Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of
Alphatec Spine, Inc., announced today financial results for the
second quarter of fiscal 2012, ended June 30, 2012
"I am pleased to complete my first quarter as Alphatec's CEO. My
prior leadership experiences have all been focused on generating
high margins through operational excellence and scaling revenues
through acquisitions, technology and effective global sales
organizations. In the past three months, we have built a foundation
to continuously improve margins and strengthen future revenue
growth," said Les Cross, Chairman and Chief Executive Officer of
Alphatec Spine.
"I expect the Company will achieve measurable progress each
quarter with our initiatives to improve margin structure, generate
a continuous flow of new products, enhance the productivity of our
global sales organization and scale our business through
acquisitions of companies and key products. In this light, our
second quarter was a success. That being said, I do not expect the
Company to transform itself in a single quarter.
"I am pleased to announce that in Q2, we acquired exclusive U.S.
distribution rights to sell under our own private label a
patent-protected, FDA-cleared synthetic biologic product for use in
posterolateral spine fusion. This synthetic biologic has
demonstrated success through clinical studies and actual results.
We believe this product addition positions Alphatec's Biologics
portfolio as one of the most comprehensive in the industry.
"Additionally, we have signed a letter of intent to acquire the
assets of a small spinal implant company. We hope to close the
transaction in a month or so after the definitive documents have
been executed and due diligence has been completed. We expect the
transaction to be accretive to Alphatec in 2013. We will provide
additional details on the transaction once, and if, it is
completed.
"To further accelerate revenue growth, we made headway with our
global distribution strategy. Late in the second quarter, we signed
several new U.S. distributor agreements that should benefit
domestic sales with a ramp that begins modestly in the third
quarter this year. International sales should also benefit from the
addition of new distributors in Austria, Switzerland and certain
eastern European countries. Unfortunately, these gains continue to
be offset by weakness in other geographies.
"Last on revenue growth, in Q2 we refinanced our credit
facility, providing us with greater borrowing power at a lower
cost. It also provided us with additional cash. Combined with the
unused $25 million equity line of credit that we put in place last
quarter, the Company has the financial flexibility to increase our
investment into new instrument sets for both Trestle Luxe and
Illico to address growing worldwide demand for these products, as
well as be opportunistic with acquisitions.
"On the operational side of our business, we made significant
progress in Q2 to drive lean practices throughout our U.S. supply
chain and in doing so achieved our $2 million annualized savings
goal that we set earlier this year. We have completed the
manufacturing validation for Trestle Luxe®, our new anterior
cervical plate. We are now internally manufacturing a portion of
the plates we are selling and Trestle Luxe continues to perform
well in the market. Our operations team has begun the next phase of
our cost savings initiatives that should drive additional margin
improvement later this year.
"I am pleased to announce, through a separate press release, the
appointment of Luke Faulstick to our Board of Directors, adding
considerable depth to our operational talent. Luke is a recognized
leader in transforming businesses into global, scalable and
customer-focused lean-enterprises and I have had the pleasure of
working alongside of him for 10 years while we were both growing
DJO Global's business.
"To reinvigorate the flow of new products developed and
commercialized by Alphatec Spine, we have reorganized the product
development process to resource those critical few projects that we
believe represent the best potential revenue contributions this
year. This includes the partial redesign of the Alphatec Solus
system that we have now completed. We expect to file for market
clearance for the redesigned system before the end of this year
and, depending on the timing of the agency's review, we hope to
re-launch the Alphatec Solus system in the U.S. in the first half
of next year. We expect to launch the product in international
markets in the fourth quarter of this year.
"Additionally, we received conditional approval from the FDA to
begin OsseoFix's multi-center, pivotal IDE study of 400 patients at
25 clinical sites. OsseoFix is an innovative treatment for
vertebral compression fractures, a common injury afflicting
approximately 700,000 osteoporotic and aging spine patients
annually in the U.S."
