Thermo Fisher’s GAAP diluted earnings per share stood at $3.79 in the third quarter of the year. Credit: Thermo Fisher Scientific Inc.

Thermo Fisher Scientific has reported a 14% increase in revenue to $10.68bn in the third quarter (Q3) of the year, compared to $9.33bn in the same quarter a year ago.

Its organic revenues fell by 1% and currency translation decreased revenue by 5%, while acquisitions increased it by 20%.

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For the quarter that ended on 1 October, the company’s core organic revenue growth stood at 14%, with $440m of Covid-19 testing revenue.

Thermo Fisher’s GAAP diluted earnings per share (EPS) was $3.79 in the reported quarter, compared to $4.79 in the same quarter last year.

Its GAAP operating income was $1.71bn, versus $2.28bn in the year-ago quarter, and its GAAP operating margin was 16%, compared to 24.4%.

In this quarter, the company’s Life Sciences Solutions segment revenues were $2.96bn, while Laboratory Products and Biopharma Services revenues were $5.58bn.

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Specialty Diagnostics segment revenues stood at $1.07bn, and Analytical Instruments segment revenues were $1.62bn.

Thermo Fisher Scientific also launched a range of new products during the quarter, including the Thermo Scientific Arctis Cryo-Plasma Focused Ion Beam and Orbitrap Ascend Tribrid mass spectrometer.

Furthermore, it obtained CE-IVD mark for the Oncomine Dx Express Test and Oncomine Reporter Dx software.

Thermo Fisher Scientific chairman, president and CEO Marc Casper said: “We delivered another quarter of excellent financial performance driven by our proven growth strategy and powered by our PPI Business System.

“Our strategic investments and innovative new product launches are further enhancing our unique customer value proposition and leading to continued share gain.

“We saw broad-based strength across our businesses, including our new clinical research business, which is performing very well.”

Recently, the company introduced the new Gibco CTS DynaCellect Magnetic Separation System (DynaCellect) to help improve the cell therapy manufacturing process.