Medistim

-28.08%

Live  

Medistim is a Norwegian medical technology company that specializes in products and services for intraoperative vascular assessment and surgical guidance. The company was founded in 1984 by Norwegian cardiovascular surgeon and professor, Jan T. Christenson. Medistim's operations are based in Oslo, Norway, with subsidiaries and distributors in over 50 countries worldwide.
Medistim's main product is the VeriQ system, a device that uses ultrasound technology to measure blood flow and detect potential blockages during surgery. This information allows surgeons to make more informed decisions during procedures, potentially reducing the risk of complications and improving patient outcomes. The VeriQ system is used in various types of surgeries, including cardiac, vascular, and plastic surgery.
Apart from the VeriQ system, Medistim also offers a range of other products and services, including probes, accessories, and software for image analysis and data management. The company also provides training, support, and consulting services to help healthcare professionals use their products effectively.
Medistim has a strong focus on research and development, with over 75% of its employees dedicated to this area. The company has an established track record of innovation, with over 130 patents and patent applications worldwide.
In addition to its main operations in Norway, Medistim has offices and production facilities in Germany and the United States. The company is listed on the Oslo Stock Exchange and has received several awards for its products and operations, including the Frost & Sullivan European Intraoperative Imaging Systems Excellence Award and the Red Dot Design Award.
References:
1. Medistim Company Website
2. Medistim Annual Report 2020
3. Forbes: Medistim
4. Reuters: Medistim Company Profile
5. Frost & Sullivan: Medistim
6. Red Dot Design Award: Medistim VeriQ

TWVkaXN0aW 0gaXMgYSBj b21wYW55IH RoYXQgaGVs cHMgZG9jdG 9ycyBkdXJp bmcgc3VyZ2 VyaWVzLCBl c3BlY2lhbG x5IGhlYXJ0 IHN1cmdlcm llcy4gSW1h Z2luZSB5b3 UgYXJlIHBs YXlpbmcgYS B2aWRlbyBn YW1lLCBhbm QgeW91IHdh bnQgdG8ga2 5vdyBob3cg d2VsbCB5b3 UgYXJlIGRv aW5nLiBNZW Rpc3RpbSBt YWtlcyBzcG VjaWFsIHRv b2xzIGFuZC BtYWNoaW5l cyB0aGF0IG hlbHAgZG9j dG9ycyBzZW UgaW5zaWRl IHRoZSBib2 R5IHdoaWxl IHRoZXkgYX JlIG9wZXJh dGluZywgan VzdCBsaWtl IGEgZ2FtZS BzaG93cyB5 b3Ugd2hhdO KAmXMgaGFw cGVuaW5nIG 9uIHRoZSBz Y3JlZW4uPG JyPlRoZSBj b21wYW55IG 1ha2VzIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2UgdG 9vbHMgYW5k IG1hY2hpbm VzIHRvIGhv c3BpdGFscy BhbmQgZG9j dG9ycy4gSG 9zcGl0YWxz IHBheSB0aG VtIGZvciB0 aGVpciBwcm 9kdWN0cyBi ZWNhdXNlIH RoZXkgd2Fu dCB0byBtYW tlIHN1cmdl cmllcyBzYW ZlciBhbmQg bW9yZSBzdW NjZXNzZnVs LiBJdOKAmX MgbGlrZSBo b3cgeW91IH dvdWxkIGJ1 eSBuZXcgdm lkZW8gZ2Ft ZSBlcXVpcG 1lbnQgdG8g cGxheSBiZX R0ZXI7IGhv c3BpdGFscy