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  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-07-24 00:00:00",
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  "notes": "The slide uses two tables to highlight the inconsistency in reported sales figures for the Troemner acquisition.",
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      "text": "Based on disclosures made by Mettler related to net sales contribution from Troemner and contribution to the Lab segment growth, we cannot reconcile its total contribution.",
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      "text": "Troemner Sales: $25.1",
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      "text": "Based on disclosures made by Mettler related to net sales contribution from Troemner and contribution to the Lab segment growth, we cannot reconcile its total contribution. Mettler would then acquire Biotix in Q3'17, thus making it difficult to evaluate the full year contribution of Troemner post acquisition. This appears to be a classic red flag cover-up.",
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      "text": "Source: Mettler 10-K and 10-Qs and previous slide disclosures. 1) Prior to 2017, Lab revenues implied from earnings presentations that presented Lab revenues as a % of Total Net Sales. 2) Per the 10-K p. 32. 3) Conflict between conf call (3%) and SEC filing (2%) so we use 2.5%.",
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      "kind": "title",
      "text": "Irreconcilable Troemner Results",
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