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AMRI Announces Second Quarter 2014 Results

-- Adjusted Diluted EPS of $0.22, up 100%

-- Total Revenue of $68.2 million, including Contract Revenue of $61.5 Million, up 15%

-- Company Increases 2014 Adjusted EPS Guidance to $0.87 - $0.92 to Reflect Addition of OsoBio and Strengthening Contract Business

ALBANY, New York, Aug. 5, 2014 /PRNewswire/ -- AMRI (NASDAQ: AMRI) today reported financial and operating results for the second quarter ended June 30, 2014.

Highlights:

  • Second quarter contract revenue of $61.5 million, up 21% from 2013
  • Second quarter adjusted diluted EPS of $0.22 vs. $0.11 in 2013
  • Expanded second quarter contract margins to 27% from 16% in 2013
  • Acquired Oso Biopharmaceuticals Manufacturing in July 2014, expanding contract manufacturing capabilities to include commercial scale, complex injectable drug product

Updated Financial Guidance 2014:

  • Full year contract revenue guidance increased to between $275 and $283 million, an increase of 33% at the midpoint
  • Royalty revenue guidance of $25 million
  • Adjusted EBITDA between $59 and $63 million, up 24% at the midpoint
  • Adjusted diluted EPS range between $0.87 and $0.92, compared to $0.70 in 2013, an increase of 28% at the midpoint, despite a $10 to $12 million decrease in estimated royalties from Allegra
  • Operating cash flow of $27 to $30 million

Adjusted diluted EPS and adjusted EBITDA are non-GAAP measures, which exclude certain items detailed later in this press release under the heading "Non-GAAP Adjustment Items."  Reconciliations of these non-GAAP measures to GAAP measures are included in Tables 1 and 2 at the end of this press release.

"We are very pleased with our results this quarter, highlighted by a 34% growth in our large scale manufacturing business and the addition of Cedarburg Pharmaceuticals," said William S. Marth, AMRI's president and chief executive officer. "Importantly, contract margins improved across our entire operations as a result of increased capacity utilization and the addition of the higher margin Cedarburg Pharmaceuticals business."

"We continue to see growth in our pipeline of discovery and development programs, notably the expansion of our innovative Insourcing chemistry program, together with the addition of new development and supply programs in our API and Drug Product divisions," continued Mr. Marth. "Based on anticipated continued growth of our business and the recent addition of OsoBio, we are raising our outlook for 2014 with contract revenue growth of 33% and adjusted diluted EPS growth of 29% at the midpoint."

Second Quarter 2014 Results

Total revenue for the second quarter of 2014 was $68.2 million, an increase of 15% compared to total revenue of $59.3 million reported in the second quarter of 2013.

Total contract revenue for the second quarter of 2014 was $61.5 million, an increase of 21% compared to contract revenue of $50.8 million reported in the second quarter of 2013. Contract margins were 26.7% for the second quarter of 2014, compared with 16.4% for the second quarter of 2013, driven by increased capacity utilization and the addition of Cedarburg Pharmaceuticals.

Royalty revenue in the second quarter of 2014 was $6.7 million, a decrease of 21% from $8.5 million in the second quarter of 2013. Royalty revenue for the second quarter of 2014 includes royalties from the Allegra® products as well as $2.5 million from the net sales of certain amphetamine salts sold by Actavis.

Net income under U.S. GAAP was $3.7 million, or $0.11 per diluted share, in the second quarter of 2014, compared to a U.S. GAAP net loss of $(2.5) million, or $(0.08) per basic and diluted share for the second quarter of 2013. Net income on an adjusted basis in the second quarter of 2014 was $7.1 million or $0.22 per diluted share, compared to adjusted net income of $3.6 million or $0.11 per diluted share.  Net income on an adjusted basis excludes the following items that are included under U.S. GAAP:  the impact of restructuring charges, executive transition costs, convertible debt interest and amortization charges, business acquisition costs, litigation settlement charges, write-offs of deferred financing costs,  non-cash long-lived asset impairment charges, losses on disposals of assets related to restructuring activities, insurance demutualization gains, depreciation and amortization of purchase accounting adjustments, non-recurring income tax adjustments, and postretirement benefit plan settlement gains.

