Le Lézard
Classified in: Health, Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Thermo Fisher Scientific Reports First Quarter 2024 Results


Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the first quarter ended March 30, 2024.

First Quarter 2024 Highlights

"We are very pleased to deliver another quarter of strong financial results," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "We had a great start to the year, driven by our proven growth strategy and the impact of our PPI Business System."

Casper added, "Our team continues to enable the success of our customers while demonstrating incredibly strong commercial execution and operational discipline. This positions us to deliver differentiated performance in 2024, as we continue to create value for all of our stakeholders and build an even brighter future for our company."

First Quarter 2024

Revenue for the quarter declined 3% to $10.34 billion in 2024, versus $10.71 billion in 2023. Organic revenue was 4% lower and Core organic revenue growth declined 3%.

GAAP Earnings Results

GAAP diluted EPS in the first quarter of 2024 increased 4% to $3.46, versus $3.32 in the same quarter last year. GAAP operating income for the first quarter of 2024 grew to $1.66 billion, compared with $1.56 billion in the year-ago quarter. GAAP operating margin increased to 16.1%, compared with 14.6% in the first quarter of 2023.

Non-GAAP Earnings Results

Adjusted EPS in the first quarter of 2024 increased 2% to $5.11, versus $5.03 in the first quarter of 2023. Adjusted operating income for the first quarter of 2024 was $2.28 billion, compared with $2.33 billion in the year-ago quarter. Adjusted operating margin increased to 22.0%, compared with 21.8% in the first quarter of 2023.

Annual Guidance for 2024

Thermo Fisher is raising its full year revenue and adjusted EPS guidance to reflect stronger operational performance. The company is raising its revenue guidance to a new range of $42.3 to $43.3 billion versus its previous guidance of $42.1 to $43.3 billion. The company is raising its adjusted EPS guidance to a new range of $21.14 to $22.02 versus its previous guidance of $20.95 to $22.00.

Use of Non-GAAP Financial Measures

Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, organic revenue growth and Core organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading "Supplemental Information Regarding Non-GAAP Financial Measures." The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.

Note on Presentation

Certain amounts and percentages reported within this press release are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.

Conference Call

Thermo Fisher Scientific will hold its earnings conference call today, April 24, at 8:30 a.m. Eastern Daylight Time. During the call, the company will discuss its financial performance, as well as future expectations. To listen, call (833) 470-1428 within the U.S. or (404) 975-4839 outside the U.S. The access code is 105588. You may also listen to the call live on the "Investors" section of our website, www.thermofisher.com. The earnings press release and related information can also be found in that section of our website under the heading "Financials". A replay of the call will be available under "News, Events & Presentations" through Wednesday, May 8, 2024.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com.

Safe Harbor Statement

The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the COVID-19 pandemic; the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, including our pending acquisition of Olink, may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent annual report on Form 10-K, which is on file with the SEC and available in the "Investors" section of our website under the heading "SEC Filings." While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

Additional Information and Where to Find It

This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common shares or American Depositary Shares of Olink or any other securities, nor is it a substitute for the tender offer materials that Thermo Fisher or Orion Acquisition AB (the "Buyer") has filed with the SEC. The terms and conditions of the tender offer are published in, and the offer to purchase common shares and American Depositary Shares of Olink is made only pursuant to, the offer document and related offer materials prepared by Thermo Fisher and the Buyer and is filed with the SEC in a tender offer statement on Schedule TO. In addition, Olink has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC with respect to the tender offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, AN ADS LETTER OF TRANSMITTAL, ACCEPTANCE FORM FOR SHARES AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9, AS THEY MAY BE AMENDED FROM TIME TO TIME, CONTAIN IMPORTANT INFORMATION. INVESTORS AND SHAREHOLDERS OF OLINK ARE URGED TO READ THESE DOCUMENTS CAREFULLY BECAUSE THEY, AND NOT THIS DOCUMENT, GOVERN THE TERMS AND CONDITIONS OF THE TENDER OFFER, AND BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT SUCH PERSONS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR COMMON SHARES AND AMERICAN DEPOSITARY SHARES.

The tender offer materials, including the offer to purchase, the related ADS letter of transmittal and acceptance form for shares and certain other tender offer documents, and the solicitation/recommendation statement and other documents filed with the SEC by Thermo Fisher or Olink, may be obtained free of charge at the SEC's website at www.sec.gov, at Olink's website https://investors.olink.com/investor-relations, at Thermo Fisher's website at www.thermofisher.com or by contacting Thermo Fisher's investor relations department at 781-622-1111.

