Perkin-Elmer is one of the leaders in the life science systems and analytical instrument markets. Using the following information from Perkin-Elmer's 1996 annual report, calculate the gross margin percentage and write an explanation of what the results mean.

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($ thousands) Net revenues 1996 $1,162,949 595,857 Cost of sales Gross margin. $ 567,092 1995 1994 $1,024,467 535,178 $1,063,506 560,402 $ 503,104 $ 489,289