Thermo Fisher Scientific Reports Third Quarter 2021 Results

 
 

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended October 2, 2021 .

 

  Third Quarter 2021 Highlights  

 
  • Third quarter revenue increased 9% to $9.33 billion .
  •  
  • Third quarter GAAP diluted earnings per share (EPS) was $4.79 .
  •  
  • Third quarter adjusted EPS was $5.76 .
  •  
  • The company continued to expand capacity and capabilities to better serve customers. Our Pharma Services business brought additional capacity online to support vaccine and therapy production. In South Korea , we opened a Bioprocess Design Center, to advance bioprocessing innovation and collaboration with biopharma customers, and as part of the previously announced strategic partnership with CSL Limited, we assumed operating responsibility of a new state-of-the-art biologics site in Lengnau, Switzerland . Additionally, in partnership with the U.S. Department of Defense , we are building a new manufacturing site in North Carolina to ensure reliable domestic production of pipette tips which are used for liquid handling in research and diagnostic laboratories.
  •  
  • Building on our environmental social and governance initiatives and to further enable customers to achieve their own sustainability goals, the company committed to expand use of ACT Label for its entire cold temperature storage portfolio by the end of 2021. Additionally, the company extended its support of COVID-19 testing at historically black colleges and universities (HBCUs) to deliver accurate COVID-19 testing to all students and staff, helping to ensure campus safety and the ability to confidently deliver in-person learning.
  •  

Adjusted EPS, adjusted operating income, adjusted operating margin and free cash flow are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Use of Non-GAAP Financial Measures."

 

"Our incredibly strong performance in the third quarter demonstrates our proven growth strategy powered by our PPI Business System," said Marc N. Casper , chairman, president, and chief executive officer of Thermo Fisher Scientific. "We continue to deliver exceptional performance in revenue, earnings and free cash flow.  And we are launching innovative new products and expanding our capabilities and capacity to enhance our customer value proposition."

 

Casper added, "Our team executed at a very high level during the first nine months of the year, and we are on track to deliver another outstanding year and set the company up for an even brighter future."

 

  Third Quarter 2021  

 

Revenue for the quarter grew 9% to $9.33 billion in 2021, versus $8.52 billion in 2020. Organic revenue growth was 7%; acquisitions increased revenue by 1% and currency translation increased revenue by 1%. Organic revenue growth from the base business was 10%. COVID-19 response revenue was $2.05 billion .

 

  GAAP Earnings Results  

 

GAAP diluted EPS in the third quarter of 2021 was $4.79 , versus $4.84 in the same quarter last year. GAAP operating income for the third quarter of 2021 was $2.28 billion , compared with $2.43 billion in the year-ago quarter. GAAP operating margin was 24.4%, compared with 28.5% in the third quarter of 2020.

 

  Non-GAAP Earnings Results  

 

Adjusted EPS in the third quarter of 2021 increased 2% to $5.76 , versus $5.63 in the third quarter of 2020. Adjusted operating income for the third quarter of 2021 was $2.78 billion , compared with $2.80 billion in the year-ago quarter. Adjusted operating margin was 29.8%, compared with 32.9% in the third quarter of 2020.

 

  2021 Guidance Update  

 

  Thermo Fisher is raising its 2021 revenue and earnings guidance. The company is raising its revenue guidance by $1.2 billion to $37.1 billion ; this would result in 15% revenue growth over 2020. The company is raising its adjusted EPS guidance by $1.30 to $23.37 , which would represent 20% growth year over year.

 

  Segment Results  

 

Management uses adjusted operating results to monitor and evaluate performance of the company's four business segments, as highlighted below. Since these results are used for this purpose, they are also considered to be prepared in accordance with GAAP.

 

  Life Sciences Solutions Segment  

 

Life Sciences Solutions Segment revenue grew 9% to $3.72 billion in the third quarter of 2021, compared with revenue of $3.42 billion in the third quarter of 2020. Segment adjusted operating margin was 48.9%, versus 54.9% in the 2020 quarter.

 

  Analytical Instruments Segment  

 

Analytical Instruments Segment revenue grew 11% to $1.48 billion in the third quarter of 2021, compared with revenue of $1.34 billion in the third quarter of 2020. Segment adjusted operating margin was 17.8%, versus 12.8% in the 2020 quarter.

 

  Specialty Diagnostics Segment  

 

Specialty Diagnostics Segment revenue was $1.36 billion in the third quarter of 2021, compared with revenue of $1.43 billion in the third quarter of 2020. Segment adjusted operating margin was 22.7%, versus 27.9% in the 2020 quarter.

 

  Laboratory Products and Services Segment  

 

Laboratory Products and Services Segment revenue grew 12% to $3.49 billion in the third quarter of 2021, compared with revenue of $3.11 billion in the third quarter of 2020. Segment adjusted operating margin was 11.0%, versus 11.4% in the 2020 quarter.

 

  Use of Non-GAAP Financial Measures  

 

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including adjusted EPS, adjusted operating income and adjusted operating margin, which exclude certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition and significant transaction costs; restructuring and other costs/income; and amortization of acquisition-related intangible assets. Adjusted EPS also excludes certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, and the impact of significant tax audits or events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. We also use a non-GAAP measure, free cash flow, which is operating cash flow, excluding net capital expenditures to provide a view of the continuing operations' ability to generate cash for use in acquisitions and other investing and financing activities. We believe that the use of non-GAAP measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company's performance, especially when comparing such results to previous periods or forecasts.

 

For example:

 

We exclude costs and tax effects associated with restructuring activities, such as reducing overhead and consolidating facilities. We believe that the costs related to these restructuring activities are not indicative of our normal operating costs.

 

We exclude certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition and significant transaction costs. We exclude these costs because we do not believe they are indicative of our normal operating costs.

 

We exclude the expense and tax effects associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years. Based on acquisitions closed through the end of the third quarter of 2021, adjusted EPS will exclude approximately $3.36 of expense for the amortization of acquisition-related intangible assets. Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.

