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1、COREU.S.LifeScienceTools&DiagnosticsThe4Q1810-KReview:IndustryINDUSTRYUPDATEEquityResearch2April2019TakeawaysandModelUpdatesInthisreport,weincludeourtakeawaysfromtheCY4Q1810-Kfilingsforourcoverage.Previously,wewouldpublishtheseasstandalonereports;however,we’vefoundthatman
2、yofthetakeawayscutacrossourcoverageandacomprehensivereviewismorerelevant.Additionally,weincludemodelupdates.Manyofthecompaniesinourcoverageonlyprovidefullfinancialstatementsinthequarterlyfilings,andweincludetakeawaysonsomeofthemoreinterestingdetailsfromthereports.IndustryOb
3、servations:1)Forourcoverage,thebasicsharecountsoutlinedinthe10-Ksdecreasedbyanaverageof-0.5%comparedto4Q18basicsharecounts.Notablechanges:ThermoFisher(-0.7%),Waters(-5.1%).2)During4Q18,ourcoveragerepurchased$2.6billioninshares.3)The10-K’sgiveusadditionalgranularityoncapital
4、vsrecurringrevenuegrowth.In4Q18,ex-Illumina,Instrumentsalesgrew7.3%ex-FXy/y,Consumablesgrew8.2%,andServicegrew10.5%.4)SyneosHealthreportedamaterialweaknessinitsinternalcontrols.CompanyObservations:A:1)AgilentacquiredACEABiosciencesfor$250mmon11/14/2018.2)Newrepurchaseprogra
5、mof$1.75bnapprovedon11/19/2018.3)Newdisclosuresaroundrevenuebyregionshow45%ofLSAGrevenuefromAsiaPacific,vs36%inACGandjust15%inDGG.BRKR:Backlogincreased4%y/yto$1.05bn.HOLX:NewdisclosuresongeographicgrowthshowA)MDxgrew22%y/yIntlvs8%inUS(+11%overall).B)MedicalAestheticsdecline
6、d-20%y/yinUS,vs-5%Intl(-13%overall).C)GYNSurgicaldeclined-0.4%y/yinUS,vs+8%Intl(+1%overall).PKI:TheadoptionofASC606added1.4%torevenuegrowthand7.3%toGAAPEBITin2018.TMO:1)TMOagreedtosellitsAPbusinesstoPHCHoldingsfor$1.14bninJan2019.2)TMOalsorepurchased$750mmofstockinJan2019.3
7、)Backlogincreased14%to$5.1bnin2018.AIbacklogincreased9%y/yto$2.24bn.WAT:Threenotablesubsequentevents.A)InJan2019,theBoardofDirectorsauthorizeda$4bnrepurchaseprogram.B)Watersmadeorganizationalchangeswhichresultina1%reductiontoitsworkforce.C)InFeb2019,Watersamendedaterminitss
8、eniorunsecurednoteagreementtoallowanincreaseinleverageforanacquisitionof$400mmormo
