UTI Corp.

Vantedge Medical — the medtech contract manufacturer formerly known as Vander-Bend Manufacturing — announced today that Executive Chair Brian King will also serve as CEO. King was previously CEO of Viant Medical, leading what Vantedge described as “a complete transformation of a focused, niche $220 million organization into a leading $1 million global services provider to the medical industry with 24 locations and more than 6,000 employees.” Before Viant, King’s career included more than a decade at Covidien, ultimately serving as group president of emerging markets. Vantedge said King’s division was responsible for nearly 60% of Covidien’s growth and generated more than $2 billion of sales with more than 4,500 employees. And before he joined the medtech industry, King flew aircraft-carrier-based combat jets for the U.S. Navy. “Brian possesses a demonstrated track record of success with some of the most admired companies in the healthcare industry as well as a powerful and unique set of leadership experiences,” Aterian co-founder and partner Brandon Bethea said in a news release. “Vantedge could not be more fortunate to have Brian add CEO to his existing responsibilities as Chairman. Having worked closely with Brian in the last two years, I am certain that Brian’s relentless focus on world class product quality, organizational excellence and servant leadership will benefit not just Vantedge, but our customers and supply chain partners as well.” San Jose, California-based Vantedge’s subsidiaries include TMK Manufacturing, JL Haley, Swiss Precision Machining and Omni Components. Vantedge is a portfolio company of Aterian Investment Partners, which combined the brands under the Vantedge name in November. “As I look to the future of Vantedge, I am both excited and humbled to have this opportunity to take on the additional role as CEO and to work alongside our dedicated employees,” King said in the release. “Together, we will execute our vision — to be the premier metals-based MedTech solutions partner from concept to full-scale manufacturing. We have an amazing team of professionals coupled with the most comprehensive suite of unique and necessary process capabilities in the medical technology space. Our mission is strong and intentionally aligns with those of our valued medical OEM customers because, as partners, we can truly make a difference in the lives of patients and their families.” Vantedge Medical offers metals-based medtech solutions from concept to full-scale manufacturing, specializing in the development and manufacturing for robotic surgery, orthopedics, surgical instruments, dental and more. Related: The most important medtech leadership changes of 2023

Raised and adjusted fiscal 2023 financial guidance, including revenue guidance tightened to a range of $602 million to $605 million and adjusted EBITDA guidance raised to a range of $62 million to $64 million. PHOENIX, Aug. 8, 2023 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, reported financial results for the fiscal 2023 third quarter ended June 30, 2023. Universal Technical Institute, Inc. operates in two reportable segments, Universal Technical Institute (UTI) and Concorde Career Colleges (Concorde), and together with its segments and subsidiaries is referred to as the "Company," "we," "us" or "our." Revenue was $153.3 million with UTI contributing $100.9 million and Concorde contributing $52.4 million. Net loss of $0.5 million, adjusted net income* of $2.0 million, and adjusted EBITDA* of $11.4 million. Total new student starts of 5,300 with UTI increasing 5.3% versus the prior year period and 1,967 contributed by Concorde. The Company is raising its adjusted EBITDA*, adjusted net income* and adjusted free cash flow* guidance, and tightening its revenue guidance range. The Company's current year results include Concorde for the seven months ended June 30, 2023, reflecting the December 1, 2022 closing date of the acquisition. Total company year-over-year comparisons are shown on an "as-reported basis," consistent with the Company's previously provided fiscal 2023 guidance. "We continued to execute on our growth and diversification initiatives in the third quarter, performing above our expectations for both revenue and profitability," said Jerome Grant, CEO of Universal Technical Institute. "We drove strong Concorde student start performance through the quarter and into July. Within the UTI division, we achieved our first quarter of same-store start growth since the third quarter of 2022, a milestone that reflects improving start trends among both local and relocating students. UTI has also launched the first tranche of new programs out of the fourteen planned launches during the fiscal year." "Both the Concorde and UTI divisions are continuing to execute on their respective growth drivers for the year. We are planning to launch six new Concorde programs into 2024, with the first programs expected to launch as early as September 2023, and maintain progress with integration. For UTI, we will continue to launch the planned new programs, as well as accelerate enrollment growth across the national campus footprint. As we enter the fourth quarter, we believe we are strongly positioned to execute on our strategic