Thermo Fisher Withdraws 2020 Guidance Due To COVID-19 Pandemic

(RTTNews) - Thermo Fisher Scientific Inc. (TMO) said that it has withdrawn 2020 guidance, due to the evolving COVID-19 pandemic and related customer impact.

The company said it saw a significant reduction in customer activity by late March, as the pandemic spread from China to countries worldwide.

The company believes its long-term prospects remain excellent given the attractive markets served, its industry-leading position and proven growth strategy. The pandemic is also likely to result in additional funding opportunities for its customers in the future.

For the first quarter ended March 28, 2020, Thermo Fisher estimates that both reported and organic revenue growth will be in the range of 1 to 2%.

The company said it will release its financial results for the first quarter of 2020 on April 22, before the market opens.