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Viking Therapeutics

Bio-Techne Releases First Quarter Fiscal 2025 Results

October 30, 2024 | Last Trade: US$75.84 5.10 7.21

MINNEAPOLIS, Oct. 30, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the first quarter ended September 30, 2024.

First Quarter FY2025 Highlights

  • First quarter organic revenue increased by 4% (5% reported) to $289.5 million.
     
  • GAAP earnings per share (EPS) was $0.21 versus $0.31 one year ago. Delivered adjusted EPS of $0.42 compared to $0.41 one year ago.
     
  • Continued adoption and utilization across the Diagnostics & Spatial Biology ("DSS"), formerly Diagnostics & Genomics, portfolio led to 14% organic segment growth (14% reported).
     
  • Continued uptake of our cell and gene therapy workflow solutions, including strong growth in our GMP reagent offerings.

The Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). Adjusted diluted EPS, adjusted net earnings, adjusted gross margin, adjusted operating income, adjusted tax rate, organic growth, adjusted operating margin, earnings before interest, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Use of non-GAAP Adjusted Financial Measures." A reconciliation of GAAP to non-GAAP financial measures is included in this press release.

"The start to fiscal 2025 was largely consistent with our expectations, as a high-level of execution by the Bio-Techne team drove continued momentum across our Diagnostics & Spatial Biology segment," said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. "This was augmented by strong results in our cell and gene therapy business, including robust growth in our GMP reagent portfolio. The strength in cell and gene therapy, combined with favorable year-to-date funding dynamics, gives us increased confidence in the forthcoming recovery in our biotech end market."

Kelderman added, "Our growth pillars, as well as our core portfolio, continue to outperform in what has proven to be a prolonged period of challenges facing the industry. The high value this novel portfolio brings to our research and clinical diagnostics customers positions the business for an even stronger future. We remain focused on delivering the solutions our customers rely on to catalyze advances in science and medicine while creating value for all our stakeholders."

Bio-Techne will host an earnings conference call today, October 30, 2024 at 8:00 a.m. CDT. To listen, please dial 1-877-407-9208 or 1-201-493-6784 for international callers, and reference conference ID 13749405. The earnings call can also be accessed via webcast through the following link https://investors.bio-techne.com/ir-calendar.

A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-844-512- 2921 or 1-412-317-6671 (for international callers) and referencing Conference ID 13749405. The replay will be available from 11:00 a.m. CDT on Wednesday, October 30, 2024, until 11:00 p.m. CST on Saturday, November 30, 2024.

First Quarter Fiscal 2025

Revenue

Net sales for the first quarter increased 5% to $289.5 million. Organic growth was 4% compared to the prior year, with foreign currency exchange impacting sales by approximately 1%. A business held-for-sale did not have a material impact.

GAAP Earnings Results

GAAP EPS was $0.21 per diluted share, versus $0.31 in the same quarter last year. GAAP operating income for the first quarter of fiscal 2025 decreased 28% to $40.0 million, compared to $55.9 million in the first quarter of fiscal 2024. GAAP operating margin was 13.8%, compared to 20.2% in the first quarter of fiscal 2024. Current year GAAP operating margin was unfavorably impacted by restructuring and restructuring-related charges.

Non-GAAP Earnings Results

Adjusted EPS increased to $0.42 per diluted share compared to $0.41 in the same quarter last year. Adjusted operating income for the first quarter of fiscal 2025 decreased 4% compared to the first quarter of fiscal 2024. Adjusted operating margin was 29.0%, compared to 31.4% in the first quarter of fiscal 2024. Adjusted operating margin was impacted by product mix and re-instatement of incentive compensation accruals.

Segment Results

Management uses adjusted operating results to monitor and evaluate performance of the Company's business segments, as highlighted below.

Protein Sciences Segment

The Company's Protein Sciences segment is one of the world's leading suppliers of specialized proteins such as cytokines and growth factors, immunoassays, antibodies and reagents, to the biotechnology and academic research communities. Additionally, the segment provides an array of platforms useful in various areas of protein analysis. Protein Sciences segment's first quarter fiscal 2025 net sales were $204.5 million, which remained flat from sales of $204.7 million for the first quarter of fiscal 2024. As of December 31, 2023, a business within the Protein Sciences Segment met the criteria as held-for-sale; this held-for-sale business has been excluded from the segment's fiscal 2025 operating results. The exclusion of first quarter of fiscal 2025 sales related to this held-for-sale business reduced sales by 1%. Organic growth for the segment was 1%, with foreign currency exchange having an immaterial impact. Protein Sciences segment's operating margin was 39.4% in the first quarter of fiscal 2025 compared to 43.2% in the first quarter of fiscal 2024. The segment's operating margin decreased primarily due to product mix and re-instatement of incentive compensation accruals.

