Viemed Healthcare Announces Second Quarter 2022 Financial Results

Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD and TSX:VMD.TO), a national leader in respiratory care and technology-enabled home medical equipment services, announced today that it has reported its financial results for the three and six months ended June 30, 2022.

Operational highlights (all dollar amounts are USD):

Net revenues attributable to the Company's core business for the quarter ended June 30, 2022 were $33.1 million, a new Company record, and an increase of $6.9 million or 26% over core net revenues reported for the comparable quarter ended June 30, 2021. Including COVID-19 related services, total net revenues for the current quarter were $33.3 million.
Through June 30, 2022, the Company has repurchased and cancelled 1,350,567 common shares under the share repurchase program at a cost of $7.0 million, representing an average buyback price of $5.18 per share.
As a result of the Qualified Independent Contractor's reconsideration findings, recalculated overpayment requests have been issued by the Medicare Administrative Contractors, reducing the disputed exposure to $1.1 million. The Company has filed its appeals with the Administrative Law Judge, and intends to continue to defend itself vigorously through the remaining appeals processes, as necessary.
The Company grew its ventilator patient count to 8,837, a 9% increase over the June 30, 2021 ventilator patient count. This represents the highest sequential quarterly growth since the second quarter of 2019.
Adjusted EBITDA for the quarter ended June 30, 2022 totaled $6.5 million and Adjusted EBITDA for the six months ended June 30, 2022 totaled $13.7 million. A reconciliation of reported non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures can be found in the tables accompanying this press release.
The Company had a cash balance of $21.9 million at June 30, 2022 ($28.4 million at December 31, 2021) and an overall working capital balance of $24.0 million at June 30, 2022 ($29.5 million at December 31, 2021). Total long-term debt as of June 30, 2022 was $4.2 million ($4.3 million at December 31, 2021).
The Company expects to generate net revenues of approximately $34.5 million to $35.5 million during the third quarter of 2022.

"I am extremely proud of the robust growth across all lines of products and services, highlighting the synergies in our offerings," said Casey Hoyt, Viemed's CEO. "We're seeing the release of pent-up demand in the health care system, re-enforcing the critical need for cost-effective home-based treatment solutions that keep patients out of hospital facilities."

Conference Call Details

The Company will host a conference call to discuss second quarter results on Wednesday, August 3, 2022 at 11:00 a.m. ET.

Interested parties may participate in the call by dialing:

877-407-6176 (US Toll-Free)
201-689-8451 (International)

Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=nCv1tRHb

Following the conclusion of the call, an audio recording and transcript of the call can be accessed on the Company's website.

ABOUT VIEMED HEALTHCARE, INC.

Viemed is a provider of in-home medical equipment and post-acute respiratory healthcare services in the United States. Viemed's service offerings are focused on effective in-home treatment with clinical practitioners providing therapy and counseling to patients in their homes using cutting edge technology. Visit our website at www.viemed.com.

For further information, please contact:

Glen Akselrod
Bristol Capital
905-326-1888
glen@bristolir.com

Todd Zehnder
Chief Operating Officer
Viemed Healthcare, Inc.
337-504-3802
investorinfo@viemed.com

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or "forward-looking information" as such term is defined in applicable Canadian securities legislation (collectively, "forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "potential", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or "projects", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "will", "should", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. All statements other than statements of historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance, including the Company's net revenue guidance for the third quarter, are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business, market and economic conditions in the regions in which the Company operates; the impact of the COVID-19 pandemic and the actions taken by governmental authorities, individuals and companies in response to the pandemic on our business, financial condition and results of operations, including on the Company's patient base, revenues, employees, and equipment and supplies; significant capital requirements and operating risks that the Company may be subject to; the ability of the Company to implement business strategies and pursue business opportunities; volatility in the market price of the Company's common shares; the Company's novel business model; the risk that the clinical application of treatments that demonstrate positive results in a study may not be positively replicated or that such test results may not be predictive of actual treatment results or may not result in the adoption of such treatments by providers; the state of the capital markets; the availability of funds and resources to pursue operations; reductions in reimbursement rates and audits of reimbursement claims by various governmental and private payor entities; dependence on few payors; possible new drug discoveries; dependence on key suppliers and the recall of certain Royal Philips BiPAP and CPAP devices and ventilators that we distribute and sell; granting of permits and licenses in a highly regulated business; competition; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations; difficulty integrating newly acquired businesses; the impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation and regulatory environment; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the Company's status as an emerging growth company and a smaller reporting company; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, such as the COVID-19 pandemic, and claims resulting from such events or concerns; as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and with the securities regulatory authorities in certain provinces of Canada available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except share amounts)
(Unaudited)

	At June 30, 2022			At December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	21,922		$	28,408
Accounts receivable, net of allowance for doubtful accounts of $9,383 and $7,031 at June 30, 2022 and December 31, 2021, respectively		14,287			12,823
Inventory, net of inventory reserve of $0 and $1,418 at June 30, 2022 and December 31, 2021, respectively		2,853			2,457
Income tax receivable		531			1,893
Prepaid expenses and other assets		2,266			1,729
Total current assets	$	41,859		$	47,310
Long-term assets
Property and equipment, net		66,685			62,846
Equity investments		2,435			2,157
Deferred tax asset		3,964			4,787
Other long-term assets		961			862
Total long-term assets	$	74,045		$	70,652
TOTAL ASSETS	$	115,904		$	117,962

