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   Biotech / MedicalTrickle Portfolio


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To: dalroi who wrote (1258)11/5/2002 11:59:16 AM
From: tuck
   of 1784
 
Stefaan,

Just got off of the CC. Much of what they said recapped the PR. However, there were some other bits.

Most important, and negative, is the termination of the Third Wave contract research deal. TWTI is apparently in trouble, having auctioned off a bunch of equipment, and must be trying to focus. But EBIO considers the termination a contractual breach and has gone to arbitration. Resolution not expected until some time next year. In the mean time, EBIO expects no more revenue from this deal.

Despite this, the company still expects to meet its goals of breakeven this quarter, and positive cash flow next year. CF taking longer because of the need to finance higher accounts receivable and other working capital needs (covered by the Silicon Valley Bank financing facility, which they have already drawn most of). They still expect to meet that goal without further dilution, unless they see something really worth it.

However revenue range for FY '02 has been cut to the lower end of the range: it was $11 to $13 million, now it's $11.1 to $11.3 million. EPS guidance unchanged. Guidance for the 4th Q: Breakeven EPS. Revenue in $3.7 to $3.9 million range. Product sales $1.5 to $1.6 million. I gather the difference will mostly be in royalty sales (nothing wrong with that: it goes straight to the bottom line), as contract research revenue seems to be drying up for the time being.

Eclipse probes could be used to confirm results from Amersham's Codelink microarrays, likely to be sold in tandem by Amersham reps, who are now fully trained.

Custom products will be the same for both QGENF and Amersham customers: at their websites, customers enter targets sequences and EBIO makes the primers and probes. This is not on the Amersham website yet, but will be "soon." Catalog products will be specified by Amersham and QGENF and will be different. Both will make gene expression products, but Amersham also markets for SNPs, while QGENF does not. If I understood it correctly the deals are structured differently, with QGENF deal being more of a royalty and milestone type, while in the Amersham deal, revenue is recognized as product revenue.

ABI royalty income increased this quarter, but I gather that's from a ramp in the contractual minimum, as well as a restructuring of the agreement that shifts revenue from product to royalty category. Contract research project with ABI is now over.

OpEx was way down, due to better product mix (fewer low margin chemical intermediates shipped to ABI, sales from Eclipse shipment to Amersham) manufacturing improvements, and economies of scale. COGS was also down sequentially a few per cent.

QGENF paying "substantial" initial technology access fee "in the ballpark" with those received from the ABI and Third Wave deals.

Cheers, Tuck

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To: tuck who wrote (1260)11/5/2002 4:51:09 PM
From: dalroi
   of 1784
 
Tuck

thanks for the cc notes !

S

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To: dalroi who wrote (1261)11/7/2002 1:54:58 PM
From: tuck
   of 1784
 
>>FOSTER CITY, Calif., Nov. 7 /PRNewswire-FirstCall/ -- Argonaut Technologies, Inc. (Nasdaq: AGNT - News) announced it had entered into the final stage of its global integration of Jones Chromatography Limited and International Sorbent Technologies Limited (Jones Group) ahead of schedule. The company has completed the change of name process for the former Jones Group Companies and is now officially Argonaut Technologies in all territories where the combined companies operate.

"This will allow us to further streamline our business practices and make it easier for our customers to do business with us on a global basis," stated Lissa Goldenstein, president and chief executive officer of Argonaut Technologies. "This is a key outward sign that we are committed to the successful and ahead-of-schedule integration of the Jones Group. It reinforces our focus on providing leading-edge, cost effective solutions for chemical synthesis and purification to global pharmaceutical and chemical companies."

The acquisition of the Jones Group was announced in February 2002. Since then, the companies have been working towards unifying and streamlining all aspects of their combined businesses. Argonaut Technologies recently reported that third quarter 2002 net sales grew over 100% from sales in the year ago period while operating expenses grew only 4% -- an outcome of the realization of synergies as well as careful fiscal management.<<

snip

Cheers, Tuck

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To: tuck who started this subject11/12/2002 10:52:39 AM
From: nigel bates
   of 1784
 
