Krsnaa Diagnostics Ltd Management Discussions

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<dhhead>Management Discussion & Analysis</dhhead>

Economic Overview Global Economy:

The global economy experienced a deceleration in 2022 following a strong recovery in the previous year. This slowdown can be attributed to several factors, including the conflict in Eastern Europe and Chinas economic slowdown. Despite these challenges, there were positive drivers such as increased trade, higher vaccination rates, robust consumer spending, and favourable government monetary and fiscal policies that supported global economic activity.

According to the April 2023 report from the International Monetary Fund (IMF), the global gross domestic product (GDP) for 2022 grew at a rate of 3.4%. However, this growth rate was lower compared to the previous year. The United States witnessed a GDP growth of 2.1% in 2022, down from the robust growth of 5.7% in 2021. Similarly, the European economy recorded GDP growth of 3.5% in 2022, showing a deceleration from the 5.3% growth observed in 2021. In Asia, Chinas GDP growth was 3.0% in 2022, significantly lower than the 8.1% growth seen in 2021.

Despite these obstacles, there are positive indications for the global economy in 2023. Many countries are experiencing a robust labour market, and corporate profits are still increasing. Additionally, a rebound in Chinas economy is expected to provide a significant boost to global growth.

Outlook:

The outlook for the global economy is expected to exhibit slower growth in 2023 compared to the previous year, as projected by the IMF. The global growth rate is anticipated to be 2.8% in 2023, down from 3.4% in 2022.

Looking ahead, the global economy 2023 is mixed, characterized by a combination of risks and opportunities. It is crucial to consider key risks, such as the ongoing geopolitical tension disrupting trade flows and causing energy price surges. Central banks worldwide are implementing rising interest rates to combat inflationary pressures, the lingering effects of the COVID-19 pandemic continue to disrupt economic activities in some regions, and a disorderly unwinding of global imbalances. If any of these risks materialize, they could lead to a more pronounced deceleration of global growth. However, effective management of these risks could still result in moderate growth in 2023.

Inflation is projected to gradually ease globally throughout 2023 and 2024, but it is expected to remain above central bank targets in most countries until the latter half of 2024. This is primarily due to significant increases in service prices and cost pressures arising from tight labour markets. Geopolitical conflicts pose a significant risk that will influence monetary policy adjustments, highlighting the importance of addressing and mitigating inflationary pressures.

On the other hand, there are notable opportunities for the global economy in 2023. These include the continued recovery of labour markets in various countries, the advancement of digital technologies, and the emergence of new markets, particularly in Africa and Asia. Realizing these opportunities has the potential to counterbalance

some of the risks facing the global economy and contribute to the growth in 2023.

The outlook for the global economy in 2023 presents both challenges and potential opportunities. It is essential for businesses and policymakers to closely monitor and address the risks while harnessing the opportunities to navigate and drive sustainable growth in the coming year.

Indian Economy:

The Indian economy demonstrated a resilient recovery in 2022, with a noteworthy GDP growth rate of 6.8%, positioning it as one of the fastest-growing economies worldwide. However, this growth trajectory experienced setbacks due to the impact of two pandemic waves and geopolitical tensions in Eastern Europe. These challenges significantly affected economic growth and inflation expectations for 2023.

During 2022, retail inflation consistently exceeded the tolerance range set by the Reserve Bank of India (RBI) for ten consecutive months. However, it gradually subsided and fell below the upper limit of the target range by November 2022. Looking ahead, the International Monetary Fund (IMF) projects that the Indian economy will maintain its robust performance, building upon the impressive growth achieved in 2022. The IMFs growth projections indicate a GDP growth rate of 5.9% in 2023, followed by a further increase to 6.3% in 2024.

Despite prevailing global economic volatility, India is well-positioned to sustain its status as one of the fastest- growing economies due to robust consumer demand and the governments heightened emphasis on infrastructure development. The Indian economy showcased a robust recovery in 2022, despite facing challenges along the way. Looking ahead, it is anticipated to maintain its strong performance in the coming years, driven by consumer demand and infrastructure development initiatives. India aims to consolidate its position as one of the worlds fastest-growing economies by implementing strategic measures and focusing on sustainable growth.

Government Initiatives:

The Indian government has unveiled a series of initiatives in the 2023 budget to bolster the economy and address key challenges. These initiatives are poised to have a positive impact on various sectors and drive sustainable growth.

