Ocumetics Technology Corp. (TSXV:OTC, OTCQB:OTCFF, FRA:2QBO) is at the forefront of research and product development, focusing on a groundbreaking vision enhancement product - the Ocumetics Accommodating Lens.
This intraocular lens (IOL) is engineered to seamlessly shift the eye's focus from close to far distances without any noticeable lag. This process is called accommodation.
To grasp the innovation of Ocumetics’ products, it's essential to understand the workings of the eye. The cornea, a transparent front layer, bends incoming light rays to form images on the retina - the thin, light-sensitive, nerve-rich tissue at the back of the eyes. Working in concert, the pupil and iris regulate light entry, aiding vision adjustment for various distances.
As individuals age or suffer injuries, the eye's natural lens loses its flexibility to bend light rays accurately, leading to deteriorating eyesight and potential conditions like cataracts with or without astigmatism.
Addressing this issue, Ocumetics has designed a very unique IOL that is surgically implanted to restore a patient’s vision. This lens is designed to harmoniously align with the eye's natural mechanisms, enhancing vision by appropriately bending light rays. Notably, it's designed to last a lifetime, presenting a significant potential advancement over other cataract technologies.
The journey to introduce this transformative product to the public is well underway. Ocumetics is positioned to complete a pivotal biocompatibility study in October 2023, followed by a planned first in-human studies in Q1 2024.
Human clinical trials for proof-of-concept are expected to commence by December 2024, in collaboration with esteemed institutions in the United States, Canada and Europe. The company aims for US FDA approval within three-and-a-half years, potentially revolutionizing the vision care market. A dedicated team of highly experienced eye care experts, scientists and business leaders propels Ocumetics forward, ushering this transformative product into the market.
Ocumetics aims to solve the problem of eyesight degradation. The proposed solution is a surgically implanted lens that takes over the function of properly bending rays of light by working with the eye’s natural mechanisms, resulting in enhanced vision. Following a series of product enhancements, development of surgical procedure protocols, and animal testing for biocompatibility, the Ocumetics Accommodating Lens will soon begin human trials as the company works toward bringing the product to market.
Dean Burns is recently retired from Alcon Vision, where he was a senior director of cataract instrumentation and advanced consumable technology, a US$750-million business of Alcon. At Alcon, Burns managed technologies in four therapeutic categories: cataract, refractive, retinal and pharmaceutical. His 27-year career with Alcon brings diverse healthcare experience to Ocumetics, which includes developing plans to commercialize acquired technologies and line extension of existing products. He also has skills and experience in marketing and sales management, manufacturing, comprehensive understanding of the regulatory process for devices, key opinion leader management and surgeon clinical training. Burns’ accomplishments include more than 15 FDA product approvals and five business development and licensing acquisition projects totaling US$2.3 billion.
Dr. Garth Webb is the founder of Ocumetics with a mission to empower people to see and better experience the world. He has 45 years of experience in clinical eye care and applied vision science helping thousands of patients. Webb co-founded Complete Eye Care Optometry Clinic, one of Canada’s largest group practices of optometry. He is the sole inventor of the Bionic Lens and related intellectual property platform. Webb is a pioneer in the life-enhancing field of medical optics and refractive technologies. He is the founder of the Celebration of Sight Initiative, a not-for-profit organization commissioned to support three areas of critical need: reforestation/conservation, community services and consumer advocacy. He is the founder of VENTURA Health Sciences, established in 2008 to develop state-of-the-art functional dietary supplements that slow the progression of degenerative eye conditions. Recent developments have demonstrated promise in stimulating and propagating intracellular repair. Webb has pioneered and successfully commercialized delivery systems for non-preserved liquid pharmaceuticals thereby promoting better healing without any complications from contact. He served as the youngest chairperson on record for the Board of Examiners in Optometry in British Columbia, Canada.
Dr. Doyle Stulting is the director of the Stulting Research Center, Woolfson Eye Institute in Atlanta, Georgia. He is a professor of ophthalmology emeritus at Emory University. He is an adjunct professor of ophthalmology at the Moran Eye Institute, Salt Lake City, Utah. Stulting is the former co-director of the Collaborative Corneal Transplantation Studies, a large, NIH-supported multi-center study of histocompatibility and corneal transplantation. He is a former investigator in a physician-sponsored clinical investigation of LASIK that was carried out before the FDA approved the first refractive laser in the United States. Stulting previously had a referral practice in cornea/external disease and performed routine and complex cataract surgery, as well as corneal transplantation. He has specialized in the management of keratoconus. Stulting is the principal investigator for five different clinical trials for corneal cross-linking. He was a member of the FDA Ophthalmic Devices Panel for 10 years, and he completed a term as chair of the panel in 1998. Stulting is the past president of the American Society for Cataract and Refractive Surgery.
