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spk_0: good afternoon and welcome to trump's mavericks first quarter twenty twenty one earnings conference call at this time all participants are in a leash and only most we will be facilitating a question and answer session towards the end of the beach call a very mind doing this call is being recorded for replay pharmacists i would know like the vertical over to win movies from the gilmartin group for a few introductory common take you earlier today to medics released financial results for the quarter ended march thirty first two thousand twenty one a copy of the pressure wifi available on the company's website before he began i to remind you that manager it will make statements during the called include forward looking statements with the meeting the federal security laws but you may pursuant to the hate hard no provision for the private securities litigation reform act of nightly ninety five any payments contain enough call that relate to expectations to prediction the future events result or performance are forward looking statements are forward looking statements including without limitation are given a shouldn't operating transit potential commercial opportunity for a product and our future fans on occasion which include expectation for growth our organization regulatory approval than reimbursement and guidance and our expectations for revenue growth margins and operating expenses and twenty twenty one are based upon our current estimates and various assumption they statements involve mature at risk and uncertainty that could actually we got your event can surely differ from know getting potato it or implied but the forward looking statements accordingly you should not my undue reliance on the statement for listed of katrina the risks and uncertainties associated with their business can refer to the respect reflection of our annual report and on k found the securities and exchange commission on march eleven twenty twenty one from medic disclaims any intention or album geisha except as required by law to update or revise any financial projections are forward looking statements are to be kind of new information future events or otherwise with coffee call contains time sensitive information and as accurately as of the live broadcast today may four two thousand and twenty one and without an not the call over twelve eat happening president and chief executive officer
spk_1: thank you very much men and sorry everyone for our the technical difficulties early on good afternoon everyone and welcome be good for marriage twenty twenty one first quarter earnings call joining me today is either gordon our chief financial officer
spk_0: as we stated in our lives call were expecting several kettle it's been twenty twenty one between lead will send a strong foundation for long term vote for trump village deposited at the a paddle boat to approve our card dvd pm me indication was the first catalyst to be achieved this year and we're looking forward to many more drug it's important year
spk_1: today i would be covering the following five days topics on our call first a summary of our financial results for the core
spk_0: second the progress a cheap across our key strategic initiatives
spk_1: third commentary on our of your heart pounding meeting results
spk_0: for a status update on the upcoming catalyst and twenty twenty one and their potential impact on our business and then finally i will discuss expectations for the remainder of twenty twenty one starting with the first topic net revenue for the first quarter with seven point one million dollars while while our overall revenue declined roughly six percent year over year it is important to recognize that our us business grew eleven percent despite minimal can contribution from of yet liver due to the completion of the cap in rome
spk_1: were encouraged by the girls in our you at business and that good video recovery and he was drunk then activists or us or of he has continued to struggle due to the colbert impact on chance but numbers and the overall disruptions drop european hospitals
spk_0: we're laser focus on our key strategic initiatives he outlined for twenty twenty one we helped drive growth for our business which leads me to the second major topic to discuss
spk_1: in the first quarter we make meaningful progress across old strategic an operational initiatives for transplant let me start by the the describing the status of the national of yet program we continue we are continuing to build a leveraged it's program as we expand our reach throughout the united states while increasing awareness about that it's clinical and financial benefits among key national transplant stakeholders in que one week standard and initiated clinical activities in to new regions in or
spk_0: carolina and arizona bringing the total to six initiated regions in the us we're actively engage with several new appeals to need out stated goal of being active in ten reasons but year and
spk_1: where have we also help three webinars targeting lung transplant programs across the us to market that that's yet burger we would continue to holbeach webinars throughout the year to maximize awareness and the get a potential hurdles for broader adoption of this approach
spk_0: meanwhile or continue to build the necessary infrastructure and resources to ensure the long term success of this important progress we expected to compete love twenty twenty one and into early twenty twenty two as we add additional organs a new service capabilities and new political education as you stated previously we strongly believe that the nationals yet program will be an important mid and long term driver or or gfc utilization and revenue growth in the united states moving now our second initiative lgf liver pm me we've been actively engage with every view on this important pm me and we look forward to building our of yet let that liver advisory panel in mid july given the proximity of the panel penalty debuted now questioning the timing of approving that second tranche ability of liver cancer we're actively been discussing this issue with a year and hopefully chosen lucia into to this is really a bittersweet the situation where in one hand were thrilled to have the panel date that soon
