Star Imaging and Path Lab Ltd Management Discussions

GLOBAL ECONOMIC OUTLOOK

The global economy demonstrated resilience during 2026 despite heightened trade policy uncertainty and geopolitical tensions. However, the outbreak of conflict in the Middle East has introduced new risks to global growth, inflation, and financial stability. Rising energy prices, supply chain disruptions, and elevated uncertainty are expected to weigh on economic activity across regions.

According to the International Monetary Fund (IMF), global growth is projected at 3.1% in 2026 and 3.2% in 2027 under its reference forecast. While technological innovation, continued investment activity, and resilient labour markets support growth prospects, geopolitical developments and commodity price volatility remain key risks to the outlook.

Inflation is expected to remain elevated in the near term due to energy-related pressures, while financial markets continue to monitor developments in global trade and geopolitical conditions. Policymakers across major economies are expected to focus on maintaining macroeconomic stability while supporting sustainable long-term growth.

GLOBAL ECONOMIC OUTLOOK

	2025	2026E	2027E
Global Inflation	2.7%	3.1%	3.2%
Global GDP Growth	4.1%	4.4%	3.7%

KEY GLOBAL THEMES

? Geopolitical uncertainty and energy market volatility

? Resilient labour markets across major economies

? Moderating but persistent inflationary pressures

? Continued investment in technology and digital transformation

? Ongoing global supply chain realignment

(Source: International Monetary Fund - World Economic Outlook, April 2026)

INDIAN ECONOMIC OUTLOOK

India remained the fastest-growing major economy in FY26, supported by strong domestic demand, stable macroeconomic fundamentals, and sustained policy support. Despite global trade disruptions and geopolitical uncertainties, economic growth accelerated to 7.6% in FY26 compared with 7.1% in FY25.

Growth was driven by robust performance across manufacturing and services sectors, supported by accommodative monetary conditions, moderating inflation, and continued public investment. Strong domestic consumption, infrastructure development, and formal employment generation continue to reinforce Indias long-term growth trajectory.

The World Bank projects Indias growth at 6.6% in FY27, reflecting temporary external headwinds arising from global geopolitical developments and higher energy prices. Over the medium term, favourable demographics, expanding urbanisation, rising incomes, and ongoing structural reforms are expected to sustain Indias position among the worlds fastest-growing major economies.

INDIA ECONOMIC INDICATORS

	2025	2026E	2027E
India GDP Growth	7.1%	7.7%	6.6%

CURRENT ACCOUNT DEFICIT (% OF GDP)

	2025	2026E	2027E
Current Account Deficit	1.3%	1.0%	1.8%

GENERAL GOVERNMENT FISCAL DEFICIT (% OF GDP)

	2025	2026E	2027E
Fiscal Deficit	7.7%	7.4%	7.6%

KEY GROWTH DRIVERS

? Strong domestic consumption and private demand

? Continued infrastructure and capital expenditure investments

? Expansion of manufacturing and services sectors

? Rising urbanisation and formalisation of the economy

? Supportive policy framework and structural reforms

INDIA OUTLOOK HIGHLIGHTS

? Fastest-growing major economy globally in FY26

? Inflation moderated significantly during FY26

? Formal employment creation remained strong

? Fiscal consolidation continued while supporting growth

? Long-term outlook supported by demographics and urbanisation

(Source: World Bank - India Development Update, April 2026)

59 Star Imaging and Path Lab Limited Annual Report 2025-26 60

Indias dual healthcare delivery model - a government-led public system anchored in primary healthcare, complemented by a dominant private sector delivering secondary, tertiary, and quaternary care - reflects both the breadth of opportunity and the depth of unmet demand. Indias cost advantage (surgery costs approximately one-tenth of Western countries) has also positioned the country as a top-5 global medical tourism destination, with US $7.69 billion in medical tourism value in 2024, expected to reach US $14.31 billion by 2029.

INDIAN HEALTHCARE INDUSTRY

Indias healthcare sector has emerged as one of the economys most dynamic pillars - contributing significantly to both GDP and employment. The industry encompasses hospitals, pharmaceuticals, medical devices, diagnostic services, medical equipment, telemedicine, and health insurance. The sector reached US $372 billion in 2023, employing 7.5 million people, with technology-led roles expected to add a further 2.7- 3.5 million jobs.