Roger Jewett is a hands-on executive with more than 30 years of experience leading public and private companies through corporate restructurings, financing and growth. He has completed debt and equity financings for multiple companies of up to $70 million, and negotiated and closed the purchase or sale of more than 40 businesses. Jewett is the co-founder and director of Quantum Blockchain Technologies (CPC that merged with Ocumetics). He is the founder and CEO of Jump On Flyaways, an airplane-sharing service, led the development of proprietary software, and has appeared on the show Dragon’s Den. Jewett is the former CFO of Enerjet, a charter airline, leading the company from significant losses to multiple years of profitability and now operating as Lynx Airways. He is the former CEO of Rare Method, a TSX-V-listed interactive marketing firm, that became the second fastest-growing company in Alberta in 2007 and top 100 fastest-growing company in Canada in 2008. As former CFO of Resorts of the Canadian Rockies, a national ski resort operator, Roger led the company from financial difficulty to one of the best managed companies in Canada (National Post 1997-1998).
(TheNewswire)
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Calgary, Alberta TheNewswire - February 29, 2024 - Ocumetics Technology Corp. ("Ocumetics") (TSXV:OTC) (OTC:OTCFF) (FRA:2QBO), is pleased to invite investors and other interested parties to attend an upcoming interview with Market Radius Research.
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Calgary, Alberta TheNewswire - December 21, 2023 - Ocumetics Technology Corp. (" Ocumetics " or the " Corporation ") (TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) is pleased to announce that the TSX Venture Exchange has granted a 15-day extension to close the Corporation's non-brokered private placement announced on November 15, 2023. The new closing deadline for the private placement is January 15, 2024.
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Ocumetics Technology Corp. (" Ocumetics ") ( TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) a pioneer in the field of ophthalmic innovation, announces a webinar to discuss the successful completion of its biocompatibility animal study and its upcoming first-in-human study, anticipated to commence in Q1 2024 in the Dominican Republic
Dean Burns, CEO of Ocumetics and 27-year Alcon veteran, will lead the presentation.
Click Image To View Full Size
Join the webinar to:
Learn more about the significance of the biocompatibility animal study;
Learn more about the upcoming first-in-human study; and
Ask questions regarding the Ocumetics Accommodating Lens and the company's plans.
Details are as follows:
Date: December 20, 2023
Time: 18:00 EST
RSVP: https://ocumetics.com/webinar-december-20-2023/
About Ocumetics
Ocumetics Technology Corp. ( TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO), headquartered in Calgary, Alberta, Canada, is an innovator in the field of ophthalmic technology, dedicated to developing and commercializing advanced vision correction solutions that enhance the quality of life for individuals worldwide.
Ocumetics is in the preclinical study stage of a game-changing technology for the ophthalmic industry. In its pursuit of a next generation interocular lens solution, Ocumetics has developed the Ocumetics Accommodating Lens, an expandable intraocular lens that fits within the natural lens compartment of the eye potentially to eliminate the need for corrective lenses. It is designed to allow the eye's natural muscle activity to seamlessly shift focus from distance to intermediate to near.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Dean Burns
President and CEO
(817) 874-7564
Dayton Marks
Director
(778) 347-2500
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2023 TheNewswire - All rights reserved.
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Calgary, Alberta TheNewswire - December 7, 2023 - Ocumetics Technology Corp. (" Ocumetics ") ( TSXV:OTC) (OTC:OTCFF) (FRA:2QBO), a pioneer in the field of ophthalmic innovation, proudly confirms the successful completion of its biocompatibility animal study, in preparation for its first-in-human study, anticipated to commence in Q1 2024 in the Dominican Republic.
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Calgary, Alberta September 18, 2023. Ocumetics Technology Corp. (" Ocumetics ") ( TSXV:OTC) (OTC:OTCFF) (FRA:2QBO), a pioneer in in the field of ophthalmic innovation, proudly confirms a remarkable achievement in the optimization of its vision correction technology - the Ocumetics Accommodating Lens. Through rigorous research and development efforts over the past two years, Ocumetics has modified its lens design five times, ultimately arriving at its groundbreaking final lens configuration version 10.5. Lens version 10.5 has been tested in vitro and in an animal model, and will be used in Ocumetics' upcoming human clinical trials.
