This update includes a $125-million charge related to the Thermo-Fisher merger, which negatively affected fourth-quarter 2006 profit.
NEW YORK (GenomeWeb News) — Thermo Fisher Scientific today said fourth-quarter revenues increased 126 percent as R&D spending rose 36 percent and profit declined by more than half on merger-related charges.
Total receipts for the three months ended Dec. 31, 2006, increased to $1.67 billion from $741 million year over year.
Thermo said revenue from its Analytical Technologies segment increased 57 percent to $849 million, while receipts from the Lab Products and Services segment increased 330 percent to $861 million.
R&D spending increased to $52.1 million from $38.2 million in the fourth quarter of 2005.
The company said profit declined to $25.3 million from $56.4 million in the year-ago period. The current quarter's profits includes a $125-million charge related to the Thermo-Fisher merger.
Thermo said it had around $667 million in cash and equivalents and $23.8 million in short-term investments as of Dec. 31, 2006.
Thermo Fisher Scientific was created in the fourth quarter when Thermo Electron and Fisher Scientific completed their $10.6 billion merger.