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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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      "text": "We believe that, even on reasonable base-case assumptions for growth in new products and the legacy business, respectively, Hill-Rom should miss consensus core revenue estimates by 2% – a top-line miss the likes of which the Company has not seen since Q2 FY16.",
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      "text": "Core Revenue Growth: -4.1%",
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      "text": "Sell-side analysts believe that Hill-Rom will continue to grow core revenue between 4.5% and 6% in Q4... Spruce Point concludes that these forecasts are far too aggressive.",
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      "text": "1. Organic Core Revenue excludes inorganic contributions... 2. Assumes 32.5% of new product revenue cannibalizes...",
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      "text": "Naïve Forecasts Of Steady Growth Set Hill-Rom Up To Miss Consensus Estimates",
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