Diagnostics and Spatial Biology Segment (formerly Diagnostics and Genomics Segment)

The Company's Diagnostics and Spatial Biology segment provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays and other bulk and custom reagents for the in vitro diagnostic market. The Diagnostics and Spatial Biology segment also develops and provides spatial biology products as well as exosome-based diagnostics for various pathologies, including prostate cancer. The Diagnostics and Spatial Biology segment's first quarter fiscal 2025 net sales were $83.2 million, an increase of 14% from $72.8 million for the first quarter of fiscal 2024. Organic revenue growth was 14% for the first quarter of fiscal 2025, with foreign currency exchange having an immaterial impact. The Diagnostics and Spatial Biology segment's operating margin was 5.1% in the first quarter of fiscal 2025 compared to 0.7% in the first quarter of fiscal 2024. The segment's operating margin increased due to volume leverage and productivity initiatives, partially offset by re-instatement of incentive compensation accruals.

Use of non-GAAP Adjusted Financial Measures:

This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include:

  • Organic growth
  • Adjusted diluted earnings per share
  • Adjusted net earnings
  • Adjusted tax rate
  • Adjusted gross margin
  • Adjusted operating income
  • Adjusted operating margin
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA)
  • Adjusted EBITDA

We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.

Our non-GAAP financial measure of organic revenue represents revenue growth excluding revenue from acquisitions within the preceding 12 months, the impact of foreign currency, the impact of businesses held-for-sale, as well as the impact of partially-owned consolidated subsidiaries. Excluding these measures provides more useful period-to-period comparison of revenue results as it excludes the impact of foreign currency exchange rates, which can vary significantly from period to period, and revenue from acquisitions that would not be included in the comparable prior period. Revenues from businesses held-for-sale are excluded from our organic revenue calculation starting on the date they become held-for-sale as those revenues will not be comparative in future periods. Revenues from partially-owned subsidiaries consolidated in our financial statements are also excluded from our organic revenue calculation, as those revenues are not fully attributable to the Company. There was no revenue from partially-owned consolidated subsidiaries in fiscal year 2024 or fiscal year 2025.

Our non-GAAP financial measures for adjusted gross margin, adjusted operating margin, adjusted EBITDA, and adjusted net earnings, in total and on a per share basis, exclude stock-based compensation, which is inclusive of the employer portion of payroll taxes on those stock awards, the costs recognized upon the sale of acquired inventory, amortization of acquisition intangibles, restructuring and restructuring-related costs. Stock-based compensation is excluded from non-GAAP adjusted net earnings because of the nature of this charge, specifically the varying available valuation methodologies, subjection assumptions, variety of award types, and unpredictability of amount and timing of employer related tax obligations. The Company excludes amortization of purchased intangible assets, purchase accounting adjustments, including costs recognized upon the sale of acquired inventory, and other non-recurring items including gains or losses on goodwill and long-lived asset impairment charges, and one-time assessments from this measure because they occur as a result of specific events, and are not reflective of our internal investments, the costs of developing, producing, supporting and selling our products, and the other ongoing costs to support our operating structure. Costs related to restructuring and restructuring-related activities, including reducing overhead and consolidating facilities, are excluded because we believe they are not indicative of our normal operating costs. Additionally, these amounts can vary significantly from period to period based on current activity. The Company also excludes revenue and expense attributable to partially-owned consolidated subsidiaries as well as revenue and expense attributable to businesses held-for-sale in the calculation of our non-GAAP financial measures.

The Company's non-GAAP adjusted operating margin, adjusted EBITDA, and adjusted net earnings, in total and on a per share basis, also excludes acquisition related expenses inclusive of the changes in fair value of contingent consideration, and other non-recurring items including certain costs related to the transition to a new CEO, goodwill and long-lived asset impairments, and gains. We also exclude certain litigation charges which are facts and circumstances specific including costs to resolve litigation and legal settlement (gains and losses). In some cases, these costs may be a result of litigation matters at acquired companies that were not probable, inestimable, or unresolved at the time of acquisition. 

