he U.S. Securities and Exchange Commission is "not currently contemplating" a short-selling ban, an agency official told Reuters on Wednesday, as worries over bank soundness hit share prices.
Shares of mid-sized U.S. lenders gave back early gains in volatile trading on Wednesday, following a two-day rout sparked by the collapse of First Republic Bank, the third bank to fail since March.
Johnson & Johnson’s consumer health business Kenvue Inc. has priced its initial public offering at $22 per share, according to people familiar with the matter.
That’s at the top half of the $20-to-$23-a-share range that the company’s advisers had cited in marketing the 151 million shares it plans to sell in the listing. At that size, the listing would raise about $3.3 billion, the biggest IPO of 2023. The people declined to comment because the details aren’t public.
https://www.bloomberg.com/news/articles/2023-05-03/j-j-s-kenvue-is-said-to-price-ipo-at-22-per-share
President Joe Biden allegedly participated in "a criminal scheme" to exchange money for policy decisions, according to Sen. Chuck Grassley (R-IA) and Rep. James Comer (R-KY), citing an internal FBI document they say contains evidence of the alleged bribery which took place when Biden was Vice President.
"We have received legally protected and highly credible unclassified whistleblower disclosures, " reads a Wednesday letter addressed to Attorney General Merrick Garland and FBI Director Christopher Wray. "It has come to our attention that the Department of Justice (DOJ) and Federal Bureau of Investigation (FBI) possess an unclassified FD-1023 form that describes an alleged criminal scheme involving then-Vice President Biden and a foreign national relating to the exchange of money for policy decisions. It has been alleged that the document includes a precise description of how the alleged criminal scheme was employed as well as its purpose."
"We believe the FBI possesses an unclassified internal document that includes very serious and detailed allegations implicating the current President of the United States," said Grassley in a joint statement.
"The information provided by a whistleblower raises concerns that then-Vice President Biden allegedly engaged in a bribery scheme with a foreign national. The American people need to know if President Biden sold out the United States of America to make money for himself," said Comer.
Grassley has long raised concerns about political bias infecting high-level investigative decisions at the FBI, including investigations related to the Biden family’s foreign business arrangements and bank records. While FBI Director Christopher Wray pledged to prevent any retaliation targeting whistleblowers, the FBI and Justice Department have thus far refused to voluntarily provide responsive records or answers to congressional inquiries related to its handling of these politically sensitive investigations.
Comer and the Oversight Committee are investigating the Biden family’s suspicious business schemes to determine if the Biden family has been targeted by foreign actors, if President Biden is compromised, and if there is a national security threat. The Oversight Committee has obtained thousands of pages of financial records related to the Biden family and their associates’ business transactions. Recently, the Committee revealed one deal that resulted in several members of the Biden family and their companies receiving over $1 million in more than 15 incremental payments from a Chinese company through a third party. -oversight.house.gov
Comer has issued a subpoena to Wray to appear before the Committee on Oversight and Accountability on May 10 at Noon.
by Techno Fog via The Reactionary
Back in 2007, the Department of Justice gave Jeffrey Epstein a sweetheart deal that deferred prosecuting Epstein for federal offenses – including the interstate sex trafficking of minors and recruiting minors to engage in commercial sex acts – in exchange for Epstein pleading guilty to Florida state-level solicitation of prostitution and procurement charges.
Earlier today, when Jerome Powell openly lied to the American People during the FOMC press conference stating without a hint of irony that the US banking system is "sound and resilient"...
Federal Reserve Chair Jerome Powell says that "the US banking system is sound and resilient."
— Human Events (@HumanEvents) May 3, 2023
What do you think? 🤔pic.twitter.com/qDktlpOln4
...we balked: how could this former lawyer lie so brazenly to the American people, the narrator wondered, when in just the past few weeks we had seen over half a trillion in bank failures, making the current bank failure episode even worse than the global financial crisis?
POWELL: U.S. BANKING SYSTEM IS SOUND AND RESILIENT
— zerohedge (@zerohedge) May 3, 2023
Narrator: we just had over half a trillion $ in bank failures in the past month pic.twitter.com/YvhloFIGIX
Well, as usual, the narrator was right, because while Powell's lies were still ringing in our ears, the next regional bank collapse was on its say.
Shortly after the close, Bloomberg reported that another regional, California-based bank (of course), PacWest Bancorp., was weighing a range of strategic options, including a sale.
The Beverly Hills-based bank - whose financial conditions it appears has been far worse than the Fed, which just hiked another 25bps, thought - has been working with a financial adviser and has also been considering a breakup or a capital raise, according to Bloomberg sources. While it is open to a sale, the company hasn’t started a formal auction process.
According to the report, "an outright sale has been hindered because there aren’t many potential buyers interested in the entire bank, which comprises a community lender called Pacific Western Bank and some commercial and consumer lending businesses, the people said." And similar to SVB and FRC, "a potential buyer would also have to potentially book a big loss marking down some of its loans, the people said."
On Tuesday, PacWest tumbled 28% as investors retreated from regional bank stocks following JPMorgan’s deal on Monday for the failed First Republic Bank, a transaction which did nothing to ease concerns about regional bank viability, which was to be perfectly expected since today's rate hike would only make the regional bank deposit run even bigger, something which was obvious to everyone...
But surely at 5.25% all shall be well https://t.co/VMZbvApokm
— zerohedge (@zerohedge) May 2, 2023
... except the Fed!
And sure enough, following the Bloomberg report, PacWest - which had $28 billion in deposits at last check (far less as of this moment) and $44 billion in assets, saw its stock plunge more than 60% after hours...
Bear in mind that just a week ago, PacWest shares surged 17% after the midsize lender said deposits stabilized toward the end of March and rose in April.