INDIA HEALTHCARE MARKET SIZE (Rs TRILLION)

	FY17	FY20	FY22	FY24	FY26E	FY28E
Market Size	Rs 4.5T	Rs 6.0T	Rs 7.5T	Rs 10.0T	Rs 12.0T	Rs 15.0T

Public expenditure on healthcare has shown a consistent upward trend - rising from 1.6% of GDP in FY21 to 2.2% in FY22 and 2.1% in FY23. Health insurance premiums underwent a reduction Rs 2,63,082 crore (US $31.84 billion) in FY24, with the health segment accounting for 33.33% of total gross written premiums - a clear indicator of improving insurance penetration and growing affordability in accessing healthcare. The governments push via programmes such as Ayushman Bharat PM-JAY, the National Health Mission, and an expanded medical education infrastructure (766 medical colleges as of 2024, up from 387 in 2013-14) continues to structurally strengthen Indias healthcare delivery capacity.

DIAGNOSTIC INDUSTRY OVERVIEW

GLOBAL DIAGNOSTIC INDUSTRY

Diagnostics form the backbone of modern healthcare, informing over 70% of clinical decisions. The global diagnostics market is witnessing structural expansion driven by the growing prevalence of non-communicable diseases (NCDs), rapid advancements in imaging technology, adoption of AI-powered pathology, and a worldwide shift towards preventive and early- detection medicine. Radiology and medical imaging, in particular, are experiencing accelerated demand - fuelled by increased cancer screening, cardiovascular monitoring, and neurology-related investigations.

The integration of artificial intelligence into diagnostic workflows is among the most transformative developments of the current decade. AI- assisted imaging, automated slide analysis in pathology, and predictive diagnostic algorithms are enhancing accuracy, reducing turnaround times, and expanding the reach of specialised diagnostics - particularly in underserved geographies. These trends directly elevate the importance of integrated radiology-pathology platforms that combine clinical depth with scalable infrastructure.

Diagnostics chains offering integrated imaging and pathology under one roof benefit from significant barriers to entry - including high capex requirements, established doctor networks, and stringent regulatory accreditations. - CRISIL, July 2024

INDIAN DIAGNOSTIC INDUSTRY

Indias diagnostics sector plays a pivotal role in the broader healthcare value chain - influencing treatment pathways, recovery monitoring, and preventive care. The industry grew at a CAGR of 9- 10% between FY17 and FY24, reaching approximately 9% of Indias $9.5- 10.5 trillion healthcare market in FY24. Going forward, diagnostics is expected to outpace the broader healthcare sector, growing at a CAGR of 10- 12% between FY24 and FY28, reaching an estimated $1,275- 1,375 billion in market size.

Within diagnostics, the radiology segment is the faster-growing sub-vertical - estimated to have grown at a CAGR of 9.5- 10.5% over FY17- FY24 and projected to accelerate further at 11- 13% CAGR through FY28. The pathology segment, having grown steadily at 8- 9% CAGR over FY17- FY24, is expected to clock 9- 11% CAGR through FY28. Both segments are underpinned by rising chronic disease prevalence, expanding diagnostic awareness, and increasing evidence-based clinical practice.

INDIA HEALTHCARE MARKET SIZE

(Rs TRILLION)

	FY17	FY20	FY22	FY24	FY26E	FY28E
Market Size	Rs 4.5T	Rs 6.0T	Rs 7.5T	Rs 10.0T	Rs 12.0T	Rs 15.0T

MARKET STRUCTURE: SHIFT TOWARDS ORGANISED CHAINS

Indias diagnostics market remains highly fragmented, with standalone centres and hospital labs accounting for a significant share. However, the industry is undergoing a decisive structural shift - diagnostic chains (both regional and multi- regional) grew their combined market share from 13- 17% in FY20 to 20- 24% in FY24. This shift was accelerated by the COVID- 19 pandemic, which demonstrated the operational superiority of chains in scaling testing solutions, maintaining quality, and offering home collection and digital report delivery.

Chains benefit from stronger financial discipline, greater negotiating power with reagent suppliers, higher capital resources, and the brand equity required to sustain complex radiology and pathology services. In particular, the integrated model - offering both pathology and radiology under one roof - creates significant barriers to entry due to high capex requirements, established doctor referral networks, and stringent operational authorisations. For regional diagnostic players operating in under- penetrated markets like eastern India, this integrated model represents a compelling competitive moat.

