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Thermo Fisher (TMO) +6.49% on higher revenue growth forecast
Lab diagnostics company Thermo Fisher (TMO) rose 6.49% in New York on Friday after it announced at an investors’ day that revenue should grow by 12% in 2022.
Thermo Fisher Scientific (TMO) was one of the top stocks in New York on Friday after the lab diagnostics company jumped 6.49% on expectations for higher revenue growth in 2022.
Massachusetts-based Thermo Fisher is currently the “leading single-source supplier” for COVID-19 tests and is involved in around 50% of testing capacity globally, according to its website.
Thermo Fisher’s “innovative solutions” have laid the foundation for a strong financial year, with the company revealing on Friday that it now expects revenue to surpass $40bn in 2022 versus the $36.2bn Wall Street consensus.
That figure would represent 12% growth from 2021, where it has guided for $35.9bn top line.
Thermo Fisher has also forecast adjusted earnings of $21.16 per share in 2022, which is higher than the $20.04 forecast from a FactSet poll.
However, its $22.07 per share earnings for this year is 10 cents shy of the $22.17 expectations.
Despite that narrow miss, investors were happy to see stronger guidance for the long term as TMO shares traded higher throughout the final session of the week.
Sentiment was also boosted by Thermo Fisher’s announcement that its $17.4bn deal to buy PPD, Inc. should add $1.50 per share to its earnings.
After rising early on the New York Stock Exchange, TMO closed up 6.49% at $596.80.
Other companies making gains on Friday included Zoom Video (ZM) (+2.2%) following reports that the software company’s $15bn takeover plans for Five9 (FIVN) had met resistance from a shareholder advisory service.
Energy producer Diamondback Energy (FANG) and skateboard apparel retailer Zumiez (ZUMZ) also climbed 3.1% and 6.8%, respectively, during trading.
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