Late-breaking oral presentation of results from the positive pivotal ACCORD-2 Phase 3 trial of AXS-05 in Alzheimer’s disease agitation Presentation featuring network meta-analysis of SYMBRAVO® versus oral CGRPs NEW YORK, April 04, 2025 (GLOBE NEWSWIRE) -- Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) disorders, today announced multiple presentations spanning its innovative, industry-leading psychiatry and neurology po ...

Core Insights - Johnson & Johnson presented new data from the 24-week pivotal Vivacity-MG3 study, demonstrating sustained disease control through treatment with nipocalimab in antibody-positive adult patients with generalized myasthenia gravis (gMG) [1][2] - The company filed a Biologics License Application (BLA) for nipocalimab in August 2024, which has been granted U.S. FDA Priority Review for the treatment of gMG [1][2] - Real-world studies indicate a significant unmet need for effective treatments for patients living with gMG, particularly among pregnant women and those receiving steroids [1][3] Company Developments - Johnson & Johnson announced that 12 abstracts, including two oral presentations, will be presented at the 2025 American Academy of Neurology (AAN) Annual Meeting, highlighting the potential of nipocalimab in treating gMG [1][4] - The ongoing open-label extension (OLE) study of nipocalimab shows long-term efficacy and safety, indicating sustained disease control in a broad population of antibody-positive gMG adult patients [6][11] - The company emphasizes its commitment to addressing critical unmet needs in the autoantibody disease space through innovative research and development [4][14] Industry Context - Myasthenia gravis (MG) is an autoantibody disease affecting approximately 700,000 people worldwide, with a significant portion being women of child-bearing potential [10][11] - The Phase 3 Vivacity-MG3 study was designed to measure sustained efficacy and safety in gMG patients with insufficient response to standard of care (SOC) therapy [11][12] - There is a growing recognition of the need for additional approved immunoselective therapies that are effective and have demonstrated safety profiles for individuals living with gMG [3][6]

Core Viewpoint - A class action lawsuit has been filed against The Aaron's Company Inc. in connection with its merger with IQVentures Holdings, LLC, alleging violations of the Securities Exchange Act of 1934 [1] Group 1: Lawsuit Details - The lawsuit was filed on February 13, 2024, in the United States District Court for the Northern District of Georgia [1] - The case is titled Koksal v. The Aaron's Company Inc., et al., Case No. 1:25-cv-00754-LMM [1] - The claims are made on behalf of individuals and entities that held securities of The Aaron's Company Inc. [1] Group 2: Merger Information - The proposed merger between Aaron's and IQVentures Holdings, LLC was announced on June 17, 2024 [1] - The merger was completed in October 2024 [1]

Group 1 - The Aaron's Company has completed its acquisition by IQVentures Holdings for $10.10 per share, resulting in an enterprise value of approximately $504 million [1] - The acquisition was initially announced on June 17, 2024, and received shareholder approval on September 25, 2024 [1] - Following the completion of the transaction, The Aaron's Company's common stock will cease trading and will no longer be listed on the NYSE [1] Group 2 - The CEO of The Aaron's Company stated that the acquisition marks the beginning of a new chapter aimed at enhancing customer lives through affordable lease and retail purchase options [2] - The combination of expertise and resources with IQVentures is expected to accelerate the omni-channel strategy and improve operational efficiency [2] Group 3 - J.P. Morgan Securities LLC served as the exclusive financial advisor to The Aaron's Company, while Stephens Inc. acted as the exclusive financial advisor to IQVentures [3] Group 4 - The Aaron's Company is a technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions for appliances, electronics, furniture, and other home goods [4] - The company operates approximately 1,210 stores across 47 states and Canada, along with an e-commerce platform [4] - BrandsMart U.S.A. is a leading appliance retailer with 12 retail stores in Florida and Georgia [4] Group 5 - IQVentures is focused on investing in and building technology companies that shape the future, leveraging proprietary technology and shared services [5]

Acquisition Announcement - The Aaron's Company is set to complete its acquisition by IQVentures Holdings, LLC, with the transaction expected to finalize later today [1] - The acquisition was initially announced on June 17, 2024, and received shareholder approval on September 25, 2024 [1] Company Overview - The Aaron's Company is a technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions for appliances, electronics, furniture, and other home goods [3] - The company operates approximately 1,210 stores across 47 states and Canada, alongside its e-commerce platform [3] - BrandsMart U.S.A., a subsidiary, is a leading appliance retailer with 12 stores in Florida and Georgia [3] IQVentures Overview - IQVentures is based in the Columbus, Ohio metropolitan area and focuses on investing in technology and companies that shape the future [4] - The firm has expertise in consumer and business financing, utilizing proprietary technology to enhance value for acquired companies [4] Advisory Roles - J.P. Morgan Securities LLC is the exclusive financial advisor for The Aaron's Company, while Stephens Inc. serves in the same capacity for IQVentures [2]