KEY GROWTH DRIVERS OF THE INDIAN DIAGNOSTICS INDUSTRY

Ageing Population India is witnessing a gradual demographic shift, with a growing share of the population entering older age groups. Rising life expectancy and improvements in healthcare infrastructure have increased the need for regular health screenings and diagnostic testing. As the prevalence of age- related conditions such as cardiovascular diseases, diabetes, cancer, and neurological disorders rises, demand for timely and accurate diagnostic services expected to strengthen.

INDIAS POPULATION AGED 60+ YEARS (MILLION)

	2001	2011	2016	2021	2026P
Population (Million)	75	100	122	146	171

Government Healthcare Initiatives Government- led healthcare programmes continue to play a significant role in improving access to diagnostic services across the country. Initiatives such as Ayushman Bharat, the National Health Mission (NHM), and the Free Diagnostics Service initiative have expanded healthcare coverage and promoted preventive healthcare. Increased adoption of Public- Private Partnership (PPP) models is further supporting the expansion of diagnostic infrastructure, particularly in underserved regions.

FREE DIAGNOSTICS SERVICE INITIATIVE ALLOCATION

(Rs BILLION)

	2018	2019	2020	2021	2022	2023
Allocation	8	12	10	17	15	20

Improving Healthcare Awareness Growing awareness regarding preventive healthcare and early disease detection is encouraging individuals to undergo routine health check- ups and screenings. Increasing health consciousness, supported by greater access to healthcare information and insurance coverage, is driving higher utilization of diagnostic services across both urban and rural markets.

Rising Burden of Lifestyle Diseases The increasing incidence of non-communicable diseases such as diabetes, hypertension, cardiovascular disorders, and cancer is creating sustained demand for diagnostic testing. Early diagnosis and continuous monitoring have become critical components of disease management, positioning diagnostics as an essential element of the healthcare ecosystem.

RURAL UNDER PENETRATION: A STRUCTURAL OPPORTUNITY

Indias rural population - approximately 70% of the countrys total population - contributed only 24% of diagnostics market revenue in FY24, revealing a stark under- penetration that represents a substantial long- term growth opportunity. Urban centres, particularly Delhi NCR and Mumbai, together accounted for 14- 16% of diagnostics industry value. The average diagnostic cost per hospitalisation in rural areas stands at Rs 1,889 versus Rs 2,441 in urban areas, while diagnostics account for 11% of average medical expenditure in rural settings versus 9% in urban - reflecting the acute dependency on diagnostics in areas with limited specialist access.

For diagnostic players with strong regional presence, entrenched doctor relationships, and a hub- and- spoke network spanning tier- II and tier- III cities, this rural under- penetration represents one of the most compelling growth levers over the next decade. Star Imaging and Path Lab Limited, with its deep- rooted presence in eastern India, is well- positioned to capitalise on this structural opportunity throughout the network expansion, quality enhancement, and affordable pricing strategies.

BUSINESS OUTLOOK

Star Imaging and Path Lab Limited remains focused on building a scalable, integrated, and technology- enabled diagnostics platform with a strong presence across B2G, B2B, and B2C healthcare ecosystems. Backed by its long- standing brand legacy, operational expertise, and growing diagnostic network, the Company continues to strengthen its position across existing geographies including Delhi NCR, Uttar Pradesh, and Nashik, while selectively evaluating expansion into high- potential markets. The Companys expansion strategy remains centered on enhancing accessibility to quality diagnostics through advanced infrastructure, operational scalability, and patient- centric service delivery.

Strengthening the Retail Diagnostics Ecosystem The Company continues to witness encouraging opportunities across both private and public healthcare segments, supported by increasing healthcare awareness, rising preventive diagnostics adoption, and growing demand for organised diagnostic service providers. In line with this opportunity, Star Imaging remains focused on strengthening its B2C franchise through new centre additions, deeper doctor engagement, enhanced brand visibility, and expansion of integrated diagnostic capabilities. The upcoming large- format Dwarka centre represents a key strategic project to further strengthen the Companys retail diagnostics presence and support long- term growth.

Advancing the Next Generation of Diagnostics Alongside network expansion, the Company is actively scaling its advanced diagnostic capabilities across radiology, molecular diagnostics, pathology, preventive healthcare, and chronic disease management. Investments in next- generation imaging technologies, specialised pathology infrastructure, tele- radiology, AI- assisted reporting, PACS, LIS, EMR integration, and digital report delivery systems are expected to enhance reporting accuracy, operational efficiency, turnaround times, and patient convenience. The Company also remains focused on improving centre- level productivity and asset utilisation through a scalable hub- and- spoke operating model supported by centralised reporting capabilities.

