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Most of our projects are, to some extent, an exercise in glitch-reduction. Whether theyre self-inflicted software or hardware mistakes, or even if the glitches in question come from sources beyond our control, the whole point of the thing is to get it running smoothly and predictably.

Thats not always the case, though. Sometimes inducing a glitch on purpose can be a useful tool, especially when reverse engineering something. Thats where this low-cost electromagnetic fault injection tool could come in handy. EMFI is a way to disrupt the normal flow of a program running on an embedded system; properly applied and with a fair amount of luck, it can be used to put the system into an exploitable state. The PicoEMP, as [Colin OFlynn] dubs his EMFI tool, is a somewhat tamer version of his previous ChipSHOUTER tool. PicoEMP focuses on user safety, an important consideration given that its business end can put about 250 volts across its output. Safety features include isolation for the Raspberry Pi Pico that generates the PWM signals for the HV section, a safety enclosure over the HV components, and a switch to discharge the capacitors and prevent unpleasant surprises.

In use, the high-voltage pulse is applied across an injection tip, which is basically a ferrite-core antenna. The tip concentrates the magnetic flux in a small area, which hopefully will cause the intended glitch in the target system. The video below shows the PicoEMP being used to glitch a Bitcoin wallet, as well as some tests on the HV pulse.

If youre interested in the PicoEMP and glitching in general, be sure to watch out for [Colin]s 2021 Remoticon talk on the subject. Until that comes out, you might want to look into glitching attacks on a Nintendo DSi and a USB glitch on a Wacom tablet.

Hat tip goes to [leo60228] for this one. Thanks!

See the rest here:

Glitch Your Way To Reverse-Engineering Glory With The PicoEMP - Hackaday

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Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Shapir Engineering and Industry Ltd (TLV:SPEN) does carry debt. But the real question is whether this debt is making the company risky.

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.

View our latest analysis for Shapir Engineering and Industry

The image below, which you can click on for greater detail, shows that at September 2021 Shapir Engineering and Industry had debt of 5.23b, up from 4.86b in one year. However, it does have 1.18b in cash offsetting this, leading to net debt of about 4.05b.

According to the last reported balance sheet, Shapir Engineering and Industry had liabilities of 1.70b due within 12 months, and liabilities of 4.70b due beyond 12 months. Offsetting this, it had 1.18b in cash and 1.63b in receivables that were due within 12 months. So its liabilities total 3.59b more than the combination of its cash and short-term receivables.

While this might seem like a lot, it is not so bad since Shapir Engineering and Industry has a market capitalization of 10.7b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.

We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).

With a net debt to EBITDA ratio of 6.1, it's fair to say Shapir Engineering and Industry does have a significant amount of debt. But the good news is that it boasts fairly comforting interest cover of 3.4 times, suggesting it can responsibly service its obligations. On a slightly more positive note, Shapir Engineering and Industry grew its EBIT at 12% over the last year, further increasing its ability to manage debt. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Shapir Engineering and Industry will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Looking at the most recent three years, Shapir Engineering and Industry recorded free cash flow of 46% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.

Shapir Engineering and Industry's struggle handle its debt, based on its EBITDA, had us second guessing its balance sheet strength, but the other data-points we considered were relatively redeeming. But on the bright side, its ability to to grow its EBIT isn't too shabby at all. Looking at all the angles mentioned above, it does seem to us that Shapir Engineering and Industry is a somewhat risky investment as a result of its debt. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Shapir Engineering and Industry has 1 warning sign we think you should be aware of.

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Does Shapir Engineering and Industry (TLV:SPEN) Have A Healthy Balance Sheet? - Simply Wall St

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Jessica Nabitovsky could not find a job she wanted. During her last year as an undergraduate biomedical engineering student, she saw that the jobs that she was applying to and the jobs that she really wanted didnt align. I wanted to not only know how different products were being developed but also why they were being developed as well, she says.

It was then that I decided that a background knowledge in business was missing and that I would get my masters to fill that void. The Integrated Biomedical Engineering and Business (IBEB) Master of Science (MS) Degree combined her passion for medicine, with the problem solving and thrill of innovation and technology.

Indeed, this programme offered by Drexel Universitys School of Biomedical Engineering, Science and Health Systems (BIOMED) in collaboration with the LeBow College of Business and the Close School of Entrepreneurship is best described as a tech-savvy alternative to the traditional MBA. Besides biomedical engineering, students take up business core classes like management, leadership, economics, communications and marketing.