Condensed Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 30,

 

% of

 

April 1,

 

% of

(Dollars in millions except per share amounts)

 

2024

 

Revenues

 

2023

 

Revenues

Revenues

 

$

10,345

 

 

 

 

$

10,710

 

 

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

Cost of revenues (a)

 

 

6,040

 

 

58.4

%

 

 

6,437

 

 

60.1

%

Selling, general and administrative expenses (b)

 

 

1,731

 

 

16.7

%

 

 

1,646

 

 

15.4

%

Amortization of acquisition-related intangible assets

 

 

551

 

 

5.3

%

 

 

606

 

 

5.7

%

Research and development expenses

 

 

331

 

 

3.2

%

 

 

346

 

 

3.2

%

Restructuring and other costs (c)

 

 

29

 

 

0.3

%

 

 

112

 

 

1.0

%

Total costs and operating expenses

 

 

8,682

 

 

83.9

%

 

 

9,147

 

 

85.4

%

Operating income

 

 

1,663

 

 

16.1

%

 

 

1,563

 

 

14.6

%

Interest income

 

 

279

 

 

 

 

 

146

 

 

 

Interest expense

 

 

(363

)

 

 

 

 

(300

)

 

 

Other income/(expense) (d)

 

 

10

 

 

 

 

 

(46

)

 

 

Income before income taxes

 

 

1,589

 

 

 

 

 

1,363

 

 

 

Provision for income taxes (e)

 

 

(281

)

 

 

 

 

(46

)

 

 

Equity in earnings/(losses) of unconsolidated entities

 

 

23

 

 

 

 

 

(25

)

 

 

Net income

 

 

1,331

 

 

 

 

 

1,292

 

 

 

Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest

 

 

4

 

 

 

 

 

3

 

 

 

Net income attributable to Thermo Fisher Scientific Inc.

 

$

1,328

 

 

12.8

%

 

$

1,289

 

 

12.0

%

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Thermo Fisher Scientific Inc.:

 

 

 

 

 

 

 

 

Basic

 

$

3.47

 

 

 

 

$

3.34

 

 

 

Diluted

 

$

3.46

 

 

 

 

$

3.32

 

 

 

Weighted average shares:

 

 

 

 

 

 

 

 

Basic

 

 

382

 

 

 

 

 

386

 

 

 

Diluted

 

 

384

 

 

 

 

 

388

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of adjusted operating income and adjusted operating margin

 

 

 

 

 

 

 

 

GAAP operating income

 

$

1,663

 

 

16.1

%

 

$

1,563

 

 

14.6

%

Cost of revenues adjustments (a)

 

 

15

 

 

0.1

%

 

 

41

 

 

0.4

%

Selling, general and administrative expenses adjustments (b)

 

 

19

 

 

0.2

%

 

 

8

 

 

0.1

%

Restructuring and other costs (c)

 

 

29

 

 

0.3

%

 

 

112

 

 

1.0

%

Amortization of acquisition-related intangible assets

 

 

551

 

 

5.3

%

 

 

606

 

 

5.7

%

Adjusted operating income (non-GAAP measure)

 

$

2,278

 

 

22.0

%

 

$

2,330

 

 

21.8

%

 

 

 

 

 

 

 

 

 

Reconciliation of adjusted net income

 

 

 

 

 

 

 

 

GAAP net income attributable to Thermo Fisher Scientific Inc.

 

$

1,328

 

 

 

 

$

1,289

 

 

 

Cost of revenues adjustments (a)

 

 

15

 

 

 

 

 

41

 

 

 

Selling, general and administrative expenses adjustments (b)

 

 

19

 

 

 

 

 

8

 

 

 

Restructuring and other costs (c)

 

 

29

 

 

 

 

 

112

 

 

 

Amortization of acquisition-related intangible assets

 

 

551

 

 

 

 

 

606

 

 

 

Other income/expense adjustments (d)

 

 

(11

)

 

 

 

 

46

 

 

 

Provision for income taxes adjustments (e)

 

 

50

 

 

 

 

 

(171

)

 

 

Equity in earnings/losses of unconsolidated entities

 

 

(23

)

 

 

 

 

25

 

 

 

Adjusted net income (non-GAAP measure)

 

$

1,959

 

 

 

 

$

1,956

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of adjusted earnings per share

 

 

 

 

 

 

 

 

GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.