Year to Date

Total revenue for the six-month period ended June 30, 2014 was $127.5 million, an increase of 7% compared to total revenue of $118.7 million for the same period in 2013.

Total contract revenue for the first six months of 2014 was $112.5 million, an increase of 16% compared to contract revenue of $97.3 million for the same period in 2013.

Royalty revenue for the first six months of 2014 was $15.0 million, a decrease of 30% from $21.4 million in 2013. Royalty revenue for the six-month period ended June 30, 2014 includes royalties from the Allegra® products as well as $4.8 million from the net sales of certain amphetamine salts sold by Actavis.

Net income under U.S. GAAP for the first half of 2014 was $7.2 million, or $0.22 per diluted share, compared to U.S. GAAP net income of $3.8 million, or $0.12 per diluted share for the first half of 2013. Net income on an adjusted basis in the first half of 2014 was $12.2 million or $0.37 per diluted share, compared to adjusted net income of $10.6 million or $0.34 per share in 2013. For a reconciliation of U.S. GAAP net income (loss) and earnings (loss) per diluted share as reported to adjusted net income (loss) and earnings (loss) per diluted share for the 2014 and 2013 reporting periods, please see Table 1 at the end of this press release. During the second quarter of 2014 we identified certain tax liabilities that should have been recorded as tax expense in various immaterial amounts during the periods from 2007 through 2013. Financial results for the three and six months ended June 30, 2013 have been updated from previously reported amounts to reflect the immaterial prior period income tax adjustments.

Segment Results

Discovery Services and Development/Small Scale Manufacturing

Discovery Services and Development/Small Scale Manufacturing (DDS) contract revenue for the second quarter of 2014 was $19.5 million, consistent with the second quarter of 2013 as decreases in Discovery Services were offset by increases in Development/Small Scale Manufacturing. DDS contract margins were 19.1% for the second quarter of 2014, compared with 13.1% for the second quarter of 2013, driven by a stronger mix of business and the benefit of cost reduction initiatives in both Discovery Services and Development/ Small Scale Manufacturing.

DDS contract revenue for the first half of 2014 was $39.0 million, a decrease of 2% from the first half of 2013 as decreases in Discovery Services were largely offset by increases in Development/Small Scale Manufacturing. DDS contract margins were 17.8% for the first half of 2014, compared with 14.9% for the first half of 2013.

Large Scale Manufacturing
Large Scale Manufacturing (LSM) contract revenue for the second quarter of 2014 was $42.0 million, an increase of 34% from $31.3 million in 2013.  LSM contract revenue for the second quarter of 2014 includes $5.5 million of revenues from the Cedarburg Pharmaceuticals business that was acquired in April 2014. LSM adjusted contract margins were 30.5% in the second quarter of 2014, compared with 18.4% for the second quarter of 2013, driven by increased capacity utilization and improved mix including the Cedarburg business.

LSM contract revenue for the first half of 2014 was $73.5 million, an increase of 27% from $57.7 million in 2013.  LSM adjusted contract margins were 25.9% in the first half of 2014, compared with 19.2% for the first half of 2013.

Liquidity and Capital Resources

At June 30, 2014, AMRI had cash, cash equivalents and restricted cash of $136.9 million, compared to $171.0 million at March 31, 2014. The decrease in cash and cash equivalents for the quarter ended June 30, 2014 was primarily due to the use of $38.7 million to acquire Cedarburg Pharmaceuticals, $4.8 million in debt payments, and $3.5 million of capital expenditures, offset by cash flow from operations of $12.4 million. Total common shares outstanding, net of treasury shares, were 32,419,424 at June 30, 2014.  Since the close of the second quarter we subsequently used $109.3 million of cash to acquire the Oso Biopharmaceuticals Manufacturing business.

Second Quarter Results Conference Call

The conference call can be accessed by dialing 888-438-5525 (domestic calls) or 719-325-2354 (international calls) at 9:50 a.m. ET and entering passcode 9752010. The audio webcast will be available live via the Internet and can be accessed on the company's website at www.amriglobal.com.