The Company's non-GAAP adjusted EBITDA and adjusted net earnings, in total and on a per share basis, also excludes gain and losses from investments, as they are not part of our day-to-day operating decisions (excluding our equity method investment in Wilson Wolf as it is certain to be acquired in the future) and certain adjustments to income tax expense. Additionally, gains and losses from investments that are either isolated or cannot be expected to occur again with any predictability are excluded. The Company independently calculates a non-GAAP adjusted tax rate to be applied to the identified non-GAAP adjustments considering the impact of discrete items on these adjustments and the jurisdictional mix of the adjustments. In addition, the tax impact of other discrete and non-recurring charges which impact our reported GAAP tax rate are adjusted from net earnings. We believe these tax items can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results.

Investors are encouraged to review the reconciliations of adjusted financial measures used in this press release to their most directly comparable GAAP financial measures as provided with the financial statements attached to this press release.

Forward Looking Statements

Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.

For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.

Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated approximately $1.2 billion in net sales in fiscal 2024 and has approximately 3,100 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio­techne.com

Contact:

David Clair, Vice President, Investor Relations & Corporate Development

 

This email address is being protected from spambots. You need JavaScript enabled to view it. 

 

612-656-4416

BIO-TECHNE CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)

        
  

QUARTER

 
  

ENDED

 
  

9/30/2024

 

9/30/2023

 

Net Sales

 

$

289,458

 

$

276,935

 

Cost of sales

  

106,441

  

91,744

 

Gross margin

  

183,017

  

185,191

 

Operating Expenses:

       

Selling, general and administrative

  

119,161

  

105,331

 

Research and development

  

23,869

  

23,998

 

Total Operating Expenses

  

143,030

  

129,329

 

Operating income

  

39,987

  

55,862

 

Other income (expense)

  

184

  

(6,304)

 

Earnings before income taxes

  

40,171

  

49,558

 

Income taxes

  

6,571

  

(1,435)

 

Net earnings

 

$

33,600

 

$

50,993

 

Earnings per share:

       

Basic

 

$

0.21

 

$

0.32

 

Diluted

 

$

0.21

 

$

0.31

 

Weighted average common shares outstanding

       

Basic

  

158,531

  

158,130

 

Diluted

  

161,115

  

161,940

 

BIO-TECHNE CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited) 

       
  

9/30/2024

 

6/30/2024

ASSETS

      

Cash and equivalents

 

$

187,540

 

$

151,791

Short-term available-for-sale investments

  

  

1,072

Accounts receivable, net

  

223,688

  

241,394

Inventories

  

185,041

  

179,731

Current assets held-for-sale

  

9,459

  

9,773

Other current assets

  

42,839

  

33,658

Total current assets

  

648,567

  

617,419

       

Property and equipment, net

  

253,939

  

251,154

Right of use assets

  

89,221

  

91,285

Goodwill and intangible assets, net

  

1,468,589

  

1,479,744

Other assets

  

275,701

  

264,265

Total assets

 

$

2,736,017

 

$

2,703,867

       

LIABILITIES AND STOCKHOLDERS' EQUITY

      

Accounts payable and accrued expenses

 

$

94,624

 

$

112,672

Contract liabilities

  

26,614

  

27,930

Income taxes payable

  

3,136

  

3,706

Operating lease liabilities - current

  

13,485

  

12,920

Other current liabilities

  

4,269

  

2,151

Total current liabilities

  

142,128

  

159,379

       

Deferred income taxes

  

50,017

  

55,863

Long-term debt obligations

  

300,000

  

319,000

Operating lease liabilities

  

85,433

  

87,618

Other long-term liabilities

  

19,789

  

13,157

Stockholders' equity

  

2,138,650

  

2,068,850

Total liabilities and stockholders' equity

 

$

2,736,017

 

$

2,703,867

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED GROSS MARGIN PERCENTAGE

(In thousands)

(Unaudited)

        
  

QUARTER

 
  

ENDED

 
  

9/30/2024

 

9/30/2023

 

Total consolidated net sales

 

$

289,458

 

$

276,935

 

Business held-for-sale1)

  

2,303

  

 

Revenue from recurring operations

 

$

287,155

 

$

276,935

 
        

Gross margin - GAAP

 

$

183,017

 

$

185,191

 

Gross margin percentage - GAAP

  

63.2

%

 

66.9

%

        

Identified adjustments:

       

Costs recognized upon sale of acquired inventory

 

$

188

 

$

181

 

Amortization of intangibles

  

11,779

  

11,866

 

Stock-based compensation, inclusive of employer taxes

  

272

  

214

 

Restructuring and restructuring-related costs

  

4,898

  

 

Impact of business held-for-sale1)

  

(558)

  

 

Adjusted gross margin

 

$

199,596

 

$

197,452

 

Adjusted gross margin percentage2)

  

69.5

%

 

71.3

%

        

1)

Since December 31, 2023, the Company has a business that has met the held-for-sale criteria.

