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Radian Announces First Quarter 2019 Financial Results
— GAAP net income increases to $171 million; diluted net income per
share grows 50% year-over-year to $0.78 —
— Adjusted diluted net operating income per share increases 24%
year-over-year to $0.73 —
— MI in force increases 10% year-over-year to $224 billion —
— Book value per share grows 24% year-over-year to $17.49 —
— Company purchases shares of its common stock under most recent
share repurchase program —
— In April, company enhances risk profile and improves capital
position with closing of $562 million ILN transaction; improves
financial flexibility with additional $375 million return of capital
from Radian Guaranty to Radian Group —
PHILADELPHIA–(BUSINESS WIRE)–Radian Group Inc. (NYSE: RDN) today reported net income for the quarter
ended March 31, 2019, of $171.0 million, or $0.78 per diluted share.
This compares to net income for the quarter ended March 31, 2018, of
$114.5 million, or $0.52 per diluted share.
Key Financial Highlights (dollars in millions, except |
|||||||||
Quarter Ended March 31, |
Quarter Ended March 31, |
Percent |
|||||||
Net income (1) | $171.0 | $114.5 | 49% | ||||||
Diluted net income per share | $0.78 | $0.52 | 50% | ||||||
Consolidated pretax income | $216.1 | $142.4 | 52% | ||||||
Adjusted pretax operating income (2) | $202.1 | $164.1 | 23% | ||||||
Adjusted diluted net operating |
$0.73 | $0.59 | 24% | ||||||
Net premiums earned – mortgage insurance | $261.8 | $242.6 | 8% | ||||||
MI New Insurance Written (NIW) | $10,900 | $11,664 | (7)% | ||||||
MI primary insurance in force | $223,734 | $204,025 | 10% | ||||||
Book value per share | $17.49 | $14.16 | 24% | ||||||
Return on Equity (1)(3) | 19.0% | 15.1% | 26% | ||||||
Adjusted Net Operating Return on Equity (2) | 17.7% | 17.1% | 4% | ||||||
(1) |
Net income for the first quarter of 2019 includes a $21.9 |
|
(2) |
Adjusted results, including adjusted pretax operating income, |
|
(3) |
Calculated by dividing annualized net income by average |
|
Adjusted pretax operating income for the quarter ended March 31, 2019,
was $202.1 million, compared to $164.1 million for the quarter ended
March 31, 2018. Adjusted diluted net operating income per share for the
quarter ended March 31, 2019, was $0.73, an increase of 24 percent
compared to $0.59 for the quarter ended March 31, 2018.
Book value per share at March 31, 2019, was $17.49, an increase of 7
percent compared to $16.34 at December 31, 2018, and an increase of 24
percent compared to $14.16 at March 31, 2018. A $78.4 million after-tax
change in accumulated other comprehensive income, due to net unrealized
gains on investment securities, increased book value per share by $0.37
during the first quarter of 2019.
“I am pleased to report on another excellent first quarter for Radian,
with net income of $171 million, return on equity of 19%, and the fifth
consecutive quarter of 10% year-over-year growth in our mortgage
insurance in-force portfolio, which grew to $224 billion. These results
are driven by the fundamental strength of our business model,” said
Radian’s Chief Executive Officer Rick Thornberry. “We continue to
enhance our risk profile and improve our financial flexibility, and are
pleased that our strong financial position has afforded us the
opportunity to return value more quickly to our stockholders through our
share repurchases.”
FIRST QUARTER HIGHLIGHTS
-
Mortgage insurance NIW was $10.9 billion for the quarter, representing
a decrease of 14 percent compared to $12.7 billion in the fourth
quarter of 2018 and a decrease of 7 percent compared to $11.7 billion
in the prior-year quarter.-
Of the $10.9 billion in NIW in the first quarter of 2019, 83
percent was written with monthly and other recurring premiums
compared to 83 percent in the fourth quarter of 2018, and 79
percent a year ago. -
Borrower-paid originations accounted for 95 percent of total NIW
in the first quarter of 2019, compared to 94 percent in the fourth
quarter of 2018, and 83 percent a year ago. -
Purchase originations accounted for 92 percent of total NIW in the
first quarter of 2019, compared to 95 percent in the fourth
quarter of 2018, and 89 percent a year ago.
