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According to a press release on its earnings result, Thermo Fisher revenue grew by approximately 54% in the fourth quarter to $10.55 billion.
Thermo Fisher Scientific Inc (NYSE: TMO) has reported its Q4 and full-year 2020 results. Having experienced an increased demand for its products, Thermo Fisher saw its revenue spike significantly resulting in increased volatility in its stock market.
Notably, Thermo Fisher stock closed Friday trading at $509.70, up 2.66%. Meanwhile, they were up approximately 1.82% in pre-market to trade around $517.12.
Thermo Fisher Scientific Q4 Earnings Results
According to a press release on its earnings result, Thermo Fisher revenue grew by approximately 54% in the fourth quarter to $10.55 billion. Thermo Fisher reported GAAP diluted earnings per share of $6.24, up 151%, and adjusted earnings per share of $7.09, up 100%. Meanwhile, according to FactSet consensus, it was expected that Thermo Fisher would report adjusted earnings per share of $6.56 on revenue of $9.58 billion.
In terms of a full-year basis, Thermo Fisher reported revenue of $32.22 billion, up 26%. Notably, its full-year GAAP diluted earnings per share jumped by 74% to $15.96. On the other hand, the full-year adjusted Earnings Per Share increased by 58% to $19.55.
The increased revenue was significantly attributed to the coronavirus outbreak, with the company providing much-needed testing kits. “Delivered an extraordinary year of high-impact innovation, establishing leadership in COVID-19 testing — highlighted by the Applied Biosystems TaqPath COVID-19 Combo Kit and Amplitude Solution for high-throughput PCR-based testing,” the company noted in the press release.
In a note through the press release, Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific said the company worked diligently to deliver and help governments handle the pandemic.
“I am proud that we delivered the strongest year of performance in our company’s history. From a financial perspective, we generated exceptional growth in revenue, earnings, and free cash flow for the quarter and the year,” Casper added.
The company however did not provide the annual guidance for 2021 but noted it will be disclosed later in the day.
On the Flipside
With the coronavirus pandemic still a direct threat to our normalcy, Thermo Fisher product demand is expected to remain high throughout the year. Notably, despite several coronavirus vaccines being approved for emergency use by the United States FDA, we may be months away from final approval for mass production and use.
Thermo Fisher has a reported market valuation of approximately $202.01 billion with 396.34 million outstanding shares. Thermo Fisher stocks have a total of $2.51 short interest with an average volume of 1.77 million according to metrics provided by MarketWatch.
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