Announcement • Dec 11
Bragar Eagel & Squire, P.C. Files Class Action Lawsuit Against Rockley Photonics Holdings Limited Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed against Rockley Photonics Holdings Limited (Rockley or the Company) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired Rockley common stock between November 2, 2022 and October 20, 2023, both dates inclusive (the Class Period). Investors have until January 8, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit. The Rockley class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Rockley’s joint venture agreement (JV Agreement) with Hengtong Rockley Technology Co. Ltd. was in jeopardy because Jiangsu Hengtong Optic-Electric Co. Ltd. (Hengtong), Rockley’s joint venture partner, had acquired a majority interest in a company, Huawei Marine Networks Co. Ltd. (Huawei Marine) (later renamed HMN Tech), on the banned entities list maintained by the U.S. Bureau of Industry and Security of the U.S. Department of Commerce since 2019; (ii) the JV Agreement was in further jeopardy because in February 2021 the World Bank had invalidated a bid by Huawei Marine to build an undersea optical cable based on security concerns raised by the United States and other countries that China could use the infrastructure to spy on communications; (iii) the materially undisclosed risk that the JV Agreement could fail as a result of Hengtong’s acquisition of a majority interest in HMN Tech jeopardized Rockley’s joint venture revenues, launch schedule, business prospects, and ultimately Rockley’s solvency; (iv) Rockley did not have the customer base or customer commitments that defendants had represented to investors; and (v) Rockley did not have sufficient customer orders to allow it to develop and commercialize products, maintain and expand client relationships, reach cash flow break-even, or stave off bankruptcy following the Merger. Announcement • Dec 06
Rockley Photonics Begins Sampling Bioptx™ Biosensing Band and Platform Rockley Photonics has announced the sampling of the complete Bioptx™ Biosensing Band and Platform to strategic customers and partners. Rockley Photonics Bioptx™ Biosensing Band. The Bioptx™ Biosensing Band incorporates Rockley’s breakthrough short-wave infrared (SWIR) biosensing technology based on their proprietary photonic integrated circuit (PIC) chipset. By incorporating the SWIR spectrophotometer into a wearable capable of several days of measurement, Rockley has demonstrated continuous collection of spectral data which provides unique insights into tissue composition and dynamics. The platform delivers real-time streaming of the SWIR-based biomarkers of body temperature and hydration, alongside the LED-based photoplethysmography (PPG) biomarkers of heart rate, heart rate variability, respiratory rate, and blood oxygen saturation. Combined with the recently released Rockley Developer API, the platform creates a seamless solution for real-time monitoring of vital physiologic parameters. Announcement • Nov 11
Robbins Geller Rudman & Dowd LLP Announces the Rockley Class Action Lawsuit Charges Sc Health Holdings Limited, Sc Health Group Limited, Sin Capital Group Pte. Ltd. and Certain of Sc Health, Sin Capital Group Pte. Ltd The law firm of Robbins Geller Rudman & Dowd LLP announced that purchasers of SC Health Corporation and Rockley Photonics Holdings Limited securities between March 19, 2021 and January 23, 2023, inclusive (the “Class Period”) and purchasers directly in the March 2021 private investment in public equity of Rockley shares (the “PIPE Offering”) conducted in connection with the merger of SC Health and Rockley (the “Merger”) have until January 8, 2024 to seek appointment as lead plaintiff of the Rockleyclass action lawsuit. Captioned Grossman v. Sin, et al., No. 23-cv-9501 (C.D. Cal.), the Rockley class action lawsuit charges SC Health Holdings Limited, SC Health Group Limited, SIN Capital Group Pte. Ltd. and certain of SC Health, SIN Capital Group Pte. Ltd., and Rockley’s top executive officers with violations of the Securities Exchange Act of 1934. The Rockleyclass action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Rockley’s joint venture agreement (“JV Agreement”) with Hengtong Rockley Technology Co. Ltd. was in jeopardy because Jiangsu Hengtong Optic-Electric Co. Ltd. (“Hengtong”), Rockley’s joint venture partner, had acquired a majority interest in a company, Huawei Marine Networks Co. Ltd. (“Huawei Marine”) (later renamed HMN Tech), on the banned entities list maintained by the U.S. Bureau of Industry and Security of the U.S. Department of Commerce since 2019; (ii) the JV Agreement was in further jeopardy because in February 2021 the World Bank had invalidated a bid by Huawei Marine to build an undersea optical cable based on security concerns raised by the United States and other countries that China could use the infrastructure to spy on communications; (iii) the materially undisclosed risk that the JV Agreement could fail as a result of Hengtong’s acquisition of a majority interest in HMN Tech jeopardized Rockley’s joint venture revenues, launch schedule, business prospects, and ultimately Rockley’s solvency; (iv) Rockley did not have the customer base or customer commitments that defendants had represented to investors; and (v) Rockley did not have sufficient customer orders to allow it to develop and commercialize products, maintain and expand client relationships, reach cash flow break-even, or stave off bankruptcy following the Merger. Announcement • Sep 27