LIABILITIES
Current liabilities
Trade payables	$	3,702		$	3,239
Deferred revenue		4,402			3,753
Accrued liabilities		8,860			8,875
Current portion of lease liabilities		283			464
Current portion of long-term debt		612			1,480
Total current liabilities	$	17,859		$	17,811
Long-term liabilities
Accrued liabilities		385			757
Long-term lease liabilities		207			268
Long-term debt		4,226			4,306
Total long-term liabilities	$	4,818		$	5,331
TOTAL LIABILITIES	$	22,677		$	23,142

Commitments and Contingencies		—			—

SHAREHOLDERS' EQUITY
Common stock - No par value: unlimited authorized; 38,333,089 and 39,640,388 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		14,348			14,014
Additional paid-in capital		9,991			7,749
Accumulated other comprehensive loss		(56	)		(278	)
Retained earnings		68,944			73,335
TOTAL SHAREHOLDERS' EQUITY	$	93,227		$	94,820
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	115,904		$	117,962

VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2022			2021			2022			2021
Revenue	$	33,310		$	27,399		$	65,565		$	55,815

Cost of revenue		12,920			9,774			25,432			20,448

Gross profit	$	20,390		$	17,625		$	40,133		$	35,367

Operating expenses
Selling, general and administrative		17,536			12,884			33,312			27,393
Research and development		672			583			1,304			922
Stock-based compensation		1,271			1,236			2,576			2,543
Depreciation		243			207			480			407
Loss (gain) on disposal of property and equipment		(110	)		83			(124	)		159
Other expense		(223	)		(32	)		(664	)		(53	)
Income from operations	$	1,001		$	2,664		$	3,249		$	3,996

Non-operating income and expenses
Income from equity method investments		446			231			769			451
Interest expense, net of interest income		(59	)		(83	)		(123	)		(174	)

Net income before taxes		1,388			2,812			3,895			4,273
Provision for income taxes		421			1,246			1,166			1,023

Net income	$	967		$	1,566		$	2,729		$	3,250

Other comprehensive income (loss)
Change in unrealized gain/loss on derivative instruments, net of tax		59			(6	)		222			100
Other comprehensive income (loss)	$	59		$	(6	)	$	222		$	100

Comprehensive income	$	1,026		$	1,560		$	2,951		$	3,350

Net income per share
Basic	$	0.02		$	0.04		$	0.07		$	0.08
Diluted	$	0.02		$	0.04		$	0.07		$	0.08

Weighted average number of common shares outstanding:
Basic		38,773,580			39,584,064			39,195,317			39,357,992
Diluted		39,752,928			41,028,742			40,056,953			40,849,311

VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
(Unaudited)

	Six Months Ended June 30,
		2022			2021
Cash flows from operating activities
Net income	$	2,729		$	3,250
Adjustments for:
Depreciation		7,136			5,325
Provision for uncollectible accounts		6,300			3,402
Change in inventory reserve		(1,418	)		—
Share-based compensation		2,576			2,543
Distributions of earnings received from equity method investments		612			123
Income from equity method investments		(769	)		(451	)
Loss (gain) on disposal of property and equipment		(124	)		159
Deferred income tax expense		745			1,005
Net change in working capital
Increase in accounts receivable		(7,764	)		(3,163	)
Increase in inventory		1,022			(248	)
Increase (decrease) in prepaid expenses and other assets		(634	)		311
Increase (decrease) in trade payables		(243	)		362
Increase in deferred revenue		649			333
Decrease in accrued liabilities		(87	)		(3,800	)
Change in income tax payable/receivable		1,362			(340	)
Net cash provided by operating activities	$	12,092		$	8,811

Cash flows from investing activities
Purchase of property and equipment		(10,989	)		(5,047	)
Investment in equity investments		(121	)		—
Proceeds from sale of property and equipment		615			289
Net cash used in investing activities	$	(10,495	)	$	(4,758	)

Cash flows from financing activities
Proceeds from exercise of options		—			112
Principal payments on notes payable		(78	)		(73	)
Principal payments on term note		(872	)		(833	)
Shares redeemed to pay income tax		(119	)		(1,434	)
Shares repurchased under the share repurchase program		(7,001	)		—
Repayments of lease liabilities		(13	)		(1,655	)
Net cash used in financing activities	$	(8,083	)	$	(3,883	)

Net (decrease) increase in cash and cash equivalents		(6,486	)		170
Cash and cash equivalents at beginning of year		28,408			30,981
Cash and cash equivalents at end of period	$	21,922		$	31,151

Supplemental disclosures of cash flow information
Cash paid during the period for interest	$	128		$	198
Cash paid (received) during the period for income taxes, net of refunds	$	(940	)	$	358
Supplemental disclosures of non-cash transactions
Net non-cash changes to finance leases	$	—		$	12
Net non-cash changes to operating leases	$	(8	)	$	355

Non-GAAP Financial Measures

This press release refers to "Adjusted EBITDA" which is a non-GAAP financial measure that does not have a standardized meaning prescribed by U.S. GAAP. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, and stock-based compensation. Management believes Adjusted EBITDA provides helpful information with respect to the Company's operating performance as viewed by management, including a view of the Company's business that is not dependent on the impact of the Company's capitalization structure and items that are not part of the Company's day-to-day operations. Management uses Adjusted EBITDA (i) to compare the Company's operating performance on a consistent basis, (ii) to calculate incentive compensation for the Company's employees, (iii) for planning purposes, including the preparation of the Company's internal annual operating budget, and (iv) to evaluate the performance and effectiveness of the Company's operational strategies. Accordingly, management believes that Adjusted EBITDA provides useful information in understanding and evaluating the Company's operating performance in the same manner as management. The following table is a reconciliation of net income (loss), the most directly comparable U.S. GAAP measure, to Adjusted EBITDA, on a historical basis for the periods indicated:

