Thermo Fisher Scientific Provides COVID-19 Business Update and Will Hold First Quarter Earnings Conference Call on Wednesday, April 22, 2020
WALTHAM, Mass., April 6, 2020 /PRNewswire/ -- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today announced that, due to the evolving COVID-19 pandemic and related customer impact, it is withdrawing 2020 annual guidance, which was provided on January 30, 2020.
Thermo Fisher has mobilized to support the global COVID-19 response with products and services that help analyze, diagnose and protect from the virus. However, as the pandemic spread from China to countries worldwide, the company saw a significant reduction in customer activity by late March. Given the ongoing uncertainty of the scope, duration and impact of the pandemic, Thermo Fisher is currently unable to reasonably estimate its annual financial performance.
The company believes its long-term prospects remain excellent given the attractive markets served, its industry-leading position and proven growth strategy. The pandemic is also likely to result in additional funding opportunities for its customers in the future. During this unprecedented time, Thermo Fisher's Mission – to enable its customers to make the world healthier, cleaner and safer – has never been more important.
For the first quarter ended March 28, 2020, Thermo Fisher estimates that both reported and organic revenue growth1 will be in the range of 1 to 2%. Details will be provided on the company's earnings conference call.
Thermo Fisher will release its financial results for the first quarter of 2020 on Wednesday, April 22, 2020, before the market opens, and will hold a conference call to discuss those results and the current impact from the COVID-19 pandemic on the same day at 8:30 a.m. ET.
To listen, call (877) 273-7122 within the U.S. or (647) 689-5496 outside the U.S. You may also listen to the call live on the "Investors" section of our website, www.thermofisher.com. The earnings press release and related information can be found in that section of our website under "Financial Results." A replay of the call will be available under "Webcasts and Presentations" through Friday May 8, 2020.
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1Organic revenue is reported revenue excluding the impact of acquisitions and divestitures and foreign currency translation.
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SOURCE Thermo Fisher Scientific
Company Codes: NYSE:TMO