The Integrated Biomedical Engineering and Business (IBEB) Master of Science (MS) Degree prepares engineering graduates to become future industry leaders. Source: Drexel University, School of Biomedical Engineering

For Harshita Shah, who has always been attracted to medical device technology development, pursuing this programme at Drexel BIOMED gave her an opportunity to learn about the various aspects of the healthcare industry. Receiving the Coulter-Drexel Translational Research Programme Fellowship offered in only 15 universities across the US was the icing on the cake.

It is a combination of engineering, research and business that fascinated me the most about the fellowship. Since the programme aims to transfer promising technologies developed at Drexel into clinical practice, I can put my theoretical knowledge to practical analysis, Shah says.

Similarly, Nabitovsky feels that the Coulter Fellowship has afforded her a chance to explore how research teams get funding, which she could not do previously: Within only a year, the material that I absorbed alongside the team conducting market research was equivalent, if not more, than the material I learned in the classroom.

Drexel University School of Biomedical Engineering, Science and Health Systems offers a flexible masters programme for those who want to learn about both biomedical engineering and business together. Source: Drexel University, School of Biomedical Engineering

Drexels graduate Coulter Fellows can work up to 15 hours weekly with research teams and learn about the latest biomedical technologies. They get practical experience of the commercialisation process as they bring an invention from their university laboratories to the real world as well.

Thanks to the Coulter Fellowship, Shah has become more confident, gained collaboration skills, and could manage time better. Nabitovsky even landed her current position with Accenture because of the experience and insight she gained from her programme.

Throughout school, I had been so focused on the research and development of different techniques and technologies, that I had never thought about the market research or funding aspects. Coulter taught me to look at the projects from both the investors and customers points of view rather than just the researchers, Nabitovsky adds.

iBE a lifesaving breast exam detection tool cofounders Mihir Shah (L) and Bhaumik Sanghvi (R). Source: Drexel University, School of Biomedical Engineering

In addition to merit-based fellowships most students in the IBEB program pursue a graduate co-op or internship for up to six months at Philadelphias biomedical hub, home to many start-ups, newly formed biotechs and established large pharma companies. On top of developing transferable skills needed to become managers and technology entrepreneurs, students receive career guidance from their corporate mentors.

At the same time, Drexel BIOMED is well-known for its translational research which catalyses the creation of new or improved health devices, drugs or diagnostic interventions. With better technical expertise, proper funding and less organisational barriers within such research, more life-saving innovations can be designed to help more people achieve better health.

Since translational research encompasses medicine, engineering, entrepreneurship and the sciences, IBEB students are in an excellent position to kickstart these inventions. Drexel BIOMEDs valuable partnerships with regional and global commercialisation communities can then help design and market these solutions.

One successful collaborative product is the Intelligent BreastExam (iBE). Drexel BIOMED Professor Wan Y. Shihs early breast cancer diagnosis inspired her to make a radiation-free, handheld device but because it was a prototype with limited clinical testing, commercial development and distribution were required to market this.

Enter Mihir Shahs UE LifeSciences Inc. Coincidentally located a few blocks away from Shihs lab, Shah, a former Drexel electrical engineering graduate whose mother in laws breast cancer was detected early as well licensed and redesigned the prototype into the wireless battery-operated iBE that can complete accurate, non-invasive breast exams in just five minutes.

If you have always wanted to be involved in research that can save lives, consider Drexel BIOMED. The IBEB can be completed within one and half to two years, either full or part-time, saving substantial time and money. For more information, click here.

Follow Drexel University School of Biomedical Engineering, Science and Health Systems on Facebook, LinkedIn, YouTube, Twitter and Instagram

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Drexel University, School of Biomedical Engineering: Where biomedical engineering and business experts are made - Study International News

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Rapid developments in bioprocesses and protein engineering, increasing applications of industrial enzymes in various industrial products, and growing focus on improving production efficiency and reducing energy consumption are some key factors expected to drive market growth

NEW YORK, Jan. 13, 2022 /PRNewswire/ -- Reports and Data has published its latest report titled "Industrial Enzymes Market, By Type (Carbohydrases, Lipases, Proteases, Polymerases & Nucleases, Others), By Source (Plant, Microorganism, Animal), By Form (Liquid, Dry), By Application, and By Region Forecast to 2028."

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According to the latest report by Reports and Data, the global industrial enzymes market size was USD 5.91 billion in 2020 and is expected to reach USD 9.77 Billion in 2028 and register a revenue CAGR of 6.4% during the forecast period, 2021-2028.

