Callouts & quotes from 240+ activist slides

"“just entirely unethical,” beginning when the NOP was established: “it’s a big reason why I decided to get out of the company”; “since they purchased aircraft, they were flying in nonlocal teams versus driving the local team.” — Former OCS Specialist who left recently"

"If Dexcom hasn't found a way to sell a competitively-priced down-market CGM profitably after nearly five years of development, we wonder if it will ever find a way to do so, and whether it faces fundamental scale limitations versus Abbott as a one-product company."

"Amgen employee #2 (cont’d) indicates BLI is “probably not” worth buying for single-cell analysis; competing machines are “a small fraction of the cost” with better use cases versus BLI’s complexity; and that the TAM for BLI is a “pretty limited number” of systems."

"Machines made specifically for inspecting photomasks have been Lasertec’s bread and butter since the 1970’s – a small niche versus other segments of the tools market like wafer inspection, defect review, or metrology, hence its historical market cap of $100-200MM."

"He trumpeted the tripling of bookings, and then talked up the Q-Lab deal with Maryland – but failed to disclose the critical fact that the tripling was due to this one particular deal, even representing the increase as due to “customers” versus one related party."

"The lines are broken. The line is not continuous. It’s break, break, break. Look at the short lines - each duration is very short. They apply some current and then pulse - apply current, wait, apply current, wait, versus continuously increasing the current."

"“Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500.” — 13D Monitor"

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500. — 13D Monitor"

"Starboard's average return on a 13D filing is 28.9% (versus an average of 8.8% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.3% versus 13.1% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"Starboard's average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.3% (versus an average of 2.9% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 31.6% versus 1.5% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"GINGKO BIOWORKS executive #1 challenged the machine’s purported value proposition: doesn't speed up overall workflows for pharma/biotech customers; throughput is a limitation; unclear if/when the Beacon is the right screening tool versus competitors."

"“we were afraid that they had bugged our Slack channel”; the article “picked up on all of the things that we were concerned about Ginkgo, about their grandiose claims” and “versus the reality of what we see day to day.” — Senior employee at Joyn Bio"

"The analysis assumes that pro forma corporate expense in 2006 will be $100 million versus $488 million as projected by Wall Street analysts (which includes $36 million of intersegement eliminations) and that SG&A will decline by 5% or $510 million."

"Others indicated that the award is mainly to spite KLA, given tension over KLA’s pricing, according to a former KLA executive – and that the grudge is Intel’s main reason for buying Lasertec’s tool versus anything special about their technology."

"Zebra describes its Chief Accounting Officer (“CAO”) as comfortable operating in “gray areas” and “willing to tailor accounting practices to business processes versus having to re-engineer business processes.” — Spruce Point Capital Management"

""In addition approximately $37 million of the increase is the result of taking ownership of inventory from China when it ships versus when it enters our distribution center here in the US." — Many Fields, ELF Q2 FY24 Earnings Call Nov. 1, 2023"

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500."

"Based on the synergy plan, we are confident that the combined entity will generate about a 24% operating margin by the end of this decade versus the 18.5% P&G delivered in fiscal 2004-5. — A.G. Lafley, CEO, Gillette M&A Presentation 10/3/05"

"A number of KOL’s stated their belief that Nevro’s high frequency mechanism of action is uniquely dangerous versus conventional low frequency stimulators, a finding supported by extensive posts in Nevro patient support groups on Facebook."

"BLI has no value proposition versus competing machines, especially at a $2MM price point; can get “a lot more functionality” from others for a fraction of the price; will get disrupted within 2-3 years by newer single-cell technologies."

"TransMedics strikes us as textbook case whereby it appears that customers are 1) forced to pay for a NOP service they do not want... and 2) to do so at a higher price than if they purchased each service themselves versus a bundle."

"Aldi drives superior retention of its customers. Below, an Earnest Research cohort analysis of new Weis and Aldi shoppers in July 2017 shows 15.9% of Aldi customers continued to shop at Aldi after 12 months versus 10.7% at Weis."

"The ex-employee indicated that the smell of the Vykat table versus placebo unblinded the trial and allowed parents to game the trial; and that individuals inside Soleno were concerned about the impact on HQ-CT hyperphagia scores"

"Instrument is not usable by most scientists; “technically very challenging to use”; using it actually slows down projects versus speeding them up – the key selling point; takes years to learn the ins and outs of the machine."

"Anyone researching these companies would be struck by the imminent disruption coming Twist’s way, and how old and passe Twist’s oligo manufacturing process is versus emerging players already backed with significant capital."

"The machine’s market size is further limited by its “massive throughput limitation,” which makes it painfully slow versus typical flow cytometers and cell sorters and renders it impractical for widespread application."

"Marathon has excelled since it took bold actions to improve operations and governance, resulting in a ~150% relative share-price outperformance versus its peers Phillips 66 (NYSE: PSX) and Valero Energy (NYSE: VLO)."

