Thermo Fisher Scientific Inc. (NYSE:TMO) offered softer-than-expected guidance for the full 2024 fiscal year.
As a result, the company’s stock slipped 2% in pre-open Wednesday.
For Q4, the adjusted EPS stood at $5.67, an increase from $5.40 year-over-year (YoY), and slightly above the consensus estimate of $5.64.
However, the company experienced a 4.9% decrease in revenue annually to $10.89 billion, which was still higher than the estimated $10.73 billion.
In the breakdown of revenues, the Lab Products & Services segment brought in $5.72 billion, marking a 3.8% decrease YoY, and falling short of the $5.83 billion estimate.
TMO said the foreign currency impact on sales was 1%, compared to a 4% decrease YoY, and was above the estimate of 0.5%.
The adjusted operating margin improved to 23.4% from 22.4% y/y, although it was below the estimated 24.1%.
“We delivered differentiated performance in 2023 and enabled our customers’ success. We effectively navigated the challenging macroeconomic conditions by leveraging our PPI Business System to deliver strong financial results,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific.
“Our proven growth strategy, capital deployment approach, and PPI Business System, continue to position our company for an even brighter future.”
Looking ahead, Thermo Fisher has introduced its full-year 2024 guidance, projecting revenues to be between $42.1 billion and $43.3 billion, and an adjusted EPS in the range of $20.95 to $22.00.
Analysts were looking for FY revenue of $42.93 billion and adjusted EPS of $22.04.