BioTelemetry, Inc. (NASDAQ:BEAT), the leading wireless medical
technology company focused on the delivery of health information to
improve quality of life and reduce cost of care, today reported
results for the fourth quarter and full year ended December 31,
2016.
Company Highlights
- Recognized highest quarterly revenue in Company’s history of
$54.0 million, a 15% increase over the prior year
- Achieved 18th consecutive quarter of year over year revenue
growth
- Recorded $40.4 million of GAAP net income for the fourth
quarter, primarily due to a $37.6 million one-time income tax
benefit resulting from the release of tax valuation allowance
- Achieved $7.0 million adjusted net income for the fourth
quarter
- Realized highest quarterly adjusted EBITDA in Company’s history
of $12.6 million, a 25% increase over the prior year
- Completed the acquisition of Telcare in December 2016
- Generated $38.9 million of cash from operations year to date,
the highest in the Company’s history
President and CEO Commentary
Joseph H. Capper, President and Chief Executive Officer of
BioTelemetry, Inc., commented: “2016 was an outstanding year for
BioTelemetry. As a result of the effective execution of our
strategic initiatives, we recorded record revenue, earnings and
adjusted EBITDA, achieving the high-end of our fourth quarter
guidance. Additionally, we continued our tradition of
innovation and completed three acquisitions, gaining entree into an
exciting, new and large market opportunity. Moreover, we
serviced approximately 600,000 patients in 2016 alone, representing
an almost 8% increase versus the prior year, with our mobile
cardiac telemetry (“MCT”) volume experiencing double-digit
growth. We also received a positive coverage decision from
Anthem, the largest health insurer in the nation, for use of MCT
for certain patients. Finally, we obtained FDA clearance on
our next generation MCT device, setting the stage for
sustained volume growth well into the
future.
“Looking forward, we are excited about our expansion into
digital population health management (“PHM”) through our
acquisition of Telcare. We believe PHM represents a large
market opportunity, and we are uniquely positioned to assume a
leadership position. On the cost side, we made great progress
in gaining efficiencies in 2016 and, we will continue to look for
additional opportunities. We enter 2017 confident it will be
another year of strong financial results and operational
successes.”
Fourth Quarter Financial Results
Revenue for the fourth quarter 2016 was $54.0 million compared
to $46.8 million for the fourth quarter 2015, reflecting an
increase of $7.2 million, or 15.4%. Healthcare revenue
increased $3.0 million due to increased patient volumes and higher
patient pricing due to a favorable product mix as well as higher
MCT Medicare pricing. Research revenue increased $3.4 million
due to the acquisition of VirtualScopics during the second
quarter. Technology revenue increased $0.9 million due to
Telcare as well as sales of our ePatch Holter.
Gross profit for the fourth quarter 2016 increased to $33.0
million, or 61.2% of revenue, compared to $28.3 million, or 60.4%
of revenue, for the fourth quarter 2015. The increase in
gross margin percentage was due to the impact of higher Healthcare
pricing, volume efficiencies and cost reductions partially offset
by the impact of the acquisitions, which carry lower margins than
our existing business.
On a GAAP basis, operating expense for the fourth quarter 2016
was $29.6 million, compared to $24.8 million for the fourth quarter
2015. On an adjusted basis1, operating expense for the fourth
quarter 2016 was $25.5 million compared to $23.2 million for the
fourth quarter 2015, an increase of $2.3 million, or 10.1%.
The adjusted operating expense for the fourth quarter 2016 excludes
$2.8 million of other charges primarily related to patent
litigation and the integration of the current year acquisitions and
$1.3 million for a one-time performance bonus paid to a third party
in the form of stock-based compensation. The adjusted
operating expense for the fourth quarter 2015 excludes $1.6 million
primarily related to patent litigation. The increase in
adjusted expense was driven by the addition of $2.3 million related
to our acquired companies, a $0.8 million increase in bad debt
expense and $0.1 million of additional consulting expense related
to ongoing product development. These increases were
partially offset by a $0.9 million reduction in headcount related
expenses.