BidXkgTWVk aXN0aW3igJ lzIHByb2R1 Y3RzIHRvIG hlbHAgdGhl aXIgZG9jdG 9ycyBkbyB0 aGVpciBqb2 JzIGJldHRl ci48YnI+TW VkaXN0aW0g aXMgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG l0cyBwcm9k dWN0cyBoZW xwIHNhdmUg bGl2ZXMgYW 5kIG1ha2Ug c3VyZ2VyaW VzIGVhc2ll ci4gRG9jdG 9ycyBsaWtl IHVzaW5nIH RoZWlyIHRv b2xzLCBhbm QgaG9zcGl0 YWxzIHdhbn QgdGhlbSBi ZWNhdXNlIH RoZXkgaGVs cCBwYXRpZW 50cyByZWNv dmVyIGZhc3 Rlci4gUGx1 cywgYXMgbW 9yZSBhbmQg bW9yZSBwZW 9wbGUgbmVl ZCBzdXJnZX JpZXMsIHRo ZSBkZW1hbm QgZm9yIE1l ZGlzdGlt4o CZcyBwcm9k dWN0cyB3aW xsIGtlZXAg Z3Jvd2luZy 4gVGhleSBz dGF5IHN1Y2 Nlc3NmdWwg YnkgY29udG ludWluZyB0 byBpbm5vdm F0ZSBhbmQg aW1wcm92ZS B0aGVpciB0 b29scywgbW FraW5nIHN1 cmUgdGhleS BhcmUgYWx3 YXlzIHRoZS BiZXN0IG9w dGlvbiBmb3 IgZG9jdG9y cyBhbmQgaG 9zcGl0YWxz LiBTbywgaW 4gdGhlIGZ1 dHVyZSwgYX MgbG9uZyBh cyBzdXJnZX JpZXMgYXJl IG5lZWRlZC wgTWVkaXN0 aW0gd2lsbC BzdGlsbCBo YXZlIGEgYm lnIHJvbGUh PGJyPg==

MS4gUGlvbm VlcmluZyBp biB0aGUgRm llbGQgb2Yg TWVkaWNhbC BUZWNobm9s b2d5Ojxicj 5NZWRpc3Rp bSBpcyBhIG xlYWRpbmcg bWVkaWNhbC B0ZWNobm9s b2d5IGNvbX BhbnkgdGhh dCBzcGVjaW FsaXplcyBp biBwcm9kdW N0cyBhbmQg c29sdXRpb2 5zIGZvciBj YXJkaWFjIG FuZCBwZXJp b3BlcmF0aX ZlIHByb2Nl ZHVyZXMuIF RoZSBjb21w YW55J3MgZ3 JvdW5kYnJl YWtpbmcgVH JhbnNvbmlj IHRlY2hub2 xvZ3kgaGFz IHJldm9sdX Rpb25pemVk IHRoZSBmaW VsZCBvZiBi bG9vZCBmbG 93IG1lYXN1 cmVtZW50IG FuZCBoYXMg YmVjb21lIH RoZSBpbmR1 c3RyeSBzdG FuZGFyZC48 YnI+Mi4gSW 50ZXJuYXRp b25hbGx5IF JlY29nbml6 ZWQ6PGJyPk 1lZGlzdGlt IGlzIGFuIG ludGVybmF0 aW9uYWxseS ByZWNvZ25p emVkIGNvbX BhbnksIHdp dGggYSBwcm VzZW5jZSBp biBvdmVyID UwIGNvdW50 cmllcyB3b3 JsZHdpZGUu IFRoZWlyIH Byb2R1Y3Rz IGFyZSB1c2 VkIGluIG92 ZXIgMTUsMD AwIGhvc3Bp dGFscywgcm VzdWx0aW5n IGluIHNpZ2 5pZmljYW50 IGNvbnRyaW J1dGlvbnMg dG8gdGhlIG dsb2JhbCBo ZWFsdGhjYX JlIHN5c3Rl bS48YnI+My 4gSW5ub3Zh dGl2ZSBQcm 9kdWN0czo8 YnI+TWVkaX N0aW0ncyBw cm9kdWN0cy BhcmUga25v d24gZm9yIH RoZWlyIGlu bm92YXRpb2 4sIHByZWNp c2lvbiwgYW 5kIHJlbGlh YmlsaXR5Li BUaGUgY29t cGFueSBpbn Zlc3RzIGhl YXZpbHkgaW 4gcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50IHRvIG NvbnRpbnVh bGx5IGltcH JvdmUgYW5k IGV4cGFuZC B0aGVpciBw cm9kdWN0IG 9mZmVyaW5n cywgZW5zdX JpbmcgdGhh dCBoZWFsdG hjYXJlIHBy b2Zlc3Npb2 5hbHMgaGF2 ZSBhY2Nlc3 MgdG8gdGhl IGxhdGVzdC B0ZWNobm9s b2d5IGZvci BpbXByb3Zl ZCBwYXRpZW 50IG91dGNv bWVzLjxicj 40LiBDb21t aXRtZW50IH RvIFBhdGll bnQgU2FmZX R5Ojxicj5N ZWRpc3RpbS BpcyBjb21t aXR0ZWQgdG 8gcGF0aWVu dCBzYWZldH kgYW5kIGhh cyBkZXZlbG 9wZWQgcHJv ZHVjdHMgdG hhdCByZWR1 Y2UgdGhlIH Jpc2sgb2Yg Y29tcGxpY2 F0aW9ucyBk dXJpbmcgc3 VyZ2VyaWVz LiBUaGVpci BhZHZhbmNl ZCBpbnRyYW 9wZXJhdGl2 ZSBEb3BwbG VyIHByb2Jl IHRlY2hub2 xvZ3kgZW5h YmxlcyBzdX JnZW9ucyB0 byBhc3Nlc3 MgYmxvb2Qg ZmxvdyBpbi ByZWFsLXRp bWUsIGVuc3 VyaW5nIHRo YXQgY3JpdG ljYWwgb3Jn YW5zIHJlY2 VpdmUgYWRl cXVhdGUgYm xvb2Qgc3Vw cGx5Ljxicj 41LiBGb2N1 cyBvbiBUcm FpbmluZyBh bmQgRWR1Y2 F0aW9uOjxi cj5NZWRpc3 RpbSB1bmRl