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Highest Premiums, Based on Revenue Multiples, in 2020 for Pure-Play Companies

Price-to-Sales Ratio

Purchaser

Acquired

Purchase Price (M)

Acquired Company's Annual Sales (M)

22.5

Yourgene Health

Coastal Genomics

$ 14

$ 0.6

14.2

Sartorius

BIA Separations

$ 412

$ 29

7.6

Integument

Modern Waters

$ 28

$ 4

6.7

Repligen

ArteSYN Biosolutions

$ 200

$ 30

5.1

PerkinElmer

Horizon Discovery

$ 383

$ 76

4.9

Sartorius

Various Danaher Businesses

$ 825

$ 170

Source: Science and Medicine Group
Highest-Priced Pure-Play Instrument and Lab Product-Related Acquisitions Announced Dec. 15, 2019–Dec. 15, 2020

Amount Paid (M)

Purchaser

Acquired

Sales (M)

$ 1,700

Amphenol

MTS Systems

$ 893

$ 1,065

Royal DSM

Erber

$ 367

$ 825

Sartorius

Various Danaher Businesses

$ 170

$ 412

Sartorius

BIA Separations

$ 29

$ 383

PerkinElmer

Horizon Discovery

$ 76

$ 350

10x Genomics

ReadCoor

NA

Source: Science and Medicine Group
Greatest Number of Pure-Play Acquisitions Publicly Announced Dec. 2019-Dec. 2020

Company

Number

Bruker

3

Calibre Scientific

3

Gamma Biosciences

3

PerkinElmer*

3

10x Genomics

2

Abcam

2

Ashai Glassplant

2

Danaher

2

Illumina

2

Repligen

2

Sartorius

2

Notes: *Two of the acquisitions were disclosed in an SEC filing but not the names of the companies
Source: Science and Medicine Group
Biotage by Product Line Q3 FY20
 

Rev. (M)

Chg.

Total Company

SEK 262.6

-7.1%

Systems

SEK 237.3

-7.7%

Service Contracts and Other Services

SEK 23.6

0.1%

Other Sales Revenue

SEK 1.7

-18.1%

Source: Science and Medicine Group
Biotage Operating Profit Q3 FY20

Op. Profit (M)

Chg.

Op. Margin

Chg. (bps)

SEK 60.7

-5.6%

23.1%

37

Source: Science and Medicine Group
Biotage by Region Q3 FY20
 

Rev. (M)

Chg.

% of Rev.

Americas

SEK 111.8

-12.9%

43%

Europe & EMEA

SEK 69.6

5.9%

26%

Asia

SEK 81.2

-8.3%

31%

Source: Science and Medicine Group
Biotage by Division Q3 FY20
 

Rev. (M)

Chg.

Organic Chemistry

SEK 141.8

7.1%

Analytical Chemistry

SEK 86.2

-8.4%

Scale-Up (formerly Industrial Products)

SEK 25.5

-46.3%

Biomolecules

SEK 9.1

4.5%

Source: Science and Medicine Group
Biotage by Sales Q3 FY20
 

Rev. (M)

Chg.

% of Rev.

Direct Sales

SEK 245.3

-8.9%

93.4%

Distributors

SEK 17.2

28.5%

6.6%

Source: Science and Medicine Group
Bio-Techne by Division Q1 FY21
 

Rev. (M)

Chg.

Acq./Div.

Currency

Organic Chg.

% of Rev.

Total

$204.2

11.4%

0%

1%

10%

 

Protein Sciences

$154.4

9.5%

0%

2%

8%

76%

Diagnostics and Genomics

$50.1

17.8%

0%

1%

17%

25%

Intersegment

-$0.4

22.4%

—

—

—

—

Source: Science and Medicine Group
Bio-Techne Operating Margin by Division Q1 FY21
 

Adj. Op. Margin

Chg. (bps)

Total

38.7%

576

Protein Sciences

45.6%

332

Diagnostics and Genomics

17.5%

1537

Source: Science and Medicine Group
Bio-Techne by Region Q1 FY21
 

Rev.

Chg.

% of Rev.

US

$113.6

11.0%

56%

EMEA, excl. UK

$43.1

11.2%

21%

UK

$8.5

12.5%

4%

APAC, excl. Greater China

$15.7

12.3%

8%

Greater China

$18.1

12.3%

9%

Rest of World

$5.2

17.5%

3%

Source: Science and Medicine Group
HORIBA by Division Q3 FY20
 

Rev. (M)

Chg.

% of Rev.

Process & Environmental Instruments & Systems

¥4,125

-12.4%

9%

Scientific Instruments & Systems

¥6,965

13.6%

15%

Source: Science and Medicine Group
HORIBA by Region Q3 FY20
 

SI

PE

 

Rev. (M)

Chg.

Rev. (M)

Chg.

Japan

¥1,202

-22.3%

¥2,143

-13.1%

Asia

¥2,124

29.0%

¥921

-1.2%

Americas

¥2,132

18.1%

¥548

-17.5%

Europe

¥1,507

32.9%

¥514

-20.7%

Source: Science and Medicine Group
Shimadzu AMI by Product Line Q2 FY21
 

Rev. (B)

% Chg.

