Here's a comment on one of Hempton's blog posts about Valeant Pharmaceuticals.
"For 2Q14, they excluded the injectable business in their growth calculation. Why would you exclude that, when the sale was completed on July 10th or AFTER the end of 2Q? HA, it's because if you don't exclude it, the actual organic PF growth and same store growth would have been 6% and flat, respectively, compared to the 8% and 4% they reported. And this is on their numbers.I haven't verified what this commenter is saying, but I'd be hesitant to ever buy anything that Hempton is short.
If you read the footnote on their organic growth, it's almost comical. They exclude "assets held for sale". So anytime a business underperforms, cue facial injectables tanking 40%, it gets classified to asset held for sale and becomes excluded from growth calculation. Can't say they are not clever."