Category: Health

MIL-OSI United Kingdom: expert reaction to report on food, diet and obesity from the House of Lords Food, Diet and Obesity Committee

Source: United Kingdom – Executive Government & Departments

October 24, 2024

Scientists comment on a report by the House of Lords Food Diet and Obesity Committee.

Dr Nerys Astbury, Associate Professor – Diet & Obesity, Nuffield Department of Primary Health Care Sciences, University of Oxford, said:

“The House of Lords report concludes that obesity and diet-related disease are a public health emergency. Whilst it’s great to have this acknowledged publicly by such a high-profile report, many, including those of us who work on diet and obesity research believe that this is already well established. However, what is needed are immediate, specific, and measurable actions which have the potential to reduce obesity and diet related disease rates which contribute to ill health and have significant impact on the wider economy.

“The report highlights that between 1992 and 2020, almost 700 policies were proposed by successive governments to tackle obesity in England. Yet the prevalence of obesity continues to rise, as do the rates of many diseases associated with obesity including type 2 diabetes, cardiovascular disease, and certain obesity-related cancers.

“Whilst the report goes some way to suggest several key actions which have the potential to help reduce obesity rates and prevent other diet related diseases, time and political will are needed to envisage these changes. Some of these policies suggested may be unpopular, and there will likely be resistance to making some of these changes, particularly from the food industry who try to resist policies which could impact their profit margins.”

Prof Alex Johnstone, Theme Lead for Nutrition, Obesity and Disease at the Rowett Institute, University of Aberdeen, said:

“I welcome this report from the House Of Lords and the ethos to support preventative strategies as part of healthy weight management in the UK. Our own research on Transforming the UK Food System (TUKFS), funded by UKRI, on food insecurity and obesity, with focus on the retail food sector, supports the priority actions identified, which include strengthening policy and mandatory reporting. As an academic, I particularly welcome opportunity for future funding for more mechanistic research on ultra processed foods impact on health. The food system is complex and encompasses farm to fork, and we should not miss the lived experience of those with obesity. These measures are only the first step to move towards access to healthy and sustainable food for all to reduce the dietary health inequalities in the UK.

“The consultation was wide ranging and actively sought evidence from a wide range of food system stakeholders. I submitted written evidence, both as an individual academic https://committees.parliament.uk/writtenevidence/130634/pdf/as and as part of a UKRI Transforming UK Food Systems research team https://committees.parliament.uk/writtenevidence/130616/pdf/. This process was extensive; the report is transparent, with transcripts of oral evidence also provided. The report does appear to be evidence based, with a balance of actions which also identify knowledge gaps, for example, more funding for more research on UPF, where the evidence is less clear. The actions prioritise changing our food system, or food environment, which is welcome. I would have liked to see more mention of the lived experience from people living with obesity being cited as evidence, and more direct actions on reducing food insecurity for people living with obesity. I would have also liked to see some evidence on how we communicate about overweight and obesity, there is evidence on changing the narrative from body weight to a healthy weight (https://publichealthscotland.scot/news/2023/march/improving-how-we-communicate-about-health-and-obesity-in-scotland/).”

Dr Katie Dalrymple, Lecturer in Nutritional Sciences, King’s College London, said:

“The obesity epidemic presents a major challenge for public health across all stages of the life course. Without effective and evidence-based interventions we will not see a reduction in obesity rates in our lifetime. Those at particular risk of developing obesity are children and young people. The report has highlighted the importance of preconception health of the mother as well as crucial role of the infant and early childhood diet and how they influence food choices. Early years settings and primary schools also offer an opportunity to support children in accessing health food choices. I hope the outcomes of this report result in tangible and effective interventions across this important stage of the lifecourse.”

‘House of Lords Food, Diet and Obesity Committee Report of Session 2024-25, Recipe for health: a plan to fix our broken food system’ was published at 00:01 UK time on Thursday 24 October 2024.

Declared interests

Dr Nerys Astbury: “No conflicts.”

Prof Alex Johnstone: “Current Association for the Study of Obesity Scotland Chair (https://aso.org.uk/scotlandand), has a voluntary position with the British Nutrition Foundation Advisory Group (https://www.nutrition.org.uk/news/prof-alex-johnstone-to-join-british-nutrition-foundation-advisory-committee/). She leads a TUKFS- Transforming UK Food System- FIO Food grant (Food Insecurity in people living with obesity, https://www.abdn.ac.uk/rowett/research/fio-food/index.php).”

Dr Katie Dalrymple: “I have a COI, I worked for Danone Nutricia for 4 years from 2012-2016. This is on my bio on the KCL website: https://www.kcl.ac.uk/people/kathryn-dalrymple.”

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI: Northrim BanCorp Earns $8.8 Million, or $1.57 Per Diluted Share, in Third Quarter 2024

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, Oct. 23, 2024 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, compared to $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, and $8.4 million, or $1.48 per diluted share, in the third quarter a year ago. The increase in third quarter 2024 profitability as compared to the third quarter a year ago was primarily the result of an increase in mortgage banking income and higher net interest income, which was only partially offset by higher other operating expenses and a higher provision for credit losses.

Dividends per share in the third quarter of 2024 increased to $0.62 per share as compared to $0.61 per share in the second quarter of 2024 and $0.60 per share in the third quarter of 2023.

“We had strong deposit-funded loan growth in the third quarter,” said Mike Huston, Northrim’s President and Chief Executive Officer. “Deposits and loans both increased 7% from the end of the second quarter. Our deposit market share increased by 4% in the past year and by 42% in the past five years as our investments in people, expanded branch network, and differentiated service continue to attract new customers and strengthen existing relationships.”

Third Quarter 2024 Highlights:

Net interest income in the third quarter of 2024 increased 7% to $28.8 million compared to $27.1 million in the second quarter of 2024 and increased 9% compared to $26.4 million in the third quarter of 2023.

Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.35% for the third quarter of 2024, up 5-basis points from the second quarter of 2024 and up 14-basis points from the third quarter a year ago.

Return on average assets (“ROAA”) was 1.22% and return on average equity (“ROAE”) was 13.69% for the third quarter of 2024.

Portfolio loans were $2.01 billion at September 30, 2024, up 7% from the preceding quarter and up 17% from a year ago, primarily due to new customer relationships, expanding market share, and to retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”), in the loan portfolio.

Total deposits were $2.63 billion at September 30, 2024, up 7% from the preceding quarter, and up 8% from $2.43 billion a year ago. Non-interest bearing demand deposits increased 8% from the preceding quarter and decreased slightly year-over-year to $763.6 million at September 30, 2024 and represent 29% of total deposits.

The average cost of interest-bearing deposits was 2.24% at September 30, 2024, up from 2.21% at June 30, 2024 and 1.75% at September 30, 2023.

Mortgage loan originations increased to $248.0 million in the third quarter of 2024, up from $181.5 million in the second quarter of 2024 and $153.4 million in the third quarter a year ago. Mortgage loans funded for sale were $210.0 million in the third quarter of 2024, compared to $152.3 million in the second quarter of 2024 and $131.9 million in the third quarter of 2023.

Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	September 30, 2024			June 30, 2024		March 31, 2024					December 31, 2023			September 30, 2023
Total assets	$2,963,392			$2,821,668		$2,759,560					$2,807,497			$2,790,189
Total portfolio loans	$2,007,565			$1,875,907		$1,811,135					$1,789,497			$1,720,091
Total deposits	$2,625,567			$2,463,806		$2,434,083					$2,485,055			$2,427,930
Total shareholders’ equity	$260,050			$247,200		$239,327					$234,718			$225,259
Net income	$8,825			$9,020		$8,199					$6,613			$8,374
Diluted earnings per share	$1.57			$1.62		$1.48					$1.19			$1.48
Return on average assets		1.22	%		1.31		%		1.19	%		0.93	%		1.22	%
Return on average shareholders’ equity		13.69	%		14.84		%		13.84	%		11.36	%		14.67	%
NIM		4.29	%		4.24		%		4.16	%		4.06	%		4.15	%
NIMTE^*		4.35	%		4.30		%		4.22	%		4.12	%		4.21	%
Efficiency ratio		66.11	%		68.78		%		68.93	%		72.21	%		66.64	%
Total shareholders’ equity/total assets		8.78	%		8.76		%		8.67	%		8.36	%		8.07	%
Tangible common equity/tangible assets^*		8.28	%		8.24		%		8.14	%		7.84	%		7.54	%
Book value per share	$47.27			$44.93				$43.52			$42.57			$40.60
Tangible book value per share^*	$44.36			$42.03				$40.61			$39.68			$37.72
Dividends per share	$0.62			$0.61				$0.61			$0.60			$0.60
Common stock outstanding		5,501,943			5,501,562				5,499,578			5,513,459			5,548,436

^* References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (all of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information included in this section are included on page 12.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in August of 2024 was 4.6% compared to the U.S. rate of 4.2%. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.8% or 6,400 jobs between August of 2023 and August of 2024.

According to the DOL, the Construction sector had the largest growth in new jobs through August compared to the prior year. The Construction sector added 2,600 positions for a year over year growth rate of 12.9% between August of 2023 and 2024. The larger Health Care sector grew by 2,000 jobs for an annual growth rate of 4.9% over the same period. The Oil & Gas sector increased by 6.5% or 500 new direct jobs. Professional and Business Services added 1,000 jobs year over year through August of 2024, up 3.4%. The Government sector grew by 700 jobs for 0.9% growth, adding 500 Federal jobs and 200 Local government positions in Alaska. The only sectors to decline between August 2023 and August 2024 were Manufacturing (primarily seafood processing) shrinking 1,300 positions and Information, down 200 jobs.

Alaska’s Gross State Product (“GSP”) in the second quarter of 2024, was estimated to be $69.8 billion in current dollars, according to the Federal Bureau of Economic Analysis (“BEA”). Alaska’s inflation adjusted “real” GSP increased 6.5% in 2023, placing Alaska fifth best of all 50 states. However, in the second quarter of 2024 Alaska decreased at an annualized rate of 1.1%, compared to the average U.S. growth rate of 3%. Alaska’s real GSP decline in the second quarter of 2024 was primarily caused by a slowdown in the Mining, Oil & Gas; and Transportation and Warehousing sectors.

The BEA also calculated Alaska’s seasonally adjusted personal income at $55.4 billion in the second quarter of 2024. This was an annualized improvement of 4% for Alaska, compared to the national average of 5.3%.

The monthly average price of Alaska North Slope (“ANS”) crude oil was at an annual high of $89.05 in April of 2024 and averaged $74.06 in September of this year. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 479 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2023 and declined to 461 thousand bpd in Alaska’s fiscal year 2024. Starting in fiscal year 2025 it is projected to grow to 477 thousand bpd. The DOR projects the number to grow rapidly and reach 640 thousand bpd by fiscal year 2033. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 5.2% in 2023 to $480,207, following a 7.6% increase in 2022. This was the sixth consecutive year of price increases. In the first nine months of 2024 the average price continues to increase 6.8% to an average sale of
$512,815.

The average sales price for single family homes in the Matanuska Susitna Borough rose 4% in 2023 to $397,589, after increasing 9.9% in 2022. This continues a trend of average price increases for more than a decade in the region. In the first nine months of 2024 the average sales price increased 4.6% in the Matanuska Susitna Borough to $415,709. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

The Alaska Multiple Listing Services reported a 1.2% decrease in the number of units sold in Anchorage when comparing January to September of 2023 and 2024. There were 5.4% less homes sold in the Matanuska Susitna Borough for the same nine month time period in 2024 compared to the prior year.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

In the third quarter of 2024, Northrim generated a ROAA of 1.22% and a ROAE of 13.69%, compared to 1.31% and 14.84%, respectively, in the second quarter of 2024 and 1.22% and 14.67%, respectively, in the third quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income increased 7% to $28.8 million in the third quarter of 2024 compared to $27.1 million in the second quarter of 2024 and increased 9% compared to $26.4 million in the third quarter of 2023. Interest expense on deposits increased to $10.1 million in the third quarter of 2024 compared to $9.5 million in the second quarter and $7.1 million in the third quarter of 2023.

NIMTE^* was 4.35% in the third quarter of 2024 up from 4.30% in the preceding quarter and 4.21% in the third quarter a year ago. NIMTE^* increased 14 basis points in the third quarter of 2024 compared to the third quarter of 2023 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher earning-assets, and higher yields on those assets which were only partially offset by an increase in costs on interest-bearing deposits. The weighted average interest rate for new loans booked in the third quarter of 2024 was 7.24% compared to 7.90% in the second quarter of 2024 and 7.44% in the third quarter a year ago. The yield on the investment portfolio in the third quarter of 2024 decreased slightly to 2.80% from 2.82% in the second quarter of 2024 and increased from 2.43% in the third quarter of 2023. “We continue to see the benefit of new loan volume and repricing outweigh the modest increase in deposit costs in the third quarter of 2024,” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.13% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of June 30, 2024.

Provision for Credit Losses

Northrim recorded a provision for credit losses of $2.1 million in the third quarter of 2024, which was comprised of of a $325,000 provision for credit losses on unfunded commitments and a provision for credit losses on loans of $1.7 million. The provision for unfunded commitments was primarily due to an increase in unfunded commitments, as well as an increase in estimated loss rates due to changes in mix and management’s assessment of economic conditions. The increase to the provision for credit losses on loans was primarily a result of loan growth, as well as an increase in the provision for loans individually evaluated and an increase in estimated loss rates. This compares to a benefit to the provision for credit losses of $120,000 in the second quarter of 2024, and provision for credit losses of $1.2 million in the third quarter a year ago.

Nonperforming loans, net of government guarantees, increased slightly during the quarter to $5.0 million at September 30, 2024, compared to $4.8 million at June 30, 2024, and decreased from $5.1 million at September 30, 2023.

The allowance for credit losses on loans was 394% of nonperforming loans, net of government guarantees, at the end of the third quarter of 2024, compared to 365% three months earlier and 326% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $11.6 million, or 29% of total third quarter 2024 revenues, as compared to $9.6 million, or 26% of revenues in the second quarter of 2024, and $8.0 million, or 23% of revenues in the third quarter of 2023. The increase in other operating income in the third quarter of 2024 as compared to the preceding quarter and the third quarter of 2023 was primarily the result of an increase in mortgage banking income due to a higher volume of mortgage activity. See further discussion regarding mortgage activity during the second quarter contained under “Home Mortgage Lending” below. The fair market value of marketable equity securities increased $576,000 in the third quarter of 2024 compared to a decrease of $60,000 in the prior quarter and an increase of $12,000 in the third quarter of 2023. The increase in other operating income in the third quarter of 2024 as compared to the third quarter a year ago was due primarily to an increase in mortgage banking income as a result of higher volume of mortgage activity due to our expansion in Arizona, Colorado, and the Pacific Northwest markets, as well as an increase in fair value of marketable equity securities.

Other Operating Expenses

Operating expenses were $26.7 million in the third quarter of 2024, compared to $25.2 million in the second quarter of 2024, and $22.9 million in the third quarter of 2023. The increase in other operating expenses in the third quarter of 2024 compared to the second quarter of 2024 was primarily due to an increase in salaries and other personnel expense, including $653,000 in mortgage commissions expense due to higher mortgage volume and a $979,000 increase in profit share expense, which was partially offset by a $836,000 decrease in medical claims expense. The increase in other operating expenses in the third quarter of 2024 compared to a year ago was primarily due to an increase in salaries and other personnel expense, as well as an increase in OREO expense due to a gain on sale recorded in the third quarter of 2023 for proceeds received related to a government guarantee on an OREO property sold in December 2022.

Income Tax Provision

In the third quarter of 2024, Northrim recorded $2.8 million in state and federal income tax expense for an effective tax rate of 24.2%, compared to $2.5 million, or 21.9% in the second quarter of 2024 and $1.9 million, or 18.4% in the third quarter a year ago. The increase in the tax rate in the third quarter of 2024 as compared to the third quarter of 2023 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2024 as compared to 2023.

Community Banking

In the most recent deposit market share data from the FDIC, Northrim’s deposit market share in Alaska increased to 15.66% of Alaska’s total deposits as of June 30, 2024 compared to 15.04% of Alaska’s total deposits as of June 30, 2023. This represents 62 basis points of growth in market share percentage for Northrim during that period while, according to the FDIC, the total deposits in Alaska were up 2.3% during the same period. Northrim opened a branch in Kodiak in the first quarter of 2023, a loan production office in Homer in the second quarter of 2023, a permanent branch in Nome in the third quarter of 2023, and a branch in Homer in the first quarter of 2024. See below for further discussion regarding the Company’s deposit movement for the quarter.

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as ‘distressed or underserved non-metropolitan middle-income geographies’.

Net interest income in the Community Banking segment totaled $25.9 million in the third quarter of 2024, compared to $24.3 million in the second quarter of 2024 and $24.1 million in the third quarter of 2023. Net interest income increased 7% in the third quarter of 2024 as compared to the second quarter of 2024 mostly due to higher interest income on loans. This increase was only partially offset by higher interest expense on deposits and borrowings and lower interest income on portfolio investments.

Other operating expenses in the Community Banking segment totaled $19.1 million in the third quarter of 2024, up $588,000 or 3% from $18.5 million in the second quarter of 2024, and up $2.1 million or 13% from $16.9 million in the third quarter a year ago. The increase in the third quarter of 2024 as compared to the prior quarter was mostly due to an increases in salaries and other personnel expense, marketing expense, and professional fees. The increase in the third quarter of 2024 as compared to the third quarter a year ago was primarily due to an increase in OREO expense due to a gain on sale recorded in the third quarter of 2023 for proceeds received related to a government guarantee on an OREO property sold in December 2022, as well as increases in salaries and other personnel expense and marketing expense.

The following tables provide highlights of the Community Banking segment of Northrim:

	Three Months Ended
	September		March 31,		December		September
(Dollars in thousands, except per share data)	30, 2024	June 30, 2024		2024		31, 2023		30, 2023
Net interest income	$25,901	$24,278	$24,215		$24,456		$24,050
(Benefit) provision for credit losses	1,492	(184)		197		885		1,190
Other operating income	4,540	3,693		3,813		4,048		3,597
Other operating expense	19,085	18,497		17,552		18,516		16,946
Income before provision for income taxes	9,864	9,658		10,279		9,103		9,511
Provision for income taxes	2,316	2,004		2,242		1,941		1,709
Net income	$7,548	$7,654	$8,037		$7,162		$7,802
Weighted average shares outstanding, diluted	5,583,055	5,558,580		5,554,930		5,578,491		5,624,906
Diluted earnings per share	$1.34	$1.37	$1.45		$1.29		$1.39

	Year-to-date
(Dollars in thousands, except per share data)	September 30, 2024		September 30, 2023
Net interest income	$	74,394	$	71,502
Provision for credit losses		1,505		2,957
Other operating income		12,046		9,564
Other operating expense		55,134		52,168
Income before provision for income taxes		29,801		25,941
Provision for income taxes		6,562		5,216
Net income Community Banking segment	$	23,239	$	20,725
Weighted average shares outstanding, diluted		5,574,135		5,688,687
Diluted earnings per share	$	4.16	$	3.64

Home Mortgage Lending

During the third quarter of 2024, mortgage loans funded for sale increased to $210.0 million, compared to $152.3 million in the second quarter of 2024, and $131.9 million in the third quarter of 2023.

During the third quarter of 2024, the Bank purchased Residential Mortgage-originated loans of $38.1 million of which roughly two-thirds were jumbos and one-third were mortgages for second homes, with a weighted average interest rate of 6.59%, up from $29.2 million and 6.82% in the second quarter of 2024, and up from $21.6 million and 6.60% in the third quarter of 2023. The increase in mortgage loans funded for investment has increased net interest income in the Home Mortgage Lending segment. Net interest income contributed $2.9 million to total revenue in the third quarter of 2024, up from $2.8 million in the prior quarter, and up from $2.3 million in the third quarter a year ago.

