Core Insights - Thermo Fisher Scientific Inc. (TMO) is focused on growth through strategic acquisitions and product launches, while facing challenges from macroeconomic volatility and foreign currency exchange [1][9][10] Financial Performance - TMO's stock has increased by 20.6% over the past year, outperforming the industry which declined by 11.3% and the S&P 500 which gained 10.2% [2] - The company has a market capitalization of $158.1 billion and an earnings yield of 5.3%, significantly higher than the industry's -2.8% [2] - TMO has consistently surpassed earnings estimates over the past four quarters, with an average surprise of 2.3% [2] Growth Strategies - A notable acquisition includes Solventum's Purification & Filtration business for $4.1 billion, expected to enhance TMO's biologics capabilities and deliver $125 million in adjusted operating income synergies over five years [3][7] - The acquisition of Olink has strengthened TMO's position in the high-growth proteomics market [3][7] - Recent product launches include the CorEvitas Adolescent Alopecia Areata Registry and the Invitrogen EVOS S1000 Spatial Imaging System, aimed at addressing specific market needs [4][7] Research and Development - TMO is increasing its R&D investments, with a projected 51.1% rise in R&D expenses for the second quarter of 2025 [5] Financial Health - As of March 29, 2025, TMO has a long-term debt of $31.37 billion, with cash and cash equivalents totaling $5.95 billion, indicating strong liquidity [8] - The times interest earned ratio stands at 6.3%, reflecting stable solvency [8] Macroeconomic Challenges - TMO is facing macroeconomic challenges, including geopolitical tensions and supply chain disruptions, which may impact profitability [9] - The company has experienced a 1% unfavorable effect on revenues in Q1 2025 due to currency translation from a stronger U.S. dollar [10] Earnings Estimates - The Zacks Consensus Estimate for TMO's earnings per share (EPS) has increased to $22.34, with 2025 revenue estimates at $43.71 billion, indicating a 1.9% rise from the previous year [11]

TNX-103 and PH-HFpEF - TNX-103 (Oral Levosimendan) is a small molecule NCE with a dual mechanism of action, acting as a venodilator and enhancing cardiac contractility[6, 104] - TNX-103 has U S patent protection for multiple methods of use out to the end of 2040 with potential for continuations[7, 105] - The addressable market opportunity for TNX-103 is estimated to be at least $10 billion[9, 107] - Phase 3 program design aligned with the FDA helps de-risk the potential approval pathway for TNX-103[9, 107] Clinical Trial Data - In the Phase 2 HELP trial, TNX-103 showed statistically significant increases in 6MWD and reduction in PCWP across all exercise stages for PH-HFpEF patients[9, 107] - The OLE portion of the Phase 2 trial showed that patients who transitioned from IV to oral levosimendan in a 6-week period experienced improvements in 6MWD (+7 meters), BNP/NT-proBNP and KCCQ scores[9, 107] - 85% of patients enrolled in the HELP study responded with a robust decrease (≥4mm Hg) in exercise PCWP[45] - Oral Levosimendan causes a rapid and sustained reduction in NT-proBNP vs Baseline, with a 32% to 38% reduction in 7 days in the PERSIST Trial[79, 80] Market and Prevalence - PH-HFpEF affects an estimated 2 2 million US patients projected in 2030[9, 107] - In 2030, there will be an estimated 2 2 million to 3 7 million PH-HFpEF patients in the US[18] - Approximately 50% of heart failure patients with preserved ejection fraction (HFpEF) have PH[101]

论文第一作者为何浩然，香港科技大学二年级博士，他的研究方向包括强化学习、生成流模型（GFlowNets）以及具身智能，通讯作者为香港科技大学电子与计算 机工程系、计算机科学与工程系助理教授潘玲。 测试时扩展（Test-Time Scaling）极大提升了大语言模型的性能，涌现出了如 OpenAI o 系列模型和 DeepSeek R1 等众多爆款。那么，什么是视觉领域的 test-time scaling？又该如何定义？ 为了回答这一问题，最近 香港科技大学 联合 快手可灵团队 推出 Evolutionary Search （EvoSearch） 方法，通过提高推理时的计算量来大幅提升模型的生成质 量，支持图像和视频生成，支持目前最先进的 diffusion-based 和 flow-based 模型。EvoSearch 无需训练，无需梯度更新，即可在一系列任务上取得显著最优效果， 并且表现出良好的 scaling up 能力、鲁棒性和泛化性。 随着测试时计算量提升，EvoSearch 表明 SD2.1 和 Flux.1-dev 也有潜力媲美甚至超过 GPT4o。对于视频生成，Wan 1.3B 也能超过 Wa ...

