New survey uncovers lack of awareness around heart valve disease and risk factors among women

Despite prevalence of chronic conditions associated with aortic stenosis in women over 65, the majority have never been referred to a cardiologist; Racial disparities may present further opportunities for awareness amongst women at risk for cardiovascular disease

Medtronic plc, a global leader in healthcare technology, today unveiled topline findings of its comprehensive survey on women's perceptions and knowledge of risk factors, treatment patterns, and preventive care practices related to heart valve disease. The survey is endorsed by Women as One and was conducted by Wakefield Research sampling 1,000 women in the United States (U.S.) aged 50 and older.

"In order to tackle the ever-growing challenges that female patients face in health care, we need to fully understand issues surrounding their awareness and the impact it has on their health," said Nina Goodheart , senior vice president and president, Structural Heart & Aortic, which is part of the Cardiovascular Portfolio at Medtronic. "Heart valve disease awareness deserves broader attention in the U.S., especially considering many women aged 50 and older are at an increased risk of developing the disease. This survey shines a light on the need for increased awareness, early detection, and access to appropriate care for women."

The survey targeted a diverse sample of women aged 50 and above, with 53% between 50 to 65 years old and 47% aged 66 or older. Notably, 23.5% of respondents were Black or Hispanic, ensuring a nationally representative demographic of U.S. women in this age group. Findings from the survey highlight:

There is a lack of awareness among women about the risks of aortic stenosis (AS) and cardiovascular disease.

Despite the prevalence of cardiovascular disease amongst women, awareness is low, with 26% of women not having heard of any of the most common heart-related conditions such as coronary artery disease, congenital heart disease, heart valve disease, or AS, and only 30% of women aged 50 and older having heard of AS.

Additionally, women of color have less awareness compared to their white counterparts , with only 10% of Black women and 21% of Hispanic women having heard of AS, compared to 33% of white women.

Women are not referred for diagnosis and treatment.
Even in women who present with risk factors, they are not always referred or screened- highlighting the opportunity to strengthen the referral and preventive screening pathway. In fact, 82% of women above age 65 are living with a chronic condition that increases their risk of aortic stenosis, yet the majority (68%) have never been referred to a cardiologist or taken a heart disease risk assessment.

Women do not seek cardiovascular care because they believe their symptoms will not be taken seriously.
Women experiencing heart valve disease symptoms such as fatigue and shortness of breath stated the following would prevent them for seeking medical care:

More than 2 in five women cite fear or anxiety about going to the doctor
15% cite feeling like their doctor will dismiss their symptoms

Women are interested in treatments that have been proven effective in women.
For women diagnosed with a medical condition such as heart valve disease and deciding which treatment to pursue, they look to what would work best for them based on several important factors, such as minimally invasive treatment, recovery time, and doctor recommendation.

When selecting the top three factors they consider, close to half (45%) include a minimally invasive procedure - highlighting the importance of solutions like TAVR.
Additionally, the majority (75%) of women surveyed are very or extremely likely to ask their doctor about a different treatment option if they learn of one that is shown to be more effective in women than the one their doctor recommended.

"When compared to male patients, female patients often present with more advanced symptoms of heart valve disease highlighting the importance of uncovering how we can best educate women on early warning signs and treatment options sooner," stated Roxana Mehran , MD, co-founder and president of Women as One. "These survey findings grant us the opportunity to develop better partnerships with communities experiencing the most inequities and provide a pathway to refining policies and systems that will lead to better care."

Medtronic, Women as One, and others are spearheading a range of initiatives, from educational campaigns and women-focused clinical trial research with policymakers and government officials to increase health equity for women with heart valve disease.

"Driving change to address inequities in healthcare cannot be done alone. When it comes to heart valve disease in women, Medtronic is proud to partner with our clinical community and organizations like Women as One to identify opportunities to improve health equity outcomes," added Goodheart. "Today at the American College of Cardiology Scientific Session, we look forward to further demonstrating this commitment with the results of our SMART trial, our latest effort to address the underrepresentation of women in cardiovascular health research."

