Cleo Diagnostics: Revolutionising Ovarian Cancer Diagnosis Through Accurate and Early Detection

Cleo Diagnostics (ASX:COV) is revolutionising women's healthcare with its disruptive cancer detection platform technology, through a simple blood test that can accurately detect ovarian cancer early. Cleo is well-positioned to leverage this market opportunity considering a compelling addressable market for this technology.

Developed over the course of a decade by Dr. Andrew Stephens, Cleo’s blood test is underpinned by the CXCL10 novel and patented protein biomarker known to be present in all stages of ovarian cancer. By combining CXCL10 with several other biomarkers in a custom algorithm, Cleo can not only be used in triage, but also for the purposes of screening and recurrence testing. The project is currently in the advanced R&D stage and has so far conducted two clinical studies, analysing more than 700 patient samples in the process.

The CleoDX Technology is readily accessible powered with an AI-based risk assessment feature that leverages a proprietary algorithm to perform a risk evaluation on the patient, determining the likelihood of a cancer diagnosis.

Cleo plans for the test to be ready for clinical use in a surgical triage setting by 2025, where it will be available initially to one million patients. Target launch dates for recurrence, high-risk screening and mass screening are still to be determined.

Company Highlights

Backed by medical professionals and cancer specialists with decades of experience, Cleo Diagnostics has developed a disruptive, accurate and early-stage ovarian cancer detection blood test.
Cleo targets the CXCL10 novel biomarker, which is now known to be overexpressed in all stages of ovarian cancer.
Cleo is the result of more than a decade of research at the Hudson Institute of Medical Research, where chief scientist Dr. Andrew Stephens received more than $5 million OCRF & NHMRC funding for development and clinical studies.
The test is also supported by Professor Tom Jobling, founder of the Ovarian Cancer Foundation and Lucinda Nolan, the foundation's former CEO.
Cleo has developed a staged execution strategy focused on an achievable path to market. This ensures the project, which is currently in its advanced R&D stage, can maximise commercial value for all stakeholders.

This Cleo Diagnostics profile is part of a paid investor education campaign.*

Click here to connect with Cleo Diagnostics (ASX:COV) to receive an Investor Presentation

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COV:AU

A new paradigm in electrophysiology: Medtronic receives FDA approval of Affera Mapping and Ablation System and Sphere-9 Catheter

First-of-its-kind, all-in-one HD-mapping and dual energy (pulsed field and radiofrequency) ablation catheter
Highly anticipated by electrophysiologists for its innovation and demonstrated safety and efficacy as well as improved workflow and short learning curve
Now with two pulsed field ablation (PFA) offerings and a portfolio of electrophysiology solutions, Medtronic is shaping the future of arrythmia treatment today

- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced United States Food and Drug Administration (FDA) approval of the Affera™ Mapping and Ablation System with Sphere-9™ Catheter, an all-in-one, high-density (HD) mapping and pulsed field (PF) and radiofrequency (RF) ablation catheter for treatment of persistent atrial fibrillation (AFib) and for RF ablation of cavotricuspid isthmus (CTI) dependent atrial flutter.

With this approval, Medtronic is now the first and only company with two PFA technologies available for patients with Afib. The PulseSelect™ Pulsed Field Ablation System, which was FDA approved in December 2023 , offers physicians a safe, single-shot solution for pulmonary vein isolation (PVI) while the Affera Sphere-9 catheter enables physician treatment flexibility with its wide area focal design and 9mm lattice tip that can used with an 8.5Fr sheath.

"The significance of this innovative technology should be underscored; Affera is a game changer for treatment of Afib and atrial flutter," said Vivek Reddy , M.D., Director of Cardiac Arrhythmia Services for the Mount Sinai Health System in New York City. "The Affera system provides physicians with one safe, effective and efficient solution to this common and increasing problem in heart disease that needs optimized solutions for patients. With a short learning curve for experienced physicians, the possibilities are boundless for the treatment of Afib."