The Arizona, Colorado, and the Pacific Northwest mortgage expansion markets were responsible for 20% of Residential Mortgage’s $248 million total production in the third quarter of 2024, 22% of $182 million total production in the second quarter of 2024, and 8% of $153 million total production in the third quarter of 2023.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $968,000 during the third quarter of 2024 compared to a decrease of $81,000 for the second quarter of 2024 and a decrease of $310,000 for the third quarter of 2023. Mortgage servicing revenue increased to $2.6 million in the third quarter of 2024 from $2.2 million in the prior quarter and from $2.4 million in the third quarter of 2023 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the third quarter of 2024, the Company’s servicing portfolio increased $64.8 million, which included $87.3 million in new mortgage loans, net of amortization and payoffs of $22.5 million as compared to a net increase of $41.8 million in the second quarter of 2024 and $58.2 million in the third quarter of 2023.

As of September 30, 2024, Northrim serviced 4,187 loans in its $1.17 billion home-mortgage-servicing portfolio, a 6% increase compared to the $1.10 billion serviced as of the end of the second quarter of 2024, and a 19% increase from the $982.1 million serviced a year ago.

The following tables provide highlights of the Home Mortgage Lending segment of Northrim:

	Three Months Ended
		September						March 31,			December			September
(Dollars in thousands, except per share data)		30, 2024		June 30, 2024				2024			31, 2023			30, 2023
Mortgage commitments	$77,591			$88,006			$56,208			$22,926			$50,128
Mortgage loans funded for sale	$209,960			$152,339			$84,324			$79,742			$131,863
Mortgage loans funded for investment		38,087			29,175			17,403			27,114			21,585
Total mortgage loans funded	$248,047			$181,514			$101,727			$106,856			$153,448
Mortgage loan refinances to total fundings		6	%		6	%		4	%		4	%		5	%
Mortgage loans serviced for others	$1,166,585			$1,101,800			$1,060,007			$1,044,516			$982,098
Net realized gains on mortgage loans sold	$5,079			$3,188			$1,980			$1,462			$2,491
Change in fair value of mortgage loan commitments, net		60			391			386			(296	)		(289	)
Total production revenue		5,139			3,579			2,366			1,166			2,202
Mortgage servicing revenue		2,583			2,164			1,561			2,180			2,396
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(566	)		239			289			(707	)		—
Other²		(402	)		(320	)		(314	)		(301	)		(310	)
Total mortgage servicing revenue, net		1,615			2,083			1,536			1,172			2,086
Other mortgage banking revenue		293			222			129			99			117
Total mortgage banking income	$7,047			$5,884			$4,031			$2,437			$4,405

Net interest income	$2,941			$2,775			$2,232			$2,276			$2,300
Provision (benefit) for credit losses		571			64			(48	)		—			—
Mortgage banking income		7,047			5,884			4,031			2,437			4,405
Other operating expense		7,643			6,697			6,086			5,477			5,951
Income (loss) before provision for income taxes		1,774			1,898			225			(764	)		754
Provision (benefit) for income taxes		497			532			63			(215	)		182
Net income (loss)	$1,277			$1,366			$162				($549	)	$572
Weighted average shares outstanding, diluted		5,583,055			5,558,580			5,554,930			5,578,491			5,624,906
Diluted earnings per share	$0.23			$0.25			$0.03				($0.10	)	$0.09

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

	Year-to-date
(Dollars in thousands, except per share data)	September 30, 2024			September 30, 2023
Mortgage loans funded for sale	$446,623			$296,412
Mortgage loans funded for investment		84,665			119,144
Total mortgage loans funded	$531,288			$415,556
Mortgage loan refinances to total fundings		6	%		5	%

Net realized gains on mortgage loans sold	$10,247			$6,366
Change in fair value of mortgage loan commitments, net		837			194
Total production revenue		11,084			6,560
Mortgage servicing revenue		6,308			5,188
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(38	)		(215	)
Other²		(1,036	)		(1,464	)
Total mortgage servicing revenue, net		5,234			3,509
Other mortgage banking revenue		644			257
Total mortgage banking income	$16,962			$10,326
Net interest income	$7,948			$5,022
Provision for credit losses		587			—
Mortgage banking income		16,962			10,326
Other operating expense		20,426			18,020
Income before provision for income taxes		3,897			(2,672	)
Provision for income taxes		1,092			(728	)
Net (loss) income Home Mortgage Lending segment	$2,805				($1,944	)
Weighted average shares outstanding, diluted		5,574,135			5,688,687
Diluted (loss) earnings per share	$0.51				($0.34	)

Balance Sheet Review

Northrim’s total assets were $2.96 billion at September 30, 2024, up 5% from the preceding quarter and up 6% from a year ago. Northrim’s loan-to-deposit ratio was 76% at September 30, 2024, consistent with 76% at June 30, 2024,
and up from 71% at September 30, 2023.

At September 30, 2024, our liquid assets, investments, and loans maturing within one year were $1.07 billion and our funds available for borrowing under our existing lines of credit were $641.7 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.67 billion in the third quarter of 2024, up 4% from $2.57 billion in the second quarter of 2024 and up 6% from $2.52 billion in the third quarter a year ago. The average yield on interest- earning assets was 5.92% in the third quarter of 2024, up from 5.83% in the preceding quarter and 5.48% in the third quarter a year ago.

Average investment securities decreased to $619.0 million in the third quarter of 2024, compared to $640.0 million in the second quarter of 2024 and $715.8 million in the third quarter a year ago. The average net tax equivalent yield on the securities portfolio was 2.80% for the third quarter of 2024, down from 2.82% in the preceding quarter

and up from 2.43% in the year ago quarter. The average estimated duration of the investment portfolio at September 30, 2024, was approximately 2.3 years compared to approximately 2.8 years at September 30, 2023. As of September 30, 2024, $105.1 million of available for sale securities with a weighted average yield of 0.61% are scheduled to mature in the next six months, $73.0 million with a weighted average yield of 2.48% are scheduled to mature in six months to one year, and $177.8 million with a weighted average yield of 1.31% are scheduled to mature in the following year, representing a total of $355.9 million or 13% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $7.6 million in the third quarter of 2024 resulting in total unrealized loss, net of tax, of $7.6 million compared to $15.2 million at June 30, 2024, and $26.5 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $2.1 million at September 30, 2024, compared to $3.0 million at June 30, 2024, and $4.5 million a year ago.

Average interest bearing deposits in other banks increased to $28.4 million in the third quarter of 2024 from $17.4 million in the second quarter of 2024 and decreased from $42.3 million in the third quarter of 2023, as deposit balances increased and cash was used to fund the loan growth and provide liquidity.

Portfolio loans were $2.01 billion at September 30, 2024, up 7% from the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $1.76 billion at September 30, 2024, up $105.2 million or 6% from the preceding quarter and up 14% from a year ago. This increase was diversified throughout the loan portfolio including commercial real estate nonowner-occupied and multi-family loans increasing by $33.2 million, construction loans increasing by $31.4 million, and commercial real estate owner-occupied loans increasing $29.0 million from the preceding quarter. Average portfolio loans in the third quarter of 2024 were $1.93 billion, which was up 5% from the preceding quarter and up 14% from a year ago. Yields on average portfolio loans in the third quarter of 2024 increased to 6.91% from 6.87% in the second quarter and from 6.61% in the third quarter of 2023. The increase in the yield on portfolio loans in the third quarter of 2024 compared to the second quarter of 2024 and the third quarter a year ago is primarily due to loan repricing due to the increases in interest rates and new loans booked at higher rates due to changes in the interest rate environment. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.43% in the third quarter of 2024 as compared to 8.26% in the second quarter of 2024 and 7.75% in the third quarter of 2023. The drop in yields on new loan production was largely related to the large volume of new commercial real estate versus commercial loans, as noted above, as well as slightly better credit quality of the loans originated in the third quarter of 2024.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.63 billion at September 30, 2024, up 7% from $2.46 billion at June 30, 2024, and up 8% from $2.43 billion a year ago. “The increase in deposits in the third quarter of 2024 were consistent with our customers’ business cycles and a result of continued acquisition of new relationships,” said Ballard. At September 30, 2024, 73% of total deposits were held in business accounts and 27% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $48,000 as of September 30, 2024. Northrim had 22 customers with balances over $10 million as of September 30, 2024, which accounted for $978.4 million, or 38%, of total deposits. Demand deposits increased by 8% from the prior quarter and decreased slightly year-over-year to
$763.6 million at September 30, 2024. Demand deposits remained consistent at 29% of total deposits at both September 30, 2024 and June 30, 2024 down from 31% of total deposits at September 30, 2023. Average interest- bearing deposits were up 4% to $1.80 billion with an average cost of 2.24% in the third quarter of 2024, compared to $1.73 billion and an average cost of 2.21% in the second quarter of 2024, and up 11% compared to $1.62 billion and an average cost of 1.75% in the third quarter of 2023. Uninsured deposits totaled $1.12 billion or 43% of total deposits as of September 30, 2024 compared to $1.1 billion or 46% of total deposits as of December 31, 2022. Since interest rates began increasing in 2022, Northrim has taken a proactive, targeted approach to increase deposit rates.

Shareholders’ equity was $260.1 million, or $47.27 book value per share, at September 30, 2024, compared to $247.2 million, or $44.93 book value per share, at June 30, 2024 and $225.3 million, or $40.60 book value per share, a year ago. Tangible book value per share^* was $44.36 at September 30, 2024, compared to $42.03 at June

30, 2024, and $37.72 per share a year ago. The increase in shareholders’ equity in the third quarter of 2024 as compared to the second quarter of 2024 was largely the result of earnings of $8.8 million and an increase in the fair value of the available for sale securities portfolio, which increased $7.6 million, net of tax, which were only partially offset by dividends paid of $3.4 million. The Company did not repurchase any shares of common stock in the third quarter of 2024 and has 110,000 shares remaining under the current share repurchase program as of September 30, 2024. Tangible common equity to tangible assets^* was 8.28% as of September 30, 2024, compared to 8.24% as of June 30, 2024 and 7.54% as of September 30, 2023. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 11.53% at September 30, 2024, compared to 11.68% at June 30, 2024, and 11.67% at September 30, 2023.

Asset Quality

Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

Nonperforming assets (“NPAs”) net of government guarantees were $5.3 million at September 30, 2024, up from $5.1 million at June 30, 2024 and $5.2 million a year ago. Of the NPAs at September 30, 2024, $3.0 million, or 61%, are nonaccrual loans related to three commercial relationships.

Net adversely classified loans were $6.5 million at September 30, 2024, as compared to $7.1 million at June 30, 2024, and $7.3 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. Net loan recoveries were $96,000 in the third quarter of 2024, compared to net loan recoveries of $26,000 in the second quarter of 2024, and net loan recoveries of $96,000 in the third quarter of 2023. Additionally, Northrim had 11 loan modifications to borrowers experiencing financial difficulty totaling $3.1 million, net of government guarantees in the third quarter of 2024.

Northrim had $127.4 million, or 6% of portfolio loans, in the Healthcare sector, $110.4 million, or 5% of portfolio loans, in the Tourism sector, $96.6 million, or 5% of portfolio loans, in the Accommodations sector, $83.6 million, or 4% of portfolio loans, in the Fishing sector, $70.6 million, or 3% of portfolio loans, in the Aviation (non-tourism) sector, $67.7 million, or 3% of portfolio loans, in the Retail sector, and $53.1 million, or 3% in the Restaurants and Breweries sector as of September 30, 2024.

Northrim estimates that $82.0 million, or approximately 4% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of September 30, 2024, and $1.6 million of these loans are adversely classified. As of September 30, 2024, Northrim has an additional $29.7 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches in Anchorage, Eagle River, the Matanuska Valley, the Kenai Peninsula, Juneau, Fairbanks, Nome, Kodiak, Ketchikan, and Sitka, serving 90% of Alaska’s population; and an asset-based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.

www.northrim.com

Forward-Looking Statement

This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; inflation, supply-chain constraints, and potential geopolitical instability, including the wars in Ukraine and the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our provision for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward- looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

References:

https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

www.mba.org

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials

Income Statement

(Dollars in thousands, except per share data)	Three Months Ended								Year-t			o-date
(Unaudited)	September 30,		June 30,			September 30,			September 30,			September 30,
		2024		2024			2023			2024			2023
Interest Income:
Interest and fees on loans	$34,863		$32,367			$29,097			$97,680			$79,104
Interest on portfolio investments		4,164		4,310			4,727			12,994			14,018
Interest on deposits in banks		389		232			584			1,459			2,901
Total interest income		39,416		36,909			34,408			112,133			96,023
Interest Expense:
Interest expense on deposits		10,123		9,476			7,138			28,779			17,835
Interest expense on borrowings		451		380			920			1,012			1,664
Total interest expense		10,574		9,856			8,058			29,791			19,499
Net interest income		28,842		27,053			26,350			82,342			76,524
(Benefit) provision for credit losses		2,063		(120	)		1,190			2,092			2,957
Net interest income after provision for credit losses		26,779		27,173			25,160			80,250			73,567
Other Operating Income:
Mortgage banking income		7,047		5,884			4,405			16,962			10,326
Bankcard fees		1,196		1,105			1,022			3,218			2,916
Purchased receivable income		1,033		1,242			1,180			3,620			3,175
Service charges on deposit accounts		605		572			550			1,726			1,512
Unrealized gain (loss) on marketable equity securities		576		(60	)		12			830			(445	)
Other income		1,130		834			833			2,652			2,406
Total other operating income		11,587		9,577			8,002			29,008			19,890
Other Operating Expense:
Salaries and other personnel expense		17,549		16,627			15,657			49,593			46,324
Data processing expense		2,618		2,601			2,589			7,878			7,321
Occupancy expense		1,911		1,843			1,857			5,716			5,611
Professional and outside services		903		726			803			2,384			2,326
Marketing expense		860		690			499			2,063			1,996
Insurance expense		596		692			640			2,067			1,844
OREO expense, net rental income and gains on sale		2		2			(784	)		(387	)		(766	)
Intangible asset amortization expense		—		—			4			—			11
Other operating expense		2,289		2,013			1,631			6,246			5,521
Total other operating expense		26,728		25,194			22,896			75,560			70,188

Income before provision for income taxes		11,638		11,556			10,266			33,698			23,269
Provision for income taxes		2,813		2,536			1,892			7,654			4,488
Net income	$8,825		$9,020			$8,374			$26,044			$18,781
Basic EPS	$1.60		$1.64			$1.50			$4.73			$3.34
Diluted EPS	$1.57		$1.62			$1.48			$4.67			$3.30
Weighted average shares outstanding, basic		5,501,943		5,500,588			5,569,238			5,500,703			5,630,948
Weighted average shares outstanding, diluted		5,583,055		5,558,580			5,624,906			5,574,135			5,688,687

Balance Sheet (Dollars in thousands) (Unaudited)	September 30,			June 30,			September 30,
		2024			2024			2023
Assets:
Cash and due from banks	$42,805			$33,364			$31,276
Interest bearing deposits in other banks		60,071			21,058			79,952
Investment securities available for sale, at fair value		545,210			584,964			652,150
Investment securities held to maturity		36,750			36,750			36,750
Marketable equity securities, at fair value		12,957			12,381			10,615
Investment in Federal Home Loan Bank stock		4,318			4,929			6,334
Loans held for sale		97,937			85,926			63,151

Portfolio loans		2,007,565			1,875,907			1,720,091
Allowance for credit losses, loans		(19,528	)		(17,694	)		(16,491	)
Net portfolio loans		1,988,037			1,858,213			1,703,600
Purchased receivables, net		23,564			25,722			34,578
Mortgage servicing rights, at fair value		21,570			21,077			19,396
Other real estate owned, net		—			—			150
Premises and equipment, net		39,625			40,393			40,920
Lease right of use asset		7,616			8,244			9,673
Goodwill and intangible assets		15,967			15,967			15,973
Other assets		66,965			72,680			85,671
Total assets	$2,963,392			$2,821,668			$2,790,189
Liabilities:
Demand deposits	$763,595			$704,471			$764,647
Interest-bearing demand		979,238			906,010			875,814
Savings deposits		245,043			238,156			265,799
Money market deposits		201,821			195,159			230,814
Time deposits		435,870			420,010			290,856
Total deposits		2,625,567			2,463,806			2,427,930
Other borrowings		13,354			43,961			63,781
Junior subordinated debentures		10,310			10,310			10,310
Lease liability		7,635			8,269			9,673
Other liabilities		46,476			48,122			53,236
Total liabilities		2,703,342			2,574,468			2,564,930
Shareholders’ Equity:
Total shareholders’ equity		260,050			247,200			225,259
Total liabilities and shareholders’ equity	$2,963,392			$2,821,668			$2,790,189

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans

		September 30, 2024				June 30, 2024					March 31, 2024					December 31, 2023					September 30, 2023
	Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total
Commercial loans	$492,414			24	%	$495,781			26	%	$475,220			26	%	$486,057			27	%	$492,145			28	%
Commercial real estate:
Owner occupied properties		412,827		20	%		383,832		20	%		372,507		20	%		368,357		20	%		359,019		21	%
Nonowner occupied and
multifamily properties		584,302		31	%		551,130		30	%		529,904		30	%		519,115		30	%		509,939		30	%
Residential real estate:
1-4 family properties
secured by first liens		248,514		12	%		222,026		12	%		218,552		12	%		203,534		11	%		180,719		10	%
1-4 family properties
secured by junior liens &
revolving secured by first liens		45,262		2	%		41,258		2	%		35,460		2	%		33,783		2	%		27,342		2	%
1-4 family construction		39,794		2	%		29,510		2	%		27,751		2	%		31,239		2	%		32,374		2	%
Construction loans		185,362		9	%		154,009		8	%		153,537		8	%		149,788		8	%		120,909		7	%
Consumer loans		7,836		—	%		6,679		—	%		6,444		—	%		6,180		—	%		5,930		—	%
Subtotal		2,016,311					1,884,225					1,819,375					1,798,053					1,728,377
Unearned loan fees, net		(8,746	)				(8,318	)				(8,240	)				(8,556	)				(8,286	)
Total portfolio loans	$2,007,565					$1,875,907					$1,811,135					$1,789,497					$1,720,091

Composition of Deposits

	September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Demand deposits	$763,595		29	%	$704,471		29	%	$714,244		29	%	$749,683		31	%	$764,647		31	%
Interest-bearing demand		979,238	37	%		906,010	36	%		889,581	37	%		927,291	37	%		875,814	36	%
Savings deposits		245,043	9	%		238,156	10	%		246,902	10	%		255,338	10	%		265,799	11	%
Money market deposits		201,821	8	%		195,159	8	%		209,785	9	%		221,492	9	%		230,814	10	%
Time deposits		435,870	17	%		420,010	17	%		373,571	15	%		331,251	13	%		290,856	12	%
Total deposits	$2,625,567				$2,463,806				$2,434,083				$2,485,055				$2,427,930

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality

		September 30, 2024		June 30, 2024		September 30, 2023
Nonaccrual loans	$4,944			$4,830		$6,492
Loans 90 days past due and accruing		17		17		28
Total nonperforming loans		4,961		4,847		6,520
Nonperforming loans guaranteed by government		—		—		(1,455)
Net nonperforming loans		4,961		4,847		5,065
Other real estate owned	—			—		150
Repossessed assets	297			297		—
Net nonperforming assets	$5,258			$5,144		$5,215
Nonperforming loans, net of government guarantees / portfolio loans		0.25	%	0.26	%	0.29	%
Nonperforming loans, net of government guarantees / portfolio loans, net of government guarantees		0.26	%	0.28	%	0.31	%
Nonperforming assets, net of government guarantees / total assets		0.18	%	0.18	%	0.19	%
Nonperforming assets, net of government guarantees / total assets net of government guarantees		0.19	%	0.19	%	0.19	%
Adversely classified loans, net of government guarantees	$6,503			$7,068		$7,250
Special mention loans, net of government guarantees	$9,641			$8,902		$5,457
Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans		0.08	%	0.03	%	—	%
Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans, net of government guarantees		0.09	%	0.04	%	—	%
Allowance for credit losses / portfolio loans		0.97	%	0.94	%	0.96	%
Allowance for credit losses / portfolio loans, net of government guarantees		1.04	%	1.01	%	1.02	%
Allowance for credit losses / nonperforming loans, net of government guarantees		394	%	365	%	326	%
Gross loan charge-offs for the quarter	$15			$—		$91
Gross loan recoveries for the quarter		($111)		($26)		($187)
Net loan (recoveries) charge-offs for the quarter		($96)		($26)		($96)
Net loan charge-offs (recoveries) year-to-date		($164)		($68)		($134)
Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter		—	%	—	%	(0.01)	%
Net loan charge-offs (recoveries) year-to-date / average loans, year-to-date annualized		(0.01)	%	(0.01)	%	(0.01)	%

