UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16

OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2021

 

Commission file number: 001-38775

 

ITAMAR MEDICAL LTD.

(Name of registrant)

 

9 Halamish Street, Caesarea 3079833, Israel

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

 

 

 

 

 

 

 

EXPLANATORY NOTE

 

On August 10, 2021, Itamar Medical Ltd. issued a press release entitled "Itamar Medical Reports Second Quarter 2021 Financial Results", which is attached to this Form 6-K as Exhibit 99.1.

 

 

 

 

Exhibits

 

Exhibit Number Description
99.1 Press Release, August 10, 2021: Itamar Medical Reports Second Quarter 2021 Financial Results.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  ITAMAR MEDICAL LTD.
   
   
  By: /s/ Shy Basson
  Shy Basson
  Chief Financial Officer  

 

Date: August 10, 2021

 

 

 

Exhibit 99.1

 

 

 

ITAMAR MEDICAL REPORTS SECOND QUARTER 2021 FINANCIAL RESULTS

 

- Revenues Increased 41% Year-over-Year to $12.6 Million -

 

- U.S. WatchPATTM Revenues Increased 53% Year-over-Year to $10.1 Million -

 

- Raised Full Year 2021 Revenue Guidance to a Range of $53 Million to $54 Million -

 

- Company to Host Conference Call Today at 8:00 am ET, 3:00 pm IT -

 

CAESAREA, Israel, August 10, 2021-- Itamar Medical Ltd. (Nasdaq and TASE: ITMR), a leading medical device and digital health company focused on the integration of sleep apnea management into the cardiac patient care pathway, today reported unaudited financial results for the second quarter of 2021.

 

“Our second quarter results demonstrated further growth as our WatchPAT™ technology continued to gain recognition as a safe and effective method for home-based sleep apnea testing,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical. “Core sleep in the U.S. continues to be our most significant growth driver, with double digit growth in nearly every region during the quarter. We also began to see the benefit of the recent elimination of the G-code loophole in Medicare Administrative Contractors (MACs) covering about 60% of Medicare beneficiaries, paving the way for further share gains and materially enhancing our competitive market positioning. In our Cardiology business, we were pleased to see the American Heart Association publish a formal statement on the importance of sleep apnea management in cardiac care for the first time. We are very encouraged by our increasing opportunity to be a meaningful part of this estimated $2.7 billion market in the U.S.”

 

“We see continuing momentum as we enter the second half of 2021, giving us the confidence to raise our guidance for full year revenues. Investing for long-term growth remains top of mind and importantly, we have the financial resources to do so,” concluded Glick.

 

Second Quarter 2021 Highlights and Recent Achievements

 

·Total revenues were $12.6 million, an increase of 41% year-over-year.

 

·U.S WatchPAT revenues were $10.1 million, an increase of 53% year-over-year.

 

·Added 121 new WatchPAT ONE customers, including 84 new to Itamar Medical.

 

·Non-IFRS gross margin was 73%, compared to 70% in the second quarter of 2020 and 72% in the first quarter of 2021. (See “Use of Non-IFRS Measures” below).

 

·Increased full year 2021 revenue guidance to a range of $53 to $54 million, representing growth of 29% to 32% over full year 2020 revenue.

 

·Appointed Brad Fluegel to the Company’s board of directors.

 

·Launched enhancement to WatchPAT product line at SLEEP 2021: WatchPAT ONE with SleepPath™ to further enhance diagnostic comprehensiveness and automate home based testing

 

1

 

 

Second Quarter 2021 Financial Results

 

Revenues for the second quarter of 2021 increased 41% to $12.6 million, compared to $8.9 million in the same quarter in 2020. Revenue growth was mainly driven by an increase in WatchPAT sales in the U.S.

 

Worldwide WatchPAT revenues for the second quarter of 2021 increased 52% to $12.0 million, compared to $7.9 million in the same quarter in 2020.

 

U.S. WatchPAT revenues for the second quarter of 2021 increased 53% to $10.1 million, compared to $6.6 million in the same quarter in 2020, driven mainly by WatchPAT ONE sales, as well as WatchPAT Direct sales. Sales from disposables and renewable products, including WatchPAT ONE, comprised approximately 77% of WatchPAT revenues in the U.S. for the second quarter of 2021, compared to 78% for the same quarter in 2020.

