美国生命科学与诊断Jack工具包——第4卷第44期：关于市场价值评估的思考.docx

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1、COREU.S.LifeScienceTools&DiagnosticsJack’sToolKit–Vol.4,Issue44:INDUSTRYUPDATEEquityResearch1November2018ThoughtsonValuationAmidstMarketVolatilityJack’sToolKit–HowhavevaluationsinyourcoverageshiftedrelativetotheS&P500amidsttherecentmarketvolatility?TriviaQuestion:Howmanye

2、xhibitorswereatAMP2018?RecentNotes&Reports:1)Tools&Dx:BarclaysToolsIndustrialTracker-October2018:PMIsModerate,ThoughRemainExpansionary2)MYGN:GeneSightLateralsfromFDAWarningonPharmacogenetics3)MYGN:TheWaitContinuesfortheGeneSightRCTPublication4)PRAHealth:SolidGrowth&Bookings

3、Continue5)PerkinElmer:CoreResultsAppearStrongerthanHeadlines,ReiterateEqualWeight6)QIAGEN:SolidQuarterwithBroadBasedGrowthBarclaysGeographicEndMarketTracker:AgilentFY4Q18PMITrackerof54.3(up0.3q/q),MettlerToledo4Q18PMITrackerof53.6(down1.5q/q),PerkinElmer4Q18PMITrackerof54.1

4、(down1.3q/q),ThermoFisher4Q18PMITrackerof54.6(down1.2q/q),Waters4Q18PMITrackerof53.7(down1.5q/q).BarclaysFXTracker(10/31/2018):Euroweakens-0.7%w/w,UKPoundweakens-0.9%w/w,ChineseYuanweakens-0.5%w/w,JapaneseYenweakens-0.6%w/w,andSwissFrancweakens-1.1%w/w.HotTopicsfortheWeek:1

5、)QIAGENreportedstrong3Q18resultsthatincluded7%organicgrowthand~100bpsofmarginexpansion.2)PerkinElmer’sreported3Q18earnings,withorganicgrowth190bpsaboveourexpectations,drivenbyupsideintheDASsegment.3)PRAHealth’s3Q18revenuecameinmodestlybelowourexpectations,butsolidexpensecon

6、troldrovea7%EPSbeat.Thecompanypostedasolidbook-to-billof1.28xforthequarter.Ourcoverageuniversefinishedtheweekup4.1%sincelastThursday(toolsup4.2%,diagnosticsup4.0%,andlabs&CROsup4.1%).Incomparison,theS&P500wasup1.3%fortheweek,theRussell2000wasup3.0%,andtheNASDAQCompositewasu

7、p2.8%.StatoftheWeek:Todaymarks124daysafterMyriad’sfirstself-imposeddeadlinetopublishtheGeneSightrandomizedcontroltrial(RCT)inamajorpeer-reviewedmedicaljournal-aroundtheendofthecompany’sfiscalyearendof6/30/2018.U.S.LifeScienceTools&DiagnosticsNEUTRALUnchangedU.S.LifeScience

8、Tools&DiagnosticsJackMeehan,CFA+12125263909jack.meehan@barclays.comBCI,USMitchellP