Infrastructure development takes centre stage, with a substantial allocation of 7.5 trillion. This investment

is expected to generate employment opportunities and provide a significant boost to economic growth. Furthermore, the government has emphasized the manufacturing sector by introducing a production-linked incentive (PLI) scheme across ten sectors. This initiative aims to attract investment, foster job creation, and enhance the manufacturing ecosystem in India.

Source: World economic outlook- 2023 Recognizing the importance of startups, the government has introduced measures to support their growth, including a seed fund of 1,00,000 million. This support is anticipated to nurture the startup ecosystem, promote innovation, and create employment opportunities.

The governments focus on digitalization is evident through the announcement of a national e-commerce policy and a digital industrial policy. These initiatives are designed to foster the growth of the digital economy, enable digital transformation, and stimulate job creation.

The government is actively working to improve the ease of doing business in India. This involves streamlining regulatory processes, simplifying licensing requirements, and facilitating access to credit. By enhancing the business environment, India aims to attract more investment, foster entrepreneurship, and drive economic growth.

The government has taken significant initiatives healthcare industry, evident in the Union Budget 2023-24. The Ministry of Health and Family Welfare (MoHFW) received a substantial allocation of 891,550 million, and the National Health Mission was granted 290,850 million. Furthermore, the Department of Health Research earmarked 23,600 million to support collaborative research and innovation by the Indian Council of Medical Research (ICMR).

Additionally, the government approved the continuation of the National Health Mission with a budget of 370,000 million and allocated 51,560 million to the newly introduced PM-ABHIM program, which aims to bolster healthcare infrastructure and enhance primary, secondary, and tertiary care services in India. These initiatives collectively underscore the governments steadfast commitment to enhancing healthcare services and promoting medical research and innovation throughout the country.While challenges such as inflation, fiscal deficit, and manufacturing slowdown persist, the governments initiatives demonstrate a proactive approach to address these issues and enhance the

economys long-term prospects. The implementation of these measures is expected to stimulate growth, create employment opportunities, and position India as an attractive investment destination.

Outlook:

The Indian economy is projected to experience moderate growth in 2023, with several positive indicators contributing to its performance. The labour market remains strong, and corporate profits continue to grow. Furthermore, the governments initiatives to improve the ease of doing business are anticipated to attract investment and stimulate economic activity.

However, the Indian economy faces a set of challenges that are influencing its performance in 2023. These challenges include a sharp increase in inflation, which could potentially result in reduced consumer spending. Fluctuations in commodity prices and a slowdown in global growth are also impacting Indias export sector. Additionally, there might be hurdles in implementing the governments initiatives aimed at improving the ease of doing business. Furthermore, the outcome of upcoming state elections poses another factor that could shape the economic landscape.

Overall, the economic outlook for India in 2023 is characterized by a mix of opportunities and risks. It underscores the challenges posed by rising inflation, and manufacturing slowdown, as well as the positive factors such as a strong labour market, government initiatives continued growth of the digital economy. Assessing and managing risks while capitalizing on opportunities will be essential for the Indian economy to navigate the challenges and strive for sustainable growth.

Industry Overview Indian Healthcare Industry:

The Indian healthcare industry is projected to demonstrate a remarkable Compound Annual Growth Rate (CAGR) of 22.52%, reaching an estimated valuation of USD 372 billion. This significant growth is attributed to numerous factors, including the expanding population, rising income levels, and the increasing prevalence of chronic diseases such as diabetes and heart disease, which are driving the demand for healthcare services. Furthermore, there is a growing awareness of preventive healthcare practices and a wider availability of healthcare insurance options. The Indian governments focus on enhancing the healthcare infrastructure through a substantial allocation of funds in the Union Budget 2023-24, reflecting a 13% increase compared to the previous year, further contributes to

this growth. It is worth noting that the healthcare industry has become one of the largest employers in India, with an estimated workforce of 7.4 million individuals with a CAGR of 9.50% since 2017.

The Indian healthcare industry encompasses diverse segments, including hospitals, pharmaceuticals, diagnostics, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. Among these segments, hospitals constitute the largest portion, accounting for approximately 80% of the market. The medical devices segment is also experiencing rapid growth due to the escalating demand for innovative medical technologies.