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Closed-loop sensing capability instantly and automatically adjusts therapy while treating chronic pain
Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced that the U.S. Food and Drug Administration (FDA) has approved the Inceptiv™ closed-loop rechargeable spinal cord stimulator (SCS) for the treatment of chronic pain. Inceptiv is the first Medtronic SCS device to offer a closed-loop feature that senses biological signals along the spinal cord and automatically adjusts stimulation in real time, keeping therapy in harmony with the motions of daily life.
"Pain is intensely personal, and stimulation therapy should meet the needs of every patient, moment to moment," said Dr. Krishnan Chakravarthy , M.D., Ph.D., Director of Innovative Pain Treatment Solutions and Surgery Center, VA San Diego Healthcare, and Chairman of the Empower You Chronic Pain Foundation. "Inceptiv listens to what the body is saying and, more quickly than you can blink, it seamlessly adjusts. This represents an important leap forward for the treatment of chronic pain."
Traditional fixed-output SCS devices deliver constant, mild electrical impulses that disrupt pain signals before they reach the brain. As patients go about their daily lives, certain movements such as laughing, bending, or sneezing may result in brief moments of uncomfortable overstimulation. This in turn may lead some patients to turn down their device's stimulation output, resulting in a suboptimal therapy experience.
By contrast, Inceptiv SCS senses biological signals and consistently maintains the physician's prescribed stimulation that is tailored to a patient's needs. Specialized circuitry and a proprietary algorithm detect ECAPs (Evoked Compound Action Potentials), signals generated by the spinal cord in response to electrical stimuli. ECAPs are a direct measure of how much nerve tissue is activated in the spinal cord and can be used to inform real-time adjustments to stimulation. Inceptiv SCS senses the body's response to stimulation † 50 times per second and instantly increases or decreases stimulation to maintain prescribed settings as determined by the physician.
The Inceptiv system delivers additional advantages beyond its closed-loop capability. Inceptiv offers unparalleled access to diagnostic imaging, with 1.5T and 3T full-body MRI access with no power or impedance restrictions. ‡ It is the only FDA-approved closed-loop spinal cord stimulator that offers full-body 3T MRI access. Up to 84% of SCS-implanted patients are expected to need at least one MRI within five years of implant. 1 It is the world's smallest and thinnest fully implantable SCS device, designed for patient comfort. In addition, Inceptiv SCS allows the option of multiple types of waveforms, including Medtronic's proprietary DTM™ SCS therapy, which demonstrated an 84% responder rate at 12 months in a large, multicenter randomized controlled trial (RCT). 2,3 Patients with Inceptiv SCS can also access CareGuidePro™, a mobile application and web portal that serves as a virtual guide throughout their Medtronic spinal cord stimulation therapy journey.
"A new era for spinal cord stimulation technology is beginning, and with Inceptiv SCS, Medtronic is at the forefront," said David Carr , vice president and general manager, Pain Interventions within the Neuromodulation business, which is part of the Neuroscience Portfolio at Medtronic. "For patients dealing with chronic pain, every day is a struggle. They deserve personalized and effective relief, without compromising future access to MRI. They deserve the comfort that the smallest and thinnest device on the market can provide. We are proud to offer the most cutting-edge solution available today with Inceptiv SCS."
Medtronic will initiate the U.S. market launch of Inceptiv in the coming weeks. The system previously earned approvals for sale in Europe and in Japan . For more information, visit Medtronic.com/Inceptiv .
† Sensing signals may not be measurable in all cases |
‡ Under certain conditions. Refer to product labeling for full list of conditions. |
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com , and follow Medtronic on LinkedIn .
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
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1 Desai, Mehul J., et al. "The rate of magnetic resonance imaging in patients with spinal cord stimulation." Spine, vol. 40, no. 9, 2015, https://doi.org/10.1097/brs.0000000000000805. |
2 Fishman, M, Cordner, H, Justiz, R, Provenzano, D, Merrell, C, Shah, B, et al. Twelve-Month results from multicenter, open-label, randomized controlled clinical trial comparing differential target multiplexed spinal cord stimulation and traditional spinal cord stimulation in subjects with chronic intractable back pain and leg pain. Pain Pract. 2021; 21: 912– 923 |
3 DTM™ SCS outcomes demonstrated using open-loop SCS |
Contacts: | |
Jeff Trauring | Ryan Weispfenning |
Public Relations | Investor Relations |
+1-763-505-0159 | +1-763-505-4626 |
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SOURCE Medtronic plc
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Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the first quarter ended March 30, 2024.