-
Of the $10.9 billion in NIW in the first quarter of 2019, 83
-
Total primary mortgage insurance in force as of March 31, 2019, grew
to $223.7 billion, an increase of 1 percent compared to $221.4 billion
as of December 31, 2018, and an increase of 10 percent compared to
$204.0 billion as of March 31, 2018.-
Radian’s mortgage insurance portfolio consists of 94 percent of
new business written after 2008, including those loans that
successfully completed the Home Affordable Refinance Program
(HARP). -
Persistency, which is the percentage of mortgage insurance that
remains in force after a 12-month period, was 83.4 percent as of
March 31, 2019, compared to 83.1 percent as of December 31, 2018,
and 81.0 percent as of March 31, 2018. -
Annualized persistency for the three months ended March 31, 2019,
was 85.4 percent, compared to 85.5 percent for the three months
ended December 31, 2018, and 84.3 percent for the three months
ended March 31, 2018.
-
Radian’s mortgage insurance portfolio consists of 94 percent of
-
Net mortgage insurance premiums earned were $261.8 million for the
quarter ended March 31, 2019, compared to $259.7 million for the
quarter ended December 31, 2018, and $242.6 million for the quarter
ended March 31, 2018.-
Mortgage insurance in force premium yield was 48.6 basis points in
the first quarter of 2019, compared to 49.0 basis points in the
fourth quarter of 2018 and 48.7 basis points in the first quarter
of 2018. -
Total net mortgage insurance premium yield, which includes the
impact of ceded premiums and accrued profit commission, was 47.0
basis points in the first quarter of 2019, compared to 47.4 basis
points in the fourth quarter of 2018, and 47.9 basis points in the
first quarter of 2018. -
Additional details regarding notable variable items impacting
premiums earned may be found in Exhibit D.
-
Mortgage insurance in force premium yield was 48.6 basis points in
-
The mortgage insurance provision for losses was $20.8 million in the
first quarter of 2019, compared to $27.1 million in the fourth quarter
of 2018, and $37.4 million in the prior-year quarter.-
The number of primary delinquent loans was 20,122 as of March 31,
2019, a decrease of 5 percent compared to 21,093 as of
December 31, 2018 and a decrease of 18 percent compared to 24,597
as of March 31, 2018. -
The primary mortgage insurance delinquency rate decreased to 2.0
percent in the first quarter of 2019, compared to 2.1 percent in
the fourth quarter of 2018, and 2.5 percent in the first quarter
of 2018. -
The loss ratio in the first quarter of 2019 was 8.0 percent,
compared to 10.4 percent in the fourth quarter of 2018, and 15.4
percent in the first quarter of 2018. -
Mortgage insurance loss reserves were $385.4 million as of
March 31, 2019, compared to $397.9 million as of December 31,
2018, and $485.2 million as of March 31, 2018.
-
The number of primary delinquent loans was 20,122 as of March 31,
-
Total mortgage insurance claims paid were $34.6 million in the first
quarter of 2019, compared to $39.7 million in the fourth quarter of
2018, and $59.9 million in the first quarter of 2018. In addition, the
company’s pending claim inventory declined 3 percent from March 31,
2018. -
Total Mortgage and Real Estate Services Segment revenues for the first
quarter of 2019 were $36.0 million, compared to $41.5 million for the
fourth quarter of 2018, and $34.2 million for the first quarter of
2018. Segment results for the first quarter of 2019 include revenues
of approximately $5.1 million and incremental expenses (comprised of
approximately $3.6 million of operating expenses and approximately
$2.2 million of cost of services), both related to businesses acquired
in 2018. Adjusted earnings before interest, income taxes, depreciation
and amortization (Services adjusted EBITDA) for the quarter ended
March 31, 2019 was a loss of $0.9 million, compared to income of $3.2
million for the quarter ended December 31, 2018, and income of $0.5
million for the quarter ended March 31, 2018. Additional details
regarding the non-GAAP measure Services adjusted EBITDA may be found
in Exhibits F and G. -
Other operating expenses were $78.8 million in the first quarter of
2019, compared to $77.3 million in the fourth quarter of 2018, and
$63.2 million in the first quarter of 2018. The change in expenses
year-over-year is primarily driven by $5.7 million of non-operating
items, $3.6 million related to businesses acquired in 2018 as
previously mentioned, and an increase in legal and other professional
services of $1.6 million.
