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LANDAUER INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2017 10-Q, filed Aug 8, 2017. Its latest SEC filing is a SC 13G/A from Feb 7, 2019.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Provides radiation-exposure monitoring services and equipment to healthcare, research and nuclear facilities, along with outsourced medical physics services to healthcare facilities.

How Did They Make Money?

Customers pay in advance for many radiation-monitoring subscriptions; Landauer also sells detectors and readers and provides medical physics work under recurring contracts or as discrete projects. Recurring medical physics contracts are billed at regular intervals.

FY2016 revenue

Who Were Their Customers?

Healthcare providers, research institutions and nuclear facilities use radiation-monitoring services. Landauer sells through its own sales teams and international operations, while distributors or commission-based sellers reach smaller customers and areas without a direct presence; hospitals, cancer centers and imaging centers use outsourced medical physics services.

Did Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2016.

Operating income, FY2016
18% of revenue
▲ +12% vs FY2015 ($23.7M, 16%)
Net income, FY2016
12% of revenue
▲ +22% vs FY2015 ($14.5M, 10%)

How Were They Changing?

Since the FY2016 annual report
Latest quarter: Q3 FY2017, the three months to Jun 30, 2017
Revenue
▲ +5%
vs $37.9M in Q3 FY2016
Net income
▼ −12%
vs $7.3M in Q3 FY2016
  • Oct 19, 2017 Landauer completed a merger and requested NYSE delisting Landauer notified the NYSE that the merger was complete and asked it to suspend trading and begin delisting the shares.
  • Sep 6, 2017 Landauer agreed to be acquired by Fortive Fortive agreed to acquire Landauer through a cash tender offer for all shares, at a total transaction value of approximately $770 million including assumed debt and net of acquired cash.
  • Aug 10, 2017 Landauer raised its full-year earnings-per-share outlook The company raised diluted earnings-per-share outlook to $1.81 to $1.87 from $1.65 to $1.71.

Held flat. Revenue was $149.2M in FY2016, about the same as the $152.1M of FY2012.

Medical Products divested The earlier report described a Medical Products business selling accessories for radiology, radiation therapy and image-guided surgery; the latest report says Landauer divested the business.

Who Did They Compete With?

Competes with Mirion Technologies

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