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BoA raises target to 140
Strong end of year with 20% YoY revenue growth
Interdigital posted a strong end to the year with FY23 total revenues growing 20% to $550mn and EPS up 148% YoY to $7.61. The company's quarterly revenue cadence remains lumpy, on the back of revenue recognition timing, with 4Q23 topline declining 10% YoY due to outsized catchup royalty payments in 4Q22. This also drove gross and operating margin contraction (see Exhibit 1). However, 4Q23 EPS grew 31% YoY to $1.41, benefitting from lower interest expenses and a reduced tax rate in the quarter. Overall, InterDigital continues to widen its moat within device licensing, and the company increased its total patent filings by 70% YoY in FY23. We reiterate our Buy rating and raise our PO to $140 (from $125), now based on 17x our 2025 EV/FCF vs. prior 15x 2024E EV/FCF, as we remain confident in InterDigital's medium-term outlook and potential topline benefits from licensing agreements with Oppo and Vivo. See Exhibit 2 for our estimate revisions.
Recurring revenue supported by strong ex-handset growth
Recurring revenues from smartphones were roughly flat YoY in 4Q23 at $86mn, yet the company continues to grow via its Consumer Electronics (CE) and IoT/autos segment, which grew 14% YoY. This strength was driven by new agreements in video, solid momentum in autos and ASP uplift within the connected car ecosystem from the migration to 5G from 4G. New sources of upside include licensing of artificial intelligence (AI) technologies across all verticals, which could drive content growth and better unit royalties. Aa faster handset replacement cycle due to AI could also be a positive growth catalyst.
Better-than-expected FY24 revenue guidance
Management provided full-year guidance for FY24 revenues to reach $645mn at the midpoint, which came in well above Street's estimates of $471mn. We see additional upside from new licensing agreements and subsequent catch-up payments. For example, the final resolution of InterDigital's latest licensing agreement with Samsung for smartphones is expected to finalize by YE24.
where did you see that ??????
I had a SMALL standing sale in at 111 and they took it out in a heartbeat.
New S A article
conclusion : Thus, despite the previously discussed risks, I rate the stock a “buy” with a $141.91 price target.
https://seekingalpha.com/article/4670079-interdigital-uncovering-undervalued-gem-in-wireless-video-ip?mailingid=34345105&messageid=2800&serial=34345105.657&utm_campaign=rta-stock-article&utm_medium=email&utm_source=seeking_alpha&utm_term=34345105.657
BREAKING: Avanci signs up General Motors to 5G platform
First US brands join the 5G-era programme.
Anyone watching BMR
https://finance.yahoo.com/news/beamr-nvidia-team-accelerate-adoption-120000281.html
shouldn't we be getting a piece of this 🤫
anyone want to explain this to my simple brain
InterDigital Announces Convertibility of 3.50% Senior Convertible Notes Due 2027
InterDigital, Inc.
Mon, February 5, 2024 at 8:30 AM EST
WILMINGTON, Del., Feb. 05, 2024 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq: IDCC), a mobile and video technology research and development company, announced today that, pursuant to the terms of the Indenture governing its 3.50% Senior Convertible Notes due 2027 (the “Notes”), the Notes are convertible during its calendar quarter ending March 31, 2024. The current conversion rate of the Notes is 12.9041 shares of InterDigital’s Common Stock per $1,000 principal amount of the Notes.
Upon the conversion of any Notes, InterDigital will pay cash up to the aggregate principal amount of the Notes to be converted, and will pay cash, shares of its Common Stock or a combination of cash and shares of its Common Stock for any conversion obligation in excess of the aggregate principal amount being converted, if any, at InterDigital’s election, as set forth in the Indenture governing the Notes.
At the time InterDigital issued the Notes, InterDigital entered into call spread transactions that together were designed to have the economic effect of reducing the net number of shares that will be issued in the event of conversion of the Notes by, in effect, increasing the conversion price of the Notes from InterDigital’s economic standpoint from $77.49 to $106.35. Refer to Footnote 7 of the Financial Statements from InterDigital’s Form 10-Q for the quarter ended September 30, 2023 for more information.
