Life Science News

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the second quarter ended July 2, 2022.

Second Quarter 2022 Highlights

  • Second quarter revenue was $10.97 billion.
  • Second quarter GAAP diluted earnings per share (EPS) was $4.22.
  • Second quarter adjusted EPS was $5.51.
  • Delivered very strong financial results in the second quarter, with 13% Core organic revenue growth and $0.63 billion of COVID-19 testing revenue.
  • Launched a range of high-impact innovative new products including the Gibco CTS TrueCut Cas9 Protein to advance genomic research by delivering consistently higher editing efficiency across a wide range of gene targets and cell types, and the Phadia 2500+ series of instruments launched in the U.S., to provide high throughput testing for both allergy diagnostics and autoimmune diseases. At the American Society for Mass Spectrometry (ASMS) Conference, the company featured new instruments, workflows, software, and industry collaborations enabling customers to generate new analytical insights, enhance productivity, and accelerate next generation vaccine and therapy development. Highlights included the Thermo Scientific Direct Mass Technology which advances the capability to analyze the characteristics of biotherapeutics, and the Thermo Scientific AccelerOme Automated Sample Preparation Platform which significantly simplifies workflows for proteomic researchers by eliminating a range of previously manual steps.
  • Strengthened our unique customer value proposition with new capacity and capabilities to meet increasing global demand: in Grand Island, NY expanded cell culture media capacity to support research and drug production applications; and in Geel, Belgium expanded our European distribution center for our laboratory chemicals business.
  • Continued to leverage our scale in high growth and emerging markets, delivering excellent growth in China, driven by both our Core business and our role in supporting local COVID-19 testing.

"We delivered another quarter of outstanding financial performance," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "Our proven growth strategy and PPI Business System enabled us to deliver exceptional results across our business and we continue to see the benefit of our strategic investments to enhance our unique customer value proposition. The integration of our clinical research business is going very well, the business is performing at a high level and the outlook for long-term synergies is very compelling."

Casper added, "Our team continues to execute well and we're in a very strong position at the halfway point of the year and on track to deliver another outstanding year for Thermo Fisher."

Second Quarter 2022
Revenue for the quarter grew 18% to $10.97 billion in 2022. Organic revenue growth was 3%; acquisitions increased revenue by 19% and currency translation decreased revenue by 4%. Core organic revenue growth was 13%. COVID-19 testing revenue was $0.63 billion.

GAAP Earnings Results

GAAP diluted EPS in the second quarter of 2022 was $4.22, versus $4.61 in the same quarter last year. GAAP operating income for the second quarter of 2022 was $2.00 billion, compared with $2.16 billion in the year-ago quarter. GAAP operating margin was 18.2%, compared with 23.3% in the second quarter of 2021.

Non-GAAP Earnings Results

Adjusted EPS in the second quarter of 2022 was $5.51, versus $5.60 in the second quarter of 2021. Adjusted operating income for the second quarter of 2022 was $2.61 billion, compared with $2.69 billion in the year-ago quarter. Adjusted operating margin was 23.7%, compared with 29.0% in the second quarter of 2021.

Annual Guidance for 2022

The company will provide updated 2022 financial guidance during its earnings conference call this morning at 8:30 a.m. Eastern Daylight Time.

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.

Conference Call

Thermo Fisher Scientific will hold its earnings conference call today, July 28, 2022, at 8:30 a.m. Eastern Daylight Time. To listen, dial (844) 200-6205 within the U.S. or (929) 526-1599 outside the U.S. The conference ID is 512129. 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 "Financials." An audio archive of the call will be available under "News & Events" through Friday, August 12, 2022.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $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 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 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 report 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.

Condensed Consolidated Statement of Income (unaudited)

Three Months Ended

July 2,

% of

July 3,

% of

(In millions except per share amounts)

2022

Revenues

2021

Revenues

Revenues

$

10,970

$

9,273

Costs and operating expenses:

Cost of revenues (a)

6,240

56.9

%

4,585

49.4

%

Selling, general and administrative expenses (b)

1,740

15.9

%

1,614

17.4

%

Amortization of acquisition-related intangible assets

600

5.5

%

449

4.8

%

Research and development expenses

365

3.3

%

343

3.7

%

Restructuring and other costs (c)

24

0.2

%

119

1.3

%

8,969

81.8

%

7,110

76.7

%

Operating income

2,001

18.2

%

2,163

23.3

%

Interest income

36

11

Interest expense

(148

)

(122

)

Other income/(expense) (d)

28

(3

)

Income before income taxes

1,917

2,049

Provision for income taxes (e)

(198

)

(219

)

Equity in earnings/(losses) of unconsolidated entities

(51

)

(1

)

Net income

1,668

1,829

Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest

4

1

Net income attributable to Thermo Fisher Scientific Inc.

