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ALR Technologies and Infinovo Sign Memorandum of Understanding to Manufacture World's First CGM for Diabetic Pets

ALR Technologies ("ALRT" or the "Company") (OTCQB: ALRT), the diabetes management company, is pleased to announce the signing of a Memorandum of Understanding ("MOU") with Infinovo Medical Co. Ltd for a global supply agreement of their P3 Continuous Glucose Monitor (CGM) for use by ALRT in the animal health sector.

Under the terms of the MOU, ALR Technologies and Infinovo will collaborate to integrate Infinovo's P3 CGM with ALRT's proprietary GluCurve platform. The Company expects to begin testing the GluCurve Pet CGM in veterinary clinics in late December 2021 or early January 2022. The testing is scheduled to complete by the end of February 2022.

"We are excited to take this significant step forward with Infinovo," said Sidney Chan, Chairman and CEO of ALRT. "By combining the talents, strengths, and resources of both companies, we anticipate bringing the GluCurve Pet CGM to market much faster than previously expected. We are planning to commence commercial delivery as early as June, 2022. Working with Infinovo will provide ALRT the cutting edge hardware needed for our GluCurve Pet CGM in order to provide veterinarians the solution to diabetes management they are desperately seeking."

Joe Stern, Head of Animal Health at ALR Technologies continued, "My team is thrilled to work with Infinovo and to begin commercial testing of the GluCurve Pet CGM in the coming weeks. Various interested parties, such as our potential pharmaceutical partners, veterinary consultants, and others in animal health are all eager to review the results and we are confident they will be impressed."

The OEM agreement between ALRT and Infinovo is subject to further negotiations and the execution of a definitive document acceptable to both parties.

About Infinovo Medical Co. Ltd:

Founded in 2016, Infinovo is an innovative medical technology company, focusing on developing an accurate and affordable CGM for patients which will be available for both Type 1 and Type 2 Diabetics. https://en.infinovo.com

About ALR Technologies

ALR Technologies is a data management company that developed the ALRT Diabetes Solution, a comprehensive approach to diabetes care that includes: an FDA-cleared and HIPAA compliant diabetes management system that collects data directly from blood glucose meters and continuous glucose monitoring devices; a patent pending Predictive A1C algorithm to track treatment success between lab reports and an FDA-cleared Insulin Dosing Adjustment program. ALRT also offers an algorithm to provide prescribers support for timely non-insulin medication advancements. The overall goal is to optimize diabetes drug therapies to drive improved patient outcomes. The program tracks performance of all clinical activities to ensure best practices are followed. The ALRT Diabetes Solution gives healthcare providers a platform for remote diabetes care, helping to minimize patient exposure to potential infections in clinical settings. Currently, the Company is focused on diabetes and will expand its services to cover other chronic diseases anchored on verifiable data.

In addition, the animal health division has identified an unmet need in diabetes care and has developed a solution to assist veterinarians in determining the effectiveness of insulin and helping to identify the appropriate dose and frequency of administration for companion animals. Thus, delivering the same optimization of diabetic drug therapies to pets as to humans.

ALR Technologies SG Pte. Ltd. is a wholly owned subsidiary of ALR Technologies Inc. On June 1, 2021, ALR Technologies Inc. announced its intention to migrate to Singapore. More information about ALR Technologies Inc. can be found at www.alrt.com. Regarding ALR Technologies SG Pte. Ltd. Information can be found at https://sg.alrt.com .

Contact

Ken Robulak (US)

Phone: +1 (727) 736-3838

Anthony Ngai (Singapore)

Phone: +65 3129 2924

Email: ir@alrt.com

This release contains certain "forward-looking statements" relating to ALR Technologies' business, and these statements reflect the current views of ALR Technologies with respect to future events and are subject to certain risks, uncertainties, and assumptions. When used, the words "estimate", "expect", "anticipate", "believe", "will" and similar expressions are intended to identify such forward-looking statements. There are many factors that could cause the actual results, performance, or achievements of ALR Technologies and its products to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Further management discussions of risks and uncertainties can be found in the Company's quarterly filings with the Securities Exchange Commission.

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Medtronic Recognized for Disability Inclusion in U.S., U.K.

