Colfax Corporation (NYSE: CFX), a leading diversified technology
company, today announced its financial results for the first
quarter of 2021.
The Company reported first quarter net income
from continuing operations of $27 million, or $0.19 per share,
compared to $0.06 per share in the prior year period. Adjusted
earnings of $0.44 per share rose 16% from $0.38 per share in the
prior year period and exceeded the Company’s previous guidance of
$0.35 to $0.40 per share. Adjustments to reported earnings are
included in this release.
In the first quarter, net sales of $879 million
increased 8% on a reported basis, or 6% on a constant currency
basis. Organic sales-per-day increased 9%. The Company also posted
first quarter adjusted EBITA growth of 12% to $107 million.
Adjusted EBITA margin was 12.2% in the quarter, a 50 basis points
increase over the prior year period. The Company generated
operating cash flow of $84 million and free cash flow of $60
million.
“Our results and momentum strengthened
throughout the quarter,” said Matt Trerotola, Colfax President and
CEO. “At ESAB, increased demand and our successful execution of
margin expansion activities resulted in our highest-ever EBITA
margin. In MedTech, market conditions improved and our
Reconstructive segment delivered 8% organic sales-per-day growth
and continues to gain share. We drove strong free cash flow in the
quarter and are well on our way to generating more than $250
million in 2021. We are well-capitalized and positioned to execute
our strategic growth program.”
During the quarter, the Company announced its
intention to separate its fabrication technology and specialty
medical technology businesses into two differentiated, independent,
and publicly-traded companies, with a target completion date of the
first quarter 2022. The Company strengthened its balance sheet in
March with a registered public offering of 16.1 million shares of
its common stock for net cash proceeds of $711 million. In April,
Colfax completed the redemption of $700 million of its outstanding
senior notes. As a result, the Company finished the first quarter
with net leverage of 2.9 times and expects to end the year
approaching 2.0 times before taking into account the potential
impact from additional M&A investments.
Colfax also recently announced that it completed
the acquisition of MedShape, Inc. in April. MedShape provides
innovative surgical solutions for foot and ankle surgeons using its
patented superelastic nickel titanium (NiTiNOL) and shape memory
polymer technologies. The acquisition of MedShape® expands the
Company’s foot & ankle platform that was formed from the recent
Trilliant Surgical® and Scandinavian Total Ankle Replacement
(STAR®) system acquisitions. With a total investment of
approximately $225 million, the Company has created a high gross
margin and fast-growing foot and ankle business with initial
expected annualized revenues of approximately $65 million.
In the first quarter, Colfax’s Fabrication
Technology segment sales increased 11% on an organic sales-per-day
basis versus the prior year quarter and 8% overall, including a 1%
positive impact from currency trends. The segment reported adjusted
EBITA margins of 16.1%, compared to 14.8% in the prior year.
Medical Technology segment sales in the quarter increased 5% on an
organic sales-per-day basis compared to the prior year and 7%
overall, including a 2% benefit from positive currency trends. The
segment reported adjusted EBITA margins of 10.2%, compared to 10.6%
in the prior year. Excluding the impact from recent acquisitions,
Medical Technology segment adjusted EBITA margins increased 10
basis points compared to the prior year.
Updated 2021 Financial
Outlook
Due to the strength of first quarter results,
the Company announced that it is raising the low-end of its 2021
adjusted EPS outlook from $2.00-$2.15 to $2.05-$2.15. For the
second quarter of 2021, Colfax expects adjusted earnings of $0.48
to $0.53 per diluted share. This guidance range reflects the recent
equity issuance and senior note redemptions.
Conference Call and Webcast
The Company will hold a conference call to
discuss its first quarter 2021 results beginning at 8:00 a.m.
Eastern today, which will be open to the public by calling
+1-877-303-7908 (U.S. callers) and +1-678-373-0875 (International
callers) and referencing the conference ID number 1986324 and
through webcast via Colfax’s website www.colfaxcorp.com under the
“Investors” section. Access to a supplemental slide presentation
can also be found at the Colfax website under the same heading.
Both the audio of this call and the slide presentation will be
archived on the website later today and will be available until the
next quarterly call.
