Thermo Fisher Scientific reports a 59% increase in revenue to $9.91bn in the first quarter of this year. Credit: Thermo Fisher Scientific.

Thermo Fisher Scientific has reported a 59% increase in revenue to $9.91bn in the first quarter of this year, compared to $6.23bn last year.

The company’s GAAP diluted earnings per share (EPS) for the quarter also rose 198% to $5.88, as against $1.97 in the same quarter a year ago.

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In the first quarter, adjusted EPS increased 145% to $7.21, versus $2.94 in the previous year quarter.

Thermo Fisher Scientific chairman, president and CEO Marc Casper said: “From a financial perspective, we again delivered exceptional growth in revenue, earnings and free cash flow for the quarter.

“We began accelerating our investments in talent, capabilities and capacity in the second half of 2020 and we are already starting to see the benefits of those actions which will ensure an even brighter future for our company.”

The company also witnessed a 155% increase in adjusted operating income for the first quarter of this year compared with the year-ago quarter, while the adjusted operating margin was 35.4%, versus 22.1% last year.

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During the quarter, revenues in the company’s Analytical Instruments Segment, Specialty Diagnostics Segment and Laboratory Products and Services Segment increased 26% to $1.39bn, 69% to $1.62bn and 32% to $3.60bn, respectively.

In the quarter, the company increased its dividend by 18% and signed an agreement to acquire Mesa Biotech, a point-of-care molecular diagnostic company.

This month, Thermo Fisher Scientific also announced a definitive agreement to acquire clinical research organisation PPD for a total consideration of $17.4bn in cash.

Speaking on the agreement, Casper said: “This is a great fit for our company and will strengthen our value proposition for our largest and fastest-growing end market, provide exciting career opportunities for our colleagues and create significant shareholder value.”