{
  "docId": "019dd923-622c-750b-8b95-a00c0b305dce",
  "docSlug": "43e7ee2e62f9",
  "documentTitle": "Avantor, Inc. (AVTR)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-08-11 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 12,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "competitive_analysis",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 14,
  "notes": "Includes a quote from a former leader and a table comparing growth rates and market share shifts.",
  "elementsJson": [
    "headline_text",
    "bar_chart_grouped",
    "data_table",
    "bar_chart_stacked",
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-a00c0b305dce/4",
  "deckHref": "/decks/019dd923-622c-750b-8b95-a00c0b305dce",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-a00c0b305dce.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-a00c0b305dce#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Based on our diligence, we believe that a significant portion of LSS's historical underperformance and market share loss has been self-inflicted and driven by organizational dysfunction – and is therefore reversible under the right leadership.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0390-727f-bb8f-b46635e451ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.25,
        "x": 0.117,
        "y": 0.141
      },
      "kind": "chart",
      "text": "2018-2024 Revenue (USD billions)",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb4d9827-ae8f-47eb-9cd7-282a7379c497",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.68,
        "y": 0.141
      },
      "kind": "chart",
      "text": "2018-2024 Relative Market Share",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b0e9b01-6423-4be7-906a-ef45970f59a4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "market share: 3x - 5x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0390-727f-bb8f-bf6ee70d379a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.76,
        "x": 0.117,
        "y": 0.365
      },
      "kind": "paragraph",
      "text": "Based on our diligence, we believe that a significant portion of LSS's historical underperformance and market share loss has been self-inflicted and driven by organizational dysfunction – and is therefore reversible under the right leadership.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9bc303ff-0e3e-4493-bf36-15543926e397",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.117,
        "y": 0.645
      },
      "kind": "quote",
      "text": "[LSS] has been a chronic underperformer but should be able to outgrow its end markets... There is nothing structural or that they can't fix... If the market grows 2-3%, [LSS] should be able to grow 4%-5%. – Former Avantor Leader",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1c9cd1f-695a-4973-8e36-ff859e829192",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"[LSS] has been a chronic underperformer but should be able to outgrow its end markets... There is nothing structural or that they can't fix... If the market grows 2-3%, [LSS] should be able to grow 4-5%.\" — Former Avantor Leader",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0390-727f-bb8f-ba5f11af2072",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.117,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Competing TMO comprises Research & Safety and Lab Products subsegments.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "596dc613-70e5-4ca7-b5a1-d7c509c96c12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.398,
        "y": 0.141
      },
      "kind": "table",
      "text": "2018 to 2024 Growth table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1bbf1f38-4e62-4122-b834-16e84263eb6c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.39,
        "x": 0.305,
        "y": 0.11
      },
      "kind": "title",
      "text": "Lab Sciences Distribution Market Share (2018-2024)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b316f21-0e90-4889-b001-6062ccd0f051",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "diagnostic-test",
      "slug": null,
      "matchId": "49d28e8e-2b5d-4e30-843e-f854831c8fb7",
      "evidence": "Slide identifies organizational dysfunction as the root cause of market share loss.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 7,
      "from": 2,
      "beatId": "0b144411-43ad-4b5a-955c-278e2ee8b879",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "Expose contradictions and issues with Avantor's performance",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    },
    {
      "to": 7,
      "from": 2,
      "beatId": "be0636e9-abcd-41a5-92dd-408530e9ed06",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Charts and data showing Avantor's issues",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 7,
      "from": 2,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "65be1234-e2ec-45b5-b7a5-ef4fb91a66b2",
      "evidence": "Repeatedly exposing contradictions and issues",
      "position": 0,
      "objective": "Identify patterns of poor performance",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}