 

$

3.46

 

 

 

 

$

3.32

 

 

 

Cost of revenues adjustments (a)

 

 

0.04

 

 

 

 

 

0.10

 

 

 

Selling, general and administrative expenses adjustments (b)

 

 

0.05

 

 

 

 

 

0.02

 

 

 

Restructuring and other costs (c)

 

 

0.08

 

 

 

 

 

0.29

 

 

 

Amortization of acquisition-related intangible assets

 

 

1.44

 

 

 

 

 

1.56

 

 

 

Other income/expense adjustments (d)

 

 

(0.03

)

 

 

 

 

0.12

 

 

 

Provision for income taxes adjustments (e)

 

 

0.13

 

 

 

 

 

(0.44

)

 

 

Equity in earnings/losses of unconsolidated entities

 

 

(0.06

)

 

 

 

 

0.06

 

 

 

Adjusted EPS (non-GAAP measure)

 

$

5.11

 

 

 

 

$

5.03

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of free cash flow

 

 

 

 

 

 

 

 

GAAP net cash provided by operating activities

 

$

1,251

 

 

 

 

$

729

 

 

 

Purchases of property, plant and equipment

 

 

(347

)

 

 

 

 

(458

)

 

 

Proceeds from sale of property, plant and equipment

 

 

4

 

 

 

 

 

6

 

 

 

Free cash flow (non-GAAP measure)

 

$

908

 

 

 

 

$

277

 

 

 

Business Segment Information

 

Three months ended

 

 

March 30,

 

% of

 

April 1,

 

% of

(Dollars in millions)

 

2024

 

Revenues

 

2023

 

Revenues

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

Life Sciences Solutions

 

$

2,285

 

 

22.1

%

 

$

2,612

 

 

24.4

%

Analytical Instruments

 

 

1,687

 

 

16.3

%

 

 

1,723

 

 

16.1

%

Specialty Diagnostics

 

 

1,109

 

 

10.7

%

 

 

1,108

 

 

10.3

%

Laboratory Products and Biopharma Services

 

 

5,723

 

 

55.3

%

 

 

5,763

 

 

53.8

%

Eliminations

 

 

(460

)

 

-4.4

%

 

 

(496

)

 

-4.6

%

Consolidated revenues

 

$

10,345

 

 

100.0

%

 

$

10,710

 

 

100.0

%

 

 

 

 

 

 

 

 

 

Segment income and segment income margin

 

 

 

 

 

 

 

 

Life Sciences Solutions

 

$

840

 

 

36.8

%

 

$

836

 

 

32.0

%

Analytical Instruments

 

 

400

 

 

23.7

%

 

 

421

 

 

24.4

%

Specialty Diagnostics

 

 

294

 

 

26.5

%

 

 

280

 

 

25.3

%

Laboratory Products and Biopharma Services

 

 

744

 

 

13.0

%

 

 

793

 

 

13.8

%

Subtotal reportable segments

 

 

2,278

 

 

22.0

%

 

 

2,330

 

 

21.8

%

Cost of revenues adjustments (a)

 

 

(15

)

 

-0.1

%

 

 

(41

)

 

-0.4

%

Selling, general and administrative expenses adjustments (b)

 

 

(19

)

 

-0.2

%

 

 

(8

)

 

-0.1

%

Restructuring and other costs (c)

 

 

(29

)

 

-0.3

%

 

 

(112

)

 

-1.0

%

Amortization of acquisition-related intangible assets

 

 

(551

)

 

-5.3

%

 

 

(606

)

 

-5.7

%

Consolidated GAAP operating income

 

$

1,663

 

 

16.1

%

 

$

1,563

 

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines. Adjusted results in 2023 exclude $10 of charges for the sale of inventory revalued at the date of acquisition.

(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, and charges/credits for changes in estimates of contingent acquisition consideration.

(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, abandoned facility, and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $18 of net charges for pre-acquisition litigation and other matters.

(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments.

(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes, and the tax impacts from audit settlements.

Note:

Consolidated depreciation expense is $285 and $253 in 2024 and 2023, respectively.

Organic and Core organic revenue growth

 

Three months ended

 

 

 

March 30, 2024

 

Revenue growth

 

-3%

 

Acquisitions

 

0%

 

Currency translation

 

0%

 

Organic revenue growth (non-GAAP measure)

 

-4%

 

COVID-19 testing revenue

 

-1%

 

Core organic revenue growth (non-GAAP measure)

 

-3%

 

 

 

 

 

Note:

 

For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

 

Condensed Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

March 30,

 

December 31,

(In millions)

 

2024

 

2023

 

 

 

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

5,499

 

$

8,077

Short-term investments

 

 

1,751

 

 

3

Accounts receivable, net

 

 

7,931

 

 

8,221

Inventories

 

 

5,133

 

 

5,088

Other current assets

 

 

3,326

 

 

3,200

Total current assets

 

 

23,640

 

 

24,589

Property, plant and equipment, net

 

 

9,324

 

 

9,448

Acquisition-related intangible assets, net

 

 

16,048

 

 

16,670

Other assets

 

 

4,241

 

 

3,999

Goodwill

 

 

43,843

 

 

44,020

Total assets

 

$

97,095

 

$

98,726

 

 

 

 

 

