With all companies in the IBO Laboratory Sales Index having reported first quarter financials except for Spectris and Tecan, Index figures have been updated from the May 15 issue. First quarter Index sales expanded 6.9%, 6.7% excluding currency, to $6,286 million. Adjusted operating profit advanced 12.8% to $1,366 million, primarily due to strong results from Illumina and Shimadzu’s Analytical and Measuring Instrument segment. Operating margin rose 30 basis points to 18.4% of sales.

For the fiscal year ending March 31, Oxford Instruments sales grew 2.7% to £360.1 million ($571.6 million = £0.63 = $1) but declined 3.4% organically. Acquisitions contributed 7.8% to revenue growth, while currency reduced sales growth by 1.7%. Orders improved 2.5% to £342.2 million ($543.2 million). Organic growth was negatively impacted by the completion of the International Thermonuclear Experimental Reactor contract and weak high-brightness LED (HBLED) sales, which combined reduced sales growth by 6.0%. In addition, government spending was particularly slow in Europe to start the fiscal year. European and Asian sales declined slightly to account for 34% and 28% of revenues, respectively. Japanese sales jumped nearly 20% excluding currency to account for 9%, and Chinese sales made up 14%. Sales to US grew 10.9% to make up 27%. Other North American regions accounted for 7%. Sales to Rest of World made up 4%, including strong growth in South America. Adjusted gross margin improved 70 basis points to 45.4% of sales as a result of product mix. Adjusted operating income advanced 2.0% to £50.3 million ($79.8 million).

Revenue for Oxford’s Nanotechnology Tools (NT) segment grew 8.7% to make up 50% of sales. Excluding 16% growth from acquisitions and currency headwinds of 2%, organic sales fell 5% as a result of weak HBLED sales in Asia. Excluding HBLED revenue, segment growth improved 1% organically, driven by higher sales within the NanoAnalysis business. Sales for both the Omicron NanoScience and Plasma Technology businesses declined. NT adjusted operating profit improved 2.9% to £21.2 million ($33.7 million).

Sales for Oxford’s Industrial Products (IP) segment fell 8.3%, 9% organically, to make up 31% of sales due to the completion of the ITER contract. Excluding the ITER sales, IP revenue grew 2.3% organically. The Industrial Components division was strong, including good growth for the Austin Scientific, X-ray Technology and Superconducting Wire businesses. Industrial Analysis sales were driven by new products. IP adjusted operating profit contracted 9.8% to £15.6 million ($24.8 million). The Service business advanced 9.6% to account for 18% of sales. Acquisitions and currency roughly offset each other. Sales benefited from an expanded MRI servicing contract with GE Healthcare and higher demand for refurbished parts and systems. Adjusted operating profit for the Service business climbed 18.4% to £13.5 million ($21.4 million).

Based on Shimadzu’s presentation dated June 4, fiscal 2014 sales for the company’s Analytical and Measuring Instrument (AMI) division ending March 31 grew 18.4%, roughly 8% excluding currency, to ¥182.2 billion ($1.8 billion = ¥100.25 = $1) to represent 59% of revenues. Growth was driven by chromatography sales, which climbed 25.9% to account for 48% of AMI revenue. Japanese sales expanded 10.6% to account for 47% of AMI revenues. North American and European sales climbed 42.8% and 35.2%, or roughly 18% and 8% excluding currency, to make up 9% and 10% of segment revenues, respectively. Sales in China and Other Asia grew 22.5% and 7.7% to account for 19% and 9%, respectively. However, sales in both regions declined on a currency-neutral basis. Sales to Other countries grew in double digits excluding currency to account for 3%. For fiscal 2015, AMI revenue is projected to grow 4.0% to ¥189.5 billion ($1.9 billion = ¥100 = $1). Operating income is expected to climb 6.3% to ¥24.7 billion ($247 million).