Connect with us

Finance

Exclusive | Council finance chair Justin Brannan files for NYC comptroller run

Published

on

Exclusive | Council finance chair Justin Brannan files for NYC comptroller run

A rocker, a president and the “Lady in Red.”

New York City Councilman Justin Brannan is eyeing a run at the Big Apple’s Comptroller’s seat in next year’s election, The Post has learned.

The Brooklyn Dem, who currently serves as the council’s finance chair, filed paperwork with the Campaign Finance Board Tuesday allowing him to start fundraising for the already hotly contested seat, online records show.

The lawmaker also registered a political committee JB for NYC, which mirrors his former committees, Relect JB and Friends of JB, record show.

Calls to Brannan, 45, were not immediately returned.

Advertisement

It was unclear if he was formally running or exploring what traction he could get as a candidate.

Councilman Justin Brannan has filed to start fundraising for a potential run for comptroller. Gregory P. Mango

With almost a year until next year’s primaries, the field of candidates vying to be the city’s next financial watchdog is already crowded with current Comptroller Brad Lander entering the race against Mayor Eric Adams.

On Monday, Queens Assemblywoman Jenifer Rajkumar formally announced her run with little fanfare after reporters noticed her camp had posted her campaign video a bit prematurely.

The two are expected to take on Manhattan Borough President Mark Levine, who also signaled interest by filing paperwork for the role last week, but told The Post he was informally exploring the bid.

Assemblywoman Jenifer Rajkumar formally joined the race this week. Stephen Yang
Manhattan Borough President Mark Levine has also filed to start fundraising but his campaign is not formally underway. ZUMAPRESS.com

Brannan is termed limited in the council and has been weighing his next political steps for months now with the comptroller being on the shortlist with his experience as finance chair, according to sources.

Advertisement

Over the past few years, the councilman has been a leading voice on budget issues and was key in the push for a property tax rebate in 2022.

He’s also served as a foil to Adams and his administration, sparring over budget cuts during the migrant crisis, which came to a head this year over the widely different projections in tax revenue.

Brannan, a hardcore punk rocker known for his role in Most Precious Blood, reps the 47th council district in Bay Ridge nabe of Brooklyn.

It was rumored that Brooklyn Borough President Antonio Reynoso could also join in the race but told Pix11 on Monday he was staying put.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Finance

Wall Street rallies to one of its best days of the year after inflation report

Published

on

Wall Street rallies to one of its best days of the year after inflation report

U.S. stocks rallied Tuesday to one of their best days of the year after the first of several highly anticipated reports on the economy this week came in better than expected.

The S&P 500 jumped 1.7% for its third-best day of 2024 after the U.S. government reported inflation at the wholesale level slowed last month by more than economists expected. The Dow Jones Industrial Average rose 408 points, or 1%, and the Nasdaq composite clambered 2.3% higher.


What You Need To Know

  • U.S. stocks rose to one of their best days of the year as Wall Street relaxed after the first of several highly anticipated reports on the economy this week came in better than expected
  • The S&P 500 rallied 1.7% Tuesday after the government reported inflation at the wholesale level slowed last month by more than anticipated
  • The Dow Jones Industrial Average gained 1%, and the Nasdaq composite climbed 2.4%
  • Starbucks soared after naming Brian Niccol, the head of Chipotle, as its new CEO


High inflation has been the scourge of shoppers and financial markets for years. It finally looks to be slowing enough to get the Federal Reserve to ease up on high interest rates, which the Fed has been keeping at economy-crunching levels in order to stifle inflation.

Treasury yields eased in the bond market following the inflation data, as traders remain convinced the Fed’s meeting next month will bring the first cut to interest rates since the COVID crash of 2020. The yield on the 10-year Treasury fell to 3.84% from 3.91% late Monday.

All is not clear, though. On Wednesday, the U.S. government will deliver the latest monthly update on inflation that U.S. consumers are feeling, which could be less encouraging. And on Thursday will come a report showing how much U.S. shoppers are spending at retailers.

Advertisement

A growing worry on Wall Street is that the Fed may have kept interest rates too high for too long and undercut the U.S. economy by making it so expensive to borrow money. The economy is still growing, and many economists don’t expect a recession, but a sharp slowdown in U.S. hiring last month raised questions about its strength.

