Revenue and profitability
- Revenue: USD 10.598 billion in QQ3 2024, YoY change -2.65%, QoQ change +0.54%. Gross Profit: USD 4.343 billion, gross margin 40.98%, YoY gross profit down 3.40%, QoQ margin change effectively flat (-0.02%).
- Operating Income: USD 1.916 billion, operating margin 18.08%; YoY change +3.34%, QoQ +8.99% reflecting cost discipline and mix benefits.
- Net Income: USD 1.630 billion, net margin 15.38%; YoY change 0.00%, QoQ +5.30% as tax and other items remained stable.
- EBITDA: USD 2.906 billion, EBITDA margin 27.42%; YoY change not explicitly provided but aligns with operating performance.
- Earnings per share (EPS): USD 4.27 (GAAP), diluted USD 4.24; YoY EPS growth +1.43%, QoQ +5.43%.
Cash flow and capital allocation
- Operating cash flow: USD 2.167 billion; free cash flow: USD 1.894 billion.
- Investing activities: net cash outflow of USD 3.578 billion driven largely by acquisitions (net purchases of investments and acquisitions totaling approximately -USD 3.112 billion).
- Financing and liquidity: cash and cash equivalents at period end USD 4.645 billion; total cash and short-term investments USD 6.645 billion; total debt USD 35.313 billion; net debt USD 30.657 billion; current ratio 1.629, quick ratio 1.257, cash ratio 0.318.
- Capital expenditures: USD -0.272 billion; free cash flow yield supported by strong operating cash flow, yet acquisition-related outflows weighed on net cash position in QQ3 2024.
Balance sheet and leverage
- Total assets USD 100.364 billion; total liabilities USD 51.265 billion; total stockholders’ equity USD 48.992 billion.
- Debt profile: long-term debt USD 31.197 billion, short-term debt USD 4.116 billion; total debt 35.313 billion; debt-to-capitalization 41.9%, debt-to-equity 0.72; interest coverage approximately 5.16x.
- Working capital indicators: DSO ~83 days, days of inventory ~78 days, CCC ~161 days, reflecting a relatively extended working capital cycle consistent with a capital-intensive, instrument-heavy business model.
Operational efficiency
- Gross margin around 41% and operating margin near 18% place Thermo Fisher among higher-quality, diversified instrument/consumable suppliers within healthcare equipment and lifesciences tools. Moderate-to-strong EBITDA conversion supports ongoing capital allocation to acquisitions and development activity while preserving cash flow resilience.
Segment and mix considerations
- The quarterly result reflects a diversified mix, with strength in high-value consumables, reagents, and analytical instruments, balanced against R&D and manufacturing investments. The acquisition-driven cash outflow indicates a strategic emphasis on expanding scale, capabilities, and geographic reach to sustain long-term growth.