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Safeguard Scientifics, Inc. (SFE)

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7.25+0.14 (+1.97%)
At close: 4:00PM EDT
7.18 -0.07 (-0.97%)
After hours: 04:35PM EDT
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Previous Close7.11
Open7.10
Bid7.21 x 800
Ask7.22 x 1000
Day's Range7.10 - 7.26
52 Week Range5.15 - 8.59
Volume132,592
Avg. Volume123,717
Market Cap151.943M
Beta (5Y Monthly)1.12
PE Ratio (TTM)N/A
EPS (TTM)-0.19
Earnings DateAug 09, 2021 - Aug 13, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateDec 20, 2019
1y Target EstN/A
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  • SAFEGUARD SCIENTIFICS TO HOST A VIRTUAL DISCUSSION WITH INFOBIONIC
    GlobeNewswire

    SAFEGUARD SCIENTIFICS TO HOST A VIRTUAL DISCUSSION WITH INFOBIONIC

    RADNOR, Pa., June 18, 2021 (GLOBE NEWSWIRE) -- Safeguard Scientifics, Inc. (NYSE:SFE) ("Safeguard" or the "Company") announced that it will host a virtual discussion with Stuart Long, Chief Executive Officer of InfoBionic, Inc. at 10:00 a.m. ET on Tuesday June 29, 2021. This virtual discussion will be the fifth in Safeguard’s program to provide shareholders with additional information about Safeguard's ownership interests and an opportunity to hear directly from the CEOs of Safeguard’s companies

  • Safeguard Scientifics Annual Meeting of Shareholders to be Held on Wednesday, May 19, 2021
    GlobeNewswire

    Safeguard Scientifics Annual Meeting of Shareholders to be Held on Wednesday, May 19, 2021

    Shareholders are asked to elect four directors, to cast an advisory vote to approve the compensation of the company’s named executive officers and to ratify Grant Thornton LLP as the company’s independent registered public accounting firmRADNOR, Pa., May 12, 2021 (GLOBE NEWSWIRE) -- Safeguard Scientifics, Inc. (NYSE:SFE) (“Safeguard” or the “Company”) will hold its 2021 Annual Meeting of Shareholders on Wednesday, May 19, 2021 at 8:00 a.m. Eastern Time. This year’s annual meeting will be conducted solely as a virtual meeting. Shareholders will be able to attend our 2021 annual meeting via live webcast by visiting www.meetingcenter.io/281908025. At the meeting, shareholders will be asked to vote on: The election of four directors to one-year terms expiring at the 2022 annual meeting;A non-binding, advisory resolution on 2020 compensation (“say-on-pay”) for named executive officers;The appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021; andThe transaction of any other business properly brought before the meeting. Only shareholders who owned Safeguard stock at the close of business on March 24, 2021 may vote at this meeting and on any adjournments, continuations, reschedulings or postponements that may take place. To vote at the meeting, shareholders will need to have a control number or register in advance of the meeting pursuant to the instructions in our proxy statement. All shareholders may otherwise listen to the meeting as guests. Shareholders are encouraged to read the proxy statement and submit their proxies or voting instructions as soon as possible to ensure their representation at the annual meeting. The Notice of Annual Meeting, Proxy Statement and our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 are available at www.envisionreports.com/SFE. WEBCAST DETAILS Please log in 10-15 minutes prior to the start of meeting. Date: Wednesday, May 19, 2021Time: 8:00 a.m. Eastern TimeWebcast: www.meetingcenter.io/281908025Password: SFE2021Q&A Format: The webcast will be Audio-Only. All questions should be submitted through the webcast’s Q&A text box. For more information please contact IR@safeguard.com. About Safeguard Scientifics Historically, Safeguard Scientifics (NYSE:SFE) has provided capital and relevant expertise to fuel the growth of technology-driven businesses. Safeguard has a distinguished track record of fostering innovation and building market leaders that spans more than six decades. Currently, Safeguard is pursuing a focused strategy to value-maximize and monetize its ownership interests over a multiyear time frame to drive shareholder value. For more information, please visit www.safeguard.com. ### CONTACT: SAFEGUARD CONTACT: Mark Herndon Chief Financial Officer (610) 975-4913 mherndon@safeguard.com