spk_1: however it seems to be negatively impacting be kept approval and it's associated revenue pq to that said our focus has always been and remains on long term success which week which will benefit from current panel finding that increases the confidence in the potential approval before year end
spk_0: ours our third strategic initiative would advancing the of the as hard dvd indication as you know we've completed our hundred and eighty patient randomized of the at bc the heart trial in twenty twenty two and twenty twenty with ninety of those hundred and eighty patients were transplanted using dc the heart or not yet will remain on track for the line read out of this important program into three twenty twenty one as end of que one that or it typically on april first we have gold forty six new additional dvd heart transplants and cases using the of yet system in the dvd heart good getting actually protocol tiny are both strategic initiative was the of hard dvd pm me we finally completed this important milestone when it's strong favorable panel boat for approval about the as hard tbd indication
spk_1: now
spk_0: we are focus on turning did success into an approval decision in twenty twenty one
spk_1: pete allow me this opportunity to cover the third major topic a clarify and discuss few of starvation from the panel mean
spk_2: first a key theme of the panel discussions were fully expected and we're not that surprise for transmitting
spk_0: importantly we were prepared to address every major topic raid by of yeah
spk_1: second many of the common that scene controversial came from panelist with limited or no heart transplant experience so the ultimate impact may not be as relevant as one would think third related to the label we believe that the data that clinical evidence from expand and cap support an appropriate label for the old yet hard dvd indication if approved by a get importantly we must remember that the opiate label language in our be amazed or never status
spk_0: and they are typically about given that fluid nature of are multiple comprise indications in in the same organ transplant market
spk_1: for example the legal language will have to be updated with the dtt heart indication approval in twenty twenty one and right and twenty funny to and with the results of our post the pool of study for the anybody heart indication sort the both approval study which we propose
spk_0: in order to continue to build evidence in the real world setting and enabled the potential expansion of our indication to support our leading market position
spk_1: which supported by eating us academic heart failure cardiologist and surgeon to design a robust post approval study that is practical
spk_0: an easy to implement finally i'd like to clarify and reiterate that trans medics conducted an extensive preclinical testing program with tens of animal studies supporting the fifty of those you had purchased it
spk_1: importantly we need to remember that we have transplant get more than eleven hundred human heart across the globe both from dvd ndtv a human donors with excellent clinical results now let me move to the four major topic that i would like to cover and provide status update on our five major catalyst for twenty twenty one
spk_0: importantly i want to highlight the potential impact of beat catalyst on our overall growth trajectory for the foreseeable future
spk_1: the first catalyst weeks back
spk_0: if the approval of the as hard dvd indication we actively engage with ft a double play drive to a regulatory decision over the next three months
spk_1: in peril we are continuing the preparation for the commercial launch of the of yes hard ending nikki approve of course
spk_0: specifically we are engage with that are twenty five heart transplant centers that are currently active in our dtt cap program given their clinical experience with of yes heart in the did you get older
spk_1: were planning and preparing for leverage our infrastructure to add the lcs hard to our national polls yet program in the reasons were were active in one day vehicle is in hand
spk_0: he finally we're working with our cue out the design or was was the google registry that is practical to implement and to scale it's second potential cattle it is lgf liver penalty and subsequent a vehicle
spk_1: we're looking forward to you're conducting out yet clever panel eating image light
spk_0: which with position as well for potential approval and launch in queue for twenty twenty one
spk_1: similar to the lcs heart were actively engage with oliver centers in the us to prepare for best potential approval they've turned twenty twenty one well for planning to the lcs never to our national as yet program reasons one baby approval in hand on another note a full of us protect trial results with one year follow will be presented as a plenary session previous nation at the upcoming american tribes bank on that in early june we will announce the exact date and time want the programs by not
spk_0: the third potential catalyst is the weed out of the top line data from of us hockey td and the filing of the be a make up one
spk_1: it has been targeted for que three twenty twenty one
spk_0: and he believed that we are on track to achieve it's milestone the clinical indication that will be filed under a breakthrough designation and we are optimistic that it would support at the approval in twenty twenty two for potential catalyst is a expansion of those us national program recover at least ten major reason in the us and expanded get coverage too hot for heart and luck
spk_1: we're on track to me to meet this milestone by year and