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates

	Three Months Ended
	September 30, 2024					June 30, 2024					September 30, 2023
	Average Balance			Average Tax Equivalent Yield/Rate		Average Balance			Average Tax Equivalent Yield/Rate		Average Balance			Average Tax Equivalent Yield/Rate
Assets
Interest bearing deposits in other banks	$	28,409		5.28	%	$	17,352		5.27	%	$	42,273		5.39	%
Portfolio investments		619,012		2.80	%		639,980		2.82	%		715,767		2.43	%
Loans held for sale		93,689		6.20	%		65,102		6.08	%		62,350		6.34	%
Portfolio loans		1,933,181		6.91	%		1,845,832		6.87	%		1,695,736		6.61	%
Total interest-earning assets		2,674,291		5.92	%		2,568,266		5.83	%		2,516,126		5.48	%
Nonearning assets		196,266					204,509					205,770
Total assets	$	2,870,557				$	2,772,775				$	2,721,896
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	1,796,107		2.24	%	$	1,725,013		2.21	%	$	1,619,478		1.75	%
Borrowings		43,555		4.07	%		38,390		3.92	%		76,681		4.73	%
Total interest-bearing liabilities		1,839,662		2.29	%		1,763,403		2.25	%		1,696,159		1.88	%
Noninterest-bearing demand deposits		722,000					706,339					747,147
Other liabilities		52,387					58,549					52,078
Shareholders’ equity		256,508					244,484					226,512
Total liabilities and shareholders’ equity	$	2,870,557				$	2,772,775				$	2,721,896
Net spread				3.63	%				3.58	%				3.60	%
NIM				4.29	%				4.24	%				4.15	%
NIMTE^*				4.35	%				4.30	%				4.21	%
Cost of funds				1.64	%				1.60	%				1.31	%
Average portfolio loans to average
interest-earning assets		72.29	%				71.87	%				67.39	%
Average portfolio loans to average total deposits		76.77	%				75.92	%				71.65	%
Average non-interest deposits to average
total deposits		28.67	%				29.05	%				31.57	%
Average interest-earning assets to average
interest-bearing liabilities		145.37	%				145.64	%				148.34	%

Additional Financial Information
(Dollars in thousands) (Unaudited)

Average Balances, Yields, and Rates

	Year-to-date
	September 30, 2024					September 30, 2023
	Average			Average Tax Equivalent		Average			Average Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$35,747			5.34	%	$79,362			4.82	%
Portfolio investments		643,221		2.82	%		723,693		2.41	%
Loans held for sale		63,917		6.14	%		40,433		6.06	%
Portfolio loans		1,857,756		6.85	%		1,608,293		6.46	%
Total interest-earning assets		2,600,641		5.81	%		2,451,781		5.30	%
Nonearning assets		200,619					192,430
Total assets	$2,801,260					$2,644,211
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$1,751,179			2.20	%	$1,577,308			1.51	%
Borrowings		35,327		3.76	%		52,075		4.23	%
Total interest-bearing liabilities		1,786,506		2.23	%		1,629,383		1.60	%
Noninterest-bearing demand deposits		711,197					746,251
Other liabilities		57,097					42,596
Shareholders’ equity		246,460					225,981
Total liabilities and shareholders’ equity	$2,801,260					$2,644,211
Net spread				3.58	%				3.70	%
NIM				4.23	%				4.17	%
NIMTE^*				4.29	%				4.24	%
Cost of funds				1.59	%				1.10	%
Average portfolio loans to average interest-earning assets		71.43	%				65.60	%
Average portfolio loans to average total deposits		75.45	%				69.22	%
Average non-interest deposits to average total deposits		28.88	%				32.12	%
Average interest-earning assets to average interest-bearing liabilities		145.57	%				150.47	%

Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Capital Data (At quarter end)


			September 30, 2024		June 30, 2024		September 30, 2023
Book value per share			$47.27		$44.93		$40.60
Tangible book value per share^*			$44.36		$42.03		$37.72
Total shareholders’ equity/total assets			8.78	%	8.76	%		8.07		%
Tangible Common Equity/Tangible Assets^*			8.28	%	8.24	%		7.54		%
Tier 1 Capital / Risk Adjusted Assets			11.53	%	11.68	%		11.67		%
Total Capital / Risk Adjusted Assets			12.50	%	12.58	%		12.58		%
Tier 1 Capital / Average Assets			9.08	%	9.17	%		9.02		%
Shares outstanding			5,501,943		5,501,562			5,548,436
Total unrealized loss on AFS debt securities, net of income taxes			($7,617)		($15,197)			($26,526		)
Total unrealized gain on derivatives and hedging activities, net of income taxes			$863		$1,212		$1,485

Profitability Ratios
	September 30, 2024	June 30, 2024	March 31, 2024		December 31, 2023		September 30, 2023
For the quarter:
NIM	4.29%	4.24%	4.16%		4.06%				4.15%
NIMTE^*	4.35%	4.30%	4.22%		4.12%				4.21%
Efficiency ratio	66.11%	68.78%	68.93%		72.21%				66.64%
Return on average assets	1.22%	1.31%	1.19%		0.93%				1.22%
Return on average equity	13.69%	14.84%	13.84%		11.36%				14.67%

	September 30,		September 30,
	2024		2023
Year-to-date:
NIM	4.23	%	4.17	%
NIMTE^*	4.29	%	4.24	%
Efficiency ratio	67.86	%	72.79	%
Return on average assets	1.24	%	0.95	%
Return on average equity	14.12	%	11.11	%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data) (Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2024 and 2023. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

	Three Months Ended
		September 30,						March 31,			December			September 30,
		2024		June 30, 2024				2024			31, 2023			2023
Net interest income	$28,842			$27,053			$26,447			$26,732			$26,350
Divided by average interest-bearing assets		2,674,291			2,568,266			2,558,558			2,612,297			2,516,126
Net interest margin (“NIM”)²		4.29	%		4.24	%		4.16	%		4.06	%		4.15	%

Net interest income	$28,842			$27,053			$26,447			$26,732			$26,350
Plus: reduction in tax expense related to tax-exempt interest income		385			378			379			374			373
		$29,227			$27,431			$26,826			$27,106			$26,723
Divided by average interest-bearing assets NIMTE²		2,674,291			2,568,266			2,558,558			2,612,297			2,516,126
		4.35	%		4.30	%		4.22	%		4.12	%		4.21	%

	Year-to-date
	September 30,			September 30,
		2024			2023
Net interest income	$82,342			$76,524
Divided by average interest-bearing assets		2,600,641			2,451,781
Net interest margin (“NIM”)³		4.23	%		4.17	%
Net interest income Plus: reduction in tax expense related to	$82,342			$76,524
tax-exempt interest income		1,142			1,202
	$83,484			$77,726
Divided by average interest-bearing assets		2,600,641			2,451,781
NIMTE³		4.29	%		4.24	%

²Calculated using actual days in the quarter divided by 366 for the quarters ended in 2024 and 365 for the quarters ended in 2023, respectively.

³Calculated using actual days in the year divided by 366 for year-to-date period in 2024 and 365 for year-to-date period in 2023, respectively.

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value Per Share

Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Total shareholders’ equity	$260,050		$247,200		$239,327		$234,718		$225,259
Divided by shares outstanding		5,502		5,502		5,500		5,513		5,548
Book value per share	$47.27		$44.93		$43.52		$42.57		$40.60

		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Total shareholders’ equity	$260,050		$247,200		$239,327		$234,718		$225,259
Less: goodwill and intangible assets		15,967		15,967		15,967		15,967		15,973
	$244,083		$231,233		$223,360		$218,751		$209,286
Divided by shares outstanding		5,502		5,502		5,500		5,513		5,548
Tangible book value per share	$44.36		$42.03		$40.61		$39.68		$37.72

Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets.

Northrim BanCorp, Inc.	September 30,			March 31,		December			September 30,
	2024	June 30, 2024		2024			31, 2023			2023
Total shareholders’ equity	$260,050	$247,200	$239,327			$234,718			$225,259
Total assets	2,963,392	2,821,668		2,759,560			2,807,497			2,790,189
Total shareholders’ equity to total assets	8.78 %	8.76 %		8.67	%		8.36	%		8.07	%
Northrim BanCorp, Inc.	September 30,		March 31,			December			September 30,
	2024	June 30, 2024		2024			31, 2023			2023
Total shareholders’ equity	$260,050	$247,200	$239,327			$234,718			$225,259
Less: goodwill and other intangible assets, net	15,967	15,967		15,967			15,967			15,973
Tangible common shareholders’ equity	$244,083	$231,233	$223,360			$218,751			$209,286
Total assets	$2,963,392	$2,821,668	$2,759,560			$2,807,497			$2,790,189
Less: goodwill and other intangible assets, net	15,967	15,967		15,967			15,967			15,973
Tangible assets	$2,947,425	$2,805,701	$2,743,593			$2,791,530			$2,774,216
Tangible common equity ratio	8.28 %	8.24 %		8.14	%		7.84	%		7.54	%

Note Transmitted on GlobeNewswire on October 23, 2024, at 2:30 pm Alaska Standard Time.


Contact:	Mike Huston, President, CEO, and COO
	(907) 261-8750
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

The MIL Network –

January 25, 2025

MIL-OSI Asia-Pac: MOH AND HSA CONTINUE TO STEP UP ENFORCEMENT AND CRACKDOWN ON E-VAPORISERS OFFENCES

Source: Asia Pacific Region 2 – Singapore

From 1 July to 30 September 2024, 3,840 persons were caught and issued composition fines for possession or use of e-vaporisers, a 52% increase from the previous quarter. These include 743 cases of students caught vaping that were referred by schools and Institutes of Higher Learning (IHLs), 591 cases caught during community enforcement patrols, 44 cases detected through enforcement operations in the vicinity of IHLs, and 16 cases detected at checkpoints.

2. The Ministry of Health (MOH), Health Sciences Authority (HSA), Health Promotion Board (HPB) and Ministry of Education (MOE) are working together to ramp up efforts to tackle the problem of vaping. We also continue to work with the Immigration & Checkpoints Authority (ICA), National Environment Agency (NEA) and National Parks Board (NParks) to intensify enforcement on multiple fronts, including at the checkpoints, online platforms and in the community, schools and IHLs.

Enforcement in the community

3. HSA has been actively monitoring online content to identify persons who vape in public, and use or pose with e-vaporisers in photographs or videos. In July and August 2024, HSA identified and issued composition fines to five such offenders – four males and one female, aged 13 to 34, who posted videos and photographs of themselves with e-vaporisers on their Instagram and TikTok accounts. All the offending posts have been removed.

4. In September 2024, HSA also took enforcement action against a 49-year-old man who vaped in an MRT cabin. The incident was captured on social media. HSA raided the offender’s home in Tampines where one e-vaporiser and several drug paraphernalia were found. The man was also wanted by the Central Narcotics Bureau (CNB) and is currently assisting HSA and CNB in investigations.

5. HSA has continued to intensify its community enforcement efforts and maintained a strong presence at major, high-profile events. HSA issued composition fines to about 200 individuals at the Formula 1 race weekend in September 2024 and more than 50 individuals at an outdoor music event in Sentosa in August 2024 for e-vaporiser offences. A total of 253 persons were caught through these targeted operations.

Enforcement at checkpoints

6. From 1 July to 30 September 2024, HSA and ICA conducted several joint operations at the air, land and sea checkpoints, checking more than 4,000 travellers. Of these, 16 persons were caught in possession of e-vaporisers.

7. On 17 July 2024, a 32-year-old male Malaysian driver who was driving a Malaysia-registered lorry was stopped by ICA at the Tuas Checkpoint. The driver had attempted to smuggle more than 20,000 e-vaporisers and components with a street value of more than $300,000 into Singapore. The driver was detained and handed over to HSA for further investigations. While under investigation, he attempted to leave Singapore illegally, and was caught by ICA on 19 July 2024. He was sentenced to 28 weeks of imprisonment on 28 August 2024 for offences under the Tobacco (Control of Advertisements and Sale) Act 1993 and Immigration Act 1959.

8. It is illegal for travellers to bring prohibited tobacco products like e-vaporisers into Singapore. Travellers found with e-vaporisers or their components will be fined. Transport companies and drivers bringing prohibited tobacco products into Singapore will be subjected to enforcement actions. Convicted foreigners will be deported and barred from re-entering Singapore.

Enforcement against suppliers, online advertisements and sales of e-vaporisers

9. HSA’s targeted enforcement against suppliers of e-vaporisers over the past few months have also resulted in continued disruptions to the illegal supply chain. These include:

a) On 7 July 2024, HSA conducted a successful enforcement operation at Paya Lebar, targeting an e-vaporiser distribution ring involving foreign domestic workers. HSA officers intercepted 10 individuals – eight buyers, as well as two female sellers, aged 44 and 39, before any transaction took place. Eight e-vaporisers and assorted components, as well as illegal medicines intended for sale were seized. The two sellers are currently assisting in investigations.

b) On 21 August 2024, HSA disrupted an e-vaporiser distribution network at Tampines, seizing over 2,000 e-vaporisers and components with a street value exceeding $39,000. Eight individuals, aged 26 to 35, were caught distributing e-vaporisers in their vehicles at an open-air carpark. All eight individuals are currently assisting in investigations.

10. In the same quarter, HSA also worked with the administrators of local e-commerce and social media platforms to remove more than 1,900 listings of e-vaporisers and components. This is more than three times the number compared to the same period in 2023.

Continued school and public education efforts

11. HPB continues to raise awareness and highlight the harms and illegality of vaping through its campaign ‘Vape is a toxic friend you don’t need’. This year’s edition was rolled out from end July 2024, and was pushed out across multiple platforms, from outdoor advertisements to digital and social media channels. To further educate the public and dispel widespread misconceptions, HPB has introduced a dedicated “Vaping mistruths” section on its vape-free webpage on HealthHub. The new tab serves as a resource to debunk common myths surrounding vaping, and provide information about the health risks and legal implications associated with e-vaporisers.

12. HPB also works with schools to educate students in primary and secondary schools on the benefits of a nicotine-free lifestyle through assembly skits. From July to September 2024, HPB reached almost 37,000 students through these skits.

13. HPB also provides cessation support and strategies to quit for students who are caught vaping through onsite counselling by Student Health Advisors, as well as QuitLine, a tele-counselling service. From July to September 2024, about 830 youths received smoking and vaping cessation counselling.

14. Schools and IHLs have stepped up on preventive education to reinforce anti-vaping messages and the importance of maintaining a nicotine-free lifestyle. Students are educated that e-vaporisers are banned, and the harmful impact of vaping on individuals, families and the society.

15. In Physical Education and Science lessons, students learn about the health effects of tobacco products, and the harmful substances in them. Common myths about vaping are also covered in Science lessons. Character and Citizenship Education lessons equip students with the ability to recognise impulsive and addictive behaviours that harm one’s mental and physical wellbeing and provide strategies for self-control and managing negative peer influences. To encourage early help-seeking, students are encouraged to inform a trusted adult if they are concerned about their classmates’ behaviour.

16. Parents can refer to information on Parent Hub to educate their children about the harms of vaping.

Penalties for e-vaporiser-related offences in Singapore

17. Under the Tobacco (Control of Advertisements and Sale) Act, the possession, use or purchase of e-vaporisers carries a maximum fine of $2,000. Offenders who are given the opportunity to settle their offences out of Court via a Notice of Composition are strongly encouraged to do so. Those who fail to do so before the due date of the Notices will face harsher consequences in Court.

18. It is an offence to import, distribute, sell or offer for sale e-vaporisers and their components. Any person convicted of an offence is liable to a fine of up to $10,000, or imprisonment of up to six months or both for the first offence, and a fine of up to $20,000, or imprisonment of up to 12 months or both for the second or subsequent offence. All prohibited tobacco items will be seized and confiscated.

19. 21 persons aged between 14 and 48 years old were convicted in Court from 1 July to 30 September 2024 for selling e-vaporisers and related components in Singapore. The total fines amounted to more than $150,000. Please refer to Annex A for details.

20. Members of the public who have information on the illegal possession, use, purchase, import, distribution, sale or offer for sale of e-vaporisers can contact HSA’s Tobacco Regulation Branch at 6684 2036 or 6684 2037 during office hours (Monday to Friday, 9:00am to 5:30pm).

21. Information pertaining to prohibited tobacco products in Singapore is available on the HSA website. Persons who need help to quit vaping can join the I Quit programme.

MINISTRY OF HEALTH

HEALTH SCIENCES AUTHORITY

23 OCTOBER 2024

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Australia: Strengthening enforcement to tackle illegal tobacco
Source: New South Wales Government 2

Headline: Strengthening enforcement to tackle illegal tobacco

Published: 24 October 2024

Released by: Minister for Health

The NSW Government will roll out reforms to better protect the community from the harms of illegal tobacco, including tougher penalties, more enforcement officers, and a new tobacco licensing scheme for retailers.
A new licensing scheme

Recent enforcement activities have observed a rise in illicit tobacco retailing including amongst rural communities in NSW, which adversely affects businesses that operate within the law. Illicit retailers undercut legitimate small businesses by selling illicit tobacco at lower prices and some have been found to be located in close proximity to schools.

A new tobacco licensing scheme will also be introduced, to better protect those businesses doing the right thing and ensure greater oversight of the tobacco retail industry in NSW.

Under these changes, retailers and wholesalers of tobacco and non-tobacco smoking products will be required to hold a tobacco licence and pay an annual fee.

A licence will be able to be refused, or revoked, if the applicant has been convicted of a tobacco or vaping product related offence.

The scheme will support comprehensive and targeted enforcement to identify and penalise those retailers and wholesalers doing the wrong thing.

The proposed legislation includes penalties of up to $220,000 for corporations and $44,000 for individuals for selling tobacco without a licence under the new scheme.

To ensure that applying for a tobacco licence is not burdensome for small businesses, a technical support phoneline will be available to everyone submitting an application.

A tobacco licensing scheme will complement the NSW Government’s broader approach to tobacco compliance and enforcement.

Tougher penalties

The government will double maximum penalties for a range of tobacco retailing offences, including:
- Individuals selling tobacco products to minors will be fined up to $22,000 for a first offence and $110,000 for a subsequent offence, with corporations liable for up to $110,000 for a first offence and $220,000 for subsequent offences;
- Individuals selling tobacco products not in the required packaging or with the mandatory health warnings will be fined up to $22,000, and corporations up to $110,000; and
- People impersonating or obstructing an inspector can be fined up to $1,100, up from $550.
Enforcement & seizures

NSW Health will also recruit an additional 14 enforcement officers to strengthen compliance efforts across the state. This doubles the number of authorised inspectors employed by the Ministry of Health. Ahead of these reforms, NSW Health boosted regional enforcement capacity by supporting the employment of four additional enforcement officers. This compliance workforce complements authorised staff who undertake inspections across local health districts

From 1 July 2024 to 30 September 2024, NSW Health inspectors conducted 565 targeted retail inspections, seizing more than 3.2 million cigarettes and over 600kg of other illicit tobacco products, with an estimated value of over $3.7 million.

NSW Health collaborates with NSW Police and other state and national regulatory agencies on enforcement related to illicit tobacco sales, including sharing intelligence, working on joint targets and joint operations.

Information on NSW tobacco retailing laws can be found on the NSW Health website here: https://www.health.nsw.gov.au/

Members of the public are encouraged to report suspected breaches of tobacco and e-cigarette retailing laws on the NSW Health website here: https://www.health.nsw.gov.au/tobacco/Pages/let-us-know-reports-complaints.aspx

Quotes attributable to Minister for Health, Ryan Park MP:

“I am very concerned by the prevalence of illegal tobacco and e-cigarettes in our community, and their proximity to our schools and children.

“These new laws are the most significant tobacco retailing reforms in NSW in the last decade and will help us combat the scourge of illicit tobacco sales across the state.

“We are introducing tougher penalties for retailers doing the wrong thing, and boosting our team of enforcement officers to strengthen our compliance efforts.

“The increased tobacco penalties reflect the seriousness of these offences. Retailers should be put on notice that if they are caught breaking tobacco retailing laws they will be penalised.”

