DOCSLIB.ORG

2012 Annual Report 1 Table of Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2012 Annual Report 1 Table of Contents 2012 ANNUAL REPORT 1 TABLE of CONTENTS Environmental 2 Test & Measurement 4 Dental 6 Life Sciences & Diagnostics 8 Industrial Technologies 10 Letter to the Shareholders 12 2012 Form 10-K 16 Supplemental Financial Information 141 Directors & Executive Officers 143 Shareholder Information 144 DANAHER FINANCIAL OPERATING HIGHLIGHTS (dollars in millions, except per share data and number of associates) 2012 2011 Sales* $ 18,260.4 $ 16,090.5 Operating Profit* $ 3,165.1 $ 2,617.2 Net Earnings* $ 2,299.3 $ 1,935.3 Earnings per share (diluted)* $ 3.23 $ 2.77 Operating Cash Flow* $ 3,502.1 $ 2,732.1 Capital Expenditures* $ 458.3 $ 334.5 Free Cash Flow (operating cash flow less capital expenditures)* $ 3,043.8 $ 2,397.6 Number of Associates 63,000 59,000 Total Assets $ 32,941.0 $ 29,949.5 Total Debt $ 5,343.1 $ 5,305.2 Stockholders’ Equity $ 19,083.9 $ 16,971.8 Total Capitalization (total debt plus stockholders’ equity) $ 24,427.0 $ 22,277.0 *from continuing operations Environmental We provide products that help protect our water supply and air quality by serving two primary markets: water quality and retail/commercial petroleum. Our water quality business provides instrumentation and disinfection systems to help analyze and manage the quality of ultra- pure, potable, waste, ground and ocean water in residential, commercial, industrial and natural resource applications. Our retail/commercial petroleum business is a leading worldwide provider of solutions and services focused on fuel dispensing, remote fuel management, point-of- sale systems, payment systems and environmental compliance. 3 Test & Measurement We are a global provider of electronic measurement instruments, professional test tools, thermal imaging and calibration equipment used in electrical and industrial applications. We offer test, measurement and monitoring products that are used in electronic design, manufacturing and advanced technology development. We also offer monitoring, management and optimization tools as well as security solutions for communications and enterprise networks. 5 Dental We are a leading worldwide provider of a broad range of consumables, equipment and services for the dental market. Our products are used to diagnose, treat and prevent disease and ailments of the teeth, gums and supporting bone, as well as improve the aesthetics of the human smile. 7 Life Sciences & Diagnostics We offer a broad range of research and clinical tools that scientists use to study cells and cell components in order to understand the causes of disease, identify new therapies and test new drugs and vaccines. We also offer analytical instruments, reagents, consumables, software and services that hospitals, physician’s offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions. 9 Industrial Technologies We develop and manufacture equipment, consumables and software for various printing, marking, coding, design and color management applications on consumer and industrial products. We also provide electromechanical motion control solutions for the industrial automation and packaging markets. 11 Dear Shareholders 2012 was another record year for Danaher. Our teams executed well amidst economic uncertainty with excellent free cash flow, superior earnings growth and strong operating margin expansion for the year. We achieved many financial milestones: • Revenues increased 13.5% to $18.3 billion with core revenue growth of 2.5% • Free cash flow exceeded $3 billion for the first time in our history with a free cash flow to net income conversion ratio of 132%, representing the 21st consecutive year in which free cash flow exceeded net income • Deployed $1.8 billion of capital on 14 acquisitions H. LAWRENCE CULP, JR. • Repurchased 12.5 million shares of Danaher stock President & Chief Executive Officer at an average price of approximately $52 per share • Diluted net earnings per share increased more than 16% to $3.23 DANAHER TodAY The evolution of our portfolio continued throughout 2012, as evidenced by our theme of “Building a Global Science and Technology Company with DBS.” Today, our portfolio includes market-leading brands, as it always has, but with a discernible shift towards more global, more science and technology focused businesses. Across our five segments our businesses will continue to benefit from exposure to favorable long- term macro trends such as heightened environmental concerns, greater healthcare requirements around the world and the rapid expansion of wireless networks. 