All right. Good morning, everyone, and thank you for taking your time with us today here in New York City at the Park Hyatt. We, at Brooks Automation, are honored that you're spending the day with us. And as everybody gets settled into their chairs, we're ready to get started. We have a good agenda ahead of you.
By the way, I'm Lindon Robertson. I've met almost everyone in the room, I think, if not everyone. And but I hope if I haven't, that I get a chance to talk with you at the end of our presentations. We'll have a lunch breakout at the end, and you'll get a chance to meet many of the management team. As we go forward, I'm going to make a couple of mentions here that are obligatory.
We're going to won't commit ourselves to updating those forward looking. And we always suggest that you use GAAP measures in combination with the non GAAP measures. So please refer to these kind of statements and risk statements that we have in our filings and with our earnings presentations. And I won't belabor that, but I think you all recognize the importance of those statements. In the agenda today, we've got the leadership team talking with you, but I'm going to emphasize to you, we've got more leadership sitting with you than what you're going to hear from and we've got a broad leadership team with you, both from the semiconductor side as well as the life science side.
They'll be available throughout the day, through the launch period, on the demos on the side of the rooms. So I think you've got a good day to test and just see how deep the company goes, and I couldn't be more proud of that. In the agenda, you're going to hear from several speakers, and I'm going to take a moment just to introduce them. So in case you haven't matched names with faces, you'll get a chance. I suspect you've got the first name and face already, but Steve Schwartz is the Chief Executive Officer of the company and he's going to head up the agenda in a moment.
We also have Dave Jarzinca here at the back or at the front, I should say. And Dave is the Head of the Semiconductor Business. He came back to Brooks in 2004 after a very early stint with Brooks at the beginning of his career, but he's been with us since 2004 heading up various roles, senior roles from sales to product management. Now he's got the entire semi segment for the last 3 years, and he's just done a tremendous job of leading that business. And he's going to talk about the challenges and the opportunities that the technology curve is presenting to us.
Dusty Tinney, who is the President of Brooks Life Sciences, is coming up on his 4th anniversary soon with the company and we really credit him to taking our start and idea of Life Sciences to a real business and to a company level operation. He's led us into some key strategic acquisition opportunities and helped to shape a business that is now growing faster, some have said the fastest in the life sciences space over multiple quarters and has turned it to profit. And there's a lot more to talk about. So I think you're going to enjoy his presentation. And then we have an exciting guest speaker, and we were really honored that she was able to join us, but Sue Crimmins, who is the Vice President of Discovery Supply at GSK, GlaxoSmithKline.
And so this is one of our very strategic relationships, one of many, but one of the premier relationships that we have. And she's going to give you some of the insights of what sample management means to research and just how critical it is. And then you're stuck with me at the end, and I'm going to hold out and talk to you about the financial models and where we are and what it means that the going forward for the company. And so I look forward to that. And we will indeed some question and answers at the end of the period with the leadership team up here with me.
And so we look forward to that. So with no further delay, I really do extend my appreciation for those here in the room. And of course, all of those that are dialed into the webcast, we appreciate your time as well. And with that, I'm going to introduce Steve Schwartz, the Chief Executive Officer of Brooks Automation. Thank you.
Thank you, Lindon, and good morning, everyone. We're really pleased to have you here. As Lindon mentioned, we spend a lot of time with most of the people in the room. We get a chance to talk to you about the company, sometimes only in 30 minute increments. But we're really pleased to have Dave and Dusty here with us today to give you a lot more color on their businesses.
They'll take you to a little bit more depth than we've been able to explain to you before, And I'll tell you what makes the business work. As Linda mentioned, we're also really pleased to have the management team from Brooks here, a lot of really strong accomplishments over the years. And in particular, we'll take a look back at the 2 years since the last Analyst Day and get you caught up on some pretty significant advances we've made in the business and also how we look at the next steps and the next opportunity for the company. So with that, I want to give you the takeaway that we hope will resonate with you a little bit. Without question, 2 strong platforms that we rely on as a company.
We have leadership positions in the semiconductor space in places where we had tremendous value in the manufacture of semiconductors. And the acceleration of this opportunity has been tremendous over the past few years and will persist for the next decade, near as we can tell. In the Life Sciences space, we've created a product portfolio that puts us in a really unique position to capture a rapidly growing opportunity, and we'll continue to make investments there, both organically and inorganically, to grow in that space. What you'll see today is clear number one positions that we've established in each of these areas. We think we have several years' lead from the product capabilities and the portfolios that we created, but you'll see that the investments that we're making that Dave will describe and Dusty will describe will allow us to maintain that lead as we go forward.
And we're defining and capturing the opportunities, both in Life Sciences and Semiconductor. And we're really excited about the means by which we're proceeding. There's a lot more headroom to go. At the end of the day, we hope to be able to be convincing that by 2021, we have a clear road map and a path to be the new threshold for the company. So not the end of the day, but rather the next threshold for the company, we'll be able to deliver operating income in excess of 20%, and we plan to double the earnings per share of the company from where we ended fiscal 2017 to fiscal 2021.
So with that, I'll begin my remarks just with a snapshot of the company. And it's really important to note that this is a fast moving video. I'm going to take one snapshot in time and talk to you a little bit about that, and then the general managers who speak after that will get you caught up. About 3 quarters of the revenue for the company in the last 12 months came from semiconductor. This is a strong cash generating business unit that's growing at extremely fast rates.
So 15% over the last 12 months. We grew this business 20% in the last fiscal year, and we're on a path to do a similar kind of growth rate in 2018. But we also have about a quarter of the business now that's from Life Sciences. And in the trailing 12 months from Life Sciences, we grew 37%. Most of that growth was organic growth.
So we're in a position now where we have 2 very strong platforms, a high growth business units and employees about 2,200, fully one third of those employees belong to the Life Sciences business. So Dusty has created a capability upon which we can build tremendous amount of revenue. And Dave has been very efficient in the use of these capabilities and these technologies and the developments to grow a really strong semiconductor business. 2 years ago, we showed this slide at this meeting. So I just wanted to remind everyone, we stood here in June of 2016, and we talked about being at an inflection point.
We had just crafted Life Sciences portfolio. We'd recently acquired BioStorage Technologies, which brought to us an outsourced services capability for samples. And genomics analysis capability with the partnership with Rutgers and the beginnings of an informatics platform, but we created a complete cold chain portfolio of capability, but we were just beginning to drive it. We had a business that was going to end the fiscal year about $100,000,000 and we'd also gone through a significant reorganization of the semiconductor business. So we'd gotten out of some businesses that we couldn't grow or that we couldn't lead in.
And at the same time, we doubled down for the past couple of years on some high growth segments, and we could feel that we were at an inflection point and really set to go. And I think all of us are really confident by the time we got to the end of fiscal year 2017 that we'd indeed demonstrated some tremendous operating improvements, some considerable improvements in the profitability of the company and that we're firing on all cylinders, but we've got a lot more gears left. So we feel comfortable about where we were, that we'd called the inflection point properly. And it left us in a really good starting point for the next leg of our journey at the end of fiscal 2017. So when we look back and Lyndon and I are always talking about looking forward I want to look back just for a moment to set the context for the rest of the day today.
In the last 7 20 days, we had a number of really significant accomplishments about transforming the company, bringing it to the next level of capability. And I'll call your attention to 2 of the bullets on this slide. The first one I want to talk about is we completed 6 acquisitions in the last 2 years. We've been an acquisitive company. Over the past 8 years, we've acquired 14 different companies.
But we acquired 6 companies in the last 2 years. We have identified companies and capabilities that match our product portfolio and our strategic road map, I think, extremely well. We've identified these targets. We've gone out and paid fair price for them. We've integrated them with a team that's now very capable of integrating these things rapidly into Brooks and that we've invested in them to make them part of the growth road map.
And Dave and Dusty have done a tremendous job taking these integrated capabilities and putting them into the mainstream of the company. We have muscle memory and capability to continue to do that. We have a rich pipeline of acquisition targets. And so you'll see us, as part of the normal pattern of the business, we'll continue to be acquisitive and continue to add capabilities to the company, and we'll be very disciplined about the means by which we spend our capital. The second thing I want to call your attention to is we have a Life Sciences business now.
2 years ago, that was heading toward just over $100,000,000 This year, it will be a $200,000,000 Life Sciences business. We're on a really rapid, really strong trajectory growing the Life Sciences business, where we've penetrated just about 10% of the market opportunity so far. So we have a lot of headroom, and we have considerable emphasis in thrust in and around how do we continue to propel the Life Sciences business forward. We turned the business to profitability last year, and we'll steadily increase the profitability as we go through the coming years. And more importantly, it's a cash generator beginning this year.
So by the time we get to the 4th quarter, Life Sciences will be a cash generating business and puts it on very strong footing as a strong growth engine for the company as we go One more look back. Over the past 4 years, we've had double digit revenue growth. And most importantly, we've been able to increase the gross margin profile of the company through operating efficiency, through modification of the product portfolio, through investments in really strong operating capability. And we combine this revenue growth with this operating performance. That's what drives the tenfold increase in EPS over a 4 year period.
When we talk about doubling from here, we're still talking about continuing on this path of extremely fast operating improvements and strong growth for the company. On a single slide, this is the favorite slide in my deck. It's both a road map and a scorecard about the company. We set about looking at high growth segments in which we could grow the business. So we retooled the semiconductor portfolio.
And we look back to fiscal 'thirteen, about onethree of the revenue for the company in a really small Life Sciences business and some specific areas of Semi that we knew to be high growth segments, continue to invest in Life Sciences, and we doubled down the investments in and around Semi. And we began to pursue the growth path here for these high growth segments. And from 2013 to 2017, we added $270,000,000 of revenue. All of that plus some came from the high growth areas where we've been making investments as a company. So we end fiscal 2017 with 60% of the revenue coming from high growth segments, Life Sciences and 3 specific areas of semiconductor that you've heard us talk about time and time again: wafer level packaging or advanced packaging, contamination control solutions and Dep and Etch, which drive our vacuum automation business.
You can see some examples of products that you'll be able to review at the break. The question might be, are we tapped out? Is there more opportunity associated with this or are we at the limits of our capability? And what I want to talk to you about very specifically is we think there's a lot of headroom left. And you'll hear the general managers talking about aggressively going after significant market opportunity, which lies ahead.
In semiconductor, we have about a $1,900,000,000 available market opportunity. We've penetrated about 30%. Dave and his team continue to identify new segments for which you can apply our technologies. We think there's considerable room to continue to grow this business. In Life Sciences, it adds almost a doubling of the available market to us.
So it takes our served available market to about $3,600,000,000 Dusty and his team have penetrated about 10%. And if I take it down to the bottom of the chart, you could see 9%, 10% growth in our available market in semiconductor and in life sciences, but significant outperformance from a growth standpoint, both from semi and from life sciences. So when we imagine a $3,600,000,000 available market opportunity for Brooks, which continues to grow, we're about 20% penetrated, but we're growing twice the rate of the market opportunity. And you'll hear today the distance we've put between ourselves and our competitors and how we'll continue to advance that space in the near future.
So I'll move on
now to 2 strong platforms. I want to talk very specifically about some of the drivers for Semi and some of the drivers for Life Sciences to give you an idea about how we think about those businesses as tremendous long term drivers of growth for the company. For the past 50 years, there have been 100 of 1,000,000,000 of dollars put into extending life to bettering health and to quality of life. For the next 50 years, it's going to continue. So this will be 1,000,000,000,000 of dollars invested and even more 1,000,000,000,000 of dollars in value brought back both from semiconductors, which drive the information capability and Life Sciences, which improve health and quality of life.
