Thermo Fisher Scientific Reports Fourth Quarter and Full Year 2021 Results

- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the fourth quarter and full year ended December 31, 2021 .

Fourth Quarter and Full Year 2021 Highlights

Fourth quarter revenue was $10.70 billion .
Fourth quarter GAAP diluted earnings per share (EPS) was $4.17 .
Fourth quarter adjusted EPS was $6.54 .

Full year revenue grew 22% to $39.21 billion .
Full year GAAP diluted EPS increased 22% to $19.46 .
Full year adjusted EPS increased 28% to $25.13 .

Built on industry leadership throughout the year, supporting our customers, delivering outstanding results, and investing to further strengthen the long-term growth trajectory of the company.

Achieved very strong results in the fourth quarter, with excellent growth in the base business and $2.45 billion of COVID-19 response revenue.

Delivered another year of high-impact innovation, highlighted by the HyPerforma DynaDrive Single-Use Bioreactor , the Thermo Scientific Orbitrap Exploris Gas Chromatography-Mass Spectrometers , and the Thermo Scientific Helios 5EXL Wafer DualBeam scanning electron microscope to support the development of increasingly smaller and more complex semiconductors. During the quarter, we launched the Thermo Scientific Orbitrap Exploris MX mass detector providing high throughput analysis to improve the development and production of biopharmaceuticals and the Applied Biosystems QuantStudio 7 Pro Dx Real-Time PCR system which enables clinical testing laboratories to accelerate molecular diagnostics.

Accelerated investments in capacity and capabilities, investing $2.5 billion in 2021 to meet short- and long-term customer demand. During the year we added capacity for bioproduction, sterile fill-finish services, laboratory products as well as enzymes and nucleotides. We also continued to build our industry-leading scale in high-growth and emerging markets during the year, including an increase in our single-use bioproduction manufacturing in Asia Pacific and opening a Customer Innovation Center in South Korea , focused on the semiconductor industry.

Continued to advance our environmental, social and governance (ESG) priorities throughout the year. Building on our environmental sustainability initiatives, we committed to reach net-zero carbon emissions by 2050 . Highlights from our Foundation for Science include supporting more than 100,000 students globally through our STEM education programs and supporting life-science researchers in developing countries. We also published and raised funding through our Sustainable Financing Framework supporting our commitment to doing business the right way and funding projects that align with the United Nations Sustainable Development Goals (UN SDGs). Throughout the year, Thermo Fisher Scientific was recognized as a leader in our industry and in the workplace and, in the fourth quarter, Forbes recognized the company on its list of the World's Top Female-Friendly Companies.

Very active year of capital deployment, investing $24 billion in strategic acquisitions. This was highlighted by the addition of PPD, Inc. , a leading provider of clinical research services for the biopharma industry, and, just before year end, completing the acquisition of PeproTech , a leading provider of recombinant proteins. We also returned $2.4 billion of capital to shareholders through stock buybacks and dividends.

"We had an outstanding 2021, as we continued to execute our proven growth strategy, powered by our PPI Business System, and operated with speed at scale to help our customers and governments around the world advance their important work," said Marc N. Casper , chairman, president and chief executive officer of Thermo Fisher Scientific. "We exceeded the goals we set out to accomplish in 2021 and delivered for all of our stakeholders."

Casper added, "Thanks to our incredible team, we are entering 2022 with great momentum. Our exceptional performance has enabled us to further strengthen our long-term competitive position by significantly accelerating our growth strategy through enhanced customer relationships and significant investments in commercial capabilities, innovation, capacity expansion and acquisitions, to ensure an even brighter future."

Fourth Quarter 2021

Revenue for the quarter grew 1% to $10.70 billion in 2021, versus $10.55 billion in 2020. Organic revenue decreased 4%, acquisitions increased revenue by 6% and currency translation decreased revenue by 1%. Organic growth from the base business was 8%. COVID-19 response revenue was $2.45 billion .

GAAP Earnings Results

GAAP diluted EPS in the fourth quarter of 2021 was $4.17 , versus $6.24 in the same quarter last year. GAAP operating income for the fourth quarter of 2021 was $2.54 billion , compared with $3.07 billion in the year-ago quarter. GAAP operating margin was 23.7%, compared with 29.1% in the fourth quarter of 2020.

Non-GAAP Earnings Results

Adjusted EPS in the fourth quarter of 2021 was $6.54 , versus $7.09 in the fourth quarter of 2020. Adjusted operating income for the fourth quarter of 2021 was $3.16 billion , compared with $3.51 billion in the year-ago quarter. Adjusted operating margin was 29.5%, compared with 33.3% in the fourth quarter of 2020.

Full Year 2021

Revenue for the full year grew 22% to $39.21 billion in 2021, versus $32.22 billion in 2020. Organic revenue growth was 17%, acquisitions increased revenue by 3%, and currency translation increased revenue by 2%. Organic growth from the base business was 14%. COVID-19 response revenue was $9.23 billion .

GAAP Earnings Results

GAAP diluted EPS for the full year increased 22% to $19.46 , versus $15.96 in 2020. GAAP operating income for 2021 grew to $10.03 billion , compared with $7.79 billion a year ago. GAAP operating margin increased to 25.6% in 2021, compared with 24.2% in 2020.