Interest and other loss, net was $0.6 million for the fourth
quarter 2016 compared to $0.4 million for the fourth quarter
2015. The increase was due to losses related to the Company’s
equity method investment in Wellbridge Health and increased
borrowings under the revolving credit facility.
During the fourth quarter 2016, the Company released a tax
valuation allowance on its net deferred tax assets. Over
time, the Company had recorded deferred tax assets, but, due to the
Company’s history of losses, management established a valuation
allowance to offset these assets. Management has now
determined that there is sufficient evidence to conclude that it is
more-likely-than-not that the Company will realize these benefits,
and, as a result, the Company reduced its valuation allowance
accordingly. This reduction resulted in a one-time income tax
benefit in the fourth quarter 2016 Consolidated Statement of
Operations in the amount of $37.6 million. Without a
valuation allowance in place, for GAAP financial reporting
purposes, the Company expects its 2017 tax rate to be in the range
of 38% to 39%. However, due to the utilization of net
operating loss carryforwards, the Company expects 2017 actual cash
tax payments to remain in the 3% to 5% range.
On a GAAP basis, net income for the fourth quarter 2016 was
$40.4 million, or $1.30 per diluted share, compared to net income
of $2.8 million, or $0.10 per diluted share, for the fourth quarter
2015. On an adjusted basis1, net income for the fourth
quarter 2016 was $7.0 million, or $0.23 per diluted share.
This compares to adjusted net income of $4.4 million, or
$0.15 per diluted share, for the fourth quarter 2015.
Adjusted net income for the fourth quarter 2016 excludes the $37.6
million income tax benefit related to the valuation allowance
release, $2.8 million of other charges primarily related to patent
litigation and the integration of the current year acquisitions and
$1.3 million for a one-time performance bonus paid to a third party
in the form of stock-based compensation. Adjusted net income
for the fourth quarter 2015 excludes $1.6 million primarily related
to patent litigation.
Liquidity
As of December 31, 2016, total cash was $23.1 million compared
to $19.0 million as of December 31, 2015, a $4.1 million
increase. During 2016, the Company used $25.0 million for
acquisitions and $10.9 million for capital expenditures, primarily
medical devices while generating $38.9 million of cash from
operations. In addition, the Company borrowed $14.5 million
from our revolving credit facility during the second quarter 2016,
repaying $11.5 million of this balance during the fourth quarter
2016. Consolidated days sales outstanding decreased to 45
days as of December 31, 2016, down from 47 days as of December 31,
2015.
As of December 31, 2016, the Company had net indebtedness of
$2.3 million, comprised of indebtedness of $25.4 million and cash
of $23.1 million.
______________________________________
1 The Company believes that providing non-GAAP financial
measures offers a meaningful representation of the Company’s
performance as they exclude expenses that are not necessary to
support the Company’s ongoing business. Please refer to the
Company’s “Reconciliation of Non-GAAP Financial Measures” and “Use
of Non-GAAP Financial Measures” in this release for additional
information.
Conference
Call
BioTelemetry, Inc. will host an earnings conference call on
Wednesday, February 22, 2017 at 5:00 PM Eastern Time. The
call will be simultaneously webcast on the investor information
page of our website, www.gobio.com. The call will be archived
on our website for two weeks.
About BioTelemetryBioTelemetry, Inc., formerly
known as CardioNet, Inc., is the leading wireless medical
technology company focused on the delivery of health information to
improve quality of life and reduce cost of care. The Company
currently provides cardiac monitoring services, original equipment
manufacturing with a primary focus on cardiac monitoring devices
and centralized cardiac core laboratory services. More
information can be found at www.gobio.com.
