Latest news with #Ravenscroft
West Australian
a day ago
- Health
- West Australian
West Aussie research breakthrough offers new insight and treatment options for rigid spine syndrome
West Australian researchers have made a breakthrough medical discovery in the fight against a rare genetic muscle disorder. Professor Gina Ravenscroft, head of the Rare Disease Genetics and Functional Genomics group at the Harry Perkins Institute of Medical Research, and Lein Dofash, PhD student at the institute and University of Western Australia Medical School, identified a new genetic cause of rigid spine syndrome. It's a rare muscle disorder that usually presents at birth or in infancy, causing spinal stiffness, muscle weakness and breathing difficulties in children. Most cases are linked to mutations in the SELENON gene, but the latest research found mutations in another gene, HMGCS1. It plays a role in the mevalonate pathway, which is important for muscle function, with HMGCS1 variants causing muscle weakness. The researchers found mutations in five patients from four families with links to spinal rigidity, scoliosis and respiratory issues. 'HMGCS1-related myopathy is a recessive disorder, in all the families,' Professor Ravenscroft said. It means the children with rigid spine syndrome inherited one mutation of the HMGCS1 gene from each healthy parent who doesn't have the disease. They then teamed up with Monash University's Dr Lee Miles and Professor Robert Bryson-Richardson, who are experts in modelling human muscle diseases in the zebrafish, to confirm the finding. 'Zebrafish are an excellent model to study muscle diseases since young zebrafish are see-through and this allows visualisation of the skeletal muscle (which makes up the bulk of the fish tail),' Professor Ravenscroft said. 'Because of the evolutionary conservation between humans and fish, we can model many human diseases in zebrafish in a timely and cost-efficient manner.' It also makes them ideal candidates for testing potential treatments for diseases. The researchers supplemented the fish with mevalonic acid, an important compound in the mevalonate pathway, and found it helped lessen the symptoms of rigid spine syndrome. The significant findings, published in neurology journal Brain, present a new pathway for treatment of the rare disease. 'If we could secure production of clinical-grade mevalonolactone (mevalonic acid), this could potentially be administered on compassionate grounds to patients with HMGCS1-related myopathy,' Professor Ravenscroft said. 'The next step is to identify further patients with HMGCS1-related myopathy to better understand the range of variants that cause disease and the range of clinical presentations that are caused by variants in HMGCS1.'
Yahoo
20-05-2025
- Business
- Yahoo
MTW Q1 Earnings Call: Tariff Pressures, Order Momentum, and Aftermarket Strategy in Focus
Crane and lifting equipment company Manitowoc (NYSE:MTW) fell short of the market's revenue expectations in Q1 CY2025, with sales falling 4.9% year on year to $470.9 million. Its non-GAAP loss of $0.16 per share was 72.7% below analysts' consensus estimates. Is now the time to buy MTW? Find out in our full research report (it's free). Revenue: $470.9 million vs analyst estimates of $482 million (4.9% year-on-year decline, 2.3% miss) Adjusted EPS: -$0.16 vs analyst expectations of -$0.09 (72.7% miss) Adjusted EBITDA: $21.7 million vs analyst estimates of $16.14 million (4.6% margin, 34.4% beat) Operating Margin: 1.3%, down from 3.1% in the same quarter last year Free Cash Flow was $2.1 million, up from -$42.8 million in the same quarter last year Backlog: $793.7 million at quarter end, down 18.3% year on year Market Capitalization: $416.8 million Manitowoc's Q1 performance was shaped by ongoing global trade dynamics and shifting demand across key regions. Management attributed the quarter's results to tariff-related cost pressures, mixed demand trends in North America and Europe, and the continued growth of aftermarket sales. CEO Aaron Ravenscroft specifically highlighted the impact of new tariffs, stating the company is modeling $60 million in incremental costs this year, with plans to mitigate 80% to 90%. He also pointed to the successful integration of artificial intelligence into operational processes, which is expected to improve efficiency. Looking ahead, management's guidance is supported by a strong backlog and optimism regarding a recovery in the European tower crane business. Ravenscroft emphasized that the company's CRANES+50 strategy, which prioritizes aftermarket sales and customer service, is central to navigating current market uncertainties. The team expressed cautious optimism, noting that evolving tariff negotiations and macroeconomic factors will continue to influence demand patterns and pricing in the coming quarters. Management's remarks focused on the interplay between macroeconomic uncertainty, evolving trade policy, and Manitowoc's aftermarket-driven strategy. The quarter's performance deviated from expectations due to tariff-related costs, regional demand variability, and investments in product and market development. Tariff Impact and Mitigation: Management outlined $60 million in expected tariff costs for 2025, with mitigation plans including price increases, alternative sourcing, and cost-sharing with vendors. These actions are expected to offset most, but not all, of the incremental costs. Aftermarket Sales Growth: Non-new machine sales increased 11% year over year, driven by