news to the audiences most important to their business through the sources they trust most. Over that time, we've gone from a single office with one full time employee to more than 500 employees in 32 bureaus.

Business Wire

Dr. Shlee Song, Director of Stroke Center at Cedars-Sinai Medical Center, Addresses Graduates of American University of the Caribbean School of Medicine

Business Wire

Published

on

Reading Time: 3 minutes

PEMBROKE PINES, Fla.–(BUSINESS WIRE)–American University of the Caribbean School of Medicine (AUC) today
celebrated its commencement ceremony at the Watsco Center in Coral
Gables, Florida, and recognized nearly 400 graduates, who join AUC
alumni practicing medicine in all 50 U.S. states and globally.

Shlee Song, M.D., was the keynote speaker. Dr. Song is a 2003 AUC
graduate and, as the Director of Cedars-Sinai Medical Center’s Stroke
Center in Los Angeles, California, oversees one of the busiest stroke
centers in the country.

“AUC has a strong tradition of inviting our alumni to speak at
commencement to encourage and inspire our newest graduates, and show
them just how far their degree can take them. We’re honored to have Dr.
Song be a part of that tradition today,” said Heidi Chumley, M.D.,
executive dean of AUC. “Dr. Song is a true leader in the neurology
field. Her development of a telemedicine program for stroke patients is
increasing access to crucial services, and, as an educator, she helps
train the next generation of neurologists.”

Dr. Song has been with Cedars-Sinai for the past seven years and has
worked on numerous steering committees. She also serves as the principal
investigator on multiple national and international clinical trials, the
most recent of which was published in the Annals of Neurology
using a protocol she helped develop.

As the previous program director for the vascular neurology fellowship
program at Cedars-Sinai, she has trained many stroke neurologists who
practice in the southern California. Additionally, she continues her
educational role as the associate director of the residency program in
the department of neurology.

“American University of the Caribbean School of Medicine was pivotal in
my medical career and the path I ultimately chose to follow,” said Dr.
Song. “I’m proud to join AUC as the keynote speaker for this year’s
commencement.”

After graduating from AUC, Dr. Song completed her neurology residency at
George Washington University Hospital in Washington, D.C., before
conducting a clinical fellowship and stroke research at the National
Institute of Health in Maryland, which is the nation’s medical research
agency, and one of the world’s foremost medical research centers.

About American University of the Caribbean School of Medicine

American University of the Caribbean School of Medicine (AUC) is an
institution of Adtalem Global Education (NYSE: ATGE), a global education
provider headquartered in the United States. AUC’s mission is to train
tomorrow’s physicians, whose service to their communities and their
patients is enhanced by international learning experiences, a diverse
learning community, and an emphasis on social accountability and
engagement. Founded in 1978, AUC has more than 6,500 graduates, many of
whom work in primary care or underserved areas. Dedicated to developing
physicians with a lifelong commitment to patient-centered care, AUC
embraces collaboration, inclusion and community service. With a campus
in Sint Maarten, affiliated teaching hospitals in the United States and
the United Kingdom, and internationally recognized faculty, AUC has a
diverse medical education program for today’s globally minded physician.
For more information visit
aucmed.edu,
follow AUC on Twitter (
@aucmed),
Instagram (
@aucmed_edu)
and Facebook (
@aucmed).

About Adtalem Global Education

The purpose of Adtalem Global Education is to empower students to
achieve their goals, find success, and make inspiring contributions to
our global community. Adtalem Global Education Inc. (NYSE: ATGE; member
S&P MidCap 400 Index) is a leading global education provider and the
parent organization of Adtalem Educacional do Brasil (IBMEC, Damásio and
Wyden institutions), American University of the Caribbean School of
Medicine, Association of Certified Anti-Money Laundering Specialists,
Becker Professional Education, Chamberlain University, EduPristine, Ross
University School of Medicine and Ross University School of Veterinary
Medicine. For more information, please visit adtalem.com and follow us
on Twitter (@adtalemglobal) and LinkedIn.

Contacts

David Irwin
David.irwin@adtalem.com
(312)
906-6701

Continue Reading

Business Wire

Wisconsin Students Crowned America’s Top Rocketeers

Business Wire

Published

on

Reading Time: 3 minutes

Madison West High School team tops 830 rocketry teams from across
America to win the Team America Rocketry Challenge and represent the
United States in Summer 2019 international competition

THE PLAINS, Va.–(BUSINESS WIRE)–Madison West High School of Madison, Wisconsin today took home the top
prize at the world’s largest student rocketry competition – The
Team America Rocketry Challenge
.

The students from Madison West will now represent the United States at
the International Rocketry Challenge at the Paris International Air Show
in June, facing off against teams from France, the UK, and Japan.

“This feels amazing – I didn’t expect us to win today,” said team
captain Jacob Mello. “We really didn’t know each other well at the
beginning of the year, but we became friends and pulled together as a
team. We encouraged each other, which really helped us today. There’s a
lot of pressure to keep up America’s winning streak in the international
competition, but we’re looking forward to it.”