The sector offers attractive opportunities with growing investments, initiatives, and innovation, focusing on cost leadership, differentiation, and co-development. The industry has witnessed active mergers and acquisitions,

with foreign players establishing research and development centres and hospitals in India. The governments policy support, including tax incentives and liberalization of foreign direct investment (FDI), further enhances the investment climate.

Source: IBEF

A notable trend in the industry is the shift towards multiple healthcare services under one roof, accompanied by the adoption of advanced technologies such as telemedicine and artificial intelligence. The rising adoption of digital platforms and the introduction of a digital vaccine delivery system have further strengthened the sector. Moreover, the penetration of health insurance and the focus on universal immunization programs are driving the demand for healthcare services.

Nevertheless, the Indian healthcare industry faces certain challenges, including a shortage of skilled healthcare professionals, limited access to healthcare in rural areas, high healthcare costs, and insufficient awareness about preventive healthcare practices. To address these challenges, the Indian government is actively supporting the healthcare sector through policies and initiatives. These initiatives include the development of India as a global healthcare hub, strengthening public health surveillance, and the passage of bills to regulate healthcare professionals. The expenditure of Indian government on health service is increasing year on year from INR 3,176 billion in FY21 to 5,488 billion FY23 (BE), a growth of ~73%. With focus on improving the health care services in India, the government is on a mission to provide affordable and easily accessible health services to population at large. The government aims to increase public health spending to 2.5% of GDP by 2025 and is implementing measures such as increasing the number of medical schools, providing financial assistance to rural healthcare providers, and promoting preventive healthcare initiatives.

Looking ahead, the Indian healthcare industry is expected to sustain its growth momentum. Factors contributing to this growth include the escalating demand for healthcare services, the governments focus on improving healthcare infrastructure, and the increasing availability of healthcare insurance coverage.

The Indian healthcare industry is a dynamic and evolving sector, poised for robust growth and offering attractive opportunities. The governments support, increasing healthcare expenditure, rising income levels, and technological advancements are driving the sectors development. However, challenges such as infrastructure expansion and skill shortages need to be addressed. It is crucial for stakeholders within the Indian healthcare industry to monitor and adapt to these trends to capitalize on opportunities and navigate potential challenges in the years ahead.

Indian Diagnostic Industry:

The Indian diagnostic sector is experiencing rapid growth and has emerged as one of the fastest-growing segments within the healthcare industry. The Indian diagnostic industry is projected to exhibit a CAGR of 15% in 2023, with an estimated valuation of INR 980 Billion. Common types of diagnostics encompass a broad range of services and products employed for disease and medical condition identification. These include:

Source: World Economic Outlook, Crisil, Pib.gov

• Pathology: Involves studying tissues and cells to identify diseases using techniques like microscopy, biochemical analysis, and molecular testing.

• Radiology: Uses imaging technology like X-rays, CT scans, and MRIs to diagnose diseases and injuries.

• Nuclear medicine: Utilizes radioactive materials, PET scans, SPECT scans, and radiopharmaceuticals to diagnose and treat diseases.

• Microbiology: Studies microorganisms (bacteria, viruses, fungi) using techniques like culture, microscopy, and molecular testing to identify and diagnose infections.

• Serology: Focuses on studying the bodys immune response to diseases through blood tests and other techniques to diagnose infections and conditions.

Additional services and products in the diagnostic sector:

• Diagnostic equipment: Devices such as microscopes, X-ray machines, and CT scanners.

• Diagnostic tests: Includes blood tests, urine tests, and stool tests, among others.

• Diagnostic software: Used to analyse diagnostic data and aid in making diagnoses.

Key factors driving the growth of the Indian diagnostic sector:

Increasing awareness of preventive healthcare: There is a growing emphasis on preventive healthcare practices among the Indian population. People are becoming more proactive in managing their health and seeking regular diagnostic tests to detect potential health issues at an early stage. This rising awareness is contributing to the demand for diagnostic services.

Growing disposable incomes of the middle class:

The middle-class population in India is witnessing a rise in disposable incomes. With higher purchasing power, individuals are more willing to invest in their healthcare and undergo diagnostic tests for early disease detection and proactive health management.

Rising incidence of chronic diseases: The prevalence of chronic diseases, including diabetes, cancer, cardiovascular diseases, and respiratory disorders, is increasing in India. This rise in chronic diseases necessitates regular diagnostic testing for effective disease management and monitoring, further driving the demand for diagnostic services.

