Breaking
Top Investing Chanel
Archive

December 26, 2024

Browsing

Wyoming Rare USA Secures Strategic Facility to Support Halleck Creek Project

American Rare Earths Limited (ARR) (ASX: ARR | OTCQX: ARRNF, AMRRY) is pleased to announce that its wholly owned subsidiary, Wyoming Rare (USA) Inc., has secured a facility at the Western Research Institute in Laramie, Wyoming. This significant development marks a key step forward in the company’s efforts to progress the Halleck Creek Rare Earths Project and enhance its operational capabilities in the region.

This follows the recent award of a USD $7.1 million grant from the State of Wyoming to support the advancement of the company’s rare earth processing initiatives. The facility, situated in a strategic location, will serve as a hub for exploration, processing, and future development activities, enabling the company to align its efforts with state-backed initiatives to bolster critical mineral development.

Key Features of the Facility and Partnership:

  • Centralised Operations: The facility will house all drill core and assay samples collected to date, providing a central location for streamlined operations.
  • Future Pilot Plant Site: The space will accommodate the construction of a pilot plant, advancing the development and testing of processing capabilities for the project.
  • Collaboration: This partnership lays the groundwork for further synergies, leveraging the Western Research Institute’s expertise.

The Western Research Institute, located in Laramie, Wyoming, is a multi-million dollar, not-for-profit, research organisation renowned for work in advanced energy systems, environmental technologies and materials research and technologies. Their Headquarters and Advanced Technology Centre includes laboratories, pilot facilities and room for new development.

“This is an exciting milestone for the company and our progression of the Cowboy State Mine at Halleck Creek,” said Joe Evers, President of Wyoming Rare (USA) Inc. “The support of the State of Wyoming and our collaboration with the Western Research Institute highlights Wyoming’s commitment to becoming a leader in critical minerals development. This facility helps to advance our mission of onshoring critical mineral supply chains for the USA while highlighting Wyoming’s position a leader in critical minerals and rare earth elements.”

Click here for the full ASX Release

This post appeared first on investingnews.com

Hertz Energy Provides Antimony and Critical Minerals Projects Update and Announces Financing

Hertz Energy Inc. (“Hertz” or the “Company”) (CSE: HZ; OTCQB: HZLIF; FSE: QE2) is pleased to provide an update on the Company’s critical minerals projects, including antimony, lithium, and uranium and announces proposed financing.

ANTIMONY

The Company is focused on exploring its two antimony projects aggressively with use of Quebec Critical Minerals Flow thru funds at the Harriman Antimony Project in Quebec and Canadian Flow thru funds at its Lake George Antimony Project in New Brunswick.

LAKE GEORGE ANTIMONY PROJECT: NEW BRUNSWICK, CANADA

The Property is located in the southwestern part of the Province, approximately 30 km southwest of the city of Fredericton.

The Property is comprised of 93 mineral claims within two claim blocks recently staked by the Company for a total area of approximately 2,104.5 hectares. The Property surrounds the past-producing Lake George Antimony Mine (‘Lake George Mine‘) and is considered an exploration-stage Antimony-Gold (Sb-Au) prospect located immediately along strike to the southwest and northeast, as well as downdip to the north of the historical Lake George Mine. The Property benefits from excellent road access, hydroelectric power, and nearby available personnel for field and exploration activities.

The Lake George Mine was formerly the largest antimony producer in North America with a long history of production spanning from 1876 to 1996. The mine closed in 1996 due to falling antimony prices. From 1972 to 1981, 34,417 tonnes of concentrate grading 65% to 66% Sb was produced from the first deposit. Then from 1985 to 1990, approximately 1 Mt grading 4% Sb was extracted from a second deposit (Caron, 1996). The mine also contained molybdenum (Mo), tungsten (W), and Au mineralization. Infrastructure on the Lake George Mine includes 3 shafts, underground development on 10 levels, some remaining surface buildings, and a tailings pond. The deepest level of the mine is approximately 400 m below the surface. The Lake George Sb-Au Mine currently represents one of the Top 3 antimony occurrences in the Province of New Brunswick. More info can be found at: https://hertz-energy.com/lake-george-project/

HARRIMAN ANTIMONY PROJECT:QUEBEC, CANADA

The Harriman Property is an exploration stage antimony project located approximately 17 km northeast of the town of New Richmond in the Gaspé Region of Québec (Figures 1, 2). The Gaspé Region is known for a variety of significant mineral deposits, most notably the Mine Gaspé Copper Mine, currently being developed by Osisko Metals. The Harriman Property benefits from good road access, hydroelectric power, port access, and nearby available manpower.

