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Thermo Fisher Reports 2 Percent Drop in Q4 Revenues; Predicts Dionex Deal to Close in Early Q2

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Thermo Fisher Scientific this week reported that its fourth-quarter revenues declined 2 percent to $2.78 billion from $2.84 billion a year ago, however net income was up 9 percent to $297.5 million, or $0.75 per share, from $273.3 million, $0.65 per share, in the fourth quarter of 2009.

During an investor call to discuss the Q4 earnings, CEO Marc Casper cited the company's clinical diagnostics business as a particularly strong performer, noting that the BRAHMS business that it purchased in 2009 (GWDN 10/01/2009) looks "very bright."

Casper also said that Thermo Fisher expected to complete its acquisition of chromatography firm Dionex early in the second quarter. The company, which received US antitrust approval for the deal in January, is currently "seeking to transfer jurisdiction [for the purchase] to the European Commission, rather than file for regulatory approvals in multiple countries," he said.

Announced in December (PM 12/17/2010), the purchase, Casper added, is expected to provide Thermo Fisher increased access to emerging markets like Asia-Pacific as well as expanded HPLC offerings it can market to its existing mass spec customers.

The company's R&D expenses rose 17 percent in the quarter to $287.2 million from $246.1 million a year ago.

For full-year 2010, Thermo's revenues increased 7 percent to $10.79 billion from $10.11 billion in 2009.

The company recorded a profit for the year of $1.04 billion, or $2.53 per share, a 22 percent increase from $850.3 million, $2.01 per share, in 2009.

As of Dec. 31, it had $917.1 million in cash and cash equivalents.

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