Non-GAAP Earnings Results

Adjusted EPS for the full year rose 28% to $25.13 , versus $19.56 in 2020. Adjusted operating income for 2021 grew 27% compared with 2020 and adjusted operating margin increased to 31.0%, compared with 29.7% a year ago.

Annual Guidance for 2022

The company will provide updated 2022 financial guidance during its earnings conference call this morning at 8:30 a.m. Eastern time .

Use of Non-GAAP Financial Measures

Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, organic revenue growth and base business organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading "Supplemental Information Regarding Non-GAAP Financial Measures." The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.

Conference Call

Thermo Fisher Scientific will hold its earnings conference call today, February 2 , at 8:30 a.m. Eastern time . To listen, dial (844) 200-6205 within the U.S. or (929) 526-1599 outside the U.S. The access code is 986581. You may also listen to the call live on our website, www.thermofisher.com , by clicking on "Investors." You will find this press release, including the accompanying reconciliation of non-GAAP financial measures and related information, in that section of our website under "Financials." An audio archive of the call will be available under "News and Events" through Friday, February 11, 2022 .

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science, with annual revenue of approximately $40 billion . Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com .

Safe Harbor Statement

The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the duration and severity of the COVID-19 pandemic; the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, which are on file with the SEC and available in the "Investors" section of our website under the heading "SEC Filings." While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

Media Contact Information:	Investor Contact Information:
Ron O'Brien	Rafael Tejada
Thermo Fisher Scientific	Thermo Fisher Scientific
Phone: 781-622-1242	Phone: 781-622-1356
E-mail: ron.obrien@thermofisher.com	E-mail: rafael.tejada@thermofisher.com

Condensed Consolidated
Statement of Income (unaudited)
	Three Months Ended
	December 31,	% of	December 31,	% of
(In millions except per share amounts)	2021	Revenues	2020	Revenues
Revenues	$ 10,702		$ 10,550
Costs and operating expenses:
Cost of revenues (a)	5,302	49.5 %	4,867	46.1 %
Selling, general and administrative expenses (b)	1,958	18.3 %	1,793	17.0 %
Amortization of acquisition-related intangible assets	466	4.4 %	411	3.9 %
Research and development expenses	392	3.7 %	376	3.6 %
Restructuring and other costs (c)	46	0.4 %	32	0.3 %
	8,164	76.3 %	7,479	70.9 %
Operating income	2,538	23.7 %	3,071	29.1 %
Interest income	11		12
Interest expense	(161)		(146)
Other expense (d)	(526)		(43)
Income before income taxes	1,862		2,894
Provision for income taxes (e)	(202)		(394)
Equity in losses of unconsolidated entities	(1)		(1)
Net income	1,659		2,499
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest	1		1
Net income attributable to Thermo Fisher Scientific Inc.	$ 1,658	15.5 %	$ 2,498	23.7 %

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$ 4.20		$ 6.30
Diluted	$ 4.17		$ 6.24
Weighted average shares:
Basic	394		397
Diluted	398		400

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$ 2,538	23.7 %	$ 3,071	29.1 %
Cost of revenues charges (a)	—	0.0 %	1	0.0 %
Selling, general and administrative charges (credits) (b)	111	1.0 %	(3)	0.0 %
Restructuring and other costs (c)	46	0.4 %	32	0.3 %
Amortization of acquisition-related intangible assets	466	4.4 %	411	3.9 %
Adjusted operating income (non-GAAP measure)	$ 3,161	29.5 %	$ 3,512	33.3 %

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$ 1,658		$ 2,498
Cost of revenues charges (a)	—		1
Selling, general and administrative charges (credits) (b)	111		(3)
Restructuring and other costs (c)	46		32
Amortization of acquisition-related intangible assets	466		411
Other expense adjustments (d)	532		42
Benefit from income taxes (e)	(213)		(146)
Equity in losses of unconsolidated entities	1		1
Adjusted net income (non-GAAP measure)	$ 2,601		$ 2,836

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$ 4.17		$ 6.24
Cost of revenues charges (a)	0.00		0.00
Selling, general and administrative charges (credits) (b)	0.28		0.00
Restructuring and other costs (c)	0.11		0.08
Amortization of acquisition-related intangible assets	1.17		1.03
Other expense adjustments (d)	1.34		0.10
Benefit from income taxes (e)	(0.53)		(0.36)
Equity in losses of unconsolidated entities	0.00		0.00
Adjusted EPS (non-GAAP measure)	$ 6.54		$ 7.09

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$ 2,688		$ 3,339
Purchases of property, plant and equipment	(831)		(586)
Proceeds from sale of property, plant and equipment	11		1
Free cash flow (non-GAAP measure)	$ 1,868		$ 2,754

Segment data	Three Months Ended
	December 31,	% of	December 31,	% of
(In millions)	2021	Revenues	2020	Revenues

Revenues
Life Sciences Solutions	$ 4,150	38.8 %	$ 4,368	41.4 %
Analytical Instruments	1,725	16.1 %	1,636	15.5 %
Specialty Diagnostics	1,447	13.5 %	1,967	18.6 %
Laboratory Products and Biopharma Services	4,195	39.2 %	3,616	34.3 %
Eliminations	(815)	-7.6 %	(1,037)	-9.8 %
Consolidated revenues	$ 10,702	100.0 %	$ 10,550	100.0 %

