HOUSE_OVERSIGHT_024839.jpg
1.56 MB
Extraction Summary
1
People
11
Organizations
0
Locations
0
Events
1
Relationships
2
Quotes
Document Information
Type:
Financial research report / market analysis
File Size:
1.56 MB
Summary
This document is page 23 of a financial research report produced by Cowen regarding the 'Separations Technology and Market' (Chromatography). It details the technical differences between Liquid Chromatography (LC) and Gas Chromatography (GC), their usage with Mass Spectrometry, and provides market estimates and share data for 2014-2018. The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was produced during a congressional investigation, but the text itself contains technical scientific market data and no direct references to Jeffrey Epstein.
People (1)
| Name | Role | Context |
|---|---|---|
| Michael Cella | Recipient/Employee |
Email address michael.cella@cowen.com appears in the sidebar watermark, indicating the report was issued to him.
|
Organizations (11)
| Name | Type | Context |
|---|---|---|
| Cowen and Company |
Investment bank producing the research report.
|
|
| Agilent |
Listed with 17% market share in chromatography.
|
|
| Waters |
Listed with 16% market share.
|
|
| Thermo Fisher |
Listed with 13% market share.
|
|
| Merck KGaA/Sigma Aldrich |
Listed with 10% market share.
|
|
| Shimadzu |
Listed with 8% market share.
|
|
| Metrohm |
Listed as a market leader in IC configuration.
|
|
| GE |
Listed as a market leader in LPLC configuration.
|
|
| Teledyne |
Listed as a market leader in Flash configuration.
|
|
| Biotage |
Listed as a market leader in Flash configuration.
|
|
| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_024839'.
|
Relationships (1)
Email address domain @cowen.com in watermark.
Key Quotes (2)
"LC is more commonly used as high temperatures required for GC make it incompatible with the compounds under analysis - this is a key reason why some cannabis testing labs prefer testing THC using liquid chromatography"Source
HOUSE_OVERSIGHT_024839.jpg
Quote #1
"This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited."Source
HOUSE_OVERSIGHT_024839.jpg
Quote #2
Full Extracted Text
Complete text extracted from the document (2,549 characters)
COWEN
COLLABORATIVE INSIGHTS
February 25, 2019
COLLABORATIVE INSIGHTS
February 25, 2019
Background On Separations Technology And Market
Liquid Chromatography And Gas Chromatography – How Does It Work?
LC instrumentation is generally composed of: (1) solvent delivery system, (2) sample injector, (3) separation column, (4) detector, and (5) data acquisition unit. The solvent delivery unit pumps the solvent through the LC system while the sample injector introduces the sample into the solvent flow (known as the mobile phase). The chromatography column then separates the sample into its components for analysis by the detector, which measures the presence and amount of constituents. The data acquisition unit then records and stores the information from the detector. The underlying principles of GC are similar to those of LC, with the key difference being that the mobile phase is a gas instead of a liquid.
LC Is Often Combined With Mass Spec
To obtain the mass spectrum of a single compound in a mixture, the individual components must be separated prior to MS analysis. Separation is necessary for unambiguous identification because multiple compounds present simultaneously create an overlapping or mixed spectrum. The most common separation techniques used in combination with MS are gas chromatography (GC) and liquid chromatography (LC). LC and MS from different vendors can be combined. LC is more commonly used as high temperatures required for GC make it incompatible with the compounds under analysis - this is a key reason why some cannabis testing labs prefer testing THC using liquid chromatography (to be clear, analysis using gas chromatography requires heating THC which changes its properties).
Chromatography Market Estimates
Figure 14 Overall Chromatography Market ($MM)
$9,400
$9,200
$9,000
$8,800
$8,600
$8,400
$8,200
$8,000
$7,800
$7,600
2014 2015 2016 2017 2018E
Source: Company reports and Cowen and Company
$9,400
$9,200
$9,000
$8,800
$8,600
$8,400
$8,200
$8,000
$7,800
$7,600
2014 2015 2016 2017 2018E
Source: Company reports and Cowen and Company
Figure 15 Chromatography Market Shares
Agilent, 17%
Other, 36%
Waters, 16%
Shimadzu, 8%
Merck KGaA/ Sigma Aldrich, 10%
Thermo Fisher, 13%
Source: Company reports and Cowen and Company
Agilent, 17%
Other, 36%
Waters, 16%
Shimadzu, 8%
Merck KGaA/ Sigma Aldrich, 10%
Thermo Fisher, 13%
Source: Company reports and Cowen and Company
Figure 16 Chromatography Market by Configuration
Market
Market Share
Growth Rate
Market Leaders
H/UPLC
100%
3-4%
WAT
A
GC
60-65%
4%
Shimadzu
IC
22%
3%
A
LPLC
6%
4%
TMO
Metrohm
Flash
6%
5%
GE
BIO
Other
1%
3%
Teledyne
Biotage
4%
3%
Source: Company reports and Cowen and Company
Market
Market Share
Growth Rate
Market Leaders
H/UPLC
100%
3-4%
WAT
A
GC
60-65%
4%
Shimadzu
IC
22%
3%
A
LPLC
6%
4%
TMO
Metrohm
Flash
6%
5%
GE
BIO
Other
1%
3%
Teledyne
Biotage
4%
3%
Source: Company reports and Cowen and Company
COWEN.COM
23
HOUSE_OVERSIGHT_024839
23
HOUSE_OVERSIGHT_024839
[Vertical Text on Right Sidebar]: This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
Discussion 0
No comments yet
Be the first to share your thoughts on this epstein document