roadmap." Financial Results for the Three-Month Period Ended June 30, 2023 Compared to 2022 Revenues increased 51.8% to $153.3 million compared to $101.0 million primarily due to the $52.4 million addition for the Concorde acquisition. Operating expenses rose by 54.1% to $152.6 million, compared to $99.0 million primarily due to the Concorde acquisition. Operating income was $0.7 million compared to $2.0 million. Net loss was $0.5 million compared to net income of $0.8 million. Adjusted net income* was $2.0 million compared to $5.7 million. Basic and diluted loss per share were $(0.05) compared to $(0.01). Adjusted EBITDA* was $11.4 million compared to $12.0 million. UTI UTI had revenues of $100.9 million, a 0.1% decrease from the prior year quarter revenues of $101.0 million. Operating expenses for UTI were $92.7 million, compared to $89.6 million. The increase was primarily due to expenses incurred during the current year for the pending new program launches planned for the fourth quarter of fiscal 2023, and the new campuses and programs launched in the prior year. Adjusted EBITDA* was $15.6 million compared to $20.6 million. New student starts increased from prior year by 5.3%, while average undergraduate full-time active students decreased 4.0%. Concorde Revenues of $52.4 million. Operating expenses were $50.5 million. Adjusted EBITDA* was $4.0 million. New student starts of 1,967 and 7,050 average undergraduate full-time active students. *See "Use of Non-GAAP Financial Information" below. "Our third quarter results reflect the benefits of Concorde's second full quarter of contribution and solid start performance in both the UTI and Concorde segments," said Troy Anderson, CFO of Universal Technical Institute. "With our current visibility and the strength of our performance year-to-date, we are tightening our annual revenue guidance and raising our adjusted EBITDA, adjusted net income and adjusted free cash flow guidance for this fiscal year. In conjunction, we are reiterating our previously stated expectations for total new student starts for fiscal year 2023, and we remain confident with our projections of reaching over $700 million in revenue and approaching $100 million in adjusted EBITDA for fiscal year 2024. Across the organization, we are working hard to ensure we continue executing and building momentum, while also facilitating and maintaining our strong student outcomes in the high demand industry segments we serve." Balance Sheet and Liquidity At June 30, 2023, the Company's total available cash liquidity was $110.5 million, with an additional $8.2 million available from its revolving credit facility. Capital expenditures ("capex") for the quarter and year total $10.2 million and $22.7 million, respectively, excluding the $26.2 million paid for the purchase of the three primary buildings and associated land at the Orlando, FL campus in March 2023. The primary drivers of capex for the year being the completion of the UTI Austin and Miramar campus buildouts, as well as UTI and Concorde program expansions. Financial Results for the Nine-Month Period Ended June 30, 2023 Compared to 2022 Revenues increased 41.9% to $437.1 million compared to $308.1 million primarily due to the $123.1 million addition for the Concorde acquisition. Operating expenses rose by 47.3% to $426.1 million, compared to $289.2 million. The acquisition of Concorde contributed $115.7 million. The remainder of the increase was primarily driven by the incremental cost of delivery associated with UTI new campus and program rollouts in the prior year, and both one-time and ongoing investments in support of our growth and diversification strategy. Operating income was $11.1 million compared to $18.9 million. Net income was $5.6 million compared to $23.0 million. Adjusted net income* was $13.7 million compared to $27.3 million. Basic earnings per share was $0.03 compared to $0.36 and diluted earnings per share was $0.03 compared to $0.35. Adjusted EBITDA* was $45.1 million compared to $45.2 million. Adjusted free cash flow* used cash of $1.6 million compared to $3.0 million. UTI UTI had revenues of $314.0 million, a 1.9% increase from the prior year revenues of $308.1 million driven primarily by the new campuses and programs launched in the prior year and overall higher revenue per student, partially offset by lower average undergraduate full-time active students. Operating expenses for UTI were $276.2 million, compared to $258.0 million. The increase was primarily due to higher compensation related and other expenses incurred during the current year for the pending new program launches planned for the fourth quarter of fiscal 2023, and the new campuses and programs launched in the prior year. Adjusted EBITDA* was $59.6 million compared to $70.8 million. New student starts increased 3.7% compared to the prior year, while average undergraduate full-time active students decreased 2.8%. Concorde (for the seven-month period beginning December 2022 and ended June 2023) Revenues of $123.1 million. Operating expenses were $115.7 million. Adjusted EBITDA* was $12.3 million. New student starts of 4,540 and 7,536 average undergraduate full-time active students. *See "Use of Non-GAAP Financial Information" below. For the Company's