2)

Adjusted gross margin percentage excludes both $2,303 of revenue and $558 of gross margin for a business that has met the held-for-sale criteria.

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED OPERATING MARGIN PERCENTAGE

(In thousands)

(Unaudited)

        
  

QUARTER

 
  

ENDED

 
  

9/30/2024

 

9/30/2023

 

Total consolidated net sales

 

$

289,458

 

$

276,935

 

Business held-for-sale1)

  

2,303

  

 

Revenue from recurring operations

 

$

287,155

 

$

276,935

 
        

Operating income - GAAP

 

$

39,987

 

$

55,862

 

Operating income percentage - GAAP

  

13.8

%

 

20.2

%

        

Identified adjustments:

       

Costs recognized upon sale of acquired inventory

 

$

188

 

$

181

 

Amortization of intangibles

  

19,741

  

19,851

 

Acquisition related expenses and other

  

1,513

  

(588)

 

Certain litigation charges

  

292

  

 

Stock-based compensation, inclusive of employer taxes

  

10,637

  

11,494

 

Restructuring and restructuring-related costs

  

11,022

  

89

 

Impact of business held-for-sale1)

  

(148)

  

 

Adjusted operating income

 

$

83,232

 

$

86,889

 

Adjusted operating margin percentage2)

  

29.0

%

 

31.4

%

        

1)

Since December 31, 2023, the Company has a business that has met the held-for-sale criteria.

2)

Adjusted operating margin percentage excludes both $2,303 of revenue and $148 of operating income for a business that has met the held-for-sale criteria.

BIO-TECHNE CORPORATION

NON-GAAP ADJUSTED CONSOLIDATED NET EARNINGS and EARNINGS per SHARE

(In thousands, except per share data)

(Unaudited)

        
  

QUARTER

  

ENDED

  

9/30/2024

 

9/30/2023

 

Net earnings before taxes - GAAP

 

$

40,171

 

$

49,558

 

Identified adjustments:

       

Costs recognized upon sale of acquired inventory

  

188

  

181

 

Amortization of intangibles

  

19,741

  

19,851

 

Amortization of Wilson Wolf intangible assets and acquired inventory

  

2,490

  

4,208

 

Acquisition related expenses and other

  

1,674

  

(442)

 

Certain litigation charges

  

292

  

 

Stock-based compensation, inclusive of employer taxes

  

10,637

  

11,494

 

Restructuring and restructuring-related costs

  

11,022

  

89

 

Investment (gain) loss and other non-operating

  

  

(283)

 

Impact of business held-for-sale1)

  

(148)

  

 

Net earnings before taxes - Adjusted

 

$

86,067

 

$

84,656

 

Non-GAAP tax rate

  

21.5

%

 

22.0

%

Non-GAAP tax expense

 

$

18,536

 

$

18,615

 

Non-GAAP adjusted net earnings

 

$

67,531

 

$

66,041

 

Earnings per share - diluted - Adjusted

 

$

0.42

 

$

0.41

 
 

1) Since December 31, 2023, the Company has a business that has met the held-for-sale criteria.

BIO-TECHNE CORPORATION

NON-GAAP adjusted tax rate

(In percentages)

(Unaudited) 

        
  

QUARTER

 
  

ENDED

 
  

9/30/2024

 

9/30/2023

 

GAAP effective tax rate

 

16.4

%

 

(2.9)

%

 

Discrete items

 

7.2

  

27.4

  

Long-term GAAP tax rate

 

23.6

%

 

24.5

%

 

Rate impact items

       

Stock based compensation

 

(2.8)

%

 

(2.7)

%

 

Other

 

0.7

  

0.2

  

Total rate impact items

 

(2.1)

%

 

(2.5)

%

 

Non-GAAP adjusted tax rate

 

21.5

%

 

22.0

%

 

BIO-TECHNE CORPORATION

SEGMENT REVENUE

(In thousands)

(Unaudited)

       
  

QUARTER

  

ENDED

  

9/30/2024

 

9/30/2023

Protein Sciences segment revenue

 

$

204,535

 

$

204,655

Diagnostics and Spatial Biology segment revenue

  

83,192

  

72,797

Other revenue1)

  

2,303

  

lntersegment revenue

  

(572)

  

(517)

Consolidated revenue

 

$

289,458

 

$

276,935

 

1) Since December 31, 2023, the Company has a business that has met the held-for-sale criteria.