The Harriman Property is strategically located at the intersection of the major ENE trending Restigouche Fault and Grand Pabos Fault with a second order northeast-trending fault hosting numerous antimony and gold showings (Figure 3).

The Property was developed by compiling and reviewing historical antimony (Sb) and gold (Au) showings from the Québec government geoscientific database known as SIGÉOM. The Property area was defined by a series of four antimony showings, all hosted along a northeast-trending fault structure (Figure 4). Historical results from the nearby showings along the northeast-trending fault include 2.32% Sb, 3.36 g/t Au (Harriman-2), 43.75 Sb, 3.4 g/t Au (New Richmond), 4.8% Sb, 7.89 g/t Au and 15.35% Sb (Harriman-4 Sud) (source: SIGÉOM).

The Harriman Property of Hertz includes the Harriman-4 Sud showing returning 15.35% Sb and 0.07 g/t Au from a historical grab sample of a massive stibnite vein in altered sediments. The nearby Harriman Gold occurrence, located 300 m to the northwest, returned an assay of 22.4 g/t Au from a grab sample. These showings and much of the property have had limited previous exploration and has not had any historical drilling.

Hertz Energy has completed a program of geological mapping and prospecting. The crew’s focus was in the area of favourable geology, particularly surrounding the historical showings as well as stream sediment and prospecting for new antimony and gold showings. Results are expected in the coming weeks. More info can be found at: https://hertz-energy.com/harriman-antimony-project/

LITHIUM PROJECTS

AGASTYA LITHIUM PROJECT:QUEBEC, CANADA

The Agastya Lithium Property is comprised of 209 mineral claims covering approximately 10,650 hectares located in the Province of Québec and consists of three non-contiguous claim blocks along the greenstone belt that hosts the Adina, Trieste, and Galinée properties. These adjacent properties are known for their significant LCT (Lithium-Cesium-Tantalum) pegmatite potential hosted within greenstone/ metasediment packages:

  • Loyal Lithium – Trieste Lithium Project: Discovery of six spodumene-bearing pegmatites including a significant drilling result of 31.8 m at 2.2% LiO.
  • 50% Azimut Exploration / 50% SOQUEM JV – Galinée Lithium Property:Drilling results include 1.62% LiO over 158.0 m including 3.33% LiO over 29.6 m, and Galinée features a 20 km long lithium-cesium anomaly.
  • Rio Tinto/Midland Galinée Project: Spodumene-bearing pegmatite dykes discovered over several hundred metres along a 7 km favourable contact zone. Significant drilling results include 1.38% LiO over 37.86 m including 1.88% LiO over 21.35 m.

The Agastya Property covers the western extent of the greenstone belt that trends through Trieste, Adina, and Galinée. Greenstone belts are known to host LCT pegmatite mineralization and are commonly targeted by exploration companies as they are favourable hosts for lithium and other valuable metals including gold. Recent discoveries surrounding the Agastya Project have been announced by Azimut Exploration and Soquem at their Galine Project: I am running a few minutes late; my previous meeting is running over.

https://azimutexploration.com/site/assets/files/72…

https://azimut-exploration.cl1.adnetcms.com/site/a… 
Click Image To View Full Size

AC/DC LITHIUM PROJECT: QUEBEC, CANADA

The AC/DC property encompasses amphibolized mafic volcanics (greenstone) of the Rouget and Corvette Formations and plutons of the Vieux Comptoir Intrusive suite, similar to the geological setting that hosts both the Cancet and Corvette lithium projects. Both Cancet and Corvette are hosted by amphibolite rocks of Guyer Group, which is similar in age to the Rouget formation (Mesoarchean).

The northwest-trending mafic volcanics of Rouget and Corvette Formations and associated Vieux Comptoir suites continue northwest to the adjacent Rio Tino/Exploration Azimut Inc. and Rio Tinto/Exploration Midland Inc. project areas.

These are advanced rocks, typically characterized by a pegmatitic texture, a granitic composition and contain several minerals such as biotite, muscovite, tourmaline, garnet, beryl and spodumene. These rocks are also known to host K-feldspar granite phases in pegmatite form which may host an abundance of spodumene.

Based on the results of the remote sensing data analysis and processing twelve (12) anomalous target areas have been identified across the two properties.

  • 5 primary and numerous smaller secondary targets are identified at the AC/DC property.
  • 7 primary and numerous smaller secondary targets are identified at the La Fleur property.

Strike lengths of the individual target trends range in length from 1 to 15km in length and are between 100m to 1,000m in width and are generally oriented in a northeasterly trending direction.