NEW HAVEN, Conn.--(BUSINESS WIRE)--Nov. 12, 2002--Molecular Staging Inc (MSI) today launched a range of cutting-edge products and services that can deliver an unlimited amount of high quality DNA from just a few cells.
    Known as REPLI-g(TM) Whole Genome Amplification, the products and services are based on a proprietary technology that can extract and amplify the entire human genome many thousand fold with unmatched accuracy in a few simple steps. This technology, known as Multiple Displacement Amplification, was licensed from Yale University and developed by MSI.
    "As more single nucleotide polymorphisms (SNP) assays and new biomarkers become available, scientists will want more and more DNA to satisfy the demand for all of the tests they want to do," said MSI Chief Operating Officer Dr. Stephen Kingsmore. "Our REPLI-g Whole Genome Amplification provides an unlimited amount of high quality DNA for scientists to perform as many tests as they need on each patient sample. The technology will be enormously valuable for clinical researchers, particularly those with banked samples for whom the option of returning to a patient for an additional blood draw is either prohibitively expensive or impossible."
    REPLI-g Whole Genome Amplification works on a variety of samples including extracted gDNA, blood, buccal swabs, buffy coats and needle aspirates.
    Scientists have the option of sending samples to MSI for their REPLI-g Whole Genome Amplification Service or, alternatively, purchasing a range of easy-to-use REPLI-g Whole Genome Amplification kits offered by MSI.

    Molecular Staging Inc. (MSI), a privately held life science company is developing a portfolio of products and services based on their advanced amplification technologies, including products and services that offer a powerful new way to identify individual and multiplexed sets of biomarkers and a rapid, reliable method of generating unlimited DNA from a few cells. MSI technologies, combined with sophisticated bioinformatics, enable a wide range of transformational products and services across multiple health care markets. MSI has exclusively licensed RCAT and MDA from Yale University. Additional information about MSI can be found at www.molecularstaging.com.

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To: nigel bates who wrote (1263)11/12/2002 6:57:08 PM
From: keokalani'nui
   of 1784
 
MDS tells shareholders to reject "mini-tender"
Tuesday November 12, 5:17 pm ET

TORONTO, Nov 12 (Reuters) - Canadian health services firm MDS Inc. (Toronto:MDS.TO - News) urged its shareholders on Tuesday to reject a "mini-tender" from TRC Capital Corp. that is below MDS current share price.
TRC Capital, a private investment group, has offered to purchase up to 3 percent of MDS's shares at C$21.40 per share. MDS shares on the Toronto Exchange closed on Tuesday at C$22.33, up 3 Canadian cents.

TRC Capital routinely makes offers for stock at below-market prices. Mini-tenders avoid many disclosure and procedural requirements of regulators by offering to buy less than 5 percent of a firm's stock

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To: tuck who started this subject11/14/2002 4:34:52 AM
From: nigel bates
   of 1784
 
Evotec OAI enters into innovative drug discovery and development agreement with venture capital firm Oxford Bioscience Partners

Hamburg, Germany/Abingdon, UK/Boston, USA - Evotec OAI AG (Xetra: 566480.DE - news) , Hamburg, Germany (NM: EVT), a partner for integrated high-value-added drug discovery services to the pharmaceutical and biotechnology industries, and Oxford Bioscience Partners (OBP), Boston, USA, a premier life-sciences venture capital firm providing equity finance and management assistance to start-up and early stage companies, announced that they have entered into an innovative drug discovery and development partnership to benefit OBP's portfolio companies.

Under the terms of the three-year agreement, OBP will promote Evotec OAI as a preferred provider of integrated drug discovery and development services to its portfolio companies (OBP affiliates). The OBP affiliates will gain access to dedicated resources that can be applied to any biology and/or chemical services provided by Evotec OAI to accelerate the respective OBP affiliate's drug discovery programmes. The services provided include assay development, screening and hit profiling, library design, lead optimisation including medicinal, computational chemistry and integrated ADME/T, as well as development chemistry, and support on biology and chemistry strategy where appropriate.

This agreement will facilitate negotiations with individual OBP affiliates. OBP has invested in over 100 portfolio companies in the life science and health care sectors. The General Partners of OBP currently manage venture funds with combined committed capital of more than $800 million.

Joern Aldag, President and Chief Executive Officer of Evotec OAI, commented: "We are delighted to have developed this innovative deal structure with Oxford Bioscience Partners, a prestigious and most forward-thinking life-sciences venture capital firm. Oxford Bioscience Partners not only provides capital to its portfolio companies but also assists management in creating and implementing their business and product development strategies. This unique new partnership is a clear validation of our business model to offer integrated world-class drug discovery services to pharmaceutical and biotech companies built on high scientific standards."

