Thermo Fisher Scientific(US:TMO) ZACKS·2024-07-24 16:25Core Insights - Thermo Fisher Scientific Inc. reported adjusted earnings per share (EPS) of $5.37 for Q2 2024, exceeding the Zacks Consensus Estimate by 4.9% and reflecting a year-over-year increase of 4.3% [1] - The company raised its adjusted EPS guidance for 2024 to a range of $21.29 to $22.07, up from the previous guidance of $21.14 to $22.02 [6] Financial Performance - GAAP EPS for the quarter was $4.04, marking a 15.1% increase year over year [2] - Total revenues for the quarter were $10.54 billion, down 1.4% year over year, but still beating the Zacks Consensus Estimate by 0.3% [9] - The gross margin improved to 42.1%, an increase of 124 basis points year over year [4] - The adjusted operating margin was 22.9%, reflecting an improvement of 90 basis points [11] - Cumulative net cash from operating activities reached $3.21 billion, up from $2.27 billion a year ago [12] Segment Performance - Life Sciences Solutions segment revenues declined 4.4% year over year to $2.36 billion, while Analytical Instruments segment sales rose 1.9% to $1.78 billion [3] - Revenues in the Laboratory Products and Biopharma Services segment fell 1.3% to $5.76 billion, while the Specialty Diagnostics segment saw a 0.7% year-over-year growth to $1.12 billion [20] Guidance and Outlook - The company expects 2024 revenues to be in the range of $42.4 billion to $43.3 billion, slightly adjusted from the previous range of $42.3 billion to $43.3 billion [24] - The updated guidance reflects a positive outlook for the company's performance in the upcoming quarters [7] Strategic Developments - Thermo Fisher launched several innovative products, including the Thermo Scientific Stellar mass spectrometer and new editions of the Thermo Scientific Orbitrap Ascend Tribrid mass spectrometer [25] - The company completed the acquisition of Olink, enhancing its capabilities in next-generation proteomic solutions [25]