Thermo Fisher's revenue falls in Q2 amid 'challenging' climate for biotechs and in China
Thermo Fisher Scientific blamed a 3% decline in revenue in the second quarter to biotechs exercising more caution with their spending and slowing economic activity in China.
The company’s revenue fell to $10.7 billion in Q2, down from $10.9 billion in Q2 of last year.
CEO Marc Casper said on an investor call on Wednesday morning that the drop was due to the “macroeconomic environment [becoming] more challenging in the quarter.” One-third of the decline in core revenue was due to the lower economic activity in China, while other customers pulled back on spending, primarily biotechs, CFO Stephen Williamson said. Casper cited higher interest rates, credit availability and overall caution.
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