cnN0YW5kcy B0aGUgaW1w b3J0YW5jZS BvZiBwcm9w ZXIgdHJhaW 5pbmcgYW5k IGVkdWNhdG lvbiBmb3Ig aGVhbHRoY2 FyZSBwcm9m ZXNzaW9uYW xzIHRvIHV0 aWxpemUgdG hlaXIgcHJv ZHVjdHMgZW ZmZWN0aXZl bHkuIFRoZS Bjb21wYW55 IG9mZmVycy B0cmFpbmlu ZyBwcm9ncm FtcyBhbmQg ZWR1Y2F0aW 9uYWwgcmVz b3VyY2VzIH RvIGVuc3Vy ZSB0aGF0IH N1cmdlb25z IGFuZCBvdG hlciBoZWFs dGhjYXJlIH Byb2Zlc3Np b25hbHMgYX JlIGNvbmZp ZGVudCBhbm QgY29tcGV0 ZW50IGluIH VzaW5nIHRo ZWlyIHByb2 R1Y3RzLjxi cj42LiBTdH JvbmcgQ29y cG9yYXRlIF NvY2lhbCBS ZXNwb25zaW JpbGl0eTo8 YnI+TWVkaX N0aW0gaXMg ZGVkaWNhdG VkIHRvIGNv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHkg YW5kIGhhcy BpbXBsZW1l bnRlZCB2YX Jpb3VzIGlu aXRpYXRpdm VzIHRvIHJl ZHVjZSB0aG UgZW52aXJv bm1lbnRhbC BpbXBhY3Qg b2YgdGhlaX Igb3BlcmF0 aW9ucy4gVG hlIGNvbXBh bnkgYWxzby BwYXJ0bmVy cyB3aXRoIG 9yZ2FuaXph dGlvbnMgdG 8gcHJvdmlk ZSBoZWFsdG hjYXJlIHNv bHV0aW9ucy B0byB1bmRl cnNlcnZlZC Bjb21tdW5p dGllcy48Yn I+Ny4gQXdh cmRzIGFuZC BSZWNvZ25p dGlvbnM6PG JyPk1lZGlz dGltIGhhcy BnYWluZWQg cmVjb2duaX Rpb24gZm9y IGl0cyBvdX RzdGFuZGlu ZyBwcm9kdW N0cyBhbmQg c2VydmljZX MuIEluIDIw MjAsIHRoZS Bjb21wYW55 IHdhcyBuYW 1lZCBvbmUg b2YgdGhlIH RvcCAxMDAg Y29tcGFuaW VzIGluIE5v cndheSBmb3 IgaW5ub3Zh dGlvbiBhbm QgcmVjZWl2 ZWQgdGhlIF Bpbm5hY2xl IEF3YXJkIG ZvciBJbm5v dmF0aW9uIG Zyb20gdGhl IFNvY2lldH kgb2YgVGhv cmFjaWMgU3 VyZ2VvbnMg aW4gdGhlIF VTLjxicj44 LiBFeHBlcm llbmNlZCBM ZWFkZXJzaG lwOjxicj5X aXRoIG92ZX IgMzAgeWVh cnMgb2YgZX hwZXJpZW5j ZSwgTWVkaX N0aW0ncyBs ZWFkZXJzaG lwIHRlYW0g aXMgY29tcG 9zZWQgb2Yg c2Vhc29uZW QgaW5kdXN0 cnkgcHJvZm Vzc2lvbmFs cyB3aG8gaG F2ZSBhIGRl ZXAgdW5kZX JzdGFuZGlu ZyBvZiB0aG UgbWFya2V0 IGFuZCB0aG UgbmVlZHMg b2YgaGVhbH RoY2FyZSBw cm9mZXNzaW 9uYWxzLiBU aGVpciBleH BlcnRpc2Ug aGFzIHBsYX llZCBhIHNp Z25pZmljYW 50IHJvbGUg aW4gdGhlIG NvbXBhbnkn cyBzdWNjZX NzIGFuZCBn cm93dGgu

TWVkaXN0aW 0gaXMgYSBt ZWRpY2FsIH RlY2hub2xv Z3kgY29tcG FueSB0aGF0 IHNwZWNpYW xpemVzIGlu IGRldmVsb3 BpbmcsIG1h bnVmYWN0dX JpbmcsIGFu ZCBzZWxsaW 5nIHByb2R1 Y3RzIGZvci BzdXJnaWNh bCBwcm9jZW R1cmVzLiBU aGUgY29tcG FueSdzIHBy aW1hcnkgZm 9jdXMgaXMg b24gcHJvdm lkaW5nIGRp YWdub3N0aW MgYW5kIHRo ZXJhcGV1dG ljIHNvbHV0 aW9ucyBmb3 IgY2FyZGlv dmFzY3VsYX IgYW5kIHZh c2N1bGFyIH N1cmdlcnku IE1lZGlzdG ltJ3MgYnVz aW5lc3MgbW 9kZWwgcmV2 b2x2ZXMgYX JvdW5kIGRl bGl2ZXJpbm cgaW5ub3Zh dGl2ZSBhbm QgaGlnaC1x dWFsaXR5IH Byb2R1Y3Rz IHRvIGhlYW x0aGNhcmUg cHJvZmVzc2 lvbmFscyBh bmQgcGF0aW VudHMgd2hp bGUgbWFpbn RhaW5pbmcg YSBzdHJvbm cgbWFya2V0 IHByZXNlbm NlIGFuZCBw cm9maXRhYm xlIGdyb3d0 aC48YnI+S2 V5IGVsZW1l bnRzIG9mIE 1lZGlzdGlt J3MgYnVzaW 5lc3MgbW9k ZWwgaW5jbH VkZTo8YnI+ MS4gUmVzZW FyY2ggYW5k IERldmVsb3 BtZW50OiBN ZWRpc3RpbS BpbnZlc3Rz IGhlYXZpbH kgaW4gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50IH RvIGNvbnRp bnVvdXNseS BpbXByb3Zl IGl0cyBleG lzdGluZyBw cm9kdWN0cy BhbmQgZGV2 ZWxvcCBuZX cgb25lcy4g VGhlIGNvbX BhbnkgaGFz IGEgdGVhbS BvZiBlbmdp bmVlcnMsIH NjaWVudGlz