“A tobacco licensing scheme in NSW will also further enhance our state’s strong approach to enforcement of tobacco retailing laws. It will allow us to have better oversight over the tobacco industry and will support our comprehensive approach to help reduce the use, impact and associated costs of tobacco in NSW.”

Quotes attributable to Member for Wagga Wagga Joe McGirr MP:

“After being made aware of the escalating problem of illegal tobacco in my electorate and across the state, I prepared a Private Members’ Bill to require the licensing of tobacco retailers and increased penalties for offences.

“This Bill was prepared with widespread consultation with industry and the community, with strong support for my proposals to tackle this growing criminal activity which is undermining health messaging and taking an expensive toll on legitimate retailers.

“So, I am delighted that the government has met this challenge by proposing its own Bill, reflecting the content of my Bill, and I look forward to supporting the government in this endeavour when parliament resumes.

“Licensing on its own will not eliminate the black market trade in tobacco but it will provide a valuable structure that will help to reduce the damaging effects of this rapidly-growing problem.

“I congratulate the government for taking this strong proactive stance and I look forward to working together on further steps to tackle the illegal tobacco trade.”

Quotes attributable to NSW Health Chief Health Officer Dr Kerry Chant:

“NSW Health supports a holistic approach to tobacco control, recognising reducing supply and access to illicit products is one component.

“Operating a tobacco licensing scheme will ensure NSW Health has accurate, up-to-date information on tobacco retailing and wholesaling activities in NSW, facilitating more efficient and effective enforcement activity.

“If you think a tobacco or e-cigarette retailing law has been broken by a retailer in NSW, you can report this via the NSW Health website.”
MIL OSI News –
January 25, 2025
MIL-OSI USA: CDC Recommends Second Dose of 2024-2025 COVID-19 Vaccine for People 65 Years and Older and for People Who are Moderately or Severely Immunocompromised

Source: US Gov Centers for Disease Control and Prevention

Today, CDC Director Mandy Cohen endorsed the CDC Advisory Committee on Immunization Practices’ (ACIP) recommendation for people 65 years and older and those who are moderately or severely immunocompromised to receive a second dose of 2024-2025 COVID-19 vaccine six months after their first dose.

MIL OSI USA News –

January 25, 2025
MIL-OSI Submissions: Gaza – “There is death in all types and forms in Kamal Adwan hospital and north Gaza. The bombardment does not stop”

Source: Médecins Sans Frontières

Testimony from MSF orthopedic surgeon, Dr. Mohammed Obeid, sheltering in Kamal Adwan hospital, north Gaza – collected on 22 October.

24 October,2024: “There is death in all types and forms in Kamal Adwan hospital and north Gaza. The bombardment does not stop. The artillery does not stop. The planes do not stop. There is heavy shelling, and the hospital is targeted too. It just looks like a movie; it does not seem real.

About five days ago, my house was hit. They completely blew up the roof and water tanks, but we were at the ground floor and only one person got injured, thank God. We left a few times, moving to different areas, my family and neighbors were terrified. I sheltered in Kamal Adwan hospital with my wife and children, and I am now working here, where I can treat numerous patients.

There are no words to describe the situation in Kamal Adwan hospital: it is disastrous. The hospital is completely overwhelmed. There are injured people everywhere, outside and inside the hospital, and we do not have medical and surgical equipment to treat them.

Ambulances cannot move. We cannot reach the bodies of the people killed and cannot save the injured ones who lie in the streets. Many of them died before reaching the hospital, and others died inside the hospital as we could not treat their wounds.

We have 30 people dead inside the hospital, and around 130 injured patients who need urgent medical care. Medical staff are exhausted, and many are injured as well. We feel hopeless. I just don’t have words.

We call on all the countries in the world to consider north Gaza, and to lift the blockade that has led to the death of so many people.”

Notes

The situation in North Gaza governorate, where about 175,000 people live according to UN estimates, is extremely dire. The northern part of the Strip, particularly Jabalia camp, has been besieged by Israeli forces since October 7, 2024. People in North Gaza have since been trapped and caught in relentless attacks and violence amidst the ongoing military operation, which has killed over 600 people so far, as of October 22, 2024, according to Gaza’s civil defense agency.

On 7 October 2024, Israeli forces issued evacuation orders in Beith Hanoun, Jabalia and Beit Lahia, North Gaza, including three hospitals (Kamal Adwan, Indonesian and Al-Awda Hospitals), but it was almost impossible for people to move safely as the area was already surrounded and people attempting to evacuate were shot at. Around 55,000 people (OCHA, 16 October 2024), who were able to move in the initial hours of the offensive, were displaced toward the south (but within the northern part of Gaza), mainly to Gaza City.

Israeli forces are forcibly displacing people along unsafe routes, with reports that people trying to evacuate are being shot at, while trapping the population in Jabalia who face a critical lack of food, essential items, and access to healthcare, and risk being killed.

Since the beginning of the month of October, there has been a near total lack of humanitarian aid and food entering into North Gaza. Since October 15, some supplies have entered, but in quantities that are largely insufficient for the population. Fuel and medical supplies are running low for the remaining healthcare structures in the north as most movements of humanitarian actors from the south to the north are also being denied.

Medical evacuations are urgently needed but have been either denied, or extremely difficult to organize.

MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au

MIL OSI – Submitted News –

January 25, 2025
MIL-OSI China: Malaysian dragon dancers hope to deepen friendship with China through traditional sports

Source: People’s Republic of China – State Council News

Malaysian dragon dancers hope to deepen friendship with China through traditional sports

Updated: October 24, 2024 08:08 Xinhua

Members of Malaysia Johor Loong & Lion Dance Sport Association pose for photos after the awarding ceremony of the festival in Kunming, capital of southwest China’s Yunnan Province, on Oct. 18, 2024. The 2nd Traditional Sports International Festival was held in Kunming, capital of southwest China’s Yunnan Province from Oct. 17 to Oct. 21, 2024. The festival includes Wushu, Health Qigong, Go (Weiqi) and Dragon and Lion Dance, attracting contestants from 27 countries and regions. A team from Malaysia Johor Loong & Lion Dance Sport Association led by Chan Hong Kin won two gold medals in Dragon Dance Category. Chan Hong Kin, 52, has been a member of the team for more than 30 years. He hopes that through the festival in Kunming, the team members from Malaysia can not only show their skills, but also deepen friendship with Chinese people. “I first came to China in 1999,” Chan Hong Kin said, “After the competition, we will go to Lufeng City to visit some old friends. I’m also looking forward to seeing more new Chinese friends in Malaysia.” This year marks the 50th anniversary celebrations of the establishment of diplomatic relations between China and Malaysia, which promote more people-to-people exchanges in traditonal culture field. [Photo/Xinhua]

Members of Malaysia Johor Loong & Lion Dance Sport Association compete in the traditional Dragon Dance event at the festival in Kunming, capital of southwest China’s Yunnan Province, on Oct. 19, 2024. [Photo/Xinhua]

Members of Malaysia Johor Loong & Lion Dance Sport Association compete in the Dragon Dance freestyle event at the festival in Kunming, capital of southwest China’s Yunnan Province, on Oct. 19, 2024. [Photo/Xinhua]

Members of Malaysia Johor Loong & Lion Dance Sport Association and members of Guangzhou Sport University Loong and Lion Dance team participate in the festival, in Kunming, capital of southwest China’s Yunnan Province, on Oct. 19, 2024. [Photo/Xinhua]

Chan Hong Kin takes photos and videos during the festival in Kunming, capital of southwest China’s Yunnan Province, on Oct. 18, 2024. [Photo/Xinhua]

An aerial drone photo taken on Oct. 18, 2024 Malaysia Johor Loong & Lion Dance Sport Association competing in the Dragon Dance freestyle event at the festival in Kunming, capital of southwest China’s Yunnan Province. [Photo/Xinhua]

Members of Malaysia Johor Loong & Lion Dance Sport Association visit the Yunnan Nationalities Village in Kunming, capital of southwest China’s Yunnan Province, on Oct. 20, 2024. [Photo/Xinhua]

Members of Malaysia Johor Loong & Lion Dance Sport Association and members of Guangzhou Sport University Loong and Lion Dance team pose for photos during the festival, in Kunming, capital of southwest China’s Yunnan Province, on Oct. 19, 2024. [Photo/Xinhua]

Chan Hong Kin (front L) and members of Malaysia Johor Loong & Lion Dance Sport Association arrive for the opening ceremony of the festival in Kunming, capital of southwest China’s Yunnan Province, on Oct. 18, 2024. [Photo/Xinhua]

MIL OSI China News –

January 25, 2025
MIL-OSI Australia: Call for information – Hit and runs – Darwin

Source: Northern Territory Police and Fire Services

Northern Territory Police are calling for information after two suspicious hit and runs this morning.

Around 6am, police received a report that a small silver hatchback had struck a motorcyclist on McMinn Street, Darwin City, before fleeing the scene.

The 30-year-old male rider suffered serious grazing to his leg and was conveyed to Royal Darwin Hospital for treatment.

A short time later, police received report that a small silver hatchback had struck another rider on Iliffe Street, Woolner.

In this instance, the occupants of the vehicle allegedly attempted to rob the fallen rider before being confronted and fleeing the scene.

The 43-year-old male rider suffered minor grazing and was also conveyed to Royal Darwin Hospital.

Police deployed to the area but the vehicle is yet to be located.

Detectives from Serious Crime are currently investigating and police believe the hit and runs were intentional.

Police urge anyone who witnessed the incidents, or who has dash cam or CCTV footage, to contact police and quote reference number P24293700.

Anonymous reports can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

MIL OSI News –

January 25, 2025
MIL-OSI USA: October 23rd, 2024 Heinrich Cosponsors Legislation to Protect Medicare and Social Security for New Mexico’s Seniors

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich
WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) cosponsored the Medicare and Social Security Fair Share Act, legislation that will ensure the long-term solvency of Medicare and Social Security by reversing inequities in the tax system so that high earners contribute a fairer share.
“Medicare and Social Security are benefits that New Mexicans have earned over a lifetime of hard work. I’m proud to support this legislation to protect these bedrock programs for New Mexicans by making the ultrawealthy pay their fair share,” said Heinrich.
Nearly 40% of seniors rely on Social Security for the majority of their incomes – benefits they have earned that let them retire with dignity. Medicare protects its over 60 million beneficiaries, one in five of whom have less than $15,000 in savings, from potentially catastrophic health care costs.
Despite their bedrock importance, these programs are both at risk of not being able to fully pay out benefits within the next 15 years. Without new revenue, the Hospital Insurance Trust Fund and the Old Age and Survivors Insurance Trust Fund are expected to become insolvent in 2028 and 2033, respectively.
The Medicare and Social Security Fair Share Act will increase funding for the Social Security and Medicare trust funds by extending the payroll tax on wages, self-employment income, and investment income to taxpayers making over $400,000. The legislation also applies a payroll tax on the pass-through business income, like hedge funds and private equity firms, of taxpayers earning more than $400,000, which will eliminate the classification of earned income as distributed business profits that is currently a major loophole. By applying these two provisions, we can extend Social Security solvency indefinitely and extend Medicare solvency by an estimated 20 years.
The Medicare and Social Security Fair Share Act is led by U.S. Senator Sheldon Whitehouse (D-R.I.). Alongside Heinrich, the legislation is cosponsored by U.S. Senators Kirsten Gillibrand (D-N.Y.), Chris Van Hollen (D-Md.), and Amy Klobuchar (D-Minn). The bill is led in the House by U.S. Representative Brendan F. Boyle (D-Pa.).
The bill is endorsed by the Alliance for Retired Americans; American Federation of Government Employees; American Federation of Labor and Congress of Industrial Organizations; American Federation of State, County and Municipal Employees; American Federation of Teachers; Americans for Tax Fairness; Center for Medicare Advocacy; Committee for a Responsible Federal Budget; Communications Workers of America; Doctors for America; Families USA; Groundwork Collaborative; International Federation of Professional and Technical Engineers; Main Street Alliance; Mary’s Center; National Committee to Preserve Social Security and Medicare; National Council on Aging; National Education Association; NETWORK Lobby for Catholic Social Justice; People’s Action; Public Citizen; Revolving Door Project; Social Security Works; and the Teamsters.
A one-page summary is here.
The text of the bill is here.
Background
Heinrich fought hard to pass the Inflation Reduction Act, historic legislation that lowers health care and prescription drug costs for working families.
This year, the Inflation Reduction Act began capping out-of-pocket costs for prescription drugs at an estimated $3,300, providing substantial relief for individuals facing high medication expenses. This new Medicare drug cap comes in tandem with several other major healthcare provisions Heinrich helped secure, including free vaccines for seniors and a $35 insulin cap for those on Medicare.
Last year, the White House announced 48 Medicare Part B drugs that raised their prices faster than inflation, and some drug companies raised prices of certain medications faster than inflation for every quarter in 2023. The IRA provisions Heinrich helped deliver will now require these companies to pay rebates back to Medicare, saving seniors who take these drugs between $1 and $2,786 per dose, depending on their medication.
The IRA also reduced the cost of marketplace health insurance premiums by an average of hundreds of dollars per person, for roughly 40,000 New Mexicans.
A longer list of provisions Heinrich helped to secure in the Inflation Reduction Act can be found here.
Heinrich introduced the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act, legislation that builds on a provision that was included in the Inflation Reduction Act to empower Medicare to negotiate prescription drug prices for the first time. Specifically, the bill would allow prescription drugs and biologics to be eligible for negotiation five years after approval by the Food and Drug Administration (FDA) — increasing the overall amount by which Medicare can lower prices through negotiation. Additionally, the SMART Prices Act would lower Medicare Part B drug prices through negotiation two years earlier than under current law, and increase the overall number of drugs that the Department of Health & Human Services (HHS) can negotiate starting in 2026.
Additionally, Heinrich is a cosponsor of the Pharmacy Benefit Manager Transparency Act, legislation that bans deceptive unfair pricing schemes, prohibits arbitrary clawbacks of payments made to pharmacies, and requires Pharmacy Benefit Managers (PBMs) to report to the Federal Trade Commission (FTC) how much money they make through spread pricing and pharmacy fees.
Heinrich also cosponsored the COLAs Don’t Count Act, legislation to exempt annual cost-of-living adjustments (COLA) from impacting the benefits of those who utilize the Supplemental Nutrition Assistance Program (SNAP) for food assistance. This would help ensure participants of SNAP are not losing benefits due to the added costs of inflation and allow families to keep food on the table.
Heinrich recently secured committee passage of his Fiscal Year 2025 Agriculture Appropriations Bill, legislation that delivers critical new resources to fully fund WIC and ensure all eligible women, infants, and children can get the nutrition they need. It also protects vital nutrition assistance programs for families across the country.

MIL OSI USA News –

January 25, 2025
MIL-OSI China: Global experts hail China’s commitment to preserving Tibetan medicine

Source: China State Council Information Office 2

International experts have praised China’s efforts to preserve and promote traditional Tibetan medicine.
Over 200 global experts and scholars from home and abroad recently gathered in Lhasa, the capital of southwest China’s Xizang Autonomous Region, for an academic conference on “The Four Treatises of Tibetan Medicine,” discussing the development and modern applications of these important medical texts.
Written between the 8th and 12th Centuries, “The Four Treatises of Tibetan Medicine” is the most influential foundational work on traditional Tibetan medicine. It shows fully the development and evolution of traditional Tibetan medicine, and has played an essential role in the dissemination and development of traditional Tibetan medicine in the Qinghai-Xizang Plateau, as well as the trans-Himalayan and Mongolian regions.
It not only represents the highest level of medical care in Xizang in ancient times, but also reflects the study of humanities, history, tradition, literature, art and craft in Xizang during an earlier period. The work was inscribed on the UNESCO Memory of the World Register in 2023.
John Vincent Bellezza, a senior research fellow at the University of Virginia, hailed the Chinese government’s dedication to preserving the “The Four Treatises.”
“They are doing a tremendous job in collecting thousands of ancient medical texts,” he said. “Tibetan medicine is an ancient tradition that has been helping Tibetans and other people for many centuries. Now, in the 21st century, we have the opportunity to bring these traditions forward and try to improve and better understand the tradition to serve the people in the Himalaya and the plateau regions.”
He also emphasized the importance of such a large-scale conference, saying, “This is crucial for the development of Tibetan medicine.”
Ram Adhar Yadav, executive director of Nepal’s National Ayurveda Research and Training Center, said the conference opened the door for academics, researchers and doctors to discuss how to research and treat diseases by using Tibetan medicine, traditional Chinese medicine, as well as Ayurveda, a traditional system of Indian medicine.
Amit Man Joshi, another researcher from the Nepali center, said the conference was a learning experience for him. “Before coming here, I didn’t know much about the history of Tibetan medicine. This conference has broadened my knowledge so that I can go back to my country and share about Tibetan medicine.”
The Chinese government has made significant strides in protecting and promoting Tibetan medicine in recent years.
In 2019, China invested 1 billion yuan (about 140.36 million U.S. dollars) in the construction of a new campus for the University of Tibetan Medicine, which has trained over 7,000 medicine professionals.
As of early 2022, Xizang hosted 49 public institutions of Tibetan medicine. The coverage rate of Tibetan medicine services in township health centers reached 94.4 percent, while that in village health clinics reached 42.4 percent.
Over the years, more than 300 ancient documents on Tibetan medicine have been collated and published, while more than 600 volumes of rare ancient books have been collected.
“The conference not only served to promote Tibetan medicine internationally, but also aimed to learn from and draw upon the development models of other traditional medical systems to further advance Tibetan medicine,” said Tsering, director of the Hospital of Traditional Tibetan Medicine.
Last week, the hospital launched the country’s first digital resource center for Tibetan medicine and astrology in Lhasa.
The center features 10 databases, including Tibetan medicine materials and the literature on Tibetan medicine and astrology. It also houses high-resolution scanned copies of rare Tibetan medical and astrology texts dating back to the 8th Century.
Joshi praised the establishment of the center, saying, “It’s a great initiative. Creating a comprehensive database ensures that Tibetan medicine will be preserved for future generations.”