About Colfax Corporation
Colfax Corporation (NYSE: CFX) is a leading
diversified technology company that provides orthopedic and
fabrication technology products and services to customers around
the world, principally under the DJO and ESAB brands. The Company
uses its Colfax Business System (“CBS”), a comprehensive set of
tools and processes, to create superior value for customers,
shareholders and associates. In March of 2021, Colfax announced its
intention to separate into two independent and public companies,
which is targeted to be completed in the first quarter of 2022 to
accelerate strategic momentum and unlock additional value creation
potential; one business will focus on specialty medical
technologies and the other on fabrication technologies. For more
information about Colfax and our separation activities, please
visit www.colfaxcorp.com.
Non-GAAP Financial Measures and Other
Adjustments
Colfax has provided in this press release
financial information that has not been prepared in accordance with
accounting principles generally accepted in the United States of
America (“non-GAAP”). These non-GAAP financial measures may include
one or more of the following: adjusted net income from continuing
operations, adjusted net income margin from continuing operations,
adjusted net income per diluted share from continuing operations,
adjusted EBITA (earnings before interest, taxes and amortization),
adjusted EBITA margin, organic sales growth, and free cash flow.
Colfax also provides adjusted EBITA and adjusted EBITA margin on a
segment basis.
Adjusted net income from continuing operations
represents net income (loss) from continuing operations excluding
restructuring and other related charges, European Union Medical
Device Regulation (“MDR”) and other costs, debt extinguishment
charges, acquisition-related amortization and other non-cash
charges, and strategic transaction costs. Colfax also presents
adjusted net income margin from continuing operations, which is
subject to the same adjustments as adjusted net income from
continuing operations.
Adjusted net income per diluted share from
continuing operations represents adjusted net income from
continuing operations divided by the number of adjusted diluted
weighted average shares. Both GAAP and non-GAAP diluted net
income per share data are computed based on weighted average
shares outstanding and, if there is net income from continuing
operations (rather than net loss) during the period, the dilutive
impact of share equivalents outstanding during the period. Diluted
weighted average shares outstanding and adjusted diluted weighted
average shares outstanding are calculated on the same basis except
for the net income or loss figure used in determining whether to
include such dilutive impact.
Adjusted EBITA represents net income (loss) from
continuing operations excluding restructuring and other related
charges, MDR and other costs, acquisition-related amortization and
other non-cash charges, and strategic transaction costs, as well as
income tax expense (benefit) and interest expense, net. Colfax
presents adjusted EBITA margin, which is subject to the same
adjustments as adjusted EBITA. Further, Colfax presents adjusted
EBITA (and adjusted EBITA margin) on a segment basis, which
excludes the impact of strategic transaction costs and
acquisition-related amortization and other non-cash charges from
segment operating income.
Organic sales growth (decline) excludes the
impact of acquisitions and foreign exchange rate fluctuations.
Free cash flow represents cash flow from
operating activities less purchases of property, plant and
equipment.
These non-GAAP financial measures assist Colfax
management in comparing its operating performance over time because
certain items may obscure underlying business trends and make
comparisons of long-term performance difficult, as they are of a
nature and/or size that occur with inconsistent frequency or relate
to discrete restructuring plans that are fundamentally different
from the ongoing productivity improvements of the Company. Colfax
management also believes that presenting these measures allows
investors to view its performance using the same measures that the
Company uses in evaluating its financial and business performance
and trends.
Non-GAAP financial measures should not be
considered in isolation from, or as a substitute for, financial
information calculated in accordance with GAAP. Investors are
encouraged to review the reconciliation of these non-GAAP measures
to their most directly comparable GAAP financial measures. A
reconciliation of non-GAAP financial measures presented above to
GAAP results has been provided in the financial tables included in
this press release.
In this press release, Colfax presents
forward-looking adjusted EPS and free cash flow guidance. Colfax
does not provide such outlook on a GAAP basis because changes in
the items that Colfax excludes from GAAP to calculate these
measures can be dependent on future events that are less capable of
being controlled or reliably predicted by management and are not
part of Colfax’s routine operating activities. Additionally,
management does not forecast many of the excluded items for
internal use and therefore cannot create or rely on outlook done on
a GAAP basis. These excluded items could have a significant impact
on the Company’s GAAP financial results.
