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Thermo Fisher Scientific Reports Record 2008 Second Quarter Results
WALTHAM, Mass., Jul 24, 2008 (BUSINESS WIRE) -- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in
serving science, reported that revenues increased 14% to a record
$2.71 billion in the second quarter of 2008, over $2.39 billion in the
2007 quarter. Currency translation increased revenues by 4%, and
acquisitions, net of divestitures, increased revenues by 2%. GAAP
diluted earnings per share (EPS) were $.57 in 2008, versus $.37 in the
year-ago period. GAAP operating income for the 2008 quarter was $330.2
million, compared with $243.0 million in 2007, and GAAP operating
margin was 12.2%, compared with 10.2% a year ago.
Adjusted EPS grew 22% to $.79 in the second quarter of 2008, over
$.65 in the 2007 quarter. Adjusted operating income for the 2008
quarter increased 18% versus 2007 results, and adjusted operating
margin expanded 60 basis points to 17.6%, compared with adjusted
operating margin of 17.0% in the 2007 period. Adjusted EPS, adjusted
operating income and adjusted operating margin are non-GAAP measures
that exclude certain items detailed later in this press release under
the heading "Use of Non-GAAP Financial Measures."
Highlights
-- Revenues grew 14%
-- Adjusted EPS rose 22%
-- Adjusted operating income increased 18%
-- Adjusted operating margin expanded 60 basis points
-- Breakthrough instrument systems launched at American Society
of Mass Spectrometry (ASMS) conference
-- Recent acquisitions strengthened analytical and environmental
instrument capabilities in India, and expanded bioreagents
portfolio for life sciences research
"We're pleased to report another record quarter, with excellent
top line performance, significant growth in adjusted EPS and good
margin expansion," said Marijn E. Dekkers, president and chief
executive officer of Thermo Fisher Scientific. "Our strong results to
date are right in line with our expectations, and position us well to
achieve our financial goals for all of 2008.
"Our excellent growth was driven by robust demand in our
scientific instruments, specialty diagnostics and biopharma services
businesses, as well as ongoing strong performance in Asia overall. We
continue to reinforce our technology leadership, and had a very
successful showing at ASMS that included two new breakthrough
instruments designed to give scientists advanced tools for a range of
research applications. We also recently made several strategic
acquisitions to strengthen our position in the growing analytical and
environmental markets in India, and to expand our portfolio of
bioscience reagents so we can provide more integrated solutions to
life sciences researchers around the world."
Mr. Dekkers added, "We remain confident in the full-year guidance
we gave last quarter, and are therefore maintaining our revenue
guidance of $10.6 to $10.7 billion for 2008, resulting in 9 to 10%
growth over 2007. We are increasing the low end of our adjusted EPS
guidance for the year by $.04, to a range of $3.11 to $3.17, which
would lead to 17 to 20% growth over our 2007 results." (The 2008
guidance does not include any future acquisitions or divestitures, and
is based on present currency exchange rates. In addition, the adjusted
EPS estimate excludes amortization expense for acquisition-related
intangible assets and certain other items detailed later in this press
release under the heading "Use of Non-GAAP Financial Measures.")
Management uses adjusted operating results to monitor and evaluate
performance of the company's business segments.
Analytical Technologies Segment
Revenues in the Analytical Technologies Segment grew 14% in the
second quarter of 2008 to $1.16 billion, compared with revenues of
$1.02 billion in the 2007 quarter. Adjusted operating income increased
21% in the second quarter of 2008, and adjusted operating margin rose
to 21.1%, versus 19.8% in the 2007 period.
Laboratory Products and Services Segment
In the Laboratory Products and Services Segment, revenues grew 14%
in the second quarter of 2008 to $1.66 billion, compared with revenues
of $1.45 billion in the 2007 quarter. Adjusted operating income
increased 14% in the second quarter of 2008, and adjusted operating
margin was 14.0% in both periods.
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with
generally accepted accounting principles (GAAP), we use certain
non-GAAP financial measures, including adjusted EPS, adjusted
operating income and adjusted operating margin, which exclude
restructuring and other costs/income and amortization of
acquisition-related intangible assets. Adjusted EPS also excludes
certain other gains and losses, tax provisions/benefits related to the
previous items, benefits from tax credit carryforwards, the impact of
significant tax audits or events and discontinued operations. We
exclude the above items because they are outside of our normal
operations and/or, in certain cases, are difficult to forecast
accurately for future periods. We believe that the use of non-GAAP
measures helps investors to gain a better understanding of our core
operating results and future prospects, consistent with how management
measures and forecasts the company's performance, especially when
comparing such results to previous periods or forecasts.