Specifically, we'll focus first on the semiconductor opportunity. I'm going to give you about a 30 year time line, and I think everybody will catch up. It's pretty quickly. We went from mainframe computing to desktop computing in the early 1990s and then the advancement of the Internet. The interconnectivity of devices suddenly gave us laptops and phones and gaming and really put a boom to the technologies that we employ.
And Mobility introduced smartphones, tablets and our ability to take this computational capability and entertainment with us. We extend battery life and as we improve the capability of semiconductors to be able to be more high performance for lower power. Just as a calibration point, in 1990, fewer than half the people on Earth had even made their first phone call. And today, 2 thirds of all people on Earth have a phone in their pocket. And half of those phones are maps, newspapers, computers, cameras and capability beyond our wildest imagination.
And for people who are in and around the semiconductor space, we think this is just one stop in a long path here of capability. What's fueled the growth drivers here are the advancements in semiconductor and hence the wafer fab the very complicated the equipment that's used to manufacture the semiconductors, it's been an irregular growth market. But you can see steady growth nonetheless. So from $10,000,000,000 to $20,000,000,000 to $30,000,000,000 Recently, and we believe persistently, there's been another change. So as we continue to add on to the capabilities that already exist, we have Cloud Computing, have the Internet of Things.
And reports are now beginning to come out that by 2025, there may be 1,000,000,000,000 devices that are connected to the Internet. So the pervasive nature, the ubiquity of semiconductors to support this growth has been tremendous. We hit a new threshold. We went to almost $50,000,000,000 of wafer fab equipment in 2017. And it looks as though we'll be at similar levels, perhaps even a little bit higher in 2018.
Forecasts vary now about 2019. But I think the thing that's important here is we're at a new threshold level. There continue to be strong drivers that will include artificial intelligence, virtual reality, additional cloud computing, automotive, things that will drive the next level of semiconductor growth, which will be fueled by very complex device structures and an increase in the capital intensity that's brought about by wafer fab equipment. Most important for Brooks is as the devices become more complex, as the devices become more three-dimensional in structure, it drives the high growth segments, the need for the high growth segments that we put ourselves into. I illustrate those here.
We talk very specifically about deposition and mesh, 3 d vertical structures which acquire vacuum automation, wafer level packaging and contamination control. The 4 year CAGR for these businesses is 15%, 25% 28% for the company. Fully 50% of our semiconductor revenue comes from these segments. The thing that's most important to note here is 10 years ago, there was no wafer level packaging. And 10 years ago, there was no automated contamination control.
And these businesses are growing at an extremely high growth rate and now represent 25% of the semiconductor revenue for the company. So Dave and his team have picked very well, have exploited these niches and continue to do a tremendous job growing the business, far and away in the deposition and etch space, the vacuum automation, which you can see an example here on the side and maybe at a break, I'll encourage you to take a look. We're far and away the merchant market leader with considerable market share yet to be gained from the persistent attack on the OEMs replacing their captive capability. So 3 very strong growth platforms. And when I take a look at how we apply these to performance in fiscal 2017, majority of the growth of the $90,000,000 from fiscal 2016 to fiscal 2017 came from these three growth drivers.
So it's consistent with what we talked about for the growth in the company. You could see evidence of it in the performance for fiscal 'seventeen. But the most important portion of this slide is that we announced that we had 60 design wins in fiscal 2017. And the importance of these to the people in semiconductor capital equipment is very clear. When we win a design, we'll win it at an equipment maker.
They will qualify that at the chip maker. And after 12 to 24 months, the chipmaker will begin to order those tools in quantity. So a design win in 2017 begins to show up as revenue in 2019. So the point of this is we're not sure exactly how large the market will be for wafer fab equipment beginning in 2019, 2020, 2021, 2022, but we know our market share. So we know we've gained share.
We know our market position. And so already, we know our future from the standpoint of market share. So this is how we run the company. The engineers that you meet here today are dedicated to winning business that's going to generate revenue in subsequent years. In the history of the company, so what we relied on for revenue in fiscal 2017 was 1 many years ago.
What we're counting on for revenue in 2019 to 2025 has been 1 today. I'll turn now to Life Sciences, which has a lot of parallels and considerable differences. But when we look at a long term growth driver for the company and a long term growth driver for Industries, we look at the Life Sciences from a similar time frame. And I won't spend a ton of time on this one portion as Sukerman will do a tremendous job to explain to you about the use of automation and the transformation that happened in the drug discovery field, transforming high throughput screening from thousands of samples to millions of samples in a very short period of time by the very dedicated, very clever use of automation to support high growth in that industry. In 1990, there was a sea change when the Human Genome Project was announced.
And this was a very ambitious program designed to sequence all 3,000,000,000 base pairs in a stranded DNA to literally look at the human genome. Initiated in 1990, concluded in the early 2000s, and it began to drive an enormous sample collections of biological samples. So today, on Earth, estimates range between 1,500,000,000 and 2,000,000,000 biological samples that are stored and they're stored at colder temperatures. Typically, biological samples are stored not at minus 20 degrees C, but minus 80 degrees C. So to give you an idea, in the early 2000s, there were a tremendous number of biorepositories started on Earth.
There are more than 1,000 in North America, more than 2,000 in Europe and countless other biorepositories around the world. We took our automated cold store capability that we did at -20 to support drug discovery. We built versions with lower temperature of -80 to be able to house and store biological sample collections. We acquired a company, FLUIDEX. You can see some representative examples here.
We acquired FLUIDEX, a consumables company, to format and store the samples in our tools. As I mentioned, at the end of 2015, we acquired BioStorage Technology, the largest commercial pure play BioStorage facility. We'll continue to build on that business. I think what has everyone's attention in addition to what's going on in the biological world is the promise of cell therapies, where cells that have been modified will ultimately be the cures for many diseases. The handling of cells and tissue at ultra cold temperatures is essential to maintain the cold chain of condition in ultra cold samples.
So we created a product portfolio, which includes an automated cold store for cells and tissue that operates at -190 degrees C. We have transport devices for moving these samples inside a facility. We have an informatics capability that we just commercialized recently, and we have a genomic measurement capability that really completes the entire cold chain of condition, 1 at minus 20, 1 at minus 80 and 1 at minus 190 degrees C. So we've built a product portfolio, which has allowed us to increase our served available market. In 2013, we were an automated cold store company only, and we participated in and around the storage of samples the physical devices for the storage of samples in a market opportunity that was about $500,000,000 By 2016, after we'd acquired and built an entire end to end cold chain condition, the SAM for Brooks grew to $1,300,000,000 and we had the cryo cold chain end to end, we anticipate that by 2020, we'll have an available market of about $2,200,000,000 So we will have quadrupled the available market to us in a 7 year period.
You can imagine why we're so enthusiastic about the Life Sciences opportunity. The portfolio that we've created uniquely positions us into a tremendous growth opportunity, and we're doing all that we can to invest and to take as much of that market as we can as we define and capture the opportunity. Similar to the semiconductor slide, the portfolio that we created is responsible for the growth of the business. We show here that we grew 38% from fiscal 2016 to fiscal 2017, 27% of that was organic growth. So we have an inorganic component.
The biggest increase in the business came from the Services business, and we'll see that persist. We'll continue to see tremendous growth in the outsourced Sample Management Services business. Fiscal 2018 is projected already to be a $200,000,000 business. But what I want to call your attention to is the far right light blue bar, which is new developments. This is one that we have a lot of energy put into.
It's one to keep your eye on and we'll continue to report on it as we go forward. In here, we include the management of cryosamples in the BioStor 3 cryosystem, which has just begun to penetrate the market. We think for the next generation developments, this will be help the users to maintain collections, to connect them, to track them, to manage consent and to really add value to fully annotated samples where the systems are rather disparate today. So we'll continue to report on new developments. We'll ultimately break them out.
But talking about cryo and informatics, we think this is the next opportunity for real accelerated growth in this business unit. Now about the future. I'm going to talk a little bit first about the strategy for the company, which we haven't changed. So consistent with all the segments that we participate in today, and we've grown what we consider to be core leadership capability in all the segments that we participate in today, and we've grown what we consider to be core business for the company. So we'll continue to make sure that we maintain leadership positions.
And I've talked to you about this morning, we're going to continue to advance Life Sciences because the market opportunity is tremendous. Dusty and his team are doing organic product developments for next generation technologies that we think we uniquely can bring related to cryogenics and automation simultaneously and the protection of samples from an end to end cold chain. At the same time, we have a rich pipeline of targets for acquisitions that will continue to build capability. And if it helps us to get there more rapidly, those are things you can expect from us in the future that will continue to be acquisitive in the semi side from an opportunistic standpoint, but absolutely in the Life Sciences side as we continue to build capability. The general managers will talk to you about margin expansion, and Linden will spend some time on capital deployment as we think we've been very responsible stewards of capital, and we have big plans going forward.
In terms of objectives for 2021, we're going to persist with double digit revenue growth. We think there's an opportunity here. We think the market opportunities allow it. The fundamental capabilities in the business, the incredibly strong engineering and sales organizations that we built allow us to have high ambitions in terms of revenue growth. We'll continue to make significant improvements in operating performance.
And again, a doubling of earnings per share is in our sights between now and 2021. What you'll hear from the next speakers related to the conversation today is how they view their platforms, how they view their leadership positions. You'll hear more about the operating capability of the company, and we're really looking forward to the means by which we move during the next year. So with that, I really thank you for your attention today. I'm going to bring Dave Jarzinka up.
I want to add a little bit more to Linden's commentary. In his earliest days, Dave was at Brooks. So Dave was a developer of the products that we currently sell today. So he understands from an engineering and technology standpoint the importance and from where these products came. He was a customer of the products as he was at Intel and at IBM.
He returned to Brooks and he sold the products to customers knowing both the fundamentals of the technology and the customer needs. And now he's been a tremendous president of the semiconductor business Unit. Dave took over in the restructuring a couple of years ago, done a fantastic job taking all of semiconductor on his wing. And he's the one who's built this really strong profitable business. And you'll hear from him now that there's a lot more headroom here.
With that, Dave?
Thanks, Steve. Good morning. Thanks again for all the time and thanks for everybody on the phone calling in as well. As Steve mentioned, I've been in semi for about 30 years and it's a pretty unique time. What's exciting about is if you look at the number of applications now that need to be in leading edge technology which fuels our capital growth, it's everywhere from the data center to autonomous vehicles to everything that we do.
Secondly, if you look how many people here have bought a recent electronic device in the last year or so, right? Quite a few, I bet, right? I have with confidence that Brooks has touched your device, our solution has touched your device thousands of times. We're in every fab, we have a strong footprint. That's exciting as more and more of these devices are out there, never mind the data center and the other things that we don't see every day.
So it's one of the better opportunities. Our customers have high value problems that they've never had before and we've got a solid team that's been with us for a long time to solve these problems. So let's go over what we're going to discuss today. We'll go a little bit into the business and where we're at and then we'll move into how we're positioned for growth specifically and what type of results we're producing within those growth segments. If we look at Semiconductor Group in a glance, we've got a diversified business with leadership in automation and cryogenics and we'll talk a little bit about what that means.
I want to highlight a couple of things on this slide. First is design in wins, 38 design wins in the first half of 'eighteen. What's a design in win? It's a funny word. It's market share.
