Thermo Fisher's stock on track for lowest close in more than three years after revenue miss and lowered guidance

Thermo Fisher Scientific Inc.'s stock (TMO) fell about 9% Wednesday to put it on track for its lowest close in more than three years, after the supplier of analytics, diagnostics and laboratory services missed revenue estimates for its third quarter and trimmed guidance. The company posted net income of $1.715 billion, or $4.42 a share, for the quarter, up from $1.495 billion, or $3.79 a share, in the year-earlier period. Adjusted per-share earnings came to $5.69, ahead of the $5.61 FactSet consensus. Revenue fell to $10.574 billion from $10.677 billion, below the $10.600 billion FactSet consensus. Chief Executive Marc Casper said market conditions further weakened during the three-month period. The company lowered its full-year guidance and said it now expects adjusted EPS of $21.50, down from a range of $22.28 to $22.72 offered in July. It expects revenue of $42.7 billion, down from prior guidance of $43.4 billion to $44.0 billion. The stock is on track for its lowest close since September 8, 2020, when it closed at $405.30. It has fallen for four straight days to chalk up a loss of 11.1%.

-Ciara Linnane

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10-25-23 1021ET

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