Month: June 2021

London, United Kingdom, June 14, 2021 (GLOBE NEWSWIRE) — SNOMED International is pleased to announce the launch of a new report that details the value each of its many stakeholder groups can experience by implementing SNOMED CT, the most comprehensive global language for health terms. This report builds on the work captured in a series of videos completed in 2020 in which a New Zealand health board highlights the advances it has made in realizing its vision of a connected, integrated system by using SNOMED CT.

The report, titled SNOMED CT: Articulating Stakeholder Value, was developed over the past year as part of our efforts to meet our 2020-2025 Strategy commitments and to realize our vision of better health and improved patient outcomes worldwide.

It identifies where and how SNOMED CT is used, providing an end-to-end perspective of the entire universe of SNOMED CT users, including Members, policy makers, care providers, patients and citizens, researchers and knowledge producers, implementers, vendors and collaboration partners, and expands and extends our existing value propositions to each of those groups. It also lays out the pathway to realizing the full value of SNOMED CT when embedded in a clinical information system, a health data and analytics platform or an interoperability solution.

“There has been enormous evolution in the SNOMED CT product and community since the organization came into being,” states Don Sweete, CEO of SNOMED International. “As the organization and our community have evolved, so, too, has the value that the product and its resources offer healthcare systems and stakeholders worldwide.” Don also noted, “As a core clinical reference terminology that is unchallenged in terms of its clinical breadth and depth, our renewed value propositions mirror the evolution of our stakeholders in their past, present and future use of SNOMED CT.”

Based on the Delone and McLean IS Success Framework as the theoretical underpinning for the development of these segmented value propositions, the report demonstrates the role of SNOMED CT as a critical component of the entire ecosystem of clinical terminologies and the importance of collaboration among the sponsors of those terminologies.

It also provides government decision-makers with a clear understanding of how their investments in SNOMED CT translate into positive outcomes for the health of their nation’s citizens.

Highlights of the benefits by stakeholder groups

• Policymakers are more informed when making policy and management decisions, accelerating data-driven analytics and decision-making processes
• Members can ensure that high-quality clinical information is available to stakeholders within their nations
• Collaboration Partners contribute their best-in-class clinical knowledge to SNOMED CT to ensure its clinical integrity and create the one language of health
• Researchers and Knowledge Producers can accelerate data, information, evidence and knowledge creation, supporting a wide range of analytics and research to benefit the decision-making of policymakers and healthcare stakeholders
• Implementers can collect data once and reuse it for a diverse range of clinical, management and research purposes to support a broad range of health stakeholders
• Vendors can open up markets globally and expand market share by enhancing the information quality of their products, using a global standard used in over 80 countries
• Care Providers can improve patient outcomes by being knowledgeable about their patient’s health and options for care, achieving a more informed and collaborative relationship when making critical care decisions
• Patients/Citizens can control their own health information and be knowledgeable about their health and self-care options

Over the coming months, SNOMED International will build on this work with the release of an in-depth SNOMED CT Case for Investment, supported by economic benefits modeling and data-driven exemplar case studies of SNOMED CT use.

To read the report, Articulating Stakeholder Value, visit snomed.org/value.

About SNOMED International

SNOMED International is a not-for-profit organization that owns and develops SNOMED CT, the world’s most comprehensive healthcare terminology product. We play an essential role in improving the health of humankind by determining standards for a codified language that represents groups of clinical terms. This enables healthcare information to be exchanged globally for the benefit of patients and other stakeholders. We are committed to the rigorous evolution of our products and services, to deliver continuous innovation for the global healthcare community. SNOMED International is the trading name of the International Health Terminology Standards Development Organisation.

Media Inquiries

Kelly Kuru

Chief Communications Officer

comms@snomed.org

Attachments

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Kelly Kuru
SNOMED International
comms@snomed.org

ATLANTA, June 14, 2021 (GLOBE NEWSWIRE) — First Advantage Corporation, a leading global provider of technology solutions for screening, verifications, safety and compliance related to human capital, today announced the launch of the initial public offering of 21,250,000 shares of its common stock, of which 17,750,000 shares of common stock will be sold by First Advantage and 3,500,000 shares of common stock will be sold by certain existing stockholders of First Advantage. First Advantage and the selling stockholders expect to grant the underwriters in the offering a 30-day option to purchase up to an additional 3,187,500 shares of common stock, of which, up to 2,662,500 shares of common stock would be sold by First Advantage and up to 525,000 shares of common stock would be sold by certain existing stockholders of First Advantage. The estimated initial public offering price is between $13.00 and $15.00 per share. First Advantage has applied to list its shares on the Nasdaq Global Select Market under the symbol “FA”.