Cautionary Statement Regarding Forward-Looking
Statements This document includes certain forward-looking
statements within the meaning of the “Safe Harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
statements may be identified by words such as “expect,”
“anticipate,” “estimate,” “intend,” “plan,” “believe,” “promises”
and other words and terms of similar meaning. Such
forward-looking statements are based on current expectations and
involve inherent risks and uncertainties, including important
factors that could delay, divert, or change any of these
expectations, and could cause actual outcomes and results to differ
materially from current expectations. These factors include,
among other things, our ability to successfully integrate
acquisitions into our business and the effect such acquisitions
will have on our results of operation, effectiveness of our cost
savings initiatives, relationships with our government and
commercial payors, changes to insurance coverage and reimbursement
levels for our products, the success of our sales and marketing
initiatives, our ability to attract and retain talented executive
management and sales personnel, our ability to identify acquisition
candidates, acquire them on attractive terms and integrate their
operations into our business, the commercialization of new
products, market factors, internal research and development
initiatives, partnered research and development initiatives,
competitive product development, changes in governmental
regulations and legislation, the continued consolidation of payors,
acceptance of our new products and services, patent protection,
adverse regulatory action, and litigation success. For
further details and a discussion of these and other risks and
uncertainties, please see our public filings with the Securities
and Exchange Commission, including our latest periodic reports on
Form 10-K and 10-Q. We undertake no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events, or otherwise.
|
|
(unaudited) |
Consolidated
Statements of Operations |
|
Three Months Ended |
(In Thousands, Except Per Share Amounts) |
|
December 31, |
|
|
2016 |
|
2015 |
Revenues |
|
$ |
53,957 |
|
|
$ |
46,774 |
|
Cost of revenues |
|
|
20,921 |
|
|
|
18,510 |
|
Gross profit |
|
|
33,036 |
|
|
|
28,264 |
|
Gross profit % |
|
|
61.2 |
% |
|
|
60.4 |
% |
|
|
|
|
|
Operating
expenses: |
|
|
|
|
General
and administrative |
|
|
15,300 |
|
|
|
12,782 |
|
Sales and
marketing |
|
|
6,949 |
|
|
|
7,195 |
|
Bad debt
expense |
|
|
2,134 |
|
|
|
1,278 |
|
Research
and development |
|
|
2,467 |
|
|
|
1,950 |
|
Other
charges |
|
|
2,795 |
|
|
|
1,601 |
|
Total operating
expenses |
|
|
29,645 |
|
|
|
24,806 |
|
|
|
|
|
|
Income from
operations |
|
|
3,391 |
|
|
|
3,458 |
|
Interest and other
loss, net |
|
|
(556 |
) |
|
|
(402 |
) |
|
|
|
|
|
Income before income
taxes |
|
|
2,835 |
|
|
|
3,056 |
|
Benefit from (provision
for) income taxes |
|
|
37,613 |
|
|
|
(208 |
) |
Net Income |
|
$ |
40,448 |
|
|
$ |
2,848 |
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
Basic |
|
$ |
1.43 |
|
|
$ |
0.10 |
|
Diluted |
|
$ |
1.30 |
|
|
$ |
0.10 |
|
|
|
|
|
|
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
28,248 |
|
|
|
27,227 |
|
Diluted |
|
|
31,038 |
|
|
|
29,299 |
|
|
|
|
|
|
Consolidated
Statements of Operations |
|
Twelve Months Ended |
(In Thousands, Except Per Share Amounts) |
|
December 31, |
|
|
2016 |
|
2015 |
Revenues |
|
$ |
208,332 |
|
|
$ |
178,513 |
|
Cost of revenues |
|
|
78,882 |
|
|
|
71,956 |
|
Gross profit |
|
|
129,450 |
|
|
|
106,557 |
|
Gross profit % |
|
|
62.1 |
% |
|
|
59.7 |
% |
|
|
|
|
|
Operating
expenses: |
|
|
|
|
General
and administrative |
|
|
55,877 |
|
|
|
47,882 |
|
Sales and
marketing |
|
|
28,636 |
|
|
|
27,936 |
|
Bad debt