Replay of the conference call can be accessed by dialing 888-203-1112 (domestic calls) or 719-457-0820 (international calls) and entering passcode 9752010 from Tuesday, August 5, 2014 at 2:00 p.m. ET to Wednesday, August 6, 2014 at 2:00 p.m. ET.  Replay of the audio webcast can also be accessed for up to 90 days after the call via the investor area of the company's website at www.amriglobal.com/investor_relations/.

About AMRI

Albany Molecular Research Inc. (AMRI) is a global contract research and manufacturing organization that has been working with the Life Sciences industry to improve patient outcomes and the quality of life for more than two decades. With locations in North America, Europe and Asia, our key business segments include Large Scale Manufacturing (LSM) and Discovery and Development Solutions (DDS). The LSM segment includes Active Pharmaceutical Ingredients (API) and Drug Product Manufacturing, which supports the commercial cGMP manufacturing of complex APIs, starting materials, clinical formulation development and aseptic fill and finish. Our DDS segment provides comprehensive services from hit identification to IND, including expertise with diverse chemistry, library design and synthesis, in vitro biology and pharmacology, drug metabolism and pharmacokinetics, as well as natural products. For more information about AMRI, please visit our website at www.amriglobal.com or follow us on Twitter (@amriglobal).

Forward-looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include, but are not limited to, statements regarding the company's estimates of revenue, contract revenue, adjusted EBITDA adjusted diluted earnings per share for the full year 2014, statements made by the company's Chief Executive Officer, including statements under the caption "Updated Financial Guidance," statements regarding the strength of the company's business and prospects, statements regarding the impact of recent acquisition activity, and statements concerning the company's momentum and long-term growth, including expected results for 2014. Readers should not place undue reliance on our forward-looking statements. The company's actual results may differ materially from such forward-looking statements as a result of numerous factors, some of which the company may not be able to predict and may not be within the company's control. Factors that could cause such differences include, but are not limited to, trends in pharmaceutical and biotechnology companies' outsourcing of chemical research and development, including softness in these markets; sales of Allegra® and the impact of the "at-risk" launch of generic Allegra®, the OTC conversion of Allegra® and the generic and OTC sales of Allegra in Japan on the company's receipt of significant royalties under the Allegra® license agreement; the success of the sales of other products for which the company receives royalties; the risk that the company will not be able to replicate either in the short or long term the revenue stream that has been derived from the royalties payable under the Allegra® license agreements; the risk that clients may terminate or reduce demand under any strategic or multi-year deal; the company's ability to enforce its intellectual property and technology rights; the company's ability to obtain financing sufficient to meet its business needs; the company's ability to successfully comply with heightened FDA scrutiny on aseptic fill/finish operations; the results of further FDA inspections; the company's ability to effectively maintain compliance with applicable FDA and DEA regulations; the company's ability to integrate past or future acquisitions, including Cedarburg Pharmaceuticals and Oso Biopharmaceuticals Manufacturing , and make such acquisitions accretive to the company's business model, the company's ability to take advantage of proprietary technology and expand the scientific tools available to it, the ability of the company's strategic investments and acquisitions to perform as expected, as well as those risks discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the Securities and Exchange Commission on March 17, 2014, and the company's other SEC filings. Revenue, contract revenue, adjusted diluted EPS, adjusted EBITDA and other financial guidance offered by senior management today represent a point-in-time estimate and are based on information as of the date of this press release. Senior management has made numerous assumptions in providing this guidance which, while believed to be reasonable, may not prove to be accurate. Numerous factors, including those noted above, may cause actual results to differ materially from the guidance provided. The company expressly disclaims any current intention or obligation to update the guidance provided or any other forward-looking statement in this press release to reflect future events or changes in facts assumed for purposes of providing this guidance or otherwise affecting the forward-looking statements contained in this press release.

