Thermo Fisher Scientific Inc (TMO)

Shares of Thermo Fisher Scientific (TMO) dropped by 5.47% from $458.96 to $433.18 in the trading on Wednesday, October 25, 2023. The reason why TMO stock down is due to its mixed Q3 results and the adjusted guidance for the fiscal year 2023.

• Q3 Results: Thermo Fisher reported third-quarter revenue of $10.57 billion in 2023, down 1% from the previous year. Organic revenue declined by 3%, with core organic revenue growth at 1%. COVID-19 testing revenue contributed $0.05 billion. On the earnings front, GAAP diluted EPS for Q3 2023 was $4.42, up from $3.79 in Q3 2022.
• FY2023 Outlook: Thermo Fisher revised its full-year 2023 guidance, now expecting adjusted earnings per share of $21.50 and revenue of $42.7 billion, with core organic revenue growth projected at 1%. This was a downward revision from previous guidance, which had earnings per share between $22.28 and $22.72 and revenue between $43.4 billion and $44.0 billion.