Core Viewpoint - Aaron's Company, Inc. reported a loss in Q2 2024, with revenues declining in both segments, missing consensus estimates and showing year-over-year declines [2][4]. Financial Performance - The adjusted loss per share was 7 cents, missing the Zacks Consensus Estimate of earnings of 3 cents, compared to adjusted earnings of 39 cents per share in the same quarter last year [2]. - Consolidated revenues decreased by 5.1% to $503.1 million, falling short of the Zacks Consensus Estimate of $510 million [2]. - Lease revenues and fees dropped 5.1% year over year to $335.7 million, while retail sales fell 5.7% to $139.5 million [3]. - Non-retail sales decreased by 3.1% to $22.1 million, but franchise royalties and other revenues increased by 1.7% to $5.9 million [3]. - E-commerce recurring revenues grew significantly by 79.4% due to new omnichannel lease decisions and customer acquisition programs [3]. Segment Analysis - In the Aaron's business segment, revenues declined by 5% year over year to $369.4 million, attributed to a 2% decrease in lease portfolio size and a 140 basis points drop in lease renewal rate to 86.8% [4]. - The BrandsMart segment saw revenues decrease by 5.8% to $135.4 million, primarily due to a 7.3% decline in comparable sales linked to reduced customer traffic [4]. Margins and EBITDA - Gross profit fell by 3.6% year over year to $272 million, while gross margin expanded by 90 basis points to 54.1% [5]. - The company reported an operating loss of $12.3 million compared to an operating profit of $11.3 million in the previous year [5]. - Adjusted EBITDA declined by 42.2% year over year to $24.5 million, with the adjusted EBITDA margin decreasing by 310 basis points to 4.9% [5]. Financial Position - Aaron's has agreed to be acquired by IQVentures for $10.10 per share, with an enterprise value of approximately $504 million [6]. - The company ended the quarter with cash and cash equivalents of $34.2 million, net debt of $181.6 million, and shareholders' equity of $657.7 million [6]. - In the first half of 2024, it utilized $6.9 million of cash from operating activities and reported a negative adjusted free cash flow of $39.2 million [6]. Dividend and Future Outlook - The company paid out dividends of $3.8 million in Q2 and declared a regular quarterly cash dividend of 12.5 cents per share, payable on October 3, 2024 [7]. - Due to the pending acquisition by IQVentures, Aaron's has withdrawn its 2024 guidance [7]. - Estimates for the company have trended downward, with a consensus estimate shift of -16.13% [8][10]. Industry Comparison - Aaron's is part of the Zacks Consumer Services - Miscellaneous industry, where Cimpress (CMPR) reported a revenue increase of 5.6% year over year [11]. - Cimpress is expected to post earnings of $0.30 per share for the current quarter, reflecting a year-over-year change of +76.5% [11].

Core Viewpoint - The Aaron's Company, Inc. reported a loss per share and revenues that fell short of the Zacks Consensus Estimate for Q2 2024, with both metrics declining year over year [1] Revenue Performance - Consolidated revenues decreased by 5.1% year over year to $503.1 million, missing the Zacks Consensus Estimate of $510 million [1] - Lease revenues and fees dropped 5.1% to $335.7 million, while retail sales fell 5.7% to $139.5 million [2] - Non-retail sales declined by 3.1% to $22.1 million, but franchise royalties and other revenues increased by 1.7% to $5.9 million [2] - E-commerce recurring revenues grew significantly by 79.4% due to new omnichannel lease decisions and customer acquisition programs [2] Segment Analysis - In the Aaron's business segment, revenues fell by 5% year over year to $369.4 million, attributed to a 2% decrease in lease portfolio size and a 140 basis points drop in lease renewal rate to 86.8% [3] - The BrandsMart segment saw revenues decrease by 5.8% to $135.4 million, primarily due to a 7.3% decline in comparable sales linked to reduced customer traffic [3] Profitability Metrics - Gross profit declined by 3.6% year over year to $272 million, while gross margin improved by 90 basis points to 54.1% [4] - The company reported an operating loss of $12.3 million compared to an operating profit of $11.3 million in the previous year [4] - Adjusted EBITDA fell by 42.2% year over year to $24.5 million, with the adjusted EBITDA margin decreasing by 310 basis points to 4.9% [4] Financial Position - The company has agreed to be acquired by IQVentures for $10.10 per share, with an enterprise value of approximately $504 million [5] - At the end of Q2, cash and cash equivalents stood at $34.2 million, net debt at $181.6 million, and shareholders' equity at $657.7 million [5] - The company generated a negative adjusted free cash flow of $39.2 million and had capital expenditures of $40.3 million in the first half of 2024 [5] - A regular quarterly cash dividend of 12.5 cents per share has been declared, payable on October 3, 2024 [5] Future Outlook - Due to the pending acquisition by IQVentures, the company has withdrawn its 2024 guidance [6]