About Women and Aortic Stenosis
Aortic stenosis (AS), a narrowing of the aortic valve, is among the most common of all valvular heart diseases, impacting 1.5 million in the U.S. ¹ Symptomatic severe aortic stenosis (ssAS) can be fatal if left untreated and the average patient survival is two years without treatment. ² Despite women's longer life expectancy, once impacted by ssAS, women suffer from higher mortality than men, even after matching for age. ³ Alarmingly, 77% of women are living with chronic conditions that increase their risk of aortic stenosis, including high blood pressure (53%), high cholesterol (39%), and obesity (38%). Learn more at MyInteractiveASJourney.com .

About Women as One
Women as One is a 501(c)3 nonprofit organization, founded in 2019 by internationally recognized cardiovascular clinical trialists, Dr. Roxana Mehran and Dr. Marie-Claude Morice. The mission of the organization is to promote talent in medicine by providing unique professional opportunities to women cardiologists, knowing that diversity of thought and experience improves scientific discovery and patient outcomes. The organization provides programs and services ranging from clinical education and mentorship to clinical trial services. Through resources dedicated exclusively to women cardiologists and the patients they serve, Women as One effectively speeds up the rate at which gender disparities in cardiology are adequately addressed.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, 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.

¹ Carabello BA, Paulus WJ. Aortic stenosis. Lancet. March 14, 2009;373(9667):956-966.
² Lester SJ, Heilbron B, Gin K, Dodek A, Jue J. The natural history and rate of progression of aortic stenosis. Chest. April 1998 ;113(4):1109-1114.
³ Am Heart Assoc. 2021;10:e018816. DOI: 10.1161/JAHA.120.018816.

Contact:
Ryan Weispfenning
Investor Relations
+1-763-505-4626

Kimberly Powell
Public Relations
+1-202-498-2601

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	Three Months Ended
(millions, except per share or as otherwise noted)	March 31 2024			December 31 2023			March 31 2023
FINANCIAL
Revenues	$	120.7		$	136.6		$	126.1

Funds from Operations		83.0			111.1			86.3
Per Share - basic and diluted ⁽¹⁾		0.35			0.46			0.36

Net Earnings		47.5			67.4			56.8
Per Share - basic and diluted ⁽¹⁾		0.20			0.28			0.24

Dividends declared ⁽²⁾		59.7			57.3			57.3
Per Share		0.25			0.24			0.24
Dividend payout ratio ⁽³⁾		72 %			52%			66%

Acquisitions - including non-cash consideration ⁽⁴⁾		8.8			22.2			5.4
Net debt at period end ⁽⁵⁾		208.3			222.1			292.4

Shares Outstanding
Shares outstanding at period end		239.0			239.0			238.9
Weighted average - basic		239.0			239.0			238.9
Weighted average - diluted		239.0			239.0			238.9

OPERATIONAL Royalty Production Volumes
Crude Oil (bbls/d)		13,142			12,844			12,212
NGL (bbls/d)		2,535			2,697			2,664
Natural Gas (MMcf/d)		62.1			60.4			59.6
Royalty Production (BOE/d) ⁽⁶⁾		26,027			25,608			24,809

Realized Pricing
Crude Oil ($/bbl)		77.18			83.27			76.25
NGL ($/bbl)		44.18			46.07			46.71
Natural Gas ($/Mcf)		1.89			2.19			4.05
Total ($/BOE) ⁽⁶⁾		47.79			51.78			52.31

Operating Netback per BOE ⁽⁷⁾		39.60			48.68			43.80

Funds from Operations per BOE		35.04			47.16			38.65

Oil Price Benchmarks
Western Texas Intermediate (WTI) (US$/bbl)		76.95			78.32			76.13
Edmonton Light Sweet ($/bbl)		92.18			99.72			99.04
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)		(19.33	)		(21.89	)		(24.78	)

Natural Gas Price Benchmarks
AECO monthly index ($/Mcf)		2.05			2.66			4.34
AECO daily index ($/Mcf)		2.50			2.30			3.22

