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Thermo Fisher Scientific Clocks 13% Organic Sales Growth, Over $600M In COVID Testing Sales

Benzinga · 07/28/2022 07:49
  • Thermo Fisher Scientific Inc (NYSE:TMO) has posted Q2 revenue of $10.97 billion, with 13% Y/Y core organic revenue growth, beating the consensus of $9.97 billion.
  • Organic revenue growth was 3%, acquisitions increased revenue by 19%, and currency translation decreased revenue by 4%. 
  • COVID-19 testing revenue was $0.63 billion.
  • "Our proven growth strategy and PPI Business System enabled us to deliver exceptional results across our business, and we continue to see the benefit of our strategic investments to enhance our unique customer value proposition," said Marc Casper, chairman, president & CEO. 
  • "The integration of our clinical research business is going very well, the business is performing at a high level, and the outlook for long-term synergies is very compelling," he added.
  • Revenue from Life Sciences Solutions Segment declined 7.5% to $3.29 billion. Analytical Instruments Segment sales were up 30.1% to $1.61 billion. Specialty Diagnostics Segment revenues decreased 10.9% to $1.1 billion, and Laboratory Products and Biopharma Services segment sales were up 54.5% to $5.53 billion.
  • Adjusted EPS of $5.51 topped the consensus of $4.99.
  • Adjusted operating margin contracted from 29% to 23.7%.
  • Price Action: TMO shares are up 3.96% at $605.00 during the premarket session on the last check Thursday.