Liabilities, redeemable noncontrolling interest and equity

 

 

 

 

Current liabilities:

 

 

 

 

Short-term obligations and current maturities of long-term obligations

 

$

4,451

 

$

3,609

Other current liabilities

 

 

9,486

 

 

10,403

Total current liabilities

 

 

13,937

 

 

14,012

Other long-term liabilities

 

 

6,378

 

 

6,564

Long-term obligations

 

 

31,157

 

 

31,308

Redeemable noncontrolling interest

 

 

119

 

 

118

Total equity

 

 

45,504

 

 

46,724

Total liabilities, redeemable noncontrolling interest and equity

 

$

97,095

 

$

98,726

Condensed Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 30,

 

April 1,

(In millions)

 

2024

 

2023

 

 

 

 

 

Operating activities

 

 

 

 

Net income

 

$

1,331

 

 

$

1,292

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

837

 

 

 

859

 

Change in deferred income taxes

 

 

(253

)

 

 

(146

)

Other non-cash expenses, net

 

 

123

 

 

 

257

 

Changes in assets and liabilities, excluding the effects of acquisitions

 

 

(787

)

 

 

(1,533

)

Net cash provided by operating activities

 

 

1,251

 

 

 

729

 

 

 

 

 

 

Investing activities

 

 

 

 

Purchases of property, plant and equipment

 

 

(347

)

 

 

(458

)

Proceeds from sale of property, plant and equipment

 

 

4

 

 

 

6

 

Proceeds from cross-currency interest rate swap interest settlements

 

 

64

 

 

 

2

 

Acquisitions, net of cash acquired

 

 

?

 

 

 

(2,704

)

Purchases of investments

 

 

(1,758

)

 

 

(2

)

Other investing activities, net

 

 

7

 

 

 

14

 

Net cash used in investing activities

 

 

(2,030

)

 

 

(3,142

)

 

 

 

 

 

Financing activities

 

 

 

 

Net proceeds from issuance of debt

 

 

1,205

 

 

 

?

 

Net proceeds from issuance of commercial paper

 

 

?

 

 

 

1,027

 

Repayment of commercial paper

 

 

?

 

 

 

(523

)

Purchases of company common stock

 

 

(3,000

)

 

 

(3,000

)

Dividends paid

 

 

(135

)

 

 

(117

)

Other financing activities, net

 

 

110

 

 

 

20

 

Net cash used in financing activities

 

 

(1,821

)

 

 

(2,593

)

 

 

 

 

 

Exchange rate effect on cash

 

 

22

 

 

 

(31

)

Decrease in cash, cash equivalents and restricted cash

 

 

(2,578

)

 

 

(5,037

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

8,097

 

 

 

8,537

 

Cash, cash equivalents and restricted cash at end of period

 

$

5,519

 

 

$

3,500

 

 

 

 

 

 

Free cash flow (non-GAAP measure)

 

$

908

 

 

$

277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:

For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

 

Supplemental Information Regarding Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of acquisitions/divestitures and the effects of currency translation. We also report Core organic revenue growth, which is reported revenue growth, excluding the impacts of COVID-19 testing revenue, and excluding the impacts of acquisitions/divestitures and the effects of currency translation. We report these measures because Thermo Fisher management believes that in order to understand the company's short-term and long-term financial trends, investors may wish to consider the impact of acquisitions/divestitures, foreign currency translation and/or COVID-19 testing on revenues. Thermo Fisher management uses these measures to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods.

We report adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company's core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable:

We report free cash flow, which is operating cash flow excluding net capital expenditures, to provide a view of the continuing operations' ability to generate cash for use in acquisitions and other investing and financing activities. The company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.

Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions and acquisition-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific's results computed in accordance with GAAP.

The non-GAAP financial measures of Thermo Fisher Scientific's results of operations and cash flows included in this press release are not meant to be considered superior to or a substitute for Thermo Fisher Scientific's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the tables above.


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Talphera, Inc. , ("Talphera"), a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings, today announced that the Board of Directors of Talphera has granted...

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A paper published in the June edition of the Journal Diabetes demonstrates that C-peptide, a biomarker that indicates the production of insulin, is a validated surrogate endpoint, or predictor of clinical benefit, for clinical trials of...

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?Patients Treated with ARIKAYCE Plus Macrolide-Based Background Regimen Had Meaningfully Greater Improvements in Respiratory Symptoms vs. Macrolide-Based Background Regimen Alone, As Measured By the QOL-B Respiratory Domain Instrument? ?QOL-B...

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Jarrard Inc., a leading national healthcare strategic communications consultancy, has expanded by 10 percent, adding seven new professionals to address the increasing demand for its healthcare advisory services. The team now includes 81 full-time...



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