For the seventh consecutive year in the U.S., and for the first time in the U.K., Medtronic is recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities

For the seventh consecutive year in the U.S., and for the first time in the U.K., Medtronic is recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities (AAPD). This honor is the result of Medtronic earning a top score of 100 on the 2024 Disability Equality Index®, which is the world's most comprehensive benchmarking tool for measuring disability workplace inclusion

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Knight Announces Normal Course Issuer Bid

Knight Therapeutics Inc. (TSX:GUD) (" Knight " or the " Company "), a leading pan-American (ex-US) specialty pharmaceutical company, announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Company's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, the Company proposes to purchase, from time to time over the next 12 months, if considered advisable, up to 5,312,846 common shares of the Company, being approximately 10% of its public float of 53,128,463 common shares, as of June 30, 2024. As of June 30, 2024, there were a total of 101,327,297 common shares issued and outstanding. Purchases may commence on July 15, 2024 and will conclude on the earlier of the date on which purchases under the bid have been completed and July 14, 2025. The Company may purchase up to a daily maximum of 16,855 common shares (being 25% of the average daily trading volume of 67,421 common shares, for the last six calendar months). The common shares may be purchased for cancellation through the facilities of the TSX or through alternative Canadian trading systems at times and in numbers to be determined by the Company. The Company had previously sought and obtained approval from the TSX to purchase up to 5,999,524 common shares under an NCIB and the Company has, in the twelve months preceding this announcement, purchased such 5,999,524 common shares through the facilities of the TSX and alternative Canadian trading systems at a weighted average price per share of $4.87.

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Condensed Consolidated Statements of Income (unaudited)
	Three months ended
	June 29,			% of		July 1,			% of
(Dollars in millions except per share amounts)	2024			Revenues		2023			Revenues
Revenues	$	10,541				$	10,687
Costs and operating expenses:
Cost of revenues (a)		6,106		57.9	%		6,323		59.2	%
Selling, general and administrative expenses (b)		1,687		16.0	%		1,673		15.7	%
Amortization of acquisition-related intangible assets		513		4.9	%		585		5.4	%
Research and development expenses		339		3.2	%		345		3.2	%
Restructuring and other costs (c)		77		0.7	%		183		1.7	%
Total costs and operating expenses		8,722		82.7	%		9,109		85.2	%
Operating income		1,820		17.3	%		1,578		14.8	%
Interest income		295					178
Interest expense		(354	)				(326	)
Other income/(expense) (d)		5					—
Income before income taxes		1,765					1,430
Provision for income taxes (e)		(128	)				(52	)
Equity in earnings/(losses) of unconsolidated entities		(84	)				(16	)
Net income		1,553					1,362
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest		6					1
Net income attributable to Thermo Fisher Scientific Inc.	$	1,548		14.7	%	$	1,361		12.7	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	4.05				$	3.53
Diluted	$	4.04				$	3.51
Weighted average shares:
Basic		382					386
Diluted		383					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	1,820		17.3	%	$	1,578		14.8	%
Cost of revenues adjustments (a)		1		0.0	%		18		0.2	%
Selling, general and administrative expenses adjustments (b)		(64	)	-0.6	%		6		0.1	%
Restructuring and other costs (c)		77		0.7	%		183		1.7	%
Amortization of acquisition-related intangible assets		513		4.9	%		585		5.4	%
Adjusted operating income (non-GAAP measure)	$	2,347		22.3	%	$	2,370		22.2	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	1,548				$	1,361
Cost of revenues adjustments (a)		1					18
Selling, general and administrative expenses adjustments (b)		(64	)				6
Restructuring and other costs (c)		77					183
Amortization of acquisition-related intangible assets		513					585
Other income/expense adjustments (d)		—					(1	)
Provision for income taxes adjustments (e)		(102	)				(171	)
Equity in earnings/losses of unconsolidated entities		84					16
Noncontrolling interests adjustments (f)		(1	)				—
Adjusted net income (non-GAAP measure)	$	2,057				$	1,997

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	4.04				$	3.51
Cost of revenues adjustments (a)		0.00					0.05
Selling, general and administrative expenses adjustments (b)		(0.17	)				0.01
Restructuring and other costs (c)		0.20					0.47
Amortization of acquisition-related intangible assets		1.34					1.51
Other income/expense adjustments (d)		0.00					0.00
Provision for income taxes adjustments (e)		(0.26	)				(0.44	)
Equity in earnings/losses of unconsolidated entities		0.22					0.04
Noncontrolling interests adjustments (f)		0.00					0.00
Adjusted EPS (non-GAAP measure)	$	5.37				$	5.15

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	1,960				$	1,540
Purchases of property, plant and equipment		(301	)				(284	)
Proceeds from sale of property, plant and equipment		15					4
Free cash flow (non-GAAP measure)	$	1,674				$	1,260

Business Segment Information	Three months ended
	June 29,			% of		July 1,			% of
(Dollars in millions)	2024			Revenues		2023			Revenues