Jay Luly, Entrepreneur-in-Residence at Oxford Bioscience Partners, added, "Oxford seeks to identify creative outsourcing strategies for our portfolio companies to allow for more rapid and efficient growth of their scientific assets. We performed a thorough due diligence of Evotec OAI and were impressed by their scientific expertise and considerable breath of their drug discovery service offering. We chose Evotec OAI as a partner for drug discovery and development because their integrated biological and chemical services are capable of aiding our portfolio companies with a spectrum of discovery activities, continuing through chemical development. "

About Evotec OAI AG

Evotec OAI offers a comprehensive range of high-value added services and products required to increase the efficiency and at the same time reduce the risk in the identification of new drugs. By integrating proprietary state-of-the-art technologies and processes in biology, chemistry and screening, the Company has established a unique position for all the critical elements in the drug discovery and development process - from target to clinical development. Due to its extensive know how and experience Evotec OAI is the ideal partner for pharma and biotech companies world-wide. To date, Evotec OAI has completed over 1,200 projects with 150 companies, including all of the top 20 global pharmaceutical companies and major biotechs.

The Company employs more than 600 people, primarily at its two main sites at Hamburg in Germany and Abingdon in the UK. Subsidiaries are located in Europe and North America. In 2001 Evotec OAI achieved revenues of EUR 63.2 million. Evotec OAI shares are listed on the Neuer Markt (Xetra: news) of the Frankfurt Stock Exchange since November 1999 (NM: EVT).

About Oxford Bioscience Partners

Oxford Bioscience Partners ("OBP") is a leading venture capital partnership investing exclusively in the life sciences. OBP's primary strategy has been to identify the "next generation" of technology that addresses the present and future needs of the medical industry. Through this approach, OBP builds and invests in "best-of-breed" companies that stimulate the formation of new industry segments.

The Investment Professionals of Oxford Bioscience Partners have achieved considerable success in the bioscience field over the past 16 years through investments in more than 100 companies worldwide. The General Partners of OBP currently manage venture funds with combined committed capital of more than $800 million. More information can be found on the website, oxbio.com .

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To: nigel bates who wrote (1265)11/14/2002 4:43:09 AM
From: nigel bates
   of 1784
 
Thursday November 14 Third quarter 2002: Evotec OAI reports solid performance in difficult market environment

- 9 months sales increase of 20% to EUR 47.5m, in line with company guidance

- Growth in Q3 of 8% lead to a more cautious outlook on sales and profit targets

- EBITDA slightly below last year (EUR (5.0)m)

- Measures taken to reduce SG&A and R&D cost by appr. 20% in 2003 and to maintain year end cash position at Q3 levels (EUR 14-15m) ADVERTISEMENT


- Good order book situation: 2002 revenue target (EUR 68-72m) secured, already EUR 35m secured for 2003

Hamburg, Germany/Abingdon, UK - Evotec OAI (Xetra: 566480.DE - news) achieved a solid performance in the first nine months of 2002. Revenues increased by 20% to EUR 47.5 million (2001: EUR 39.6 million). While the growth rate for the whole period was still in line with our target of 20-30% per year, the market environment has deteriorated in Q3 with certain customers now delaying orders for reasons of their cash conservation. Although Evotec OAI has fundamentally progressed well, we could not avoid a slow down of growth in Q3 (
8%).

The Discovery Services Division revenues grew by 19% to EUR 41.2 million (2001: EUR 34.7 million). In line with our plans, our core business, discovery chemistry and biology services, continued to perform strongly (
23%). Our solid basis through long-term partnerships with customers like Merck, Pharmacia (NYSE: PHA - news) , Amgen (NASDAQ: AMGN - news) , Vertex and our strong business development pipeline make us confident to continue to grow in 2003. At the same time development chemistry services experienced a down turn in new orders during Q3 and a decline in visibility for new orders. For the full year 2002, we expect development revenues to remain flat when compared to last year.

For the nine months to September 30, 2002, the Discovery Tools and Technologies Division grew by 30% to EUR 6.2 million (2001: EUR 4.8 million). This is an excellent performance in an industry environment where the general trend in instrumentation sales pointed downwards. 50% of total group revenues were recorded in Europe, 48% in the United States, and 2% in Japan.

