Manufacturing Industry
Quarterly earnings result in gains for IBO indexes
Instrument Business Outlook, Oct 31, 2006
52 Week
Market Value
Company: Exchange (US $000s) Low High
Laboratory Instrumentation
Affymetrix: o $1,714,824 17.50 52.44
Applied Biosystems: n $6,791,547 23.90 39.49
Beckman Coulter: n $3,657,537 49.05 61.66
Bio-Rad Laboratories: a $1,974,998 55.32 75.32
Bruker BioSciences: o $720,324 4.02 8.20
Caliper Life Sciences: o $171,845 3.95 7.49
Cepheid:o $447,593 6.15 11.21
Ciphergen Biosystems: o $38,571 0.64 2.25
CombiMatrix: o $31,364 0.70 2.90
Dionex. o $1,080,112 43.77 62.33
Harvard Bioscience: o $158,609 3.12 6.07
Illumina: o $2,223,453 13.42 45.87
Luminex: o $534,459 9.46 20.75
MOCON: o $53,661 8.11 10.05
Molecular Devices: o $339,399 16.85 36.26
O.I. Corp: o $2,645 9.53 15.00
PerkinElmer: n $2,673,653 16.31 24.17
SEQUENOM: o $65,979 1.33 3.60
Thermo Electron: n $6,951,842 29.33 44.65
Transgenomic: o $24,595 0.31 1.13
Varian Inc.: o $1,468,360 35.83 49.53
Waters Corp.: n $5,133,085 35.55 50.10
Process/Metrology/Motion Instrumentation
FEI Company: o $913,508 18.30 26.00
MTS Systems: o $624,088 29.82 48.38
Nanometrics: o $135,723 8.50 15.71
RAE Systems: n $224,315 2.40 4.54
Roper Industries: n $4,352,580 36.98 51.27
Strategic Diagnostics: o $64,517 2.37 4.22
Veeco Instruments: o $586,735 15.37 27.55
X-Rite: o $244,771 7.50 13.53
Zygo: o $320,472 11.95 19.75
Lab Consumables/Equipment
Cambrex: n $625,997 16.87 24.50
Fisher Scientific Int'l: n $11,387,460 54.70 88.78
Invitrogen: 0 $2,974,231 55.81 76.65
Kewaunee Scientific :0 $18,555 7.38 10.64
Millipore: n $3,497,978 59.58 76.95
New Brunswick
Scientific: o $69,332 5.59 10.28
Pall: n $3,997,868 25.26 32.44
QIAGEN: o $2,422,614 10.76 16.26
Sigma Aldrich: o $5,039,881 62.53 77.47
Stratagene: o $152,876 3.98 11.41
TECHNE: o $2,205,528 45.27 60.74
Laboratory Instrumentation
Stock Index
Process/Metrology/
Motion Instrumentation
Lab Consumables/
Equipment Stock Index
Dow Jones
Industrial Average
S&P 500
NASDAQ Composite
Price Change Change
Company: Exchange 10/31/2006 1 Month YTD
Laboratory Instrumentation
Affymetrix: o $25.50 18% -47%
Applied Biosystems: n $37.30 13% 40%
Beckman Coulter: n $57.57 0% 1%
Bio-Rad Laboratories: a $73.42 4% 12%
Bruker BioSciences: o $7.96 14% 64%
Caliper Life Sciences: o $5.10 5% -13%
Cepheid:o $8.21 14% -6%
Ciphergen Biosystems: o $1.07 -20% -9%
CombiMatrix: o $78.00 -20% -43%
Dionex. o $54.40 7% 11%
Harvard Bioscience: o $5.11 14% 15%
Illumina: o $43.96 33% 212%
Luminex: o $16.12 -12% 39%
MOCON: o $9.73 1% 5%
Molecular Devices: o $20.14 9% -30%
O.I. Corp: o $9-80 -2% -21%
PerkinElmer: n $21.36 13% -9%
SEQUENOM: o $3.50 64% 72%
Thermo Electron: n $42.87 9% 42%
Transgenomic: o $0.50 -11% -53%
Varian Inc.: o $46.89 2% 18%
Waters Corp.: n $49.80 10% 32%
