Home > Press > FEI Reports Sequential Increase in Fourth Quarter Sales and Net Income: Earnings Per Share Grew from $0.11 in Q3 to $0.20 in Q4
Abstract:
FEI Company (NASDAQ:FEIC) reported growth in sales for the fourth quarter of 2008 from both the third quarter and the comparable quarter a year ago. Sales for the quarter were also the second highest in the company's history. Operating income was the highest in five quarters and net income was up 86% over the third-quarter levels. Revenue and net income were above guidance, as well as bookings (consistent with the company's previous announcement).
Net sales for the quarter ended December 31, 2008 of $151.7 million were up 7% compared to the third quarter of 2008 and up 1% compared to the fourth quarter of 2007. Gross new bookings were $181.8 million before $20.4 million of currency revaluation of the backlog and $7.6 million of cancellations. Net bookings in the quarter totaled $153.8 million compared with a record $175.3 million in the third quarter of 2008 and $156.3 million for the fourth quarter of 2007. The backlog at the end of the quarter was $330.5 million, the highest in the company's history. Approximately 90% of the backlog is expected to ship in the next 12 months.
Operating income for the fourth quarter of 2008 was $11.2 million, compared with $6.2 million in the third quarter of 2008 and $7.4 million in last year's fourth quarter. Restructuring expenses in the latest quarter reduced operating income by $0.8 million or $0.02 per diluted share. Net income for the fourth quarter of 2008 was $7.3 million, compared with $3.9 million in the third quarter of 2008 and $15.9 million in last year's fourth quarter (which included a $4.3 million tax benefit, equal to $0.09 per share). Diluted earnings per share in the latest quarter was $0.20, compared with $0.11 in the third quarter of 2008 and $0.37 in the fourth quarter of 2007. Total cash and investments increased by $5.3 million in the quarter to $319.3 million, and operating cash flow was positive $25.1 million for the quarter.
For the full year 2008, bookings were $620.0 million, up 4% from 2007. Revenue was $599.2 million, up 1% from 2007. Both were records. Net income for 2008 was $24.3 million or $0.61 per share, compared with $58.3 million, or $1.36 per share in 2007. Operating cash flow for the year was $54.9 million, compared with $51.5 million in 2007.
"We had a good quarter," said Don Kania, president and CEO of FEI. "Our Research & Industry segment registered the highest bookings quarter in its history, as customers worldwide continued their investment in nanotechnology centers and our best-in-class tools. Our Life Sciences segment completed the year with 31% annual bookings growth, and we are investing for further growth in this area. Electronics bookings were down as expected due to market weakness.
"Despite the stronger dollar, which reduces our revenues, sales were the second-highest in our history," continued Kania. "Higher operating margins resulted from the beneficial impact of restructuring and the stronger dollar. For the first quarter, a seasonally weak quarter, revenue will be moderated if the U.S. dollar remains strong. We continue to target sequential margin improvement due to higher-margin new products, more favorable foreign exchange rates and the impact of our restructuring program. The Electronics market is likely to remain weak in the quarter, while the outlook for the Research & Industry and Life Sciences markets remains positive."
Bookings and revenue comparisons for the company's market segments and other data are included in the supplementary information attached to this release, along with detailed statements of operations and balance sheets.
Guidance for Q1 2009
Assuming an average euro/dollar exchange rate of $1.35, FEI expects net sales in the first quarter of 2009 to be in the range of $135 million to $142 million. Bookings are expected to be above $130 million. GAAP earnings per share are expected to be in the range of $0.10 to $0.15, assuming a 25% tax rate and restructuring charges estimated at $1 million.
Investor Conference Call -- 2:00 p.m. PST Thursday, February 5, 2009
Parties interested in listening to FEI's quarterly conference call may do so by dialing 1-800-218-0713 (domestic, toll-free) or 1-303-228-2960 (international) and asking for the FEI Fourth Quarter Earnings call. The call can also be accessed via the web by going to FEI's Investor Relations page at www.fei.com, where the webcast will also be archived. A telephone replay of the call will also be accessible for one month by dialing 1-800-405-2236 (US) or 1-303-590-3000 (international) and entering the access code 11125543#.
