Wednesday, Thermo Fisher Scientific Inc (NYSE: TMO) posted a fourth-quarter revenue of $10.89 billion, down 5% year-on-year (Y/Y), beating the consensus of $10.73 billion.
Organic revenue was 7% lower, Core organic revenue growth declined 4%, and COVID-19 testing revenue was $0.05 billion.
Revenue from the Life Sciences Solutions Segment declined by 18.9% to $2.47 billion. Analytical Instruments Segment sales were up 8.5% to $2.04 billion.
Specialty Diagnostics Segment revenues were almost flat at $1.1 billion, and Laboratory Products and Biopharma Services segment sales were down 3.8% to $5.72 billion.
Adjusted EPS of $5.67 versus the consensus of $5.64 and $5.40 a year ago, below the consensus of $5.42. Adjusted operating margin improved from 22.4% to 23.4%.
“We effectively navigated the challenging macroeconomic conditions by leveraging our PPI Business System to deliver strong financial results,” said Marc Casper, chairman, president, and chief executive officer.
Casper added, “Our proven growth strategy, capital deployment approach, and PPI Business System continue to position our company for an even brighter future.”
Guidance: Thermo Fisher initiates 2024 revenue guidance of $42.1 billion-$43.3 billion versus the consensus of $42.95 billion.
The company sees the adjusted EPS of $20.95-$22.00 versus consensus of $21.78.
Price Action: TMO shares are down 2.98% at $550.24 on the last check Wednesday.
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Image and article originally from www.benzinga.com. Read the original article here.