Thermo Fisher Scientific Reports Third Quarter 2024 Results

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended September 28, 2024.

Third Quarter 2024 Highlights

Third quarter revenue was $10.60 billion.
Third quarter GAAP diluted earnings per share (EPS) was $4.25.
Third quarter adjusted EPS was $5.28.

Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. To enable the development of advanced materials, we launched the groundbreaking Thermo Scientific Iliad scanning transmission electron microscope , which integrates a number of our advanced technologies into a user-friendly workflow to enable research of the most sophisticated modern materials down to the atomic level. To advance life sciences research, we launched the Applied Biosystems MagMAX Sequential DNA/RNA kit , which maximizes the isolation of DNA and RNA from blood cancer samples helping researchers identify unique insights into cancer-causing genetic alterations; and the Invitrogen Vivofectamine Delivery Solutions , a novel method for delivering nucleic acids into multiple targets with therapeutic effect, paving the way for groundbreaking new medicines.

Continued to deepen our trusted partner status with customers to accelerate their innovation and enhance their productivity. In the quarter, we announced a partnership with the National Cancer Institute on the myeloMATCH precision medicine umbrella trial, which will leverage our next-generation sequencing technology to test patients for specific genetic biomarkers to match them more quickly with optimal treatments based on their unique cancer profile. In our pharma services business, we announced the expansion of our Cincinnati, Ohio, and Bend, Oregon, sites to further enhance our solid dose formulation capabilities for our pharma and biotech customers. In our clinical research business, we also announced the expansion of our global laboratory services network with a new bioanalytical lab in Gothenburg, Sweden , which will provide pharma and biotech customers with advanced laboratory services to support all phases of development.

"We are pleased to deliver strong financial results in the third quarter, reflecting another quarter of sequential improvement in growth," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "We continue to deliver differentiated performance through our proven growth strategy and PPI Business System. Our trusted partner status is resonating strongly with customers, and this is translating into meaningful commercial wins."

Casper added, "Looking ahead, we're in a great position to deliver on our 2024 objectives, as we continue to create value for all of our stakeholders and build an even brighter future for our company."

Third Quarter 2024

Revenue for the quarter was $10.60 billion in 2024 versus $10.57 billion in 2023. Growth in revenue, organic revenue and Core organic revenue all improved sequentially from Q2 and were flat versus the prior-year quarter.

GAAP Earnings Results

GAAP diluted EPS in the third quarter of 2024 was $4.25, versus $4.42 in the same quarter last year. GAAP operating income for the third quarter of 2024 was $1.84 billion, compared with $1.86 billion in the year-ago quarter. GAAP operating margin was 17.3%, compared with 17.6% in the third quarter of 2023.

Non-GAAP Earnings Results

Adjusted EPS in the third quarter of 2024 was $5.28, versus $5.69 in the third quarter of 2023. Adjusted operating income for the third quarter of 2024 was $2.36 billion, compared with $2.56 billion in the year-ago quarter. Adjusted operating margin was 22.3%, compared with 24.2% in the third quarter of 2023.

Annual Guidance for 2024

Thermo Fisher is raising its full-year adjusted EPS guidance to a new range of $21.35 to $22.07 versus its previous guidance of $21.29 to $22.07. Revenue guidance continues to be in the range of $42.4 to $43.3 billion.

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, October 23, 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 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 November 6, 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 reports on Form 10-Q, which are on file with the SEC and available in the "Investors" section of our website under the heading "SEC Filings." While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