####
About FEI Company
FEI (Nasdaq: FEIC) is the world leader in pioneering technologies and applications that deliver imaging solutions for 3D characterization, analysis and modification/prototyping with resolutions down to the sub-Ångström level. Our customers, working in advanced research and manufacturing, are supported by field-experienced applications specialists. They have open access to FEI’s prestigious global user network so they can succeed in accelerating nanoscale discovery and contribute to better living through new product commercialization. FEI’s NanoPorts in North America, Europe and Asia provide centers of technical excellence where our world-class community of customers and specialists collaborate on the ongoing development of new ideas and innovative solutions. FEI has sales and service operations in more than 50 countries around the world.
Safe Harbor Statement
This news release contains forward-looking statements that include our guidance for the first quarter of 2009; expected demand in our markets; the expected shipment of our backlog; expectations for future bookings and backlog; the impact of foreign exchange rates on our results; expectations about foreign currency rates; government commitments to continued spending for science and technology; expected tax rates; the impact of our restructuring program; expected margin improvement; global macro-economic trends; and the impact of new products. Factors that could affect these forward-looking statements include, but are not limited to, global economic crisis, the strength and potential weakness of the Research and Industry, Electronics and Life Sciences segments; the potential impact on government funding of technology investments due to global financial system rescue programs; cyclical changes in the data storage and semiconductor industries, which are the major components of the Electronics market; fluctuations in foreign exchange, interest and tax rates; changes in tax rate and laws and accounting rules regarding taxes; our continued ability to maintain deferral accounting of hedge transactions; valuation of the auction rate securities we hold and classification of them on the balance sheet; inability to produce a higher volume of products with existing personnel or facilities; reduced profitability due to failure to achieve or sustain margin improvement in service or product manufacturing; the relative mix of higher-margin and lower-margin products; failure to achieve expected benefits of restructuring plans; changes in restructuring plans; risks associated with shipping a high percentage of the company’s quarterly revenue in the last month of the quarter; difficulty in obtaining parts from suppliers; inability to achieve cost reductions in manufacturing or other areas; lower than expected customer orders; cancellation of customer orders; customer requests to defer planned shipments; failure of customers to adopt new technologies; increased competition and new product offerings from competitors; lower average sales prices and reduced margins on some product sales due to increased competition; failure of the company's products and technology to find acceptance with customers; delays in shipping products for technical performance, component supply or other reasons; potential additional restructurings and reorganizations not presently anticipated; reduced sales due to geopolitical risks; changes in trade policies and tariff regulations; changes in the regulatory environment in the nations where we do business; bankruptcy or insolvency of customers or suppliers; inability to overcome technological barriers; additional selling, general and administrative or research and development expenses; additional costs related to future merger and acquisition activity; and failure of the company to achieve anticipated benefits of acquisitions and collaborations, including failure to achieve financial goals and integrate future acquisitions successfully. Please also refer to our Form 10-K, Forms 10-Q, Forms 8-K and other filings with the U.S. Securities and Exchange Commission for additional information on these factors and other factors that could cause actual results to differ materially from the forward-looking statements. FEI assumes no duty to update forward-looking statements.