CAPITAL AND LIQUIDITY UPDATE
The company remains focused on optimizing its capital position,
enhancing its return on capital, and increasing its financial
flexibility.
Radian Group
-
As of March 31, 2019, Radian Group maintained $718 million of
available liquidity. Total liquidity, which includes the company’s
$268 million unsecured revolving credit facility entered into in
October 2017, was $986 million as of March 31, 2019. -
In March 2019, the company announced the Board’s authorization to
increase its existing share repurchase program from $100 million to
$250 million and extend the term to July 31, 2020. This program
provides Radian the flexibility to repurchase shares opportunistically
from time to time and to spend up to $250 million, excluding
commissions, based on market and business conditions, stock price and
other factors. During the first quarter, Radian repurchased and
settled 1,546,674 shares of its common stock. In addition, as of April
26, 2019, the company repurchased an additional 4,131,329 shares. As
of April 26, 2019, total shares repurchased in 2019 were 5,678,003,
representing a total approximate value of $122.4 million or $21.56 per
share inclusive of commissions. At April 26, 2019, purchase authority
of up to approximately $128 million remained available under this
program, which expires on July 31, 2020. -
After consideration of the shares repurchased after quarter end and
the $375 million return of capital described below, Radian Group’s
available liquidity would have increased by approximately $284 million
relative to the amount as of March 31, 2019.
Radian Guaranty
-
At March 31, 2019, Radian Guaranty’s Available Assets under the
Private Mortgage Insurer Eligibility Requirements (PMIERs) totaled
approximately $3.5 billion, resulting in an excess or “cushion” of
approximately $488 million, or 16 percent over its Minimum Required
Assets of approximately $3.0 billion. -
In April 2019, Radian Guaranty announced the closing of its second
mortgage insurance-linked note (ILN) transaction, where the company
obtained $562 million of credit risk protection from Eagle Re 2019-1
Ltd. (Eagle Re) through the issuance by Eagle Re of ILNs to eligible
third-party capital markets investors in an unregistered private
offering. Eagle Re is a special purpose insurer domiciled in Bermuda
and is not a subsidiary or affiliate of Radian Guaranty. Eagle Re has
funded its reinsurance obligations by issuing four classes of ILNs
which have a 10-year maturity with a 7-year call option. The ILNs are
non-recourse to Radian Group or its subsidiaries and affiliates. -
The Pennsylvania Insurance Department approved a $375 million return
of capital from Radian Guaranty to Radian Group during the second
quarter of 2019, which was paid on April 30, 2019 from Radian
Guaranty’s gross paid in and contributed statutory surplus. As
previously reported, the Pennsylvania Insurance Department approved a
$450 million return of capital in the fourth quarter of 2018. These
strategic capital actions improve Radian Group’s financial flexibility. -
After consideration of the ILN transaction and the $375 million return
of capital described above, Radian Guaranty’s excess of Available
Assets over its Minimum Required Assets under PMIERs would have
increased by approximately $187 million.
CONFERENCE CALL
Radian will discuss first quarter financial results in a conference call
tomorrow, Wednesday, May 1, 2019, at 9:00 a.m. Eastern time. The
conference call will be broadcast live over the Internet at http://www.radian.biz/page?name=Webcasts
or at www.radian.biz.
The call may also be accessed by dialing 800.230.1074 inside the U.S.,
or 612.288.0340 for international callers, using passcode 466411 or by
referencing Radian.