Such questions weigh because even cuts to interest rates haven’t been enough for stocks to rise significantly in the ensuing 18 months if a recession hits, according to Chris Haverland, global equity strategist at Wells Fargo Investment Institute.

Home Depot on Tuesday delivered stronger profit for the spring quarter than analysts expected, but it also said high interest rates and uncertainty about the economy are keeping some customers from spending on home improvement projects.

The retail giant lowered its full-year forecasts for an important measure of sales and for profit, even though it topped expectations for the second quarter. Its stock rose 1.2% after flipping earlier between modest gains and losses.

Elsewhere on Wall Street, Starbucks soared 24.5% after it convinced Brian Niccol to leave his job as CEO of Chipotle Mexican Grill to take over the coffee chain. He will start as chairman and chief executive next month and will replace Laxman Narasimhan, who is stepping down immediately.

Advertisement

Chipotle, meanwhile, dropped 7.5%. Niccol has been its chief executive since 2018 and its chairman since 2020, and he helped its stock rise more than 240% for the five years through Monday. That tower’s over the S&P 500’s 96% return including dividends. Chipotle said its chief operating officer, Scott Boatwright, would be its interim CEO.

In stock markets abroad, indexes were modestly higher across much of Europe and Asia. Japan’s Nikkei 225 was an outlier and jumped 3.4%.

Japan’s market has been viciously volatile recently, including the worst drop for the Nikkei 225 since the Black Monday crash of 1987. It’s been swinging since a hike to interest rates by the Bank of Japan forced many hedge funds and other investors to abandon a popular trade all at once, where they had borrowed Japanese yen at cheap rates to invest elsewhere. The forced selling that followed the surge in the Japanese yen’s value reverberated around the world.

But a promise last week by a top Bank of Japan official not to raise rates further as long as markets are “unstable” has helped calm the market.

Another worry that’s made Wall Street so shaky the last month is concerns that investors went overboard in their mania around artificial-intelligence technology and took the prices of Big Tech and AI-related stocks too high.

Advertisement

Nvidia, the company whose chips are powering much of the move into AI, has been at the center of the action. After soaring more than 170% through the year’s first six and a half months, it plunged more than 20% over the ensuing three weeks.

On Tuesday, Nvidia rose 6.5% and was the strongest force pushing upward on the S&P 500. All the other stocks in the small group known as the “Magnificent Seven” also climbed. They almost singlehandedly pushed the S&P 500 to dozens of all-time highs earlier this year, even as high interest rates weighed on much of the rest of the stock market.

Unlike much of the early part of this year, it wasn’t just the Magnificent Seven rising Tuesday. Wall Street’s rally was more widespread, and nearly 85% of the stocks in the S&P 500 rose. The smaller stocks in the Russell 2000 index also climbed 1.6%.

All told, the S&P 500 rose 90.04 points to 5,434.43. The Dow added 408.63 to 39,765.64, and the Nasdaq composite gained 407.00 to 17,187.61.

Advertisement
Continue Reading

Finance

Elite Team Managing $1.5 Billion in Assets Joins Ameriprise Financial for Sophisticated Resources to Take Their Practice to the Next Level

Published

on

Elite Team Managing .5 Billion in Assets Joins Ameriprise Financial for Sophisticated Resources to Take Their Practice to the Next Level

The team of five financial advisors say their high-net-worth clients will benefit from Ameriprise’s innovative and fully integrated digital capabilities

MINNEAPOLIS, August 13, 2024–(BUSINESS WIRE)–Q5 Wealth Management, a financial advisory team managing $1.5 billion in client assets in Beaumont and Houston, Texas, recently joined the independent channel of Ameriprise Financial, Inc. (NYSE: AMP) from UBS Financial Services, Inc. Financial advisors Omar Bitar, Jeremy Saba, Mike Persia, Ed Persia, and Brad Klein conducted an extensive search for a new broker-dealer and chose Ameriprise for the firm’s robust resources to elevate their high-net-worth clients’ experience and significantly scale their practice. Specifically, the advisors were energized by Ameriprise’s innovative and fully integrated digital capabilities that will make it more efficient to consistently exceed clients’ expectations.

Reflecting on the move, Mike Persia said, “Clients are the core of everything we do, and they trust us to provide advice that propels them to reach their unique goals in life. Our team continually evaluates the way we’re doing business to ensure we’re delivering them the highest value. We saw an opportunity with Ameriprise to enhance our client offering and better position our practice for future growth.”