Barclays, BofA Securities and J.P. Morgan will act as lead bookrunners for the proposed offering. Citigroup, Evercore ISI, Jefferies, RBC Capital Markets, Stifel and HSBC will act as bookrunners, and Citizens Capital Markets, KKR Capital Markets LLC, MUFG, Loop Capital Markets, R. Seelaus & Co., LLC, Ramirez & Co., Inc. and Roberts & Ryan will act as co-managers for the proposed offering.

A registration statement on Form S-1 relating to the proposed offering has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering can be obtained from: Barclays Capital Inc., Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 888-603-5847, or by email at Barclaysprospectus@broadridge.com; BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina, 28255-0001, by email at dg.prospectus_requests@bofa.com; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 866-803-9204 or by email at prospectuseq_fi@jpmorganchase.com.

Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include any statements regarding the commencement of trading of First Advantage’s common stock on the Nasdaq Global Select Market. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under “Risk Factors” under First Advantage’s registration statement relating to the offering. Except as required by law, First Advantage has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

About First Advantage

First Advantage is a leading global provider of technology solutions for screening, verifications, safety and compliance related to human capital. The company delivers innovative solutions and insights that help customers manage risk and hire the best talent. Enabled by its proprietary technology platform, First Advantage’s products and solutions help companies protect their brands and provide safe environments for their customers and their most important resources: employees, contractors, contingent workers, tenants and drivers. Headquartered in Atlanta, Georgia, First Advantage has offices in North America, Europe, Asia and the Middle East.

Media Contact:

Elisabeth Warrick
First Advantage
employment.solutions@fadv.com
(888) 314-9761

Jeanne Achille
The Devon Group
firstadvantage@devonpr.com
+1-732-706-0123, ext. 700

LONDON, June 14, 2021 (GLOBE NEWSWIRE) — London and Hong Kong-based risk management consultancy A2 Global Risk published a new report assessing the investment risks associated with port infrastructure expansion in Sub-Saharan Africa, against the backdrop of global geopolitical competition. The COVID-19 pandemic and associated restrictions on travel and operations caused unprecedented disruption to international trade and highlighted the risks linked with ageing port infrastructure and regional bottlenecks.

Cognisant of such risks, African governments are actively seeking to expand their infrastructure and trade provisions to reduce non-tariff barriers, as part of their efforts to modernise their trade infrastructure, such as airports, seaports, roads, and internet access. International actors active in this space are ramping up their competition for market access amid mounting trade and geopolitical tensions globally.

In Africa, traditional global powers such as France and the European Union on one hand, and China on the other, have for years competed over lucrative port expansion and management contracts. But both Western and Chinese companies have been accused of abuses and neo-colonialism. A growing number of Middle Eastern countries, led by the United Arab Emirates as well as Turkey, is now providing a third alternative.

While this growing competition offers African countries new alternatives to choose from, which may in turn foster local agency, it also raises questions about responsible corporate actors and signals emerging political risks to companies with an established presence.

“Gulf countries, particularly Saudi Arabia and the UAE, have markedly increased their presence on the continent, particularly in the Horn of Africa, over the past decade,” says Senior Analyst for Sub-Saharan Africa Olivier Milland. “To a large extent this forms part of their strategic development plans to diversify economies and secure future food supplies. Meanwhile, efforts at home to attract foreign capital or entice companies to establish offices in the region means that corporate standards there need to be elevated to the same level as those in advanced economies, placing a greater compliance burden on Gulf-based companies if they are to maintain a competitive advantage.”

About A2 Global RIsk
A2 Global Risk is a political and security risk management consultancy headquartered in Hong Kong with offices throughout Asia-Pacific as well as London and Washington DC. We provide subscription-based Information Services platform and bespoke security risk management services across the globe to help companies understand their political environments and mitigate risk accordingly. For more information visit www.a2globalrisk.com.

CONTACTS:
Carolyn Taylor
Senior Editor
Tel: +44 203 102 4053
Email: ctaylor@a2globalrisk.com

une 14, 2021

• Philips is initiating a voluntary recall notification* to ensure patient safety in consultation with regulatory agencies
• Corrective actions include the deployment of updated instructions for use and a repair and replacement program for affected devices
• Philips aims to address all affected devices within the scope of this correction as expeditiously as possible

Amsterdam, the Netherlands – Following the company update on April 26, 2021, Royal Philips (NYSE: PHG; AEX: PHIA) today provides an update on the recall notification* for specific Philips Bi-Level Positive Airway Pressure (Bi-Level PAP), Continuous Positive Airway Pressure (CPAP), and mechanical ventilator devices to address identified potential health risks related to the polyester-based polyurethane (PE-PUR) sound abatement foam component in these devices. The majority of the affected devices within the advised 5-year service life are in the first-generation DreamStation product family.

