Zinger Key Points
- Thermo Fisher Q3 revenue was $10.59 billion, missing consensus of $10.64 billion; adjusted EPS was $5.28, beating expectations of $5.25.
- Life Sciences Solutions revenue fell 1.9%, while Analytical Instruments sales rose 3.1%; Specialty Diagnostics grew 4.2%.
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On Wednesday, Thermo Fisher Scientific Inc. (NYSE: TMO) posted third-quarter revenue of $10.59 billion, almost flat year over year, marginally missing the consensus of $10.64 billion.
Revenue growth, organic revenue growth, and core organic revenue all improved sequentially from Q2 and were flat compared to the prior-year quarter.
Revenue from the Life Sciences Solutions Segment declined by 1.9% to $2.39 billion. Analytical Instruments Segment sales were up 3.1% to $1.81 billion.
Also Read: Novo Nordisk/AstraZeneca’s Manufacturing Partner Thermo Fisher Questioned Over Manufacturing Lapses.
Specialty Diagnostics Segment revenues increased 4.2% to $1.13 billion, and Laboratory Products and Biopharma Services segment sales were almost flat at $5.74 billion.
Adjusted EPS of $5.28 beat the consensus of $5.25 but fell from $5.69 a year ago.
Adjusted operating income for the third quarter of 2024 was $2.36 billion, compared with $2.56 billion in the year-ago quarter. Adjusted operating margin was 22.3%, compared with 24.2% in the third quarter of 2023.
“We are pleased to deliver strong financial results in the third quarter, reflecting another quarter of sequential improvement in growth,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific.
Casper added, “Looking ahead, we’re in a great position to deliver on our 2024 objectives…”
Guidance: Thermo Fisher reaffirms its 2024 sales guidance of $42.4 billion—$43.3 billion, compared to the consensus of $42.91 billion.
The life science company revised its adjusted EPS guidance to $21.35-$22.07, compared to its previous guidance of $21.29-$22.07 and consensus of $21.72.
Price Action: TMO stock traded lower by 2.17% to $573.66 at the last check on Wednesday.
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