Thermo Fisher Scientific Reports Second Quarter 2024 Results

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the second quarter ended June 29, 2024.

Second Quarter 2024 Highlights

  • Second quarter revenue was $10.54 billion.
  • Second quarter GAAP diluted earnings per share (EPS) increased 15% to $4.04.
  • Second quarter adjusted EPS increased 4% to $5.37.
  • Continued to strengthen our industry-leading commercial engine and deepen our trusted partner status with customers to accelerate their innovation and enhance their productivity. In the quarter, we expanded our leading clinical trial supply services with a new ultra-cold facility in Bleiswijk, the Netherlands and a new state-of-the-art innovation lab at our site in Center Valley, Pennsylvania , to enable our pharmaceutical and biotech customers to accelerate the development of therapies and medicines. Also in the quarter, to support Indonesia's growing investments in healthcare, scientific research, and renewable energy, we expanded our presence and capabilities in the country, further demonstrating our relevance to customers around the world.
  • Shortly after the quarter ended, we completed our acquisition of Olink , a provider of differentiated next-generation proteomic solutions. The addition of Olink's technology extends our capabilities and further advances our leadership position in protein research, enabling our customers to meaningfully accelerate discovery and scientific breakthroughs while delivering on the promise of precision medicine.

"Our excellent execution enabled us to deliver another quarter of strong financial performance and share gain," said Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific. "We continue to see the benefit of our proven growth strategy and the impact of our PPI Business System in our performance. Shortly after the quarter ended, we were also pleased to welcome our Olink colleagues to Thermo Fisher and are excited about the power of this new combination to better serve our customers and advance science."

Casper added, "We have made very good progress through the halfway point of the year and are in a great position to deliver differentiated performance in 2024. We've further extended our industry leadership and positioned our company for an even brighter future."

Second Quarter 2024

Revenue for the quarter declined 1% to $10.54 billion in 2024, versus $10.69 billion in 2023. Organic revenue was 1% lower and Core organic revenue growth was flat.

GAAP Earnings Results

GAAP diluted EPS in the second quarter of 2024 increased 15% to $4.04, versus $3.51 in the same quarter last year. GAAP operating income for the second quarter of 2024 grew to $1.82 billion, compared with $1.58 billion in the year-ago quarter. GAAP operating margin increased to 17.3%, compared with 14.8% in the second quarter of 2023.

Non-GAAP Earnings Results

Adjusted EPS in the second quarter of 2024 increased 4% to $5.37, versus $5.15 in the second quarter of 2023. Adjusted operating income for the second quarter of 2024 was $2.35 billion, compared with $2.37 billion in the year-ago quarter. Adjusted operating margin increased to 22.3%, compared with 22.2% in the second quarter of 2023.

Annual Guidance for 2024

Thermo Fisher is raising its full-year revenue and adjusted EPS guidance. The company is raising its revenue guidance to a new range of $42.4 to $43.3 billion versus its previous guidance of $42.3 to $43.3 billion. The company is raising its adjusted EPS guidance to a new range of $21.29 to $22.07 versus its previous guidance of $21.14 to $22.02.

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, July 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 023107. 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, August 7, 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, 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 Statements of Income (unaudited)

Three months ended

June 29,

% of

July 1,

% of

(Dollars in millions except per share amounts)

2024

Revenues

2023

Revenues

Revenues

$

10,541

$

10,687

Costs and operating expenses:

Cost of revenues (a)

6,106

57.9

%

6,323

59.2

%

Selling, general and administrative expenses (b)

1,687

16.0

%

1,673

15.7

%

Amortization of acquisition-related intangible assets

513

4.9

%

585

5.4

%

Research and development expenses

339

3.2

%

345

3.2

%

Restructuring and other costs (c)

77

0.7

%

183

1.7

%

Total costs and operating expenses

8,722

82.7

%

9,109

85.2

%

Operating income

1,820

17.3

%

1,578

14.8

%

Interest income

295

178

Interest expense

(354

)

(326

)

Other income/(expense) (d)

5

Income before income taxes

1,765

1,430

Provision for income taxes (e)

(128

)

(52

)

Equity in earnings/(losses) of unconsolidated entities

(84

)

(16

)

Net income

1,553

1,362

Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest

6

1

Net income attributable to Thermo Fisher Scientific Inc.