VIEMED HEALTHCARE, INC.
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
(Expressed in thousands of U.S. Dollars)
(Unaudited)

For the quarter ended	June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021			December 31, 2020		September 30, 2020
Net Income	$	967	$	1,762	$	4,087	$	1,789	$	1,566	$	1,684		$	5,071	$	2,804
Add back:
Depreciation		3,740		3,397		3,120		2,867		2,716		2,609			2,835		2,425
Interest expense		59		64		69		75		83		91			100		116
Stock-based compensation		1,271		1,305		1,305		1,302		1,236		1,307			1,301		1,234
Income tax expense (benefit)		421		745		968		1,386		1,246		(223	)		151		1,141
Adjusted EBITDA	$	6,458	$	7,273	$	9,549	$	7,419	$	6,847	$	5,468		$	9,458	$	7,720

	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Net Income	$	967	$	2,729
Add back:
Depreciation		3,740		7,137
Interest expense		59		123
Stock-based compensation		1,271		2,576
Income tax expense (benefit)		421		1,166
Adjusted EBITDA	$	6,458	$	13,731

Use of Non-GAAP Financial Measures

Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. It is not a measurement of the Company's financial performance under U.S. GAAP and should not be considered as an alternative to revenue or net income, as applicable, or any other performance measures derived in accordance with U.S. GAAP and may not be comparable to other similarly titled measures of other businesses. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of the Company's operating results as reported under U.S. GAAP. Adjusted EBITDA does not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of ongoing operations; and other companies in the Company's industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

VIEMED HEALTHCARE, INC.
Key Financial and Operational Information
(Expressed in thousands of U.S. Dollars, except vent patients)
(Unaudited)

For the quarter ended	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
Financial Information:
Revenue	$	33,310		$	32,255		$	31,962		$	29,285		$	27,399		$	28,416		$	31,202		$	33,447
Gross Profit	$	20,390		$	19,743		$	19,662		$	18,381		$	17,625		$	17,742		$	19,178		$	19,453
Gross Profit %		61	%		61	%		62	%		63	%		64	%		62	%		61	%		58	%
Net Income	$	967		$	1,762		$	4,087		$	1,789		$	1,566		$	1,684		$	5,071		$	2,804
Cash (As of)	$	21,922		$	29,248		$	28,408		$	26,867		$	31,151		$	31,097		$	30,981		$	32,396
Total Assets (As of)	$	115,904		$	119,007		$	117,962		$	115,486		$	111,014		$	113,001		$	112,560		$	113,969
Adjusted EBITDA ⁽¹⁾	$	6,458		$	7,273		$	9,549		$	7,419		$	6,847		$	5,468		$	9,458		$	7,720
Operational Information:
Vent Patients ⁽²⁾		8,837			8,434			8,405			8,200			8,103			7,733			7,892			7,788

⁽¹⁾ Refer to "Non-GAAP Financial Measures" section above for definition of Adjusted EBITDA.

⁽²⁾ Vent Patients represents the number of active ventilator patients on recurring billing service at the end of each calendar quarter.

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Viemed Healthcare VMD:CA VMD Medical Device Investing

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MEDTRONIC PLC WORLD WIDE REVENUE ⁽¹⁾ (Unaudited)

	SECOND QUARTER							YEAR-TO-DATE
	REPORTED				ORGANIC			REPORTED				ORGANIC
(in millions)	FY25	FY24	Growth	Currency Impact ⁽³⁾	Adjusted FY25 ⁽⁴⁾	Adjusted FY24 ⁽⁴⁾	Growth	FY25	FY24	Growth	Currency Impact ⁽³⁾	Adjusted FY25 ⁽⁵⁾	Adjusted FY24 ⁽⁵⁾	Growth
Cardiovascular	$ 3,102	$ 2,923	6.1 %	$ 16	$ 3,086	$ 2,923	5.6 %	$ 6,108	$ 5,773	5.8 %	$ (23)	$ 6,132	$ 5,773	6.2 %
Cardiac Rhythm & Heart Failure	1,578	1,492	5.8	11	1,567	1,492	5.0	3,114	2,938	6.0	(8)	3,122	2,938	6.2
Structural Heart & Aortic	881	819	7.6	4	877	819	7.1	1,736	1,633	6.3	(8)	1,744	1,633	6.8
Coronary & Peripheral Vascular	643	613	4.9	1	642	613	4.8	1,259	1,202	4.7	(7)	1,266	1,202	5.3
Neuroscience	2,451	2,288	7.1	10	2,441	2,288	6.7	4,768	4,506	5.8	(8)	4,776	4,506	6.0
Cranial & Spinal Technologies	1,234	1,157	6.7	3	1,231	1,157	6.4	2,382	2,260	5.4	(6)	2,387	2,260	5.6
Specialty Therapies	737	705	4.6	5	732	705	3.9	1,450	1,400	3.5	(2)	1,452	1,400	3.7
Neuromodulation	480	426	12.6	2	478	426	12.1	937	846	10.8	(1)	938	846	10.9
Medical Surgical	2,128	2,103	1.2	10	2,117	2,103	0.7	4,123	4,107	0.4	(18)	4,142	4,107	0.8
Surgical & Endoscopy	1,649	1,641	0.5	9	1,641	1,641	—	3,193	3,187	0.2	(13)	3,207	3,187	0.6
Acute Care & Monitoring	478	462	3.6	1	477	462	3.3	930	921	1.0	(5)	935	921	1.6
Diabetes	686	610	12.4	9	678	610	11.0	1,333	1,189	12.1	5	1,329	1,189	11.8
Total Reportable Segments	8,366	7,923	5.6	45	8,322	7,923	5.0	16,333	15,575	4.9	(46)	16,379	15,575	5.2
Other ⁽²⁾	37	61	(38.9)	—	—	—	—	(15)	111	(113.5)	(2)	—	—	—
TOTAL	$ 8,403	$ 7,984	5.3 %	$ 45	$ 8,322	$ 7,923	5.0 %	$ 16,318	$ 15,686	4.0 %	$ (48)	$ 16,379	$ 15,575	5.2 %