Mr. Cross continued his discussion by saying, "Now I would like
to provide an update on the leadership transition we announced
several months back. Dirk Kuyper and I have mutually agreed that
Dirk will leave the Company and step down from the board of
directors, effective today. I personally want to thank Dirk for his
commitment to Alphatec Spine's growth over the past five-plus
years, and recently, for helping us to manage through the
leadership transition.
"In light of the news, I will assume responsibility for
Alphatec's commercial operations in the U.S. and Japan and our
global marketing efforts. Pat Ryan will assume responsibility for
our international sales, and as such, will add the title of
'President, International' to his position as Alphatec's Chief
Operating Officer. Pat will have responsibility for EMEA, Latin
America and Asia Pacific, excluding Japan, in addition to his
responsibilities for research and development and global
operations. To help ensure a smooth and effective transition, Dirk
will remain as a consultant to the Company for a period of
time.
"While we acknowledge the market's headwinds and the continued
challenge to our business, we are pleased that we are making good
progress on a number of fronts. While we are generating tangible
improvements to our margin structure through our ongoing
operational initiatives, our revenue growth does not yet reflect
the investments we are making, but we believe we will see this in
the second half of 2012."
Second Quarter 2012 Operating Highlights
- Achieved record sales for new anterior cervical plate, Trestle
Luxe® and Biologics business
- Gross profit margin for Q2 2012 improved 390 basis points
compared to Q2 2011
- Gross profit margin for 1H 2012 improved by 260 basis points
over 1H 2011
- Operating expenses for 1H 2012 were $1.6 million lower than 1H
2011
- Adjusted EBITDA for 1H 2012 improved by over $1.8 million
compared to 1H 2011
- Generated $2.4 million in operating cash
Second Quarter 2012 Financial Results
Consolidated net revenues for the second quarter of 2012 were
$48.2 million, down approximately 5.2 percent compared to $50.9
million reported for the second quarter of 2011. On the basis of
constant currency, net revenues in the second quarter of 2012 were
lower by approximately 3.6 percent compared to the second quarter
of 2011.
U.S. net revenues for the second quarter of 2012 were $32.9
million, compared to $34.5 million reported for the second quarter
of 2011 and $32.6 million reported for the first quarter of 2012.
U.S. net revenues were driven by strong sales of the Company's new
anterior cervical plate, Trestle Luxe, and Biologics products.
International net revenues for the second quarter of 2012 were
$15.3 million. On the basis of constant currency, International net
revenues for the second quarter of 2012 were lower by 1 percent
compared to $16.3 million reported in the second quarter of
2011.
Gross profit and gross profit margin for the second quarter of
2012 were $30.2 million and 62.6 percent, respectively, compared to
$29.9 million and 58.7 percent, respectively, for the second
quarter of 2011. Gross profit in the second quarter of 2012 was
reduced by $1.0 million for the amortization of a licensed
intangible asset as part of the Cross Medical settlement described
below. Excluding this amount, gross profit and gross profit margin
would have been $31.2 million and 64.8 percent, respectively.
Included in the second quarter 2012 gross profit margin is a
provision for the write-off of certain Alphatec Solus inventory
associated with the partial redesign of the product, as well as
inventory costs associated with the Company's ongoing international
product rationalization program. These costs represent
approximately $1 million, or 200 basis points of margin.
As previously reported in January 2012, the Company announced
that it had reached a global settlement agreement with Cross
Medical Products regarding a license agreement dispute initiated by
Cross Medical and a patent infringement suit initiated by the
Company. As part of the settlement, the Company agreed to pay Cross
Medical $18 million. An initial payment of $5 million dollars was
made in January 2012 and the Company will make thirteen payments of
$1 million per quarter thereafter, starting August 1, 2012. The
Company expensed $9.8 million in the fourth quarter of 2011, which
was charged to operating expenses as a legal settlement adjustment.
With respect to the remaining $8.2 million, $8.0 million will be
recorded as a licensed intangible asset to be amortized over the
second quarter of 2012 and the subsequent five quarters in 2012 and
2013, plus imputed interest of $0.2 million.