Each of the anomalous trends contain numerous dyke-like structures identified from high resolution orthophotography. Individual dyke-like structures range in length between 20 –500m or greater, often occur in clusters and are generally noted to occur in conformant orientation to the target trends.

Hertz is aggressively advancing exploration at the AC/DC Project and will provide updates upon receipt of exploration results.

MAP OF AC/DC LITHIUM PROJECT AND RIO TINTO ADJOING KAANAAYAA PROJECT

Click Image To View Full Size

SNAKE LITHIUM PROJECT:

Hertz Energy reports that the Company will not be proceeding further with the Snake Lithium Project and has terminated its Option Agreement on the Snake Lithium Property.

NAMIBIA URANIUM PROJECT

Hertz Energy has submitted applications for two uranium Exclusive Prospecting Licenses (EPLs) in Namibia.

Namibia is a country of diverse geology and has one of the richest uranium mineral reserves in the world. There are currently two large operating mines, the Husab and Rossing mines, in the Erongo Region and five major exploration projects planned to advance to production in the next few years as the country embraces the green energy transition. Uranium mining in Namibia is of considerable importance to the national economy1. In 2023, Namibia produced the 3rd largest quantity of uranium worldwide at 6,382 tonnes, ranked only behind Kazakhstan and Australia2.

Hertz Energy Namibia Uranium Project

The application areas cover an area of 9,627.84 hectares located in Central Namibia in the Erongo Region which hosts numerous primary and secondary uranium deposits. Primary economic uranium is hosted mainly in sheeted D-type alaskites which occur both as cross-cutting dykes and as bedding and/or foliation-parallel sills. The sheets can amalgamate to form larger granite plutons or granite stockworks made up of closely spaced dykes and sills. The mineralized alaskites tend to occur at marked stratigraphic levels, often associated with the Khan-Rössing Formation boundary, or, where the Rössing Formation is missing, the Khan-Chuos/Arandis Formation boundary. Secondary uranium deposits occur in calcretes in the coastal plain of the Namib Desert. The deposits are associated with ancient river systems that flowed westward from the Great Escarpment during the upper Cretaceous and lower Cenozoic periods. Uranium mineralization is typically located in calcretised fluvial channels which tend to be buried with little or no obvious surface expression to identify them.

Licence Application EPL-10186

EPL-10186 is located 40 km northeast of the coastal town of Swakopmund. Most of the licence is covered by recent sand, gravel, scree and calcrete, with a few outcrops of mica schist, calc-silicate rock, marble and red granite. There are two prominent sub-surface water conduits/streams which in general, are believed to be geographically similar to where paleo-channels carrying uranium-rich waters would have flowed. Preliminary interpretation of regional airborne radiometric data from the Namibian Ministry of Mines and Energy indicates a strong and consistent radiometric anomaly trending northeast-southwest and coincident with the subsurface streams. The Company is targeting secondary uranium mineralization with potential for primary mineralization to the east of the application area. This is the similar style of mineralization found at ORANO’s Trekkopje Mine 6 kilometres north of EPL-10186 and Elevate Uranium’s Marenica deposit 40km to the north with a resource of 46Mlb U308 at a 93ppm U3O8 cutoff grade.

Licence Application EPL-10185

EPL-10185 is located 22 km east of the coastal town of Swakopmund. Its geology is comprised of units from the Kuiseb, Karibib, Arandis, Chuos and Khan Formations intruded by granodiorites and uranium prospective granites. Most of the western and central parts of the licence is under recent surficial cover made up of sand, gravel, scree, and calcrete. Preliminary interpretation of regional airborne radiometric data from the Namibian Ministry of Mines and Energy indicates radiometric anomalies coinciding with favourable geology for primary alaskite-hosted uranium mineralization. This is the similar style of mineralization found at Bannerman Energy’s Etango deposit located 15 km southeast of EPL-10185 as well as that at the Rossing Mine located 30km to the northeast. The Rossing Mine is one of the largest and longest operating uranium open cast mines in the world producing now for 46 years. In 2022, Rossing produced 2,659t U3O8 and currently has a feasibility study underway to extend the mine life beyond 20265.

Namibia has recently completed its political elections and On 3 December 2024, Netumbo Nandi-Ndaitwah of the ruling SWAPO party was declared the winner of the election. She is set to become Namibia’s first female president. The National Assembly elections saw SWAPO reduced to 51 seats, a bare majority of three. It was SWAPO’s weakest showing since Namibia’s independence in 1990. Incumbent president Nangolo Mbumba had not contested this election. Hertz Energy congratulates President Netumbi Nandi-Ndaithwah.

