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CLAIM #56262 · Thermo Fisher Scientific Inc (TMO) · 2023Q1 earnings call · Apr 26, 2023 · due Dec 31, 2023

China should be a good market for us this year and it has been historically.

Marc Casper · CEO

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versus commitment · official band 5 percent
Committed
China should be a good market for us this year and it has been historically.
Reported
China really slowed quite meaningfully in Q2, right?

How to check this claim

Look at: China region revenue growth rate, fiscal year 2023

It came true if: Full-year 2023 China revenue growth > 0% year-over-year

Where: Company-disclosed regional revenue commentary (10-K / Q4 earnings call)

In context

you'd still see some of the impact of the unwind of the Zero COVID policy. And that as the year progresses, it will continue to strengthen from there. When I look at the first quarter in China, the business was down slightly. The core growth actually was high-single digits in the quarter. So that felt good. What I would say is, we expected stimulus to happen in the first quarter. It did happen in the first quarter. So that played out. It was good to see the Chinese government released money to the academic institutions. You see that in our instrument business. And so that played out well. And so I feel good about the outlook. Obviously, the geopolitical tensions are real, and that's an environment that is going to be around, I would suspect for a while. And we'll navigate through it, but China should be a good market for us this year and it has been historically. Stephen, anything on the -- Stephen Williamson: Yes. So Matt, on the other end markets, when I think there's a lot of noise from the pandemic unwind, but when I kind of see through that, good growth really across all of the main geographies. So nothing really to call out there. Matthew Sykes: Got it. And then just maybe one high level on PPD. You talked about the growth there. And obviously, it's been outgrowing peers. Can we attribute any of that outsized growth to sort of the value proposition that being a part of Thermo might represent for your customer base? Or is it still too early to kind of see that potential growth impact come in and this is just PPD executing as it has been. Marc Casper: I think our team is doing a great job of executing, right? They are out there serving custome

Verify independently

SEC filings for TMO · Claim quote is verbatim from the 2023Q1 earnings call.