(1)	The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(2)	Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting year-to-date figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.
(3)	The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.
(4)	The three months ended October 25, 2024 includes $82 million of revenue adjustments related to $37 million of inorganic revenue for the transition activity noted in (2) and $45 million of favorable currency impact on the remaining segments. The three months ended October 27, 2023 excludes $61 million of inorganic revenue related to the transition activity noted in (2).
(5)	The six months ended October 25, 2024 excludes $61 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $75 million of inorganic revenue related to the transition activity noted in (2), and $46 million of unfavorable currency impact on the remaining segments. The six months ended October 27, 2023 excludes $111 million of inorganic revenue related to the transition activity noted in (2).

MEDTRONIC PLC U.S. ⁽¹⁾⁽²⁾ REVENUE (Unaudited)

	SECOND QUARTER						YEAR-TO-DATE
	REPORTED			ORGANIC			REPORTED			ORGANIC
(in millions)	FY25	FY24	Growth	Adjusted FY25	Adjusted FY24	Growth	FY25	FY24	Growth	Adjusted FY25	Adjusted FY24	Growth
Cardiovascular	$ 1,434	$ 1,427	0.5 %	$ 1,434	$ 1,427	0.5 %	$ 2,836	$ 2,776	2.2 %	$ 2,836	$ 2,776	2.2 %
Cardiac Rhythm & Heart Failure	768	782	(1.8)	768	782	(1.8)	1,534	1,502	2.1	1,534	1,502	2.1
Structural Heart & Aortic	388	367	5.7	388	367	5.7	757	724	4.5	757	724	4.5
Coronary & Peripheral Vascular	278	278	0.1	278	278	0.1	546	550	(0.8)	546	550	(0.8)
Neuroscience	1,677	1,560	7.5	1,677	1,560	7.5	3,242	3,057	6.0	3,242	3,057	6.0
Cranial & Spinal Technologies	926	863	7.2	926	863	7.2	1,781	1,685	5.7	1,781	1,685	5.7
Specialty Therapies	418	403	3.6	418	403	3.6	816	795	2.6	816	795	2.6
Neuromodulation	333	293	13.7	333	293	13.7	645	577	11.8	645	577	11.8
Medical Surgical	944	948	(0.4)	944	948	(0.4)	1,825	1,815	0.5	1,825	1,815	0.5
Surgical & Endoscopy	675	688	(1.9)	675	688	(1.9)	1,304	1,308	(0.2)	1,304	1,308	(0.2)
Acute Care & Monitoring	269	260	3.6	269	260	3.6	521	508	2.6	521	508	2.6
Diabetes	232	217	6.9	232	217	6.9	447	405	10.4	447	405	10.4
Total Reportable Segments	4,286	4,151	3.3	4,286	4,151	3.3	8,350	8,054	3.7	8,350	8,054	3.7
Other ⁽³⁾	18	23	(22.2)	—	—	—	37	45	(19.0)	—	—	—
TOTAL	$ 4,304	$ 4,175	3.1 %	$ 4,286	$ 4,151	3.3 %	$ 8,387	$ 8,099	3.6 %	$ 8,350	$ 8,054	3.7 %


(1)	U.S. includes the United States and U.S. territories.
(2)	The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(3)	Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested.

MEDTRONIC PLC INTERNATIONAL REVENUE ⁽¹⁾ (Unaudited)