Hertz Energy EPL-10185 and EPL-10186 have been assessed by the Ministry of Mines and Energy are expected to be issued in Q1 of 2025.

Cautionary Statement: This news release contains scientific and technical information with respect to adjacent properties to the Company’s properties, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding the geology, mineralization, and mineral resources on adjacent properties is not necessarily indicative of the mineralization potential on the Company’s properties.

Qualified Person Statement

All scientific and technical information contained in this news release was reviewed and approved by Paul Teniere, P.Geo., Technical Advisor of Hertz Energy, who is a ‘Qualified Person’ as defined in NI 43-101.

HERTZ ENERGY FINANCING

Hertz Energy is pleased to announce a non-brokered private placement offering of up to 5,000,000 units (the “Units”) at a price of C$0.25 per Unit for gross proceeds of up to $1,250,000 (the “Offering”). Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of C$0.45 per Common Share for a period of two years from the closing date of the Offering. The Warrants will be subject to an accelerated expiry, whereas anytime after four (4) months following the issue date of the Units that the closing price of the common shares of the Company on the Canadian Securities Exchange (the “CSE”) is equal to or above a price of C$0.55 for fourteen (14) consecutive trading days, the Company may file a notice to accelerate the expiry date of the Warrants to the date that is thirty (30) business days following the date of such notice. This placement is expected to close end of January 2025.

Hertz Energy also announces non-brokered private placement of up to 4,000,000 Quebec and Canadian National flow-through units of the Company (the “FT Units”) at a price of C$0.30 per FT Unit for gross proceeds of up to C$1.200,000 (the “Offering”). Red Cloud Securities Inc. (“Red Cloud”) will be acting as a finder for LaFleur Minerals on a “best efforts” basis under the Offering.

Each FT Unit will consist of one common share of the Company to be issued as a “flow-through share” (each, a “FT Share”) within the meaning of the Income Tax Act (Canada) (the “Income Tax Act”) and the Taxation Act (Québec) (the “Québec Tax Act”) and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.45 at any time on or before that date which is 24 months after the issue date of the FT Unit. The Warrants will be subject to an accelerated expiry, whereas anytime after four (4) months following the issue date of the FT Unit that the closing price of the common shares of the Company on the Canadian Securities Exchange (the “CSE”) is equal to or above a price of C$0.55 for fourteen (14) consecutive trading days, the Company may file a notice to accelerate the expiry date of the Warrants to the date that is thirty (30) business days following the date of such notice.

About the Company

Hertz Energy (CSE:HZ; OTCQB:HZLIF; FSE:QE2) is a British Columbia-based junior exploration company primarily engaged in the acquisition and exploration of energy and critical minerals properties. The Company’s lithium exploration projects include the AC/DC Lithium Project, and newly acquired Agastya Lithium Property in James Bay, Quebec. Hertz Energy also holds the Harriman Antimony Project in Québec and the Lake George Antimony Project in New Brunswick, Canada. Hertz Energy also has permit applications pending in Namibia for uranium exploration projects.

For further information, please contact Mr. Kal Malhi or view the Company’s filings at www.sedarplus.ca.

On Behalf of the Board of Directors

Kal Malhi

Chief Executive Officer and Director
Phone: 604-805-4602

Email: kal@bullruncapital.ca

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Source

This post appeared first on investingnews.com

Stock Futures Lower after S&P 500 futures ticked down 0.18%

Stock futures are trading slightly lower Monday morning as investors gear up for the final month of 2024. S&P 500 futures slipped 0.18%, alongside declines in Dow Jones Industrial Average futures and Nasdaq 100 futures, which dropped 0.13% and 0.17%, respectively. The market’s focus is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week’s key labor data releases.

November was a standout month for equities, with the S&P 500 futures rallying to reflect the index’s best monthly performance of the year. Both the S&P 500 and Dow Jones Industrial Average achieved all-time highs during Friday’s shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also saw robust gains, with the Russell 2000 index surging over 10% in November, buoyed by optimism around potential tax cuts.

As trading kicks off in December, investors are keeping a close eye on geopolitical developments in Europe, where France’s CAC 40 index dropped 0.77% amid political concerns, while Germany’s DAX and the U.K.’s FTSE 100 showed smaller declines.

S&P 500 futures will likely continue to act as a key barometer for market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.

S&P 500 Index Chart Analysis

This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break above the resistance level near 6,044.17 but retraced slightly to close at 6,032.39, reflecting a minor decline of 0.03% in the session. The candlestick pattern indicates some indecisiveness after a steady upward momentum seen earlier in the day.