With a trailblazing design, the Sphere-9 catheter offers physicians the option of both PF and RF energy delivery, fully integrated with the Affera Mapping and Ablation System. The Sphere-9 catheter enhances workflow efficiency for physicians while providing excellent safety and efficacy outcomes.

"The Affera system was designed to address procedural challenges faced by the electrophysiology community while maintaining a high standard of safety and efficacy for patients. By enabling a single transeptal, zero-fluoroscopy, and zero-exchange workflow, the Sphere-9 catheter uniquely integrates both mapping and ablation technologies, offering the flexibility to use either pulsed field or radiofrequency energy," said Doron Harlev , vice president of engineering for Cardiac Ablation Solutions at Medtronic and founder of Affera. "This marks an exciting milestone for the field, with Medtronic's robust innovation pipeline poised to drive continued progress."

The approval was based on excellent results demonstrated in the pivotal SPHERE Per-AF study , an FDA Investigational Device Exemption (IDE) trial, which compared the Sphere-9 catheter with the Affera Mapping and Ablation System to the conventional Thermocool SmartTouch® SF radiofrequency ablation catheter with the Carto™*3 System. The Affera Mapping and Ablation System and Sphere-9 catheter also received CE Mark in March 2023 and was approved in Australia in September 2024 . In October 2024 , Medtronic announced the start of an early feasibility study to evaluate the Sphere-9 catheter for treatment of ventricular tachycardia (VT), a cardiac arrhythmia in which the lower chamber of the heart beats abnormally fast.

"At Medtronic, we have a 75-year tradition of bringing disruptive innovation to market, guided by our mission and commitment to address the unmet needs of patients. With the approval of Affera, we are excited to bring a novel mapping and ablation solution to clinicians that is intended to make atrial fibrillation treatment safer, more effective, and more efficient," said Rebecca Seidel , president of the Cardiac Ablation Solutions business, which is part of the Medtronic Cardiovascular Portfolio. "The potential of Affera is limitless. We will continue to fulfill our commitment to innovation, including new indications, to advance cardiovascular care and improve patient outcomes."

AFib is one of the most common and undertreated heart rhythm disorders, affecting more than 60 million people worldwide. ¹ Afib is a progressive disease, often beginning as paroxsymal AFib (presents intermittently) and progressing to persistent (lasts for more than 7+ days without stopping). As the disease progresses, the risk of serious complications including heart failure, stroke and risk of death increases ^2-5 .

For more information on Affera and the Sphere-9 catheter, visit Medtronic.com.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow Medtronic on LinkedIn .

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

References

Roth GA, Mensah GA, Johnson CO et al. Global Burden of Cardiovascular Diseases and Risk Factors, 1990-2019: Update From the GBD 2019 Study. J Am Coll Cardiol 2020;76:2982-3021.
Miyasaka Y, Barnes ME, Bailey KR, et al. Mortality trends in patients diagnosed with first atrial fibrillation: a 21-year community-based study. J Am Coll Cardiol 2007;49:986-92.
Hindricks G, Potpara T, Dagres N, et al. 2020 ESC Guidelines for the diagnosis and management of atrial fibrillation developed in collaboration with the European Association of Cardio-Thoracic Surgery (EACTS). Eur Heart J 2020.
Wolf PA , Abbott RD, Kannel WB. Atrial fibrillation as an independent risk factor for stroke: the Framingham Study. Stroke 1991;22:983-8.
Lubitz SA, Moser C, Sullivan L, et al. Atrial fibrillation patterns and risks of subsequent stroke, heart failure, or death in the community. J Am Heart Assoc 2013;2:e000126

Dr. Reddy is a paid consultant for Medtronic.
*Thermocool SmartTouch and Carto are trademarks of Biosense Webster, Inc.