Process/Metrology/Motion Instrumentation
FEI Company: o $22.86 8% 19%
MTS Systems: o $33.29 3% A%
Nanometrics: o $10.37 12% -6%
RAE Systems: n $3.86 27% 10%
Roper Industries: n $47.85 7% 21%
Strategic Diagnostics: o $321.00 -17% -12%
Veeco Instruments: o $18.69 -7% 8%
X-Rite: o $11.31 5% 13%
Zygo: o $17.32 36% 18%
Lab Consumables/Equipment
Cambrex: n $23.40 13% 25%
Fisher Scientific Int'l: n $8,562.00 9% 38%
Invitrogen: 0 $58.01 -9% -13%
Kewaunee Scientific :0 $7.44 -7% -20%
Millipore: n $6,453.00 5% -2%
New Brunswick
Scientific: o $751.00 -4% 11%
Pall: n $31.90 4% 19%
QIAGEN: o $15.81 0% 35%
Sigma Aldrich: o $7,511.00 -1% 19%
Stratagene: o $6.83 5% -32%
TECHNE: o $55.88 10% 0%
Laboratory Instrumentation
Stock Index 530.09 8.7% 17.5%
Process/Metrology/
Motion Instrumentation 403.34 6.9% 15.1%
Lab Consumables/
Equipment Stock Index 374.38 2.9% 15.6%
Dow Jones
Industrial Average 12,080.73 3.4% 12.7%
S&P 500 1,377.94 3.2% 10.4%
NASDAQ Composite 2,366.71 4.8% 7.3%
EPS EPS
Company: Exchange P/E 1 Month FY
Laboratory Instrumentation
Affymetrix: o 2550 0.01 0.84
Applied Biosystems: n 41 0.90 1.43
Beckman Coulter: n 28 2.05 2.32
Bio-Rad Laboratories: a 21 3.47 3.06
Bruker BioSciences: o 199 0.04 0.04
Caliper Life Sciences: o N/A -0.35 -0.46
Cepheid:o N/A -0.43 -0.32
Ciphergen Biosystems: o N/A -0.94 -1.10
CombiMatrix: o N/A -0.43 -0.37
Dionex. o 31 1.74 1.74
Harvard Bioscience: o N/A -0.27 -1.04
Illumina: o 96 0.46 -0.52
Luminex: o N/A -0.02 -0.09
MOCON: o 16 0.62 0.53
Molecular Devices: o 32 0.64 0.93
O.I. Corp: o 13 0.77 0.85
PerkinElmer: n 10 2.05 2.05
SEQUENOM: o N/A -0.31 -0.66
Thermo Electron: n 35 1.21 1.36
Transgenomic: o N/A -0.31 -0.42
Varian Inc.: o 28 1.65 3.67
Waters Corp.: n 24 2.07 1.76
Process/Metrology/Motion Instrumentation
FEI Company: o N/A -1.10 -2.33
MTS Systems: o 17 1.94 1.81
Nanometrics: o N/A -0.50 0.28
RAE Systems: n N/A -0.01 -0.01
Roper Industries: n 23 2.07 1.74
Strategic Diagnostics: o NIA -0.01 0.03
Veeco Instruments: o 57 0.33 -0.03
X-Rite: o 24 0.47 0.52
Zygo: o 20 0.87 0.79
Lab Consumables/Equipment
Cambrex: n N/A -5.26 -4.88
Fisher Scientific Int'l: n 23 3.77 3.05
Invitrogen: 0 N/A -1.45 2.33
Kewaunee Scientific :0 N/A -0.18 0.08
Millipore: n 40 1.62 1.55
New Brunswick
Scientific: o 19 0.40 0.28
Pall: n 28 1.16 1.16
QIAGEN: o 36 0.44 0.41
Sigma Aldrich: o 19 3.88 3.76
Stratagene: o N/A 0.00 0.35
TECHNE: o 29 1.92 1.85
Laboratory Instrumentation
Stock Index 34
Process/Metrology/
Motion Instrumentation 42
Lab Consumables/
Equipment Stock Index 26
Dow Jones
Industrial Average
S&P 500
NASDAQ Composite
LTD/ FY R&D/
Company: Exchange Equity ROE Sales
Laboratory Instrumentation
Affymetrix: o 26% 11% 21%
Applied Biosystems: n 13% 19% 9%
Beckman Coulter: n 98% 13% 9%
Bio-Rad Laboratories: a 60% 12% 10%
