Mettler-Toledo (MTD), a precision instruments manufacturer, topped its latest annual report with new language that does not inspire confidence in the growth forecasts provided later. It’s not often that we identify a significant language change in the “Forward-Looking Statements Disclaimer” we believe will be useful to investors. But in the case of Mettler-Toledo, we’re flagging a change that may prove significant as the year progresses.

Last year, Mettler-Toledo offered a boilerplate warning:

“Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties.”

In its 2020 10-K, Mettler-Toledo adds language suggesting that forward-looking statements about revenue growth in particular should not be relied on:

“Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties, including statements about expected revenue growth…”

MTD’s YoY sales increased 3.2% to $3.1 billion in 2020, which topped estimates of $3.085 billion. The forecast for 2021 is $3.37 billion, an increase of 8.7%. The last time MTD’s revenue grew that quickly was 2017 (8.6%). The five year average growth rate is 5.3%.