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Three months after the American Civil Liberties Union revealed that Amazon supplied facial awareness technology to local legislation enforcement, a novel report shows that IBM collaborated with the long island metropolis Police offshoot to multiply a gadget that allowed officers to explore for americans with the aid of dermis color, hair color, gender, age, and quite a few facial aspects.
The Intercept and the country wide Institute’s nonprofit Investigative Fund, citing “private company files” and interviews with engineers concerned with the task, write that IBM total started constructing the analytics platform roughly 10 years ago in partnership with ny’s reduce novel york security Initiative counterterrorist core, following an prior test with the metropolis of Chicago. at the time, IBM was a subcontractor to Microsoft subsidary Vexcel.
using “heaps” of photographs from roughly 50 cameras offered by means of the NYPD, its computer imaginative and prescient system scholarly from 16,000 features to identify garb color and other bodily characteristics, in addition to erudition threats love unattended packages, people coming into off-limits areas, and cars dashing up against the stream of site visitors.
picture credit score: The Intercept
NYPD officers believe been reportedly testing the application as early as 2012, but spokesperson Peter Donald instructed the Intercept its filtering outfit had been used most effectual for “comparison applications” and that officers believe been urged to exclude dermis tone from searches. various “elected leaders and stakeholders” had been recommended of the branch’s efforts, according to Donald, but the details weren’t disclosed publicly.
Donald moreover tested that the offshoot opted now not to set up the program, sooner or later, and that it explicitly rejected an more desirable version that might hunt americans in response to ethnicity. (The Intercept notes that IBM’s intellectual Video Analytics 2.0, which become launched in 2017, presents a constitution digital camera surveillance function that instantly labels people through tags equivalent to “Asian,” “Black,” and “White.”)
“Video, from time to time, was supplied to IBM to get positive that the product they were setting up would work in the crowded urban NYC atmosphere and assist us give protection to the city. there's nothing within the NYPD’s agreement with IBM that prohibits sharing information with IBM for gadget edifice purposes. extra, total companies who enter into contractual agreements with the NYPD believe the absolute requirement to hold total facts furnished by way of the NYPD confidential total through the time term of the contract, after the completion of the agreement, and within the experience that the settlement is terminated.”
“IBM is committed to responsibly advancing and the exhaust of novel technologies and is identified for policies that promote reach and inclusion,” IBM wrote in an announcement supplied to VentureBeat. “These values are why we're making publicly attainable to different companies a dataset of annotations for more than 1,000,000 images to abet remedy one of the most greatest issues in facial analysis — the want of different information to school AI systems.”
Facial cognizance techniques believe these days forward beneath multiplied scrutiny, and with decent intent.
In July, the ACLU demonstrated that Amazon’s focus might, when calibrated a undeniable approach, misidentify 28 sitting members of Congress as criminals. A look at in 2012, meanwhile, confirmed that facial algorithms from vendor Cognitec carried out 5 to 10 % worse on African-americans than on Caucasians. extra recently, it turned into revealed that a system deployed through London’s Metropolitan Police produces as many as forty nine fraudulent suits for every hit.
Rick Smith, CEO of Axon, one of the vital greatest suppliers of cadaver cameras within the U.S., became previous this summer season quoted as asserting that facial cognizance isn’t yet accurate enough for legislations enforcement functions.
“[They aren’t] where they should be to be making operational selections off the facial focus,” he pointed out. “here's one where they deem you don’t want to be untimely and discontinue up both where you've got technical failures with disastrous effects or … there’s some unintended exhaust case the belt it finally ends up being unacceptable publicly when it comes to lengthy-time term exhaust of the know-how.”
In a weblog publish in August, AWS common supervisor Matt timber wrote that “there believe at total times been and should always be hazards” with novel technological capabilities and that it’s as much as groups to “act responsibly.” And in a statement these days, IBM pointed out that it’s “one of the most first agencies any belt to adopt a group of principles for believe and transparency for novel technologies, together with AI techniques.”
besides the fact that children, critics — including Microsoft president Brad Smith, who in July called on lawmakers to examine face-detecting algorithms and craft guidelines guiding their utilization — squabble their efforts don’t depart a ways sufficient.
“think about a govt monitoring in total places you walked over the past month without your permission or advantage. imagine a database of each person who attended a political rally that constitutes the very essence of free speech. deem about the outlets of a looking mall the usage of facial consciousness to share information with each different about each and every shelf that you just browse and product you purchase, devoid of asking you first. This has lengthy been the stuff of science fiction and chummy motion pictures — like Minority record, Enemy of the State, and even 1984 — however now it’s on the verge of becoming viable,” Smith wrote.
Taking a glance returned at 2018, it amazes me that the cybercrime random landscape continues to accurate itself 12 months after year. during the terminal yr, we’ve viewed historical breaches, the invention of large-scale vulnerabilities, the emergence of the believe self-confidence economic climate and regulators trying to abet get feel of it all.
The looming habitual facts coverage regulation (GDPR) closing date eventually got here in can moreover after agencies spent years making ready. Now we’re within the GDPR era, and we’re nevertheless seeing businesses combat to interpret and address the rules. organizations are asking themselves, may still they reveal every viable incident to be covered or expend more time investigating incidents to verify them?
We moreover saw many unintended consequences from the GDPR, including the removing of WHOIS data that random intelligence consultants matter on to establish malicious domains used through fraudsters. They discovered that in Europe, groups will requisite to lope through work councils to acquire approval to set up endpoint insurance contrivance tools within the wake of an incident because of the privacy regulation. This offers attackers a major competencies to harvest records for an extensive term of time — upwards of 30 to 90 days.
one of my protection predictions for 2018 became that organizations will dawn to accept response appropriate. We’ve viewed some growth on this, however there’s nevertheless a lot of work to be accomplished here. for the intuition that they opened their Cyber reach in Cambridge, Massachusetts two years in the past, we’ve had more than 2,000 individuals adventure what it’s want to reply to an assault.