Rockley Photonics Advances Non-Invasive Blood Glucose Monitoring Rockley Photonics continues to make rapid progress towards noninvasive glucose sensing using its proprietary silicon photonics platform. The technology platform enables short-wave infrared (SWIR) spectroscopy to be translated to a miniaturized, wearable form factor capable of making noninvasive biomarker measurements in humans. Through a combination of benchtop sensor verification with both simulated human skin and during preliminary human studies, Rockley has engineered the SWIR platform to measure glucose. Recent measurements performed using Rockley’s PIC technology in a benchtop version with a complex simulated tissue model showed that the technology is capable of measuring glucose with an accuracy of 5mg/dL. The results of an initial IRB-approved study involving 40 Type I and Type II diabetic subjects over a 10-week period also demonstrated significant progress towards the development of a noninvasive wearable glucose monitor. The study was conducted with attention to avoid spurious correlations and allowed for critical technology performance characteristics to be determined. Announcement • Aug 10
Rockley Photonics Advances Development of Its Wearable, Laser-Based Blood Pressure Monitor with Successful Completion of Human Studies Rockley Photonics announced the initial results from two important IRB-approved human studies using a first-generation Alpha prototype of their non-invasive and laser-based cuffless blood pressure monitor. This innovative, wearable device is currently in advanced development. The first study successfully demonstrated intra-subject tracking of blood pressure compared to measurements using an intra-arterial pressure transducer, or an A-line, which is the gold-standard method to continuously monitor blood pressure during surgery and in the ICU. Thirty (30) subjects participated in the study, where blood pressure changes were induced using a repeated leg press exercise. Utilizing only the Rockley laser-based signal and a single-point blood pressure calibration, blood pressure changes from -10 mmHg to +25 mmHg were within target accuracy according to both FDA recognized consensus standards ISO 81060-2 and IEEE 1708. Future studies will focus on expanded blood pressure ranges. A second longitudinal study followed subjects with repeat visits up to 34 days post calibration. Here, Rockley device predictions were compared to dual-observer auscultation measurements (cuff-based with split stethoscope). Subjects included both healthy and hypertensive adult volunteers between ages 18 and 71 years. Despite real-world variability in device placement, the use of multiple devices per subject, and higher reference error, the longitudinal study results were comparable to the A-line study over the same BP range, and within sight of meeting the ISO 81060-2 and IEEE 1708 accuracy targets. Notably, the error did not increase over the time period from initial calibration. Potential use cases for the device focus on management of hypertension in various patient populations, where frequent insight may be leveraged in challenging-to-monitor scenarios, such as those that experience white coat hypertension or undergo regular treatments for kidney disease or heart failure. Rockley plans to engage with FDA via the Q-sub process in the coming months to obtain feedback on future clinical study design and data analysis. Announcement • Aug 03
Rockley Photonics Holdings Limited Launches Developer Platform for Biomarker Data Collection in Free-Living Conditions Rockley Photonics announced that it completed its first free-living study focused on capturing live spectral data using the initial release of their API Developer Platform, Connect Edge mobile application and secure cloud. Rockley delivers an all-in-one sensor with novel short-wave infrared (SWIR) biomarkers being collected in real-time, along with device and accelerometer data. Used in tandem with Rockley's suite of Bioptx Band devices, including Bioptx™? Cardio, the Rockley Connect mobile application allows for the continuous transfer of wearable sensor data to Rockley's secure cloud environment. The Developer Platform provides access to live data to those engaged in commercial activities and research with Rockley. The Rockley Connect Edge app and cloud services captured high-resolution SWIR spectral data, LED-based photoplethysmography (PPG) and acceleration, via data streams spanning more than 80% of subjects' daily life (including sleep). Simultaneously, spectral biomarkers were calculated in Rockley's secure cloud environment; Both raw and processed data were delivered to researchers via web apps and APIs within minutes of capture. Information captured from the Bioptx™? band using the Connect Edge mobile application included heart rate, heart rate variability, respiratory rate, blood oxygen saturation, body temperature, and hydration status. The band was continuously connected to the app while the subjects were free to carry out normal activities of daily living during data collection, moving through a variety of wireless connectivity conditions. Announcement • Jan 27