$

1,664

15.2

%

$

1,828

19.7

%

Earnings per share attributable to Thermo Fisher Scientific Inc.:

Basic

$

4.25

$

4.65

Diluted

$

4.22

$

4.61

Weighted average shares:

Basic

392

393

Diluted

394

396

Reconciliation of adjusted operating income and adjusted operating margin

GAAP operating income

$

2,001

18.2

%

$

2,163

23.3

%

Cost of revenues adjustments (a)

8

0.1

%

0.0

%

Selling, general and administrative expenses adjustments (b)

(28

)

-0.3

%

(42

)

-0.4

%

Restructuring and other costs (c)

24

0.2

%

119

1.3

%

Amortization of acquisition-related intangible assets

600

5.5

%

449

4.8

%

Adjusted operating income (non-GAAP measure)

$

2,605

23.7

%

$

2,689

29.0

%

Reconciliation of adjusted net income

GAAP net income attributable to Thermo Fisher Scientific Inc.

$

1,664

$

1,828

Cost of revenues adjustments (a)

8

Selling, general and administrative expenses adjustments (b)

(28

)

(42

)

Restructuring and other costs (c)

24

119

Amortization of acquisition-related intangible assets

600

449

Other income/expense adjustments (d)

(18

)

8

Provision for income taxes adjustments (e)

(127

)

(142

)

Equity in earnings/losses of unconsolidated entities

51

1

Adjusted net income (non-GAAP measure)

$

2,174

$

2,221

Reconciliation of adjusted earnings per share

GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.

$

4.22

$

4.61

Cost of revenues adjustments (a)

0.02

0.00

Selling, general and administrative expenses adjustments (b)

(0.07

)

(0.10

)

Restructuring and other costs (c)

0.06

0.30

Amortization of acquisition-related intangible assets

1.52

1.13

Other income/expense adjustments (d)

(0.05

)

0.02

Provision for income taxes adjustments (e)

(0.32

)

(0.36

)

Equity in earnings/losses of unconsolidated entities

0.13

0.00

Adjusted EPS (non-GAAP measure)

$

5.51

$

5.60

Reconciliation of free cash flow

GAAP net cash provided by operating activities

$

1,528

$

2,227

Purchases of property, plant and equipment

(506

)

(540

)

Proceeds from sale of property, plant and equipment

12

Free cash flow (non-GAAP measure)

$

1,034

$

1,687

Segment data

Three Months Ended

July 2,

% of

July 3,

% of

(In millions)

2022

Revenues

2021

Revenues

Revenues

Life Sciences Solutions

$

3,292

30.0

%

$

3,557

38.4

%

Analytical Instruments

1,607

14.6

%

1,481

16.0

%

Specialty Diagnostics

1,101

10.0

%

1,235

13.3

%

Laboratory Products and Biopharma Services

5,537

50.5

%

3,583

38.6

%

Eliminations

(567

)

-5.1

%

(583

)

-6.3

%

Consolidated revenues

$

10,970

100.0

%

$

9,273

100.0

%

Operating income and operating margin

Life Sciences Solutions

$

1,327

40.3

%

$

1,718

48.3

%

Analytical Instruments

344

21.4

%

280

18.9

%

Specialty Diagnostics

243

22.1

%

245

19.9

%

Laboratory Products and Biopharma Services

691

12.5

%

446

12.4

%

Subtotal reportable segments

2,605

23.7

%

2,689

29.0

%

Cost of revenues adjustments (a)

(8

)

-0.1

%

0.0

%

Selling, general and administrative expenses adjustments (b)

28

0.3

%

42

0.4

%

Restructuring and other costs (c)

(24

)

-0.2

%

(119

)

-1.3

%

Amortization of acquisition-related intangible assets

(600

)

-5.5

%

(449

)

-4.8

%

GAAP operating income

$

2,001

18.2

%

$

2,163

23.3

%

(a) Adjusted results in 2022 exclude charges for the sale of inventories revalued at the date of acquisition.

(b) Adjusted results in 2022 and 2021 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 2022 and 2021 exclude restructuring and other costs consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations. Adjusted results in 2021 also exclude $110 of charges for impairment of technology.

(d) Adjusted results in 2022 and 2021 exclude net gains/losses on investments. Adjusted results in 2021 also exclude amortization of bridge loan commitment fees related to a pending acquisition.

(e) Adjusted provision for income taxes in 2022 and 2021 excludes incremental tax impacts for the reconciling items between GAAP and adjusted net income, and incremental tax impacts as a result of tax rate/law changes. Adjusted results in 2022 also exclude incremental tax impacts from audit settlements.

Note:

Consolidated depreciation expense is $236 and $211 in 2022 and 2021, respectively.

Organic and Core organic revenue growth

Three months ended

July 2, 2022

Revenue growth

18 %

Acquisitions

19 %

Currency translation

-4 %

Organic revenue growth

3 %

COVID-19 testing revenue

-11 %

Contribution of PPD to Core organic revenue growth (a)

-1 %

Core organic revenue growth

13 %

(a) Adjustment to include the contribution of PPD to Core organic revenue growth as though the acquisition had occurred on January 1, 2021.

