1

The 29th Annual Cowen Health Care Conference

March 18, 2009

Jim Green, President & CEO

Analogic Corporation

2

Safe Harbor Statement

Any statements about future expectations, plans, and prospects for the Company, including statements containing the

words “believes,” “anticipates,” “plans,” “expects,” and similar expressions, constitute forward-looking statements within

the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those

indicated by such forward-looking statements as a result of various important factors, including risks relating to product

development and commercialization, limited demand for the Company’s products, risks associated with competition,

uncertainties associated with regulatory agency approvals, competitive pricing pressures, downturns in the economy,

the risk of potential intellectual property litigation, and other factors discussed in our most recent quarterly report filed

with the Securities and Exchange Commission. In addition, the forward-looking statements included in this presentation

represent the Company’s views as of the date of this document. While the Company anticipates that subsequent events

and developments will cause the Company’s views to change, the Company specifically disclaims any obligation to

update these forward-looking statements. These forward-looking statements should not be relied upon as representing

the Company’s views as of any later date.

3

Excellence in Signal and Image Processing

Stability through diversification

- Medical Imaging for OEMs

- End User Medical

- Imaging for Aviation Security

Strong Balance Sheet

- Strong Cash Position

- No Short or Long Term Debt

Global Sales

- North America, Europe, Asia

$-

$0.50

$1.00

$1.50

$2.00

$2.50

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

2005 2006 2007 2008

No

n-G

AA

P E

PS

Re

ve

nu

es

($ M

il)

Revenues Non-GAAP EPS

4

At a Glance

Analogic (NASDAQ: ALOG)

Peabody, MA. USA

Founded 1967

FY2008 Year End Results

• Consolidated revenue of $413.5M

• EPS $1.77 (GAAP)

• EPS $2.26 (Non-GAAP*)

• Free Cash Flow $25.1M

* Non-GAAP, please refer to the non-GAAP reconciliation table in Analogic’s Q2 FY 2009 earnings announcement

$-

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$-

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

No

n-G

AA

P E

PS

Re

ven

ue

s ($

Mil)

Revenue Non-GAAP EPS

5

Weathering the Financial Storm

Financial

Crisis

Revenue and Non-GAAP Earnings / ShareCopley

Acquisition

1st Half 2009 Results

• Revenues of $204.3M

• EPS $0.13 (GAAP)

• EPS $0.59 (Non-GAAP)

• Free Cash Flow $14.5M*

* Free cash flow excludes $25M stock repurchase

Global Footprint

6

Canton, MA

Gradient amplifiers for MRI and

precision motion control systems

Copenhagen, Denmark

Specialized Ultrasound scanners

for Urology and Surgery

Montreal, Canada

Direct Digital Selenium flat

panel x-ray detectors for

mammography

State College, PA

Leading developer of Ultrasound probes

and transducers for medical OEMs

Peabody, MA

Worldwide Headquarters

Engineering and manufacturing of medical

imaging subsystems and aviation security

Shanghai, China

In development to serve the

needs of our customers in

China

7

Diversification

Enabling Stability while Leveraging Technology for Growth

End User

Medical

OEM MedicalEnd User

MedicalSecurity

Advanced Technology

8

Revenue Diversification

Medical

Imaging56%

Digital Radiography

7%

BK Medical

22%

Security12%

Other

3%

Business Segments

Medical Technology – 85%

US

44%

ROW56%

2008 Revenue by Geography

9

Healthcare

Aging Population Drives Demand for Procedures

0

500

1000

1500

2000

2500

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

Wo

rld

Po

pu

lati

on

Over

65

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perc

en

tag

e o

f W

orl

d P

op

ula

tio

n

60+

Percent of World

Source: Espicom 2008

0

50

100

150

200

250

300

Pro

ced

ure

s (

Millio

ns)

