The following is a summary of the Thermo Fisher Scientific Inc. (TMO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Thermo Fisher reported Q1 revenue of $10.34 billion.

• Adjusted operating income of $2.28 billion, leading to a Q1 adjusted operating margin of 22%.

• Adjusted EPS increased by 2% year-over-year to $5.11.

• The company raised its 2024 guidance to expected revenue in the range of $42.3 billion to $43.3 billion.

• Adjusted EPS between $21.14 and $22.02 per share expected for 2024.

• The company repurchased $3 billion of shares and increased its dividend by 11%.

Business Progress:

• Several new products were launched across business lines.

• A collaboration was started with Bayer and the North Carolina Collaboratory.

• Corporate social responsibility initiatives were put in place with the South African Medical Research Council.

• The Binding Site acquisition performed well and the planned acquisition of Olink is on schedule.

• Generative AI incorporated into the PPI business system for efficiency.

• The company anticipates a financial headwind of $1.3 billion to $1.4 billion representing about 3% of revenue for the year.

• Free cash flow is projected to range from $6.5 billion to $7 billion.

• The company aims to return approximately $600 million of capital to shareholders through dividends in 2024.

More details: Thermo Fisher Scientific IR

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