Operating income and operating margin
Life Sciences Solutions	$ 1,999	48.2 %	$ 2,321	53.1 %
Analytical Instruments	381	22.1 %	331	20.2 %
Specialty Diagnostics	297	20.5 %	520	26.4 %
Laboratory Products and Biopharma Services	484	11.5 %	340	9.4 %
Subtotal reportable segments	3,161	29.5 %	3,512	33.3 %

Cost of revenues charges (a)	—	0.0 %	(1)	0.0 %
Selling, general and administrative (charges) credits (b)	(111)	-1.0 %	3	0.0 %
Restructuring and other costs (c)	(46)	-0.4 %	(32)	-0.3 %
Amortization of acquisition-related intangible assets	(466)	-4.4 %	(411)	-3.9 %
GAAP operating income	$ 2,538	23.7 %	$ 3,071	29.1 %

(a) Reported results in 2020 include accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.
(b) Reported results in 2021 and 2020 include certain third-party expenses (credits), principally transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and costs associated with product liability litigation.
(c) Reported results in 2021 and 2020 include restructuring and other costs consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations, and charges for impairment of acquired intangible assets. Reported results in 2021 also include $22 of charges for compensation due to employees at recently acquired businesses at the date of acquisition.
(d) Reported results in 2021 and 2020 include net gains on investments. Reported results in 2021 include $570 of losses on the early extinguishment of debt and $10 of charges for the amortization of bridge loan commitment fees related to recent acquisitions. Reported results in 2020 include $42 of charges related to terminated interest rate swaps and $2 of net charges for the settlement/curtailment of pension plans.
(e) Reported provision for income taxes in 2021 and 2020 includes incremental tax benefit for the pre-tax reconciling items between GAAP and adjusted net income, incremental tax impacts from audit settlements, and incremental tax impacts from adjusting the company's non-U.S. deferred tax balances as a result of tax rate changes.
Notes:
Consolidated depreciation expense is $217 and $191 in 2021 and 2020, 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.

Base business organic revenue growth
	Three Months Ended
	December 31,
	2021

Revenue growth	1 %
Impact of COVID-19 response revenue (a) (b)	-11 %
Base business revenue growth	12 %
Impact of acquisitions	6 %
Impact of currency translation	-1 %
Base business organic revenue growth (non-GAAP measure)	8 %	*

* Results do not sum due to rounding.
(a) COVID-19 response revenue includes effects of COVID-19 response revenues from acquired businesses and foreign currency translation.
(b) Adjustment to exclude the impact of COVID-19 response revenue.


Notes:
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
Statement of Income (unaudited)
	Year ended
	December 31,	% of	December 31,	% of
(In millions except per share amounts)	2021	Revenues	2020	Revenues
Revenues	$ 39,211		$ 32,218
Costs and operating expenses:
Cost of revenues (a)	18,977	48.4 %	15,713	48.8 %
Selling, general and administrative expenses (b)	6,842	17.4 %	5,764	17.9 %
Amortization of acquisition-related intangible assets	1,761	4.5 %	1,667	5.2 %
Research and development expenses	1,406	3.6 %	1,181	3.7 %
Restructuring and other costs (c)	197	0.5 %	99	0.3 %
	29,183	74.4 %	24,424	75.8 %
Operating income	10,028	25.6 %	7,794	24.2 %
Interest income	43		65
Interest expense	(536)		(553)
Other expense (d)	(694)		(76)
Income before income taxes	8,841		7,230
Provision for income taxes (e)	(1,109)		(850)
Equity in losses of unconsolidated entities	(4)		(3)
Net income	7,728		6,377
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest	3		2
Net income attributable to Thermo Fisher Scientific Inc.	$ 7,725	19.7 %	$ 6,375	19.8 %

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$ 19.62		$ 16.09
Diluted	$ 19.46		$ 15.96
Weighted average shares:
Basic	394		396
Diluted	397		399

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$ 10,028	25.6 %	$ 7,794	24.2 %
Cost of revenues charges (a)	8	0.0 %	6	0.0 %
Selling, general and administrative charges (credits) (b)	144	0.4 %	(10)	0.0 %
Restructuring and other costs (c)	197	0.5 %	99	0.3 %
Amortization of acquisition-related intangible assets	1,761	4.5 %	1,667	5.2 %
Adjusted operating income (non-GAAP measure)	$ 12,138	31.0 %	$ 9,556	29.7 %

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$ 7,725		$ 6,375
Cost of revenues charges (a)	8		6
Selling, general and administrative charges (credits) (b)	144		(10)
Restructuring and other costs (c)	197		99
Amortization of acquisition-related intangible assets	1,761		1,667
Other expense adjustments (d)	732		121
Benefit from income taxes (e)	(593)		(449)
Equity in losses of unconsolidated entities	4		3
Adjusted net income (non-GAAP measure)	$ 9,978		$ 7,812

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$ 19.46		$ 15.96
Cost of revenues charges (a)	0.02		0.01
Selling, general and administrative charges (credits) (b)	0.36		(0.02)
Restructuring and other costs (c)	0.50		0.25
Amortization of acquisition-related intangible assets	4.43		4.17
Other expense adjustments (d)	1.84		0.30
Benefit from income taxes (e)	(1.49)		(1.12)
Equity in losses of unconsolidated entities	0.01		0.01
Adjusted EPS (non-GAAP measure)	$ 25.13		$ 19.56