Deepening Engagement Across Institutional Healthcare Networks Government healthcare infrastructure and public- private partnership (PPP) opportunities continue to represent a significant long- term growth avenue for the Company. Leveraging its established execution track record in PPP- based radiology services and integrated diagnostics operations, Star Imaging intends to pursue additional government healthcare contracts and deepen its presence across public healthcare institutions. At the same time, the Company remains committed to disciplined capital allocation, prudent working capital management, and maintaining a strong balance sheet while continuing to invest in future growth opportunities.

Positioned for the Next Phase of Scalable Growth Looking ahead, management remains confident of delivering sustainable long- term growth supported by network expansion, increasing contribution from newly operational centres, strengthening referrals, technologies, technology integration, and rising healthcare demand across segments. As healthcare delivery increasingly shifts towards preventive care, integrated diagnostics, and technology- enabled healthcare ecosystems, Star Imaging is well positioned to build a future- ready diagnostics platform focused on clinical excellence, operational scalability, innovation, and patient- centric care.

SWOT Analysis

STRENGTHS

? Accurate Diagnosis: Our Diagnostic centers are equipped with advanced technology and medical equipment, such as MRI, CT scans, X- rays, and laboratory tests, that help provide accurate and timely diagnoses.

? Specialized Expertise: Many diagnostic centers employ medical professionals who specialize in various fields like radiology, pathology, and laboratory science, ensuring high- quality testing and interpretation.

? Proper Sample Collection and Processing Procedures: Diagnostic centers have well- defined and standardized procedures for the collection, handling, and processing of samples (such as blood, urine, or tissue). These procedures ensure that samples are properly maintained, preventing contamination and ensuring the reliability and accuracy of test results.

WEAKNESSES

? Dependence on Equipment and Technology: Diagnostic centers rely heavily on advanced medical equipment. If equipment malfunctions, becomes outdated, or faces technical issues, it can delay diagnoses and compromise the quality of results.

? Limited Emergency Services: In case of urgent or emergency medical situations, diagnostic centers typically do not provide immediate medical treatment or emergency services, which may require patients to be transferred to hospitals for care.

? Risk of Overloading During Peak Times: Some diagnostic centers may become overloaded during high- demand periods, such as flu season or during health crises, leading to longer wait times for appointments, test results, or consultations.

OPPORTUNITIES

? Expansion into Underserved Areas: Opening diagnostic centers in underserved or rural areas can cater to a growing demand for healthcare services in those regions. This could address healthcare disparities and offer better access to necessary diagnostic testing for populations who might otherwise need to travel far for these services.

? Technological Advancements: Investing in cutting- edge diagnostic technology, like AI- based diagnostic tools, advanced imaging systems, and automation in laboratories, can improve the accuracy of test results, speed up diagnoses, and reduce human errors. This can also help in keeping operational costs low and enhancing the patient experience.

? Research and Clinical Trials: Diagnostic centers can collaborate with pharmaceutical companies or research organizations to participate in clinical trials or research projects. This could help drive innovation in diagnostic technologies and offer patients access to new treatments.

THREATS

? Technological Obsolescence: The rapid advancement of medical technology means that diagnostic centers must continuously invest in upgrading their equipment to stay competitive. Failure to adopt the latest technologies could result in outdated services, reduced accuracy, and loss of patient trust.

? Regulatory Changes: Frequent changes in healthcare regulations, licensing requirements, and accreditation standards can impose operational challenges for diagnostic centers. Non- compliance could lead to penalties, legal issues, or even temporary closure of services.

? Fluctuating Demand for Diagnostic Services: The demand for diagnostic services can be unpredictable and is often dependent on seasonal factors, such as flu outbreaks or public health trends. If there is a decline in demand for specific tests or screenings, diagnostic centers may face periods of low revenue.

