PAGE
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
---------------------------------------
FORM 10-Q
(mark one)
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the Quarter Ended July 1, 1995.
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.
Commission File Number 1-9567
THERMEDICS INC.
(Exact name of Registrant as specified in its charter)
Massachusetts 04-2788806
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
470 Wildwood Street, P.O. Box 2999
Woburn, Massachusetts 01888-1799
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 622-1000
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [ X ] No [ ]
Indicate the number of shares outstanding of each of the
issuer's classes of Common Stock, as of the latest practicable
date.
Class Outstanding at July 28, 1995
---------------------------- ----------------------------
Common Stock, $.10 par value 33,773,276
PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
PART I - Financial Information
Item 1 - Financial Statements
(a)Consolidated Balance Sheet - Assets as of July 1, 1995 and
December 31, 1994 (In thousands)
July 1, 1995 December 31,1994
------------ -----------------
Current Assets:
Cash and cash equivalents $ 42,686 $ 37,043
Short-term available-for-sale
investments, at quoted market
value (amortized cost of $70,033
and $72,731) 71,076 71,680
Accounts receivable, less allowances
of $3,763 and $3,640 35,016 33,645
Unbilled contract costs and fees 1,900 497
Inventories:
Raw materials and supplies 13,597 13,223
Work in process 9,934 5,429
Finished goods 9,373 8,149
Prepaid income taxes and expenses 4,935 4,676
-------- --------
188,517 174,342
-------- --------
Property, Plant and Equipment, at Cost 26,864 24,367
Less: Accumulated depreciation and
amortization 15,493 13,640
-------- --------
11,371 10,727
-------- --------
Long-term Available-for-sale Investments,
at Quoted Market Value (amortized cost
of $43,155 and $46,863) 43,624 45,426
-------- --------
Other Assets 4,747 5,582
-------- --------
Cost in Excess of Net Assets of Acquired
Companies 58,120 55,490
-------- --------
$306,379 $291,567
======== ========
The accompanying notes are an integral part of these consolidated financial
statements.
2PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
(a)Consolidated Balance Sheet - Liabilities and Shareholders' Investment
as of July 1, 1995 and December 31, 1994 (In thousands except share
amounts)
July 1, 1995 December 31, 1994
------------ -----------------
Current Liabilities:
Notes payable $ 10,123 $ 10,576
Accounts payable 12,211 9,481
Deferred revenue 2,010 2,463
Customer deposits 2,452 2,546
Accrued payroll and employee benefits 6,476 7,369
Accrued income taxes 3,091 582
Accrued warranty costs 3,399 3,380
Other accrued expenses 8,760 7,675
Due to parent company 1,668 1,940
-------- --------
50,190 46,012
-------- --------
Deferred Income Taxes and Other Items 1,693 1,565
-------- --------
Long-term Obligations:
Subordinated convertible obligations 70,971 82,385
Other 169 166
-------- --------
71,140 82,551
-------- --------
Minority Interest 36,455 29,674
-------- --------
Shareholders' Investment:
Common stock, $.10 par value, 50,000,000
shares authorized; 33,743,381 and
33,303,135 shares issued 3,374 3,330
Capital in excess of par value 108,580 102,975
Retained earnings 33,994 27,066
Treasury stock at cost, 6,042 and
14,671 shares (298) (310)
Cumulative translation adjustment 285 326
Net unrealized gain (loss) on available-
for-sale investments 966 (1,622)
-------- --------
146,901 131,765
-------- --------
$306,379 $291,567
======== ========
The accompanying notes are an integral part of these consolidated financial
statements.
3PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
(b)Consolidated Statement of Income for the three months ended
July 1, 1995 and July 2, 1994 (In thousands except per share amounts)
Three Months Ended
-----------------------------
July 1, 1995 July 2, 1994
------------ ------------
Revenues $43,268 $42,403
------- -------
Costs and Operating Expenses:
Cost of revenues 23,715 24,810
Selling, general and administrative expenses 11,522 11,073
Expenses for research and development 2,849 2,803
------- -------
38,086 38,686
------- -------
Operating Income 5,182 3,717
Interest Income 2,233 1,731
Interest Expense (923) (770)
Gain on Issuance of Stock by Subsidiary 455 -
Loss on Sale of Investments - (11)
Other Income (includes $25 from
related party in 1994) - 25
------- -------
Income Before Provision for Income Taxes
and Minority Interest 6,947 4,692
Provision for Income Taxes 2,261 1,909
Minority Interest Expense 1,020 273
------- -------
Net Income $ 3,666 $ 2,510
======= =======
Earnings per Share $ .11 $ .08
======= =======
Weighted Average Shares 33,616 32,583
======= =======
The accompanying notes are an integral part of these consolidated financial
statements.
4PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
(b)Consolidated Statement of Income for the six months ended
July 1, 1995 and July 2, 1994 (In thousands except per share amounts)
Six Months Ended
-----------------------------
July 1, 1995 July 2, 1994
------------ ------------
Revenues $87,126 $69,696
------- -------
Costs and Operating Expenses:
Cost of revenues 48,001 40,466
Selling, general and administrative expenses 23,717 17,990
Expenses for research and development 5,230 5,057
------- -------
76,948 63,513
------- -------
Operating Income 10,178 6,183
Interest Income 4,430 3,601
Interest Expense (1,861) (1,545)
Gain on Issuance of Stock by Subsidiary 455 -
Gain on Sale of Investments - 230
Other Income (includes $50 from
related party in 1994) 14 50
------- -------
Income Before Provision for Income Taxes
and Minority Interest 13,216 8,519
Provision for Income Taxes 4,581 3,431
Minority Interest Expense 1,707 426
------- -------
Net Income $ 6,928 $ 4,662
======= =======
Earnings per Share $ .21 $ .14
======= =======
Weighted Average Shares 33,461 32,523
======= =======
The accompanying notes are an integral part of these consolidated financial
statements.
5PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
(c)Consolidated Statement of Cash Flows for the six months ended
July 1, 1995 and July 2, 1994 (In thousands)
Six Months Ended
-----------------------------
July 1, 1995 July 2, 1994
------------ ------------
Operating Activities:
Net income $ 6,928 $ 4,662
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 2,690 1,906
Provision for losses on accounts
receivable 396 369
Gain on issuance of stock by subsidiary (455) -
Gain on sale of investments - (230)
Deferred costs from issuance of
subordinated convertible debentures - (875)
Minority interest expense 1,707 426
Other noncash expenses 629 547
Increase (decrease) in deferred income
taxes (36) 544
Changes in current accounts,
excluding the effects of
acquisitions:
Accounts receivable (267) 2,006
Inventories and unbilled contract
costs and fees (6,406) 7,708
Prepaid income taxes and expenses (858) (1,684)
Accounts payable 2,270 (6,486)
Other current liabilities (1,420) (6,458)
Other 16 30
-------- --------
Net cash provided by operating
activities 5,194 2,465
-------- --------
Investing Activities:
Acquisitions, net of cash acquired (4,000) (41,073)
Purchases of property, plant and equipment (2,330) (1,323)
Proceeds from sale and maturities of
available-for-sale investments 59,913 57,219
Purchases of available-for-sale investments (53,158) (58,871)
Other (22) (144)
-------- --------
Net cash provided by (used in)
investing activities $ 403 $(44,192)
-------- --------
6PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
(c)Consolidated Statement of Cash Flows for the six months ended
July 1, 1995 and July 2, 1994 (In thousands) (continued)
Six Months Ended
-----------------------------
July 1, 1995 July 2, 1994
------------ ------------
Financing Activities:
Purchases of subsidiary common stock $ (179) $ (1,537)
Net proceeds from issuance of Company
and subsidiary common stock 378 1,183
Proceeds from issuance of subordinated
convertible debentures - 33,000
Repurchase of long-term obligations (132) -
-------- --------
Net cash provided by financing
activities 67 32,646
-------- --------
Exchange Rate Effect on Cash (21) 313
-------- --------
Increase (Decrease) in Cash and Cash
Equivalents 5,643 (8,768)
Cash and Cash Equivalents at Beginning
of Period 37,043 40,179
-------- --------
Cash and Cash Equivalents at End of Period $ 42,686 $ 31,411
======== ========
Cash Paid For:
Interest $ 715 $ 1,461
Income taxes $ 2,030 $ 2,039
Noncash Financing Activities:
Conversion of convertible obligations $ 11,265 $ 8,595
The accompanying notes are an integral part of these consolidated financial
statements.
7PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
(d) Notes to Consolidated Financial Statements - July 1, 1995
1. General
The interim consolidated financial statements presented have been
prepared by Thermedics Inc. (the Company) without audit and, in the opinion
of management, reflect all adjustments of a normal recurring nature
necessary for a fair statement of (a) the results of operations for the
three- and six-month periods ended July 1, 1995 and July 2, 1994, (b) the
financial position at July 1, 1995, and (c) the cash flows for the
six-month periods ended July 1, 1995 and July 2, 1994. Interim results are
not necessarily indicative of results for a full year.
The consolidated balance sheet presented as of December 31, 1994, has
been derived from the consolidated financial statements that have been
audited by the Company's independent public accountants. The consolidated
financial statements and notes are presented as permitted by Form 10-Q and
do not contain certain information included in the annual financial
statements and notes of the Company. The consolidated financial statements
and notes included herein should be read in conjunction with the financial
statements and notes included in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 1994, filed with the Securities and
Exchange Commission.
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations
Overview
The Company's business can be divided into two segments: Instruments
and Other Equipment, and Biomedical Products. Through the Company's
Thermedics Detection Inc. (Thermedics Detection) subsidiary, the
Instruments and Other Equipment segment develops, manufactures, and markets
high-speed detection instruments, including the Alexus (TM) system, a
process detection instrument used in product quality assurance
applications, and the EGIS (R) system, a security instrument used to detect
explosives at airports and other locations. The Company's Ramsey Technology
Inc. (Ramsey) subsidiary manufactures process control equipment that weighs
and inspects bulk materials and packaged goods. Through the Company's
Thermo Voltek Corp. (Thermo Voltek) subsidiary, the Instruments and Other
Equipment segment also includes a line of electronic test instruments and
high-voltage power conversion systems.
As part of its Biomedical Products segment, the Company's Thermo
Cardiosystems Inc. (Thermo Cardiosystems) subsidiary has developed both an
implantable pneumatic (IP), or air-driven, and an electric left
ventricular-assist system (LVAS). In October 1994, the Company announced
that the U.S. Food and Drug Administration (FDA) granted approval for
commercial sales of the air-driven LVAS. With this approval, the air-driven
system is available for sale to cardiac centers throughout the United
8PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
Overview (continued)
States and the Company began earning a profit on the sale of such systems
in the fourth quarter of 1994. A profit cannot be earned from the sale of
an LVAS unless the FDA has approved the device for commercial sales. The
Company also manufactures enteral feeding products and a line of
medical-grade polymers, which are used in catheters, tubing, and
non-medical products such as Scent Seal fragrance samplers.
Results of Operations
Second Quarter 1995 Compared With Second Quarter 1994
Total revenues in the second quarter of 1995 were $43.3 million,
compared with $42.4 million in the second quarter of 1994. Instruments and
Other Equipment segment revenues in the second quarter of 1995 decreased to
$32.8 million from $35.4 million in 1994. Thermedics Detection process
detection instrument sales declined to $4.2 million in 1995, from $9.9
million in 1994. This decline is due to a decrease in demand from
Thermedics Detection's principal customer, which has substantially
implemented its deployment of Alexus systems. While the Company has
expanded its customer base, and continues to develop Alexus upgrades and
new applications for its process detection technology in the food and
beverage market, no assurance can be given that the Company will be able to
significantly broaden the market for its process detection systems. This
decline in revenues was partially offset by the inclusion of a total of
$2.2 million in revenues from Verifier Systems Limited (Verifier) and
Kalmus Engineering Incorporated (Kalmus), which were acquired by Thermo
Voltek in July 1994 and March 1995, respectively, favorable currency
translation effects on sales by Thermo Voltek's Comtest subsidiary, and an
increase in revenues due to greater demand at Thermo Voltek's KeyTek
Instrument (KeyTek) and Universal Voltronics divisions.
Biomedical Products segment revenues increased 50% to $10.5 million in
the second quarter of 1995 from $7.0 million in the second quarter of 1994.
This improvement is primarily the result of an increase of $3.3 million in
revenues from Thermo Cardiosystems due to an increase in the number of
air-driven and electrical LVAS implants. The number of LVAS units shipped
during the second quarter of 1995, increased by 46% compared with the
second quarter of 1994. Revenues also increased due to an increase in the
price of the LVAS units. In the fourth quarter of 1994, Thermo
Cardiosystems implemented a price increase in the U.S. for its air-driven
LVAS that has been phased in during the first half of 1995 and has more
than doubled the average price of an air-driven LVAS. The final phase of
the price increase became effective during the second quarter of 1995.
9PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
Second Quarter 1995 Compared With Second Quarter 1994 (continued)
The gross profit margin was 45% in the second quarter of 1995,
compared with 41% in the second quarter of 1994. The gross profit margin
for the Instruments and Other Equipment segment was 44% in 1995, compared
with 42% in 1994. Improved margins at Ramsey, which resulted from a
reduction in operating expenses and manufacturing improvements, more than
offset reduced margins at Thermo Voltek due to competitive pricing pressure
and, to a lesser extent, expenses associated with a new product
introduction at Universal Voltronics.
The gross profit margin for the Biomedical Products segment was 50% in
1995, compared with 42% in 1994, reflecting higher margins at Thermo
Cardiosystems resulting from the LVAS price increase, the increase in sales
volume, and improvements in manufacturing efficiencies.
Selling, general and administrative expenses as a percentage of
revenues increased to 27% in the second quarter of 1995 from 26% in the
second quarter of 1994. The increase was primarily a result of higher costs
as a percentage of revenues at Thermedics Detection. Research and
development expenses as a percentage of revenues remained unchanged at 6.6%
in 1995 and 1994.
Interest income increased to $2.2 million in the second quarter of
1995 from $1.7 million in the second quarter of 1994 due to higher
prevailing interest rates in 1995. Interest expense increased to $923,000
in the second quarter of 1995 from $770,000 in 1994 as a result of
borrowings by Ramsey's and Thermo Voltek's foreign subsidiaries, offset in
part by a decrease in interest expense due to conversions of subordinated
convertible obligations.
The gain on the issuance of stock by subsidiary of $455,000 in the
second quarter of 1995 resulted from the conversion of $1.0 million
principal amount of Thermo Voltek's 3 3/4% subordinated convertible
debentures.
First Six Months 1995 Compared With First Six Months 1994
Total revenues in the first six months of 1995 were $87.1 million,
compared with $69.7 million in the first six months of 1994. Instruments
and Other Equipment segment revenues increased 18% to $65.6 million in 1995
from $55.4 million in 1994. This increase reflects the inclusion of $14.0
million of additional revenues from Ramsey, which was acquired on March 16,
1994; the inclusion of a total of $3.2 million in revenues from Verifier
and Kalmus; an increase in revenues from greater demand at Thermo Voltek's
KeyTek and Universal Voltronics divisions and an increase in revenues at
its Comtest subsidiary that resulted from favorable currency translation
effects on sales. These increases were offset in part by a decline in
Thermedics Detection process detection instrument revenues to $10.7 million
in 1995, from $20.4 million in 1994. The reason for the decrease in
revenues is the same as that discussed in the results of operations for the
second quarter.
10PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
First Six Months 1995 Compared With First Six Months 1994 (continued)
Biomedical Products segment revenues increased 50% to $21.5 million in
the first six months of 1995 from $14.3 million in the first six months of
1994. This improvement is primarily the result of an increase of $5.6
million in revenues from Thermo Cardiosystems due to an increase in the
number of LVAS units shipped during the first six months of 1995, which
nearly doubled compared with the first six months of 1994, and an increase
in the price of the LVAS units, discussed in the results of operations for
the second quarter. In addition, revenues from Scent Seal fragrance
samplers increased $1.1 million to $4.3 million as a result of increased
demand. In June 1995, the Company entered into a license agreement under
which the Company licensed, on an exclusive basis, all of its patents and
know-how relating to the Scent Seal fragrance samplers to a third party in
consideration for royalty payments on future sales by the licensee.
The gross profit margin was 45% in the first six months of 1995,
compared with 42% in the first six months of 1994. The gross profit margin
for the Instruments and Other Equipment segment was 44% in 1995 and 43% in
1994. Improved margins at Thermedics Detection, as a result of a change in
the product mix, and at Ramsey, due to a reduction in operating expenses,
were partially offset by lower margins at Thermo Voltek's Keytek division
due to competitive pricing pressure and, to a lesser extent, higher costs
associated with an upgraded product at KeyTek. The gross profit margin for
the Biomedical Products segment was 48% in 1995, compared with 40% in 1994,
reflecting higher margins at Thermo Cardiosystems resulting from the LVAS
price increase, the increase in sales volume, and improvements in
manufacturing efficiencies.
Selling, general and administrative expenses as a percentage of
revenues increased to 27% in the first six months of 1995 from 26% in the
first six months of 1994 primarily as a result of higher costs as a
percentage of revenues at Thermedics Detection. Research and development
expenses as a percentage of revenues decreased to 6.0% in 1995 from 7.3% in
1994 due primarily to lower costs as a percentage of revenues at Thermo
Cardiosystems as a result of a higher sales volume in 1995.
Interest income increased to $4.4 million in the first six months of
1995 from $3.6 million in the first six months of 1994 due to higher
prevailing interest rates in 1995. Interest expense in 1995 increased to
$1.9 million in 1995 from $1.5 million in 1994 as a result of borrowings by
Ramsey's and Thermo Voltek's foreign subsidiaries, offset in part by a
decrease in interest expense due to conversion of subordinated convertible
obligations.
The gain on the issuance of stock by subsidiary of $455,000 in 1995
resulted from the conversion of $1.0 million principal amount of Thermo
Voltek's 3 3/4% subordinated convertible debentures.
11PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
Financial Condition
Liquidity and Capital Resources
Working capital, including cash, cash equivalents, and short-term
available-for-sale investments, was $138.3 million at July 1, 1995,
compared with $128.3 million at December 31, 1994. Cash, cash equivalents,
and short- and long-term available-for-sale investments were $157.4 million
at July 1, 1995, compared with $154.1 million at December 31, 1994. Of the
$157.4 million balance at July 1, 1995, $89.5 million was held by Thermo
Cardiosystems, $34.0 million by Thermo Voltek, and the remainder by the
Company and its wholly owned subsidiaries. In March 1995, Thermo Voltek
acquired substantially all of the assets, subject to certain liabilities,
of Kalmus for approximately $3.6 million in cash. The Company paid an
additional $160,000 in purchase price on August 2, 1995 as a post-closing
adjustment based on the value of the net assets acquired from Kalmus.