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 Statement of Income (unaudited)

Six months ended

July 2,

% of

July 3,

% of

(In millions except per share amounts)

2022

Revenues

2021

Revenues

Revenues

$

22,788

$

19,179

Costs and operating expenses:

Cost of revenues (a)

12,454

54.7

%

9,142

47.7

%

Selling, general and administrative expenses (b)

3,548

15.6

%

3,157

16.5

%

Amortization of acquisition-related intangible assets

1,209

5.3

%

872

4.5

%

Research and development expenses

729

3.2

%

663

3.5

%

Restructuring and other costs (c)

26

0.1

%

133

0.7

%

17,966

78.8

%

13,967

72.8

%

Operating income

4,822

21.2

%

5,212

27.2

%

Interest income

54

23

Interest expense

(284

)

(247

)

Other income/(expense) (d)

(135

)

(186

)

Income before income taxes

4,457

4,802

Provision for income taxes (e)

(499

)

(635

)

Equity in earnings/(losses) of unconsolidated entities

(70

)

(1

)

Net income

3,888

4,166

Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest

9

1

Net income attributable to Thermo Fisher Scientific Inc.

$

3,879

17.0

%

$

4,165

21.7

%

Earnings per share attributable to Thermo Fisher Scientific Inc.:

Basic

$

9.90

$

10.58

Diluted

$

9.83

$

10.50

Weighted average shares:

Basic

392

394

Diluted

394

397

Reconciliation of adjusted operating income and adjusted operating margin

GAAP operating income

$

4,822

21.2

%

$

5,212

27.2

%

Cost of revenues adjustments (a)

19

0.1

%

8

0.0

%

Selling, general and administrative expenses adjustments (b)

(21

)

-0.1

%

(26

)

-0.1

%

Restructuring and other costs (c)

26

0.1

%

133

0.7

%

Amortization of acquisition-related intangible assets

1,209

5.3

%

872

4.5

%

Adjusted operating income (non-GAAP measure)

$

6,055

26.6

%

$

6,199

32.3

%

Reconciliation of adjusted net income

GAAP net income attributable to Thermo Fisher Scientific Inc.

$

3,879

$

4,165

Cost of revenues adjustments (a)

19

8

Selling, general and administrative expenses adjustments (b)

(21

)

(26

)

Restructuring and other costs (c)

26

133

Amortization of acquisition-related intangible assets

1,209

872

Other income/expense adjustments (d)

149

205

Provision for income taxes adjustments (e)

(296

)

(272

)

Equity in earnings/losses of unconsolidated entities

70

1

Adjusted net income (non-GAAP measure)

$

5,035

$

5,086

Reconciliation of adjusted earnings per share

GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.

$

9.83

$

10.50

Cost of revenues adjustments (a)

0.05

0.02

Selling, general and administrative expenses adjustments (b)

(0.05

)

(0.07

)

Restructuring and other costs (c)

0.06

0.34

Amortization of acquisition-related intangible assets

3.06

2.20

Other income/expense adjustments (d)

0.38

0.51

Provision for income taxes adjustments (e)

(0.75

)

(0.69

)

Equity in earnings/losses of unconsolidated entities

0.18

0.00

Adjusted EPS (non-GAAP measure)

$

12.76

$

12.81

Reconciliation of free cash flow

GAAP net cash provided by operating activities

$

3,730

$

4,205

Purchases of property, plant and equipment

(1,146

)

(1,168

)

Proceeds from sale of property, plant and equipment

14

5

Free cash flow (non-GAAP measure)

$

2,598

$

3,042

Segment data

Six months ended

July 2,

% of

July 3,

% of

(In millions)

2022

Revenues

2021

Revenues

Revenues

Life Sciences Solutions

$

7,523

33.0

%

$

7,760

40.5

%

Analytical Instruments

3,125

13.7

%

2,868

15.0

%

Specialty Diagnostics

2,583

11.3

%

2,850

14.9

%

Laboratory Products and Biopharma Services

10,979

48.2

%

7,180

37.4

%

Eliminations

(1,422

)

-6.2

%

(1,479

)

-7.8

%

Consolidated revenues

$

22,788

100.0

%

$

19,179

100.0

%

Operating income and operating margin

Life Sciences Solutions

$

3,503

46.6

%

$

3,997

51.5

%

Analytical Instruments

645

20.6

%

552

19.3

%

Specialty Diagnostics

596

23.1

%

673

23.6

%

Laboratory Products and Biopharma Services

1,311

11.9

%

977

13.6

%

Subtotal reportable segments

6,055

26.6

%

6,199

32.3

%

Cost of revenues adjustments (a)

(19

)

-0.1

%

(8

)

0.0

%

Selling, general and administrative expenses adjustments (b)

21

0.1

%

26

0.1

%

Restructuring and other costs (c)

(26

)

-0.1

%

(133

)

-0.7

%

Amortization of acquisition-related intangible assets

(1,209

)

-5.3

%

(872

)

-4.5

%

GAAP operating income

$

4,822

21.2

%

$

5,212

27.2

%

(a) Adjusted results in 2022 and 2021 exclude charges for the sale of inventories revalued at the date of acquisition.

(b) Adjusted results in 2022 and 2021 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 2022 and 2021 exclude restructuring and other costs consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations. Adjusted results in 2021 also exclude $110 of charges for impairment of acquired technology and $13 of charges for compensation due to employees at recently acquired businesses at the date of acquisition.

(d) Adjusted results in 2022 and 2021 exclude net gains/losses on investments and losses on the early extinguishment of debt. Adjusted results in 2021 also exclude amortization of bridge loan commitment fees related to a pending acquisition.

