Revenue came in at $10.60 billion compared to a Wall Street estimate of $10.63 billion. Earnings per share (EPS) stood at $5.28 versus an estimate of $5.25.
Shares of Thermo Fisher Scientific ($TMO) fell over 2% on Wednesday after the firm announced its third-quarter results.
Revenue came in at $10.60 billion compared to a Wall Street estimate of $10.63 billion. Earnings per share (EPS) stood at $5.28 versus an estimate of $5.25.
The firm reported adjusted operating income at $2.36 billion, compared with $2.56 billion in the year-ago quarter. Adjusted operating margin fell to 22.3% versus 24.2% in the third quarter of 2023.
Thermo Fisher Scientific raised its full-year adjusted EPS guidance to a new range of $21.35 to $22.07 versus its previous guidance of $21.29 to $22.07.
Meanwhile, revenue guidance continues to be in the range of $42.4 to $43.3 billion, it said. CEO Marc N. Casper said the firm is in a great position to deliver on its 2024 objectives.
During the third quarter, the company launched its Thermo Scientific Iliad scanning transmission electron microscope, which integrates many of its advanced technologies into a user-friendly workflow. This enables research of the most sophisticated modern materials down to the atomic level, it said.
In its pharma business, the firm announced the expansion of its Ohio and Oregon sites which it believes will enhance its solid dose formulation capabilities for its pharma and biotech customers.
In its clinical research business, the company announced the expansion of its global laboratory services network with a new bioanalytical lab Sweden which will provide its customers with advanced laboratory services.
Following the announcement, retail sentiment on Stocktwits jumped into the ‘extremely bullish’ territory (76/100) from ‘bullish’ a day ago. The move was accompanied by ‘extremely high’ retail chatter.
One Stocktwits user expects the shares to hit the $630 mark.
TMO shares have returned just over 5% since the beginning of the year.
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