Non-GAAP Adjustment Items

To supplement our financial results prepared in accordance with U.S. GAAP, we have presented non-GAAP measures of income (loss) from operations, net income (loss) and income (loss) per diluted share, as adjusted to exclude certain restructuring charges, executive transition costs, convertible debt interest and amortization charges, business acquisition costs, litigation settlement charges, write-offs of deferred financing costs,  non-cash long-lived asset impairment charges, losses on disposals of assets related to restructuring activities, insurance demutualization gains, depreciation and amortization of purchase accounting adjustments, non-recurring income tax adjustments, and postretirement benefit plan settlement gains in the 2014 and 2013 periods.  We have also presented non-GAAP measures of adjusted EBITDA, which in addition to the items excluded above, further excluded the impact of interest income and expense, depreciation and amortization expense, and income tax expense or benefit.  Exclusion of these non-recurring items allow comparisons of operating results that are consistent over time.  We believe presentation of these non-GAAP measures enhances an overall understanding of our historical financial performance because we believe they are an indication of the performance of our base business. Management uses these non-GAAP measures as a basis for evaluating our financial performance as well as for budgeting and forecasting of future periods. For these reasons, we believe they can be useful to investors. The presentation of this additional information should not be considered in isolation or as a substitute for income (loss) from operations, net income (loss) or income (loss) per diluted share prepared in accordance with U.S. GAAP.  Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are set forth in Tables 1 and 2.  Our projected 2014 adjusted EPS and EBITDA, however, are only provided on an adjusted basis.  It is not feasible to provide GAAP EPS guidance because the items excluded are difficult to predict and estimate and are primarily dependent on future events.

 

Albany Molecular Research, Inc.
Condensed Consolidated Statements of Operations (unaudited)




Three Months Ended


Six Months Ended

(Dollars in thousands, except for per share data)


June 30, 2014


June 30, 2013


June 30, 2014


June 30, 2013


Contract revenue


$ 61,474


$ 50,764


$ 112,512


$ 97,257

Recurring royalties


6,705


8,528


14,988


21,441

          Total revenue


68,179


59,292


127,500


118,698










Cost of contract revenue


45,038


42,450


86,648


80,272

Technology incentive award


424


569


1,017


1,683

Research and development


128


171


207


276

Selling, general and administrative


12,747


12,454


23,376


22,003

Postretirement benefit plan settlement gain




(1,285)


Restructuring charges


1,042


4,953


1,272


5,832

Property and equipment impairment charges


3,718


906


3,718


1,440

          Total operating expenses


63,097


61,503


114,953


111,506










Income (loss) from operations


5,082


(2,211)


12,547


7,192










Interest expense, net


(3,065)


(137)


(5,681)


(274)

Other (expense) income, net


(192)


377


(232)


884










Income (loss) before income taxes


1,825


(1,971)


6,634


7,802










Income tax (benefit) expense


(1,899)


504


(590)


4,000










Net income (loss)


$ 3,724


$ ( 2,475)


$ 7,224


$ 3,802










Basic income (loss) per share


$ 0.12


$ (0.08)


$ 0.23


$ 0.12

Diluted income (loss) per share


$ 0.11


$ (0.08)


$ 0.22


$ 0.12

 

Albany Molecular Research, Inc.
Selected Consolidated Balance Sheet Data
(unaudited)






(Dollars in thousands)


June 30,
2014

December 31,
2013





Cash and cash equivalents..........................


$        130,417

$            175,928

Restricted cash...................................


6,467

714

Accounts receivable, net. .........................


58,480

52,216

Royalty income receivable.........................


6,541

7,523

Inventory........................................


44,277

31,991

Total current assets...............................


260,818

279,019

Restricted cash…………………………………………


3,810

Property and equipment, net.......................


131,619

127,775

Total assets......................................


520,150

445,268





Total current liabilities............................


50,168

48,849

Long‑term debt, excluding current installments, net of unamortized
   discount.......


122,154

123,135

Total liabilities...................................


266,877

204,511

Total stockholders' equity.........................


253,273

240,757

Total liabilities and stockholders' equity.............


