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Biotech / Medical : Trickle Portfolio -- Ignore unavailable to you. Want to Upgrade?


To: tommysdad who wrote (772)7/28/2001 2:10:55 PM
From: tuck  Read Replies (1) | Respond to of 1784
 
tommysdad,

Thanks for your thoughts on WAT's stuff. It echoes those of the one other analytical chemist with whom I am acquainted. I always like to hear from end users, and if you or anyone can offer further field reports, well, I'm all ears and got plenty of beers.

WAT didn't give much color on the slow LC-MS sales, so it's good to have a couple of blanks filled in. Wonder if they read this stuff? I know some companies comb chat boards religiously.

Anyhow, ABI CC notes . . .

Kind of a pain that it's combined with the CRA call, makes the darn thing almost two hours long. Thank goodness they don't use a *^%#$@ 900 number like some companies I can name!

They added little in terms of general commentary to the PR, referenced here:

Message 16129999

But a few nuggets about specific products came out, noted below.

Many questions centered around the CRA diagnostics JV; analysts fishing for numbers to plug into their spreadsheets. The only thing of intertest not mentioned in the PR was that the equity accounting method would be used (which may not be that interesting; I believe Peter Suzman has posted, with relevant references, that pooling of interests is dead).

FX trimmed roughly 2% from revenue and 5% from EPS for the Q (8% for the year for EPS). They see this normalizing in calendar '02.

DSOs for Europe were 95, and 85 for the company overall. The latter is pretty good, IMO (well, maybe DSOs are shorter in proportion to the consumables business' relative size; but it's better than, say, WAT's DSOs). Inventories $380 million. Cash flow flat in the low 140 millions. GMs steady in the 52 - 53% range. SG&A to decline a bit as % of revenues.

No breakout of consumables, the bright spot. No significant revenues from proteomics reagents seen for a couple of years, as they are currently such a small part of the mix.

Sales to CRA and Celera Diagnostics at full price.

Prism 3700s the weak spot, duh. Order activity strong for the medium throughput (and much cheaper) Prism 3100. Demand exceeding supply for the 4000 MS. TOF/TOF to be hard launched in fiscal Q302 (that is, 2 1/2 calendar Qs from now). Some early access use (Trickle editor's note: that would be Oxford Glyco, for one). The other strong instrument is the 7900 HT, which has been shipping for two quarters. Currently used in conjunction with custom assays for gene expression and SNP analysis, growth expected to accelerate when a larger reagent product line becomes available for it. This to start happening in the first half of calendar '02. ABI is increasing oligo manufacturing capability ten fold in large part for this purpose. Much of this will initially be headed for CRA diagnostics.

In sum, the news here is how well the 4000 MS is selling. We already got hints last quarter that the Prism 3100 was doing well and the 3700 was not. Also news that the 7900 HT is doing well. I would say that this is what has popped the stock back up a bit.

Again, this adds weight to my contention that consumables have been doing well while every other segment in trickle has been hammered. This is why I like QGENF, a strong consumables play that is near lows. EBIO, an even purer consumables play, is another possibly undervalued shot, and it has ties to ABI.

It looks like there is light at the end of the tunnel for big ticket items, too. But unless you believe the overall market bottom is in, you could likely trade these for another quarter or two before buying and holding for intermediate to long term late this year, IMO.

Next up: BIOa

Cheers, Tuck



To: tommysdad who wrote (772)7/31/2001 2:11:49 PM
From: tuck  Read Replies (1) | Respond to of 1784
 
If I'm not mistaken, this new product is about 50% faster than the rig used by OGSI/ABI (ISB). No other MS manufacturer is countering with a launch here.

>>PHILADELPHIA, Jul 29, 2001 (BW HealthWire) -- Bruker Daltonics Inc. (NASDAQ: BDAL chart, msgs) today announces its new UltraFlex(TM)TOF/TOF system for ultra-sensitive high-throughput proteomics at the 15th Symposium of the Protein Society. The UltraFlexTOF/TOF is expected to ship in Q4 of this year, and will be priced at $575,000.

The UltraFlexTOF/TOF is a patented MALDI tandem time-of-flight (TOF/TOF) mass spectrometer specifically designed for the highest sensitivity and minimal sample consumption. The UltraFlexTOF/TOF enables very high-throughput protein identification by MALDI-TOF peptide mass fingerprinting, immediately followed on the same AnchorChip(TM) MALDI-target by more detailed MS/MS protein characterization. This should dramatically increase the throughput of protein identification and characterization.

The innovative UltraFlexTOF/TOF requires typically only 50-100 laser shots per MS/MS spectrum, and therefore consumes very little sample. For example, the UltraFlexTOF/TOF can measure an MS/MS spectrum from 500 attomol of a peptide with only 50 shots, resulting in comprehensive fragment ion coverage from low mass immonium ions all the way to the precursor ion. Alternative MALDI-TOF/TOF designs appear to take several thousand shots for each MS/MS spectrum, thus requiring tens of thousands of shots for a typical 10-20 MS/MS spectra per sample.