On the RSI (Relative Strength Index) indicator, the value sits at 62.07, having declined from the overbought zone above 70 earlier. This suggests that the bullish momentum might be cooling off, and traders could anticipate a short-term consolidation or slight pullback. However, with RSI above 50, the overall trend remains positive, favoring buyers.

The index’s recent low of 5,944.36 marks a key support level, while the high at 6,044.17 could act as resistance. If the price sustains above the 6,020 level and RSI stabilizes without breaking below 50, the index could attempt another rally. Conversely, a drop below 6,020 could indicate a bearish shift.

In conclusion, the index displays potential for continued gains, but traders should watch RSI levels and price action near the support and resistance zones for confirmation.

The post Stock Futures Lower after S&P 500 futures ticked down 0.18% appeared first on FinanceBrokerage.

S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7%

Stock futures climbed on Wednesday, driven by strong performances from Salesforce and Marvell Technology, following upbeat quarterly earnings. Futures tied to the Dow Jones Industrial Average rose by 215 points (0.5%), while S&P 500 futures gained 0.3%, and Nasdaq-100 futures advanced by 0.7%.

Salesforce surged 12% after reporting fiscal third-quarter revenue that exceeded expectations, showcasing robust demand in the enterprise software sector. Meanwhile, chipmaker Marvell jumped 14% after surpassing earnings estimates and providing optimistic fourth-quarter guidance, indicating resilience in the semiconductor industry.

This movement follows a mixed session on Wall Street, where the S&P 500 and Nasdaq closed with small gains, while the Dow dipped slightly. The broader market has experienced a modest start to December, contrasting with November’s robust rally, but analysts anticipate a resurgence in momentum. LPL Financial’s George Smith pointed out that December historically sees strong market performance, particularly in the latter half of the month.

However, economic data introduced some caution. ADP’s report revealed that private payrolls grew by just 146,000 in November, missing estimates of 163,000. This signals potential softness in the labor market, with investors now awaiting Friday’s November jobs report for further clarity.

S&P 500 Index Chart Analysis

Based on the provided stock chart, which appears to be a 15-minute candlestick chart for the S&P 500 Index, here’s a brief analysis:

The chart shows a clear upward trend, with higher highs and higher lows indicating bullish momentum over the analyzed period. The index has steadily climbed from a low of approximately 5,855 to a recent high of 6,053.58, suggesting strong buying interest.

Key resistance is observed near 6,050-6,053 levels, as the price has struggled to break above this zone in the most recent sessions. If the index breaches this level with strong volume, it could lead to further upward movement. Conversely, failure to break out may lead to a pullback, with potential support around the 6,000 psychological level and 5,980, where consolidation occurred previously.

The candlestick patterns show relatively small wicks, indicating limited volatility, which could imply steady market confidence. However, the bullish rally could be overextended, warranting caution for traders, especially if any negative catalysts emerge.

In summary, the short-term trend is bullish, but traders should monitor resistance levels and volume for signs of a breakout or reversal. It’s also essential to watch broader market factors, as indices are often influenced by macroeconomic data and sentiment.

The post S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7% appeared first on FinanceBrokerage.

Digital health companies got pummeled by Wall Street in 2024 as industry adapts to post-Covid slowdown

If the Covid era marked a boom time for digital health companies, 2024 was the reckoning.

In a year that saw the Nasdaq jump 32%, surpassing 20,000 for the first time this month, health tech providers largely suffered. Of 39 public digital health companies analyzed by CNBC, roughly two-thirds are down for the year. Others are now out of business.

There were some breakout stars, like Hims & Hers Health, which was buoyed by the success of its popular new weight loss offering and its position in the GLP-1 craze. But that was an exception.

While there were some company-specific challenges in the industry, overall it was a “year of inflection,” according to Scott Schoenhaus, an analyst at KeyBanc Capital Markets covering health-care IT companies. Business models that appeared poised to break out during the pandemic haven’t all worked as planned, and companies have had to refocus on profitability and a more muted growth environment.

“The pandemic was a huge pull forward in demand, and we’re facing those tough, challenging comps,” Schoenhaus told CNBC in an interview. “Growth clearly slowed for most of my names, and I think employers, payers, providers and even pharma are more selective and more discerning on digital health companies that they partnered with.” 

In 2021, digital health startups raised $29.1 billion, blowing past all previous funding records, according to a report from Rock Health. Almost two dozen digital health companies went public through an initial public offering or special purpose acquisition company, or SPAC, that year, up from the previous record of eight in 2020. Money was pouring into themes that played into remote work and remote health as investors looked for growth with interest rates stuck near zero.