Segment wise Performance

Segment	FY25	FY26
Cardiology	1.7	2.2
Neurology	0.4	0.4
Pathology	14.1	12.3
Radiology	66.9	73.6
Urology	0.1	0.1
Total	83.2	88.5

 

Segment	FY25	FY26
Cardiology	0.1	0.1
Neurology	1.7	2.2
Pathology	0.4	0.4
Radiology	14.1	12.3
Urology	66.9	73.6

The Company operates in single segment i.e. diagnostic healthcare services. Hence, does not have any additional disclosure to be made under AS17 segment reporting

Page 36 Ratio Analysis

Particulars	FY26	FY25	Change
Return on Equity (ROE) (%)	23.7%	40.7%	-1700 bps
Return on Capital Employed (ROCE) (%)	29.0%	41.9%	-1291 bps
Trade Receivables Turnover	1.76	4.90	-64%
Trade Payable Turnover	4.03	3.01	34%
Inventory Turnover	18.41	7.71	4%
Net Debt to Equity (x)	0.2	0.7	-74%
EBITDA Margin (%)	37.5%	34.3%	320 bps
PAT Margin (%)	21.8%	19.2%	256 bps
Interest Coverage Ratio	16.9x	11.4x	48%
Current Ratio	4.00	1.96	103%

Key Financial Highlights

Particulars	FY26	FY25	FY24
Revenue from Operations	88.5 cr	83.2 cr	78.5
EBITDA	33.2 cr	28.6 cr	21.1 cr
Net Profit	19.3 cr	15.9 cr	11.1 cr
ROE	23.7%	40.7%	71.1%
ROCE	29.0%	41.9%	65.0%
PAT Margin	21.8%	19.1%	14.1%
EBITDA Margin	37.5%	34.3%	26.8%
Cashflow from Operations	23.4 cr	(2.6) cr	18.3

Human Resources

At Star Imaging and Path Lab, our people are integral to delivering accurate, timely and patient- centric diagnostic services. With 236 employees as on 31 March 2026, the Company continues to focus on building a skilled, committed and service- oriented workforce across its diagnostic centres, imaging operations, laboratories and corporate functions.

The Company follows structured recruitment practices to attract individuals with the requisite technical expertise, professional qualifications and service orientation. Particular emphasis is placed on hiring qualified radiologists, pathologists, technicians, healthcare professionals and support personnel who share the Companys commitment to quality, accuracy and patient care.

Continuous learning and professional development remain important priorities. Employees are encouraged to enhance their technical capabilities and stay abreast of developments in diagnostic imaging, pathology, laboratory practices, healthcare technologies and evolving industry standards. Training initiatives also focus on operational processes, patient interaction, safety protocols, quality standards and compliance requirements. Given the nature of healthcare and diagnostic operations, employee competency and safety remain critical. The Company promotes a work environment that emphasises adherence to established protocols, responsible handling of diagnostic equipment and samples, workplace safety and consistent service delivery. Regular knowledge- sharing and on- the- job learning initiatives help strengthen capabilities and operational effectiveness.

The Company also seeks to foster a collaborative and inclusive workplace where employees can contribute meaningfully to the organisations growth. By investing in people, strengthening technical capabilities and encouraging continuous improvement, Star Imaging and Path Lab aims to build a dependable workforce capable of supporting its long- term growth while maintaining high standards of diagnostic and patient care.

[Photo: 236 Employees as on 31 March 2026]

Internal Control Systems and Their Adequacy

The Company has established adequate internal control systems commensurate with the size, scale and nature of its operations. The internal financial controls are designed to safeguard assets, ensure the accuracy and completeness of financial records, support reliable financial reporting and promote compliance with applicable laws and regulations. The adequacy and effectiveness of these controls are reviewed periodically by the management and through internal and statutory audit processes, with appropriate corrective measures undertaken wherever required.

Operational Performance

FY26 was a year of continued operational strengthening for Star Imaging and Path Lab, supported by an expanding diagnostic network, increasing testing volumes and a diversified business model spanning B2C, B2B and B2G segments. The Company continued to leverage its integrated radiology and pathology capabilities, technology infrastructure and established presence across key markets to enhance service delivery and operational scalability.

Network & Footprint: FY26 was a year of continued operational strengthening for Star Imaging and Path Lab, supported by an expanding diagnostic network, increasing testing volumes and a diversified business model spanning B2C, B2B and B2G segments. The Company continued to leverage its integrated radiology and pathology capabilities, technology infrastructure and established presence across key markets to enhance service delivery and operational scalability.