A replay of the webcast will be available on the Radian website
approximately two hours after the live broadcast ends for a period of
one year. A replay of the conference call will be available
approximately two and a half hours after the call ends for a period of
two weeks, using the following dial-in numbers and passcode:
800.475.6701 inside the U.S., or 320.365.3844 for international callers,
passcode 466411.
In addition to the information provided in the company’s earnings news
release, other statistical and financial information, which is expected
to be referred to during the conference call, will be available on
Radian’s website under Investors>Quarterly Results, or by clicking on http://www.radian.biz/page?name=QuarterlyResults.
2019 INVESTOR DAY
Radian will host an Investor Day on Tuesday, May 7, 2019, from 9:30 a.m.
to 3:30 p.m. Eastern time in Philadelphia. The company’s senior leaders
will provide details on Radian’s business strategy and priorities, key
business and product initiatives, and financial objectives. The event
will be broadcast live over the Internet at http://www.radian.biz/page?name=Webcasts.
The slide presentation will also be available on Radian’s website one
hour prior to the event and can be accessed by visiting http://www.radian.biz/page?name=Presentations.
A replay of the webcast will be available at http://www.radian.biz/page?name=Webcasts
following the live broadcast, for a period of one year.
NON-GAAP FINANCIAL MEASURES
Radian believes that adjusted pretax operating income, adjusted diluted
net operating income per share and adjusted net operating return on
equity (non-GAAP measures) facilitate evaluation of the company’s
fundamental financial performance and provide relevant and meaningful
information to investors about the ongoing operating results of the
company. On a consolidated basis, these measures are not recognized in
accordance with accounting principles generally accepted in the United
States of America (GAAP) and should not be considered in isolation or
viewed as substitutes for GAAP measures of performance. The measures
described below have been established in order to increase transparency
for the purpose of evaluating the company’s operating trends and
enabling more meaningful comparisons with Radian’s competitors.
Adjusted pretax operating income is defined as earnings excluding the
impact of certain items that are not viewed as part of the operating
performance of the company’s primary activities, or not expected to
result in an economic impact equal to the amount reflected in pretax
income. Adjusted pretax operating income adjusts GAAP pretax income to
remove the effects of: (i) net gains (losses) on investments and other
financial instruments; (ii) loss on induced conversion and debt
extinguishment; (iii) acquisition-related expenses; (iv) amortization or
impairment of goodwill and other acquired intangible assets; and (v) net
impairment losses recognized in earnings and infrequent or unusual
non-operating items. Adjusted diluted net operating income per share
represents a diluted net income per share calculation using as its basis
adjusted pretax operating income, net of taxes at the company’s
statutory tax rate for the period. Adjusted net operating return on
equity is calculated by dividing annualized adjusted pretax operating
income, net of taxes computed using the company’s statutory tax rate, by
average stockholders’ equity, based on the average of the beginning and
ending balances for each period presented.
In addition to the above non-GAAP measures for the consolidated company,
the company also presents as supplemental information a non-GAAP measure
for the Services segment, representing earnings before interest, income
tax provision (benefit), depreciation and amortization (EBITDA).
Services adjusted EBITDA is calculated by using the Services segment’s
adjusted pretax operating income as described above, further adjusted to
remove the impact of depreciation and corporate allocations for interest
and operating expenses. In addition, the company also has presented a
related non-GAAP measure, Services adjusted EBITDA margin, which is
calculated by dividing Services adjusted EBITDA by GAAP total revenue
for the Services segment. Services adjusted EBITDA and Services adjusted
EBITDA margin are presented to facilitate comparisons with other
services companies, since they are widely accepted measures of
performance in the services industry and are used internally as
supplemental measures to evaluate the performance of our Services
segment.
See Exhibit F or Radian’s website for a description of these items, as
well as Exhibit G for reconciliations to the most comparable
consolidated GAAP measures.