We’ve seen many trade businesses forward collectively within the Cyber reach and collaborate to aid their total industries. They additionally launched their Cyber Tactical Operations headquarters (C-TOC), an 18-wheeler that might be touring Europe in 2019 to tackle the accelerated require for preparedness training. Of course, there’s at total times leeway for growth, however their trade is making development, and for that, I’m proud.
So what lies ahead in 2019? How will the cybercrime danger landscape trade and evolve?
right specialists from IBM X-drive were examining rising tendencies and clues this yr, which they accord with are indications of handicap primary cybercriminal activity in 2019. beneath, these consultants panoply their precise safety predictions for 2019 in accordance with insights from their analysis and work with valued clientele. The predictions span a variety of talents assault schemes and penalties, from industry-specific prognostications to a speedily expansion of rising criminal schemes.
First, a brace of my very own predictions:Social Insecurity Numbers Dropped for access
With most americans’ convivial protection numbers a shared furtive after 2017, corporations will delivery to circulate faraway from the exhaust of the numbers as a benign of access. In specific, corporate advantages courses commonly nevertheless exhaust convivial safety numbers as an identifier. anticipate businesses and advantages classes to evolve their authentication methods forward of regulators.
What corporations can do: cease the exhaust of convivial security numbers for identification. instead, exhaust one-time PIN to set up bills tied to two-element authentication. also, further exhaust of biometrics for authentication.unforeseen penalties of the GDPR
2018 turned into total about implementation of GDPR and getting corporations organized. In 2019, new, unforeseen affects of GDPR on threat intelligence may be identified and believe broader consequences in cybersecurity. With the removal of WHOIS statistics, identification of malicious domains connected to infamous actors becomes an huge challenge, and we’ll feasible remark malicious domains ramp up. businesses in Europe will struggle to accept rid of attackers from networks and devices because of a 30- to 90-day waiting duration to install endpoint protection after an incident. My hope is that regulators, work councils and protection industry leaders can work together in 2019 to identify some exceptions by which safety takes precedent.
possible solution: stronger collaboration between regulators, work councils and protection trade leaders to determine exceptions to regulations when security inadvertently might suffer because of the rules.
Now, some predictions from my fellow X-drive crew participants:computerized customer carrier techniques in Attackers’ points of interest
Kiosk and other self-service programs believe become more and more section of their world. sellers, airways, inns and public constructions are the usage of these techniques to pace up determine-ins and in the reduction of labor charges. In 2018, they noticed a resurgence in ATM hacking, and they call in 2019 to peer public-facing self-provider methods targeted as a way to harvest advantageous client information.
– Charles Henderson, X-drive purple
What companies can do: check hardware and application before criminals believe an chance to. season actual interfaces and disable unused ports on the hardware stage. When the usage of third-birthday celebration add-ons, get inescapable that they're still supported by using the company.
take heed to the podcast: highlight on ATM checking outA Cyber coverage Market fact check
The boom of cybersecurity coverage has risen alongside the epic growth of cybercrime. whereas a constructive instrument to exploit expenses of a safety incident or records breach, agencies believe become too reliant on assurance, avoiding investment in different preventative applied sciences and response services. In 2019, we’ll remark nearer teaming between cyber insurance providers and security carriers to fill the rising cavity created via the market.
– Christopher Scott, X-drive Incident Response and Intelligence services (IRIS)
feasible answer: providers of managed safety functions and cyber coverage crew up collectively to present consulting features, check possibility and do in compel defensive thoughts.Have records, Will travel
Cybercriminals will shift their points of interest to the profitable databases of non-public facts maintained through depart back and forth and hospitality organizations. In 2018, they saw the tip of the iceberg with excessive-profile breaches at airways and lodge chains. call more mega breaches during this enviornment in 2019 as cybercriminals appear to be to monetize rewards features and collect novel credentials, such as passport numbers and driver licenses, to set up identities for on-line crime. This data may moreover intuition focused, commute-related phishing, tapping a person’s pastimes, motivations and connections.
– Wendi Whitmore, X-force IRIS
What companies can do: install statistics obfuscation applied sciences, encryption and habitual database undertaking monitoring. habits mediocre safety checking out and believe an incident response contrivance in area. often audit the storage necessities for individually identifiable suggestions (PII) and set expirations for a way lengthy sensitive facts is saved.facts of Cybercriminal stock Manipulation
There’s growing to be hypothesis that some shorting of shares will moreover be tied to cyberattacks. Are criminals collaborating to time their assaults for economic gain? In 2019, they call these schemes can be extra uncovered and perhaps prosecuted as government regulators Take word of this undertaking.
– Dustin Heywood, X-drive pink
possible answer: A infringement of a public company is now both a technical crisis in addition to a economic crisis. quick manipulation of inventory fees can occur on account of unhealthy guys seeking to earnings or hedge money reacting to breaking news. Your velocity of response and precision of communications will be counted. organizations should build and verify their runbooks forward of time.Crypto-Mining Powered by using PowerShell
PowerShell exhaust for malicious activities has endured to grow in 2018. IBM X-force IRIS noticed the device used by malicious actors to inject malware at once into memory, multiply obfuscation and avoid antivirus detection application. In 2019, X-force IRIS anticipates that crypto-mining outfit will exhaust PowerShell to load fileless malware onto compromised systems — similar to mentioned recreation with the aid of the crypto-miner GhostMiner previous this 12 months.
– Dave McMillen, X-force IRIS
What corporations can do: firms will are looking to be positive that they are logging, monitoring and auditing PowerShell exhaust of their networks. This will moreover be accomplished through leveraging the newest version of PowerShell and enabling logging via community policy Settings. These logs should still be forwarded to a vital region where they will moreover be analyzed.
apart from logging, businesses the exhaust of windows 10 should get positive to enforce an antivirus solution this is compatible with the Anti Malware Scanning Interface (AMSI). This interface gives antivirus products the skill to check up on PowerShell code earlier than it is completed, permitting the product to cease malicious PowerShell before it could run.