Operating loss for the first nine months amounted to EUR (23.5) million, an improvement of 80% over the comparable period for the previous year (2001: EUR (114.9) million). This reduction is a consequence of lower regular amortisation of goodwill and other intangible assets under new US-GAAP accounting rules. Excluding amortisation charges, loss from operations for the first nine months amounted to EUR (14.4) million (2001: EUR (11.9) million). The increase is primarily a result of a decline in gross margins due to a change in revenue mix in this period as well as the planned under-utilisation in development chemistry following the start of our new pilot plant.

Net loss improved by 82% to EUR (20.6) million (2001: EUR (114.8) million), again, primarily as a consequence of reduced regular amortisation charges. In addition, non-operating income in the amount of EUR 1.6 million as well as tax treatment contributed to a reduction of net loss. Earnings before interest and taxes, depreciation and amortisation (EBITDA) amounted to EUR (5.0) million (2001: EUR (4.1) million).

Other noteworthy items and company announcements include:

- In light of the increasingly difficult market environment we announced on October, 23, 2002 that we are reducing our financial targets for the year and that we are taking action to significantly bring down our SG&A and R&D expenses. Those expenses will be reduced by appr. 20% in 2003. As we began implementing these measures in Q3, they will start to have an impact in Q4.

- One of Evotec OAI's most significant highlights: shortly after the end of Q3 Pfizer signed an expansion of our collaboration with a potential value of more than US-Dollar 25 million. As part of the contract, Pfizer (NYSE: PFE - news) will also acquire a 10% stake in Evotec Technologies which we believe is a strong validation of our fundamental strengths.

- Many biotech companies are looking to partner the whole process from target to IND with us. By contributing technology, process know-how and services for their discovery efforts they allow us to become an equity partner in them while at the same time giving Evotec OAI a cash-based cost compensation.

In August Evotec OAI co-founded Vmax together with UK-based Microscience.

Shortly after Q3 we signed a letter of intent to become a co-founder of Genovation, a new company emerging from the planned spin-off of MediGene (Xetra: 502090.DE - news) 's cardiological drug discovery programme. In case of successful financings, these partnerships are an excellent way to create additional long-term customer relations.

- Our market position is strong. We continue to show excellent performance on customer projects and our ongoing R&D investment in future value drivers yields good results: We expanded our corporate library of high-quality drug-like compounds by adding more compounds and diversity. We were successful in broadening our assay portfolio and in integrating ADME/T and computational chemistry functionality into our service offering.

"In summary, despite a challenging environment we have done well in many respects. We laid the foundation for larger creative outcome-based deal structures in long-term customer relationships and have promising negotiations in progress with pharma and biotech companies", said Joern Aldag, President and Chief Executive Officer of Evotec OAI. "We believe that the current environment also presents a lot of new opportunities: Pharma companies are changing the way they look at collaborations with biotechs. And, genomics/proteomics companies are increasingly concentrating on what they excel in and partner in areas where they believe to find an excellent and established partner - our integrated process from target to IND. As Evotec OAI is considered a clear leader in this field, we are playing an exciting and valuable role."

Outlook for 2002/2003. Our performance in the first nine months was still in line with our longer term trend guidance. However, as a consequence of depressed capital markets and earnings pressures certain customers have started to delay projects. Even though we believe we are fundamentally well positioned, we could not avoid a down turn in growth in Q3. We therefore announced changed forecasts for 2002 revenue with growth now being expected to be 8-14% (see press release of October 23, 2002). Based on these revenues, Evotec OAI anticipates to reach EBITDA break-even in 2003. EBITDA for 2002 is now expected to be between EUR -3 and -6 million.

In light of these developments in the financial and customer markets we decided to perform an impairment review later this year. Our market capitalisation is below book value, which suggests to carefully analyse any impairment write off requirements. In the past we took a conservative approach to goodwill accounting pushing for a - non cash - linear write down of goodwill over 3 years. New SEC regulation required to change from this policy to regular impairment reviews in 2002. The review which is not finalised suggests that we are likely to take an additional, non-cash write-off charge on goodwill created in the merger with OAI amounting to EUR 110 to 130 million in Q4. This is less than the goodwill amortisation which we would have accounted for following the rules prior to the changes of US-GAAP rules, when we incurred annual amortisation of approximately EUR 140 million including the regular EUR 12.4 million amortisation charge. We deem this procedure to be prudent and conservative. It does not materially change the fundamental strength of our company and does not have an effect on our cash position.

