Thermo Fisher Scientific has reported a 1% decrease in revenue in the third quarter (Q3) of 2023 to $10.57bn, compared to $10.68bn in the same period last year.

The company’s organic revenue was 3% lower and core organic revenue growth was 1%. Its Covid-19 testing revenue stood at $0.05bn.

During the quarter, Thermo Fisher posted net income of $1.69bn, representing a 13.1% increase from $1.49bn earned during the same quarter last year.

The quarter’s adjusted operating income stood at $2.56bn, an increase from $2.37bn in the same quarter last year.

In Q3 2023, GAAP diluted earnings per share (EPS) was reported to be $4.42, marking an increase from $3.79 in the corresponding quarter of the previous year.

GAAP operating income reached $1.86bn in the quarter, up from $1.71bn in the same quarter of the previous year.

In the quarter, the adjusted EPS was $5.69, an increase from $5.08 in Q3 2022.

The company anticipates generating $42.7bn in revenue in 2023.

Thermo Fisher Scientific chairman, president and CEO Marc Casper said: “While market conditions further weakened during the third quarter, I’m very pleased with our team’s execution, which enabled our company to deliver both excellent margin expansion and adjusted EPS growth.

“Our experienced management team is leveraging our PPI Business System to effectively manage through the current dynamic environment. We also continue to invest for the future and a great example of this is our recently announced agreement to acquire Olink.”