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Mizuho Analyst Lowers Estimates for Thermo Fisher Scientific

By a GenomeWeb Staff Reporter

NEW YORK (GenomeWeb News) – Investment firm Mizuho today lowered first quarter 2011 revenue estimates for Thermo Fisher Scientific as a result of recent divestitures announced by the company.

In a research note today, Peter Lawson trimmed his revenue estimate to $2.62 billion from $2.68 billion as the sales of Athena Diagnostics and Lancaster Laboratories, announced in February, is anticipated to impact revenues by $236 million for a loss of $.07 per share.

Lawson also lowered EPS estimates for the quarter to $.87 from $.90. The consensus Wall Street estimate had been lowered to $.88 from $.91 over the past month, he said.

In his note, Lawson said that he modeled in two other factors into his revenue estimates: Thermo's $2.2 billion debt offering in connection with its $2.1 billion pending acquisition of Dionex, and the company's $750 million share repurchase program announced in conjunction with the divestitures of Athena Diagnostics and Lancaster Laboratories.

The $2.2 billion debt offering is expected to lower EPS by $.03, while the share repurchase program is expected to add $.05 to EPS during the first quarter.

For full-year 2011, Lawson lowered his revenue estimate to $11.14 billion from $11.38 billion, and lowered his EPS estimate to $4.00 from $4.05.

For 2012, Lawson is maintaining 5 percent organic growth, but cutting revenue estimates to $11.75 billion from $11.98 billion, below the consensus analyst estimate of $12.24 billion. Lawson maintained his EPS estimate of $4.45.

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