Coppersmith Presentation to Alere Inc Stockholders
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COPPERSMITH
▪ Alere's failure to meet its own forecasts includes the spectacular disappointments from the pipeline of new platforms
announced by Alere at the Company's 2010 Analyst Day:
> Projected $150mm on the low-end by 2012 - fell short¹4 by $94mm or 63%
> Projected $350mm on the low-end by 2013 - expected to miss¹5 by ~$275mm or 79%
> Two of the key programs (CD4 Analyzer and epoc Blood Gas Analysis System) which underpin management's new vague
promises to "Re-establish historic organic revenue growth" both missed ¹5 2012 targets by ~50%
The Forecast Alere Would Prefer You Forget
The Heart Check product (development cost of $120mm through 2010, undisclosed since), has had de minimis ¹5 revenue
despite projections of $30mm in 2012 and $85mm in 2013, and is not even mentioned in the new growth plan
Alere New Products Contribute to Rapid Growth
$ in millions
$400
$350
$300
$250
$200
$150
$100
$50
$0
Total New Product Revenue by Year Using Low-Range Projections
2010
10
2011
2012
2013
2010 Low-Range Projections
Actual
Management EstimateView entire presentation