MIL OSI China News –

January 25, 2025
MIL-OSI USA: FOLLOWING THEIR CALL FOR ACCOUNTABILITY FOR FAILURES AT BUFFALO VA, SCHUMER, GILLIBRAND, KENNEDY, LANGWORTHY ANNOUNCE NATIONWIDE REVIEW TO IDENTIFY & INVESTIGATE SYSTEMIC ISSUES WITHIN THE VA’S…

US Senate News:

Source: United States Senator for New York Charles E Schumer
Investigation Will Help Ensure That No Veteran – In Buffalo Or Anywhere Else In The Country – Fails To Receive Desperately Needed Treatment Again
Following their call for accountability after egregious failures at the Buffalo VA left veterans waiting weeks or months to receive care, U.S. Senate Majority Leader Chuck Schumer, Senator Kirsten Gillibrand, Representative Tim Kennedy, and Representative Nick Langworthy today announced a nationwide evaluation of the VA’s community care consult practices to root out systemic issues within the VA’s health care network.
At Schumer, Gillibrand, Kennedy, and Langworthy’s request, the Government Accountability Office (GAO) will be conducting a comprehensive review of the VA’s community care consult practices. The investigation will include a review of the VA’s practices around scheduling patient treatment, particularly for high-risk and complex conditions. It will also review practices around handling concerns raised by patients and health care providers in the case of delayed treatment.
“No veteran, in Western NY or anywhere in America, should experience failures like those that occurred at the Buffalo VA. We must make sure this unacceptable failure to provide the care our veterans need never happens again. This new independent investigation by the Government Accountability Office will conduct a top-to-bottom review of the VA’s nationwide practices,” said Senator Schumer. “We must put better infrastructure and oversight practices in place to protect veterans in Western NY and across the country. We will be watching the VA like a hawk to ensure changes are made and VA centers across the country deliver on their promise to our vets to provide them the top-notch care they have earned and deserve.”
“What happened at the Buffalo VA was unacceptable. Nothing should ever get in the way of veterans receiving desperately needed care,” said Senator Gillibrand. “I am glad that the Government Accountability Office is investigating the VA at my urging and I look forward to seeing the results of their investigation. I will continue to monitor this situation closely and fight to ensure that no veteran slips through the cracks.”
“I am pleased that the Government Accountability Office is moving forward with reviewing VA community care practices to ensure our heroes receive the quality and timely medical services they deserve,” said Congressman Kennedy. “I will continue to do everything in my power to uphold our duty of care and get the Buffalo VA back on track.”
“We must keep our nation’s promise to our veterans that when they get home, they get the care they earned and deserve — the failures that caused critical delays in care at the Buffalo VA are absolutely unacceptable,” said Congressman Langworthy. “This new investigation led by the Government Accountability Office will help us identify the problems that allowed this to happen and ensure it never happens again. I’ll be actively involved to make sure we hold the VA accountable and deliver real results for our veterans.”
According to a report from the Department of Veterans Affairs Office of Inspector General, critically ill patients at the Buffalo VA had their treatments postponed for months or even canceled entirely, despite concerns raised by patients and health care providers. In one case, a patient waited nine weeks for radiation therapy for a new cancer malignancy, despite efforts by the chief of oncology to get the community care team to schedule treatment. In another, a veteran died waiting for palliative radiation therapy that would have eased severe pain from stage 4 cancer. Following the shocking revelations of the report the lawmakers requested an independent investigation by the GAO into the VA community care practices that led to these failures to ensure better care for veterans both in Western NY and across the country.
Specifically, the GAO review will include:
Oversight of medical centers’ adherence to Veterans Health Administration (VHA) requirements for processing consults for conditions considered high-risk or complex;
Whether consults are appropriately prioritized and consistently processed within VHA’s timeliness requirements;
Reviewing how medical facilities, VISN leaders, and the VHA Office of Integrated Veteran Care respond to concerns regarding delays in consult scheduling from providers, staff, patients, and their families and how this is built into VHA’s quality and risk management programs;
Best practices to prevent and address leadership deficiencies within the community care scheduling process, including the prioritization of patient safety.
The full text of Senator Schumer, Gillibrand, Kennedy, and Langworthy’s original letter requesting this investigation by the Government Accountability Office is available below:
Dear Mr. Dodaro:
            On Friday, September 27th, the Department of Veterans Affairs Office of Inspector General (“OIG”) released its findings following its inspection of the VA Western New York Health System in Buffalo, New York. The report – Leaders Failed to Address Community Care Consult Delays Despite Staff’s Advocacy Efforts at VA Western New York Healthcare System in Buffalo – found a shocking pattern of apathy and incompetence on the part of Department facility and community care leaders in addressing the needs of patients with complex and high-risk conditions.
            As the report indicates, these delays caused or led to an increased risk of harm to the patients. One veteran passed away while waiting months to receive palliative care that would have helped manage cancer pain in their final months. Another patient waited nine weeks to schedule radiation therapy for a new cancer malignancy, despite efforts by the chief of oncology to get the community care team to schedule treatment. Another veteran in their twenties continued to suffer from seizures for another 10 months as they waited for a consult to be scheduled, the delay partially caused by a referral being canceled by the community care medical director. These are only some of the cases highlighted by an OIG report that identified incompetence and bureaucratic red tape that failed the veterans in Buffalo again and again.
            The failure by the leadership at the Buffalo VA Medical Center must never occur again, and veterans across the United States must be reassured that they can receive timely and high-quality health care across the VA health care system. Therefore, I request that the Government Accountability Office (GAO) conduct a review of Veterans Integrated Services Networks’ (VISN) community care consult practices. The review should include, but not be limited to:
Oversight of medical centers’ adherence to Veterans Health Administration (VHA) requirements for processing consults for conditions considered high-risk or complex;
Whether consults are appropriately prioritized and consistently processed within VHA’s timeliness requirements;
Reviewing how medical facility, VISN leaders, and the VHA Office of Integrated Veteran Care respond to concerns regarding delays in consult scheduling from providers, staff, patients, and their families and how this is built into VHA’s quality and risk management programs;
Best practices to prevent and address leadership deficiencies within the community care scheduling process, including the prioritization of patient safety;
I request a briefing on the preliminary findings with final results to be submitted on a date and in form mutually agreed upon. Please include recommendations, as appropriate, for agency or congressional action in your evaluation.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Rep. Sewell Hosts Magic City Classic Discussion on Workforce Development with UAB and City of Birmingham Officials

Source: United States House of Representatives – Congresswoman Terri Sewell (AL-07)

Birmingham, AL – Today, in conjunction with the 83^rd annual Magic City Classic, U.S. Rep. Terri Sewell (AL-07) hosted a “Classic Conversation” featuring officials from the University of Alabama at Birmingham (UAB) and the City of Birmingham. The discussion focused on how federal funding, including a $10.8 million federal grant, is fostering job growth and workforce development in the City of Birmingham.

Photos and videos are available for media and broadcast purposes here.

On Friday afternoon at the Birmingham Jefferson-Convention Complex (BJCC) Medical Forum Building Theater, Rep. Sewell was joined by the Vice President of Employee Access and Workforce Development at UAB, Andre Lessears, and Good Jobs Challenge Program Manager for the City of Birmingham, Dr. Olivia Cook. The trio highlighted how federal funding, including a $10.8 million Good Jobs Challenge grant, is fostering job growth and workforce development in the City of Birmingham.

In 2022, with Rep. Sewell’s support, the City of Birmingham was selected by the U.S. Department of Commerce Economic Development Agency (EDA) to receive a $10.8 million grant from the Good Jobs Program. The grant was made possible by President Biden’s American Rescue Plan.

The grant helped the City of Birmingham establish the Birmingham Regional Health Partnership, a health care workforce training program that is building a pipeline of skilled health care workers through public-private partnerships with local health care employers including UAB. It is providing access to high-quality healthcare jobs to members of traditionally underrepresented communities including women and people of color.

Following the conversation, Rep. Sewell visited the Career Connections Career Fair hosted by UAB Medicine and Cooper Green Mercy.

###

MIL OSI USA News –

January 25, 2025
MIL-OSI Russia: Two Moscow Digital Projects Win International BRICS Solutions Awards

Source: Center of Diagnostics and Telemedicine

Two digital initiatives from Moscow have been recognized with the prestigious international BRICS Solutions Awards. The project titled “Digital Twin of the City of Moscow” was awarded in the category in the category of “Platforms and Integrated Solutions for Government and Public Administration,” while the initiative “Experiment on the use of innovative computer vision technologies for medical image analysis and subsequent applicability in the healthcare system of Moscow” was honored in the “Biotechnology and National Health” category.

Artificial Intelligence Supporting Medical Professionals

The project titled “Exploration of Innovative Technologies in Computer Vision for Medical Image Analysis and Implementation in the Healthcare System of Moscow” is being executed at the Center for Diagnostics and Telemedicine of the Moscow Department of Health. This initiative employs artificial intelligence (AI) to analyze and interpret results from various medical imaging modalities, including CT, MRI, X-ray, fluorography, and mammography. Starting in 2024, this advanced technology will be accessible to healthcare professionals across the nation upon integration of local infrastructure with the MosMedAI platform. Currently, AI-assisted interpretation processing is operational in over 10 regions.

“Our project aims to reduce the workload of specialists and enhance the quality and speed of reporting. For the past 4 years, AI has played a vital role in supporting our radiologists. During this period, it has processed over 13 million studies and currently is capable of identifying 38 different diseases. However, the final diagnosis and decision-making always remain the responsibility of the radiologists,” explained Anastasia Rakova, Deputy Mayor of Moscow for Social Development.

“The neural network also performs automatic measurements for radiologists and generates radiology reports. We are continuing to develop this project, working on 22 additional modalities. This experiment, on such a large scale, is unprecedented globally. Moscow was the first to implement such solutions at a at the city level, and we believe this experience will serve as a model for other cities and countries, showcasing how modern technologies can improve medical care and the efficiency of healthcare professionals.” said Anastasia Rakova.

About the BRICS Solutions Awards

The BRICS Solutions Awards competition is organized annually by the country holding the BRICS chairmanship. In 2024, Russia chaired the awards, coordinated by the Agency for Strategic Initiatives, in partnership with the Chamber of Commerce and Industry of the Russian Federation and the Roscongress Foundation. The awards recognize promising projects that improve the quality of life in BRICS countries. The competition fosters the exchange of knowledge and best practices and promotes collaboration on the development and implementation of new technologies.

“We are delighted to host the BRICS Solutions Awards for the second time in our country.

This year, the competition received a record number of applications, exceeding 1,300 submissions from all Member states of BRICS,” said Svetlana Chupsheva, Director General of the Agency for Strategic Initiatives. She noted that the categories “Artificial Intelligence and Digital Services,” “New Industry and Energy,” and “Biotechnology and National Health” attracted the most interest among participants, highlighting the growing importance of advanced technological solutions.

https://telemed.ai

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: Two Moscow digital projects received international BRICS Solutions Awards

Translation. Region: Russian Federation –

Source: Center for Diagnostics and Telemedicine

Two Moscow digital initiatives have been recognized by the prestigious international BRICS Solutions Awards. The project “Digital Twin of Moscow” was recognized in the nomination “Platforms and Integrated Solutions for State and Public Administration”, and the initiative “Experiment on the Use of Innovative Computer Vision Technologies for Analyzing Medical Images and Subsequent Application in the Moscow Healthcare System” was recognized in the nomination “Biotechnology and National Healthcare”.

Artificial Intelligence to Help Healthcare Workers

The project “Research of Innovative Computer Vision Technologies for Medical Image Analysis and Implementation in the Moscow Healthcare System” is being implemented at the Diagnostics and Telemedicine Center of the Moscow Department of Healthcare. The project uses artificial intelligence (AI) to analyze and interpret the results of various types of medical imaging, including CT, MRI, X-ray, fluorography, and mammography. Starting in 2024, this advanced technology will be available to healthcare workers across the country after integrating local infrastructure with the MosMedAI platform. The AI-powered interpretation processing system is currently operating in more than 10 regions.

“Our project is aimed at reducing the workload of specialists and improving the quality and speed of issuing conclusions. Over the past 4 years, AI has played an important role in supporting our radiologists. During this time, it has processed more than 13 million studies and is currently able to identify 38 different diseases. However, the final diagnosis and decision-making always remain with radiologists,” explained Anastasia Rakova, Deputy Mayor of Moscow for Social Development.

“The neural network also performs automatic measurements for radiologists and generates radiological reports. We continue to develop this project, working on 22 more modalities. This experiment of such scale has no analogues in the world. Moscow was the first to implement such solutions at the city level, and we are confident that this experience will serve as an example for other cities and countries, showing how modern technologies can improve medical care and increase the efficiency of medical workers,” said Anastasia Rakova.

About the BRICS Solutions Awards

The BRICS Solutions Awards competition is organised annually by the country currently chairing BRICS. In 2024, Russia will chair the award, coordinated by the Agency for Strategic Initiatives in partnership with the Chamber of Commerce and Industry of the Russian Federation and the Roscongress Foundation. The award recognises promising projects that improve the quality of life in the BRICS countries. The competition promotes the exchange of knowledge and best practices, as well as the development of cooperation in the development and implementation of new technologies.

“We are pleased to host the BRICS Solutions Awards in our country for the second time.

“This year, the competition received a record number of applications – more than 1,300 from all BRICS member countries,” said Svetlana Chupsheva, Director General of the Agency for Strategic Initiatives. She noted that the nominations that attracted the greatest interest from participants were “Artificial Intelligence and Digital Services,” “New Industry and Energy,” and “Biotechnology and National Health,” which underscores the growing importance of advanced technological solutions.

https://telemed.ai

MIL OSI Russia News –

January 25, 2025
MIL-OSI New Zealand: New appointments to the Local Government Commission

Source: New Zealand Government

Local Government Minister Simeon Brown has today announced the reappointment of the current Chair and the appointment of a temporary member to the Local Government Commission.

Current Chair Brendan Duffy ONZM has been reappointed as Chair for a one-year term ending 23 October 2025, while Gwen Bull CNZM will be joining the Commission as a temporary member to cover the representation review period.

“Our Government is focused on ensuring that local communities have fair and effective representation at local elections so that residents can decide who is best to take their cities, towns, and regions forward,” Mr Brown says.

“Mr Duffy was first appointed as a member of the Commission in 2017 and promoted to Chair in 2019. Mr Duffy was the Mayor of Horowhenua for 12 years and a District Councillor for 10 years. He is the current Chair of the Palmerston North Hospital Foundation and the Business Kāpiti Horowhenua Board, he is also a current Trustee of Horowhenua Learning Centre and Electra Trust.

“Ms Bull was the Chair of the Auckland Regional Council from 2002 to 2004, the current Chair of the Clevedon Community Trust, and a Patron of Friends of Te Wairoa and the Franklin District JP Association. She is an experienced operator in the local government sector and will be a welcome addition during the busy representation review period.

“The Commission’s focus for the coming period is on representation reviews. These reviews will be undertaken by local authorities to ensure that local residents have fair and effective representation at the 2025 local elections.”

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI: ACADIA HEALTHCARE SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Acadia Healthcare Company, Inc. – ACHC

Source: GlobeNewswire (MIL-OSI)

NEW ORLEANS, Oct. 23, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 16, 2024 to file lead plaintiff applications in a securities class action lawsuit against Acadia Healthcare Company, Inc. (NasdaqGS: ACHC), if they purchased the Company’s securities between February 28, 2020 and October 18, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Middle District of Tennessee.

Get Help

Acadia Healthcare investors should visit us at https://claimsfiler.com/cases/nasdaq-achc-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Acadia and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On September 27, 2024, the Company disclosed the receipt of a voluntary request for information from the U. S. Attorney’s Office for the Southern District of New York as well as a grand jury subpoena from the United States District Court for the Western District of Missouri “related to its admissions, length of stay and billing practices.” On this news, the price of Acadia’s shares fell by $12.38 per share, or 16.36%, to close at $63.28 on September 27, 2024. Then, on October 18, 2024, The New York Times published a report entitled “Veterans Dept. Investigating Acadia Healthcare for Insurance Fraud” that highlighted claims regarding the Company’s billing and patient holding and discharge practices. On this news, the price of Acadia’s shares fell by $7.29 per share, or 12.28%, to close at $52.03 on October 18, 2024.

The case is Kachrodia v. Acadia Healthcare Company, Inc., No. 24-cv-01238.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

The MIL Network –

January 25, 2025
MIL-OSI Australia: UPDATE: Call for information – Injuries – Alice Springs

Source: Northern Territory Police and Fire Services

Northern Territory Police are calling for information after a man suffered serious injuries in Alice Springs yesterday.

Sometime in the late afternoon, the 67-year-old man returned home to his residence on the corner of Breaden Rd and Gap Rd, where he was later located with serious non-life-threatening injuries.

He was conveyed to Alice Springs Hospital with injuries to his head and upper body.

Initial reports suggested the man had been assaulted. After further investigations police now believe the man has fallen, causing his injuries.

Investigations are still ongoing, and police urge anyone with information, including CCTV or dashcam footage, or who witnessed the incident to make contact on 131 444 and reference NTP2400107134.

Anonymous reports can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

MIL OSI News –

January 25, 2025
MIL-OSI China: Researchers use AI algorithm to reveal hidden RNA viruses

Source: China State Council Information Office 2

This year’s Nobel Prize results signify that artificial intelligence (AI) technology is not only leading trends in computer science, but also has a growing impact in disciplines such as biology and chemistry. It offers scientists a new research approach: using AI to unlock the secrets of nature.
One of the latest examples comes from virology. An international research team used AI technology to discover hundreds of thousands of RNA viruses from global ecosystems, showing the immense potential of AI algorithms in virus discovery and paving new paths for virology.
A team of researchers from Sun Yat-sen University School of Medicine, as well as Zhejiang University, Guangzhou University, the University of Sydney and other institutions carried out the study, reporting the discovery of 180 RNA virus supergroups and over 160,000 global RNA virus species.
The study, which was published recently in the journal Cell, is the largest RNA virus study to date, significantly expanding the knowledge about global RNA viruses.
New AI algorithm
Viruses are an essential component of Earth’s ecosystems and closely related to human health. However, the number of known virus species is still quite limited. Scientists can use gene sequencing technology to compare the similarity of unknown viruses with known viral nucleic acid sequences, thereby identifying new viruses.
However, this method relies on the existing knowledge of viruses. When studying RNA viruses, which are highly divergent, numerous and prone to mutation, the method of sequence homology comparison couldn’t work well anymore.
The researchers have proposed a new solution using AI technology. According to Shi Mang from Sun Yat-sen University School of Medicine, who is also one of the corresponding authors of the research paper, the AI algorithm models can uncover viruses that were previously overlooked or not even known.
“During epidemics, the speed and accuracy of AI technology can help scientists quickly pinpoint potential pathogens,” Shi said.
He led the team to use a core algorithm dubbed LucaProt, a deep-learning Transformer model for the study. After extensive learning of viral and non-viral genomic sequences, it can autonomously form a set of criteria for virus identification to find viral sequences from large RNA sequencing datasets.
New RNA virus species
According to the study, LucaProt demonstrated high accuracy and specificity, with a false positive rate of 0.014 percent and a false negative rate of 1.72 percent.
The team conducted viral search on 10,487 RNA sequencing data from global biological environmental samples, and discovered over 510,000 viral genomes representing more than 160,000 potential viral species and 180 supergroups of RNA viruses.
Among them, 23 supergroups could not be identified by traditional sequence homology methods. They can be referred to as the “dark matter” of the viral community.
The study found that these viruses are distributed across various ecological environments on Earth. The highest viral diversity is found in leaf litter, wetlands, freshwater, and wastewater environments. Considerable virus diversity and abundance are also found in extreme environments such as antarctic sediments, deep-sea hydrothermal vents, activated sludge, and saline-alkali wastelands.
According to Hou Xin, the first author of the paper, these viruses include not only pathogens that infect humans but also those that exist in the environment and infect various organisms. They can infect a variety of animals, plants, single-celled protists, fungi and bacteria.
“A deeper understanding of viruses in the environment can help us better study the workings of the entire ecosystem. Moreover, we can use this method to discover viruses closely related to human diseases for the surveillance and early warning of emerging diseases,” Hou said.
“The traditional classification system has become inadequate for the new viruses, whose diversity far exceeds human imagination. What we see now is just the tip of the iceberg,” Shi said.
New tool for more studies
It is a model specifically designed for discovering RNA viruses, but it also integrates the ability to recognize protein sequences and implicit structural information, and can be used to identify protein functions.
According to the study, the LucaProt model helped researchers identify genomic structures beyond previous virus knowledge, revealing the flexibility of RNA virus genomic evolution.
It also revealed a variety of viral functional proteins, especially those related to bacteria, indicating that there are more types of RNA bacteriophages, the viruses that infect bacteria, to be explored.
The research team has open-sourced the model and shared it with scientists worldwide online.
Li Zhaorong from Apsara Lab of Alibaba Cloud Intelligence, another corresponding author, believed that AI is gradually changing the way scientists tackle various scientific challenges.
“This model is becoming a cutting-edge tool in virus identification and is also being applied to other types of protein identification and discovery of functions,” Li said.
Xu Jianguo, an academician of the Chinese Academy of Engineering, said that the success of LucaProt marks a breakthrough for AI algorithms in virus discovery. In the future, AI is expected to become a major tool in microbiology and can be applied to predict the pathogenicity of viruses to humans.

MIL OSI China News –

January 25, 2025
MIL-OSI New Zealand: Health – New Zealand’s Blood Cancer Medicine Gap

Source: Leukaemia and Blood Cancer New Zealand

The Cancer Control Agency’s medicine availability report, released today, has shone a spotlight on the gap in access to critical medicines to treat New Zealanders with blood cancer. The report reveals 12 medicines funded in Australia but not New Zealand that would provide substantial clinical benefit to blood cancer patients here. Six medicines that significantly improve survival and quality of life for patients are either on Pharmac’s funding waiting list or are in the assessment process.

Impact on Blood Cancer Patients

Blood cancer patients are unique in that there are no prevention or screening options available to them. Their survival is primarily dependent on access to effective medicines and treatments, such as those detailed in this report. Blood cancer is the third leading cause of cancer-related death in New Zealand, with more than 21,000 New Zealanders living with a blood cancer.