Meet extra IBM safety total Stars
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long island, Big apple -- (SBWIRE) -- 02/sixteen/2019 -- Quantum computing is the utilization of the principles of quantum mechanics to operate calculations and resolve issues. using the entertaining phenomena of individual subatomic particles as compute points, quantum computer systems believe the talents to quickly resolve complications that are inconceivable to compute in time frames which are useful to people. through the exhaust of superposition and entanglement, two ideas of quantum mechanics, quantum computer systems will be able to effect calculations exponentially faster than classical, transistor-based computer systems, opening up a brand novel paradigm of high-performance computing vigor.
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driven via rising incidences of cybercrime and transforming into adoption of quantum computing expertise in the defense, banking & finance, healthcare & pharmaceuticals, and chemicals, thequantum computing marketis likely to witness a elevated growth in the coming years.In 2018, the world Quantum Computing for enterprise market size became xx million US$ and it's expected to reach xx million US$ by using the conclusion of 2025, with a CAGR of xx% total over 2019-2025.
This record makes a speciality of the global Quantum Computing for enterprise fame, future forecast, growth probability, key market and key gamers. The explore at ambitions are to present the Quantum Computing for traffic construction in u.s., Europe and China.
the key gamers lined in this study1QB guidance TechnologiesAirbusAnyon SystemsCambridge Quantum ComputingD-Wave SystemsGoogleMicrosoftIBMIntelQC WareQuantumRigetti ComputingStrangeworksZapata Computing
View full TOC : https://www.qyresearchreports.com/report/global-quantum-computing-for-enterprise-market-dimension-repute-and-forecast-2019-2025.htm/toc
Market evaluation by means of product typeHardwareSoftware
Market analysis by way of marketBFSITelecommunications and ITRetail and E-CommerceGovernment and DefenseHealthcareManufacturingEnergy and UtilitiesConstruction and EngineeringOthers
Market evaluation by RegionUnited StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South the united states
The study targets of this record are:to investigate global Quantum Computing for enterprise popularity, future forecast, multiply chance, key market and key avid gamers.To present the Quantum Computing for commercial enterprise edifice in united states, Europe and China.To strategically profile the key avid gamers and comprehensively anatomize their edifice contrivance and techniques.To define, relate and forecast the market through product type, market and key regions.
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in this explore at, the years regarded to evaluate the market size of Quantum Computing for commercial enterprise are as follows:historical past year: 2018-2019Base yr: 2018Estimated 12 months: 2019Forecast yr 2019 to 2025For the records counsel with the aid of vicinity, business, category and software, 2018 is regarded as the base year. on every occasion statistics advice became unavailable for the base 12 months, the prior yr has been regarded.
About QYResearchReports.comQYResearchReports.com supplies the latest strategic market intelligence to construct a successful traffic footprint in China. Their syndicated and customised research studies deliver companies with vital background counsel of the market and in-depth evaluation on the chinese alternate and funding framework, which directly affects their company operations.
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Quantum secure direct communication (QSDC) is an significant offshoot of quantum communication, based on the principles of quantum mechanics for the direct transmission of classified information. While recent proof-of-principle experimental studies believe made remarkable progress; QSDC systems remain to be implemented in practice. In a recent study, Ruoyang Qi and co-workers at the departments of low-dimensional quantum physics, information technology, electronics and information engineering, proposed and experimentally implemented a practical quantum secure communication system.
In the work, Qi et al. analyzed the security of the system using the Wyner wiretap channel theory. The scientists developed a coding scheme using concatenation (interconnected) low-density parity-check (LDPC) codes in a realistic environment of elevated noise and elevated losses. The system operated with a repetition rate of 1 MHz across a distance of 1.5 kilometers and maintained a secure communication rate of 50 bps to ship text messages, reasonably sized images and sounds. The results are now published in Light: Science & Applications.
The work by Qi et al. highlighted a form of QSDC that can transfer direct information without a distribution key to avert vulnerability to attacks. In the work, the team used a 1550 nm laser to generate sole photons that carried secure quantum information, the scientists were able to successfully decode the information upon receipt. The method was reliable even in realistic environments caused by elevated photon loss or errors introduced due to noise. The gauge LDPC code that they used in the study for better error-correction performance was implemented by the Consulate Committee for Space Data Systems (CCDS) for near-earth and deep-space applications.
Global security depends on secure communication infrastructures. At present, communication is secured via encryption techniques such as the RSA public key scheme. The secrecy capacity is defined as the supremum of total achievable transmission rates with security and reliability. In practice, it is difficult to evaluate the secrecy capacity in classical communication systems due to the hardship with eavesdropping detection. In quantum systems, sole photons or entangled photon pairs can transmit digital information, giving mount to novel features in quantum cryptography, unattainable in classical transmission media. In principle, it is impossible to eavesdrop without disturbing the transmission so as to avoid detection in such a setup.
The first quantum communication protocol was proposed by Bennett and Brassard (BB84), based on exploiting quantum resources for secure key agreement. In 2000, QSDC was proposed to communicate information directly without a furtive key and eliminate loopholes associated with key storage and ciphertext attacks. Subsequent proof-of-principle studies believe demonstrated QSDC based sole photons and entangled pairs, including studies where a fiber could communicate across a meaningful distance of 500 m using two-step QSDC protocols.Illustration of the practical DL04-QSDC protocol. The “main channel” and the “wiretap channel” are discrete memoryless channels. The main channel represents a channel between the sender and the legitimate receiver, while the wiretap channel represents a channel between the sender and the eavesdropper. Credit: Light: Science & Applications, doi: https://doi.org/10.1038/s41377-019-0132-3
In the present study, Qi et al. implemented a practical quantum secure direct communication system using a procedure based on the DL04 protocol (without a key). According to the Wyner wiretap model, to implement the QSDC system in practice, the system should work below the secrecy capacity of the channel for secure information transmission. The scientists estimated the secrecy capacity of the system using interconnected low-density parity check (LDPC) codes. They designed the scheme to specifically operate in elevated loss and elevated error-rate regimes, unique for quantum communication. Qi et al. thus demonstrated the QSDC platform could effectively function in a realistic environment.