Rockley Photonics Holdings Limited(NYSE:RKLY) dropped from S&P TMI Index Rockley Photonics Holdings Limited(NYSE:RKLY) dropped from S&P TMI Index Announcement • Jan 24
Rockley Photonics Holdings Limited Filed for Bankruptcy Rockley Photonics Holdings Limited filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York on January 23, 2023. The debtor listed its assets in the range of $50 million to $100 million and liabilities in the range of $100 million to $500 million. The debtor is represented by Dania Slim of Pillsbury Winthrop Shaw Pittman LLP as its legal counsel. Announcement • Dec 17
Rockley Photonics Announces Receipt of Notice from NYSE of Non-Compliance with Continued Listing Standards Rockley Photonics Holdings Limited announced that it received a notice from the New York Stock Exchange (“NYSE”) on December 9, 2022, indicating that the Company is not in compliance with NYSE’s continued listing standards, which require an average market capitalization of not less than $50 million over a 30 trading-day period and stockholders’ equity of not less than $50 million. The notice has no immediate impact on the listing of Rockley’s common stock on the NYSE, subject to the Company’s compliance with the NYSE’s other continued listing requirements, except that its ticker symbol will continue to have an added designation of “.BC” to indicate the status of its ordinary shares as below compliance with the NYSE continued listing standards. The “.BC” indicator will be removed when it regains compliance. Rockley intends to respond to the NYSE within ten business days of receipt of the notice of its intent to submit a business plan to the NYSE within 45 days that shows how the Company plans to regain compliance with this continued listing standard within 18 months from the date of the notice. If Rockley is unable to regain compliance, the NYSE may initiate procedures to suspend and delist its common stock. Announcement • Dec 14
Rockley Photonics Holdings Limited Announces Appointment of Richard Edward Kuntz as Director, with Effect from August 8, 2022 Rockley Photonics Holdings Limited announced appointment of Richard Edward Kuntz as Director, with effect from August 8, 2022. Announcement • Nov 17
Rockley Photonics Demonstrates Compact 4-Kelvin Silicon Photonics Modulator Enabling Interconnect Technologies for Ultra-Sensitive Image Detection and Sensing Devices Rockley Photonics Holdings Limited announced a 4-Kelvin performance demonstration with its monolithic silicon photonics electro-absorption modulator technology that is key to the development of next-generation cryogenic interconnect technology. This advancement is intended to enable ultra-sensitive image detection and sensing devices to view and capture images more clearly and at longer distances, as well as in low-light situations and enables these devices to have a significantly reduced size and weight. UC Santa Barbara’s project utilizes Rockley’s powerful technology and will potentially advance detection and sensing capabilities in devices for a range of applications that require ultra-sensitive sensors. Possible applications include infrared and hyperspectral imagers and cameras that are used for night and day surveillance, aerial search and rescue, environmental remote sensing and chemical detection, ultra-sensitive neutrino detectors in particle accelerators, as well as interconnects for quantum computers. The cryogenic modulation experiment showed that the strong modulation of Rockley’s silicon photonics electro-absorption modulator at room temperature is maintained when it is cooled down to 4 Kelvin (-269.15 Celsius, -452.47 Fahrenheit) with almost no performance degradation. At these low temperatures, signal noise in camera detector arrays is reduced dramatically, resulting in increased sensitivity, and enabling devices or cameras to view clearer images and the ability to see longer distances and in low light. The ability of Rockley’s platform to maintain good performance and capture data at this very low temperature means that Rockley’s photonic integrated circuit technology can be used to make these ultra-sensitive detection devices smaller in size and weight, have a lower cost, and operate with lower power consumption. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$8.99m to US$3.54m. EPS estimate increased from -US$1.77 to -US$1.45 per share. Semiconductor industry in the US expected to see average net income decline 4.9% next year. Consensus price target down from US$5.60 to US$1.50. Share price fell 14% to US$0.32 over the past week. Board Change • Nov 16
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. Independent Director Caroline Brown is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Price Target Changed • Nov 12