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$ 9,543		$ 8,289
Purchases of property, plant and equipment	(2,523)		(1,474)
Proceeds from sale of property, plant and equipment	20		8
Free cash flow (non-GAAP measure)	$ 7,040		$ 6,823

Segment data	Year ended
	December 31,	% of	December 31,	% of
(In millions)	2021	Revenues	2020	Revenues

Revenues
Life Sciences Solutions	$ 15,631	39.9 %	$ 12,168	37.8 %
Analytical Instruments	6,069	15.5 %	5,124	15.9 %
Specialty Diagnostics	5,659	14.4 %	5,343	16.6 %
Laboratory Products and Biopharma Services	14,862	37.9 %	12,245	38.0 %
Eliminations	(3,010)	-7.7 %	(2,662)	-8.3 %
Consolidated revenues	$ 39,211	100.0 %	$ 32,218	100.0 %

Operating income and operating margin
Life Sciences Solutions	$ 7,817	50.0 %	$ 6,109	50.2 %
Analytical Instruments	1,197	19.7 %	808	15.8 %
Specialty Diagnostics	1,280	22.6 %	1,368	25.6 %
Laboratory Products and Biopharma Services	1,844	12.4 %	1,271	10.4 %
Subtotal reportable segments	12,138	31.0 %	9,556	29.7 %

Cost of revenues charges (a)	(8)	0.0 %	(6)	0.0 %
Selling, general and administrative (charges) credits (b)	(144)	-0.4 %	10	0.0 %
Restructuring and other costs (c)	(197)	-0.5 %	(99)	-0.3 %
Amortization of acquisition-related intangible assets	(1,761)	-4.5 %	(1,667)	-5.2 %
GAAP operating income	$ 10,028	25.6 %	$ 7,794	24.2 %

(a) Reported results in 2021 include charges for the sale of inventories revalued at the date of acquisition. Reported results in 2020 include $4 of accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations and $2 of charges to conform the accounting policies of recently acquired businesses with the company's accounting policies.
(b) Reported results in 2021 and 2020 include certain third-party expenses (credits), principally transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and costs associated with product liability litigation.
(c) Reported results in 2021 and 2020 include restructuring and other costs consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations, and charges for impairment of acquired intangible assets. Reported results in 2021 include $35 of charges for compensation due to employees of recently acquired businesses at the date of acquisition.
(d) Reported results in 2021 and 2020 include net gains on investments and charges for amortization of bridge loan commitment fees and entering hedging contracts for recent/terminated acquisitions. Reported results in 2021 include $767 of losses on the early extinguishment of debt. Reported results in 2020 include $42 of charges related to terminated interest rate swaps and $8 of net charges for the settlement/curtailment of pension plans.
(e) Reported provision for income taxes in 2021 and 2020 includes incremental tax benefit for the pre-tax reconciling items between GAAP and adjusted net income, incremental tax impacts from audit settlements, and incremental tax impacts from adjusting the company's non-U.S. deferred tax balances as a result of tax rate changes.
Notes:
Consolidated depreciation expense is $831 and $658 in 2021 and 2020, 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.

Base business organic revenue growth
	Year Ended
	December 31,
	2021

Revenue growth	22 %
Impact of COVID-19 response revenue (a) (b)	5 %
Base business revenue growth	17 %
Impact of acquisitions	2 %
Impact of currency translation	2 %
Base business organic revenue growth (non-GAAP measure)	14 %	*

* Results do not sum due to rounding.
(a) COVID-19 response revenue includes effects of COVID-19 response revenues from acquired businesses and foreign currency translation.
(b) Adjustment to exclude the impact of COVID-19 response revenue.


Notes:
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 Sheet (unaudited)

	December 31,	December 31,
(In millions)	2021	2020

Assets
Current assets:
Cash and cash equivalents	$ 4,477	$ 10,325
Accounts receivable, net	7,977	5,741
Inventories	5,051	4,029
Other current assets	2,564	1,862
Total current assets	20,069	21,957
Property, plant and equipment, net	8,333	5,912
Acquisition-related intangible assets, net	20,113	12,685
Other assets	4,352	2,457
Goodwill	41,924	26,041
Total assets	$ 94,791	$ 69,052


Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$ 2,537	$ 2,628
Other current liabilities	10,806	7,676
Total current liabilities	13,343	10,304
Other long-term liabilities	8,138	5,124
Long-term obligations	32,333	19,107
Redeemable noncontrolling interest	122	—
Total equity	40,855	34,517
Total liabilities, redeemable noncontrolling interest and equity	$ 94,791	$ 69,052


Condensed Consolidated Statement of Cash Flows (unaudited)

	Year ended
	December 31,	December 31,
(In millions)	2021	2020

Operating activities
Net income	$ 7,728	$ 6,377

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,592	2,325
Change in deferred income taxes	(406)	(552)
Other non-cash expenses, net	1,187	534
Changes in assets and liabilities, excluding the effects of acquisitions and disposition	(1,558)	(395)
Net cash provided by operating activities	9,543	8,289

Investing activities
Acquisitions, net of cash acquired	(19,395)	(38)
Purchases of property, plant and equipment	(2,523)	(1,474)
Proceeds from sale of property, plant and equipment	20	8
Other investing activities, net	(34)	(6)
Net cash used in investing activities	(21,932)	(1,510)

