Thermo Fisher Scientific Reports First Quarter 2023 Results

Original from: businesswire

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the first quarter ended April 1, 2023.

First Quarter 2023 Highlights

- Delivered very strong financial results during the first quarter.

·    First quarter revenue was $10.71 billion, 9% lower versus the same quarter last year. Core organic revenue growth was 6%.

·   First quarter GAAP diluted earnings per share (EPS) was $3.32.

·   First quarter adjusted EPS was $5.03.

·   Launched a range of high-impact, innovative new products, including the Thermo Scientific iCAP RQ Plus ICP-MS Analyzerto simplify analysis of trace elements, including identification of heavy metals in water and soil as well as toxic elements in food and beverages; the Applied Biosystems QuantStudio Absolute Q AutoRun dPCR, an automated digital PCR solution to increase productivity for molecular research, including cell and gene therapy and cancer research; and the Invitrogen DynaGreen, microplastic-free magnetic beads for protein purification, helping our customers to reduce the environmental impact of life science research.

·   Continued to strengthen our unique customer value proposition by advancing our strategic partnership with the University of California, San Francisco (UCSF), with the opening of a new cell therapy cGMP manufacturing and collaboration center to accelerate development of breakthrough therapies.

·   Secured agreements to power all current U.S. sites with 100 percent renewable energy by 2026, contributing significantly to our commitment of a 50% reduction in Scope 1 and 2 greenhouse gas emissions by 2030.

·   Active quarter of capital deployment, repurchasing $3.0 billion of stock, increasing our dividend by 17 percent, and completing the acquisition of The Binding Site.

“We delivered another quarter of very strong financial performance, driven by our proven growth strategy and powered by our PPI business system,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “The team executed very well to navigate a dynamic macroenvironment, enable our customers’ success, and drive share gain.”

Casper added, “We are incredibly well positioned to deliver differentiated performance, as we continue to create value for all of our stakeholders and build an even brighter future for our company.”

First Quarter 2023

Revenue for the quarter declined 9% to $10.71 billion in 2023, versus $11.82 billion in 2022. Organic revenue was 8% lower, Core organic revenue growth was 6%, and COVID-19 testing revenue was $0.14 billion.

GAAP Earnings Results

GAAP diluted EPS in the first quarter of 2023 was $3.32, versus $5.61 in the same quarter last year. GAAP operating income for the first quarter of 2023 was $1.56 billion, compared with $2.82 billion in the year-ago quarter. GAAP operating margin was 14.6%, compared with 23.9% in the first quarter of 2022.

Non-GAAP Earnings Results

Adjusted EPS in the first quarter of 2023 was $5.03, versus $7.25 in the first quarter of 2022. Adjusted operating income for the first quarter of 2023 was $2.33 billion, compared with $3.45 billion in the year-ago quarter. Adjusted operating margin was 21.8%, compared with 29.2% in the first quarter of 2022.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.

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Source: Thermo Fisher Scientific Reports First Quarter 2023 Results