expense |
|
|
9,931 |
|
|
|
8,047 |
|
Research
and development |
|
|
8,355 |
|
|
|
7,111 |
|
Other
charges |
|
|
8,639 |
|
|
|
6,063 |
|
Total operating
expenses |
|
|
111,438 |
|
|
|
97,039 |
|
|
|
|
|
|
Income from
operations |
|
|
18,012 |
|
|
|
9,518 |
|
Interest and other
loss, net |
|
|
(2,242 |
) |
|
|
(1,622 |
) |
|
|
|
|
|
Income before income
taxes |
|
|
15,770 |
|
|
|
7,896 |
|
Benefit from (provision
for) income taxes |
|
|
37,667 |
|
|
|
(468 |
) |
Net Income |
|
$ |
53,437 |
|
|
$ |
7,428 |
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
Basic |
|
$ |
1.91 |
|
|
$ |
0.27 |
|
Diluted |
|
$ |
1.75 |
|
|
$ |
0.26 |
|
|
|
|
|
|
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
27,920 |
|
|
|
27,116 |
|
Diluted |
|
|
30,489 |
|
|
|
29,089 |
|
|
|
|
|
|
Summary
Financial Data |
|
|
|
|
|
|
|
|
(In
Thousands, except days sales outstanding) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
23,052 |
|
|
$ |
18,986 |
|
|
|
|
|
Healthcare accounts
receivable, net |
|
|
14,594 |
|
|
|
15,179 |
|
|
|
|
|
Other accounts
receivable, net |
|
|
12,261 |
|
|
|
8,997 |
|
|
|
|
|
Days sales
outstanding |
|
|
45 |
|
|
|
47 |
|
|
|
|
|
Working capital |
|
|
28,053 |
|
|
|
23,157 |
|
|
|
|
|
Total assets |
|
|
198,984 |
|
|
|
124,143 |
|
|
|
|
|
Total indebtedness |
|
|
25,449 |
|
|
|
23,582 |
|
|
|
|
|
Total shareholders’
equity |
|
|
138,914 |
|
|
|
75,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Cash
Flow Data |
|
|
|
|
|
|
|
|
(In
Thousands) |
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Cash provided by
operating activities |
|
$ |
12,446 |
|
|
$ |
7,197 |
|
|
$ |
38,851 |
|
|
$ |
14,350 |
|
Capital
expenditures |
|
|
(2,392 |
) |
|
|
(3,290 |
) |
|
|
(10,899 |
) |
|
|
(13,600 |
) |
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures(In
Thousands, Except Per Share Amounts)
|
|
(unaudited) |
|
|
Three Months Ended |
|
|
December 31, |
|
|
2016 |
|
2015 |
Income from operations
– GAAP |
|
$ |
3,391 |
|
|
$ |
3,458 |
Other charges (a) |
|
|
2,795 |
|
|
|
1,601 |
Performance bonus
(stock-based comp) (b) |
|
|
1,297 |
|
|
|
- |
Adjusted income
from operations |
|
$ |
7,483 |
|
|
$ |
5,059 |
|
|
|
|
|
Net Income - GAAP |
|
$ |
40,448 |
|
|
$ |
2,848 |
Other charges (a) |
|
|
2,795 |
|
|
|
1,601 |
Performance bonus
(stock-based comp) (b) |
|
|
1,297 |
|
|
|
- |
Tax valuation allowance
release (c) |
|
|
(37,554 |
) |
|
|
- |
Adjusted net
income |
|
$ |
6,986 |
|
|
$ |
4,449 |
|
|
|
|
|
Net income per diluted
share – GAAP |
|
$ |
1.30 |
|
|
$ |
0.10 |
Other charges per
diluted share (a) |
|
|
0.09 |
|
|
|
0.05 |
Performance bonus
(stock-based comp) per diluted share (b) |
|
|
0.04 |
|
|
|
- |
Tax valuation allowance
release per diluted share (c) |
|
|
(1.20 |
) |
|
|
- |
Adjusted net
income per diluted share |
|
$ |
0.23 |
|
|
$ |
0.15 |
|
|
|
|
|
Weighted average number
of common shares outstanding - diluted |
|
|
31,038 |
|
|
|
29,299 |
|
|
|
|
|
|
|
(unaudited) |
|
|
Three Months Ended |
|
|
December 31, |
|
|
2016 |
|
2015 |
Net income – GAAP |
|
$ |
40,448 |
|
|
$ |
2,848 |
Impact of tax valuation
allowance release (c) |
|
|
(37,554 |
) |
|
|
- |
Income taxes excluding
valuation allowance release |
|
|
(59 |
) |
|
|
208 |
Interest, other loss
(net) |
|
|
556 |
|
|
|
402 |
Other charges (a) |
|
|
2,795 |
|
|
|
1,601 |
Depreciation and
amortization expense |
|
|
3,650 |
|
|
|
3,364 |
Stock compensation
expense |
|
|
2,745 |
|
|
|
1,631 |
Adjusted
EBITDA |
|
$ |
12,581 |
|
|
$ |
10,054 |
|
|
|
|
|
(a) In the fourth quarter 2016, the Company incurred $2.8
million of other charges primarily due to patent litigation and the
acquisitions completed in the current year. In the fourth
quarter 2015, the Company incurred $1.6 million of other charges
primarily related to patent litigation.
