Reaffirms Fiscal Year 2022 Revenue Guidance
Rockley Photonics Holdings Limited (NYSE: RKLY), a global leader
in photonics-based health monitoring and communications solutions,
today announced changes to its senior management team. These
changes are intended to align with the Company’s next phase of
growth as it prepares to begin production of its biosensing
solution following completion of its recent $81.5 million private
placement.
As part of these changes, the Company announced that Mahesh
Karanth will resign from his role as chief financial officer to
pursue other interests. Chad Becker, vice president of financial
planning and analysis, will be promoted to the role of interim
chief financial officer effective immediately. Mr. Becker brings 20
years of finance and leadership experience at companies, including
Microsoft and NetApp.
The Company also announced that Ciaran Rooney, vice president of
strategic relationships, was promoted to senior vice president of
corporate development. During his tenure, Mr. Rooney played a key
role in the financing of the business through multiple financing
rounds including the recent private placement and the Company’s IPO
last August, and has led Rockley’s strategic initiatives, including
corporate development, strategic partnerships, and key commercial
and corporate relationships.
“I want to thank Mahesh for his contribution to Rockley over the
past four and a half years,” said Dr. Andrew Rickman, chairman and
chief executive officer of Rockley. “During his tenure, he built a
very strong finance team, guided the company through its business
combination last year and successfully completed a convertible debt
financing in an incredibly difficult market. Mahesh leaves Rockley
well-positioned to move to the production phase of our growth.”
Dr. Rickman continued, “I also want to thank Chad and Ciaran for
their support during this period and am excited about the
contributions they will make in their expanded roles. They are both
talented professionals, and I believe they will be key to Rockley’s
next chapter.”
Rockley will retain an executive search firm and commence a
formal search for a permanent chief financial officer. Mr.
Karanth’s departure is not related to any financial performance,
policy, control issues or any disagreements on accounting or
financial reporting matters.
Rockley reaffirmed its fiscal year 2022 revenue guidance that
was provided on May 12, 2022.
About Rockley Photonics
A global leader in photonics-based health monitoring and
communications solutions, Rockley Photonics is developing a
comprehensive range of photonic integrated circuits and associated
modules, sensors, and full-stack solutions. From next-generation
sensing platforms specifically designed for mobile health
monitoring and machine vision to high-speed, high-volume solutions
for data communications, Rockley is laying the foundation for a new
generation of applications across multiple industries. Rockley
believes that photonics will eventually become as pervasive as
micro-electronics, and it has developed a platform with the power
and flexibility needed to address both mass markets and a wide
variety of vertical applications.
Formed in 2013, Rockley is uniquely positioned to support
hyper-scale manufacturing and address a multitude of high-volume
markets. Rockley has partnered with numerous Tier-1 customers
across a diverse range of industries to deliver the complex optical
systems required to bring transformational products to market.
To learn more about Rockley, visit rockleyphotonics.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release that are not historical
facts constitute “forward-looking statements” for purposes of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements
regarding Rockley’s future expectations, beliefs, plans,
objectives, and assumptions regarding future events or performance.
The words “anticipate,” “believe,” “continue,” “could,” “develop,”
“enable,” “estimate,” “eventual,” “expect,” “future,” “intend,”
“may,” “might,” “opportunity,” “outlook,” “plan,” “possible,”
“position,” “potential,” “predict,” “project,” “revolutionize,”
“seem,” “should,” “trend,” “will,” “would” and other terms that
predict or indicate future events, trends, or expectations, and
similar expressions or the negative of such expressions may
identify forward-looking statements, but the absence of these words
or terms does not mean that a statement is not forward-looking.
Forward-looking statements in this press release include, but are
not limited to, statements regarding the following: (a) the
Company’s plan to begin production of its biosensing solution; (b)
the Company’s belief that the announced changes to its senior
management team will align with the Company’s next phase of growth;
(c) Rockley’s belief that photonics will eventually become as
pervasive as micro-electronics; and (d) Rockley’s potential to
support hyper-scale manufacturing, address a multitude of
high-volume markets, and deliver the complex optical systems
required to bring transformational products to market.
Forward-looking statements are subject to several risks and
uncertainties (many of which are beyond the Company’s control) or
other assumptions that may cause actual results or performance to
differ materially from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, the following: (i) the Company’s ability to
achieve commercial production of its products and technology,
including in a timely and cost-effective manner; (ii) the Company’s
ability to achieve customer design wins, convert memoranda of
understanding and development contracts into production contracts,
and achieve customer acceptance of its products and technology;
(iii) risks related to purchase orders, including the lack of
long-term purchase commitments, the cancellation, reduction, delay,
or other changes in customer purchase orders, and if and to the
extent customers seek to enter into licensing arrangements in lieu
of purchases; (iv) the Company’s history of losses and need for
additional capital and its ability to access additional financing
to support its operations and execute on its business plan, as well
as the risks associated with any future financings; (v) legal and
regulatory risks, including those related to its products and
technology and any threatened or actual litigation; (vi) risks
associated with its fabless manufacturing model and dependency on
third-party suppliers; (vii) the Company’s reliance on a few
significant customers for a majority of its revenue and its ability
to expand and diversify its customer base; (viii) the Company’s
financial performance; (ix) the impacts of COVID-19 on the Company,
its customers and suppliers, its target markets, and the economy;
(x) the Company’s ability to successfully manage growth and its
operations as a public company; (xi) fluctuations in the Company’s
stock price and the Company’s ability to maintain the listing of
its ordinary shares on the NYSE; (xii) the Company’s ability to
anticipate and respond to industry trends and customer
requirements; (xiii) changes in the Company’s current and future
target markets; (xiv) intellectual property risks; (xv) the
Company’s ability to compete successfully; (xvi) market opportunity
and market demand for, and acceptance of, the Company’s products
and technology, as well as the customer products into which the
Company’s products and technology are incorporated; (xvii) risks
related to international operations; (xviii) risks related to
cybersecurity, privacy, and infrastructure; (xix) risks related to
financial and accounting matters; (xx) general economic, financial,
legal, political, and business conditions and changes in domestic
and foreign markets; (xxi) the Company’s ability to realize the
anticipated benefits of the business combination; (xxii) changes
adversely affecting the businesses or markets in which the Company
is engaged; and (xxiii) risks related to the Company’s backlog,
including the risk that backlog may not translate into future
revenue, as well as other factors described under the heading “Risk
Factors” in the Company’s Annual Report on Form 10-K, and in other
documents the Company files with the Securities and Exchange
Commission in the future. The forward-looking statements contained
in this press release are based on various assumptions, whether or
not identified in this press release, and on the Company’s current
expectations, beliefs, and assumptions and are not predictions of
actual performance. If any of these risks or uncertainties
materialize, or should any of these assumptions prove incorrect,
actual results may differ materially from those discussed in or
implied by these forward-looking statements. There can be no
assurance that future developments affecting the Company will be
those that have been anticipated. These forward-looking statements
speak only as of the date hereof and the Company does not intend to
update or revise any forward-looking statements, whether because of
new information, future events, or otherwise, except as required by
law.
For Rockley Photonics
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version on businesswire.com: https://www.businesswire.com/news/home/20220615005973/en/
Media Debra Raine Rainemakers Telephone: +1 415-349-7432
Email: rockley-pr@rainemakers.com
Investors Gwyn Lauber Rockley Photonics Telephone: +1
626-995-0001 Email: investors@rockleyphotonics.com
Rockley Photonics (NYSE:RKLY)
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Rockley Photonics (NYSE:RKLY)
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