  • Safeguard Scientifics Announces First Quarter 2021 Financial Results
    GlobeNewswire

    Safeguard Scientifics Announces First Quarter 2021 Financial Results

    Board Authorizes $6 Million Share Repurchase Program Conference call and webcast on May 6, 2021 at 5 p.m. ET RADNOR, Pa., May 06, 2021 (GLOBE NEWSWIRE) -- Safeguard Scientifics, Inc. (NYSE:SFE) (“Safeguard” or the “Company”) today announced financial results for the three months ended March 31, 2021. HIGHLIGHTS Safeguard’s Board of Directors has authorized a new $6 million share repurchase program using existing funds in accordance with the requirements of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. These repurchases will be made in open market or privately negotiated transactions and are expected to be completed within the 2021 calendar year.Exits & Deployments Safeguard exited Zipnosis and received $3.3 million of initial cash proceeds and a preferred equity interest valued using our internal valuation methodology at $15.3 million in Bright Health Group (Bright Health), a national integrated healthcare company. As a result of this transaction, Safeguard reported a gain of $17.0 million. Additional cash proceeds may be received from the final determinations of net working capital and the resolution of various escrow contingencies.Safeguard exited WebLinc and T-REX Group in separate transactions for an aggregate of $6.2 million of gross proceeds and, in the case of WebLinc, additional performance based payments could be received over the next 24 months.Safeguard funded a $1.0 million convertible loan to Trice Medical as part of a financing in which other existing Trice stockholders also participated.Subsequent to the quarter-end, Safeguard exited Velano Vascular resulting in cash proceeds of $3.4 million. Safeguard Company Performance The aggregate trailing twelve-month revenues ending December 31, 2020 for Safeguard’s remaining eleven companies, which excludes Other Ownership Interests, was $321 million, down 8% as compared to the comparable 2019 period.Trice Medical acquired Tenex Health, a leader in minimally invasive ultrasonic technology for the treatment of chronic pain in soft tissue and bone.InfoBionic closed a $9 million loan facility to fund their continued growth.Moxe entered into a strategic relationship with 3M Health Information Systems to offer Moxe’s data platform to 3M’s customer base of hospitals, physician groups, and health systems.As previously disclosed, Syapse raised $68 million in growth capital from two venture capital funds. This transaction brings Safeguard’s ownership percentage to approximately 11% and resulted in a $7.3 million non-cash dilution gain. Financial Results Cash, cash equivalents and restricted cash totaled $21.8 million at March 31, 2021.The carrying value of the Company’s ownership interests at year end totaled $62.6 million, with a total cost of $175.2 million.Net income for the three months ended March 31, 2021 was $17.6 million, or $0.84 per share, as compared with a net loss of $16.0 million, or $0.77 per share, for the same period in 2020.The prior year quarterly results included non-cash impairment charges of $11.3 million, while the current period included gains resulting from the sales of Zipnosis and T-REX totaling $17.7 million. Operating Costs Safeguard continued to reduce its operating costs in 2021. General and administrative expenses totaled $2.5 million for the quarter as compared to $3.5 million for the 2020 quarter.Safeguard also continued to lower its corporate expenses,1 which totaled $1.2 million for the first quarter of 2021, as compared to $1.5 million for the comparable period of 2020, an 18% decline. Outlook Safeguard remains committed to returning value to shareholders when we exceed our targeted liquidity threshold, subject to then prevailing market conditions and expected liquidity needs. Based on our evaluation of future liquidity needs, Safeguard has lowered its targeted liquidity threshold from $20 million to $18 million.We will continue to consider additional share repurchases, modifications to the program announced today and/or dividends in the event of subsequent exit transactions during 2021. “We are encouraged to see an increasing pace of activity in our portfolio over the past few months, including monetizations of WebLinc, T-Rex, Velano and the successful sale of Zipnosis to Bright Health.” said Eric C. Salzman, Chief Executive Officer. “We expect further positive developments during 2021 and, with the stock buy back plan that