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SCWorx Corp. (WORX)

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Previous Close2.1400
Open2.1000
Bid1.9800 x 800
Ask2.2000 x 2200
Day's Range1.8700 - 2.1500
52 Week Range1.0000 - 14.8800
Volume571,852
Avg. Volume2,894,569
Market Cap19.723M
Beta (5Y Monthly)3.72
PE Ratio (TTM)N/A
EPS (TTM)-1.3660
Earnings DateMay 24, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • GlobeNewswire

    MARC SCHESSEL TRANSITIONING TO SCWORX CONSULTANT ROLE

    Mr. Schessel Stepping Back From Role As CEO To Support Company In New Capacity NEW YORK, Jan. 25, 2021 (GLOBE NEWSWIRE) -- SCWorx, Corp. announced today that Marc Schessel is stepping back from his role as Chief Executive Officer to focus his efforts on supporting the company’s data strategies in a new capacity as a consultant. As founder and CEO of SCWorx, Mr. Schessel has worked tirelessly for the advancement and growth of the company, customer base, and product offering, including during the unprecedented circumstances of the ongoing COVID-19 pandemic. Mr. Schessel is an industry expert on healthcare supply chain and he will continue to assist SCWorx on a daily basis in his new role as consultant, using his unique expertise to further grow the company’s business. SCWorx President and Chief Operating Officer, Tim Hannibal, will continue to lead the company during the transition. “I would like to thank our employees and subcontractors for their dedication to the success of SCWorx and in the support of our hospital customers during these trying times,” Mr. Schessel stated. “I have complete confidence in Tim’s vision and direction for the future of the company and I will still have a very active role in development and advancement of the company’s data management software and business strategy. My new role as consultant will allow me to focus on the advancement and further development of the company’s core product offering, while providing me more time to use my skills to further integrate the software solution into new verticals. I am focused on growing the business and excited for what’s to come.” About SCWorx Corp. SCWorx has created an advanced attributed virtualized item data warehouse utilizing machine learning and artificial intelligence to offer a suite of software-as-a-service based solutions for healthcare providers. The value proposition for customers revolves around full integration of all solution modules with the company’s data platform. The solution modules include Virtual Item Master, data cleanse and normalization, contract management and request for pricing (RFP) module, automated rebate management module, data interoperability (EMR, MMIS, finance) module, Automated Item Add Portal, Virtual General Ledger, and the data analytics module. SCWorx creates a single source for information for the healthcare providers data governance and analytics requirements. Forward-Looking Statements This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future contract renewals and terminations, future financial position, prospects, plans and objectives of management are forward-looking statements. You can identify many (but not all) such forward-looking statements by looking for words such as “assumes,” “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “seeks,” “intends,” “plans,” “could,” “would,” “may” or other similar expressions. You should not place undue reliance on these forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, early termination of agreements, securing future contracts and orders, future product sourcing, supply disruptions, containing costs, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources of the company to meet its business objectives and operational requirements and other important factors that are detailed in filings with the Securities and Exchange Commission made from time to time by SCWorx, including its Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Matters described in forward-looking statements may also be affected by other known and unknown risks, trends, uncertainties and factors, many of which are beyond the company’s ability to control or predict. SCWorx undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: Investor Relations ir@scworx.com Source: SCWorx Corp. Released January 25, 2021

