NEW YORK – Thermo Fisher Scientific reported on Wednesday that its third quarter revenues rose 14 percent year over year.
For the three months ended Oct. 1, the Waltham, Massachusetts-based company reported total revenues of $10.68 billion, up from $9.33 billion a year ago and beating the average Wall Street analyst estimate of $9.91 billion. Organic revenues fell 1 percent, with acquisitions increasing revenue by 20 percent and currency translation decreasing revenue by 5 percent, Thermo Fisher said.
COVID-19 testing revenue was $440 million for the quarter.
Revenues from the life sciences solutions business unit fell 20 percent to $2.96 billion in Q3 2022 from $3.72 billion in Q3 2021. Revenues from the analytical instruments segment rose 9 percent to $1.62 billion from $1.48 billion in the year-ago quarter. Revenues from the laboratory products and biopharma services segment rose 60 percent to $5.59 billion from $3.49 billion. Revenues from the specialty diagnostics segment were down 21 percent to $1.07 billion from $1.36 billion in Q3 2021.
Thermo Fisher's Q3 net income fell to $1.50 billion, or $3.79 per share, from $1.90 billion, or $4.79 per share, a year ago. On an adjusted basis, the company reported EPS of $5.08 per share for the quarter, beating the Wall Street estimate of $4.81 per share.
The company's R&D costs were flat at $351.0 million. Its SG&A expenses rose less than 1 percent to $1.74 billion from $1.73 billion.
Thermo Fisher ended the quarter with cash and cash equivalents of $2.92 billion.
On a conference call following release of the quarterly results, Thermo Fisher Chairman, President, and CEO Marc Casper said the company was raising its full-year guidance to account for the strength of its core business as well as "a modest impact of additional COVID-19 testing," factors that he noted were "more than offsetting the increased foreign exchange headwinds."
The company raised its 2022 revenue guidance to $43.8 billion, up $650 million from $43.2 billion, which would result in 12 percent revenue growth over 2021. It raised its 2022 adjusted EPS guidance from $22.93 to $23.01.
Analysts are expecting revenues of $43.2 billion and earnings per share of $22.95 for the year.
The firm's shares were down 1 percent to $508.00 in Wednesday morning trading on the New York Stock Exchange.