Company Operations - The Aaron's Company operates approximately 1,210 stores and an e-commerce platform, focusing on lease-to-own and retail purchase solutions for home goods[17]. - BrandsMart U.S.A. operates 12 stores in Florida and Georgia, contributing to the company's retail presence in the southeast United States[19]. Financial Performance - Total revenues for the three months ended June 30, 2024, were $503.1 million, a decrease of 5.2% from $530.4 million in the same period of 2023[78]. - Total revenues for the six months ended June 30, 2024, reached $1,014,622,000, compared to $1,084,733,000 for the same period in 2023, indicating a decline of 6.5%[109][113]. - Gross profit for the three months ended June 30, 2024, was $272,018,000, down from $282,272,000 in the prior year, reflecting a decrease of 3.6%[103][106]. - The gross profit for the six months ended June 30, 2024, was $545,901,000, down from $577,966,000 in the previous year, representing a decrease of 5.5%[110][114]. - The company reported a gross profit margin of approximately 54.0% for the three months ended June 30, 2024, compared to 53.2% for the same period in 2023[103][106]. - The net loss for the quarter ending June 30, 2024, was $11,903,000, compared to a net loss of $14,181,000 for the previous quarter, indicating an improvement of about 16.5%[56]. Costs and Expenses - For the three months ended June 30, 2024, the company incurred acquisition-related costs of $7.5 million primarily related to the merger with IQVentures[24]. - The total advertising costs for the three months ended June 30, 2024, were $19.9 million, with net advertising costs of $11.8 million after cooperative advertising considerations[31]. - The company recorded a provision for write-offs of $41.1 million for the six months ended June 30, 2024, compared to $39.2 million for the same period in 2023, an increase of 4.9%[39]. - The loss before income taxes for the Unallocated Corporate category for the three months ended June 30, 2024, was $16,250,000, impacted by restructuring charges of $2.9 million and acquisition-related costs of $8.0 million[102][103]. Assets and Liabilities - Accounts receivable as of June 30, 2024, totaled $35.1 million, a decrease from $39.8 million as of December 31, 2023[33]. - The company maintains an allowance for accounts receivable, with an ending balance of $9.2 million as of June 30, 2024[35]. - Merchandise on lease as of June 30, 2024, is $412.0 million, a decrease of 1.2% from $419.5 million on December 31, 2023[37]. - Merchandise not on lease increased to $210.6 million as of June 30, 2024, up from $202.7 million as of December 31, 2023, representing a growth of 3.9%[37]. - Accounts payable decreased to $114.3 million as of June 30, 2024, from $134.2 million as of December 31, 2023, a reduction of 14.8%[51]. - The company reported total debt of $215.8 million as of June 30, 2024, an increase of 11.3% from $194.0 million at December 31, 2023[73]. - Long-term debt increased to $203.3 million as of June 30, 2024, compared to $187.6 million at the end of 2023[73]. Shareholder Equity - As of June 30, 2024, total shareholders' equity decreased to $657,686,000 from $670,536,000 as of March 31, 2024, reflecting a decline of approximately 1.3%[56]. - The balance of additional paid-in capital increased to $756,207,000 as of June 30, 2024, up from $753,253,000 as of March 31, 2024, reflecting a growth of approximately 0.13%[56]. - The total stock amount decreased from $(149,038,000) as of March 31, 2024, to $(149,111,000) as of June 30, 2024, indicating a decline of about 0.05%[56]. - The company’s common shares increased from 37,095,000 as of March 31, 2024, to 37,189,000 as of June 30, 2024, representing an increase of approximately 0.25%[56]. Cash Flow and Dividends - Cash dividends paid were $3,937,000 for the quarter ending June 30, 2024, consistent with the previous quarter's dividends of $3,929,000[56]. Restructuring Programs - The Operational Efficiency and Optimization Restructuring Program resulted in total net restructuring expenses of $7.3 million for the six months ended June 30, 2024, compared to $4.4 million in the same period of the prior year[94]. - Since the inception of the Operational Efficiency and Optimization Restructuring Program, the Company has incurred cumulative charges of $25.4 million[94]. - The Real Estate Repositioning and Optimization Restructuring Program has led to total net restructuring expenses of $3.5 million for the six months ended June 30, 2024, down from $5.7 million in the same period of the prior year[96]. - Cumulative charges under the Real Estate Repositioning and Optimization Program amount to $74.3 million since its inception[96]. - The Company closed or consolidated 65 stores under the Operational Efficiency and Optimization Restructuring Program through June 30, 2024[94]. - The Company has closed, consolidated, or relocated 262 stores under the Real Estate Repositioning and Optimization Restructuring Program through June 30, 2024[96]. Legal and Regulatory Matters - As of June 30, 2024, the Company accrued $1.0 million for pending legal and regulatory matters, up from $0.7 million at December 31, 2023[90]. Interest Rate Management - The company entered into an interest rate swap agreement with a notional amount of $100.0 million, aimed at converting variable interest rate debt to fixed at a rate of 3.87%[49]. - The company entered into a non-speculative interest rate swap agreement for $100.0 million to convert variable interest rate debt to fixed interest rate debt, effective from April 28, 2023, to March 31, 2027[115]. - A hypothetical 10% increase or decrease in interest rates would affect interest expense by approximately $0.8 million annually based on the company's variable-rate debt[115].