Teams from Madison West now have won the Team America Rocketry Challenge
three times. This year’s team, consisting of Mazelie Passmore (14), Ella
Paulin (15), Ethan Lan (15), Rohan Yethiraj (15), Jacob Mello (15),
Lukas Weinhold (14), Alex Goff (14), and Nathan Wagner (15), posted a
combined score of 10 across their two launches. Persistence played a big
role in the team’s win, as they were still practice launching the week
of the contest.

The team’s victory follows months of preparation designing, building,
and testing a rocket capable of meeting rigorous mission parameters set
by the contest’s sponsors – the Aerospace
Industries Association
(AIA), National
Association of Rocketry
, and more than 20 industry sponsors. This
year’s rules celebrated the 50th anniversary of Apollo 11 by requiring
each rocket to carry three eggs in a separate capsule to symbolize the
three astronauts that made the journey to the Moon and back.

The Top 101 teams, hailing from 25 states from Hawaii to New York,
competed for a total of $100,000 in prize money and scholarships at the
national finals – an all-day event held at Great Meadow in The Plains,
Va., outside of Washington, D.C. The $100,000 prize pool will be split
among the Top 10 teams, with Madison West taking home the top prize of
$20,000 as U.S. champions. In addition, the top twenty-five finishers
receive an invitation to participate in NASA’s Student Launch initiative
to continue their exploration of rocketry with high-powered rockets and
challenging mission parameters.

FAST FACTS ON THE ROCKETRY CHALLENGE:

  • 830 teams from 46 states, the District of Columbia, and the U.S.
    Virgin Islands competed in the 2019 edition of the contest.
  • Since its inception in 2003, the contest has inspired more than 70,000
    middle and high school students to explore education and careers in
    science, technology, engineering, and mathematics (STEM) fields

Originally conceived as a celebration of a century of flight, the Team
America Rocketry Challenge has become AIA’s signature STEM initiative
and is supported by a broad array of aerospace and defense industry
companies – led by Diamond Sponsor Raytheon – who see the challenge as a
way to inspire the next generation of engineers and scientists who will
power the industry.

“Apollo 11 showed what was scientifically possible through teamwork,
ingenuity and problem-solving skills,” said Raytheon Chairman and CEO
Tom Kennedy. “In their own way, the TARC competitors also learned this
valuable lesson. It’s a lesson they can use throughout their studies,
and in careers that have the promise to further push the bounds of
what’s possible in science, technology, engineering, and mathematics.”

“These kids are amazing. They leave no doubt that there’s a bright
future for our industry and our country,” said AIA President and CEO
Eric Fanning. “Providing students the opportunity to work with our
experts and an outlet for their talents is one of the most important
things we can do as an industry. We are rooting for every young woman
and man who competed as they pursue their passions for STEM, and look
forward to cheering on the first place team at the international
competition in Paris a few weeks from now.”

For more information and content, check out the official #TARC19 web,
Facebook,
Twitter
and Instagram
pages.

Contacts

Dan Stohr
dan.stohr@aia-aerospace.org
703-517-8173
(m)

Continue Reading

Business Wire

Dr. Amanda Boag, President of Royal College of Veterinary Surgeons, Addresses Graduates of Ross University School of Veterinary Medicine

Business Wire

Published

on

Reading Time: 3 minutes

BASSETERRE, St. Kitts–(BUSINESS WIRE)–Ross University School of Veterinary Medicine (RUSVM) celebrated its 53rd
commencement ceremony at the Watsco Center in Coral Gables, Florida, on
May 18, 2019. RUSVM graduated more than 400 students, bringing the total
number of RUSVM alumni to more than 5,000.

The keynote address was delivered by Amanda Boag, MA, VETMB, DipECVECC,
DipACVECC, DipACVIM, FHEA, MRCVS, president of the Royal College of
Veterinary Surgeons (RCVS). As a female leader in an industry that is
outpacing the growth of women in medical and other STEM fields, Dr. Boag
shared her experience as a veterinary leader and provided advice for
RUSVM graduates.

According to the Association of American Veterinary Medical Colleges
(AAVMC), of which RUSVM is a member institution, there has been an 11.5%
increase in female enrollment in veterinary colleges since 20001.

“Times have definitely changed for the better but we should not assume
the change is complete. Hidden barriers, some of them within women
ourselves, do exist. So believe in yourselves and your value,” Dr. Boag
said to graduates.

Dr. Boag is a Board-certified veterinarian in both Internal Medicine as
well as in Emergency and Critical Care. She serves as clinical director
at Vets Now in the U.K., where she is responsible for clinical and
professional standards across 60 veterinary emergency clinics and three,
24-hour hospitals. She was president of the European Society of
Veterinary Emergency and Critical Care (EVECCS) from 2011-2014, and
founding president of the European College of Veterinary ECC (ECVECC)
from 2014-2018. In addition to serving as president of the RCVS, Dr.
Boag is also an elected council member.

