On January 30, 2020 Quest Diagnostics Incorporated (NYSE: DGX), the world’s leading provider of diagnostic information services, reported financial results for the fourth quarter and full year ended December 31, 2019 (Press release, Quest Diagnostics, JAN 30, 2020, View Source [SID1234553725]).

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"We had a solid fourth quarter and ended the year by delivering record revenues, earnings and cash from operations," said Steve Rusckowski, Chairman, CEO and President. "Strong volume growth from expanded health plan network access, combined with outstanding execution of our Operational Excellence strategy, helped us offset significant reimbursement pressure.

"Quest is well positioned once again in 2020 to deliver on our commitment to grow revenues and earnings. We have a strong value proposition that supports health care’s triple aim of improving medical quality and the patient experience while reducing the cost of care. Our guidance for 2020 reflects our continued momentum, partially offset by yet another year of meaningful reimbursement pressure."

For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage
of net revenues, income from continuing operations attributable to Quest Diagnostics, and diluted EPS from continuing
operations, see note 2 of the financial tables attached below.

Beginning in 2019, the company has changed how it presents adjusted income measures to additionally exclude amortization
expense for all periods presented. We believe this presentation provides investors with additional insight to evaluate our
performance period over period and relative to competitors, as well as to analyze the underlying trends in our business.

Dividend and Share Repurchase Authority Increased

Quest Diagnostics’ Board of Directors authorized a 5.7% increase in its quarterly dividend from $0.53 to $0.56 per share, or $2.24 per share annually, payable on April 21, 2020 to shareholders of record of Quest Diagnostics common stock on April 7, 2020. This dividend increase is the company’s ninth since 2011.

The Board also increased the company’s share repurchase authorization by $1 billion, bringing the total authorization available to $1.2 billion as of December 31, 2019.

Guidance for Full Year 2020

The company estimates full year 2020 results as follows:

Note on Non-GAAP Financial Measures

As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, the gain associated with the sale and leaseback of a property, and other items.

Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures.

Conference Call Information

Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: Investor; or via live webcast on the company’s website at www.QuestDiagnostics.com/investor. The company suggests participants dial in approximately 10 minutes before the call.

A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or by phone at 866-357-4210 for domestic callers or 203-369-0125 for international callers. No passcode is required. Telephone replays will be available from approximately 10:30 a.m. Eastern Time on January 30, 2020 until midnight Eastern Time on February 13, 2020. Anyone listening to the call is encouraged to read the company’s periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.

On January 30, 2020 Lannett Company, Inc. (NYSE: LCI) reported that it will report financial results for its fiscal 2020 second quarter on Wednesday, February 5, 2020, after the market closes (Press release, Lannett, JAN 30, 2020, https://www.prnewswire.com/news-releases/lannett-to-report-fiscal-2020-second-quarter-financial-results-host-conference-call-on-wednesday-february-5-300995586.html [SID1234553724]). Lannett management will host a conference call that same afternoon at 4:30 p.m. Eastern Time to review the company’s performance and answer questions.

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The conference call will be available to interested parties by dialing 800-447-0521 from the U.S. or Canada, or 847-413-3238 from international locations, passcode 49357861. The call will be broadcast via the Internet at www.Lannett.com. Listeners are encouraged to visit the website at least 10 minutes prior to the start of the scheduled presentation to register, download and install any necessary audio software. A playback of the call will be archived and accessible on the same website for at least three months.

On January 30, 2020 Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, reported that its President and Chief Executive Officer, Christopher J. Schaber, PhD, will deliver a corporate presentation reviewing the Company’s two Phase 3 clinical programs and pipeline at the 22nd Annual BIO CEO & Investor Conference in New York City, Tuesday, February 11, 2020 at 9:45 AM EST (Press release, Soligenix, JAN 30, 2020, View Source;investor-conference-300995799.html [SID1234553723]). The presentation will take place at the New York Marriott Marquis, Wilder Room, 4th Floor.