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Drivers, Restraints, and Opportunities

Enzymes are widely used in industrial applications such as in in the production of corn syrups, fuel ethanol, and sweeteners. Industrial enzymes include carbohydrases, proteases, lipases, and others. Industrial enzymes have been used to facilitate industrial processes and production of products and over the recent past, advancements in bioprocesses have made it possible to produce purified and well-characterized enzymes on a large scale. Increasing research and development activities have expanded application scope of industrial enzymes in industrial products and processes such as chemical, textile, detergent, leather, and pulp and paper industries and this is a key factor expected to drive market revenue growth over the forecast period. In addition, industrial enzymes speed up reactions and improve yield by increasing accessible precursors for downstream applications and this is expected to drive demand for industrial enzymes and contribute to revenue growth of over the forecast period.

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Enzyme mediated processes have gained interest owing to reduced process time, low energy consumption, cost effective, non-toxic, and eco-friendly characteristics. Enzymes are biological molecules that are proteinaceous in nature and act as catalysts to support almost all chemical reactions. Enzymes are majorly used in processes such as baking, detergents, brewing, pharmaceuticals, and in leather processing industry, among others. Over the recent years, advancements in protein engineering and site-directed evolution have enabled production of enzymes that are tailor-made enzymes with new attributes for new process conditions. Hydrolases such as proteases and lipases, amylases, carbohydrases, polymerases, and proteases, among others are some major industrial enzymes. A large share of enzyme products are manufactured using recombinant microorganisms and recent developments in recombinant DNA technology have further expanded application scope of industrial enzymes. Current commercial use of industrial enzymes have resulted in significant saving of crucial resources such as raw materials, energy and water consumption, and improvement of energy efficacy of industrial processes.

Increasing application of industrial enzymes in animal feed industry, in cookies and biscuits, and in food and beverage processing and growing focus on biotechnology-based approaches to production of industrial enzymes are some other key factors are some other key factors expected to contribute to revenue growth of the market going ahead. However, high costs associated with raw materials and changes in enzyme pH due to temperature variations are some key factors expected to limit adoption of industrial enzymes and restrain market growth to a certain extent over the forecast period.

To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/industrial-enzymes-market

COVID-19 Impact Analysis

Social distancing and restrictions severely disrupted businesses and operations

Lockdowns caused disruptions in transportation and logistics

impacted manufacturing activities and mining operations globally

Took a toll on economy of various countries

Caused sudden and drastic downturn in economic activity

Disrupted agriculture, fisheries, dairy, and other sectors

Caused loss of employment and financial crisis

Supply impacts were further compounded owing to reduced disposable income

Emergence of variants continue to cause concerns and impact normal routines

Carbohydrases Segment to Account for Significant Revenue Share:

Carbohydrases segment is expected to account for a significantly large revenue share over the forecast period attributable to increasing application of carbohydrases in food & beverages, textiles, bioethanol, and other end-use industries owing to numerous benefits such as cost-effectiveness, rapid reaction time, and easy process optimization.

Microorganism Segment to Support Revenue Growth:

Microorganism segment is expected to register significant revenue growth over the forecast period attributable to increasing use of microbial enzymes in industries, rapid progress in development of industrial enzymes using fungal cell factories, growing application of microorganisms for the production of enzymes, wine, bread, and other products.

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North America to Lead Terms in Revenue Share:

North America is expected to account for largest revenue share in the global market over the forecast period attributable to increasing use of industrial enzymes in production of bakery products, food & beverage industry, and in pharmaceuticals, rising investment by key companies to advanced enzyme production, and presence of key market players in the region.

Asia Pacific Market Revenue to Expand Steadily:

Asia Pacific market revenue is expected to expand at a steady revenue growth rate during the forecast period attributable to rapid industrialization, development of food & pharmaceutical sectors, increasing investment to scale-up production of industrial enzymes, and advancements in biotechnology sector.

Major Companies in the Market Include:

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Market Segmentation:

For the purpose of this report, Reports and Data has segmented global industrial enzymes market based on type, source, form, application, and region:

Type Outlook (Revenue, USD Billion; 2018-2028)

Carbohydrases

Lipases

Proteases

Polymerases & Nucleases

Others

Source Outlook (Revenue, USD Billion; 2018-2028)

Form Outlook (Revenue, USD Billion; 2018-2028)

Application Outlook (Revenue, USD Billion; 2018-2028)

Food & Beverages

Bioethanol

Detergents

Textiles & Leather

Paper & Pulp

Wastewater Treatment

Feed

Others

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Regional Outlook (Revenue, USD Billion; 2018-2028)

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Some points on how the report benefits stakeholders:

The reports include historical (20182020) and forecast (20212028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.

Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.

The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.

The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.

Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.

The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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John WHead of Business DevelopmentReports And Data | Web: http://www.reportsanddata.com Direct Line: +1-212-710-1370 E-mail: sales@reportsanddata.com LinkedIn | Twitter | Blogs Read Latest Press Release @ https://www.reportsanddata.com/press-release/global-industrial-enzymes-market

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