Our order situation is healthy. As of mid November, secured revenues for this year amounted to EUR 69 million (guidance 2002: EUR 68-72 million). Following the signature of the multi year contract with Pfizer, our 2003 order book already amounts to EUR 35 million. The difficult conditions of capital markets and the resulting uncertainties regarding timing of new contracts, however, do make us cautious. For the purpose of our forecast given today we assume a continued weakness in spending in the pharmaceutical and biotechnology industries throughout 2003. While we still believe in the longer term trend of 20 to 30 % revenue growth, we expect revenues to grow only by 10 to 15% in 2003, but possibly faster in 2004. On the basis of our business forecast and our efforts to reduce cost year-end cash will remain at about the level of the end of Q3. Based on this cash position and our strong pipeline of new contracts we remain confident that we can deliver on our business plan without requiring a capital increase through the stock exchange. ...

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To: nigel bates who wrote (1266)11/14/2002 4:48:15 AM
From: nigel bates
   of 1784
 
Evotec Technologies EVOscreen Mark III successfully passed site acceptance testing at Novartis

Hamburg, Germany - Evotec Technologies GmbH, a subsidiary of Evotec OAI AG (Xetra: 566480.DE - news) (Neuer Markt (Xetra: news) : EVT) providing innovative technologies for life sciences, announced today the implementation of the second ultra-high-throughput screening (uHTS) system to its long-term partner Novartis ( NOVZn.VX - news) , Basle, Switzerland. In addition to EVOscreen® Mark II the next generation Mark III now successfully passed site acceptance (SAT) procedures ahead of time.

During a period of three weeks several functional, robustness and precision tests were performed including the screening of biochemical and cellular assays as well as 24 hour runs. "The results achieved in terms of robustness, precision and data quality were excellent and significantly exceeded the agreed pass criteria", said Dr Johannes Ottl, Labhead Nanoscreening at Novartis Pharma AG.

"We are very proud of the excellent results achieved in a remarkable team effort. I want to thank all employees involved at Evotec and Novartis for their continued support," said Dr Timm Jessen, Chief Scientific Officer of Evotec OAI. "We once again demonstrated our ability to successfully deliver cutting edge technology systems with the help of our experience in drug discovery technologies in close collaboration with our long-term partner Novartis."

"We are very satisfied by the technological specifications of the Mark III screening system and the close and productive collaboration between the teams at Novartis and Evotec," said Dr Lorenz Mayr, Technology Program Head, Assay Development and Nanoscreening at Novartis Pharma AG.

The EVOscreen® Mark III system has been built on the success of the EVOscreen® Mark II design. Mark III, however, now integrates a series of important technological advances. Evotec Technologies' proprietary single molecule reader as well as parallel dispensing of micropumps enable the throughput of above 100,000 tests per day in homogenous as well as cellular assay systems. In addition, the open system architecture simplifies the use of external components giving Evotec Technologies the flexibility to stay on the cutting edge of screening technology combining its own developments with standard external solutions.

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To: scaram(o)uche who wrote (1216)11/15/2002 2:32:01 AM
From: tuck
   of 1784
 
Apogent reports (already?). I haven't posted the numbers, but provide the industry related verbiage. Noting that lab equipment & instrumentation has not been doing well for the past year, but did improve a bit lately. Consumables, however, are booming right along:

>>PORTSMOUTH, N.H.--(BUSINESS WIRE)--Nov. 14, 2002--Apogent Technologies Inc. (NYSE: AOT - News), a leading manufacturer of clinical diagnostic and life science research products, today reported record financial results for the fourth quarter and year ended September 30, 2002.

"Record sales of $284 million this quarter, an increase of 9.6%, were driven by our fiscal 2002 acquisitions and by continued double-digit growth rates in our life science consumable products, which are used in cell culture, toxicology testing, drug discovery, and other research applications. For the year, we surpassed for the first time $1.0 billion in sales, an increase of 9.4%, reflecting our ability to grow even in difficult industry conditions," stated Frank H. Jellinek, Jr., President and Chief Executive Officer of Apogent. "Reported fourth quarter fully diluted earnings per share from continuing operations were 34 cents. Pro forma earnings per share from continuing operations were 35 cents for the fourth quarter, in line with our guidance."