Financing activities
Net proceeds from issuance of debt	18,137	3,464
Repayment of debt	(11,738)	(710)
Net proceeds from issuance of commercial paper	2,512	383
Repayment of commercial paper	—	(387)
Purchases of company common stock	(2,000)	(1,500)
Dividends paid	(395)	(337)
Net proceeds from issuance of company common stock under employee stock plans	156	196
Other financing activities, net	(91)	(150)
Net cash provided by financing activities	6,581	959

Exchange rate effect on cash	(37)	176
(Decrease) increase in cash, cash equivalents and restricted cash	(5,845)	7,914
Cash, cash equivalents and restricted cash at beginning of period	10,336	2,422
Cash, cash equivalents and restricted cash at end of period	$ 4,491	$ 10,336


Free cash flow (non-GAAP measure)	$ 7,040	$ 6,823

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

Supplemental Information Regarding Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of revenues from acquired businesses and the effects of currency translation. We also report base business organic revenue growth, which is reported revenue growth, excluding the impacts of COVID-19 response revenue, acquisitions and currency translation. We report organic revenue growth and base business organic revenue growth because Thermo Fisher management believes that in order to understand the company's short-term and long-term financial trends, investors may wish to consider the impact of acquisitions, foreign currency translation and/or COVID-19 response on revenues. Thermo Fisher management uses organic revenue growth and base business organic revenue growth to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods.

We report adjusted operating income, adjusted operating income margin, adjusted net income, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company's core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable:

Certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition, significant transaction/acquisition-related costs, including changes in estimates of contingent acquisition-related consideration, and other costs associated with obtaining short-term financing commitments for pending/recent acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs.
Costs/income associated with restructuring activities, such as reducing overhead and consolidating facilities. We exclude these costs because we believe that the costs related to restructuring activities are not indicative of our normal operating costs.
Equity in earnings of unconsolidated entities; impairments of long-lived assets; and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, including gains/losses on investments, the sale of businesses, product lines, and real estate, significant litigation-related matters, curtailments/settlements of pension plans, and the early retirement of debt. We exclude these items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.
The expense associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years. Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.
The tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred taxes from enacted tax rate changes), the latter of which we exclude because they are outside of our normal operations and difficult to forecast accurately for future periods.

We report free cash flow, which is operating cash flow, excluding net capital expenditures to provide a view of the continuing operations' ability to generate cash for use in acquisitions and other investing and financing activities. The company uses this measure as an indication of the strength of the company and its ability to generate cash for use in acquisitions and other investing and financing activities. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.

Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions and acquisition-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific's results computed in accordance with GAAP.

The non-GAAP financial measures of Thermo Fisher Scientific's results of operations and cash flows included in this press release are not meant to be considered superior to or a substitute for Thermo Fisher Scientific's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the tables above.

View original content: https://www.prnewswire.com/news-releases/thermo-fisher-scientific-reports-fourth-quarter-and-full-year-2021-results-301473362.html

SOURCE Thermo Fisher Scientific

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Valens GroWorks Highlighted by AltaCorp Capital Executive Discussing Flourishing Cannabis Pharma Space

With the launch of a legal recreational cannabis market in Canada, as well as an established medical market, players in the financial and investment spaces have started to look favorably upon cannabis companies leading the industry. In a recent interview on MidasLetter Live, AltaCorp Capital Inc.’s Managing Director David Kideckel spoke about the launch of his company’s cannabis sector coverage, which includes recognizable names in Canada like Auxly Cannabis Group Inc. (TSXV:XLY) and Valens GroWorks Corp. (CSE:VGW).

Speaking of Valens, a Kelowna, BC-based, research-driven, vertically-integrated Canadian cannabis company focusing on cannabis extraction, distillation as well as cannabinoid isolation and purification, Kideckel highlighted the steps the company has taken to deploy its business model.

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Valens Groworks Announces Strategic Collaboration