Testing Volumes: The Company conducted approximately 7.1 lakh tests during FY26, reflecting the scale of its diagnostic operations across pathology, radiology, cardiology, neurology and other diagnostic services. Its service portfolio covers both routine and specialised diagnostic requirements, supported by an integrated network of laboratories and imaging centres.

Service Mix: Radiology remained the principal contributor to the Companys operations, generating 73.6 crore of revenue in FY26, compared with 66.9 crore in FY25. Pathology contributed 12.3 crore, while cardiology, neurology and urology contributed 2.2 crore, 0.4 crore and 0.1 crore, respectively. This reflects the Companys continued strength in imaging while maintaining a diversified diagnostic service portfolio.

Multi-channel Operations: The Companys business model continued to benefit from a diversified customer mix. FY26 revenue from B2C increased to 33.0 crore, representing an 18% year- on- year increase, while B2B revenue grew 10% to 28.1 crore. B2G revenue stood at 47.3 crore. The mix provides the Company with multiple avenues for revenue generation across retail, institutional and government- led diagnostic services.

Geographic Performance: Delhi, Uttar Pradesh and Nashik remained the Companys key operating markets. During FY26, Delhi generated 42.4 crore of revenue through five centres, while Uttar Pradesh contributed 43.0 crore through 18 centres, supported largely by PPP- based radiology services. Nashik contributed 3.2 crore through its B2G model.

Technology & Operational Efficiency: The Company operates a centralised tele- radiology hub supported by EMR integration, enabling centralised reporting and scalability across its network. Its technology ecosystem includes LIS, PACS, voice- AI and other specialised diagnostic systems, supporting workflow integration, report access and operational efficiency.

B2B & PPP Expansion: The Company continued to strengthen its institutional network, with its B2B hospital tie- up network increasing by 40- 45 hospitals to more than 100 tie- ups during FY26. It also expanded its government- facing presence through PPP arrangements and empanelment with the Central Government Health Scheme, supporting wider access to diagnostic services.

Financial Performance:

Particulars	FY26	FY25	Change (%)
Revenue from operations	88.5	83.2	6%
EBITDA
EBITDA Margin (%)	37.50%	34.20%	320 bps
PAT	19.3	15.9	20%
PAT Margin (%)	21.80%	19.10%	256 bps

Revenue Growth: Revenue from operations increased 6% YoY to 88.5 crore in FY26 from 83.2 crore in FY25. Growth was supported by the Companys diversified B2C, B2B and B2G business model, with B2C revenue increasing 18% and B2B revenue increasing 10% during the year.

Improved Profitability: EBITDA increased 17% YoY to 33.2 crore, while EBITDA margin expanded to 37.5% from 34.3%, representing an improvement of approximately 320 basis points. The improvement reflects operating leverage and disciplined cost management.

Strong PAT Growth: Profit After Tax increased 21% to 19.3 crore from 16.0 crore in FY25, while PAT margin improved to 21.8% from 19.1%. The improvement demonstrates the Companys ability to translate revenue growth into stronger bottom- line performance.

Healthy Cash Generation: Cash flow from operating activities improved substantially to 23.3 crore in FY26, compared with an outflow of 2.6 crore in FY25, reflecting improved operating cash conversion and working- capital management.

Cautionary Statement

Certain statements contained in the Management Discussion and Analysis ("MD&A"), including those relating to the Companys objectives, projections, estimates, expectations, strategies, future outlook and anticipated performance, may constitute forward- looking statements within the meaning of applicable securities laws, regulations and other applicable legal requirements. Such statements are based on information currently available to the Company, together with assumptions, forecasts and managements present expectations, and are subject to known and unknown risks, uncertainties and other factors.

Actual results, performance, financial condition, achievements or developments may differ materially from those expressed or implied in such forward- looking statements. Factors that could cause such differences include, among others, changes in macroeconomic conditions; fiscal and monetary policies; government regulations and tax regimes; economic developments in India and in other countries where the Company operates; competitive intensity; regulatory developments; political and economic conditions in India and globally; legal or regulatory proceedings; technological advancements; and other incidental, operational or market- related factors.

The Company makes no assurance or guarantee regarding future performance or outcomes and readers are cautioned not to place undue reliance on forward- looking statements. Such statements speak only as of the date on which they are made and are subject to inherent risks and uncertainties. The Company assumes no obligation to publicly update, revise or otherwise modify any forward- looking statement to reflect subsequent events, developments, changes in circumstances or new information, except where such update or revision is required under applicable law or regulations.