"Lasertec’s only use case is P2/P3, but it introduces debris in P2 which requires redundant inspection with a backup KLA DUV tool, and it’s too unreliable for P3 – eliminating any reason for its existence versus KLA."

"The Omnia signaled a 180 degree turn in strategy versus the positioning of the past decade: the company would now offer every frequency and waveform under the sun and throw the kitchen sink at doctors and patients."

"Kao could bring its Cash Conversion Cycle and Non-Cash Working Capital (relative to sales) down dramatically and free up over JPY 150bn by 2027 versus 2024 levels that could be better spent on growth initiatives."

"The “delays” appear intentional to force the center to pay for a second TransMedics plane versus traveling with the procurement team, as well as driven by incompetence that may result in stranded and lost organs."

"The result has been extreme shareholder value destruction and sustained share price underperformance versus peers - despite Avantor having a higher mix of recurring revenue and defensive consumables exposure."

"To be conservative, we have assumed that the agencies will take a “De-consolidated View” and Target will maintain solid investment grade ratings in the Mid - High BBB/Baa category (versus A+/A2 rating today)"

"As a standalone entity, SSgA could be better positioned to close the margin gap versus peers, receive a multiple re-rating over time, and may have significant strategic value to other industry participants."

"According to Morgan Stanley research, historical list prices for the Deluxe, Premium, and Self-Employed Online SKUs rose at 15%, 17%, and 9% CAGRs from 2020 to 2024 versus just 7% for Live. — Morgan Stanley"

"Analysts and investors currently believe that Hill-Rom shares trade at a 35-40% discount to other med-tech stocks, justified by the Company's relatively slow growth rate versus more tech-oriented peers."

"Despite its uptake, the long-term science around Aquablation remains unsettled. Thus, the procedure receives only a conditional recommendation and a lower evidence level grade versus TURP by the AUA."

"The omission of pharmacokinetic tables is a striking red flag – and the paper used a crude trick by saying “greater than” versus stating how high the levels spiked, much less showing a distribution."

"Legacy DUV sales will not save Lasertec from its EUV failure, as TSMC indicated that at most they may purchase 15 Lasertec DUV tools in coming years versus 10 of MATRICS X8 that they have currently."

"We believe that RINO's SAIC financial statements are largely reliable. The SAIC income statement (below) shows consolidated 2009 revenue of $11.1 million, versus $192.6 million in its SEC filings."

"RTC Plan calls for Crown Castle to achieve a capex revenue ROI in excess of 40% on annual fiber discretionary capex of $600M (versus $1.4B), which turns fiber into a cash flow generative business"

"Said differently, how could new member lives have a utilization that was +6x versus the legacy member lives? This does not pass our sanity check and we call on PGNY management for an explanation."

"By calculating predicted subscription months assuming 0% and 100% cohort renewals versus actuals, we estimate that Heska retention rates were materially lower than the “>95%” the Company quotes."

"Of note, on its recent Q2 2025 earnings call, management noted that its outperformance versus expectations is largely being driven by the legacy LTCM market rather than new products or markets."

"“a change in certain vendor arrangements where we [ELF] now take ownership of inventory at shipment from China versus when it enters our U.S. distribution center.” — ELF Beauty, 2Q FY2024, 10-Q"

"Over the past year, SE has traded down 5% versus comps which were up 21% - a 26% underperformance. Over a 3 year period, SE's underperformance has been much more dramatic - 72% below comps"

"Trial investigator #7 stated that Vykat makes no sense versus cheap, generic diazoxide suspension, with which he and other endocrinologists already have experience using “for many years.”"

"This increase reflects “a change in certain vendor arrangements where we [ELF] now take ownership of inventory at shipment from China versus when it enters our U.S. distribution center."

"The report shows that IQ’s average mobile DAUs were only 126.2 million during the first 10 days of the 2020 Chinese Lunar New Year, versus 180 million average mobile DAUs claimed by IQ."

"Muddy Waters’s survey-based market research estimates that NQ’s actual share of the China security app market is 1.4%, versus NQ’s purported approximate share of approximately 55%."

"Spruce Point believes that Hill-Rom's underlying sales growth has been effectively flat at best, versus management's reported "core growth" of 2%-6% through the past two years."

"A visual representation of inventory as percent of revenue versus the five largest semicap equipment companies makes clear how unusual Lasertec’s reported inventory balance is."

"The fact that 91% of HASI's dividends are admittedly Returns of Capital (versus ordinary income) shows the stark difference between Distributable Earnings and cash receipts."

"JP Morgan is targeting significant net cost reductions in its Corporate & Investment Banking division between now and 2017 (versus significant expense growth for BNY Mellon)"

"Scientists are highly resistant to adopting BLI and more trusting of cheaper flow cytometers; has little incremental benefit and "doesn't make sense" versus existing tools."

"Target Corp would have approximately $200mm of incremental FCF after growth capex versus Target Standalone as a result of not funding new land development and reduced taxes"

"In 3 of the last 4 quarters, the conversion was 26-30% - indicating that 70% of reported net income is just accrual estimates and assumptions in a spreadsheet versus cash."