FEI Company and Subsidiaries | |||||||||
Consolidated Balance Sheets | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
December 31, | September 28, | December 31, | |||||||
ASSETS | 2008 | 2008 | 2007 | ||||||
CURRENT ASSETS: | |||||||||
Cash and cash equivalents | $ | 146,521 | $ | 131,956 | $ | 280,593 | |||
Short-term investments in marketable securities | 32,901 | 41,455 | 152,041 | ||||||
Short-term restricted cash | 10,994 | 17,947 | 20,984 | ||||||
Receivables | 139,733 | 152,272 | 157,120 | ||||||
Inventories | 141,609 | 149,899 | 138,762 | ||||||
Deferred tax assets | 2,884 | 3,499 | 4,788 | ||||||
Other current assets | 32,926 | 34,331 | 36,273 | ||||||
Total current assets |
507,568 | 531,359 | 790,561 | ||||||
Non-current investments in marketable securities | 94,098 | 101,287 | 12,758 | ||||||
Long-term restricted cash | 34,833 | 21,383 | 24,621 | ||||||
Non-current inventories | 41,072 | 42,274 | 42,168 | ||||||
Property plant and equipment, net | 76,991 | 76,690 | 74,700 | ||||||
Purchased technology, net | 1,295 | 1,502 | 2,862 | ||||||
Goodwill | 40,964 | 40,866 | 40,864 | ||||||
Deferred tax assets | 2,188 | 2,460 | 2,641 | ||||||
Other assets, net | 33,163 | 16,857 | 16,834 | ||||||
TOTAL | $ | 832,172 | $ | 834,678 | $ | 1,008,009 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
CURRENT LIABILITIES: | |||||||||
Accounts payable | $ | 34,964 | $ | 38,420 | $ | 31,156 | |||
Accrued payroll liabilities | 19,219 | 20,769 | 26,833 | ||||||
Accrued warranty reserves | 6,439 | 6,485 | 6,585 | ||||||
Accrued agent commissions | 9,882 | 9,414 | 8,401 | ||||||
Deferred revenue | 44,135 | 44,048 | 60,681 | ||||||
Income taxes payable | 3,040 | 3,843 | 3,106 | ||||||
Accrued restructuring, reorganization and relocation | 240 | 641 | 580 | ||||||
Current portion of convertible debt | 0 | 0 | 195,882 | ||||||
Other current liabilities | 33,732 | 34,748 | 29,266 | ||||||
Total current liabilities | $ | 151,651 | 158,368 | 362,490 | |||||
Convertible debt | 115,000 | 115,000 | 115,000 | ||||||
Deferred tax liabilities | 4,164 | 4,526 | 4,479 | ||||||
Other liabilities | 42,268 | 47,310 | 38,646 | ||||||
SHAREHOLDERS’ EQUITY: | |||||||||
Preferred stock - 500 shares authorized; none issued and outstanding | - | - | - | ||||||
Common stock - 70,000 shares authorized; 37,286, 37,126, and 36,405, shares issued and outstanding at December 31, 2008, September 28, 2008, and December 31, 2007 |
418,025 | 412,800 | 395,904 | ||||||
Retained earnings | 50,700 | 43,351 | 26,398 | ||||||
Accumulated other comprehensive income | 50,364 | 53,323 | 65,092 | ||||||
Total shareholders’ equity | 519,089 | 509,474 | 487,394 | ||||||
TOTAL | $ | 832,172 | $ | 834,678 | $ | 1,008,009 |
FEI Company and Subsidiaries | ||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Thirteen Weeks Ended | Year Ended | |||||||||||||||||||
December 31, | September 28, | December 31, | December 31, | December 31, | ||||||||||||||||
2008 | 2008 | 2007 | 2008 | 2007 | ||||||||||||||||
NET SALES: | ||||||||||||||||||||
Products | $ | 117,903 | $ | 106,631 | $ | 117,938 | $ | 461,506 | $ | 465,088 | ||||||||||