Q5 Wealth Management serves high-net-worth clients across the United States. The team specializes in advising on complex financial situations for individuals planning for retirement, families and business owners. “It’s our job as advisors to make it as easy as possible for clients to manage their financial lives in a comprehensive way,” Jeremy Saba added. “Ameriprise has leading capabilities that create efficiencies for clients and our team, as well as a sophisticated wealth management platform equipped with the products and services our clients want and need.”

The team chose to join Ameriprise’s independent channel because it offered the right balance of tenured support from leadership and flexibility to run their practice their way.

“We’re excited to welcome Q5 Wealth Management to our Ameriprise network,” said Ameriprise Field Vice President Logan Clipp. “Ameriprise is very thoughtful about the advisors we choose to partner with because we put significant time and resources into helping each one grow and serve clients exceptionally well. Omar, Jeremy, Mike, Ed, and Brad exemplify what it means to run a growth-focused, client-centric practice.”

Advertisement

Ameriprise Regional Vice President Tres Rouquette also supports the team.

The team includes their supporting staff, Investment Specialists Kevin Wagner and Ashley Carter, Client Service Managers Sherri Thompson, Brandy Head and Taryn King, and Client Concierge Dena McNiel.

Ameriprise has continued to attract experienced, productive financial advisors, with more than 400 advisors moving their practices to Ameriprise in 2023 and approximately 1,700 joining the firm in the last 5 years.1 To find out why experienced financial advisors are joining Ameriprise, visit ameriprise.com/why.

About the Ameriprise Ultimate Advisor Partnership

Advertisement

The Ameriprise Ultimate Advisor Partnership offers a differentiated experience for advisors that helps them accelerate growth while delivering an excellent client experience. Combined with the company’s culture of support and independence, the Ultimate Advisor Partnership enables advisors to scale their businesses, deepen client relationships and drive referrals for future growth.

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for 130 years. With extensive investment advice, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors2, we have the strength and expertise to serve the full range of individual and institutional investors’ financial needs.

Ameriprise Financial cannot guarantee future financial results.

Ameriprise Financial Services, LLC is an Equal Opportunity Employer.

Advertisement

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.

©2024 Ameriprise Financial, Inc. All rights reserved.

1 Ameriprise Financial 2023 10-K.
2 Ameriprise Financial Q2 2024 Earnings Release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240813289340/en/

Advertisement

Contacts

Alison Mueller, Media Relations
612.678.7183
alison.g.mueller@ampf.com

Continue Reading

Finance

Tecan reports financial results for the first half of 2024 and revises its outlook for full year 2024

Published

on

Tecan reports financial results for the first half of 2024 and revises its outlook for full year 2024
Tecan Group AG

Tecan Group AG

Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules

Tecan reports financial results for the first half of 2024 and revises its outlook for full year 2024

Financial results for the first half of 2024 – Highlights

  • Adjusted EBITDA of CHF 67.9 million (H1 2023: CHF 101.2 million)

  • Adjusted net profit of CHF 36.5 million (H1 2023: CHF 65.8 million)

  • Full-year outlook revised to reflect persistent weak demand and slower market recovery

Operating highlights in the first half of 2024

  • Significant strides in launching and successfully commercializing new products targeting the key application areas of genomics, proteomics, and cell biology

  • Partnering Business with robust project activity and product launches across all three business lines: Synergence, Cavro and Paramit

Männedorf, Switzerland, August 13, 2024 – The Tecan Group (SIX Swiss Exchange: TECN) today announced its financial results for the first half of 2024 and revised its outlook for full year 2024.

Advertisement

Tecan CEO Dr. Achim von Leoprechting commented: «In the first half of the year, we faced a challenging market environment characterized by reduced spending in the biopharma sector, which led to softness especially in our instrument business. Additionally, the end markets in life science research have faced broad but, in our view, temporary challenges. We have also experienced general market weakness in China, which has affected our direct sales into the region as well as our indirect business exposure through global OEM customers. Despite good demand for newly launched products, particularly in the field of clinical diagnostics, we were unable to fully compensate for the decline in academic, government and biopharma customers.
We now anticipate that the weaker demand in those segments will persist longer than originally expected, while the new China stimulus program is likely to have a meaningful impact only from 2025. As a result, we have revised our outlook for the full year 2024. In response to these developments, we have defined and already implemented rigorous cost management and cost-saving measures in line with the sales development.
However, we view these market weaknesses as temporary effects. Tecan remains in a strong position, supported by robust underlying trends that are driving increased demand for laboratory automation and scaled healthcare solutions. In addition, Tecan is further expanding its leading position through the continuous launch of innovative products and new partnerships. Therefore, we are confident that we will return to our mid-term growth rate of mid-single to high-single digits once the market has normalized, potentially as early as 2025. We are also continuing to focus on leveraging our strong financial position for further inorganic strategic expansion through M&A.»

