With 16 of the 18 companies in IBO’s Lab Instrument Sales Index having now reported results for calendar year 2012 fourth quarter, Index sales and operating profit results have been updated from the February 15 issue (see IBO 2/15/13). For the fourth-quarter 2012, Index revenue grew 2.7%, or 3.7% excluding currency, and operating profit slipped 0.9%. For 2012, Index revenue increased 2.2%, or 3.7% excluding currency, and operating profit grew 2.6%.

Fourth-quarter 2012 sales for Bio-Rad Laboratories Life Sciences (LS) improved 2.7%, 3.7% excluding currency, to $204.2 million to account for 36% of sales (see page 12). Sales were driven by demand for amplification reagents, process chromatography and digital PCR systems, particularly in Latin America and the US. Adjusted operating profit slumped 65.7% to $6.9 million due to acquisitions. Full-year LS revenue declined 0.9%, but grew 1.2% organically, to $688.4 million, or 33% of company sales. Acquisitions added 3.6% to LS revenue growth, while currency reduced sales growth by 2.4%. Organic sales benefited from higher sales of lab separation and process chromatography products. Currency-neutral sales expanded in North America, Latin America, Europe and Asia. LS 2012 adjusted operating profit fell 45.0% to $25.2 million due to higher R&D costs for PCR products and cell sorting systems. Bio-Rad’s total full-year 2013 sales are projected to grow 3.0%–3.5% before currency, including roughly $20–$25 million in sales from the acquisition of AbD Serotec (see IBO 12/31/12).

For the fourth quarter 2012, HORIBA’s Process & Environmental Instruments & Systems (P&E) revenue fell 19.8% to ¥3,596 million ($44.2 million = ¥81.27= $1). P&E operating income fell 62.4% to ¥398 million ($4.9 million). Sales for HORIBA’s Scientific Instruments & Systems (SI) declined 5.9% to ¥6,119 million ($75.3 million), and operating profit fell 24.5% to ¥653 million ($8.0 million).

Full-year 2012 HORIBA P&E sales fell 5.8% to ¥13,709 million ($171.8 million = ¥79.78 = $1) to make up 12% of total sales. Sales to Japan and Europe fell 11.3% and 3.9% to make up 68% and 12% of P&E sales, respectively. Demand for stack gas and water analyzers increased but were offset by lower sales of radiation monitors. Sales to Asia and the Americas grew 12.6% and 23.2% to account for 13% and 7% of P&E sales, respectively. P&E operating profit slumped 35.2% to ¥1,642 million ($20.6 million). SI 2012 sales declined 7.4% to ¥20,406 million ($255.8 million) to account for 17% of sales. Sales of Jobin Yvon’s products declined due to lower government spending. However, demand for pH meters in Japan improved. Sales to Japan, Europe, the Americas and Asia fell 1.8%, 4.7%, 9.1% and 18.0% to make up 35%, 27%, 20% and 18% of SI sales, respectively. SI operating profit dropped 34.2% to ¥943 million ($11.8 million). For 2013, PE and SI sales are projected to grow 2% and 18%, respectively.

For the second half of 2012, Spectris’s Materials Analysis (MA) sales grew 0.3%, 2.5% organically, to £182.0 million ($291.2 million = £0.63= $1). Currency reduced sales growth by 2.5%, while acquisitions added 0.3%. Adjusted operating profit rose 3.8% to £38.0 million ($60.3 million). Full-year 2012 MA sales improved 3.1%, 4.5% organically, to £348.1 million ($552.5 million = £0.63 = $1) to account for 28% of company sales. Currency lowered sales growth by 1.5%, while acquisitions added 0.1%. Revenue growth was driven by strong demand from pharmaceutical and electronics customers. Sales to Asia Pacific and North America grew 7.0% and 4.8% to account for 40% and 22% of MA revenues, respectively. Demand from Australia, India and South East Asia was particularly strong. Sales to Rest of the World improved 0.6% to make up 10%, including double-digit growth in Brazil. European sales fell 2.2% to make up 29%. MA operating profit expanded 3.6% to £63.1 million ($100.2 million). For 2013, the company expects continued demand from life sciences and pharmaceutical customers, as well as emerging interest from the nanomaterials market. The mining sector, which slowed in the second half of 2012, is expected to remain soft for the first half of 2013.