THE TOP 10

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  • 1. THE TOP 10WORLD'S LEADING DIAGNOSTIC IMAGING COMPANIES SAMPLE PAGES (Previous Edition) This report is based on data from sources considered to be reliable, but is not guaranteed as to accuracy and completeness. The information in this report is not intended to be used as the primary basis for decisions, an of individual company objectives it should not be construed as advice designed to meet the particular business needs of because any company. Subsequent developments may change opinions and conclusions in this report. Copyright 2006 VENTURE PLANNING GROUP This material is confidential for use by our clients only and may not be reprinted or reproduced. VENTURE PLANNING GROUP Sofia House, First Floor 350 Fifth Avenue, 48 Church Street Suite 3304 Hamilton HM 12, Bermuda New York, NY 10118 441.296.9500 212.564.2838 441.295.1209 Fax 212.564.8133 Fax info@vpgcorp.com

2. CONTENTS Page INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1 MARKET OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MO-1 ALOKA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AL-1 ANALOGIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AN-1 ESAOTE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ES-1 GENERAL ELECTRIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GE-1 HITACHI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-1 HOLOGIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HO-1 PHILIPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PH-1 SHIMADZU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SH-1 SIEMENS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SI-1 TOSHIBA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TO-1 COMPARATIVE ANALYSIS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CA-1 3. INTRODUCTION "The Top 10 World's Leading Diagnostic Imaging Companies" is VENTURE PLANNING GROUP's regularly-updated report on the performance, capabilities and strategies of the major competitors in the diagnostic imaging industry worldwide. The report is based on personal and telephone interviews with the TOP 10 companies' executives, customers, suppliers, joint venture partners, financial analysts, advertising agencies, recruiting firms, as well as experts from trade associations, media and others knowledgeable of the companies' current operations and future strategic direction. Additional information was obtained from diagnostic imaging industry shows, marketing conferences and scientific symposia that occurred during the course of the study. In addition to primary sources, the TOP 10 report is based on the information retrieved from VENTURE PLANNING GROUP's proprietary data files, which contain current information on numerous diagnostic imaging companies, technologies, products and executives, and have been developed in the course of the firm's continuous monitoring of the industry and previous single-client assignments. Moreover, a comprehensive review of the TOP 10 companies' product and financial literature, local press, business and technical periodicals, trade and professional association surveys, marketing and technical meeting presentations, patents, antitrust records, government documents and pertinent industry analyst reports was conducted. 4. We trust that the results of this report will help current diagnostic imaging product suppliers, companies planning to enter the market, and the financial community to assess the competitive environment, identify opportunities and develop successful business expansion strategies. 5. diagnostic methods for Alzheimers are fairly reliable and the incentive for PET to confirm the diagnosis is not great. With procedure volume increasing but still limited in its clinical reach, mobile PET will likely continue as an important avenue for positron imaging, allowing wider use of PET than would otherwise be possible. The number of mobile unit sales will continue to be about 20% of that for sales of fixed installations. The average price of mobile PET systems of about $1.4 million will likely increase slightly in keeping with the shift toward PET/CT. Mobile PET/CT will make up a much lower proportion of the total mobile PET sales than fixed PET/CT versus PET installations because of the difficulty in recovering CT costs for mobile operators. Mobile PET sales in the US should reach $0.3 million in five years. The larger mobile operators will continue to expand, absorbing smaller companies. This expansion will be supported by an abundance of venture capital. The grafting of CT onto PET has shifted the modality towards mainstream radiology, although it will take a transposition to CT/PET for it to have truly left the domain of nuclear medicine. GE and CTI Molecular Imaging dominate the market for PET scanners and cyclotrons. CTI primarily markets through worldwide marketing partner Siemens, but also via Toshiba and Hitachi. The number of PET systems in the US has risen from fewer than 100 in 1997 to over 900 in 2004. In Europe, over the same period, system growth has also been impressive, increasing almost four-fold to 270 systems. While PET has 6. TABLE MO-2 WORLDWIDE DIAGNOSTIC IMAGING MARKET ESTIMATED SALES BY MODALITY/BUSINESS AND GEOGRAPHIC REGION 2004 ($ billions) Modality/Business North Other America Countries World X-Ray Ultrasound MRI CT PACS Nuclear Medicine PET/PET-CT Others Service Total 7. TABLE MO-3 WORLDWIDE DIAGNOSTIC IMAGING MARKET ESTIMATED SALES BY GEOGRAPHIC REGION 2004-2009 ($ billions) (*) Annual Growth 2004-2009 Modality/Business 2004 2009 (%) X-Ray Ultrasound MRI CT PACS Nuclear Medicine PET/PET-CT Others Service Total (*) In constant 2004 dollars. 8. HITACHI MEDICAL 1-1-14 Uchi-Kanda Chiyodaku, Tokyo 101 Japan Table of Contents Page I. Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-1 II. Business Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-11 III. Senior Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-17 IV. Facilities and Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-21 V. Technological Know-How . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-24 VI. Product Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-29 VII. Marketing Tactics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-42 VIII. Sales and Profit Growth, 2001-2005 . . . . . . . . . . . . . . . . . . . . . . . HI-48 IX. R&D Expenditures and Major Programs . . . . . . . . . . . . . . . . . . . . . . HI-59 X. Collaborative Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-65 XI. Strategic Direction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-70 9. I. EXECUTIVE SUMMARY A. Business Organization 1. Current and Recent Developments ! Organized into: Lighting, Consumer Electronics, Components, Semiconductors, Origin ( Enterprise Solutions, Managed Services and Professional Services, Domestic Appliances and Personal Care, Medical Systems. ! Medical Systems consists of X-ray equipment, computed tomography, magnetic resonance, ultrasound and healthcare services. ! In 2000, acquired ADAC Laboratories for approximately $426 million. ! In 2001, acquired Agilent Technologies Healthcare Solutions Group (HSG) for approximately $2.2 billion. ! In 2004, Philips sold its 80% interest in HeartCare Telemedicine to SHL Telemedicine International, sold most of X-Ray analytical business to Egham, sold 80% interest in HeartCare Telemedicine to the other owner, SHL Telemedicine, sold most of X-Ray analytical business to Egham. ! In 2004, acquired Richardson Electronics medical glassware business. ! In 2004, acquired Richardson Electronics medical glassware business. 2. History ! Established in 1891. 10. TABLE AN-7 ANALOGIC ESTIMATED SALES GROWTH BY MAJOR CUSTOMER 2002-2004 ($ millions) Annual Growth 2002-2004 Customer 2002 2003 2004 (%) Toshiba GE Siemens L-3 Communications Philips Others Total 11. In 2004, the company introduced its next generation Infinia nuclear medicine system offering a five millimeter CT axial resolution with Hawkeye enhanced SPECT/CT lesion detection; fan-beam collimation for enhanced brain SPECT scanning and a camera-based PET option. E. Nuclear Medicine 1. Millennium The Millennium nuclear imaging system incorporates specially designed Digital CSE (correlated signal enhancement) detectors, which improve both the count rate and uniformity. The Millennium system has been designed for use with the Genie acquisition workstation, which handles location, archiving and retrieval of patient files. The Millennium MG is a variable-angle dual-head; Millennium MT is an opposable-angle dual-head; Millennium MPR is a rectangular- detector single-head; and Millennium MPS is a square-detector single-head. The MG heads adjust from 101 degrees to 180 degrees to gain maximum sensitivity close to the collimators, while reducing the dead s