Financial results for the first half of 2024

Order entry for the first six months of the year was CHF 472.2 million (H1 2023: CHF 536.6 million), down 12.0% year-on-year, or 9.9% in local currencies. Order entry improved sequentially in the second quarter. As a result, orders exceeded sales in the first half of the year and the book-to-bill ratio returned to a level of above 1.

In a weak market environment, reported sales in the first half of 2024 decreased by 13.7% in Swiss francs and 11.6% in local currencies to CHF 467.2 million (H1 2023: CHF 541.5 million or CHF 528.5 million when compared in local currencies). The decline in sales was mainly due to softness in the instrument business with biopharmaceutical companies globally in the Life Sciences Business (sales declining >25% and contributing with over 1/3 of the total sales decline) and a general market weakness in China affecting both business segments (sales declining >20% and contributing with over 1/4 of the total sales decline). In addition, and as anticipated, Tecan did not record any further sales from the pure pass-through of material costs in the first half of 2024 (H1 2023: CHF 7.0 million). Consumables sales in the Life Sciences Business stabilized with only a slight decline compared to the previous year. In the Partnering Business, on the other hand, there were further destocking effects for consumables, spare parts and Cavro components. By contrast, the service business in the Life Sciences Business remained stable at a high level. Sales of the Paramit product line in the Partnering Business also remained at the high level of the prior-year period.

Advertisement

Adjusted operating profit before depreciation and amortization (earnings before interest, taxes, depreciation and amortization; EBITDA) decreased to CHF 67.9 million (H1 2023: CHF 101.2 million). As profitability is highly dependent on volume, the decline in profit is almost exclusively due to lower sales volumes. Accordingly, the adjusted EBITDA margin amounted to 14.5% of sales (H1 2023: 18.7%), including a negative effect from foreign exchange rates of around 50 basis points.

Adjusted net profit1 amounted to CHF 36.5 million (H1 2023: CHF 65.8 million), while adjusted earnings per share1 reached CHF 2.86 (H1 2023: CHF 5.16).

Cash flow from operating activities amounted to CHF 43.4 million in the first half of 2024 (H1 2023: CHF 82.5 million). Tecan’s net liquidity position (cash and cash equivalents plus short-term time deposits less bank liabilities, loans and the outstanding bond) increased to CHF 87.6 million (June 30, 2023: CHF 61.7 million, December 31, 2023: CHF 112.6 million).

Information by business segment

Life Sciences Business (end-customer business)
Sales in the Life Sciences Business reached CHF 187.5 million (H1 2023: CHF 228.6 million or CHF 221.8 million in local currencies), a decrease of 18.0% in Swiss francs or 15.5% in local currencies compared to the first half of 2023. Almost three quarters of the decline in segment sales is attributable to fewer instrument sales with biopharmaceutical companies in Europe and North America as well as the market weakness in China. Regional sales in China also provided a high basis for comparison, as segment sales there rose by around 10% in the same period of the previous year. Consumables sales in the Life Sciences Business stabilized with only a slight decline compared to the previous year and the service business remained stable at a high level. As a result, recurring sales of services, consumables and reagents increased to 59.4% of segment sales (H1 2023: 51.5%).
Order development in the Life Sciences Business improved sequentially in the second quarter compared to the previous quarter, resulting in a book-to-bill ratio of above 1 in the first half of 2024.

Advertisement

Reported operating profit in this segment (earnings before interest and taxes; EBIT) reached CHF 12.6 million (H1 2023: CHF 40.3 million). The operating profit margin amounted to 6.6% of sales (H1 2023: 17.2%), which is primarily due to the lower sales volume and the resulting underabsorption of fixed costs in the first half of the year.

