CLAIM #56340 · Thermo Fisher Scientific Inc (TMO) · 2023Q3 earnings call · Oct 25, 2023 · due Jun 30, 2024
“When I think about the outlook here, we definitely saw the impact of the declining economy in the results and we would expect that that will continue.”
Marc Casper · CEO
In context
“he opportunity to interact with senior members of the Chinese government, including the premier. And then I also did my normal thing of being CEO of Thermo Fisher Scientific and had the opportunity to see our colleagues, visit sites and see a lot of customers during that process. So this is what I came away with from my visit. Economy is definitely challenged, and the conditions are worsening, and we saw that worsening during the quarter. The government is actively working to boost business confidence and create a stronger environment for foreign investment. So when I think about the kind of the macro picture, short-term, definitely a challenge from a macro-economy. I was pleasantly surprised that a real focus on a better environment for foreign companies, which bodes well for the future. When I think about the outlook here, we definitely saw the impact of the declining economy in the results and we would expect that that will continue. And we can't predict exactly when the market will do. But we know that the comparisons get easier in the second half for China as we lap some of the comparables -- or the more challenging comparables. When I think about phasing for the year and all of all of that stuff, we look forward to doing that in beginning of 2024. Stephen Williamson: Yeah. But, Rachel, that kind of set up what I put in the prepared remarks, is kind of a mirror image of this year as a starting point, kind of more challenging in the first half and then modest growth in the second half. Thanks, Rachel. Rachel Vatnsdal: Great. And then if I could squeeze one more just on instrumentation. That was a great spot this quarter at 8% growth. You've noted that you're over-indexed to instrumentation in China, and you've also h”
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SEC filings for TMO ↗ · Claim quote is verbatim from the 2023Q3 earnings call.