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1、EquityResearchJanuary42018January4,2018USLifeScienceTools&DiagnosticsLifSiLifeScienceTool&Dils&DiagnosticsJackMeehan,CFA2018Outlook:StockSelectionCriticalas+12125263909jack.meehan@barclays.comOppgerationsandSentimentAlignBCI,USMitchellPetersen+12125263367IndustryView:Neutral
2、mitchell.petersen@barclays.comBCI,USAndrewWald+12125269436Andrew.wald@barclays.comBCI,USBarclaysCapitalIncand/oroneofitsaffiliatesdoesandseekstBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstoodobusinesswithcompaniescoveredinitsresearchrepordobusinesswithcompaniescov
3、eredinitsresearchreports.AsaresultinvestorsshouldbeAsaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION
4、SANDIMPORTANTDISCLOSURESBEGINNINGONPAGE144.LifeScienceTools&DiagnosticsIdtOIndustryOverviiew,IInvesttmenttPitiPositives&&RikRisksJackMeehan,CFA2jack.meehan@barclays.com2018Outlook:StockSelectionCriticalasOperationsandSentimentAlign2017wasabanneryearforstockperformance–up43%,
5、vsS&P500up19%.•Webelievebiopharmawillremainagrowthdriver,supportedbyR&Dinvestmentfromsponsors.Thepushtowardpersonalizedmedicinedrivesdemandforbioproduction,CDx,anddifferentiatedofferingsfromtheCROs.Thebiggestpotentialriskisbiopharmaconsolidation.•Strongmacrodatapointsprovide
6、2-3quartersofvisibilityintoindustrialendmarketmomentum,animportantgrowthdriverforourToolscoverage.•Healthcarehassustainabledriversofvolumegrowth,includingpopulationgrowth,anagingdemographic,emergingmarketaccess,andincreasingadoptionofgenomic/esoterictesting.Anewriskfor2018is
7、theimplementationofPAMA,cutsandconsolidationahead.•BipartisansupportforacademicfundingshoulddriveLSDtrendsforourcoverageBipartisansupportforacademicfundingshoulddriveLSDtrendsforourcoverage.OrganicGrowthbyEndMarket12%10%8%6%4%2%0%-2%-4%-6%AcademicHealthcareIndustrialBiopharm
8、aAppliedSource:CompanyDocuments,BarclaysResearchJackMeehan,CFA3jack.meehan@
