8-KRegulation FD

THERMO FISHER SCIENTIFIC INC. 8-K Report, Regulation FD Disclosure (Mar 24, 2014)

Filed March 24, 2014For Securities:TMO

Summary

Thermo Fisher Scientific Inc. (TMO) announced significant changes to its reporting segments, effective January 1, 2014, following the acquisition of Life Technologies Corporation. The company has established a new 'Life Sciences Solutions' segment, which incorporates the majority of Life Technologies' businesses and Thermo Fisher's former biosciences operations. This move is designed to better align financial reporting with the company's strategic evolution and integrated operations post-acquisition. Furthermore, the company has divested certain businesses from Life Technologies, including its sera and media, gene modulation, and magnetic beads businesses, to GE Healthcare for approximately $1.06 billion, a transaction that closed on March 21, 2014. These divested businesses had approximately $250 million in 2013 revenue and $80 million in operating income. The financial impact of these changes, including the new segment structure and divestitures, will be reflected in the company's first-quarter 2014 financial report. Recast historical financial data reflecting the new segment structure has been made available on the company's investor relations website.

Key Highlights

  • 1Thermo Fisher Scientific has established a new 'Life Sciences Solutions' reporting segment, effective January 1, 2014, following the acquisition of Life Technologies.
  • 2The new Life Sciences Solutions segment combines key businesses from Life Technologies and Thermo Fisher's prior biosciences operations.
  • 3The company's global chemicals business has been moved from the Analytical Technologies segment to the Laboratory Products and Services segment.
  • 4The Analytical Technologies segment has been renamed 'Analytical Instruments' to reflect business realignments.
  • 5Two specialty diagnostics businesses from Life Technologies have been integrated into the Specialty Diagnostics segment.
  • 6Thermo Fisher completed the sale of its sera and media, gene modulation, and magnetic beads businesses to GE Healthcare for approximately $1.06 billion on March 21, 2014.
  • 7Recast historical financial data reflecting the new segment structure is now available on the company's investor website to aid investor analysis.

Frequently Asked Questions

The primary reason is the completion of the acquisition of Life Technologies Corporation. The new segment structure aims to better reflect the integrated operations and strategic evolution of the company post-acquisition.

The company's first-quarter 2014 financial report will be the first to reflect the new segment structure and the impact of the Life Technologies acquisition and subsequent divestitures.

Thermo Fisher divested its sera and media, gene modulation, and magnetic beads businesses to GE Healthcare for approximately $1.06 billion. This sale was completed on March 21, 2014.

Recast, unaudited historical financial data reflecting the new segment reporting structure is available on Thermo Fisher Scientific's corporate website (www.thermofisher.com) under the 'Investors' section, specifically within 'GAAP/Non-GAAP Reconciliation & Financial Information Package'.