Total operating expenses for the second quarter of 2012 were
$33.9 million, or 70.4 percent of revenues, reflecting an increase
of $0.8 million, compared to the second quarter of 2011. The
increase was primarily attributable to an increase in legal
costs.
GAAP Net loss for the second quarter of 2012 was $6.4 million,
or ($0.07) per share (basic and diluted), compared to a net loss of
$3.0 million, or ($0.03) per share (basic and diluted) for the
second quarter of 2011. Net loss for the second quarter of 2012
included $2.9 million, or ($0.03) per share, related to the
refinancing of the Company's credit facility, of which $2.3 million
is related to an early termination fee and $0.6 million is related
to the write-off of unamortized debt issuance costs.
Adjusted EBITDA in the second quarter of 2012 was $2.7 million,
or 5.7 percent of revenues, compared to $2.7 million, or 5.4
percent of revenues reported for the second quarter of 2011.
Adjusted EBITDA represents net income or loss excluding the effects
of interest, taxes, depreciation, amortization, stock-based
compensation, and other non-recurring items, such as restructuring
expenses, IPR&D and transaction related expenses. The reduction
in adjusted EBITDA verses consensus expectations is primarily a
consequence of the sales performance of the Company.
Cash and cash equivalents were $22.0 million at June 30, 2012, a
$1.3 million increase from the $20.7 million reported at December
31, 2011.
2012 Financial Guidance
Financial guidance for the remainder of 2012 is as follows: For
full year 2012 annual revenue guidance will be in the range of $196
million to $204 million, or minus 1% to plus 3% growth over 2011.
Adjusted EBITDA guidance will be in the range of $20 million to $24
million (or 10% to 12% of sales).
Conference Call Information
Alphatec Spine has scheduled a conference call to discuss its
financial results beginning today, August 7, 2012, at 2:00 p.m.
Pacific Time / 5:00 p.m. Eastern Time. Individuals interested in
listening to the conference call may do so by dialing (877)
556-5251 for domestic callers and (720) 545-0036 for international
callers. A live webcast of the conference call will be available
online from the investor relations section of the Alphatec Spine
website at www.AlphatecSpine.com. The webcast will be recorded and
will remain available on the investor relations section of Alphatec
Spine's website for at least 30 days.
About Alphatec Spine
Alphatec Spine, Inc. is a wholly owned subsidiary of Alphatec
Holdings, Inc. (Nasdaq:ATEC). Alphatec Spine is a medical device
company that designs, develops, manufactures and markets products
for the surgical treatment of spine disorders, primarily focused on
the aging spine. The Company's mission is to combine
world-class customer service with innovative, surgeon-driven
products that will help improve the aging patient's quality of
life. The Company is poised to achieve its goal through new
solutions for patients with osteoporosis, stenosis and other aging
spine deformities, improved minimally invasive products and
techniques and integrated biologics solutions. In addition to
its U.S. operations, the Company also markets its products in over
50 international markets through its affiliate, Scient'x S.A.S.,
via a direct sales force in France, Italy and the United Kingdom
and via independent distributors in the rest of Europe, the Middle
East and Africa. In Latin America, the Company conducts its
business through its subsidiary, Cibramed Produtos Medicos. In
Japan, the Company markets its products through its subsidiary,
Alphatec Pacific, Inc. In the rest of Asia and Australia, the
Company sells its and Scient'x's products through its and
Scient'x's distributors.