$

1,548

14.7

%

$

1,361

12.7

%

Earnings per share attributable to Thermo Fisher Scientific Inc.:

Basic

$

4.05

$

3.53

Diluted

$

4.04

$

3.51

Weighted average shares:

Basic

382

386

Diluted

383

388

Reconciliation of adjusted operating income and adjusted operating margin

GAAP operating income

$

1,820

17.3

%

$

1,578

14.8

%

Cost of revenues adjustments (a)

1

0.0

%

18

0.2

%

Selling, general and administrative expenses adjustments (b)

(64

)

-0.6

%

6

0.1

%

Restructuring and other costs (c)

77

0.7

%

183

1.7

%

Amortization of acquisition-related intangible assets

513

4.9

%

585

5.4

%

Adjusted operating income (non-GAAP measure)

$

2,347

22.3

%

$

2,370

22.2

%

Reconciliation of adjusted net income

GAAP net income attributable to Thermo Fisher Scientific Inc.

$

1,548

$

1,361

Cost of revenues adjustments (a)

1

18

Selling, general and administrative expenses adjustments (b)

(64

)

6

Restructuring and other costs (c)

77

183

Amortization of acquisition-related intangible assets

513

585

Other income/expense adjustments (d)

(1

)

Provision for income taxes adjustments (e)

(102

)

(171

)

Equity in earnings/losses of unconsolidated entities

84

16

Noncontrolling interests adjustments (f)

(1

)

Adjusted net income (non-GAAP measure)

$

2,057

$

1,997

Reconciliation of adjusted earnings per share

GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.

$

4.04

$

3.51

Cost of revenues adjustments (a)

0.00

0.05

Selling, general and administrative expenses adjustments (b)

(0.17

)

0.01

Restructuring and other costs (c)

0.20

0.47

Amortization of acquisition-related intangible assets

1.34

1.51

Other income/expense adjustments (d)

0.00

0.00

Provision for income taxes adjustments (e)

(0.26

)

(0.44

)

Equity in earnings/losses of unconsolidated entities

0.22

0.04

Noncontrolling interests adjustments (f)

0.00

0.00

Adjusted EPS (non-GAAP measure)

$

5.37

$

5.15

Reconciliation of free cash flow

GAAP net cash provided by operating activities

$

1,960

$

1,540

Purchases of property, plant and equipment

(301

)

(284

)

Proceeds from sale of property, plant and equipment

15

4

Free cash flow (non-GAAP measure)

$

1,674

$

1,260

Business Segment Information

Three months ended

June 29,

% of

July 1,

% of

(Dollars in millions)

2024

Revenues

2023

Revenues

Revenues

Life Sciences Solutions

$

2,355

22.3

%

$

2,463

23.0

%

Analytical Instruments

1,782

16.9

%

1,749

16.4

%

Specialty Diagnostics

1,117

10.6

%

1,109

10.4

%

Laboratory Products and Biopharma Services

5,758

54.6

%

5,831

54.6

%

Eliminations

(470

)

-4.5

%

(465

)

-4.4

%

Consolidated revenues

$

10,541

100.0

%

$

10,687

100.0

%

Segment income and segment income margin

Life Sciences Solutions

$

865

36.7

%

$

817

33.2

%

Analytical Instruments

439

24.6

%

432

24.7

%

Specialty Diagnostics

299

26.7

%

297

26.7

%

Laboratory Products and Biopharma Services

745

12.9

%

824

14.1

%

Subtotal reportable segments

2,347

22.3

%

2,370

22.2

%

Cost of revenues adjustments (a)

(1

)

0.0

%

(18

)

-0.2

%

Selling, general and administrative expenses adjustments (b)

64

0.6

%

(6

)

-0.1

%

Restructuring and other costs (c)

(77

)

-0.7

%

(183

)

-1.7

%

Amortization of acquisition-related intangible assets

(513

)

-4.9

%

(585

)

-5.4

%

Consolidated GAAP operating income

$

1,820

17.3

%

$

1,578

14.8

%

(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 $11 of charges for the sale of inventory revalued at the date of acquisition and $5 of accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.

