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Life Sciences STRATEGIC REPORT SECTOR REVIEW Life Sciences The Life Sciences Sector Healthcare TPD focuses on specialised laboratory The Diploma Healthcare Group (“DHG”) diagnostics and specialty medical businesses supply a operates in three principal geographies device segments, again leveraging – Canada, Australasia and Europe. In a number of common suppliers. range of consumables, Canada, DHG supplies to the ca. 600 instrumentation and public hospitals across the country as Environmental well as to private clinics and pathology The a1-group is a supplier to related services to the laboratories. Somagen Diagnostics Environmental testing laboratories Healthcare and (“Somagen”) supplies a range of and to Health & Safety engineers. The consumables and instruments used in a1-envirosciences business, based in Environmental industries. the diagnostic testing of blood, tissue Germany, supplies a range of specialised and other samples. It is also a leading environmental analysers and a range supplier to the growing cancer screening of containment enclosures for potent and the assisted reproductive technology powder handling. The a1-CBISS business, (“ART”) markets. AMT surgical (“AMT”) based in the UK, supplies equipment and Principal segments supplies specialised electrosurgery services for the monitoring and control equipment and consumables for use of environmental emissions, as well in hospital operating rooms and is as a range of gas detection devices. also building a portfolio of specialised surgical instruments and devices used Market drivers in minimally invasive (“MI”) surgery. The DHG businesses in Canada supply Vantage Endoscopy (“Vantage”), now into areas of Healthcare which are managed as a separate division within predominantly public sector funded. AMT, supplies endoscopes and related Private sector funding, representing consumables, therapeutic devices ca. 30% of Healthcare expenditure in and services to GI Endoscopy suites in Canada, is largely focused on areas where hospitals and private clinics. Vantage DHG do not participate, specifically 84% Healthcare is also expanding its portfolio into the dental, cosmetic and eye surgery and 16% Environmental Urology and Gynaecology surgical pharmaceuticals. The principal demand segments with rigid and flexible scopes driver for DHG in Canada is therefore the and specialised instrument sets. sustainable level of Healthcare spending funded by the Canadian Government. In Australia and New Zealand, DHG Geography expanded its operations with the The Canadian Health Act (“the Act”) 52% Canada acquisition in April 2017 of Abacus ensures universal coverage for all 28% Europe ALS, a long established supplier of insured persons for all medically 20% Australasia instrumentation and consumables necessary services provided by hospitals, to the Pathology and Life Sciences physicians and other Healthcare sectors. Abacus ALS is in the process providers. A growing, ageing and well of being combined with Diagnostic educated population demands high Customers Solutions (“DS”) to form abacus dx, a standards of service delivery, helping 84% Clinical larger, broader based clinical diagnostics to ensure ongoing growing demand. 9% Utilities business supplying to both public 4% Chemical & Pharmaceutical and private laboratories. Big Green The Provinces are responsible for the 2% Life Sciences Research Surgical (“BGS”) supplies a range of delivery of the Healthcare services, 1% Other Life Sciences products to the Surgical Products but the Federal Government partially sector and shares several common controls delivery through Federal suppliers with AMT in Canada. Provincial transfer payments, which Products represent the largest source of revenues 74% Consumables In Europe, DHG operates through for the Provinces. The relative stability 17% Instrumentation Technopath Distribution (“TPD”), an and consistency in funding by each of 9% Service established supplier of products to the the Provinces, guaranteed through the Biotechnology, Clinical Laboratory and Act, ensures that the market remains Medical Device markets in Ireland and the well funded through the economic UK. Similar to the other DHG businesses, cycle and current expenditure of Principal operations Healthcare Somagen Diagnostics Edmonton, AB, Canada AMT Surgical Kitchener, ON, Canada Vantage Endoscopy Kitchener, ON, Canada abacus dx Brisbane, QLD & Melbourne, VIC, Australia Big Green Surgical Melbourne, VIC, Australia Technopath Distribution Ballina, Co. Tipperary, Ireland Environmental a1-CBISS Tranmere, UK a1-envirosciences Düsseldorf, Germany 16 Diploma PLC Annual Report & Accounts 2017 10.3% of GDP (11.1% including capital Canadian Healthcare expenditure1 (C$bn) % growth expenditure) places Canada in the top 20% of OECD countries. 