Revenues
Life Sciences Solutions	$	2,355		22.3	%	$	2,463		23.0	%
Analytical Instruments		1,782		16.9	%		1,749		16.4	%
Specialty Diagnostics		1,117		10.6	%		1,109		10.4	%
Laboratory Products and Biopharma Services		5,758		54.6	%		5,831		54.6	%
Eliminations		(470	)	-4.5	%		(465	)	-4.4	%
Consolidated revenues	$	10,541		100.0	%	$	10,687		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	865		36.7	%	$	817		33.2	%
Analytical Instruments		439		24.6	%		432		24.7	%
Specialty Diagnostics		299		26.7	%		297		26.7	%
Laboratory Products and Biopharma Services		745		12.9	%		824		14.1	%
Subtotal reportable segments		2,347		22.3	%		2,370		22.2	%
Cost of revenues adjustments (a)		(1	)	0.0	%		(18	)	-0.2	%
Selling, general and administrative expenses adjustments (b)		64		0.6	%		(6	)	-0.1	%
Restructuring and other costs (c)		(77	)	-0.7	%		(183	)	-1.7	%
Amortization of acquisition-related intangible assets		(513	)	-4.9	%		(585	)	-5.4	%
Consolidated GAAP operating income	$	1,820		17.3	%	$	1,578		14.8	%


(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 $11 of charges for the sale of inventory revalued at the date of acquisition and $5 of 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, 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, net charges for pre-acquisition litigation and other matters, 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.
Note:
Consolidated depreciation expense is $276 and $270 in 2024 and 2023, respectively.

Organic and Core organic revenue growth		Three months ended
		June 29, 2024
Revenue growth		-1 %
Acquisitions		0 %
Currency translation		-1 %
Organic revenue growth (non-GAAP measure)		-1 %
COVID-19 testing revenue		-1 %
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)
	Six months ended
	June 29,			% of		July 1,			% of
(Dollars in millions except per share amounts)	2024			Revenues		2023			Revenues
Revenues	$	20,886				$	21,397
Costs and operating expenses:
Cost of revenues (a)		12,146		58.2	%		12,760		59.6	%
Selling, general and administrative expenses (b)		3,417		16.4	%		3,319		15.5	%
Amortization of acquisition-related intangible assets		1,065		5.1	%		1,191		5.5	%
Research and development expenses		670		3.2	%		691		3.2	%
Restructuring and other costs (c)		106		0.5	%		295		1.4	%
Total costs and operating expenses		17,404		83.3	%		18,256		85.3	%
Operating income		3,483		16.7	%		3,141		14.7	%
Interest income		574					324
Interest expense		(717	)				(626	)
Other income/(expense) (d)		14					(46	)
Income before income taxes		3,354					2,793
Provision for income taxes (e)		(408	)				(98	)
Equity in earnings/(losses) of unconsolidated entities		(61	)				(41	)
Net income		2,885					2,654
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest		9					4
Net income attributable to Thermo Fisher Scientific Inc.	$	2,875		13.8	%	$	2,650		12.4	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	7.53				$	6.86
Diluted	$	7.50				$	6.83
Weighted average shares:
Basic		382					386
Diluted		383					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	3,483		16.7	%	$	3,141		14.7	%
Cost of revenues adjustments (a)		17		0.1	%		59		0.3	%
Selling, general and administrative expenses adjustments (b)		(45	)	-0.2	%		14		0.1	%
Restructuring and other costs (c)		106		0.5	%		295		1.4	%
Amortization of acquisition-related intangible assets		1,065		5.1	%		1,191		5.5	%
Adjusted operating income (non-GAAP measure)	$	4,625		22.1	%	$	4,700		22.0	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	2,875				$	2,650
Cost of revenues adjustments (a)		17					59
Selling, general and administrative expenses adjustments (b)		(45	)				14
Restructuring and other costs (c)		106					295
Amortization of acquisition-related intangible assets		1,065					1,191
Other income/expense adjustments (d)		(11	)				45
Provision for income taxes adjustments (e)		(51	)				(342	)
Equity in earnings/losses of unconsolidated entities		61					41
Noncontrolling interests adjustments (f)		(1	)				—
Adjusted net income (non-GAAP measure)	$	4,016				$	3,953

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	7.50				$	6.83
Cost of revenues adjustments (a)		0.04					0.15
Selling, general and administrative expenses adjustments (b)		(0.12	)				0.03
Restructuring and other costs (c)		0.28					0.76
Amortization of acquisition-related intangible assets		2.78					3.07
Other income/expense adjustments (d)		(0.03	)				0.11
Provision for income taxes adjustments (e)		(0.13	)				(0.88	)
Equity in earnings/losses of unconsolidated entities		0.16					0.11
Noncontrolling interests adjustments (f)		0.00					0.00
Adjusted EPS (non-GAAP measure)	$	10.47				$	10.18