CAUTIONARY NOTE CONCERNING FORWARD
LOOKING STATEMENTS
This press release includes forward-looking
statements, including forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to,
statements concerning Colfax’s plans, objectives, expectations and
intentions, including the intended separation of Colfax’s
fabrication technology and specialty medical technology businesses
(the “Separation”), and the timing, method and anticipated benefits
of the Separation, and other statements that are not historical or
current fact. Forward-looking statements are based on Colfax’s
current expectations and involve risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in such forward-looking statements. Factors that could
cause Colfax’s results to differ materially from current
expectations include, but are not limited to, risks related to the
impact of the COVID-19 global pandemic, including actions by
governments, businesses and individuals in response to the
situation, such as the scope and duration of the outbreak, the
nature and effectiveness of government actions and restrictive
measures implemented in response, material delays and cancellations
of medical procedures, supply chain disruptions, the impact on
creditworthiness and financial viability of customers; risks
relating to the Separation, including the final approval of the
Separation by Colfax’s board of directors, the uncertainty of
obtaining regulatory approvals, including rulings from the Internal
Revenue Service, if sought, Colfax’s ability to satisfactorily
complete steps necessary for the Separation and related
transactions to be generally tax-free for U.S. federal income tax
purposes, the ability to satisfy the necessary conditions to
complete the Separation on a timely basis, or at all, the ability
to realize the anticipated benefits of the Separation, developments
related to the impact of the COVID-19 pandemic on the Separation,
and the financial and operating performance of each company
following the Separation; other impacts on Colfax’s business and
ability to execute business continuity plans; and the other factors
detailed in Colfax’s reports filed with the U.S. Securities and
Exchange Commission (the “SEC”), including its most recent Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q
under the caption “Risk Factors,” as well as the other risks
discussed in Colfax’s filings with the SEC. In addition, these
statements are based on assumptions that are subject to change.
This press release speaks only as of the date hereof. Colfax
disclaims any duty to update the information herein.
The term “Colfax” in reference to the activities
described in this press release may mean one or more of Colfax’s
global operating subsidiaries and/or their internal business
divisions and does not necessarily indicate activities engaged in
by Colfax Corporation.
Contact:Mike MacekVice
President, FinanceColfax
Corporation+1-302-252-9129investorrelations@colfaxcorp.com
Colfax
CorporationConsolidated Statements of
OperationsDollars in thousands, except per share
data(Unaudited)
|
Three Months Ended |
|
April 2, 2021 |
|
April 3, 2020 |
|
|
|
|
Net sales |
$ |
879,211 |
|
|
|
$ |
816,356 |
|
|
Cost of sales |
508,134 |
|
|
|
468,142 |
|
|
Gross profit |
371,077 |
|
|
|
348,214 |
|
|
Selling, general and
administrative expense |
305,724 |
|
|
|
292,197 |
|
|
Restructuring and other
related charges |
4,046 |
|
|
|
9,180 |
|
|
Operating income |
61,307 |
|
|
|
46,837 |
|
|
Interest expense, net |
25,660 |
|