13 > X-RITE In 2012, we acquired X-rite, the global leader in color science and technology. X-rite, which includes color industry leader Pantone, develops, manufactures, markets and supports innovative color solutions through measurement systems, software, color standards and services. Combining these capabilities with Esko’s suite of products and services enables us to offer industry leading solutions in each step of the consumer packaging workflow, from brand management to marking and coding. Two key underlying themes that highlight the We have also expanded our presence in high-growth expansion and reshaping of the Danaher portfolio markets around the world. In 2001 our high-growth are a bias for growing our recurring revenue base market exposure was fairly limited, representing and an increased emphasis on expanding our 7% of total revenues. In 2012, those geographies presence in high-growth markets. represented 25% of a much bigger revenue base. Our growth has been a function of a number of investments We have placed a particular focus on growing our and DBS activities that have positioned Danaher to recurring revenue base organically and inorganically. serve more fully the faster-growing geographic markets Organically, we’re making innovation investments of the future. and improving our go-to-market initiatives. From an inorganic perspective, we’ve acquired new A quieter, but no less significant part of our evolution, businesses like ChemTreat, Beckman Coulter and has been our transition out of some of our legacy EskoArtwork, which have high recurring revenues businesses that were no longer considered core. and where the Danaher Business System (DBS) In the last five years, we’ve divested businesses has had a significant impact. We believe these which represented 30% of Danaher’s 2001 revenue businesses not only provide more stability in base while reinvesting those proceeds back into tough times, but also strong margin opportunities our strategic growth platforms. Ten years ago, throughout an entire economic cycle. Our approach approximately 50% of our revenues were derived has helped significantly increase our recurring from what we consider to be our strategic growth revenue base to 40% of total revenues in 2012, up platforms. In 2012, that number was nearly 90%, from 25% in 2007. reflecting the move towards higher growth, higher margin, more global businesses, where many of our brands are market leaders. DBS TodAY When we began developing DBS at Jake Brake Our Dream-Develop-Deliver (3D) growth tool set back in the 1980s, our objective was to increase helps drive market share gains and organic growth productivity and efficiency on the factory floor across our operating businesses. Whether we’re while improving quality and customer service. identifying new “white space” opportunities at Today, that goal is as much a part of DBS as it was Fluke, accelerating the pace of new product in those early years. As Danaher’s portfolio has development in Dental or increasing our use of transformed, DBS has evolved to meet new needs. the Internet to generate and nurture sales leads at We’ve expanded DBS to address both our growth Videojet, our 3D tools take core DBS fundamentals and leadership development priorities as well into research and development, marketing, sales as our long-standing lean agenda. and service to improve performance. Our most important core value is “The Best Team > BECKMAN CoULTER – UPDATE Wins.” Recruiting, developing and retaining a great We had an outstanding first full year with Beckman team is a priority for every Danaher operating Coulter. DBS has had an immediate impact on product business. Leadership matters a lot, as does building quality, regulatory compliance, customer satisfaction and growth. The team achieved several milestones in a deep bench of talent within each of our businesses. 2012, including: DBS helps us in each of these important functions, • On-time delivery improved to over 90% whether we’re working on senior management • Greater than 25% reduction in unscheduled service succession or recruiting sales people in Brazil. calls since Danaher’s acquisition We see the positive impact DBS has on our lean, • Launched several new products including the AU 5800 Series, the UniCel DxH Slidemaker Stainer growth and leadership efforts every day. Within and the Biomek 4000 our businesses, we’ve delivered above-market revenue growth at many operating companies as DBS improved execution in key areas. Notably, ChemTreat had seen ten consecutive quarters of double-digit growth through the end of 2012. We’ve also seen an increase in the cadence of new product development at businesses like Videojet where localized product initiatives in high-growth markets have led to above market growth in those regions. Finally, we’ve seen DBS accelerate new product introductions and improve go-to-market initiatives at Radiometer, Tektronix Communications and Leica Biosystems to help capture market share. All told, our