To date, Philips has produced millions of Bi-Level PAP, CPAP and mechanical ventilator devices using the PE-PUR sound abatement foam. Despite a low complaint rate (0.03% in 2020), Philips determined based on testing that there are possible risks to users related to this type of foam. The risks include that the PE-PUR foam may degrade into particles which may enter the device’s air pathway and be ingested or inhaled by the user, and the foam may off-gas certain chemicals. The foam degradation may be exacerbated by use of unapproved cleaning methods, such as ozone,** and high heat and high humidity environments may also contribute to foam degradation.

Therefore, Philips has decided to voluntarily issue a recall notification* to inform patients and customers of potential impacts on patient health and clinical use related to this issue, as well as instructions on actions to be taken.

“We deeply regret any concern and inconvenience that patients using the affected devices will experience because of the proactive measures we are announcing today to ensure patient safety,” said Frans van Houten, CEO of Royal Philips. “In consultation with the relevant regulatory agencies and in close collaboration with our customers and partners, we are working hard towards a resolution, which includes the deployment of the updated instructions for use and a comprehensive repair and replacement program for the affected devices. Patient safety is at the heart of everything we do at Philips.”

Recall notification* advise for patients and customers
Based on the latest analysis of potential health risks and out of an abundance of caution, the recall notification* advises patients and customers to take the following actions:

• For patients using affected BiLevel PAP and CPAP devices: Discontinue use of your device and work with your physician or Durable Medical Equipment (DME) provider to determine the most appropriate options for continued treatment. To continue use of your device due to lack of alternatives, consult with your physician to determine if the benefit of continuing therapy with your device outweighs the risks identified in the recall notification.*
• For patients using affected life-sustaining mechanical ventilator devices: Do not stop or alter your prescribed therapy until you have talked to your physician. Philips recognizes that alternate ventilator options for therapy may not exist or may be severely limited for patients who require a ventilator for life-sustaining therapy, or in cases where therapy disruption is unacceptable. In these situations, and at the discretion of the treating clinical team, the benefit of continued usage of these ventilator devices may outweigh the risks identified in the recall notification.*

Possible health risks
The company continues to monitor reports of potential safety issues as required by medical device regulations and laws in the markets in which it operates. To date, there have been no reports of death as a result of these issues. Philips has received reports of possible patient impact due to foam degradation. The potential risks of particulate exposure include headache, irritation, inflammation, respiratory issues, and possible toxic and carcinogenic effects. The potential risks of chemical exposure due to off-gassing include headache, irritation, hypersensitivity, nausea/vomiting, and possible toxic and carcinogenic effects. Philips has received no reports regarding patient impact related to chemical emissions.

Repair and replacement program
Philips is providing the relevant regulatory agencies with required information related to the launch and implementation of the projected correction. The company will replace the current sound abatement foam with a new material and has already begun the preparations, which include obtaining the relevant regulatory clearances. Philips aims to address all affected devices in scope of this correction as expeditiously as possible.

As part of the program, the first-generation DreamStation product families will be modified with a different sound abatement foam and shipped upon receipt of the required regulatory clearances. Philips’ recently launched next-generation CPAP platform, DreamStation 2, is not affected by the issue. To support the program, Philips is increasing the production of its DreamStation 2 CPAP devices, that are available in the US and selected countries in Europe.

Financials
In terms of the financial impact, Philips anticipates that the expected revenue headwinds in the Sleep & Respiratory Care business in 2021 will be compensated by the strength of the company’s other businesses. Therefore, the full year comparable sales growth and Adjusted EBITA margin guidance provided on April 26, 2021 remains unchanged.

The updated instructions for use of the affected devices have resulted in adjustments to and acceleration of the repair and replacement program, as well as intensified communication with customers and patients. This had led to an increase of EUR 250 million in the expected costs of the corrective actions on the installed base, in addition to the provision that the company recorded in the first quarter of 2021.

Additional information
For more information on the recall notification,* as well as instructions for customers, users and physicians, affected parties may contact their local Philips representative or visit www.philips.com/SRC-update.

*     This is a recall notification for the US only, and a field safety notice for the rest of the world
**   Potential Risks Associated With The Use of Ozone and Ultraviolet (UV) Light Products for Cleaning CPAP Machines and Accessories: FDA Safety Communication.

For media and investor questions, please contact:

Steve Klink
Philips Global Press Office
Tel.: +31 6 10888824
E-mail: steve.klink@philips.com

Leandro Mazzoni
Philips Investor Relations
Tel.: +31 20 59 77222
E-mail: leandro.mazzoni@philips.com

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 17.3 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Forward-looking statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.