 

We also exclude certain gains/losses and related tax effects, the impact of significant tax audits or events (such as changes in deferred taxes from enacted tax rate changes), which are either isolated or cannot be expected to occur again with any predictability and that we believe are not indicative of our normal operating gains and losses. For example, we exclude gains/losses from items such as the sale of a business or real estate, gains or losses on significant litigation-related matters, gains on curtailments of pension plans and the early retirement of debt.

 

We also report free cash flow, which is operating cash flow, excluding net capital expenditures to provide a view of the continuing operations' ability to generate cash for use in acquisitions and other investing and financing activities.

 

Thermo Fisher Scientific's management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the company's core operating performance and comparing such performance to that of prior periods and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes.

 

The non-GAAP financial measures of Thermo Fisher Scientific's results of operations and cash flows included in this press release are not meant to be considered superior to or a substitute for Thermo Fisher Scientific's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables. Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions and acquisition-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific's results computed in accordance with GAAP.

 

  Conference Call  

 

Thermo Fisher Scientific will hold its earnings conference call today, October 27, 2021 , at 8:30 a.m. Eastern time . To listen, dial (833) 714-0931 within the U.S. or (778) 560-2662 outside the U.S. The conference ID is 6971977. You may also listen to the call live on our website, www.thermofisher.com , by clicking on "Investors." You will find this press release, including the accompanying reconciliation of non-GAAP financial measures and related information, in that section of our website under "Financial Results." An audio archive of the call will be available under "Webcasts and Presentations" through Friday, November 12, 2021 .

 

  About Thermo Fisher Scientific  

 

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $35 billion . Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, improving patient diagnostics and therapies or increasing productivity in their laboratories, we are here to support them. Our global team of more than 90,000 colleagues delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon. For more information, please visit www.thermofisher.com   .  

 

  Safe Harbor Statement  

 

The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the duration and severity of the COVID-19 pandemic; the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, including our pending acquisition of PPD, Inc., may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, which are on file with the SEC and available in the "Investors" section of our website under the heading "SEC Filings." While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

 

###

 

Media Contact Information:
Sandy Pound  
Thermo Fisher Scientific
Phone: 781-622-1223
E-mail: sandy.pound@thermofisher.com  

 

Investor Contact Information:
Rafael Tejada  
Thermo Fisher Scientific
Phone: 781-622-1356
E-mail: rafael.tejada@thermofisher.com  

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 

   Condensed Consolidated Statement of Income (unaudited) (a)(b)   

 
 
 
 
 
 
 
 
 
 
 
 

  Three Months Ended  

 
 
 
 

  October 2,  

 
 
 

  % of  

 
 
 

  September 26,  

 
 
 

  % of  

 
 

  (In millions except per share amounts)  

 
 
 

  2021  

 
 
 

  Revenues  

 
 
 

  2020  

 
 
 

  Revenues  

 
 
 
 
 
 
 
 
 
 
 

  Revenues  

 
 
 

  $  

 
 

  9,330  

 
 
 
 
 
 

  $  

 
 

  8,521  

 
 
 
 
 

  Costs and Operating Expenses:  

 
 
 
 
 
 
 
 
 
 

  Cost of revenues (c)  

 
 
 

  4,533  

 
 
 
 

  48.6  

 
 

  %  

 
 
 

  4,065  

 
 
 
 

  47.7  

 
 

  %  

 
 

  Selling, general and administrative expenses (d)  

 
 
 

  1,727  

 
 
 
 

  18.5  

 
 

  %  

 
 
 

  1,303  

 
 
 
 

  15.3  

 
 

  %  

 
 

  Amortization of acquisition-related intangible assets  

 
 
 

  423  

 
 
 
 

  4.6  

 
 

  %  

 
 
 

  414  

 
 
 
 

  4.9  

 
 

  %  

 
 

  Research and development expenses  

 
 
 

  351  

 
 
 
 

  3.8  

 
 

  %  

 
 
 

  296  

 
 
 
 

  3.5  

 
 

  %  

 
 

  Restructuring and other costs (e)  

 
 
 

  18  

 
 
 
 

  0.2  

 
 

  %  

 
 
 

  17  

 
 
 
 

  0.2  

 
 

  %  

 
 
 
 

  7,052  

 
 
 
 

  75.6  

 
 

  %  

 
 
 

  6,095  

 
 
 
 

  71.5  

 
 

  %  

 
 

  Operating Income  

 
 
 

  2,278  

 
 
 
 

  24.4  

 
 

  %  

 
 
 

  2,426  

 
 
 
 

  28.5  

 
 

  %  

 
 

  Interest Income  

 
 
 

  9  

 
 
 
 
 
 

  9  

 
 
 
 
 

  Interest Expense  

 
 
 

  (128)  

 
 
 
 
 
 

  (144)  

 
 
 
 
 

  Other Income (Expense) (f)  

 
 
 

  14  

 
 
 
 
 
 

  (39)  

 
 
 
 
 

  Income Before Income Taxes  

 
 
 

  2,173  

 
 
 
 
 
 

  2,252  

 
 
 
 
 

  Provision for Income Taxes (g)  

 
 
 

  (271)  

 
 
 
 
 
 

  (319)  

 
 
 
 
 

  Net Income  

 
 
 

  $  

 
 

  1,902  

 
 
 
 

  20.4  

 
 

  %  

 
 
 

  $  

 
 

  1,933  

 
 
 
 

  22.7  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 

  Earnings per Share:  

 
 
 
 
 
 
 
 
 
 

  Basic  

 
 
 

  $  

 
 

  4.83  

 
 
 
 
 
 

  $  

 
 

  4.88  

 
 
 
 
 

  Diluted  

 
 
 

  $  

 
 

  4.79  

 
 
 
 
 
 

  $  

 
 

  4.84  

 
 
 
 
 

  Weighted Average Shares:  

 
 
 
 
 
 
 
 
 
 

  Basic  

 
 
 

  394  

 
 
 
 
 
 

  396  

 
 
 
 
 

  Diluted  

 
 
 

  397  

 
 
 
 
 
 

  399  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Reconciliation of Adjusted Operating Income and Adjusted Operating Margin   

 
 
 
 
 
 
 
 
 
 

  GAAP Operating Income (a)  

 
 
 

  $  

 
 

  2,278  

 
 
 
 

  24.4  

 
 