Expansion of government healthcare programs:

The Indian government has been actively expanding its healthcare programs, including initiatives focused on improving access to healthcare and increasing health insurance coverage. These programs create a conducive environment for the growth of the diagnostic sector by enhancing the affordability and availability of diagnostic services.

Technological advancements in diagnostics: The

diagnostic sector is benefiting from continuous technological advancements, such as improved imaging techniques, automation, point-of-care testing, and molecular diagnostics. These advancements enable more accurate and efficient diagnostic procedures, leading to increased adoption and demand for diagnostic tests.

Growing Penetration of Insurance: The increasing availability of health and medical insurance products

in India has transformed the healthcare landscape, enhancing accessibility and affordability for the population. This proliferation has empowered consumers with customization options, comprehensive coverage, and improved financial preparedness, while also necessitating ongoing efforts to address challenges such as affordability and diverse healthcare needs.

The Indian diagnostic industry encompasses various segments, including stand-alone diagnostic labs, hospital diagnostic labs, and diagnostic chains. Stand-alone diagnostic labs account for the largest portion of the market, while hospital diagnostic labs are also experiencing rapid growth due to the escalating demand for diagnostic services in hospitals. Although, the presence of numerous small and medium-sized players, the sector is observing a trend of consolidation as larger entities acquire smaller ones to expand their market share and streamline operations. This consolidation trend is anticipated to continue, along with the entry of new players, particularly online diagnostics platforms, offering convenience and accessibility to customers.

However, the Indian diagnostic sector faces several challenges. High fragmentation within the sector hinders economies of scale and competitiveness. The lack of standardization makes it difficult for patients to compare prices and quality across different laboratories. Low awareness of preventive healthcare, especially among rural and lower-income populations, limits demand for diagnostic tests. Inflated costs, particularly for complex tests, pose financial barriers for many patients. Additionally, there is a shortage of skilled professionals, inadequate infrastructure, and complex regulatory environments that impact the sectors growth potential.

Source: World Economic Outlook 2023, Crisil, pib.gov

Several strategic measures can be implemented to tackle the challenges faced by the Indian diagnostic sector:

• Pursue consolidation for economies of scale and improved competitiveness

• Undertake efforts towards standardization for easier comparison and quality assurance across different laboratories

• Launch awareness campaigns to promote preventive healthcare and increase demand for diagnostic tests

• Implement cost reduction initiatives through efficient technologies

• Prioritize skill development programs to address the shortage of qualified professionals

• Make infrastructure investments to enhance diagnostic laboratory facilities and capabilities

• Simplify regulations to ensure better compliance and create a favourable operating environment for the sector

Looking ahead, the Indian diagnostic industry is expected to sustain its growth momentum. Factors contributing to this growth include the increasing demand for diagnostic services, the governments focus on enhancing the healthcare infrastructure, and the growing availability of healthcare insurance coverage.

Key trends are anticipated to shape the Indian diagnostic industry in 2023. These include the expansion of digital diagnostics,

• The integration of artificial intelligence (AI) and machine learning (ML) technologies in diagnostics,

• The rise of point-of-care diagnostics, a heightened focus on preventive diagnostics, and the growing importance of patient engagement.

The Indian diagnostic industry is a dynamic and evolving sector, poised for significant growth, driven by increasing awareness of preventive healthcare, rising disposable incomes, and technological advancements. The sector is also likely to witness ongoing consolidation among established players and the entry of new players offering innovative services and technologies. By closely monitoring these trends and adapting to the evolving market dynamics, stakeholders in the Indian diagnostic sector can capitalize on the opportunities and navigate the challenges to drive further growth and success in the years to come.

Company Overview Business Overview:

Krsnaa Diagnostics is a one of the leading differentiated diagnostic service provider in India, specializing in a comprehensive range of technology-enabled diagnostic services. The companys offerings include imaging services (such as radiology), pathology/clinical laboratory services, and tele-radiology services. Krsnaa Diagnostics serves a wide range of clients, including public and private hospitals, medical colleges, trust hospitals and community health centres throughout the country.