(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, net charges for pre-acquisition litigation and other matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $26 of contract termination costs associated with facility closures.

(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.

(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.

Note:

Consolidated depreciation expense is $276 and $270 in 2024 and 2023, respectively.

Organic and Core organic revenue growth

Three months ended

June 29, 2024

Revenue growth

-1 %

Acquisitions

0 %

Currency translation

-1 %

Organic revenue growth (non-GAAP measure)

-1 %

COVID-19 testing revenue

-1 %

Core organic revenue growth (non-GAAP measure)

0 %

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 Statements of Income (unaudited)

Six months ended

June 29,

% of

July 1,

% of

(Dollars in millions except per share amounts)

2024

Revenues

2023

Revenues

Revenues

$

20,886

$

21,397

Costs and operating expenses:

Cost of revenues (a)

12,146

58.2

%

12,760

59.6

%

Selling, general and administrative expenses (b)

3,417

16.4

%

3,319

15.5

%

Amortization of acquisition-related intangible assets

1,065

5.1

%

1,191

5.5

%

Research and development expenses

670

3.2

%

691

3.2

%

Restructuring and other costs (c)

106

0.5

%

295

1.4

%

Total costs and operating expenses

17,404

83.3

%

18,256

85.3

%

Operating income

3,483

16.7

%

3,141

14.7

%

Interest income

574

324

Interest expense

(717

)

(626

)

Other income/(expense) (d)

14

(46

)

Income before income taxes

3,354

2,793

Provision for income taxes (e)

(408

)

(98

)

Equity in earnings/(losses) of unconsolidated entities

(61

)

(41

)

Net income

2,885

2,654

Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest

9

4

Net income attributable to Thermo Fisher Scientific Inc.

$

2,875

13.8

%

$

2,650

12.4

%

Earnings per share attributable to Thermo Fisher Scientific Inc.:

Basic

$

7.53

$

6.86

Diluted

$

7.50

$

6.83

Weighted average shares:

Basic

382

386

Diluted

383

388

Reconciliation of adjusted operating income and adjusted operating margin

GAAP operating income

$

3,483

16.7

%

$

3,141

14.7

%

Cost of revenues adjustments (a)

17

0.1

%

59

0.3

%

Selling, general and administrative expenses adjustments (b)

(45

)

-0.2

%

14

0.1

%

Restructuring and other costs (c)

106

0.5

%

295

1.4

%

Amortization of acquisition-related intangible assets

1,065

5.1

%

1,191

5.5

%

Adjusted operating income (non-GAAP measure)

$

4,625

22.1

%

$

4,700

22.0

%

Reconciliation of adjusted net income

GAAP net income attributable to Thermo Fisher Scientific Inc.

$

2,875

$

2,650

Cost of revenues adjustments (a)

17

59

Selling, general and administrative expenses adjustments (b)

(45

)

14

Restructuring and other costs (c)

106

295

Amortization of acquisition-related intangible assets

1,065

1,191

Other income/expense adjustments (d)

(11

)

45

Provision for income taxes adjustments (e)

(51

)

(342

)

Equity in earnings/losses of unconsolidated entities

61

41

Noncontrolling interests adjustments (f)

(1

)

Adjusted net income (non-GAAP measure)

$

4,016

$

3,953

Reconciliation of adjusted earnings per share

GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.