“Importantly, deposits stabilized in the latter part of March and rebounded nicely in April, increasing approximately $700 million subsequent to quarter-end,” President and CEO Paul Taylor said in the release
It seems things 'escalated quickly' since then.
The broad Regional Bank index is tumbling after hours, now at its lowest since Oct 2020...
... and is dragging down other regional banks with it, especially anything with "west" in its name:
Western Alliance is down 30%..
And while we are stunned by this level of Fed incompetence: after all, just hours ago Powell was reassuring everyone that US banks are safe and sound...
This is unprecedented humiliation for the @federalreserve.
— zerohedge (@zerohedge) May 3, 2023
Just 2 hours earlier, Powell said US banking system is "sound and resilient", seemingly unaware that yet another of the largest California banks was teetering on the edge.
How is this level of incompetence possible
... not even the Fed will allow this idiocy to continue, and either it will cut rates and inject trillions more in liquidity now that we are clearly at the small bank reserve constraint...
oh the irony: FRC take under by JPM (funded by the FDIC/US taxpayers) drained $75bn in reserves. And we are right back on the reserve constraint critical threshold. Hence the banking crisis is baaaaack https://t.co/EvbkxvkOct
— zerohedge (@zerohedge) May 2, 2023
... or it will have a banking crisis on its hands the likes of which have never before been seen.
Outset Medical, Inc. (Nasdaq: OM) ("Outset" or the "Company"), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today reported financial results for the first quarter ended March 31, 2023.
Recent Highlights
Recorded net revenue of $33.5 million in the first quarter, a 9.5% increase compared to $30.6 million in the first quarter of 2022, and a 4.6% increase compared to $32.0 million in the fourth quarter of 2022
Achieved gross margin for the first quarter of 19.2% (20.3% on a non-GAAP basis), compared to 14.5% (14.8% on a non-GAAP basis) in the first quarter of 2022
Added more than 30 new hospital sites during the first quarter as part of Outset’s land and expand commercial strategy, the largest quarterly growth in new sites since 2021
Presented five data sets at the National Kidney Foundation Spring Clinical Meetings highlighting the clinical and financial benefits of home hemodialysis and other pertinent topics related to kidney disease
"We had a strong start to 2023, with revenue growth ahead of our expectations and gross margins expanding for the 8th consecutive quarter," said Leslie Trigg, Chair and Chief Executive Officer. "The momentum we had exiting 2022 carried through the first quarter of 2023 with the benefits of Tablo continuing to resonate with acute-care and home providers."
First Quarter 2023 Financial Results
Revenue for the first quarter of 2023 was $33.5 million, representing an increase of 9.5% compared to $30.6 million in the first quarter of 2022. Product revenue was $27.8 million, representing an increase of 8.2% compared to $25.7 million in the first quarter of 2022. Service and other revenue was $5.7 million, representing an increase of 16.4% compared to $4.9 million in the first quarter of 2022.
Total gross profit was $6.4 million, compared to $4.4 million for the first quarter of 2022. Total gross margin was 19.2%, compared to 14.5% in the first quarter of 2022. On a non-GAAP basis, gross margin improved to 20.3% from 14.8% in the first quarter of 2022. Product gross profit was $7.0 million, compared to $2.6 million of product gross profit in the first quarter of 2022. Product gross margin was 25.1%, compared to 10.0% in the first quarter of 2022. Service and other gross loss was ($0.5) million, compared to $1.9 million of service and other gross profit in the first quarter of 2022. Service and other gross margin was (9.4)%, compared to 38.6% in the first quarter of 2022.
Total cash, including restricted cash, cash equivalents and short-term investments, was $252.5 million as of March 31, 2023.
Full Year 2023 Financial Guidance
Outset now projects revenue for 2023 to range from $144 million to $150 million, which represents approximately 25% to 30% growth over the Company's fiscal year 2022 revenue. This updated guidance compares to prior 2023 revenue guidance of $140 million to $150 million. In addition, the Company expects gross margin for the year to be in the low-20% range, up from its prior guidance of approximately 20%, and exiting the fourth quarter in the mid-20% range.
Webcast and Conference Call Details
Outset will host a conference call today, May 3, 2023, at 2:00 p.m. PT / 5:00 p.m. ET to discuss its first quarter 2023 financial results. Those interested in listening to the conference call may do so by registering online. Once registered, participants will receive dial-in numbers and a unique pin to join the call. Participants are encouraged to register more than 15 minutes before the start of the call. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at https://investors.outsetmedical.com. The webcast will be archived on the website following the completion of the call.
https://finance.yahoo.com/news/outset-medical-reports-first-quarter-200500934.html
On May 3, 2023, Inari Medical, a prominent medical device company, released its Q1 earnings report. The results were impressive, with the company surpassing estimated earnings by a staggering 82.61%. In fact, the reported earnings per share (EPS) of $-0.04 was significantly higher than the predicted $-0.23 EPS.
Furthermore, Inari Medical’s revenue increased by a remarkable $29.41 million from the same period in the previous year. The company ended the quarter with a robust cash position of $328.4 million in cash, cash equivalents, and short-term investments.
It is worth noting that Inari Medical has outperformed EPS estimates in the last four quarters, including this one. In the previous quarter, the company beat EPS estimates by $0.06, which resulted in a 1.92% drop in the share price the next day.
Inari Medical has also provided financial guidance for the full year 2022. Despite this, the Q1 earnings results are positive, with the company exceeding estimated earnings and revenue increasing from the same period last year. Additionally, Inari Medical’s strong cash position at the end of the quarter is a promising sign for the future.
https://beststocks.com/inari-medical-surpasses-q1-earnings-estimates/
