{
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  "docSlug": "jarvis-politan-capital-masimo-presentation-may-2023",
  "documentTitle": "Politan Capital Masimo Presentation May 2023",
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  "presentationDate": "2023-05-01 00:00:00",
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  "pageNumber": 20,
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  "notes": "The slide uses a red color to highlight negative trends (ROIC decline and R&D growth outpacing sales).",
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      "kind": "chart",
      "text": "ROIC Has Consistently Declined...",
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      "kind": "chart",
      "text": "...As Sales Growth Has Not Kept Pace With R&D",
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      "kind": "other",
      "text": "Company filings, Bloomberg. 1. Historical EBIT excludes royalty payments. 2022 EBIT and invested capital pro forma for full year of Sound United. Decline is ~15% excluding Sound United.",
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      "kind": "title",
      "text": "Unsuccessful Investments in Adjacent Markets Degrade ROIC and Cause R&D to Outgrow Revenue",
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      "evidence": "Slides present various problems with Masimo's governance and performance.",
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