Sean Callanan, Ph.D., MVB, MRCVS, CertVR, DipECVP, FRCPath, dean at
RUSVM, encouraged graduates to explore the many opportunities in
veterinary medicine, to take advantage of RUSVM’s vast alumni network
and to lead the veterinary profession into the future.

“As we promote and demonstrate the connection between human, animal and
environmental health, also known as One Health, our graduates will be
key members of a global conversation. I am proud of our students and
look forward to the impact they will have in both veterinary and human
medicine,” Callanan said.

RUSVM’s graduating class includes students from 45 states in the U.S.,
Argentina, Australia, Canada, Japan, Singapore and South Korea.

About Ross University School of Veterinary Medicine

Ross University School of Veterinary Medicine (RUSVM) is an institution
of Adtalem Global Education (NYSE: ATGE). Founded in 1982, RUSVM is
committed to preparing students to become members and leaders of the
worldwide public and professional healthcare team and to advance human,
animal and ecosystem health (One Health Initiative) through research and
knowledge exchange. RUSVM has focused research programs with an emphasis
on emerging infectious and zoonotic diseases, conservation medicine and
ecosystem health. RUSVM offers postgraduate Masters’, Ph.D. and Doctor
of Veterinary Medicine (DVM) programs accredited by the St.
Christopher & Nevis Accreditation Board
. Ross University School
of Veterinary Medicine confers a Doctor of Veterinary Medicine (DVM)
degree, which is accredited by the American Veterinary Medical
Association Council on Education (AVMA COE), 1931 N. Meacham Road, Suite
100, Schaumburg, IL 60173, Tel: 800.248.2862. For more information
please visit https://www.avma.org/ProfessionalDevelopment/Education/Accreditation/Colleges/Pages/default.aspx. Ross
Veterinary Clinic is accredited by the American
Animal Hospital Association
. The RUSVM Counseling Center is
accredited by the International
Association of Counseling Services, Inc.
For more information about
RUSVM, visit http://veterinary.rossu.edu/
and follow RUSVM on Twitter (@RossVetSchool),
Instagram (@rossvetschool)
and Facebook (@RossVetSchool).

About Adtalem Global Education

The purpose of Adtalem Global Education is to empower students to
achieve their goals, find success, and make inspiring contributions to
our global community. Adtalem Global Education Inc. (NYSE: ATGE; member
S&P MidCap 400 Index) is a leading global education provider and the
parent organization of Adtalem Educacional do Brasil (IBMEC, Damásio and
Wyden institutions), American University of the Caribbean School of
Medicine, Association of Certified Anti-Money Laundering Specialists,
Becker Professional Education, Chamberlain University, EduPristine, Ross
University School of Medicine and Ross University School of Veterinary
Medicine. For more information, please visit adtalem.com and
follow us on Twitter (@adtalemglobal)
and LinkedIn.

1 https://www.aavmc.org/about-aavmc/public-data.aspx

Contacts

Elizabeth Story
Elizabeth.Story@adtalem.com
815.545.4242

Continue Reading

Font Resizer

Subscribe to PICANTE via Email

Enter your email address to subscribe to PICANTE and receive notifications of new posts by email.

Follow us on Facebook

Read more from our authors

Business Wire6 hours ago

Dr. Shlee Song, Director of Stroke Center at Cedars-Sinai Medical Center, Addresses Graduates of American University of the Caribbean School of Medicine

Business Wire7 hours ago

Wisconsin Students Crowned America’s Top Rocketeers

Business Wire12 hours ago

Dr. Amanda Boag, President of Royal College of Veterinary Surgeons, Addresses Graduates of Ross University School of Veterinary Medicine

Business Wire13 hours ago

Dr. Vivian W. Pinn, Founding Director, Office of Research on Women’s Health at the NIH, Addresses Graduates of Ross University School of Medicine

Business Wire14 hours ago

Purdue University Global Hosts Commencement for 600 Graduates

Business Wire15 hours ago

Citizens Bank and Military Warriors Support Foundation Present Home to Military Veteran

Business Wire16 hours ago

ACADIA Pharmaceuticals to Present Phase 2 CLARITY Results for Pimavanserin as an Adjunctive Treatment in Major Depressive Disorder at the 2019 American Psychiatric Association Annual Meeting

Business Wire16 hours ago

Pear Therapeutics to Present Data on reSET®, for the Treatment of Substance Use Disorder, and Pear-004, for the Treatment of Schizophrenia, at American Psychiatric Association Annual Meeting

Business Wire18 hours ago

Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of AAC Holdings, Inc. Investors

Business Wire18 hours ago

Ohio State Sexual Abuse Victims Represented by Sharp Law, Corsiglia McMahon & Allard, and Estey & Bomberger Say Independent Investigation Supports Their Claims

Follow our Tweets

Trending

Please turn AdBlock off