Company News

Economic turndown,’ first fiscal quarter revenues of $1.17 billion reported by Agilent Technologies were 16% below Jan 31 2008 levels. Adjusted net income was $72 million, or $0.20 per share, compared to earnings of $136 million, or $0.36 per share, one year ago. President and CEO Bill Sullivan said: "Revenues were well below our earlier expectations; we moved quickly to minimise the impact of this unexpected weakness. But, operating earnings per share of $0.20 were also well below our earlier expectations due to lower activity levels." While revenues across the globe were down $227 million compared to first quarter 2008, operating profits were down only $69 million due to the aggressive actions taken by the company to reduce costs across all operations. "We don’t know where, or when, this recession will bottom. But, we will remain proactive in addressing the economic challenges we face,” Sullivan added.

For year end Dec 31 2008, LabWare has, for the ninth consecutive year, announced record levels with global revenues, exceeding US$84 million, an increase of more than 18% over the prior year. With sales revenue generated entirely from current operations, the company reports strong growth in its customer base particularly among key enterprise-scale global projects and 85 new customers during the course of the year. “Breaking the US$80 million threshold is very gratifying, especially when considering that we operate in a worldwide market estimated to be US$300-400 million and with over one hundred competitors.” said Vance Kershner, LabWare’s President and Chief Executive Officer.

Thermo Fisher Scientific, Inc reported a 1% increase in revenues to a record $2.65 billion in the fourth quarter of 2008, compared with $2.62 billion in the 2007 quarter. GAAP operating income for the 2008 quarter was $322.5 million, compared with $285.0 million in 2007, and GAAP operating margin was 12.2%, compared with 10.9% a year ago. For the full year, revenues grew 8% to a record $10.50 billion in 2008, compared with 2007 revenues of $9.75 billion.

Other highlights included adjusted EPS rose 19%; Adjusted operating income increased 14% and adjusted operating margin expanded 100 basis points. Free cash flow of $1.2 billion was generated with approximately $250 million in R&D spending to launch new products. The company continued significant investment in Asia and also completed strategic acquisitions that added approximately $120 million in annualised revenues “We are pleased to report very solid financial results for both the fourth quarter and the full year in spite of the economic headwinds that continue to put pressure on capital spending in some of our end markets,” said Marijn E. Dekkers, President and Chief Executive Officer. of Thermo Fisher Scientific. Applauding the ‘tremendous efforts of our employees’ saw the performance as a result of a “favourable product mix, with two-thirds of our revenues coming from recurring sales of consumables and services that tend to hold up better in an uncertain environment.”

For the first time in its history, Leica Microsystems’ annual sales volume for 2008 exceeded the billion US dollar mark, reports the Wetzlar-based microscope and scientific instrument manufacturer. “Over the last two years, we have seen a dramatic increase in the demand for our products throughout the world. In most of the markets in which we operate – including biomedical research, clinical applications, industry, microsurgery, and histopathology – we have achieved double-digit organic growth rates. Moreover, we have substantially expanded our product breadth through a number of strategic company acquisitions,” commented President Dr David Martyr. Purchased by Washington
D.C.-based Danaher Corporation in the summer of 2005, Leica Microsystems has since acquired and integrated eight companies in Australia, Europe, the US, and Asia. An important pillar of the success of Leica Microsystems, according to Martyr, is its innovative strength. In 2008 alone, the Life Science, Biosystems, Industry and Surgical Divisions launched over 50 new, and in some cases, breakthrough products, he added.