2003 2004 2005 2006 2007 2008 2009

U.S. Imaging Procedures

MRI

CT

Ultrasound

Aging Population - World

U. S. Imaging Procedures

Healthcare

Solid OEM Customers

10

11

Healthcare

Medical Technology Applications

• Magnetic Resonance Power Systems

- RF Amplifiers

- Gradient Amplifiers

• Computed Tomography

- Data Acquisition and Data Management

Systems

- PowerLink™ Non-contact Power Transfer

• Digital Mammography Detectors

• Clinical Ultrasound Scanners Transducers

• Radiation Treatment

- CT Guided Gantry Systems

Leading OEM Supplier of Subsystems for:

Healthcare

Leader in MR Technology

• Gradient Amplification

• Integrated MR Power

• RF Amplification

• Spectrometer

• Applications1.5T, 3.0T, 7.0T Wide Bore

Functional MRI

13

Healthcare

Digital Mammography Detectors

Proprietary Amorphous

Selenium Technology

Digital Mammography Market ~ $600M (10+% CAGR)*

Leading Customers:

• Siemens’ “Inspiration”

• Philips’ “MammoDiagnost DR”

• Toshiba’s “Peruru”

• Early adopters: IMS & Planmed

*InMedica 2007

Healthcare

Advancing the Technology…

Today• Superior Image Quality

• Fastest Throughput Available

• Tomosynthesis Ready

Today’s best in class image quality

Today• Superior Image Quality

• Fastest Throughput Available

• Tomosynthesis Ready

Today’s best in class image quality

Healthcare

Advancing the Technology…

16

Healthcare

End-User Specialized Ultrasound

BK MedicalNew Product Family Introductions:

• Pro Focus UltraView Scanner launched in late Q2

• Flex Focus Scanner launched in Q3

World market leader in:

• Colorectal Ultrasound

• Surgical Ultrasound, including Brachytherapy

New market opportunities:

– Pelvic Floor

– Interventional Radiology

– Highly mobile acute care

17

Aviation Security

Explosive Detection Systems (EDS) Market

GE Security

28%

L-3

32%

Smiths

19%

Reveal

13%

Gilardoni

2%

Others

6%

Checked Baggage Inspection Equipment

% of Total World Revenues in 2008 (est.)

Total EDS Market CY2008– $422M

EDS Systems Opportunity• 1700 EDS systems installed for checked

baggage at 450 U.S. airports

• New sockets available at large and medium

size airports

• Replacement market opportunity begins

over next two years

• New dual-use market for checked/checkpoint

• Europe to adopt certified EDS starting CY2012

Source: IMS Research

18

Aviation Security

Advanced 3-D Imaging Technology

2D Projection Displays

Interactive, 3D Threat Display

Interactive, 3D Display

19

Aviation Security

Explosive Detection Systems

eXaminer™ XLB - Ultra-high throughput next

generation EDS

- In certification testing, Fall 09 shipments

- Up to 1100 bags per hour

New eXaminer™ SX - Multi use

applications in small to mid size airports

-Completed certification testing

- Up to 360 bags per hour

EXACT™ AN6000 - First and only

CT based, full volumetric scanner

-850 units installed worldwide

-550 bags per hour

20

Medical OEM Businesses

• Expect further erosion in CT, as hospitals delay large, capital purchases

• Motion Controls remain slow as automation customers are affected by the financial crisis

• Expect modest improvement of CT guidance subsystems for radiation treatment customer

• MRI related subsystems holding steady, though the MRI market is under pressure

• Stable demand for Digital Mammo Detectors outside the US

End User Medical Customer B-K Ultrasound

• Hospital sales of specialized ultrasound products remain stable and poised to grow with

the introduction of our new generation products

Aviation Security

• With the broader product offering in security, we expect increased checked baggage

revenue shipments this fall

Business Outlook

21

• We’re operating the business as though Q1 reset the revenue run-rate.

• We’re managing the business to maintain profitability and positive cash

flows in this current environment.

• While carefully investing to position for profitable growth as the

economy recovers.

Summary

22

Thank You