Core Insights - Bigben Interactive's earnings for the financial year 2024/25 were impacted by delays in new releases, but strong growth is anticipated in 2025/26, particularly in the first half [2][14]. Financial Performance - Total sales for the year 2024/25 were €288.0 million, a slight decrease from €292.0 million in 2023/24 [3]. - Gross profit increased to €147.4 million, with a gross margin of 51.2%, up 2.4 percentage points year-on-year due to an improved product mix [3][4]. - EBITDA before non-recurring items remained stable at €62.1 million, while total EBITDA decreased to €61.1 million from €78.0 million in the previous year [3][4]. - The company reported a net loss of €0.3 million for the period, compared to a net income of €21.0 million in 2023/24 [3]. Business Segment Analysis - NACON's sales were stable at €167.9 million, with a gross margin improvement to 64.4% [6][7]. - Bigben AudioVideo/Telco generated sales of €120.0 million, down from €124.3 million, but gross margin increased to 32.7% due to better procurement control [9][10]. Future Outlook - The 2025/26 financial year is expected to see strong growth, with a busy release schedule for NACON, including major titles like "Robocop: Rogue City" and "Hell is Us" [14][15]. - NACON has secured a new agreement for the World Rally Championship (WRC) license, enhancing its gaming portfolio [17]. - Bigben is focusing on diversifying its product offerings and optimizing its supply chain to improve performance in the mobile accessories market [18][21]. Strategic Initiatives - The company is expanding its distribution channels and launching new products under various brands, including the Force® and Cosy ranges [21][22]. - Bigben is committed to reducing carbon emissions through its supply chain optimization efforts [18]. Shareholder Information - The Board of Directors decided not to propose a dividend for the 2024/25 financial year [13]. - Upcoming events include the Shareholders' General Meeting on 25 July 2025 and the release of first-quarter sales on 28 July 2025 [24].

Core Insights - NACON has signed an agreement with Eden Games to publish and distribute Gear.Club Unlimited 3, the fifth installment in the franchise, set to release in Q4 2025 on current-generation consoles and PC [2][5] - The new game enhances NACON's racing ecosystem, which includes popular titles like Test Drive Unlimited Solar Crown and WRC Generations, along with its Revosim™ line of Direct Drive peripherals [3] - Gear.Club Unlimited 3 features various game modes, including an all-new Highway Mode that challenges players' reflexes in high-speed traffic scenarios [4] Company Overview - NACON, part of the BIGBEN group, was established in 2019 and consists of 16 development studios, focusing on game publishing and premium gaming peripherals [6] - The company aims to leverage its 40 years of experience in the gaming industry to create unique opportunities for innovation and competitive advantages [6] Development Studio Profile - Eden Games, based in Lyon, France, is known for its expertise in realistic racing games, having developed iconic titles such as V-Rally and Test Drive Unlimited [7] - Founded in 1998, Eden Games combines passion, technological innovation, and high graphic standards to deliver premium gaming experiences across various platforms [7]

Phase 3 LEVEL Enrollment Completion for TNX-103 in PH-HFpEF Targeted Around Year-End 2025, with Topline Data Expected Middle of 2026 Initiation of Second Phase 3 Study, LEVEL-2, Expected This Year CHAPEL HILL, N.C., May 14, 2025 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax” or “Tenax Therapeutics” or the “Company”), a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies, today reported financial results for the quarter en ...

