Company to initiate Phase 3 VERSATILE-003 trial in Q4 2024 Conference Call Today at 8:00 a.m. Eastern Time PRINCETON, N.J., Aug. 01, 2024 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB) ("PDS Biotech" or the "Company"), a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers and the development of infectious disease vaccines, today announced that it has received the official minutes from its meeting with the U.S. Food and Drug Administratio ...

Core Viewpoint - PDS Biotechnology Corporation is set to provide a clinical program update on August 1, 2024, focusing on its immunotherapy developments and upcoming pivotal clinical trials [1][2]. Company Overview - PDS Biotechnology is a late-stage immunotherapy company dedicated to enhancing the immune system's ability to target and eliminate cancers, as well as developing vaccines for infectious diseases [2]. - The company plans to initiate a pivotal clinical trial in 2024 for its lead program targeting advanced HPV16-positive head and neck squamous cell cancers [2]. Clinical Development - The lead investigational targeted immunotherapy, Versamune® HPV, is being developed in combination with a standard immune checkpoint inhibitor and in a triple combination with PDS01ADC, an IL-12 fused antibody drug conjugate (ADC), along with a standard immune checkpoint inhibitor [2].

Core Insights - Precision Drilling reported quarterly earnings of $1.05 per share, exceeding the Zacks Consensus Estimate of a loss of $0.62 per share, but down from $1.21 per share a year ago [4] - The company achieved revenues of $313.71 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.53%, although this represents a decline from $316.89 million year-over-year [2] - Precision Drilling's stock has increased approximately 31.1% since the beginning of the year, outperforming the S&P 500's gain of 14.5% [3] Earnings Performance - The earnings surprise for the latest quarter was 269.35%, following a previous quarter where earnings were $1.88 per share against an expectation of $2 per share, resulting in a surprise of -6% [1] - Over the last four quarters, the company has surpassed consensus EPS estimates two times [5] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.36 on revenues of $358.99 million, and for the current fiscal year, it is $6.03 on revenues of $1.47 billion [10] - The estimate revisions trend for Precision Drilling is currently unfavorable, leading to a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [9] - The Oil and Gas - Drilling industry is ranked in the bottom 18% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [11]

Precision Drilling Corporation ("Precision" or the "Company") (TSX:PD; NYSE:PDS) delivered outstanding second quarter financial results and demonstrated its cash flow potential. During the quarter, Precision generated cash flow from operations of $174 million, allowing it to reduce debt by $102 million, increase its cash position by $17 million, return $23 million to shareholders through share buybacks, and invest $38 million in its fleet. For 2024, Precision remains firmly committed to repaying debt betwee ...

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations. As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million. As at Dec ...

Core Viewpoint - Precision Drilling (PDS) is anticipated to report a year-over-year increase in earnings despite lower revenues, with a consensus EPS estimate of $6.89 per share, reflecting a significant increase of +469.4% compared to the previous year [1][3]. Earnings Expectations - The upcoming earnings report is expected to show revenues of $308.87 million, which is a decrease of 2.5% from the same quarter last year [14]. - The consensus EPS estimate has been revised down by 9.93% over the last 30 days, indicating a reassessment by analysts [14]. Earnings Surprise Prediction - The Most Accurate Estimate for Precision Drilling is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +109%, suggesting a bullish outlook from analysts [7]. - A positive Earnings ESP is generally a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [16]. Historical Performance - Over the last four quarters, Precision Drilling has beaten consensus EPS estimates two times, which may influence future earnings expectations [10]. - In the last reported quarter, the company was expected to post earnings of $2 per share but delivered only $1.88, resulting in a surprise of -6% [18]. Stock Movement Potential - The stock may experience upward movement if the upcoming earnings report exceeds expectations, while a miss could lead to a decline [13].

About Precision Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as AlphaTM that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGree ...