ABOUT RADIAN
Radian is ensuring the American dream of homeownership responsibly and
sustainably through products and services that include industry-leading
mortgage insurance and a comprehensive suite of mortgage, risk, real
estate, and title services. We are powered by technology, informed by
data and driven to deliver new and better ways to transact and manage
risk. Learn more about Radian’s financial strength and flexibility at www.radian.biz
and visit www.radian.com
to see how Radian is shaping the future of mortgage and real estate
services.
FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS |
||
For historical trend information, refer to Radian’s quarterly |
||
Exhibit A: | Condensed Consolidated Statements of Operations Trend Schedule | |
Exhibit B: | Net Income Per Share Trend Schedule | |
Exhibit C: | Condensed Consolidated Balance Sheets | |
Exhibit D: | Net Premiums Earned – Insurance | |
Exhibit E: | Segment Information | |
Exhibit F: | Definition of Consolidated Non-GAAP Financial Measures | |
Exhibit G: | Consolidated Non-GAAP Financial Measure Reconciliations | |
Exhibit H: |
Mortgage Insurance Supplemental Information New Insurance Written |
|
Exhibit I: |
Mortgage Insurance Supplemental Information Primary Insurance in Force and Risk in Force |
|
Exhibit J: |
Mortgage Insurance Supplemental Information Claims and Reserves |
|
Exhibit K: |
Mortgage Insurance Supplemental Information Default Statistics |
|
Exhibit L: |
Mortgage Insurance Supplemental Information Reinsurance Programs |
|
Radian Group Inc. and Subsidiaries | |||||||||||||||||||||||||
Condensed Consolidated Statements of Operations Trend Schedule | |||||||||||||||||||||||||
Exhibit A | |||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||
(In thousands, except per-share amounts) |
Qtr 1 | Qtr 4 | Qtr 3 | Qtr 2 | Qtr 1 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Net premiums earned – insurance | $ | 263,512 | $ | 261,682 | $ | 258,431 | $ | 251,344 | $ | 242,550 | |||||||||||||||
Services revenue | 32,753 | 38,414 | 36,566 | 36,828 | 33,164 | ||||||||||||||||||||
Net investment income | 43,847 | 42,051 | 38,995 | 37,473 | 33,956 | ||||||||||||||||||||
Net gains (losses) on investments and other financial instruments | 21,913 | (11,705 | ) | (4,480 | ) | (7,404 | ) | (18,887 | ) | ||||||||||||||||
Other income | 1,604 | 1,031 | 1,174 | 1,016 | 807 | ||||||||||||||||||||
Total revenues | 363,629 | 331,473 | 330,686 | 319,257 | 291,590 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Provision for losses | 20,754 | 27,140 | 20,881 | 19,337 | 37,283 | ||||||||||||||||||||
Policy acquisition costs | 5,893 | 6,485 | 5,667 | 5,996 | 7,117 | ||||||||||||||||||||
Cost of services | 24,157 | 24,939 | 25,854 | 24,205 | 23,126 | ||||||||||||||||||||
Other operating expenses | 78,805 | 77,266 | 70,125 | 70,184 | 63,243 | ||||||||||||||||||||
Restructuring and other exit costs | — | 113 | 4,464 | 925 | 551 | ||||||||||||||||||||
Interest expense | 15,697 | 15,584 | 15,535 | 15,291 | 15,080 | ||||||||||||||||||||
Amortization and impairment of other acquired intangible assets | 2,187 | 3,461 | 3,472 | 2,748 | 2,748 | ||||||||||||||||||||
Total expenses | 147,493 | 154,988 | 145,998 | 138,686 | 149,148 | ||||||||||||||||||||
Pretax income | 216,136 | 176,485 | 184,688 | 180,571 | 142,442 | ||||||||||||||||||||
Income tax provision (benefit) | 45,179 | 36,706 | 41,891 | (28,378 | ) | 27,956 | |||||||||||||||||||
Net income | $ | 170,957 | $ | 139,779 | $ | 142,797 | $ | 208,949 | $ | 114,486 | |||||||||||||||
Diluted net income per share | $ | 0.78 | $ | 0.64 | $ | 0.66 | $ | 0.96 | $ | 0.52 | |||||||||||||||
Radian Group Inc. and Subsidiaries | ||||||||||||||||||||
Net Income Per Share Trend Schedule | ||||||||||||||||||||