Service and components | 33,823 | 35,137 | 32,270 | 137,673 | 127,422 | |||||||||||||||
Total net sales | 151,726 | 141,768 | 150,208 | 599,179 | 592,510 | |||||||||||||||
COST OF SALES: | ||||||||||||||||||||
Products | 67,791 | 60,385 | 65,995 | 265,543 | 252,546 | |||||||||||||||
Service and components | 23,941 | 24,681 | 24,525 | 99,095 | 93,544 | |||||||||||||||
Total cost of sales | 91,732 | 85,066 | 90,520 | 364,638 | 346,090 | |||||||||||||||
Gross profit | 59,994 | 56,702 | 59,688 | 234,541 | 246,420 | |||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||
Research and development | 16,907 | 17,168 | 18,159 | 70,378 | 66,042 | |||||||||||||||
Selling, general and administrative | 30,656 | 31,685 | 33,499 | 126,960 | 124,160 | |||||||||||||||
Amortization of purchased technology | 441 | 455 | 450 | 1,808 | 1,777 | |||||||||||||||
Restructuring, reorganization and relocation | 820 | 1,176 | 132 | 4,267 | (272 | ) | ||||||||||||||
Total operating expenses | 48,824 | 50,484 | 52,240 | 203,413 | 191,707 | |||||||||||||||
OPERATING INCOME | 11,170 | 6,218 | 7,448 | 31,128 | 54,713 | |||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest income | 2,535 | 2,710 | 6,498 | 14,362 | 22,372 | |||||||||||||||
Interest expense | (1,736 | ) | (1,689 | ) | (2,444 | ) | (7,906 | ) | (8,735 | ) | ||||||||||
Gain on investment disposals and impairment, net | - | - | - | - | 1,167 | |||||||||||||||
Other expense, net | (1,818 | ) | (1,612 | ) | (230 | ) | (4,670 | ) | (3,492 | ) | ||||||||||
Total other income (expense), net |
(1,019 | ) | (591 | ) | 3,824 | 1,786 | 11,312 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES | 10,151 | 5,627 | 11,272 | 32,914 | 66,025 | |||||||||||||||
INCOME TAX EXPENSE | 2,802 | 1,679 | (4,331 | ) | 8,612 | 8,077 | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,349 | 3,948 | 15,603 | 24,302 | 57,948 | |||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||
Gain (loss) from discontinued operations | - | - | - | - | - | |||||||||||||||
Gain on disposal, net of income taxes | - | - | 263 | - | 390 | |||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | - | - | 263 | - | 390 | |||||||||||||||
NET INCOME | $ | 7,349 | $ | 3,948 | $ | 15,866 | $ | 24,302 | $ | 58,338 | ||||||||||
BASIC NET INCOME PER SHARE DATA: | ||||||||||||||||||||
From continuing operations | $ | 0.20 | $ | 0.11 | $ | 0.43 | $ | 0.66 | $ | 1.62 | ||||||||||
From discontinued operations | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.00 | $ | 0.01 | ||||||||||
DILUTED NET INCOME PER SHARE DATA: | ||||||||||||||||||||
From continuing operations | $ | 0.20 | $ | 0.11 | $ | 0.36 | $ | 0.61 | $ | 1.35 | ||||||||||
From discontinued operations | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.00 | $ | 0.01 | ||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||||||||||||||||||
Basic | 37,183 | 36,780 | 36,323 | 36,766 | 35,709 | |||||||||||||||
Diluted | 37,446 | 37,306 | 46,477 | 40,546 | 46,254 |
FEI Company and Subsidiaries | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
(Unaudited) | |||||||||||||||
