Thermo Fisher Scientific Inc (NYSE:TMO) stock fell 1.86% (As on October 24, 11:29:41 AM UTC-4, Source: Google Finance) after the company reported third-quarter earnings that surpassed analyst expectations, while revenue fell slightly short of estimates. The company also raised the lower end of its full-year earnings guidance. Adjusted operating income for the third quarter of 2024 was $2.36 billion, compared with $2.56 billion in the year-ago quarter. Adjusted operating margin was 22.3%, compared with 24.2% in the third quarter of 2023.
Meanwhile, the company advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. To enable the development of advanced materials, the company launched the groundbreaking Thermo Scientific Iliad scanning transmission electron microscope, which integrates a number of the advanced technologies into a user-friendly workflow to enable research of the most sophisticated modern materials down to the atomic level. To advance life sciences research, the company launched the Applied Biosystems MagMAX Sequential DNA/RNA kit, which maximizes the isolation of DNA and RNA from blood cancer samples helping researchers identify unique insights into cancer-causing genetic alterations; and the Invitrogen Vivofectamine Delivery Solutions, a novel method for delivering nucleic acids into multiple targets with therapeutic effect, paving the way for groundbreaking new medicines.
Moreover, the company in the quarter, announced a partnership with the National Cancer Institute on the myeloMATCH precision medicine umbrella trial, which will leverage our next-generation sequencing technology to test patients for specific genetic biomarkers to match them more quickly with optimal treatments based on their unique cancer profile. In the pharma services business, the company announced the expansion of the Cincinnati, Ohio, and Bend, Oregon, sites to further enhance the solid dose formulation capabilities for the pharma and biotech customers.
TMO in the third quarter of FY 24 has reported the adjusted earnings per share of $5.28, beating the analysts’ estimates for the adjusted earnings per share of $5.25. The company had reported the adjusted revenue of $10.60 billion in the third quarter of FY 24, missing the analysts’ estimates for revenue of $10.63 billion.
For the full year 2024, Thermo Fisher raised the lower end of its adjusted EPS guidance to a new range of $21.35 to $22.07, up from the previous range of $21.29 to $22.07. The company maintained its revenue guidance of $42.4 billion to $43.3 billion.