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Thermo Fisher Q1 Revenues Rise 3 Percent

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Thermo Fisher Scientific this week reported first-quarter revenue growth of three percent year-over-year, with revenues for its Analytical Technologies segment, which includes the company's life sciences mass spectrometry business, climbing 9 percent to $1.18 billion from $1.08 billion a year ago.

During a conference call after the release of the company's results, President and CEO Marc Casper said Thermo's clinical diagnostics business posted double-digit growth in the quarter and highlighted the company's Brahms sepsis biomarker assay as particularly "strongly performing."

He also touched on the company's acquisition of chromatography firm Dionex (PM 12/17/2010), noting that the European Commission is reviewing the deal and it is expected to close in mid-May.

For the first quarter, Thermo Fisher posted net income of $252.2 million, or $.64 per share, up 9 percent from $232.3 million, or $.56 per share, a year ago. On an adjusted basis, EPS was $.92, compared to $.82 a year ago, beating Wall Street estimates of $.88.

The company increased its R&D spending to $74.8 million, up 13 percent from $66.1 million a year ago. Its SG&A costs increased 4 percent to $606.7 million from $584 million a year ago.

As of April 2, Thermo Fisher had $2.79 billion in cash and cash equivalents.

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