dHMsIGFuZC BtZWRpY2Fs IGV4cGVydH MgZGVkaWNh dGVkIHRvIG RldmVsb3Bp bmcgY3V0dG luZy1lZGdl IHRlY2hub2 xvZ2llcyB0 aGF0IG1lZX QgdGhlIG5l ZWRzIG9mIH RoZSBtZWRp Y2FsIGNvbW 11bml0eS48 YnI+Mi4gTW FudWZhY3R1 cmluZyBFeG NlbGxlbmNl OiBNZWRpc3 RpbSBoYXMg YWR2YW5jZW QgcHJvZHVj dGlvbiBmYW NpbGl0aWVz IHRoYXQgYW RoZXJlIHRv IHN0cmljdC BxdWFsaXR5 IHN0YW5kYX JkcyBhbmQg cmVndWxhdG lvbnMuIFRo aXMgZW5zdX JlcyB0aGF0 IHRoZSBjb2 1wYW55J3Mg cHJvZHVjdH MgYXJlIHNh ZmUsIGVmZm VjdGl2ZSwg YW5kIG1lZX QgdGhlIG5l Y2Vzc2FyeS ByZWd1bGF0 b3J5IHJlcX VpcmVtZW50 cy48YnI+My 4gU2FsZXMg YW5kIE1hcm tldGluZzog TWVkaXN0aW 0gaGFzIGEg Z2xvYmFsIH NhbGVzIGFu ZCBtYXJrZX RpbmcgbmV0 d29yayB0aG F0IGVuc3Vy ZXMgaXRzIH Byb2R1Y3Rz IHJlYWNoIG 1lZGljYWwg ZmFjaWxpdG llcyB3b3Js ZHdpZGUuIF RoZSBjb21w YW55IHdvcm tzIGNsb3Nl bHkgd2l0aC BoZWFsdGhj YXJlIHByb2 Zlc3Npb25h bHMgdG8gZW R1Y2F0ZSB0 aGVtIG9uIH RoZSBiZW5l Zml0cyBvZi BpdHMgcHJv ZHVjdHMgYW 5kIGRlbW9u c3RyYXRlIH RoZWlyIHVz ZS48YnI+NC 4gUGFydG5l cnNoaXBzIG FuZCBDb2xs YWJvcmF0aW 9uczogTWVk aXN0aW0gcG FydG5lcnMg d2l0aCBsZW FkaW5nIG1l ZGljYWwgaW 5zdGl0dXRp b25zIGFuZC Bvcmdhbml6 YXRpb25zIH RvIGNvbmR1 Y3QgY2xpbm ljYWwgdHJp YWxzLCBnYW luIGluc2ln aHRzIGZyb2 0ga2V5IG9w aW5pb24gbG VhZGVycywg YW5kIGNvbG xhYm9yYXRl IG9uIG5ldy ByZXNlYXJj aCBwcm9qZW N0cy4gVGhl c2UgcGFydG 5lcnNoaXBz IGhlbHAgdG hlIGNvbXBh bnkgc3RheS BhdCB0aGUg Zm9yZWZyb2 50IG9mIGlu bm92YXRpb2 4gYW5kIGV4 cGFuZCBpdH MgbWFya2V0 IHJlYWNoLj xicj41LiBE aXZlcnNpZm llZCBQcm9k dWN0IFBvcn Rmb2xpbzog TWVkaXN0aW 0gb2ZmZXJz IGEgd2lkZS ByYW5nZSBv ZiBwcm9kdW N0cyB0aGF0 IGNhdGVyIH RvIGRpZmZl cmVudCBzdX JnaWNhbCBw cm9jZWR1cm VzLCBhbGxv d2luZyB0aG UgY29tcGFu eSB0byBkaX ZlcnNpZnkg aXRzIHJldm VudWUgc3Ry ZWFtcyBhbm QgcmVhY2gg YSBsYXJnZX IgbWFya2V0 Ljxicj5Pdm VyYWxsLCBN ZWRpc3RpbS dzIGJ1c2lu ZXNzIG1vZG VsIGZvY3Vz ZXMgb24gZG V2ZWxvcGlu ZyBoaWdoLX F1YWxpdHkg cHJvZHVjdH MsIGJ1aWxk aW5nIHN0cm 9uZyByZWxh dGlvbnNoaX BzIHdpdGgg aGVhbHRoY2 FyZSBwcm9m ZXNzaW9uYW xzLCBhbmQg ZXhwYW5kaW 5nIGl0cyBw cmVzZW5jZS BpbiB0aGUg Z2xvYmFsIG 1hcmtldC4g VGhpcyBoYX MgYmVlbiBh IHN1Y2Nlc3 NmdWwgc3Ry YXRlZ3kgZm 9yIHRoZSBj b21wYW55LC BhcyBpdCBo YXMgY29uc2 lzdGVudGx5 IGFjaGlldm VkIHN0cm9u ZyBmaW5hbm NpYWwgcmVz dWx0cyBhbm QgaXMgcmVj b2duaXplZC BhcyBhIGxl YWRlciBpbi B0aGUgbWVk aWNhbCB0ZW Nobm9sb2d5 IGluZHVzdH J5Lg==

To assess whether AI poses a material threat to Medistim’s products, services, or competitive positioning, we should consider several factors:
1. Substitution: AI could potentially lead to the development of alternative technologies or services that compete with Medistim’s offerings, particularly in areas like medical imaging, data analysis, and patient monitoring. If AI solutions can provide superior outcomes or efficiencies, they could substitute existing products. This might especially affect Medistim if their technology can be replicated or outperformed by AI-driven solutions.