Condensed Consolidated Statements of Income (unaudited)
	Three months ended
	September 28,			% of		September 30,			% of
(Dollars in millions except per share amounts)	2024			Revenues		2023			Revenues
Revenues	$	10,598				$	10,574
Costs and operating expenses:
Cost of revenues (a)		6,180		58.3	%		6,145		58.1	%
Selling, general and administrative expenses (b)		1,739		16.4	%		1,578		14.9	%
Amortization of acquisition-related intangible assets		450		4.2	%		584		5.6	%
Research and development expenses		346		3.3	%		319		3.0	%
Restructuring and other costs (c)		45		0.4	%		84		0.8	%
Total costs and operating expenses		8,759		82.7	%		8,710		82.4	%
Operating income		1,838		17.3	%		1,864		17.6	%
Interest income		277					246
Interest expense		(356	)				(359	)
Other income/(expense) (d)		(16	)				14
Income before income taxes		1,742					1,765
Provision for income taxes (e)		(99	)				(53	)
Equity in earnings/(losses) of unconsolidated entities		(14	)				(17	)
Net income		1,629					1,695
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f)		—					(20	)
Net income attributable to Thermo Fisher Scientific Inc.	$	1,630		15.4	%	$	1,715		16.2	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	4.26				$	4.44
Diluted	$	4.25				$	4.42
Weighted average shares:
Basic		382					386
Diluted		384					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	1,838		17.3	%	$	1,864		17.6	%
Cost of revenues adjustments (a)		9		0.1	%		14		0.1	%
Selling, general and administrative expenses adjustments (b)		21		0.2	%		14		0.1	%
Restructuring and other costs (c)		45		0.4	%		84		0.8	%
Amortization of acquisition-related intangible assets		450		4.2	%		584		5.6	%
Adjusted operating income (non-GAAP measure)	$	2,362		22.3	%	$	2,560		24.2	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	1,630				$	1,715
Cost of revenues adjustments (a)		9					14
Selling, general and administrative expenses adjustments (b)		21					14
Restructuring and other costs (c)		45					84
Amortization of acquisition-related intangible assets		450					584
Other income/expense adjustments (d)		3					(9	)
Provision for income taxes adjustments (e)		(139	)				(192	)
Equity in earnings/losses of unconsolidated entities		14					17
Noncontrolling interests adjustments (f)		(6	)				(19	)
Adjusted net income (non-GAAP measure)	$	2,026				$	2,208

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	4.25				$	4.42
Cost of revenues adjustments (a)		0.02					0.04
Selling, general and administrative expenses adjustments (b)		0.05					0.03
Restructuring and other costs (c)		0.12					0.22
Amortization of acquisition-related intangible assets		1.17					1.50
Other income/expense adjustments (d)		0.01					(0.02	)
Provision for income taxes adjustments (e)		(0.36	)				(0.49	)
Equity in earnings/losses of unconsolidated entities		0.04					0.04
Noncontrolling interests adjustments (f)		(0.02	)				(0.05	)
Adjusted EPS (non-GAAP measure)	$	5.28				$	5.69

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	2,167				$	2,414
Purchases of property, plant and equipment		(271	)				(332	)
Proceeds from sale of property, plant and equipment		20					66
Free cash flow (non-GAAP measure)	$	1,915				$	2,148

Business Segment Information	Three months ended
	September 28,			% of		September 30,			% of
(Dollars in millions)		2024		Revenues			2023		Revenues

Revenues
Life Sciences Solutions	$	2,387		22.5	%	$	2,433		23.0	%
Analytical Instruments		1,808		17.1	%		1,754		16.6	%
Specialty Diagnostics		1,129		10.7	%		1,083		10.2	%
Laboratory Products and Biopharma Services		5,740		54.2	%		5,728		54.2	%
Eliminations		(467	)	-4.4	%		(424	)	-4.0	%
Consolidated revenues	$	10,598		100.0	%	$	10,574		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	845		35.4	%	$	872		35.9	%
Analytical Instruments		451		24.9	%		468		26.7	%
Specialty Diagnostics		293		25.9	%		283		26.1	%
Laboratory Products and Biopharma Services		773		13.5	%		937		16.4	%
Subtotal reportable segments		2,362		22.3	%		2,560		24.2	%
Cost of revenues adjustments (a)		(9	)	-0.1	%		(14	)	-0.1	%
Selling, general and administrative expenses adjustments (b)		(21	)	-0.2	%		(14	)	-0.1	%
Restructuring and other costs (c)		(45	)	-0.4	%		(84	)	-0.8	%
Amortization of acquisition-related intangible assets		(450	)	-4.2	%		(584	)	-5.6	%
Consolidated GAAP operating income	$	1,838		17.3	%	$	1,864		17.6	%


(a) Adjusted results in 2024 and 2023 exclude charges for the sale of inventory revalued at the date of acquisition and 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, charges/credits for changes in estimates of contingent acquisition consideration, and charges associated with product liability litigation. Adjusted results in 2024 also exclude $5 of accelerated depreciation on fixed assets to be abandoned due to facility consolidations.
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations.
(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 $291 and $269 in 2024 and 2023, respectively.