Reconciliation of adjusted free cash flow
GAAP net cash provided by operating activities	$	3,211				$	2,269
Purchases of property, plant and equipment		(648	)				(742	)
Proceeds from sale of property, plant and equipment		20					10
Free cash flow (non-GAAP measure)	$	2,583				$	1,537

Business Segment Information	Six months ended
	June 29,			% of		July 1,			% of
(Dollars in millions)	2024			Revenues		2023			Revenues

Revenues
Life Sciences Solutions	$	4,640		22.2	%	$	5,075		23.7	%
Analytical Instruments		3,469		16.6	%		3,472		16.2	%
Specialty Diagnostics		2,227		10.7	%		2,217		10.4	%
Laboratory Products and Biopharma Services		11,480		55.0	%		11,594		54.2	%
Eliminations		(930	)	-4.5	%		(961	)	-4.5	%
Consolidated revenues	$	20,886		100.0	%	$	21,397		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	1,705		36.7	%	$	1,653		32.6	%
Analytical Instruments		838		24.2	%		853		24.6	%
Specialty Diagnostics		593		26.6	%		577		26.0	%
Laboratory Products and Biopharma Services		1,489		13.0	%		1,617		14.0	%
Subtotal reportable segments		4,625		22.1	%		4,700		22.0	%
Cost of revenues adjustments (a)		(17	)	-0.1	%		(59	)	-0.3	%
Selling, general and administrative expenses adjustments (b)		45		0.2	%		(14	)	-0.1	%
Restructuring and other costs (c)		(106	)	-0.5	%		(295	)	-1.4	%
Amortization of acquisition-related intangible assets		(1,065	)	-5.1	%		(1,191	)	-5.5	%
Consolidated GAAP operating income	$	3,483		16.7	%	$	3,141		14.7	%


(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2023 exclude $21 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, net charges for pre-acquisition litigation and other matters, 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 $562 and $523 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)

	June 29,		December 31,
(In millions)	2024		2023

Assets
Current assets:
Cash and cash equivalents	$	7,073	$	8,077
Short-term investments		1,750		3
Accounts receivable, net		7,943		8,221
Inventories		5,198		5,088
Other current assets		3,512		3,200
Total current assets		25,476		24,589
Property, plant and equipment, net		9,282		9,448
Acquisition-related intangible assets, net		15,519		16,670
Other assets		4,377		3,999
Goodwill		43,843		44,020
Total assets	$	98,496	$	98,726

Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	5,121	$	3,609
Other current liabilities		9,651		10,403
Total current liabilities		14,772		14,012
Other long-term liabilities		5,907		6,564
Long-term obligations		30,284		31,308
Redeemable noncontrolling interest		115		118
Total equity		47,419		46,724
Total liabilities, redeemable noncontrolling interest and equity	$	98,496	$	98,726

Condensed Consolidated Statements of Cash Flows (unaudited)

	Six months ended
	June 29,			July 1,
(In millions)	2024			2023

Operating activities
Net income	$	2,885		$	2,654
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,626			1,714
Change in deferred income taxes		(607	)		(328	)
Other non-cash expenses, net		311			480
Changes in assets and liabilities, excluding the effects of acquisitions		(1,003	)		(2,251	)
Net cash provided by operating activities		3,211			2,269

Investing activities
Purchases of property, plant and equipment		(648	)		(742	)
Proceeds from sale of property, plant and equipment		20			10
Proceeds from cross-currency interest rate swap interest settlements		111			35
Acquisitions, net of cash acquired		—			(2,751	)
Purchases of investments		(1,778	)		(188	)
Other investing activities, net		12			51
Net cash used in investing activities		(2,283	)		(3,585	)

Financing activities
Net proceeds from issuance of debt		1,204			—
Repayment of debt		—			(1,000	)
Net proceeds from issuance of commercial paper		—			1,620
Repayment of commercial paper		—			(1,441	)
Purchases of company common stock		(3,000	)		(3,000	)
Dividends paid		(284	)		(252	)
Other financing activities, net		145			24
Net cash used in financing activities		(1,936	)		(4,049	)

Exchange rate effect on cash		7			(19	)
Decrease in cash, cash equivalents and restricted cash		(1,000	)		(5,384	)
Cash, cash equivalents and restricted cash at beginning of period		8,097			8,537
Cash, cash equivalents and restricted cash at end of period	$	7,097		$	3,153

Free cash flow (non-GAAP measure)	$	2,583		$	1,537

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

ALR Technologies and Infinovo Sign Memorandum of Understanding to Manufacture World's First CGM for Diabetic Pets

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