Thermo Fisher Scientific Reports Third Quarter 2024 Results

Original from: Thermo Fisher Scientific

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended September 28, 2024.

Third Quarter 2024 Highlights

· Third quarter revenue was $10.60 billion.

· Third quarter GAAP diluted earnings per share (EPS) was $4.25.

· Third quarter adjusted EPS was $5.28.

· Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. To enable the development of advanced materials, we launched the groundbreaking Thermo Scientific Iliad scanning transmission electron microscope, which integrates a number of our advanced technologies into a user-friendly workflow to enable research of the most sophisticated modern materials down to the atomic level. To advance life sciences research, we launched the Applied Biosystems MagMAX Sequential DNA/RNA kit, which maximizes the isolation of DNA and RNA from blood cancer samples helping researchers identify unique insights into cancer-causing genetic alterations; and the Invitrogen Vivofectamine Delivery Solutions, a novel method for delivering nucleic acids into multiple targets with therapeutic effect, paving the way for groundbreaking new medicines.

· Continued to deepen our trusted partner status with customers to accelerate their innovation and enhance their productivity. In the quarter, we announced a partnership with the National Cancer Institute on the myeloMATCH precision medicine umbrella trial, which will leverage our next-generation sequencing technology to test patients for specific genetic biomarkers to match them more quickly with optimal treatments based on their unique cancer profile. In our pharma services business, we announced the expansion of our Cincinnati, Ohio, and Bend, Oregon, sites to further enhance our solid dose formulation capabilities for our pharma and biotech customers. In our clinical research business, we also announced the expansion of our global laboratory services network with a new bioanalytical lab in Gothenburg, Sweden, which will provide pharma and biotech customers with advanced laboratory services to support all phases of development.

“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. “We continue to deliver differentiated performance through our proven growth strategy and PPI Business System. Our trusted partner status is resonating strongly with customers, and this is translating into meaningful commercial wins.”

Casper added, “Looking ahead, we’re in a great position to deliver on our 2024 objectives, as we continue to create value for all of our stakeholders and build an even brighter future for our company.”

Third Quarter 2024

Revenue for the quarter was $10.60 billion in 2024 versus $10.57 billion in 2023. Growth in revenue, organic revenue and Core organic revenue all improved sequentially from Q2 and were flat versus the prior-year quarter.

GAAP Earnings Results

GAAP diluted EPS in the third quarter of 2024 was $4.25, versus $4.42 in the same quarter last year. GAAP operating income for the third quarter of 2024 was $1.84 billion, compared with $1.86 billion in the year-ago quarter. GAAP operating margin was 17.3%, compared with 17.6% in the third quarter of 2023.

Non-GAAP Earnings Results

Adjusted EPS in the third quarter of 2024 was $5.28, versus $5.69 in the third quarter of 2023. 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.

Annual Guidance for 2024

Thermo Fisher is raising its full-year adjusted EPS guidance to a new range of $21.35 to $22.07 versus its previous guidance of $21.29 to $22.07. Revenue guidance continues to be in the range of $42.4 to $43.3 billion.

Source: Thermo Fisher Scientific Reports Third Quarter 2024 Results