Foreign Exchange Rate (US$/CAD$)		0.7411			0.7343			0.7397

⁽¹⁾	^{Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.}
⁽²⁾	^{A dividend of $0.25 per share was declared on March 11, 2024. The dividend was paid on April 15, 2024 to shareholders of record as at March 28, 2024.}
⁽³⁾	^{Dividend payout ratio is defined under the "Non-GAAP Measures and Ratios" section of this press release.}
⁽⁴⁾	^{Excluding right-of-use asset additions.}
⁽⁵⁾	^{See Note 14 "Capital Management" in the interim condensed consolidated financial statements for the three months ended March 31, 2024 and 2023 and Note 15 "Capital Management" in the audited annual consolidated financial statements for the years ended December 31, 2023 and 2022.}
⁽⁶⁾	^{See "Conversions of Natural Gas to BOE".}
⁽⁷⁾	^{Operating netback per BOE is defined under the "Non-GAAP Measures and Ratios" section of this press release.}

	Three Months Ended
($ millions)	March 31 2024			December 31 2023			March 31 2023
Cash from Operating Activities	$	79.7		$	128.0		$	17.2
Other Revenue		(7.5	)		(14.6	)		(9.3	)
Amortization of Debt Issuance Costs		(0.1	)		(0.1	)		(0.2	)
Finance Expense		3.7			3.9			4.5
Current Tax Expense		14.7			14.4			16.5
Net Change in Non-cash Working Capital		3.3			(16.9	)		69.1
Operating Netback	$	93.8		$	114.7		$	97.8

	Three Months Ended
($ millions)	March 31 2024		December 31 2023		March 31 2023
Funds from Operations	$	83.0	$	111.1	$	86.3
Dividends Declared		59.7		57.3		57.3
Dividend Payout Ratio		72 %		52%		66%

			Three months ended December 31,		Year ended December 31,
(CAD $000s, except per share amounts)		2023		2022			2023		2022
FINANCIAL HIGHLIGHTS
Petroleum and natural gas sales		185,384		111,558			693,891		367,957
Cash flow from operating activities		75,380		58,100			283,988		102,314
Operating netback, net of derivatives(1)		104,328		64,661			382,890		153,450
Adjusted EBITDA(1)		100,092		62,191			363,143		146,740
Adjusted funds flow(1)		80,247		50,729			278,138		118,658
per share	- Basic		0.58		0.85			2.20		2.67
	- Diluted		0.56		0.84			2.15		2.64
Free funds flow(1)		23,072		15,053			147,565		29,553
per share	- Basic		0.17		0.25			1.17		0.67
	- Diluted		0.16		0.25			1.14		0.66
Net income (loss)		131,456		(16,728	)		290,623		74,815
per share	- Basic		0.94		(0.28	)		2.30		1.68
	- Diluted		0.92		(0.28	)		2.25		1.66
Net Debt(1), end of period		460,483		219,803			460,483		219,803

Gross Wells Drilled by Formation (number):	Avg. IP30 per Location (boe/d)	2023 Guidance Type Curve (boe/d)	Performance vs. Type Curve (%)	Total Gross Capital Invested ($MM)	Capital Efficiency ($ per boe/d)
SE Sask - Frob. & Midale (10)	80.4	69.0	+17	13.2	16,420
SE Sask - Spearfish (6)	89.2	77.0	+16	7.1	13,270
SE Sask - Stimulated Bakken (7)	109.7	101.0	+9	12.3	16,020
SE Sask - OHML Bakken (2)	168.5	147.0	+15	4.6	13,650
WC Sask - Viking (12)	97.9	68.0	+44	19.4	16,510
Central AB - Lochend Cardium (3)	279.0	260.0	+7	17.7	21,150
Central AB - Pembina (2)	239.5	248.0	-3	9.4	19,620
North AB - Montney (4)	314.4	330.0	-5	14.3	11,390
Weighted Average	134.6	121.0	+11	98.0	15,830

	Three months ended December 31,		Year ended December 31,
($000s)	2023		2022		2023		2022
Adjusted funds flow	80,247		50,729		278,138		118,658
Capital expenditures	(57,175	)	(35,676	)	(130,573	)	(89,105	)
Free funds flow	23,072		15,053		147,565		29,553