First Quarter 2024 Highlights
"We are very pleased to deliver another quarter of strong financial results," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "We had a great start to the year, driven by our proven growth strategy and the impact of our PPI Business System."
Casper added, "Our team continues to enable the success of our customers while demonstrating incredibly strong commercial execution and operational discipline. This positions us to deliver differentiated performance in 2024, as we continue to create value for all of our stakeholders and build an even brighter future for our company."
First Quarter 2024
Revenue for the quarter declined 3% to $10.34 billion in 2024, versus $10.71 billion in 2023. Organic revenue was 4% lower and Core organic revenue growth declined 3%.
GAAP Earnings Results
GAAP diluted EPS in the first quarter of 2024 increased 4% to $3.46, versus $3.32 in the same quarter last year. GAAP operating income for the first quarter of 2024 grew to $1.66 billion, compared with $1.56 billion in the year-ago quarter. GAAP operating margin increased to 16.1%, compared with 14.6% in the first quarter of 2023.
Non-GAAP Earnings Results
Adjusted EPS in the first quarter of 2024 increased 2% to $5.11, versus $5.03 in the first quarter of 2023. Adjusted operating income for the first quarter of 2024 was $2.28 billion, compared with $2.33 billion in the year-ago quarter. Adjusted operating margin increased to 22.0%, compared with 21.8% in the first quarter of 2023.
Annual Guidance for 2024
Thermo Fisher is raising its full year revenue and adjusted EPS guidance to reflect stronger operational performance. The company is raising its revenue guidance to a new range of $42.3 to $43.3 billion versus its previous guidance of $42.1 to $43.3 billion. The company is raising its adjusted EPS guidance to a new range of $21.14 to $22.02 versus its previous guidance of $20.95 to $22.00.
Use of Non-GAAP Financial Measures
Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, organic revenue growth and Core organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading "Supplemental Information Regarding Non-GAAP Financial Measures." The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.
Note on Presentation
Certain amounts and percentages reported within this press release are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.
Conference Call
Thermo Fisher Scientific will hold its earnings conference call today, April 24, at 8:30 a.m. Eastern Daylight Time. During the call, the company will discuss its financial performance, as well as future expectations. To listen, call (833) 470-1428 within the U.S. or (404) 975-4839 outside the U.S. The access code is 105588. You may also listen to the call live on the "Investors" section of our website, www.thermofisher.com . The earnings press release and related information can also be found in that section of our website under the heading "Financials". A replay of the call will be available under "News, Events & Presentations" through Wednesday, May 8, 2024.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 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, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team 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, Patheon and PPD. 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 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 Olink, 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, which is 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.
Additional Information and Where to Find It
This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common shares or American Depositary Shares of Olink or any other securities, nor is it a substitute for the tender offer materials that Thermo Fisher or Orion Acquisition AB (the "Buyer") has filed with the SEC. The terms and conditions of the tender offer are published in, and the offer to purchase common shares and American Depositary Shares of Olink is made only pursuant to, the offer document and related offer materials prepared by Thermo Fisher and the Buyer and is filed with the SEC in a tender offer statement on Schedule TO. In addition, Olink has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC with respect to the tender offer.
THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, AN ADS LETTER OF TRANSMITTAL, ACCEPTANCE FORM FOR SHARES AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9, AS THEY MAY BE AMENDED FROM TIME TO TIME, CONTAIN IMPORTANT INFORMATION. INVESTORS AND SHAREHOLDERS OF OLINK ARE URGED TO READ THESE DOCUMENTS CAREFULLY BECAUSE THEY, AND NOT THIS DOCUMENT, GOVERN THE TERMS AND CONDITIONS OF THE TENDER OFFER, AND BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT SUCH PERSONS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR COMMON SHARES AND AMERICAN DEPOSITARY SHARES.