More importantly, it's taking your strong foundation of sales customer facing people, application engineers, engineers in the company, marketing folks and really getting them close to the customer early on at the fab and at the equipment manufacturer so that we can understand what the challenges are and have the right solutions and then winning that business at a value that is acceptable to both of us. We've got a lot of momentum. What does it do for our business model? We've got wins in the bank today that we haven't yet even seen in our models right in 2017 2018. It's part of our future growth.
So we get confidence and momentum of where we're going and where we want to be. And I want to stress that the engineering aspect of this is extremely strong. We have engineers in region many times. We spend a lot of time with our customers. They perceive us as an extension of their engineering environment moving forward.
So now that we've talked about that, let's get a little bit into what we do specifically and I'm going to use some props for those on the phone I have props here locally. Let's start with what this whole industry is about. This is a semiconductor wafer. On this wafer maybe 100 or 1000 of devices. It requires thousands of steps with automated tooling to make this device.
These can be high end CPUs using the data center, it can be memory devices that are moving through, it can be analog components used in a car. Some things to keep in mind that when they make this device about half of the processes that are used are in vacuum, A really important point and more and more processes over time are in vacuum. The reason is it's extremely clean. There's nothing in there extremely precise and you think of semiconductor devices, they need those types of environments to make them. When they make a device, I want to point out something called a radical.
Okay. This wafer will be coated with a film called a photoresist. Think of it as film and a camera. A light source, a very expensive tool, shines through this reticle. On this reticle is very precise atomic level images and they use 30, 40, 50 of these reticles to make device structures onto that resist.
Simply put then that resist is washed away in certain areas, they add material and they subtract material deposition and etch. The reason why I want to mention it is we'll talk a little bit about reticles. This is a new space for us growing TAM. These reticles come in carriers. These reticles need to be extremely clean.
They need to be kept in an environment. We're the only one in the world right now that does that cleans the pods the carriers that these come in for what's called EUV lithography. We've had all the tools in the field for several years and now EUV is ramping. So that's a reticle or a mask and a new business for Brooks. Now wafers are not processed 1 at a time as they go from tool to tool, they're put in carriers.
This is a carrier or otherwise known in the industry as FOUP, front opening unified pod, which is a great term that some talented engineers came up with I think late at night at a standards meeting, right. And it's literally front opening, so that's why they call it front opening. But these wafers go in here and there may be 25 wafers in here. And so they're being moved through the factory to all these tools and they spend a lot of time in here. And what the industry discovered a few years ago is, there's contamination in here and that's hurting our yield and hurting our business.
So we got to make sure that this thing is clean and Brooks is in that business of clean, making sure this poop is highly, highly pure. More importantly, this poop gets damaged. If you look at this demo here, we're now inspecting these. Is your poop have the right integrity? Should it be put back into your factory?
We're creating a lot of value for our customers. We talked a lot about vacuum, cryogenic pumping and cooling. So not only do we help move the wafers around, but we create the environment of vacuum within those tools in a very precise way, in a very reliable way. We also apply vacuum to coding things like look at your laptops and your phones, they have pictures of apples on them and things like that. We're coding those types of devices with our PolyCall devices.
And it's all backed by extremely talented group of service engineers globally around the world. We have over 10,000 robots in the field. We have over 10,000 tens of thousands of cryopumps in the field that we're helping our customers in terms of value of upgrading and servicing that base. The last segment I'll talk about is in the bottom right of advanced packaging. I showed you a very rigid wafer.
Well, when they package these things today they'll use saws to cut up dye. Good news, I'll talk a little bit, in the future they're probably using etch vacuum processes to separate these dyes, but they'll thin these wafers and then they'll create other wafers for interconnect and these wafers get hard to handle. This is easy to handle, it's straight. They get warped, they get bowed, they get frayed, they get complex. We love that.
About 5 years ago we invested a lot in that automation technology. You can see that in the SECO demo right over there. How do you handle these things? So in summary, more and more food cleaning steps, more and more vacuum automation, more difficult packages, we've got the handling, we're partnered with our customer. Let's talk about customers in detail the most important aspect of our business.
Before we go there, I want to highlight a couple of things from 2016. When you think about what's happened from 2016 to now, think about TAM expansion and think about even more new innovative products being delivered to the marketplace. In automation, you can see our new Magna Tram LEAP platform very smart, very precise. We've taken cryogenics from just vacuum and now we're cooling chucks in the market. And then within our contamination control business we're expanding food clean into memory, we're expanding it in an EUV pod cleaning and we just purchased a company to get more into reticle storage and storing those reticles of TAM expansion.
And I just talked about advanced packaging, keynote, traditionally we just sold to equipment manufacturers, now we're starting to sell equipment directly to those end users that are using the advanced packaging technology. Let's talk a little bit about customers. Important to note we have 2 customers 2 types of customers that are leading in the market in growth segments. 1 is the equipment customer. They make the tools that go into fabs, very important customer for us.
The second is actually the fab, the device of the end user. We sell equipment like food cleaning directly to them. The reason why this is important is we spend a lot of time early on with the device manufacturers really understanding their roadmaps and where they need to go 2 plus years out. We have a strong relationship with them. What that allows us to do is get a flavor of what are those high value problems that we need to solve and incorporate them into our roadmaps.
Think of that as one of the engines fueling our innovation for new diversified products and differentiated products. When we do our job right, when the device manufacturer calls on that OEM we have the right building blocks for them. We have the solution. Time to market is very important in our market and we only create a lot of value directly with that OEM, so 2 types of customers. And lastly I'll point out as I mentioned within this customer mix advanced packaging is moving from not only equipment manufacturers but directly to the end user as well in that mix on the sorter side of actually sorting dye.
So with that, we've got leading edge customers, we've got growth segments, we've got an extremely strong team that's been with us for a long time getting this done. What does it mean in the growth segments for results? So we've got 3 growth segments where approximately 50% of our portfolio today is from those growth segments. If you look back in FY 'fifteen on the chart on the left, it was about 30% of our business. Today, it's 50% of our business approximately And those three growth segments of advanced packaging, communication excuse me, contamination control and vacuum automation are growing at a rate of about 16%, much higher than industry.
We continue to take share and we continue to grow. Secondly, if you look at our markets that are more stable like cryogenics, global service, legacy automation 200 millimeter they're still growing just at a lower rate they're growing at close to GDP fluctuates but we also have some exciting things going on there. I talked about cryogenics chuck cooling starting to emerge, you're not seeing it in our models yet, some new stuff that we're pursuing. And then addition our service business we continue to get closer to our customers and think about ways we can improve their productivity as we move forward. So let's talk about what does it mean to our business and our financial pure results.
We've got a strong track record of top line growth and margin expansion. Let's compare on the left our revenue CAGR of 12% to our operating income of 53%, it's about 4x. What's driving that? Number 1, look at our margin expansion. The fuel behind our margin expansion, the biggest fuel is our valued portfolio of new products and innovation that we brought out in the last few years and continue to bring out.
That's a big portion of that. The second portion of that is of course operational excellence and our ability that as we grow to do that in a responsible way and have high flow through of that top line revenue into bottom line operating income. We've done that for a few years. We've got a very strong record of expanding margin and very strong flow through to the bottom line. We will continue to go do that as we do this in the model.
It's backed by a strong team, strong group of knowledge with strong management system and processes. We know the industry pretty well and we'll continue to be able to have that level of flow through as we go forward. Let's talk a little bit now about how we're positioned for growth in a little bit more detail. We're well positioned with strong momentum in 3 growth segments that you've heard about today vacuum automation, advanced packaging and contamination control. And I want to touch a little bit on just a couple of highlights from each segment.
We can talk more at lunch or during the break. But when you think about vacuum automation, our customers are doing processes at an atomic level and things need to be very precise. So think about Brooks as delivering high value in very precise reliable automation. Our automation runs for a long time and to get very reliable automation you got to have a talented team of people that know how to write software and do things in such a complicated environment. And that's why they keep coming to us is because we can do it extremely well and strategically predictable.
Secondly, let's think about some inflections in the market. The market is moving from just one planar type of devices to 3 d devices, FinFETs in the logic side, you'll hear the word 3 d NAND. What basically 3 d NAND is a stacking transistors so that you're getting more capacity of memory within the same area of a wafer, but you're making the devices more complicated. Multiple layers of depth in that's happened here. And it requires different approaches to vacuum automation different systems that fuels additional growth, it requires new tools, new tooling, different platforms like MagnaTrend LEAP.
Secondly, I talked about advanced packaging. Think about advanced packaging as complex handling of unique wafers, extremely dynamic. It's why we can continue to differentiate our products. These wafers, I can't even explain what complex means because our customers are pushing the envelope of what they're doing. So these wafers are coming in different thicknesses, different sizes, different bowed surfaces, frayed, sometimes it's not even silicon, sometimes it's glass or a unique substrate they don't even want to talk about.
What that means is remember we're close to those device manufacturers. So we start to get a little bit of color on that. And then we've got a premium platform that's really flexible that can handle it. Our customers like that because they can't really tell us this is what the wafers are going to look like. We said we got your back.
We've got an automation system can handle quite a few flavors and adjust and adapt to what you see. More importantly, we have a smart system that will look into that FOUP, look into that carrier and say I know what that is and I can handle it. And lastly contamination control. Think about purity. It makes an operating room look dirty, right.
These things need to be be extremely clean, no gases, no films, nothing on them. We have a core competency in that. And as I mentioned, now we're expanding it, right, from FOUP cleaning, to EUV pod clean, the metrology of the FOUP, now radical solutions, now China is emerging, the TAM is expanding rapidly in that space. And I can't stress enough EUV lithography coming up which is new specialized lithography that customers are now starting to roll out at 7 and 5 nanometer we have 2 very important plays to understand. Number 1, our pod cleaner is the only in the world that can beat the spec.
We have the entire stalled base and as that grows we will get fueled growth for pod cleaners. And number 2, our reticle solution meaning we can store these reticles in a very pure high integrity way is starting to gain momentum and they need reticle storage for EUV as well. So TAM expansion and growth coming up there. Let's talk a little bit specifically about a market that we've been a leader in for over 30 years in vacuum automation, increasing share in a high growth market. I talked a little bit about the process complexity but a couple of other important dynamics to note.
The major equipment manufacturers continue to outsource more of this automation. For many years they did this themselves, started to outsource and Brooks is benefiting from that. The reason is this is getting more complex, more difficult to do. Brooks has that core proven technology and capability and it has a team wrapped around them that's an extension of them. So not only we can provide it, but we can provide it fast and help them win in the market.
2nd, is a market that sometimes referred to as the Tier 2 equipment manufacturer, some of the smaller equipment manufacturers. There's still large companies doing 100 of 1,000,000 of dollars. They typically instead of just buying a robot to move things around, they may buy a complete vacuum automation system from us. I'll show you an example in a bit about what we've done in Korea. We see a similar model emerging in China and we think we're well positioned for even high value and vacuum automation as we move forward.
So let's talk about that example of Korea and what it means to us and what it meant to our customer. We've been in Korea for quite some time. We started with a repair sales operation and then built it up where today we're doing complete turnkey fast engineering designs close to the customer for that market segment. We have full capability. We started with vacuum automation and it's positioned us extremely well for our food clean business, for our reticle storage business to build off of.
What is it delivered? You can see the revenue growth, but we're now our partner to many of those OEMs in Korea and we have over 50% share. And through this experience we did a similar approach of investing in China very early. We've been in the China market for almost 15 years now. Our China run rate business is around $15,000,000 and growing.
And we have a structure of people and we continue to grow that value and capability as we move forward. Let's go to the next market segment that 5 years ago we really didn't do anything and today we're on a run rate to do $50,000,000 of business a year in advanced packaging. What we really like about this business is we've got over 28 customers today. We now have 3 wins within the end user. So not only moving wafers, we're actually sorting carriers that have semiconductor devices in them for major end users.
