Teledyne Digital Imaging Q3 2019 Results

Teledyne Technologies Inc, the US-based industrial conglomerate, published it’s latest 10-Q with the Securities and Exchange Commission this morning. This includes reporting on it’s Digital Imaging business segment which encompasses Teledyne DALSA, it’s subsidiary responsible for the supply of CMOS based X-ray detectors for various medical imaging applications. From a healthcare perspective, the segment also includes e2v’s power solutions for radiotherapy equipment as well as solutions from its acquisitions earlier in 2019 of Micralyne and Roper Technologies. Net sales for the Digital Imaging segment during Q3 2019 reached $244.0 million, compared with $220.7 million in Q3 2018, an increase of +10.6% year-on-year (YoY). On a calendar year-to-date basis, net sales revenue reached $730.6 million which represents sales growth of +11.2% YoY.

The sales growth year to date has predominately been driven by higher sales of X-ray detectors for life science applications, increased sales of MEMS products for aerospace and defence applications, as well as an additional $60.9 million in sales from Roper Technologies and Micralyne. This growth was partially offset by lower sales of industrial machine vision products. From a geographical perspective, sales remained balanced between the United States, Europe and the rest of the world. Net sales revenue originating from the U.S. accounted for approximately 1/3 of revenues year-to-date, whereby 1/3 of these U.S.-based revenues originate from contracts with the U.S. government which included sales to the U.S. Department of Defense.

Since FY2016, sales growth from the Digital Imaging segment has been approximately 125% which has been driven by the string of acquisitions, notably e2v and Roper Technologies. During March 2017, Teledyne completed the acquisition of e2v for approximately $789m. The majority of e2v’s business was incorporated into Teledyne’s Digital Imaging segment, although some parts were absorbed by it’s Aerospace and Defense Electronics segments. This acquisition builds upon Teledynes existing capabilities within the development and manufacture of X-ray detectors for medical and life science applications. Teledyne e2v offers a range of CCD and CMOS image sensor solutions and services geared toward optical tomography and dental X-ray as well as X-ray for minimally invasive surgical procedures. Furthermore, during February 2019, Teledyne completed the acquisition of Roper Technologies for $225m. The acquired businesses include Princeton Instruments, Photometrics and Lumenera, all of which are now included within the Digital Imaging segment. These companies provide a range of imaging solutions, primarily for life sciences, academic research and customized OEM industrial imaging solutions.

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