	Three months ended December 31, 2023	Three months ended December 31, 2022
	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)
Southeast Saskatchewan	10,832	939	4,673	12,550	6,714	398	2,457	7,522
West Central Saskatchewan	3,389	29	514	3,504	4,876	30	514	4,992
Central Alberta	3,543	1,172	20,105	8,066	-	-	-	-
North Alberta	1,643	393	4,412	2,771	-	-	-	-
Total boe/d	19,407	2,533	29,704	26,891	11,590	428	2,971	12,514

	Year ended December 31, 2023	Year ended December 31, 2022
	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)
Southeast Saskatchewan	9,596	770	3,968	11,027	6,401	340	2,118	7,094
West Central Saskatchewan	4,262	20	468	4,360	2,440	13	274	2,499
Central Alberta	3,005	915	16,602	6,687	-	-	-	-
North Alberta	1,314	287	3,521	2,188	-	-	-	-
Total boe/d	18,177	1,992	24,559	24,262	8,841	353	2,392	9,593

Rating Agency	PrairieSky Score/Ranking	Description of Score/Ranking
Sustainalytics ESG Risk (All Industries)	7.4 Negligible Risk	Ranked in the top 0.5% of all companies in Sustainalytics global coverage universe ⁽²⁾ and maintained "Negligible Risk" ESG Risk Rating. Received "2024 ESG Global 50 Top-Rated Badge" awarded to the top 50 ranked companies in Sustainalytics ESG Risk Ratings universe which covers more than 14,000 companies across 42 industries.
Sustainalytics ESG Risk (Oil and Gas Producers)	1 out of 315	Maintained top overall global ⁽²⁾ ranking and awarded Sustainalytics "Industry Top-Rated Badge".
MSCI ESG Risk Rating	AAA	Maintained AAA "Leader" status, denoting companies leading the industry in managing the most significant ESG risks and opportunities. Measurement of resilience to long-term, industry material ESG risks on a relative ranking from AAA to CCC.
CDP Climate Change 2023	B	Received a score of B, as compared to the North American and global average of C, indicating the Company has addressed the environmental impacts of their business and ensures good environmental management.
S&P's Global Corporate Sustainability Assessment (CSA)	62	Scored 62 out of 100, achieving a top 15% ranking and included as a member of S&P's Global Sustainability Yearbook 2024 for corporate sustainability excellence.
Globe and Mail Governance Overall Survey Score	84/100	Ranked 57 out of 219 companies in the S&P/TSX Composite Index with an overall score of 84 out of 100. Survey assesses quality of governance practices.

				Three months ended						Year ended
(millions, except per share or as otherwise noted)	December 31 2023			September 30 2023			December 31 2022			December 31 2023			December 31 2022
FINANCIAL
Revenues	$	136.6		$	133.1		$	150.6		$	513.2		$	643.3

Funds from Operations		111.1			93.8			119.5			382.5			507.6
Per Share - basic ⁽¹⁾		0.46			0.39			0.50			1.60			2.13
Per Share - diluted ⁽¹⁾		0.46			0.39			0.50			1.60			2.12
Net Earnings		67.4			55.4			67.3			227.6			317.5
Per Share - basic and diluted ⁽¹⁾		0.28			0.23			0.28			0.95			1.33
Dividends declared ⁽²⁾		57.3			57.3			57.3			229.2			143.3
Per Share		0.24			0.24			0.24			0.96			0.60
Dividend payout ratio ⁽³⁾		52	%		61	%		48	%		60	%		28	%

Acquisitions		22.2			15.6			6.2			58.4			30.6
Net debt at period end ⁽⁴⁾		222.1			253.7			315.1			222.1			315.1

Shares Outstanding
Shares outstanding at period end		239.0			239.0			238.9			239.0			238.9
Weighted average - basic		239.0			238.9			238.8			239.0			238.8
Weighted average - diluted		239.0			238.9			239.2			239.0			239.1