When implementing the DL04-QSDC protocol, the scientists included a discrete memoryless 'main channel' and a 'wiretap channel'. The main channel represented the network between the sender and the receiver. The wiretap channel represented the network between the legitimate users and the eavesdropper. The protocol contained four steps:
Qi et al. used highly attenuated lasers as an approximate single-photon source in the implementation. For better approximation of a sole photon source to detect eavesdropping attacks, a decoy state quantum key distribution method can be used. If the secrecy capacity is non-zero for any wiretap channel, i.e. if the legitimate receiver has a better channel than the eavesdropper, there exists some coding scheme that achieves impeccable secrecy according to the Wyner model. However, not total coding schemes can guarantee the security, which essentially depends on details of the coding.Left: Experimental setup. Right: System stability with different message blocks. ex and ez are the oversight rates of measurements using the X-basis and Z-basis, respectively, at Alice’s site. e is the oversight rate at Bob’s site. The oversight rate was estimated shroud by block; each shroud contains 1312 × 830 pulses. The imply number of photons is 0.1. The inherent loss of a quantum channel is 14.5 dB, which includes the efficiency of the detector, ~70%, and the optical elements, ~13 dB. The total loss of the system is 25.1 dB at a distance of 1.5 km. Credit: Light: Science & Applications, doi: https://doi.org/10.1038/s41377-019-0132-3 The scientists then implemented the scheme in a fiber system with side coding, for quantum communication across long distances. In this setup, Bob prepares a sequence of single-photon pulses, after polarization control and attenuation, the pulses are prepared as random qubits and sent to Alice's site through a 1.5 km-long fiber. On arrival at Alice's site, it's separated in to two parts, where one goes to the encoding module and the other to the control module for error-check, controlled by realm programmable gate arrays (FPGAs) in the setup.
Simultaneously encoding occurs in the encoding module. If the error-rate is smaller than the threshold, the encoding section is allowed to ship the sole photons back to Bob via the selfsame fiber, where they are guided to sole photon detectors for measurement. The scientists controlled the setup consisting of three side modulators (PM) and sole photon detectors (SPD) to encode messages at the two sites using the FPGAs, which were further controlled by upper-position computers.The solid line represents the mutual information between Alice and Bob; by the noisy-channel coding theorem that transmission rate cannot exceed the capacity of the main channel. The dotted line is the mutual information between Alice and Eve, the maximum information that an eavesdropper can obtain. Symbols delineate experimental results. Together with the chosen LDPC code, the coding scheme yields a transmission rate of 0.00096 when the bit-error rate is under 10^−6. Because the rate is greater than the mutual information between Alice and Eve, both the security and reliability of the information transmission are assured. Credit: Light: Science & Applications, doi: https://doi.org/10.1038/s41377-019-0132-3 In the experimental results, the scientists represented the mutual information versus the loss of the system as two straight lines. The belt between these two lines formed the information theoretic secure area. As a result, for a coding scheme with an information rate within the specified area, the security could be reliably guaranteed. Using the experimental setup, Qi et al. attained a secure information rate of 50 bps, well within the defined secure area. Illustration of the coding scheme. A message m together with a local random bits r and public random seed s are processed by the transpose universal hashing families UHF−1 to vector u, and then u is changed by LDPC code into v, which is mapped to codeword c and is then sent to the receiver's site. Because of loss and error, receiver Bob receives a degraded codeword, and then he demaps, decodes and obtains the message after performing universal hashing families UHF. Credit: Light: Science & Applications, doi: https://doi.org/10.1038/s41377-019-0132-3 The scientists illustrated a coding scheme to guarantee the reliability of transmission for QSDC based on interconnected LDPC codes. Preprocessing was based on universal hashing families (UHF). In the process, for each message (m), the sender Alice generates a local sequence of random bit (r) and public random seed (s). Next, she maps to a vector (u) by the inverse of an appropriately chosen UHF (UHF-1), which is then changed by LDPC code into (v), mapped to codeword (c) and sent to the receiver's site.
In information theory, the noisy-channel coding theorem establishes reliable communication for any given degree of noise contamination of a communication channel. To ensure reliability of the information, Alice modulates the pulses that reach the legitimate receiver Bob, who makes measurements in the selfsame basis as he prepared them. Due to loss and error, Bob receives a degraded codeword, which he demaps and decodes after postprocessing with UHF to obtain the message.
In this way, Qi et al. implemented a practical QSDC system in a realistic environment of elevated noise and elevated loss. Among other techniques, the scientists used an LDPC code to reduce oversight and loss in the system. They analyzed the security of the system in depth using the Wyner wiretap channel theory. When the secrecy capacity was non-zero; a coding scheme with an information rate less than the secrecy capacity ensured both security and reliability of the information transmission. In total, the scientists obtained a secure information rate of 50 bps at a practically meaningful distance of 1.5 km. Qi et al. imply these parameters are premature and envision an improved system that can integrate the existing technology for a higher rate of dozens of kbps information transmission in the future.
Explore further: Measurement-device-independent quantum communication without encryption
More information: Implementation and security analysis of practical quantum secure direct communication www.nature.com/articles/s41377-019-0132-3, Ruoyang Qi et al. 06 February 2019, Light: Science & Applications.
Secure direct communication with a quantum one-time pad journals.aps.org/pra/abstract/ … 3/PhysRevA.69.052319, Deng Fuo-Guo and Long Gui Li, May 2004, Physical Review A.
A method for obtaining digital signatures and public-key cryptosystems dl.acm.org/citation.cfm?id=359342 Rivest R.L. et al. February 1978, Communications of the Association for Computing Machinery.