expanded field service coverage and a focus on rebuilt and used equipment. This supports the CRANES+50 strategy, which aims to reduce earnings volatility by growing less cyclical business lines. European Tower Crane Recovery: Orders for European tower cranes rose nearly 70% year over year, marking the third consecutive quarter of growth and indicating a potential market rebound. This trend is underpinned by historically low dealer inventory and increased infrastructure investment in Germany. Operational Efficiency Initiatives: Manitowoc integrated artificial intelligence into its improvement process, automating repetitive IT tasks to save an estimated 2,000 man hours and $400,000 in costs. Management views this as an important step in ongoing operational efficiency efforts. Market-Specific Demand Trends: While North American dealer orders increased, management remains cautious due to tariff uncertainty. In the Middle East and India, demand remains stable to strong, while Korean and Australian markets are in a holding pattern due to local political and currency factors. Management's outlook for the remainder of the year is shaped by external trade policy, regional economic conditions, and execution of the company's aftermarket growth strategy. Tariff Resolution and Pricing: The company's ability to mitigate ongoing and potential new tariffs will be key to maintaining margins. Management expects price increases and sourcing changes to offset most cost impacts, but notes the situation remains dynamic. Aftermarket Expansion: Continued investment in service capabilities, used equipment, and parts is expected to drive more stable revenue streams, reducing exposure to the cyclical nature of new crane sales. European Infrastructure Recovery: Anticipated infrastructure spending in Europe, particularly in Germany, could support further growth in tower crane demand, though timing and magnitude depend on government rollout and customer confidence. Jerry Revich (Goldman Sachs): Asked how much mitigation of tariff costs would come from pricing versus supply changes. Management replied that mitigations include price increases, vendor cost sharing, and alternative sourcing, but benefits depend on evolving currency and trade dynamics. Jerry Revich (Goldman Sachs): Inquired about the share of China-related tariffs in the $45 million estimate and underlying tariff assumptions. Management stated the figure includes both China tariffs and Section 232 steel and aluminum tariffs, and that the mix will depend on production and sourcing flexibility. Jerry Revich (Goldman Sachs): Sought detail on the drivers of increased European tower crane orders and whether current momentum matches prior cycle highs. Management said the recovery is broad-based, driven by low dealer inventory and utilization, but market levels are still well below historical peaks. Steven Fisher (UBS): Asked if higher steel and aluminum costs are included in the $45 million tariff impact. Management confirmed that raw material cost increases are factored into the estimate. Steven Fisher (UBS): Requested color on visibility for continued non-new machine sales growth. Management responded that growth is broad-based, driven by new locations, increased field service technicians, and expansion in used and rebuilt equipment offerings. Looking forward, the StockStory team will be monitoring (1) the evolution of global tariff negotiations and their impact on Manitowoc's cost structure and pricing, (2) sustained growth in aftermarket sales as the company expands its service and used equipment business, and (3) the pace of recovery in the European tower crane market, particularly as government infrastructure funding in Germany moves from announcement to implementation. Progress on operational efficiency initiatives and further adoption of AI tools may also influence future margin trends. Manitowoc currently trades at a forward P/E ratio of 15.8×. Should you load up, cash out, or stay put? Find out in our free research report. The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today. Sign in to access your portfolio
Technical.ly
05-02-2025
- Business
- Technical.ly
Baltimore VC investments jump to $158M in 2024's final quarter
In line with Maryland's industry trends, one of the state's leading technology sectors landed its primary city's biggest venture capital deals last quarter. Following a languid Q3, Baltimore saw $158.1 million in venture capital funding across 13 deals in 2024's final three months, according to the latest quarterly Venture Monitor report from PitchBook and the National Venture Capital Association. By comparison, the late summer and early fall comprised $69.2 million in funding across 10 deals. It's not the highest valuation of 2024 — the year's second quarter saw $359.4 million across 14 deals, and a much lower $89.7 across 19 deals in Q1. The last quarter of 2023 was even more sluggish at a mere $45.8 million through 22 deals, meaning the transactions were more frequent and lower in valuation. E-commerce firm SamCart, whose website lists offices in Fulton, Maryland and Austin, Texas, brought in half of the most recent quarter's venture funds, trailed by other largely later-stage companies. This company stage trend reflects VC dynamics throughout the country. Funders still look for more mature companies in which to invest, per Mike Ravenscroft, the managing director of the University System of Maryland Momentum Fund. That was the case for most of 2023 and 2024, so he doesn't find this continuation surprising. The uptick in cash is promising, but nowhere near as robust as 2021's highs, he explained. Caution is still the name of the game. Mike Ravenscroft 'I do not think that the average startup is, or should be, throwing caution to the wind,' Ravenscroft told 'and thinking that the environment is picked up and that everything's turned around.' Raising at the seed stage remains a challenge, he said. Venture firms, many of which are struggling to raise money themselves, now look to companies with a high return potential and little risk. In some ways, this sobering reality for early-stage companies can be positive, Ravenscroft said. 