we announced today, we will continue to work to maximize value and return cash to our shareholders.” OWNERSHIP INTERESTS AT MARCH 31, 2021 CompaniesCategoryAcquisition YearPrimary Ownership%Carrying Value (in millions) Cost (in millions) Initial Revenue Stage: Up to $1 million None Revenue of $1 million to $5 million Moxe Health CorporationHealthcare201627.6% $ 4.8 $ 7.5Revenue of $5 million to $10 million Trice Medical, Inc.Healthcare201416.6% 1.9 11.8Lumesis, Inc.Financial Services201243.4% 0.9 5.6Clutch Holdings, Inc.Digital Media201342.3% 4.7 16.9Revenue of $10 million to $20 million InfoBionic, Inc.Healthcare201425.2% - 22.0meQuilibrium +Healthcare201532.0% 3.0 14.0Syapse, Inc.++Healthcare201411.1% 8.3 25.0Revenue of $20 million to $50 million Aktana, Inc.Healthcare201615.0% 1.7 14.2Prognos Health, Inc.Healthcare201128.5% 3.8 12.6Greater than $50 million in revenue FlashtalkingDigital Media201813.2% 12.5 19.2MediaMath, Inc.Digital Media200913.3% - 15.5Other Ownership Interests Bright Health GroupHealthcare2021 15.3 -Velano Vascular *Healthcare2013 2.0 1.7All othersVarious 3.7 9.2 TOTAL:$62.6 $175.2 + Company progressed into higher revenue stage this quarter.++ Company dropped into a lower revenue stage this quarter.* Company was exited during the second quarter of 2021. CONFERENCE CALL AND WEBCAST DETAILS Please call 10-15 minutes prior to the call to register. Date: May 6, 2021 Time: 5 pm ET Webcast: http://www.safeguard.com/events Live Number: 844-200-6205 Replay Number: 929-458-6194 Access Code: 840410 Speakers: Chief Executive Officer, Eric C. Salzman; and Senior Vice President and Chief Financial Officer, Mark A. Herndon Format: Discussion of the quarter’s financial results followed by Q&A Replay will be available through June 7, 2021 at 11:59 pm ET. For more information please contact IR@safeguard.com. About Safeguard Scientifics Historically, Safeguard Scientifics has provided capital and relevant expertise to fuel the growth of technology-driven businesses. Safeguard has a distinguished track record of fostering innovation and building market leaders that spans more than six decades. Safeguard is currently pursuing a focused strategy to value-maximize and monetize its ownership interests over a multi-year time frame to drive shareholder value. For more information, please visit www.safeguard.com. Forward-looking StatementsExcept for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding Safeguard’s ability to maximize the value of monetization opportunities of its ownership interests and drive total shareholder returns. Safeguard’s initiatives taken or contemplated to enhance and unlock value for all of its shareholders, Safeguard’s efforts to execute on and implement its strategy to streamline its organizational structure, reduce its operating costs, pursue monetization opportunities for ownership interests and maximize the return of value to its shareholders, Safeguard’s ability to create, unlock, enhance and maximize shareholder value, the effect of Safeguard’s management succession plan on driving increased organizational effectiveness and efficiencies, the ability of the management team to execute Safeguard’s strategy, the availability of, the timing of, and the proceeds that may ultimately be derived from the monetization of ownership interests, Safeguard’s projections regarding the reduction in its ongoing operating expenses, Safeguard’s projections regarding annualized operating expenses and expected severance expenses, monetization opportunities for ownership interests, and the amount of net proceeds from the monetization of ownership interests that will enable the return of value to Safeguard shareholders after satisfying working capital needs and the timing of such return of value. Such forward-looking statements are not guarantees of future operational or financial performance and are based on current expectations that involve a number of uncertainties, risks and assumptions that are difficult to predict. Therefore, actual outcomes and/or results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the monetization of our ownership interests for maximum value or at all and the return of value to our shareholders, our ability to successfully execute on our strategy to streamline our organizational structure and align our cost structure to increase shareholder value, whether our strategy will better position us to focus our resources on the highest-return opportunities and deliver enhanced shareholder value, the ongoing support of our existing ownership