OPERATIONAL Royalty Production Volumes
Crude Oil (bbls/d)		12,844			12,084			12,166			12,438			11,739
NGL (bbls/d)		2,697			2,702			2,681			2,502			2,684
Natural Gas (MMcf/d)		60.4			64.1			66.4			59.5			64.7
Royalty Production (BOE/d) ⁽⁵⁾		25,608			25,469			25,914			24,857			25,206

Realized Pricing
Crude Oil ($/bbl)		83.27			92.53			88.36			82.52			102.88
NGL ($/bbl)		46.07			52.01			54.56			47.60			59.73
Natural Gas ($/Mcf)		2.19			1.97			5.30			2.60			4.93
Total ($/BOE) ⁽⁵⁾		51.78			54.37			60.74			52.31			66.92

Operating Netback per BOE ⁽⁶⁾		48.68			46.09			57.89			46.32			63.43
Funds from Operations per BOE		47.16			40.03			50.12			42.16			55.17

Oil Price Benchmarks
Western Texas Intermediate (WTI) (US$/bbl)		78.32			82.32			82.64			77.62			94.23
Edmonton Light Sweet ($/bbl)		99.72			107.87			110.04			100.46			120.07
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)		(21.89	)		(12.89	)		(25.66	)		(18.65	)		(18.22	)

Natural Gas Price Benchmarks
AECO monthly index ($/Mcf)		2.66			2.39			5.58			2.93			5.56
AECO daily index ($/Mcf)		2.30			2.60			5.11			2.64			5.31

Foreign Exchange Rate (US$/CAD$)		0.7343			0.7466			0.7365			0.7410			0.7683

Andrew Phillips	Pamela Kazeil
President & Chief Executive Officer	Vice-President, Finance & Chief Financial Officer
PrairieSky Royalty Ltd.	PrairieSky Royalty Ltd.
(587) 293-4005	(587) 293-4089

Investor Relations
(587) 293-4000
www.prairiesky.com

	Three months ended									Nine months ended
(millions, except per share or as otherwise noted)	September 30 2023			June 30 2023			September 30 2022			September 30 2023			September 30 2022
FINANCIAL
Revenues	$	133.1		$	117.4		$	154.7		$	376.6		$	492.7

Funds from Operations		93.8			91.3			123.5			271.4			388.1
Per Share - basic and diluted ⁽¹⁾		0.39			0.38			0.52			1.14			1.63

Net Earnings		55.4			48.0			76.2			160.2			250.2
Per Share - basic and diluted ⁽¹⁾		0.23			0.20			0.32			0.67			1.05

Dividends declared ⁽²⁾		57.3			57.3			28.7			171.9			86. 0
Per Share		0.24			0.24			0.12			0.72			0.36

Acquisitions		15.6			15.2			2.5			36.2			24.4
Net debt at period end ⁽³⁾		253.7			275.9			364.2			253.7			364.2

Shares Outstanding
Shares outstanding at period end		239.0			238.9			238.8			239.0			238.8
Weighted average - basic		238.9			238.9			238.8			238.9			238.8
Weighted average - diluted		238.9			238.9			239.1			238.9			239.1

OPERATIONAL Royalty Production Volumes
Crude Oil (bbls/d)		12,084			12,607			11,376			12,300			11,595
NGL (bbls/d)		2,702			1,943			2,660			2,437			2,685
Natural Gas (MMcf/d)		64.1			53.8			65.7			59.2			64.1
Royalty Production (BOE/d) ⁽⁴⁾		25,469			23,517			24,986			24,604			24,963

Realized Pricing
Crude Oil ($/bbl)		92.53			78.05			102.80			82.25			108.02
NGL ($/bbl)		52.01			44.77			58.02			48.18			61.47
Natural Gas ($/Mcf)		1.97			2.23			4.00			2.74			4.80
Total ($/BOE) ⁽⁴⁾		54.37			50.65			63.51			52.49			69.10