Tesla’s Avanci/InterDigital FRAND action shows UK becoming favoured by implementers
(sorry, only have the headline)
InterDigital (IDCC) Moves to Strong Buy: Rationale Behind the Upgrade
Zacks Equity Research
Wed, January 31, 2024 at 12:00 PM EST
InterDigital (IDCC) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for InterDigital is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
That case is a nothing burger. They paid a small fine (under 10,000), changed some procedures and moved on.
Jefferies did a KOL call on Friday with a doc who has 150 patients. So far 20 are on LUMRYZ. (no quits).Most are switch patients from both (1/3) Xyzeme and (1/3)Xywav and 1/3 new. It is now his opinion that LUMRYZ will be his Oxybate of choice.
Now that he understands the paper work requirements, it only takes 2-3 weeks to get his patients approved for insurance. In fact, he even has 1 IH patient (off label) using it and the insurance company has approved it.. He will only recommend Xywav for patients that have salt issues.
Based on that call Jefferies raised their target to 22 from 18.
they actually reduced ownership from 5 mil last year. Probably part of the company's buyback
they actually reduced ownership from 5 mil last year. Probably part of the company's buyback
The 3 Most Undervalued Tech Stocks to Buy in January
https://investorplace.com/2024/01/the-3-most-undervalued-tech-stocks-to-buy-in-january/
The presentation was very informative, well worth the listen
From Forbes
Unlocking The Potential Of Pure Research At InterDigital
Karen Walker
Contributor
Insights on how companies & leaders thrive in hyper-growth.
Liren Chen, CEO of InterDigital, leads one of the world’s largest pure research facilities. In a pure research facility, research is conducted without a specific goal in mind: though the research facility may partner with different corporations and technology firms, the research conducted by its scientists does not have an immediate pathway to profitability. InterDigital, the company Chen heads, is reminiscent of Bell Laboratories, the research and development arm of AT&T which produced scores of technological innovations–including the first synchronous motion-picture system and the world’s first satellite communication system. Founded in 1972, InterDigital was part of building the world’s first wireless system and has had a hand in building every cellular technology since. Chen told me that every facet of technology a consumer interacts with on a daily basis–be it video chatting with a friend or sending a text message–InterDigital has helped to develop.
InterDigital’s workforce is made up, as Chen told me, of inventors and creatives recruited from the world’s top institutions. I wanted to know how Chen managed teams stacked so deep with innovators, and how the company has sustained some of its long-lasting high-powered partnerships while still achieving rapid growth and impressive quarterly and year-over-year returns. Chen offered insight into what engineers at InterDigital are currently engaged in, and what technologies we’re likely to see in the coming years.
Improving Spectrum Usage and the Impact of 5G
Chen told me that InterDigital engineers are focused on solving the most difficult problems in the wireless system, one of which is spectrum usage. Engineers have worked for decades on making the wireless network faster and more reliable, with lower latency; for video usage, engineers are working to make the experience more immersive and increasing the capabilities of augmented and virtual reality.
Chen said that the advent of 5G has been hugely commercially successful. Smartphones adopted 5G technology worldwide more quickly than 3G or 4G, despite the need for carriers to upgrade the network. Currently, InterDigital is working on ‘5G advanced’ technology, meaning they’re making 5G suited for use cases outside of smartphone (for example, autonomous driving). Chen said that we’ve just scratched the surface of the use cases for this technology: he looked to a future where smart agriculture, smart cities, and smart manufacturing are normal aspects of life. Chen also looked ahead to 6G, which he said will be all about integrating artificial intelligence into the core of the network.