Organic and Core organic revenue growth		Three months ended
		September 28, 2024
Revenue growth		0%
Acquisitions		1%
Currency translation		0%
Organic revenue growth (non-GAAP measure)		0%
COVID-19 testing revenue		0%
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)
	Nine months ended
	September 28,			% of		September 30,			% of
(Dollars in millions except per share amounts)		2024		Revenues			2023		Revenues
Revenues	$	31,484				$	31,971
Costs and operating expenses:
Cost of revenues (a)		18,326		58.2	%		18,905		59.1	%
Selling, general and administrative expenses (b)		5,156		16.4	%		4,897		15.3	%
Amortization of acquisition-related intangible assets		1,514		4.8	%		1,775		5.5	%
Research and development expenses		1,016		3.2	%		1,010		3.2	%
Restructuring and other costs (c)		151		0.5	%		379		1.2	%
Total costs and operating expenses		26,163		83.1	%		26,966		84.3	%
Operating income		5,321		16.9	%		5,005		15.7	%
Interest income		851					570
Interest expense		(1,073	)				(985	)
Other income/(expense) (d)		(2	)				(32	)
Income before income taxes		5,096					4,558
Provision for income taxes (e)		(507	)				(151	)
Equity in earnings/(losses) of unconsolidated entities		(75	)				(58	)
Net income		4,514					4,349
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f)		9					(16	)
Net income attributable to Thermo Fisher Scientific Inc.	$	4,505		14.3	%	$	4,365		13.7	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	11.79				$	11.31
Diluted	$	11.75				$	11.25
Weighted average shares:
Basic		382					386
Diluted		383					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	5,321		16.9	%	$	5,005		15.7	%
Cost of revenues adjustments (a)		25		0.1	%		73		0.2	%
Selling, general and administrative expenses adjustments (b)		(24	)	-0.1	%		28		0.1	%
Restructuring and other costs (c)		151		0.5	%		379		1.2	%
Amortization of acquisition-related intangible assets		1,514		4.8	%		1,775		5.5	%
Adjusted operating income (non-GAAP measure)	$	6,987		22.2	%	$	7,260		22.7	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	4,505				$	4,365
Cost of revenues adjustments (a)		25					73
Selling, general and administrative expenses adjustments (b)		(24	)				28
Restructuring and other costs (c)		151					379
Amortization of acquisition-related intangible assets		1,514					1,775
Other income/expense adjustments (d)		(8	)				36
Provision for income taxes adjustments (e)		(190	)				(534	)
Equity in earnings/losses of unconsolidated entities		75					58
Noncontrolling interests adjustments (f)		(6	)				(19	)
Adjusted net income (non-GAAP measure)	$	6,042				$	6,161

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	11.75				$	11.25
Cost of revenues adjustments (a)		0.07					0.19
Selling, general and administrative expenses adjustments (b)		(0.06	)				0.07
Restructuring and other costs (c)		0.39					0.98
Amortization of acquisition-related intangible assets		3.95					4.57
Other income/expense adjustments (d)		(0.02	)				0.09
Provision for income taxes adjustments (e)		(0.50	)				(1.38	)
Equity in earnings/losses of unconsolidated entities		0.20					0.15
Noncontrolling interests adjustments (f)		(0.02	)				(0.05	)
Adjusted EPS (non-GAAP measure)	$	15.76				$	15.87

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	5,377				$	4,683
Purchases of property, plant and equipment		(920	)				(1,074	)
Proceeds from sale of property, plant and equipment		40					76
Free cash flow (non-GAAP measure)	$	4,498				$	3,685