|
|
24,796 |
|
|
Income from continuing
operations before income taxes |
35,647 |
|
|
|
22,041 |
|
|
Income tax expense |
7,917 |
|
|
|
13,173 |
|
|
Net income from continuing
operations |
27,730 |
|
|
|
8,868 |
|
|
Loss from discontinued
operations, net of taxes |
(7,490) |
|
|
|
(3,360) |
|
|
Net income |
20,240 |
|
|
|
5,508 |
|
|
Less: income attributable to
noncontrolling interest, net of taxes |
1,166 |
|
|
|
1,027 |
|
|
Net income attributable to
Colfax Corporation |
$ |
19,074 |
|
|
|
$ |
4,481 |
|
|
Net income (loss) per share -
basic |
|
|
|
Continuing operations |
$ |
0.19 |
|
|
|
$ |
0.06 |
|
|
Discontinued operations |
$ |
(0.05) |
|
|
|
$ |
(0.02) |
|
|
Consolidated operations |
$ |
0.14 |
|
|
|
$ |
0.03 |
|
|
Net income (loss) per share -
diluted |
|
|
|
Continuing operations |
$ |
0.19 |
|
|
|
$ |
0.06 |
|
|
Discontinued operations |
$ |
(0.05) |
|
|
|
$ |
(0.02) |
|
|
Consolidated operations |
$ |
0.13 |
|
|
|
$ |
0.03 |
|
|
Colfax
CorporationReconciliation of GAAP to Non-GAAP
Financial MeasuresDollars in millions, except per
share data(Unaudited)
|
Three Months Ended |
|
April 2, 2021 |
|
April 3, 2020 |
Adjusted Net Income
and Adjusted Net Income Per Share |
|
Net income from continuing
operations attributable to Colfax Corporation (1) (GAAP) |
$ |
26.6 |
|
|
|
$ |
7.8 |
|
|
Restructuring and other
related charges - pretax (2) |
4.0 |
|
|
|
11.0 |
|
|
MDR and other costs - pretax
(3) |
1.8 |
|
|
|
0.9 |
|
|
Acquisition-related
amortization and other non-cash charges - pretax (4) |
38.5 |
|
|
|
35.8 |
|
|
Strategic transaction costs -
pretax (5) |
1.4 |
|
|
|
0.9 |
|
|
Tax adjustment (6) |
(10.0) |
|
|
|
(2.6) |
|
|
Adjusted net income from
continuing operations (non-GAAP) |
$ |
62.3 |
|
|
|
$ |
53.9 |
|
|
Adjusted net income margin
from continuing operations |
7.1 |
|
% |
|
6.6 |
|
% |
Weighted-average shares
outstanding - diluted (in millions) |
141.8 |
|
|
|
141.5 |
|
|
|
|
|
|
Adjusted net income per share
- diluted from continuing operations (non-GAAP) |
$ |
0.44 |
|
|
|
$ |
0.38 |
|
|
|
|
|
|
Net income per share - diluted
from continuing operations (GAAP) |
$ |
0.19 |
|
|
|
$ |
0.06 |
|
|
__________(1) Net income from continuing
operations attributable to Colfax Corporation for the respective
periods is calculated using Net income from continuing operations
less the income attributable to noncontrolling interest, net of
taxes, of $1.2 million and $1.0 million for the three months ended
April 2, 2021 and April 3, 2020, respectively.(2)
Restructuring and other related charges includes $1.8 million of
expense classified as Cost of sales on our Condensed Consolidated
Statements of Operations for the three months ended April 3, 2020,
only.(3) Primarily related to costs specific to compliance with
medical device reporting regulations and other requirements of the
European Union Medical Device Regulation of 2017.(4) Includes
amortization of acquired intangibles and fair value charges on
acquired inventory.(5) For the three months ended April 2, 2021,
Strategic transaction costs includes costs related to the proposed
separation of our fabrication technology and medical technology
businesses. For the three months ended April 3, 2020, Strategic
transaction costs includes costs incurred for the acquisition of
DJO.(6) The effective tax rates used to calculate adjusted net
income and adjusted net income per share were 22.0% for the three
months ended April 2, 2021 and 22.3% for the three months ended
April 3, 2020, respectively.