Contacts:
Leslie Williamson	Ryan Weispfenning
Public Relations	Investor Relations
+1-612-227-5099	+1-763-505-4626

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Medtronic Bike Donation Brightens School Year

Medtronic employees surprised 200 students in Columbia Heights with new bikes. Hundreds of Medtronic volunteers built the bikes, which were later donated to the students along with bike locks, and helmets. This effort is one of many that continue the legacy of Medtronic's founder, Earl Bakken, who grew up in Columbia Heights and inspired employees to contribute to their communities and create lasting change

Learn more about how employees' commitment to giving back makes an impact across communities.

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Knight Therapeutics Announces Approval of Minjuvi® in Mexico

Knight Therapeutics Inc., (TSX: GUD) ("Knight") a pan-American (ex-USA) specialty pharmaceutical company, announced today that its Mexican affiliate, Grupo Biotoscana de Especialidad S.A. de C.V. has obtained regulatory approval by COFEPRIS, the Mexican health regulatory agency, for Minjuvi ® (tafasitamab) in combination with lenalidomide followed by Minjuvi ® monotherapy for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL), who are not eligible for autologous stem cell transplantation (ASCT).

DLBCL is the most common subtype of non-Hodgkin lymphoma, presenting an aggressive clinical profile. While a significant number of patients can be cured with standard front-line therapy, many will develop refractory disease or relapse following an initial response, and these individuals are often ineligible for ASCT. Such patients face a very poor prognosis, emphasizing the need for treatment options to improve their outcomes ¹ .

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Thermo Fisher Scientific to Hold Earnings Conference Call on Wednesday, October 23, 2024

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced that it will release its financial results for the third quarter 2024 before the market opens on Wednesday, October 23, 2024, and will hold a conference call on the same day at 8:30 a.m. EDT.

During the call, the company will discuss its financial performance, as well as future expectations. To listen, call (833) 470-1428 within the U.S. or (404) 975-4839 outside the U.S. The access code is 296868. You may also listen to the call live on the "Investors" section of our website, www.thermofisher.com. The earnings press release and related information can also be found in that section of our website under the heading "Financials." A replay of the call will be available under "News, Events & Presentations" through Wednesday, November 6, 2024.

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Condensed Consolidated Statements of Income (unaudited)
	Three months ended
	September 28,			% of		September 30,			% of
(Dollars in millions except per share amounts)	2024			Revenues		2023			Revenues
Revenues	$	10,598				$	10,574
Costs and operating expenses:
Cost of revenues (a)		6,180		58.3	%		6,145		58.1	%
Selling, general and administrative expenses (b)		1,739		16.4	%		1,578		14.9	%
Amortization of acquisition-related intangible assets		450		4.2	%		584		5.6	%
Research and development expenses		346		3.3	%		319		3.0	%
Restructuring and other costs (c)		45		0.4	%		84		0.8	%
Total costs and operating expenses		8,759		82.7	%		8,710		82.4	%
Operating income		1,838		17.3	%		1,864		17.6	%
Interest income		277					246
Interest expense		(356	)				(359	)
Other income/(expense) (d)		(16	)				14
Income before income taxes		1,742					1,765
Provision for income taxes (e)		(99	)				(53	)
Equity in earnings/(losses) of unconsolidated entities		(14	)				(17	)
Net income		1,629					1,695
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f)		—					(20	)
Net income attributable to Thermo Fisher Scientific Inc.	$	1,630		15.4	%	$	1,715		16.2	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	4.26				$	4.44
Diluted	$	4.25				$	4.42
Weighted average shares:
Basic		382					386
Diluted		384					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	1,838		17.3	%	$	1,864		17.6	%
Cost of revenues adjustments (a)		9		0.1	%		14		0.1	%
Selling, general and administrative expenses adjustments (b)		21		0.2	%		14		0.1	%
Restructuring and other costs (c)		45		0.4	%		84		0.8	%
Amortization of acquisition-related intangible assets		450		4.2	%		584		5.6	%
Adjusted operating income (non-GAAP measure)	$	2,362		22.3	%	$	2,560		24.2	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	1,630				$	1,715
Cost of revenues adjustments (a)		9					14
Selling, general and administrative expenses adjustments (b)		21					14
Restructuring and other costs (c)		45					84
Amortization of acquisition-related intangible assets		450					584
Other income/expense adjustments (d)		3					(9	)
Provision for income taxes adjustments (e)		(139	)				(192	)
Equity in earnings/losses of unconsolidated entities		14					17
Noncontrolling interests adjustments (f)		(6	)				(19	)
Adjusted net income (non-GAAP measure)	$	2,026				$	2,208

