Coppersmith Presentation to Alere Inc Stockholders
PAGE 5 |
Long-Term Underperformance: How Credibility Gets Ruined
$180
$160
$140
$120
$100
$80
$60
$40
$20
Poor Stock Performance¹
теми
SO
Oct-07 Feb-08 Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13
-ALR -NYSE Composite -DJ US HC Index
Non-GAAP Operating Results
Professional Diagnostics Organic Growth (Incl. Triage)
Health Management Organic Growth
Gross Margin
Operating Margin
Adjusted EPS
$10,000
$9,000
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
2007
2009
2008
Poor Operating Performance
7.4%
-2.1%
57.7%
24.3%
$2.63
EV
Capital Misallocation 2,3,4
2009
2010
Acquisitions Net of Divestitures
2010
2011
5.7%
-8.6%
56.1%
22.1%
$2.51
COPPERSMITH
2012
YTD 2013
Stockholder Value Destroyed
2011
5.5%
-10.7%
55.3%
20.7%
$2.48
2012
1.4%
0.2%
53.6%
17.9%
$2.25
Jun-13
In our view, nothing in Alere's past performance augurs future success without stockholder
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