Colfax
CorporationReconciliation of GAAP to Non-GAAP
Financial MeasuresDollars in
millions(Unaudited)
|
Three Months Ended |
|
April 2, 2021 |
|
April 3, 2020 |
|
(Dollars in millions) |
Net income from continuing
operations (GAAP) |
$ |
27.7 |
|
|
$ |
8.9 |
|
Income tax expense |
7.9 |
|
|
13.2 |
|
Interest expense, net |
25.7 |
|
|
24.8 |
|
Restructuring and other
related charges(1) |
4.0 |
|
|
11.0 |
|
MDR and other costs(2) |
1.8 |
|
|
0.9 |
|
Strategic transaction
costs(3) |
1.4 |
|
|
0.9 |
|
Acquisition-related
amortization and other non-cash charges(4) |
38.5 |
|
|
35.8 |
|
Adjusted EBITA (non-GAAP) |
$ |
107.1 |
|
|
$ |
95.5 |
|
Net income margin from
continuing operations (GAAP) |
3.2 |
% |
|
1.1 |
% |
Adjusted EBITA margin
(non-GAAP) |
12.2 |
% |
|
11.7 |
% |
__________(1) Restructuring and other related
charges includes $1.8 million of expense classified as Cost of
sales on the Company’s Condensed Consolidated Statements of
Operations for the three months ended April 3, 2020, only.(2)
Primarily related to costs specific to compliance with medical
device reporting regulations and other requirements of the European
Union Medical Device Regulation of 2017.(3) For the three months
ended April 2, 2021, Strategic transaction costs includes costs
related to the proposed separation of our fabrication technology
and medical technology businesses. For the three months ended April
3, 2020, Strategic transaction costs includes costs incurred for
the acquisition of DJO.(4) Includes amortization of acquired
intangibles and fair value charges on acquired inventory.
Colfax
CorporationReconciliation of GAAP to non-GAAP
Financial MeasuresChange in
SalesDollars in
millions(Unaudited)
|
Net Sales |
|
Fabrication Technology |
|
Medical Technology |
|
Total Colfax |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
April 3, 2020 |
$ |
525.5 |
|
|
|
|
$ |
290.8 |
|
|
|
|
|
$ |
816.4 |
|
|
|
Components of Change: |
|
|
|
|
|
|
|
|
|
|
|
Existing businesses(1) |
34.8 |
|
|
6.6 |
% |
|
(0.5) |
|
|
|
(0.2) |
|
% |
|
34.3 |
|
|
4.2 |
% |
Acquisitions(2) |
0.4 |
|
|
0.1 |
% |
|
14.0 |
|
|
|
4.8 |
|
% |
|
14.4 |
|
|
1.8 |
% |
Foreign currency translation(3) |
7.4 |
|
|
1.4 |
% |
|
6.8 |
|
|
|
2.3 |
|
% |
|
14.2 |
|
|
1.7 |
% |
|
42.6 |
|
|
8.1 |
% |
|
20.3 |
|
|
|
7.0 |
|
% |
|
62.9 |
|
|
7.7 |
% |
For the three months ended
April 2, 2021 |
$ |
568.1 |
|
|
|
|
$ |
311.1 |
|
|
|
|
|
$ |
879.2 |
|
|
|
(1) Excludes the impact of foreign exchange rate fluctuations and
acquisitions, thus providing a measure of change due to factors
such as price, product mix and volume.(2) Represents the
incremental sales from acquisitions closed subsequent to the first
quarter of 2020.(3) Represents the difference between prior year
sales valued at the actual prior year foreign exchange rates and
prior year sales valued at current year foreign exchange rates.
Colfax
CorporationConsolidated Balance
SheetsDollars in thousands, except share
amounts(Unaudited)
|
April 2, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
763,653 |
|
|
|
$ |
97,068 |
|
|
Trade receivables, less allowance for credit losses of $35,560 and
$37,666 |
553,785 |
|
|
|
517,006 |
|
|
Inventories, net |
606,208 |
|
|
|
564,822 |
|
|
Prepaid expenses |
75,205 |
|
|
|
69,515 |
|
|
Other current assets |
79,114 |
|
|
|
113,418 |
|
|
Total current assets |
2,077,965 |
|
|
|
1,361,829 |
|
|
Property, plant and equipment, net |
479,240 |
|
|
|
486,960 |
|
|
Goodwill |
3,331,531 |
|
|
|
3,314,541 |
|
|
Intangible assets, net |
1,652,957 |
|
|
|
1,663,446 |
|
|
Lease asset - right of use |
170,620 |
|
|
|
173,942 |
|
|
