Thermo Fisher Scientific Inc (TMO, Financial), a world leader in serving science, announced its financial results for the third quarter ended September 30, 2023, on October 25, 2023. Despite challenging macroeconomic conditions, the company's strong execution and innovative product launches have driven its financial performance.
Financial Performance
Thermo Fisher Scientific Inc (TMO, Financial) reported a Q3 2023 revenue of $10.57 billion, a 1% decrease compared to the same quarter last year. The company's GAAP diluted earnings per share (EPS) was $4.42, a 17% increase from the same quarter last year, driven by 160 basis points of operating margin expansion. The adjusted EPS was $5.69, a 12% increase from the same quarter last year, driven by 200 basis points of adjusted operating margin expansion.
Key Financial Highlights
The company's GAAP operating income for the third quarter of 2023 was $1.86 billion, compared with $1.71 billion in the year-ago quarter. The GAAP operating margin was 17.6%, compared with 16.0% in the third quarter of 2022. The adjusted operating income for the third quarter of 2023 was $2.56 billion, compared with $2.37 billion in the year-ago quarter. The adjusted operating margin was 24.2%, compared with 22.2% in the third quarter of 2022.
Strategic Moves and Future Outlook
Thermo Fisher Scientific Inc (TMO, Financial) has advanced its growth strategy by launching a range of innovative new products. The company also announced an agreement to acquire Olink Holding AB for a net purchase price of approximately $3.1 billion. This acquisition is expected to accelerate discovery and scientific breakthroughs, complementing the company's leading mass spectrometry and life sciences offerings.
Revised Guidance for 2023
Given the current macroeconomic environment, Thermo Fisher Scientific Inc (TMO, Financial) is revising its revenue and adjusted EPS guidance for the full year. The company now expects 2023 revenue to be $42.7 billion, with Core organic revenue growth of 1%, and adjusted EPS of $21.50.