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	4.25				$	4.42
Cost of revenues adjustments (a)		0.02					0.04
Selling, general and administrative expenses adjustments (b)		0.05					0.03
Restructuring and other costs (c)		0.12					0.22
Amortization of acquisition-related intangible assets		1.17					1.50
Other income/expense adjustments (d)		0.01					(0.02	)
Provision for income taxes adjustments (e)		(0.36	)				(0.49	)
Equity in earnings/losses of unconsolidated entities		0.04					0.04
Noncontrolling interests adjustments (f)		(0.02	)				(0.05	)
Adjusted EPS (non-GAAP measure)	$	5.28				$	5.69

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	2,167				$	2,414
Purchases of property, plant and equipment		(271	)				(332	)
Proceeds from sale of property, plant and equipment		20					66
Free cash flow (non-GAAP measure)	$	1,915				$	2,148

Business Segment Information	Three months ended
	September 28,			% of		September 30,			% of
(Dollars in millions)		2024		Revenues			2023		Revenues

Revenues
Life Sciences Solutions	$	2,387		22.5	%	$	2,433		23.0	%
Analytical Instruments		1,808		17.1	%		1,754		16.6	%
Specialty Diagnostics		1,129		10.7	%		1,083		10.2	%
Laboratory Products and Biopharma Services		5,740		54.2	%		5,728		54.2	%
Eliminations		(467	)	-4.4	%		(424	)	-4.0	%
Consolidated revenues	$	10,598		100.0	%	$	10,574		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	845		35.4	%	$	872		35.9	%
Analytical Instruments		451		24.9	%		468		26.7	%
Specialty Diagnostics		293		25.9	%		283		26.1	%
Laboratory Products and Biopharma Services		773		13.5	%		937		16.4	%
Subtotal reportable segments		2,362		22.3	%		2,560		24.2	%
Cost of revenues adjustments (a)		(9	)	-0.1	%		(14	)	-0.1	%
Selling, general and administrative expenses adjustments (b)		(21	)	-0.2	%		(14	)	-0.1	%
Restructuring and other costs (c)		(45	)	-0.4	%		(84	)	-0.8	%
Amortization of acquisition-related intangible assets		(450	)	-4.2	%		(584	)	-5.6	%
Consolidated GAAP operating income	$	1,838		17.3	%	$	1,864		17.6	%


(a) Adjusted results in 2024 and 2023 exclude charges for the sale of inventory revalued at the date of acquisition and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges associated with product liability litigation. Adjusted results in 2024 also exclude $5 of accelerated depreciation on fixed assets to be abandoned due to facility consolidations.
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations.
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments.
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes, and the tax impacts from audit settlements.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.
Note:
Consolidated depreciation expense is $291 and $269 in 2024 and 2023, respectively.

Organic and Core organic revenue growth		Three months ended
		September 28, 2024
Revenue growth		0%
Acquisitions		1%
Currency translation		0%
Organic revenue growth (non-GAAP measure)		0%
COVID-19 testing revenue		0%
Core organic revenue growth (non-GAAP measure)		0%