Bruker BioSciences: o 21% 2% 14%
Caliper Life Sciences: o 6% N/A 20%
Cepheid:o 3% N/A 24%
Ciphergen Biosystems: o -630% N/A 48%
CombiMatrix: o 14% N/A 72%
Dionex. o 3% 19% 8%
Harvard Bioscience: o 3% N/A 4%
Illumina: o 6% N/A 38%
Luminex: o 8% N/A 13%
MOCON: o 2% 16% 7%
Molecular Devices: o 3% 7% 14%
O.I. Corp: o N/A 11% 12%
PerkinElmer: n 32% 16% 6%
SEQUENOM: o 35% N/A 61%
Thermo Electron: n 23% 8% 6%
Transgenomic: o N/A N/A 9%
Varian Inc.: o 10% 25% 7%
Waters Corp.: n 209% 68% 6%
Process/Metrology/Motion Instrumentation
FEI Company: o 102% N/A 14%
MTS Systems: o 18% 20% 4%
Nanometrics: o 1% 3% 18%
RAE Systems: n 5% N/A 9%
Roper Industries: n 50% 12% 4%
Strategic Diagnostics: o 1% 2% 12%
Veeco Instruments: o 79% N/A 15%
X-Rite: o 0% 9% 12%
Zygo: o 1% 9% 9%
Lab Consumables/Equipment
Cambrex: n 109% N/A 5%
Fisher Scientific Int'l: n 64% 9% 0%
Invitrogen: 0 74% 6% 8%
Kewaunee Scientific :0 18% 1% 0%
Millipore: n 156% 10% 7%
New Brunswick
Scientific: o 6% 7% 7%
Pall: n 72% 12% 3%
QIAGEN: o 105% 14% 10%
Sigma Aldrich: o 29% 21% 3%
Stratagene: o 61% 13% 10%
TECHNE: o 3% 22% 9%
Laboratory Instrumentation
Stock Index 37% 12% 9%
Process/Metrology/
Motion Instrumentation 49% 6% 7%
Lab Consumables/
Equipment Stock Index 69% 9% 3%
Dow Jones
Industrial Average
S&P 500
NASDAQ Composite
Region Market Value Market Value
Company (US $000s) (Local 000s)
Pacific Shares
Hitachi High-
Technologies: t $4,098,007 [yen] 478,729,189
Horiba: t $1,225,305 [yen] 143,140,180
JEOL: t $518,695 [yen] 60,593 904
Shimadzu: t $2,534,213 [yen] 296,046,751
Techcomp: si $23,403 SGD 36,450
European Shares
Genetix: l $61,603 $32,280
Millbrook Scientific
Instruments: l $2,943 1,542 [pounds sterling]
Oxford Instruments: l $183,050 95,918 [pounds sterling]
Renishaw: l $1,043,925 547,017 [pounds sterling]
Robotic Technology
Systems: l $22,031 11,544 [pounds sterling]
Spectris: l $1,541,679 807,840 [pounds sterling]
Whatman: l $723,295 379,007 [pounds sterling]
Alpha M.O.S.: c $14,047 10,997.47 [euro]
Analytik Jena: g $30,110 23,572.90 [euro]
Biohit: h $34,042 26,651.51 [euro]
Cybio AG: g $25,098 19,649 34 [euro]
Sartorius: g $413,491 323,722 00 [euro]
Tecan: s $608,224 CHF 755,658
Biacore AB: st $433,725 SEK 3,127,635
Biotage AB: st $110,438 SEK 796,377
Price
Region 10/31/2006 Change Change
Company (Local) 1 Month YTD P/E
Pacific Shares
Hitachi High-
Technologies: t [yen] 3480 4% 18% 21
Horiba: t [yen] 3400 -6% 0% 22
JEOL: t [yen] 764 1% 14% 30
Shimadzu: t [yen] 1001 10% 20% 25
Techcomp: si SGD 0.27 0% -10% 6
European Shares
Genetix: l 0.45 [pounds sterling] -1% -20% 18
Millbrook Scientific
Instruments: l 0.04 [pounds sterling] -16% -67% N/A
Oxford Instruments: l 1.99 [pounds sterling] -2% -19% N/A
Renishaw: l 7.52 [pounds sterling] -4% -22% 20
Robotic Technology
