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Thermo Fisher Records Severance Charges of $40.4M in Q2

NEW YORK (GenomeWeb) – Thermo Fisher Scientific took $40.4 million in charges during the second quarter related to severance, the company disclosed in its Form 10-Q.

The majority of the charges, $34.2 million, occurred in Thermo Fisher's Life Sciences Solutions segment, formed as a result of the $13.6 billion acquisition of Life Technologies. The charges follow about $83 million in costs that Thermo Fisher recorded in the first quarter related to a headcount reduction and for severance obligations to former Life Tech executives and employees.

During the most recently completed quarter, the company also took $1.4 million in severance charges in its Analytical Instruments segment, which houses Thermo Fisher's mass spectrometry business. It recorded severance charges of $2.6 million in Specialty Diagnostics, and $2.2 million in Laboratory Products and Services.

In the four segments, Thermo Fisher recorded $230.4 million in net restructuring and other charges, and recorded $1.5 million in restructuring and other charges in its corporate operations, it said in its document filed with the US Securities and Exchange Commission.

Last week, Thermo Fisher reported that revenues for its second quarter increased 33 percent year over year, boosted by contributions from the Life Tech business.