Price target increased to US$8.00 Up from US$5.60, the current price target is an average from 2 analysts. New target price is 2,253% above last closing price of US$0.34. Stock is down 95% over the past year. The company is forecast to post a net loss per share of US$1.45 next year compared to a net loss per share of US$1.66 last year. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: US$0.092 (up from US$0.46 loss in 3Q 2021). Net income: US$12.0m (up US$70.0m from 3Q 2021). Revenue missed analyst estimates by 63%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 140% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Semiconductor industry in the US. Announcement • Oct 20
Rockley Photonics Holdings Limited Completes Human Study Demonstrating Promising Intra-Subject Tracking Against Standard Blood Pressure Cuff, Utilizing Its Non-Invasive, Cuffless, and Laser-Based Device Rockley Photonics Holdings Limited announced that it completed an IRB-approved human study measuring blood pressure that utilized its non-invasive, cuffless biosensing device, currently under development. Based on its innovative laser-based technology, Rockley’s powerful technique for monitoring blood pressure does not rely on subject demographics, unlike many current cuffless blood pressure devices. Continuous, accurate and convenient monitoring of blood pressure is expected to advance the early diagnosis and treatment of hypertension, which is a risk factor for other serious health problems, such as heart disease and stroke. The current standard of blood pressure measurement may not provide the full picture of an individual’s health because it is measured only periodically, usually at a medical appointment. Even daily blood pressure readings performed at home don’t capture enough essential information because they do not provide frequent, trending information or nighttime changes in blood pressure, which provide better predictions of cardiovascular risk. Data collected in Rockley’s proof of concept blood pressure study provides promising results. The next phase is a 200-participant human study, beginning this fall. This study will utilize Rockley’s next generation wearable devices and will include isometric and aerobic exercise-based protocols. An in-line arterial study with an accurate pressure monitoring catheter reference on 30 subjects is also planned for this fall. In addition to medical settings, other potential applications for non-invasive blood pressure measurement are clinical trials, sports and athletic training and workers in physically and mentally-demanding professions like fire fighters and construction workers. Announcement • Oct 04
Rockley Photonics Holdings Limited announced that it has received $12.4 million in funding On October 3, 2022, Rockley Photonics Holdings Limited closed the transaction. The company received $10,000,000 from existing lenders. The transaction included participation from Andrew Rickman, chairman and chief executive officer of the company for gross proceeds of $500,000. The agreement also creates a structure for the company to raise an additional $15,000,000 in the form of notes which would be convertible into the company's ordinary shares. Announcement • Sep 23
Rockley Photonics Holdings Limited Unveils Next-Generation, Higher-Density Laser Spectrophotometer Chip for Wearable Health Monitoring Rockley Photonics Holdings Limited announced that it has developed what it believes to be the world’s first micro-transfer-printed (mTP) silicon-photonics-based laser for commercial applications. This groundbreaking achievement is expected to allow Rockley to further increase the density and reduce the size of its high-density spectrophotometer chips — which are already the world’s smallest for broadband infrared wavelength laser spectrometry (covering 1000 nanometers of spectrum) and are smaller in area than LED-based solutions currently used in wearables. This advancement could potentially have a significant impact across a wide range of applications, including the design of exceptionally small wearable devices for the detection and measurement of multiple biomarkers. New silicon-photonics-based biosensing chips using mTP technology are expected to be available in the first half of 2024. The new chip technology should have no impact on the upcoming launch of Rockley’s Bioptx™ biosensing band nor on any current-generation products that Rockley and its customers are developing. With this breakthrough in the mTP of silicon-photonics-based lasers, Rockley has dramatically increased the laser density of its photonics integrated circuits (PICs) for biosensing, creating what it believes to be the world’s highest-density broad-wavelength laser spectrophotometer chip, surpassing its own previous achievements. Moreover, the mTP process is expected to reduce manufacturing costs and enable thinner, smaller footprint and higher-density chip designs. These attributes are powerful benefits for use in consumer and medtech devices and could facilitate the integration of Rockley’s biosensing technology into future tiny wearables. Leveraging the mTP process, the new