  %  

 
 
 

  $  

 
 

  2,426  

 
 
 
 

  28.5  

 
 

  %  

 
 

  Cost of Revenues Charges (c)  

 
 
 

  

 
 
 
 

  0.0  

 
 

  %  

 
 
 

  1  

 
 
 
 

  0.0  

 
 

  %  

 
 

  Selling, General and Administrative Charges (Credits) (d)  

 
 
 

  59  

 
 
 
 

  0.6  

 
 

  %  

 
 
 

  (55)  

 
 
 
 

  -0.7  

 
 

  %  

 
 

  Restructuring and Other Costs (e)  

 
 
 

  18  

 
 
 
 

  0.2  

 
 

  %  

 
 
 

  17  

 
 
 
 

  0.2  

 
 

  %  

 
 

  Amortization of Acquisition-related Intangible Assets  

 
 
 

  423  

 
 
 
 

  4.6  

 
 

  %  

 
 
 

  414  

 
 
 
 

  4.9  

 
 

  %  

 
 

  Adjusted Operating Income (b)  

 
 
 

  $  

 
 

  2,778  

 
 
 
 

  29.8  

 
 

  %  

 
 
 

  $  

 
 

  2,803  

 
 
 
 

  32.9  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 

   Reconciliation of Adjusted Net Income   

 
 
 
 
 
 
 
 
 
 

  GAAP Net Income (a)  

 
 
 

  $  

 
 

  1,902  

 
 
 
 
 
 

  $  

 
 

  1,933  

 
 
 
 
 

  Cost of Revenues Charges (c)  

 
 
 

  

 
 
 
 
 
 

  1  

 
 
 
 
 

  Selling, General and Administrative Charges (Credits) (d)  

 
 
 

  59  

 
 
 
 
 
 

  (55)  

 
 
 
 
 

  Restructuring and Other Costs (e)  

 
 
 

  18  

 
 
 
 
 
 

  17  

 
 
 
 
 

  Amortization of Acquisition-related Intangible Assets  

 
 
 

  423  

 
 
 
 
 
 

  414  

 
 
 
 
 

  Other (Income) Expense (f)  

 
 
 

  (5)  

 
 
 
 
 
 

  40  

 
 
 
 
 

  Benefit from Income Taxes (g)  

 
 
 

  (108)  

 
 
 
 
 
 

  (100)  

 
 
 
 
 

  Adjusted Net Income (b)  

 
 
 

  $  

 
 

  2,289  

 
 
 
 
 
 

  $  

 
 

  2,250  

 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Reconciliation of Adjusted Earnings per Share   

 
 
 
 
 
 
 
 
 
 

  GAAP Diluted EPS (a)  

 
 
 

  $  

 
 

  4.79  

 
 
 
 
 
 

  $  

 
 

  4.84  

 
 
 
 
 

  Cost of Revenues Charges, Net of Tax (c)  

 
 
 

  0.00  

 
 
 
 
 
 

  0.00  

 
 
 
 
 

  Selling, General and Administrative Charges (Credits), Net of Tax (d)  

 
 
 

  0.13  

 
 
 
 
 
 

  (0.11)  

 
 
 
 
 

  Restructuring and Other Costs, Net of Tax (e)  

 
 
 

  0.03  

 
 
 
 
 
 

  0.03  

 
 
 
 
 

  Amortization of Acquisition-related Intangible Assets, Net of Tax  

 
 
 

  0.84  

 
 
 
 
 
 

  0.82  

 
 
 
 
 

  Other (Income) Expense, Net of Tax (f)  

 
 
 

  (0.01)  

 
 
 
 
 
 

  0.08  

 
 
 
 
 

  Benefit from Income Taxes (g)  

 
 
 

  (0.02)  

 
 
 
 
 
 

  (0.03)  

 
 
 
 
 

  Adjusted EPS (b)  

 
 
 

  $  

 
 

  5.76  

 
 
 
 
 
 

  $  

 
 

  5.63  

 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Reconciliation of Free Cash Flow   

 
 
 
 
 
 
 
 
 
 

  GAAP Net Cash Provided by Operating Activities (a)  

 
 
 

  $  

 
 

  2,650  

 
 
 
 
 
 

  $  

 
 

  2,708  

 
 
 
 
 

  Purchases of Property, Plant and Equipment  

 
 
 

  (524)  

 
 
 
 
 
 

  (366)  

 
 
 
 
 

  Proceeds from Sale of Property, Plant and Equipment  

 
 
 

  4  

 
 
 
 
 
 

  1  

 
 
 
 
 

  Free Cash Flow  

 
 
 

  $  

 
 

  2,130  

 
 
 
 
 
 

  $  

 
 

  2,343  

 
 
 
 
 
 

 

 

 

 
 
                                                                                                                                                                                                                                                                                                   
 

   Segment Data   

 
 
 

  Three Months Ended  

 
 
 
 

  October 2,  

 
 
 

  % of  

 
 
 

  September 26,  

 
 
 

  % of  

 
 

  (In millions)  

 
 
 

  2021  

 
 
 

  Revenues  

 
 
 

  2020  

 
 
 

  Revenues  

 
 
 
 
 
 
 
 
 
 
 

   Revenues   

 
 
 
 
 
 
 
 
 
 

  Life Sciences Solutions  

 
 
 

  $  

 
 

  3,721  

 
 
 
 

  39.9  

 
 

  %  

 
 
 

  $  

 
 

  3,424  

 
 
 
 

  40.2  

 
 

  %  

 
 

  Analytical Instruments  

 
 
 

  1,476  

 
 
 
 

  15.8  

 
 

  %  

 
 
 

  1,336  

 
 
 
 

  15.7  

 
 

  %  

 
 

  Specialty Diagnostics  

 
 
 

  1,362  

 
 
 
 

  14.6  

 
 

  %  

 
 
 

  1,430  

 
 
 
 

  16.8  

 
 

  %  

 
 

  Laboratory Products and Services  

 
 
 

  3,487  

 
 
 
 

  37.4  

 
 

  %  

 
 
 

  3,112  

 
 
 
 

  36.5  

 
 

  %  

 
 

  Eliminations  

 
 
 