For example:
We exclude costs and tax effects associated with restructuring
activities, such as reducing overhead and consolidating facilities in
connection with the Fisher merger. We believe that the costs related
to these restructuring activities are not indicative of our normal
operating costs.
We exclude certain acquisition-related costs, including charges
for the sale of inventories revalued at the date of acquisition and
professional fees related to the merger with Fisher. We exclude these
costs because we do not believe they are indicative of our normal
operating costs.
We exclude the expense and tax effects associated with the
amortization of acquisition-related intangible assets because a
significant portion of the purchase price for acquisitions may be
allocated to intangible assets that have lives of 5 to 20 years. Our
adjusted EPS estimate for 2008 excludes approximately $.90 of expense
for the amortization of acquisition-related intangible assets for
acquisitions completed through the second quarter of 2008. Exclusion
of the amortization expense allows comparisons of operating results
that are consistent over time for both our newly acquired and
long-held businesses and with both acquisitive and non-acquisitive
peer companies.
We also exclude certain gains/losses and related tax effects,
benefits from tax credit carryforwards and the impact of significant
tax audits or events (such as the one-time effect on deferred tax
balances of enacted changes in tax rates), which are either isolated
or cannot be expected to occur again with any regularity or
predictability and that we believe are not indicative of our normal
operating gains and losses. For example, we exclude gains/losses from
items such as the sale of a business or real estate, gains or losses
on significant litigation-related matters, gains on curtailments of
pension plans, the early retirement of debt and debt facilities, and
discontinued operations.
Thermo Fisher's management uses these non-GAAP measures, in
addition to GAAP financial measures, as the basis for measuring the
company's core operating performance and comparing such performance to
that of prior periods and to the performance of our competitors. Such
measures are also used by management in their financial and operating
decision-making and for compensation purposes.
The non-GAAP financial measures of Thermo Fisher's results of
operations included in this press release are not meant to be
considered superior to or a substitute for Thermo Fisher's results of
operations prepared in accordance with GAAP. Reconciliations of such
non-GAAP financial measures to the most directly comparable GAAP
financial measures are set forth in the accompanying tables. Thermo
Fisher's earnings guidance, however, is only provided on an adjusted
basis. It is not feasible to provide GAAP EPS guidance because the
items excluded, other than the amortization expense, are difficult to
predict and estimate and are primarily dependent on future events,
such as acquisitions and decisions concerning the location and timing
of facility consolidations.
Conference Call
Thermo Fisher Scientific will hold its earnings conference call
today, July 24, at 9:00 a.m. Eastern time. To listen, dial (866)
793-1301 within the U.S. or (703) 639-1307 outside the U.S., and use
conference ID 1212657. You may also listen to the call live on our
Website, www.thermofisher.com, by clicking on "Investors." You will
find this press release, including the accompanying reconciliation of
non-GAAP financial measures and related information, in that section
of our Website under "Financial Results." An audio archive of the call
will be available under "Webcasts and Presentations" through Friday,
August 29, 2008.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in
serving science, enabling our customers to make the world healthier,
cleaner and safer. With annual revenues of $10 billion, we have more
than 30,000 employees and serve over 350,000 customers within
pharmaceutical and biotech companies, hospitals and clinical
diagnostic labs, universities, research institutions and government
agencies, as well as environmental and industrial process control
settings. Serving customers through two premier brands, Thermo
Scientific and Fisher Scientific, we help solve analytical challenges
from routine testing to complex research and discovery. Thermo
Scientific offers customers a complete range of high-end analytical
instruments as well as laboratory equipment, software, services,
consumables and reagents to enable integrated laboratory workflow
solutions. Fisher Scientific provides a complete portfolio of
laboratory equipment, chemicals, supplies and services used in
healthcare, scientific research, safety and education. Together, we
offer the most convenient purchasing options to customers and
continuously advance our technologies to accelerate the pace of
scientific discovery, enhance value for customers and fuel growth for
shareholders and employees alike. Visit www.thermofisher.com.