520,150

445,268

 

Table 1:  Reconciliation of three and six months ended June 30, 2014 and 2013 reported income (loss) from operations, net income (loss) and earnings (loss) per diluted share to adjusted income from operations, adjusted net income and adjusted earnings per share:

(Dollars in thousands, except for per share data)
Non-GAAP Measures








Second Quarter


Second Quarter


YTD


YTD



2014


2013


June 30, 2014


June 30, 2013

Income (loss) from operations, as reported


$              5,082


$              (2,211)


$           12,547


$           7,192

Impairment charges


3,718


906


3,718


1,440

Restructuring charges


1,042


4,953


1,272


5,832

Executive transition costs


(14)


386


626


386

Business acquisition costs


1,346


-


1,668


-

Purchase accounting depreciation and amortization


275


-


275


-

Postretirement benefit plan settlement gain


-


-


(1,285)


-

Litigation settlement


-


1,920


-


1,920

Income from operations, as adjusted


$               11,449


$                 5,954


$         18,821


$         16,770










Net income (loss), as reported


$              3,724


$              (2,475)


$         7,224


$         3,802

Adjustments, net of tax:









Impairment charges


2,417


906


2,417


1,253

Restructuring charges


653


3,553


850


4,182

Executive transition costs


(9)


251


407


251

Business acquisition costs


875


-


1,084


-

Purchase accounting depreciation and amortization


179


-


179


-

Postretirement benefit plan settlement gain


-


-


(835)


-

Convertible debt interest and amortization charges


1,641


-


3,257


-

Write-off of deferred financing costs


286


-


286


-

Non-recurring income tax adjustments


(2,715)


46


(2,715)


92

Litigation settlement


-


1,248


-


1,248

Insurance demutualization gain


-


-


-


(252)

Loss on disposal of assets


-


63


-


63

Net income (loss), as adjusted


$                 7,051


$                 3,592


$         12,154


$         10,639










Income (loss) per diluted share, as reported


$                0.11


$                (0.08)


$            0.22


$            0.12

Adjustments, net of tax:









Impairment charges


0.07


0.03


0.07


0.04

Restructuring charges


0.02


0.11


0.03


0.14

Executive transition costs


-


0.01


0.01


0.01

Business acquisition costs


0.03


-


0.03


-

Purchase accounting depreciation and amortization


0.01


-


0.01


-

Postretirement benefit plan settlement gain


-


-


(0.03)


-

Convertible debt interest and amortization charges


0.05


-


0.10


-

Write-off of deferred financing costs


0.01


-


0.01


-

Non-recurring income tax adjustments


(0.08)


-


(0.08)


-

Litigation settlement


-


0.04


-


0.04

Insurance demutualization gain


-


-


-


(0.01)

Loss on disposal of assets


-


-


-


-

Earnings per diluted share, as adjusted


$                0.22


$                0.11


$             0.37


$             0.34

 

Table 2:  Reconciliation of three and six months ended June 30, 2014 and 2013 reported income (loss) from operations to adjusted EBITDA:





QTD


QTD


YTD


YTD



June 30,
2014


June 30,
2013


June 30,
2014


June 30,
2013

Income (loss) from operations, as reported


$ 5,082


$ (2,211)


$ 12,547


$ 7,192

Impairment charges


3,718


906


3,718


1,440

Restructuring charges


1,042


4,953


1,272


5,832

Executive transition costs


(14)


386


626


386

Business acquisition costs


1,346


-


1,668


-

Postretirement benefit plan settlement gain


-


-


(1,285)


-

Litigation settlement


-


1,920


-


1,920

Income from operations, as adjusted


11,174


5,954


18,546


16,770

Add: Non-operating (expense) income net, as reported


(192)


377


(232)


844

Deduct: insurance demutualization gain


-


-


-


(388)

Add: Loss on disposal of assets


-


97


-


97

Add: Depreciation and amortization


4,263


3,949


8,024


8,012

Adjusted EBITDA


15,245


10,377


26,338


25,335

 

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Accenture and Philips announce proof of concept app to show how ALS patients could gain greater control of their lives through brain, voice and eye commands

-- Software connects Emotiv Insight Brainware to wearable display that allows wearers to command Philips Hue lighting, SmartTV and Lifeline products

ANDOVER, Mass. and NEW YORK, Aug. 5, 2014 /PRNewswire/ -- Royal Philips (NYSE: PHG; AEX: PHIA) and Accenture  (NYSE: ACN) today announced that they have developed proof of concept software connecting a wearable display to Emotiv Insight Brainware that could ultimately give more independence to patients with amyotrophic lateral sclerosis (ALS) and other neurodegenerative diseases. Affecting more than 400,000 people per year*, ALS, also known as Lou Gehrig's Disease, impairs brain and spinal cord nerve cells, gradually diminishing voluntary muscle action. Late-stage patients often become totally paralyzed while retaining brain functions.