2. Disintermediation: AI could streamline processes in the healthcare sector, reducing the need for certain intermediary services. For example, AI-based systems may facilitate direct connections between patients and healthcare providers or automate tasks traditionally handled by Medistim’s technologies. This could threaten Medistim’s traditional business model if it leads to a diminished role in the healthcare delivery chain.
3. Margin Pressure: The introduction of AI technologies can lead to increased competition, potentially driving down prices in the medical device and monitoring markets. If competitors leverage AI to reduce their operational costs, they might offer lower-priced solutions that challenge Medistim’s market share, leading to margin pressure.
In conclusion, while AI does present potential threats through substitution, disintermediation, and margin pressure, the extent of that threat would depend on how Medistim adapts its business strategy, innovates its product offerings, and incorporates AI into its solutions. The company’s ability to stay ahead in research and development, as well as its commitment to integrating advanced technologies, will be crucial in mitigating these risks.

The sensitivity of Medistim’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several factors:
1. Earnings Sensitivity: Medistim’s earnings may be influenced by interest rates if they have debt or rely on financing for operations or expansion. Higher interest rates could increase interest expenses, thereby reducing net income. Additionally, if Medistim’s customers, such as hospitals and clinics, face higher borrowing costs, it could strain their budgets and potentially lead to reduced demand for Medistim’s products.
2. Cash Flow Sensitivity: Cash flow can be affected by interest rates if Medistim has existing debt with variable interest rates. Increased rates would lead to higher cash outflows for interest payments. Furthermore, cash inflows might decline if customers defer purchases due to increased financing costs. Conversely, lower interest rates can enhance cash flow by reducing borrowing costs and encouraging spending.
3. Valuation Sensitivity: The valuation of Medistim is typically assessed using discounted cash flow (DCF) models, which are sensitive to changes in interest rates. A higher discount rate, stemming from increased interest rates, would lower the present value of future cash flows, leading to a reduced valuation. Investors might also reevaluate the risk premium associated with the stock in response to changing interest rates, impacting market capitalization.