 

Gross profit for the second quarter of 2021 increased to $8.9 million, compared to $6.0 million in the same quarter in 2020. Gross margin increased to 71%, compared to 68% in the same quarter in 2020. Non-IFRS gross margin (see Reconciliation of IFRS to Non-IFRS Financial Measures below) increased to 73%, compared to 70% in the same quarter in 2020. The improvement in gross margin is primarily attributable to a consistent decrease in WatchPAT ONE production costs and increased efficiency and cost reduction in the production process. (See “Use of Non-IFRS Measures” below).

 

Operating loss for the second quarter of 2021 was $4.6 million, compared to $3.2 million in the same quarter in 2020. The increase in operating loss was primarily due to an increase in operating expenses, partially offset by the increase in revenues. Operating expense increase was mainly driven by the following:

 

-Selling and marketing expenses increased 26% to $7.5 million, compared to $5.9 million in the same quarter in 2020, due to expansion of field force related expenses, resuming of travel and increased consulting fees relating to reimbursement in the U.S., Australia, China and Japan.

 

-Research and development expenses increased 145% to $3.4 million, compared to $1.4 million in the same quarter in 2020, driven by expenses of $1.1 million associated with research and development of the acquired Remote Patient Monitoring (RPM) technology assets from SPRY, including amortization of intangible assets of $0.4 million, increased personnel to support product development, mainly related to the Company’s digital health platform, and increased share-based payments.

 

-General and administrative expenses increased 39% to $2.7 million, compared to $1.9 million in the same quarter in 2020, mainly driven by an increase in payroll and related expenses due to increase in personnel, increase in directors’ and officers’ insurance premium, as well as increased legal expenses, including a commercial dispute in defense of our intellectual property initiated by the Company.

 

Non-IFRS operating loss for the second quarter of 2021 was $3.1 million, compared to $2.4 million in the same quarter in 2020. Non-IFRS operating loss excluded approximately $1.5 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; change in provision for doubtful and bad debt; and other non-recurring expenses, compared to $0.8 million of similar expenses for the same quarter in 2020 (see “Use of Non-IFRS Measures” below).

 

Net loss for the second quarter of 2021 was $4.7 million, compared to $3.2 million in the same quarter in 2020.

 

Non-IFRS net loss for the second quarter of 2021 was $3.2 million, compared to $2.4 million in the same quarter in 2020. Non-IFRS net loss excluded approximately $1.5 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; change in provision for doubtful and bad debt; and other non-recurring expenses, compared to $0.8 million of similar expenses and gains for the same quarter in 2020 (see “Use of Non-IFRS Measures” below).

 

2

 

 

As of June 30, 2021, the Company had cash, cash equivalents and a short-term bank deposit of $73.0 million.

 

First Half 2020 Financial Results

 

Revenues for the six months ended June 30, 2021 increased 42% to $24.5 million, compared to $17.3 million for the six months ended June 30, 2020. Revenue growth was mainly driven by an increase in WatchPAT sales in the U.S., and the increase in total sales in Europe and in the rest of the world.

 

WatchPAT revenues for the six months ended June 30, 2021 increased 43% to $22.9 million, compared to $16.1 million for the six months ended June 30, 2020.

 

U.S. WatchPAT revenues for the six months ended June 30, 2021 increased 46% to $18.5 million, compared to $12.7 million for the six months ended June 30, 2020, driven mainly by WatchPAT ONE sales, as well as WatchPAT Direct sales. Sales from disposables and renewable products, including WatchPAT ONE, comprised approximately 78% of WatchPAT revenues in the U.S. for the six months ended June 30, 2021, compared to 77% for the six months ended June 30, 2020.

 

Gross profit for the six months ended June 30, 2021 increased to $17.0 million, compared to $12.3 million for the six months ended June 30, 2020. Gross margin decreased to 69%, compared to 72% the six months ended June 30, 2020. Gross margin decline was mainly driven by non-recurring expenses of $0.4 million related to relocating the Company’s production facilities to a new location during the first quarter of 2021 and increased WatchPAT ONE sales, offset by improvement attributable to a consistent decrease in WatchPAT ONE production costs and increased efficiency and cost reduction in the production process in the second quarter of 2021. Non-IFRS gross margin (see Reconciliation of IFRS to Non-IFRS Financial Measures below) decreased to 72%, compared to 73% in the six months ended June 30, 2020. Non-IFRS gross margin decline was mainly driven by the increase in WatchPAT ONE sales, offset by improvement attributable to a consistent decrease in WatchPAT ONE production costs and increased efficiency and cost reduction in the production process in the second quarter of 2021. (See “Use of Non-IFRS Measures” below).

