Thermo Fisher Scientific (NYSE: TMO) shares are up pre-market after the Q4 2021 results that topped consensus estimates and full-year results.
The company posted GAAP diluted earnings per share of $4.17 while adjusted EPS was $6.54. Analysts had predicted the company would report earnings of $4.94 per share. For the full year, GAAP EPS was up 22% to $19.46, while adjusted EPS was up 28% to $25.13 per share.
Q4 2021 revenue of $10.7 billion
Revenue during the quarter was $10.7 billion, beating consensus estimates of $8.84 billion. However, organic revenue fell by 4% during the quarter, acquisitions grew by 6%, and currency translation lowered revenue by 1%.
For the full year, the company reported a 22% growth in revenue to $39.21 billion. In addition, the organic revenue gain was 17%, acquisitions accounted for 3% of sales, and currency translation accounted for 2% of revenue. The total revenue from COVID-19 was $9.23 billion, while organic growth from base operations was 14% for fiscal 2021. CEO and Chairman Marc Casper said:
We had an outstanding 2021, as we continued to execute our proven growth strategy, powered by our PPI Business System, and operated with speed at scale to help our customers and governments around the world advance their important work. We exceeded the goals we set out to accomplish in 2021 and delivered for all of our stakeholders.
Thermo Fisher accelerated capability and capacity expansion
Thermo Fisher accelerated capacity and capability expansions, including a $2.5 billion investment in 2021 to address long- and near-term client demand. The company increased its capacity for sterilized fill-finish services, bioproduction, laboratory items, enzymes, and nucleotides during the year.
Also, in 2021, the company continued to expand its industry-leading scale in emerging and high-growth markets, including expanding its single-use bioproduction operations in the Asia Pacific and building a Customer Innovation Center focusing on the semiconductor sector in South Korea. Casper commented:
Our exceptional performance has enabled us to further strengthen our long-term competitive position by significantly accelerating our growth strategy through enhanced customer relationships and significant investments in commercial capabilities, innovation, capacity expansion and acquisitions, to ensure an even brighter future.
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