{ "docId": "019dd923-622c-750b-8b98-ad29603ddb10", "docSlug": "954987ce0454", "documentTitle": "Mettler-Toledo International, Inc. (MTD)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-07-24 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 83, "pageCount": 136, "prevPage": 82, "nextPage": 84, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 5, "notes": "Uses call-and-response format to document specific claims made by management.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ad29603ddb10/83", "deckHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10#slide-83", "components": [ { "bbox": null, "kind": "callout", "text": "Commentary from the Q3'17 earnings conference call in Nov 2017 about the acquisition of Biotix illustrates it produced $35m and was growing 10%-12% according to the former CFO.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-1ac6-76d9-862e-821c1f1cc418", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.95, "x": 0.025, "y": 0.0019199999999999998 }, "kind": "paragraph", "text": "Commentary from the Q3'17 earnings conference call in Nov 2017 about the acquisition of Biotix illustrates it produced $35m and was growing 10%-12% according to the former CFO. The deal included a contingent payment of up to $65m based on earnings thresholds in 2018 and 2019. Mettler valued the contingent consideration at $30.7m as a liability on its balance sheet at 12/31/17.(1)", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2bb46525-5c71-4632-90f2-6d830f4455fe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.82, "x": 0.148, "y": 0.00595 }, "kind": "quote", "text": "Thanks. And just one last quick one for context on Biotix. Could you give us what was the historical growth rate for the business maybe for the last two or three years?", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3d565b35-d1a0-4efc-b677-93a9446973dd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.82, "x": 0.148, "y": 0.00365 }, "kind": "quote", "text": "Let me now make a few comments on the acquisition of Biotix, which we completed in the third quarter. Biotix manufactures and distributes plastic consumables associated with pipettes including tips, tubes and reagent reservoirs used in the life science market. Biotix's annual sales of approximately $35 million, we paid $105 million or approximately 10 times EBITDA for the business", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d42518fc-849a-4454-8115-b16017e4b339", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.82, "x": 0.148, "y": 0.0076500000000000005 }, "kind": "quote", "text": "I would say it was in the 10% to 12% range. I think, if you count year-to-date through, let's say, last 12 month, the LTM ended September 30, and 2016, you probably get numbers in that range.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f9831484-4b6a-48e7-ac59-17093bd965e0", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Let me now make a few comments on the acquisition of Biotix, which we completed in the third quarter. Biotix manufactures and distributes plastic consumables associated with pipettes including tips, tubes and reagent reservoirs used in the life science market. Biotix's annual sales of approximately $35 million, we paid $105 million or approximately 10 times EBITDA for the business\" — CFO Donnelly. \"Thanks. And just one last quick one for context on Biotix. Could you give us what was the historical growth rate for the business maybe for the last two or three years?\" — Analyst Zach Wachter. \"I would say it was in the 10% to 12% range. I think, if you count year-to-date through, let's say, last 12 month, the LTM ended September 30, and 2016, you probably get numbers in that range.\" — CFO Donnelly.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-1ac6-76d9-862e-87b69e6b7a6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.025, "y": 0.00945 }, "kind": "source-note", "text": "1. 2017 10-K, Note 3 Acquisitions", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1a2f9eb0-e9b7-4bf4-b2ae-ccf1376ce980", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.385, "x": 0.308, "y": 0.055 }, "kind": "title", "text": "Biotix Botched Acquisition", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9b0e313a-0de6-43fd-b1f8-d278de1682c4", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "call-and-response", "slug": null, "matchId": "65e9dc86-04d4-4d9a-b882-55a4c1fa8123", "evidence": "The slide presents a dialogue between an analyst and a CFO to establish facts.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }