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Thermo Fisher Posts 14 Percent Revenue Growth in Q2

NEW YORK (GenomeWeb News) – Thermo Fisher Scientific today reported second-quarter revenues of $2.71 billion, up 14 percent from revenues of $2.39 billion in the comparable quarter of 2007. Organic revenue growth for the quarter was 8 percent.
 
The Waltham, Mass.-based firm said that revenues for its Analytical Technologies segment grew 14 percent to $1.16 billion from $1.02 billion year over year. Its Laboratory Products and Services segment had revenues of $1.66 billion, also up 14 percent year over year, from revenues of $1.45 billion.
 
“We are especially pleased with our performance given the global economic environment,” Thermo Fisher President and CEO Marijn Dekkers said during the firm’s conference call today. “We have not seen any significant change [in end markets] from what we have reported to you so far this year.”
 
He said the firm had above-average growth in its scientific instruments business, specialty diagnostics business, and biopharma services business. “From a market point of view, our major life sciences and healthcare markets remain strong in general, with particular strength in the demand from CROs,” said Dekkers.
 
Thermo Fisher’s profit increased 52.2 percent to $249.5 million, or $.57 per share, from $163.9 million, or $.37 per share, in Q2 of 2007. The firm took charges of $151.6 million related to amortization of acquisition-related intangible assets compared to charges of $142.1 million for similar items in the second quarter of 2007.
 
The company’s R&D costs rose 9.7 percent to $64.4 million from $58.7 million, while its SG&A expenses increased 12.3 percent to $578 million from $514.7 million.
 
Thermo Fisher finished the quarter with $1 billion in cash and cash equivalents.
 
Company officials said that they are maintaining their revenue guidance for full-year 2008 of $10.6 billion to $10.7 billion. They raised the low end of the firm’s adjusted earnings per share guidance by $.04 to a range of $3.11 to $3.17.
 

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