The following constitutes a "Safe Harbor" statement under the
Private Securities Litigation Reform Act of 1995: This press release
contains forward-looking statements that involve a number of risks and
uncertainties. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements are set forth in the company's Quarterly Report on Form
10-Q for the quarter ended March 29, 2008, under the caption "Risk
Factors," which is on file with the Securities and Exchange Commission
(SEC) and available in the "Investors" section of our Website under
the heading "SEC Filings." Important factors that could cause actual
results to differ materially from those indicated by forward-looking
statements include risks and uncertainties relating to: competition
and its effect on pricing, spending, third-party relationships and
revenues; the need to develop new products and adapt to significant
technological change; implementation of strategies for improving
internal growth; use and protection of intellectual property;
dependence on customers' capital spending policies and government
funding policies; realization of potential future savings from new
productivity initiatives; general worldwide economic conditions and
related uncertainties; the effect of changes in governmental
regulations; the effect of exchange rate fluctuations on international
operations; the effect of laws and regulations governing government
contracts; the effect of competing with certain of our customers and
suppliers; and the effect of rapid changes in the healthcare industry.
While we may elect to update forward-looking statements at some point
in the future, we specifically disclaim any obligation to do so, even
if our estimates change and, therefore, you should not rely on these
forward-looking statements as representing our views as of any date
subsequent to today.
Consolidated Statement of Income (unaudited) (a)(b)
Three Months Ended
-------------------------------------
(In millions except per share June 28, % of June 30, % of
amounts) 2008 Revenues 2007 Revenues
----------------------------------------------------------------------
Revenues $2,709.6 $2,385.9
--------- ---------
Costs and Operating Expenses:
Cost of revenues (c) 1,590.8 58.7% 1,419.1 59.5%
Selling, general and
administrative expenses 578.0 21.3% 514.7 21.6%
Amortization of acquisition-
related intangible assets 151.6 5.6% 142.1 6.0%
Research and development
expenses 64.4 2.4% 58.7 2.5%
Restructuring and other costs
(income), net (d) (5.4) -0.2% 8.3 0.3%
--------- -------- --------- --------
2,379.4 87.8% 2,142.9 89.8%
--------- -------- --------- --------
Operating Income 330.2 12.2% 243.0 10.2%
Interest Income 15.1 10.6
Interest Expense (36.6) (33.2)
Other (Expense) Income, Net (1.2) 1.9
--------- ---------
Income from Continuing
Operations Before Income Taxes 307.5 222.3
Provision for Income Taxes (e) (61.2) (34.4)
--------- ---------
Income from Continuing
Operations 246.3 187.9
Gain (Loss) on Disposal of
Discontinued Operations
(includes income tax provision
of $1.9 and $1.8) 3.2 (24.0)
--------- ---------
Net Income $ 249.5 9.2% $ 163.9 6.9%
========= ======== ========= ========
Earnings per Share from
Continuing Operations:
Basic $ .59 $ .44
========= =========
Diluted $ .56 $ .42
========= =========
Earnings per Share:
Basic $ .60 $ .39
========= =========
Diluted $ .57 $ .37
========= =========
Weighted Average Shares:
Basic 418.0 424.0
========= =========
Diluted 437.2 446.5
========= =========
Reconciliation of Adjusted
Operating Income and Adjusted
Operating Margin
GAAP Operating Income (a) $ 330.2 12.2% $ 243.0 10.2%
Cost of Revenues Charges (c) 0.2 0.0% 11.2 0.5%
Restructuring and Other Costs
(Income), Net (d) (5.4) -0.2% 8.3 0.3%
Amortization of Acquisition-
related Intangible Assets 151.6 5.6% 142.1 6.0%
--------- -------- --------- --------
Adjusted Operating Income (b) $ 476.6 17.6% $ 404.6 17.0%
========= ======== ========= ========
Reconciliation of Adjusted Net