InterDigital has seen impressive growth: they reported 140 million for the third quarter of 2023 and have seen a 116% increase in net income year over year. The company has high-profile partnerships with companies such as Apple and Amazon. Chen told me that the relationship with Apple goes back to the pre-iPhone days of 2007 and is currently contracted to continue through 2029. The partnership with Amazon is newer and focuses on IoT products. These long-lasting partnerships–difficult to maintain in the fast-moving world of tech–are key to InterDigital’s growth, Chen said.
I was curious as to how InterDigital managed teams to support their impressive growth. Chen told me that ninety percent of the company’s personnel are inventors, recruited from top universities and Ph.D. programs around the world. Chen said that inventorship is a “team sport” and that the company invests heavily in mentorship of employees. Chen noted that InterDigital’s reputation allows it to attract the brightest engineers in the world; these engineers are then placed on collaborative teams, mentored, and given freedom to create and innovate.
The Role of AI
Chen stated that InterDigital engineers have been researching and innovating with AI for quite a while, specifically to solve wireless and video-related challenges. The primary goal has been to enhance network connectivity and make it adaptable to individual user experiences. Engineers have worked on bettering the infrastructure for AI, and also on building a better infrastructure for AI use cases. This ‘better infrastructure’ means ensuring a reliable, high-speed network with enough bandwidth for processing and sending vast amounts of data.
Curiosity, Leadership, and Making an Impact
Curiosity, according to Chen, is one of his core strengths. Chen said that following his curiosity is what compelled him to leave his home in Beijing and come to the US for graduate school thirty years ago. After graduate school, Chen began his career at Qualcomm as a software engineer before becoming interested in the research side of the organization. At Qualcomm, Chen worked on the first and second generation of wireless. With the advent of 3G, Chen was part of the first project that put the internet into phones.
As an inventor at Qualcomm, Chen became interested in the legal aspect of how to protect intellectual property. He pursued a law degree in addition to his research career, after which Chen also received his MBA. Chen’s tenure at Qualcomm lasted from 1996 to 2021, at which time he left to lead InterDigital; Chen left Qualcomm as the Global Head of IP. Chen noted that throughout his time at Qualcomm, he was pursuing his interests and curiosity; looking back, he can see how the pieces in his story fit together and enabled him to lead. Chen said that there are two factors that have enabled him to move “up and to the right” on the two-by-two matrix: competency and impact.
Chen said that the first ingredient required for success is to be excellent at your job. He noted that individuals should choose a field they are passionate about and commit to becoming excellent so that they can distinguish themselves. Chen said it’s also crucial that individuals focus on what kind of impact they’re making. He noted that in a company as big as InterDigital, team members might overlook the amount of impact they can have on the organization and on their projects–which would be a mistake. Chen said that individuals should focus on the impact of the projects with which they’re engaged, and also on what kind of impact they can make within the company.
InterDigital’s impact is far-reaching; we encounter it every time we pick up our phones or otherwise engage in the digital arena. After more than fifty years of innovation, the company is poised for more significant near-term growth. Chen has been at the forefront of the digital revolution since the very beginning; the teams he leads will no doubt continue to make a wide and deep impact on the lives of consumers going into 2024 and beyond.
"Operating expenses are expected to be in the range of $146 to $154 million, including revenue share expense of $66 to $69 million."
anyone know what share expense is ?
bought them on the open market
bought them on the open market
InterDigital prevails against Oppo and OnePlus over SEPs in Munich
InterDigital could recently celebrate two successes in its ongoing dispute with multiple mobile phone manufacturers. After the Federal Patent Court upheld a SEP with restrictions, the Munich Regional Court ruled that Oppo and other patent users were infringing the same patent with their products.
https://www.juve-patent.com/cases/interdigital-prevails-against-oppo-and-oneplus-over-seps-in-munich/
are you ready for a new beginning ?
