With its $13.6 billion acquisition of Life Technologies finally wrapped up, Thermo Fisher ($TMO) posted huge gains in revenue and profit in its first quarter as a combined company, raising the stakes for 2014 as it plans for more growth.
Thanks in part to the Life Tech deal, which closed Feb. 4, Thermo's revenue jumped 22% year over year to $3.9 billion, and net income leapt 62% to $543.1 million. The company's life sciences solutions business was the biggest beneficiary of the Life buyout, growing nearly fivefold to $836 million in Q1, while analytical instruments increased 4%, specialty diagnostics rose 1% and lab products grew 2%.
Now Thermo is amping up its annual revenue projection by about 1%, expecting between $16.8 billion and $17 billion in 2014, good for annual growth of about 30%.
That figure is right in line with what CEO Marc Casper said in announcing the Life Tech deal last year, and Thermo, still in the midst of integration, believes it has yet to reap the full benefits of its blockbuster acquisition.
"Our enhanced technology offering was already apparent when we showcased innovative new Thermo Scientific and Life Technologies products side by side at industry conferences," Casper said in a statement. "In Asia-Pacific and emerging markets, our combined scale is a key advantage in providing customers with solutions to achieve their goals."
- read the results