Core Points - Precision Drilling Corporation announced the successful election of all eight nominee directors at its 2024 Annual and Special Meeting of Shareholders, with seven being independent [1] - The voting results showed high approval rates for the nominee directors, with William T. Donovan receiving 98.58% of votes in favor and Kevin A. Neveu receiving 99.04% [2] - Michael R. Culbert will retire from the Board after serving since 2017, while Alice L. Wong has been welcomed to the Board, bringing over 35 years of experience in the nuclear fuel industry [3] Company Overview - Precision Drilling is a leading provider of safe and environmentally responsible services to the energy industry, offering access to a fleet of Super Series drilling rigs [5] - The company has developed an industry-leading digital technology portfolio known as AlphaTM, which utilizes advanced automation software and analytics for efficient results [5] - Precision also provides well service rigs, camps, and rental equipment, supported by a comprehensive mix of technical services and skilled personnel [5] Additional Information - Precision Drilling is headquartered in Calgary, Alberta, Canada, and is listed on the Toronto Stock Exchange under the symbol "PD" and on the New York Stock Exchange under "PDS" [6]

Financial Data and Key Metrics Changes - Net earnings for the quarter were $37 million or $2.53 per share, marking the seventh consecutive quarter of positive earnings for the company [3] - Funds provided by operations and cash provided by operations were $118 million and $66 million, respectively, with margins in the U.S. and Canada exceeding guidance due to stronger-than-expected pricing and improved cost performance [3] - Adjusted EBITDA for the quarter was $143 million, driven by strong drilling activity and improved pricing, although it included a share-based compensation charge of $23 million [28][115] Business Line Data and Key Metrics Changes - In the Canadian and U.S. markets, drilling activity averaged 73 rigs in Canada, an increase of 4 rigs from Q1 2023, while U.S. drilling activity averaged 38 rigs, a decrease of 7 rigs from the previous quarter [122][113] - The C&P segment's adjusted EBITDA was $19 million, up 7% year-over-year, influenced by a 28% increase in well service hours [4] - The company expects international EBITDA to increase approximately 50% from 2023 to 2024 due to rig activations completed last year [4] Market Data and Key Metrics Changes - The international average day rates were $52,808, reflecting a 2% increase from the prior year due to rig mix [122] - The company has seen a 40% activity growth in the Middle East, with eight rigs currently running [8] - Customer demand for Super Triples is expected to exceed supply, with plans to mobilize additional capacity from the U.S. back to Canada early next year [31] Company Strategy and Development Direction - The company is focused on reducing debt by $600 million between 2022 and 2026, aiming for a normalized leverage level below 1x [123] - The technology strategy emphasizes collaboration with industry partners for product R&D while focusing on field deployment [7] - The company is prioritizing shareholder returns, planning to allocate 25% to 35% of free cash flow before principal payments directly to shareholders [5] Management's Comments on Operating Environment and Future Outlook - Management noted that while the U.S. outlook is similar to peers, customer conversations are increasingly focused on oil rather than gas, with a positive sentiment despite weak natural gas prices [19][126] - The company expects a rebound in demand driven by LNG export facilities commencing operations later this year [125] - Management expressed confidence in maintaining strong margins and day rates across the business, with expectations for continued growth opportunities in Canada and the Middle East [116] Other Important Information - The company has achieved $16 million of the projected $20 million in annual synergies from the CWC acquisition [114] - Capital expenditures for the quarter were $56 million, with a full-year capital plan of $195 million [114] - The company is experiencing strong safety execution and excellent rig efficiency, contributing to disciplined cost management [116] Q&A Session Summary Question: Could you define how you calculate free cash flow? - Free cash flow is calculated as EBITDA less interest and CapEx, which is available for debt reduction and share buybacks [35] Question: Can you provide insights on customer conversations regarding oil versus gas? - Conversations are predominantly focused on oil, with a significant interest in high-technology rigs and consolidation among vendor groups [37] Question: What is the outlook for rig count in Canada and the U.S.? - The Canadian rig count is expected to trend towards the mid-60s by the end of June and into the 70s in July, while the U.S. rig count remains stable with some potential for incremental additions [45][70] Question: How does the company view pricing pressure in the current market? - Pricing pressure is considered minimal at this point, with management confident in maintaining margins despite market fluctuations [43][93] Question: What are the expected costs to prepare idle rigs for operation? - The range of costs to prepare idle rigs is estimated between $6 million to $12 million for each rig [66]

