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1、COREU.S.LifeScienceTools&DiagnosticsTop5Tools&DxDebatesfortheINDUSTRYUPDATEEquityResearch2March2020alnrtenI-detcitrsRe2020BarclaysHCConferenceNextweek,wearehostingtheBarclaysGlobalHealthcareConferenceinMiamiBeach,FL.We’reexpectinghealthyinvestordebatesamongstourpartic
2、ipatingcompanies,includingLifeScienceTools:BIO,BRKR,FLDM,MTD,PKI,RGEN,TECH&TMO;Diagnostics:EXAS,HOLX,INMD,LMNX,NTRA,QDEL&QGEN;andLabs/CROs/CDMOs:CTLT,CRL,DGX,ICLR,IQV,LH,PPD.TheTop5Tools&Dxdebatesweseeinclude:1)TheLatestonCovid-19:Near-term,wearemindfulofpotentialCovid-
3、19risks.Thatsaid,oncethedustsettlesandnewcasesofCovid-19begintostabilize,webelievetherearegoingtobesomegoodinvestmentopportunitiesintheLifeScienceToolsgroup-andthereisreasontobelievestockpressurewillbeshort-lived.StockperformancefortheLifeScienceTools&Dxindustryhasbeenw
4、eaktostart2020(-7%YTD),thoughisstillmodestlyoutperformingthemarket(down-9%).OurLifeScienceToolscoveragehasthemostChinaexposure,andhasunderperformedthemostYTD(down-10%YTD).InDiagnostics,thereissomegeographicexposuretoChina,butrapid-testingDx(QGEN,QDEL)haveheldupwell.TheU
5、S-basedlabshavenointernationalrisk,thoughwearemindfulofhealthcareservicesplussesandminusesonvolumes.TheCROshavemodestexposureonarelativebasis,buttherecouldbeanear-termpressure.Thespreadofanovelcoronavirushighlightstheimportanceoffundinginlifescienceresearchandnewdiagnos
6、tictools.Wearelookingforwardtoassessingthegrowingthreatwithourcoverageattheconference,andlookfordatapointsonhowclosethebottommightbe.2)DebatingtheStrengthofBiopharmaFunding:Giventheimportanceofthebiopharmaendmarketforourcoverage,thesustainabilityofitsgrowthremainsacriti
7、caldebate.Whilewebelieveinvestorsoftenviewthisendmarketascyclicalinnature,ourviewisthatgrowthismoresustainablethanthemarketthinks.Weexpectthebiopharmaendmarkettoremainresilientrelativetootherendmarkets,andtocontinueasagrowthdriverforourcoverage.WithJack’sJobBoard,wecont
8、inuetoseeelevatedlevelsofCROhiring,whichweviewasagoodleadingindicator.3)JudgingtheHottestMassSpectrometersinSo