The end is near
If you really want to know what Lenavo thinks of IDCC.
enjoy the read
https://storage.courtlistener.com/recap/gov.uscourts.nced.204398/gov.uscourts.nced.204398.47.0.pdf
FWIW
In Part I of our year end summary of key developments regarding patents subject to a commitment to license on a Fair Reasonable and Non-Discriminatory (FRAND) or Reasonable and Non-Discriminatory (RAND) basis, we looked at various developments involving patent pools and reviewed some interesting damages awards and interlocutory decisions. In this installment, we consider a pair of antitrust cases dismissed in 2023 and explore what may come next on the policy front.
Dismissed Suits
u-blox v. IDCC
Following on a case between the same parties in 2019, which featured an intervention by the U.S. Department of Justice’s antitrust division and ended in settlement, u-blox once again accused InterDigital of antitrust violations in January of 2023 stemming from InterDigital’s alleged refusal to offer u-blox a new license on FRAND terms (see: u-blox AG v. Interdigital Inc., Case No. 23-cv-0002-CAB-AHG (S.D. California)). This time around the DOJ did not intervene and u-blox’s antitrust claims were dismissed with prejudice, the Order Granting Defendants’ Motion to Dismiss providing as follows:
“In light of recent Ninth Circuit precedent, Plaintiffs have failed to allege anticompetitive harm in violation of section 2 of the Sherman Act. See FTC v. Qualcomm Inc., 969 F.3d 974, 996 (9th Cir. 2020) (“in order to make out a § 2 violation, the anticompetitive harm identified must be to competition itself, not merely competitors”). Plaintiffs also appear to have released any antitrust claims in their 2019 Patent Licensing Agreement with Defendants. [Doc. No. 36-4]. Thus, Plaintiffs’ cause of action under section 2 of the Sherman Act is hereby DISMISSED with prejudice.”
Judge Cathy Ann Bencivengo also granted InterDigital’s motion to dismiss u-blox’s breach of contract claim, but with leave to amend. Following u-blox’s filing of an amended complaint on August 25, InterDigital brought another motion to dismiss. u-blox’s case was voluntarily dismissed after an Order to Show Cause indicating that the court did not believe it held subject matter jurisdiction over the case given “the only issue before this Court is a state law breach of contract claim” and there was no diversity jurisdiction. With respect to the state law claims the Order further notes that “[a]lthough the breach of contract claim concerns a patent licensing agreement, the Court is not convinced that the dispute arises from the patent laws of the United States to satisfy §1388(a).”
Pumpkin, how many times have you posted other BS like this. And none have happened
UBIQUITOUS
Looks like for the new case against Lenova they are going to mediate ?
Selection of Mediator
Document: 40
Selection of Judge Jose L. Linares as mediator filed by InterDigital Madison Patent Holdings SAS, InterDigital Patent Holdings, Inc., InterDigital VC Holdings, Inc., InterDigital, Inc.. (Stevens, Matthew)
Part of a larger article on Frand during 2023
The English judiciary sought to establish more transparent conduct in SEP licensing negotiations.
In March, the High Court of Justice of England and Wales issued a FRAND determination in InterDigital Technology Corp. v. Lenovo Group Ltd., a multipatent infringement litigation in the U.K.
The court primarily used a comparable license approach to derive a rate for InterDigital's worldwide portfolio of 2G, 3G, 4G, Wi-Fi, and high-efficiency video coding patents, and did not rely at all on a top-down approach,[10] even though this methodology had been used more extensively in prior U.K. decisions such as Unwired Planet International Ltd. v. Huawei Technologies Co. Ltd. as a cross-check.