Note:
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Condensed Consolidated Statements of Income (unaudited)
	Nine months ended
	September 28,			% of		September 30,			% of
(Dollars in millions except per share amounts)		2024		Revenues			2023		Revenues
Revenues	$	31,484				$	31,971
Costs and operating expenses:
Cost of revenues (a)		18,326		58.2	%		18,905		59.1	%
Selling, general and administrative expenses (b)		5,156		16.4	%		4,897		15.3	%
Amortization of acquisition-related intangible assets		1,514		4.8	%		1,775		5.5	%
Research and development expenses		1,016		3.2	%		1,010		3.2	%
Restructuring and other costs (c)		151		0.5	%		379		1.2	%
Total costs and operating expenses		26,163		83.1	%		26,966		84.3	%
Operating income		5,321		16.9	%		5,005		15.7	%
Interest income		851					570
Interest expense		(1,073	)				(985	)
Other income/(expense) (d)		(2	)				(32	)
Income before income taxes		5,096					4,558
Provision for income taxes (e)		(507	)				(151	)
Equity in earnings/(losses) of unconsolidated entities		(75	)				(58	)
Net income		4,514					4,349
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f)		9					(16	)
Net income attributable to Thermo Fisher Scientific Inc.	$	4,505		14.3	%	$	4,365		13.7	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	11.79				$	11.31
Diluted	$	11.75				$	11.25
Weighted average shares:
Basic		382					386
Diluted		383					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	5,321		16.9	%	$	5,005		15.7	%
Cost of revenues adjustments (a)		25		0.1	%		73		0.2	%
Selling, general and administrative expenses adjustments (b)		(24	)	-0.1	%		28		0.1	%
Restructuring and other costs (c)		151		0.5	%		379		1.2	%
Amortization of acquisition-related intangible assets		1,514		4.8	%		1,775		5.5	%
Adjusted operating income (non-GAAP measure)	$	6,987		22.2	%	$	7,260		22.7	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	4,505				$	4,365
Cost of revenues adjustments (a)		25					73
Selling, general and administrative expenses adjustments (b)		(24	)				28
Restructuring and other costs (c)		151					379
Amortization of acquisition-related intangible assets		1,514					1,775
Other income/expense adjustments (d)		(8	)				36
Provision for income taxes adjustments (e)		(190	)				(534	)
Equity in earnings/losses of unconsolidated entities		75					58
Noncontrolling interests adjustments (f)		(6	)				(19	)
Adjusted net income (non-GAAP measure)	$	6,042				$	6,161

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	11.75				$	11.25
Cost of revenues adjustments (a)		0.07					0.19
Selling, general and administrative expenses adjustments (b)		(0.06	)				0.07
Restructuring and other costs (c)		0.39					0.98
Amortization of acquisition-related intangible assets		3.95					4.57
Other income/expense adjustments (d)		(0.02	)				0.09
Provision for income taxes adjustments (e)		(0.50	)				(1.38	)
Equity in earnings/losses of unconsolidated entities		0.20					0.15
Noncontrolling interests adjustments (f)		(0.02	)				(0.05	)
Adjusted EPS (non-GAAP measure)	$	15.76				$	15.87

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	5,377				$	4,683
Purchases of property, plant and equipment		(920	)				(1,074	)
Proceeds from sale of property, plant and equipment		40					76
Free cash flow (non-GAAP measure)	$	4,498				$	3,685

Business Segment Information	Nine months ended
	September 28,			% of		September 30,			% of
(Dollars in millions)		2024		Revenues			2023		Revenues

Revenues
Life Sciences Solutions	$	7,027		22.3	%	$	7,508		23.5	%
Analytical Instruments		5,277		16.8	%		5,226		16.3	%
Specialty Diagnostics		3,355		10.7	%		3,300		10.3	%
Laboratory Products and Biopharma Services		17,221		54.7	%		17,322		54.2	%
Eliminations		(1,397	)	-4.4	%		(1,385	)	-4.3	%
Consolidated revenues	$	31,484		100.0	%	$	31,971		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	2,551		36.3	%	$	2,525		33.6	%
Analytical Instruments		1,289		24.4	%		1,321		25.3	%
Specialty Diagnostics		886		26.4	%		860		26.1	%
Laboratory Products and Biopharma Services		2,262		13.1	%		2,554		14.7	%
Subtotal reportable segments		6,987		22.2	%		7,260		22.7	%
Cost of revenues adjustments (a)		(25	)	-0.1	%		(73	)	-0.2	%
Selling, general and administrative expenses adjustments (b)		24		0.1	%		(28	)	-0.1	%
Restructuring and other costs (c)		(151	)	-0.5	%		(379	)	-1.2	%
Amortization of acquisition-related intangible assets		(1,514	)	-4.8	%		(1,775	)	-5.5	%
Consolidated GAAP operating income	$	5,321		16.9	%	$	5,005		15.7	%