Partnering Business (OEM business)
The Partnering Business generated sales of CHF 279.6 million in the period under review (H1 2023: CHF 312.9 million or CHF 306.6 million in local currencies), representing a decrease of 10.6% in Swiss francs and 8.8% in local currencies. No additional sales from the pure pass-through of material costs were recorded in the first half of 2024 (H1 2023: CHF 7.0 million).
Sales of in-vitro diagnostics systems in the Synergence™ product line remained stable overall outside of China, with many customer accounts showing growth. However, market weakness in China impacted both direct sales and global OEM customers for these systems, leading to a moderate overall decline. Cavro® OEM components saw a more substantial decline as customers in the life science and diagnostics sectors reduced their inventories more slowly due to weaker end markets. Sales in the Paramit product line, which primarily serves the medical market, were nearly at the high level of the prior year when adjusted for the pass-through revenues of material costs.
New orders in the Partnering Business were approximately equal to sales, resulting in a book-to-bill ratio of 1.

Reported operating profit in this segment (earnings before interest and taxes; EBIT) amounted to CHF 22.5 million (H1 2023: CHF 30.8 million), while the operating profit margin reached 8.0% of sales (H1 2023: 9.8%). Similar to the Life Sciences Business segment, lower sales volumes and the resulting negative economies of scale were the main factors affecting margin development.

Operating highlights for the first half of 2024

Innovation and product launches in key application areas

Advertisement

Tecan made significant strides in launching and successfully commercializing new products targeting the key application areas of genomics, proteomics, cell biology, and medical mechatronics.

Genomics: The Phase Separator™, an innovative new pipetting capability available on the Fluent® Automation Workstation since last year, continued to gain traction with both existing accounts and new customers. This technology represents a significant advance in liquid-separation, crucial for fast-growing workflows like cell-free DNA sequencing in Liquid Biopsy applications.

Proteomics: In February 2024, Tecan launched the Resolvex i300, which quickly garnered substantial market interest. The Resolvex i300 is a state-of-the-art module that can be integrated into the Fluent® automation platform or OEM developments. It automates sample preparation, cleanup, evaporation, and resuspension on a single integrated platform for both research and diagnostic workflows, being “IVD-ready” (in vitro diagnostics-ready). As proteomics applications in the life sciences market grow rapidly, and mass spectrometry remains essential to most proteomics analyses, the demand for faster throughput is expected to rise dramatically. The i300 addresses these evolving customer needs.

Cell Biology: Tecan launched the Spark Cyto 3D, enabling the analysis of complex 3D cell models, such as spheroids, organoids, and organ-on-a-chip systems. Spark Cyto 3D allows customers to culture samples in a 3D matrix, better mimicking human body conditions. Utilizing a new AI algorithm-based analysis tool, key parameters of cells growing in three dimensions can be tracked in real-time. For instance, a mini 3D representation of cancer cultivated from a patient’s cancer cells can guide clinicians to the most effective drugs and treatment combinations.

Progress in Partnering Business with robust project activity

Advertisement

In the Partnering Business, progress continued in the first half of 2024 with robust project activity across all three business lines: Synergence, Cavro, and Paramit.

Synergence: Significant progress has been made with recently acquired projects to develop full OEM systems, with initial deliveries to new customers accelerating.

Cavro: The business with standard or customized liquid handling OEM components saw a strong development pipeline for new projects. The product roadmap lays a solid foundation for sustainable growth, positioning Cavro as a technology leader in the components space.

Paramit: The contract development and manufacturing offering saw good progress in the pipeline for new technology development and manufacturing projects. This progress reflects the dynamic period of healthcare innovation currently underway. Several new projects were secured due to synergies with the other two business lines.

Scaling of global operations and commercial channel

Advertisement

Tecan’s global presence expanded in the first half of 2024 with the establishment of a direct sales office in South Korea. This new entity was formed following the acquisition of a long-standing distributor in the region and now includes colleagues who have worked with Tecan through this distributor relationship for over 20 years. These colleagues bring valuable local market knowledge that complements our existing businesses in the region, enabling Tecan to serve this growing market more effectively. Tecan anticipates that South Korea will benefit from increased investments in the life science research and broader healthcare market in the future.

Tecan successfully passed an extensive FDA inspection at its facility in Penang, Malaysia, underscoring the strength of Tecan’s operational processes and sound business management practices. The audit provides an excellent foundation for future production of medical devices, including class 3 medical devices, paving the way for substantial growth.

