Thermo Fisher Scientific Inc (NYSE: TMO) reported decent earnings for the first quarter of FY 21. Life Sciences Solutions Segment revenue grew 137% to $4.20 billion in the first quarter of 2021. Segment adjusted operating margin was 54.2%, versus 38.0% in the 2020 quarter. Analytical Instruments Segment revenue grew 26% to $1.39 billion in the first quarter of 2021. Segment adjusted operating margin was 19.6%, versus 15.5% in the 2020 quarter. Specialty Diagnostics Segment revenue grew 69% to $1.62 billion in the first quarter of 2021. Segment adjusted operating margin was 26.5%, versus 24.7% in the 2020 quarter. Laboratory Products and Services Segment revenue grew 32% to $3.60 billion in the first quarter of 2021. Segment adjusted operating margin was 14.8%, versus 10.8% in the 2020 quarter.
TMO in the first quarter of FY 21 has reported the adjusted earnings per share of $7.21, beating the analysts’ estimates for the adjusted earnings per share of $6.65, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 59.1 percent to $6.23 billion in the first quarter of FY 21. The company posted Organic revenue growth of 53%. The acquisitions increased revenue by 2% during the period and currency translation increased revenue by 4%.
Meanwhile, after end of quarter, the company announced an agreement to acquire PPD, Inc., a leading global provider of clinical research services, for $17.4 billion. At the start of the year 2021, the company had launched two products, including Thermo Scientific Orbitrap Exploris Gas Chromatography-Mass Spectrometers, which bring high-resolution analysis to a range of applications, including toxicology and metabolomics, the Thermo Scientific Spectra Ultra electron microscope for improved throughput and workflow in materials science applications, the Kingfisher Apex Purification System for high throughput sample preparation and the Thermo Scientific AerosolSense Sampler, an in-air surveillance solution for pathogens, including SARS-CoV-2.
In addition, the company had begun shipping single use technologies from the new facility in Suzhou to bioproduction customers in China. The company has also brought additional capacity online in Singapore for bioproduction and at two sites in North America for laboratory plastics.
Additionally, during the quarter, the company repurchased $2 billion of stock, increased the dividend by 18% and completed the acquisition of Mesa Biotech, Inc., a point-of-care molecular diagnostic company.