Thermo Fisher Scientific announces improved operating performance

Thermo Fisher Scientific has announced a significant improvement in its operating performance during the first quarter of its financial year.

Marijn Dekkers, president and chief executive of the company, said that this was achieved while economic conditions continue to be "difficult".

He also noted that sales of the firm’s consumables products returned to positive growth over the three-month period.

"In terms of profitability, the cost-reduction actions we began implementing late last year made a meaningful contribution to our strong margin improvement over the preceding quarter," he added.

Concluding, Mr Dekkers noted that Thermo Fisher Scientific is raising its annual revenue guidance to a range of $9.80 billion (5.9 billion pounds) to $10.10 billion, predominantly due to a more favourable foreign exchange climate at this point of the year.

However, the acquisition of Biolab was also identified as a contributing factor.

Thermo Fisher Scientific announced that it entered into an agreement to purchase the firm in April.