Thirteen Weeks Ended (1) | Year Ended (1) | ||||||||||||||
December 31, | September, 28 | December 31, | December 31, | December 31, | |||||||||||
2008 | 2008 | 2007 | 2008 | 2007 | |||||||||||
NET SALES: | |||||||||||||||
Products | 77.7 | % | 75.2 | % | 78.5 | % | 77.0 | % | 78.5 | % | |||||
Service and components | 22.3 | % | 24.8 | % | 21.5 | % | 23.0 | % | 21.5 | % | |||||
Total net sales |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||
COST OF SALES: | |||||||||||||||
Products | 44.7 | % | 42.6 | % | 43.9 | % | 44.3 | % | 42.6 | % | |||||
Service and components | 15.8 | % | 17.4 | % | 16.3 | % | 16.5 | % | 15.8 | % | |||||
Total cost of sales | 60.5 | % | 60.0 | % | 60.3 | % | 60.9 | % | 58.4 | % | |||||
Gross profit | 39.5 | % | 40.0 | % | 39.7 | % | 39.1 | % | 41.6 | % | |||||
OPERATING EXPENSES: | |||||||||||||||
Research and development | 11.1 | % | 12.1 | % | 12.1 | % | 11.7 | % | 11.1 | % | |||||
Selling, general and administrative | 20.2 | % | 22.3 | % | 22.3 | % | 21.2 | % | 21.0 | % | |||||
Amortization of purchased technology | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | |||||
Restructuring, reorganization and relocation | 0.5 | % | 0.8 | % | 0.1 | % | 0.7 | % | 0.0 | % | |||||
Total operating expenses | 32.2 | % | 35.6 | % | 34.8 | % | 33.9 | % | 32.4 | % | |||||
OPERATING INCOME | 7.4 | % | 4.4 | % | 5.0 | % | 5.2 | % | 9.2 | % | |||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Interest income | 1.7 | % | 1.9 | % | 4.3 | % | 2.4 | % | 3.8 | % | |||||
Interest expense | -1.1 | % | -1.2 | % | -1.6 | % | -1.3 | % | -1.5 | % | |||||
Gain on investment disposals and impairment, net | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.2 | % | |||||
Other expense, net | -1.2 | % | -1.1 | % | -0.2 | % | -0.8 | % | -0.6 | % | |||||
Total other income (expense), net | -0.7 | % | -0.4 | % | 2.5 | % | 0.3 | % | 1.9 | % | |||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES | 6.7 | % | 4.0 | % | 7.5 | % | 5.5 | % | 11.1 | % | |||||
INCOME TAX EXPENSE | 1.8 | % | 1.2 | % | -2.9 | % | 1.4 | % | 1.4 | % | |||||
INCOME FROM CONTINUING OPERATIONS | 4.8 | % | 2.8 | % | 10.4 | % | 4.1 | % | 9.8 | % | |||||
DISCONTINUED OPERATIONS: | |||||||||||||||
Gain (loss) from discontinued operations | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||
Gain on disposal, net of income taxes | 0.0 | % | 0.0 | % | 0.2 | % | 0.0 | % | 0.1 | % | |||||
INCOME FROM DISCONTINUED OPERATIONS | 0.0 | % | 0.0 | % | 0.2 | % | 0.0 | % | 0.1 | % | |||||
NET INCOME | 4.8 | % | 2.8 | % | 10.6 | % | 4.1 | % | 9.8 | % | |||||
(1) Percentages may not add due to rounding. |
FEI COMPANY | ||||||||||||
Supplemental Data Table 1 | ||||||||||||
($ in millions, except per share amounts) | ||||||||||||
(Unaudited) | ||||||||||||
Q4 Ended | Q3 Ended | Q4 Ended | ||||||||||
12/31/2008 | 9/28/2008 | 12/31/2007 | ||||||||||
Income Statement Highlights | ||||||||||||
Consolidated sales | $ | 151.7 | $ | 141.8 | $ | 150.2 | ||||||
Gross margin | 39.5 | % | 40.0 | % | 39.7 | % | ||||||
R&D spending | $ | 16.9 | $ | 17.2 | $ | 18.2 | ||||||
