Thermo Fisher Scientific ($TMO) credited high demand for its analytical instruments as helping drive overall record revenue during its fiscal 2012 first quarter. The company's specialty diagnostics segment also grew like gangbusters as it continued to digest a major 2011 acquisition.
The Waltham, MA-based company reported that sales in its analytical technologies division jumped 21% to $1.01 billion, up from $830 million a year ago. The company's specialty diagnostics segment booked an even larger increase. Revenue soared 27% to $729 million during the quarter, the company said, versus $576.7 million in the prior year period.
Specialty diagnostics became a bigger deal at the company last fall when the division gained its own financial reporting segment, reflecting Thermo Fisher's $3.5 billion acquisition of Swedish diagnostics company Phadia, a maker of blood test systems for allergies, asthma and autoimmune diseases. The company also snatched up Dionex for $2.1 billion in 2011. That company produced tools to help separate and analyze the components of chemical mixtures and compounds.
Laboratory products and services revenue grew a more measured 4% during the quarter to $1.51 billion.
Overall revenue climbed 14% to a record $3.1 billion. In addition, adjusted earnings per share climbed 27% to a record $1.17, the company said. That number beat analysts' expectations, which were in the $1.11 range, according to Reuters' coverage of the company's report. For the year, Thermo Fisher raised its earnings guidance of $4.67 to $4.82 to a new range of $4.71 to $4.83.
Special Report: Thermo Fisher/Phadia - Top 10 medical device deals of 2011