 

Operating loss for the six months ended June 30, 2021 was $9.9 million, compared to $5.2 million for the six months ended June 30, 2020. The increase in operating loss was primarily due to an increase in operating expenses, partially offset by the increase in revenues. Operating expense increase was mainly driven by the following:

 

-Operating expenses include $1.1 million (recorded in the first quarter of 2021) related to non-recurring share-based payments resulting from the extended exercise period of vested service options from five to ten years.

 

-Selling and marketing expenses increased 32% to $14.8 million, compared to $11.2 million in the same period in 2020, due to the planned expansion of the U.S. sales team into new geographical territories and verticals (37 territories and verticals as of June 30, 2021, compared to 32 territories and verticals as of June 30, 2020), as well as additional sales commissions resulting from the increase in revenues, resuming travel, increased consulting fees relating to reimbursement in the U.S., Australia, China and Japan, and increased share-based payments, as mentioned above.

 

-Research and development expenses increased 134% to $6.3 million, compared to $2.7 million in the same period in 2020, driven by expenses of $1.9 million associated with research and development of the acquired RPM technology assets from SPRY, including amortization of intangible assets of $0.7 million, increased personnel to support product development, mainly related to the Company’s digital health platform, and an increased share-based payments, as mentioned above.

 

3

 

 

-General and administrative expenses increased 59% to $5.8 million, compared to $3.6 million in the same period in 2020, mainly driven by an increase in payroll and related expenses due to increase in personnel, increase in directors’ and officers’ insurance premium, as well as increased legal expenses, including a commercial dispute in defense of our intellectual property initiated by the Company, and an increased share-based payments, as mentioned above.

 

Non-IFRS operating loss for the six months ended June 30, 2021 was $5.9 million, compared to $3.8 million for the six months ended June 30, 2020. Non-IFRS operating loss excluded approximately $4.0 million in share-based payments; depreciation and amortization of property and equipment and intangible asset; change in provision for doubtful and bad debt; non-recurring expenses related to relocating our production facilities to a new location; and other non-recurring expenses, compared to $1.4 million of similar expenses for the six months ended June 30, 2020 (see “Use of Non-IFRS Measures” below).

 

Net loss for the six months ended June 30, 2021 was $10.3 million, compared to $5.2 million for the six months ended June 30, 2020.

 

Non-IFRS net loss for the for the six months ended June 30, 2021 was $6.3 million, compared to $3.9 million for the six months ended June 30, 2020. Non-IFRS net loss excluded approximately $4.0 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; change in provision for doubtful and bad debt; non-recurring expenses related to relocating our production facilities to a new location; and other non-recurring expenses, compared to $1.3 million of similar expenses and gains for the six months ended June 30, 2020 (see “Use of Non-IFRS Measures” below).

 

Conference Call and Webcast Information

 

The Company will host a conference call today at 8:00 a.m. Eastern Time, 3:00 p.m. Israel Time to review financial results and provide a corporate update.

 

To listen live via webcast, please visit https://www.itamar-medical.com/, or by clicking here.

 

To participate via phone, please use the dial in information:

 

U.S. toll-free: 833-519-1272
International: 914-800-3844
Israel toll-free: 1-809-315-362

 

Conference ID: 3314287

 

Please log in approximately 10 minutes prior to the scheduled start time. An archived webcast also will be provided in the Events and Presentations section of the Company’s website.

 

Use of Non-IFRS Measures

 

In addition to disclosing financial results prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB), this press release contains Non-IFRS financial measures for operating loss and net loss, which are adjusted from results based on IFRS to exclude: (i) share-based payments; (ii) depreciation and amortization of property and equipment and intangible assets; (iii) change in provision for doubtful and bad debt; (iv) non-recurring expenses related to relocating production facilities to a new location; and (v) other non-recurring expenses. Management believes that the Non-IFRS financial measures provided in this press release are useful to investors’ understanding and assessment of the Company’s performance. Management uses both IFRS and Non-IFRS measures when operating and evaluating the Company’s business internally and therefore decided to make these Non-IFRS adjustments available to investors. The presentation of this Non-IFRS financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. For further details, see a reconciliation of operating loss and net loss on an IFRS basis to a Non-IFRS basis that is provided in the table that accompanies this press release.

 

4

 

 

About Itamar Medical Ltd.

