Thermo Fisher Scientific Reports Strong Third Quarter 2012 Revenue And EPS Results

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended September 29, 2012.

Third Quarter Highlights
  • Adjusted earnings per share (EPS) grew 11% to a third quarter record of $1.19.
  • Revenue increased 5% to a record $3.09 billion for the third quarter.
  • Adjusted operating income rose 5% to $576 million.
  • Year-to-date free cash flow increased 39% to $1.20 billion.
  • Launched new immunoassays, analyzers and controls for specialty diagnostics, such as drugs-of-abuse testing, at AACC clinical laboratory expo.
  • Opened new molecular biology Center of Excellence to serve global life sciences customers and strengthen presence in high-growth Eastern European markets.
  • Completed acquisition of transplant diagnostics leader One Lambda, strengthening offering of in vitro specialty diagnostics for improving patient care.
  • Deployed $400 million to repurchase 7.1 million shares of common stock.

Adjusted EPS, adjusted operating income, adjusted operating margin and free cash flow are non-GAAP measures that exclude certain items detailed later in this press release under the heading “Use of Non-GAAP Financial Measures.” Results for the company’s Laboratory Workstations business are reported as a discontinued operation for all periods presented and are not included in the company’s 2012 guidance.

“We delivered another quarter of excellent revenue and earnings growth thanks to solid execution by our teams and strong results from our growth initiatives,” said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. “Our innovative products, presence in emerging markets and commercial capabilities uniquely position us to help our customers meet their goals in the current economic environment.

“In the quarter, we expanded our Thermo Scientific specialty diagnostics offering for clinical laboratories with the launch of our new QMS™ Tacrolimus immunoassay in Europe and a new generation of our clinical analyzer, the Indiko ® Plus ®, in the U.S. In our biosciences business, we established a new molecular biology Center of Excellence in Lithuania to meet growing demand from life sciences and biotech customers globally.

“From a capital deployment perspective, we’re pleased to have completed our acquisition of One Lambda, which enhances our specialty diagnostics offering with tests that improve care for transplant patients. In addition, we continue to buy back our shares, and repurchased $400 million of our stock in the quarter.”

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