Ministerial Commitments

In 2023, Health Minister Shane Reti (in his previous capacity as health spokesperson) reassured blood cancer patients they would not be forgotten when it came to accessing modern medicines. At the time, when questioned on blood cancer patients, he said, ” We understand, we haven’t forgotten you… we just need that piece of work to be done by the Cancer Control Agency.” That ‘piece of work’ has today been released and the onus remains on the Government to act on its findings and ensure that blood cancer patients are not left behind.

Call to Action

Tim Edmonds, CEO of Leukaemia & Blood Cancer New Zealand, said: “We call on the Government to deliver on their promises to blood cancer patients, and to act swiftly to fund the six medicines that have been identified by the Cancer Control Agency and sit with Pharmac awaiting funding. If we fail to act, the Government is sending a devastating message that closing gaps in priority cancer medicines access is happening with blood cancer patients excluded.”

Background

This gap echoes the findings of a similar 2022 report, which focused on solid tumour cancer and identified medicines that would offer significant clinical benefit to New Zealander if funded. That report triggered the pre-election promise by the National Party to fund 13 cancer medicines. Pharmac subsequently received a $604 million budget uplift to provide certainty of access for solid tumour cancer patients.

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI Asia-Pac: Speech by SITI at Asia Health Innovation Summit of StartmeupHK Festival 2024 (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Asia Health Innovation Summit of StartmeupHK Festival 2024 today (October 24):

Distinguished guests, ladies and gentlemen,

Good morning. It is my pleasure to speak at the Asia Health Innovation Summit, one of the highlights in the five-day StartmeupHK Festival. First of all, thank you for InvestHK and Brinc for bringing us an unparalleled platform to address the pressing health challenges and to push the boundaries of what is possible in life and health technology.

Hong Kong is pressing ahead to become an international innovation and technology (I&T) centre, as well as a health and medical innovation hub. With the rapid advancement of technology, we have been entering unchartered grounds in the life and health field. With five world top-100 universities, two world top-40 medical schools, eight State Key Laboratories and 16 InnoHK research centres which are life and health-related, Hong Kong has world-class research and development (R&D) capability in life and health technology. Hong Kong is one of the world’s leading fundraising hubs for biotechnology companies, and our vibrant start-up scene was ranked first in Asia among the world’s top-100 emerging ecosystems according to the Global Startup Ecosystem Report 2024.

To enhance the local I&T ecosystem, the Hong Kong Special Administrative Region Government has been actively promoting interactive development of the upstream, midstream and downstream sectors. To further promote upstream basic R&D, we will launch a $6 billion worth of subsidy programme to provide funding subsidies for local universities to set up cross-institutional and multidisciplinary life and health technology research institute(s) in Hong Kong. We have also earmarked $3 billion for the implementation of the Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches in various frontier technology fields such as clinical medicine and health as well as gene and biotechnology spearheaded by the eight local UGC (University Grants Committee)-funded universities and renowned scholars from around the world.

Furthermore, we have launched the $10 billion worth of Research, Academic and Industry Sectors One-plus Scheme (RAISe+) last year, to fund research teams from universities with good potential to become successful start-ups to transform and commercialise their outstanding R&D outcomes. Investors here with us today and around the world are welcome to collaborate with the universities in Hong Kong and invest in their RAISe+ projects.

To promote downstream industry development, further to the $10 billion worth of New Industrialisation Acceleration Scheme launched last month, the Chief Executive has announced in his 2024 Policy Address last week to set up another $10-billion I&T Industry-Oriented Fund to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology. We will also redeploy $1.5 billion under the Innovation and Technology Venture Fund to set up funds jointly with the market, on a matching basis, investing in start-ups of strategic industries to further enhance Hong Kong’s start-up ecosystem. By pooling together government resources and market investment, we hope to provide greater momentum to our burgeoning life and health technology industry.

By giving Hong Kong’s unique advantages full play, we are confident in pooling together global innovation resources to accelerate the development of life and health technology, constructing a more comprehensive and globally competitive I&T industry chain through concerted efforts. We envision a future where the technology seamlessly integrates with healthcare to improve quality of life for all. I look forward to many more collaborations with our neighbouring Asian cities on this front.

Thank you and have a great day.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: Fighting in a public place case in Yuen Long reclassified as murder

Source: Hong Kong Government special administrative region

     Police reclassified as murder a fighting in a public place case in Yuen Long on October 17.

     At 5.31pm on October 17, Police received a report that two men were fighting with each other outside a public toilet at Hong King Street.

     Police officers sped to the scene and found a man lying on the ground. Sustaining head injuries, he was rushed to Pok Oi Hospital in a conscious state.

Initial investigation revealed that the two men disputed over trivial matters and shoved each other. One of the men, aged 68, was allegedly pushed over by another man, aged 73, and fell on the ground. They were both arrested for fighting in a public place, and the 73-year-old man was later released on police bail.

     The 68-year-old man was transferred to Tuen Mun Hospital for medical treatment on the same day. He was subsequently certified dead at 4.51pm on October 18.

Upon further investigation, Police reclassified the case as murder. A post-mortem examination will be conducted later to ascertain the cause of death.

     Police further arrested the 73-year-old man in Yuen Long for murder yesterday (October 23). He is being detained for enquiries.

     Active investigations by the District Crime Squad of Yuen Long are under way. Anyone who witnessed the case or has any information to offer is urged to contact the investigating officers on 3661 4618.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI: Dassault Systèmes: Third quarter results in-line – Anticipating top line acceleration in 4Q – Confirming full year EPS objective

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — October 24, 2024

Dassault Systèmes: Third quarter results in-line

Anticipating top line acceleration in 4Q

Confirming full year EPS objective

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the third quarter 2024 and nine months ended September 30, 2024. The Group’s Board of Directors approved these estimated results on October 23, 2024. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

(unaudited, non-IFRS unless otherwise noted,
all growth rates in constant currencies)

3Q24: total revenue rose 4% to €1.46 billion driven by subscription revenue up 8%;
3Q24: sequential improvement of MEDIDATA revenue;
3Q24: operating margin of 29.6% and EPS at €0.29, in line with guidance;
YTD24: IFRS cash flow from operations up 6% as reported;
FY24: confirming diluted EPS objectives of €1.27 – €1.30, while updating total revenue growth from 6 – 8% to 5 – 7% to reflect the continued scrutiny and contraction of the automotive market. Anticipating total revenue growth acceleration at 8% mid-point in 4Q24.

Dassault Systèmes’ Chief Executive Officer Commentary

Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

“As we enter the second half of the year, we have seen several end-markets gaining momentum. In Life Sciences, MEDIDATA is back to sequential growth improvement. At the same time, we had excellent performance in Consumer industries driven by CENTRIC PLM. SOLIDWORKS accelerated growth in revenue and seats. Importantly, Aerospace & Defense was resilient and delivered a solid performance this quarter.

However, since late summer, automotive customers in Europe and the US have been impacted by a contraction in volumes. This accelerates the need for transformative decisions, while elongating decision-making in the short term. Momentum in Asia, and China in particular, remains strong.

We are well-positioned to continue gaining market share in the industrial sector. We are confident that our data-centric platform will serve as a catalyst for transformation. In the age of AI, virtualizing industrial processes from design to manufacturing will be a prerequisite for OEMs and suppliers to compete successfully in this next decade.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue, operating margin and diluted EPS growth rates in constant currencies,
data on a non-IFRS basis)

Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

“In the third quarter, our total revenue grew by 4%, while the operating margin remained resilient at 29.6% and EPS stood at €0.29, highlighting the operating efficiency of the company.

For the full year, we are reconfirming our EPS target range of €1.27 – €1.30 while remaining disciplined to offset the effects of ongoing deal delays and contraction in automotive volumes. Accordingly, we are adjusting our total revenue growth expectations from 6 – 8% to 5 – 7%.

This updated guidance reflects expected growth acceleration in the fourth quarter, driven by continued improvements at MEDIDATA and a robust 3DEXPERIENCE pipeline.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				IFRS
In millions of Euros, except per share data and percentages	Q3 2024	Q3 2023	Change	Change in constant currencies	YTD 2024	YTD 2023	Change	Change in constant currencies
Total Revenue	1,463.9	1,424.7	3%	4%	4,459.3	4,308.0	4%	4%
Software Revenue	1,312.4	1,286.7	2%	3%	4,011.8	3,883.9	3%	4%
Operating Margin	18.9%	21.2%	(2.4)pts		19.6%	20.0%	(0.3)pt
Diluted EPS	0.18	0.18	0%		0.61	0.54	12%

In millions of Euros, except per share data and percentages	Non-IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q3 2024	Q3 2023	Change	Change in constant currencies	YTD 2024	YTD 2023	Change	Change in constant currencies
Total Revenue	1,463.9	1,424.7	3%	4%	4,459.3	4,308.0	4%	4%
Software Revenue	1,312.4	1,286.7	2%	3%	4,011.8	3,883.9	3%	4%
Operating Margin	29.6%	31.0%	(1.5)pt		30.2%	31.0%	(0.8)pt
Diluted EPS	0.29	0.28	3%	4%	0.89	0.84	6%	8%

Third Quarter 2024 Versus 2023 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue in the third quarter grew by 4% to €1.46 billion, and software revenue increased by 3% to €1.31 billion, both at the low end of the Company’s objectives. Subscription & support revenue rose 5%; recurring revenue represented 83% of software revenue, up 2 percentage points compared to last year. Licenses and other software revenue declined by 7% to €229 million. Services revenue increased by 10% to €151 million, during the quarter.
Software Revenue by Geography: Revenue in the Americas increased by 6% to represent 41% of software revenue, led by Home & Lifestyle from an Industry standpoint. Europe (36% of software revenue) declined by 4%, largely impacted by a strong comparison basis after a large transformation deal signed in the third quarter of 2023. In Asia, revenue increased by 9% with continued momentum across countries led by improvement in China, up double digits. Asia represented 23% of software revenue at the end of the third quarter.
Software Revenue by Product Line:
- Industrial Innovation software revenue declined by 1% to €685 million, against a high comparison basis. The strong baseline effect combined with a weaker automotive market in Europe and the US weighed on the performance. Industrial Innovation software represented 52% of software revenue, during the period.
- Life Sciences software revenue was flat, at €280 million, accounting for 21% of software revenue. Sequential growth improvement confirms MEDIDATA progressive recovery.
- Mainstream Innovation software revenue increased by 15% to €348 million and represented 26% of software revenue. SOLIDWORKS had a good start in the second half of 2024, up mid-single digits in the quarter. CENTRIC PLM delivered another excellent quarter, due to competitive displacements and strong renewals.

Software Revenue by Industry: Home & Lifestyle, High-Tech, Aerospace & Defense and Marine & Offshore were among the best performers during the quarter.
Key Strategic Drivers: 3DEXPERIENCE software revenue was impacted by a tough comparison base due to the anniversary of a mega deal. Hence, we saw a temporary decline of 10%. However, the performance on a year-to-date basis was in line with objectives and, looking at the subscription growth, the trend was very strong at 41%. 3DEXPERIENCE software revenue represented 37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by a strong 38%.
Operating Income and Margin: IFRS operating income declined by 9% at €276 million, as reported. Non-IFRS operating income declined by 1% in constant currencies at €433 million (2% as reported). The IFRS operating margin stood at 18.9% compared to 21.2% in the third quarter of 2023. The non-IFRS operating margin totaled 29.6% versus 31.0% during the same period last year.
Earnings per Share: IFRS diluted EPS was €0.18, flat as reported. Non-IFRS diluted EPS grew to €0.29, up 3% as reported, or 4% in constant currencies.

Nine months ended 2024 Versus 2023 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue grew by 4% to €4.46 billion. Software revenue increased by 4% to €4.01 billion. Subscription and support revenue rose 5% to €3.29 billion; recurring revenue represented 82% of total software revenue. Licenses and other software revenue declined by 1% to €720 million. Services revenue rose 6% to €448 million.
Software Revenue by Geography: The Americas grew 3% and represented 40% of software revenue. Europe rose by 2% and represented 37% of software revenue. Asia increased by 9%, representing 23% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue rose by 4% to €2.12 billion and represented 53% of software revenue. ENOVIA, SIMULIA and DELMIA exhibited the strongest performance.
- Life Sciences software revenue decreased by 2% to €847 million, representing 21% of software revenue.
- Mainstream Innovation software revenue increased by 11% to €1.05 billion. Mainstream Innovation represented 26% of software revenue. SOLIDWORKS delivered mid-single digit growth while CENTRIC PLM continued to perform well with strong, double-digit growth.
Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Consumer Packaged Good & Retail displayed some of the strongest performance.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 10%, representing 37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than 50% versus the same period last year.
Operating Income and Margin: IFRS operating income increased by 2%, to €876 million, as reported. Non-IFRS operating income increased by 1% as reported (2% in constant currencies) to €1.35 billion. IFRS operating margin totaled 19.6% compared to 20.0% for the same period in 2023. The non-IFRS operating margin was preserved, standing at 30.2% in the first nine months of 2024 compared to 31.0% in the same period last year, thanks to cost containment measures.
Earnings per Share: IFRS diluted EPS was €0.61 increasing 12% as reported. Non-IFRS diluted EPS grew by 6% to €0.89, as reported, up 8% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.35 billion, up 6% year over year, thanks to the increase in net income adjusted for non-cash items and positive cash tax effects in 2024.
Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.07 billion as of September 30, 2024, an increase of €0.49 billion, compared to €0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled €3.66 billion as of September 30, 2024. The movements of the quarter on cash and cash equivalents include the reimbursement for €700 million of the second Tranche of the Bond issued by the company in 2019.

Financial Objectives for 2024

Dassault Systèmes’ fourth quarter and 2024 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2024 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:


		Q4 2024	FY 2024
Total Revenue (billion)		€1.696 – €1.816	€6.155 – €6.275
Growth		3 – 10%	3 – 5%
Growth ex FX		5 – 12%	5 – 7%

Software revenue growth *		5 – 13%	5 – 7%
	Of which licenses and other software revenue growth *	0 – 20%	(1) – 6%
	Of which recurring revenue growth *	7 – 11%	6 – 7%
Services revenue growth *		0 – 5%	4 – 6%

Operating Margin		35.9% – 36.9%	31.8% – 32.2%

EPS Diluted		€0.38 – €0.41	€1.27 – €1.30
Growth		4 – 12%	5 – 8%
Growth ex FX		5 – 13%	7 – 10%

US dollar		$1.10 per Euro	$1.09 per Euro
Japanese yen (before hedging)		JPY 155.0 per Euro	JPY 162.0 per Euro
* Growth in Constant Currencies

These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

The 2024 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2024 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €232 million (these estimates do not include any new stock option or share grants issued after September 30, 2024); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €360 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €2 million.

The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after September 30, 2024.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Thursday, October 24, 2024, Dassault Systèmes will host, from London, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

Investor Relations Events

Fourth Quarter 2024 Earnings Release: February 4, 2025
First Quarter 2025 Earnings Release: April 24, 2025
Second Quarter 2025 Earnings Release: July 24, 2025

Forward-looking Information

Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.

In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section 1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:

“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or terminate their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and impact Dassault Systèmes’ business, for example, due to stricter export compliance rules or the introduction of new customs tariffs;
continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
uncertainties regarding the extent and duration of inflation could adversely affect the financial position of Dassault Systèmes; and
the sales cycle of Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

The occurrence of crises – health and political in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively impact Dassault Systèmes’ revenue, financial performance and market position.

Dassault Systèmes makes every effort to take into consideration this uncertain macroeconomic outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the fourth quarter 2024. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY162.0 to €1.00, before hedging for the full year 2024. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2023 Universal Registration Document filed with the AMF on March 18, 2024.

In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

FOR MORE INFORMATION

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers can redefine the creation, production and life-cycle-management processes of their offer and thus have a meaningful impact to make the world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy for the benefit of all – consumers, patients and citizens. Dassault Systèmes brings value to more than 350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit www.3ds.com

Dassault Systèmes Investor Relations Team FTI Consulting

Beatrix Martinez: +33 1 61 62 40 73 Arnaud de Cheffontaines: +33 1 47 03 69 48

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE

arnaud.malherbe@3ds.com

+33 (0)1 61 62 87 73

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

APPENDIX TABLE OF CONTENTS

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant exchange rates is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

Information on Growth excluding acquisitions (“organic growth”)

In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

Information on Industrial Sectors

The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

These three sectors comprise twelve industries:

Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, med practices, and Medtech;
Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

Information on Product Lines

The Group’s product lines financial reporting include the following financial information:

Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
Mainstream Innovation software revenue which includes its CENTRIC PLM and 3DVIA brands, as well as its 3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.

Starting from 2022, 3DS OUTSCALE became a brand of Dassault Systèmes. As the first sovereign and sustainable operator on the cloud, 3DS OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

GEO’s

Eleven GEOs are responsible for driving development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

These GEOs are structured into three groups:

the “Americas” group, made of two GEO’s;
the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEO’s;
the “Asia” group, comprising Asia and Oceania and made of five GEO’s.

3DEXPERIENCE Software Contribution

To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes uses the following ratio: for software revenue, the Group calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

Cloud revenue

Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscriptions models or perpetual licenses with support and hosting services.

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended				Nine months ended
	September 30, 2024	September 30, 2023	Change	Change in constant currencies	September 30, 2024	September 30, 2023	Change	Change in constant currencies
Total Revenue	€ 1,463.9	€ 1,424.7	3%	4%	€ 4,459.3	€ 4,308.0	4%	4%

Revenue breakdown by activity
Software revenue	1,312.4	1,286.7	2%	3%	4,011.8	3,883.9	3%	4%
Of which licenses and other software revenue	229.5	246.0	(7)%	(7)%	719.8	735.8	(2)%	(1)%
Of which subscription and support revenue	1,082.9	1,040.8	4%	5%	3,292.0	3,148.1	5%	5%
Services revenue	151.5	138.0	10%	10%	447.6	424.1	6%	6%

Software revenue breakdown by product line
Industrial Innovation	684.6	698.8	(2)%	(1)%	2,117.9	2,070.7	2%	4%
Life Sciences	280.1	283.6	(1)%	(0)%	846.6	863.8	(2)%	(2)%
Mainstream Innovation	347.7	304.2	14%	15%	1,047.4	949.5	10%	11%

Software Revenue breakdown by geography
Americas	540.6	513.6	5%	6%	1,619.7	1,575.2	3%	3%
Europe	470.3	490.5	(4)%	(4)%	1,465.4	1,426.3	3%	2%
Asia	301.5	282.7	7%	9%	926.6	882.4	5%	9%

Operating income	€ 432.6	€ 442.0	(2)%		€ 1,347.0	€ 1,335.7	1%
Operating margin	29.6%	31.0%			30.2%	31.0%

Net income attributable to shareholders	€ 380.1	€ 371.3	2%		€ 1,174.4	€ 1,110.7	6%
Diluted earnings per share	€ 0.29	€ 0.28	3%	4%	€ 0.89	€ 0.84	6%	8%

Closing headcount	25,996	25,377	2%		25,996	25,377	2%

Average Rate USD per Euro	1.10	1.09	1%		1.09	1.08	0%
Average Rate JPY per Euro	163.95	157.25	4%		164.29	149.65	10%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros	Non-IFRS reported			o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
In millions of Euros	September 30, 2024	September 30, 2023	Change	o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
Revenue QTD	1,463.9	1,424.7	39.2	49.8	1.3	(11.8)
Revenue YTD	4,459.3	4,308.0	151.3	190.2	1.6	(40.4)

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended		Nine months ended
	September 30,	September 30,	September 30,	September 30,
	2024	2023	2024	2023
Licenses and other software revenue	229.5	246.0	719.8	735.8
Subscription and Support revenue	1,082.9	1,040.8	3,292.0	3,148.1
Software revenue	1,312.4	1,286.7	4,011.8	3,883.9
Services revenue	151.5	138.0	447.6	424.1
Total Revenue	€ 1,463.9	€ 1,424.7	€ 4,459.3	€ 4,308.0
Cost of software revenue ⁽¹⁾	(127.6)	(105.2)	(364.4)	(329.0)
Cost of services revenue	(125.3)	(133.1)	(385.0)	(386.1)
Research and development expenses	(321.0)	(299.2)	(958.5)	(910.8)
Marketing and sales expenses	(403.7)	(381.0)	(1,247.7)	(1,195.2)
General and administrative expenses	(117.5)	(103.2)	(334.1)	(325.9)
Amortization of acquired intangible assets and of tangible assets revaluation	(88.5)	(93.4)	(274.1)	(284.0)
Other operating income and expense, net	(4.2)	(7.1)	(19.2)	(16.7)
Total Operating Expenses	(1,187.7)	(1,122.2)	(3,583.1)	(3,447.7)
Operating Income	€ 276.2	€ 302.5	€ 876.2	€ 860.3
Financial income (loss), net	32.1	(4.3)	95.5	31.1
Income before income taxes	€ 308.2	€ 298.2	€ 971.7	€ 891.5
Income tax expense	(68.5)	(54.9)	(184.4)	(171.5)
Net Income	€ 239.8	€ 243.3	€ 787.2	€ 719.9
Non-controlling interest	(0.0)	0.1	0.9	1.0
Net Income attributable to equity holders of the parent	€ 239.7	€ 243.5	€ 788.2	€ 720.9
Basic earnings per share	0.18	0.18	0.60	0.55
Diluted earnings per share	€ 0.18	€ 0.18	€ 0.61	€ 0.54
Basic weighted average shares outstanding (in millions)	1,313.3	1,316.1	1,313.4	1,315.2
Diluted weighted average shares outstanding (in millions)	1,323.1	1,326.1	1,327.0	1,326.8

⁽¹⁾ Excluding amortization of acquired intangible assets and of tangible assets revaluation.

