Fri, Aug 2, 2:02 PM (88 days ago)
Thermo Fisher Scientific Inc. reported its financial results for the quarter ended June 29, 2024. Quarterly revenues decreased by 1% year-over-year to $10.54 billion, while GAAP operating income rose by 15% to $1.82 billion, driven by strong productivity improvements and lower restructuring costs. The GAAP operating margin improved to 17.3% from 14.8%. Adjusted operating income was $2.35 billion, with an adjusted operating margin of 22.3%. The GAAP diluted EPS increased by 15% to $4.04, and adjusted EPS grew by 4% to $5.37. Segment performance varied, with Life Sciences Solutions and Laboratory Products and Biopharma Services experiencing revenue declines due to reduced COVID-19-related demand, while Analytical Instruments and Specialty Diagnostics saw modest growth. The company completed the acquisition of Olink Holding AB, enhancing its capabilities in the proteomics market. Cash flow from operations was strong at $3.21 billion, with free cash flow at $2.58 billion. The company repurchased $3.00 billion of its stock and issued $1.20 billion in debt. Thermo Fisher maintains a robust liquidity position with $7.07 billion in cash and equivalents and $1.75 billion in short-term investments. The company anticipates continued productivity improvements and strategic investments to drive future growth.