Krsnaa Diagnostics provides its services Pan India and has over 130+ radiology centres, 1,500+ tele-reporting centres, 99 pathology labs , 1000+ Pathology Collection centres, and notably operates Indias 1⁵¹ NABH Accredited tele-radiology reporting hub, located in Pune. This cutting- edge facility operates round the clock, 365 days a year, efficiently processing a large volume of X-rays, CT scans, and MRI scans. This establishment has been instrumental in extending diagnostic services to patients residing in remote areas with limited access to diagnostic facilities. This strategic approach minimizes the need for manual intervention, ensuring the generation of accurate reports and comprehensive analyses.

Krsnaa Diagnostics leverages its clinical expertise and IT- based infrastructure, complemented by a disruptive pricing strategy, as key elements of its competitive advantage. The companys radiology tests are priced 45% to 60% lower than the prevailing market rates, while its pathology tests are offered at 40% to 80% lower rates. This approach enables Krsnaa Diagnostics to deliver high-quality reports and in-depth analysis while ensuring affordability and accessibility for patients. The utilization of automated process equipment further enhances the efficiency and reliability of the companys services.

Business Segments:

Krsnaa Diagnostics is a leading provider of radiology, pathology, and tele-radiology services in India. The company offers a comprehensive range of diagnostic imaging services and clinical laboratory tests, encompassing routine as well as specialized tests and studies. These services play a crucial role in disease prediction, early detection, diagnostic screening, confirmation, and monitoring.

Krsnaa Diagnostics operates across 17 states and union territories in India, providing comprehensive diagnostic services. The company has established 130+ radiology centres that offer wide range for radiology tests. These tests encompass various imaging modalities, including MRI, CT scans, X-Rays, mammography, bone densitometry, ultrasound, and Color Doppler.In the field of pathology, the company offers a complete spectrum of services. This includes all the key disciplines of conventional and specialized lab services, such as biochemistry, hematology, clinical pathology, histopathology, cytopathology, microbiology, serology, and immunology. At the teleradiology hub located in Pune, Krsnaa Diagnostics has a suite of advanced medico-grade monitors & a other technology equipment. This hub holds the distinction of being Indias first NABH Accredited tele-radiology reporting hub. Tele-reporting is a critical and distinctive aspect of the companys business model, enabling the provision

of diagnostic services to patients in remote areas where access to diagnostic facilities is limited.

Company follows an operating model where diagnostic centres are operated through partnerships with hospitals. The companys primary focus lies in the public-private partnership (PPP) diagnostics segment, where it holds the largest presence.

The diagnostic services sector is significantly underpenetrated in many parts of the country. To bridge this gap, both the central government (National Health Mission-NHM) and state governments collaborate with private partners to expand the reach of essential diagnostic services. Krsnaa Diagnostics, known for its high- quality services and disruptive pricing, has emerged as a preferred partner for public health agencies. Currently, the company operates over 2,850 dedicated centres under the PPP model.

Under the PPP agreements, the government collaborates with private entities to enhance the healthcare and diagnostic services by providing radiology and pathology services. These services typically involve long-term commitments, ensuring revenue visibility for operations. Government health agencies provide the necessary space for setting up the diagnostic centres, while the company invests in equipping the facilities as per contractual requirements. The contract terms with public health agencies range from 5 to 10 years, often including a clause for term extension based on performance and mutual agreement. Since the commencement of operations, Krsnaa Diagnostics has been awarded 78% of all tenders it has bided. Furthermore, due to the companys competitive service rates, public health agencies have expanded the scope of services to additional centres without the need for supplementary bidding.

In addition to the PPP segment, company has been growing its collaboration and strategic tie-ups with private healthcare providers to operate diagnostic centres within their facilities and operates 42 such diagnostic centres (Krsnaa Business Associate) on a revenue sharing business model, as of March 31, 2023.

Growth Strategy:

Krsnaa Diagnostics adheres to a core philosophy of providing world-class healthcare diagnostic services at affordable rates while simultaneously generating value for shareholders through robust and sustainable growth. The company has identified several key initiatives that will be prioritized in its future endeavours:

• Expanding Public-Private Partnership (PPP) Potential: The governments ongoing commitment to enhancing healthcare services, coupled with a significant untapped market, creates substantial growth opportunities in PPP projects for diagnostic services. With an impressive 78% bid-win ratio, Krsnaa Diagnostics is strategically positioned to capitalize on these opportunities. The company has successfully secured new projects in Maharashtra, Rajasthan, Uttar Pradesh, Tripura, and Delhi, and has recently entered the new geography of Odisha and the company remains committed to actively participating in upcoming tenders, fostering a robust pipeline for future expansion.