Load more

Recommended publications
  • Participant List
    Participant list Please find below a list of current participants in theAustralian Life Sciences Remuneration Review. For a complete list by super sector, sector and segment refer to Mercer WIN®. A. Menarini Australia B Braun Avitum Australia Cardinal Health AbbVie Australia Bausch & Lomb (Australia) Cepheid Abbott Australasia Baxter Healthcare Cochlear Acrux Bayer Coloplast Australia Alcon Beckman Coulter - Diagnostics Convatec (Australia) Alere Beckman Coulter - Life Sciences CooperVision Australia Allergan Becton Dickinson DH Dental Alphapharm Besins Healthcare Australia DSM Nutritional Products Amgen Biogen Idec Australia Device Technologies Aust Ascom Australia Biomerieux Australia Ecolab Aspen Australia Blackmores Edwards Lifesciences Astellas Pharma Boehringer Ingelheim Eisai Australia AstraZeneca Boston Scientific International Elanco Australasia Australian Nuclear Science and Technology Boucher & Muir Eli Lilly Australia Organisation (ANSTO) Bristol-Myers Squibb Evolution Health Australian Pharmaceutical Industries CSL Ferring Pharmaceuticals B Braun Australia © September 2020 Mercer Consulting (Australia) Pty Ltd Australian Life Sciences Remuneration Review 4.1 Participant list Fresenius Kabi Australia Integrated DNA Technologies (IDT) Merck Serono Fresenius Medical Care Australia Invisalign Australia Mindray Medical International GE Australia Healthcare Ipsen Molnlycke Health Care GN Netcom Australia J&J Pacific Mundipharma Galderma Australia Janssen-Cilag - Australia Nevro Medical Australia Getinge Johnson & Johnson Medical
    [Show full text]
  • DANAHER CORPORATION (Exact Name of Registrant As Specified in Its Charter)
    DANAHER CORP /DE/ FORM 10-K (Annual Report) Filed 3/10/2004 For Period Ending 12/31/2003 Address 2099 PENNSYLVANIA AVE N.W., 12TH FLOOR WASHINGTON, District of Columbia 20006 Telephone 202-828-0850 CIK 0000313616 Industry Scientific & Technical Instr. Sector Technology Fiscal Year 12/31 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2003 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-8089 DANAHER CORPORATION (Exact name of registrant as specified in its charter) Delaware 59-1995548 (State of incorporation) (I.R.S.Employer Identification number) 2099 Pennsylvania Ave. N.W., 12 th Floor Washington, D.C. 20006 -1813 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: 202-828-0850 Securities Registered Pursuant to Section 12(b) of the Act: Title of each class Name of Exchanges on which registered Common Stock $.01 par Value New York Stock Exchange, Inc. Pacific Stock Exchange, Inc. Securities registered pursuant to Section 12(g) of the Act: NONE (Title of Class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • 2019 Annual Report
    1984 2019 2019 MARKED DANAHER’S 35TH ANNIVERSARY To honor this milestone, the front cover of this year's annual report features the original Danaher logo and bright blue color palette. We proudly celebrate our company's history as the prelude to a 35 future filled with opportunity. By living our core values of building the best team, continuously improving, “ listening to our customers every day and driving innovation, we ultimately deliver long-term shareholder value.” Thomas P. Joyce, Jr. Financial Operating Highlights (dollars in millions except per share data and number of associates) 2019 2018 Sales $ 17,911.1 $ 17,048.5 Operating Profit $ 3,269.4 $ 3,055.1 Net Earnings $ 2,432.3 $ 2,406.3 Net Earnings Per Share (diluted) $ 3.26 $ 3.39 Operating Cash Flow $ 3,657.4 $ 3,644.0 Investing Cash Flow $ (1,166.1) $ (2,873.9) Financing Cash Flow $ 16,589.9 $ (797.4) Capital Expenditures $ (635.5) $ (583.5) Capital Disposals $ 12.8 $ 6.3 Free Cash Flow (Operating Cash Flow less Capital Expenditures plus Capital Disposals) $ 3,034.7 $ 3,066.8 Number of Associates 60,000 58,000 Total Assets* $ 62,081.6 $ 47,832.5 Total Debt ** $ 21,729.1 $ 9,740.3 Stockholders’ Equity $ 30,281.9 $ 28,226.7 Total Capitalization (Total Debt plus Stockholders’ Equity) $ 52,011.0 $ 37,967.0 * 2018 data includes both continuing and discontinued operations ** Long-Term Debt ($21,516.7 for 2019 and $9,688.5 for 2018) plus Notes Payable and Current Portion of Long-Term Debt ($212.4 for 2019 and $51.8 for 2018) All financial data set forth in this annual report relates solely to continuing operations unless otherwise indicated.