But as the worst waves of the pandemic subsided, so did the insatiable demand for new digital health tools. It’s been a rude awakening for the sector.  

“What we’re still going through is an understanding of the best ways to address digital health needs and capabilities, and the push and pull of the current business models and how successful they may be,” Michael Cherny, an analyst at Leerink Partners, told CNBC. “We’re in a settling out period post Covid.”

Progyny, which offers benefits solutions for fertility and family planning, is down more than 60% year to date. Teladoc Health, which once dominated the virtual-care space, has dropped 58% and is 96% off its 2021 high.

When Teladoc acquired Livongo in 2020, the companies had a combined enterprise value of $37 billion. Teladoc’s market cap now sits at under $1.6 billion.

GoodRx, which offers price transparency tools for medications, is down 33% year to date. 

Schoenhaus says many companies’ estimates were too high this year.

Progyny cut its full-year revenue guidance in every earnings report in 2024. In February, Progyny was predicting $1.29 billion to $1.32 billion in annual revenue. By November, the range was down to $1.14 billion to $1.15 billion.

GoodRx also repeatedly slashed its full-year guidance for 2024. What was $800 million to $810 million in May shrank to $794 million by the November.

In Teladoc’s first-quarter report, the company said it expected full-year revenue of $2.64 billion to $2.74 billion. The company withdrew its outlook in its second quarter, and reported consecutive year-over year declines.

“This has been a year of coming to terms with the growth outlook for many of my companies, and so I think we can finally look at 2025 as maybe a better year in terms of the setups,” Schoenhaus said.  

While overzealous forecasting tells part of the digital health story this year, there were some notable stumbles at particular companies. 

Dexcom, which makes devices for diabetes and glucose management, is down more than 35% year to date. The stock tumbled more than 40% in July — its steepest decline ever — after the company reported disappointing second-quarter results and issued weak full-year guidance. 

CEO Kevin Sayer attributed the challenges to a restructuring of the sales team, fewer new customers than expected and lower revenue per user. Following the report, JPMorgan Chase analysts marveled at “the magnitude of the downside” and the fact that it “appears to mostly be self-inflicted.” 

Genetic testing company 23andMe had a particularly rough year. The company went public via a SPAC in 2021, valuing the business at $3.5 billion, after its at-home DNA testing kits skyrocketed in popularity. The company is now worth less than $100 million and CEO Anne Wojcicki is trying to keep it afloat.

In September, all seven independent directors resigned from 23andMe’s board, citing disagreements with Wojcicki about the “strategic direction for the company.” Two months later, 23andMe said it planned to cut 40% of its workforce and shutter its therapeutics business as part of a restructuring plan. 

Wojcicki has repeatedly said she intends to take 23andMe private. The stock is down more than 80% year to date. 

Investors in Hims & Hers had a much better year.

Shares of the direct-to-consumer marketplace are up more than 200% year to date, pushing the company’s market cap to $6 billion, thanks to soaring demand for GLP-1s. 

Hims & Hers began prescribing compounded semaglutide through its platform in May after launching a new weight loss program late last year. Semaglutide is the active ingredient in Novo Nordisk’s blockbuster medications Ozempic and Wegovy, which can cost around $1,000 a month without insurance. Compounded semaglutide is a cheaper, custom-made alternative to the brand drugs and can be produced when the brand-name treatments are in shortage.

Hims & Hers will likely have to contend with dynamic supply and regulatory environments next year, but even before adding compounded GLP-1s to its portfolio, the company said in its February earnings call that it expects its weight loss program to bring in more than $100 million in revenue by the end of 2025. 

Doximity, a digital platform for medical professionals, also had a strong 2024, with its stock price more than doubling. The company’s platform, which for years has been likened to a LinkedIn for doctors, allows clinicians to stay current on medical news, manage paperwork, find referrals and carry out telehealth appointments with patients. 

Doximity primarily generates revenue through its hiring solutions, telehealth tools and marketing offerings for clients like pharmaceutical companies.

Leerink’s Cherny said Doximity’s success can be attributed to its lean operating model, as well as the “differentiated mousetrap” it’s created because of its reach into the physician network. 

“DOCS is a rare company in healthcare IT as it is already profitable, generates strong incremental margins, and is a steady grower,” Leerink analysts, including Cherny, wrote in a November note. The firm raised its price target on the stock to $60 from $35. 