spk_0: at fifth and final potential catalyst is the publication of the audience liver and on she had dvd and dvd trial data in high impact medical journals again we're on track to achieve this milestone use publications will be critical drivers these publications will be good at critical bride over for a broader clinical adoption about yes technology and a transformation of the clinical standard of care global now let me finish with a summary bar expectations and pops for the remainder of twenty twenty one corbett and it's new variants remain a threat to trump an activity on allegations in the near term
spk_1: today be seated impact more pronounced internationally and specifically in europe
spk_0: in terms of transplant barnes so far your strength back he will continue to recover with long being the final to recover from volume prospective we still at least and he won anywhere between two to three percent below last year's by it we expect and hope that this recovery continue barring any new peak emerging in the united states
spk_1: we view that timelines for major if year regulatory decision analogy has heart and of your liver as potentially limiting our ability to leverage capital grams to grow our revenue in any apart from the progress
spk_0: however we expect approval to be a major capital to grab revenue growth leeway in late twenty twenty one and beyond
spk_1: specifically be a good education on never cap second tranche a google you to the eminent panel date may negatively impact on ability to generate revenue from deliver cap and you tube
spk_0: we're mainly the focus however on our fundamental goal of ending twenty twenty one with all three major transplant indication approved by a p a which will be a huge driver for revenue growth and streamlined our revenue trajectory for the future
spk_3: given the current uncertainty an imminent a be a clean key key timelines we will not issue financial guidance for twenty twenty one with that i will turn the call his feet gordon our chief financial officer to you are detail financial results for the corner and the full year
spk_1: are you a lead i would up about drugs and additional detail the coupon results and other financial information for the corner for the first quarter point one was gross revenue was something called six million dollars a net revenue was seven by one day net revenue decreased by six percent from the first quarter twenty twenty however the u s goes rubbing the six point three million in revenue to spot with the million and us net revenue increased eleven percent from the for school that photo the and break down on us met rubbing it was two point three million of us a smile three million of us your heart and point four million of of his liver or actually was rambling was one point three million dollars as got a million dollars from to will probably twenty and included point one million of us is long and one point two million about your heart cookie jar other up you honorably performance will struggle she has long and a hard shells and us with luggage pinewood poverty and us truthful activity
spk_0: but the completion of she has little to check up and a lower transplant activity outside of us were had wage for the poor
spk_1: gross margin for the first quarter twenty twenty one was sixty eight percent compared to sixty five percent that you are last year and sixty three percent last quarter and a lot of our state expectation of increasing the smog total operating expenses for the quarter war or eleven point three million it was jailed while percent of human twenty twenty and of six percent from the fourth quarter totally lol limited travel another spending to recover are still impact yeah spending we have continue to invest in grown a natural causes program are operating loss was six point five million in the first quarter politically want to do eight million in a bush called and twenty twenty and our net loss for the first quarter twenty twenty one was seven point nine billion the tragedy equal my know the particular total finally charge catch a cold a marketable security marketable securities were hundred and eighteen for one million dollars as opposed to the first one did quite sure reduction of seven point five million from the bells with the and a poor choice and weighted average common shared upstate the quarter work on some point four million
spk_4: as just confirming what leads comments that you to curb uncertainty were not a lotta guys were told to well time the i'm like chronicled actually proposing college
spk_0: thank you peter why revenue is expected to continue to be impacted in the near term by the cadence of clinical trials and at the a review timelines were optimistic and confident in our long term prospects given our progress across all golf cattle it's been twenty twenty one we are advancing rapidly towards two major regulatory decisions on our she gets harder not yet liver indications that we have significant commercial ramifications in our business and will fundamentally alter our growth trajectory long term
spk_1: dougie the goalie me that we and twenty twenty one with three approved transfer market indications in the us
spk_0: and he remained confident that the goal is attainable i'm excited about at am excited about and confident in the future of our business as we continue to transform the feel the bargain transportation global using our or gf technology platform with that are now turned a call to the operator for any operator as a reminder to ask a question you will need to pass car want on your telephone with know your question pants the found a husky
spk_1: your first question comes found the line of grabbing my kids from jp morgan killing someone hi are you got phone on here for money on on so is me on monday or panel on in understand your commentary there but than the help understand little better i'm what's your sense of one happen or what then are you expect the label the look like i'm concerned the panel come and what you need in terms of national trial you mention to potentially get an expanded criteria on of the family can talk to some of the put the take here am i thought i think our label at that will come out of his panel will will will help us cover all they expanded criteria that was that he didn't expand trap we feel very confident about that you don't at at this point you don't expect you do additional trials to be able to get the label for extended by carry on the trial i was referring to a opposed to google registry that supported the both market program that we had proposed to that yale law so odd