PIC technology will integrate a laser-generating “membrane” with a thickness of only 4 microns. The potential applications for this higher-density and smaller-footprint chip technology extend beyond biosensing and health monitoring into other areas, such as ultra-small wearables, clothing, or XR/VR/AR headsets and glasses. This mTP breakthrough is the direct result of Rockley’s multi-year partnership with the Tyndall National Institute at University College Cork in Ireland, X-Celeprint Limited, and the Irish Photonics Integration Centre (IPIC), with funding support from the Irish government’s Science Foundation Ireland (SFI) and Disruptive Technologies Innovation Fund (DTIF). The project started five years ago with a focus on developing a custom mTP process for Rockley’s silicon photonics platform and has involved a multidisciplinary team of world-class engineers and researchers. This technology, along with many other Rockley innovations, is backed by a robust multidisciplinary patent portfolio of over 200 issued patents and 295 pending patents in total. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$9.24m to US$8.99m. Losses expected to increase from US$1.52 per share to US$1.77. Semiconductor industry in the US expected to see average net income growth of 10% next year. Consensus price target down from US$6.20 to US$5.60. Share price fell 17% to US$1.48 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: US$0.94 loss per share (down from US$0.90 loss in 2Q 2021). Net loss: US$121.8m (loss widened 299% from 2Q 2021). Revenue missed analyst estimates by 32%. Earnings per share (EPS) also missed analyst estimates by 224%. Over the next year, revenue is forecast to grow 1,590%, compared to a 11% growth forecast for the industry in the US. Announcement • Aug 11
Rockley Photonics Holdings Limited Establishes Scientific Advisory Board of Prominent Scientists and Medical Experts Rockley Photonics Holdings Limited announced the formation of a scientific advisory board (SAB) gathering world-renowned experts across several key disciplines in biomedical science and technology, including spectroscopy, diabetes technology, hydration science, and cardiology. The SAB will be chaired by Vish Kulkarni, senior vice president of commercial at Rockley Photonics. The initial members of the Rockley SAB include the following experts in their field: Mark A. Arnold, Ph.D. is the Edwin B. Green Chair in Laser Chemistry, professor of chemistry and director of the Center for Biocatalysis and Bioprocessing (CBB) at the University of Iowa. He is a widely recognized expert in the non-invasive optical monitoring of biomarkers such as glucose and urea. In 2016, Dr. Arnold received the Senior Spectroscopist Designation from the Society for Applied Spectroscopy. He has been the Fellow of the Society for Applied Spectroscopy since 2010 and was a collegiate fellow at the College of Liberal Arts and Sciences, University of Iowa from 2001 to 2006. Zahi A. Fayad, Ph.D. is a professor of Radiology and Medicine (cardiology) at the Icahn School of Medicine at Mount Sinai and holds the Lucy G. Moses Professorship in Medical Imaging and Bioengineering at the Icahn School of Medicine in New York. He is the founding director of Mount Sinai’s Biomedical Engineering and Imaging Institute and vice chair for research in the Department of Radiology at the Icahn School of Medicine at Mount Sinai. Dr. Fayad’s interdisciplinary and discipline-bridging research — from engineering to biology and from pre-clinical to clinical investigations — has been dedicated to the detection and prevention of cardiovascular disease, with many seminal contributions in the field of multimodality biomedical imaging, nanomedicine, AI/ML in Imaging, and digital mobile health. Dr. Fayad is a paid consultant for Rockley Photonics. Stavros Kavouras, Ph.D. is an assistant dean of graduate education and professor of nutrition at Arizona State University. He directs the Hydration Science Lab, where he is studying the mechanisms by which water intake can impact health and performance. His current research focuses on the effect of water intake on glucose regulation and its implication on children’s hydration and obesity. Dr. Kavouras has authored more than 150 peer-review articles and 9,000 citations and has given lectures in 29 countries. David C. Klonoff, M.D. is an endocrinologist specializing in the development and use of diabetes technology. He is the medical director of the Dorothy L. and James E. Frank Diabetes Research Institute of Mills-Peninsula Medical Center in San Mateo, California, and is a Clinical Professor of Medicine at University of California San Francisco. Dr. Klonoff received the American Diabetes Association’s Outstanding Physician Clinician Award in 2019. He received an FDA Director’s Special Citation Award from the U.S. Food and Drug Administration in 2010 for outstanding contributions related to diabetes technology. In 2012, Dr. Klonoff was elected to the College of Fellows at the American Institute of Medical and Biological Engineering (AIMBE), representing the top 2% of the world’s medical and biological engineers. He is founding editor of the Journal of Diabetes Science and Technology. Announcement • Aug 09