  (716)  

 
 
 
 

  -7.7  

 
 

  %  

 
 
 

  (781)  

 
 
 
 

  -9.2  

 
 

  %  

 
 

  Consolidated Revenues  

 
 
 

  $  

 
 

  9,330  

 
 
 
 

  100.0  

 
 

  %  

 
 
 

  $  

 
 

  8,521  

 
 
 
 

  100.0  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 

   Operating Income and Operating Margin   

 
 
 
 
 
 
 
 
 
 

  Life Sciences Solutions  

 
 
 

  $  

 
 

  1,821  

 
 
 
 

  48.9  

 
 

  %  

 
 
 

  $  

 
 

  1,879  

 
 
 
 

  54.9  

 
 

  %  

 
 

  Analytical Instruments  

 
 
 

  264  

 
 
 
 

  17.8  

 
 

  %  

 
 
 

  171  

 
 
 
 

  12.8  

 
 

  %  

 
 

  Specialty Diagnostics  

 
 
 

  310  

 
 
 
 

  22.7  

 
 

  %  

 
 
 

  398  

 
 
 
 

  27.9  

 
 

  %  

 
 

  Laboratory Products and Services  

 
 
 

  383  

 
 
 
 

  11.0  

 
 

  %  

 
 
 

  355  

 
 
 
 

  11.4  

 
 

  %  

 
 

  Subtotal Reportable Segments  

 
 
 

  2,778  

 
 
 
 

  29.8  

 
 

  %  

 
 
 

  2,803  

 
 
 
 

  32.9  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 

  Cost of Revenues Charges (c)  

 
 
 

  

 
 
 
 

  0.0  

 
 

  %  

 
 
 

  (1)  

 
 
 
 

  0.0  

 
 

  %  

 
 

  Selling, General and Administrative (Charges) Credits (d)  

 
 
 

  (59)  

 
 
 
 

  -0.6  

 
 

  %  

 
 
 

  55  

 
 
 
 

  0.7  

 
 

  %  

 
 

  Restructuring and Other Costs (e)  

 
 
 

  (18)  

 
 
 
 

  -0.2  

 
 

  %  

 
 
 

  (17)  

 
 
 
 

  -0.2  

 
 

  %  

 
 

  Amortization of Acquisition-related Intangible Assets  

 
 
 

  (423)  

 
 
 
 

  -4.6  

 
 

  %  

 
 
 

  (414)  

 
 
 
 

  -4.9  

 
 

  %  

 
 

  GAAP Operating Income (a)  

 
 
 

  $  

 
 

  2,278  

 
 
 
 

  24.4  

 
 

  %  

 
 
 

  $  

 
 

  2,426  

 
 
 
 

  28.5  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 
 
 
                    
 
 
 
 
 
 
 
 
 
 

  (a) "GAAP" (reported) results were determined in accordance with U.S. generally accepted accounting principles (GAAP).  

 
 

  (b) Adjusted results are non-GAAP measures and, for income measures, exclude certain charges to cost of revenues (see note (c) for details); certain credits/charges to selling, general and administrative expenses (see note (d) for details); amortization of acquisition-related intangible assets; restructuring and other costs (see note (e) for details); certain other gains or losses that are either isolated or cannot be expected to occur again with any predictability (see note (f) for details); and the tax consequences of the preceding items and certain other tax items (see note (g) for details).  

 
 

  (c) Reported results in 2020 include accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.  

 
 

  (d) Reported results in 2021 and 2020 include certain third-party expenses (credits), principally transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions; charges (credits) for changes in estimates of contingent acquisition consideration; and costs associated with product liability litigation.  

 
 

  (e) Reported results in 2021 and 2020 include restructuring and other costs consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations. Reported results in 2021 also include $4 of credits for the settlement of environmental-related matters, offset in part by $3 of net charges for pre-acquisition related matters. Reported results in 2020 also include $10 of charges for impairment of acquired technology.  

 
 

  (f) Reported results in 2021 and 2020 include gains on investments and charges for the amortization of bridge loan commitment fees related to pending/terminated acquisitions. Reported results in 2020 also include $5 of net charges for the settlement/curtailment of pension plans.  

 
 

  (g) Reported provision for income taxes in 2021 and 2020 includes incremental tax benefit for the pre-tax reconciling items between GAAP and adjusted net income. Reported results in 2020 also include $11 of incremental tax benefit from adjusting the company's non-U.S. deferred tax balances as a result of tax rate changes.  

 
 

  Notes:  

 
 

  Consolidated depreciation expense is $205 and $161 in 2021 and 2020, respectively.  

 
 
 
 
 

 

 
 
                                       
 

   Base Business Organic Revenue Growth   

 
 
 
 
 
 

  Three Months
Ended
 

 
 
 
 

  October 2,  

 
 
 
 

  2021  

 
 
 
 
 

   Revenue Growth   

 
 
 

  9  

 
 

  %  

 
 

  COVID-19 Response Revenue (a) (b)  

 
 
 

  -2  

 
 

  %  

 
 

   Base Business Revenue Growth   

 
 
 

  11  

 
 

  %  

 
 

  Acquisitions  

 
 
 

  0  

 
 

  %  

 
 

  Currency Translation  

 
 
 

  1  

 
 

  %  

 
 

   Base Business Organic Revenue Growth   

 
 
 

  10  

 
 

  %  

 
 
 
 
     
 
 
 
 

  (a) COVID-19 response revenue includes effects of COVID-19 response revenues from acquired businesses and foreign currency translation.  

 
 

  (b) Adjustment to exclude the impact of COVID-19 response revenue.  