spk_0: you know i just want firefight the the label he are on on you're thinking of an arm speaking about should be able to cover all the expanded our criteria
spk_5: parts that were studied in a expand prop
spk_1: okay great thank you and then switching to the long ah i know you saw in the previous quarter and some pent up demand and said that got to work through ah you know what are some of the commercial dynamic few seen ah progressing through border illegally team recovery even broader met take that can be been skiing and the long franchise or and when you expect that i'm going far from here we expect you expect the line to continue to recover is still it's still lagging out of the to organs but it's it's coming closer than we expected see that recovery to continue as long as we don't get another call repeat that the thing that we've been noticing and war an arm or out transparently recently is there are more and more patient been transplanted on after they'd been suffering with colbert on that younger younger patient profiles that are coming to the transplant waiting that been an acute a good situation and getting are like transplant because they had suffered from coburn uncovered i ended up completely destroying the lung function so at that something get yard keeping our eyes on because that with could create another another wave of pent up demand that that could stay with us long term but that's the only thing that the only new dynamic that we witnessed the
spk_5: the want more and more patient younger patients not traditional long failure patient are coming for for our lung transplant because the at they are last year
spk_0: could you do yeah next question can't stand the line of and sincerely of our lungs from margins tally lines know clean i think i'll i'll eat didn't even fucking questions i also wanted to start with the service model and could you talk a little bit more about the traction you seen and que one conveyed and as disruptive to certain extent pathways or against the value proposition right now and a while recovering from cobain of the service
spk_1: model and then and you're thinking about and commercialization for heart just how you found that out between your after centers in a cat person is mulling and to the senate sure thank you to say about the question on so the first the first one and relating to the national program and we we are we as we stayed before were excited about this program we are are we think that program in a habit a significant impact on sort of mid and long term on that option of our technology and what we'd have done eighty one his dad you know broadly disseminated the value proposition book clinically job economically financially and even ab you know work life balance wise and colbert today related that impact lies are to all the lung transplant forget on we we're we're seeing that traction are starting to build we expect that traction to continue to build it to queue to and cute three really i'm looking towards the end of this year to really have a palpable memento that it generated bad from this cold damp and it get at anything and it you know giving the colbert on on a by a man every game going to take a little bit longer than what we wanted to show up you know key one was with at you know and early on when for us to see that lamented starting to build we yeah we need to be patient me to continue to reiterate the value proposition out the next recorded and hopefully by year and will he can dribble on evidence of that momentum and building up but you're awfully be reflected in our abby related to the heart commercialization to syria and trying to even would deliver commercialization we gonna follow the same path we start with the active programs that have experience with of yes went up to the job expand or whether or are apt to them that twenty five eg program given the fact that yet big me happy active owning a dvd but now the understand the value proposition of an aussie as heart on and we focus in those first and then on top of that relay or the at a national program we will we envision ourselves to continue to provide flexible to flexible and mechanism and for adoption of our technology through the direct acquisition and a national program at least two hours twenty twenty one and into mid twenty twenty two were one or or one or both will will declare themselves as we have to continue that wait till we were were we're staying flexible we're enabling both and mechanisms
spk_0: to drive adoption and you don't want to disrupt that that that that adoption curve early on but eating bit is this is gonna be different than a long as or all the reasons we stated several times before three things on need and i is to just an associate dct heart performance in the first quarter can you talk about and trying to tie i am kobe had when listed and it's really what you're thing at the end of the quarter and into and at the able time frame and it's from the king and standpoint and then
