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Thermo Fisher Preliminary Q1 Revenues up 1 to 2 Percent; Firm Withdraws 2020 Guidance

NEW YORK – Thermo Fisher Scientific said on Monday that it estimates reported and organic year-over-year revenue growth for Q1 to be in the range of 1 to 2 percent.

In the face of the developing COVID-19 pandemic, the company also withdrew its guidance for 2020.

Thermo Fisher said it is supporting the global COVID-19 response with products and services that help analyze, diagnose, and protect from the virus. But as the pandemic spread throughout the world, 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 firm said.

Longer term, the company believes its prospects "remain excellent" and "the pandemic is also likely to result in additional funding opportunities for its customers in the future."

Thermo Fisher's original guidance for 2020, provided in January, called for revenues between $26.61 billion and $27.01 billion, a 4 to 6 percent growth over 2019, and adjusted EPS of $13.49 to $13.67, a 9 to 11 percent increase over 2019. The company plans to release its Q1 financial results on April 22.

Thermo Fisher's shares were up almost 5 percent at $295.29 in morning trading on the New York Stock Exchange.