Video - http://origin-qps.onstreammedia.com/origin/multivu_archive/PRNA/ENR/Coxfinalmed.mp4
Photo - http://photos.prnewswire.com/prnh/20140122/NE50581LOGO
Photo - http://photos.prnewswire.com/prnh/20140801/132659
Photo - http://photos.prnewswire.com/prnh/20140801/132661
Photo - http://photos.prnewswire.com/prnh/20140801/132663
Photo - http://photos.prnewswire.com/prnh/20140801/132660

"This proof of concept exemplifies how people, devices, data and technology could be brought together quickly to connect beyond the hospital walls in a way that can potentially help improve the quality of life for patients, wherever they are in their journey," said Jeroen Tas, CEO, Healthcare Informatics Solutions and Services for Philips. "Philips will continue to collaborate with innovative technology companies such as Accenture to explore new wearable and sensor solutions that change peoples' lives and create a healthier future."

How it works

When a wearable display and the Emotiv Insight Brainware, which scans EEG brainwaves, are connected to a tablet, users can issue brain commands to control Philips products including Philips Lifeline Medical Alert Service, Philips SmartTV (with TP Vision), and Philips Hue personal wireless lighting. The tablet also allows control of these products using eye and voice commands. In both cases, a person could communicate preconfigured messages, request medical assistance, and control TVs and lights. Accenture and Philips developed the software that enables the integration and interaction between these multiple technologies.

The proof of concept application demonstrates how existing technology could be used to transform the quality of life for ALS patients. When patients lose muscle control and eye tracking ability, they can still potentially operate the Philips suite of connected products in their home environment through brain commands. The Emotiv technology uses sensors to tune in to electric signals produced by the wearer's brain to detect, in real-time, their thoughts, feelings and expressions. The wearable display provides visual feedback that allows the wearer to navigate through the application menu.

The Accenture Technology Labs in San Jose, California collaborated with the Philips Digital Accelerator Lab in the Netherlands to create the software to interact with the Emotiv Insight Brainware and the wearable display. Fjord, a design consultancy owned by Accenture Interactive, designed the display's user interface.

"This proof of concept shows the potential of wearable technology in a powerful new way -- helping people with serious diseases and mobility issues take back some control of their lives through digital innovation," said Paul Daugherty, Accenture's chief technology officer.  "It is another demonstration of how Accenture and Philips, collaborating with other technology innovators, seek to improve the lives of people with healthcare challenges."

"Empowering people with Lou Gehrig's disease to live fuller lives is at the heart of the ALS Association's mission," said Ineke Zaal, spokesperson for Stichting ALS in The Netherlands. "We are tremendously excited about the potential for this proof of concept to give people with ALS greater independence and quality of life as we continue to actively search for a cure."  

For more information on the proof of concept application for controlling Philips connected technologies with brain commands, visit http://www.philips.com/braincommand and join the continuing conversation on LinkedIn with Philips Innovations in Health Group

*Source: International Alliance of ALS/MND Associations

For further information, please contact:

Kathy O'Reilly
Philips Healthcare
(o) +1-978-659-2638 (mobile) +1-978-221-8919
Kathy.oreilly@philips.com
@kathyoreilly

Charles Hartley
Accenture
+1-973-590-9920
Charles.hartley@accenture.com
@charleshartley

About Royal Philips:
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people's lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2013 sales of EUR 23.3 billion and employs approximately 112,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. News from Philips is located at www.philips.com/newscenter.

About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with more than 293,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world's most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is www.accenture.com.

About Emotiv 
Emotiv is a bioinformatics company offering a unique platform for crowd-sourced brain research. Emotiv leverages cloud computing, big data and mobile technology to offer valuable personal insights and accelerate brain research globally. Its home page is www.emotiv.com.




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