Thermo Fisher (TMO) Just Had an Amazing Fourth Quarter

Thermo Fisher Scientific Inc. (NYSE:TMO) in its current form is an amalgamation of several firms. However, the company states in SEC filing that it was incorporated in 1956. Thermo Fisher is a leading supplier of analytical instruments, reagents, and consumables for diagnostic and research purposes. The company serves thousands of customers that range from pharmaceutical companies and hospitals to universities and government agencies.

The Waltham, Massachusetts-based health care diagnostics company on Monday reported better-than-expected earnings and revenue for the fourth quarter ended Dec. 31. Thermo Fisher’s adjusted profit climbed 100 percent on a year-over-year basis to $7.09 per share, easily beating the consensus forecast of $6.56 per share.

Speaking on the results, CEO Marc Casper said, “I am proud that we delivered the strongest year of performance in our company’s history. From a financial perspective, we generated exceptional growth in revenue, earnings and free cash flow for the quarter and the year.”

Revenue came in at $10.55 billion, up 54 percent from the comparable period of 2019, and above analysts’ average estimate of $9.58 billion. If we look at the sales performance of key segments, revenue from the life sciences segment skyrocketed 138 percent to $4.37 billion, revenue from specialty diagnostics business climbed 109 percent to $1.97, and revenue from laboratory products jumped 28 percent to $3.62 billion.

The company also issued its earnings outlook for 2021. It expects to report a profit of $21.62 per share for the current fiscal year, better than analysts’ average forecast of $20.74 per share.

Thermo Fisher shares rose more than 2 percent on Monday morning after strong quarterly results. TMO stock did well in recent months, with share price advancing more than 60 percent over the past year.