INNOVATE Corp. announced its consolidated financial results for the third quarter of 2024, reporting a consolidated revenue of $242.2 million. This represents a 36% decrease compared to the third quarter of 2023. The company also posted a net loss attributable to common stockholders of $15.3 million, or $1.18 per fully diluted share, which widened from a net loss of $12.1 million, or $0.93 per share, in the prior year period.
Total Adjusted EBITDA for the quarter was $16.7 million, a decline from $27.8 million in the third quarter of 2023. Despite the overall financial decline, the Infrastructure segment, DBM Global, experienced a strong booking quarter, indicating future project execution, even though its sales were lower due to project timing. The Life Sciences segment's R2 Technologies achieved record high Glacial system unit sales in North America, marking a 247% increase over the same period last year.
The Spectrum segment delivered another quarter of strong growth in both sales and profitability, driven by new network launches. Management noted that the performance within the three operating segments drove the third-quarter financial results, with DBM Global delivering strong margin performance despite lower sales. MediBeacon, another Life Sciences asset, remained focused on its FDA review process for its kidney monitoring system.
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