The tender offer materials, including the offer to purchase, the related ADS letter of transmittal and acceptance form for shares and certain other tender offer documents, and the solicitation/recommendation statement and other documents filed with the SEC by Thermo Fisher or Olink, may be obtained free of charge at the SEC's website at www.sec.gov , at Olink's website https://investors.olink.com/investor-relations , at Thermo Fisher's website at www.thermofisher.com or by contacting Thermo Fisher's investor relations department at 781-622-1111.
| Condensed Consolidated Statements of Income (unaudited) | ||||||||||||||
Three months ended | ||||||||||||||
March 30, | % of | April 1, | % of | |||||||||||
(Dollars in millions except per share amounts) | 2024 | Revenues | 2023 | Revenues | ||||||||||
Revenues | $ | 10,345 | $ | 10,710 | ||||||||||
Costs and operating expenses: | ||||||||||||||
Cost of revenues (a) | 6,040 | 58.4 | % | 6,437 | 60.1 | % | ||||||||
Selling, general and administrative expenses (b) | 1,731 | 16.7 | % | 1,646 | 15.4 | % | ||||||||
Amortization of acquisition-related intangible assets | 551 | 5.3 | % | 606 | 5.7 | % | ||||||||
Research and development expenses | 331 | 3.2 | % | 346 | 3.2 | % | ||||||||
Restructuring and other costs (c) | 29 | 0.3 | % | 112 | 1.0 | % | ||||||||
Total costs and operating expenses | 8,682 | 83.9 | % | 9,147 | 85.4 | % | ||||||||
Operating income | 1,663 | 16.1 | % | 1,563 | 14.6 | % | ||||||||
Interest income | 279 | 146 | ||||||||||||
Interest expense | (363 | ) | (300 | ) | ||||||||||
Other income/(expense) (d) | 10 | (46 | ) | |||||||||||
Income before income taxes | 1,589 | 1,363 | ||||||||||||
Provision for income taxes (e) | (281 | ) | (46 | ) | ||||||||||
Equity in earnings/(losses) of unconsolidated entities | 23 | (25 | ) | |||||||||||
Net income | 1,331 | 1,292 | ||||||||||||
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest | 4 | 3 | ||||||||||||
Net income attributable to Thermo Fisher Scientific Inc. | $ | 1,328 | 12.8 | % | $ | 1,289 | 12.0 | % | ||||||
Earnings per share attributable to Thermo Fisher Scientific Inc.: | ||||||||||||||
Basic | $ | 3.47 | $ | 3.34 | ||||||||||
Diluted | $ | 3.46 | $ | 3.32 | ||||||||||
Weighted average shares: | ||||||||||||||
Basic | 382 | 386 | ||||||||||||
Diluted | 384 | 388 | ||||||||||||
Reconciliation of adjusted operating income and adjusted operating margin | ||||||||||||||
GAAP operating income | $ | 1,663 | 16.1 | % | $ | 1,563 | 14.6 | % | ||||||
Cost of revenues adjustments (a) | 15 | 0.1 | % | 41 | 0.4 | % | ||||||||
Selling, general and administrative expenses adjustments (b) | 19 | 0.2 | % | 8 | 0.1 | % | ||||||||
Restructuring and other costs (c) | 29 | 0.3 | % | 112 | 1.0 | % | ||||||||
Amortization of acquisition-related intangible assets | 551 | 5.3 | % | 606 | 5.7 | % | ||||||||
Adjusted operating income (non-GAAP measure) | $ | 2,278 | 22.0 | % | $ | 2,330 | 21.8 | % | ||||||
Reconciliation of adjusted net income | ||||||||||||||
GAAP net income attributable to Thermo Fisher Scientific Inc. | $ | 1,328 | $ | 1,289 | ||||||||||
Cost of revenues adjustments (a) | 15 | 41 | ||||||||||||
Selling, general and administrative expenses adjustments (b) | 19 | 8 | ||||||||||||
Restructuring and other costs (c) | 29 | 112 | ||||||||||||
Amortization of acquisition-related intangible assets | 551 | 606 | ||||||||||||
Other income/expense adjustments (d) | (11 | ) | 46 | |||||||||||
Provision for income taxes adjustments (e) | 50 | (171 | ) | |||||||||||
Equity in earnings/losses of unconsolidated entities | (23 | ) | 25 | |||||||||||
Adjusted net income (non-GAAP measure) | $ | 1,959 | $ | 1,956 | ||||||||||
Reconciliation of adjusted earnings per share | ||||||||||||||
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. | $ | 3.46 | $ | 3.32 | ||||||||||
Cost of revenues adjustments (a) | 0.04 | 0.10 | ||||||||||||
Selling, general and administrative expenses adjustments (b) | 0.05 | 0.02 | ||||||||||||
Restructuring and other costs (c) | 0.08 | 0.29 | ||||||||||||
Amortization of acquisition-related intangible assets | 1.44 | 1.56 | ||||||||||||