Local Currency Chg.

Total

¥62.1

-2.6%

-4.0%

Key Models

¥34.8

5.2%

2.0%

Other

¥27.3

-11.0%

-

Source: Science and Medicine Group
Shimadzu AMI Operating Margin Q2 FY21

Op. Profit

Chg.

Local Currency Chg.

Op. Margin

Chg. (bps)

¥11.8

10.0%

7.0%

19.0%

218

Source: Science and Medicine Group
Shimadzu AMI by Region Q2 FY21
 

Chg.

Local Currency Chg.

% of Rev.

Japan

-13.1%

-15.0%

40%

Americas

6.8%

-

12%

North America

10.8%

13.0%

-

South America

-22.4%

-

-

Europe

-3.4%

-5.0%

10%

China

15.3%

14.0%

23%

Other Asia

-1.2%

-9.0%

11%

India

15.9%

-4.0%

-

Other

0.4%

-

2%

Source: Science and Medicine Group
Shimadzu AMI by Region Q1 FY21
 

Chg.

Local Currency Chg.

% of Rev.

Japan

1.0%

-11.0%

36%

Americas

-14.2%

-

12%

North America

-6.8%

-4.0%

-

South America

-55.6%

-

-

Europe

-9.1%

-5.0%

10%

China

9.8%

12.0%

29%

Other Asia

-23.6%

-25.0%

11%

India

-29.9%

-35.0%

-

Other

-26.2%

-

2%

Source: Science and Medicine Group
UK Gene and Cell Therapy Manufacturing Space, 2020

# of Facilities

Number of Cleanrooms

Total Cleanroom Space (m2)

Chg. in Cleanroom Space

In-hose QC Space (m2)

Full-time Employees

Avg. Booked Capacity

Cell Therapy

11

56

1,517

8.0%

483

154

86%

Gene Therapy

8

57

6,694

72.1%

7,849

603

95%

Multifunctional

7

NA

3,545

32.5%

850

553

75%

Source: Cell and Gene Therapy Catapult
2021 vs. 2020 Budgets for Selected Spanish R&D Agencies

 

Change

Euros (M)

US Dollars (M)

Center for the Development of Industrial Technology (CDTI)

-0.5%

€ 1,504.9

$1,770.47

Higher Council for Scientific Research (CSIC)

43.8%

€ 906.2

$1,066.12

State Research Agency (AEI)

29.0%

€ 825.7

$971.41

Carlos III Health Institute (ISCIII)

48.4%

€ 402.7

$473.76

Center for Energy, Environmental and Technological Research (CIEMAT)

44.8%

€ 128.3

$150.94

National Institute for Agricultural and Food Research and Technology (INIA)

43.6%

€ 75.4

$88.71

Reported Financial Results

$ in Millions USD

Period

Ended

Sales

Chg.

Op. Prof.

Chg.

Net Prof.

Chg.

Datacolor*

FYE

30-Sep

$61.00

-22.6%

$0.30

-94.6%

$41.60

-5.9%

HTG Molecular Diagnostics

Q3

30-Sep

$1,777.10

-67.1%

-$5,171.53

-11.9%

-$5,411.79

-14.2%

IDEX (Health & Sci Tech.)

Q3

30-Sep

$49.91

24.3%

$50.89

-7.0%

NA

NA

Kewaunee Scientific**

Q2

30-Sep

$39.00

-1.8%

-$0.01

71.8%

-$0.17

92.4%

MTS Systems*

Q4

30-Sep

$215.06

-4.0%

-$283.26

NM

-$280.68

NM

MTS Systems (Test & Simulation)*

Q4

30-Sep

$128.00

-4.5%

-$96.35

NM

NA

NA

MTS Systems*

FYE

30-Sep

$726.03

-7.2%

-$247.49

NM

-$272.05

NM

MTS Systems (Test & Simulation)*

FYE

30-Sep

$490.63

-12.2%

-$90.46

NM

NA

NA

Nanalysis Scientific

Q3

30-Sep

$1.70

3.6%

.-434

NM

-$1.10

-268.8%

Pressure Biosciences

Q3

30-Sep

$533.86

6.5%

-$818.76

23.4%

-$3,675.72

NA

Other Currencies (in Millions)

 

 

 

 

 

 

 

 

Diploma*

FYE

30-Sep

£538.40

-1.2%

£87.10

-10.4%

£49.80

-20.2%

Eurotech

Q3

30-Sep

€ 16.38

-38.5%

€ 0.69

-84.0%

€ 0.10

-96.9%

GL Sciences**

Q2

30-Sep

¥13,210.00

12.5%

¥1,859.00

49.7%

¥1,026.00

-99.8%

Notes:
*For year ending Sept. 30, 2020
**For year ending March 31, 2021
NA = Not Available
NM = Not Material
Source: Company financial reports
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