Core Insights - Advanced Energy Industries (AEIS) reported non-GAAP earnings of $1.23 per share for Q1 2025, exceeding the Zacks Consensus Estimate by 18.27% and showing a year-over-year increase of 112.1% [1] - Revenues reached $404.6 million, surpassing the Zacks Consensus Estimate by 5.1% and increasing 23.5% year over year, driven by growth in data center programs and semiconductor strength [1][2] Revenue Breakdown - Semiconductor Equipment generated $222.20 million, accounting for 54.9% of total revenues, with a year-over-year increase of 23.5% and exceeding the Zacks Consensus Estimate by 0.96% [3] - Data Center Computing revenues were $96.2 million, representing 23.8% of total revenues, up 129.6% year over year and beating the consensus mark by 67.99% [6] - Industrial & Medical revenues fell to $64.30 million, making up 15.9% of total revenues, down 22.9% year over year and lagging the Zacks Consensus Estimate by 18.60% [5] - Telecom & Networking revenues were $21.9 million, accounting for 5.4% of total revenues, down 1.8% year over year but beating the Zacks Consensus Estimate by 5.49% [6] Product Performance - AEIS experienced strong demand for its next-generation products, with over 350 qualification units shipped in Q1, a fivefold increase year over year [4] Operating Results - Non-GAAP gross margin was 37.9%, up 280 basis points year over year, while non-GAAP operating expenses increased by 5.3% to $98.6 million, representing 24.4% of revenues [8] - Non-GAAP operating margin expanded to 14.6%, an increase of 940 basis points year over year [8] Financial Position - As of March 31, 2025, cash and cash equivalents stood at $723 million, slightly up from $722 million at the end of 2024 [9] - Cash flow from operations was $29.2 million in Q1 2025, down from $82.7 million in Q4 2024 [9] Guidance - For Q2 2025, AEIS expects non-GAAP earnings of $1.30 per share (+/- 25 cents) and revenues of $420 million (+/- $20 million) [10] Market Outlook - Despite strong demand in semiconductor and data center markets, weakness in Industrial, Medical, and Telecom sectors may impact AEIS' overall revenue [11]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $405 million, a 24% increase year over year but a 3% decrease sequentially [15][16] - Gross margin improved to 37.9%, up 280 basis points year over year, despite a slight decrease from the previous quarter [19][21] - Earnings per share for Q1 was $1.23, compared to $1.30 in the previous quarter and $0.58 a year ago [21] Business Line Data and Key Metrics Changes - Semiconductor revenue was $222 million, down 2% sequentially but up 23% year over year, driven by strong demand in AI-related leading-edge foundry logic and memory [17] - Data center computing revenue reached a record $96 million, up 9% sequentially and 30% year over year, with multiple new hyperscale programs ramping [17][9] - Industrial and medical revenue was $64 million, down 16% sequentially and 23% year over year, primarily due to ongoing channel inventory destocking [18] - Telecom and networking revenue declined 5% sequentially and 2% year over year to $22 million, in line with expectations [19] Market Data and Key Metrics Changes - The semiconductor market is expected to grow around 10% for the year, supported by the initial production ramp of new products [26] - The industrial and medical market is anticipated to recover in Q2, although the pace may be tempered by economic uncertainty and tariffs [26][10] Company Strategy and Development Direction - The company is focused on delivering value through superior technology, in-house manufacturing, and best-in-class service, with significant investments in R&D and new product capabilities [3][14] - The closure of the last factory in China is expected to drive further gross margin improvement in the second half of the year [4][28] - The company aims to capture market share through new product introductions and strategic acquisitions, particularly in the fragmented industrial and medical market [14][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the revenue outlook for Q2, supported by solid customer demand in data center and semiconductor markets [4][25] - The company is relatively well-positioned to mitigate the impact of tariffs, with a favorable manufacturing footprint in lower tariff countries [5][24] - There is cautious optimism regarding the recovery in the industrial and medical market, with recent increases in distribution orders [10][56] Other Important Information - The company repurchased $22.7 million worth of common stock at an average price of $83.78 per share in April [16] - Capital expenditures for Q1 were $13.9 million, or 3.4% of revenue, with an increase in full-year CapEx guidance to 5% to 6% of revenue [22][27] Q&A Session Summary Question: What is the underlying view for the semiconductor equipment market? - Management believes the market is expected to be flat, with a projected growth of 10% for the company, driven by strong demand in leading-edge processes and new product traction [31][32] Question: Are there any risks of delays in the rollout of new systems? - Management acknowledged potential delays but emphasized the urgency from customers to incorporate new solutions due to challenges with older technology [57] Question: What steps are being taken to improve the industrial and medical business? - Management highlighted the importance of acquisitions in a fragmented market and noted that the design win pipeline is at an all-time high, indicating potential for future growth [44][48] Question: What is the impact of tariffs on costs? - Management indicated that while there are some costs associated with tariffs, they are manageable within the current models and have been contemplated in the guidance [109] Question: How much of the decline in industrial and medical revenue was due to destocking? - Management reported a 14% decline in distributor inventories from Q4 to Q1, indicating that destocking has played a significant role in the revenue decline [111]

