Friday, February 22, 2019

Massachusetts Health Care and Technology Companies Total Pretax Earnings Up By 49% in the September 2018 Quarter, Then Decline By 4% in the December 2018 Quarter

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When I think of the Economy of Massachusetts, I think of its Highly Effective Governors from Both Political Parties and of Their Support For Research at Harvard and at MIT and of Health Care and Technology Companies
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An indeed, of the 28 Massachusetts Companies with Stock Market Caps Above $10 Bil, 18 of them are either Health Care or Technology Companies
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From a review of company SEC filings and of MSN Money individual company common stock information, I found 18 Massachusetts Health Care and Technology Companies with stock market caps sometime in 2018 of more than $10 Bil and with December 2018 Quarter Ends.

Of these 18 Massachusetts Health Care and Technology Companies, 16 of them have released their December 2018 Quarterly Earnings by February 22, 2019.

My Focus is on Pretax Income rather than on After-Tax Net Income because Corporate Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments.  It has nothing whatsoever to do with Company Operating Performance.

The chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for each quarter of 2018 as compared with that of the prior year quarter of 2017 for each of these 16 Massachusetts Health Care and Technology Companies.
US US US US US US US US
GAAP GAAP GAAP GAAP GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax Pretax Pretax Pretax Pretax
Income Income Income Income Income Income Income Income
Massachusetts Cos (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
Health Care and Technology Cos Dec Dec Better Sept Sept Better June June Better March March Better
Stock Market Caps Above $10 Bil 2018 2017 (Worse) 2018 2017 (Worse) 2018 2017 (Worse) 2018 2017 (Worse)
December 2018 Qtr Earnings Quarter Quarter % Quarter Quarter % Quarter Quarter % Quarter Quarter %
Released By February 22, 2019 End End  Change End End  Change End End  Change End End  Change
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
Biogen       1,415       1,400 1%       1,813       1,610 13%       1,179       1,132 4%       1,494          987 51%
Thermo Fisher Scientific       1,012          820 23%          810          480 69%          806          626 29%          634          503 26%
Skyworks Solutions          324          386 -16%          343          348 -1%          311          307 1%          292          281 4%
Boston Scientific          296          227 30%          456          309 48%          347            91 281%          323          305 6%
Waters Corp          198          226 -12%          169          154 10%          175          148 18%          141          113 25%
Akamai Technologies          113            32 253%          111            92 21%            52            86 -40%            68          105 -35%
Hologic          104            96 8%            71            72 -1%          105            75 40%        (691)          968 -171%
IPG Photonics          101          148 -32%          128          161 -20%          164          142 15%          142          101 41%
Abiomed            65            46 41%            52            32 63%            48            34 41%            49            29 69%
Vertex Pharmaceutical            32          112 -71%          137        (417) NM          217            36 503%          215          254 -15%
PTC Inc            20            23 -13%              1              5 -80%            10              1 900%            12            (1) NM
Alkermes            (2)            11 -118%          (34)          (36) NM          (24)          (46) NM          (67)          (73) NM
Alexion Pharmaceuticals          (33)            89 -137%          342            58 490%        (419)          206 -303%          352          194 81%
Wayfair        (143)          (73) NM        (151)          (76) NM        (100)          (39) NM        (108)          (56) NM
bluebird bio        (149)        (117) NM        (145)          (79) NM        (146)          (71) NM        (115)          (69) NM
Alnylam Pharmaceuticals        (211)        (142) NM        (245)        (123) NM        (163)        (118) NM        (141)        (107) NM
Total 16 Health Care & Techs       3,142       3,284 -4%       3,858       2,590 49%       2,562       2,610 -2%       2,600       3,534 -26%