    [Show full text]
  • Eprocurement Small Order Process: Vendors with Item Catalogs
    eProcurement Small Order Process: Vendors with Item Catalogs Updated April 18, 2012 V000142495 ABCAM INC V000137051 ILLUMINA INC V000081265 ACO MEDICAL SUPPLY V000014509 INTERMOUNTAIN SCIENTIFIC V000125369 ACTIVE MOTIF V000080847 INTREX COMPUTERS INC V000112094 AFFYMETRIX INC V000006118 INVITROGEN CORPORATION V000114793 AGILENT TECHNOLOGIES INC V000130596 INVIVOGEN V000000082 ALLTECH ASSOCIATES INC V000005714 JACKSON IMMUNORES V000000118 AMRESCO V000001442 JACKSON LAB V000152997 ANASPEC INC V000001558 LABORATORY SAFETY V000132756 ASYLUM RESEARCH CORP V000047258 LABREPCO INC V000000126 ATCC V000108167 LEICA MICROSYSTEMS V000068824 ATLANTA BIOLOGICALS V000088788 LI-COR INC V000162435 ATLANTIC FITNESS V000111733 LIST BIOLOGICAL LABS V000000307 BASI V000002832 LONZA WALKERSVILLE INC V000000261 BD BIOSCIENCES V000149811 MATRIX TECH V000000259 BECKMAN COULTER V000135360 MEDICAL SPECIALTIES V000176191 BENCHMARK TECH V000022962 MIDWEST SCIENTIFIC V000101618 BETHYL LABS V000078901 MILTENYI BIOTEC INC V000159330 BIO BASIC V000008542 MOLECULAR DEVICES INC V000004901 BIOGENIX LABORATORIES V000001340 MP BIOMEDICALS V000145647 BIOLEGEND V000188293 NETA SCIENTIFIC INC V000157241 BIOLINE USA INC V000186184 NEWEAST BIOSCIENCES V000112934 BIOLOGICAL SPECIALTY CORP V000001880 NEW ENGLAND BIOLABS INC V000000303 BIO-RAD V000004850 NEWPORT V000000305 BIO-TEK INSTRUMENTS V000052248 NIKON INSTRUMENTS INC V000000349 BRAINTREE V000167597 OCEAN OPTICS V000190375 BUTLER SCHEIN V000001937 OLYMPUS AMERICA INC V000000429 CAMCOR V000139707 OPEN BIOSYSTEMS V000000454
    [Show full text]
  • 2017 INVESTOR & ANALYST DAY December 14, 2017
    2017 INVESTOR & ANALYST DAY December 14, 2017 Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, deterioration of or instability in the economy, the markets we serve and the financial markets, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify, consummate and integrate appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to integrate the recent acquisitions of Pall Corporation and Cepheid and achieve the anticipated benefits of such transactions, contingent
    [Show full text]
  • 2010 Annual Report
    2010 ANNUAL REPORT Segmentation Voice of the Customer Dynamic Resource Allocation Brand Management Policy Deployment MEASURING Risk Management Value Selling Innovation Talent SUCCESS Accelerated Product Development Sales Force Initiatives Emerging Markets Digital Marketing DBS 2010 ANNUAL REPORT In 2010, Danaher updated reporting segments to reflect the evolution of our business to a science and technology company. We now report results in five business segments: Test & Measurement; Environmental; Life Sciences & Diagnostics; Dental; and Industrial Technologies. TEST & MEASUREMENT Our Test & Measurement segment is a leading, global provider of electronic measurement instruments and monitoring, management and optimization tools for communications and enterprise networks and related services. Our products are used in the design, development, manufacture, installation, deployment and operation of electronics equipment and communications networks and services. Customers for our products and services include manufacturers of electronic instruments; service, installation and maintenance professionals; network equipment manufacturers who design, develop, manufacture and install network equipment and service providers who implement, maintain and manage communications networks and services. Also included in our Test & Measurement segment are our mobile tool and wheel service businesses. Financial Operating Highlights 2010 2009 (dollars in thousands except per share data and number of associates) Sales $ 13,202,602 $ 11,184,938 Operating profit
    [Show full text]
  • Case No COMP/M.6175 - DANAHER/ BECKMAN COULTER
    EN Case No COMP/M.6175 - DANAHER/ BECKMAN COULTER Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 16/06/2011 In electronic form on the EUR-Lex website under document number 32011M6175 Office for Publications of the European Union L-2985 Luxembourg EUROPEAN COMMISSION Brussels, 16.06.2011 C(2011)4423 In the published version of this decision, some information has been omitted pursuant to Article PUBLIC VERSION 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are MERGER PROCEDURE shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a ARTICLE 6(1)(b) DECISION general description. To the notifying party: Dear Sir/Madam, Subject: Case No COMP/M.6175 - Danaher/ Beckman Coulter Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/20041 1. On 6 May 2011, the European Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 by which the undertaking Djanet Acquisition Corp. (USA) controlled by Danaher Corporation (USA) ("Danaher") acquires within the meaning of Article 3(1)(b) of the Merger Regulation control of the whole of the undertaking Beckman Coulter, Inc. (USA) ("Beckman") by way of public bid announced on 15 February 2011. Danaher and Beckman are designated hereinafter as the "parties (to the proposed transaction)"2. 1 OJ L 24, 29.1.2004, p. 1 ("the Merger Regulation").
