Align notes negative macro factors in Q3 report

 Commenting on Align's third quarter results, Align Technology President and CEO Joe Hogan said, "Our third quarter results reflect continued macro-economic uncertainty and weaker consumer confidence, as well as a significant impact from unfavorable foreign exchange rates across all currencies that affect our operations. On a constant currency basis, total Q3 revenues were reduced by $25.1 million or 2.7% sequentially and $57.4 million or 6.1% year over year – one of the largest foreign exchange impacts we have ever experienced in one quarter.* We remain confident in the execution of our strategic growth drivers despite the continuing economic headwinds. In Q3, we reached our 14 millionth Invisalign patient milestone – which includes nearly 4 million teenagers and kids as young as 6 years old who have been treated with Invisalign clear aligners. Also, in Q3, teen case starts of 200 thousand were up 13% sequentially and off slightly compared to Q3'21 when a record 206 thousand teenagers started Invisalign treatment. We’re also excited to be launching several new products and technologies that further enhance the Align Digital Platform™, leading the digital transformation of the practice of dentistry. During the quarter, we began to commercialize ClinCheck® Live Update software, Invisalign® Practice App, Invisalign® Personal Plan, Invisalign Smile Architect™, the Invisalign® Outcome Simulator Pro with in-face visualization, Cone Beam Computed Tomography integration with ClinCheck® software, Invisalign® Virtual Care AI software, and the iTero-exocad Connector™. These technology advancements represent an important expansion of our digital platform that we believe will help our doctor customers increase treatment efficiency and deliver superior clinical outcomes and patient experiences positioning us to drive growth when the markets inevitably rebound."

https://finance.yahoo.com/news/align-technology-announces-third-quarter-200100291.html

West Pharma cuts guidance

 Third-Quarter 2022 Summary (comparisons to prior-year period)

• Net sales of $686.9 million declined 2.8%; organic net sales growth was 4.3%.

• Reported-diluted EPS of $1.59 declined 31.2%.

• Adjusted-diluted EPS of $2.03 declined 1.5%.

• Company is updating full-year 2022 net sales guidance to a new range of $2.830 billion to $2.840 billion, compared to a prior range of $2.950 billion to $2.975 billion.

• Company is updating full-year 2022 adjusted-diluted EPS guidance to a new range of $8.15 to $8.20, compared to a prior range of $9.00 to $9.15.

https://finance.yahoo.com/news/west-announces-third-quarter-2022-100000636.html

Obsidian Extends Agreement with Bristol Myers

  Obsidian Therapeutics, Inc., a clinical-stage biotechnology company pioneering engineered cell and gene therapies, today announced that Bristol Myers Squibb (NYSE:BMY) has opted to extend the term of the parties' multi-year strategic collaboration for the discovery and development of novel, regulated cell therapies that utilize Obsidian's cytoDRiVE® technology for the controlled expression of the immune enhancer CD40L. Today's announcement builds on the existing relationship between Obsidian and Bristol Myers Squibb, initiated in 2019, and follows the first opt-in decision by Bristol Myers Squibb in 2020.

https://finance.yahoo.com/news/obsidian-therapeutics-announces-extension-multi-123000007.html

Publication: Vaccitech SNAPvax Has Potential to Treat Cancer by Reversing Suppressive Tumor Microenvironment

 Vaccitech collaborators at NIH’s Vaccine Research Center demonstrate that IV administration of SNAPvax in animal models activates two key pathways leading to improved T cell mediated tumor killing in a paradigm referred to as “VAX-INNATE”

VAX-INNATE: Vaccine induced cytotoxic T cells + Innate immune activation and reversal of suppressive tumor microenvironment (TME)

IND submission for SNAPvax candidate for HPV+ cancers (VTP-1100) aiming to leverage VAX-INNATE paradigm planned for first half of 2023

https://finance.yahoo.com/news/publication-cell-shows-vaccitech-snapvax-110000909.html

Biora Sells Cell-Free DNA Patent Rights

  Biora Therapeutics, Inc. (Nasdaq: BIOR), the biotech company that is reimagining therapeutic delivery, today announced it has completed a one-time asset sale agreement to assign certain patent rights related to methods for determining the origin of cell-free DNA to Roche Diagnostics. Financial terms were not disclosed.

The patent rights being assigned, which resulted from the company’s previous molecular diagnostics research and development efforts, are directed to methods and systems for determining the origin of DNA molecules in a cell-free bodily fluid sample. The patent family includes an allowed application in Europe (16802196.2), a divisional application in Europe (22203021.5), and a pending application in the U.S. (15/773,789). The applications describe the use of this technology to determine fetal fraction, to detect the presence of cancer, to detect transplant rejection, to monitor organ failure or tissue necrosis, and to diagnose heart disease.

https://finance.yahoo.com/news/biora-therapeutics-announces-sale-cell-130000295.html

Cano cut to Neutral from Outperform by Credit Suisse

 Target to $5 from $10

https://finviz.com/quote.ashx?t=CANO&p=d

US Core Durable Goods Orders Tumble Most Since COVID Lockdown Collapse, CapEx Shrinks

 After two straight months of declines, analysts expected a modest rebound in US durable goods orders, and they did, rising 0.4% MoM in preliminary Sept data (less than expected +0.6%) with August being revised upwards to a very small rise...

Source: Bloomberg

However, ex-transportation, new orders tumbled 0.5% MoM (vs +0.2% exp) - that is the biggest MoM drop since April 2020

Source: Bloomberg

The CapEx proxy -  was also a major disappointment - dropping 0.5% MoM vs expectations of a 0.5% MoM rise... and that feeds directly into GDPO calcs...

Source: Bloomberg

The big drag on new orders was a32.2% MoM drop in Defense aircraft and parts (we're gonna need moar war)...

Source: Bloomberg

So, are ISM respondents going to be proved right again, like they were in 2007-2009?

Source: Bloomberg

Perhaps this is a 'notional' new orders vs 'absolute' real ISM view of orders?

https://www.zerohedge.com/economics/us-core-durables-orders-tumble-most-covid-lockdown-collapse-capex-shrinks