Exhibit B | ||||||||||||||||||||
The calculation of basic and diluted net income per share was |
||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
(In thousands, except per-share amounts) |
Qtr 1 | Qtr 4 | Qtr 3 | Qtr 2 | Qtr 1 | |||||||||||||||
Net income —basic and diluted | $ | 170,957 | $ | 139,779 | $ | 142,797 | $ | 208,949 | $ | 114,486 | ||||||||||
Average common shares outstanding—basic | 213,537 | 213,435 | 213,309 | 213,976 | 215,967 | |||||||||||||||
Dilutive effect of stock-based compensation arrangements (1) | 4,806 | 4,448 | 4,593 | 3,854 | 3,916 | |||||||||||||||
Adjusted average common shares outstanding—diluted | 218,343 | 217,883 | 217,902 | 217,830 | 219,883 | |||||||||||||||
Basic net income per share | $ | 0.80 | $ | 0.65 | $ | 0.67 | $ | 0.98 | $ | 0.53 | ||||||||||
Diluted net income per share | $ | 0.78 | $ | 0.64 | $ | 0.66 | $ | 0.96 | $ | 0.52 | ||||||||||
(1) |
The following number of shares of our common stock equivalents |
|
2019 | 2018 | |||||||||||||||||
(In thousands) |
Qtr 1 | Qtr 4 | Qtr 3 | Qtr 2 | Qtr 1 | |||||||||||||
Shares of common stock equivalents | 169 | 337 | 338 | 484 | 170 | |||||||||||||
Radian Group Inc. and Subsidiaries | |||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||
Exhibit C | |||||||||||||||||||||||||
(In thousands, except per-share amounts) |
March 31, |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments | $ | 5,475,770 | $ | 5,153,029 | $ | 5,028,235 | $ | 4,873,919 | $ | 4,668,217 | |||||||||||||||
Cash | 118,668 | 95,393 | 104,413 | 95,573 | 122,481 | ||||||||||||||||||||
Restricted cash | 9,086 | 11,609 | 9,925 | 9,152 | 7,623 | ||||||||||||||||||||
Accounts and notes receivable | 89,237 | 78,652 | 108,003 | 94,848 | 80,068 | ||||||||||||||||||||
Deferred income taxes, net | 67,697 | 131,643 | 134,201 | 171,293 | 253,381 | ||||||||||||||||||||
Goodwill and other acquired intangible assets, net | 56,811 | 58,998 | 55,707 | 59,179 | 61,465 | ||||||||||||||||||||
Prepaid reinsurance premium | 408,622 | 417,628 | 413,728 | 405,447 | 390,241 | ||||||||||||||||||||
Other assets | 373,678 | 367,700 | 415,272 | 430,077 | 426,773 | ||||||||||||||||||||
Total assets | $ | 6,599,569 | $ | 6,314,652 | $ | 6,269,484 | $ | 6,139,488 | $ | 6,010,249 | |||||||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||||||
Unearned premiums | $ | 720,159 | $ | 739,357 | $ | 747,921 | $ | 741,296 | $ | 723,100 | |||||||||||||||
Reserve for losses and loss adjustment expense | 388,784 | 401,361 | 412,460 | 451,542 | 488,656 | ||||||||||||||||||||
Senior notes | 1,031,197 | 1,030,348 | 1,029,511 | 1,028,687 | 1,027,875 | ||||||||||||||||||||
Reinsurance funds withheld | 329,868 | 321,212 | 352,952 | 331,776 | 305,409 | ||||||||||||||||||||
Other liabilities | 419,470 | 333,659 | 379,362 | 385,051 | 412,793 | ||||||||||||||||||||
Total liabilities | 2,889,478 | 2,825,937 | 2,922,206 | 2,938,352 | 2,957,833 | ||||||||||||||||||||
Common stock | 230 | 231 | 231 | 231 | 233 | ||||||||||||||||||||
Treasury stock | (895,321 | ) | (894,870 | ) | (894,635 | ) | (894,610 | ) | (894,191 | ) | |||||||||||||||
Additional paid-in capital | 2,697,724 | 2,724,733 | 2,720,626 | 2,715,426 | 2,748,233 | ||||||||||||||||||||
Retained earnings | 1,889,964 | 1,719,541 | 1,580,296 | 1,438,032 | 1,229,616 | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | 17,494 | (60,920 | ) | (59,240 | ) | (57,943 | ) | (31,475 | ) | ||||||||||||||||
Total stockholders’ equity | 3,710,091 | 3,488,715 | 3,347,278 | 3,201,136 | 3,052,416 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,599,569 | $ | 6,314,652 | $ | 6,269,484 | $ | 6,139,488 | $ | 6,010,249 | |||||||||||||||
Shares outstanding | 212,136 | 213,473 | 213,333 | 213,232 | 215,543 | ||||||||||||||||||||
