Announcement • Dec 02
Akumin Unveils World-First Akumin AXIS Relocatable Imaging Center with latest Siemens' PET-CT at RSNA Akumin Inc. unveiled the world's first Akumin AXIS Relocatable & Expandable Outpatient Center at the Radiological Society of North America (RSNA) meeting. This groundbreaking innovation, which is engineered to meet critical radiology and oncology requirements, was launched with a ribbon-cutting ceremony at the Akumin Booth #6158 (North Hall) on Sunday. Designed and built in the United States, Akumin AXIS is a fully equipped Outpatient Imaging or Radiation Therapy Center supporting many modalities, including PET-CTs, Linear Accelerators, and MRIs (in-progress). The spacious layout enables high-volume scanning, with 3 uptake rooms for tracer and theranostic infusions, i.e. radioligand therapies. The first unit unveiled on Sunday features Siemens Healthineers' Digital Biograph Trinion PET-CT scanner, which sets a benchmark for precision imaging and clinical outcomes. The Biograph Trinion PET-CT's unique, air-cooled design makes this solution optimal for the Akumin AXIS solution. The unveiling has sparked tremendous interest among RSNA attendees, since Akumin AXIS solves 3 key challenges faced by health systems today: large capital costs, construction time/delays, and staffing shortages. Attendees have been impressed by how Akumin AXIS enables an efficient expansion of services, improving access to high-quality care. Announcement • Feb 08
Akumin Files Form 15 Akumin Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.01 per share. Announcement • Dec 30
Akumin Inc. Announces Chief Financial Officer Changes Akumin Inc. announced that its Board of Directors has appointed Ronald J. Bienias, Akumin's Chief Restructuring Officer and Partner and Managing Director of AlixPartners, LLP, as Interim Chief Financial Officer, effective today. He will also maintain his current role as Chief Restructuring Officer. Ronald's appointment follows the resignation of David Kretschmer, as Akumin's Chief Financial Officer effective today. Ronald has more than 20 years of experience serving in interim leadership roles or as an advisor at both large and middle-market companies. Leveraging his financial and operational expertise, Ronald guides companies in making data-driven decisions that support restructuring strategies, financial forecasts, and cost reduction programs. Ronald has an MBA from the University of Michigan'sRoss School of Business and is a former Certified Treasury Professional. Announcement • Nov 18
Nasdaq to Delist the Securities of Akumin Nasdaq announced that it will delist the securities of Akumin Inc. The company’s securities were suspended on October 26, 2023, and have not traded on Nasdaq since that time. Announcement • Nov 16
Akumin Inc. announced delayed 10-Q filing On 11/14/2023, Akumin Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Oct 27
Akumin Inc.(OTCPK:AKUM.Q) dropped from NASDAQ Composite Index Akumin Inc. has been removed from NASDAQ Composite Index . Announcement • Oct 26
Akumin Inc.(NasdaqCM:AKU) dropped from S&P TMI Index Akumin Inc.(NasdaqCM:AKU) dropped from S&P TMI Index Announcement • Oct 24
Akumin Inc. Filed for Bankruptcy Akumin Inc., along with its 55 affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas on October 22, 2023. The debtor listed its assets in the range of $100 million to $500 million and liabilities in the range of $1 billion to $10 billion. The debtor is represented by Victoria Nicole Argeroplos, Beau Butler, Matthew D Cavenaugh, John Machir Stull and Jennifer F Wertz of Jackson Walker LLP and Dorsey & Whitney LLP as its legal counsels and Stikeman Elliott LLP as special Canadian counsel. The debtor also hired Leerink Partners as its investment banker, AlixPartners, LLP as its financial advisor and Epiq Corporate Restructuring LLC as noticing and claims agent. Ronald J. Bienias of AlixPartners, LLP acted as chief restructuring officer. Announcement • Sep 14
Akumin Inc. Announces the Resignation of Rohit Navani as Chief Corporate Affairs Officer On September 7, 2023, Rohit Navani, the Chief Corporate Affairs Officer of Akumin Inc. (the Company), entered into a Separation Agreement and General Release (the Separation Agreement) with the Company. Under the terms of the Separation Agreement, Mr. Navani submitted to the Company a Notice of Resignation (the Notice of Resignation") pursuant to section 2.1(1) of the Employment Agreement between him and the Company dated November 15, 2017, as amended (the Employment Agreement). The Notice of Resignation became effective on September 7, 2023 (the Separation Date). Announcement • Aug 22
Akumin Inc. Receives Non-Compliance Notice from Nasdaq On August 15, 2023, Akumin Inc. (the Company) received a written notification (the Notice) from the Listing Qualifications Department of the NASDAQ Stock Market LLC (Nasdaq) notifying the Company that it is not in compliance with (a) Nasdaq Listing Rule 5550(b)(1) (the Equity Standard), pursuant to which Companies listed on the Nasdaq Capital Market (the Capital Market) are required to maintain a minimum of $2,500,000 in stockholders equity for continued listing on the Capital Market, or (b) either of the alternatives to compliance with the Equity Standard provided under Nasdaq Listing Rule 5550(b)(2) (the Market Value of Listed Securities Standard) and Nasdaq Listing Rule 5550(b)(3) (the Net Income Standard and collectively with the Market Value of Listed Securities Standard and the Equity Standard, the Continued Listing Standards). The Notice has no immediate effect on the listing of the Company's common stock on the Capital Market. Under the Nasdaq Listing Rules, the Company has a period of 45 calendar days from the date of the Notice to submit a plan to regain compliance with the Continued Listing Standards (the Plan). If the Plan is accepted, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the Continued Listing