The Alphatec Holdings, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3520
Non-GAAP Information
Non-GAAP earnings and earnings per share included in this press
release are non-GAAP (generally accepted accounting principles)
financial measures that represents net income (loss) excluding the
effects of amortization and other non-recurring or expense items,
such as loss on extinguishment of debt, restructuring expenses and
transaction-related expenses. Management does not consider these
expenses when it makes certain evaluations of the operations of the
Company. Non-GAAP earnings and earnings per share, as defined
above, may not be similar to non-GAAP earnings measures used by
other companies and is not a measurement under GAAP. Adjusted
EBITDA included in this press release is a non-GAAP financial
measure that represents net income (loss) excluding the effects of
interest, taxes, depreciation, amortization, stock-based
compensation expenses, and other non-recurring income or expense
items, such as in-process research and development expense and
transaction-related expenses. Adjusted EBITDA, as defined above,
may not be similar to adjusted EBITDA measures used by other
companies and is not a measurement under GAAP. Though management
finds non-GAAP-based earnings or loss and EBITDA useful for
evaluating aspects of the Company's business, its reliance on these
measures is limited because excluded items often have a material
effect on the Company's earnings and earnings per common share
calculated in accordance with GAAP. Therefore, management uses
non-GAAP adjusted EBITDA in conjunction with GAAP earnings and
earnings per common share measures. The Company believes that
non-GAAP adjusted EBITDA provides investors with an additional tool
for evaluating the Company's core performance, which management
uses in its own evaluation of continuing operating performance, and
a base-line for assessing the future earnings potential of the
Company. While the GAAP results are more complete, the Company
prefers to allow investors to have supplemental metrics since, with
reconciliation to GAAP, they may provide greater insight into the
Company's financial results.
Forward Looking Statements
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve risks and uncertainty. Such statements are
based on management's current expectations and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Alphatec Spine cautions investors that there can be no
assurance that actual results or business conditions will not
differ materially from those projected or suggested in such
forward-looking statements as a result of various factors. Forward
looking statements include references to Alphatec Spine's 2012
revenue, adjusted EBITDA, free cash flow and earnings projections;
the success of initiatives to drive global sales growth and
increase margins, new product development and market success of
those products; and reductions in the Company's manufacturing costs
and operating expenses. The words "believe," "will," "should,"
"expect," "intend," "estimate" and "anticipate," variations of such
words and similar expressions identify forward-looking statements,
but their absence does not mean that a statement is not a
forward-looking statement. The important factors that could cause
actual operating results to differ significantly from those
expressed or implied by such forward-looking statements include,
but are not limited to; the uncertainty of success in developing
new products or products currently in Alphatec Spine's pipeline;
failure to achieve acceptance of Alphatec Spine's products by the
surgeon community, including Trestle Luxe, Alphatec Solus, the new
Biologics synthetic product and Illico; failure to successfully
implement streamlining activities to create anticipated savings;
failure to successfully begin in-house manufacturing of certain
products; failure to obtain FDA clearance or approval for new
products, including OsseoFix and Alphatec Solus, or unexpected or
prolonged delays in the process; Alphatec Spine's ability to
develop and expand its U.S. and/or global revenues; continuation of
favorable third party payor reimbursement for procedures performed
using Alphatec Spine's products; unanticipated expenses or
liabilities or other adverse events affecting cash flow or Alphatec
Spine's ability to successfully control its costs or achieve
profitability; uncertainty of additional funding; Alphatec Spine's
ability to compete with other competing products and with emerging
new technologies; product liability exposure; failure to meet all
financial obligations in the Cross Medical Settlement or its credit
agreement; patent infringement claims and claims related to
Alphatec Spine's intellectual property. Please refer to the risks
detailed from time to time in Alphatec Spine's SEC reports,
including its Annual Report Form 10-K for the year ended December
31, 2011, filed on March 5, 2012 with the Securities and Exchange
Commission, as well as other filings on Form 10-Q and periodic
filings on Form 8-K. Alphatec Spine disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, unless required by law.