	SECOND QUARTER							YEAR-TO-DATE
	REPORTED				ORGANIC			REPORTED				ORGANIC
(in millions)	FY25	FY24	Growth	Currency Impact ⁽³⁾	Adjusted FY25 ⁽⁴⁾	Adjusted FY24 ⁽⁴⁾	Growth	FY25	FY24	Growth	Currency Impact ⁽³⁾	Adjusted FY25 ⁽⁵⁾	Adjusted FY24 ⁽⁵⁾	Growth
Cardiovascular	$ 1,668	$ 1,496	11.5 %	$ 16	$ 1,652	$ 1,496	10.4 %	$ 3,272	$ 2,996	9.2 %	$ (23)	$ 3,295	$ 2,996	10.0 %
Cardiac Rhythm & Heart Failure	811	710	14.2	11	799	710	12.6	1,580	1,436	10.0	(8)	1,588	1,436	10.6
Structural Heart & Aortic	492	451	9.1	4	488	451	8.3	980	909	7.8	(8)	988	909	8.7
Coronary & Peripheral Vascular	365	335	8.9	1	364	335	8.7	713	652	9.3	(7)	720	652	10.4
Neuroscience	774	728	6.3	10	764	728	5.0	1,526	1,449	5.3	(8)	1,535	1,449	5.9
Cranial & Spinal Technologies	308	293	5.0	3	305	293	3.9	600	576	4.2	(6)	606	576	5.2
Specialty Therapies	319	302	5.8	5	315	302	4.3	634	605	4.8	(2)	636	605	5.1
Neuromodulation	146	133	10.4	2	144	133	8.8	292	269	8.8	(1)	293	269	9.1
Medical Surgical	1,183	1,155	2.5	10	1,173	1,155	1.6	2,298	2,292	0.3	(18)	2,317	2,292	1.1
Surgical & Endoscopy	974	953	2.3	9	966	953	1.4	1,889	1,879	0.5	(13)	1,902	1,879	1.2
Acute Care & Monitoring	209	202	3.5	1	208	202	2.8	409	413	(0.9)	(5)	414	413	0.4
Diabetes	455	394	15.5	9	446	394	13.2	886	784	13.1	5	882	784	12.5
Total Reportable Segments	4,080	3,772	8.2	45	4,035	3,772	7.0	7,983	7,521	6.1	(46)	8,028	7,521	6.7
Other ⁽²⁾	19	37	(49.4)	—	—	—	—	(51)	66	(178.3)	(2)	—	—	—
TOTAL	$ 4,099	$ 3,809	7.6 %	$ 45	$ 4,035	$ 3,772	7.0 %	$ 7,931	$ 7,587	4.5 %	$ (48)	$ 8,028	$ 7,521	6.7 %

MEDTRONIC PLC CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three months ended		Six months ended
(in millions, except per share data)	October 25, 2024	October 27, 2023	October 25, 2024	October 27, 2023
Net sales	$ 8,403	$ 7,984	$ 16,318	$ 15,686
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets	2,946	2,761	5,707	5,390
Research and development expense	697	698	1,373	1,365
Selling, general, and administrative expense	2,757	2,686	5,412	5,299
Amortization of intangible assets	413	425	827	855
Restructuring charges, net	30	40	77	94
Certain litigation charges, net	—	65	81	105
Other operating income, net	(34)	(31)	(33)	(30)
Operating profit	1,595	1,340	2,873	2,608
Other non-operating income, net	(173)	(154)	(330)	(230)
Interest expense, net	209	180	376	329
Income before income taxes	1,559	1,313	2,827	2,510
Income tax provision	281	402	500	802
Net income	1,278	911	2,327	1,708
Net income attributable to noncontrolling interests	(9)	(2)	(15)	(8)
Net income attributable to Medtronic	$ 1,270	$ 909	$ 2,312	$ 1,700
Basic earnings per share	$ 0.99	$ 0.68	$ 1.79	$ 1.28
Diluted earnings per share	$ 0.99	$ 0.68	$ 1.79	$ 1.28
Basic weighted average shares outstanding	1,282.4	1,330.2	1,288.6	1,330.3

Diluted weighted average shares outstanding	1,286.9	1,331.9	1,292.5	1,332.8

MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS ⁽¹⁾ (Unaudited)

	Three months ended October 25, 2024
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 8,403	$ 2,946	64.9 %	$ 1,595	19.0 %	$ 1,559	$ 1,270	$ 0.99	18.0 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	413	4.9	413	338	0.26	18.2
Restructuring and associated costs ⁽²⁾	—	(11)	0.1	46	0.5	46	37	0.03	19.6
Acquisition and divestiture-related items ⁽³⁾	—	(5)	0.1	(25)	(0.3)	(25)	(30)	(0.02)	(20.0)
(Gain)/loss on minority investments ⁽⁴⁾	—	—	—	—	—	(10)	(21)	(0.02)	(100.0)
Medical device regulations ⁽⁵⁾	—	(9)	0.1	12	0.1	12	10	0.01	16.7
Certain tax adjustments, net	—	—	—	—	—	—	16	0.01	—
Non-GAAP	$ 8,403	$ 2,921	65.2 %	$ 2,041	24.3 %	$ 1,995	$ 1,620	$ 1.26	18.3 %
Currency impact	(45)	(103)	1.1	145	1.9			0.09
Currency Adjusted	$ 8,358	$ 2,818	66.3 %	$ 2,186	26.2 %			$ 1.35

	Three months ended October 27, 2023
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 7,984	$ 2,761	65.4 %	$ 1,340	16.8 %	$ 1,313	$ 909	$ 0.68	30.6 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	425	5.3	425	360	0.27	15.3
Restructuring and associated costs ⁽²⁾	—	(15)	0.2	91	1.1	91	76	0.06	17.6
Acquisition and divestiture-related items ⁽³⁾	—	(6)	0.1	58	0.7	58	51	0.04	12.1
Certain litigation charges, net	—	—	—	65	0.8	65	50	0.04	23.1
(Gain)/loss on minority investments ⁽⁴⁾	—	—	—	—	—	25	21	0.02	20.0
Medical device regulations ⁽⁵⁾	—	(21)	0.3	30	0.4	30	24	0.02	20.0
Certain tax adjustments, net ⁽⁶⁾	—	—	—	—	—	—	176	0.13	—
Non-GAAP	$ 7,984	$ 2,720	65.9 %	$ 2,009	25.2 %	$ 2,008	$ 1,667	$ 1.25	16.9 %


See description of non-GAAP financial measures contained in the press release dated November 19, 2024.
(1)	The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.
(2)	Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.
(3)	The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. The three months ended October 25, 2024, also include gains related to certain business or asset sales.
(4)	We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
(5)	The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.
(6)	The charge primarily relates to the establishment of a valuation allowance against certain net operating losses.

MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS ⁽¹⁾ (Unaudited)

	Six months ended October 25, 2024
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 16,318	$ 5,707	65.0 %	$ 2,873	17.6 %	$ 2,827	$ 2,312	$ 1.79	17.7 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	827	4.9	827	678	0.52	18.0
Restructuring and associated costs ⁽²⁾	—	(20)	0.1	108	0.6	108	87	0.07	19.4
Acquisition and divestiture-related items ⁽³⁾	—	(16)	0.1	(13)	(0.1)	(13)	(19)	(0.01)	(46.2)
Certain litigation charges, net	—	—	—	81	0.5	81	68	0.05	16.0
(Gain)/loss on minority investments ⁽⁴⁾	—	—	—	—	—	(27)	(38)	(0.03)	(37.0)
Medical device regulations ⁽⁵⁾	—	(20)	0.1	27	0.2	27	22	0.02	18.5
Other ⁽⁶⁾	90	—	0.4	90	0.5	90	70	0.05	22.2
Certain tax adjustments, net	—	—	—	—	—	—	33	0.03	—
Non-GAAP	$ 16,408	$ 5,651	65.6 %	$ 3,993	24.3 %	$ 3,921	$ 3,213	$ 2.49	17.7 %
Currency impact	46	(134)	0.9	246	1.5			0.16
Currency Adjusted	$ 16,454	$ 5,517	66.5 %	$ 4,239	25.8 %			$ 2.65

	Six months ended October 27, 2023
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 15,686	$ 5,390	65.6 %	$ 2,608	16.6 %	$ 2,510	$ 1,700	$ 1.28	32.0 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	855	5.5	855	724	0.54	15.2
Restructuring and associated costs ⁽²⁾	—	(30)	0.2	182	1.2	182	152	0.11	16.5
Acquisition and divestiture-related items ⁽³⁾	—	(12)	0.1	107	0.7	107	97	0.07	9.3
Certain litigation charges, net	—	—	—	105	0.7	105	81	0.06	22.9
(Gain)/loss on minority investments ⁽⁴⁾	—	—	—	—	—	89	85	0.06	5.6
Medical device regulations ⁽⁵⁾	—	(42)	0.3	62	0.4	62	49	0.04	21.0
Certain tax adjustments, net ⁽⁷⁾	—	—	—	—	—	—	375	0.28	—
Non-GAAP	$ 15,686	$ 5,306	66.2 %	$ 3,919	25.0 %	$ 3,910	$ 3,262	$ 2.45	16.4 %


See description of non-GAAP financial measures contained in the press release dated November 19, 2024.
(1)	The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.
(2)	Free cash flow represents operating cash flows less property, plant, and equipment additions.

MEDTRONIC PLC CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions)	October 25, 2024	April 26, 2024
ASSETS
Current assets:
Cash and cash equivalents	$ 1,394	$ 1,284
Investments	6,595	6,721
Accounts receivable, less allowances and credit losses of $195 and $173, respectively	6,260	6,128
Inventories	5,479	5,217
Other current assets	2,710	2,584
Total current assets	22,438	21,935
Property, plant, and equipment, net	6,438	6,131
Goodwill	41,161	40,986
Other intangible assets, net	12,423	13,225
Tax assets	3,572	3,657
Other assets	4,009	4,047
Total assets	$ 90,042	$ 89,981
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$ 3,719	$ 1,092
Accounts payable	2,376	2,410
Accrued compensation	1,893	2,375
Accrued income taxes	947	1,330
Other accrued expenses	3,260	3,582
Total current liabilities	12,195	10,789
Long-term debt	24,607	23,932
Accrued compensation and retirement benefits	1,084	1,101
Accrued income taxes	1,432	1,859
Deferred tax liabilities	473	515
Other liabilities	1,534	1,365
Total liabilities	41,326	39,561
Commitments and contingencies
Shareholders' equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,282,553,150 and 1,311,337,531 shares issued and outstanding, respectively	—	—
Additional paid-in capital	20,824	23,129
Retained earnings	30,919	30,403
Accumulated other comprehensive loss	(3,250)	(3,318)
Total shareholders' equity	48,494	50,214
Noncontrolling interests	222	206
Total equity	48,716	50,420
Total liabilities and equity	$ 90,042	$ 89,981

Contacts:

Erika Winkels	Ryan Weispfenning
Public Relations	Investor Relations
+1-763-526-8478	+1-763-505-4626

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

SELECTED FINANCIAL RESULTS REPORTED UNDER IFRS [In thousands of Canadian dollars]
			Change						Change
	Q3- 24	Q3-23	$ ¹		% ²	YTD- 24		YTD-23	$ ¹		% ²

Revenues	92,263	81,500	10,763		13%	274,440		254,002	20,438		8%
Gross margin	45,017	40,182	4,835		12%	134,053		118,437	15,616		13%
Gross margin %	49 %	49 %				49 %		47 %
Selling and marketing	13,372	11,924	(1,448	)	12%	39,285		35,463	(3,822	)	11%
General and administrative	12,110	11,080	(1,030	)	9%	34,747		29,305	(5,442	)	19%
Research and development	5,153	4,768	(385	)	8%	15,939		13,291	(2,648	)	20%
Amortization of intangible assets	11,179	11,480	301		3%	33,725		33,925	200		1%
Operating expenses	41,814	39,252	(2,562	)	7%	123,696		111,984	(11,712	)	10%
Operating income	3,203	930	2,273		244%	10,357		6,453	3,904		60%
Net (loss) income	85	9,588	(9,503	)	99%	(6,403	)	7,491	(13,894	)	185%