The court also rejected InterDigital's use of a "hedonic price regression."[11] InterDigital had sought royalties of between $1 and $2 per device, but the court determined a rate of just $0.175 per device.[12] That said, the court imposed this royalty rate over a 16-year period notwithstanding national statutes limiting patent damages.[13]
Additionally, the court made several notable comments lamenting the lack of transparency in SEP licensing discussions, including: "It is not FRAND nor is a licensor acting as a willing licensor if it refuses to provide the information necessary for a willing licensee to evaluate an offer which has been made."[14] In relation to this, the court noted that Lenovo was justified in seeking information about InterDigital's licenses with others, and that "it is clear to me that InterDigital's reliance on the confidentiality of the PLAs [patent license agreements] with companies like Samsung, Apple, Huawei and LG was less than helpful, let alone transparent."[15]
After the decision came down, InterDigital filed new patent infringement litigation on the video coding standards against Lenovo in multiple jurisdictions despite the U.K. judiciary's rate-setting determination. That litigation is ongoing, notwithstanding that InterDigital and Lenovo agreed to a multiyear license covering InterDigital's high-efficiency video coding patents.[16]
Read more at: https://www.law360.com/articles/1778635/the-year-in-frand-what-to-know-heading-into-2024?copied=1
Not familiar with it, can you post link
thx
A new all time high and all is quiet
Lewrock, what 12/18 filing????
listen to their fireside chat today and you will know the answer
“Study Using IceCure’s ProSense® Finds: “Cryoablation Allows the Ultimate De-escalation of Surgical Therapy for Select Breast Cancer Patients.”
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
IceCure Medical Ltd.
Date: December 13, 2023 By: /s/ Eyal Shamir
Name: Eyal Shamir
Title: Chief Executive Officer
2
Exhibit 99.1
Study Using IceCure’s ProSense® Finds: “Cryoablation Allows the Ultimate
De-escalation of Surgical Therapy for Select Breast Cancer Patients”
? Independent study published in Annals of Surgical Oncology concludes cryoablation is an oncologically safe and feasible minimally invasive procedure option in lieu of surgery for patients with early-stage, low-risk breast cancer
? Study’s authors suggest the widespread use of screening mammography allows for earlier detection - and therefore increased customization of treatment, less aggressive management, reduced treatment burden, improved quality of life - and examines cryoablation as the “next step in the surgical de-escalation of breast cancer”
? Study suggests that cryoablation provides a significantly superior alternative when it comes to financial implications, as compared to surgical resection
CAESAREA, Israel, December 13, 2023 – IceCure Medical Ltd. (Nasdaq: ICCM), developer of the ProSense® System, a minimally-invasive cryoablation technology that destroys tumors by freezing as an alternative to surgical tumor removal, today announced the publication of a study titled “Cryoablation Allows the Ultimate De-escalation of Surgical Therapy for Select Breast Cancer Patients” in the peer-reviewed journal Annals of Surgical Oncology.
The independent study, in which ProSense® was one of two cryoablation systems analyzed, was overseen and conducted at the Breast Center of Excellence and the Department of Surgery, School of Medicine at Texas Tech University Health Sciences Center by Sonia Y. Khan MD, Jaclyn Cole MD, Zaina Habrawi MD, Michael W. Melkus PhD, and Rakhshanda Layeequr Rahman MD.
A total of 32 early-stage breast cancer patients with a median age of 70 (range of 50-91) were treated with cryoablation. Six of the 32 patients (18.5%) received adjuvant radiation, and 31 of 32 patients (97%) received adjuvant endocrine therapy. The mean follow-up was 15 months, with 20 patients (62.5%) completing two years, and 12 patients (37.5%) completing more than three years.
All patients were disease-free at the last follow-up visit, and no major complications from the procedure were reported. One patient had regional disease at 18 months. She did not have sentinel node biopsy and did not take endocrine therapy. She had delayed axillary dissection, started endocrine therapy, and remains disease-free after 5 years of follow-up evaluation. One patient died one year after cryoablation due to unrelated causes. The patient population in this study is similar to the population in IceCure’s ongoing ICE3 study, the largest controlled multi-center clinical trial ever performed in the U.S. for liquid nitrogen-based cryoablation of small, low-risk, early-stage malignant breast tumors as an alternative to surgery.