Income
GAAP Net Income (a) $ 249.5 9.2% $ 163.9 6.9%
Cost of Revenues Charges (c) 0.2 0.0% 11.2 0.5%
Restructuring and Other Costs
(Income), Net (d) (5.4) -0.2% 8.3 0.3%
Amortization of Acquisition-
related Intangible Assets 151.6 5.6% 142.1 6.0%
Amortization of Acquisition-
related Intangible Assets -
Equity Investments 0.7 0.0% 0.1 0.0%
Provision for Income Taxes (e) (46.4) -1.7% (58.5) -2.5%
Discontinued Operations, Net
of Tax (3.2) -0.1% 24.0 1.0%
--------- -------- --------- --------
Adjusted Net Income (b) $ 347.0 12.8% $ 291.1 12.2%
========= ======== ========= ========
Reconciliation of Adjusted
Earnings per Share
GAAP EPS (a) $ 0.57 $ 0.37
Cost of Revenues Charges, Net
of Tax (c) - 0.01
Restructuring and Other Costs
(Income), Net of Tax (d) - 0.01
Amortization of Acquisition-
related Intangible Assets,
Net of Tax 0.23 0.21
Amortization of Acquisition-
related Intangible Assets,
Net of Tax - Equity
Investments - -
Provision for Income Taxes (e) - -
Discontinued Operations, Net
of Tax (0.01) 0.05
--------- ---------
Adjusted EPS (b) $ 0.79 $ 0.65
========= =========
Segment Data (f) Three Months Ended
-------------------------------------
(In millions except percentage June 28, % of June 30, % of
amounts) 2008 Revenues 2007 Revenues
----------------------------------------------------------------------
Revenues
Analytical Technologies $1,160.6 42.8% $1,020.4 42.8%
Laboratory Products and
Services 1,656.4 61.1% 1,449.7 60.8%
Eliminations (107.4) -3.9% (84.2) -3.6%
--------- ---------
Consolidated Revenues $2,709.6 100.0% $2,385.9 100.0%
--------- ---------
Operating Income and Operating
Margin
Analytical Technologies $ 245.1 21.1% $ 201.9 19.8%
Laboratory Products and
Services 231.5 14.0% 202.7 14.0%
--------- ---------
Subtotal Reportable Segments 476.6 17.6% 404.6 17.0%
Cost of Revenues Charges (c) (0.2) 0.0% (11.2) -0.5%
Restructuring and Other Income
(Costs), Net (d) 5.4 0.2% (8.3) -0.3%
Amortization of Acquisition-
related Intangible Assets (151.6) -5.6% (142.1) -6.0%
--------- -------- --------- --------
GAAP Operating Income (a) $ 330.2 12.2% $ 243.0 10.2%
--------- -------- --------- --------
(a) "GAAP" (reported) results were determined in accordance with U.S.
generally accepted accounting principles (GAAP).
(b) Adjusted results are non-GAAP measures and exclude certain charges
to cost of revenues (see note (c) for details); amortization of
acquisition-related intangible assets; restructuring and other costs,
net (see note (d) for details); certain other gains or losses that
are either isolated or cannot be expected to occur again with any
regularity or predictability; the tax consequences of the preceding
items (see note (e) for details); and results of discontinued
operations.
(c) Reported results in 2008 include $0.2 of accelerated depreciation
on manufacturing assets to be abandoned due to facility
consolidations. Reported results in 2007 include $11.2 primarily for
charges for the sale of inventories revalued at the date of
acquisition.
(d) Reported results in 2008 and 2007 include restructuring and other
costs, net, consisting principally of severance, abandoned facility
and other expenses of real estate consolidation and in 2008, gain on
pension plan curtailment and loss on a pre-acquisition litigation-
related matter.
(e) Reported provision for income taxes includes $46.4 and $58.5 of
incremental tax benefit in 2008 and 2007, respectively, for the pre-
tax reconciling items between GAAP and adjusted net income.
(f) During the first quarter of 2008, the company transferred
management responsibility for several small business units between
segments. Segment information for 2007 has been reclassified to
reflect these transfers.
Notes:
Consolidated depreciation expense in 2008 and 2007 is $48.2 and $45.0,
respectively.
Consolidated equity compensation expense included in both reported and
adjusted results is $16.7 and $12.3 in 2008 and 2007, respectively.