Operating Netback per BOE ⁽⁵⁾		46.09			46.64			60.64			45.49			65.39

Funds from Operations per BOE		40.03			42.66			53.73			40.41			56.95

Oil Price Benchmarks
Western Texas Intermediate (WTI) (US$/bbl)		82.32			73.99			91.68			77.41			98.13
Edmonton Light Sweet ($/bbl)		107.87			95.32			116.88			100.68			123.44
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)		(12.89	)		(15.07	)		(19.86	)		(17.57	)		(15.73	)

Natural Gas Price Benchmarks
AECO monthly index ($/Mcf)		2.39			2.35			5.81			3.03			5.56
AECO daily index ($/Mcf)		2.60			2.45			4.08			2.76			5.35

Foreign Exchange Rate (US$/CAD$)		0.7466			0.7454			0.7662			0.7436			0.7775
(1) Net Earnings and Funds from Operations per Share are calculated using the weighted average number of basic and diluted common shares outstanding.
(2) A dividend of $0.24 per common share was declared on September 11, 2023. The dividend was paid on October 16, 2023 to shareholders of record as at September 29, 2023.
(3) See Note 14 "Capital Management" in the interim condensed consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 and the three and six months ended June 30, 2023.
(4) See "Conversions of Natural Gas to BOE".
(5) Operating Netback per BOE is defined under the Non-GAAP Measures and Ratios section of this press release.

Contacts:
Jeff Trauring	Ryan Weispfenning
Public Relations	Investor Relations
+1-763-505-0159	+1-763-505-4626

Condensed Consolidated Statements of Income (unaudited)
	Three months ended
	March 30,			% of		April 1,			% of
(Dollars in millions except per share amounts)	2024			Revenues		2023			Revenues
Revenues	$	10,345				$	10,710
Costs and operating expenses:
Cost of revenues (a)		6,040		58.4	%		6,437		60.1	%
Selling, general and administrative expenses (b)		1,731		16.7	%		1,646		15.4	%
Amortization of acquisition-related intangible assets		551		5.3	%		606		5.7	%
Research and development expenses		331		3.2	%		346		3.2	%
Restructuring and other costs (c)		29		0.3	%		112		1.0	%
Total costs and operating expenses		8,682		83.9	%		9,147		85.4	%
Operating income		1,663		16.1	%		1,563		14.6	%
Interest income		279					146
Interest expense		(363	)				(300	)
Other income/(expense) (d)		10					(46	)
Income before income taxes		1,589					1,363
Provision for income taxes (e)		(281	)				(46	)
Equity in earnings/(losses) of unconsolidated entities		23					(25	)
Net income		1,331					1,292
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest		4					3
Net income attributable to Thermo Fisher Scientific Inc.	$	1,328		12.8	%	$	1,289		12.0	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	3.47				$	3.34
Diluted	$	3.46				$	3.32
Weighted average shares:
Basic		382					386
Diluted		384					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	1,663		16.1	%	$	1,563		14.6	%
Cost of revenues adjustments (a)		15		0.1	%		41		0.4	%
Selling, general and administrative expenses adjustments (b)		19		0.2	%		8		0.1	%
Restructuring and other costs (c)		29		0.3	%		112		1.0	%
Amortization of acquisition-related intangible assets		551		5.3	%		606		5.7	%
Adjusted operating income (non-GAAP measure)	$	2,278		22.0	%	$	2,330		21.8	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	1,328				$	1,289
Cost of revenues adjustments (a)		15					41
Selling, general and administrative expenses adjustments (b)		19					8
Restructuring and other costs (c)		29					112
Amortization of acquisition-related intangible assets		551					606
Other income/expense adjustments (d)		(11	)				46
Provision for income taxes adjustments (e)		50					(171	)
Equity in earnings/losses of unconsolidated entities		(23	)				25
Adjusted net income (non-GAAP measure)	$	1,959				$	1,956

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	3.46				$	3.32
Cost of revenues adjustments (a)		0.04					0.10
Selling, general and administrative expenses adjustments (b)		0.05					0.02
Restructuring and other costs (c)		0.08					0.29
Amortization of acquisition-related intangible assets		1.44					1.56
Other income/expense adjustments (d)		(0.03	)				0.12
Provision for income taxes adjustments (e)		0.13					(0.44	)
Equity in earnings/losses of unconsolidated entities		(0.06	)				0.06
Adjusted EPS (non-GAAP measure)	$	5.11				$	5.03