A Mathematical Theory of Communication dl.acm.org/citation.cfm?id=584093, Shannon C.E. October 1948, The Bell System Technical Journal, IEEE Explore.
© 2019 Science X Network
(GLOBE NEWSWIRE via COMTEX) -- - Revenue of $7.5 Billion Increased 2.4% Reported; Increased 4.4% Organic
- GAAP Diluted EPS of $0.94; Non-GAAP Diluted EPS of $1.29
- Operating Margin of 20.4% Increased 90 bps; Non-GAAP Operating Margin of 29.2% Increased 140 bps
- Cash flow from Operations of $4.9 Billion in First Nine Months vs. $3.6 Billion in Prior Year; Free Cash flow of $4.1 Billion in First Nine Months vs. $2.9 Billion in Prior Year
- Company Raises FY19 EPS and Free Cash flow Guidance
DUBLIN - February 19, 2019 - Medtronic plc MDT, +0.07% today announced fiscal results for its third quarter of fiscal year 2019, which ended January 25, 2019.
The company reported third quarter worldwide revenue of $7.546 billion, an multiply of 2.4 percent as reported or 4.4 percent on an organic basis, which adjusts for a $149 million negative repercussion from alien currency. As reported, third quarter GAAP net income and diluted earnings per share (EPS) were $1.269 billion and $0.94, respectively. As minute in the fiscal schedules included through the link at the discontinue of this release, third quarter non-GAAP net income and non-GAAP diluted EPS were $1.751 billion and $1.29, respectively, both increases of 10 percent. Adjusting for a positive 2 cent repercussion from alien currency, third quarter non-GAAP diluted EPS increased 9 percent.
U.S. revenue of $4.001 billion represented 53 percent of company revenue and increased 2.3 percent as reported. Non-U.S. developed market revenue of $2.368 billion represented 31 percent of company revenue and increased 0.6 percent as reported and 3.6 percent on a constant currency basis. Emerging market revenue of $1.177 billion represented 16 percent of company revenue and increased 6.8 percent as reported and 13.9 percent on a constant currency basis.
"Our organization executed on multiple fronts to deliver a stout quarter for Medtronic," said Omar Ishrak, Medtronic chairman and chief executive officer. "Revenue outperformance in their Minimally Invasive Therapies and Restorative Therapies Groups, as well as broad strength across Emerging Markets, helped to offset inescapable market-specific headwinds they faced during the quarter, reflecting the full benefits of their diversification."
Cardiac and Vascular Group
The Cardiac and Vascular Group (CVG) includes the Cardiac rhythm & Heart Failure (CRHF), Coronary & Structural Heart (CSH), and Aortic, Peripheral & Venous (APV) divisions. CVG revenue of $2.786 billion decreased 0.5 percent as reported, while increasing 1.6 percent on a constant currency basis. CVG revenue performance was driven by mid-single digit growth in APV and CSH, offset by low-single digit declines in CRHF, total on a constant currency basis.
- Cardiac rhythm & Heart Failure revenue of $1.397 billion decreased 4.1 percent as reported or 2.3 percent on a constant currency basis. Arrhythmia Management grew in the mid-single digits on a constant currency basis, driven by the continued uptake of the Micra(R) Transcatheter Pacing System and the Azure(R) wireless pacemaker. Arrhythmia Management results were moreover driven by mid-twenties growth of the TYRX(R) Absorbable Antibacterial Envelope and mid-teens growth in AF Solutions, both on a constant currency basis. This was offset by mid-teens declines in Heart Failure, including mid-forties declines in sales of left ventricular assist devices (LVADs).
- Coronary & Structural Heart revenue of $913 million increased 3.0 percent as reported or 5.9 percent on a constant currency basis, led by mid-teens constant currency growth in transcatheter aortic valves, reflecting the clinical benefits of the CoreValve(R) Evolut(R) PRO platform. Coronary growth was flat on a constant currency basis, driven by mid-teens growth in sheperd catheters and low-double digit growth in coronary balloons, offset by mid-single digit declines in drug-eluting stents, total on a constant currency basis.
- Aortic, Peripheral & Venous revenue of $476 million increased 4.2 percent as reported or 6.1 percent on a constant currency basis. The strength in the division was driven by mid-teens growth in Venous, reflecting stout require for the VenaSeal(TM) closure system, mid-teens growth of drug-coated balloons, and high-single digit growth in thoracic stent graft systems, given the continued launch of Valiant Navion(TM).
Minimally Invasive Therapies Group
The Minimally Invasive Therapies Group (MITG) includes the Surgical Innovations (SI) and the Respiratory, Gastrointestinal & Renal (RGR) divisions. MITG revenue of $2.124 billion increased 4.1 percent as reported or 6.6 percent on a constant currency basis. MITG revenue was driven by stout performances in both divisions, with high-single digit constant currency growth in RGR and mid-single digit constant currency growth in SI.
- Surgical Innovations revenue of $1.434 billion increased 3.6 percent as reported or 6.4 percent on a constant currency basis, driven by low-double digit constant currency growth in Advanced Energy resulting from the strength of the LigaSure(TM) vessel sealing instruments with innovative nano-coating and Valleylab(TM) FT10 energy platform. Advanced Stapling grew in the high-single digits on a constant currency basis, driven by stout require for Tri-Staple(TM) 2.0 endo stapling specialty reloads and the Signia(TM) powered stapler.
- Respiratory, Gastrointestinal & Renal revenue of $690 million increased 5.0 percent as reported or 7.0 percent on a constant currency basis. Respiratory grew in the high-single digits on a constant currency basis, with strength in Puritan Bennett(TM) 980 ventilators, McGRATH(TM) MAC video laryngoscopes, and Nellcor(TM) pulse oximetry products. Renal care Solutions grew mid-teens on a constant currency basis, with strength in both renal access products and the Bellco product line. GI Solutions grew mid-single digits on a constant currency basis, led by a solid performance in GI Diagnostics.