Valens GroWorks (CSE:VGW)(CSE:VGW.CN) (the “Company” or “Valens“) and its wholly-owned subsidiary Supra THC Services Inc. (“Supra“) are pleased to announce a collaboration between Supra and Thermo Fisher Scientific (Mississauga) Inc. to develop a “Centre of Excellence in Plant Based Medicine Analytics” centered in Kelowna, British Columbia. This agreement is the first of its kind between a Canadian cannabis company and a world leader in Health Science services, with an ability to deliver innovative technologies, purchasing convenience and comprehensive services to this emerging market.
Supra’s operations are located in the Company’s state-of-the-art 17,000 sq ft Kelowna facility, currently undergoing modifications ahead of a significant expansion. Supra will utilize a suite of Thermo Fisher Scientific sector-leading advanced analytical instrumentation to provide analytical services, research and development, forensic analysis and support for clinical trials as well as being a demonstration and training site for Thermo Fisher Scientific clients and third parties involved in this rapidly evolving sector. It will also be used as a regional resource center for universities and companies.
Dr. Rob O’Brien, CEO and Chief Science Officer of Supra THC Services Inc. stated; “There are many plants such as Cannabis that contain active ingredients which could be effective treatments for disease or provide critical health improvements. However, conducting proper clinical trials with materials that contain many active ingredients is challenging, particularly if the effective absorbed dose can vary significantly depending on how the material is consumed. For example, the effectiveness of absorption of active ingredients contained in an oil carrier is much different if that oil is placed under the patient‘s tongue, then if the oil, or edible, is swallowed. To measure the amount of active ingredients and metabolites in blood, urine, hair and saliva, advanced instrumentation and a team of highly qualified personal is essential. With the Supra THC Services team and advanced instrumentation from Thermo Fisher Scientific, many significant advances are expected.”
Luc Dionne, Canadian Sales Manager with Thermo Fisher Scientific (Mississauga) Inc., states “We welcome the opportunity to work with Dr. Rob O’Brien and the Supra THC Services team, an organization that conducts testing activities in plant based medicine. Dr. O’Brien has an extensive background in analytical chemistry and is a recognized authority in scientific circles. Dr. O’Brien has worked closely with Thermo Fisher Scientific in the past using several of our market leading technologies to successfully perform testing on natural products, pharmaceutical formulations and environmental samples. We are delighted that his team has selected Thermo Fisher Scientific‘s cost effective analytical testing solutions to promote the advancement of testing protocols to meet the rigorous and regulatory requirements of this market segment.”
About Valens GroWorks Corp.
Valens GroWorks Corp. is a CSE-listed company with an aggressive buildout strategy in progress. The Company seeks to capture a broad spectrum of medical cannabis users and adult recreational users once legalized, as well as clinical trial and R&D clients, in pursuit of its ambitious seed-to-sale and farm-to-pharma objectives. The Company also provides management, consulting, testing and support services to domestic and international licensees, as well as financing and managing buildouts of fully-licensed 3rd party operations.
The Company has two wholly-owned subsidiaries based in the Okanagan Valley of British Columbia: 1) Valens Agritech Ltd. (“VAL”) which holds a Health Canada Dealer’s License, and 2) Supra THC Services Inc., a Health Canada licensed cannabis testing lab providing sector-leading analytical and proprietary services to Licensed Producers and ACMPR patients. For more information, please visit https:/valensgroworks.com, https://www.valensagritech.com and https://www.suprathc.ca.
About Thermo Fisher Scientific (Mississauga) Inc.
Thermo Fisher Scientific (Mississauga) Inc. is a wholly owned subsidiary of Thermo Fisher Scientific Inc. (NYSE: TMO) the world leader in serving science, with revenues of more than US$20 billion and approximately 65,000 employees globally. Our mission is to enable our customers to make the world healthier, cleaner and safer. We help our customers accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics, deliver medicines to market and increase laboratory productivity. Through our premier brands — Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services — we offer an unmatched combination of innovative technologies, purchasing convenience and comprehensive services. For more information, please visit www.thermofisher.com.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
(signed) “Tyler Robson“
Chief Executive Officer
For further information, please contact:
Greg Patchell
Telephone: +1.250.860.8634
Notice regarding Forward Looking Statements
This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The CSE or other regulatory authority has not reviewed, approved or disapproved the contents of this press release. We seek Safe Harbour.
Click here to connect with Valens GroWorks (CSNX:VGW) to receive an Investor Presentation.

Thermo Fisher Scientific Expands Global Footprint to Support Cell and Gene Therapy Clinical Trials in Japan

To help meet increasing demand for cell and gene therapy clinical trial support around the globe, Thermo Fisher Scientific, the world leader in serving science, today announced the expansion of its Fisher BioServices cryogenic service capabilities in Japan.
This expansion enables its customers to seamlessly conduct clinical trials across multiple
geographies and provides patients around the world with access to life
changing therapies. As a leading service provider to the cell and gene
therapy community, Fisher BioServices is uniquely positioned with the
experience, resources, and global expertise to support its customers on
their path towards commercialization.
The facility in Tokyo was expanded to include cryogenic storage and
logistics by utilizing a combination of proven components and validated
procedures developed with years of experience in the cell and gene
therapy business. The new modules within this facility allow Fisher
BioServices to configure and replicate each site to meet the specific
requirements of individual clinical trials with minimal variation,
regardless of volume or geographic location. The facility is also
supported by a global comprehensive and integrated Quality System based
on regulatory requirements, industry best practices and trained
personnel.
“Japan is an increasingly important market for cell and gene therapy
companies conducting clinical trials,” said Dennis Barger, Fisher
BioServices vice president and general manager. “The addition of
cryogenic services to this facility in Japan, combined with our existing
capabilities in Europe and the US, enables us to seamlessly support our
customers’ global trials as they develop and commercialize their
therapies.”
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc.
(NYSE: TMO) is the world leader in serving science, with revenues of $17
billion and more than 50,000 employees in 50 countries. Our mission is
to enable our customers to make the world healthier, cleaner and safer.
We help our customers accelerate life sciences research, solve complex
analytical challenges, improve patient diagnostics and increase
laboratory productivity. Through our premier brands – Thermo Scientific,
Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services
– we offer an unmatched combination of innovative technologies,
purchasing convenience and comprehensive support. For more information,
please visit www.thermofisher.com.