Other assets |
354,301 |
|
|
|
350,831 |
|
|
Total assets |
$ |
8,066,614 |
|
|
|
$ |
7,351,549 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Current portion of long-term debt |
$ |
727,369 |
|
|
|
$ |
27,074 |
|
|
Accounts payable |
406,744 |
|
|
|
330,251 |
|
|
Accrued liabilities |
424,298 |
|
|
|
454,333 |
|
|
Total current liabilities |
1,558,411 |
|
|
|
811,658 |
|
|
Long-term debt, less current portion |
1,481,997 |
|
|
|
2,204,169 |
|
|
Non-current lease liability |
137,329 |
|
|
|
139,230 |
|
|
Other liabilities |
597,808 |
|
|
|
608,618 |
|
|
Total liabilities |
3,775,545 |
|
|
|
3,763,675 |
|
|
Equity: |
|
|
|
Common stock, $0.001 par value; 400,000,000 shares authorized;
135,597,331 and 118,496,687 issued and outstanding as of
April 2, 2021 and December 31, 2020, respectively |
135 |
|
|
|
118 |
|
|
Additional paid-in capital |
4,201,745 |
|
|
|
3,478,008 |
|
|
Retained earnings |
536,441 |
|
|
|
517,367 |
|
|
Accumulated other comprehensive loss |
(491,727) |
|
|
|
(452,106) |
|
|
Total Colfax Corporation
equity |
4,246,594 |
|
|
|
3,543,387 |
|
|
Noncontrolling interest |
44,475 |
|
|
|
44,487 |
|
|
Total equity |
4,291,069 |
|
|
|
3,587,874 |
|
|
Total liabilities and
equity |
$ |
8,066,614 |
|
|
|
$ |
7,351,549 |
|
|
Colfax
CorporationConsolidated Statements of Cash
FlowsDollars
in thousands(Unaudited)
|
Three Months Ended |
|
April 2, 2021 |
|
April 3, 2020 |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
20,240 |
|
|
|
$ |
5,508 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation, amortization and other impairment charges |
62,785 |
|
|
|
58,336 |
|
|
Stock-based compensation expense |
7,807 |
|
|
|
6,124 |
|
|
Non-cash interest expense |
1,537 |
|
|
|
1,311 |
|
|
Deferred income tax benefit |
(3,614) |
|
|
|
(567) |
|
|
Loss on sale of property, plant and equipment |
257 |
|
|
|
976 |
|
|
Changes in operating assets and liabilities: |
|
|
|
Trade receivables, net |
(39,950) |
|
|
|
29,445 |
|
|
Inventories, net |
(32,743) |
|
|
|
(16,431) |
|
|
Accounts payable |
83,442 |
|
|
|
30,592 |
|
|
Other operating assets and liabilities |
(15,379) |
|
|
|
(59,065) |
|
|
Net cash provided by
operating activities |
84,382 |
|
|
|
56,229 |
|
|
Cash flows from
investing activities: |
|
|
|
Purchases of property, plant and equipment |
(24,537) |
|
|
|
(31,113) |
|
|
Proceeds from sale of property, plant and equipment |
— |
|
|
|
1,688 |
|
|
Acquisitions, net of cash received, and investments |
(103,475) |
|
|
|
(7,830) |
|
|
Net cash used in
investing activities |
(128,012) |
|
|
|
(37,255) |
|
|
Cash flows from
financing activities: |
|
|
|
Proceeds from borrowings on revolving credit facilities and
other |
179,367 |
|
|
|
608,673 |
|
|
Repayments of borrowings on revolving credit facilities and
other |
(185,643) |
|
|
|
(364,403) |
|
|
Proceeds from issuance of common stock, net |
716,632 |
|
|
|
2,220 |
|
|
Deferred consideration payments and other |
(2,704) |
|
|
|
(1,353) |
|
|
Net cash provided by
financing activities |
707,652 |
|
|
|
245,137 |
|
|
Effect of foreign
exchange rates on Cash and cash equivalents and Restricted
cash |
(1,438) |
|
|
|
(8,139) |
|
|
Increase in Cash and cash
equivalents and Restricted cash |
662,584 |
|
|
|
255,972 |
|
|
Cash and cash equivalents and
Restricted Cash, beginning of period |
101,069 |
|
|
|
109,632 |
|
|
Cash and cash
equivalents, end of period |
$ |
763,653 |
|
|
|
$ |
365,604 |
|
|
Colfax (NYSE:CFX)
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From Aug 2024 to Sep 2024
Colfax (NYSE:CFX)
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From Sep 2023 to Sep 2024