  • Fixing the PPE Shortage Should Top Biden’s To-Do List
    Bloomberg

    Fixing the PPE Shortage Should Top Biden’s To-Do List

    (Bloomberg Opinion) -- In the run-up to the election, there were two devastating accounts of how President Donald Trump and his son-in-law Jared Kushner botched the government’s response to the initial shortage of personal protective equipment — the masks, gloves, gowns and other gear hospital workers desperately need as they treat Covid-19 patients. One was a lengthy article in Vanity Fair by Katherine Eban, an investigative health reporter. The other was a documentary, “Totally Under Control,” by Alex Gibney, the Oscar-winning filmmaker, and co-directors Ophelia Harutyunyan and Suzanne Hillinger.The story they both tell is classic Trump: Hubris and incompetence turn a serious problem into an utter disaster. Kushner sets up the Covid-19 Supply Chain Task Force, fills it with 20-somethings who know nothing about sourcing hospital supplies, and walks away. Not surprisingly, they fail. Trump and Kushner take dark pleasure in watching desperate state governments — mostly in blue states — bid against each other for what supplies are available. The administration even impounds — “steals” is not too strong a word — imported PPE that hospitals and distributors had sourced and paid for. To this day, no one knows where that equipment resides.President-elect Joe Biden, of course, has vowed to put the fight against the pandemic at the top of his agenda. On Monday morning, he named a 13-member coronavirus task force, led by three scientists. He also listed a series of measures he plans to take as soon as he assumes office in January, including ramping up testing, providing the resources to allow schools and small businesses to reopen, implementing a national mask mandate — and taking steps to fix the chronic shortages of personal protective equipment.I’ve been following the issues surrounding personal protective equipment since the shortages first became apparent in March. Here’s what I can tell you: Although PPE shortages have largely dropped out of the news, they remain a reality that hospitals and other health-care facilities deal with on a daily basis.Hospitals now routinely reuse masks that are supposed to be discarded after one use. Nitrile gloves, which are primarily made in Malaysia, Vietnam and Thailand, have become almost impossible to get. (It didn’t help that Malaysia, where 75% of the gloves are manufactured, was in lockdown recently.) By early next year, needles are going to be scarce, according to supply-chain experts I’ve spoken to.And that was before the recent spike in Covid-19 cases and hospitalizations. When I asked Marc Schessel what was in short supply now that daily positive cases in the U.S. were regularly topping 100,000, he replied, “Masks, gowns, all of it. It’s going to be a real [expletive] very soon — much worse than Round One.”Schessel should know. He is the founder and chief executive officer of SCWorx Corp., a company that provides supply-chain management software for the hospital industry. When it first became clear that the PPE supply chain was breaking down, hundreds of hospitals asked him to see if he could source protective equipment. He turned over much of his day-to-day duties at his company to other executives to focus on finding PPE.Over the last nine months, Schessel has seen it all. Early on, he saw hospitals lose millions of dollars by naively making “down payments” for PPE that was being dangled by fraudsters. He watched deals for millions of masks — deals he thought he had locked down — vanish at the last minute. Warehouses that were supposed to be filled with N95 masks turned out to be empty. He’s seen hedge funds flip shipments of PPE as if they were oil futures, driving up the price as they bought and sold. Sometimes, legitimate PPE orders from abroad got delayed by Food and Drug Administration problems. Most of the PPE he could get his hands on cost three, four or five times their pre-pandemic price. And on and on.Thus, the first thing the incoming Biden administration will need to do is pretty radical: Use the Defense Production Act to take over all PPE sourcing and distribution. No one else has the resources to handle the task. Yes, there is protective equipment in the national stockpile. But it’s not nearly enough — not because President Barack Obama depleted it (as Trump has alleged) but because the U.S. hasn’t faced a national health emergency like this one since the 1918 influenza that killed some 675,000 Americans.Biden can use the Federal Emergency Management Agency to create new supply chains. He can deploy the Defense Logistics Agency within the Department of Defense to distribute PPE where it is most immediately needed. (Unfortunately, none of the members of the president-elect’s new task force are logistics experts.) He can use the government’s vast reach to source PPE anywhere in the world. He can — and must — forbid trading by hedge funds, which is creating artificial demand that is exacerbating both the shortages of PPE and the exorbitant prices the equipment is commanding. And — again using the Defense Production Act — he can insist that certain companies begin manufacturing PPE, and that hospitals begin buying from American sources.What nobody seems to have noticed is that, on a small scale, some of this is already happening. That may be the one good thing to have come out of the PPE crisis.During a recent conversation with Schessel, he said he and a handful of others have begun to create their own supply chains. They now know which distributors and manufacturers can be trusted and which can’t. Perhaps best of all, they are doing business with companies in North America that have decided to get into the PPE business.In South Carolina, for instance, former Wells Fargo & Co. executive Lance Brown started a company called Rhino Medical Supply. His idea was that he would try to supply small hospital systems — the kind that are at the end of the line for PPE — by contracting primarily with U.S. manufacturers. He went down the usual rabbit holes, but he now has suppliers for masks, gowns, shields and even gloves.“Having a domestic supply chain helps the economy and produces jobs,” he said. “And it is going to be crucial going forward.” One of the companies he is buying from is DemeTech Corp., based in Miami, that began making N95 and other medical masks this summer. “We know enough now to figure out whether a company is legitimate by asking what business they were before Covid-19,” Brown said. “DemeTech made sutures and other surgical devices. That’s the kind of news that gives you confidence.”Luis Arguello Jr. is the vice president of DemeTech. (His father bought the company in the 1990s.) “We took a risk as a family,” he told me. “We invested a few million dollars to make surgical masks and N95s.” The FDA approved DemeTech’s PPE in June, and over the summer it sold masks as fast as it could produce them. Because the company’s labor costs were higher than the Chinese manufacturers’, their masks were a little more expensive.On the other hand, he added 600 employees to keep up with mask production.I asked Arguello if he and his family planned to stay in the mask business. He wasn’t sure, he said. The Chinese had started competing for his customers, and much to his amazement, they were winning a lot of the business. Despite everything, it appeared to him that distributors and hospitals care more about saving a few pennies than ensuring a supply of U.S.-made masks. If the government didn’t get involved, he said, none of the companies that had gotten into the PPE business were likely to stay in it.To solve the PPE problem, the incoming Biden administration needs to build on what’s already begun to take place: new manufacturers, new distributors, new supply chains, new focus on U.S.-made PPE. And, of course, it needs to do so yesterday.Schessel recently told me that things were already taking a major turn for the worse. Foreign governments were throttling back production to drive up the price of nitrile gloves. Getting goods shipped quickly was becoming an issue.“Due to a lack of leadership, and an ‘every-country-for-themselves’ attitude, we are in for a very rough go, I fear,” Schessel said. “The U.S. government needs to reengage in a real way or this is going to become a very serious issue.”I hope Joe Biden’s new coronavirus task force is listening.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • GlobeNewswire