Those customers play in over 10 different applications. So those applications are always are growing. I'll just talk about one more time. Today mostly they use SAWs to cut these devices up. What's starting today is instead of SAWs, we're going to use etch which needs vacuum automation which takes a while which means they need a lot of etch tools, right?
So that's another growth engine that's moving us forward within the space. Let's wrap up with one of my favorite slides of a business that's doubled since we last met. Contamination Control. It continues to have a lot of legs. We're the leader in a high growth market.
I think we're in the early innings on this one still. There's a lot more opportunities coming and it continues to expand from our core. We talked last time we met about FOUP cleaning. We now launched our metrology tool, so now we're inspecting FOUPs that's in the market today already shipping and growing. We have an opportunity to upgrade the installed base.
I talked a lot about EUV coming up in Pod Clean. We talked about memory. We really like the play of memory investment in China. We think that's going to be really good for our future. And then we had a core of reticle capability.
We just bought a new company that brings even more engineering talent and more product solutions in the reticle storage solution space. So a lot of legs left to this business model. We're really close to our customers. We're on the front end of technology investments and now we're moving into mainstream memory type businesses as we go forward. The core of all this is really based on 2 elements of the platform.
Growth from new opportunities, I talked about MagnaTrend LEAP and our new product. We continue to innovate. We are not slowing down. You see us focused. We're taking our investment dollars that used to be generically spent, focusing them in the right areas wrapped around our customers so that we're developing new products with high confidence that they'll have high value in the market.
We've got a strong track record of doing that. We're also participating in markets that have never ending challenges. The high value problems are not going away. We love that. We like to solve those problems.
We're more than a robot company. We got a robust team of material scientists and other people behind us in what we do. And some of these new applications in new markets are really positioned for future growth as we move forward. We've got a proven track record of expanding our value and our profit. We've expanded gross margin over the last 5 years.
A lot of that is in our valued portfolio, but it's also in our operating model of how we operate and what we do. And based on our team, we have this team for quite a long time that understands this management system and is taking us to the next level. And if you look at our value position with our customers, it continues to increase and we have high confidence that we're going to continue to expand our operating margins. So if we look to the future what does it look like? We'll grow revenue continue through 2021 at a CAGR of 7% to 12%.
You can think of us as continuing to outpace the market by about 2 to 4 points. And you can also think of us as continue to bringing more to the bottom line in what we do through margin expansion, through operator excellence within the model. So in summary as we break it down, high track record of growth 9% growing to 2021. We said that in 2016. We did it.
We see it continuing through the next few years. Secondly, we're building off a strong platform. We've got the right building blocks. We've got innovative valued products, a great team and we're winning design and wins that we'll see revenue for in 18 to 24 months. So we got confidence in those wins that we're building up.
3rd element, our profit margin expansion is not by accident. It's a management system and a focus on the product side, on the operational excellence side that we continue to do just as part of our business and we got confidence that we'll continue to expand it. The third, as I mentioned, our rate of design wins are increasing. If you look think of us at the 20 nanometer node versus the 10 nanometer node and below, quite a few more wins at the 10 nanometer node and below. That will translate into ongoing revenue growth at the right value as we move forward.
So thanks for your time. I really appreciate it. Before we go on break I just want to mention on our Life Science business this is a fantastic partnership. So a lot of people ask me how does this work semiconductor Life Science, it works really well actually. In the early days we were with Dusty and his team before Dusty was there actually and started to build up and help the business.
It's been fun to see this business being really self sustaining and strong. And today that's the way it is. And when we make the changes and what we need to do in automation and cryogenics that fuel the data center that's creating the power to really create the right information and knowledge intelligence that we need in the health industry and life sciences. I think they go really well together and I've got a lot of respect for what Dusty has done within the life science industry, I think works well together. With that, we're going to take a little bit of break.
I'm not sure what time it is, but we want to be back in the room around 10:35. Please remember the demos will be open. If you have more questions, meet me or the team or whatever you need to do and we'll see you in a little bit. Thank you.
So if we could try to get everybody back and organized here. That was a quick break. All right. Well, good morning, again, everybody. My name is Dusty Tenney.
I'm the President for Brooks Life Sciences. I've got the fortunate opportunity here to bring everyone through the break session and marching us forward to our live session. This morning, I've taken the opportunity to build off of Dave's kind words towards the end of his materials to talk a little bit about our sample management capabilities that we have inside Life Sciences. And like Dave, my props are actually a little bit smaller. Steve gave you a quick glimpse at the variety of different samples that we have inside of our business.
And just to reflect on the number of samples that we work with within our company, we manage compounds, typically referred to as small molecules. They're typically stored at minus And small molecules or compounds are normally stored in plates. These go through high throughput screen and we have a full line of capabilities that support plates. The next type of sample is biologics. And these are typically your bodily fluids.
Those are normally stored at minus 80 degrees Celsius. And they range in size from this tube down to very small tubes that you can't even see. Then the next aspect is actually living biologics. These would be your cells and your tissues. And typically what happens with cells and tissues, they're put into a cryo such as this and put into a cryogenic vessel stored at -196C.
So this gives you a great perspective hopefully in terms of samples. It's tough to articulate as I go through the presentation, the insights that are necessary for you to understand the comprehensive sample management solution that we put together. So at Brooks Life Sciences, we enhance insights and increase the speed at which research is done. We do that through comprehensive sample management. We help researchers and scientists all over the world today to find answers, find answers to cures, to find answers for therapies, for healthier and brighter tomorrows.
Dave gave me a perfect segue. Our business really stems from the semiconductor side of our business. In fact, the absolute roots are from its automation and cryogenic capabilities, which as you've hopefully had a chance to see in the demonstrations, articulates the ability for us to leverage that capability and actually embed it in our solutions today. So let me just turn you to our agenda. We've built a great portfolio inside Life Sciences today, and I'd like to provide you with some updates in terms of where we're heading.
We are seeing a market that has an insatiable appetite for samples of all types and growing very, very fast. We're working with leading customers around the world today, help them accelerate the research and ultimately the discoveries. But they're finding themselves in a situation where they've got to outsource the capabilities. That's driving some of our strengths. Last is to sort of note our ability to deliver 2020 by 2021.
That's 20% operating margins, 20% growth by the year 2021. Let's take a look at where we are today. So on the left, I'll just note that we've got a balanced portfolio with strong recurring revenues. This is a byproduct of the investments that we've made and ultimately has changed dramatically since the acquisition of our BioStorage Services 2 years ago. Further to this, if you take a look, our growth rate is exceptional.
And notwithstanding fact that we're able to do acquisitions, but it's really our ability to bring those acquisitions together in an asset called comprehensive sample management. This is in itself has delivered a very strong double digit organic growth within the business and ultimately has set us up for success. So let's turn ourselves back a couple of years. Since our last Investor Day, we've delivered on our targets. We are on target to deliver our growth objectives for 2019.
And as we exit out of Q4 2018 at 10% operating margins, we're on track to deliver 15% operating margins by 2019. Our target in 2021 is to expand our margins by 60 more basis points, ultimately delivering to the 21%. 2 years ago, we talked about being in an inflection point. Let's move back to the inflection point. Today, Brooks Life Sciences is profitable.
In fact, we passed through the inflection point in late 2016. Not only have we added $100,000,000 of revenue to the business, but we've expanded margins 25 basis points over that period of time. This has led us to outstanding performance within the business and ultimately delivered the kind of growth that we anticipated through the acquisition of these businesses. Now what makes up a comprehensive sample management solution? Through our acquisitions, we put together a attractive business model.
This is stemmed by the fact that we have 1,000 customers today that are in diverse end markets, ultimately navigating the challenges that you have by having multiple end markets. We've built a balanced portfolio that has strong recurring revenues, 53%. And while anchored in North America and Europe with strong footholds with our comprehensive management solutions, we've begun to invest in Asia where we have little presence. And the little presence isn't driven by our business. It's more so driven by the fact that in Asia, Sample Management is starting to now take front seat in terms of capital investments and services that are ultimately required to support that aspect of the business.
Notwithstanding that is the underlying growth that we've experienced over the last 12 months of 38%. On to growth. Brooks Life Sciences is focused on growth. We've added $100,000,000 to the business since 2016. In 2017 2018, the majority of our growth has been organic, 27%.
This is a true testament of our ability to actually bring together these acquisitions, leverage the capabilities and build the comprehensive sample management solution that I referred to. This in itself is driven by some of the underlying infrastructure that we've built into the business, while ultimately leveraging some of the cross selling capabilities that has led us down the path of achieving our ROIC objectives. So what makes up a comprehensive sample management solution? There are 5 key building blocks that ultimately help us down the pathway. We have taken the opportunity to go out and look at the market, understand the market, understand our customer pain points.
These five key building blocks have been the genesis of our strategy, and we moved down that pathway pretty rapidly here over the last 3 years. We've taken the opportunity to acquire and I'd like to illustrate how our acquisitions actually fit into this comprehensive sample management solution. First, when we talk about sample media or consumables, we've acquired 3 companies in that space: Fluidix, BioCision and Fortitude. In the automation space, in early parts of 2010 through 2013, we acquired 3 companies in the automated cold storage space. We converted them into a single platform.
We took the best of breed. And today, we have a life science platform called TwinBank, now sold as a product called Sample Store and BioStore. When we acquired BioStorage Technologies, we actually brought on 3 unique capabilities. We brought on storage, we brought on the ability to do analysis and we brought on the ability to have comprehensive informatics that ties data and customers together with samples. This gives you a great I think a great perspective.
We didn't stop there. We came back and we've acquired a couple more assets in the sample storage space. Last year, we acquired PB MMI. And here recently, within the last quarter, we've acquired Bio Specimen. We've added to our informatics platform by bringing on the capabilities of Freezer Pro, which is a great starting point in terms of folks that are establishing biobanks or have any type of materials that are planned in the store at a single freezer or multi freezer perspective.
Now in building capabilities, we also look to partnerships. And strategically, we've established some great relationships with a couple of unique companies in the space to accomplish that objective. 1st, in the consumable space, we've aligned ourselves with LabSight. There's a disruptive technology called Acoustics. We are the single provider for the acoustic consumables, which are actually shown being picked over in the picking station there and also on our consumable stand.
We have 2 other relationships, 1 with Chart and 1 with Beckman. Chart actually provides us with the cryogenic vessels that actually store samples. We put automation on that. And Beckman, who were actually an OEM provider for their blood their new blood analyzer that they're launching here late this year. Finally, we have a great strategic relationship with RU CDR, who has been our alliance partner since the days of BioStorage technology and helps us build out the capabilities that we have to do sample analysis.
All these fit together extremely well in terms of comprehensive sample management solutions. We are quite fortunate to have very strong customers within our business, in fact, very strong long standing customers. We work with the leading customers and scientists across the world, and we've got 1,000 customers that are our trusted partners. It is those trusted partners on the left side of the screen that establish ourselves in our ability to have long standing relationships. And these are long standing relationships because of the ability to bring our comprehensive sample management solutions together.
As cell therapies, as regenerative medicines, as precision medicine, as consumer based applications come to play, we're seeing a whole new set of customers coming to Brooks, and those are shown on the right hand side. These are what I would consider our evolving customer. Now what's unique here and it's not a typo is you probably see Lilly there on the screen twice. It's there for a purpose. Our relationship with Lilly has changed quite dramatically.
