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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-10-29 00:00:00",
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  "notes": "The slide uses a table to compare historical revenue against actual post-acquisition performance for three specific acquisitions (Trumpf, Welch Allyn, Mortara).",
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      "text": "If sales growth rates at these acquired businesses rebounded to their prior trajectories in subsequent years, Hill-Rom would have enjoyed artificially higher organic revenue growth during the subsequent years, as it would have been calculated off an artificially lower revenue base.",
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      "text": "Spruce Point also observes that a number of Hill-Rom's acquisitions appear to have generated less revenue during their first years under the Company than they were said to have generated independently.",
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      "text": "1. Includes impact of Welch Allyn acquisitions during FY15, prior to Welch Allyn's own acquisition by Hill-Rom",
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      "kind": "title",
      "text": "Acquisitions Generating Lower Sales Than Advertised",
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