R&D (% of sales) | 11.1 | % | 12.1 | % | 12.1 | % | ||||||
SG&A | $ | 30.7 | $ | 31.7 | $ | 33.5 | ||||||
SG&A (% of sales) | 20.2 | % | 22.3 | % | 22.3 | % | ||||||
Stock compensation expense - COGS | $ | 0.3 | $ | 0.2 | $ | 0.4 | ||||||
Stock compensation expense - R&D | $ | 0.3 | $ | 0.3 | $ | 0.3 | ||||||
Stock compensation expense - SG&A | $ | 1.8 | $ | 1.4 | $ | 1.5 | ||||||
Net income from continuing operations | $ | 7.3 | $ | 3.9 | $ | 15.6 | ||||||
Net income from discontinued operations | $ | 0.0 | $ | 0.0 | $ | 0.3 | ||||||
Net income | $ | 7.3 | $ | 3.9 | $ | 15.9 | ||||||
Diluted earnings per share from continuing operations | $ | 0.20 | $ | 0.11 | $ | 0.36 | ||||||
Diluted earnings per share from discontinued operations | $ | 0.00 | $ | 0.00 | $ | 0.01 | ||||||
Interest income add back included in the calculation of diluted EPS | $ | 0.0 | $ | 0.0 | $ | 1.2 | ||||||
Sales by Market Segment | ||||||||||||
Electronics | $ | 32.4 | $ | 35.4 | $ | 33.0 | ||||||
Research & Industry | $ | 67.3 | $ | 47.9 | $ | 67.8 | ||||||
Life Sciences | $ | 18.2 | $ | 23.4 | $ | 17.1 | ||||||
Service and Components | $ | 33.8 | $ | 35.1 | $ | 32.3 | ||||||
Sales by Geography | ||||||||||||
North America | $ | 54.8 | $ | 51.4 | $ | 63.2 | ||||||
Europe | $ | 70.8 | $ | 57.4 | $ | 63.8 | ||||||
Asia-Pacific | $ | 26.1 | $ | 33.0 | $ | 23.2 | ||||||
Bookings | ||||||||||||
Total | $ | 153.8 | $ | 175.3 | $ | 156.3 | ||||||
Book-to-bill ratio | 1.01 | 1.24 | 1.04 | |||||||||
Backlog - total | $ | 330.5 | $ | 329.5 | $ | 310.8 | ||||||
Backlog - Service and Components | $ | 57.0 | $ | 59.8 | $ | 54.7 | ||||||
Bookings by Market Segment | ||||||||||||
Electronics | $ | 22.2 | $ | 51.2 | $ | 39.6 | ||||||
Research & Industry | $ | 82.2 | $ | 68.0 | $ | 63.2 | ||||||
Life Sciences | $ | 17.3 | $ | 25.9 | $ | 24.0 | ||||||
Service and Components | $ | 32.1 | $ | 30.2 | $ | 29.5 | ||||||
Balance Sheet Highlights | ||||||||||||
Cash, equivalents, investments, restricted cash | $ | 319.3 | $ | 314.0 | $ | 491.0 | ||||||
Operating cash generated (used) | $ | 25.1 | $ | 32.2 | $ | 34.8 | ||||||
Accounts receivable | $ | 139.7 | $ | 152.3 | $ | 157.1 | ||||||
Days sales outstanding (DSO) | 84 | 98 | 95 | |||||||||
Inventory turnover | 2.5 | 2.2 | 2.6 | |||||||||
Inventories | $ | 141.6 | $ | 149.9 | $ | 138.8 | ||||||
Property, plant and equipment | $ | 77.0 | $ | 76.7 | $ | 74.7 | ||||||
Fixed asset investment (during quarter) | $ | 3.5 | $ | 2.5 | $ | 7.3 | ||||||
Depreciation expense | $ | 3.9 | $ | 4.2 | $ | 3.8 | ||||||
Current liabilities | $ | 151.7 | $ | 158.4 | $ | 362.5 | ||||||
Working capital | $ | 355.9 | $ | 373.0 | $ | 428.1 | ||||||
Shareholders’ equity | $ | 519.1 | $ | 509.5 | $ | 487.4 | ||||||
Headcount (permanent and temporary) | 1,803 | 1,787 | 1,866 |
For more information, please click here
Contacts:
FEI Company
Treasurer & Communications Director
Fletcher Chamberlin
503-726-7710
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If you have a comment, please Contact us.Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
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