(e) Adjusted provision for income taxes in 2022 and 2021 excludes incremental tax impacts for the reconciling items between GAAP and adjusted net income, and incremental tax impacts as a result of tax rate/law changes. Adjusted results in 2022 also exclude incremental tax impacts from audit settlements.

Notes:

Consolidated depreciation expense is $486 and $409 in 2022 and 2021, respectively.

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 Sheet (unaudited)

July 2,

December 31,

(In millions)

2022

2021

Assets

Current assets:

Cash and cash equivalents

$

1,888

$

4,477

Accounts receivable, net

7,745

7,977

Inventories

5,668

5,051

Other current assets

2,799

2,608

Total current assets

18,100

20,113

Property, plant and equipment, net

8,529

8,333

Acquisition-related intangible assets, net

18,578

20,113

Other assets

4,306

4,640

Goodwill

41,066

41,924

Total assets

$

90,579

$

95,123

Liabilities, redeemable noncontrolling interest and equity

Current liabilities:

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

$

1,010

$

2,537

Other current liabilities

9,987

10,899

Total current liabilities

10,997

13,436

Other long-term liabilities

7,861

8,377

Long-term obligations

29,250

32,333

Redeemable noncontrolling interest

117

122

Total equity

42,354

40,855

Total liabilities, redeemable noncontrolling interest and equity

$

90,579

$

95,123

Condensed Consolidated Statement of Cash Flows (unaudited)

Six months ended

July 2,

July 3,

(In millions)

2022

2021

Operating activities

Net income

$

3,888

$

4,166

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

Depreciation and amortization

1,695

1,281

Change in deferred income taxes

(601

)

(307

)

Other non-cash expenses, net

472

512

Changes in assets and liabilities, excluding the effects of acquisitions

(1,724

)

(1,447

)

Net cash provided by operating activities

3,730

4,205

Investing activities

Acquisitions, net of cash acquired

(40

)

(1,425

)

Purchases of property, plant and equipment

(1,146

)

(1,168

)

Proceeds from sale of property, plant and equipment

14

5

Other investing activities, net

83

(36

)

Net cash used in investing activities

(1,089

)

(2,624

)

Financing activities

Repayment of debt

(375

)

(2,803

)

Net proceeds from issuance of commercial paper

1,032

Repayment of commercial paper

(3,490

)

Purchases of company common stock

(2,000

)

(2,000

)

Dividends paid

(220

)

(190

)

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

51

72

Other financing activities, net

(48

)

(5

)

Net cash used in financing activities

(5,050

)

(4,926

)

Exchange rate effect on cash

(177

)

44

Decrease in cash, cash equivalents and restricted cash

(2,586

)

(3,301

)

Cash, cash equivalents and restricted cash at beginning of period

4,491

10,336

Cash, cash equivalents and restricted cash at end of period

$

1,905

$

7,035

Free cash flow (non-GAAP measure)

$

2,598

$

3,042

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 revenues from acquired businesses and the effects of currency translation. We also report Core organic revenue growth, which is reported revenue growth including the impact of PPD revenue, excluding the impacts of COVID-19 testing revenue, and excluding the impacts of acquisitions other than PPD and currency translation. We calculate period-to-period Core organic revenue growth by adding to the baseline period PPD's pre-acquisition revenues from such period. 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, foreign currency translation and/or COVID-19 testing on revenues. In particular, given PPD's significance relative to our existing businesses, management believes it is appropriate to also present information on a basis that includes PPD pre-acquisition revenues in order to demonstrate the impact PPD has on our current growth profile. Core organic revenue growth amounts are not necessarily indicative of the combined results of operations that would have been realized had the PPD acquisition occurred on January 1, 2021. 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 income 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:

  • Certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition, significant transaction/acquisition-related costs, including changes in estimates of contingent acquisition-related consideration, and other costs associated with obtaining short-term financing commitments for pending/recent acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs.
  • Costs/income associated with restructuring activities, such as reducing overhead and consolidating facilities. We exclude these costs because we believe that the costs related to restructuring activities are not indicative of our normal operating costs.
  • Equity in earnings/losses of unconsolidated entities; impairments of long-lived assets; and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, including gains/losses on investments, the sale of businesses, product lines, and real estate, significant litigation-related matters, curtailments/settlements of pension plans, and the early retirement of debt. We exclude these items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.
  • The expense 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. 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.
  • The tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred taxes from enacted tax rate/law changes), the latter of which we exclude because they are outside of our normal operations and difficult to forecast accurately for future periods.

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.

Media Contact Information:
Ron O'Brien
Phone: 781-622-1242
E-mail: ron.obrien@thermofisher.com

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

News Provided by Business Wire via QuoteMedia

TMO
CSE:VGW

Valens GroWorks Highlighted by AltaCorp Capital Executive Discussing Flourishing Cannabis Pharma Space

With the launch of a legal recreational cannabis market in Canada, as well as an established medical market, players in the financial and investment spaces have started to look favorably upon cannabis companies leading the industry. In a recent interview on MidasLetter Live, AltaCorp Capital Inc.’s Managing Director David Kideckel spoke about the launch of his company’s cannabis sector coverage, which includes recognizable names in Canada like Auxly Cannabis Group Inc. (TSXV:XLY) and Valens GroWorks Corp. (CSE:VGW).