spk_1: i'm just i'm never in florida and when we could hear that more clarity on it's the second tranche go through some just progress to the panel and think you you're drunk thank his failure so i'm we're very we're very we're we're very bullish on their dtt the program and an what for two reasons one the numbers at that pay it's have a norman it is it's still at all time high compared to any program we've conducted an ass but what we'd been in que one a give that even more confident than more on ah the excitement is that now we're not we're no longer limiting or would no longer limited or focused or concentrated and woman in the hands of the top for your for eating centers now we're seeing distribution of a normal really deep into the twenty five broadly at drop the twenty five centers which is very exciting for us and which team centers back arts or medium volume transplant program's really do on quite a quite number of cases and you wanted to that that that would meaningfully impact their a total boy yeah and in know when you look at you know at a macro level we tracked that's on a quarterly basis in the us not into one day were approximately sixty five or seventy new at hearts to additional heart transplant it compared to last year he want our of those forty bible or an old yet because they were dtt oct the their new art that otherwise would not have been transplanted back the of yet contributed to practically fifty or sixty percent of the group of heart transplant and que en you that very excited last week fact it took up we hope that you expect it's trajectory to continuing to continue on arch ranked relating to the liver cap again as syria were really cutting it they close here we we're doing our best trying to convince decade gate at the cap is important but also when you look at it from their perspective now that panels scheduled the mid july and it out by the time you get for vote will be probably
spk_6: in unsettled an early june mid june so am i aging it will be very clear a direct you to whether or not really bad he would have a second crotch in the capital we're just gonna drive through to the are to the panel and that just drive the tulips a lot from there are so hopefully we'll have deputy ability that minutes
spk_0: and sixty days or so
spk_7: keep you here next question comes from the line of charge jennings from college lines know
spk_1: hi this is brian here for josh thank you for taking the question i just want to start with a clarification on your comment on the liver cap on so i understand the view that approvals clearly outweigh the cap act activity in terms of priority for the company but what is their rationale you've gotten specifically for not increasing the cap given that the data we've seen enough very favorable and don't raise any concerns about safety or of brian that connect on question unfortunately i'm you know that bet that that that i can comment specifically but at a vague babe a very good at high level that that that feedback like a bit were so close to the panel one you just go to a panel get that get approval on so they were gone back with some of the argument you highlighted them on an inner we hope that we will prevail and man you know what we will wait a minute sixty days but we completely agree with your with your sentiment but also in a wifi it which wifi where they're coming from so i bet there's nothing there that we are aware of
spk_7: that get that any particular concern on or and it data as very strong be you know what were where we're at confused by that feedback as you are but also the understand how close we opted to the timeline for the panel
spk_1: okay thank you and may be changing gears to are you at some can you to share than month to month progression of the trans you've experienced recently and is whether you see that getting better sort of staying the same
spk_8: i'll go over the next couple months the bunch of stephen the on yeah so if you look at color where we are she brawl with a whole thing some uptick in international business it's it's slow and steady i don't think it's a trained yet but it would have actually that comeback from where it was a brilliant you want
spk_9: hello
spk_0: hello
spk_10: operator
spk_1: again next caution comes from the line of bill manic from cana quite young ones now open great day add to the name to question his first is clarification on the the harder for remote you know don't get any ft audits remaining to get a net approval i don't know we'd we'd path
spk_0: all the audits with flying colors i'll lie back okay and then in terms of an e o e in the discussion on the label have you ever completed the uncle discussion they get pushed on for approval and then same question for the post approval study can we are you at right now those are discussions back so bill that a great question know at this point we are
spk_1: we ah we are focused on a waiting on them aching that final decision and once that in the decision is made week at two remaining puppets a bad he had design and the at dad finally the language am so that peak of the to think that we're waiting for
spk_11: okay and then on can they provided a timeframe or you have a tie for evening would you expect to get that kind of final decision before you move on to the label you can kill us
spk_1: i think i think the time frames over all time frames are detained that with communicating free panel which is three to four months on pal date and i believe these out at the same time frames that will hold given our an address in discussions with that with ft okay pal a in just again and again you're prepared or nice marks to confirm that can i can ask me to go back and do any more animal testing or anything of that nature as a ah i'm yell a requirement for the approval only lot they can but not like and eight years so it's your bill i you know this and i cannot predict what ideas and ask for an mike my remarks were and and their march i made on the panel date it is as sick as significant as by i'd characterization here there are hundreds of animals or data really closing to kill hundreds of animal of data that was submitted and for some reason a would not reflected in the panel discussion and we'd have access to oldest the the data and all the results to address a question that was rate at the pound eight that's what gives a confidence and to that one aspect of the answer the second aspects of advice as we all know the again always prior prior tied human data over eighty preclinical catholic so we feel very confident that way ever met understanding of