Restorative Therapies Group
The Restorative Therapies Group (RTG) includes the Spine, Brain Therapies, Specialty Therapies, and ache Therapies divisions. RTG revenue of $2.026 billion increased 4.2 percent as reported or 5.5 percent on a constant currency basis. Group results were driven by low-double digit growth in Brain Therapies, mid-single digit growth in ache Therapies, low-single digit growth in Specialty Therapies, and flat results in Spine, total on a constant currency basis.
- Spine revenue of $655 million decreased 0.9 percent as reported and was flat on a constant currency basis. When combined with the company's sales of enabling technology used in spine surgeries, including robotics, navigation, imaging, and powered surgical instruments that are recognized in the Brain Therapies division, global Spine revenue and U.S. Core Spine revenue both grew in the mid-single digits on a constant currency basis. Posterior Cervical grew in the mid-teens on a constant currency basis, driven by the continued launch of the Infinity(TM) OCT System.
- Brain Therapies revenue of $650 million increased 11.1 percent as reported or 13.2 percent on a constant currency basis, driven by high-teens constant currency growth in both Neurovascular and Neurosurgery. Neurovascular delivered mid-twenties constant currency growth in stent retrievers for acute ischemic stroke, on the strength of Solitaire(TM) Platinum. The traffic moreover had double-digit growth on a constant currency basis in neuro access, flow diversion, and embolic products. Neurosurgery was led by stout capital outfit sales of StealthStation(R) S8 surgical navigation systems, O-arm(R) surgical imaging systems, Mazor X(TM) robotic guidance systems, and Midas Rex(R) powered surgical instrument systems.
- Specialty Therapies revenue of $407 million increased 2.3 percent as reported or 3.3 percent on a constant currency basis. Results were led by mid-teens constant currency growth in Transformative Solutions on stout sales of the Aquamantys(TM) bipolar sealers.
- ache Therapies revenue of $314 million increased 4.7 percent as reported or 5.7 percent on a constant currency basis. The division had high-single digit constant currency growth in ache Stimulation on the continued strength of the Intellis(TM) platform for spinal cord stimulation. The division moreover had mid-single digit constant currency growth in Interventional Pain.
The Diabetes Group includes the Advanced Insulin Management (AIM) and Emerging Technologies divisions. Diabetes Group revenue of $610 million increased 4.5 percent as reported or 6.5 percent on a constant currency basis. Despite facing more difficult comparisons on pump sales given the backlog of patient orders that the company cleared in the prior year, revenue increased 4.6 percent versus the prior quarter as reported.
- Advanced Insulin Management revenue grew mid-single digits constant currency, driven by the sustained global market require for the MiniMed(R) 670G hybrid closed loop insulin pump system with the Guardian(R) Sensor 3. While the division faced more difficult comparisons versus the prior year, it grew mid-single digits versus the prior quarter as reported, including high-single digit growth in insulin pumps versus the prior quarter as reported. The global adoption of its sensor-augmented insulin pump systems has resulted in stout sensor attachment rates, with integrated CGM sales growing in the high-twenties on a constant currency basis.
- Emerging Technologies revenue grew in the low-fifties on a constant currency basis, driven by the ongoing launch of the Guardian(R) Connect CGM system with Sugar.IQ(TM) personal diabetes assistant, which grew triple digits for the third consecutive quarter.
The company today updated its revenue growth guidance and raised its EPS and free cash flow guidance for fiscal year 2019.
For fiscal year 2019, the company updated its organic revenue growth guidance from a reach of 5.0 to 5.5 percent to a reach of 5.25 to 5.5 percent. If recent exchange rates hold for the balance of the fiscal year, the company's fiscal year 2019 revenue would be negatively affected by approximately $425 million to $475 million.
The company increased its fiscal year 2019 diluted non-GAAP EPS guidance from the prior reach of $5.10 to $5.15 to the novel reach of $5.14 to $5.16. If recent exchange rates hold for the balance of the fiscal year, alien exchange would believe a modest positive repercussion on the company's fiscal year 2019 EPS.
The company moreover increased its fiscal year 2019 free cash flow guidance from the prior reach of $4.7 billion to $5.1 billion to the novel reach of $5.0 billion to $5.2 billion.
"We continue to get progress on their robust and exciting pipeline, which contains more opportunities for growth than at any time in their company's history," said Ishrak. "We anticipate this forthcoming innovation to disrupt existing markets and invent novel markets, total with the goal of creating significant value - for patients, physicians, healthcare systems, and for their shareholders."
Medtronic will host a webcast today, February 19, at 8:00 a.m. EST (7:00 a.m. CST) to provide information about its businesses for the public, analysts, and news media. This quarterly webcast can be accessed by clicking on the Investor Events link at investorrelations.medtronic.com and this earnings release will be archived at newsroom.medtronic.com. Medtronic will be live tweeting during the webcast on its Newsroom Twitter account, @Medtronic. Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Investor Events link at investorrelations.medtronic.com.
To view the third quarter fiscal schedules and non-GAAP reconciliations, click here. To view the third quarter earnings presentation, click here. Both documents can moreover be accessed by visiting newsroom.medtronic.com.
Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world's largest medical technology, services and solutions companies - alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 86,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to Take healthcare Further, Together.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, which are subject to risks and uncertainties, including those described in Medtronic's occasional reports and other filings with the U.S. Securities and Exchange Commission (the "SEC"). Anticipated results only reflect information available to Medtronic at this time and may disagree from actual results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release. inescapable information in this press release includes calculations or figures that believe been prepared internally and believe not been reviewed or audited by their independent registered public accounting firm, including but not limited to, inescapable information in the fiscal schedules accompanying this press release. exhaust of different methods for preparing, calculating or presenting information may lead to differences and such differences may be material.
NON-GAAP fiscal MEASURES
This press release contains fiscal measures and guidance, including adjusted net income and adjusted diluted EPS, which are considered "non-GAAP" fiscal measures under applicable SEC rules and regulations. References to quarterly figures increasing, decreasing or remaining flat are in comparison to the third quarter of fiscal year 2018.