Another standout this year was Oscar Health, the tech-enabled insurance company co-founded by Thrive Capital Management’s Joshua Kushner. Its shares are up nearly 50% year to date. The company supports roughly 1.65 million members and plans to expand to around 4 million by 2027. 

Oscar showed strong revenue growth in its third-quarter report in November. Sales climbed 68% from a year earlier to $2.4 billion.

Additionally, two digital health companies, Waystar and Tempus AI, took the leap and went public in 2024. 

The IPO market has been largely dormant since late 2021, when soaring inflation and rising interest rates pushed investors out of risk. Few technology companies have gone public since then, and no digital health companies held IPOs in 2023, according to a report from Rock Health. 

Waystar, a health-care payment software vendor, has seen its stock jump to $36.93 from its IPO price of $21.50 in June. Tempus, a precision medicine company, hasn’t fared as well. It’s stock has slipped to $34.91 from its IPO price of $37, also in June.

“Hopefully, the valuations are more supportive of opportunities for other companies that have been lingering in the background as private companies for the last several years.” Schoenhaus said. 

Several digital health companies exited the public markets entirely this year. 

Cue Health, which made Covid tests and counted Google as an early customer, and Better Therapeutics, which used digital therapeutics to treat cardiometabolic conditions, both shuttered operations and delisted from the Nasdaq. 

Revenue cycle management company R1 RCM was acquired by TowerBrook Capital Partners and Clayton, Dubilier & Rice in an $8.9 billion deal. Similarly, Altaris bought Sharecare, which runs a virtual health platform, for roughly $540 million.

Commure, a private company that offers tools for simplifying clinicians’ workflows, acquired medical AI scribing company Augmedix for about $139 million.

“There was a lot of competition that entered the marketplace during the pandemic years, and we’ve seen some of that being flushed out of the markets, which is a good thing,” Schoenhaus said.

Cherny said the sector is adjusting to a post-pandemic period, and digital health companies are figuring out their role.

“We’re still cycling through what could be almost termed digital health 1.1 business models,” he said. “It’s great to say we do things digitally, but it only matters if it has some approach toward impacting the ‘triple aim’ of health care: better care, more convenient, lower cost.”

This post appeared first on NBC NEWS

Here’s why business leaders are spending big on Trump’s inaugural committee

Top CEOs and their companies are pledging to donate millions of dollars to President-elect Donald Trump’s inaugural committee, as they seek to get on his good side and make inroads before he takes office.

Some of the planned donations reportedly include $1 million each from Jeff Bezos’ Amazon, OpenAI CEO Sam Altman and Facebook parent company Meta, led by Mark Zuckerberg. Others include $2 million from Robinhood Markets and $1 million each from both Uber and its CEO, Dara Khosrowshahi.

Ford is reportedly coupling its own $1 million donation with a fleet of vehicles.

Hedge fund manager Ken Griffin also said he plans to give $1 million to the tax-exempt inaugural committee, Bloomberg reported. Other donations from finance leaders are reportedly in the works.

Empowered by a decisive electoral victory, Trump has vowed to revamp U.S. economic policy in a way that could have outsized benefits for a few favored industries, like fossil fuels.

At the same time, he has telegraphed the value, both personal and political, that he places on face-to-face meetings and public praise from chief executives of the world’s largest companies.

“EVERYBODY WANTS TO BE MY FRIEND!!!” Trump wrote Thursday in a post on Truth Social, the social media app run by his own tech company.

Many of those CEOs have already made, or are planning to make, trips to Mar-a-Lago, Trump’s Palm Beach, Florida, resort and de facto transition headquarters, as they seek to gain influence with and access to the incoming administration.

To that end, Trump’s inaugural committee presents a “unique opportunity,” said Brendan Glavin, director of research for the money-in-politics nonprofit OpenSecrets, in an interview.

Inaugural committees, which are appointed by presidents-elect, plan and fund most of the pomp and circumstance that traditionally surrounds the transition of power from one administration to the next.

While the money is ultimately benefiting a recent political candidate, it doesn’t carry the same connotation as a donation to, say, a super PAC, which can fund partisan political activities that risk stoking controversy.

And unlike a direct contribution to a candidate’s campaign, there are no limits on how much an individual — or a corporation or labor group — can give to an inaugural committee.

Moreover, since Trump already won the election, an inaugural contribution carries no risk for a high-profile executive of backing a losing candidate.

“It really is a great opportunity for them to curry favor with the incoming administration,” Glavin said.

While it’s nothing new for corporations and power brokers to shower big money on inaugural committees, experts told CNBC the Trump factor changes the calculus.

“It’s all heightened now,” Glavin said. “None of these people, they don’t want to be Trump’s punching bag for four years.”

