Thermo Fisher Scientific ($TMO) beat analyst expectations in the second quarter, notching a 9% increase in revenue over the previous year despite declining net income.
The company's specialty diagnostics unit reported the largest growth, with sales jumping 28% to $732 million. Thermo Fisher's net income dropped 55% to $233.8 million, but that was expected by Thermo and Wall Street alike, after 2011's total was inflated by the company's selling off of business units.
Thermo posted adjusted profits of $1.22 per share, ahead of the $1.16 average analyst expectation, Reuters reports. The company lowered its 2012 revenue projection to between $12.1 billion and $12.3 billion, but raised its earnings estimate to between $4.74 and $4.84 a share.
While the company's diagnostics unit posted the highest growth, Thermo also reported an 8% sales boost in analytical technologies and a 2% rise in laboratory products.
The company credits its jump in revenue and sales to the launch of new laboratory products and some strategic acquisitions. Thermo acquired chemicals producer Doe & Ingalls for $175 million in May, and, most recently, the company inked an agreement to purchase diagnostics firm One Lambda for $925 million.
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