Consolidated Statement of Income (unaudited) (a)(b)
Six Months Ended
-------------------------------------
(In millions except per share June 28, % of June 30, % of
amounts) 2008 Revenues 2007 Revenues
----------------------------------------------------------------------
Revenues $5,263.6 $4,724.1
--------- ---------
Costs and Operating Expenses:
Cost of revenues (c) 3,094.7 58.8% 2,847.2 60.3%
Selling, general and
administrative expenses 1,119.6 21.3% 1,025.9 21.7%
Amortization of acquisition-
related intangible assets 302.8 5.8% 281.4 6.0%
Research and development
expenses 126.4 2.4% 118.5 2.5%
Restructuring and other costs
(income), net (d) (0.5) -0.1% 15.7 0.3%
--------- -------- --------- --------
4,643.0 88.2% 4,288.7 90.8%
--------- -------- --------- --------
Operating Income 620.6 11.8% 435.4 9.2%
Interest Income 25.2 19.5
Interest Expense (67.0) (70.4)
Other Income, Net (e) 6.3 3.5
--------- ---------
Income from Continuing
Operations Before Income Taxes 585.1 388.0
Provision for Income Taxes (f) (105.4) (61.3)
--------- ---------
Income from Continuing
Operations 479.7 326.7
Income from Discontinued
Operations (net of income tax
provision of $0.1 in 2007) - 0.1
Gain (Loss) on Disposal of
Discontinued Operations
(includes income tax provision
of $1.9 and $1.8) 2.8 (24.0)
--------- ---------
Net Income $ 482.5 9.2% $ 302.8 6.4%
========= ======== ========= ========
Earnings per Share from
Continuing Operations:
Basic $ 1.15 $ .77
========= =========
Diluted $ 1.10 $ .74
========= =========
Earnings per Share:
Basic $ 1.15 $ .72
========= =========
Diluted $ 1.10 $ .68
========= =========
Weighted Average Shares:
Basic 417.8 422.0
========= =========
Diluted 436.7 443.8
========= =========
Reconciliation of Adjusted
Operating Income and Adjusted
Operating Margin
GAAP Operating Income (a) $ 620.6 11.8% $ 435.4 9.2%
Cost of Revenues Charges (c) 0.8 0.0% 47.6 1.0%
Restructuring and Other Costs
(Income), Net (d) (0.5) -0.1% 15.7 0.3%
Amortization of Acquisition-
related Intangible Assets 302.8 5.8% 281.4 6.0%
--------- -------- --------- --------
Adjusted Operating Income (b) $ 923.7 17.5% $ 780.1 16.5%
========= ======== ========= ========
Reconciliation of Adjusted Net
Income
GAAP Net Income (a) $ 482.5 9.2% $ 302.8 6.4%
Cost of Revenues Charges (c) 0.8 0.0% 47.6 1.0%
Restructuring and Other Costs
(Income), Net (d) (0.5) -0.1% 15.7 0.3%
Amortization of Acquisition-
related Intangible Assets 302.8 5.8% 281.4 6.0%
Amortization of Acquisition-
related Intangible Assets -
Equity Investments 1.4 0.0% 0.1 0.0%
Other Income, Net (e) (9.8) -0.1% - 0.0%
Provision for Income Taxes (f) (105.6) -2.0% (118.9) -2.5%
Discontinued Operations, Net
of Tax (2.8) -0.1% 23.9 0.5%
--------- -------- --------- --------
Adjusted Net Income (b) $ 668.8 12.7% $ 552.6 11.7%
========= ======== ========= ========
Reconciliation of Adjusted
Earnings per Share
GAAP EPS (a) $ 1.10 $ 0.68
Cost of Revenues Charges, Net
of Tax (c) - 0.07
Restructuring and Other Costs
(Income), Net of Tax (d) - 0.03
Amortization of Acquisition-
related Intangible Assets,
Net of Tax 0.47 0.42
Amortization of Acquisition-
related Intangible Assets,
Net of Tax - Equity
Investments - -
Other Income, Net of Tax (e) (0.01) -
Provision for Income Taxes (f) (0.02) -
Discontinued Operations, Net
of Tax (0.01) 0.05
--------- ---------
Adjusted EPS (b) $ 1.53 $ 1.25
========= =========
Segment Data (g) Six Months Ended
-------------------------------------
(In millions except percentage June 28, % of June 30, % of
amounts) 2008 Revenues 2007 Revenues
----------------------------------------------------------------------
Revenues
Analytical Technologies $2,248.0 42.7% $2,008.7 42.5%
Laboratory Products and
Services 3,224.8 61.3% 2,883.2 61.0%
Eliminations (209.2) -4.0% (167.8) -3.5%
--------- ---------
Consolidated Revenues $5,263.6 100.0% $4,724.1 100.0%
--------- ---------
Operating Income and Operating
Margin
Analytical Technologies $ 473.8 21.1% $ 387.3 19.3%
Laboratory Products and
Services 449.9 14.0% 392.8 13.6%
--------- ---------
Subtotal Reportable Segments 923.7 17.5% 780.1 16.5%
Cost of Revenues Charges (c) (0.8) 0.0% (47.6) -1.0%
Restructuring and Other Income
(Costs), Net (d) 0.5 0.1% (15.7) -0.3%
Amortization of Acquisition-
related Intangible Assets (302.8) -5.8% (281.4) -6.0%
--------- -------- --------- --------
GAAP Operating Income (a) $ 620.6 11.8% $ 435.4 9.2%
--------- -------- --------- --------
(a) "GAAP" (reported) results were determined in accordance with U.S.