|
|
|
|
|
|
ALPHATEC HOLDINGS,
INC. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(in thousands -
unaudited) |
|
|
|
|
|
|
|
June 30, 2012 |
December 31, 2011 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash
equivalents |
$ 22,023 |
$ 20,666 |
Accounts receivable,
net |
38,800 |
41,711 |
Inventories,
net |
47,412 |
45,916 |
Prepaid expenses and
other current assets |
6,020 |
6,888 |
Deferred income tax
assets |
1,105 |
1,248 |
Total current assets |
115,360 |
116,429 |
|
|
|
Property and equipment, net |
31,516 |
31,476 |
Goodwill |
165,144 |
168,609 |
Intangibles, net |
42,215 |
47,144 |
Other assets |
2,818 |
3,034 |
Total assets |
$ 357,053 |
$ 366,692 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts
payable |
$ 13,956 |
$ 17,390 |
Accrued
expenses |
32,782 |
32,583 |
Deferred
revenue |
2,651 |
2,768 |
Current portion of
long-term debt |
766 |
4,396 |
Total current liabilities |
50,155 |
57,137 |
|
|
|
Total long term
liabilities |
48,595 |
40,624 |
Redeemable preferred
stock |
23,603 |
23,603 |
Stockholders'
equity |
234,700 |
245,328 |
Total liabilities and stockholders'
equity |
$ 357,053 |
$ 366,692 |
|
|
|
|
|
|
|
|
|
|
ALPHATEC HOLDINGS,
INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands,
except per share amounts - unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
Six Months Ended June
30, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Revenues |
$ 48,235 |
$ 50,862 |
$ 96,696 |
$ 100,582 |
Cost of revenues |
17,666 |
20,585 |
33,929 |
37,958 |
Amortization of acquired intangible
assets |
373 |
416 |
752 |
812 |
Total cost of
revenues |
18,039 |
21,001 |
34,681 |
38,770 |
Gross profit |
30,196 |
29,861 |
62,015 |
61,812 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and
development |
3,777 |
4,382 |
7,787 |
9,795 |
Sales and marketing |
19,529 |
19,291 |
38,065 |
37,920 |
General and
administrative |
10,132 |
8,938 |
18,957 |
18,080 |
Amortization of acquired
intangible assets |
509 |
554 |
1,083 |
1,084 |
Restructuring
expenses |
-- |
-- |
-- |
599 |
Total operating
expenses |
33,947 |
33,165 |
65,892 |
67,478 |
Operating loss |
(3,751) |
(3,304) |
(3,877) |
(5,666) |
Interest and other income
(expense), net |
(3,551) |
(502) |
(4,479) |
(756) |
Loss from continuing operations before
taxes |
(7,302) |
(3,806) |
(8,356) |
(6,422) |
Income tax benefit |
(928) |
(762) |
(721) |
(1,511) |
Net loss |
$ (6,374) |
$ (3,044) |
$ (7,635) |
$ (4,911) |
|
|
|
|
|
Net loss per common share: |
|
|
|
|
Basic and diluted net
loss per share |
$ (0.07) |
$ (0.03) |
$ (0.09) |
$ (0.06) |
|
|
|
|
|
Weighted-average shares - basic and
diluted |
89,218 |
88,740 |
89,078 |
88,720 |
|
|
|
|
|
|
|
|
|
|
ALPHATEC HOLDINGS,
INC. |
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES |
(in thousands, except
per share amounts - unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
Six Months Ended June
30, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Operating loss, as reported |
$ (3,751) |
$ (3,304) |
$ (3,877) |
$ (5,666) |
Add back: |
|
|
|
|
Depreciation |
3,539 |
3,662 |
6,995 |
7,434 |
Amortization of
intangible assets |
1,399 |
347 |
2,793 |
652 |
Amortization of acquired
intangible assets |
882 |
970 |
1,835 |
1,896 |
Total EBITDA |
2,069 |
1,675 |
7,746 |
4,316 |
|
|
|
|
|
Add back significant items: |
|
|
|
|
Stock-based
compensation |