Business Segment Information	Nine months ended
	September 28,			% of		September 30,			% of
(Dollars in millions)		2024		Revenues			2023		Revenues

Revenues
Life Sciences Solutions	$	7,027		22.3	%	$	7,508		23.5	%
Analytical Instruments		5,277		16.8	%		5,226		16.3	%
Specialty Diagnostics		3,355		10.7	%		3,300		10.3	%
Laboratory Products and Biopharma Services		17,221		54.7	%		17,322		54.2	%
Eliminations		(1,397	)	-4.4	%		(1,385	)	-4.3	%
Consolidated revenues	$	31,484		100.0	%	$	31,971		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	2,551		36.3	%	$	2,525		33.6	%
Analytical Instruments		1,289		24.4	%		1,321		25.3	%
Specialty Diagnostics		886		26.4	%		860		26.1	%
Laboratory Products and Biopharma Services		2,262		13.1	%		2,554		14.7	%
Subtotal reportable segments		6,987		22.2	%		7,260		22.7	%
Cost of revenues adjustments (a)		(25	)	-0.1	%		(73	)	-0.2	%
Selling, general and administrative expenses adjustments (b)		24		0.1	%		(28	)	-0.1	%
Restructuring and other costs (c)		(151	)	-0.5	%		(379	)	-1.2	%
Amortization of acquisition-related intangible assets		(1,514	)	-4.8	%		(1,775	)	-5.5	%
Consolidated GAAP operating income	$	5,321		16.9	%	$	5,005		15.7	%


(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines, accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations, and 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, charges/credits for changes in estimates of contingent acquisition consideration, and charges associated with product liability litigation. Adjusted results in 2024 also exclude $5 of accelerated depreciation on fixed assets to be abandoned due to facility consolidations.
(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, net gains on the sale of real estate, 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 $852 and $792 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)

	September 28,		December 31,
(In millions)	2024		2023

Assets
Current assets:
Cash and cash equivalents	$	4,645	$	8,077
Short-term investments		2,000		3
Accounts receivable, net		8,255		8,221
Inventories		5,430		5,088
Other current assets		3,453		3,200
Total current assets		23,783		24,589
Property, plant and equipment, net		9,412		9,448
Acquisition-related intangible assets, net		16,262		16,670
Other assets		4,180		3,999
Goodwill		46,726		44,020
Total assets	$	100,364	$	98,726

Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	4,116	$	3,609
Other current liabilities		10,485		10,403
Total current liabilities		14,601		14,012
Other long-term liabilities		5,466		6,564
Long-term obligations		31,197		31,308
Redeemable noncontrolling interest		127		118
Total equity		48,972		46,724
Total liabilities, redeemable noncontrolling interest and equity	$	100,364	$	98,726

Condensed Consolidated Statements of Cash Flows (unaudited)

	Nine months ended
	September 28,			September 30,
(In millions)		2024			2023

Operating activities
Net income	$	4,514		$	4,349
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,367			2,567
Change in deferred income taxes		(1,007	)		(631	)
Other non-cash expenses, net		477			658
Changes in assets and liabilities, excluding the effects of acquisitions		(973	)		(2,260	)
Net cash provided by operating activities		5,377			4,683

Investing activities
Purchases of property, plant and equipment		(920	)		(1,074	)
Proceeds from sale of property, plant and equipment		40			76
Proceeds from cross-currency interest rate swap interest settlements		203			36
Acquisitions, net of cash acquired		(3,132	)		(3,660	)
Purchases of investments		(2,065	)		(200	)
Other investing activities, net		14			56
Net cash used in investing activities		(5,861	)		(4,766	)

Financing activities
Net proceeds from issuance of debt		1,204			3,466
Repayment of debt		(1,107	)		(2,000	)
Net proceeds from issuance of commercial paper		—			1,620
Repayment of commercial paper		—			(1,935	)
Purchases of company common stock		(3,000	)		(3,000	)
Dividends paid		(434	)		(387	)
Other financing activities, net		212			42
Net cash used in financing activities		(3,126	)		(2,194	)