SELECTED FINANCIAL RESULTS EXCLUDING IAS 29 ¹ [In thousands of Canadian dollars]
			Change					Change
	Q3- 24	Q3-23	$		%	YTD- 24	YTD-23	$		%

Revenues	91,430	81,669	9,761		12%	271,346	254,736	16,610		7%
Gross margin	43,196	42,121	1,075		3%	129,173	123,751	5,422		4%
Gross margin %	47 %	52 %				48 %	49 %
Selling and marketing	13,197	11,937	1,260		11%	38,658	35,635	3,023		8%
General and administrative	11,922	11,009	913		8%	33,711	29,084	4,627		16%
Research and development	5,372	4,651	721		1%	15,789	13,376	2,413		18%
Amortization of intangible assets	11,161	11,475	(314	)	3%	33,707	33,789	(82	)	—%
Operating expenses	41,652	39,072	2,580		7%	121,865	111,884	9,981		9%

EBITDA ¹	13,330	15,512	(2,182	)	14%	42,560	48,018	(5,458	)	11%
Adjusted EBITDA ¹	13,454	15,512	(2,058	)	13%	42,787	48,018	(5,231	)	11%
Adjusted EBITDA per share ¹	0.13	0.15	(0.02	)	10%	0.42	0.46	(0.04	)	7%

	Excluding the impact of IAS 29 ¹
			Change
Therapeutic Area	Q3- 24	Q3- 23	$		%
Oncology/Hematology	36,821	31,336	5,485		18%
Infectious Diseases	33,827	29,195	4,632		16%
Other Specialty	20,782	21,138	(356	)	2%
Total	91,430	81,669	9,761		12%

SELECT BALANCE SHEET ITEMS [In thousands of Canadian dollars]
			Change
	September 30, 2024	December 31, 2023	$		%

Cash, cash equivalents and marketable securities	151,500	161,825	(10,325	)	6	%
Trade and other receivables	142,943	141,684	1,259		1	%
Inventories	114,959	91,834	23,125		25	%
Financial assets	126,457	128,369	(1,912	)	1	%
Accounts payable and accrued liabilities	93,795	90,617	3,178		4	%
Bank loans	51,651	61,866	(10,215	)	17	%

	Q3- 23				YTD- 23
	Excluding the impact of IAS 29 ¹	Constant Currency Adjustment		Constant Currency	Excluding the impact of IAS 29 ¹	Constant Currency Adjustment		Constant Currency
Revenues	81,669	(4,040	)	77,629	254,736	(448	)	254,288
Cost of goods sold	39,548	(2,455	)	37,093	130,985	(1,002	)	129,983
Gross margin	42,121	(1,585	)	40,536	123,751	554		124,305
Gross margin (%)	52 %			52 %	49 %			49 %
Expenses
Selling and marketing	11,937	(559	)	11,378	35,635	(354	)	35,281
General and administrative	11,009	(249	)	10,760	29,084	252		29,336
Research and development	4,651	(111	)	4,540	13,376	(15	)	13,361
Amortization of intangible assets	11,475	129		11,604	33,789	256		34,045
Operating income	3,049	(795	)	2,254	11,867	415		12,282

	Three months ended September 30,					Nine months ended September 30,
	Excluding impact of IAS 29
		Constant Currency ¹					Constant Currency ¹
Innovative	2024	2023	$	%		2024	2023	$		%
Oncology/Hematology	36,821	30,092	6,729	22	%	103,288	88,979	14,309		16	%
Infectious Diseases	33,827	27,255	6,572	24	%	109,714	104,687	5,027		5	%
Other Specialty	20,782	20,282	500	2	%	58,344	60,622	(2,278	)	4	%
Total	91,430	77,629	13,801	18	%	271,346	254,288	17,058		7	%

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

	Q3-23				YTD-23
	Reported under IFRS	IAS 29 Adjustment		Excluding the Impact of IAS 29	Reported under IFRS	IAS 29 Adjustment		Excluding the Impact of IAS 29

Revenues	81,500	169		81,669	254,002	734		254,736
Cost of goods sold	41,318	(1,770	)	39,548	135,565	(4,580	)	130,985
Gross margin	40,182	1,939		42,121	118,437	5,314		123,751
Gross margin (%)	49 %			52 %	47 %			49 %
Expenses
Selling and marketing	11,924	13		11,937	35,463	172		35,635
General and administrative	11,080	(71	)	11,009	29,305	(221	)	29,084
Research and development	4,768	(117	)	4,651	13,291	85		13,376
Amortization of intangible assets	11,480	(5	)	11,475	33,925	(136	)	33,789
Operating income	930	2,119		3,049	6,453	5,414		11,867

SELECTED FINANCIAL RESULTS AT CONSTANT CURRENCY ¹ [In thousands of Canadian dollars]
	Excluding impact of IAS 29
		Constant Currency ¹	Change				Constant Currency ¹	Change
	Q3- 24	Q3-23	$		%	YTD- 24	YTD-23	$		%
Revenues	91,430	77,629	13,801		18%	271,346	254,288	17,058		7%
Gross margin	43,196	40,536	2,660		7%	129,173	124,305	4,868		4%
Gross margin %	47 %	52 %				48 %	49 %
Operating expenses	41,652	38,282	(3,370	)	9%	121,865	112,023	(9,842	)	9%
EBITDA	13,330	14,757	(1,427	)	10%	42,560	48,672	(6,112	)	13%
Adjusted EBITDA	13,454	14,757	(1,303	)	9%	42,787	48,672	(5,885	)	12%
Adjusted EBITDA per share	0.13	0.14	(0.01	)	7%	0.42	0.45	(0.03	)	7%