Speaking of Valens, a Kelowna, BC-based, research-driven, vertically-integrated Canadian cannabis company focusing on cannabis extraction, distillation as well as cannabinoid isolation and purification, Kideckel highlighted the steps the company has taken to deploy its business model.

Keep reading...Show less
Cannabis Investing

Valens Groworks Announces Strategic Collaboration

Valens GroWorks (CSE:VGW)(CSE:VGW.CN) (the “Company” or “Valens“) and its wholly-owned subsidiary Supra THC Services Inc. (“Supra“) are pleased to announce a collaboration between Supra and Thermo Fisher Scientific (Mississauga) Inc. to develop a “Centre of Excellence in Plant Based Medicine Analytics” centered in Kelowna, British Columbia. This agreement is the first of its kind between a Canadian cannabis company and a world leader in Health Science services, with an ability to deliver innovative technologies, purchasing convenience and comprehensive services to this emerging market.
Supra’s operations are located in the Company’s state-of-the-art 17,000 sq ft Kelowna facility, currently undergoing modifications ahead of a significant expansion. Supra will utilize a suite of Thermo Fisher Scientific sector-leading advanced analytical instrumentation to provide analytical services, research and development, forensic analysis and support for clinical trials as well as being a demonstration and training site for Thermo Fisher Scientific clients and third parties involved in this rapidly evolving sector. It will also be used as a regional resource center for universities and companies.
Dr. Rob O’Brien, CEO and Chief Science Officer of Supra THC Services Inc. stated; “There are many plants such as Cannabis that contain active ingredients which could be effective treatments for disease or provide critical health improvements. However, conducting proper clinical trials with materials that contain many active ingredients is challenging, particularly if the effective absorbed dose can vary significantly depending on how the material is consumed. For example, the effectiveness of absorption of active ingredients contained in an oil carrier is much different if that oil is placed under the patients tongue, then if the oil, or edible, is swallowedTo measure the amount of active ingredients and metabolites in blood, urine, hair and saliva, advanced instrumentation and a team of highly qualified personal is essential. With the Supra THC Services team and advanced instrumentation from Thermo Fisher Scientific, many significant advances are expected.”
Luc Dionne, Canadian Sales Manager with Thermo Fisher Scientific (Mississauga) Inc., states We welcome the opportunity to work with Dr. Rob O’Brien and the Supra THC Services team, an organization that conducts testing activities in plant based medicine. Dr. O’Brien has an extensive background in analytical chemistry and is a recognized authority in scientific circles. Dr. O’Brien has worked closely with Thermo Fisher Scientific in the past using several of our market leading technologies to successfully perform testing on natural products, pharmaceutical formulations and environmental samples. We are delighted that his team has selected Thermo Fisher Scientific‘s cost effective analytical testing solutions to promote the advancement of testing protocols to meet the rigorous and regulatory requirements of this market segment.
About Valens GroWorks Corp.
Valens GroWorks Corp. is a CSE-listed company with an aggressive buildout strategy in progress. The Company seeks to capture a broad spectrum of medical cannabis users and adult recreational users once legalized, as well as clinical trial and R&D clients, in pursuit of its ambitious seed-to-sale and farm-to-pharma objectives. The Company also provides management, consulting, testing and support services to domestic and international licensees, as well as financing and managing buildouts of fully-licensed 3rd party operations.
The Company has two wholly-owned subsidiaries based in the Okanagan Valley of British Columbia: 1) Valens Agritech Ltd. (“VAL”) which holds a Health Canada Dealer’s License, and 2) Supra THC Services Inc., a Health Canada licensed cannabis testing lab providing sector-leading analytical and proprietary services to Licensed Producers and ACMPR patients. For more information, please visit http:/valensgroworks.comhttp://www.valensagritech.com and http://www.suprathc.ca.
About Thermo Fisher Scientific (Mississauga) Inc.
Thermo Fisher Scientific (Mississauga) Inc. is a wholly owned subsidiary of Thermo Fisher Scientific Inc. (NYSE: TMO) the world leader in serving science, with revenues of more than US$20 billion and approximately 65,000 employees globally. Our mission is to enable our customers to make the world healthier, cleaner and safer. We help our customers accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics, deliver medicines to market and increase laboratory productivity. Through our premier brands — Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services — we offer an unmatched combination of innovative technologies, purchasing convenience and comprehensive services. For more information, please visit www.thermofisher.com.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
(signed) Tyler Robson
Chief Executive Officer
For further information, please contact:
Greg Patchell
Telephone: +1.250.860.8634
Notice regarding Forward Looking Statements
This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The CSE or other regulatory authority has not reviewed, approved or disapproved the contents of this press release. We seek Safe Harbour.
Click here to connect with Valens GroWorks (CSNX:VGW) to receive an Investor Presentation.