Medtronic management believes that non-GAAP fiscal measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the sequel of inescapable charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or repercussion to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP fiscal measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Non-GAAP fiscal measures should be considered supplemental to and not a substitute for fiscal information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may compute non-GAAP fiscal measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated fiscal statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP fiscal measures to the most directly comparable GAAP fiscal measures are included in the fiscal schedules accompanying this press release.
Medtronic calculates forward-looking non-GAAP fiscal measures based on internal forecasts that omit inescapable amounts that would be included in GAAP fiscal measures. For instance, forward-looking revenue growth projections exclude the repercussion of alien currency fluctuations. Forward-looking non-GAAP EPS guidance moreover excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined repercussion and timing of recognition of these potential charges or gains is inherently uncertain and difficult to call and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certitude that could be confusing to investors. Such items could believe a substantial repercussion on GAAP measures of fiscal performance.
View FY19 Third Quarter fiscal Schedules & Non-GAAP Reconciliations
View FY19 Third Quarter Earnings Presentation
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely liable for the content, accuracy and originality of the information contained therein.
Source: Medtronic plc via Globenewswire
Copyright (C) 2019 GLOBE NEWSWIRE. total rights reserved.
Looking for betting advice for Tuesday in college hoops? remark why we're eyeing an A-10 team, a Patriot League team and an under in an ACC clash.
Three Man Weave and I are back with their three favorite bets from Tuesday's college basketball slate.
Dayton at Davidson
3MW Pick: Davidson -3.5
If there was ever a time for Dayton to do total its chips in the middle, this was it...
VCU, the conference co-leader and former employer of current Flyer head coach Anthony Grant, traveled to Dayton with a bullseye planted on its back. throw in the fact that the Rams had already beaten the Flyers in Richmond a month prior, there was no shortage of bulletin board material for Dayton entering Saturday’s showdown with VCU.
Despite total the qualitative motivational factors stacked in the Flyers’ favor, it was the Rams who raced out to a commanding lead on the road and kept their foot on the gas well into the second half. The margin ballooned to over 20 points at one point, prompting Anthony grant to get a schematic change defensively.
“The zone (defense) to start the second half was disastrous,” grant said. “I’ll Take the blame for that. That’s on me.”
This chess lope helped spark a relentless comeback and the lead was eliminated entirely by the under four-minute timeout. After an Obi Toppin and-one gave the host Flyers the lead with 15 seconds remaining, Dayton needed just one cease to seal the deal—instead, Marcus Evans played the role as villain with a soul-crushing drive-and-finish to abet VCU elude with the win.
The intuition for detailing that game synopsis is as follows: The Flyers poured their blood, sweat and tears into that game and had to blank the tank to mount that furious second-half comeback. Now, they believe to do total that behind them, travel east to North Carolina and prepare for one of the most intricate nasty systems in total of college basketball in just 48 hours time.
Predictions for Wednesday's Duke-UNC Rivalry Showdown
Since arriving at Dayton two years ago, Anthony grant has introduced Flyer fans to what a zone defense looks like, something rarely seen during the Archie Miller era. Grant’s done a nice job of alternating back-and-forth between man and zone defenses this season, both of which emphasize similar principles—walling off the lane and keeping opponents off the free-throw line. This conservative approach is geared to avert any easy, uncontested looks inside, but it can be susceptible to surrendering open shots from the perimeter.
Regardless of which scheme grant decides to prioritize tonight, Davidson won’t be bothered. Against man-to-man, Bob McKillop’s perpetual motion error should believe the Flyers’ heads on a swivel. Against zone, Davidson’s sharpshooters should believe a realm day with the extra real estate beyond the three-point arc. There’s moreover this: the Wildcats currently rank in the 95th percentile in nasty efficiency against zone defense this year (per Synergy).
Assuming Davidson continues its precise nasty execution, the key tonight will be on the other side of the ball. The Flyers’ superior size, coupled with their unselfish and balanced scoring attack, exploited Davidson’s defense terminal season when they took down the Wildcats 65–64 in Dayton. The Flyers aren’t elite shooters by any stretch, but their forbearance and collective intelligence enables them to accept elevated percentage looks on almost every possession—according to an ‘Offensive Shot Quality’ metric derived by dribblehandoff.com, Dayton ranks third in the entire country, an indicator of how consistently the Flyers accept the shot they want.
So, while the Wildcats want an athletic rim protector needed to disrupt close proximity looks in the paint, they rarely submission an uncontested shot due to a defensive breakdown. With an extra day off to rest and prepare, you can stake that Bob McKillop has closely examined the tape from terminal year’s lone meeting between the two, which will inform the necessary X&O adjustments defensively tonight. If the Wildcats can avert the Flyers’ from dominating the paint, there’s value in laying 3.5 points at home against a Dayton team in requisite of a defibrillator to recharge its emotional batteries.
Bucknell at Colgate
3MW Pick: Bucknell +3
Oftentimes when betting on college basketball, some of the best value can be create in the extra games, a section of the slate mostly ignored by the common CBB gambler. One such extra game tonight features two of the best teams in the Patriot League: Bucknell, a team most believe likely heard of due to its constant NCAA tournament appearances, and Colgate, a brand of toothpaste that doubles as a private freehanded arts college in Hamilton, NY.
Bucknell has elude roughshod over the Patriot League in recent history, winning the conference outright the terminal four seasons and seven of the past eight. Despite the loss of its three best players from a year ago, the Bison currently sit one game up on league foe Lehigh in the conference standings at 11–3. The biggest driver to Bucknell’s success this season has been the emergence of senior headquarters Nate Sestina, who is averaging 16.4 ppg and 8.1 rpg, making Bucknell fans yelp “Nana WHO???” (not really, that’s too far). The Bison play through Sestina in the low and mid-post, ranking 31st in the country in percentage of possessions used via post-up, and the 6’9” Big man is scoring a scorching 1.158 PPP on post-ups—one of the best marks in the country. Sestina’s shooting reach moreover makes him a particularly tough cover, knocking down 41.6% of his three-point attempts this year on a decent volume.