    [Show full text]
  • Journal 2428
    Iris um Oifig Maoine Intleachtúla na hÉireann Journal of the Intellectual Property Office of Ireland Iml. 96 Cill Chainnigh 06 January 2021 Uimh. 2428 CLÁR INNSTE Cuid I Cuid II Paitinní Trádmharcanna Leath Leath Official Notice 1 Official Notice 1 Applications for Patents 3 Applications for Trade Marks 3 Patents Granted 4 Oppositions under Section 43 68 European Patents Granted 5 Application(s) Withdrawn 68 Applications Withdrawn, Deemed Withdrawn or Trade Marks Registered 69 Refused 151 Trade Marks Renewed 69 Request for Grant of Supplementary Protection Application(s) for Leave to Alter Registered Certificate 167 Trade Mark(s) 71 Supplementary Protection Certificate Withdrawn 168 Leave to Alter Registered Trade Mark(s) Supplementary Protection Certificate Rejected 168 Granted 71 Application for Extension of the Duration of a International Registrations under the Madrid Supplementary Protection Certificate 169 Protocol 72 Errata 170 International Trade Marks Protected 93 Cancellations effected for the following goods/services under the Madrid protocol 95 Dearachtaí Designs Information under the 2001 Act Designs Registered 171 The Journal of the Intellectual Property Office of Ireland is published fortnightly. Each issue is freely available to view or download from our website at www.ipoi.gov.ie © Rialtas na hÉireann, 2021 © Government of Ireland, 2021 1 (06/01/2021) Journal of the Intellectual Property Office of Ireland (No. 2428) Iris um Oifig Maoine Intleachtúla na hÉireann Journal of the Intellectual Property Office of Ireland Cuid I Paitinní agus Dearachtaí No. 2428 Wednesday, 6 January, 2021 NOTE: The office does not guarantee the accuracy of its publications nor undertake any responsibility for errors or omissions or their consequences.
    [Show full text]
  • 2018 Annual Report
    2018 Annual Report Danaher 2018 Annual Report Financial Operating Highlights (dollars in millions except per share data and number of associates) 2018 2017 Sales $ 19,893.0 $ 18,329.7 Operating Profit $ 3,403.8 $ 2,990.4 Net Earnings $ 2,650.9 $ 2,469.8 Net Earnings Per Share (diluted) $ 3.74 $ 3.50 Operating Cash Flow $ 4,022.0 $ 3,477.8 Investing Cash Flow $ (2,949.4) $ (843.4) Financing Cash Flow $ (797.4) $ (3,098.5) Capital Expenditures $ (655.7) $ (619.6) Capital Disposals $ 6.3 $ 32.6 Free Cash Flow (Operating Cash Flow less Capital Expenditures plus Capital Disposals) $ 3,372.6 $ 2,890.8 Number of Associates 71,000 67,000 Total Assets $ 47,832.5 $ 46,648.6 Total Debt * $ 9,740.3 $ 10,522.1 Stockholders’ Equity $ 28,226.7 $ 26,367.8 Total Capitalization (Total Debt plus Stockholders’ Equity) $ 37,967.0 $ 36,889.9 * Long-Term Debt ($9,688.5 for 2018 and $10,327.4 for 2017) plus Notes Payable and Current Portion of Long-Term Debt ($51.8 for 2018 and $194.7 for 2017) All financial data set forth in this annual report relates solely to continuing operations unless otherwise indicated. 2018 Annual Report Dear Shareholders, As I begin my 30th year at Danaher, it is humbling to reflect on what our team has achieved over that time and exciting to think about the opportunities that still lie ahead. Financially and strategically, 2018 was an outstanding year. With the Danaher Business System (DBS) as our driving force, we strengthened our footholds in attractive, fast-growing markets and enhanced our competitive positions.
