8-KEarnings & Results

THERMO FISHER SCIENTIFIC INC. 8-K Report, Financial Results (Jan 11, 2021)

Filed January 11, 2021For Securities:TMO

Summary

Thermo Fisher Scientific Inc. (TMO) has updated its fourth quarter 2020 revenue growth expectations, signaling a stronger-than-anticipated performance. The company now anticipates reported and organic revenue growth of approximately 50% for the fourth quarter, a significant increase from the previously projected 40% organic revenue growth announced in early December 2020. This upward revision also impacts the full-year 2020 outlook, with the company now expecting reported and organic revenue growth of approximately 25%, compared to the prior projection of 22% organic revenue growth. These improved figures reflect the ongoing impact of the COVID-19 pandemic and strong demand for the company's products and services. Further details on these results will be provided during the fourth quarter and full-year 2020 earnings conference call scheduled for February 1, 2021.

Key Highlights

  • 1Thermo Fisher Scientific (TMO) raised its Q4 2020 revenue growth outlook to approximately 50% (reported and organic), up from 40% previously projected.
  • 2Full-year 2020 reported and organic revenue growth is now expected to be around 25%, an increase from the prior forecast of 22% organic growth.
  • 3The updated guidance was provided by CEO Marc N. Casper at the 39th Annual J.P. Morgan Healthcare Conference.
  • 4The company attributes the strong performance and revised outlook to the ongoing impact of the COVID-19 pandemic and associated demand.
  • 5Detailed financial results for Q4 and full-year 2020 will be released on the earnings conference call on February 1, 2021.
  • 6The filing includes a standard cautionary statement regarding forward-looking statements and potential risks and uncertainties.

Frequently Asked Questions

The primary reason for the updated, stronger revenue growth expectations is the ongoing impact of the COVID-19 pandemic, which has driven significant demand for Thermo Fisher Scientific's products and services.

Investors can expect more detailed financial results for the fourth quarter and the full year 2020 during Thermo Fisher Scientific's earnings conference call, which is scheduled for February 1, 2021.

The company has increased its fourth quarter guidance to approximately 50% revenue growth (reported and organic), up from the previously guided 40% organic growth. For the full year 2020, the outlook has been raised to approximately 25% growth (reported and organic), compared to the prior expectation of 22% organic growth.

Organic revenue is defined as reported revenue excluding the impact of acquisitions, divestitures, and foreign currency translation. The company notes that a precise reconciliation of organic revenue to reported revenue is not provided because the timing and amount of these items are uncertain and could be material.