Thermo Fisher’s revenue falls in Q2 amid ‘challenging’ climate for biotechs and in China

Ther­mo Fish­er Sci­en­tif­ic blamed a 3% de­cline in rev­enue in the sec­ond quar­ter to biotechs ex­er­cis­ing more cau­tion with their spend­ing and slow­ing eco­nom­ic ac­tiv­i­ty in Chi­na.

The com­pa­ny’s rev­enue fell to $10.7 bil­lion in Q2, down from $10.9 bil­lion in Q2 of last year.

CEO Marc Casper said on an in­vestor call on Wednes­day morn­ing that the drop was due to the “macro­eco­nom­ic en­vi­ron­ment [be­com­ing] more chal­leng­ing in the quar­ter.” One-third of the de­cline in core rev­enue was due to the low­er eco­nom­ic ac­tiv­i­ty in Chi­na, while oth­er cus­tomers pulled back on spend­ing, pri­mar­i­ly biotechs, CFO Stephen Williamson said. Casper cit­ed high­er in­ter­est rates, cred­it avail­abil­i­ty and over­all cau­tion.

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