Shares of Thermo Fisher Scientific (NYSE:TMO) are down a further 4% premarket Wednesday after reporting a 9% year-on-year revenue decline.
TMO's fall adds to its more than 4% slide in Tuesday's session, closing at $548.38 per share. It is currently trading below the $527 mark.
The company, which supplies scientific instrumentation, reagents and consumables, and software services, reported Q1 EPS of $5.03, in line with the analyst estimate of $5.03. Revenue for the quarter came in at $10.71 billion versus the consensus estimate of $10.65B. The company reported revenue of $11.82B during the same period last year.
The YoY decline in revenue was driven by a lackluster performance in its life sciences division which posted revenue of $2.6B, down from $4.2B in the same period last year. Meanwhile, COVID testing revenue came in at $0.14B.
"The team executed very well to navigate a dynamic macroenvironment, enable our customers' success, and drive share gain," said Marc Casper, chairman, president and chief executive officer of Thermo Fisher. "We are incredibly well positioned to deliver differentiated performance, as we continue to create value for all of our stakeholders and build an even brighter future for our company."