The Company intends, for the foreseeable future, to maintain at least
50% ownership of Thermo Cardiosystems and Thermo Voltek. This may require
the purchase by the Company of additional shares of common stock or
convertible debentures (which are then converted) of these two companies
from time to time, if the number of the companies' outstanding shares
increases, whether as a result of conversion of convertible notes or
exercise of stock options issued by them, or otherwise. These or any other
purchases may be made either in the open market or directly from Thermo
Cardiosystems or Thermo Voltek, or pursuant to the conversion of all or
part of the companies' subordinated convertible notes held by Thermedics.
The Company's Board of Directors has authorized the purchase, during
calendar year 1995, of up to $5.0 million of its own securities and those
of Thermo Cardiosystems and Thermo Voltek. Any such purchases would be
funded from working capital. Through July 1, 1995, the Company has expended
$311,000 under this authorization.
On July 20, 1995, Thermo Electron Corporation (Thermo Electron)
announced that it has signed a letter of intent to acquire Analytical
Technology, Inc. (ATI), a Boston-based manufacturer and marketer of
analytical instruments used primarily for testing and analysis, both in
laboratories and in manufacturing. ATI operates through two divisions:
laboratory products and analytical instruments. Upon completion of the
acquisition, it is anticipated that the Company would acquire the
laboratory products division, which had revenues of approximately $46
million in fiscal 1994. This division sells electrochemistry,
micro-weighing, and other instruments to detect the chemical composition of
foods, beverages, and pharmaceuticals. The Company expects that it will
finance this acquisition through a combination of internal funds and
short-term borrowings from Thermo Electron.
12PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
Liquidity and Capital Resources (continued)
During the remainder of 1995, the Company expects to make capital
expenditures of approximately $3.2 million. The Company expects to continue
to pursue its strategy of expanding its business both through the continued
development, manufacture, and sale of new products, and through the
possible acquisition of companies that will provide additional marketing or
manufacturing capabilities and new products. The Company believes its
existing resources are sufficient to meet the capital requirements of its
existing operations for the foreseeable future.
PART II - Other Information
Item 4 - Submission of Matters to a Vote of Security Holders
On May 22, 1995 at the Annual Meeting of Shareholders, the
shareholders elected eight directors to a one-year term expiring in 1996.
The directors elected at the meeting were: Peter O. Crisp, Paul F. Ferrari,
Dr. George N. Hatsopoulos, John N. Hatsopoulos, Robert C. Howard, Arvin H.
Smith, John W. Wood Jr., and Nicholas T. Zervas. The number of votes each
nominee for director received was as follows: Mr. Crisp and Mr. Howard each
received 29,884,769 votes in favor of their election and 127,556 votes
against; Mr. Ferrari received 29,884,774 votes in favor of his election and
127,551 votes against; Dr. Hatsopoulos received 29,884,679 votes in favor
of his election and 127,646 votes against; Mr. Hatsopoulos received
29,884,969 votes in favor of his election and 127,356 votes against; Mr.
Smith received 29,884,255 votes in favor of his election and 128,070 votes
against; Mr. Wood received 29,885,248 votes in favor of his election and
127,077 votes against; and Dr. Zervas received 29,865,669 votes in favor of
his election and 146,656 votes against. No broker nonvotes were recorded on
the election of directors.
The shareholders also approved a proposal to amend the Directors Stock
Option Plan to change the formula for the award of stock options to
purchase common stock of the Company to its outside Directors as follows:
29,114,373 voted in favor, 784,647 shares voted against, and 113,305 shares
abstained. No broker nonvotes were recorded on this proposal.
Item 6 - Exhibits
See Exhibit Index on the page immediately preceeding exhibits.
13PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized as of the 4th day of August 1995.
THERMEDICS INC.
Paul F. Kelleher
------------------------
Paul F. Kelleher
Chief Accounting Officer
John N. Hatsopoulos
------------------------
John N. Hatsopoulos
Vice President and
Chief Financial Officer
14PAGE
Form 10-Q
July 1, 1995
THERMEDICS INC.
EXHIBIT INDEX
Exhibit
Number Document Page
------- ----------------------------------------------------- ----
27 Financial Data Schedule.
PAGE