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 

   Condensed Consolidated Statement of Income (unaudited) (a)(b)   

 
 
 
 
 
 
 
 
 
 
 
 

  Nine Months Ended  

 
 
 
 

  October 2,  

 
 
 

  % of  

 
 
 

  September 26,  

 
 
 

  % of  

 
 

  (In millions except per share amounts)  

 
 
 

  2021  

 
 
 

  Revenues  

 
 
 

  2020  

 
 
 

  Revenues  

 
 
 
 
 
 
 
 
 
 
 

  Revenues  

 
 
 

  $  

 
 

  28,509  

 
 
 
 
 
 

  $  

 
 

  21,668  

 
 
 
 
 

  Costs and Operating Expenses:  

 
 
 
 
 
 
 
 
 
 

  Cost of revenues (c)  

 
 
 

  13,675  

 
 
 
 

  48.0  

 
 

  %  

 
 
 

  10,846  

 
 
 
 

  50.1  

 
 

  %  

 
 

  Selling, general and administrative expenses (d)  

 
 
 

  4,884  

 
 
 
 

  17.1  

 
 

  %  

 
 
 

  3,971  

 
 
 
 

  18.3  

 
 

  %  

 
 

  Amortization of acquisition-related intangible assets  

 
 
 

  1,295  

 
 
 
 

  4.6  

 
 

  %  

 
 
 

  1,256  

 
 
 
 

  5.8  

 
 

  %  

 
 

  Research and development expenses  

 
 
 

  1,014  

 
 
 
 

  3.6  

 
 

  %  

 
 
 

  805  

 
 
 
 

  3.7  

 
 

  %  

 
 

  Restructuring and other costs (e)  

 
 
 

  151  

 
 
 
 

  0.5  

 
 

  %  

 
 
 

  67  

 
 
 
 

  0.3  

 
 

  %  

 
 
 
 

  21,019  

 
 
 
 

  73.7  

 
 

  %  

 
 
 

  16,945  

 
 
 
 

  78.2  

 
 

  %  

 
 

  Operating Income  

 
 
 

  7,490  

 
 
 
 

  26.3  

 
 

  %  

 
 
 

  4,723  

 
 
 
 

  21.8  

 
 

  %  

 
 

  Interest Income  

 
 
 

  32  

 
 
 
 
 
 

  53  

 
 
 
 
 

  Interest Expense  

 
 
 

  (375)  

 
 
 
 
 
 

  (407)  

 
 
 
 
 

  Other Expense (f)  

 
 
 

  (174)  

 
 
 
 
 
 

  (36)  

 
 
 
 
 

  Income Before Income Taxes  

 
 
 

  6,973  

 
 
 
 
 
 

  4,333  

 
 
 
 
 

  Provision for Income Taxes (g)  

 
 
 

  (906)  

 
 
 
 
 
 

  (456)  

 
 
 
 
 

  Net Income  

 
 
 

  $  

 
 

  6,067  

 
 
 
 

  21.3  

 
 

  %  

 
 
 

  $  

 
 

  3,877  

 
 
 
 

  17.9  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 

  Earnings per Share:  

 
 
 
 
 
 
 
 
 
 

  Basic  

 
 
 

  $  

 
 

  15.41  

 
 
 
 
 
 

  $  

 
 

  9.79  

 
 
 
 
 

  Diluted  

 
 
 

  $  

 
 

  15.29  

 
 
 
 
 
 

  $  

 
 

  9.71  

 
 
 
 
 

  Weighted Average Shares:  

 
 
 
 
 
 
 
 
 
 

  Basic  

 
 
 

  394  

 
 
 
 
 
 

  396  

 
 
 
 
 

  Diluted  

 
 
 

  397  

 
 
 
 
 
 

  399  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Reconciliation of Adjusted Operating Income and Adjusted Operating Margin   

 
 
 
 
 
 
 
 
 
 

  GAAP Operating Income (a)  

 
 
 

  $  

 
 

  7,490  

 
 
 
 

  26.3  

 
 

  %  

 
 
 

  $  

 
 

  4,723  

 
 
 
 

  21.8  

 
 

  %  

 
 

  Cost of Revenues Charges (c)  

 
 
 

  8  

 
 
 
 

  0.0  

 
 

  %  

 
 
 

  5  

 
 
 
 

  0.0  

 
 

  %  

 
 

  Selling, General and Administrative Charges (Credits) (d)  

 
 
 

  33  

 
 
 
 

  0.1  

 
 

  %  

 
 
 

  (7)  

 
 
 
 

  0.0  

 
 

  %  

 
 

  Restructuring and Other Costs (e)  

 
 
 

  151  

 
 
 
 

  0.5  

 
 

  %  

 
 
 

  67  

 
 
 
 

  0.3  

 
 

  %  

 
 

  Amortization of Acquisition-related Intangible Assets  

 
 
 

  1,295  

 
 
 
 

  4.6  

 
 

  %  

 
 
 

  1,256  

 
 
 
 

  5.8  

 
 

  %  

 
 

  Adjusted Operating Income (b)  

 
 
 

  $  

 
 

  8,977  

 
 
 
 

  31.5  

 
 

  %  

 
 
 

  $  

 
 

  6,044  

 
 
 
 

  27.9  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 

   Reconciliation of Adjusted Net Income   

 
 
 
 
 
 
 
 
 
 

  GAAP Net Income (a)  

 
 
 

  $  

 
 

  6,067  

 
 
 
 
 
 

  $  

 
 

  3,877  

 
 
 
 
 

  Cost of Revenues Charges (c)  

 
 
 

  8  

 
 
 
 
 
 

  5  

 
 
 
 
 

  Selling, General and Administrative Charges (Credits) (d)  

 
 
 

  33  

 
 
 
 
 
 

  (7)  

 
 
 
 
 

  Restructuring and Other Costs (e)  

 
 
 

  151  

 
 
 
 
 
 

  67  

 
 
 
 
 

  Amortization of Acquisition-related Intangible Assets  

 
 
 

  1,295  

 
 
 
 
 
 

  1,256  

 
 
 
 
 

  Other Expense (f)  

 
 
 

  200  

 
 
 
 
 
 

  79  

 
 
 
 
 

  Benefit from Income Taxes (g)  

 
 
 

  (380)  

 
 
 
 
 
 

  (302)  

 
 
 
 
 

  Adjusted Net Income (b)  

 
 
 

  $  

 
 

  7,374  

 
 
 
 
 
 

  $  

 
 

  4,975  

 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Reconciliation of Adjusted Earnings per Share   

 
 
 
 
 
 
 
 
 
 

  GAAP Diluted EPS (a)  

 
 
 

  $  

 
 

  15.29  

 
 
 
 
 
 

  $  

 
 