(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines, accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations, and charges for the sale of inventory revalued at the date of acquisition.
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges associated with product liability litigation. Adjusted results in 2024 also exclude $5 of accelerated depreciation on fixed assets to be abandoned due to facility consolidations.
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges for pre-acquisition litigation and other matters, net gains on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $26 of contract termination costs associated with facility closures.
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments.
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.

Notes:
Consolidated depreciation expense is $852 and $792 in 2024 and 2023, respectively.
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Condensed Consolidated Balance Sheets (unaudited)

	September 28,		December 31,
(In millions)	2024		2023

Assets
Current assets:
Cash and cash equivalents	$	4,645	$	8,077
Short-term investments		2,000		3
Accounts receivable, net		8,255		8,221
Inventories		5,430		5,088
Other current assets		3,453		3,200
Total current assets		23,783		24,589
Property, plant and equipment, net		9,412		9,448
Acquisition-related intangible assets, net		16,262		16,670
Other assets		4,180		3,999
Goodwill		46,726		44,020
Total assets	$	100,364	$	98,726

Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	4,116	$	3,609
Other current liabilities		10,485		10,403
Total current liabilities		14,601		14,012
Other long-term liabilities		5,466		6,564
Long-term obligations		31,197		31,308
Redeemable noncontrolling interest		127		118
Total equity		48,972		46,724
Total liabilities, redeemable noncontrolling interest and equity	$	100,364	$	98,726

Condensed Consolidated Statements of Cash Flows (unaudited)

	Nine months ended
	September 28,			September 30,
(In millions)		2024			2023

Operating activities
Net income	$	4,514		$	4,349
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,367			2,567
Change in deferred income taxes		(1,007	)		(631	)
Other non-cash expenses, net		477			658
Changes in assets and liabilities, excluding the effects of acquisitions		(973	)		(2,260	)
Net cash provided by operating activities		5,377			4,683

Investing activities
Purchases of property, plant and equipment		(920	)		(1,074	)
Proceeds from sale of property, plant and equipment		40			76
Proceeds from cross-currency interest rate swap interest settlements		203			36
Acquisitions, net of cash acquired		(3,132	)		(3,660	)
Purchases of investments		(2,065	)		(200	)
Other investing activities, net		14			56
Net cash used in investing activities		(5,861	)		(4,766	)

Financing activities
Net proceeds from issuance of debt		1,204			3,466
Repayment of debt		(1,107	)		(2,000	)
Net proceeds from issuance of commercial paper		—			1,620
Repayment of commercial paper		—			(1,935	)
Purchases of company common stock		(3,000	)		(3,000	)
Dividends paid		(434	)		(387	)
Other financing activities, net		212			42
Net cash used in financing activities		(3,126	)		(2,194	)

Exchange rate effect on cash		182			(92	)
Decrease in cash, cash equivalents and restricted cash		(3,427	)		(2,369	)
Cash, cash equivalents and restricted cash at beginning of period		8,097			8,537
Cash, cash equivalents and restricted cash at end of period	$	4,670		$	6,168


Free cash flow (non-GAAP measure)	$	4,498		$	3,685

Note:
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Investor Contact:
Knight Therapeutics Inc.
Samira Sakhia		Arvind Utchanah
President & Chief Executive Officer		Chief Financial Officer
T: 514.484.4483		T. +598.2626.2344
F: 514.481.4116
Email: IR@knighttx.com		Email: IR@knighttx.com
Website: www.knighttx.com		Website: www.knighttx.com

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