generally accepted accounting principles (GAAP).
(b) Adjusted results are non-GAAP measures and exclude certain charges
to cost of revenues (see note (c) for details); amortization of
acquisition-related intangible assets; restructuring and other costs,
net (see note (d) for details); certain other gains or losses that
are either isolated or cannot be expected to occur again with any
regularity or predictability (see note (e) for details); the tax
consequences of the preceding items (see note (f) for details); and
results of discontinued operations.
(c) Reported results in 2008 include $0.4 for charges for the sale of
inventories revalued at the date of acquisition and $0.4 of
accelerated depreciation on manufacturing assets to be abandoned due
to facility consolidations. Reported results in 2007 include $47.6
primarily for charges for the sale of inventories revalued at the
date of acquisition.
(d) Reported results in 2008 and 2007 include restructuring and other
costs, net, consisting principally of severance, abandoned facility
and other expenses of real estate consolidation and in 2008, gain on
pension plan curtailment and loss on a pre-acquisition litigation-
related matter.
(e) Reported results in 2008 include a $9.8 currency transaction gain
associated with an intercompany financing transaction.
(f) Reported provision for income taxes includes i) $96.0 and $118.9
of incremental tax benefit in 2008 and 2007, respectively, for the
pre-tax reconciling items between GAAP and adjusted net income; and
ii) in 2008, $9.6 of incremental tax benefit from adjusting the
company's deferred tax balances as a result of newly enacted tax
rates in Switzerland.
(g) During the first quarter of 2008, the company transferred
management responsibility for several small business units between
segments. Segment information for 2007 has been reclassified to
reflect these transfers.
Notes:
Consolidated depreciation expense in 2008 and 2007 is $95.8 and $91.0,
respectively.
Consolidated equity compensation expense included in both reported and
adjusted results is $27.7 and $26.1 in 2008 and 2007, respectively.
Consolidated net capital expenditures in 2008 totaled $103.8.
Condensed Consolidated Balance Sheet (unaudited)
(In millions) Jun 28, 2008 Dec. 31, 2007
----------------------------------------------------------------------
Assets
Current Assets:
Cash and cash equivalents $ 1,006.9 $ 625.1
Short-term investments 13.5 14.1
Accounts receivable, net 1,599.1 1,450.0
Inventories 1,264.1 1,169.9
Other current assets 415.9 406.2
------------ -------------
Total current assets 4,299.5 3,665.3
------------ -------------
Property, Plant and Equipment, Net 1,304.5 1,267.4
------------ -------------
Acquisition-related Intangible Assets 6,950.2 7,157.8
------------ -------------
Other Assets 408.5 403.7
------------ -------------
Goodwill 8,718.3 8,713.2
------------ -------------
Total Assets $ 21,681.0 $ 21,207.4
============ =============
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term obligations and current
maturities of long-term obligations $ 145.3 $ 149.3
Other current liabilities 1,734.8 1,752.3
------------ -------------
Total current liabilities 1,880.1 1,901.6
------------ -------------
Other Long-term Liabilities 2,686.4 2,771.6
------------ -------------
Long-term Obligations 2,044.5 2,045.9
------------ -------------
Total Shareholders' Equity 15,070.0 14,488.3
------------ -------------
Total Liabilities and Shareholders' Equity $ 21,681.0 $ 21,207.4
============ =============
SOURCE: Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc. Media Contact Information: Karen Kirkwood, 781-622-1306 karen.kirkwood@thermofisher.com www.thermofisher.com or Investor Contact Information: Ken Apicerno, 781-622-1111 ken.apicerno@thermofisher.com
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