Trump’s inaugural committee and his transition team did not respond to requests for comment.

Trump’s 2017 inaugural committee raked in about $107 million, by far the most of any in U.S. history. The previous record had been set in 2009 during the first inauguration of Barack Obama, whose committee raised $53 million.

Trump’s second inauguration is on pace to shatter that record, with pledged contributions already surpassing a $150 million fundraising goal, ABC News reported.

President Joe Biden’s inaugural committee, by comparison, raised nearly $62 million.

“One of the oldest adages in Washington is that if you’re not at the table, you’re on the menu, and the price of admission to have a seat at the table keeps going up,” said Michael Beckel, research director of Issue One, a political reform advocacy group.

The boost in funding for Trump’s second inaugural committee comes in part from tech giants, many of whom largely steered clear of supporting his first inauguration.

Other than GoDaddy.com founder Robert Parsons, who gave $1 million, few other leaders in Big Tech donated to Trump’s 2017 committee.

Trump once openly clashed with some of them, including Zuckerberg and Bezos, who also owns The Washington Post, a frequent target of the president-elect’s ire.

Not so this time around. As Trump vows to tear up reams of federal regulations, but also continues to accuse Big Tech of stifling competition, industry leaders could have more riding on their relationship with the White House than ever before.

“I’m actually very optimistic,” Bezos said of a second Trump presidency in a Dec. 4 interview at The New York Times’ DealBook conference. “I’m very hopeful. He seems to have a lot of energy around reducing regulation. And my point of view, if I can help him do that, I’m going to help him. Because we do have too much regulation in this country.”

The comments came in the wake of a scandal at The Washington Post in October, when the paper reported that Bezos decided not to publish its editorial board’s endorsement of Vice President Kamala Harris over Trump. Bezos in an op-ed defended the paper’s decision to no longer endorse presidential candidates, but the reversal spurred an exodus of subscribers and prompted numerous staffers to resign in protest.

Nowhere is Trump’s newfound friendliness with the tech world more pronounced than in his blossoming relationship with Tesla and SpaceX CEO Elon Musk, who spent more than $250 million helping elect Trump.

Musk, the world’s richest person, has frequently appeared by Trump’s side before and after his election victory, and has reportedly been involved in all aspects of Trump’s transition planning. He and entrepreneur Vivek Ramaswamy have been tapped to lead an advisory group tasked with cutting government costs.

This could put OpenAI’s Altman, who is currently embroiled in a breach-of-contract lawsuit brought by Musk, in an awkward position.

Along with his million-dollar inaugural donation, Altman heaped praise on Trump earlier this month. “President Trump will lead our country into the age of AI, and I am eager to support his efforts to ensure America stays ahead,” he said.

Craig Holman, government affairs lobbyist for the progressive nonprofit Public Citizen, told CNBC that these figures “very much fear that Donald Trump may take retribution against them.”

“So they’re throwing money” at his feet “in order to curry favor,” Holman said.’

Four days after the presidential election, Trump announced the formation of the “Trump Vance Inaugural Committee, Inc.,” a 501(c)(4) nonprofit. It is co-chaired by real estate investor Steve Witkoff and former Republican Sen. Kelly Loeffler of Georgia, who is also Trump’s pick to lead the Small Business Administration.

Reince Priebus, who was one of Trump’s White House chiefs of staff during his first term, said in an X post that he has been tapped to serve as the committee’s finance chair.

Priebus also shared a screenshot of an invitation that listed the names of other finance chairs. They include Miriam Adelson, the GOP megadonor who spent $100 million this year on a pro-Trump super PAC, and billionaire Trump donor Diane Hendricks.

Inaugural committees are required to publicly disclose the names of donors who give $200 or more, but those filings aren’t due until 90 days after the inaugural ceremony.

If the committee has a surplus after all the festivities, finding out just how much is left can be a challenge.

Trump’s 2017 inauguration was a smaller affair than Obama’s in 2009, although Trump raised more than twice as much money for his as Obama had. As a result, Trump’s committee was widely expected to have tens of millions of dollars left over after it paid for balls and hotels.

But years after the fact, it was unclear what happened to much of that money.

Federal filings show that roughly a quarter of all the funds raised, $26 million, were paid to a newly created firm that was run by an advisor to first lady Melania Trump.

“We take a look through the history of the financing of inaugurations, and clearly it comes from very large donors, wealthy special interests and corporations, almost all of whom have business pending before the federal government,” said Holman, of Public Citizen.

He added, “This is a real cesspool of buying favors.”

This post appeared first on NBC NEWS