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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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  "notes": "The slide uses a table to demonstrate how the company inconsistently groups Biotix and Troemner acquisition data to obscure performance.",
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      "kind": "callout",
      "text": "Only disclosure that gives a clean Biotix sales contribution",
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      "text": "Notice how Mettler's 2018 annual report obfuscates the Q4'18 impact of Biotix, by referencing its performance with Troemner. Troemner was acquired in August of 2016, so why is Mettler mixing its contribution with Biotix almost 2.5 years later?",
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      "text": "Notice how Mettler’s 2018 annual report obfuscates the Q4’18 impact of Biotix, by referencing its performance with Troemner. Troemner was acquired in August of 2016, so why is Mettler mixing its contribution with Biotix almost 2.5 years later?",
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      "text": "Source: Mettler 10-Q and 10-K filings",
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      "kind": "title",
      "text": "Acquisition Contribution Disclosures Difficult To Interpret For A Reason....",
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