It started with our bio storage services, basically providing a service to them. We were one of a couple of different suppliers. They had an internal storage capability and they were actually using a central lab to store their samples. The reason now they're strategic is that they looked at that process and that workflow and decided to consolidate all their samples into Brooks. So Lilly is not only a long standing relationship, they now have evolved the relationship to a full consolidation of their sample population.
So let's talk about these great markets that we're in growing and emerging and compelling. So the need for samples is exploding. You hear about it every day. From cell therapy to precision medicine to the consumer based applications that are in the market, specifically Amazon or ancestry.com, there's an insatiable appetite for more and more samples that ultimately lead to faster discoveries, faster cures and ultimately personal insights. And with our customers, our customers are moving down a path of simplification and that simplification usually takes the form of outsourcing, but they're also focusing their resources and their assets.
And this enables them to spend more time with suppliers such as Brooks to accelerate their research and ultimately provide insights that they've never had around their sample population. It's for these reasons that our customers continue to grow and have become our trusted partner. And because of that trusted partnership, we've launched into a pretty strong market. As Steve described, the acceleration that we've seen in the addressable market. But today, we participate in a large and growing market.
It's a $7,000,000,000 TAM for sample storage, and we provide solutions for every single sample type that exists in that growing market. On the right hand side, you'll note that we have a SAM of 1,700,000,000. It's growing at 10%. Brooks Life Sciences is growing at 2x that rate, and that's a byproduct of our ability to take share and provide a broader set of solutions for our workflows that we have with our customers. This isn't has been an enabling function for us to actually accelerate the growth.
So how do we fit into that $1,700,000,000 market? As you can see, we're quite fortunate. We have outstanding leadership positions in our sample management capabilities within the business. You can see on the left hand side how we map into that $1,700,000,000 market. It's growing and ultimately offers up some great opportunities going forward.
On the right hand side, you can see where we achieve some differentiating capabilities within the business. And these differentiate us on multiple different aspects. It's our services, it's our automation and it's our consumables. And as highlighted in multiple different aspects, we're bringing together an informatics platform that helps us bring together the data, the sample, our customers and the commercial insights that are required to make strategic decisions around that. We are the number one provider of integrated sample storage and logistics, And we are uniquely positioned to actually provide this in the marketplace.
So let's step back and take a look at the broader markets. So we participate in 3 major end markets. Those 3 major end markets have been consolidated for simplification purposes here. But I'm going to draw your attention to 3 aspects on this chart. The first is a pretty balanced revenue mix.
The second is that our market, the sample management market that we're in, is growing about 2 times what the underlying life science market is within the broader life science industry, 3% to 5%. Last thing I'll just note is the fact that we're our organic growth fully is eclipsing the underlying market growth. And this is really a true testament to our ability to bring our assets together to leverage that and ultimately deliver a comprehensive sample management solution for business that ultimately address two things. First of all, the needs of our customers and secondly, the competitive dynamics that we have within the marketplace. So to build out a little bit of a framework here, we are uniquely positioned in this industry.
A couple of things that I'll note. At the very top are the 5 key building blocks that we talk about that are important for a comprehensive sample management solution. There are 2 groups here. We compete against large central labs, and these will be the likes of Quintiles, Quest, LabCorp. They do very well in terms of taking blood from your local clinic and doing blood analysis, blood workup.
The problem that exists for the central labs is their ability to actually address the other verticals and haven't made those appropriate investments there. Further, the other competing aspects is would be some leading life science companies. You could take Thermo Fisher, you could take PerkinElmer, you could take Agilent. Where they're strong in verticals, they haven't been able to bring together the whole comprehensive solution in terms of sample management. And that's a byproduct of the fact of their size and also a byproduct of where they're focused in terms of their strategy.
Now Brooks is uniquely positioned as the leader for comprehensive management solutions. I bring that together by virtue of the fact that our solution is very, very flexible. So in light of that, we have enabled the ability to actually take a portfolio and cross sell. And this is the power that you get by virtue of having the ability to drive growth within the business. It is these solutions that have enabled us to accelerate our growth and ultimately pull together solutions that our customers are looking for.
To give you an example, last year, we were competing for a storage opportunity automated storage opportunity with a clinical research business. We were competing against the store. The customer was putting a new building up and needed to make sure that there was continuity of service throughout that period of time. And on top of that, they were looking to reformat their samples into different consumables. So instead of competing just for the store, which is usually a difficult thing to do, the customer realized that we were looking at the entire workflow.
And by virtue of us having the capabilities for storing samples, either long term or in a temporary fashion, the fact that we had leading consumables, we were chosen by that particular customer, the relationship expanded from $1,000,000 to $3,000,000 is indicative of the opportunities that we have to cross sell inside of our business. So our second strength is centered on our growing sample collection. So of note here is the fact that inside Brooks today, we store 32,000,000 samples. It's quite a collection. What's even more notable here is that of the samples that are collected, 65% of them stay in storage, which reinforces the ability to drive recurring revenue streams with inside of our business.
This is further leveraged by the fact that every single sample that we collect has multifold opportunities in terms of additional services that we can add inside the business. This will give you some perspectives there. So on the left of this slide, I've highlighted the target that we have. We're planning on doubling the size of our storage collection by 2021. On the right, I talk through an opportunity here to step up the services that we currently have in our business on every single sample that we have in storage.
So by virtue of increasing the amount of sample store and applying the services that we have within our business, there's a clear opportunity here for us to really continue to accelerate our growth within our business. The last strength that we have in our business is scale. We have a great leadership position within our cold automated storage area. On the left hand side there, we've got over 3 25 systems that are installed, 150,000,000 capacity across compounds, biologics, cells and tissues. So every temperature extreme, we've got an automated storage solution.
This has been a framework of us being able to really bring things together. So summarizing three strengths, our unique position in leveraging cross selling, our ability to take a sample collection, add more services to it and here leveraging the scale that we have inside of our business. Let's move to our growth drivers that ultimately help us to facilitate the 2020 by 2021. So our 1st growth driver drives growth by leveraging the capabilities that we have across our portfolio. A great example of this is a large pharma relationship that we had back in 2015.
That was a $2,000,000 piece of our business. At that point in time, we had a little bit of bio storage. We had an automated store. That customer then moved down a pathway of updating their store capabilities. They moved down a path of integrating us into their cryogenic solution.
They leveraged our consumables and they leveraged the cryogenic capability that we had inside of our business. So this is a multifold effect associated with our ability to take existing capabilities, leverage an existing relationship and get our customers to move from a $2,000,000 relationship to now an $8,000,000 relationship in 2018. Our second growth driver is really around expanding our solutions. And as you can imagine, as our customers continue to outsource and look for a single source for their solutions to simplify and as cell therapy evolves, there's going to be a need for solutions that ultimately can work across the entire continuum. Brooks has put together the entire solution set for our customers across that workflow.
A couple of specific examples, Graeo, Verily, Google Life Sciences and LifeVault Bio. All three of these customers are now engaging with Brooks today to kit, to transport the store, to analyze and provide informatics solutions. This is the power of our ability to put together a true comprehensive sample management solution. Overlaying this is our opportunity to actually deliver on our 3rd growth objective, and that's centered on expanding into markets. As you saw in earlier slide, we have about 2% of our business that actually comes out of Asia Pacific.
Again, this is not by virtue of the fact that we're not present in the region. It's a byproduct of the readiness of this region for sample management. There is an evolution that's taking place in Asia right now that will help us accelerate that. And we've doubled our business in 2017. We're driving a targeted growth rate of about 50% over the 2021 horizon.
This is an enabling function again that overlays the underlying growth that you saw in the 2 previous slides. So the our priorities for growth and profitability are shown on the left hand side of this slide. This gives you sort of the composite aspects associated with what we believe are necessary for us to deliver the growth. I referenced 2020 by 2021. And the resultant of those priorities and the focus on growth and profitability is what's shown on the right hand side.
22 percent CAGR, 4 to 6 points on gross margin expansion that ultimately delivers the lift that we need to deliver the 20% operating margins at the bottom of the page. In summary, we have and will continue to significantly outpace the underlying growth of the markets that we're in. We've got a great portfolio that's strong in recurring revenues and strong in backlog. It provides us with unprecedented visibility and confidence in our outlook for 2021. We're on a pathway to deliver 10% operating profit by Q4 2018, which creates the pathway delivering our goal in 2019 and the 20% in 2021.
And finally, we have become the supplier of choice at Brooks Life Sciences for comprehensive sample management. So with that, I'm going to introduce our next speaker. As Linnen had indicated, hails from GSK. She's been at GSK for 25 years. She is a subject matter expert in the industry regarding sample management and automation.
She has worked with compounds, biologics, both at -eighty and -196. She's a fellow at of the SLAS organization, which is lab automation. And she's also part of a team at NIH, which is called the Small Molecule Initiative. Sue is going to give us a perspective from the pharmaceutical market in terms of how sample management is done there to add some additional color in the perspectives that I've shared around Brooks Life Sciences. Sue?
Good morning, everyone. I have to say a big thank you from Brooks for inviting me here today. It's a real privilege and a pleasure to be talking to you. The world of investments and the semiconductor industry is not in my wheelhouse, but I've learned an awful lot this morning from the talks of my colleagues. And what I want to do in the next 10 minutes or so is to share my insights in the role of sample management in drug discovery.
There we go. So who are we? So I manage a multidisciplinary, multisite team at GSK. And our reason to exist is basically to look at after GSK assets. So this is our small molecule collection of 3,600,000 compounds, our 100 of thousands of biological reagents, which are the building blocks of our drug discovery process and the millions of clinical samples that come back from our patients where we're looking to test the efficacy of our medicines.
And in order to do that, we have developed innovative platforms and services to deliver all of these different sample types. And we've leveraged expertise in automation, in IT, in risk management and compliance and in quality assurance. We like to think that our collections are the crown jewels of the organization, because basically the process of drug discovery often starts by putting a compound together with a biology and looking to see if you attenuate a response. But basically, what we're here to do is to deliver the right thing at the right time at the right place and more importantly at the right cost. And we operate across the whole Chevron of the drug discovery process from early discovery right through to the late phase.
So I'm a little bit biased, but samples are truly the lifeblood of our organization. And if you drill it down to the most basic parameters. If you think about it, what drug discovery is about is a hypothesis. You take that hypothesis, you take samples, you test those samples and you generate data. That in turn informs that hypothesis and you go round through that iteration.
So our organizations handle millions of samples, many different sample types through multiple transfers. We like think that we're the Amazon of the pharma industry. However, it's a little bit more complex than Amazon do. And without having those robust platforms in place, then our discovery and development is compromised. We lack data integrity, and we miss out on that big opportunity of deriving insights from the data that we generate.
So drug discovery often starts with taking off small molecule collection and testing it in a biological model to see if we can attenuate a response. Many years ago, we did that in a very manual process. And you can see from this diagram here, this is how we used to do it in the 90s. This is a minus 20, 40 foot trailer. And I like to encourage or tell my team that this was part of our reward and recognition program that in the summer they would go in side and get cold in retrieving that material.
But as you can imagine, it's really not a nice thing to do to spend a lot of time in a manual minus 20 freezer trying to retrieve this material. So in 1995, we screened 100,000 wells. And in order to make that transition to really make us efficient and to be more effective in drug discovery, we invested in those automation platforms and technologies as shown in here. And by the early 2000, 2005, we were being able to screen millions of compounds in less than a week in order to speed up that drug discovery process. And what you're seeing here is a fully automated platform, which requires no manual intervention.
