In the midst of "disappointing" first-quarter earnings, Thermo Fisher Scientific reported relatively less negative news for its mass spectrometry business and said that there has been strong activity around the instruments as researchers race to grab new funding stemming from the various stimulus packages around the globe.

This week Thermo Fisher said that for the three months ended March 28, revenues declined 12 percent to $2.26 billion from $2.55 billion, with currency translation contributing 5 percentage points to the drop.

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