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$TMO 1Q15 10-Q: Total inventories as of March 28, 2015 were approx. $1.9Bil, which consisted of raw materials of $459.6MM, work in process inventories of $220.7MM and finished goods of $1.22Bil. In Feb., acquired, within the Life Sciences Solutions segment, Advanced Scientifics, Inc. for approx. $289MM, expanding TMO’s bioprocessing offerings.
Medical research firm $TMO reported a decline in 4Q17 profit, owing to higher income tax provision. Earnings dropped to $528MM or $1.30 per share from $630MM or $1.59 per share in 4Q16. On an adjusted basis, earnings rose 16% to $2.79 per share. Revenues, meanwhile moved up 22% to $6.05BIl, helped by gains from acquisitions and favorable currency.
$AQUA, which provides water treatment solutions, has appointed Peter Wilver to its board of directors. Wilver, a former senior executive at $TMO, most recently served as Thermo Fisher's EVP and Chief Administrative Officer. Earlier, he held financial management roles at various industrial companies including GE, Honeywell and Grimes Aerospace.
$TMO, a leading medical technology company, has signed an agreement with life sciences firm $ILMN, under which Thermo Fisher will provide Illumina with Ion AmpliSeq technology. The tie-up will help Illumina effectively sell Ion AmpliSeq technology to researchers engaged in scientific studies on its next-generation sequencing (NGS) platforms.
$TMO has received an unsolicited offer from TRC Capital to purchase up to one million shares of the company’s common stock for $181.75 per share in cash. According to Thermo Fisher, the offer price is about 4.43% lower than the closing price of its stock on November 17, 2017. The offer accounts for about 0.249% of the company’s outstanding shares.
$TMO said it expects to return a total of about $240MM in capital to shareholders in fiscal 2017, entirely through dividends, with no additional share buybacks planned for the rest of the year. Thermo Fisher anticipates to generate $3.5Bil of free cash flow in 2017, which is in line with its previous estimate.
$TMO said pursuant to the acquisition of Patheon, around 9,000 employees of that company joined the Thermo Fisher team in the third quarter. Following completion, the transaction is expected to bring in total synergies of about $120MM in three years, comprising $90MM of cost synergies and $30MM of adjusted operating income benefit.
$TMO said it continues to focus on the 3-pronged growth strategy of developing high-impact innovative products, leveraging the scale in emerging markets and delivering value proposition to customers. During third quarter, the company launched two new electron microscopes for Materials Sciences and Applications and four Thermo Scientific products.
Revenues of $TMO’s Life Sciences Solutions segment grew 5% YoY to $1.38Bil in 3Q17. Supported by contributions from the recently acquired FEI Company, Analytical Instruments revenue jumped 32%. Revenues of the Specialty Diagnostics division and Laboratory Products/Services segment gained 6% and 15%, respectively, compared to last year.
Reflecting its recent acquisitions and an improved forex environment, $TMO upgraded its FY17 revenue estimate to the range of $20.5Bil to $20.66Bil from the previous guidance of $19.71-$19.89Bil, which will result in a 12-13% YoY growth. The adj. EPS outlook has been revised up to the $9.29-$9.38 range from $9.15-$9.28 the company expected earlier.
Medical instruments maker $TMO reported a 14% annual growth in 3Q17 revenues to $5.1Bil, supported by contributions from recent acquisitions and favorable currency values. Net income gained 13%, and earnings per share moved up to $1.34 from $1.19 last year. Adjusted earnings rose to $2.31 per share and beat estimates, continuing the recent trend.
$TMO, a biotech company, announced that all required antitrust clearances have been obtained for the previously announced all-cash tender offer by its wholly owned subsidiary, Thermo Fisher (CN) Luxembourg, to purchase all of the outstanding ordinary shares of $PTHN, a pharma company. The firm expects to complete the tender offer on Aug 28, 2017.
$TMO has priced an offering of $750MM aggregate principal amount of its 3.2% senior notes due 2027 and $750MM aggregate principal amount of 4.1% senior notes due 2047. The offer is expected to close on August 14. The company intends to use the proceeds of the offering to fund a portion of the consideration payable for the acquisition of $PTHN.
$TMO priced its underwritten public offering of 8.77MM shares of common stock at $171 per share for gross proceeds of approx. $1.5Bil. The underwriters are given 30-day option to purchase 1.32MM more shares. The issue will end on Aug 11, 2017. A portion of its acquisition of $PTHN, to be closed by 3Q17-end, will be funded with the proceeds.
$TMO's subsidiary Thermo Fisher (CN) Luxembourg has extended the offering period of its all-cash tender offer to buy all of outstanding ordinary shares of $PTHN. $TMO now expects to complete the transaction around the end of 3Q17. The tender offer is now scheduled to expire on Aug. 28, 2017, unless extended or earlier terminated.
$TMO has commenced an underwritten public offering of $1.5Bil of its common stock. The company plans to use the net proceeds from the offering to fund a portion of the consideration payable for the acquisition of $PTHN, including repayment of Patheon’s debt. The acquisition is expected to close by the end of 3Q17.
$TMO said the upward revision of 2017 financial outlook mainly reflected the less adverse foreign exchange environment. The company continues to expect 4% organic revenue growth for the year. Excluding the effect of foreign exchange headwinds, adjusted EPS is seen growing 12-14%. Adjusted operating margin is forecast to grow 50-60 basis points YoY.