We estimate that for realistic tryptic peptide samples from gels, the UltraFlexTOF/TOF can acquire 10-20 MS/MS spectra from 5-10 femtomol of sample present on the MALDI target (not sample consumed!) in just a few minutes total.

The UltraFlexTOF/TOF benefits from Bruker Daltonics' leadership in high-throughput MALDI-TOF technology aimed at industrial biology. Our MALDI targets have industry-standard microtitre plate (MTP) format, and are thus easily compatible with standard sample preparation robots. An optional robot is available for automated delivery of additional MTP MALDI targets into the UltraFlexTOF/TOF for unattended 24/7 operation.

Our high-throughput ruggedized xy-table, which has been developed for our autoflex(R) MALDI-TOF product for measurements of up to 30,000 SNP samples per day, has also been implemented in the UltraFlexTOF/TOF. This unique xy-table can move from target spot to target spot in 0.4 seconds in reliable 24/7 operation with unsurpassed positional accuracy. The new UltraFlexTOF/TOF electronics enables automated system self-testing, as well as remote diagnostics and service.

The UltraFlexTOF/TOF fully incorporates our proprietary AnchorChip technology, which improves MALDI-TOF sensitivity typically by 1-2 orders of magnitude. AnchorChips also have the additional throughput advantage that they "anchor" the exact sample location and size on the target for robust and fast automation without time-consuming searches for samples or "sweet spots".

Importantly, the UltraFlexTOF/TOF also offers uncompromised standard MALDI-TOF MS performance. In fact, it has the same sub-femtomol sensitivity and same resolution (>25,000) as our high-performance reflexIV MALDI-TOF system, which owes its superior sensitivity to a completely gridless ion source and patented gridless reflector design.

"We believe that our UltraFlexTOF/TOF has unsurpassed sensitivity and throughput, both of which are absolutely essential in industrial-scale proteomics," commented Dr. Frank H. Laukien, President and CEO. "We expect that with only about 100 laser shots per precursor peptide, we can do MALDI-TOF/TOF analysis on dozens of tryptic peptides per gel spot without running out of precious protein sample. Simply put, we believe we have the best available technology for a dramatic acceleration of protein identification and characterization."

COMPLETION OF PROTEINEER(TM) SUITE FOR PROTEOMICS

At the Protein Society Symposium, Bruker Daltonics also introduces Proteineer DP Digest & Prep station, a new gel spot digestion robotics workstation for proteomics. The Proteineer DP Digest & Prep station completes our Proteineer suite, an integrated comprehensive solution for protein identification and characterization after 1d- or 2d- gel electrophoresis separation. It complements the previously introduced Proteineer SP Spot Picker robotics workstation for imaging of gels, visual analysis, spot selection, and cutting spots out of 2D gels used for protein separations.

The Proteineer DP automates and simplifies some of the remaining tasks in sample preparation prior to MALDI-TOF or ESI-ion trap analysis of proteins:

-- Proteineer DP is based on our successful map(TM) II/8 MALDI AutoPrep system, and adds an automated station for tryptic digestion of protein spots cut from gels.

-- The resulting tryptic peptide samples are automatically cleaned up for optimal results prior to MALDI-TOF or ESI-ion trap analysis.

-- After clean-up, the digest samples are automatically deposited on our AnchorChip targets for ultra-sensitive MALDI-TOF analysis, or

-- the samples are prepared in 96 or 384-well plates for subsequent analysis by our esquire3000plus(TM)ion traps.

Our Proteineer suite of consumables, robotics, mass spectrometry systems and bioinformatics modules for proteomics offers the unique combination of the two most powerful mass spectrometry methods for protein identification and characterization, MALDI-TOF and ESI-ion trap mass spectrometry. Specifically, Proteineer offers an integrated solution for adaptive intelligent acquisitions strategies in protein identification and characterization with

-- our leading ultra-high throughput MALDI-TOF systems as a first very high-throughput protein identification step,

-- optionally, our new UltraFlexTOF/TOF for high-throughput MS/MS as a second step for protein characterization,

-- robust high-performance ion trap ESI/MSn as a third step for the most detailed protein characterization, such as the determination and localization of post-translational modifications, increased sequence coverage, the identification of proteins in complex mixtures, and protein quantitation, as well as

-- ProteinScape(TM), our bioinformatics software package for comprehensive proteomics data warehousing, and analysis of all the data generated in the entire Proteineer workflow.<<

snip

Still, this is just a product launch and earnings loom ahaead, with BDAl having reaffirmed already. Credit for this has been delayed, but it seems to getting priced in now. Trickle sells its BDAL for $18.

Cheers, Tuck