Thermo Fisher Scientific, Inc. (NYSE:TMO) Q4 2014 Earnings Conference Call - Final Transcript

Jan 29, 2015 • 08:30 am ET


Thermo Fisher Scientific, Inc. (NYSE:TMO) Q4 2014 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2014 Fourth Quarter and Full Year End Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

I would like to introduce our moderator for the call, Mr. Kenneth Apicerno, Vice President, Investor Relations. Mr. Apicerno, you may begin the call.

Kenneth Apicerno

Good morning and thank you for joining us. On the call with me today is Marc Casper, our President and Chief Executive Officer, and Pete Wilver, Senior Vice President and Chief Financial Officer.

Please note this call is being webcast live and will be archived on the Investors section of our Web-site,, under the heading Webcasts & Presentations, until February 27, 2015. A copy of the press release of our 2014 fourth quarter and full year earnings is available on our Web-site under the heading Financial Results.

(Forward-Looking Cautionary Statements)

Also during this call, we'll be referring to certain financial measures not prepared in accordance with Generally Accepted Accounting Principles or GAAP, including adjusted EPS, adjusted operating income and adjusted operating margin which exclude restricting costs, amortization of acquisition related intangible assets and certain other items. The definitions of and the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures are available in the earnings press release and also in the Investors section of our Web-site under the heading Financial Information.

So before we get started, one other item, as I mentioned in prior quarters, please note that the commentary that we provide today regarding the Company's Q4 and full year 2014 total revenue growth and revenue growth by end market and geography are on an organic basis only, and therefore do not include the performance of Life Technologies.

So with that, I'll now turn the call over to Marc.

Marc Casper

Ken, thank you. Good morning everyone. Thanks for joining us on the call today. As you saw in our press release, we finished the year with an outstanding fourth quarter delivering excellent growth on both the top and bottom line. In an environment that still has its challenges, we focused intently on our customers, identified opportunities and executed very well to deliver strong growth. At the same time, we continued to make excellent progress with the integration of Life Technologies and are tracking ahead of our initial goals as we approach the one-year anniversary of the close.

Our excellent performance in Q4 topped off what was a great year for us financially, operationally and strategically. This positions the Company well for a strong year ahead and a very bright future over the longer term. We have a lot of ground to cover this morning, so let me get right to our financial performance in the quarter and what we saw in our key end markets. Then I'll cover some of the highlights of the quarter and the year, give you an update on capital deployment and