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	1,251				$	729
Purchases of property, plant and equipment		(347	)				(458	)
Proceeds from sale of property, plant and equipment		4					6
Free cash flow (non-GAAP measure)	$	908				$	277

	Three months ended December 31,	Year ended December 31,
($000s)	2023	2022		2023		2022
Cash flow used in investing activities	38,725	41,747		576,405		318,238
Change in non-cash working capital	18,450	(5,266	)	20,830		19,234
Capital expenditures, net A&D	57,175	36,481		597,235		337,472
Acquisitions, net of cash acquired	-	(805	)	(466,662	)	(248,367	)
Capital expenditures	57,175	35,676		130,573		89,105

	Three months ended December 31,		Year ended December 31,
($000s)	2023		2022		2023		2022
Petroleum and natural gas sales	185,384		111,558		693,891		367,957
Royalties	(24,124	)	(11,022	)	(80,565	)	(47,640	)
Net operating expenses	(44,945	)	(25,817	)	(180,074	)	(86,379	)
Transportation expenses	(3,094	)	(518	)	(11,314	)	(2,139	)
Operating netback	113,221		74,201		421,938		231,799
Realized loss on financial derivatives	(8,893	)	(9,540	)	(39,048	)	(78,349	)
Operating netback, net of derivatives	104,328		64,661		382,890		153,450

($ per boe amounts)
Petroleum and natural gas sales	74.93		96.90		78.35		105.09
Royalties	(9.75	)	(9.57	)	(9.10	)	(13.61	)
Net operating expenses	(18.17	)	(22.42	)	(20.33	)	(24.67	)
Transportation expenses	(1.25	)	(0.45	)	(1.28	)	(0.61	)
Operating netback	45.76		64.46		47.64		66.20
Realized loss on financial derivatives	(3.59	)	(8.29	)	(4.41	)	(22.38	)
Operating netback, net of derivatives	42.17		56.17		43.23		43.82

	Year ended December 31,
($000s)	2023	2022
Total common shares outstanding (000s)	139,313	59,892
Share price(1)	2.20	2.35
Total market capitalization	306,489	140,746
Adjusted working capital(2)	8,240	(3,128	)
Senior Term Loan	451,153	240,843
Convertible notes	1,090	2,361
Long-term deposit	-	(21,101	)
Promissory notes	-	828
Net debt	460,483	219,803
Current quarter adjusted funds flow	80,247	50,729
Annualized factor	4	4
Annualized quarterly adjusted funds flow	320,988	202,916
Net debt to annualized quarterly adjusted funds flow	1.4x	1.1x
(1) Represents the closing share price on the TSX on the last day of trading of the period. (2) Adjusted working capital is calculated as cash, accounts receivable, deposits and prepaids net of accounts payable.

	Three Months Ended									Year Ended
($ millions)	December 31 2023			September 30 2023			December 31 2022			December 31 2023			December 31 2022
Total Administrative Expenses	$	6.1		$	15.0		$	16.4		$	45.0		$	48.8
Share-Based Compensation Expense		(0.5	)		(8.6	)		(11.3	)		(20.9	)		(28.3	)
Cash Payments Made - Share Unit Plans		-			11.5			-			23.8			5.0
Cash Administrative Expenses	$	5.6		$	17.9		$	5.1		$	47.9		$	25.5

Business Segment Information	Three months ended
	March 30,			% of		April 1,			% of
(Dollars in millions)	2024			Revenues		2023			Revenues

