Financials for the IBO Laboratory Instrument Sales Index have been updated from the numbers that appeared in the February 15 issue. For the fourth quarter 2013, Index sales grew 7.7%, 6.9% excluding currency, to $7,022 million. Operating profit climbed 14.0% to $1,624, and operating margin improved 130 basis points to 19.1% of sales. For 2013, Index revenues grew 3.6%, 3.5% excluding currency, to $24,815 million. Operating profit expanded 4.3% to $5,223 million. Operating margin advanced 20 basis points to 18.5% of sales.

Fourth quarter 2013 revenue for Bio-Rad Laboratories’ Life Science (LS) segment grew 8.0%, 6.5% organically, to account for 37% of revenues. The acquisition of AbD Serotec (see IBO 12/31/12) contributed 2.9% to revenue growth, while currency reduced sales growth by 1.4%. Organic sales were driven by new process chromatography and cell sorter systems, as well as continued demand for the Droplet Digital PCR system, which has reached cumulative shipments of more than 500 units since its introduction. Segment revenue growth was strongest in emerging markets, the US and Europe.

Full-year 2013 Bio-Rad LS revenue grew 3.1%, 1.1% organically, to $710.1 million to make up 33% of company sales. Acquisitions added 3.4% to revenue growth, while currency reduced sales growth by 1.4%. Organic sales were driven by demand for Digital PCR and cell biology products, as well a strong sales in emerging markets, particularly Russia. Excluding currency, sales in Europe and the Americas increased, while Asian sales declined due to weakness in Japan and the transition to a direct sales force in China. Full-year 2014 company sales are projected to grow 2.5% organically, including roughly mid-single growth for the LS segment.

Fourth quarter 2013 sales for Harvard Bioscience declined 1.4%, 2.2% excluding currency to $27.9 million. Results are based on continuing operations following the spin-off of the Harvard Apparatus Regenerative Technology business on November 1, 2013. Sales in the US and Asia accounted for 54% and 13% of revenues, respectively. Sales in Europe, Middle East and Africa made up 33%. Gross profit margin tumbled 415 basis points to 43.3% of sales due to inventory write downs and product mix. Adjusted operating income fell 42.6% to $1.0 million.

Full-year 2013 Harvard Bioscience revenues declined 5.4%, 5.8% organically, to $105.2 million. Acquisitions and currency each added 0.2% to sales growth. Backlog expanded 10.9% to $5.1 million. Sales were negatively impacted by weak demand in the US and certain European markets, as well as lower sales to GE Healthcare. Academic markets accounted for 37% of revenues. Sale to the US, UK and Rest of the World declined 2.1%, 14.8% and 3.2% to make up 61%, 22% and 17% of revenues, respectively. Gross margin contracted 170 basis points to 45.4% of sales due to inventory adjustments, lower sales volume and product mix. Adjusted profit from continuing operations fell 35.9% to $4.5 million. For 2014, sales are expected to be unchanged.

For the fourth quarter 2013, HORIBA’s Process and Environmental Instruments & Systems (P&E) revenue climbed 33.9% to ¥4,816 million ($47.9 million = ¥100.50 = $1) to represent 11% of company sales. The acquired process analysis product line from Cameron (see IBO 4/15/13) and currency each contributed roughly double-digit growth to sales. P&E operating income soared 63.6% to ¥651 million ($6.5 million). Fourth quarter 2013 sales for HORIBA’s Scientific Instruments & Systems (SI) segment grew 26.1% to ¥7,716 million ($76.8 million) to account for 17% of revenues. Excluding the acquired electronic beam technologies from Topcon and currency, SI sales grew in low to mid-single digits. Segment operating profit advanced 67.2% to ¥1,092 million ($10.9 million).

Full-year 2013 HORIBA P&E sales grew 7.3% to ¥14,711 million ($150.6 million = ¥97.66 = $1) to account for 11% of total sales. Excluding currency and the acquisition, P&E revenue declined because of lower demand for environmental radiation monitors, but was partially offset by steady sales of stack gas analyzers. Japanese sales fell 12.1% to make up 55% of segment revenue. Including currency and acquisitions, sales to Asia, the Americas and Europe jumped 24.7%, 119.8% and 29.8% to account for 16%, 15% and 14% of P&E sales, respectively. P&E operating profit fell 23.1% to ¥1,263 million ($12.9 million). SI 2013 sales grew 12.3% to ¥22,913 million ($234.6 million) to account for 17% of sales. However, SI sales declined excluding currency and the acquisition due to lower government-related spending. Reported sales to Japan, Europe, the Americas and Asia improved 1.2%, 3.4%, 27.2% and 30.1% to make up 31%, 25%, 23% and 21% of SI sales, respectively. SI operating profit slipped 0.6% to ¥937 million ($9.6 million). For 2014, P&E sales are expected to grow 5% to ¥15,500 million ($152 million), and SI sales are projected to improve 7% to ¥24,500 million ($240 million).

For the second half of 2013, Spectris’s Materials Analysis (MA) segment sales grew 7.6%, 6.3% organically, to £195.9 million ($311.0 million = £0.63= $1) to account for 31% of company revenues. Acquisitions contributed 2.4% to revenue growth, while currency lowered sales growth by 1.0%. Adjusted operating profit climbed 12.7% to £42.7 million ($67.8 million).

Full-year 2013 Spectris MA sales improved 4.1%, 1.9% organically, to £362.4 million ($566.3 million = £0.64 = $1) to account for 30% of company sales. Acquisitions boosted sales growth by 2.4%, while currency headwinds were 0.2%. Revenue growth was driven by demand from pharmaceutical customers, including higher instrument sales in China and strong orders from Brazil. By end-markets, for the MA segment, sales to pharmaceutical and fine chemicals customers increased to account for 35% of sales. Despite slower demand, revenues from metals, minerals and mining customers increased because of a strong beginning backlog to account for roughly 36%. Academic research sales contracted to account for 30% due to weakness in North America and Asia, but were partially offset by growth in Europe. Overall, MA sales in Europe, Asia Pacific and Rest of the World grew 10.6%, 7.3% and 7.8% to account for 30%, 32% and 10% of revenues, respectively. US sales improved 2.3% to represent 18%, while sales to Rest of North America fell 18.4% to make up 3%. Japanese sales fell 19.4% to account for 7% because of currency. MA adjusted operating profit improved 0.5% to £63.3 million ($98.9 million).