The companies listed below—Danaher, FEI, Hitachi High-Technologies and Mettler-Toledo—are major providers of analytical instrumentation and laboratory products but are excluded from IBO’s Laboratory Instrument Sales Index due to their reporting format. Thus, the financial results for the fourth quarter and year-end 2014 for these companies are presented below.

Fourth quarter 2014 sales for Danaher’s Life Sciences & Diagnostics (LSD) segment grew 2.9%, 5.0% organically, to $1,994.9 million to account for 37% of company revenues (see page 12). Acquisitions contributed 2.0% to sales growth, while currency lowered sales by 4.0%. Organic life sciences sales grew in the mid-single digits, including strong demand in the US and Europe but weakness in China. AB SCIEX sales grew in the mid-single digits organically, driven by demand from pharmaceutical and applied markets as well as sales of new products. Acceptance of the new TripleTOF 6600 exceeded company expectations. Leica Microsystems organic sales grew in the mid-single digits, with growth across all major product lines. LSD adjusted operating profit margin improved 100 basis points to17.7% of sales. Full-year LSD sales grew 4.8%, 4% organically, to $7.2 billion.

Danaher’s Environmental segment grew 5.6%, 5.0% organically, to $988.5 million to make up 18% of revenues. Acquisitions added 4.0% to revenue growth but were mostly offset by currency headwinds of 3.5%. Hach sales grew across most major product lines, as US municipal sales accelerated in the high single digits and sales in China expanded more than 20% due to government sales. Demand for new products, especially the SL1000 Portable Parallel Analyzer used for water-quality testing, also contributed to segment growth. Sales of new portable lab products tripled from 2013. Organic Water Quality revenues grew in the mid-single digits, driven by demand for analytical instrumentation and chemical-treatment solutions. Adjusted operating margin for the Environmental segment declined 125 basis points to 21.3% of sales primarily due to acquisitions. Full-year Environmental sales grew 6.9%, 4% organically, to $3.5 billion.

FEI missed fourth quarter 2014 sales expectations due to weak demand from semiconductor customers and currency. Quarterly sales were flat at $265.3 million (see page 12) but improved 3.6% excluding acquisition contributions of 1.0% and currency headwinds of 4.6%. Industry sales fell 9.8% on a reported and organic basis to account for 41% of revenues. However, following sharp declines in the first three quarters, sales to natural-resources customers improved. Industry orders grew 1.0% organically to $101.0 million. Science revenue grew 8.2%, 14.8% organically, to make up 59% of sales, led by demand from both material and life sciences customers. Following a significant decline in orders in the third quarter of 2014, Science bookings rebounded, climbing 27.2% organically to $160.9 million. Overall, sales in the US/Canada and Europe grew 15.9% and 12.6% to make up 29% and 30% of revenues, respectively. Sales in Asia-Pacific/Rest of World declined 15.1% to account for 41%. FEI adjusted gross margin slipped 20 basis points to 46.8% of sales. Adjusted operating profit improved 1.8% to $51.1 million.

Full-year 2014 FEI sales grew 3.1% on a reported and organic basis to $956.3 million. Currency headwinds of 1.1% were offset by acquisition growth. The company’s revenue expectations were negatively impacted by weak materials-science sales in China and Japan as well as lower demand from natural-resources customers. Science sales advanced 1.3%, 2.3% organically, to make up 53%. However, product sales to life science customers grew more than 30% organically to account for roughly 10% of company sales. Industry sales improved 5.3%, 4.1% organically, to represent 47% of revenues. Sales in the US/Canada and Europe grew 17.3% to make up 32% of revenues. Sales in Asia-Pacific/Rest of World and Europe declined 3.4% and 1.1% to account for 40% and 28%, respectively. FEI adjusted gross margin slipped 30 basis points to 47.0% of sales. Adjusted operating profit declined 0.8% to $156.0 million. Sales for 2015 are projected to grow 1%–5%, or 5%–9% organically. Reported first quarter sales are expected to decline 1%–2% at the midpoint of the company’s range of $215–$230 million but grow 1%–7% organically.

Hitachi High-Technologies’ fiscal third quarter Science and Medical Systems (SMS) sales grew 18.9% to ¥39.6 billion ($345.6 million = ¥114.59= $1) to account for 26% of company revenues (see page 12). Excluding currency, SMS sales grew in the low double digits as a result of stronger-than-expected demand for clinical analyzers in emerging markets and the US. Sales of Medical products grew 41.6% to account for 64% of revenues. Sales of Biotechnology and Other products fell 21% to account for 7%. Sales of Electron Microscopes grew 5%, while sales of Scientific Instruments declined 13% to account for 16% and 13% of revenues, respectively. SMS operating income jumped 68% to ¥6.2 billion ($54.1 million). Hitachi increased its fiscal 2015 SMS revenue outlook by 4% to ¥163.0 billion ($1.42 billion = ¥115= $1) for growth of 8% due to strong demand for clinical analyzers and currency. However, the company lowered its sales outlook for scientific systems by 4% due to weak domestic sales. Full-year Scientific Instruments sales are projected to decline 11%, while Electron Microscopes sales are expected grow 5%.

Fourth quarter 2014 sales for Mettler-Toledo’s Laboratory business grew 6% on a currency-neutral basis to $335 million to account for 48% of company revenues. Consumables sales were strong, especially in the pipette business.

Full-year 2014 Mettler-Toledo Laboratory sales grew 5.5% to $1,161.2 million to account for 47% of company revenues. Sales benefited from strong demand in the US, double-digit growth in China, new products and increased pricing. However, sales of Process Analytics products declined by double digits due to timing of orders in the previous year. For 2015, Mettler-Toledo Laboratory sales are projected to grow in the mid-single digits, including potential double-digit growth in China and for the Process Analytics business.