(b) In the fourth quarter 2016, the Company incurred $1.3
million for a one-time performance bonus paid to a third party in
the form of stock-based compensation. This is a nonrecurring
expense for the Company and is the only time in the Company’s
history when such a bonus was awarded. There are no
additional agreements outstanding of this nature.
(c) During the fourth quarter 2016, the Company released a tax
valuation allowance on its net deferred tax assets. This
release resulted in a one-time income tax benefit in the fourth
quarter 2016 Consolidated Statement of Operations in the amount of
$37.6 million. This benefit is nonrecurring and not
indicative of the Company’s ongoing results or future tax position.
Reconciliation of Non-GAAP Financial Measures(In
Thousands, Except Per Share Amounts)
|
|
(unaudited) |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
2016 |
|
2015 |
Income from operations
– GAAP |
|
$ |
18,012 |
|
|
$ |
9,518 |
Other charges (a) |
|
|
8,639 |
|
|
|
6,063 |
Performance bonus
(stock-based comp) (b) |
|
|
1,297 |
|
|
|
- |
Adjusted income
from operations |
|
$ |
27,948 |
|
|
$ |
15,581 |
|
|
|
|
|
Net Income - GAAP |
|
$ |
53,437 |
|
|
$ |
7,428 |
Other charges (a) |
|
|
8,639 |
|
|
|
6,063 |
Performance bonus
(stock-based comp) (b) |
|
|
1,297 |
|
|
|
- |
Tax valuation allowance
release (c) |
|
|
(37,554 |
) |
|
|
- |
Adjusted net
income |
|
$ |
25,819 |
|
|
$ |
13,491 |
|
|
|
|
|
Net income per diluted
share – GAAP |
|
$ |
1.75 |
|
|
$ |
0.26 |
Other charges per
diluted share (a) |
|
|
0.29 |
|
|
|
0.20 |
Performance bonus
(stock-based comp) per diluted share (b) |
|
|
0.04 |
|
|
|
- |
Tax valuation allowance
release per diluted share (c) |
|
|
(1.23 |
) |
|
|
- |
Adjusted net
income per diluted share |
|
$ |
0.85 |
|
|
$ |
0.46 |
|
|
|
|
|
Weighted average number
of common shares outstanding - diluted |
|
|
30,489 |
|
|
|
29,089 |
|
|
|
|
|
|
|
(unaudited) |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
2016 |
|
2015 |
Net income – GAAP |
|
$ |
53,437 |
|
|
$ |
7,428 |
Impact of tax valuation
allowance release (c) |
|
|
(37,554 |
) |
|
|
- |
Income taxes excluding
valuation allowance release |
|
|
(113 |
) |
|
|
468 |
Interest, other loss
(net) |
|
|
2,242 |
|
|
|
1,622 |
Other charges (a) |
|
|
8,639 |
|
|
|
6,063 |
Depreciation and
amortization expense |
|
|
14,269 |
|
|
|
12,488 |
Stock compensation
expense |
|
|
6,502 |
|
|
|
4,952 |
Adjusted
EBITDA |
|
$ |
47,422 |
|
|
$ |
33,021 |
|
|
|
|
|
(a) In 2016, the Company incurred $8.6 million other charges
primarily due to patent litigation and the acquisitions completed
in the current year. In 2015, the Company incurred $6.1
million of other charges primarily due to patent litigation and
other legal fees.
