Thermo Fisher Scientific Inc., a leading medical device and lab equipment maker, experienced a more challenging macroeconomic environment in the second quarter, resulting in a downward adjustment of its full-year earnings and revenue guidance. The company cited the slowdown in economic activity in China and increased caution among businesses in their spending as key factors contributing to these challenges.
Revised 2023 Outlook
Thermo Fisher now expects its 2023 adjusted earnings per share to be in the range of $22.28 to $22.72, compared to the previous guidance of $23.70. Similarly, its revenue forecast has been revised to $43.4 billion to $44 billion, down from the previous estimate of $45.3 billion.
Second Quarter Performance
In the second quarter, Thermo Fisher reported a net income of $1.36 billion, or $3.51 per share, which is lower than the $1.67 billion, or $4.22 per share, recorded in the same period last year. Adjusted earnings per share for the second quarter was $5.15, a decline from $5.51 in the previous year, falling short of the FactSet consensus of $5.43. The company’s second-quarter revenues also decreased to $10.69 billion from $10.97 billion in the previous year, further below the FactSet consensus of $10.99 billion.
Thermo Fisher Scientific Inc.’s shares fell more than 5% in premarket trading on Wednesday in response to these revised figures. Despite the challenges faced, Thermo Fisher remains committed to delivering high-quality products and services to its customers worldwide.