Overall, Medistim’s financial performance can show noticeable sensitivity to interest rate fluctuations, particularly regarding borrowing costs, customer financing conditions, and discounting future cash flows.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTW VkaXN0aW3i gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDMt NSB5ZWFycy BtaWdodCBp bnZvbHZlIH NpZ25pZmlj YW50IHJlZ3 VsYXRvcnkg Y2hhbmdlcy BhbmQgaW5j cmVhc2VkIG NvbXBldGl0 aW9uIHdpdG hpbiB0aGUg bWVkaWNhbC BkZXZpY2Ug aW5kdXN0cn kuIEZvciBp bnN0YW5jZS wgaWYgbmV3 IGxlZ2lzbG F0aW9uIHdl cmUgdG8gYm UgZW5hY3Rl ZCB0aGF0IG ltcG9zZWQg c3RyaW5nZW 50IHJlZ3Vs YXRvcnkgcm VxdWlyZW1l bnRzIGZvci BtZWRpY2Fs IGRldmljZX MgcmVsYXRl ZCB0byBwZX Jmb3JtYW5j ZSB0ZXN0aW 5nIGFuZCBw YXRpZW50IH NhZmV0eSwg aXQgY291bG QgbGVhZCB0 byBpbmNyZW FzZWQgY29z dHMgZm9yIG NvbXBsaWFu Y2UgYW5kIH BvdGVudGlh bGx5IGRlbG F5IHByb2R1 Y3QgbGF1bm NoZXMuIEFk ZGl0aW9uYW xseSwgaWYg YSBjb21wZX RpdG9yIHdl cmUgdG8gaW 50cm9kdWNl IGEgZGlzcn VwdGl2ZSB0 ZWNobm9sb2 d5IHRoYXQg b3V0cGVyZm 9ybXMgTWVk aXN0aW3igJ lzIGN1cnJl bnQgb2ZmZX JpbmdzIGF0 IGEgc2ltaW xhciBvciBs b3dlciBwcm ljZSBwb2lu dCwgdGhlIG NvbXBhbnkg Y291bGQgbG 9zZSBtYXJr ZXQgc2hhcm UgcmFwaWRs eS48YnI+SW 4gdGhpcyBz Y2VuYXJpby wgTWVkaXN0 aW3igJlzIG 1hcmdpbnMg d291bGQgbG lrZWx5IGV4 cGVyaWVuY2 UgYSBzaGFy cCBkZWNsaW 5lIGR1ZSB0 byBpbmNyZW FzaW5nIG9w ZXJhdGlvbm FsIGNvc3Rz IGFuZCBwcm Vzc3VyZSB0 byBsb3dlci BwcmljZXMg dG8gcmVtYW luIGNvbXBl dGl0aXZlLi BUaGUgaW5j cmVhc2VkIH NwZW5kaW5n IG9uIGNvbX BsaWFuY2Ug Y291bGQgbG VhZCB0byBo aWdoZXIgcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IGNvc3RzLC BhcyB0aGUg Y29tcGFueS BtYXkgbmVl ZCB0byBpbn Zlc3QgaGVh dmlseSBpbi BvYnRhaW5p bmcgbmVjZX NzYXJ5IGNl cnRpZmljYX Rpb25zIGFu ZCBtZWV0aW 5nIG5ldyBz dGFuZGFyZH MuIFRoaXMg d291bGQgZn VydGhlciBz cXVlZXplIG 1hcmdpbnMs IGxlYWRpbm cgdG8gcmVk dWNlZCBwcm 9maXRhYmls aXR5Ljxicj 5DYXNoIGZs b3cgd291bG QgYWxzbyBi ZSBhZHZlcn NlbHkgYWZm ZWN0ZWQuIE lmIHByb2R1 Y3Qgc2FsZX MgZGVjcmVh c2UgZHVlIH RvIGNvbXBl dGl0aW9uIG FuZCBpbmNy ZWFzZWQgY2 9zdHMgZHJh aW4gcmVzb3 VyY2VzLCBN ZWRpc3RpbS BtaWdodCBm YWNlIGNoYW xsZW5nZXMg aW4gbWFpbn RhaW5pbmcg cG9zaXRpdm UgY2FzaCBm bG93LiBUaG UgbmVlZCB0 byBmaW5hbm NlIG5ldyBj b21wbGlhbm NlIG1lYXN1 cmVzIGFuZC Bwb3NzaWJs eSBwdXQgb2 4gaG9sZCBs ZXNzIGNyaX RpY2FsIHBy b2plY3RzIG NvdWxkIGxl YWQgdG8gcm VsaWFuY2Ug b24gZXh0ZX JuYWwgZmlu YW5jaW5nIG 9yIGNyZWRp dCBsaW5lcy wgZnVydGhl ciBzdHJhaW 5pbmcgY2Fz aCByZXNlcn Zlcy48YnI+ T24gdGhlIG JhbGFuY2Ug c2hlZXQsIG Nhc2ggYW5k IGNhc2ggZX F1aXZhbGVu dHMgbWlnaH QgZHdpbmRs ZSwgcmVzdW x0aW5nIGlu IGEgZGVjcm Vhc2VkIGxp cXVpZGl0eS Bwb3NpdGlv bi4gSWYgdG hlIGNvbXBh bnkgaXMgZm 9yY2VkIHRv IHRha2Ugb2 4gZGVidCB0 byBtYW5hZ2 Ugb3BlcmF0 aW9uYWwgZX hwZW5kaXR1 cmVzIGFuZC ByZWd1bGF0 b3J5IGNvbX BsaWFuY2Ug Y29zdHMsIH RoaXMgY291 bGQgaW5jcm Vhc2UgbGlh YmlsaXRpZX Mgc2lnbmlm aWNhbnRseS 4gQXMgYSBy ZXN1bHQsIG tleSByYXRp b3MgbGlrZS B0aGUgZGVi dC10by1lcX VpdHkgcmF0 aW8gY291bG Qgd29yc2Vu LCBzaWduYW xsaW5nIGZp bmFuY2lhbC ByaXNrIHRv IGludmVzdG 9ycy48YnI+ SW4gc3VtbW FyeSwgaW4g dGhpcyBzY2 VuYXJpbyBv ZiByZWd1bG F0b3J5IGNo YWxsZW5nZX MgYW5kIGNv bXBldGl0aX ZlIHByZXNz dXJlcywgTW VkaXN0aW0g d291bGQgbG lrZWx5IGZh Y2UgcmVkdW NlZCBtYXJn aW5zLCBuZW dhdGl2ZSBj YXNoIGZsb3 csIGFuZCBh IHdlYWtlbm VkIGJhbGFu Y2Ugc2hlZX QgY2hhcmFj dGVyaXplZC BieSBpbmNy ZWFzZWQgbG lhYmlsaXRp ZXMgYW5kIG xvd2VyIGxp cXVpZGl0eS wgcmFpc2lu ZyBjb25jZX JucyBvdmVy IHRoZSBjb2 1wYW554oCZ cyBsb25nLX Rlcm0gc3Vz dGFpbmFiaW xpdHkuPGJy Pg==