Rockley Photonics Names Richard Kuntz, M.D., M.Sc., to Its Board of Directors, Effective August 8, 2022 Rockley Photonics named Richard Kuntz, M.D., M.Sc., to its board of directors. Dr. Kuntz will join the board as an independent director, effective August 8, 2022. Prior to his 17 years at Medtronic, Dr. Kuntz was the founder and chief scientific officer of the Harvard Clinical Research Institute, a university-based contract research organization which coordinates National Institutes of Health (NIH) and industry clinical trials with the U.S. Food and Drug Administration. Additionally, he directed numerous multicenter clinical trials and authored more than 250 original peer-reviewed publications. Additionally, Dr. Kuntz served as an associate professor of medicine at Harvard Medical School, chief of the division of clinical biometrics, and as an interventional cardiologist in the division of cardiovascular diseases at the Brigham and Women’s Hospital in Boston. He also has served as a member of the board of governors of the Patient Centered Outcomes Research Institute (PCORI), part of the Affordable Care Act, from 2010-2018. Dr. Kuntz also served as an advisor to multiple national and regional committees, including the National Academy of Medicine (NAM): Leadership Consortium for a Value & Science-Driven Health System, and co-chair of the NAM Evidence Mobilization Action Committee; the NIH: National Center for Advancing Translational Science, and the NIH: Cures Acceleration Network. He is presently serving as a working group member of NIH: Helping to End Addiction Long-term® (HEAL) program. Dr. Kuntz graduated from Miami University and received his medical degree from Case Western Reserve University School of Medicine. He completed his residency and chief residency in internal medicine at the University of Texas Southwestern Medical School, Parkland Hospital, Dallas, and then completed fellowships in cardiovascular diseases and interventional cardiology at the Beth Israel Hospital and Harvard Medical School, Boston. Dr. Kuntz received his Master of Science in biostatistics from the Harvard T.H. Chan School of Public Health. Dr. Kuntz’s appointment expands Rockley’s board to nine members. Announcement • Jul 22
Rockley Photonics Holdings Limited to Report Q2, 2022 Results on Aug 11, 2022 Rockley Photonics Holdings Limited announced that they will report Q2, 2022 results After-Market on Aug 11, 2022 Announcement • Jun 17
Rockley Photonics Holdings Limited Announces Biosensing Technology Enters Evaluation Phase by Leading Consumer Wearables Customer Rockley Photonics Holdings Limited announced that one of its tier-1 consumer wearables customers has begun an evaluation program using Rockley's photonics-based sensing technology, which was recently shipped to the customer. Under the evaluation program, Rockley's comprehensive non-invasive biomarker measurement solutions will be assessed for potential integration into the customer's future wearable products. The tier-1 customer adds to Rockley's growing list of global consumer electronics manufacturers to receive shipments of Rockley's VitalSpex(TM) Pro technology, which is expected to enable the non-invasive measurement of alcohol, glucose, and lactate from a wrist-worn device. The consumer wearables customer is one of twelve consumer electronics customers actively contracted with Rockley. By incorporating Rockley's advanced biosensing technology, Rockley-powered wearable devices could enable the routine, near real-time, non-invasive monitoring of a wide range of biomarkers, including core body temperature, blood pressure, heart rate, blood oxygen, body hydration, alcohol, lactate, and glucose, among others. Announcement • May 14
Rockley Photonics Holdings Limited Provides Revenue Guidance for the Fiscal Year 2022 Rockley Photonics Holdings Limited provided revenue guidance for the fiscal year 2022. For the year, the company expects revenue to be between $20 million to $30 million. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: US$0.33 loss per share (up from US$1.92 loss in 1Q 2021). Net loss: US$41.8m (loss narrowed 36% from 1Q 2021). Revenue missed analyst estimates by 69%. Earnings per share (EPS) also missed analyst estimates by 18%. Over the next year, revenue is forecast to grow 1,007%, compared to a 20% growth forecast for the industry in the US. Announcement • May 05
Rockley Photonics Holdings Limited Announces Shipment of Vitalspex Pro Biosensing Technology for Alcohol, Lactate, and Glucose Measurement Rockley Photonics Holdings Limited announced it has shipped its VitalSpex Pro technology for the non-invasive measurement of alcohol, glucose, and lactate to an early-access, tier-1 consumer wearables customer. The shipment of this advanced biomarker-sensing technology marks an important milestone in the progress of next-generation digital healthcare. Rockley intends to begin production of the Baseline version of its VitalSpex biosensing platform, which will measure biomarkers for blood oxygen, blood pressure, body hydration, core body temperature, heart rate, heart rate variation, and respiratory rate, in the second half of 2022. The Company plans to begin production of the Pro version of its VitalSpex biosensing platform in 2023, which will measure an extended range of biomarkers, including alcohol, glucose, and lactate. Breakeven Date Change • Apr 27