Thermo Fisher Scientific Expands Global Footprint to Support Cell and Gene Therapy Clinical Trials in Japan

To help meet increasing demand for cell and gene therapy clinical trial support around the globe, Thermo Fisher Scientific, the world leader in serving science, today announced the expansion of its Fisher BioServices cryogenic service capabilities in Japan.
This expansion enables its customers to seamlessly conduct clinical trials across multiple
geographies and provides patients around the world with access to life
changing therapies. As a leading service provider to the cell and gene
therapy community, Fisher BioServices is uniquely positioned with the
experience, resources, and global expertise to support its customers on
their path towards commercialization.
The facility in Tokyo was expanded to include cryogenic storage and
logistics by utilizing a combination of proven components and validated
procedures developed with years of experience in the cell and gene
therapy business. The new modules within this facility allow Fisher
BioServices to configure and replicate each site to meet the specific
requirements of individual clinical trials with minimal variation,
regardless of volume or geographic location. The facility is also
supported by a global comprehensive and integrated Quality System based
on regulatory requirements, industry best practices and trained
personnel.
“Japan is an increasingly important market for cell and gene therapy
companies conducting clinical trials,” said Dennis Barger, Fisher
BioServices vice president and general manager. “The addition of
cryogenic services to this facility in Japan, combined with our existing
capabilities in Europe and the US, enables us to seamlessly support our
customers’ global trials as they develop and commercialize their
therapies.”
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc.
(NYSE: TMO) is the world leader in serving science, with revenues of $17
billion and more than 50,000 employees in 50 countries. Our mission is
to enable our customers to make the world healthier, cleaner and safer.
We help our customers accelerate life sciences research, solve complex
analytical challenges, improve patient diagnostics and increase
laboratory productivity. Through our premier brands – Thermo Scientific,
Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services
– we offer an unmatched combination of innovative technologies,
purchasing convenience and comprehensive support. For more information,
please visit www.thermofisher.com.

MyDx Provides Positive Mid-Year Update as Part of Special Letter to Shareholders

Highlights:

  • MyDx experiencing double-digit quarterly revenue growth following commercialization of first of four patented technologies
  • Company’s increasing revenues and continued narrowing of losses clears path towards achieving profitability by year-end
  • Enters into first major distribution agreement valued at approximately $4 million for its CannaDx chemical sensor instrument
  • Expects to launch two new sensors by year-end, creating two entire new revenue channels
  • Focusing on substantially decreasing long-term debt and strengthening balance sheet
  • Seeking to aggressively expand sales and marketing initiatives for new products