Further Building on Sustainability Activities

Tecan’s 2023 Sustainability Report was published as part of the Annual Report 2023 in March. At Tecan’s AGM in April 2024, the Sustainability Report was put to a shareholder vote for the first time and received almost 100% approval.

Tecan’s climate scenarios risk analysis was completed in the first half of the year, paving the way for full TCFD (Task Force on Climate-related Financial Disclosures) reporting later in 2024. TCFD is a framework that provides recommendations for companies to disclose information on their climate-related financial risks and opportunities, helping investors make better-informed decisions.

Advertisement

Outlook for full-year 2024

Based on the financial results from the first half of the year, Tecan has revised its full-year outlook. This revision is also due to the anticipation that weaker demand, driven by general market weakness, will persist longer than originally expected, while the new China stimulus program is likely to have a meaningful impact only from 2025. Consequently, Tecan now expects full-year 2024 sales in local currencies to range from on prior-year level to a decrease in the mid single-digit percentage range (previously expected to increase in the low single-digit percentage range in local currencies).

In light of the lower sales volumes, Tecan has adjusted its profitability outlook and has defined and already implemented rigorous cost management and cost-saving measures to mitigate volume-related margin pressures. The company now expects an adjusted EBITDA margin, excluding acquisition- and integration-related costs, of 18-20% of sales (previously at least around 20% of sales).

The company views these market weaknesses as temporary effects. Tecan remains in a strong position, supported by robust underlying megatrends that are driving increased demand for healthcare solutions. In addition, Tecan is further expanding its leading position through the continuous launch of innovative products and new partnerships. Therefore, Tecan reiterated its mid-term outlook, expecting to continue outperforming the average growth rate of the underlying end markets. Tecan anticipates returning to average organic growth rates in the mid to high single-digit percentage range in local currencies, while continuously improving profitability. Tecan is also continuing to focus on leveraging the company’s strong financial position for further inorganic strategic expansion through M&A.

The outlook 2024 does not take account of potential acquisitions during the course of the year.

Advertisement

The expectations regarding profitability are based on an average exchange rate forecast for full year 2024 of one euro equaling CHF 0.95 and one US dollar equaling CHF 0.85.

Financial Report and Webcast

The full 2024 Interim Report can be accessed on the company’s website www.tecan.com under Investor Relations.

Tecan will hold an analyst and media conference to discuss the results in the first half of 2024 today at 08:30 (CET). The presentation will also be relayed by live audio webcast, which interested parties can access at www.tecan.com. A link to the webcast will be provided immediately prior to the event.

The dial-in numbers for the conference call are as follows:
For participants from Europe: +41 (0)58 310 50 00 or +44 (0)207 107 0613 (UK)
For participants from the US: +1 (1) 631 570 5613

Advertisement

Participants should if possible dial in 15 minutes before the start of the event.

Key upcoming dates

  • A Capital Markets Day will be hosted on October 22, 2024

  • The 2024 Annual Report will be published on March 12, 2025

  • The Annual General Meeting of Tecan’s shareholders will take place on April 10, 2025

1 The calculation of adjusted net profit and adjusted earnings per share excludes acquisition and integration costs (+CHF 8.0 million) as well as the accumulated amortization of acquired intangible assets (+CHF 9.7 million) and they were calculated with the reported Group tax rate of 20.5%.

About Tecan
Tecan (www.tecan.com) improves people’s lives and health by empowering customers to scale healthcare innovation globally from life science to the clinic. Tecan is a pioneer and global leader in laboratory automation. As an original equipment manufacturer (OEM), Tecan is also a leader in developing and manufacturing OEM instruments, components and medical devices that are then distributed by partner companies. Founded in Switzerland in 1980, the company has more than 3,500 employees, with manufacturing, research and development sites in Europe, North America and Asia, and maintains a sales and service network in over 70 countries. In 2022, Tecan generated sales of CHF 1,144 million (USD 1,192 million; EUR 1,144 million). Registered shares of Tecan Group are traded on the SIX Swiss Exchange (TECN; ISIN CH0012100191).

For further information:

Advertisement

Tecan Group
Martin Brändle
Senior Vice President, Corporate Communications & IR
Tel. +41 (0) 44 922 84 30
Fax +41 (0) 44 922 88 89
investor@tecan.com
www.tecan.com

Attachment

Continue Reading

Trending