Gentherm(US:THRM)2020-08-05 15:01Financial Performance - Product revenues decreased to $136061 thousand for the three months ended June 30, 2020, compared to $243326 thousand for the same period in 2019[18] - Gross margin decreased to 196% for the three months ended June 30, 2020, compared to 299% for the same period in 2019[18] - Adjusted EBITDA was $124 thousand for the three months ended June 30, 2020, compared to $32162 thousand for the same period in 2019[18,28] - The company's cash and cash equivalents increased significantly to $209170 thousand as of June 30, 2020, from $50443 thousand as of December 31, 2019[21] Business Highlights - The company secured $300 million in new automotive business awards[8,12] - Medical revenue experienced double-digit growth, up 18% year-over-year[8,13] - Operating expenses were reduced by 30% year-over-year[8] Automotive Sector - The company was recognized by General Motors as a 2019 Supplier of the Year Winner[10] - The company launched 30 vehicle models with 29 OEMs[10] - The company achieved over a 90% win rate for new business awards in the automotive sector during the quarter[12] Medical Sector - The company achieved record quarterly revenue in the medical sector[13] - Blanketrol equipment saw continued revenue growth globally, supporting temperature management for COVID-19 patients[13]