Standards. Accordingly, the Company has until September 29, 2023 to submit the Plan to Nasdaq (the Plan Submission Date), and provided that the Plan is accepted, until February 11, 2024 to regain compliance with the Continued Listing Standards (the Compliance Date). If the Nasdaq Listing Qualifications Department does not accept the Plan, the Company will have the opportunity to appeal its decision to a Hearings Panel pursuant to Nasdaq Listing Rule 5815(a). The factors considered by the Nasdaq Listing Qualifications Department in determining whether to accept the Plan include the likelihood that the Plan will result in compliance with the Nasdaq Listing Rules, the Company's past compliance history, the reasons for the Company's current non-compliance, other corporate events that may occur within the review period, the Company's overall financial condition and its public disclosures. There can be no assurance that the Company will be able to regain compliance with the Continued Listing Standards, or will otherwise be in compliance with other Nasdaq Listing Rules. This Current Report on Form 8-K contains forward-looking statements, including, but not limited to, statements regarding the Company's ability to regain compliance with the Continued Listing Standards, the Company's intentions to submit the Plan by the Plan Submission Date and the Company's implementation of available options to regain compliance with the Continued Listing Standards by the Compliance Date. The Company's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties, including the risk that the Company may not submit the Plan by the Plan Submission Date or in the future, that the Company may not meet the Continued Listing Standards by the Compliance Date or in the future, the risk that the Company may not otherwise meet the requirements for continued listing under the Nasdaq Listing Rules, the risk that Nasdaq may not grant the Company relief from delisting if necessary, the risk that the Company may not ultimately meet applicable Nasdaq requirements if any such relief is necessary, among other risks and uncertainties. A further description of the risks and uncertainties relating to the business of the Company is contained in the Company's most recent annual report on Form 10-K, the Company's quarterly reports on Form 10-Q, and Current Reports on Form 8-K, as well as any amendments thereto reflected in subsequent filings with the Securities and Exchange Commission. The Company undertakes no duty or obligation to update any forward-looking statements contained in this Current Report on Form 8-K as a result of new information, future events or changes in its expectations. New Risk • Aug 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 74% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$18.6m market cap). Announcement • Aug 09
Akumin Inc. to Report Q2, 2023 Results on Aug 09, 2023 Akumin Inc. announced that they will report Q2, 2023 results on Aug 09, 2023 Announcement • Jun 13
Akumin Inc. Appoints Krishna Kumar as President and Chief Operating Officer of the Company, Effective as of June 16, 2023 Akumin Inc. announced the appointment of Krishna Kumar as President and Chief Operating Officer of the Company, effective as of June 16, 2023. Krishna has valuable experience and exceptional insight into the radiology space, having served as Senior Vice President & Business Leader - Precision Diagnosis at Philips North America, where he built a top performing team and business, over the last four years. Prior to this role, he led global businesses in Pathology, Oncology and Neuro at Philips based in Amsterdam, Netherlands from 2015-2019 and prior thereto was the CEO of Philips India. Before joining Philips, Krishna served in leadership roles across the US, Japan, China and India with Johnson & Johnson, where he was instrumental in building and scaling up many high growth businesses with innovative go-to-market strategies. Krishna is a Master of Business Administration (MBA) graduate from the Kellogg School of Management at Northwestern University, holds a post-graduate degree in management from the Indian Institute of Management and an undergraduate degree from Bangalore University in India. Reported Earnings • May 12
First quarter 2023 earnings released: US$0.39 loss per share (vs US$0.35 loss in 1Q 2022) First quarter 2023 results: US$0.39 loss per share (further deteriorated from US$0.35 loss in 1Q 2022). Revenue: US$187.6m (flat on 1Q 2022). Net loss: US$35.1m (loss widened 14% from 1Q 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Healthcare industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Announcement • May 05
Akumin Inc. to Report Q1, 2023 Results on May 10, 2023 Akumin Inc. announced that they will report Q1, 2023 results on May 10, 2023 Reported Earnings • Mar 17
Full year 2022 earnings released Full year 2022 results: Revenue: US$749.6m (up 78% from FY 2021). Net loss: US$156.8m (loss widened 262% from FY 2021). Board Change • Jan 05
Less than half of directors are independent Following Director Lawrence Sinclair's arrival on 01 January 2023, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Paul Viviano was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 16
Price target increased to US$3.00 Up from US$2.00, the current price target is provided by 1 analyst. New target price is 152% above last closing price of US$1.19. Stock is down 41% over the past year. The company posted a net loss per share of US$0.56 last year. Reported Earnings • Nov 11
Third quarter 2022 earnings released: US$0.60 loss per share (vs US$0.017 loss in 3Q 2021) Third quarter 2022 results: US$0.60 loss per share (further deteriorated from US$0.017 loss in 3Q 2021). Revenue: US$186.6m (up 73% from 3Q 2021). Net loss: US$53.9m (loss widened US$52.5m from 3Q 2021). Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Healthcare industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance.