Shares of Thermo Fisher Scientific (TMO) - Get Report on Monday were higher after the provider of equipment, consumables software and services for health-care testing and diagnosis reported fourth-quarter results that topped analyst estimates.
The Waltham, Mass., company reported GAAP net income more than doubled to $6.24 a share from $2.49 in the year-earlier period. Adjusted earnings doubled from a year earlier to $7.09 a share.
Revenue climbed 54% to $10.55 billion from $6.83 billion.
Analysts were expecting Thermo to report adjusted earnings of $6.56 a share on revenue of $9.58 billion.
TMO "delivered the strongest year of performance in our company's history," Chief Executive Marc Casper said in a statement.
"From a financial perspective, we generated exceptional growth in revenue, earnings and free cash flow for the quarter and the year."
Among the business segments, Thermo's life-sciences segment saw revenue more than double (up 138%) to $4.37 billion, which was above FactSet's consensus estimate of $3.67 billion.
Specialty-diagnostics revenue grew 109% to $1.97 billion, beating expectations of $1.48 billion.
Lab-products revenue rose 28% and analytical-instrument revenue increased 8%, both topping consensus estimates.
Thermo Fisher's shares at last check rose 0.9% to $514.06. The stock has doubled off its 52-week low above $250, set in late March 2020. Its 52-week high of $532.57 was set in mid-November.
Last month, the company said it was buying privately held point-of-care molecular diagnostics company Mesa Biotech for $450 million cash. Thermo Fisher will also pay as much as an additional $100 million if the San Diego business meets certain milestones.