 

Itamar Medical is a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. Itamar Medical commercializes a digital healthcare platform to facilitate the continuum of care for effective sleep apnea management with a focus on the core sleep, cardiology and direct to consumer markets. Itamar Medical offers a Total Sleep Solution to help physicians provide comprehensive sleep apnea management in a variety of clinical environments to optimize patient care and reduce healthcare system costs. The Company’s key product, WatchPAT, is commercially available within major markets including the U.S., Japan and Europe. Itamar Medical is a public company traded on the Nasdaq and on the Tel Aviv Stock Exchanges, and is based in Caesarea, Israel with U.S. headquarters based in Atlanta, GA. For additional information visit www.itamar-medical.com.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Statements preceded by, followed by, or that otherwise include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. For example, when we discuss the 2021 revenue guidance range, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks, uncertainties and assumptions, including events and circumstances out of Itamar Medical's control and actual results, expressed or implied by such forward-looking statements, could differ materially from Itamar Medical's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, risks, uncertainties and assumptions discussed from time to time by Itamar Medical in reports filed with, or furnished to, the U.S. Securities and Exchange Commission (SEC) and the Israel Securities Authority (ISA), including the Company’s Annual Report on Form 20-F, which is on file with the SEC (accessible at www.sec.gov) and the ISA. Except as otherwise required by law, Itamar Medical undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

Itamar Medical Investor Relations Contact (U.S.)

Leigh Salvo

Gilmartin Group

Phone: +1-415-937-5412

investors@itamar-medical.com

 

*The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

 

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ITAMAR MEDICAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited)

 

   June 30,
2021
   December 31,
2020
 
   U.S. dollars in thousands 
Assets        
Current assets          
Cash and cash equivalents  $13,968   $9,670 
Short-term bank deposits   59,000    30,000 
Trade receivables   9,099    8,354 
Other receivables   2,605    2,251 
Inventories   7,566    7,164 
Total current assets   92,238    57,439 
           
Non-current assets          
Long-term restricted deposits and prepaid expenses   495    547 
Long-term trade receivables   232    412 
Property and equipment   3,308    2,904 
Intangible assets   3,100    1,037 
Right-of-use assets   5,056    1,801 
Total non-current assets   12,191    6,701 
Total assets  $104,429   $64,140 
           
Liabilities          
Current liabilities          
Short-term bank loan  $5,000   $5,000 
Current maturities of long-term loan   135    135 
Current maturities of lease liabilities   603    700 
Trade payables   3,520    4,418 
Other payables   4,592    5,973 
Accrued expenses   1,831    1,091 
Provisions   349    321 
Short-term employee benefits   741    354 
Total current liabilities   16,771    17,992 
           
Non-current liabilities          
Long-term loan   86    154 
Long-term lease liabilities   4,676    1,380 
Recognized liability for defined benefit plan, net   267    271 
Other long-term liabilities   1,326    1,271 
Total non-current liabilities   6,355    3,076 
Total liabilities   23,126    21,068 
           
Equity          
Ordinary share capital   1,342    1,140 
Additional paid-in capital   207,132    161,006 
Accumulated deficit   (127,171)   (119,074)
Total equity   81,303    43,072 
Total liabilities and equity  $104,429   $64,140 

 

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ITAMAR MEDICAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2021   2020   2021   2020 
   U.S. dollars in thousands (except per share and ADS data) 
Revenues  $12,560   $8,885   $24,537   $17,263 
Cost of revenues   3,618    2,869    7,586    4,919 
Gross profit   8,942    6,016    16,951    12,344 
Selling and marketing expenses   7,470    5,943    14,795    11,206 
Research and development expenses   3,371    1,377    6,260    2,679 
General and administrative expenses   2,668    1,914    5,759    3,634 
Total operating expenses   13,509    9,234    26,814    17,519 
Operating loss   (4,567)   (3,218)   (9,863)   (5,175)
Financial income (expenses):                    
Financial income   111    152    257    387 
Financial expenses   (250)   (166)   (577)   (400)
Financial expenses, net   (139)   (14)   (320)   (13)
Loss before taxes on income   (4,706)   (3,232)   (10,183)   (5,188)
Taxes on income   (40)   (10)   (86)   (52)
Net loss  $(4,746)  $(3,242)  $(10,269)  $(5,240)
                     
Loss per share – basic and diluted (in U.S. dollars)  $(0.01)  $(0.01)  $(0.02)  $(0.01)
                     
Weighted average number of shares used in computation of loss per shares – basic and diluted (in thousands)   492,090    423,137    477,857    406,624 
                     
Loss per ADS – basic and diluted (in U.S. dollars)  $(0.29)  $(0.23)  $(0.64)  $(0.39)
                     
Weighted average number of ADSs used in computation of loss per ADS – basic and diluted (in thousands)   16,403    14,105    15,929    13,554 
                     

 