Highlights from the article include:
? Regarding cost of care, the article states: “Clinical trials have determined not only that cryoablation is just as effective as surgical resection for early-stage, low-risk tumors, but that cryoablation also provides a superior alternative when it comes to financial implications.”
? Citing ICE3 as a leading study that makes the case for surgical de-escalation, the article states: “The ablative therapies were first entertained as options for women who might not be good surgical candidates or refuse surgery. However, two large multi-institutional studies on cryoablation (Simmons et al. (ACOSOG Z-1072), and Fine et al. (ICE3) have led the way to the use of ablation as a means for further surgical de-escalation for small early-stage, low-risk breast cancers.”
“Cryoablation is an excellent option for select patients to avoid general anesthesia, and enjoy a potential cure without surgery through an outpatient procedure with minimal disruption of life.” Stated study co-author, Dr. Rakhshanda Layeequr Rahman
“This independent study is quite compelling in that it goes beyond providing data. It presents the case that due to widespread screening with mammography, early-stage tumors can be treated with new, safe, and effective treatments that minimize the impact on patients and the healthcare system in general,” stated IceCure’s Chief Executive Officer, Eyal Shamir. “We are grateful, as always, to the growing number of medical professionals who are using ProSense® to improve patient outcomes and going above and beyond to publish their results for the advancement of innovative new treatments that improve care.”
About ProSense®
ProSense® cryoablation is a minimally invasive, non-surgical, outpatient 40-minute treatment option that destroys tumors by freezing them. The procedure only requires a local 1% lidocaine injection (similar to its use by dentists when performing certain dental procedures) enabling the patient to remain alert during the procedure and then walk out of the doctor’s office to resume their day. ProSense® has been investigated and proven effective in various clinical applications, including breast tumors, kidney cancer, lung cancer, and in palliative care. Independent and company-sponsored clinical studies of ProSense® have shown strong results, with high rates of tumor destruction, and patient and physician satisfaction.
I’m in Aruba on vacation, someone else is going to have to do some work 🤔
Tesla Inc. and another v. IDAC Holdings Inc. and others
Tesla has brought patent proceedings against wireless and video technology company InterDigital and InterDigital's licensing partners Avanci LLC and IDAC Holdings in a claim filed on Dec. 5.
Tesla was accused of willfully infringing five patents relating to ways to increase the efficiency in electric vehicles by the patent holder iQar Inc. in Texas federal court in June.
In August, Tesla faced more patent infringement allegations from Graphite Charging Co. when developing its Tesla charging stations, app and autonomous control system.
Tesla is represented by Powell Gilbert LLP.
Counsel information for the defendants was not immediately available.
The case is Tesla Inc. and another v. IDAC Holdings Inc. and others, case number HP-2023-000042, in the High Court of Justice of England and Wales.
Read more at: https://www.law360.com/articles/1775106/uk-litigation-roundup-here-s-what-you-missed-in-london?copied=1
no idea, what I wrote is all I have
No idea of what this means
UK Litigation Roundup: Here's What You Missed In London
By Tabitha Burbidge ·
Law360, London (December 8, 2023, 6:14 PM GMT) -- The past week in London has seen Tesla drive patent proceedings against technology company InterDigital,
InterDigital's Mixed Q3: Strong Deals, Organic Growth Concerns
Dec 01, 2023 11:35 AM | InterDigital, Inc.(IDCC) | By: Michael Wiggins De Oliveira
InterDigital, Inc. delivered mixed Q3 2023 results, with strong license agreements boosting revenue and free cash flow.
Concerns persist about the company's underlying organic growth and negative year-over-year revenue growth in Q4.
InterDigital remains attractively priced and committed to returning capital to shareholders.
https://seekingalpha.com/article/4655426-interdigitals-mixed-q3-strong-deals-organic-growth-concerns?mailingid=33550269&messageid=2800&serial=33550269.2163&utm_campaign=rta-stock-article&utm_medium=email&utm_source=seeking_alpha&utm_term=33550269.2163