Core Viewpoint - The Aaron's Company, Inc. is expected to report declines in both revenue and earnings for the second quarter of 2024, with revenues estimated at $510 million, a decrease of 3.9% year-over-year, and earnings per share projected at 3 cents, down 92.3% from the previous year [1] Group 1: Financial Performance Expectations - The Zacks Consensus Estimate for second-quarter revenues is $510 million, indicating a decline of 3.9% from the prior year's figure [1] - The consensus estimate for quarterly earnings is 3 cents per share, suggesting a significant drop of 92.3% from 39 cents per share reported in the same quarter last year [1] - The company experienced a negative earnings surprise of 87.5% in the last reported quarter and an average earnings miss of 255.2% over the trailing four quarters [1] Group 2: Market Challenges - Aaron's is facing challenges from sluggish demand for discretionary products, leading to lower overall sales trends [2] - The company's revenues have been impacted by lower lease renewal rates due to an increasing mix of e-commerce agreements [2] - Retail sales at BrandsMart are expected to be affected by soft customer traffic and a shift towards lower-priced products [2] Group 3: Operating Costs and Strategic Initiatives - Elevated operating costs, driven by increased advertising investments and higher provisions for lease merchandise write-offs, are negatively impacting the bottom line and adjusted EBITDA [3] - The company is enhancing its e-commerce platform by offering flexible payment options, maintaining low prices, and expanding product variety [3] - Investments in digital marketing and improvements in the shopping experience, including same-day and next-day delivery, are expected to contribute positively to top-line performance [3] Group 4: Omnichannel Strategy and Customer Acquisition - The new omnichannel lease decisioning and customer acquisition program is driving higher conversion rates of lease applications, which is expected to bolster the total lease portfolio size [4] - The market optimization strategy, including GenNext stores and showroom programs, is improving in-store customer experience and enhancing the operating model [4] - Benefits from these initiatives are likely to provide some relief to the company's performance amid ongoing challenges [4] Group 5: Earnings Predictions - The current model does not predict an earnings beat for Aaron's, with an Earnings ESP of -171.43% and a Zacks Rank of 3 [5]

Company Overview - Aaron's Company, Inc. (AAN) is expected to report a quarterly earnings decline of 92.3% year-over-year, with earnings projected at $0.03 per share and revenues at $509.82 million, down 3.9% from the previous year [2][5]. Earnings Estimates and Revisions - The consensus EPS estimate has been revised 3.13% lower in the last 30 days, indicating a bearish sentiment among analysts regarding the company's earnings prospects [2][5]. - The Most Accurate Estimate for Aaron's is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -171.43%, suggesting a challenging outlook for the upcoming earnings report [5][6]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the likelihood of actual earnings deviating from consensus estimates, with a strong predictive power for positive readings [3][4]. - Aaron's current Zacks Rank is 3 (Hold), which, combined with a negative Earnings ESP, complicates the prediction of an earnings beat [5][6]. Historical Performance - In the last reported quarter, Aaron's was expected to post a loss of $0.08 per share but actually reported a loss of $0.15, resulting in a surprise of -87.50% [7]. - Over the past four quarters, Aaron's has only beaten consensus EPS estimates once, indicating a trend of underperformance [7]. Market Context - The broader industry context includes Cimpress (CMPR), which is expected to report earnings of $0.77 per share, reflecting a year-over-year decline of 28.7%, with revenues projected at $832.9 million, up 5.6% [9]. - Cimpress has a Zacks Rank of 2 (Buy) but also has a negative Earnings ESP of -6.90%, making predictions about its earnings beat uncertain [9].