And what it does is stores the material at low temperature and then it transfers it out into a series of liquid handling robotic stations to format the samples in the right way for biological assay. So in order to make this paradigm shift in drug discovery, we had to work with partners and invest in technology and automation. So the key elements of what we do, we had to look at how we weigh solid material. We invested in automated solution and a solid storage. We had to develop plasticware that was compatible because quite frankly you can make or break these automated systems without the right consumables that are compatible with it.
We developed these highly integrated high throughput screening platforms. We addressed the bottleneck with picking individual samples. And we also developed some very cool technology for doing liquid handling. And all of this together was sort of pools of the glue is the IT platform and infrastructure that goes with it. So in the early '90s, late '90s, early 2000s, we went on this journey and we really solved the problems of drug discovery with small molecules.
One technology that I just wanted to call out as truly innovative and a game changer is acoustic technology. And this is the art of moving liquid with sound. So it's really, really cool. Basically, what you do is if you place a transducer underneath the well and focus the energy at the meniscus, you can ping off a very small droplet of liquid. That size of that droplet is equivalent to the eye of the penny of Abraham Lincoln.
And it allows us to miniaturize drug discovery. As you can imagine, it's a very expensive process. So we are actually able to do a biological assay in 50 nanoliters dispensing compounds at 2.5 nanoliters. All of this worked in the plate format that Dusty showed earlier. But one big transition and real game changer that's coming along is the development sorry, go back.
Is the development of acoustic tubes. And so we've been working very closely with Brooks on how we integrate acoustic tubes into our workflows for compound management. Okay. So if you looked at the types of drugs coming on the market in the early 2000s, the bulk of them would have been compounds, small molecules. That's changed.
There's been a big transition. So we're seeing the really great strides forward with biopharmaceuticals and with cell and gene therapy. So no longer is it sufficient to work in our world of compounds. We have to work in that world of biologics. What else is changing?
The cost of developing a new medicine has skyrocketed, and that's largely because of the significant attrition we see in taking our drugs through the process. We've seen an explosion of genetic data and that's allowing us to marry up that genetic information with human disease profiles. And it's also showing us the way in terms of needing to look at using more disease relevant tissues in our assays to reduce that attrition. And we've also the low hanging fruit was gone in drug discovery. Today's problems of addressing the clinical needs of our patients are getting harder and harder.
So we have to work closely with partners, academia, commercial and other organizations to actually solve these difficult problems. So basically, we're moving from a world of where small molecules were the focus to where biologics are becoming really important. So this just highlights a particular aspect of that, which is the use of human samples. So in our old paradigm, our process was largely linear. We basically look at testing a particular cell line, looking for efficacy of our compounds.
And then we go on to the next cell line. And these cell lines were immortalized cell lines that were quite distant from the actual disease state. And what that has caused and the experience has shown us is that those cell lines are not really a great representative of human disease. And therefore, we're seeing high attrition. So we're having to move to a world where we're looking at using primary patient tissues and cells and using stem cells, which is allowing us to multiplex and get a better relationship to that human disease state.
So again, the world of biologics is becoming much more prominent. Now unfortunately, in many organizations, and this isn't just GSK, it's every pharma and many other organizations across our industry, the state of biological sample management is pretty poor. We don't know what we have and we don't know where it is. And so this is a particular this is a typical freezer that is in many scientists' lab, whether you go into industry or academia, where material is not tracked, it's not barcoded labeled, It's stuffed into these freezers. I bet it reminds you of your freezers at home.
And the problem with this is that that material is not being maintained in the appropriate controlled conditions in order to maintain its integrity. So unorganized, it's not labeled properly, handwritten labels, And there is no tracking of this. So our scientists keeping 100 of 1000 of samples when they really don't need to do that. So the problem statements, fragmented, significant waste, big compliance risks and mixed opportunity missed opportunities for maximizing the investments in those biological materials. And so we have a real opportunity with the importance of Biologics in our processes and our drug discovery to improve that integrity, compliance and quality to sort out our inefficiencies and to bring on innovation.
So what are we doing about it? So GSK are working with partners to develop systems to support biological sample management. So what will we put in place? I mean, this isn't rocket science, but it takes big change management to put in place because our scientific community have been very used to just being able to access biological materials from anywhere, not register them, stick them in a freezer and not manage them properly. So we're moving to a world where we're centralizing and rationalizing that storage, and we're working both on-site and off-site to manage our materials.
What this will do will be to increase our visibility, the integrity of our collections. It will provide availability to our scientific community. And it will also address the big compliance issues that we see with the use of biologicals across our industry. And so how are we doing that? We're putting in place automation.
And this is really innovative automation. The problem of automating at cryogenic temperatures is a really difficult problem, and there's some cool technology being developed to allow us to do that. We cracked that world of minus 20 and even minus 80 quite a few years ago, but it's only now that we're seeing the ability to actually pick up that -196. Now up until now, scientists have to basically go into these liquid nitrogen dewers and pull out the material manually, which is not efficient and basically has a lot of safety issues associated with it. So we're really solving the problems by automating that process.
1 of the problems that many of the pharma organizations have been facing is that they're looking to consolidate their sites. And up until now, scientists have used up valuable real estate by having basically a sea of minus 20 and minus 80 freezers in their labs using up valuable lab space. So the key is to get it out of that lab space, put it in centralized facilities or ship it off-site. If you're not going to need to access it on a regular basis, but you need from a compliance perspective to keep it, then getting it off-site is a key process. And then obviously, the IT is really fundamental.
Without a great IT Informatics platform, all of the other components don't gel together. So, Informatics, it's not just about managing your inventory and managing your compounds or your biologics. You have to be able to integrate that cool automation. You have to be able to do quality assurance because basically, you have to provide a high quality sample to your customer, whether it's a compound or a biologic. And then you also have to link the information on the compliance and whether the scientists can actually use that sample for the endpoint they want to do.
So you have to link all of this together in your IT platform. And again, we're working very closely with organizations to develop a truly enterprise IT system, which will not allow only give us visibility to GSK assets within the organization or held off-site. It will actually in the future link us to key strategic partners and biobanks where we can view and see the wealth of samples that are available to us and can bring them in then to support our research. So we're moving from that world of biologics. We cracked the compounds and now we're moving on to sorting out our biological space.
So we're moving from this world of fragmented storage, poor visibility and limited access. We're putting in central freezer hubs with service providers so that the material is delivered just in time to our scientists. And where appropriate, we're investing in this cool automation, which will allow us to manage material So just to leave you with a few key messages. I hope you've managed to see from what I've been saying that samples really are the lifeblood of the pharma drug discovery. That we've seen changes in the modalities of the drugs that are coming forward, and we need to switch our emphasis to looking at supporting biological sample management in the same way that we've done with compounds.
Having a robust and efficient platforms is really critical to discovering new medicines. And to do that, we've worked with partners to develop best in class IT and automation and services to support these. One key piece is we've learned a lot by going on that journey of that small molecule world. And we've been able to leverage that expertise in small molecule management and apply this to the biological space. The final point I'd like to make that it's really working with key partners like Brooks and others.
Where our values are aligned, we have a common sense of purpose that you really get a win win situation and that basically we can win by discovering new medicines for our patients. So I'll stop there. And thank you.
Okay. Just a quick segue. I want to thank Sue again for taking time out of her schedule to give you more context, especially from a pharma industry partner that we have in the space. And as you could probably tell whether it was assets around Dave's business with wafers or assets that we call samples, we take great care in managing those types of assets for our customers. With the next segment here and we'll have some opportunities afterwards of course to answer questions, I want to bring up the CFO of the company, Leonard Robertson.
Thank you. Are you guys ready for some numbers? By the way, Hsu, that was just terrific. And I want to offer up the analogy that when Steve recruited me to work for Brooks in the Boston area, he asked I couldn't figure out why if he asked me, have you ever been in a minus 20 freezer? And then later in the wintertime, I understood why he asked me that living in Boston.
It's touched that temperature, minus 20 Celsius, if I recall, is about minus 13 Fahrenheit, if I recall. And it's just about the pain that you would imagine. We're going to talk about numbers. And first, we're going to look backwards. And I just want to remind you some of the track records that we've set, some of the goals, some of the proof points and give you a little bit of the thinking on our goal setting.
And then we're going to give you a couple of updates. We're going to give you a near term and then we're going to give you a new model for us to run to the 2021. And my colleagues have already given you some of the hints there and some of the punch lines. First, let's look back just over 5 years and just I really want to emphasize just how different we are today than we were when you may have come to know us back in 5 years ago or along the path. In 2013, we had just over $400,000,000 of revenue.
This quarter, we're guiding a range around $220,000,000 And so we're over the $800,000,000 We're double the revenue run rate of what we were 5 years ago. In that transformation, as already been outlined, we're chasing a serviceable addressable market that's more than doubled. And that was by positioning our portfolio, both organic investments and acquisitions, making sure that we expanded what we were pursuing in both of those markets. In fact, it's even a change in the perception of those markets, because in 2013, people are thinking, well, semi is wildly cyclical. And today, people, there's a little debate going on, is this cyclical or not?
We would say still has the exposure to cycles, but probably much more muted. But certainly, Life Sciences was viewed as a high growth market. And so we pursued that market aggressively. In fact, the next line you can see is that the Life Sciences revenue has actually quadrupled since then. In 2013, the whole year was $43,000,000 of revenue in Life Sciences and now we're on a $200,000,000 run rate for the year.
So it's a remarkable change. And probably most underscoring this, if you look at the rest of the metrics, we were looking at a turnaround, we were looking at our goals aspirationally and outlining them for you. But today, we are a very healthy business with 2 profound business models that are in 2 strong markets, well positioned, producing profits and with a strong outlook. And I'll take you to the very bottom line on this page and highlight that over the last 12 months, our ROIC calculates to 14%. And you can do the arithmetic from the public disclosures.
And the reason you can do that is because we don't remove anything. It's all in. So you can do the arithmetic. It's a GAAP based measure. If we ever have a tax event such as the reversal or the booking of a valuation allowance, we'll remove that impact as the textbooks would tell us.
But you can get to these numbers. So 14%, when we do ROIC, we keep it all in, all charges in the numerator and all assets in the denominator. So along the way, we made some commitments. And I'll just say 4 years ago this week actually, we rolled out our first 3 year model in this era of Brooks. And once we had the Life Science business in our portfolio and we put out a 3 year model and we said, we believe that by 2017, you will see a revenue number that suggests will grow somewhere in the range of 10% annually and that we'll get our earnings to something equivalent to about $0.80 to $1 a share.
And I just want to pause for a second. For those of you that were with us, I don't think all of you would have been in the belief mode at that time. I think there was some convincing that needed to be done and people said, okay. In fact, many analysts use the words, well, maybe investors are in the wait and see mode, because they were waiting to see if we're going to produce, but we could see it in our track record. And in fact, what happened, we did achieve and exceed those ranges and we hit almost $700,000,000 of revenue in 2017, about 13% growth rate annually and then $1.23 a share last year.
And so we hit the objectives that we outlined, both revenue, our margin model, our earnings per share. And I want to crisply say that on the semi side, it did go through the range. And on the Life Science side, where our original model said we'd hit $120,000,000 of revenue, we ended up with $149,000,000 but it required some acquisitions, some help from acquisitions. And so we got there with a little help from acquisitions on Life Sciences, and we crisply acknowledge that. Now let me take you to a different picture that we're looking at as we set the targets out 2 years ago today or about this week, I should say, about 2 years ago.