16 159.1 68.9 2.7% 15 155.6 66.5 2.9% Over many years, Healthcare expenditure 14 152.0 63.8 3.1% has grown steadily with annual variations 13 148.2 61.1 1.9% mostly dependent on the periodic 12 145.1 60.3 3.2% additional tranches of funding provided by individual Provinces. In periods Public Private when the economy has been slower, Source: Canadian Institute for Health Information. Healthcare funding has still shown 1 Includes capital expenditure. positive growth, albeit at reduced levels. In 2016, public Healthcare spending 1 in Canada was ca. C$160bn, with Australian Healthcare expenditure (A$bn) % growth the largest category of expenditure 16 114.6 55.8 5.4% (C$65bn) being in the hospital sector. 15 108.1 53.5 4.5% 14 104.9 49.8 5.2% The Healthcare market in Australia shares with Canada many of the same 13 100.4 46.6 3.6% attractive characteristics for specialised 12 99.3 42.6 7.8% distribution. While privately funded Public Private Healthcare is more prevalent in areas such as surgery and laboratory testing, Source: Australian Institute of Health & Welfare. public sector Healthcare funding is 1 Includes capital expenditure. still large and supported by a stable, resource based economy. As with UK Healthcare expenditure1 (£bn) % growth Canada, Australia has a large geography to be covered, low population density 15 129.4 28.2 3.1% and purchasing processes that vary by 14 125.6 27.3 5.0% State. These characteristics necessarily 13 119.4 26.2 2.5% demand a significant investment by 12 116.3 25.7 3.1% manufacturers in technical sales and 11 113.7 24.0 2.9% service resource which makes the specialised local distribution model Public Private a very attractive mechanism for Source: UK Health Accounts (2016 data not yet available). manufacturers to serve the local markets. 1 Excluding capital expenditure. Since 2013, the Canadian and Australian Total current Healthcare expenditure1 as a percentage of GDP economies have come under significant pressure from the falling oil price and 2012 2013 2014 2015 2016 reduced demand for the countries’ natural resources. This tougher economic Canada 10.2% 10.1% 10.0% 10.3% 10.3% environment has resulted in greater Australia 8.7% 8.8% 9.1% 9.4% 9.6% pressure on budgets throughout the UK 8.5% 9.9% 9.8% 9.9% 9.7% Healthcare systems in both countries. In such periods, Healthcare funding is Source: OECD. tightly constrained through targeted 1 Excluding capital expenditure. controls imposed on the number of laboratory tests and operating procedures as well as more rigorous tendering and Group procurement processes for expenditure on capital equipment. Even with such pressures, however, Healthcare funding has shown expenditure saw reductions year-on-year positive growth in total Healthcare in 2010 and 2011, since when growth has expenditure of 2–3% and 4–5% resumed again at low single digit levels. respectively in Canada and Australia. The a1-group supplies to customers The principal market driver for the in the Environmental industry in TPD business is Healthcare funding the UK, Germany and France. The in the UK and Ireland, which totals market demand is largely driven by ca. £200bn, representing ca. 10% of Environmental and Health & Safety combined GDP. The UK accounts for regulations and growth in recent years ca. 90% of the total funding and ca. has been driven by the need to be 80% is provided by public funding and compliant with a range of EU regulations. 20% by private funding. Following the Since market demand is driven by 2009 recession, annual growth in UK regulation, this ensures reasonably Healthcare expenditure has slowed to steady demand for essential consumable low single-digit levels, compared with products and services, though customers average growth of 8% p.a. over the may defer capital expenditure during previous decade. In Ireland, Healthcare significant downturns in the economy. Diploma PLC Annual Report & Accounts 2017 17 STRATEGIC REPORT SECTOR REVIEW Life Sciences Sector performance The Life Sciences businesses invested Highlights from the year £2.0m in new capital during the year Reported revenues of the Life Sciences • Sector revenue growth of 15%; (2016: £1.9m) of which £1.6m (2016: businesses increased by 15% to £125.9m £0.9m) was spent on acquiring field underlying growth of 4% after (2016: £109.9m). The acquisition of equipment for both new placements in adjusting for currency, an Abacus ALS (“Abacus”), acquired in hospitals and laboratories and for loan acquisition and a disposal April 2017, added £7.6m or 7% to Sector equipment and demonstration models revenues, but this was offset by the to support existing placements. The • In Canada, DHG underlying prior year disposal of the Medivators increase in spend on field equipment revenues increased by 6% with business.
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