Mr. Jellinek continued, "As these results indicate, the fundamental elements of our strategy have proven effective and are still sound. Our strategy has been to maximize profit growth by combining high margin, modest internal growth businesses with focused, low risk acquisitions. These businesses generate consistent and significant levels of cash flow from operations, which we will continue to utilize to augment shareholder returns. We have developed a management team that understands this strategy, believes in it, and has exhibited the ability to execute it. Given this as a base, we are excited about our business prospects for the next year."

FOURTH QUARTER AND FISCAL YEAR 2002 FINANCIAL RESULTS

Net Sales

Effective September 30, 2002, the Company adopted the Emerging Issues Task Force (EITF) Issue No. 00-10, Accounting for Shipping and Handling Fees and Costs, which requires all amounts charged to customers for shipping and handling to be classified as sales revenues. Accordingly, all historical sales revenue amounts have been adjusted to reflect these changes. The costs related to shipping and handling are classified as selling expense in selling, general and administrative expense. Please refer to Schedule 5 attached to this press release for the quarterly impact of this reclassification.

Net sales for the fourth quarter were $284 million, an increase of 9.6% over the fourth quarter of last year. Quarterly comparisons of net sales by business segment are as follows:

Quarters Ended 9/30 (in 000's)

Business Segment 2002 2001 Variance

Clinical Diagnostics $133,675 $122,177 9.4%
Labware and Life Sciences 119,034 106,361 11.9%
Laboratory Equipment 31,781 30,998 2.5%
TOTAL $284,490 $259,536 9.6%

Increases in Clinical Diagnostics sales for the quarter were driven, principally, by fiscal 2002 acquisitions. With the exception of microbiology and European microscope slide sales, which were strong for the quarter, the balance of this segment reported soft internal sales growth compared to last year.

Labware and Life Sciences sales growth of 11.9% was supported by double-digit growth in life science consumable products and by fiscal 2002 acquisitions. Growth in this segment was offset by continued softness in the life science instrumentation business.

Laboratory Equipment reported its first quarter of positive growth in net sales since the third quarter of last year.

Apogent's net sales for its fiscal year 2002 were $1.07 billion, an increase of 9.4% over fiscal year 2001. Annual comparisons of net sales by business segment are as follows:

Years Ended 9/30 (in 000's)

Business Segment 2002 2001 Variance

Clinical Diagnostics $514,342 $469,438 9.6%
Labware and Life Sciences 439,345 385,810 13.9%
Laboratory Equipment 120,932 126,919 (4.7%)
TOTAL $1,074,619 $982,167 9.4%


For the year, Clinical Diagnostics sales growth was attributable to strong performances in microbiology, anatomical pathology, European microscope slides and disposable glass culture tubes, and acquisitions. Offsetting these strong sales performances was continuing weakness in drugs of abuse testing -- both rapid tests and reagents.

The Labware and Life Sciences segment had another excellent year in net sales growth driven primarily by life science consumable products, such as, pipette tips, microtitre plates and cell culture products. Reducing the overall benefit of the strong consumable sales, sales of life science instrumentation finished approximately 25% behind fiscal year 2001.

Despite an improvement in the fourth quarter, the Lab Equipment segment was not able to achieve last year's sales levels. We believe that capital budgets for mid-priced capital equipment were pared back this year at our customers including biotech, pharmaceutical, and industrial accounts and that this reduction in spending unfavorably influenced year over year sales growth.

Apogent's annual sales by geographic area are as follows:

Years Ended 9/30 (in 000's)

Geographic Area 2002 2001 Variance

North America $792,154 $744,783 6.4%
Europe 190,451 161,073 18.2%
Asia 77,755 69,417 12.0%
Other 14,259 6,894 106.8%
TOTAL $1,074,619 $982,167 9.4%


snip

Cheers, Tuck

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To: tuck who wrote (1268)11/18/2002 12:54:27 PM
From: tuck
   of 1784
 
>>9:14AM Molecular Devices upgraded at Deutsche (MDCC) 14.93: Deutsche Securities upgrades to Buy from Hold and raises price target to $20 from $13 based on the belief that the co is poised for a turnaround, driven by the introduction of Ion Works HT; raises Q4 rev/EPS est to $30.3 mln/$0.17 from $29.7 mln/$0.16 and 2003 to $120.0 mln/$0.72 from $116.9 mln/$0.66.<<

Cheers, Tuck

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