Other income/expense adjustments (d) | (0.03 | ) | 0.12 | |||||||||||
Provision for income taxes adjustments (e) | 0.13 | (0.44 | ) | |||||||||||
Equity in earnings/losses of unconsolidated entities | (0.06 | ) | 0.06 | |||||||||||
Adjusted EPS (non-GAAP measure) | $ | 5.11 | $ | 5.03 | ||||||||||
Reconciliation of free cash flow | ||||||||||||||
GAAP net cash provided by operating activities | $ | 1,251 | $ | 729 | ||||||||||
Purchases of property, plant and equipment | (347 | ) | (458 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 4 | 6 | ||||||||||||
Free cash flow (non-GAAP measure) | $ | 908 | $ | 277 | ||||||||||
Business Segment Information | Three months ended | |||||||||||||
March 30, | % of | April 1, | % of | |||||||||||
(Dollars in millions) | 2024 | Revenues | 2023 | Revenues | ||||||||||
Revenues | ||||||||||||||
Life Sciences Solutions | $ | 2,285 | 22.1 | % | $ | 2,612 | 24.4 | % | ||||||
Analytical Instruments | 1,687 | 16.3 | % | 1,723 | 16.1 | % | ||||||||
Specialty Diagnostics | 1,109 | 10.7 | % | 1,108 | 10.3 | % | ||||||||
Laboratory Products and Biopharma Services | 5,723 | 55.3 | % | 5,763 | 53.8 | % | ||||||||
Eliminations | (460 | ) | -4.4 | % | (496 | ) | -4.6 | % | ||||||
Consolidated revenues | $ | 10,345 | 100.0 | % | $ | 10,710 | 100.0 | % | ||||||
Segment income and segment income margin | ||||||||||||||
Life Sciences Solutions | $ | 840 | 36.8 | % | $ | 836 | 32.0 | % | ||||||
Analytical Instruments | 400 | 23.7 | % | 421 | 24.4 | % | ||||||||
Specialty Diagnostics | 294 | 26.5 | % | 280 | 25.3 | % | ||||||||
Laboratory Products and Biopharma Services | 744 | 13.0 | % | 793 | 13.8 | % | ||||||||
Subtotal reportable segments | 2,278 | 22.0 | % | 2,330 | 21.8 | % | ||||||||
Cost of revenues adjustments (a) | (15 | ) | -0.1 | % | (41 | ) | -0.4 | % | ||||||
Selling, general and administrative expenses adjustments (b) | (19 | ) | -0.2 | % | (8 | ) | -0.1 | % | ||||||
Restructuring and other costs (c) | (29 | ) | -0.3 | % | (112 | ) | -1.0 | % | ||||||
Amortization of acquisition-related intangible assets | (551 | ) | -5.3 | % | (606 | ) | -5.7 | % | ||||||
Consolidated GAAP operating income | $ | 1,663 | 16.1 | % | $ | 1,563 | 14.6 | % | ||||||
(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines. Adjusted results in 2023 exclude $10 of charges for the sale of inventory revalued at the date of acquisition. | ||||||||||||||
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, and charges/credits for changes in estimates of contingent acquisition consideration. | ||||||||||||||
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, abandoned facility, and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $18 of net charges for pre-acquisition litigation and other matters. | ||||||||||||||
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments. | ||||||||||||||
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes, and the tax impacts from audit settlements. | ||||||||||||||
Note: | ||||||||||||||
Consolidated depreciation expense is $285 and $253 in 2024 and 2023, respectively. | ||||||||||||||
Organic and Core organic revenue growth | Three months ended | ||
March 30, 2024 | |||
Revenue growth | -3% | ||
Acquisitions | 0% | ||
Currency translation | 0% | ||
Organic revenue growth (non-GAAP measure) | -4% | ||
COVID-19 testing revenue | -1% | ||
Core organic revenue growth (non-GAAP measure) | -3% | ||
Note: | |||
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release. | |||
Condensed Consolidated Balance Sheets (unaudited) | ||||||
March 30, | December 31, | |||||
(In millions) | 2024 | 2023 | ||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 5,499 | $ | 8,077 | ||
Short-term investments | 1,751 | 3 | ||||
Accounts receivable, net | 7,931 | 8,221 | ||||
Inventories | 5,133 | 5,088 | ||||
Other current assets | 3,326 | 3,200 | ||||
Total current assets | 23,640 | 24,589 | ||||
Property, plant and equipment, net | 9,324 | 9,448 | ||||
Acquisition-related intangible assets, net | 16,048 | 16,670 | ||||
Other assets | 4,241 | 3,999 | ||||
Goodwill | 43,843 | 44,020 | ||||
Total assets | $ | 97,095 | $ | 98,726 | ||