No longer forecast to breakeven The 5 analysts covering Rockley Photonics Holdings no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$123.2m in 2024. New consensus forecast suggests the company will make a loss of US$9.80m in 2024. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Nicolaus Henke was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 21
Rockley Photonics Holdings Limited Announces Termination of Chief Operating Officer, Amit Nagra Rockley Photonics Holdings Limited announced that in connection with activities to monetize ultra-high-speed fiber optic communication solutions, Chief Operating Officer, Amit Nagra’s employment was terminated on April 15, 2022. Mr. Nagra will receive severance in accordance with the terms of his employment agreement. Announcement • Apr 13
Rockley Photonics Holdings Limited to Report Q1, 2022 Results on Apr 27, 2022 Rockley Photonics Holdings Limited announced that they will report Q1, 2022 results After-Market on Apr 27, 2022 Recent Insider Transactions Derivative • Mar 30
Chief Operating Officer exercised options to buy US$614k worth of stock. On the 25th of March, Amit Nagra exercised options to buy 150k shares at a strike price of around US$0.54, costing a total of US$80k. This transaction amounted to 34% of their direct individual holding at the time of the trade. Since September 2021, Amit has owned 33.26k shares directly. Company insiders have collectively bought US$584k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Mar 21
Independent Director recently bought US$197k worth of stock On the 18th of March, Brian Blaser bought around 47k shares on-market at roughly US$4.19 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$362k more in shares than they have sold in the last 12 months. Breakeven Date Change • Mar 11
No longer forecast to breakeven The 5 analysts covering Rockley Photonics Holdings no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$123.2m in 2024. New consensus forecast suggests the company will make a loss of US$9.80m in 2024. Announcement • Mar 10
Rockley Photonics Holdings Limited Revises Revenue Guidance for the Fiscal Year 2022 Rockley Photonics Holdings Limited revised revenue guidance for the fiscal year 2022. For the year, the company expects revenue to be in the range of $20 million to $30 million. Breakeven Date Change • Mar 10
Forecast to breakeven in 2024 The 4 analysts covering Rockley Photonics Holdings expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 23% per year to 2023. The company is expected to make a profit of US$123.2m in 2024. Average annual earnings growth of 70% is required to achieve expected profit on schedule. Announcement • Feb 17
Rockley Photonics Appoints Nicolaus Henke as Independent Director and Member of Nominating & Corporate Governance Committee Rockley Photonics announced that it named Nicolaus Henke to its board of directors. Dr. Henke will join the board as an independent director, effective February 16, 2022, and will serve on the Nominating & Corporate Governance Committee. Dr. Henke brings to the board over 35 years of business experience, including 30 years with McKinsey & Company. Currently, Dr. Henke serves on the board of directors of Innovations in Healthcare. He also serves on the dean’s advisory council for the Harvard Kennedy School. Dr. Henke’s appointment expands Rockley’s board to eight members. Announcement • Feb 09
Rockley Photonics Announces Bioptx™ Biomarker Sensing Platform for Professional Healthcare, Including First-of-its-Kind Non-Invasive, Continuous Biosensing Wristband Rockley Photonics Holdings Limited announced the Bioptx™ platform of biomarker sensing products and solutions for the medical and healthcare market. The Bioptx healthcare sensing platform is expected to provide medical institutions, such as hospitals, research clinics, pharmaceutical companies, medical device manufacturers, and other healthcare providers, with the ability to monitor the general wellness of individuals. The Bioptx sensing platform will integrate various sensing capabilities, including Rockley’s patented silicon-photonics-based laser technology. Rockley’s technology has the potential to significantly enhance the range of biomarkers that can be detected and measured by current sensors. The expanded range of biomarkers will include core body temperature, blood pressure, body hydration, alcohol, lactate, and glucose trends, among others. These new measurement capabilities have the potential to transform healthcare by providing real-time insights into a variety of health conditions and by enabling early detection of multiple disease states. Recent Insider Transactions Derivative • Feb 03
