Thermo Fisher Scientific (NYSE:TMO) shares got a boost today on second-quarter results that came in well above the consensus forecast.
The Waltham, Mass.-based company posted profits of $1.2 billion, or $2.90 per share, on sales of $6.9 billion for the three months ended June 27, 2020, for a 3.3% bottom-line gain on sales growth of 9.5%.
Adjusted to exclude one-time items, earnings per share were $3.89, a whopping $1.05 ahead of Wall Street, where analysts were looking for sales of $6.13 billion.
Thermo Fisher’s sales growth falls in line with the company’s projections earlier this month, as it said it anticipated 10% growth in revenues. Growth was primarily driven by global sales of PCR-based tests and other products and services supporting the response to the COVID-19 pandemic.
The company received FDA emergency use authorization and CE Mark approval for its SARS-CoV-2 diagnostic test in the early stages of the pandemic back in March. It confirmed that its response to COVID-19 contributed approximately $1.3 billion in revenue to its second-quarter totals.
“We delivered an extraordinary quarter,” Thermo Fisher chairman, president & CEO Marc Casper said in a news release. “We quickly mobilized our resources to support the global COVID-19 response and made a significant contribution to our customers and society while effectively managing the company through the current economic environment.
“Our teams worked with relentless intensity to establish Thermo Fisher as a global leader in COVID-19 testing and leverage our pharma services leadership to support the development and production of therapeutics and vaccines. At the same time, we continued to execute our growth strategy, developing new products and capabilities across our businesses that will position us well for years to come.”
Thermo Fisher did not offer economic guidance for the full year, much like most companies that are still trying to gauge the total impact of the pandemic.
TMO shares were up 1.8% at $410.35 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.3%.