Shares of Thermo Fisher Scientific (NYSE:TMO) fell Wednesday morning after the company’s first-quarter results revealed declining Covid-19 testing revenue.
The Massachusetts-based company posted saw revenue decline 9% year-over-year from $11.82 billion to $10.71 billion, which beat Street expectations of $10.67 billion. Adjusted earnings were $5.03 per share, down from $7.25 per share a year earlier and in line with expectations.
Notably, Covid testing revenue was $114 million in the quarter, 14% lower year-over-year. Organic revenue was 8% lower.
Shares of Thermo Fisher dropped more than 4% to $526.05 Wednesday morning.
“We delivered another quarter of very strong financial performance, driven by our proven growth strategy and powered by our PPI business system,” CEO Marc Casper said in a statement. “The team executed very well to navigate a dynamic macroenvironment, enable our customers’ success, and drive share gain.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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