• Successful operationalization of new centres:

Company has demonstrated its ability to execute and deliver on its awarded tenders, securing 9 new tenders in the past twelve months. With a robust pipeline in place, the company is making steady progress in the implementation of these centres, ensuring a phased launch of the new facilities. The focus remains on timely and efficient operationalization to expand the reach and availability of diagnostic services.

• Enhancing Profitability of Centre Portfolio: Krsnaa Diagnostics has a diversified portfolio of diagnostic centres, with 59% of the total centres being mature and delivering a commendable ROCE of 32%. The remaining centres are a mix of semi-mature and newly launched centres, which also demonstrate a positive ROCE exceeding 1%. As these centres mature, there is a strong anticipation of increased patient footfall and test volumes. This expected growth in patient and test counts is projected to have a substantial positive impact on the companys profitability in the future.

• Strategic Expansion for Retail Market offering:

Company aims for asset light expansion in retail market by leveraging the existing infrastructure of its diagnostic centres. This includes adding more collection centres to enhance accessibility for end consumers. Furthermore, the company has outlined a core strategy that involves the establishment and operationalization of a Home Collection Hub and the promotion of Preventive Health check-ups in two phases. Phase I encompasses state of Maharashtra and Punjab, while Phase II targets state of Odisha, Assam, and Rajasthan

• Expanding Test Menus: The company plans to broaden its test menus by incorporating specialized tests at disruptive prices. Also Company has

introduced various Healthcare packages, our Health packages aim to discover medical abnormalities and identify risk factors and infections before they develop difficulties. These packages assist the patient in changing their lifestyle for long-term healthy living and preventing illnesses and complications. our recently introduced Ayaksham wellness package, offers a vast array of tests and healthcare services. These packages encompass both basic and special tests, providing a wide range of healthcare solutions in a single, affordable package, catering to individuals diverse needs.

• Enhancing Brand Visibility: Company aims to increase brand awareness by effectively promoting its high-quality service offerings and disruptive pricing strategy. The company plans to leverage digital marketing channels and engage in active social media interactions to reach a wider audience. Additionally, company seeks to expand its partnerships with key stakeholders to further enhance brand visibility. In-shop branding and promotional activities will also be utilized as part of the comprehensive strategy to strengthen the companys brand presence in the market.

Performance Review and Outlook:

In FY2023, the Company delivered Revenues of 4,871 million, registering an increase of 7% on year-on-year basis, one of the highest in the industry. The performance was led by growth in core business of radiology and pathology which grew by 15% and this growth was offset by decline of 98% y-o-y in Covid-19 revenues. Krsnaa is the only listed entity with well diversified business mix where

Radiology and Pathology contributed 66% and 34% to the total revenues respectively. During the year, total number of test conducted were 24.04 million, a growth of 39% on year-on-year basis, and a strong volume growth was visible in all modalities except Covid-19 tests.

EBITDA for the year stood at 1,240 million, representing a 7% decline compared to the previous year. The EBITDA margin stood at 25%. It is important to note that the margin reduction was a result of the costs incurred in establishing new centres. The company achieved a Profit after Tax of 621 million.

Over the past five years, Krsnaa Diagnostics has achieved rapid growth, establishing itself as one of the fastest-growing diagnostic service providers in India, outperforming its peers. The company has expanded its geographical presence from 660+ centers in FY18 to 2,850 centres in FY23. During this period, Revenue from Operations exhibited a CAGR of 35%, while Net Profits demonstrated a CAGR of 66%. Radiology and Pathology Revenue experienced robust CAGRs of 36% and 33% respectively during the same period.

Krsnaa Diagnostics is focused on building a strong foundation for long-term sustainable growth. The company remains confident in maintaining its growth momentum. With increasing government emphasis on delivering high- quality healthcare services and the growing prevalence of public healthcare schemes, such as free diagnostics, the PPP model in the diagnostic industry is expected to receive a boost. Krsnaa Diagnostics is well-positioned to seize the opportunities presented by this growing landscape, aligning its business fundamentals to tap into this expanding market.