In 2016, we met in this room and we showed you the next 3 year model. In 2016, we said, we think that off of the strong growth that we've seen, 12%, 13% annually going into 'fifteen and it's just early summer now, it's springtime in 'sixteen, we think that we'll get to something that supports about a 4% to 8% growth rate. And again, we put the range around the semi market because it was cyclical. And we said that off of the $0.45 and $0.15 and we were still tracking ourselves to the $0.17 to get to $0.80 plus, we said we think the 2019 target will get us up to $1 to $1.30 a share. And it wasn't very long where it became very evident that we operating in that model.
And so in 2017, as we finished the year, we raised the target. We said at the end of our fiscal year in November, we said actually, we think it could be a 10% growth year again or growth period from 2015 to 2019. And so we raised it to $800 to $8.70 and we said our target, we see our model running $1.50 to $1.80 And in fact, as we updated that model, the last 12 months, the most recent 12 months we've been running at $7.60 $1.42 and we see our revenue exactly on track on both sides of the business and semi tracking to exceed the range again at this level of target. Life Sciences exactly on track. And I'm just going to clarify, this time when we put out our model in 2016, we said we'd be bigger than 200,000,000 dollars by the time we got to 2019.
We did some acquisitions. We updated the model to $240,000,000 We're going to hit 200 in that range. We said greater than 30% growth this year year over year. That puts us close to 200. And I want to clarify because there's been some questions, but while we've acquired, we have folded acquisitions and raised the targets for the acquired revenue.
So we're exactly on track with the acquisitions and with the organic growth rates and we're very proud of that and we're cautious with that because we think that we have credibility with you and we want to keep that credibility. So we're tracking to those objectives. So now with that in context, it probably is time to give you an update. I'm just going to go right to the numbers. As we look back over this last 12 months, the strength of it, we are adjusting.
I said this semi is running above the range. And so I go straight to the numbers here. We raised the range to about $880,000,000 to $940,000,000 And all the revenue we're putting in is incremental to semi. Dusty remains on track, and we believe that the semi business is more reasonably going to be in the 880 I'm sorry, the 6 40 to 7 100 range. In this context, both businesses will probably be running in the 42% plus.
Dessi has got 42% to 44%, and we see Dave's business on the semi side running to about 42%. And we get that productivity out of the operating expense and we'll see the operating income get to 20% plus we believe. Now there's an important point on the tax rate here. We did just reverse the valuation allowance on the deferred tax assets last quarter. When you do that, there's a non cash change in your EPS, right?
So non cash, but we take the reserve off, we'll still we'll use the deferred tax assets just as the reversal of the reserve would indicate. But now as we recognize all profits, we'll recognize U. S. Tax rate. So previously, the last 12 months at 13% tax rate had the U.
S. Factored in at 0 and then combined with foreign tax rates. Now you will have the 2019 tax rate of the U. S. Approximately 21% combined with the foreign tax rates and we'll have about 22%.
Again, the U. S. Change for 2019 is a non cash event in 2019, but it does impact the expectation. So it takes you to this EPS of $1.70 to $2 The midpoint of $1.85 is about $0.20 higher than the midpoint we gave you before. And so I think it's a worthwhile update to share with you.
I've given you a couple extra minutes to stare at the numbers here. Let me give it to you visually. As we update the targets again, we're now up in that 13% plus range of growth. I'll highlight to you to get there. In fact, I'll just go back one second.
If you just take a moment and look at the semi revenue and you look at the Life Science revenue from the last 12 months to the next annual period, it's roughly $65,000,000 to get to the targets, the bottom end of semi and to the target of Life Sciences. So about the same amount of revenue, maybe a little more upside in semi depending on where we land versus the bottom end. So with those comments shared, we see ourselves tracking again to the new semi objective. We see ourselves tracking solidly to the Life Sciences. I've given you the update on the tax rate of 22% to expect in 2019.
And as a team, I would say we feel really good about this. We are happy to do that. I want to show you for a moment just where do the earnings come from. In fact, in the break time, somebody came up to me and said, hey, I saw that amount in 2021 that Steve's talking about. Let's talk about where that comes from.
Well, let's get you to 2019 first. In 2019, I show you a little more interest expense because we had we took on debt in October, a little bit out of our joint venture income, which is exposed to the OLED. So about 0 point 0 $8 out, it's about half half by the way. Life Sciences, notice growth and margin expansion that we have in our road map. As Dusty highlighted, we'll be at 10% op income as we exit this year, but 15% next year is our objective.
Part of that comes through gross margin. So you get about $0.36 there. And interestingly, you get about $0.36 from semi on the momentum that we currently have. And then that tax rate change will take us down about $0.21 And again, that's a non cash change for the U. S.
Based tax. But the $1.70 to $2
we
feel is in sight and a reasonable range for our expectations. Some of you ask, well, you keep saying that the Life Sciences is on track. What gives you the confidence? So I show you and Dusty had a similar circle here, but I know some of you really love the data. And so we put the pie here and show you the makeup of the business for a couple of reasons.
1, the diversification within Dusty's business is really strong. The lighter blue at the bottom between Sample Storage and Genomics makes up the bulk of the BioStorage business along with the other storage businesses that we've acquired. But the sample storage portion of it is recurring. So we put the gold bar along that side, up the right side of the chart. And then on the left side, you can see the transactional.
And of course, the bulk of that is driven by systems revenue. Even the systems drive some recurring revenue on the product services, the follow on product services. But more than half of our revenue is recurring and look at the growth rates, we had strong growth. Everybody knows, I think the most common comments I get is, boy, that BioStorage business is really remarkable, steady growth driver, really buildings, got the annuity type revenue business, but also on the transaction, we have 57% growth last year. This is 2017 fiscal year versus 2016.
And so I give you this picture to show the diversification that Dusty said, the breadth and the strength of the entire model. So we do have confidence based on the strength of this and the pipeline. And so now I'm going to transition a bit and go on to the longer term. So that was 20 where we are today and as we look into 2019, and now is the time that we put forward another 3 year model. And we start setting our sights on 2021.
As we do that, I tell you that we'll talk about 2019 as we finish this year. But as we enter the year, we always stop talking about that current year and the reason is because we don't want you to confuse it as guidance. Our semi analysts will quickly tell you that we only have visibility to orders within about 90 to 120 days. So it wouldn't be responsible for me to give you a guidance. And so I refer to these as models and that's why I put a range on it around semi and we do have a good track record, but we'll do it that way.
I start with a framework. A framework of 2021 says that we see the semi business growing about 7% to 12% or about 9% from the 2017 period. Now this is pretty modest. In other words, if you were to look at where we are today, instead of a 9% midpoint, it's more like a 6%. And we view that this range is pretty reasonable.
In other words, 7 $20,000,000 if you think about it, our current midpoint of our guidance on the quarter is $220,000,000 and we said about $50,000,000 of it is Life Sciences, right? So about $170,000,000 That puts you at about $680,000,000 That means I need to add about $40,000,000 a quarter I'm sorry, dollars 40,000,000 a year, just $10,000,000 a quarter between now and 2021. We think this is roughly a modest or flat to modest growth rate for semi and it's a right range for us to be expecting from these levels and the capital intensity. GDP plus is a good model and we'll continue to monitor and keep you updated if we see upside to that, but we think that's the right range. On the Life Sciences side, you can see that 330.
And Dusty, if you have any conversation with Dusty, I can almost guarantee you, he will always talk about I'm running a 20% growth business. In many days this last year, it was 27% and when we acquire, it gets to 40%, but he has a mindset that this market, I can double the market growth of 10% any day of the week and he'll always talk about 20%.
I put
it in clarity for you in my financial model and the objectives I'm giving you is I'm counting on about 18% CAGR from this year where we'll hit somewhere in the range of 200 and going forward. And so it's a little bit lighter than the 20%, but I just give you that as context and I think the financial model is responsible and I won't quit chasing Dusty for the 20%, I promise. And I will emphasize that neither side of this includes any acquisitions. And of course, we'll talk a little more about that in a moment, but this is based on what we own today. Both businesses will get to about 42% to 44% gross margin.
The operating expense productivity, this simply means that our revenue is going to grow faster than our OpEx. And in fact, we will underscore our previous comments that says our investments are largely in place. Except for acquisitions, we will build on the current platforms and just increment where we need to. Semi has been running on a model of basically holding their expense structure in large part with a modest investment in R and D. And then Life Sciences has been building a platform, but have it in place now.
This gets us to very comparable operating margins on both sides. And most importantly, at the bottom line, we think we'll be exceeding 20% in 2021. Our ROIC will exceed 20% with these numbers by the time we get to 2021. And this is a key element of what we drive as a business in our decisions, not just on our P and L objectives for the year, but also our acquisitions as the ROIC. I put it in terms of P and L structure for you.
You could see that we're talking about being a $1,000,000,000 to $1,200,000,000 business. Life Sciences with these numbers, we get to be about 30%. And frankly, we thought we'd be there already, but semi has been much stronger industry in the last 3 years than what we had anticipated. But as I said, Life Sciences have maintained their pace. If you go down and you'll see that the EBITDA gets us to more than $250,000,000 in this range and at EPS of $2.30 to $2.70 and so that strikes at the $2.5 midpoint that Steve suggested on his chart.
So we're as a team, we're focused on this with you to share with you as a vision. Internally, we internalize this and we put our strategies and structures in place to make sure that we march toward this. And this is what we've done for the last 5 years and it's been serving us well. In total, I'll just remind you, we're at around numbers at the midpoint about 12% CAGR on the revenue going from the 2017 fiscal year that's behind us and EPS about double with a significant expansion of the operating income margins. I want to spend just a moment on capital deployment.
Capital deployment, we have deployed over the last 5 years, dollars 700,000,000 We think we've been very responsible. We are driven on return on invested capital. And as I said, we don't exclude anything. We keep everything in the numerator and the denominator. And about 40% -twenty percent is a pretty good split, I think.
And that last 20% has gone back to investors and dividends. And we believe and as you saw us take on debt, we did that because we believe there's
significant opportunity in front of us. And so you
will continue to see us exercise I time to keep you abreast of how we build the business and so a long history, but the key message is you can expect more acquisitions. And as we do them, that will add to that $1,000,000,000 $1,200,000,000 business that we're shooting for and it will add to the $2.5 EPS. It's significant to us. We believe that if you were to define Brooks, we are 2 strong businesses and 2 strong markets. We have growth drivers at the root of each of these industries that are promoting the health and lifestyle, but it's our capabilities that set us apart from our competition and that make our model work the way it does.
It's leadership positions that are so critical to us in our strategy, and that's why we have bought certain businesses and that's why we've divested some. And we have built a strong financial model that we believe that will continue not just in the last 5 years, but in the next 5 years serve us very well and that it produces significant increase in opportunities for us and opportunities for our investors. We'll continue to revisit the returns to shareholders. We have, I think, done a nice job, returning the dividends, but also deploying the capital to increase the return on your invested capital. And I really believe that that's what it is.
It's return on your invested capital as we invest on your behalf. And so with that, that's the wrap up. That really is that's the summary. 2 strong businesses, strong financial model and we plan to be responsible with your investments. We appreciate the time that you've taken with us.
I'm going to invite the leadership team up with me and we're going to do a Q and A now open for a few minutes. And with that said, we have a couple of microphones being ran through the room here. So if
you have a
question, just raise your hand and we'll get a microphone to you before you start. Paul over here has one. And we'll start with you, Mr. Knight. Paul Knight of Janney.
Steve, can you talk about spin? You've been non committal in the past evaluating it for shareholders. Any change on that? Or are you saying no today or yes or no change in message?
