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  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 38,
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  "slideType": "expose_contradiction",
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  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": "The slide uses a 'Stopped Historical Disclosure?' callout to emphasize the lack of transparency.",
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      "kind": "callout",
      "text": "Stopped Historical Disclosure?",
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      "kind": "callout",
      "text": "Warning: Mettler recently suspended historical disclosure of sales by segment.",
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      "kind": "metric",
      "text": "segment sales",
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      "kind": "paragraph",
      "text": "The Company's global revenue mix by product category is laboratory (51% of sales), industrial (41% of sales), and retail (8% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations, which is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company's sales by product category for the year ended December 31 follows:",
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      "kind": "paragraph",
      "text": "Mettler does not report segment profit by Lab, Industrial and Retail. Instead, it only reports by geography....very odd. Based on peer operating margins in Lab (18-23%), Mettler’s stated crown jewel, we are hard pressed to see how total consolidated margins can be 23% when 49% of its sales come from the more competitive, lower margin, industrial and retail segments. Warning: Mettler recently suspended historical disclosure of sales by segment.",
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      "text": "A breakdown of the Company's sales by product category for the years ended December 31 follows:",
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      "kind": "source-note",
      "text": "Source: 2018 10-K",
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      "kind": "source-note",
      "text": "Source: 2017 10-K",
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      "text": "2017, 2016, 2015 sales data by segment",
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      "kind": "title",
      "text": "No Longer Giving 3 Yr Historical Sales By Segment",
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