Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced its financial results for the third quarter ended September 28, 2024.
Key Financial Metrics
| Financial Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $10.60B | $10.57B | Flat | $10.64B |
| GAAP EPS | $4.25 | $4.42 | Decrease | - |
| Adjusted EPS | $5.28 | $5.69 | Decrease | $5.24 |
Thermo Fisher's sales remained largely steady year-over-year with a revenue of $10.60 billion compared to $10.57 billion in the third quarter of the previous year, slightly missing the consensus estimate of $10.64 billion. The company did, however, surpass earnings per share expectations, with an adjusted EPS of $5.28 against a consensus of $5.24, though down from $5.69 the same quarter last year.
Revenue Breakdown by Segments
While specific segment performance data is not available from the release, the overall revenue improvement from sequential quarters indicates better performance across certain segments, possibly bolstered by the successful launch of new scientific products.
Key Developments
- Launched the Thermo Scientific Iliad scanning transmission electron microscope and several other life sciences research tools.
- Established key partnerships with the National Cancer Institute for the myeloMATCH precision medicine trial.
- Expanded operations at Cincinnati, Ohio, and Bend, Oregon, sites to enhance pharma services, along with a new bioanalytical lab in Sweden to extend clinical research capabilities.
Executive Commentary
Marc N. Casper, Chairman, President, and CEO, expressed satisfaction with the results, highlighting the company’s strategic growth driven by new product launches and strengthened customer partnerships. Casper underscored Thermo Fisher's firm positioning to achieve 2024 objectives and create ongoing value, suggesting an optimistic outlook in competitive areas.
Forward Guidance
Thermo Fisher modestly raised its full-year adjusted EPS guidance to the range of $21.35 to $22.07, signaling confidence in continued financial performance. Revenue guidance remains within $42.4 to $43.3 billion for the full year.
Stock Price Reaction
Following the earnings announcement, Thermo Fisher's stock showed a minor positive adjustment, increasing by approximately 0.53%.
In summary, Thermo Fisher’s third quarter results demonstrate stability in a competitive and fluctuating market, buoyed by strategic initiatives in product innovation and global reach expansion. While the company slightly missed revenue expectations, its adjusted EPS beat consensus, highlighting operational efficiency and strategic execution.
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