  9.71  

 
 
 
 
 

  Cost of Revenues Charges, Net of Tax (c)  

 
 
 

  0.02  

 
 
 
 
 
 

  0.01  

 
 
 
 
 

  Selling, General and Administrative Charges (Credits), Net of Tax (d)  

 
 
 

  0.04  

 
 
 
 
 
 

  (0.01)  

 
 
 
 
 

  Restructuring and Other Costs, Net of Tax (e)  

 
 
 

  0.29  

 
 
 
 
 
 

  0.13  

 
 
 
 
 

  Amortization of Acquisition-related Intangible Assets, Net of Tax  

 
 
 

  2.54  

 
 
 
 
 
 

  2.49  

 
 
 
 
 

  Other Expense, Net of Tax (f)  

 
 
 

  0.43  

 
 
 
 
 
 

  0.15  

 
 
 
 
 

  Benefit from Income Taxes (g)  

 
 
 

  (0.03)  

 
 
 
 
 
 

  (0.02)  

 
 
 
 
 

  Adjusted EPS (b)  

 
 
 

  $  

 
 

  18.58  

 
 
 
 
 
 

  $  

 
 

  12.46  

 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Reconciliation of Free Cash Flow   

 
 
 
 
 
 
 
 
 
 

  GAAP Net Cash Provided by Operating Activities (a)  

 
 
 

  $  

 
 

  6,855  

 
 
 
 
 
 

  $  

 
 

  4,950  

 
 
 
 
 

  Purchases of Property, Plant and Equipment  

 
 
 

  (1,692)  

 
 
 
 
 
 

  (888)  

 
 
 
 
 

  Proceeds from Sale of Property, Plant and Equipment  

 
 
 

  9  

 
 
 
 
 
 

  7  

 
 
 
 
 

  Free Cash Flow  

 
 
 

  $  

 
 

  5,172  

 
 
 
 
 
 

  $  

 
 

  4,069  

 
 
 
 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                   
 

   Segment Data   

 
 
 

  Nine Months Ended  

 
 
 
 

  October 2,  

 
 
 

  % of  

 
 
 

  September 26,  

 
 
 

  % of  

 
 

  (In millions)  

 
 
 

  2021  

 
 
 

  Revenues  

 
 
 

  2020  

 
 
 

  Revenues  

 
 
 
 
 
 
 
 
 
 
 

   Revenues   

 
 
 
 
 
 
 
 
 
 

  Life Sciences Solutions  

 
 
 

  $  

 
 

  11,481  

 
 
 
 

  40.3  

 
 

  %  

 
 
 

  $  

 
 

  7,800  

 
 
 
 

  36.0  

 
 

  %  

 
 

  Analytical Instruments  

 
 
 

  4,344  

 
 
 
 

  15.2  

 
 

  %  

 
 
 

  3,488  

 
 
 
 

  16.1  

 
 

  %  

 
 

  Specialty Diagnostics  

 
 
 

  4,212  

 
 
 
 

  14.8  

 
 

  %  

 
 
 

  3,376  

 
 
 
 

  15.6  

 
 

  %  

 
 

  Laboratory Products and Services  

 
 
 

  10,667  

 
 
 
 

  37.4  

 
 

  %  

 
 
 

  8,629  

 
 
 
 

  39.8  

 
 

  %  

 
 

  Eliminations  

 
 
 

  (2,195)  

 
 
 
 

  -7.7  

 
 

  %  

 
 
 

  (1,625)  

 
 
 
 

  -7.5  

 
 

  %  

 
 

  Consolidated Revenues  

 
 
 

  $  

 
 

  28,509  

 
 
 
 

  100.0  

 
 

  %  

 
 
 

  $  

 
 

  21,668  

 
 
 
 

  100.0  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 

   Operating Income and Operating Margin   

 
 
 
 
 
 
 
 
 
 

  Life Sciences Solutions  

 
 
 

  $  

 
 

  5,818  

 
 
 
 

  50.7  

 
 

  %  

 
 
 

  $  

 
 

  3,788  

 
 
 
 

  48.6  

 
 

  %  

 
 

  Analytical Instruments  

 
 
 

  816  

 
 
 
 

  18.8  

 
 

  %  

 
 
 

  477  

 
 
 
 

  13.7  

 
 

  %  

 
 

  Specialty Diagnostics  

 
 
 

  983  

 
 
 
 

  23.3  

 
 

  %  

 
 
 

  848  

 
 
 
 

  25.1  

 
 

  %  

 
 

  Laboratory Products and Services  

 
 
 

  1,360  

 
 
 
 

  12.8  

 
 

  %  

 
 
 

  931  

 
 
 
 

  10.8  

 
 

  %  

 
 

  Subtotal Reportable Segments  

 
 
 

  8,977  

 
 
 
 

  31.5  

 
 

  %  

 
 
 

  6,044  

 
 
 
 

  27.9  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 

  Cost of Revenues Charges (c)  

 
 
 

  (8)  

 
 
 
 

  0.0  

 
 

  %  

 
 
 

  (5)  

 
 
 
 

  0.0  

 
 

  %  

 
 

  Selling, General and Administrative (Charges) Credits (d)  

 
 
 

  (33)  

 
 
 
 

  -0.1  

 
 

  %  

 
 
 

  7  

 
 
 
 

  0.0  

 
 

  %  

 
 

  Restructuring and Other Costs (e)  

 
 
 

  (151)  

 
 
 
 

  -0.5  

 
 

  %  

 
 
 

  (67)  

 
 
 
 

  -0.3  

 
 

  %  

 
 

  Amortization of Acquisition-related Intangible Assets  

 
 
 

  (1,295)  

 
 
 
 

  -4.6  

 
 

  %  

 
 
 

  (1,256)  

 
 
 
 

  -5.8  

 
 

  %  

 
 

  GAAP Operating Income (a)  

 
 
 

  $  

 
 

  7,490  

 
 
 
 

  26.3  

 
 

  %  

 
 
 

  $  

 
 

  4,723  

 
 
 
 

  21.8  

 
 

  %  

 
 
 
 
 
 
 
 
 
 
 
 
 
                    
 
 
 
 
 
 
 
 
 
 

  (a) "GAAP" (reported) results were determined in accordance with U.S. generally accepted accounting principles (GAAP).  