Yes. I think so the question is, is this construct of the company, are we thinking about splitting the businesses? Really simply, we have a model that works for us. We've generated a lot of cash that we've put forward in Life Sciences. And Paul, to date, we haven't had to make an or decision with any of the things that we've done.
So everything that we've wanted to do from an acquisition standpoint, we've been able to do by funding those acquisitions from the semiconductor space. We have that capacity that you've seen us put into place, and we have the ability to do even larger acquisitions with the financial capability of the company. I think if we ever had to come to a point where we had to make a decision this or that, it might change the construct of the company. But right now, we're fully capable to fund the continued growth of both businesses. There may be a day when it comes, but right now, we are driving value from the businesses that we have.
And we think we've been pretty capable so far.
Edwin Mark of Needham.
Great. Edwin Mark of Needham. Thanks. Very good presentation, a lot of details. I appreciate it.
First question I have just on semi. It sounds like CCS is a great opportunity for you guys. You guys have a pretty high share, almost dominant space. Just curious, is there more development that needs to go into this radical storage opportunity? Or you pretty much have the technology and what about for EUV as well?
Good question, Edwin. So the question is, is there more development needed for our reticle solution technology? We have reticle storage for EUV in the marketplace today. So we have products that we've been shipping. We have storage systems that have been shipping.
So with that we'll also continue to innovate. So we have a baseline, we're shipping products. We were I think ahead of the market. You can view us as being ahead. And then but we continue to invest and innovate in different things within that space to continue to grow beyond that.
Sorry, if
you don't mind, I squeeze in 2 more questions. So one for you, I have to go for each person, I guess, right? One for Dusty. So your Life Science business, you touched a lot of different customer from big pharma company, which is a very big organization to really small customers, right? Just curious, how do you organize your sales effort?
Do you like go direct sales for everything? How do you kind of balance between that and using the channel? And especially when you talk about going geographic expansion that could becomes very costly, you try to direct. Just if you can kind of walk us through your thinking process?
Yes. Great questions that sort of wrap together. So we have a global sales organization. And as I talked about this comprehensive sample management solutions, we have specialties in each one of those verticals, but the intent at a strategic level is actually to bring that together. So we have strategic account managers that focus on our end customers and focus on the broader solution set that we have there.
As you take a look at what we have today, I would say that we're probably about 85% to 90% through direct sales and about 10% to 15% through distribution sales. Edwin, I think you noted where we are in our journey with China. We have a direct presence there today. We are working and collaborating with a number of master distributors and distributors in that region. And as we continue to grow that business, clearly, we will move from a distribution base over to a direct base.
But we will span that gap by virtue of having strong distributions in that region of the world.
Great. And then the question for you, Lyndon. If I look at your target model for 2019, right, I noticed that your OpEx, the implied OpEx in the midpoint of the model is actually lower than what you just reported on an annualized basis. Are you doing some cost cutting there or just or did I just get my
math incorrect? You might want to check the run rates that we're at. But in general, we don't expect any investments. So you would we're holding it pretty steady between now and 'nineteen on both sides of the business.
And then just a longer term question on M and A. Much more financial capacity do you have to do acquisition?
Is there a way to kind
of walk through the math for us?
Thank you. It's pretty significant can easily upside that. We shared that when we launched that debt that we had eased to double that and we have paths that we can do significantly more as well. And now once you get beyond the levels of doubling that, it also depends on what you're acquiring, right? So as you acquire, then you will tie the financing to that.
So we're not limited and we would look at we're always looking for small deals and we're also looking for the larger transformative deals as well. So we feel like the field is pretty wide open to doing a wide range of size. Thank you,
Thank you. Brian Chin from Stifel. Thanks for all the information. A lot to unpack there. I guess my first question is, on the semi side of the business, you quantified some pretty strong design win momentum that you've seen over the past 12 plus months.
Curious, 1 point 9,000,000,000 TAM and 31% market share, what's sort of your line of sight over the next 12 to 24 months in terms of market share, kind of mid-30s based on that design win pipeline?
When we look at it, you can think about let's take the logic space, you can think about the new nodes coming out, 7, 5 and then beyond even 3. We've got strong confidence there. So we when you look at those design wins, we're winning in those spots. So that will continue to grow. You can think about in the memory markets, we grow and then we're expanding our TAM.
China Investments, we're pretty optimistic about what's going to happen there in the memory side and we're winning there. And then we continue in the vacuum automation side to win new business. So when you put all that together, I think we'll continue to exceed the industry by 2 to 4 points and we'll continue at the growth rates that Lynn had showed in the market.
Also fifty-fifty legacy versus the growth products in terms of how you classify them, what's kind of the margin relative to the op or gross margin spread between the two businesses? So I assume that the growth will outgrow the legacy clearly, so there will probably be a favorable mix there.
Yes, you can think of our newer products of all of it has decent margins. We don't hold lower margin products for too long. We do in instances where we got to sustain our customers. But in you can think about our new products of having good value and the right value and therefore fueling some of the margin as we go forward and majority of our revenue now is in new products as we go forward.
Maybe one last question just on that over on the Life Sciences business. Curious, the 2021 objectives, you're 53% recurring today. Kind of curious how much do you think will be recurring in the $330,000,000 revenue objective for 2021? And of the nonrecurring, curious how much of the automate how much do you think of the pie automation will represent?
Yes. So Brian, we actually modeled that out based on what we see driving the underpinnings of the $330,000,000 that we showed for 2020 that's going to be somewhere between 58% 60% based on the focus of the services piece and the consumables piece that we see as clear accelerators within the business. So as we take a look at the infrastructure pieces from a pie standpoint, I would say that there will probably be declining aspects associated with it because of the acceleration. We'll probably see we're modeling now somewhere between 10% and 15% on the infrastructure side. So given that we've got 20%, clearly the other parts of the pie will accelerate much faster than that and make that pie a little bit smaller.
Got it. Perfect. Thank you.
Yes. Thanks, Lindon.
It's Drew Jones of Stephens. Thanks. The 30,000,000 the growth in 30,000,000 samples that you guys are expecting between now and 2021, what's the incremental margin for those? So generally, the drop through on the sample business on the BioStorage side tends to be in the 45% to 50%. And so I've always shared that on the storage side of life sciences, we tend to see above 45% 45% or plus gross profits on that gross profit.
And then and our systems have been in the mid to higher 30s. And so as we move forward to the 42% to 44%, obviously, we're not looking to drop the storage side. We see the upside in this, one in the stores through cost reduction as well as value of the product offerings being advanced. And then secondly, on the storage side that will get the leverage of the size of the structures that we have. So and by the way, the expense will it will increment modestly.
But as I said, the platform is in there. So we have afforded some expense structure in that, but it will be highly productive. The drop through, I would say, would be in that 45%. And then, Sue, I don't know if you mind one follow-up. But when you talk about automating your biologic samples, is that strictly forward looking?
Or will you guys do that for your existing library well? John, can you give her a microphone?
It's both. So we're looking to rationalize our legacy holdings, moving them into automation friendly containers with appropriate barcoding. And as we acquire new biological materials, we'll have them come in, for example, for clinical trial samples. We're actually working with those sites now to say you need to put your materials in these containers and we actually provide them to those clinical sites. So it's both.
Just on the semi side, can you quantify the EUV opportunity from organic Brooks versus what you acquired from Techem in April?
Sure. Let me break it down to a couple areas of the opportunity. First one is the carrier itself that holds the reticle known as the pod in the industry. We've been shipping tools into that space for many years. From the early days of development of EUV, there was a need to clean carriers.
So we work very closely with the industry developing the spec that's been in the market for a while and that will grow as the EUV market starts to grow. A lot happening at 7 nanometer certainly beyond 7 nanometer for that growth. Secondly, we've been in reticle solutions as well. When we bought DMS back in 2014, we had a core reticle business that we're in that we ship tools to many customers. And now we're adding to that not only a product portfolio mix, but a group of talented engineers that will apply to accelerate our road maps as well.
So we had the core foundation, now we're reaching acceleration. But keynote in the EUV space, we already had a product for EUV reticle storage. We weren't buying into EUV. We had it established. We were leading, had the core competency.
Now we're buying acceleration in that market to meet our customers'
And then on the Life Sciences side, if I did my math based on the 2021 targets, it looks like the market share gets up about 13% of the total market. Is there a target that you'd like to achieve either through organic growth in Life Sciences or through additional acquisitions?
Well, I think Steve tried to highlight the fact that our vision is quite high on Life Sciences. So acquisitions play us a very strong strategic play in our pathway going forward. To that extent, if you take a look at what our market share would be at that point in time, I think the 15% range is sort of a nice target, a combination of both the organic aspects that I described as well as the acquisitions that are in the space. I think at that point in time, when you take a look at the fragmented nature of that market, it is clear leadership position for us at 15%.
Those questions are from Amanda Scarnati of Citigroup.
Tycho Peterson from JPMorgan. Can you talk on whether you guys are involved in PopSeq population sequencing? How big an opportunity that could be given some of these initiatives, GEL in England and the all in one initiative here in the U. S?
I would say that we are supporting the sequencing of population studies. I noted in a couple of my slides that we've got strategic relationships with GRAIL, Verily, who are engaging in those respective population study. GRAIL on one hand, of course, has the strength of Illumina to actually do a lot of the sequencing, whereas in other customers are actually asking us either through the capabilities that we have inside Brooks or through our alliance to actually do the sequencing. So we have partitioned that out. We provide kits.
We provide the logistics. We move those move that into a sequencing mode and actually provide that as a service today. So we are addressing it, not necessarily as a primary, but clearly as a natural secondary to the broader collections that we're assembling at this point.
And then you guys had the announcement with Cleveland Clinic earlier this week. Was there anything unique about that in terms of how it was structured or financed that could be a template for future deals?
Well, it was modeled primarily based on our BioStorage business. The largest, of course, is in Indianapolis. We've got locations in Europe as well as in Asia at this point in time. And we use that as the model. So the framework that we've built, the Cleveland Clinic will be building the framework there, specifically the building, and we will operate that Cleveland Clinic at the highest levels within their respective organizations strategically, Cleveland Clinic at the highest levels within their respective organizations strategically decided that they needed to take all their samples, which were in disparate labs as Sue has described and consolidate that into a dedicated facility and they look to Brooks as a subject matter expert for running and operating that facility for
them. You talk about the alliances having a 10% growth rate, just the business itself. What are the factors that could really accelerate that going forward?
I think there's probably 2 things that I would probably have in mind. The speed of the strategic changes that need to take place, the realizations that I think Sue articulated in terms of consolidating sample populations, long term samples, using automation for sample collections. So I think that is 1. I think the second, it really just ties in with materials that I share today, which is the preponderance for many different parts of the market, whether that be biotech, pharma, academic, government, is to collect more and more samples. I mean, that is the drive that we're seeing and it's even amplified by virtue of what we're seeing in the consumer market of which we're engaged in today providing samples.
So I think it's 2 things. It is the number of increases in samples that can help to accelerate that and it's the leverage points that you get by virtue of adding more services on
top of it. Well, I think the room seems to be slowing down a bit. We've already taken you 5 minutes into the lunch period. So with that, I'm going to wrap up here and just say thank you so much for the time that you've spent with us, not just in this day, but especially this day. These are really good times for us and our company.
But we think that we've offered something and that we brought something to the table and we will continue to do so that can be good for the investment community. And we it's always our aim to make it clear, make it measurable, make it objective so that you can see it very clearly. Hopefully, we've helped to bring that to light today. And we're very excited about where we're going over the next horizons and where we are today as well. So thank you for joining us here.
Appreciate it. Thank you. Thanks, guys.