Coppersmith Presentation to Alere Inc Stockholders
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Guidance: Chronically Missed and Now Abandoned Altogether
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Management's inability to achieve its Triage
recovery plan targets is not an isolated event
▪ In late 2008¹2, they said they would achieve
"steady significant annual growth in adjusted
cash basis EPS" through 2012
Adjusted EPS declined every year since 2009
▪ More specifically, management has missed
initial EPS guidance¹3 by more than 10% in
each of last three years
>
▪ Rather than improve their forecasting and
financial controls, management simply
stopped giving guidance this year
"[I] don't think we get particular benefit for
providing it and so we're going back to the way
we had been for years."
- Chairman and CEO Zwanziger on the 4012
Earnings Call
$3.00
$2.90
$2.80
$2.70
$2.60
$2.50
$2.40
$2.30
$2.20
$2.10
$2.00
2010
Initial EPS Guidance
2011
COPPERSMITH
Initial Adj. EPS Guidance
Actual Adj. EPS
2012
The solution to chronic failure to meet projections is better execution - not abandoning
projectionsView entire presentation