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On Wednesday, Thermo Fisher Scientific Inc. (NYSE: TMO) posted a second-quarter revenue of $10.54 billion, down 1% year-over-year, beating the consensus of $10.51 billion.
Organic revenue was 1% lower, and Core organic revenue growth was flat.
Revenue from the Life Sciences Solutions Segment declined by 4.4% to $2.36 billion. Analytical Instruments Segment sales were up 1.9% to $1.78 billion.
Specialty Diagnostics Segment revenues were almost flat at $1.12 billion, and Laboratory Products and Biopharma Services segment sales were down 1.3% to $5.76 billion.
Adjusted EPS of $5.37 beat the consensus of $5.12 and grew from $5.15 a year ago. Adjusted operating margin was almost unchanged at 22.3%.
Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific, said, “We’ve further extended our industry leadership and positioned our company for an even brighter future.”
Subsequent to the second quarter, Thermo Fisher Scientific completed its acquisition of Olink, a provider of next-generation proteomics solutions. The transaction values Olink at approximately $3.1 billion, net of $96 million of acquired cash. Olink will become part of Thermo Fisher’s Life Sciences Solutions segment.
Guidance: Thermo Fisher raised its 2024 sales guidance to $42.4 billion—$43.3 billion compared to the previous guidance of $42.3 billion—$43.3 billion and consensus of $42.96 billion.
The life science company raised its adjusted EPS guidance to $21.29-$22.07 versus its previous guidance of $21.14-$22.02 and consensus of $21.29.
Reuters noted that contract drug manufacturers experienced reduced spending from their biotech clients in 2023 due to rising interest rates. However, the funding environment for early-stage biotechs is expected to improve in the second half of this year, with anticipated interest rate cuts from the Federal Reserve in September.
Citing analysts, the Reuters report suggests that funding could stabilize, supported by a strong year for regulatory approvals in the United States.
Price Action: TMO stock was trading lower by 3.16% at $534.78 premarket at the last check on Wednesday.
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