Exchange rate effect on cash		182			(92	)
Decrease in cash, cash equivalents and restricted cash		(3,427	)		(2,369	)
Cash, cash equivalents and restricted cash at beginning of period		8,097			8,537
Cash, cash equivalents and restricted cash at end of period	$	4,670		$	6,168


Free cash flow (non-GAAP measure)	$	4,498		$	3,685

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023525601/en/

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

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

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Thermo Fisher Scientific TMO Medical Device Investing

TMO

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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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 patient‘s tongue, then if the oil, or edible, is swallowed. To 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.com, https://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: OrganaDx^TM. 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 TruNarc^TM, 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 6^th 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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A new paradigm in electrophysiology: Medtronic receives FDA approval of Affera Mapping and Ablation System and Sphere-9 Catheter

First-of-its-kind, all-in-one HD-mapping and dual energy (pulsed field and radiofrequency) ablation catheter
Highly anticipated by electrophysiologists for its innovation and demonstrated safety and efficacy as well as improved workflow and short learning curve
Now with two pulsed field ablation (PFA) offerings and a portfolio of electrophysiology solutions, Medtronic is shaping the future of arrythmia treatment today

- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced United States Food and Drug Administration (FDA) approval of the Affera™ Mapping and Ablation System with Sphere-9™ Catheter, an all-in-one, high-density (HD) mapping and pulsed field (PF) and radiofrequency (RF) ablation catheter for treatment of persistent atrial fibrillation (AFib) and for RF ablation of cavotricuspid isthmus (CTI) dependent atrial flutter.

With this approval, Medtronic is now the first and only company with two PFA technologies available for patients with Afib. The PulseSelect™ Pulsed Field Ablation System, which was FDA approved in December 2023 , offers physicians a safe, single-shot solution for pulmonary vein isolation (PVI) while the Affera Sphere-9 catheter enables physician treatment flexibility with its wide area focal design and 9mm lattice tip that can used with an 8.5Fr sheath.

"The significance of this innovative technology should be underscored; Affera is a game changer for treatment of Afib and atrial flutter," said Vivek Reddy , M.D., Director of Cardiac Arrhythmia Services for the Mount Sinai Health System in New York City. "The Affera system provides physicians with one safe, effective and efficient solution to this common and increasing problem in heart disease that needs optimized solutions for patients. With a short learning curve for experienced physicians, the possibilities are boundless for the treatment of Afib."

With a trailblazing design, the Sphere-9 catheter offers physicians the option of both PF and RF energy delivery, fully integrated with the Affera Mapping and Ablation System. The Sphere-9 catheter enhances workflow efficiency for physicians while providing excellent safety and efficacy outcomes.

"The Affera system was designed to address procedural challenges faced by the electrophysiology community while maintaining a high standard of safety and efficacy for patients. By enabling a single transeptal, zero-fluoroscopy, and zero-exchange workflow, the Sphere-9 catheter uniquely integrates both mapping and ablation technologies, offering the flexibility to use either pulsed field or radiofrequency energy," said Doron Harlev , vice president of engineering for Cardiac Ablation Solutions at Medtronic and founder of Affera. "This marks an exciting milestone for the field, with Medtronic's robust innovation pipeline poised to drive continued progress."

The approval was based on excellent results demonstrated in the pivotal SPHERE Per-AF study , an FDA Investigational Device Exemption (IDE) trial, which compared the Sphere-9 catheter with the Affera Mapping and Ablation System to the conventional Thermocool SmartTouch® SF radiofrequency ablation catheter with the Carto™*3 System. The Affera Mapping and Ablation System and Sphere-9 catheter also received CE Mark in March 2023 and was approved in Australia in September 2024 . In October 2024 , Medtronic announced the start of an early feasibility study to evaluate the Sphere-9 catheter for treatment of ventricular tachycardia (VT), a cardiac arrhythmia in which the lower chamber of the heart beats abnormally fast.