most recent investor presentation and quarterly financial supplement, please see its investor relations website at . Conference Call Management will hold a conference call to discuss the financial results for the fiscal 2023 third quarter ended June 30, 2023, on Tuesday, August 8, 2023, at 4:30 p.m. ET. To participate in the live call, investors are invited to dial (844) 881-0138 (domestic) or (412) 317-6790 (international). A live webcast of the call will be available via the Universal Technical Institute, Inc. investor relations website at . Please go to the website at least 10 minutes early to register, download and install any necessary audio software. The conference call webcast will be archived for fourteen days at . Alternatively, the telephone replay can be accessed through August 22, 2023, by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and entering passcode 6476290. Use of Non-GAAP Financial Information In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also discloses certain non-GAAP financial information in this press release and may similarly disclose non-GAAP financial information on the related conference call. These financial measures are not recognized measures under GAAP and are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company discloses these non-GAAP financial measures because it believes that they provide investors an additional analytical tool to clarify its results of operations and identify underlying trends. Additionally, the Company believes that these measures may also help investors compare its performance on a consistent basis across time periods. Additional details on our non-GAAP measures and the tables reconciling these measures to the most directly comparable GAAP measure are provided below. Adjusted EBITDA For fiscal 2022, the Company defined adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for items not considered as part of the Company's normal recurring operations. Starting in fiscal 2023, the Company defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for stock-based compensation expense and items not considered normal recurring operations. Prior year amounts have been restated to include an adjustment for stock-based compensation expense. Adjusted Free Cash Flow The Company defines adjusted free cash flow as net cash provided by (used in) operating activities less capital expenditures, adjusted for items not considered normal recurring operations. Adjusted Net Income (Loss) The Company defines adjusted net income (loss) as net income (loss), adjusted for items that affect trends in underlying performance from year to year and are not considered normal recurring operations, including the income tax effect on the adjustments utilizing the effective tax rate. We disclose any campus adjustments as direct costs (net of any corporate allocations). Management utilizes adjusted figures as performance measures internally for operating decisions, strategic planning, annual budgeting and forecasting. For the periods presented, this includes acquisition-related costs for both announced and potential acquisitions, integration costs for completed acquisitions, costs related to the purchase of our campuses, start-up costs associated with the Austin, TX and Miramar, FL campus openings and other program expansions, lease accounting adjustments resulting from the purchase of our Lisle, Illinois campus and our campus consolidation efforts, impairment charges related to intangible assets, the income tax benefit recorded as a result of the CARES Act, and severance expenses due to the CEO transition. To obtain a complete understanding of our performance, these measures should be examined in connection with net income (loss) and net cash provided by (used in) operating activities, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the Securities and Exchange Commission ("SEC"). Because the items excluded from these non-GAAP measures are significant components in understanding and assessing our financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or net cash provided by (used in) operating activities as a measure of our operating performance or liquidity. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may define and calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure across similarly titled performance measures presented by other companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is provided below and investors are encouraged to review the reconciliations. Forward Looking Statements All statements contained in this press release and the related conference call, other than statements of historical fact, are "forward-looking" statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements which address our expected future business and financial performance, may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will," the negative form of these expressions or similar expressions. Examples of forward-looking statements include, among others, statements regarding (1) the Company's expectation that it will meet its fiscal year 2023 guidance for new student start growth (decline), revenue growth, Adjusted net income, Adjusted EBITDA and Adjusted Free Cash Flow; (2) expectation that it will continue to expand its value proposition