 
 

  (b) Adjusted results are non-GAAP measures and, for income measures, exclude certain charges to cost of revenues (see note (c) for details); certain credits/charges to selling, general and administrative expenses (see note (d) for details); amortization of acquisition-related intangible assets; restructuring and other costs (see note (e) for details); certain other gains or losses that are either isolated or cannot be expected to occur again with any predictability (see note (f) for details); and the tax consequences of the preceding items and certain other tax items (see note (g) for details).  

 
 

  (c) Reported results in 2021 include charges for the sale of inventories revalued at the date of acquisition. Reported results in 2020 include $2 of charges to conform the accounting policies of a recently acquired business with the company's accounting policies and $3 of accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.  

 
 

  (d) Reported results in 2021 and 2020 include certain third-party expenses (credits), principally transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions; credits for changes in estimates of contingent acquisition consideration; and charges associated with product liability litigation.  

 
 

  (e) Reported results in 2021 and 2020 include restructuring and other costs consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations, and charges for impairment of acquired technology. Reported results in 2021 include $13 of charges for compensation contractually due to employees of acquired businesses at the date of acquisition; $3 of net charges for pre-acquisition related matters; offset in part by $4 of credits for the settlement of environmental-related matters.  

 
 

  (f) Reported results in 2021 and 2020 include gains on investments and charges associated with entering hedging contracts and amortization of bridge loan commitment fees for pending/terminated acquisitions. Reported results in 2021 include $197 of losses on the early extinguishment of debt. Reported results in 2020 include $6 of net charges for the settlement/curtailment of pension plans.  

 
 

  (g) Reported provision for income taxes in 2021 and 2020 includes incremental tax benefit for the pre-tax reconciling items between GAAP and adjusted net income and $12 and $5 of incremental tax benefit, respectively, from adjusting the company's non-U.S. deferred tax balances as a result of tax rate changes. Reported results in 2020 also include $2 of incremental tax benefit from audit settlements.  

 
 

  Notes:  

 
 

  Consolidated depreciation expense is $614 and $467 in 2021 and 2020, respectively.  

 
 
 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 

   Condensed Consolidated Balance Sheet (unaudited)   

 
 
 
 
 
 
 
 
 
 
 
 
 

  October 2,  

 
 
 

  December 31,  

 
 

  (In millions)  

 
 
 

  2021  

 
 
 

  2020  

 
 
 
 
 
 
 

  Assets  

 
 
 
 
 
 

  Current Assets:  

 
 
 
 
 
 

  Cash and cash equivalents  

 
 
 

  $  

 
 

  12,027  

 
 
 
 

  $  

 
 

  10,325  

 
 
 

  Accounts receivable, net  

 
 
 

  5,557  

 
 
 
 

  5,741  

 
 
 

  Inventories  

 
 
 

  4,906  

 
 
 
 

  4,029  

 
 
 

  Other current assets  

 
 
 

  2,234  

 
 
 
 

  1,862  

 
 
 

  Total current assets  

 
 
 

  24,724  

 
 
 
 

  21,957  

 
 
 

  Property, Plant and Equipment, Net  

 
 
 

  7,049  

 
 
 
 

  5,912  

 
 
 

  Acquisition-related Intangible Assets, Net  

 
 
 

  11,927  

 
 
 
 

  12,685  

 
 
 

  Other Assets  

 
 
 

  2,991  

 
 
 
 

  2,457  

 
 
 

  Goodwill  

 
 
 

  26,909  

 
 
 
 

  26,041  

 
 
 

  Total Assets  

 
 
 

  $  

 
 

  73,600  

 
 
 
 

  $  

 
 

  69,052  

 
 
 
 
 
 
 
 
 
 
 
 
 

  Liabilities and Shareholders' Equity  

 
 
 
 
 
 

  Current Liabilities:  

 
 
 
 
 
 

  Short-term obligations and current maturities of long-term obligations  

 
 
 

  $  

 
 

  19  

 
 
 
 

  $  

 
 

  2,628  

 
 
 

  Other current liabilities  

 
 
 

  7,734  

 
 
 
 

  7,676  

 
 
 

  Total current liabilities  

 
 
 

  7,753  

 
 
 
 

  10,304  

 
 
 

  Other Long-term Liabilities  

 
 
 

  5,449  

 
 
 
 

  5,134  

 
 
 

  Long-term Obligations  

 
 
 

  21,688  

 
 
 
 

  19,107  

 
 
 

  Total Shareholders' Equity  

 
 
 

  38,710  

 
 
 
 

  34,507  

 
 
 

  Total Liabilities and Shareholders' Equity  

 
 
 

  $  

 
 

  73,600  

 
 
 
 

  $  

 
 

  69,052  

 
 
 
 
 

   Condensed Consolidated Statement of Cash Flows (unaudited)   

 
 
 
 
 
 
 
 
 
 
 
 
 

  Nine Months Ended  

 
 
 
 

  October 2,  

 
 
 

  September 26,  

 
 

  (In millions)  

 
 
 

  2021  

 
 
 

  2020  

 
 
 
 
 
 
 

   Operating Activities   

 
 
 
 
 
 

  Net income  

 
 
 

  $  

 
 

  6,067  

 
 
 
 

  $  

 
 

  3,877  

 
 
 
 
 
 
 
 

  Adjustments to reconcile net income to net cash provided by operating activities:  

 
 
 
 
 
 

  Depreciation and amortization  

 
 
 

  1,909  

 
 
 
 

  1,723  

 
 
 

  Change in deferred income taxes  

 
 
 

  (455)  

 
 
 
 

  (496)  

 
 
 

  Other non-cash expenses, net  

 
 
 

  544  

 
 
 
 

  354  

 
 
 

  Changes in assets and liabilities, excluding the effects of acquisitions and disposition  

 
 
 

  (1,210)  

 
 
 
 

  (508)  

 
 
 

  Net cash provided by operating activities  

 
 
 

  6,855  

 
 
 
 

  4,950  

 
 
 
 
 
 
 
 

   Investing Activities   

 
 
