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Thermo Fisher Posts 7 Percent Revenue Increase for Q4 2009

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Thermo Fisher Scientific today reported a 7 percent increase in its fourth-quarter revenues, easily beating analysts' consensus estimate.

The firm brought in total revenues of $2.84 billion for the three-month period ended Dec. 31, up from $2.65 billion for Q4 2008. Its Analytical Technologies Segment had 5 percent revenue growth to $1.19 billion from $1.14 billion, and its Laboratory Products and Services Segment had 9 percent revenue growth to $1.77 billion from $1.62 billion.

Analysts, on average, had expected revenues of $2.74 billion for Q4 2009.

Thermo Fisher's net income was $273.3 million, or $.65 per share, compared to $287 million, or $.67 per share for Q4 2008. On an adjusted basis, Thermo Fisher's EPS was $.91, up from $.87 year over year, and better than analysts' consensus estimate of $.88.

Its R&D spending increased 14 percent to $69.3 million from $60.9 million, and its SG&A spending rose 10 percent to $598.6 million from $545.4 million. Its restructuring and other costs rose to $23.8 million from $20.5 million.

"We successfully executed on our strategy – a combination of prudent cost-cutting in the short term and strategic investment that will yield growth over the long term," Thermo Fisher President and CEO Marc Casper said in a statement. "As a result of these actions, and the gradual recovery we are seeing in our key end markets, in the fourth quarter we grew adjusted EPS for the second quarter in a row and delivered organic revenue growth."

For full-year 2009, Thermo Fisher brought in revenues of $10.11 billion, down around 4 percent from $10.50. Its Analytical Technologies Segment declined 7 percent to $4.15 billion from $4.47 billion, while its Laboratory Products and Services Segment had a revenue decline of less than 1 percent to $6.43 billion from $6.46 billion.

The full-year 2009 revenues exceeded analysts' consensus estimate of $10.02 billion.

Thermo Fisher's net income for the year was $850.3 million, or $2.01 per share, down from $980.9 million, or $2.25 per share. On an adjusted basis, its EPS was $3.05 versus $3.13, which beat analysts' expectations of $3.02.

Its R&D spending for the year declined 1 percent to $246.1 million from $249.1 million, while its SG&A spending also declined roughly 1 percent to $2.20 billion from $2.21 billion.

Thermo Fisher finished the year with $1.56 billion in cash and cash equivalents.

The firm has guided for 2010 revenue growth of between 5 percent and 7 percent to $10.60 to $10.80 billion. It expects 2010 EPS growth of 8 percent to 13 percent, to a range of $3.30 to $3.45.

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