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ITAMAR MEDICAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2021   2020   2021   2020 
   U.S. dollars in thousands 
Cash flows from operating activities                    
Net loss  $(4,746)  $(3,242)  $(10,269)  $(5,240)
Adjustments for:                    
Depreciation and amortization   921    479    1,679    889 
Share-based payment   553    309    2,173    671 
Change in provision for doubtful and bad debt   233    126    230    158 
Net financial cost (income)   32    (102)   199    (199)
Decrease (increase) in trade receivables   (1,016)   (728)   (794)   456 
Decrease (increase) in other receivables   77    (832)   (392)   (604)
Increase in inventories   (479)   (1,054)   (612)   (1,815)
Increase (decrease) in trade payables   (993)   151    (898)   580 
Increase (decrease) in other payables   405    866    (1,313)   (426)
Increase in provisions   16    10    28    61 
Increase in employee benefits   134    166    383    245 
Income tax expenses   40    10    86    52 
Taxes paid during the period   -    (29)   (16)   (30)
Interest paid during the period   (109)   (103)   (268)   (250)
Interest received during the period   60    230    114    303 
Net cash used in operating activities   (4,872)   (3,743)   (9,670)   (5,149)
Cash flows from investing activities                    
Investment in short-term bank deposits, net   (32,000)   (7,500)   (29,000)   (7,500)
Investment in restricted long-term deposits   -    (50)   -    (50)
Purchase of property and equipment, intangible assets and capitalization of development expenditure   (552)   (478)   (2,826)   (709)
Net cash used in investing activities   (32,552)   (8,028)   (31,826)   (8,259)
Cash flows from financing activities                    
Proceeds from issuance of shares, net of share issuance costs (share issuance costs)   (479)   (876)   46,181    36,185 
Repayment of principal of lease liabilities   (248)   (220)   (496)   (445)
Repayment of long-term loan   (33)   -    (66)   - 
Issuance of shares due to the exercise of stock options   143    81    147    81 
Net cash provided by (used in) financing activities   (617)   (1,015)   45,766    35,821 
Increase (decrease) in cash and cash equivalents   (38,041)   (12,786)   4,270    22,413 
Cash and cash equivalents at beginning of period   51,869    50,442    9,670    15,115 
Effect of exchange rate fluctuations on balances of cash and cash equivalents   140    10    28    138 
Cash and cash equivalents at end of period  $13,968   $37,666   $13,968   $37,666 
Non-cash investing activity - acquisition of intangible assets  $-   $-   $600   $- 
Non-cash financing activity - share issuance costs  $-   $38   $-   $38 

 

8

 

 

ITAMAR MEDICAL LTD.

RECONCILIATIONS OF IFRS TO NON-IFRS FINANCIAL MEASURES

(Unaudited)

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2021   2020   2021   2020 
   U.S. dollars in thousands (except per ADS data) 
IFRS operating loss  $(4,567)  $(3,218)  $(9,863)  $(5,175)
IFRS net loss  $(4,746)  $(3,242)  $(10,269)  $(5,240)
Cost of revenues:                    
Share-based payment   17    5    60    7 
Depreciation and amortization of property and equipment and intangible assets   173    162    338    264 
Non-recurring expenses related to relocating the Company’s production facilities to a new location   -    -    376    - 
Other non-recurring expenses   -    27    -    27 
    190    194    774    298 
Operating expenses:                    
Selling and marketing:                    
Share-based payment   196    80    839    199 
Depreciation and amortization of property and equipment and intangible assets   34    37    68    68 
Other non-recurring expenses   -    63    -    63 
    230    180    907    330 
Research and development:                    
Share-based payment   235    71    562    142 
Depreciation and amortization of property and equipment and intangible assets   429    31    723    50 
Other non-recurring expenses   65    18    65    18 
    729    120    1,350    210 
General and administrative:                    
Share-based payment   105    147    712    310 
Depreciation and amortization of property and equipment and intangible assets   20    18    43    34 
Change in provision for doubtful and bad debt   233    126    230    158 
Other non-recurring expenses   -    9    -    9 
    358    300    985    511 
Financial income (expenses), net:                    
Share-based payment   -    6    -    13 
    -    6    -    13 
                     
Non-IFRS operating loss  $(3,060)  $(2,424)  $(5,847)  $(3,826)
Non-IFRS net loss  $(3,239)  $(2,442)  $(6,253)  $(3,878)
                     
IFRS loss per ADS – basic and diluted (in U.S. dollars)  $(0.29)  $(0.23)  $(0.64)  $(0.39)
Non-IFRS loss per ADS – basic and diluted (in U.S. dollars)  $(0.20)  $(0.17)  $(0.39)  $(0.29)

 

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