Thermo Fisher Scientific Reports First Quarter 2024 Results

Original from: Thermo Fisher Scientific

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the first quarter ended March 30, 2024.

First Quarter 2024 Highlights

·    First quarter revenue was $10.34 billion.

·    First quarter GAAP diluted earnings per share (EPS) increased 4% to $3.46.

·    First quarter adjusted EPS increased 2% to $5.11. 

·    Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. This included several analytical instruments: the Thermo Scientific™ Dionex™ Inuvion™ Ion Chromatography system, offering higher resolution, faster results, and streamlined workflows for identifying contaminants in water; the Thermo Scientific™ LInspector™ Edge In-line Mass Profilometer to enhance battery safety, performance and production; and the Thermo Scientific™ TruScan™ G3 Handheld Raman Analyzer, a next-generation handheld device for the rapid identification of chemical compounds used in drug production. We also launched the new Axiom™ PangenomiX Array, a high-throughput array for use in human genomic studies across global populations, including disease risk and detection research as well as population-scale disease research programs. 

·    Continued to strengthen our industry-leading commercial engine and deepen our trusted partner status with customers to accelerate innovation and enhance productivity with the ultimate goal of improving patient care. Examples during the quarter included the launch of the CorEvitas syndicated clinical registry in generalized pustular psoriasis to address an unmet need for real-world evidence related to outcomes for patients with this rare disease, and the expansion of our portfolio of services at our GMP lab in Middleton, Wisconsin to include qPCR-based biosafety testing capabilities to enable significantly faster results versus traditional testing methods. We also continued to collaborate with customers to improve health outcomes, developing next-generation sequencing-based companion diagnostics to help identify patients for precision cancer therapies. 

·    Active quarter of capital deployment, repurchasing $3.0 billion of stock and increasing our dividend by 11 percent.

“We are very pleased to deliver another quarter of strong financial results,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “We had a great start to the year, driven by our proven growth strategy and the impact of our PPI Business System.”

Casper added, “Our team continues to enable the success of our customers while demonstrating incredibly strong commercial execution and operational discipline. This positions us to deliver differentiated performance in 2024, as we continue to create value for all of our stakeholders and build an even brighter future for our company.”

First Quarter 2024

Revenue for the quarter declined 3% to $10.34 billion in 2024, versus $10.71 billion in 2023. Organic revenue was 4% lower and Core organic revenue growth declined 3%.

GAAP Earnings Results

GAAP diluted EPS in the first quarter of 2024 increased 4% to $3.46, versus $3.32 in the same quarter last year. GAAP operating income for the first quarter of 2024 grew to $1.66 billion, compared with $1.56 billion in the year-ago quarter. GAAP operating margin increased to 16.1%, compared with 14.6% in the first quarter of 2023.

Non-GAAP Earnings Results

Adjusted EPS in the first quarter of 2024 increased 2% to $5.11, versus $5.03 in the first quarter of 2023. Adjusted operating income for the first quarter of 2024 was $2.28 billion, compared with $2.33 billion in the year-ago quarter. Adjusted operating margin increased to 22.0%, compared with 21.8% in the first quarter of 2023.

Annual Guidance for 2024

Thermo Fisher is raising its full year revenue and adjusted EPS guidance to reflect stronger operational performance. The company is raising its revenue guidance to a new range of $42.3 to $43.3 billion versus its previous guidance of $42.1 to $43.3 billion. The company is raising its adjusted EPS guidance to a new range of $21.14 to $22.02 versus its previous guidance of $20.95 to $22.00.​

Source: Thermo Fisher Scientific Reports First Quarter 2024 Results