Advanced Energy (AEIS) Q1 2025 Financial Results APRIL 30, 2025 Safe Harbor global economic conditions, such as the impact of escalating global conflicts on macroeconomic Q1 2025 Financial Highlights $405 million 37.9% $29 million $1.23 13.5% $723 million REVENUE NON-GAAP GROSS MARGIN(1) OPERATING CASH FLOW(2) NON-GAAP EPS NON-GAAP OPS MARGIN(1) TOTAL CASH (1) Detailed explanations of non-GAAP financials and reconciliations of GAAP to non-GAAP financials can be found at the end of this presentation (2) Cash ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $405 million, a 24% increase year over year but a 3% decrease sequentially [15][16] - Gross margin improved to 37.9%, up 280 basis points year over year, despite a slight decrease from the previous quarter [19][21] - Earnings per share for Q1 was $1.23, compared to $1.30 in the previous quarter and $0.58 a year ago [21] Business Line Data and Key Metrics Changes - Semiconductor revenue was $222 million, down 2% sequentially but up 23% year over year, driven by strong demand in AI-related leading-edge foundry logic and memory [17] - Data center computing revenue reached a record $96 million, up 9% sequentially and 30% year over year, with multiple new hyperscale programs ramping [17][9] - Industrial and medical revenue was $64 million, down 16% sequentially and 23% year over year, primarily due to ongoing inventory destocking [18][10] - Telecom and networking revenue declined 5% sequentially and 2% year over year to $22 million, in line with expectations [19] Market Data and Key Metrics Changes - The semiconductor market is expected to grow around 10% for the year, supported by new product ramps [26] - Data center computing is projected to continue strong growth, particularly driven by AI investments [25] - Industrial and medical markets are anticipated to recover in Q2, although the pace may be affected by economic uncertainty and tariffs [26][10] Company Strategy and Development Direction - The company is focused on delivering value through superior technology, in-house manufacturing, and best-in-class service, with significant investments in R&D and new product capabilities [3][14] - The closure of the last factory in China is expected to enhance gross margins in the second half of the year [4][28] - The company aims to capture market share through new product introductions and strategic acquisitions, particularly in the fragmented industrial and medical markets [14][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the revenue outlook for Q2, supported by solid customer demand in data center and semiconductor markets [4][25] - Despite macroeconomic uncertainties, the company believes it is well-positioned to mitigate tariff impacts and maintain growth [5][28] - The management highlighted strong customer pull for next-generation products and a robust design win pipeline [7][11] Other Important Information - The company repurchased $22.7 million worth of common stock in April at an average price of $83.78 per share [16] - The company expects Q2 revenue to be approximately $420 million, with a gross margin around 38% [26] Q&A Session Summary Question: What is the underlying view for the semiconductor equipment market? - Management believes the market is expected to be flat, with their growth projection of 10% indicating outperformance due to strong demand in leading-edge processes and new products [32][33] Question: Are there any risks of delays in the rollout of new systems? - Management acknowledged potential delays but emphasized the urgency from customers to incorporate new solutions due to challenges with older technology [57] Question: What steps are being taken to improve the industrial and medical business? - Management indicated that while the current state is challenging, they are optimistic about long-term growth due to a strong design win pipeline and potential acquisitions in the fragmented market [46][48] Question: How significant is the impact of tariffs on costs? - Management stated that while there are some costs associated with tariffs, they are manageable and have been factored into their guidance [109] Question: What is the outlook for gross margins moving into 2026? - Management expects continued improvement in gross margins driven by new product traction and operational efficiencies, with a goal to approach 40% by the end of the year [90][78]