EquityResearch31January2019COREBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE20.U.S.LifeScienceTools&DiagnosticsJack’sToolKit–Vol.5,Issue5:Early4Q18ViewsfortheLifeScienceToolsJack’sToolKit–WhatareyourearlytakeawaysfromtheLifeScienceToolscompaniesthathavereported4Q18earnings?TriviaQuestion:Relativetothecompany’sinitialguidance,howmuchupsidedidThermoFishershowonrevenueandEPSin2018?RecentNotes&Reports:1)WeeklyFluClues:InfluenzaActivityIncreasesModestly,2)LateralsfromDanaher4Q18EarningsonLifeScienceTools&Dx,3)ThermoFisherScientific,Inc.:ThoughtsonAnatomicPathologySale&ModelUpdate,4)Illumina:SolidNGSFundamentals,RevenueRampinFocusToStart20195)ThermoFisher:MomentumContinueswithMorePotentialUpsideAhead6)Hologic:SolidFY1Q19ConsistentwithPre-AnnouncementTrendsBarclaysGeographicEndMarketTracker:AgilentFY1Q19PMITrackerof53.1(up1.3q/q),MettlerToledo4Q18PMITrackerof53.5(down1.6q/q),PerkinElmer4Q18PMITrackerof53.6(down1.8q/q),ThermoFisher4Q18PMITrackerof54.3(down1.5q/q),Waters4Q18PMITrackerof53.6(down1.6q/q).BarclaysFXTracker(01/30/2019):Eurostrengthens1.7%w/w,UKPoundstrengthens1.4%w/w,ChineseYuanstrengthens0.6%w/w,JapaneseYenstrengthens0.7%w/w,andSwissFrancstrengthens1.6%w/w.HotTopicsfortheWeek:1)LifeScienceToolsearningsremainedstrongtostart4Q18reporting,withThermoFisherandDanaherpostingorganicgrowthof8%and5.5%,respectively.2)Additionally,ThermoFisherannouncedanagreementtosellitsAnatomicPathologybusinesstoPHCHoldingsCorporationfor$1.14billion.3)HologicandIlluminaalsoreportedCY4Q18resultsconsistentwithpriorcommentaryatanindustryconferencetostarttheyear.Ourcoverageuniversefinishedtheweekup3.5%sincelastThursday(toolsup4.5%,diagnosticsup3.2%,andlabs&CROs...