INTERIM CONSOLIDATED BALANCE SHEETS [In thousands of Canadian dollars] [Unaudited]
As at	September 30, 2024	December 31, 2023
ASSETS
Current
Cash and cash equivalents	73,755	58,761
Marketable securities	73,965	95,657
Trade receivables	91,250	88,722
Other receivables	7,294	7,427
Inventories	114,959	91,834
Prepaids and deposits	7,287	4,881
Other current financial assets	24,598	15,753
Income taxes receivable	4,458	2,080
Total current assets	397,566	365,115
Marketable securities	3,780	7,407
Prepaids and deposits	7,682	7,767
Right-of-use assets	6,352	6,190
Property, plant and equipment	15,292	11,669
Intangible assets	279,681	289,960
Goodwill	84,783	79,844
Other financial assets	101,859	112,616
Deferred income tax assets	20,900	19,390
Other long-term receivables	44,399	45,535
Total non-current assets	564,728	580,378
Total assets	962,294	945,493

INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) [In thousands of Canadian dollars, except for share and per share amounts] [Unaudited]
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Revenues	92,263		81,500		274,440		254,002
Cost of goods sold	47,246		41,318		140,387		135,565
Gross margin	45,017		40,182		134,053		118,437
Expenses
Selling and marketing	13,372		11,924		39,285		35,463
General and administrative	12,110		11,080		34,747		29,305
Research and development	5,153		4,768		15,939		13,291
Amortization of intangible assets	11,179		11,480		33,725		33,925
Operating income (loss)	3,203		930		10,357		6,453
Interest income on financial instruments measured at amortized cost	(2,458	)	(2,024	)	(6,554	)	(6,218	)
Other interest income	(65	)	(1,031	)	(1,194	)	(3,276	)
Interest expense	1,915		2,603		6,776		8,398
Other expense	(795	)	(1,907	)	(1,006	)	(2,123	)
Net loss (gain) on financial instruments measured at fair value through profit or loss	2,820		(5,562	)	19,752		2,346
Foreign exchange loss (gain)	2,326		1,317		5,934		6,162
Gain on hyperinflation	(1,148	)	(1,364	)	(7,528	)	(3,000	)
(Loss) income before income taxes	608		8,898		(5,823	)	4,164
Income tax
Current	1,862		1,112		4,776		3,251
Deferred	(1,339	)	(1,802	)	(4,196	)	(6,578	)
Income tax expense (recovery)	523		(690	)	580		(3,327	)
Net income (loss) for the period	85		9,588		(6,403	)	7,491
Basic and diluted net income (loss) per share	—		0.09		(0.06	)	0.07
Weighted average number of common shares outstanding
Basic	101,132,799		106,250,793		101,211,415		108,728,924
Diluted	101,132,799		106,511,761		101,211,415		108,958,045

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS [In thousands of Canadian dollars] [Unaudited]
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
OPERATING ACTIVITIES
Net (loss) income for the period	85		9,588		(6,403	)	7,491
Adjustments reconciling net income to operating cash flows:
Depreciation and amortization	13,389		13,698		39,139		38,939
Net loss (gain) on financial instruments	2,820		(5,562	)	19,752		2,346
Unrealized foreign exchange (gain) loss	98		3,619		(6,231	)	1,557
Other operating activities	(384	)	1,058		(4,030	)	966
	16,008		22,401		42,227		51,299
Changes in non-cash working capital and other items	(10,992	)	(7,235	)	(7,416	)	(33,303	)
Cash inflow (outflow) from operating activities	5,016		15,166		34,811		17,996
INVESTING ACTIVITIES
Purchase of marketable securities	(45,417	)	(52,118	)	(123,339	)	(237,668	)
Proceeds on maturity of marketable securities	58,703		81,204		150,693		262,372
Investment in funds	(1,372	)	(1,006	)	(2,575	)	(1,176	)
Purchase of intangible assets	(1,671	)	(60	)	(28,488	)	(7,727	)
Other investing activities	1,284		7,736		2,623		15,441
Cash inflow (outflow) from investing activities	11,527		35,756		(1,086	)	31,242
FINANCING ACTIVITIES
Repurchase of common shares through Normal Course Issuer Bid	(2,474	)	(9,833	)	(3,716	)	(34,396	)
Principal repayment of bank loans	(2,039	)	(2,571	)	(10,698	)	(8,580	)
Proceeds from bank loans	1,638		2,706		2,930		4,796
Other financing activities	(1,052	)	(1,541	)	(6,702	)	(7,124	)
Cash outflow from financing activities	(3,927	)	(11,239	)	(18,186	)	(45,304	)
Increase (decrease) in cash and cash equivalents during the period	12,616		39,683		15,539		3,934
Cash and cash equivalents, beginning of the period	60,807		37,844		58,761		71,679
Net foreign exchange difference	332		(109	)	(545	)	1,805
Cash and cash equivalents, end of the period	73,755		77,418		73,755		77,418
Cash and cash equivalents	73,755		77,418		73,755		77,418
Marketable securities	77,745		76,397		77,745		76,397
Total cash, cash equivalents and marketable securities	151,500		153,815		151,500		153,815

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