    SCWorx Announces appointment of Timothy Hannibal, Seasoned Technology Executive and Entrepreneur, as President, Chief Operating Officer and Director

    NEW YORK, Aug. 14, 2020 (GLOBE NEWSWIRE) -- August 14, 2020, SCWorx Corp. (Nasdaq: WORX) announced today the appointment of Timothy Hannibal as President, Chief Operating Officer and Director.  Mr. Hannibal, currently the Company’s Chief Revenue Officer and Interim CFO, will report to the Board of Directors and be responsible for overseeing the day to day operations of the Company, including financial operations.Mr. Hannibal is a seasoned technology executive and entrepreneur, with nearly 30 years’ experience in SaaS and cloud technology, driving revenue, go-to-market strategies, business development and mergers and acquisitions. Mr. Hannibal joined the Company in January 2019 and has since served as its Chief Revenue Officer and Interim CFO. Prior to joining the Company, Mr. Hannibal was an executive at Primrose Solutions (the predecessor to SCWorx) which he joined in September of 2016. At Primrose, Mr. Hannibal was responsible for overseeing marketing, sales and operations, including executing the Company’s business plan. Mr. Hannibal has a successful track record of growth and management at both startup and national companies. Prior to joining Primrose, Mr. Hannibal was the President and CEO of VaultLogix for thirteen years, a company he founded. VaultLogix was a private equity sponsored leading SaaS company in the cloud backup industry before being acquired by J2 Global, a publicly traded technology company ($3.2b market cap) focused on cloud services and digital media.Marc Schessel, the Company’s CEO commented “Tim’s extensive experience in the SaaS sector, coupled with his strong operating, business development and leadership skills should position the Company well for maximum profitability and long term revenue growth in the SaaS industry.Mr. Hannibal stated “I am excited about the challenge of managing the Company’s business and financial operations, and I look forward to implementing the strategies needed to drive long term revenue growth and profitable operations.”About SCWorx Corp. SCWorx has created The Ultraverse Platform™, an advanced attributed virtualized item data warehouse (“VDW”) utilizing machine learning and artificial intelligence to offer a suite of software-as-a-service based solutions for healthcare providers. The value proposition for customers revolves around full integration of all solution modules with the VDW platform. The solution modules include Virtual Item Master, contract management and request for pricing (RFP) module, automated rebate management module, data interoperability (EMR, MMIS, finance) module, Automated Item Add Portal, Virtual General Ledger, and the data analytics module. SCWorx’s Ultraverse Platform™ creates a single source for information for healthcare providers’ data governance and data analytics for executives.Forward-Looking StatementsThis press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future contract renewals and terminations, future financial position, prospects, plans and objectives of management are forward-looking statements. You can identify many (but not all) such forward-looking statements by looking for words such as “assumes,” “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “seeks,” “intends,” “plans,” “could,” “would,” “may” or other similar expressions. You should not place undue reliance on these forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, early termination of agreements, securing future contracts and orders, future product sourcing, supply disruptions, containing costs, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations,  the availability of sufficient resources of the company to meet its business objectives and operational requirements and other important factors that are detailed in filings with the Securities and Exchange Commission made from time to time by SCWorx, including its Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Matters described in forward-looking statements may also be affected by other known and unknown risks, trends, uncertainties and factors, many of which are beyond the company’s ability to control or predict. SCWorx undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.Contact:Investor Relations ir@scworx.com