Thermo Fisher (NYSE:TMO) shares are trending lower today after the life sciences company announced its fourth-quarter results. Revenue declined by nearly 5% year-over-year to $10.89 billion. The figure still came in ahead of expectations by $160 million. Similarly, EPS of $5.67 fared better than estimates by $0.03.
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During the quarter, organic revenue declined by 7%. Still, a nearly 70 basis point expansion in its operating margin helped TMO expand its adjusted EPS by 5% during this period.
In 2023, the company acquired Binding Site and CorEvitas. Further, its $3.1 billion acquisition of Olink Holding (NASDAQ:OLK) is expected to close by the middle of this year.
For Fiscal Year 2024, Thermo Fisher anticipates revenue in the range of $42.1 billion to $43.3 billion. EPS for the year is seen landing between $20.95 and $22.
Is TMO Stock a Good Buy?
Overall, the Street has a Moderate Buy consensus rating on Thermo Fisher. Following a nearly 27% rise in the company’s share price over the past three months, the average TMO price target of $585.67 implies a modest 3.3% potential upside in the stock.
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