663 |
734 |
1,210 |
1,448 |
Acquisition-related
inventory step-up |
-- |
321 |
-- |
751 |
Restructuring
expenses |
-- |
-- |
-- |
599 |
|
|
|
|
|
EBITDA, as adjusted for significant
items |
$ 2,732 |
$ 2,730 |
$ 8,956 |
$ 7,114 |
|
|
|
|
|
|
|
|
|
|
Net loss, as reported |
$ (6,374) |
$ (3,044) |
$ (7,635) |
$ (4,911) |
Add back: |
|
|
|
|
Acquisition-related
inventory step-up |
-- |
321 |
-- |
751 |
Amortization of acquired
intangible assets |
882 |
970 |
1,835 |
1,896 |
Amortization of
intangible assets |
1,399 |
347 |
2,793 |
652 |
Loss on extinguishment of
debt |
2,911 |
-- |
2,911 |
-- |
Restructuring
expenses |
-- |
-- |
-- |
599 |
|
|
|
|
|
Net loss, as adjusted for significant
items |
$ (1,182) |
$ (1,406) |
$ (96) |
$ (1,013) |
|
|
|
|
|
|
|
|
|
|
Net loss per common share - basic and
diluted |
$ (0.07) |
$ (0.03) |
$ (0.09) |
$ (0.06) |
Add back: |
|
|
|
|
Acquisition-related
inventory step-up |
-- |
0.00 |
-- |
0.01 |
Amortization of acquired
intangible assets |
0.01 |
0.01 |
0.02 |
0.02 |
Amortization of
intangible assets |
0.02 |
0.00 |
0.03 |
0.01 |
Loss on extinguishment of
debt |
0.03 |
-- |
0.04 |
-- |
Restructuring
expenses |
-- |
-- |
-- |
0.01 |
|
|
|
|
|
Net loss per common share - basic and
diluted, as adjusted for significant items |
$ (0.01) |
$ (0.02) |
$ (0.00) |
$ (0.01) |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares - basic and
diluted |
89,218 |
88,740 |
89,078 |
88,720 |
|
|
|
|
|
|
|
|
|
|
ALPHATEC HOLDINGS,
INC. |
RECONCILIATION OF
GEOGRAPHIC SEGMENT REVENUES AND GROSS PROFIT |
(in thousands, except
percentages - unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Impact from |
|
June 30, |
|
Foreign |
|
2012 |
2011 |
% Change |
Currency |
|
|
|
|
|
Revenues by geographic segment |
|
|
|
|
U.S. |
$ 32,888 |
$ 34,539 |
-4.8% |
0.0% |
International |
15,347 |
16,323 |
-6.0% |
-1.1% |
Total revenues |
$ 48,235 |
$ 50,862 |
-5.2% |
-3.6% |
|
|
|
|
|
Gross profit by geographic segment |
|
|
|
|
U.S. |
$ 22,577 |
$ 21,715 |
|
|
International |
7,619 |
8,146 |
|
|
Total gross profit |
$ 30,196 |
$ 29,861 |
|
|
|
|
|
|
|
Gross profit margin by geographic
segment |
|
|
|
|
U.S. |
68.6% |
62.9% |
|
|
International |
49.6% |
49.9% |
|
|
Total gross profit margin |
62.6% |
58.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Impact from |
|
June 30, |
|
Foreign |
|
2012 |
2011 |
% Change |
Currency |
|
|
|
|
|
Revenues by geographic segment |
|
|
|
|
U.S. |
$ 65,449 |
$ 68,399 |
-4.3% |
0.0% |
International |
31,247 |
32,183 |
-2.9% |
-2.7% |
Total revenues |
$ 96,696 |
$ 100,582 |
-3.9% |
-0.9% |
|
|
|
|
|
Gross profit by geographic segment |
|
|
|
|
U.S. |
$ 45,424 |
$ 46,136 |
|
|
International |
16,591 |
15,676 |
|
|
Total gross profit |
$ 62,015 |
$ 61,812 |
|
|
|
|
|
|
|
Gross profit margin by geographic
segment |
|
|
|
|
U.S. |
69.4% |
67.5% |
|
|
International |
53.1% |
48.7% |
|
|
Total gross profit margin |
64.1% |
61.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes: |
|
|
|
|
1) The impact from foreign
currency represents the percentage change in 2012 revenues due to
the change in foreign exchange rates for the periods
presented. |
CONTACT: Investor/Media Contact:
Mark Francois
Senior Director, Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
mfrancois@AlphatecSpine.com
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