LA JOLLA, Calif., June 07, 2016 (GLOBE NEWSWIRE) — MyDx, Inc. (OTCQB:MYDX), one of the fastest growing companies in the chemical detection industry and the producer of the patented MyDx™ (My Diagnostic) product line, the first battery operated, handheld, chemical analyzer for consumers, today issued the following Special Letter to Shareholders from its Chairman and Chief Executive Officer Daniel Yazbeck.
“Dear Fellow Shareholders,
2016 is off to a strong start, and as we approach the mid-year mark I thought it would be helpful to summarize our progress since launching our multi-use MyDx chemical analyzer with the CannaDx sensor and App.  I will also cover the highlights of our newly accelerated goals for the balance of the year as well as an analysis of the chemical detection marketplace in whose context I believe the MyDx Analyzer can clearly shown to be a market leader.
Before I discuss our goals and strategies looking ahead, I think it is important and prudent for a management team to look back at our accomplishments over the past four years.  Rather than summarizing our many achievements, we thought it would be better communicated via a short video clip we compiled for our investors.  Please click the following link for a quick video summary of the many successes we have had over the past four years that has enabled us to get to where we are today: a much nimbler, stronger and, by far, one of the fastest growing companies in the chemical detection market.
Please click here: MYDX 4 Year Business Plan Accomplishments Video (http://www.globenewswire.com/NewsRoom/AttachmentNg/ba458e62-5a32-4900-8b8e-29aadd1f6b86)
MyDx Second Half 2016 Key Goals: New Product Launches, Continued Market Penetration and Profitable Growth
Company Prepares for New Products to Enter into Commercialization
On the R&D front, with the recent launch of the next-generation CannaDx SmartPhone App, which expanded our features and updated our database, we are now focusing our effort on the next MyDx Product to enter into commercialization: OrganaDxTM. This application is slated for commercial release by the fourth quarter of this year.
The OrganaDx sensor will help you Trust and Verify™ the safety of your fruits and vegetables. Specifically, OrganaDx will enable you to measure the pesticide levels in your food, ensuring that you and your family do not unknowingly consume any potentially cancer-causing pesticides. It will empower you to verify, on the spot, whether or not produce is safe for consumption. This is particularly important when buying non-organic produce that are known to be notoriously high in pesticides, commonly referred to as the “Dirty Dozen.”
The Company expects future sales of OrganaDx should be at a substantially higher margin than our initial product line, which means a strong and growing contribution to our bottom line earnings growth.
Continued Market Penetration
In April 2016, we announced the first of what we expect to be many major retail distribution deals for our leading technology.  Our initial agreement was with Nanolux Technology, Inc. (“Nanolux”), valued at over $4 million. Nanolux produces one of the world’s leading brands of horticultural lighting ballasts. With over 1,000 retail shops in its distribution network, it has an extensive footprint throughout the U.S. indoor agriculture and hydroponic marketplace concentrated in states with cannabis sales legalized in some form — especially California as the nation’s largest legal cannabis market.
We are beginning to actively roll-out our MyDx Analyzers with CannaDx sensors, sales and marketing collateral along with product and sales training to those 1,000 retail shops. Those sales will begin to kick in during the current quarter and are expected to ramp-up steeply throughout the second half of the year, which will provide us with clear visibility of what the remainder of 2016 and even parts of 2017 will look like from a financial and operational perspective.
Increasing Demand for our Initial Product to Enter into Commercialization:  CannaDx
We see the market for CannaDx divided into three segments: consumer direct (primarily our online sales), and growers and dispensaries — both of which we consider prosumers. With online sales strong and growing, and even at high rates globally, that leaves the dispensary market segment still untapped and on which we are aggressively working to sign one or more regional or national distribution deals similar in nature to that of Nanolux.
MyDx is Clearly Positioned for Profitable Growth
Financially, just since its launch in the third quarter of 2015, CannaDx sales have topped well over $500,000, nearly all of which has come through direct-to-consumer sales with minimal marketing effort or expense.
Our net loss has narrowed by approximately $1.6 million year-over-year from ($2.1 million) to ($544,000) in the first quarter ended March 31, 2016. Additionally, we are actively working to reconfigure our manufacturing and supply chain management to scale up for far higher volumes and to reduce unit costs.
Based on these factors, and with the expected new applications in the final stages of development and commercialization, as well as an anticipated jump in CannaDx revenues in the weeks and months ahead driven by retail distribution, we believe we can reach profitability by year end — a significant milestone for MyDx.
Chemical Analyzer Marketplace: MyDx’s Growing Leadership Position
Bringing laboratory-based testing and analysis capability out of the lab and placing it in the palm of users’ hands is a common goal throughout the medical device (point of care) and many other industries.
In our industry, it is instructive to consider the hand-held chemical analyzer made by Thermo Fisher Scientific (“TMO”). TMO bills itself as the “world leader in serving science,” with revenues of $17 billion and more than 50,000 employees in 50 countries.
TMO developed and launched TruNarcTM, and while not identical in functionality to our CannaDx, it is fairly close, except that TruNarc is priced at close to $20,000 and has cost $400 million in R&D to develop.  Our CannaDx carries a $699 price tag while our multi-use MyDx Chemical Analyzer cost us under $7 million to develop, patent and deploy to market.  TMO’s move into the space validates the marketplace’s value, and we applaud however many millions of dollars it spends on sales and marketing since it serves to educate and build the market for both its products as well as our MyDx Analyzer.
MYDX Stock:  Significantly Undervalued
However, we understand we are one of the new entrants into the chemical detection space which is why we trade at such a low valuation compared to heavyweights such as Thermo Fisher.  However, if our past is any indication of what lies ahead for our Company and our shareholders, the Board of Directors and I, personally, strongly believe our stock price will adjust accordingly to our future achievements.  Once we achieve profitability and continue to grow at the pace we expect to, we believe our valuation should be closer to our competitors.  Thermo Fisher, for example, today trades at nearly 30 times 2017 earnings.  Once we provide our 2017 earnings expectations, we think you, as a long-term investor in MyDx, will be very pleasantly rewarded with the patience, confidence and support you have given our Company from the onset.  In fact, we believe the stock is so undervalued here that we are currently contemplating utilizing our excess cash flow to launch our first ever stock buyback program.  We will keep you updated on our Board’s decision on that initiative as soon as it is voted on.
In Summary
I trust this letter enables you to understand the sense of excitement and anticipation we at MyDx have on the outlook for the rest of 2016, and why we eagerly look forward to 2017.
If any of our investors will be in Southern California on Wednesday, June 8, please join us when I present the MyDx investment story and take questions at the 6th Annual LD Micro Invitational Investor Conference at 2:00 pm PDT / 5:00 pm EDT. The conference will be held at the Luxe Sunset Bel Air Hotel in Los Angeles and will feature nearly 200 companies in the small-cap universe. The presentation will be broadcast live, as well as archived on our website for 90 days. Hope to see you there.
Sincerely,
/s/ Daniel R. Yazbeck
Chairman and Chief Executive Officer
MyDx, Inc.
About MyDx
MyDx, Inc. (OTCQB:MYDX) is a chemical detection and sensor technology company based in San Diego, California whose mission is to help people Trust & Verify™ what they put into their minds and bodies. The Company has developed MyDx, a patented, affordable portable analyzer that provides real-time chemical analysis and fits in the palm of consumers’ hands. The multi-use MyDx leverages over a decade of established electronic nose technology to measure chemicals of interest. It owns a substantial and growing intellectual property portfolio of patents covering its technology. With its Canna sensor commercialized, it has four other sensors being developed in its lab that are compatible with the MyDx Analyzer and App. For more information, please visit www.cdxlife.com.
Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at www.sec.gov.

Keep reading...Show less

GE to Buy Thermo Fisher Scientific Businesses for $1.06B

Dividend.com reported that General Electric Company’s (NYSE:GE) healthcare units will purchase life science businesses from Thermo Fisher Scientific Inc (NYSE:TMO) for $1.06 billion.
As quoted in the market news:

Part of GE’s acquisition of TMO’s businesses include “culture media and sera, and gene modulation and magnetic beads businesses,” according to the Wall Street Journal. This transaction will expand GE Healthcare’s Life Sciences division’s involvement in cell-related research and medicines.