BIO-TECHNE CORPORATION

SEGMENT OPERATING INCOME

(In thousands)

(Unaudited)

       
  

QUARTER

  

ENDED

  

9/30/2024

 

9/30/2023

Protein Sciences segment operating income

 

$

80,541

 

$

88,361

Diagnostics and Spatial Biology segment operating income

  

4,277

  

527

Segment operating income

  

84,818

  

88,888

Corporate general, selling, and administrative

  

(1,586)

  

(1,999)

Adjusted operating income

  

83,232

  

86,889

Cost recognized upon sale of acquired inventory

  

(188)

  

(181)

Amortization of intangibles

  

(19,741)

  

(19,851)

Acquisition related expenses and other

  

(1,513)

  

588

Certain litigation charges

  

(292)

  

Stock-based compensation, inclusive of employer taxes

  

(10,637)

  

(11,494)

Restructuring and restructuring-related costs

  

(11,022)

  

(89)

Impact of business held-for-sale1)

  

148

  

Operating income

 

$

39,987

 

$

55,862

 

1) Since December 31, 2023, the Company has a business that has met the held-for-sale criteria.

BIO-TECHNE CORPORATTON

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

       
 

QUARTER

 
 

ENDED

 
 

9/30/2024

 

9/30/2023

 

Net earnings

$

33,600

 

$

50,993

 

Net interest expense (income)

 

1,250

  

4,003

 

Depreciation and amortization

 

28,137

  

28,540

 

Income taxes

 

6,571

  

(1,435)

 

EBITDA

 

69,558

  

82,101

 

Costs recognized upon sale of acquired inventory

 

188

  

181

 

Amortization of Wilson Wolf intangible assets and acquired inventory

 

2,490

  

4,208

 

Acquisition related expenses and other

 

1,674

  

(442)

 

Certain litigation charges

 

292

  

 

Stock-based compensation, inclusive of employer taxes

 

10,637

  

11,494

 

Restructuring and restructuring-related costs

 

11,022

  

89

 

Investment (gain) loss and other non-operating

 

  

(283)

 

Impact of business held-for-sale1)

 

(148)

  

 

Adjusted EBITDA

$

95,713

 

$

97,348

 
 

1)        Since December 31, 2023, the Company has a business that has met the held-for-sale criteria.

BIO-TECHNE CORPORATION

CONDENSED CASH FLOW

(In thousands)

(Unaudited) 

       
  

QUARTER

  

ENDED

  

9/30/2024

 

9/30/2023

CASH FLOWS FROM OPERATING ACTIVITIES

      

Net earnings

 

$

33,600

 

$

50,993

Adjustments to reconcile net earnings to net cash provided by operating activities

      

Depreciation and amortization

  

28,137

  

28,540

Costs recognized on sale of acquired inventory

  

188

  

181

Deferred income taxes

  

(5,340)

  

(11,591)

Stock-based compensation expense

  

10,184

  

10,093

Fair value adjustment to available-for-sale investments

  

  

(283)

(Gain) Loss on equity method investment

  

(374)

  

2,382

Asset impairment restructuring

  

6,039

  

Fair value adjustment to contingent consideration payable

  

  

(1,750)

Other operating activities

  

(8,545)

  

(19,182)

Net cash provided by (used in) operating activities

  

63,889

  

59,383

CASH FLOWS FROM INVESTING ACTIVITIES

      

Proceeds from sale of available-for-sale investments

  

1,085

  

23,759

Additions to property and equipment

  

(9,172)

  

(13,592)

Acquisitions, net of cash acquired

  

  

(166,426)

Distributions from (Investments in) Wilson Wolf

  

1,403

  

2,149

Investment in Spear Bio

  

(15,000)

  

Net cash provided by (used in) investing activities

  

(21,684)

  

(154,110)

CASH FLOWS FROM FINANCING ACTIVITIES

      

Cash dividends

  

(12,688)

  

(12,654)

Proceeds from stock option exercises

  

25,101

  

14,394

Long-term debt activity, net

  

(19,000)

  

90,000

Taxes paid on RSUs and net share settlements

  

(4,984)

  

(20,228)

Net cash provided by (used in) financing activities

  

(11,571)

  

71,512

Effect of exchange rate changes on cash and cash equivalents

  

5,115

  

(8,693)

Net increase (decrease) in cash and cash equivalents

  

35,749

  

(31,908)

Cash and cash equivalents at beginning of period

  

151,791

  

180,571

Cash and cash equivalents at end of period

 

$

187,540

 

$

148,663

 
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