MyDx Provides Positive Mid-Year Update as Part of Special Letter to Shareholders

Highlights:

MyDx experiencing double-digit quarterly revenue growth following commercialization of first of four patented technologies
Company’s increasing revenues and continued narrowing of losses clears path towards achieving profitability by year-end
Enters into first major distribution agreement valued at approximately $4 million for its CannaDx chemical sensor instrument
Expects to launch two new sensors by year-end, creating two entire new revenue channels
Focusing on substantially decreasing long-term debt and strengthening balance sheet
Seeking to aggressively expand sales and marketing initiatives for new products

LA JOLLA, Calif., June 07, 2016 (GLOBE NEWSWIRE) — MyDx, Inc. (OTCQB:MYDX), one of the fastest growing companies in the chemical detection industry and the producer of the patented MyDx™ (My Diagnostic) product line, the first battery operated, handheld, chemical analyzer for consumers, today issued the following Special Letter to Shareholders from its Chairman and Chief Executive Officer Daniel Yazbeck.
“Dear Fellow Shareholders,
2016 is off to a strong start, and as we approach the mid-year mark I thought it would be helpful to summarize our progress since launching our multi-use MyDx chemical analyzer with the CannaDx sensor and App. I will also cover the highlights of our newly accelerated goals for the balance of the year as well as an analysis of the chemical detection marketplace in whose context I believe the MyDx Analyzer can clearly shown to be a market leader.
Before I discuss our goals and strategies looking ahead, I think it is important and prudent for a management team to look back at our accomplishments over the past four years. Rather than summarizing our many achievements, we thought it would be better communicated via a short video clip we compiled for our investors. Please click the following link for a quick video summary of the many successes we have had over the past four years that has enabled us to get to where we are today: a much nimbler, stronger and, by far, one of the fastest growing companies in the chemical detection market.
Please click here: MYDX 4 Year Business Plan Accomplishments Video (https://www.globenewswire.com/NewsRoom/AttachmentNg/ba458e62-5a32-4900-8b8e-29aadd1f6b86)
MyDx Second Half 2016 Key Goals: New Product Launches, Continued Market Penetration and Profitable Growth
Company Prepares for New Products to Enter into Commercialization
On the R&D front, with the recent launch of the next-generation CannaDx SmartPhone App, which expanded our features and updated our database, we are now focusing our effort on the next MyDx Product to enter into commercialization: OrganaDx^TM. This application is slated for commercial release by the fourth quarter of this year.
The OrganaDx sensor will help you Trust and Verify™ the safety of your fruits and vegetables. Specifically, OrganaDx will enable you to measure the pesticide levels in your food, ensuring that you and your family do not unknowingly consume any potentially cancer-causing pesticides. It will empower you to verify, on the spot, whether or not produce is safe for consumption. This is particularly important when buying non-organic produce that are known to be notoriously high in pesticides, commonly referred to as the “Dirty Dozen.”
The Company expects future sales of OrganaDx should be at a substantially higher margin than our initial product line, which means a strong and growing contribution to our bottom line earnings growth.
Continued Market Penetration
In April 2016, we announced the first of what we expect to be many major retail distribution deals for our leading technology. Our initial agreement was with Nanolux Technology, Inc. (“Nanolux”), valued at over $4 million. Nanolux produces one of the world’s leading brands of horticultural lighting ballasts. With over 1,000 retail shops in its distribution network, it has an extensive footprint throughout the U.S. indoor agriculture and hydroponic marketplace concentrated in states with cannabis sales legalized in some form — especially California as the nation’s largest legal cannabis market.
We are beginning to actively roll-out our MyDx Analyzers with CannaDx sensors, sales and marketing collateral along with product and sales training to those 1,000 retail shops. Those sales will begin to kick in during the current quarter and are expected to ramp-up steeply throughout the second half of the year, which will provide us with clear visibility of what the remainder of 2016 and even parts of 2017 will look like from a financial and operational perspective.
Increasing Demand for our Initial Product to Enter into Commercialization: CannaDx
We see the market for CannaDx divided into three segments: consumer direct (primarily our online sales), and growers and dispensaries — both of which we consider prosumers. With online sales strong and growing, and even at high rates globally, that leaves the dispensary market segment still untapped and on which we are aggressively working to sign one or more regional or national distribution deals similar in nature to that of Nanolux.
MyDx is Clearly Positioned for Profitable Growth
Financially, just since its launch in the third quarter of 2015, CannaDx sales have topped well over $500,000, nearly all of which has come through direct-to-consumer sales with minimal marketing effort or expense.
Our net loss has narrowed by approximately $1.6 million year-over-year from ($2.1 million) to ($544,000) in the first quarter ended March 31, 2016. Additionally, we are actively working to reconfigure our manufacturing and supply chain management to scale up for far higher volumes and to reduce unit costs.
Based on these factors, and with the expected new applications in the final stages of development and commercialization, as well as an anticipated jump in CannaDx revenues in the weeks and months ahead driven by retail distribution, we believe we can reach profitability by year end — a significant milestone for MyDx.
Chemical Analyzer Marketplace: MyDx’s Growing Leadership Position
Bringing laboratory-based testing and analysis capability out of the lab and placing it in the palm of users’ hands is a common goal throughout the medical device (point of care) and many other industries.
In our industry, it is instructive to consider the hand-held chemical analyzer made by Thermo Fisher Scientific (“TMO”). TMO bills itself as the “world leader in serving science,” with revenues of $17 billion and more than 50,000 employees in 50 countries.
TMO developed and launched TruNarc^TM, and while not identical in functionality to our CannaDx, it is fairly close, except that TruNarc is priced at close to $20,000 and has cost $400 million in R&D to develop. Our CannaDx carries a $699 price tag while our multi-use MyDx Chemical Analyzer cost us under $7 million to develop, patent and deploy to market. TMO’s move into the space validates the marketplace’s value, and we applaud however many millions of dollars it spends on sales and marketing since it serves to educate and build the market for both its products as well as our MyDx Analyzer.
MYDX Stock: Significantly Undervalued
However, we understand we are one of the new entrants into the chemical detection space which is why we trade at such a low valuation compared to heavyweights such as Thermo Fisher. However, if our past is any indication of what lies ahead for our Company and our shareholders, the Board of Directors and I, personally, strongly believe our stock price will adjust accordingly to our future achievements. Once we achieve profitability and continue to grow at the pace we expect to, we believe our valuation should be closer to our competitors. Thermo Fisher, for example, today trades at nearly 30 times 2017 earnings. Once we provide our 2017 earnings expectations, we think you, as a long-term investor in MyDx, will be very pleasantly rewarded with the patience, confidence and support you have given our Company from the onset. In fact, we believe the stock is so undervalued here that we are currently contemplating utilizing our excess cash flow to launch our first ever stock buyback program. We will keep you updated on our Board’s decision on that initiative as soon as it is voted on.
In Summary
I trust this letter enables you to understand the sense of excitement and anticipation we at MyDx have on the outlook for the rest of 2016, and why we eagerly look forward to 2017.
If any of our investors will be in Southern California on Wednesday, June 8, please join us when I present the MyDx investment story and take questions at the 6^th Annual LD Micro Invitational Investor Conference at 2:00 pm PDT / 5:00 pm EDT. The conference will be held at the Luxe Sunset Bel Air Hotel in Los Angeles and will feature nearly 200 companies in the small-cap universe. The presentation will be broadcast live, as well as archived on our website for 90 days. Hope to see you there.
Sincerely,
/s/ Daniel R. Yazbeck
Chairman and Chief Executive Officer
MyDx, Inc.
About MyDx
MyDx, Inc. (OTCQB:MYDX) is a chemical detection and sensor technology company based in San Diego, California whose mission is to help people Trust & Verify™ what they put into their minds and bodies. The Company has developed MyDx, a patented, affordable portable analyzer that provides real-time chemical analysis and fits in the palm of consumers’ hands. The multi-use MyDx leverages over a decade of established electronic nose technology to measure chemicals of interest. It owns a substantial and growing intellectual property portfolio of patents covering its technology. With its Canna sensor commercialized, it has four other sensors being developed in its lab that are compatible with the MyDx Analyzer and App. For more information, please visit www.cdxlife.com.
Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at www.sec.gov.