$

7.50

$

6.83

Cost of revenues adjustments (a)

0.04

0.15

Selling, general and administrative expenses adjustments (b)

(0.12

)

0.03

Restructuring and other costs (c)

0.28

0.76

Amortization of acquisition-related intangible assets

2.78

3.07

Other income/expense adjustments (d)

(0.03

)

0.11

Provision for income taxes adjustments (e)

(0.13

)

(0.88

)

Equity in earnings/losses of unconsolidated entities

0.16

0.11

Noncontrolling interests adjustments (f)

0.00

0.00

Adjusted EPS (non-GAAP measure)

$

10.47

$

10.18

Reconciliation of adjusted free cash flow

GAAP net cash provided by operating activities

$

3,211

$

2,269

Purchases of property, plant and equipment

(648

)

(742

)

Proceeds from sale of property, plant and equipment

20

10

Free cash flow (non-GAAP measure)

$

2,583

$

1,537

Business Segment Information

Six months ended

June 29,

% of

July 1,

% of

(Dollars in millions)

2024

Revenues

2023

Revenues

Revenues

Life Sciences Solutions

$

4,640

22.2

%

$

5,075

23.7

%

Analytical Instruments

3,469

16.6

%

3,472

16.2

%

Specialty Diagnostics

2,227

10.7

%

2,217

10.4

%

Laboratory Products and Biopharma Services

11,480

55.0

%

11,594

54.2

%

Eliminations

(930

)

-4.5

%

(961

)

-4.5

%

Consolidated revenues

$

20,886

100.0

%

$

21,397

100.0

%

Segment income and segment income margin

Life Sciences Solutions

$

1,705

36.7

%

$

1,653

32.6

%

Analytical Instruments

838

24.2

%

853

24.6

%

Specialty Diagnostics

593

26.6

%

577

26.0

%

Laboratory Products and Biopharma Services

1,489

13.0

%

1,617

14.0

%

Subtotal reportable segments

4,625

22.1

%

4,700

22.0

%

Cost of revenues adjustments (a)

(17

)

-0.1

%

(59

)

-0.3

%

Selling, general and administrative expenses adjustments (b)

45

0.2

%

(14

)

-0.1

%

Restructuring and other costs (c)

(106

)

-0.5

%

(295

)

-1.4

%

Amortization of acquisition-related intangible assets

(1,065

)

-5.1

%

(1,191

)

-5.5

%

Consolidated GAAP operating income

$

3,483

16.7

%

$

3,141

14.7

%

(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2023 exclude $21 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, net charges for pre-acquisition litigation and other matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $26 of contract termination costs associated with facility closures.

(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.

(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.

Notes:

Consolidated depreciation expense is $562 and $523 in 2024 and 2023, 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 Sheets (unaudited)

June 29,

December 31,

(In millions)

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

7,073

$

8,077

Short-term investments

1,750

3

Accounts receivable, net

7,943

8,221

Inventories

5,198

5,088

Other current assets

3,512

3,200

Total current assets

25,476

24,589

Property, plant and equipment, net

9,282

9,448

Acquisition-related intangible assets, net

15,519

16,670

Other assets

4,377

3,999

Goodwill

43,843

44,020

Total assets

$

98,496

$

98,726

Liabilities, redeemable noncontrolling interest and equity

Current liabilities:

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

$

5,121

$

3,609

Other current liabilities

9,651

10,403

Total current liabilities

14,772

14,012

Other long-term liabilities

5,907

6,564

Long-term obligations

30,284

31,308

Redeemable noncontrolling interest

115

118

Total equity

47,419

46,724

Total liabilities, redeemable noncontrolling interest and equity

$

98,496

$

98,726

Condensed Consolidated Statements of Cash Flows (unaudited)

Six months ended

June 29,

July 1,

(In millions)

2024

2023

Operating activities

Net income

$

2,885

$

2,654

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

Depreciation and amortization

1,626

1,714

Change in deferred income taxes

(607

)

(328

)

Other non-cash expenses, net

311

480

Changes in assets and liabilities, excluding the effects of acquisitions

(1,003

)

(2,251

)

Net cash provided by operating activities

3,211

2,269

Investing activities

Purchases of property, plant and equipment

(648

)

(742

)

Proceeds from sale of property, plant and equipment

20

10

Proceeds from cross-currency interest rate swap interest settlements

111

35

Acquisitions, net of cash acquired

(2,751

)

Purchases of investments

(1,778

)

(188

)

Other investing activities, net

12

51

Net cash used in investing activities

(2,283

)

(3,585

)

Financing activities

Net proceeds from issuance of debt

1,204

Repayment of debt

(1,000

)