and build a business that can grow in low-to-mid single digits with potential upside, regardless of the economic environment; (3) the Company's expectation that it will succeed in new campus launches next year; and (4) the Company's expectation of the successful integration of the Concorde acquisition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could affect our actual results include, among other things, impacts related to the COVID-19 pandemic, changes to federal and state educational funding, changes to regulations or agency interpretation of such regulations affecting the for-profit education industry, possible failure or inability to obtain regulatory consents and certifications for new or modified campuses or instruction, potential increased competition, changes in demand for the programs we offer, increased investment in management and capital resources, failure to comply with the restrictive covenants and our ability to pay the amounts when due under the Credit Agreement with Fifth Third Bank, National Association, the effectiveness of our student recruiting, advertising and promotional efforts, changes to interest rates and unemployment, general economic and political conditions, the adoption of new accounting standards, and other risks that are described from time to time in our public filings. Further information on these and other potential factors that could affect the financial results or condition may be found in the company's filings with the SEC. Any forward-looking statements made by us in this press release and the related conference call are based only on information currently available to us and speak only as of the date on which it is made. We expressly disclaim any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions or circumstances, or otherwise. Social Media Disclosure Universal Technical Institute, Inc uses its websites (, , and ) and LinkedIn pages ( and ) as channels of distribution of information about its programs, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and the Company may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company's website and its social media accounts in addition to following the company's press releases, SEC filings, public conference calls, and webcasts. About Universal Technical Institute, Inc. Universal Technical Institute, Inc. (NYSE: UTI) was founded in 1965 and is a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, whose mission is to serve students, partners, and communities by providing quality education and support services for in-demand careers across a number of highly-skilled fields. The Company is comprised of two divisions: Universal Technical Institute ("UTI") and Concorde Career Colleges ("Concorde"). UTI operates 16 campuses located in 9 states and offers a wide range of transportation and skilled trades technical training programs under brands such as UTI, MIAT College of Technology, Motorcycle Mechanics Institute, Marine Mechanics Institute and NASCAR Technical Institute. Concorde operates across 17 campuses in 8 states, offering programs in the Allied Health, Dental, Nursing, Patient Care and Diagnostic fields. For more information, visit or , or visit us on LinkedIn at @UniversalTechnicalInstitute and @Concorde Career Colleges or on Twitter @news_UTI or @ConcordeCareer. Company Contact: Troy R. Anderson Chief Financial Officer Universal Technical Institute, Inc. (623) 445-9365 Media Contact: Mark Brenner Vice President, Corporate Affairs & Communications Universal Technical Institute, Inc. (623) 445-0872 Investor Relations Contact: Matt Glover or Jackie Keshner Gateway Group, Inc. (949) 574-3860 [email protected] (Tables Follow) SOURCE Universal Technical Institute, Inc.

Chamfr and Velocity announced a partnership to bring cases, trays and caddies to medical device engineers earlier in the development process. Effective immediately, Chamfr offers these components on Chamfr.com. All remain in stock and ready to ship within 24 hours worldwide. “In bringing new orthopaedic products to market much of the development resources, time and focus lies with the implants and the instruments,” said Velocity CEO Robert Baker. “With our case, tray and caddy offering added to the Chamfr.com, we can better meet the needs of R&D engineers earlier in the design process by providing quick and easy access to these components, avoiding launch delays while providing a launch point for a customized offering specific to their product.” In addition to Velocity’s cases and trays, Chamfr provides other surgical and orthopedic components. Those include stainless steel tubes and bars, nitinol components, wires and pins and more. The company works with suppliers like Accu-Tube, Forecreu, Fuji Seiko, Medical Component Specialists, Metal Cutting, MWS Wire, Viant and more. “We continue to be passionate about connecting engineers with forward-thinking suppliers at their point of need,” said Julie Schulte, Chamfr CEO. “While many think of us for their catheter components, we’ve continued to grow our product offering across many medical device segments including surgical, orthopedics, bioelectronics and robotics; all in an effort to provide quick access to the widest range of products for medical device engineers globally.”