Medical device maker Thermo Fisher Scientific reports 7% decline in fourth-quarter organic sales, with subdued full-year outlook – Thermo Fisher Scientific (NYSE:TMO)

Wednesday, Thermo Fisher Scientific Inc (NYSE: TMO) reported fourth-quarter revenue of $10.89 billion, down 5% year-over-year (y/y), beating consensus of $10.73 billion.

Organic revenue was 7% lower, core organic revenue growth decreased 4%, and COVID-19 testing revenue was $0.05 billion.

Life Sciences Solutions segment revenue fell 18.9% to $2.47 billion. Analytical Instruments segment sales increased 8.5% to $2.04 billion.

Revenue from the Specialty Diagnostics segment remained nearly stable at $1.1 billion, while sales from the Laboratory Products and Biopharmaceutical Services segment fell 3.8% to $5.72 billion.

Adjusted EPS of $5.67 versus consensus of $5.64 and $5.40 a year ago, lower than consensus of $5.42. Adjusted operating margin improved from 22.4% to 23.4%.

“We have effectively navigated challenging macroeconomic conditions by leveraging our corporate PPI system to deliver strong financial results,” said Marc Casper, chairman, president and chief executive officer.

Casper added: “Our proven growth strategy, capital deployment approach and PPI Business System continue to position our company for an even brighter future.”

Guide: Thermo Fisher initiates 2024 revenue guidance of $42.1-43.3 billion versus consensus of $42.95 billion.

The company sees adjusted EPS of $20.95-$22.00 versus consensus of $21.78.

Price Action: TMO shares fell 2.98% to $550.24 at last check on Wednesday.

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