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MveU hlaFV3U0h4 dGJwdW9EcG 41WEYud2Vi cCIgYWx0PS JNZWRpc3Rp bSIgdGl0bG U9Ik1lZGlz dGltIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IE1l ZGlzdGltPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+SoSBMZW FybiBzbWFy dGVyIHN0b2 NrIHBpY2tz IHdpdGggPG k+IlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3MiPC9p PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDEycH g7IGZvbnQt c2l6ZTogMT NweDsgY29s b3I6ICM0ND Q7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIFNpZ24g dXAgbm93IG FuZCBnZXQg b3VyIGZyZW UgZUJvb2sg CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 Yj5UaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzPC9iPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTZweDsg Zm9udC1zaX plOiAxNHB4 OyBjb2xvcj ogIzQ0NDsg Zm9udC1mYW 1pbHk6IC1h cHBsZS1zeX N0ZW0sIEJs aW5rTWFjU3 lzdGVtRm9u dCwgU2Vnb2 UgVUksIFJv Ym90bywgSG VsdmV0aWNh IE5ldWUsIH NhbnMtc2Vy aWY7IGxpbm UtaGVpZ2h0 OiAxLjY7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE hhdmUgeW91 IGhlYXJkIG Fib3V0IG91 ciBzaG9ydC A8c3Ryb25n IHN0eWxlPS dmb250LXdl aWdodDogNj AwOyc+RGFp bHkgVmlkZW 8gTmV3c2xl dHRlcjwvc3 Ryb25nPj8K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxh IGhyZWY9J2 h0dHBzOi8v d3d3Lmluc2 lnaHRmdWx2 YWx1ZS5jb2 0vbmV3c2xl dHRlci5waH AnIHRhcmdl dD0nX2JsYW 5rJyBzdHls ZT0nY29sb3 I6ICMwMDdC RkY7IHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsgZm9u dC13ZWlnaH Q6IDUwMDsg bWFyZ2luLW xlZnQ6IDZw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE ZpbmQgb3V0 IG1vcmUKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAK ICAgICAgIC AKICAgICAg ICA8c3Bhbi BjbGFzcz0n Ymx1cnJlZC 10ZXh0Jz4K ICAgICAgIC AgICAgTVM0 Z1RXVmthWC BOMGFXMGdk MkZ6IElHWn ZkVzVrWlcg UWdhVzRnVG 05eSBkMkY1 SUdsdUlEIE U1T0RRZ1lu a2cgUzJGeW FTQkxjbSA5 bmMzUmhaQ0 JoIGJtUWdT MnBsYkcgd2 dVM1J2YTI1 bCBjeXdnZE hkdklIIEJw YjI1bFpYSn ogSUdsdUlI Um9aUyBCbW FXVnNaQ0J2 IFppQnRaV1 JwWTIgRnNJ SFJsWTJodS BiMnh2WjNr dVBHIEp5UG pJdUlFMWwg WkdsemRHbH RJRyBseklH RWdaMnh2IF ltRnNJR052 YlggQmhibm tnZDJsMCBh Q0J2Wm1acF kyIFZ6SUds dUlFNXYgY2 5kaGVTd2dV MyBkbFpHVn VMQ0JFIFpX NXRZWEpyTE MgQkhaWEp0 WVc1NSBMQ0 IwYUdVZ1Rt IFYwYUdWeW JHRnUgWkhN c0lIUm9aUy BCVlN5d2dZ VzVrIElIUm 9aU0JWVXkg d2dZVzVrSU dScCBjM1J5 YVdKMWRHIG x2YmlCd1lY SjAgYm1WeW N5QnBiaSBC dmRtVnlJRF V3IElHTnZk VzUwY20gbG xjeTQ4WW5J KyBNeTRnVk dobElHIE52 YlhCaGJubm kgZ0pseklH MXBjMyBOcG IyNGdhWE1n