IFRS reported	Three months ended September 30, 2024		Nine months ended September 30, 2024
IFRS reported	Change ⁽²⁾	Change in constant currencies	Change ⁽²⁾	Change in constant currencies
Total Revenue	3%	4%	4%	4%
Revenue by activity
Software revenue	2%	3%	3%	4%
Services revenue	10%	10%	6%	6%
Software Revenue by product line
Industrial Innovation	(2)%	(1)%	2%	4%
Life Sciences	(1)%	(0)%	(2)%	(2)%
Mainstream Innovation	14%	15%	10%	11%
Software Revenue by geography
Americas	5%	6%	3%	3%
Europe	(4)%	(4)%	3%	2%
Asia	7%	9%	5%	9%

⁽²⁾ Variation compared to the same period in the prior year.

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	September 30,	December 31,
	2024	2023
ASSETS
Cash and cash equivalents	3,657.7	3,568.3
Trade accounts receivable, net	1,359.8	1,707.9
Contract assets	45.1	26.8
Other current assets	495.1	477.1
Total current assets	5,557.7	5,780.1
Property and equipment, net	946.2	882.8
Goodwill and Intangible assets, net	7,301.4	7,647.0
Other non-current assets	253.2	312.5
Total non-current assets	8,500.7	8,842.3
Total Assets	€ 14,058.4	€ 14,622.5
LIABILITIES
Trade accounts payable	181.2	230.5
Contract liabilities	1,376.7	1,479.3
Borrowings, current	548.8	950.1
Other current liabilities	768.6	901.0
Total current liabilities	2,875.4	3,561.0
Borrowings, non-current	2,042.8	2,040.6
Other non-current liabilities	1,137.7	1,174.8
Total non-current liabilities	3,180.5	3,215.4
Non-controlling interests	13.8	11.9
Parent shareholders’ equity	7,988.7	7,834.1
Total Liabilities	€ 14,058.4	€ 14,622.5

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended			Nine months ended
	September 30,	September 30,	Change	September 30,	September 30,	Change
	2024	2023	Change	2024	2023	Change
Net income attributable to equity holders of the parent	239.7	243.5	(3.7)	788.2	720.9	67.3
Non-controlling interest	0.0	(0.1)	0.1	(0.9)	(1.0)	0.0
Net income	239.8	243.3	(3.6)	787.2	719.9	67.3
Depreciation of property and equipment	49.4	47.3	2.1	142.1	138.4	3.7
Amortization of intangible assets	90.3	95.2	(5.0)	279.7	290.3	(10.6)
Adjustments for other non-cash items	39.3	65.4	(26.1)	113.6	123.5	(10.0)
Changes in working capital	(201.1)	(205.3)	4.2	25.2	(0.4)	25.6
Net Cash From Operating Activities	€ 217.6	€ 246.0	€ (28.4)	€ 1,347.8	€ 1,271.7	€ 76.0

Additions to property, equipment and intangibles assets	(36.5)	(35.1)	(1.4)	(144.3)	(102.8)	(41.5)
Payment for acquisition of businesses, net of cash acquired	(2.6)	(14.8)	12.2	(18.3)	(15.6)	(2.6)
Other	0.7	4.5	(3.8)	23.9	(0.4)	24.2
Net Cash Provided by (Used in) Investing Activities	€ (38.3)	€ (45.3)	€7.0	€ (138.7)	€ (118.8)	€ (19.9)

Proceeds from exercise of stock options	8.8	11.6	(2.7)	44.0	38.5	5.5
Cash dividends paid	–	(0.0)	0.0	(302.7)	(276.3)	(26.4)
Repurchase and sale of treasury stock	(65.8)	(218.6)	152.8	(373.5)	(386.0)	12.5
Capital increase	(0.0)	0.0	(0.0)	–	146.1	(146.1)
Acquisition of non-controlling interests	(0.7)	0.0	(0.7)	(3.3)	(0.8)	(2.5)
Proceeds from borrowings	300.0	(0.3)	300.3	300.0	20.3	279.7
Repayment of borrowings	(700.5)	(0.9)	(699.6)	(700.7)	(28.2)	(672.5)
Repayment of lease liabilities	(18.7)	(21.1)	2.4	(61.0)	(63.0)	2.1
Net Cash Provided by (Used in) Financing Activities	€ (476.9)	€ (229.4)	€ (247.5)	€ (1,097.1)	€ (549.4)	€( 547.7)

Effect of exchange rate changes on cash and cash equivalents	(76.2)	51.7	(127.9)	(22.6)	(4.4)	(18.2)

Increase (decrease) in cash and cash equivalents	€ (373.8)	€22.7	€ (396.5)	€ 89.4	€ 599.2	€ (509.8)

Cash and cash equivalents at beginning of period	€ 4,031.5	€ 3,345.4		€ 3,568.3	€ 2,769.0
Cash and cash equivalents at end of period	€ 3,657.7	€ 3,368.1		€ 3,657.7	€ 3,368.1

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages	Three months ended September 30,						Change
	2024	Adjustment⁽¹⁾	2024	2023	Adjustment⁽¹⁾	2023	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,463.9	–	€ 1,463.9	€ 1,424.7	–	€ 1,424.7	3%	3%
Revenue breakdown by activity
Software revenue	1,312.4	–	1,312.4	1,286.7	–	1,286.7	2%	2%
Licenses and other software revenue	229.5	–	229.5	246.0	–	246.0	(7)%	(7)%
Subscription and Support revenue	1,082.9	–	1,082.9	1,040.8	–	1,040.8	4%	4%
Recurring portion of Software revenue	83%		83%	81%		81%
Services revenue	151.5	–	151.5	138.0	–	138.0	10%	10%
Software Revenue breakdown by product line
Industrial Innovation	684.6	–	684.6	698.8	–	698.8	(2)%	(2)%
Life Sciences	280.1	–	280.1	283.6	–	283.6	(1)%	(1)%
Mainstream Innovation	347.7	–	347.7	304.2	–	304.2	14%	14%
Software Revenue breakdown by geography
Americas	540.6	–	540.6	513.6	–	513.6	5%	5%
Europe	470.3	–	470.3	490.5	–	490.5	(4)%	(4)%
Asia	301.5	–	301.5	282.7	–	282.7	7%	7%
Total Operating Expenses	€ (1,187.7)	€ 156.5	€ (1,031.2)	€ (1,122.2)	€ 139.5	€ (982.7)	6%	5%
Share-based compensation expense and related social charges	(63.4)	63.4	–	(38.4)	38.4	–
Amortization of acquired intangible assets and of tangible assets revaluation	(88.5)	88.5	–	(93.4)	93.4	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.7)	0.7	–
Other operating income and expense, net	(4.2)	4.2	–	(7.1)	7.1	–
Operating Income	€ 276.2	€ 156.5	€ 432.6	€ 302.5	€ 139.5	€ 442.0	(9)%	(2)%
Operating Margin	18.9%		29.6%	21.2%		31.0%
Financial income (loss), net	32.1	0.6	32.6	(4.3)	26.8	22.5	N/A	45%
Income tax expense	(68.5)	(15.8)	(84.3)	(54.9)	(38.1)	(93.0)	25%	(9)%
Non-controlling interest	(0.0)	(0.9)	(0.9)	0.1	(0.4)	(0.3)	(117)%	229%
Net Income attributable to shareholders	€ 239.7	€ 140.3	€ 380.1	€ 243.5	€ 127.8	€ 371.3	(2)%	2%
Diluted Earnings Per Share ⁽³⁾	€ 0.18	€ 0.10	€ 0.29	€ 0.18	€ 0.10	€ 0.28	0%	3%

⁽¹⁾ In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

In millions of Euros, except percentages	Three months ended September 30,								Change
In millions of Euros, except percentages	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	2023 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2023 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(252.9)	3.3	0.1	(249.5)	(238.2)	2.1	0.2	(236.0)	6%	6%
Research and development expenses	(321.0)	20.4	0.2	(300.4)	(299.2)	14.9	0.3	(284.1)	7%	6%
Marketing and sales expenses	(403.7)	18.9	0.0	(384.8)	(381.0)	11.1	0.1	(369.8)	6%	4%
General and administrative expenses	(117.5)	20.8	0.0	(96.6)	(103.2)	10.3	0.0	(92.9)	14%	4%
Total		€ 63.4	€ 0.4			€ 38.4	€ 0.7

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,323.1 million diluted shares for Q3 2024 and 1,326.1 million diluted shares for Q3 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 243.2 million for Q3 2024 (€ 243.5 million for Q3 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	Nine months ended September 30,						Change
	2024	Adjustment⁽¹⁾	2024	2023	Adjustment⁽¹⁾	2023	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 4,459.3		€ 4,459.3	€ 4,308.0	–	€ 4,308.0	4%	4%
Revenue breakdown by activity
Software revenue	4,011.8		4,011.8	3,883.9	–	3,883.9	3%	3%
Licenses and other software revenue	719.8	–	719.8	735.8	–	735.8	(2)%	(2)%
Subscription and Support revenue	3,292.0		3,292.0	3,148.1	–	3,148.1	5%	5%
Recurring portion of Software revenue	82%		82%	81%		81%
Services revenue	447.6	–	447.6	424.1	–	424.1	6%	6%
Software Revenue breakdown by product line
Industrial Innovation	2,117.9	–	2,117.9	2,070.7	–	2,070.7	2%	2%
Life Sciences	846.6	–	846.6	863.8	–	863.8	(2)%	(2)%
Mainstream Innovation	1,047.4	–	1,047.4	949.5	–	949.5	10%	10%
Software Revenue breakdown by geography
Americas	1,619.7		1,619.7	1,575.2	–	1,575.2	3%	3%
Europe	1,465.4	–	1,465.4	1,426.3	–	1,426.3	3%	3%
Asia	926.6	–	926.6	882.4	–	882.4	5%	5%
Total Operating Expenses	€ (3,583.1)	€ 470.8	€ (3,112.4)	€ (3,447.7)	€ 475.4	€ (2,972.3)	4%	5%
Share-based compensation expense and related social charges	(175.9)	175.9	–	(172.6)	172.6	–
Amortization of acquired intangible assets and of tangible assets revaluation	(274.1)	274.1	–	(284.0)	284.0	–
Lease incentives of acquired companies	(1.5)	1.5	–	(2.1)	2.1	–
Other operating income and expense, net	(19.2)	19.2	–	(16.7)	16.7	–
Operating Income	€ 876.2	€ 470.8	€ 1,347.0	€ 860.3	€ 475.4	€ 1,335.7	2%	1%
Operating Margin	19.6%		30.2%	20.0%		31.0%
Financial income (loss), net	95.5	2.1	97.6	31.1	28.3	59.4	207%	64%
Income tax expense	(184.4)	(83.8)	(268.2)	(171.5)	(112.8)	(284.3)	8%	(6)%
Non-controlling interest	0.9	(2.8)	(1.9)	1.0	(1.2)	(0.2)	(3)%	N/A
Net Income attributable to shareholders	€ 788.2	€ 386.2	€ 1,174.4	€ 720.9	€ 389.7	€ 1,110.7	9%	6%
Diluted Earnings Per Share ⁽³⁾	€ 0.61	€ 0.28	€ 0.89	€ 0.54	€ 0.29	€ 0.84	12%	6%

In millions of Euros, except percentages	Nine months ended September 30,								Change
In millions of Euros, except percentages	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	2023 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2023 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(749.4)	11.2	0.4	(737.8)	(715.1)	12.1	0.6	(702.3)	5%	5%
Research and development expenses	(958.5)	58.7	0.7	(899.1)	(910.8)	65.9	0.9	(844.0)	5%	7%
Marketing and sales expenses	(1,247.7)	55.7	0.2	(1,191.8)	(1,195.2)	52.7	0.4	(1,142.2)	4%	4%
General and administrative expenses	(334.1)	50.3	0.1	(283.7)	(325.9)	42.0	0.1	(283.8)	3%	(0)%
Total		€ 175.9	€ 1.5			€ 172.6	€ 2.1

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,327.0 million diluted shares for YTD 2024 and 1,326.8 million diluted shares for YTD 2023, and, for IFRS only, a diluted net income attributable to the shareholders of € 805.5 million for YTD 2024 (€ 720.9 million for YTD 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

1 IFRS figures for 3Q24: total revenue at €1.46 billion, operating margin of 18.9% and diluted EPS at €0.18; IFRS figures for YTD24: total revenue at €4.46 billion, operating margin of 19.6% and diluted EPS at €0.61.

Attachment

Dassault Systemes Third quarter results in-line Anticipating top line acceleration in 4Q Confirming full year EPS objective

The MIL Network –

January 25, 2025

MIL-OSI Australia: Charges – Indecent Acts – Nakara
Source: Northern Territory Police and Fire Services

Northern Territory Police have charged a youth in relation to indecent acts in Nakara overnight.

Around 10pm, two female paramedics were called to assist a 14-year-old male youth on a street in Nakara.

Whilst being conveyed in the back of an ambulance, the youth has allegedly indecently assaulted the paramedics before spitting in the vehicle.

Police were immediately notified and attended Royal Darwin Hospital and arrested the youth. While being walked outside the hospital, the youth has allegedly damaged a medical vehicle, and while being conveyed to the watchhouse, has allegedly damaged electronic equipment within a police vehicle.

During processing, the youth has allegedly spat in the direction of multiple police officers and has now been charged with:
- 2 x Indecent Acts
- 2 x Damage to property
He was bailed to appear in court at a later date.

MIL OSI News –
January 25, 2025
MIL-OSI Australia: Sydney Airport hosts emergency exercise to test airport’s resilience
Source: Sydney Airport

Thursday 24 October 2024
- Multi-agency emergency management exercise conducted at Sydney Airport
- Emergency exercise tested the emergency response and flexibility of processes in the event of a major emergency
- 11 agencies and 200 personnel participating in exercise including NSW Police Force and Fire and Rescue NSW
Today, Sydney Airport hosted a multi-agency emergency management exercise scenario with 11 agencies and 200 personnel to test the response procedures as part of a simulated flight disaster scenario.

More than six months’ in the planning, the emergency management exercise scenario involved an international flight on a Boeing 737-800 arriving from South-East Asia with 150 passengers on board which crashed on landing, resulting in numerous injuries and one fatality.

Sydney Airport joined forces with representatives from NSW Police, Fire and Rescue NSW, NSW Ambulance, NSW Health, the NSW State Emergency Service (SES) and Airservices Australia to test their response plans in the event of a major emergency.

The Agencies tested their responses and protocols around firefighting and evacuation, rescue and retrieval of trapped and injured passengers, triage and transport for injured passengers, and crash scene management and investigation.

Sydney Airport CEO Scott Charlton said: “Air travel remains the safest way in the world to travel, and today’s exercise was about putting our response plans into practice, so we are ready in the unlikely event of an emergency.

“These emergency scenarios provide an invaluable opportunity for our teams to coordinate with agencies and test our response plans in real-time.

“I want to extend my thanks to all the agencies involved for their participation and collaboration. Together, we are ensuring that Sydney Airport remains safe, secure and well-prepared.”

Assistant Commissioner Peter McKenna, Central Metropolitan Region NSW Police said: “The purpose of this training is not just to test our emergency response capabilities but the whole process and flow of the emergency plan in a real testing scenario. We use these experiences and skills from the exercise to work more collaboratively in a multi-agency environment and to achieve the operational goal.”

Acting Area Commander Metro South Peter Cleary Fire and Rescue NSW said: “These types of exercises are vital to ensure our preparedness in the event of a real-life incident. By training side-by-side with our emergency services counterparts, we gain a better understanding of each other’s operating procedures, communications, and equipment in a realistic environment.”

Sydney Airport hosts an emergency exercise every two-years to test the resilience of the airport’s emergency response plan in partnership with emergency agencies and organisations and is committed to providing a safe and secure environment for everyone.

Images from today’s Emergency Exercise can be found here.

Notes to editor

Sydney Airport emergency scenario 2024:
- Sydney Airport and emergency management agencies conducted an emergency management field exercise involving a simulated aircraft crash on the airfield
- More than 200 personnel across multiple agencies tested their response plans
- The scenario involved the crash landing of an international flight from South-East Asia flight (Boeing 737-800)
- Under the scenario 150 passengers were on board the flight, 1 is deceased, 39 were transported to hospital and the remaining were treated onsite and released
Participating agencies and organisations:
- Sydney Airport
- Australian Border Force 
- NSW Police Force 
- Airservices Australia – Aviation Rescue & Fire Fighting  
- Fire & Rescue NSW 
- NSW Ambulance 
- Airservices Australia – Air Traffic Control 
- Department of Agriculture
- Transport for NSW
- NSW Health
- NSW State Emergency Service (SES)
Agencies undertook the following emergency response:
- Initial firefighting and evacuation  
- Rescue and retrieval of trapped and injured persons 
- Triage and transport of injured persons 
- Initial crash scene management and investigation 
MIL OSI News –
January 25, 2025
MIL-OSI Africa: Kenya, Uganda cross-border polio vaccination reaches 6.5 million children

Source: Africa Press Organisation – English (2) – Report:

NAIROBI, Kenya, October 24, 2024/APO Group/ —

Between October 3 and 6, 2024, more than 6.5 million children were vaccinated in a successful synchronized polio campaign between Kenya and Uganda. This cross-border achievement began with a coordinated launch in Bungoma District, Kenya, and Mbale District, Uganda.

Both countries have set an exemplary standard in their recent synchronized polio vaccination campaign conducted this week, which focused on high-risk cross-border regions. By conducting these campaigns on the same dates, sharing real-time information, both countries ensured that children under five in these vulnerable areas were reached effectively, reducing the chance of cross-border virus transmission. This joint effort is the result of recent detections in Kenya (with 6 polioviruses in 2024 alone) and Uganda (with 1 virus reported this year through environmental surveillance) and it reflects the broader principle that no child should be left unprotected simply because they live near an international boundary.

“Our health workers will vaccinate every child against polio door-to-door. Vaccination has eradicated many diseases in Uganda. We thank all our partners for their support in ensuring a polio-free future. Protect your children from paralysis & vaccinate today”. Said Dr. Daniel Kyabayinze, the Director of Public Health in the Ministry of Health of Uganda.

Health authorities have therefore put in place common strategies not only at national levels in Kenya and Uganda, but also regionally, with particular focus on all the 10 districts bordering both countries, covering a total of 772 kilometers.

“The virus is spreading fast in the East African region putting our children – particularly aged 5 years or below at the risk of contracting this incurable yet vaccine-preventable disease” – affirmed Dr. Charles Njuguna, the World Health Organization (WHO) country representative in Uganda.

This entailed putting in place micro plans: mapping the cross-border communities, migratory routes, cross-border entry/exit points, and transit routes for each of the cross-border facilities.