Net proceeds from issuance of commercial paper

1,620

Repayment of commercial paper

(1,441

)

Purchases of company common stock

(3,000

)

(3,000

)

Dividends paid

(284

)

(252

)

Other financing activities, net

145

24

Net cash used in financing activities

(1,936

)

(4,049

)

Exchange rate effect on cash

7

(19

)

Decrease in cash, cash equivalents and restricted cash

(1,000

)

(5,384

)

Cash, cash equivalents and restricted cash at beginning of period

8,097

8,537

Cash, cash equivalents and restricted cash at end of period

$

7,097

$

3,153

Free cash flow (non-GAAP measure)

$

2,583

$

1,537

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:

  • 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 and large-scale abandonments of product lines, 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 noncontrolling interest and 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:
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

News Provided by Business Wire via QuoteMedia

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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. 

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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 https:/valensgroworks.comhttps://www.valensagritech.com and https://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 (https://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.

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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.

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  Control Bionics

Significant Increase in Revenue from Faster NDIS Approvals and Launch of New Leasing Programs

Control Bionics Limited (ASX: CBL) is pleased to report a significant improvement in NDIS approvals alongside the successful launch of our long-term leasing program for the Trilogy system.

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Thermo Fisher Scientific to Hold Earnings Conference Call on Wednesday, October 23, 2024

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced that it will release its financial results for the third quarter 2024 before the market opens on Wednesday, October 23, 2024, and will hold a conference call on the same day at 8:30 a.m. EDT.

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 296868. 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, November 6, 2024.

News Provided by Business Wire via QuoteMedia

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New clinical data demonstrate excellent lesion durability with PulseSelect Pulsed Field Ablation System in real-world setting as approvals and adoption expand globally

  • APHRS: New data confirm robust long-term durability and highly efficient procedure performed without fluoroscopy
  • Successful launch in Japan follows recent reimbursement approval
  • Approvals across APAC including China and Australia broaden reach for patients

Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced the presentation of clinical study results demonstrating a high rate of durable lesion formation for the PulseSelect™ Pulsed Field Ablation (PFA) System in treating atrial fibrillation (Afib). Invasive remapping conducted approximately two months post-ablation with the PulseSelect PFA System demonstrated durable isolation in 98% of pulmonary veins (PV) and 96% of patients had all veins isolated.

Results were presented as a late breaking clinical trial at the Asia Pacific Heart Rhythm Society (APHRS) meeting in Sydney, Australia .

News Provided by Canada Newswire via QuoteMedia

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Knight Therapeutics Inc. places No. 397 on The Globe and Mail's sixth annual ranking of Canada's Top Growing Companies

Knight Therapeutics Inc. (TSX:GUD) ("Knight" or "the Company") is pleased to announce it has ranked No. 397 on the 2024 Report on Business magazine's ranking of Canada's Top Growing Companies.

Canada's Top Growing Companies ranks Canadian companies on three-year revenue growth. Knight earned its spot with three-year growth of 64%.

News Provided by GlobeNewswire via QuoteMedia

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Medtronic expands AiBLE spine surgery ecosystem with new technologies and Siemens Healthineers partnership

Medtronic plc (NYSE: MDT), a global leader in healthcare technology, announced today at the North American Spine Society (NASS) 39 th Annual Meeting in Chicago the commercial launch of several software, hardware, and imaging innovations. These enhancements are designed to advance AiBLE™, the Medtronic smart ecosystem of innovative navigation, robotics, data and AI, imaging, software and implants that enable more predictable outcomes in spine and cranial procedures. In line with its commitment to increasing the quality of care for patients with spinal conditions, Medtronic also announced a partnership with Siemens Healthineers to explore opportunities to further expand access to advanced pre- and post-operative imaging technologies for spine care.

News Provided by Canada Newswire via QuoteMedia

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Surgeons stand around a hospital bed with patient on it and a surgical robot above it.

8 Surgical Robotics Stocks (Updated 2024)

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 Grand View Research report projects that this industry will reach a value of US$7.42 billion by 2030, up from an estimated US$4.31 billion in 2024. 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 surgeries. 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.

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