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Thermo Fisher Records Mighty Q2 Revenue, Profit Growth

NEW YORK (GenomeWeb News) — Thermo Fisher Scientific today said second-quarter revenues increased 236 percent as R&D spending rose 44 percent and profit increased over 240 percent.
Total receipts for the three months ended June 30 increased to $2.4 billion from $714 million year over year. Last year's results reflect Thermo Electron's operations prior to its merger with Fisher Scientific in November. Including both firm's results from last year, second-quarter revenues increased 9 percent year over year.
Thermo said revenue from its Analytical Technologies segment nearly doubled to just over $1 billion, while receipts from the Laboratory Products and Services segment increased to $1.43 billion from $182 million. On a pro forma basis, Analytical Technologies revenue grew 13 percent, while revenue for the Lab Products and Services segment grew 6 percent.
“We've now delivered three strong quarters as Thermo Fisher Scientific, clearly demonstrating that we are successfully operating as one company,” CEO Marijn Dekkers said in a statement.
Dekkers attributed the growth to strong demand for new products, “healthy end markets and our combined operating discipline.”
R&D spending increased to $58.7 million from $40.7 million in the second quarter of 2006.
The company said profit rose to $164 million from $48 million in the year-ago period.
Thermo Fisher said it had around $951 million in cash and cash equivalents and $22.7 million in short-term investments as of June 30.
Dekkers said the company is increasing its revenue guidance to a range of $9.5 billion to $9.55 billion for 2007, from the $9.4 billion to $9.5 billion previously announced.

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