Chief Operating Officer exercised options to buy US$1.6m worth of stock. On the 27th of January, Amit Nagra exercised options to buy 450k shares at a strike price of around US$0.54, costing a total of US$241k. This transaction amounted to 1,265% of their direct individual holding at the time of the trade. Since September 2021, Amit's direct individual holding has increased from 33.26k shares to 35.58k. Company insiders have collectively bought US$406k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jan 28
Rockley Photonics Holdings Limited, Annual General Meeting, May 16, 2022 Rockley Photonics Holdings Limited, Annual General Meeting, May 16, 2022. Announcement • Jan 22
Rockley Photonics Reaches Key Milestone in the Development of Cuffless, Non-Invasive Blood Pressure Measurement on the Wrist, Potentially Enabling A New Measurement Technique for Cardiovascular Health Rockley Photonics Holdings Limited announced that the company has successfully completed the first stage of its human studies examining the measurement of blood pressure using Rockley’s biomarker sensing platform. In this pilot study, Rockley researchers have demonstrated that a photonics-based sensor worn on the wrist can measure blood pressure non-invasively. Instead of applying a blood pressure cuff, which can be awkward or inconvenient and cause discomfort for some, Rockley’s wearable wrist-worn solution has the potential to provide hassle-free, clinical-grade data about key cardiovascular indicators. The Rockley blood pressure sensing device used in the study features a uniquelaser-based approach and advanced algorithms employing Rockley’s cloud and AI capabilities. The signals produced by the Rockley sensor were compared directly with signals produced at the same time and location by an off-the-shelf photoplethysmography (PPG) module, which employs green light-emitting diodes (LED) and is the technology employed by most wearables on the market now, often with the aid of a blood pressure cuff for calibration. The signals from the Rockley sensor were shown to provide stronger correlation with the control blood pressure readings from a cuff than standard green-LED PPG signals. In addition to demonstrating blood pressure measurement, the study showed that Rockley’s wrist-based sensing platform produces a strong correlation of heart rate (HR) and heart rate variability (HRV) measurement with results from commonly used electrocardiogram (ECG) equipment. Breakeven Date Change • Jan 02
Forecast to breakeven in 2024 The 4 analysts covering Rockley Photonics Holdings expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$123.2m in 2024. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Board Change • Jan 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Director Caroline Brown is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Dec 09
Rockley Photonics Holdings Limited Announces Results of Preliminary Human Studies Involving Measurement of Core Body Temperature Rockley Photonics Holdings Limited announced that the company has successfully completed the first stages of its preliminary human studies examining the measurement of core body temperature using its non-invasive biomarker sensing platform. In these studies, Rockley researchers have demonstrated that a photonics-based sensor detecting water spectra in different layers of the dermis can produce temperature measurements that correlate more closely with reference sensors for core body temperature than do auxiliary sensors like oral, ear, and infrared thermometers. By enabling the detection of core body temperature from a wearable device such as a smart watch or wristband, Rockley’s sensing platform has the potential to provide real-time insights about a variety of health conditions and enable the early detection of disease states. Core body temperature is a critical parameter that influences the body’s regular function and can affect one’s very survival. A person’s normal temperature can depend on a multitude of factors, and the human body constantly adapts its temperature to environmental conditions.Because today’s common measurement tools and thermometers are designed for convenience, they cannot readily measure the temperature inside the body and therefore may not always reflect the body’s true core temperature. Rockley’s wearable sensing platform probes beneath the surface of the skin to measure core body temperature in a non-invasive and continuous manner. The Rockley sensing platform uses photonic integrated circuit (PIC) sensors to generate numerous discrete, narrow-linewidth laser wavelengths across a wide spectral range. These laser wavelengths can detect a level of detail beyond today’s LED-based sensors and are therefore able to discern varying signatures of water absorption. Rockley’s platform can determine core body temperature by comparing these signatures to known properties of the water absorbance spectrum. Recent Insider Transactions • Nov 26
Lead Independent Director recently bought US$165k worth of stock On the 23rd of November, William Huyett bought around 25k shares on-market at roughly US$6.59 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 19
Third quarter 2021 earnings released: US$0.54 loss per share Third quarter 2021 results: Net loss: US$58.0m (flat on 3Q 2020).