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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