'The shortage of funding has compelled founders to be a lot more precise and measured in the growth targets that they're projecting,' he said. 'That ultimately will prove a lot more valuable to founders that are trying to grow the companies not just quickly, but also responsibly.' Justin Amoyal, the founder and CEO of the digital health company Impruvon Health, recently reported a second seed round despite the tough investing environment. The startup, which developed medication management software to avoid medication errors, previously raised capital every subsequent year since its founding in 2020, per Amoyal. He declined to disclose the value of this round, but did note it was oversubscribed. It was led by San Francisco's Ford Street Ventures, with participants including the State of Maryland -founded TEDCO, the Maryland Momentum Fund and TCP Venture Capital. The tech is being used in intermediate care and assisted living facilities across 20 states, and the company is close to being profitable. 'We're building our technology fast,' Amoyal told 'The technology works really, really well, and investors are excited to see that. And they see that we're dedicated to solving the problem.' Healthcare tech dominates top raises in Baltimore — for now Many life sciences-related founders also rely on government funding and other nondilutive capital in their sector, especially in the early stages of development, per Ravenscroft. Venture capitalists do not invest in very early-stage, high-risk science startups because of the volatility, he explained. The federal funding freeze scare was not a good sign for local companies in life sciences. 'If all that research stops getting funded, if all those companies at the early stages stop getting funded, then we don't have a pipeline anymore of innovation,' Ravenscroft said prior to President Donald Trump rescinding the decision to freeze funding following a judge blocking the order. Below are the Baltimore region's largest deals of Q4. As always, it's important to note that these figures may vary slightly after publication: Some deals aren't accounted for until weeks after quarterly VC reports are published, and PitchBook may find errors in its data. E-commerce startup SamCart raised a Series B valued at $87.6 million, according to the Venture Monitor report. In a Dec. 30 filing with the Securities and Exchange Commission, the company logged that amount to cover its Series B Preferred Stock and Warrants — terms referencing equity investments that give certain funders priority for buying common stock later on — and convert that into common stock. SamCart reported a Series B of $82 million in 2022. Formerly known as NeoProgen, the University of Maryland, Baltimore spinout Secretome Therapeutics raised a later-stage round valued at $20.4 million and announced on Nov. 25. The firm develops cell therapy for patients suffering from heart attacks and advanced heart failure. It's also a Maryland Momentum Fund portfolio company whose website lists offices in Baltimore's Inner Harbor area, Chicago, Illinois and the Dallas, Texas metro area. Sonavex, a Johns Hopkins University spinout in Baltimore's Canton neighborhood, which developed a device to detect at-risk blood vessels, announced a second Series A valued at $15.0 million on Nov. 19. Biotech company Gliknik, headquartered at the University of Maryland BioPark, raised a later-stage VC of $11.2 million. The company is building biomolecules for autoimmune diseases and cancer and is a tenant at the University of Maryland BioPark. The Venture Monitor flagged that the Baltimore AI software startup EcoMap Technologies raised $6.9 million. That funding was not entirely new, per company sources. How Baltimore fits in with national trends Venture capital flow slightly increased across the country compared to 2023, per PitchBook's lead VC analyst Kyle Stanford. The report noted that Baltimore's deal count decreased dramatically from 93 in 2023 to 56 in 2024. This translated to annual totals of $792.3 million and $676.3 million, respectively. Later-stage companies dominated throughout the country, as well. For instance, 30 firms accounted for more than 68% of the United States' total VC investments in 2024, per the Venture Monitor report. Fewer funds are comfortable leading rounds, so there's been an uptick in co-leading because individual investors struggle to raise capital themselves, said Maryland Momentum Fund's Ravenscroft. 'Nobody wants to go to the dance alone,' he said. This then makes founders' lives harder because there's a need to meet with more investors than usual. Founders typically meet with two to three times more investors compared to a couple of years ago, he explained. Overall, startups should be aware that fundraising at the early stages will stay difficult. 'Caution,' Ravenscroft said, 'is still the name of the game.'