 
 
 
 

  Acquisitions, net of cash acquired  

 
 
 

  (1,519)  

 
 
 
 

  (3)  

 
 
 

  Purchases of property, plant and equipment  

 
 
 

  (1,692)  

 
 
 
 

  (888)  

 
 
 

  Proceeds from sale of property, plant and equipment  

 
 
 

  9  

 
 
 
 

  7  

 
 
 

  Other investing activities, net  

 
 
 

  (38)  

 
 
 
 

  

 
 
 

  Net cash used in investing activities  

 
 
 

  (3,240)  

 
 
 
 

  (884)  

 
 
 
 
 
 
 
 

   Financing Activities   

 
 
 
 
 
 

  Net proceeds from issuance of debt  

 
 
 

  3,122  

 
 
 
 

  3,464  

 
 
 

  Repayment of debt  

 
 
 

  (2,807)  

 
 
 
 

  (712)  

 
 
 

  Net proceeds from issuance of commercial paper  

 
 
 

  

 
 
 
 

  383  

 
 
 

  Repayment of commercial paper  

 
 
 

  

 
 
 
 

  (387)  

 
 
 

  Purchases of company common stock  

 
 
 

  (2,000)  

 
 
 
 

  (1,500)  

 
 
 

  Dividends paid  

 
 
 

  (292)  

 
 
 
 

  (250)  

 
 
 

  Net proceeds from issuance of company common stock under employee stock plans  

 
 
 

  101  

 
 
 
 

  156  

 
 
 

  Other financing activities, net  

 
 
 

  (10)  

 
 
 
 

  (146)  

 
 
 

  Net cash (used in) provided by financing activities  

 
 
 

  (1,886)  

 
 
 
 

  1,008  

 
 
 
 
 
 
 
 

  Exchange Rate Effect on Cash  

 
 
 

  (17)  

 
 
 
 

  74  

 
 
 

  Increase in Cash, Cash Equivalents and Restricted Cash  

 
 
 

  1,712  

 
 
 
 

  5,148  

 
 
 

  Cash, Cash Equivalents and Restricted Cash at Beginning of Period  

 
 
 

  10,336  

 
 
 
 

  2,422  

 
 
 

  Cash, Cash Equivalents and Restricted Cash at End of Period  

 
 
 

  $  

 
 

  12,048  

 
 
 
 

  $  

 
 

  7,570  

 
 
 
 
 
 
 
 
 
 
 
 
 

  Free Cash Flow (a)  

 
 
 

  $  

 
 

  5,172  

 
 
 
 

  $  

 
 

  4,069  

 
 
 
 
 
 
 
 
 
 
       
 
 
 
 
 
 

  (a) Free cash flow is net cash provided by operating activities less net purchases of property, plant and equipment.  

 
 
 
 

 

 

 Cision View original content: https://www.prnewswire.com/news-releases/thermo-fisher-scientific-reports-third-quarter-2021-results-301409348.html  

 

SOURCE Thermo Fisher Scientific

 
 

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)
illustration of brain and cell phone.

BlinkLab Completes First Patient Test for US Autism Diagnostic Study

Digital healthcare company BlinkLab (ASX:BB1) has tested the first patient in its US autism diagnostic study, which is geared at validating the company's Dx1 test as a diagnostic aid for clinicians.

BlinkLab states in its Wednesday (March 12) release that the study is the largest digital diagnostic trial for autism in the US, with its aim being to support the early detection of developmental conditions like autism.

The first patient test took place at PriMED Clinical Research in Dayton, Ohio. PriMED, a division of PriMED Physicians, is one of two clinical sites selected for the study’s initial phase, which is targeting 100 patients.

Keep reading...Show less
HeraMED Signs Strategic Collaboration Agreement with Garmin Health

HeraMED Signs Strategic Collaboration Agreement with Garmin Health

HeraMED Limited (ASX: HMD), a medical data and technology company leading the digital transformation of maternity care, is delighted to announce it has entered into a collaboration agreement with Garmin (NYSE: GRMN), a leading global provider of smartwatches and GPS-enabled products, aimed at enhancing remote pregnancy monitoring and expanding the range of health data available to expectant mothers and their healthcare providers.

Keep reading...Show less
Cardiologist wearing virtual reality glasses.

2 Biggest Medical Device ETFs in 2025

Exchange-traded funds (ETFs) are a popular investment strategy, and generally contain a variety of publicly traded companies under one stock symbol, often with a focus on a specific sector.

Depending on the ETF, investors may be able to track up-and-coming companies, get exposure to top firms or a mix of both. Aside from stocks, some ETFs also track commodities or bonds.

In the healthcare industry, medical device ETFs bring together companies that go to great lengths to develop pharmaceutical-based technology that can improve the lives of patients.

Keep reading...Show less
Cyclomedica

Cyclopharm Signs US Agreement with HCA Healthcare for Technegas®

Cyclopharm Limited (ASX: CYC) is pleased to announce the signing of a major contract with Hospital Corporation of America Healthcare (HCA), one of the largest single healthcare providers in the United States. This agreement marks a significant milestone for the company which will allow the deployment of Technegas® in up to 169 nuclear medicine departments across HCA’s extensive network.1

Keep reading...Show less
CONNEQT App Launches in USA as Pulse Deliveries Commence

CONNEQT App Launches in USA as Pulse Deliveries Commence

Cardiex Limited (CDX:AU) has announced CONNEQT App Launches in USA as Pulse Deliveries Commence

Download the PDF here.

Female doctor with clipboard talking to smiling female patient at hospital.

Revolutionizing Women's Health: Antifungal Innovation Brings New Investment Opportunities

The intersection of women's health and antifungal innovation represents a pivotal moment in healthcare, offering both transformative medical advancements and compelling investment opportunities.

The groundbreaking developments in antifungal treatments specifically targeting women's health issues present a substantial market potential, resulting in rising investor interest in this rapidly evolving sector.

Despite comprising half the global population, women face unique health challenges that have historically received insufficient attention and investment. Among these health challenges, vaginal candidiasis stands out as a persistent and widespread issue affecting millions of women worldwide.

Keep reading...Show less

Latest Press Releases

Related News

×