With the addition of Oxford Instruments and details of Shimadzu’s financial results, first quarter IBO Laboratory Sales Index revenues are now estimated to have grown 0.6%, 1.9% excluding currency, to $5,905 million (see IBO 5/15/13). Operating profit declined 2.9% to $1,215 million, and operating margin contracted 60 basis points to 18.1% of sales.

For the fiscal year ending March 31, Oxford Instruments sales grew 4.0%, 4.3% organically, to £350.8 million ($556.8 million = £0.63 = $1). Acquisitions contributed 1.5% to revenue growth, while currency reduced sales growth by 1.8%. Orders declined 1.1% to £334.0 million ($530.2 million). Sales to Europe and Asia grew 9.5% and 8.0% to account for 36% and 35% of revenues, respectively. Given the small base of revenues, Indian sales grew 56%. Despite strong demand in Canada, sales to North America declined 4.2% to make up 26% of revenues due to lower government research spending. Adjusted operating income climbed 18.1% to £49.7 million ($78.9 million). Adjusted gross margin improved 53 basis points to 44.7% of sales as a result of new products and efficiency measures.

Revenue for Oxford’s Nanotechnology Tools (NT) segment climbed 7.9%, 7.4% organically, to represent 47% of sales. The acquisition of Asylum Research (see IBO 12/31/12) added 2.0% to sales growth, while currency lowered revenue growth by 1.5%. Sales for the NanoAnalysis business, which increased across all geographic regions, was led by the acquisition and demand for new X-Max silicon drift detectors. The Plasma Technology business recorded strong demand from emerging markets, especially Russia, Egypt and India. Sales for the recently merged Omicron and NanoScience business was flat, as sales for the Omicron business were particularly weak in the first half of the year. NT adjusted operating profit improved 20.2% to £20.8 million ($33.0 million).

Sales for Oxford’s Industrial Products (IP) segment declined 3.1% but grew 1.4% organically to make up 36% of sales. Industrial Analysis sales benefited from a new handheld XRF analyzer and demand in Turkey, India and South Korea. However, this growth was partially offset by lower sales to steel customers in Europe and China. The X-Ray Technology and Superconducting Wire businesses performed well. Sales in the Austin Scientific business declined. IP adjusted operating profit jumped 26.1% to £17.4 million ($27.6 million). The Service business grew 7.6% but was flat organically to account for 17% of sales. Adjusted operating profit for the Service business rose 4.5% to £11.5 million ($18.3 million).

For the fiscal year ending March 31, Shimadzu Analytical and Measuring Instruments (AMI) sales improved 0.4% to ¥153.9 billion ($1.85 billion = ¥83.07 = $1) to represent 58% of company revenues. Japanese sales fell 3.6% to account for 51% of AMI sales. Sales to North America and South America grew 14.8% and 8.8% to make up 8% and 2%, respectively. Sales to China and Other Asian countries improved 4.6% and 9.2% to account for 18% and 10%, respectively. Sales to the Middle East, Oceania and Africa rose 13.7% to represent 3%. For fiscal 2014, AMI revenue is estimated to grow 13.7% to ¥175.0 billion (1,945 million = ¥90.00 = $1). Operating income is expected to jump 54.3% to ¥19.5 billion ($217 million).