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1
The 11th Annual Needham & Company
GROWTH CONFERENCE January 6, 2009
Jim Green, President & CEO
Analogic Corporation
2
Any statements in this presentation 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 January 6, 2009. 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 date subsequent to January 6, 2009.
Safe Harbor Statement
3
This presentation includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally
accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition,
these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Management uses non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other (income) expense, non-
GAAP income before tax, non-GAAP net income and non-GAAP diluted earnings per share to evaluate the Company's
operating performance against past periods and to budget and allocate resources in future periods. These non-GAAP
measures also assist management in understanding and evaluating the underlying baseline operating results and trends
in the Company’s business. The items excluded from the non-GAAP measures were excluded because they are either
non-recurring, non-operating or are of a non-cash nature, which we do not consider when evaluating and managing our
business operations.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have
a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to
evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in
conjunction with, GAAP financial measures. A reconciliation of GAAP to Non-GAAP financial measures can be
found on our website at www.analogic.com.
Use of Non-GAAPFinancial Measures
Global PresenceMore than 35 years of innovation in signal and image processing
4
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
Serving the needs of our
customers in China
5
At a Glance
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
2005 2006 2007 2008
Reven
ue (
Millio
n)
$(10.0)
$(5.0)
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
Inc
om
e (
Lo
ss
) fr
om
Op
s (
Mil
lio
n)
WW Revenues Income (Loss) from Ops
Analogic (NASDAQ: ALOG)
Peabody, MA. USA
Founded 1967
FY2008 Year End Results• Consolidated revenue of $413.5M• Income from Operations* of $24.3M• GAAP EPS of $1.77• Cash and Equivalents of $186.4M• No Debt
* Excludes non-operating other (income) expense and income taxes
Pioneer in Analog to Digital Conversion for Medical Imaging
6
Revenue and Non-GAAP EPS
FY2005 - FY2008
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
2005 2006 2007 2008
Reven
ues (
Millio
n)
$-
$0.50
$1.00
$1.50
$2.00
$2.50
No
n-G
AA
P E
PS
Revenues Non-GAAP EPS
• Analogic has demonstrated consistent improvement in Non-GAAP EPS
assisted by Copley acquisition late in FY 2008
• Q1 FY 2009 Revenues and EPS declined as orders for CT systems
used in radiation treatment as well as CT subsystems were delayed
partly as a result of the global financial crisis.
Q1 FY 2008 - Q1 FY 2009
$50
$60
$70
$80
$90
$100
$110
$120
$130
Q1 FY08 Q2 FY08 Q3 FY08 Q4 FY08 Q1 FY09
Re
ve
nu
es
(M
illi
on
s)
$-
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
No
n-G
AA
P E
PS
Revenue Non-GAAP EPS
Core Competencies
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• Computed Tomography
• Magnetic Resonance Imaging Electronics
• Ultrasound Technology
• Acoustic Transducers
• Signal Acquisition & Conditioning
• High-Speed Signal & Image Processing
• Precision Power Systems
• Detection & Transducer Technologies
United States Patents:180 issued, 25 pending
Advanced Technologies
8
Revenue by Segments
Medical Technology – 85%
Security Technology, 12%
Medical Imaging, 56%
Digital Radiography, 7%
BK Medical, 22%
Other, 3%
9
Aging Population Drives Demand
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
Ov
er
65
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Pe
rce
nta
ge
of
Wo
rld
Po
pu
lati
on
60+
Percent of World
Source: Espicom 2008
10
0
50
100
150
200
250
300
Pro
ce
du
res
(M
illi
on
s)
2003 2004 2005 2006 2007 2008 2009
U.S. Imaging Procedures
MRI
CT
Ultrasound
Source: Kalorama 2007
HealthcareImaging Procedures
Continue to Grow
11
HealthcareMedical Technology Applications
• Magnetic Resonance Power Systems
- RF Amplifiers
- Gradient Amplifiers
• Computed Tomography
- Data Acquisition and Data Management
Systems
- PowerLink™ Non-contact Power System
• Digital Mammography Detectors
• Clinical Ultrasound Scanners & Transducers
• Radiation Treatment
- CT Guided Gantry Systems
Leading OEM Supplier Subsystems for:
12
HealthcareDigital Mammography Detectors
Analogic’s Proprietary AmorphousSelenium Technology
Digital Mammography Market ~ $600M (10+% CAGR)*
Leading Customers:
• Siemens’ “MAMMOMAT Inspiration”
• Philips’ “MammoDiagnost DR”
• Toshiba’s “Peruru”
• Early adopters: IMS & Planmed
*InMedica 2007
13
MammographyToday & the Future
Today’s World-Class Images
Latest Technology: Stereotactic Biopsy
• 2 oblique images to guide the biopsy
• Faster and more precise
Future Technology: Tomosynthesis
• 3-dimensional image of the breast
• Enhanced diagnostics
• Reduced..
– False-positives
– Recall rates
– Unnecessary biopsies
– Cost
For Today: Screening• 20% higher patient throughput
• Best-in-class image
14
MammographyToday & the Future
Tomosynthesis Image
Latest Technology: Stereotactic Biopsy
• 2 oblique images to guide the biopsy
• Faster and more precise
Future Technology: Tomosynthesis
• 3-dimensional image of the breast
• Enhanced diagnostics
• Reduced..
– False-positives
– Recall rates
– Unnecessary biopsies
– Cost
For Today: Screening• 20% higher patient throughput
• Best-in-class image
15
HealthcareUltrasound
BK MedicalNew Product Family Introductions:
• Pro Focus UltraView Scanner launched at RSNA last month
• Flex Focus Scanner to launch next quarter
World market leader in:
• Colorectal Ultrasound
• Surgical Ultrasound, including Brachytherapy
New market opportunities:
– Pelvic Floor
– Interventional Radiology
– Highly mobile acute care
16
Aviation SecurityAdvanced 3-D Imaging Technology
2D Projection Displays
Interactive, 3D Threat Display
Interactive, 3D Display
17
Aviation Security 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
18
Growth Drivers
17
Medical Imaging Business
• The Copley acquisition strengthens our business while expanding new
customer opportunities in MR
• Our Selenium based direct digital mammography plates will drive growth
as our customers penetrate new markets
• New multi-slice CT data management systems to launch this summer
expected to grow share
End User B-K Ultrasound
• Hospital sales of surgical ultrasound products are poised to grow with the introduction
of the new generation UltraView™ and Flex Focus™ product families
Security
• Growth opportunities in checked baggage driven by expanded product offering
of the eXaminer SX into the mid-tier airports and the upcoming ultra-high speed
eXaminer XLB for large airports
19
Summary
• The global financial credit crisis impacted our Q1 results
• We’re accelerating efforts to optimize our operating cost structure
• Our cash and balance sheet remain strong
• New product platforms in Medical and Security position us for share growth
• Our considerable technological strength, the continuing growth of medical
imaging procedures, and the opportunities for new baggage screening systems
position Analogic for both the short and long term