Thermo Fisher Scientific has reported a 19% year-on-year increase in revenue for the first quarter of 2022, driven by acquisitions and organic growth.
In the three-month period that ended on 2 April, the company’s revenue totalled $11.82bn. The figure was $9.91bn in the year-ago quarter.
Organic revenue growth was 3%, while acquisitions increased by 18%.
In the quarter, Covid-19 testing revenue totalled $1.68bn.
However, Thermo Fisher Scientific’s GAAP operating income fell from $3.05bn in Q1 2021 to $2.82bn in Q1 2022.
Income before income taxes for the quarter was $2.54bn, down from $2.75bn recorded in the prior-year period.
The company’s net income also declined by 5% on a year-on-year basis, to $2.2bn in the first quarter of 2022. GAAP diluted EPS in the period was $5.61.
Thermo Fisher Scientific chairman, president and CEO Marc N Casper said: “We started the year with great momentum, executing our proven growth strategy and continuing to be a trusted partner for our customers.
“Our PPD clinical research business is performing very well, the integration is going smoothly and we are even more excited about the opportunities we have to further enable the success of our pharma and biotech customers.”
The company also launched new products during the quarter such as Applied Biosystems SeqStudio Flex Series genetic analyser and Thermo Scientific TRACE 1600 Series Gas Chromatograph.
Thermo Fisher Scientific repurchased $2bn of stock and increased its dividend by 15%.