巴克萊-美股-醫(yī)療保健行業(yè)-2018年q4美國生命科學(xué)與診斷10-k預(yù)覽產(chǎn)業(yè)要點與模型更新-2019.4.2-145頁

1、EquityResearch2April2019CEBarclaysCapitalInc.oneofitsaffiliatesdoesseekstodobusinesswithcompaniescoveredinitsresearchrepts.Asaresultinvestsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityof

2、thisrept.Investsshouldconsiderthisreptasonlyasinglefactinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)IMPTANTDISCLOSURESBEGINNINGONPAGE139.RestrictedInternalU.S.LifeScienceToolshoweverwe’vefoundthatmanyo

3、fthetakeawayscutacrossourcoverageacomprehensivereviewismerelevant.Additionallyweincludemodelupdates.Manyofthecompaniesinourcoverageonlyprovidefullfinancialstatementsinthequarterlyfilingsweincludetakeawaysonsomeofthemeint

4、erestingdetailsfromtherepts.IndustryObservations:1)Fourcoveragethebasicsharecountsoutlinedinthe10Ksdecreasedbyanaverageof0.5%comparedto4Q18basicsharecounts.Notablechanges:ThermoFisher(0.7%)Waters(5.1%).2)During4Q18ourcov

5、eragerepurchased$2.6billioninshares.3)The10K’sgiveusadditionalgranularityoncapitalvsrecurringrevenuegrowth.In4Q18exIlluminaInstrumentsalesgrew7.3%exFXyyConsumablesgrew8.2%Servicegrew10.5%.4)SyneosHealthreptedamaterialwea

6、knessinitsinternalcontrols.CompanyObservations:A:1)AgilentacquiredACEABiosciencesf$250mmon11142018.2)Newrepurchaseprogramof$1.75bnapprovedon11192018.3)Newdisclosuresaroundrevenuebyregionshow45%ofLSAGrevenuefromAsiaPacifi

7、cvs36%inACGjust15%inDGG.BRKR:Backlogincreased4%yyto$1.05bn.HOLX:NewdisclosuresongeographicgrowthshowA)MDxgrew22%yyIntlvs8%inUS(11%overall).B)MedicalAestheticsdeclined20%yyinUSvs5%Intl(13%overall).C)GYNSurgicaldeclined0.4

8、%yyinUSvs8%Intl(1%overall).PKI:Theadoptionof606added1.4%torevenuegrowth7.3%toGAAPEBITin2018.TMO:1)TMOagreedtosellitsAPbusinesstoPHCHoldingsf$1.14bninJan2019.2)TMOalsorepurchased$750mmofstockinJan2019.3)Backlogincreased14

9、%to$5.1bnin2018.AIbacklogincreased9%yyto$2.24bn.WAT:Threenotablesubsequentevents.A)InJan2019theBoardofDirectsauthizeda$4bnrepurchaseprogram.B)Watersmadeganizationalchangeswhichresultina1%reductiontoitswkfce.C)InFeb2019Wa

10、tersamendedaterminitsseniunsecurednoteagreementtoallowanincreaseinleveragefanacquisitionof$400mmme.Actions:ILMN:We’remaintainingour2019beyondannualEPSfecastsbutlowerour1Q19EPSto$1.35(from$1.55Consensusat$1.38)whichisbett

11、eralignedwithcommentaryonmarginprogressionfrom4Q18earnings.TMO:WeupdateourmodelftheBrammerBioacquisition.Wemaintain2019EPSat$12.15nudgeour2020EPSfecastupto$13.80(from$13.75).Theacquisitionisexpectedtobe$0.10accretivein20

12、20(firstfullyearofownership)thoughwealsomoderatelevelofbuybackinthemodel($5bnnowin2020Evs$6bnpreviously).WAT:GiventheYTDstockincreasewelowerour2019beyondEPSfecaststoreflectthememodestimpactfromrepurchase.Welowerour2019EP

13、Sestimateto$9.25(from$9.35).INDUSTRYUPDATEU.S.LifeScienceTools&DiagnosticsNEUTRALUnchangedFafulllistofourratingspricetargetearningschangesinthisreptpleaseseetableonpage2.U.S.LifeScienceTools&DiagnosticsJackMeehanCFA12125

14、263909jack.meehan@BCIUSMitchellPetersenCFA12125263367mitchell.petersen@BCIUSrewWald12125269436rew.wald@BCIUSBarclays|U.S.LifeScienceTools&Diagnostics2April20193CONTENTSINDUSTRYOBSERVATIONS................................

15、............................................4AGILENT(A).....................................................................................................13BIORADLABATIES(BIO)...........................................

16、.......................19BRUKER(BRKR)................................................................................................24LESRIVERLABS(CRL)....................................................................

17、....31GENOMICHEALTH(GHDX).........................................................................37HOLOGIC(HOLX)............................................................................................43ICON(ICLR)...

18、....................................................................................................50ILLUMINA(ILMN)............................................................................................55IQVIA(IQV)

19、.......................................................................................................61LABCP(LH)..................................................................................................66METTLE

20、RTOLEDO(MTD)............................................................................73MYRIADGEICS(MYGN).........................................................................80PRAHEALTH(PRAH).......................

21、..............................................................87PERKINELMER(PKI)........................................................................................93QIAGEN(QGEN)......................................

22、.........................................................99QUESTDIAGNOSTICS(DGX)....................................................................105QUIDEL(QDEL).........................................................

23、....................................111SYNEOSHEALTH(SYNH)...........................................................................116THERMOFISHER(TMO)....................................................................