Book value per share | $ | 17.49 | $ | 16.34 | $ | 15.69 | $ | 15.01 | $ | 14.16 | |||||||||||||||
Tangible book value per share (See Exhibit G) | $ | 17.22 | $ | 16.06 | $ | 15.43 | $ | 14.73 | $ | 13.88 | |||||||||||||||
Statutory Capital Ratios | |||||||||||||||||||||||||
Risk to capital ratio-Radian Guaranty only | 13.4 | :1 | (1) | 13.9 | :1 | 12.4 | :1 | 12.5 | :1 | 12.6 | :1 | ||||||||||||||
Risk to capital ratio-Mortgage Insurance combined | 12.4 | :1 | (1) | 12.8 | :1 | 11.7 | :1 | 11.8 | :1 | 11.9 | :1 | ||||||||||||||
(1) Preliminary. |
|||||||||||||||||||||||||
Contacts
Emily Riley – Phone: 215.231.1035
Email: [email protected]
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Innocan
Innocan Pharma Initiates FDA Approval Process for Liposome Injection Therapy for Chronic Pain
With its submission of a Pre-IND Meeting Request Letter, Innocan initiates the regulatory process with the U.S. Food and Drug Administration (FDA) for the approval of its prolonged CBD release technology for human use
HERZLIYA, Israel and CALGARY, AB, April 22, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), is pleased to announce that is has reached a key milestone: the Company submitted its letter of application for a Pre-IND meeting, the first phase in the FDA approval process in the United States for Innocan’s Liposome-Cannabidiol (LPT-CBD) injectable treatment of chronic pain.
With the global market for pain therapeutics widely expected to exceed US$100 billion by 2032[1], LPT therapy which requires only one single monthly subcutaneous injection, is positioned as a highly attractive alternative to opioid-based approaches. Opioids have and continue to take a significant human toll in recent years, with more than three-quarters of drug overdose deaths in the United States involving opioids, according to the United States Center for Disease Control and Prevention[2].
Innocan’s therapy has shown consistent efficacy in multiple pre-clinical trials in recent years of it’s LPT-CBD injectable treatment through prolonged and controlled release of CBD in animals with chronic pain conditions. Innocan’s Pre-IND Meeting Request Letter to the FDA is a key milestone and important first step in seeking approval of its LPT-CBD therapy for use in humans. At the Pre-IND meeting, the objective will be to obtain guidance from the FDA on the preclinical and clinical development plan, enabling the initiation of an Investigational New Drug (IND) program in the United States.
Iris Bincovich, CEO of Innocan, commented: “We are extremely excited to embark on this next stage in the development of LPT-CBD injectables, this is a major Milestone for Innocan Pharma. We have invested significant effort and many thousands of person-hours in its research and development, accumulating a wealth of preclinical data that will serve as the foundation for our participation in the FDA process. This is a key milestone for Innocan and marks our first step towards the FDA’s recognition of our technology. We see significant potential for our therapy, with an addressable market for pain management therapeutics expected to exceed US $100 billion by 2032, and we look forward to tapping that.“
Dr. Joseph Pergolizzi, Innocan’s FDA Advisory Board Member, added:
“We have worked hard to catalogue the data collected as part of our animal LPT therapy testing program and prepare it for the FDA. We look forward to working under FDA guidance, with the goal of completing the review process as quickly and efficiently as possible. We believe that Innocan’s unique treatment method, if and when it should become FDA-approved has the potential of being a highly valuable non-opioid addition in the medical arsenal of the management of chronic pain.”