Revenues
Life Sciences Solutions	$	2,285		22.1	%	$	2,612		24.4	%
Analytical Instruments		1,687		16.3	%		1,723		16.1	%
Specialty Diagnostics		1,109		10.7	%		1,108		10.3	%
Laboratory Products and Biopharma Services		5,723		55.3	%		5,763		53.8	%
Eliminations		(460	)	-4.4	%		(496	)	-4.6	%
Consolidated revenues	$	10,345		100.0	%	$	10,710		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	840		36.8	%	$	836		32.0	%
Analytical Instruments		400		23.7	%		421		24.4	%
Specialty Diagnostics		294		26.5	%		280		25.3	%
Laboratory Products and Biopharma Services		744		13.0	%		793		13.8	%
Subtotal reportable segments		2,278		22.0	%		2,330		21.8	%
Cost of revenues adjustments (a)		(15	)	-0.1	%		(41	)	-0.4	%
Selling, general and administrative expenses adjustments (b)		(19	)	-0.2	%		(8	)	-0.1	%
Restructuring and other costs (c)		(29	)	-0.3	%		(112	)	-1.0	%
Amortization of acquisition-related intangible assets		(551	)	-5.3	%		(606	)	-5.7	%
Consolidated GAAP operating income	$	1,663		16.1	%	$	1,563		14.6	%


(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines. Adjusted results in 2023 exclude $10 of 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, and charges/credits for changes in estimates of contingent acquisition consideration.
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, abandoned facility, and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $18 of net charges for pre-acquisition litigation and other matters.
(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.
Note:
Consolidated depreciation expense is $285 and $253 in 2024 and 2023, respectively.

Organic and Core organic revenue growth		Three months ended
		March 30, 2024
Revenue growth		-3%
Acquisitions		0%
Currency translation		0%
Organic revenue growth (non-GAAP measure)		-4%
COVID-19 testing revenue		-1%
Core organic revenue growth (non-GAAP measure)		-3%

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 Balance Sheets (unaudited)

	March 30,		December 31,
(In millions)	2024		2023

Assets
Current assets:
Cash and cash equivalents	$	5,499	$	8,077
Short-term investments		1,751		3
Accounts receivable, net		7,931		8,221
Inventories		5,133		5,088
Other current assets		3,326		3,200
Total current assets		23,640		24,589
Property, plant and equipment, net		9,324		9,448
Acquisition-related intangible assets, net		16,048		16,670
Other assets		4,241		3,999
Goodwill		43,843		44,020
Total assets	$	97,095	$	98,726

Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	4,451	$	3,609
Other current liabilities		9,486		10,403
Total current liabilities		13,937		14,012
Other long-term liabilities		6,378		6,564
Long-term obligations		31,157		31,308
Redeemable noncontrolling interest		119		118
Total equity		45,504		46,724
Total liabilities, redeemable noncontrolling interest and equity	$	97,095	$	98,726

Condensed Consolidated Statements of Cash Flows (unaudited)

	Three months ended
	March 30,			April 1,
(In millions)	2024			2023

Operating activities
Net income	$	1,331		$	1,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		837			859
Change in deferred income taxes		(253	)		(146	)
Other non-cash expenses, net		123			257
Changes in assets and liabilities, excluding the effects of acquisitions		(787	)		(1,533	)
Net cash provided by operating activities		1,251			729

Investing activities
Purchases of property, plant and equipment		(347	)		(458	)
Proceeds from sale of property, plant and equipment		4			6
Proceeds from cross-currency interest rate swap interest settlements		64			2
Acquisitions, net of cash acquired		—			(2,704	)
Purchases of investments		(1,758	)		(2	)
Other investing activities, net		7			14
Net cash used in investing activities		(2,030	)		(3,142	)

Financing activities
Net proceeds from issuance of debt		1,205			—
Net proceeds from issuance of commercial paper		—			1,027
Repayment of commercial paper		—			(523	)
Purchases of company common stock		(3,000	)		(3,000	)
Dividends paid		(135	)		(117	)
Other financing activities, net		110			20
Net cash used in financing activities		(1,821	)		(2,593	)

Exchange rate effect on cash		22			(31	)
Decrease in cash, cash equivalents and restricted cash		(2,578	)		(5,037	)
Cash, cash equivalents and restricted cash at beginning of period		8,097			8,537
Cash, cash equivalents and restricted cash at end of period	$	5,519		$	3,500

Free cash flow (non-GAAP measure)	$	908		$	277



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.

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