NEW YORK (GenomeWeb News) — Thermo Fisher Scientific today said third-quarter revenues increased over 230 percent as R&D spending rose 52 percent and profit increased more than 300 percent.
The company also hinted that the “highly fragmented” market in which it plays “presents opportunities” to make additional acquisitions.
Thermo Fisher stressed that last year's results reflect Thermo Electron's operations before its merger with Fisher Scientific last November.
Total receipts for the three months ended Sept. 30 increased to $2.4 billion from $725 million year over year. On a pro-forma basis, the firm's third-quarter revenues grew 7 percent from $2.24 billion last year.
Thermo said revenue from its Analytical Technologies segment rose 12 percent to just over $1 billion, while receipts from the Laboratory Products and Services segment increased 4 percent to $1.44 billion.
R&D spending increased to $58.8 million from $38.6 million in the third quarter of 2006.
Thermo Fisher said profit rose to $218.5 million from $48.8 million in the year-ago period.
Thermo Fisher said it had around $830.8 million in cash and equivalents and $15.4 million in short-term investments as of Sept. 30.
The company said it is increasing its revenue guidance to between $9.6 billion and $9.65 billion for 2007 from its earlier prediction of between $9.5 billion and $9.55 billion.
The company also said that the “highly fragmented” life, lab, and health-sciences industry “presents opportunities for us to make acquisitions that create tremendous value by expanding our global reach, our commercial capabilities, or our technology portfolio.”