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| Thermo Fisher CEO Marc Casper |
Thermo Fisher ($TMO) closed a first-quarter-record $3.19 billion in sales, a 4% jump over the previous year fueled by the company's heavy investment in specialty diagnostics.
Net income leapt about 17% to $340.8 million on the quarter, topping analyst estimates thanks largely to a 10% jump in Thermo's specialty diagnostics business, which posted $806 million in revenue. Thermo's mainstay lab products business grew 5% to $1.54 billion, while its analytical technologies segment stayed flat at $978 million.
As a result, Thermo is upping the low end of its full-year revenue projection, now expecting between $12.84 and $13 billion in 2013, growth of 3% to 4%.
CEO Marc Casper credits the Street-beating results to Thermo's commitment to launching new products to serve unmet needs and spreading its reach around the globe.
"From a geographic perspective, our industry-leading scale in Asia-Pacific continues to drive growth," Casper said in a statement. "This is particularly evident in China, where our depth of capabilities is helping our customers there improve healthcare, the environment and food safety."
And the company believes it's well situated for the future, expecting its $13.6 billion buyout of Life Technologies ($LIFE) to close early next year, a deal Casper said "will take our leadership position to a new level, creating an unrivaled leader in our industry."
- read Thermo's full results