"At Medtronic, we have a 75-year tradition of bringing disruptive innovation to market, guided by our mission and commitment to address the unmet needs of patients. With the approval of Affera, we are excited to bring a novel mapping and ablation solution to clinicians that is intended to make atrial fibrillation treatment safer, more effective, and more efficient," said Rebecca Seidel , president of the Cardiac Ablation Solutions business, which is part of the Medtronic Cardiovascular Portfolio. "The potential of Affera is limitless. We will continue to fulfill our commitment to innovation, including new indications, to advance cardiovascular care and improve patient outcomes."

AFib is one of the most common and undertreated heart rhythm disorders, affecting more than 60 million people worldwide. ¹ Afib is a progressive disease, often beginning as paroxsymal AFib (presents intermittently) and progressing to persistent (lasts for more than 7+ days without stopping). As the disease progresses, the risk of serious complications including heart failure, stroke and risk of death increases ^2-5 .

For more information on Affera and the Sphere-9 catheter, visit Medtronic.com.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow Medtronic on LinkedIn .

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

References

Roth GA, Mensah GA, Johnson CO et al. Global Burden of Cardiovascular Diseases and Risk Factors, 1990-2019: Update From the GBD 2019 Study. J Am Coll Cardiol 2020;76:2982-3021.
Miyasaka Y, Barnes ME, Bailey KR, et al. Mortality trends in patients diagnosed with first atrial fibrillation: a 21-year community-based study. J Am Coll Cardiol 2007;49:986-92.
Hindricks G, Potpara T, Dagres N, et al. 2020 ESC Guidelines for the diagnosis and management of atrial fibrillation developed in collaboration with the European Association of Cardio-Thoracic Surgery (EACTS). Eur Heart J 2020.
Wolf PA , Abbott RD, Kannel WB. Atrial fibrillation as an independent risk factor for stroke: the Framingham Study. Stroke 1991;22:983-8.
Lubitz SA, Moser C, Sullivan L, et al. Atrial fibrillation patterns and risks of subsequent stroke, heart failure, or death in the community. J Am Heart Assoc 2013;2:e000126

Dr. Reddy is a paid consultant for Medtronic.
*Thermocool SmartTouch and Carto are trademarks of Biosense Webster, Inc.

Contacts:
Leslie Williamson	Ryan Weispfenning
Public Relations	Investor Relations
+1-612-227-5099	+1-763-505-4626

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Medtronic Bike Donation Brightens School Year

Medtronic employees surprised 200 students in Columbia Heights with new bikes. Hundreds of Medtronic volunteers built the bikes, which were later donated to the students along with bike locks, and helmets. This effort is one of many that continue the legacy of Medtronic's founder, Earl Bakken, who grew up in Columbia Heights and inspired employees to contribute to their communities and create lasting change

Learn more about how employees' commitment to giving back makes an impact across communities.

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Knight Therapeutics Announces Approval of Minjuvi® in Mexico

Knight Therapeutics Inc., (TSX: GUD) ("Knight") a pan-American (ex-USA) specialty pharmaceutical company, announced today that its Mexican affiliate, Grupo Biotoscana de Especialidad S.A. de C.V. has obtained regulatory approval by COFEPRIS, the Mexican health regulatory agency, for Minjuvi ® (tafasitamab) in combination with lenalidomide followed by Minjuvi ® monotherapy for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL), who are not eligible for autologous stem cell transplantation (ASCT).

DLBCL is the most common subtype of non-Hodgkin lymphoma, presenting an aggressive clinical profile. While a significant number of patients can be cured with standard front-line therapy, many will develop refractory disease or relapse following an initial response, and these individuals are often ineligible for ASCT. Such patients face a very poor prognosis, emphasizing the need for treatment options to improve their outcomes ¹ .

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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.

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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 .

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Investor Contact:
Knight Therapeutics Inc.
Samira Sakhia		Arvind Utchanah
President & Chief Executive Officer		Chief Financial Officer
T: 514.484.4483		T. +598.2626.2344
F: 514.481.4116
Email: IR@knighttx.com		Email: IR@knighttx.com
Website: www.knighttx.com		Website: www.knighttx.com

Thermo Fisher Scientific Reports Third Quarter 2024 Results

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