Thermo Fisher Scientific on Wednesday reported a 14% increase in third-quarter revenue, driven in part by sales growth in its Laboratory Products and Biopharma Services segment.
For the quarter ended October 1, the company booked revenue of $10.68 billion compared to $9.33 billion in the prior-year quarter, beating analysts’ average estimate of $9.91 billion.
In Q3, the firm’s Laboratory Products and Biopharma Services segment revenues were $5.59 billion, up 60% year-over-year compared to $3.49 billion; Specialty Diagnostics revenues were $1.07 billion, down 21% year-over-year compared to $1.36 billion; Life Sciences Solutions revenues were $2.96 billion, down 20% year-over-year compared to $3.72 billion; and Analytical Instruments revenues were $1.62 billion, up 9% year-over-year compared to $1.48 billion.
Thermo Fisher booked $440 million from COVID-19 testing in the third quarter, a drop of 14% year-over-year.
The firm noted that in Q3 it launched the Orbitrap Ascend Tribrid mass spectrometer, providing capabilities for quantification and characterization of proteins while delivering high throughput and ease of use for diagnostic and drug discovery applications.
It also released the Arctis Cryo-Plasma Focused Ion Beam, an automated microscope that streamlines cryo-electron tomography research and provides insights into how proteins and other molecules operate within cells.
Thermo obtained CE-IVD certification for its Oncomine Dx Express Test and Oncomine Reporter Dx software, which run on its Ion Torrent Genexus Next-Generation Sequencing System for precision oncology testing.
The firm reported net income of almost $1.50 billion, or $3.79 per share, compared to $1.90 billion, or $4.79 per share, in the prior-year quarter. Third-quarter adjusted EPS was $5.08, surpassing analysts’ average estimate of $4.81.
Thermo Fisher shares were flat at $512.11 in Wednesday morning trading on the New York Stock Exchange (NYSE).