    [Show full text]
  • Beckman Coulter Expanding Operations
    NEWS RELEASE Contacts: Hillary Hunter, Public Relations Phone: (561) 714-7826 E-mail: [email protected] Steve Ernst, Veris Communications Phone: (973) 702-7249 E-mail: [email protected] FOR IMMEDIATE RELEASE Beckman Coulter Life Sciences Expands Particle Characterization Group, Adds Hach Company’s Particle Counting Division Combined Businesses to Offer World-Class Expertise, Service and Solutions INDIANAPOLIS – October 21, 2013 – Beckman Coulter Life Sciences announces it is combining its Particle Characterization business with the Particle Counting business from Hach Company. This move brings together Beckman Coulter’s expertise in cell viability, particle sizing and particle analysis with Hach’s prominence in air and liquid particle counting, and will enable deeper particle characterization solutions, world-class customer support and superior service. In some countries the transition is subject to completing consultation and/or information with certain employee representative bodies. “This is an exciting time in the histories of these two storied enterprises,” said Jennifer Honeycutt, president, Beckman Coulter Life Sciences. “The Coulter, MET ONE and HIAC™ brands helped found the particle counting and characterization industry. Bringing them together allows us to continue to build on the success of these businesses and bring tremendous value to our customers.” Personnel from the particle counting business of Hach will transition into the Beckman Coulter Life Sciences business to work alongside the Particle Characterization team. Combing these two leading, Danaher Corporation-owned life science companies redefines the Beckman Coulter Particle Characterization business and uniquely positions it to provide innovative technologies to a number of important markets. For more information, please visit www.particle.com.
    [Show full text]
  • Appendices Due to Concerns Over the Quality of the Data Collected
    APPENDIX A WSU 2014-19 STRATEGIC PLAN Appendix A: WSU Strategic Plan 2014-15 Strategic Plan 2014-2019 President Elson S. Floyd, Ph.D. Strategic Plan 2014-2019 Introduction The 2014-19 strategic plan builds on the previous five-year plan, recognizing the core values and broad mission of Washington State University. Goals and strategies were developed to achieve significant progress toward WSU’s aspiration of becoming one of the nation’s leading land-grant universities, preeminent in research and discovery, teaching, and engagement. The plan emphasizes the institution’s unique role as an accessible, approachable research institution that provides opportunities to an especially broad array of students while serving Washington state’s broad portfolio of social and economic needs. While providing exceptional leadership in traditional land-grant disciplines, Washington State University adds value as an integrative partner for problem solving due to its innovative focus on applications and its breadth of program excellence. The plan explicitly recognizes the dramatic changes in public funding that have occurred over the duration of the previous strategic plan, along with the need for greater institutional nimbleness, openness, and entrepreneurial activity that diversifies the University’s funding portfolio. In addition, the plan reaffirms WSU’s land-grant mission by focusing greater attention system-wide on increasing access to educational opportunity, responding to the needs of Washington state through research, instruction, and outreach, and contributing to economic development and public policy. While the new plan retains the four key themes of the previous plan, its two central foci include offering a truly transformative educational experience to undergraduate and graduate students and accelerating the development of a preeminent research portfolio.
    [Show full text]
  • Envista Holdings Corp NVST
    14 October 2019 Equity Research Americas | United States Envista Holdings Corp NVST Bracing for Growth; Initiate Neutral; $30 Target Price Target price (12M, US$) 30.00 [V] Life Science Tools and Diagnostics | Initiation Neutral ■ Initiate Neutral; $30 Target Price: As a leading global manufacturer of dental, NVST is Price (11 Oct 19, US$) 27.93 levered to a seemingly stabilizing underlying dental industry backdrop, where it supports 52-week price range 29.07 - 26.59 90% of practitioners’ clinical needs. We expect earnings growth to accelerate on dedicated Market cap (US$ m) 4,431.13 innovation efforts, greater penetration in high-growth markets, and efficiency initiatives as a Enterprise value (US$ m) 5,650.91 [V] = Stock Considered Volatile (see Disclosure Appendix) more nimble standalone entity, as the recent spinoff of Danaher’s Dental segment. All in, these drivers should accelerate organic revenue growth to +low to mid-single digits over the next five years, with earnings growing at a +7% CAGR from 2019E-2023E. Research Analysts ■ Positioning for Growth via Targeted Innovation: While dental demand trends have Erin Wilson Wright been lackluster over the past few years, we view rising dental utilization stemming from 212 538 4080 favorable demographics, an emphasis on aesthetic and preventative care, along with [email protected] expanding adoption of digital dentistry should drive improving demand for dental Katie Tryhane consumables and equipment long term. For NVST, reinvigorated innovation, focused on 212 325 2713 Specialty products (i.e. N1 Implants, Spark Clear Aligners), an inherently faster growing [email protected] category (48% of sales), should spur growth, alongside efforts to fortify Dental Support Org.
    [Show full text]