Financial Performance - In 2023, Precision generated cash provided by operations of $501 million, a 111% increase over 2022 due to higher activity in Canada and improved North America day rates[18]. - In 2023, the company generated revenue of $1,937.9 million, a 19.8% increase from $1,617.2 million in 2022[77]. - Adjusted EBITDA for 2023 was $611.1 million, representing a 96.1% increase compared to $311.6 million in 2022, with an adjusted EBITDA margin of 31.5%[77]. - Revenue from Contract Drilling Services was $1,704 million in 2023, a 19% increase compared to 2022, driven by higher North American revenue per utilization day rates[106]. - Adjusted EBITDA for 2023 was $631 million, up from $398 million in 2022, primarily due to stronger North American revenue per utilization day and higher Canadian drilling activity[109]. - Canadian drilling revenue was $701 million, a 26% increase from 2022, with a 3% rise in drilling rig activity and a 23% increase in average revenue per utilization day[114]. - Revenue from Completion and Production Services was $241 million, a 29% increase compared to 2022, driven by increased well service activity and stronger hourly service rates[119]. - Net earnings for the fourth quarter were $147 million, or $10.42 per share, compared to $3 million, or $0.27 per share, in Q4 2022[126]. Debt Management - The company reduced debt by $152 million in 2023 and plans to reduce debt by another $150 million to $200 million in 2024, aiming for a sustained Net Debt to Adjusted EBITDA ratio below 1.0 times by the end of 2025[20]. - Ended the year with a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times, with a target of below 1.0 times by the end of 2025[39]. - The company had a total long-term debt of $914.83 million, down from $1.09 billion in 2022[177]. - The company recognized an income tax recovery of $23 million in 2023, compared to an income tax expense of $20 million in 2022[95]. - Finance charges decreased to $83 million in 2023 from $88 million in 2022, attributed to a lower debt balance despite higher variable interest rates[90]. Operational Highlights - Precision's Completion and Production Services segment consisted of 183 registered service rigs at the end of 2023, including 173 in Canada and 10 in the U.S.[35]. - The acquisition of CWC Energy Services Corp. in Q4 2023 increased Precision's marketed service rig count by 36% year over year[17]. - Approximately 75% of Precision's Super Triple fleet is equipped with AlphaTM technologies, enhancing drilling performance and cost efficiencies[18]. - The company achieved a 34% year-over-year increase in Completion and Production Services' Adjusted EBITDA due to the integration of High Arctic Energy Services assets[17]. - Increased Canadian drilling rig utilization days and well servicing rig operating hours, maintaining a leading position in Canada[39]. - The service rig operating hours increased by 18.4% in 2023 compared to 2022, reflecting higher service rig activity[78]. - The average number of drilling rigs under term contracts in 2023 was 62, with utilization days from these contracts accounting for approximately 50% of total contract drilling utilization days[67]. Strategic Initiatives - Precision's strategic priorities for 2023 included maximizing free cash flow and strengthening financial position through debt repayments, all of which were successfully delivered[38]. - The company plans to allocate 25% to 35% of free cash flow before debt repayments to shareholder returns in 2024[20]. - The company expects capital spending in 2024 to be $195 million, with $155 million allocated for maintenance and $40 million for expansion and upgrades[74]. - The company plans to reduce debt by $150 million to $200 million in 2024 and aims for a net debt to adjusted EBITDA ratio below 1.0 times by the end of 2025[75]. Market Conditions - The U.S. active land rig count declined by approximately 21% throughout 2023, but drilling demand is expected to improve in the second quarter of 2024[71]. - In Canada, drilling activity is anticipated to remain high in 2024 due to strong oil prices and increased hydrocarbon export capacity, particularly with the Trans Mountain oil pipeline expansion[70]. - Commodity prices have been negatively affected by increased production, OPEC+ decisions, recession concerns, and a strengthening U.S. dollar[196]. - The volatility in oil and natural gas prices has led to decreased exploration and drilling activities, impacting demand for services[198]. - Intense price competition in the contract drilling industry could erode profit margins and affect revenue[201]. - The cyclical nature of contract drilling has resulted in periods of low demand and excess rig supply, impacting financial performance[202]. - The company faces risks related to regulatory, tax, royalty, and environmental uncertainties in Canada and the U.S.[197]. Capital Expenditures - Capital expenditures for property, plant, and equipment were $227 million in 2023, an increase of $42 million from 2022, with $64 million allocated for expansion and upgrades[91]. - Capital expenditures in 2023 totaled $227 million, with a focus on expansion and upgrade capital[151]. Shareholder Returns - Renewed Normal Course Issuer Bid (NCIB) for share repurchases, allowing purchases of up to 10% of the public float[39]. - The company repurchased and canceled 123,100 common shares for $10 million during 2024[173]. - The company’s share price on the TSX was $71.96 at year-end 2023, down from $103.71 in 2022[177].