Systems: l 0.19 [pounds sterling] 20% -28% N/A
Spectris: l 6.60 [pounds sterling] 5% 4% 15
Whatman: l 2.90 [pounds sterling] -3% -1% 21
Alpha M.O.S.: c 4.20 [euro] 0% 40% N/A
Analytik Jena: g 6.22 [euro] -4% 13% 18
Biohit: h 2.06 [euro] -6% -6% 206
Cybio AG: g 4.75 [euro] -4% 6% 21
Sartorius: g 38.00 [euro] 10% 78% 25
Tecan: s CHF 66.7 7% 16% 28
Biacore AB: st SEK 315.0 1% 62% 29
Biotage AB: st SEK 11.8 17% -1% N/A
Region EPS EPS
Company 12 Month FY
Pacific Shares
Hitachi High-
Technologies: t [yen] 167.11 [yen] 138.95
Horiba: t [yen] 155.48 [yen] 146.97
JEOL: t [yen] 25.38 [yen] 15.06
Shimadzu: t [yen] 39.63 [yen] 37.53
Techcomp: si $0.03 $0.03
European Shares
Genetix: l 0.03 [pounds sterling] 0.02 [pounds sterling]
Millbrook Scientific
Instruments: l -0.01 [pounds sterling] -0.01 [pounds sterling]
Oxford Instruments: l -0.07 [pounds sterling] -0.07 [pounds sterling]
Renishaw: l 0.38 [pounds sterling] 0.34 [pounds sterling]
Robotic Technology
Systems: l 0.00 [pounds sterling] 0.05 [pounds sterling]
Spectris: l 0.44 [pounds sterling] 0.29 [pounds sterling]
Whatman: l 0.14 [pounds sterling] 0.12 [pounds sterling]
Alpha M.O.S.: c -0.14 [euro] -0.14 [euro]
Analytik Jena: g 0.35 [euro] 0.02 [euro]
Biohit: h 0.01 [euro] -0.02 [euro]
Cybio AG: g 0.23 [euro] 0.23 [euro]
Sartorius: g 1.54 [euro] 1.30 [euro]
Tecan: s CHF 2.38 CHF 1.26
Biacore AB: st SEK 11.02 SEK 19.60
Biotage AB: st -SEK 0.36 -SEK 0.36
Region LTD/ FY R&D/
Company Equity ROE Sales
Pacific Shares
Hitachi High-
Technologies: t 19% 10% 2%
Horiba: t 20% 10% 6%
JEOL: t 79% 4% 6%
Shimadzu: t 43% 9% 3%
Techcomp: si 3% 20% N/A
European Shares
Genetix: l 2% 5% 7%
Millbrook Scientific
Instruments: l 2% 0% N/A
Oxford Instruments: l 116% N/A 7%
Renishaw: l 26% 22% 11%
Robotic Technology
Systems: l 13% 18% N/A
Spectris: l 59% 14% 7%
Whatman: l 62% 28% 3%
Alpha M.O.S.: c 11% N/A N/A
Analytik Jena: g 45% 0% 5%
Biohit: h 60% N/A 6%
Cybio AG: g 5% 9% 7%
Sartorius: g 66% 11% 14%
Tecan: s 45% 10% 12%
Biacore AB: st 11% 25% 17%
Biotage AB: st 27% N/A 139%
The IBO composite stock indices are weighted by market capitalization.
Index averages for the various financial ratios presented are also
weighted statistically to reflect the relative sizes of the constituent
companies. Lab Instrumentation Index: 12/31/91=100; Process/Metrology/
Motion Instrumentation: 12/31/93; Lab Consumables/Equipment Index:
1/1/01=100. Exchanges: n=NYSE; a=AMEX; o=NASDAQ; t=Tokyo; si=Singapore;
l=London; g=Germany; s=Switzerland; st=Sweden; c=Continuous Market;
h=Finland. N/A: data not applicable. Return on equity calculated using
most recent 12-month data.
COPYRIGHT 2006 Strategic Directions International Inc. (SDI)
COPYRIGHT 2008 Gale, Cengage Learning
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