extract tradition we can clarify get in the data up the have access to and you know ah and you know that that was really that that a comment and or their mark i was trying to get across that if you take comfort in our tradition with our preclinical program without became preclinical beta ah that would help address any an open or remaining questions by a again and the fact that that that statement at down date was not accurate or correct given the significant number of ammo studied that were presented and submit it and it's be me okay that that's your local thanks and then second question is she coming out your program or you provided a particular and early thank you and you feel just any any kind of color around the first night good signed up a young person second sight signed up china yells what you're seeing in terms attraction i appreciate your now what this yet but it's really speaking as some kind of looking for of okay those first one or two yelp what is done for the kids it's have a double what they're doing have tripled are are they just getting going up straighter can get a feel incurred nearly what this can do when she get this expanded to more players and what the time for their knee jerk i didn't build that a great question i think what i can share publicly it before i'm that outdoor sick i think ah on their that older for a arrived outtake for out of the six have seen the valuables yeah would lead cases that were otherwise it would have never transplanted on an obviously out with the various magnitude beating one opie oh that five cases are not lpr the to one get one get bigger the big advantage of them joining the program but i can assure you that four out of the take had seen the value in their own and fear of in their own business and of what those yet can do to get more launch transplanted as that one of the other to have seen it but it was it had a mature the allied has seen the value of taken longer lcs yes but as mature like get to transplant because it's one marked the new take it to our the all the to new ah opioid that were working left and one the remaining to secrecy and a successful case given given just did that most recent one so add weeks fact that to continue and by that's why i'm and targeting gear and where we hopefully can have a critical mass that we can report you and maybe even begin a trend on for them to twenty twenty two about how are you an attractive ah but right now i need to have protected program allowed the time to mature and and and allow more opioids you know critical mass of appeals to be involved been so we can be v the an aggregate
spk_0: and results and and and track it that way by urine
spk_12: okay great thanks i'm pretty taking quests that with
spk_1: here next question comes from the line and search collide from open lines know
spk_13: i could have known walid stephen can you can be right
spk_1: you define threat perfect somali the few questions let me start out with the dct trial of money to remind need for non inferiority trial and there is no hierarchical analysis for speed you already relative to cold storage right and not not and since raj different the dp trial so whether a gang apple apples and bananas right and nam in meaning glad cold storage standard click your heart's so the he does be dying was with always and i'm into reality am because the our hearts that otherwise would have not been transplanted that it's it's highly unlikely ally i out stop here and gail to that the design and in a week we actually at question the validity of of doing a randomized trial for this for this indication and we we wait and see what those old shows but i'm our expectations as is that he are we in a week it the design is what did it which is an amateur a trial and i don't remember raj actually have had big for superiority and not usually when we have an hour for your huge we need than marriage or us for superiority but i i don't have the answer to that any to them and an outlaw to you offline to get to get you they kept an eye ansar bayt than the protocol god i'm so it will leave in terms of liver on we have seen the top line data on liver and just following or up on the on the with the and hard panel i'm it was wondering if you could you could walk us through it's a something in the data below the top line the pm he was filed correctly fun wrong to to twenty twenty ft has been looking at the state of for a long period of time is the something in your view that
spk_0: one could again be a hiccup for the ft on the liver site
spk_1: i'm surprised i cannot predict what could be a hiccup for at a on any on a healthcare application on all i can assert if the phone our liver data the keenest and the highest number of the kids because superiority and points that we've ever achieve the in any trial which conducted in the history of trump back i'm sure that the a could pick on something bad at the he'd relevant but from a political perspective from an implementation perspective we feel very strongly that our liver data is that is what i just described the cleanest it's the highest rate of and points achieving significant superiority in any trials conduct
spk_0: the other and walid one final question of how back into you post the panel our the heart panel of i'm just trying to get a practical assessment of the feedback your like getting from the ground posts the heart panel how many new centers do you'll expect to add in the us heart centers in the us and oh you as one she'll get a dvd approval in in heart thank you for taking my question thank you for as i think once as the a bullet and can i think we are targeting anywhere between twenty five to thirty am hard launching sites beach or that funny by beating heart outside plus the five that were involving and nag
spk_1: band and cap on that that would be our sort of the low hanging fruit
spk_0: and looking i don't see any question at this time everything he told me back to management and causing the once
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