Keep reading...Show less
8 Surgical Robotics Stocks

8 Surgical Robotics Stocks

Robotics technology is quickly disrupting a variety of sectors, including the medical space, and surgical robot applications are a major component of the overall medical robots market.

In fact, a Strategic Market Research report projects that this industry will reach a value of US$20.98 billion by 2030, up from an estimated US$4.42 billion in 2020. According to the firm, the increased need for procedure-specific surgical robots and advancements in medical robot technology are seen as the main drivers of this sector.

Surgical robotics companies are developing products for a variety of surgery types, including cardiac, spinal and endoluminal. The tools these firms provide can increase surgeons’ performance ability and can lessen scarring, incisions, blood loss and more. They can also make surgeries safer and lead to a more comfortable recovery.

Keep reading...Show less
Applied UV

Applied UV Files Trademark Infringement Lawsuit Against Aeroclean Technologies

Applied UV, Inc. (NasdaqCM: AUVI) ("Applied UV" or the "Company"), a pathogen elimination technology company that applies the power of narrow-range ultraviolet light ("UVC") for surface areas and catalytic bioconversion technology for air purification to destroy pathogens safely, thoroughly, and automatically, today announced that its wholly-owned subsidiary, Sterilumen, Inc., has filed a lawsuit in the amount of $20 million against Aeroclean Technologies, Inc. (NASDAQ: AERC) and its predecessor, Aeroclean Technologies, LLC, for trademark infringement, unfair competition and damaging Sterilumen.

John F. Andrews, Applied UV's CEO and Director, stated, "Protecting our brand, Airoclean(TM), and trademarked products and technologies is crucial, and we will vigorously defend against infringements. Sterilumen is the owner of 29 issued patents and 18 pending patent applications and five 'AIRO' trademarks, including Airoclean(TM), in 19 countries, all of which are for use in connection with our air purification products. Significant resources have been invested to develop the products, and we currently possess a number of issued patents and pending patent applications with respect to both the AIRO products and the related technologies. Our brand is under attack by a new market entrant, Aeroclean, that improperly adopted and began to use a mark in connection with its own air purification products that we believe infringes on our trademark rights, creates confusion for buyers and violates fair competition practices."

Keep reading...Show less

Knight Therapeutics Assumes Commercial Activities and Re-Launches Exelon in Brazil

Knight Therapeutics Inc., (TSX: GUD) ("Knight") a pan-American (ex-USA) specialty pharmaceutical company, announced today that its Brazilian affiliate, United Medical Ltda., has assumed full commercial activities and is re-launching Exelon ® (rivastigmine) in Brazil following successful transfer of the marketing authorization.

On May 26, 2021, Knight completed the acquisition of the exclusive rights to manufacture, market and sell Exelon ® in Canada and Latin America as well as the exclusive license to use the intellectual property and the Exelon trademark, from Novartis within those territories.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Johnson & Johnson Ends Global Sales of Cancer-Causing Baby Powder Amid Increased Scrutiny from Consumer Litigation, Science

Courts continue to scrutinize J&J's controversial bankruptcy ploy to avoid liability

Legal experts say the decision by Johnson & Johnson (NYSE: JNJ) to halt future sales and distribution of talc-based products worldwide, including its iconic Johnson's Baby Powder, points to mounting pressure on the company to resolve tens of thousands of legal claims brought by ovarian cancer and mesothelioma victims.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Medical Device Stocks: 5 Biggest Companies in 2022

Medical Device Stocks: 5 Biggest Companies in 2022

The top medical device companies are a vital component of the overarching life science industry, as well as a major force in treating many diseases and conditions.

The global medical device market was valued at US$434.2 billion in 2021, and is expected to grow at a compound annual growth rate of 6.3 percent to reach US$625.3 billion in 2027.

Growth in the global medical device industry is tied to the rapid rise of an aging population, increased infectious and chronic diseases, as well as technological advancements in both the field of life science and in emerging technologies such as 3D printing, robotics and the internet of things.

Keep reading...Show less

New Study Shows Abbott's Blood Test for Concussion Could Predict Outcomes from Brain Injury and Inform Treatment Interventions

  • The study concluded that elevated levels of two proteins help predict how a person will recover from a traumatic brain injury (TBI), providing important information to determine appropriate care
  • Researchers used Abbott's i-STAT™ TBI Plasma test – the only FDA-cleared rapid test on a portable analyzer for concussion – and Abbott's core laboratory ARCHITECT instrument to measure two biomarkers in blood plasma associated with brain injury

A new study published in The Lancet Neurology demonstrates the ability of two blood-based biomarkers to predict how someone will recover from traumatic brain injury (TBI). Testing for these two biomarkers in the immediate aftermath of an injury can help health care providers determine the best way to treat and care for patients.

This research shows that when a clinician conducts a blood test for these brain proteins soon after a possible injury, they quickly get a more accurate picture of how severe the injury is, the expected course of recovery and the longer-term implications of the TBI. The markers were measured using Abbott's i-STAT™ TBI Plasma test , as well as on the company's ARCHITECT core laboratory instrument using research prototype assays, both of which helped predict recovery.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×