IGRHOGdhVz F3Y20gOTJa U0J3WVhScC BaVzUwSUc5 MWRHIE52Yl dWeklHSjUg SUdWdVlXSn NhVyA1bklI TjFjbWRsIG IyNXpJR0Z1 WkMgQnBibl JsY25abCBi blJwYjI1cG MzIFJ6SUhS dklHMWggYT JVZ1kzSnBk RyBsallXd2 daR1ZqIGFY TnBiMjV6SU ggZHBkR2dn Y21WaCBiQz EwYVcxbElH IGx1Wm05eW JXRjAgYVc5 dUlHUjFjbS BsdVp5Qnpk WEpuIFpYSn BaWE11UEcg SnlQalF1SU UxbCBaR2x6 ZEdsdElHIG x6SUdFZ2JX RnkgYTJWME lHeGxZVyBS bGNpQnBiaU JwIGJuUnlZ Vzl3WlggSm hkR2wyWlNC MSBiSFJ5WV hOdmRXIDVr SUNocFZWTX AgSUhSbFky aHViMiB4dl oza3NJSGRw IGRHZ2diM1 psY2kgQXlN Q3d3TURBZy BjM2x6ZEdW dGN5IEJ6Yj J4a0lIZHYg Y214a2QybG taUyA0OFlu SStOUzRnIF ZHaGxJR052 YlggQmhibm tnYzNCbCBZ MmxoYkdsNl pYIE1nYVc0 Z2JXVmsgYV dOaGJDQmta WCBacFkyVn pJR0Z1IFpD QnpiMlowZD IgRnlaU0Jt YjNJZyBkWE 5sSUdsdUlH IE5oY21ScG IzWmggYzJO MWJHRnlJRy BGdVpDQjBj bUZ1IGMzQn NZVzUwSUgg TjFjbWRsY2 1sbCBjeTQ4 WW5JK05pID RnVFdWa2FY TjAgYVczaW dKbHpJRyBa c1lXZHphR2 x3IElIQnli MlIxWTMgUW dhWE1nZEdo bCBJRlpsY2 1sUklIIE41 YzNSbGJTd2 cgWVNCemRY Sm5hVyBOaG JDQm5kV2xr IFlXNWpaU0 J6ZVggTjBa VzBnZEdoaC BkQ0J3Y205 MmFXIFJsY3 lCeVpXRnMg TFhScGJXVW dhVyAxaFoy bHVaeUJoIG JtUWdiV1Zo YzMgVnlaVz FsYm5SeiBJ RzltSUdKc2 IyIDlrSUda c2IzY2cgWV c1a0lIWmxj MyBObGJDQm thV0Z0IFpY UmxjaUJrZF ggSnBibWNn YzNWeSBaMl Z5YVdWekxq IHhpY2o0M0 xpQlUgYUdV Z1kyOXRjRy BGdWVTQm9Z WE1nIFlTQn pkSEp2Ym0g Y2dabTlqZF hNZyBiMjRn Y21WelpXIE Z5WTJnZ1lX NWsgSUdSbG RtVnNiMyBC dFpXNTBMQ0 JwIGJuWmxj M1JwYm0gY2 diM1psY2lB eCBOaVVnYj JZZ2FYIFJ6 SUdGdWJuVm ggYkNCeVpY WmxibiBWbE lHbHVJRzVs IGR5QndjbT lrZFcgTjBj eUJoYm1RZy BkR1ZqYUc1 dmJHIDluYV dWekxqeGkg Y2o0NExpQk piaSBBeU1E RTVMQ0JOIF pXUnBjM1Jw YlMgQmhZM0 YxYVhKbCBa Q0IwYUdVZ1 ZWIE10WW1G elpXUWcgWT I5dGNHRnVl UyB3Z1FXTm hZMmxoIElF bHVkR1Z5ZG 0gVnVkR2x2 Ym1GcyBMQ0 JsZUhCaGJt IFJwYm1jZ2 FYUnogSUhC eWIyUjFZMy BRZ2NHOXlk R1p2IGJHbH ZJSFJ2SUcg bHVZMngxWk dVZyBZV1Iy WVc1alpXIF FnWlcxaWIy eHAgZW1GMG FXOXVJRyBG dVpDQnZZMk 5zIGRYTnBi MjRnY0ggSn ZaSFZqZEhN dSBQR0p5UG prdUlFIDFs WkdsemRHbH QgSUdoaGN5 QmlaVyBWdU lISmxZMjlu IGJtbDZaV1 FnZDIgbDBh Q0J6WlhabC BjbUZzSUdG M1lYIEprY3 lCbWIzSWcg YVhSeklHbH VibSA5MllY UnBkbVVnIG NISnZaSFZq ZEggTXNJR2 x1WTJ4MSBa R2x1WnlCMG FHIFVnVW1W a0lFUnYgZE NCRVpYTnBa MiA0Z1FYZG hjbVFnIFlX NWtJSFJvWl MgQk9iM0oz WldkcCBZVz RnUkdWemFX IGR1SUVOdm RXNWogYVd6 aWdKbHpJRS BGM1lYSmtJ R1p2IGNpQk VaWE5wWjIg NGdSWGhqWl d4cyBaVzVq WlM0OFluIE krTVRBdUlG Um8gWlNCam IyMXdZVyA1 NUlHbHpJR0 52IGJXMXBk SFJsWkMgQj BieUJ6ZFhO MCBZV2x1WV dKcGJHIGww ZVNCaGJtUW cgYUdGeklH bHRjRyB4bG JXVnVkR1Zr IElITmxkbV Z5WVcgd2da VzUyYVhKdi BibTFsYm5S aGJDIEJwYm 1sMGFXRjAg YVhabGN5d2 djMyBWamFD QmhjeUJ5IF pXUjFZMmx1 WnkgQmxibV Z5WjNrZyBZ Mjl1YzNWdG NIIFJwYjI0 Z2FXNGcgYV hSeklIQnli MiBSMVkzUn BiMjRnIGNI SnZZMlZ6Yz IgVnpJR0Z1 WkNCMSBjMm x1WnlCbFky IDh0Wm5KcF pXNWsgYkhr Z2JXRjBaWC BKcFlXeHpJ R2x1IElHbD BjeUJ3Y20g OWtkV04wY3 k0PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=