How the 2019 NCAA Tournament Picture Looks prerogative Now
When not running error through Sestina in the halfcourt, Bucknell is looking to push in transition, an belt where (you guessed it) Sestina thrives as well. Dave Klatsky, an aide coach at Colgate, mentioned on Jordan Sperber’s “Solving Basketball” podcast that he is worried about Sestina’s capacity to seal early in the post on the secondary break. Indeed, Colgate allows a lot of open floor opportunities, ranking just 274th in percentage of initial FGA in transition. Sophomore PG Jimmy Sotos has excellent court vision in the open floor and he’s looking for his sharp-shooting senior leader Kimbal McKenzie and Sestina on the wreck for smooth bucket chances.
The fact that the Raiders are worried about Sestina and his capacity to beat them in the post shouldn’t overshadow the fact that Colgate is still a Big team—one of the biggest in the Patriot. Rapolas Ivanauskas, Dana Batt and Will Rayman total stand over 6’8” and start for Matt Langel. Their size has attributed to their propensity for nasty rebounding, an belt in which they were able to exploit the Bison in the schools’ first meeting back in January. Batt is a dependable headquarters in terms of playing style, preferring to bang in the post instead of float around the perimeter, but Rayman and Ivanauskas are really more perimeter Big men, giving Langel four deadly three-point options on the floor at one time.
Bucknell makes it a point to shutdown the three-point line, aiming to funnel ball handlers into the paint where Sestina and Bruce Moore can contend tough shots. This strategy should largely work against Colgate, but the playmaking capacity of PG Jordan Burns throws a bit of a wrench in coach Nathan Davis’s plan. Burns may be the only dependable creator on the roster (Rayman is capable as well), but opposing teams can’t appear to leisurely him down despite the presumed multiply in focus—against Bucknell in January, Burns poured in 28 points on 10-for-20 shooting. Burns’s penetration ability, particularly off ball screens, will be Bucknell’s biggest challenge in this game, as Burns can not only score off the drive but moreover create wide open looks for his teammates from outside the arc. Davis is a strict man-to-man coach, so 6’8” Will Rayman is going to believe cleanly looks against the shorter Bucknell perimeter.
If you believe in revenge spots, then you’re probably on Colgate’s side tonight after the Raiders lost a tough contest to the Bison in Lewisburg earlier this year. To boot, Bucknell’s three conference losses believe total forward on the road, the terminal one coming at the hands of Holy Cross on Feb. 16. From a matchup perspective, though, this game favors Bucknell. The Bison are going to find plenty of open looks from three (Colgate allows tons of threes) and will be able to exploit the Raiders on the run. While Burns may accept his again in this game, Davis’s laser focus on denying outside opportunities should bode well for his Bison in this one.
Florida state at Clemson
Meyer's Pick: Under 133 points
Who has been the top-rated team in terms of adjusted defensive efficiency since the calendar flipped to February? Not Virginia (10th at 88.5 ADJDE). Not Texas Tech (second at 81.7 ADJDE). It’s actually Clemson, as the Tigers’ 77.3 ADJDE since Feb. 1 is first by a decent-sized amount, per T-Rank.
If you add in January as well, Clemson ranks sixth in the country—behind Virginia, Texas Tech, Wisconsin, Michigan and Gonzaga. The Tigers moreover rank sub-300 in adjusted tempo, so this is a team that plays physical defense at a grinding pace.
The heart and soul of this Clemson defense is senior Big man Elijah Thomas, who excels at shot blocking (24th in CBB in shroud percentage) and cleaning up the glass (47th in defensive rebound percentage). Overall, this stingy man-to-man defense is a ache to depart up against, with four of the Tigers' past five opponents scoring 56 points or fewer (and being held to 0.81 PPP or less). Granted, it’s not a Murderers’ Row the Tigers believe faced in that stretch (Wake Forest, Georgia Tech, Virginia Tech, Miami and Louisville), but I deem FSU’s error will still believe a tricky time at the Littlejohn Coliseum.
Power Rankings: Statements, Stunners quake Up the Top 10
The Seminoles actually do up 1.13 PPP against the Tigers in a 77–68 win in Tallahassee on Jan. 22, but I’m banking on a below-average three-point shooting team (32.4%, 271st in Division I) not making 10 of its 22 threes again (45.5%). Both of these teams prefer to assail the rim, but FSU has the No. 1 two-point defense in ACC play (42.7%) while Clemson is second (43.0%). Clemson has the second-lowest three-point rate in ACC play, and the Tigers will believe hardship scoring against the Seminoles’ size—particularly rim protectors Mfiondu Kabengele and 7'4" (yes, you read that correctly) Christ Koumadje to depart along with lengthy guards.
And bethink Clemson being first in the country in adjusted defensive efficiency this month? Well, Florida state ranks sixth in February (and is 16th overall this season). These are two defenses that are playing their best ball of late, and since this is a captious game for Clemson’s NCAA tournament résumé, I’m thinking the Tigers will be playing an extremely tight, physical game at home.
These teams don’t conclude a magnificient job of protecting the rock (FSU is 236th in nasty turnover rate; Clemson is 284th). They both conclude a magnificient job limiting transition buckets (Clemson allows the 11th-lowest percentage of opponents shots in transition per hoop-math; FSU is 21st). I’ll Take a stab on the under in a game featuring two teams that don’t shoot from outside well, believe the two best two-point defenses in ACC play and will be playing a physical battle given the stakes. There simply won’t be a lot of smooth baskets in this one.
I moreover conclude love the chances of a senior-laden team in Thomas, Marcquise Reed and Shelton Mitchell picking up the win here in this spot (Clemson is sitting at -1 as of 12:50 p.m. EST), but for now, I'll just stick with the under.
OVERALL RECORD: 46-41-1
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