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  "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 a table to demonstrate that Biotix revenue significantly underperformed the $35m run rate cited at acquisition, leading to a one-time gain reversal.",
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      "kind": "callout",
      "text": "Large revenue collapse in Q4'2018. Total revenues substantially less than $35m cited at time of acquisition",
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      "text": "Reported EPS included a $0.75 ($18.7m) acquisition gain related to our earn-out accrual with Biotix... The Biotix acquisition was structured with a large potential earn-out component. While we are very pleased with the Biotix acquisition and expect their operating profit to grow by more than 35% in the first two years, they fall short of the earn-out level. As a result, we recorded a one-time, non-cash gain to reverse a significant portion of the original amount.",
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      "text": "Biotix Revenue: $27.2m",
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      "text": "Putting a positive spin on an atrocious outcome. More evidence that Mettler, a company with a high precision ability to never miss an earnings target, should be viewed skeptically. Mettler said Biotix had run rate revenues of $35m, with 10-12% growth, but we estimate $27.2m of revenues for 2018 (22% less). In Q4'18, when the old CFO Donnelly finally left, Mettler reversed the liability and booked a one-time gain.",
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      "text": "Reported EPS included a $0.75 ($18.7m) acquisition gain related to our earn-out accrual with Biotix... The Biotix acquisition was structured with a large potential earn-out component. While we are very pleased with the Biotix acquisition and expect their operating profit to grow by more than 35% in the first two years, they fall short of the earn-out level. As a result, we recorded a one-time, non-cash gain to reverse a significant portion of the original amount. — CFO Vadala Q4'18 Conf Call",
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      "kind": "source-note",
      "text": "Source: Mettler 10-K and 10-Qs. 1) 2018 Lab revenues as presented in SEC filings. Prior to 2017, Lab revenues implied from earnings presentations that presented Lab revenues as a % of Total Net Sales",
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      "text": "Financial table showing Total Net Sales, Lab Sales, YoY Growth, and Est. Implied Biotix Revenue from Q1'17 to 2018.",
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      "text": "Evidence of A Busted Deal",
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