Shares of healthcare major Thermo Fisher Scientific (NYSE:TMO) are tanking today after its second-quarter numbers disappointed investors with revenue dropping 2.6% year-over-year to $10.69 billion. While the figure fell short of expectations by $310 million, EPS at $5.15 too missed the cut by $0.28.
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During the quarter, the macroeconomic backdrop remained challenging coupled with a slowed-down economic activity in China. Further, the Life Sciences Solutions segment witnessed a nearly 25% contraction during this period.
Looking ahead, for the full-year 2023, TMO now expects revenue to range between $43.4 billion and $44 billion. EPS is seen landing between $22.28 and $22.72.
Overall, the Street has a $639.50 consensus price target on TMO alongside a Strong Buy consensus rating. Today’s price drop comes after a nearly 10.5% surge in TMO shares over the past month.
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