Liabilities, redeemable noncontrolling interest and equity | ||||||
Current liabilities: | ||||||
Short-term obligations and current maturities of long-term obligations | $ | 4,451 | $ | 3,609 | ||
Other current liabilities | 9,486 | 10,403 | ||||
Total current liabilities | 13,937 | 14,012 | ||||
Other long-term liabilities | 6,378 | 6,564 | ||||
Long-term obligations | 31,157 | 31,308 | ||||
Redeemable noncontrolling interest | 119 | 118 | ||||
Total equity | 45,504 | 46,724 | ||||
Total liabilities, redeemable noncontrolling interest and equity | $ | 97,095 | $ | 98,726 | ||
Condensed Consolidated Statements of Cash Flows (unaudited) | ||||||||
Three months ended | ||||||||
March 30, | April 1, | |||||||
(In millions) | 2024 | 2023 | ||||||
Operating activities | ||||||||
Net income | $ | 1,331 | $ | 1,292 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 837 | 859 | ||||||
Change in deferred income taxes | (253 | ) | (146 | ) | ||||
Other non-cash expenses, net | 123 | 257 | ||||||
Changes in assets and liabilities, excluding the effects of acquisitions | (787 | ) | (1,533 | ) | ||||
Net cash provided by operating activities | 1,251 | 729 | ||||||
Investing activities | ||||||||
Purchases of property, plant and equipment | (347 | ) | (458 | ) | ||||
Proceeds from sale of property, plant and equipment | 4 | 6 | ||||||
Proceeds from cross-currency interest rate swap interest settlements | 64 | 2 | ||||||
Acquisitions, net of cash acquired | — | (2,704 | ) | |||||
Purchases of investments | (1,758 | ) | (2 | ) | ||||
Other investing activities, net | 7 | 14 | ||||||
Net cash used in investing activities | (2,030 | ) | (3,142 | ) | ||||
Financing activities | ||||||||
Net proceeds from issuance of debt | 1,205 | — | ||||||
Net proceeds from issuance of commercial paper | — | 1,027 | ||||||
Repayment of commercial paper | — | (523 | ) | |||||
Purchases of company common stock | (3,000 | ) | (3,000 | ) | ||||
Dividends paid | (135 | ) | (117 | ) | ||||
Other financing activities, net | 110 | 20 | ||||||
Net cash used in financing activities | (1,821 | ) | (2,593 | ) | ||||
Exchange rate effect on cash | 22 | (31 | ) | |||||
Decrease in cash, cash equivalents and restricted cash | (2,578 | ) | (5,037 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 8,097 | 8,537 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 5,519 | $ | 3,500 | ||||
Free cash flow (non-GAAP measure) | $ | 908 | $ | 277 | ||||
Note: | ||||||||
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release. | ||||||||
Supplemental Information Regarding 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 such as organic revenue growth, which is reported revenue growth, excluding the impacts of acquisitions/divestitures and the effects of currency translation. We also report Core organic revenue growth, which is reported revenue growth, excluding the impacts of COVID-19 testing revenue, and excluding the impacts of acquisitions/divestitures and the effects of currency translation. We report these measures because Thermo Fisher management believes that in order to understand the company's short-term and long-term financial trends, investors may wish to consider the impact of acquisitions/divestitures, foreign currency translation and/or COVID-19 testing on revenues. Thermo Fisher management uses these measures to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods.
We report adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial 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 core operating performance, especially when comparing such results to previous periods, forecasts, 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. To calculate these measures we exclude, as applicable:
We 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. The company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.
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.
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 tables above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240423741228/en/
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
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