About Innocan
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies based on advanced cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD- loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for: Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment, Innocan has established a joint venture by the name of BI Sky Global Ltd. that focuses on advanced targeted online sales. https://innocanpharma.com/
For further information, please contact:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1-516-210-4025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary note regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential achievement of future regulatory milestones, the potential for treatment of conditions and other therapeutic effects resulting from research activities and/or the Company’s products, requisite regulatory approvals and the timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
[1] https://www.gminsights.com/industry-analysis/pain-management-drugs-market
[2] https://www.cdc.gov/opioids/data/index.html
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Curaleaf
Curaleaf Completes Acquisition of Northern Green Canada
Bolsters Company’s Advantage in Several Key Emerging Markets, including Australia, New Zealand, Germany, Poland and the United Kingdom
NEW YORK, April 22, 2024 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer cannabis products, announced today the closing of its acquisition of Northern Green Canada (“NGC”), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. The accretive acquisition amplifies the Company’s strategic advantage in established European markets including Germany, Poland and the United Kingdom and provides a foothold in the emerging markets of Australia and New Zealand.
Integrating NGC’s international operation will equip Curaleaf with a secure and consistent high quality, non-irradiated, indoor EU-GMP flower supply, essential to maintaining its leading positions in Germany, the United Kingdom and Poland.
“We are thrilled to welcome NGC formally to the Curaleaf family of global brands,” said Boris Jordan, Founder and Executive Chairman of Curaleaf. “This is an incredibly important deal for our international expansion strategy, as we’ll be able to bolster our supply of high quality EU-GMP certified flower immediately to key European markets as well as enter the fast-growing markets of Australia and New Zealand.”
The global cannabis market is projected to generate $55 billion in sales by 2027. Emerging markets beyond the United States and Canada, including Germany, Australia and New Zealand are expected to contribute $6.3 billion of the $55 billion projection.
Terms of the acquisition of NGC include an initial payment at closing of the Company’s Subordinate Voting Shares valued at approximately US $16 million, subject to a typical post-closing adjustment. An earnout may also be paid in 2025 based upon 2024 performance of NGC’s operations, up to 50% of which will be cash and the rest paid in additional Subordinate Voting Shares. The issuance of Subordinate Voting Shares in connection with the acquisition of NGC has been conditionally approved by the Toronto Stock Exchange, subject to fulfilling customary listing conditions.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
Forward Looking Statements
This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “expects” or, “proposed”, “is expected”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the expected benefits of the acquisition of NGC, and the Company’s planned expansion on internal markets, the Company’s anticipated strategic advantages in European markets and emerging markets, the integration of NGC’s internal operations, the anticipated global cannabis market, and the listing of shares issuable in connection with the acquisition on the Toronto Stock Exchange. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matters described in this new release, including the Company’s ability to successfully realize the expected benefits of the acquisition, and the Company’s ability to fulfil the listing conditions imposed by the Toronto Stock Exchange. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including the failure to realize the expected benefits of the acquisition, or the Company’s failure to fulfil the listing conditions imposed by the Toronto Stock Exchange. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s latest annual information form filed on March 6, 2024, which is available under the Company’s SEDAR profile at http://www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. The Toronto Stock Exchange has not reviewed, approved or disapproved the content of this news release.
INVESTOR CONTACT
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
[email protected]
MEDIA CONTACT
Curaleaf Holdings, Inc.
Tracy Brady, SVP Corporate Communications
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/curaleaf-completes-acquisition-of-northern-green-canada-302123010.html
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