“The Current Polio outbreak in Eastern Africa is fueled by heavy movement of high-risk populations between countries. The decision by the Governments of Kenya and Uganda to conduct two synchronized in October 2-6 and November 6-10 is a laudable effort support by the GPEI partnership”. – confirmed the Global Polio Eradication Initiative Coordinator in Kenya, Charles Korir.

The collaborative initiative comes as part of a broader strategy supported by the World Health Organization (WHO) and other GPEI partners, aiming to close immunization gaps and address the persistent challenge of “zero-dose” children—those who have never been vaccinated. Both Kenya and Uganda have recognized that polio eradication cannot be achieved in isolation, and their united front is a powerful example of how regional cooperation can help achieve public health goals.

Polio knows no borders, and neither should the fight to eradicate it. Cross-border communities, especially those living in remote or nomadic areas, are at heightened risk of infection due to their mobility and the porous nature of international boundaries. This is why the coordination of vaccination efforts between neighboring countries is critical to achieving comprehensive immunization coverage, so that the risk of paralysis due to the virus can be avoided.

As the world moves closer to eradicating polio, this synchronized approach will be key in ensuring that no pockets of the virus remain in these hard-to-reach areas. Kenya and Uganda’s coordinated actions not only protect their own populations but also contribute to global health security by preventing the virus from spreading beyond their borders.

This collaboration serves as a model for other countries facing similar challenges. By continuing to prioritize cross-border vaccination synchronization, Kenya, Uganda, and their health partners are leading the way toward a polio-free future for all.

MIL OSI Africa –

January 25, 2025
MIL-OSI Africa: Enhancing polio detection with advanced sequencing technology

Source: Africa Press Organisation – English (2) – Report:

BRAZZAVILLE, Congo (Republic of the), October 24, 2024/APO Group/ —

The African region, declared free of indigenous wild poliovirus in August 2020, faces an urgent threat: the intense transmission of type 2 variant poliovirus (cVDPV2). This year alone, 290 poliovirus detections have been reported in 23 African countries.

As countries ramp up vaccination efforts to protect children against the virus, one of the most critical components of the response is early and accurate detection. To enhance the effort, the World Health Organization Regional Office for Africa (WHO AFRO), together with the United States Centers for Disease Control and Prevention (US CDC) and the Gates Foundation, is focusing on equipping and training laboratories across Africa with an innovative advanced sanger sequencing technology, a crucial method in investigating new regions in the poliovirus genome.

The poliovirus has a genome that is 7.5 kilobases long (a kilobase, or kb, is a unit of measurement used to describe the length of DNA). This genome has one main part that is used to create four proteins, named VP1 to VP4. The VP1 protein is important for how the virus attaches to cells and has been used to identify and track the spread of poliovirus.

In 2024, WHO AFRO initiated targeted training on Advanced Sanger Sequencing training aimed at diversifying the diagnostic windows for polioviruses which will eventually reduce turn-around-time of poliovirus detection. These trainings are essential to equip lab personnel with the skills to operate advanced sequencing technologies and provide timely results for public health decision-makers.

Sequencing allows laboratories to pinpoint genetic changes in poliovirus strains, providing critical data for tracking transmission pathways and understanding viral evolution. The technology offers a level of precision that helps identify mutations in real-time, making it possible to detect emerging threats swiftly. This technique has hitherto been limited to VP1 region of the gene but after this training laboratories will be able to use the entire five prime untranslated region and the remaining VP4/2 of the poliovirus gene.

“Expanding our sequencing window to the other regions of the poliovirus, alongside the VP1 region, enhanced our ability to classify cases more accurately – bringing us one step closer to polio eradication”, says Irene Turyahabwe, participant from Uganda.

“Advanced sequencing will not only open different diagnostic windows for efficient and rapid diagnosis but will also provide much needed evidence for the success of specific vaccination campaigns essential for ongoing polio eradication efforts. The data gathered through this technology informs decision-making, ensuring that the right public health interventions are deployed in time to prevent further spread of the virus” says Dr Jude Kfutwah, coordinator of the Regional Polio Laboratory Network at the WHO Regional Office for Africa.

South Africa hosted the first round of the training, where laboratory personnel received hands-on experience in Advanced Sanger Sequencing techniques. The training, under the umbrella of the Global Polio Eradication Initiative (GPEI), is part of a broader initiative to ensure that countries have the necessary capacity to detect polioviruses quickly and accurately, without delays that could hinder response efforts.

Following South Africa’s success, WHO plans to expand the training to key countries across the continent. Algeria, Central African Republic and Madagascar are among the next in line, where national laboratories will benefit from this knowledge transfer. This regional expansion ensures that multiple countries are better prepared to contribute to Africa’s polio eradication journey.

In addition, WHO is supporting 16 polio laboratories in the African region who are providing environmental surveillance support, testing for poliovirus in stool and wastewater samples to track geographic patterns of spread.

With laboratories across Africa enhancing their capacity to process samples quickly, there is an added layer of regional cooperation that strengthens the entire surveillance network. This collaborative spirit is vital in eradicating polio once and for all.

MIL OSI Africa –

January 25, 2025
MIL-OSI Australia: Investigations into lung cancer and into epigenetics recognised with 2 x $1.25 million CSL Centenary Fellowships

Source: CLS Limited

Investigations into lung cancer and into epigenetics recognised with 2 x $1.25 million CSL Centenary Fellowships

Why lung cancer is on the increase: Dr Clare Weeden, WEHI, Melbourne How understanding gene switching could lead to new drug classes: Dr Qi Zhang, South Australian immunoGENomics Cancer Institute (SAiGENCI), University of Adelaide

MELBOURNE – 24 October 2024 – Two Australian scientists have each been awarded CSL Centenary Fellowships, valued at $1.25 million over five years.

The Fellowships were presented at the Australian Academy of Health and Medical Sciences Annual Meeting on Thursday 24 October 2024 in Adelaide.

Lung cancer is now our deadliest cancer, despite the reduction of smoking in recent decades. Twenty-five per cent of people with lung cancer have never smoked.

Over the past 12 years, Dr Clare Weeden has investigated why lung cancer is on the rise in cities around the world. She has shown that we all have potentially cancerous cells in our lungs which can be activated by repeated exposure to cigarette smoke or urban pollution.

The $1.25 million CSL Centenary Fellowship has enabled Dr Weeden to return from the Crick Institute in London to establish her own research laboratory at WEHI in Melbourne. She plans to identify how the chromatin that packages up our DNA is changed by inflammation in lung cells. Then she will investigate how these cellular changes initiate cancers and how cells then become resistant to targeted therapies.

Dr Weeden’s ultimate career aim is to determine if abnormal lung cell states are reversible.

Dr Qi Zhang is investigating the fundamental processes by which our cells turn genes on and off as they change identities, for example as stem cells develop into mature cell types. She hopes to learn how these processes can break down and lead to cancer and other diseases.

Dr Zhang is a team leader at the South Australian immunoGENomics Cancer Institute (SAiGENCI), University of Adelaide.

“We want to know what’s happening with the packaging of our DNA in a healthy cell,” she says. “Then we want to know what is going wrong in a cancer cell – when it loses its identity.”

Using the CSL Centenary Fellowship, Dr Zhang hopes to generate fundamental knowledge that researchers around the world can use to develop new drugs to tackle epigenetic misregulation in cancers.

CSL Head of Research and Chief Scientific Officer Dr Andrew Nash said, “Dr Zhang and Dr Weeden are both making fundamental discoveries about how normal cells develop and how that development can go wrong leading to cancer and other diseases.”

“With the support of their CSL Centenary Fellowships, their research will open up paths to new kinds of treatment for cancer and developmental diseases,” he said.

“The CSL Centenary Fellowships aim to support leading mid-career Australian researchers like Qi and Clare by providing funding stability to enable the delivery of innovations that could transform medicine for patients living with rare and serious diseases and protect public health.”

About the CSL Centenary Fellowships

The Fellowships are competitively selected, high-value grants available to mid-career Australians who wish to continue a career in medical research in Australia.

They are open to medical researchers working on discovery or translational research with a focus on rare or serious diseases and are overseen by a selection committee comprising three independent members and two CSL representatives. The 2025 committee was chaired by Dr Andrew Nash.

The Fellowships were established to mark 100 years since the establishment of CSL in 1916. Two individual, five-year A$1.25 million fellowships are awarded each calendar year.

For further information, visit www.cslfellowships.com.au

About CSL

CSL (ASX:CSL; USOTC:CSLLY) is a leading global biotechnology company with a dynamic portfolio of lifesaving medicines, including those that treat haemophilia and immune deficiencies, vaccines to prevent influenza, and therapies in iron deficiency, dialysis and nephrology. Since our start in 1916, we have been driven by our promise to save lives using the latest technologies. Today, CSL – including our three businesses, CSL Behring, CSL Seqirus and CSL Vifor – provides lifesaving products to patients in more than 100 countries and employs 30,000 people. Our unique combination of commercial strength, R&D focus and operational excellence enables us to identify, develop and deliver innovations so our patients can live life to the fullest. For inspiring stories about the promise of biotechnology, visit CSLBehring.com/Vita and follow us on Twitter.com/CSL.

For more information about CSL, visit www.CSL.com.

# # #

Media Contact

Name: Kim O’Donohue

Mobile: +61 449 884 603

Email: Kim.O’Donohue@csl.com.au

MIL OSI News –

January 25, 2025
MIL-OSI United Kingdom: Government crackdown on single-use vapes
Source: United Kingdom – Executive Government & Departments

Ban on sale and supply of single-use vapes in England to come into force on 1 June 2025
Single-use vapes in a green space

New legislation to ban the sale of single-use vapes from 1 June 2025 has been laid in Parliament, Circular Economy Minister Mary Creagh confirmed today.

Single-use vapes are not rechargeable or refillable, and are typically discarded as general waste in a bin or littered, rather than recycled – contributing to a flood of litter on our streets. Even when they are sent to recycling facilities, they usually have to be disassembled by hand – a slow and difficult process which will struggle to keep up with the pace of vape production. Their lithium-ion batteries can also present a fire risk to waste industry workers.

Last year, it was estimated that almost five million single-use vapes were either littered or thrown away in general waste every week in the UK, almost four times as much as the previous year and the equivalent of eight being thrown away per second. In 2022, more than 40 tonnes of lithium from single-use vapes was discarded, which is the same amount used to power 5,000 electric vehicles.

Making the sale of single-use vapes illegal, delivers on the Government’s commitment to act on this important issue, and kick-starts the push towards a circular economy and helps to curb the rise of young people taking up vaping, while also protecting our natural environment and town streets from a tide of litter.

Vape usage in England grew by more than 400% between 2012 and 2023, with 9.1% of the British public now buying and using these products. The long-term health impacts of vaping are unknown, and the nicotine contained within them can be highly addictive, with withdrawal sometimes causing anxiety, trouble concentrating and headaches.

Circular Economy Minister Mary Creagh said:

Single-use vapes are extremely wasteful and blight our towns and cities.

That is why we are banning single use vapes as we end this nation’s throwaway culture.

This is the first step on the road to a circular economy, where we use resources for longer, reduce waste, accelerate the path to net-zero and create thousands of jobs across the country.

Minister for Public Health and Prevention, Andrew Gwynne, said:

It’s deeply worrying that a quarter of 11-15-year-olds used a vape last year and we know disposables are the product of choice for the majority of kids vaping today.

Banning disposable vapes will not only protect the environment, but importantly reduce the appeal of vapes to children and keep them out of the hands of vulnerable young people.

The government will also introduce the Tobacco and Vapes Bill – the biggest public health intervention in a generation – which will protect young people from becoming hooked on nicotine and pave the way for a smoke-free UK.

The public is in favour of restricting the sale and supply of single-use vapes, with 69% of consultation respondents supporting these proposals in February 2024.

Banning these vapes will stop them from being thrown into bins with general waste, where they typically end up in landfill or being incinerated, posing a fire risk due to their lithium-ion batteries and can cause poor air quality. Furthermore, it will stop plastic, lead, and mercury from leaching into the environment, which can cause waterways to be contaminated and poison our wildlife.

The Government has laid legislation to introduce the ban and, subject to parliamentary approval, businesses will have until 1 June 2025 to sell any remaining stock they hold and prepare for the ban coming into force. The UK Government and Devolved Governments have worked closely and will align coming into force dates.

Libby Peake, head of resources at Green Alliance, said:

Disposable vapes are the last thing our children and the planet need, and for too long the market for them has been allowed to grow unchecked. Every single one wastes resources that are critical to a more sustainable economy – like lithium, needed for the batteries that power electric cars.

When they’re littered, the nicotine, plastic and batteries they contain are all extremely harmful. Even when they’re put in a bin, their batteries can catch fire. The government is right to ban these harmful devices – it’s a welcome step in the journey towards an economy where waste is reduced by design.

Climate activist and environmental scientist, Less Waste Laura said:

Disposable vapes exploded on to the market, becoming perhaps the first mainstream disposable electronic device to litter our streets, and reflecting the relentless evolution of the tobacco industry.

The UK Government’s action to ban these single-use products in 2025 is a welcome, and crucial, step. The ban isn’t just about cutting littered vapes; it challenges the broader rise in disposable technology driving a concerning larger increase in electronic waste, with its associated fire risk, and use of scarce materials.

I welcome the ban from a health angle too, and see it as crucial to breaking the grip of vaping on our youth, alongside challenging the throwaway culture threatening to suffocate our planet.

Recent government figures show that recycling rates for waste from households has fallen to 44.1% in 2022.

This ban is part of the government’s commitment to end the nation’s throwaway culture and stop the avalanche of rubbish that is filling up our high streets, countryside and oceans.

The Environment Secretary has made it one of his five core priorities to move to a future where we keep our resources in use for longer, accelerate the path to net zero and increase investment in critical infrastructure and green jobs.

Please see here for further information on the environmental cost of single-use vapes.

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Updates to this page

Published 24 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: UKHSA priorities in 2024 to 2025

Source: United Kingdom – Executive Government & Departments

Letter from Health Minister Andrew Gwynne MP confirming the UK Health Security Agency’s role and priorities for the financial year 2024 to 2025.

Documents

Letter from Andrew Gwynne MP to Professor Dame Jenny Harries, UKHSA Chief Executive

HTML

Details

This is a letter from Minister Andrew Gwynne MP to Professor Dame Jenny Harries confirming the UK Health Security Agency’s (UKHSA’s) priorities for 2024 to 2025.

The letter provides an overview of UKHSA’s strategic remit, priorities, core capabilities and key deliverables for the financial year.

Updates to this page

Published 24 October 2024

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MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Russia: A large-scale national (all-Russian) conference with international participation dedicated to the 90th anniversary of the Department of Geotechnics is being held at SPbGASU

Translation. Region: Russian Federation –

Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Leading Engineer, Assistant Professor of the Department of Geotechnics, Scientific Secretary of the Conference Philipp Kalach, Anatoly Osokin, Rashid Mangushev, Evgeny Rybnov, Askar Zhusupbekov, Alexander Vikhrov

On October 23, the National (All-Russian) Scientific and Technical Conference with international participation “Modern Methods of Design, Underground Construction and Reconstruction of Foundations and Bases” opened at SPbGASU.

Welcoming the participants, Rector of SPbGASU Evgeny Rybnov emphasized that since 2003, holding conferences on geotechnics at our university has become a tradition. During this period, 17 all-Russian and international conferences have been held, which invariably arouse the interest of specialists in the field of mechanics and soils, foundations, foundations and engineering geology.

“The large number of participants confirms the importance of geotechnics as the most important area of construction science and serves as a tribute to the scientific traditions and achievements of the Department of Geotechnics of St. Petersburg State University of Civil Engineering, founded in 1934. Over the years, famous scientists in our country and abroad, honored scientists of the RSFSR, professors Tsytovich, Vasiliev, Maslov, Dalmatov, Sotnikov, Mangushev, worked on it. In the last two years, the department has been headed by Honored Builder of Russia, laureate of awards from the Government of Russia and St. Petersburg, Candidate of Technical Sciences Anatoly Ivanovich Osokin. Since its formation, the department has been one of the leading departments of our university, which has trained many engineers, candidates and doctors of technical sciences. The department has created and is successfully developing a scientific school for the development of current issues in construction geotechnics. First of all, this is research on improving foundation construction on weak and highly compressible soils, including pile foundations and foundations for high-rise buildings, research on the development of deformations of structures and their prediction, research on frozen and thawing soils and their use as foundations for structures. The department is also conducting research on improving methods for constructing underground structures, consolidating foundation soils and strengthening the foundations of buildings during their reconstruction, and developing numerical methods for calculating the foundations of underground structures. Over the past 15 years, employees of the department have published numerous textbooks and teaching aids, monographs, reference books on geotechnics, which have become reference books for engineers and teachers of universities in Russia, the CIS countries and the Far Abroad,” said Evgeniy Rybnov.

He specified that the conference will provide an opportunity for geotechnical specialists to exchange the latest scientific achievements, establish new useful contacts, and also get acquainted with historical and recently built unique objects of St. Petersburg.

As reported by the corresponding member of RAASN, the head of the scientific school, the director of the Scientific and Production-Consulting Center of Geotechnology of SPbGASU, professor Rashid Mangushev, over the past 20 years the university and the department of geotechnics have regularly held such conferences. This year the conference is dedicated to the 90th anniversary of the department. It is attended by specialists from 23 cities and 13 countries, including the Republic of Belarus, Kazakhstan, Uzbekistan, Azerbaijan, South Korea, Malaysia, Mongolia. More than 110 reports will be heard.

The President of the Russian Society for Soil Mechanics, Geotechnics and Foundation Engineering, Vyacheslav Ilyichev, called St. Petersburg a monument to geotechnics.

“To build such a city now, we would need surveys, soil research methods, and computer programs. That didn’t exist back then, but the city was built: for centuries and beautifully. Geotechnics has been developing for many years, and the leading universities of St. Petersburg, where outstanding scientific schools have been created and highly qualified specialists are trained, play a major role in this. Domestic science has always been the basis of our country’s technological independence. And we continue to serve as this basis,” noted Vyacheslav Ilyichev.

A member of the Council of the National Association of Surveyors and Designers (NOPRIZ), President of the Association of SRO “Baltic Association of Designers”, a graduate of LISI (now SPbGASU), who previously held the positions of dean, vice-rector of our university, Alexander Vikhrov confirmed that decades ago, young specialists really did not have any tools except a slide rule. But science developed, and before his eyes such tools appeared and improved

“90 years – is it a lot or a little? For history – a particle. Despite the solid anniversary, the department is only at the beginning of its development, it keeps up with the times and continues to make a great contribution to solving modern problems of the industry, city, country, world,” says Alexander Vikhrov.

SPbGASU and, in particular, the Department of Geotechnics have been interacting with the Committee for State Control, Use and Protection of Historical and Cultural Monuments (KGIOP) of St. Petersburg for many years, the acting chairman of the committee, Alexey Mikhailov, emphasized in his welcoming address. He noted the high level of involvement of students and postgraduates in current urban issues in the field of urban development and adaptation of cultural heritage sites to modern use.

“Our city is quite young, but it contains almost 10% of all historical and cultural monuments of the country. Along with preserving the cultural heritage and historical environment, we must develop the infrastructure of the metropolis for the comfortable life of citizens and tourists. To successfully solve this problem, we need to be guided by modern scientific research in the field of soil mechanics and geotechnics, exchange experience in the design, construction and reconstruction of complex geotechnical objects in various engineering and geological conditions,” said Alexey Mikhailov.

The President of the Kazakhstan Geotechnical Association, Honorary Doctor of St. Petersburg State University of Architecture and Civil Engineering, and graduate of the department, Askar Zhusupbekov, confirmed that the Department of Geotechnics has always been famous for its outstanding world-class scientists and talented students.

“Continuing the traditions, the department is developing. Last year, the Kazakhstan Geotechnical Association held a large-scale international scientific and technical conference, which was attended by 982 people from 88 countries. And I would like to proudly note that the most representative and largest delegation was from your university. SPbGASU demonstrates high scientific achievements and knows how to organize effective scientific and practical platforms within its walls, which include the current conference,” concluded Askar Zhusupbekov.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 25, 2025

Category: Health

October 24, 2024

Source: Leukaemia and Blood Cancer New Zealand

Notes to editor

Sydney Airport emergency scenario 2024:

Participating agencies and organisations:

Agencies undertook the following emergency response:

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