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GE to Buy Thermo Fisher Scientific Businesses for $1.06B

Dividend.com reported that General Electric Company’s (NYSE:GE) healthcare units will purchase life science businesses from Thermo Fisher Scientific Inc (NYSE:TMO) for $1.06 billion.
As quoted in the market news:

Part of GE’s acquisition of TMO’s businesses include “culture media and sera, and gene modulation and magnetic beads businesses,” according to the Wall Street Journal. This transaction will expand GE Healthcare’s Life Sciences division’s involvement in cell-related research and medicines.

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Medtronic announces cash dividend for third quarter of fiscal year 2025

The board of directors of Medtronic plc (NYSE: MDT) on Thursday, December 5, 2024, approved the company's cash dividend for the third quarter of fiscal year 2025 of $0 .70 per ordinary share. This quarterly declaration is consistent with the dividend increase announcement made by the company in May 2024. Medtronic is a constituent of the S&P 500 Dividend Aristocrats index, having increased its annual dividend payment for the past 47 consecutive years. The dividend is payable on January 10, 2025 to shareholders of record at the close of business on December 27, 2024 .

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 more than 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 , visit www.Medtronic.com and follow Medtronic on LinkedIn .

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Global Medical Service Robotics Market Project to Exceed $20 Billion in 2024 with Additional Growth Expected

FN Media Group News Commentary - Innovations in robotics technology, including artificial intelligence machine learning, and sensor technology, are enhancing the capabilities of medical robots. These advancements enable more precise surgical procedures, improved rehabilitation processes, and efficient hospital logistics, thus attracting more healthcare facilities to adopt robotic solutions. The market is characterized by a moderate level of merger and acquisition (M&A) activity by the leading players. This is due to several factors, including the desire to expand the business to cater to the growing demand for medical service robots. A report from Grand View Research said that the global medical service robots market size was estimated at USD 20.59 billion in 2024 and is projected to grow at a CAGR of 16.5% from 2025 to 2030. It said: "The growth can be attributed to the introduction of technologically advanced robotic equipment in the healthcare sector and the rise in per capita healthcare spending. Continuous advancements in technology, such as robotic catheter control systems (CCS), data recorders, data analytics, remote navigation, motion sensors, 3D-Imaging, and HD surgical microscopic cameras, are projected to drive industry growth. Furthermore, the introduction of swarm robotics is opening new opportunities for industry. It is a new approach to coordinating multi-robotic systems through swarm intelligence." Active Tech Companies in the markets today include Jeffs' Brands Ltd (NASDAQ: JFBR), Serve Robotics Inc. (NASDAQ: SERV), Symbotic Inc. (NASDAQ: SYM), Microbot Medical Inc. (NASDAQ: MBOT), Medtronic plc (NYSE: MDT).