(b) In 2016, the Company incurred $1.3 million for a one-time
performance bonus paid to a third party in the form of stock-based
compensation. This is a nonrecurring expense for the Company
and is the only time in the Company’s history when such a bonus was
awarded. There are no additional agreements outstanding of
this nature.
(c) During 2016, the Company released a tax valuation allowance
on its net deferred tax assets. This reduction resulted in a
one-time income tax benefit in the 2016 Consolidated Statement of
Operations in the amount of $37.6 million. This benefit is
nonrecurring and not indicative of the Company’s ongoing results or
future tax position.
Use of Non-GAAP Financial Measures
In addition to the results prepared in accordance with generally
accepted accounting principles in the United States, or GAAP,
this press release also includes certain financial measures which
have been adjusted and are not in accordance with generally
accepted accounting principles (“Non-GAAP financial
measures”). These Non-GAAP financial measures include
adjusted income from operations, adjusted net income, adjusted net
income per diluted share and adjusted EBITDA. In accordance
with Regulation G of the Securities and Exchange Commission, the
Company has provided a reconciliation of these Non-GAAP financial
measures with the most directly comparable financial measure
calculated in accordance with GAAP.
These Non-GAAP financial measures are not intended to replace
GAAP financial measures. They are presented as supplemental
measures of our performance in an effort to provide our
stakeholders better visibility into the Company’s ongoing operating
results and to allow for comparability to prior periods as well as
to other companies’ results. Management uses these Non-GAAP
financial measures to assess the financial health of the Company’s
ongoing operating performance. Management encourages our
stakeholders to consider all of our financial measures and to not
rely on any single financial measure to evaluate our
performance.
Adjusted income from operations, adjusted net income and
adjusted net income per diluted share exclude Other charges, a
one-time performance bonus paid to a third party in the form of
stock-based compensation and the release of the Company’s valuation
allowance. By excluding expenses that are considered not
necessary to support the ongoing business or which are nonrecurring
in nature, the Company believes that these Non-GAAP financial
measures offer a meaningful representation of the Company’s ongoing
operating performance. Patent litigation expense is a
component of Other charges. We view patent litigation as an
extreme measure not typically required in our industry to protect a
company’s intellectual property and which has not been common
practice for the Company. The Company commenced patent
litigation proceedings after the Company uncovered specific
evidence of four distinct cases of misappropriation and
infringement. The Company can choose to resolve the
outstanding matters and terminate the expense at any time.
Also included in Other charges are transaction related expenses
which include integration costs, primarily professional fees and
severance, which are not part of the ongoing operations, and
therefore, not reflective of the Company’s core operations.
The Company also excluded a one-time performance bonus paid to a
third party in the form of stock-based compensation. This is
the first time in the Company’s history that such a bonus was
offered and issued and the expense is nonrecurring. There are
no additional agreements outstanding of this nature. Finally,
the Company excluded the nonrecurring benefit from the release of
its tax valuation allowance from its non-GAAP financial
measures.
In addition to adjusted income from operations, adjusted net
income and adjusted net income per diluted share, we also present
adjusted EBITDA. This Non-GAAP financial measure excludes
income taxes, interest, Other charges, other one-time items such as
the tax valuation allowance release, depreciation and amortization
and stock compensation expense. EBITDA is a widely accepted
financial measure which we believe our stakeholders use to compare
our ongoing financial performance to that of other companies.
Adjusting our EBITDA for Other charges and other one-time items is
a meaningful financial measure as we believe it is an indication of
our ongoing operations. In addition, we also add back stock
compensation expense because it is non-cash in nature. Other
companies in our industry may calculate adjusted EBITDA in a
different manner.
Contact:
BioTelemetry, Inc.
Heather C. Getz
Investor Relations
800-908-7103
investorrelations@biotelinc.com
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