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"This is clearly an exciting time for Soligenix with final topline data for our Phase 3 cutaneous T-cell lymphoma program expected this quarter followed by Phase 3 topline data in Oral Mucositis next quarter," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "The BIO CEO conference comes at an opportune time as we continue to have ongoing discussions with potential strategic partners and pursue all options to advance our pipeline and plan for commercial activities. We also look forward to meeting directly with high caliber investment funds during the conference as well as potential pharmaceutical partners."

If you are interested in arranging a one-on-one meeting, please contact [email protected].

To access the Soligenix corporate presentation, please visit here.

For more information about the BIO CEO & Investor Conference, please refer to the conference website at View Source

On January 30, 2020 Portage Biotech Inc. (PBT.U, OTC Markets: PTGEF) ("Portage" or the "Company") is reported it has increased its subscription to iOx’s convertible loan to $2.9M USD, (previous subscriptions totalled $1.9M on December 8th, 2018) (Press release, Portage Biotech, JAN 30, 2020, View Source [SID1234553722]).

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iOx Therapeutics, Ltd. ("iOx") is a United Kingdom-based immuno-oncology company. Portage will invest $950,000 by subscribing to an unsecured, convertible loan instrument. iOx will use the proceeds to enable the start of human studies this year. The notes carry a 7% interest rate and will price at a discount to the next round of financing into iOx. The terms of the notes differ from those announced previously as these carry two year warrants to purchase additional shares at the same price as the next financing. All three convertible notes currently held by Portage have been extended.

Greg Bailey, Chairman of Portage, remarked, "We are looking forward to iOx achieving a major milestone and begin to collect safety data in cancer patients. This bridge financing will support the iOx team to advance this asset as well as to continue to support the PRECIOUS consortium in Europe who has received Horizon 2020 funding to advance its second drug candidate into the clinic."

Related Party Transaction

The transaction is a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions ("MI 61-101") as Portage’s CEO, Dr. Ian B. Walters serves as iOx’s CEO and Dr. Declan Doogan, a director of Portage, is iOx’s chairman. The transaction, however, is exempt from both formal valuation and minority shareholder approval requirements under MI 61-101. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(a), 5.5(b) and 5.7(1)(a) of MI 61‑101 in respect of related party participation in this transaction as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

Corporate Update

The Company is also providing an update on the status of its application (the "Revocation Application") to the Ontario Securities Commission (the "OSC") to revoke an outstanding cease trade order issued on August 2, 2019 (the "CTO").

The OSC has commenced their review of the Revocation Application (filed on January 13, 2020) and issued an initial set of comments. The Company is currently preparing a response which is expected to be submitted shortly. As the relief being sought is discretionary, no estimate can be provided as to when a revocation order may be issued by the OSC. The Company, though, would like to take this opportunity to thank its shareholders for their continued patience. It is the Company’s every intention to complete the OSC’s review process in a timely manner.

On January 30, 2020 CryoLife, Inc. (NYSE: CRY), a leading cardiac and vascular surgery company focused on aortic disease, reported that 2019 fourth quarter and year-end financial results will be released on Thursday, February 13, 2020 after the market closes (Press release, CryoLife, JAN 30, 2020, View Source [SID1234553721]). On that day, the Company will hold a teleconference call and live webcast at 4:30 p.m. ET to discuss the results, followed by a question and answer session hosted by Pat Mackin, Chairman, President and Chief Executive Officer of CryoLife, Inc.

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To listen to the live teleconference, please dial 201-689-8261 a few minutes prior to 4:30 p.m. ET. A replay of the teleconference will be available February 13 through February 20 and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415. The conference number for the replay is 13698400.

The live webcast and replay can be accessed in the Investor Relations section of the CryoLife website at www.cryolife.com and selecting Webcasts & Presentations. In addition, a copy of the earnings press release, which will contain financial and statistical information for the completed quarter and full year, can be accessed in the Investor Relations section of the CryoLife website.