interests, the fact that our companies may vary from period to period, challenges to achieving liquidity from our ownership interests, fluctuations in the market prices of our publicly traded holdings, if any, competition, our inability to obtain maximum value for our ownership interests, our ability to attract and retain qualified employees, market valuations in sectors in which our ownership interests operate, our inability to control our ownership interests, our need to manage our assets to avoid registration under the Investment Company Act of 1940, risks, disruption, costs and uncertainty caused by or related to the actions of activist shareholders, including that if individuals are elected to our Board with a specific agenda, it may adversely affect our ability to effectively implement our business strategy and create value for our shareholders and perceived uncertainties as to our future direction as a result of potential changes to the composition of our Board may lead to the perception of a change in the direction of our business, instability or a lack of continuity that may adversely affect our business, and risks associated with our ownership interests, including the fact that most of our ownership interests have a limited operating history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard’s companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to predict or control. As a result of these and other factors, the Company’s past operational and financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release. SAFEGUARD CONTACT: Mark HerndonChief Financial Officer(610) 975-4913mherndon@safeguard.com Safeguard Scientifics, Inc.Condensed Consolidated Balance Sheets(in thousands) March 31, 2021 December 31, 2020 Assets Cash, cash equivalents and restricted cash $21,775 $15,601 Other current assets 588 462 Total current assets 22,363 16,063 Ownership interests in and advances 62,593 50,398 Other assets 2,028 2,574 Total Assets $86,984 $69,035 Liabilities and Equity Other current liabilities $3,978 $3,470 Total current liabilities 3,978 3,470 Lease liability - non-current 1,964 2,053 Other long-term liabilities 50 637 Total equity 80,992 62,875 Total Liabilities and Equity $86,984 $69,035 Safeguard Scientifics, Inc.Condensed Consolidated Statements of Operations(in thousands, except per share amounts) Three Months Ended March 31, 2021 2020 Operating expenses $2,463 $3,532 Operating loss (2,463) (3,532)Other income (loss), net 706 (3,567)Interest, net 53 105 Equity income (loss), net 19,329 (9,014)Net income (loss) before income taxes 17,625 (16,008)Income tax benefit (expense) — — Net income (loss) $17,625 $(16,008)Net income (loss) per share: Basic $0.84 $(0.77)Diluted $0.84 $(0.77)Weighted average shares used in computing income (loss) per share: Basic 20,902 20,686 Diluted 20,930 20,686 Safeguard Scientifics, Inc.Financial Data(in thousands) Additional Financial Information Non-GAAP Measures In discussing financial results and guidance, the Company refers to the measure "corporate expenses" which is not in accordance with Generally Accepted Accounting Principles (GAAP). We use this non-GAAP financial measure internally to make operating and strategic decisions, including evaluating our overall performance and as a factor in determining compensation for certain employees. We have defined corporate expenses as general and administrative costs excluding stock based compensation, severance costs, and non-recurring items and other. Non-recurring items and other includes accruals related to the Company's LTIP plan that will not be paid until reaching a specified threshold within that plan. We believe presenting this non-GAAP financial measure provides additional information to facilitate comparison of our historical operating costs and their trends, and provides additional transparency on how we evaluate our cost structure. We also believe presenting this measure allows investors to view our performance using the same measure that we use in evaluating our performance and trends. Corporate expenses reconciliation: Three Months Ended March 31, 2021 2020 Corporate expenses $1,197 $1,453 Stock based compensation 245 86 Severance costs 774 1,743 Non-recurring items and other 247 250 General and administrative expenses $2,463 $3,532 ___________________________________1 Corporate expenses are general and administrative expenses excluding depreciation, severance, stock-based compensation and other non-recurring items. See full reconciliation in the financial section of this statement.