EMERGING GROWTH & SPECIAL SITUATIONS

Our Emerging Growth research platform is focused on companies and industries that are on the leading edge of technology and innovation but have not yet reached commercial scale. This spans across numerous sectors but carries the common theme that the company is bringing a “disrupter” technology to market. We also include research on highly differentiated specialty companies that do not necessarily fit within a specific industry sector definition, however, their technology promises to be transformative to one or more end markets.

Recent Sector Insights

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
Company Announces Better Than Expected Preliminary 2021 Revenues and Strategic Acquisition of HyperPointe
· Update Note · 13 Jan 2022

XpresSpa Group pre-announced 2021 revenues of more than $71 million, well above the one estimate of $64 million. This implies 4Q21 revenues of $27 million or more, higher than the seasonally strong 3Q21 results. These quarterly and annual results are an all-time high for the company, including pr...

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Appointment of New CEO Randy Hendricks
· Update Note · 17 Dec 2021

After a comprehensive executive search, Zovio’s board announced that it has appointed Randy Hendricks as Zovio Inc’s new Chief Executive Officer.

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
Focused Discussion of the XpresCheck Business with CEO Doug Satzman
· Management Series · 16 Dec 2021

Our discussion with Doug Satzman, CEO on December 7, 2021 focused on the XpresCheck business, which provides COVID-19 tests at 14 locations in 12 major US airports. The business was started from nil in June 2020 and achieved revenues of $25.4 million in 3Q21, making it the largest airport-based C...

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
WTR Fireside Chat Series: Doug Satzman, CEO of XpresSpa Group on December 7, 2021 at 1 pm EST to Discuss the Factors Driving the XpresCheck Business of XpresSpa Group
· Fireside Chat Invitation · 02 Dec 2021

On Tuesday, December 7, 2021, at 1:00 pm EST, we will be hosting Doug Satzman, CEO of XpresSpa Group, to discuss the factors driving the XpresCheck business of XpresSpa Group. The event is open to all.

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
Impressive Results from XpresCheck Enhanced by Positive Change in Revenue Recognition
· Update Note · 17 Nov 2021

XpresSpa Group reported 3Q21 revenues of $26.8 million compared to $9.1 million for 2Q21 and $0.02 million in 3Q20. XpresCheck contributed $25.4 million to revenue, while the legacy spa business contributed the remaining $1.4 million.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Proposed Agreement with the University of Arizona Creates Meaningful Upside but Execution Will Be Key
· Update Note · 11 Nov 2021

Zovio is attempting to transform itself from a for-profit school with significant regulatory burden into an education technology leader.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
3Q21 Results: Mixed Trends at UAGC, More Improvements Needed; Zovio Growth Continues to Execute Well
· Update Note · 28 Oct 2021

Zovio reported mostly in-line revenues of $62.2 million and a per-share loss of $0.12. The University of Arizona Global Campus (UAGC) enrollments remain challenging, while retention has been improving consistently.

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
Leveraging its Position as the Only Airport-Based National Health and Wellness Provider in COVID Times
· Initiation Of Coverage Report · 25 Oct 2021

XpresSpa controls valuable real estate in 27 airports making it the largest health and wellness focused company operating in airports. It is in a unique position to offer relevant and sometimes critical services to passengers, airport authorities, airlines, and government agencies like the CDC.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Management Series: Zovio Growth Segment Review
· Management Series · 23 Sep 2021

Zovio Growth segment consists primarily of the Fullstack Academy and TutorMe businesses, both acquired in the first half of 2019.

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