Thursday, October 6, 2011

Thermo Fisher forms new diagnostics division

By Julie M. Donnelly, Boston Business Journal

Thermo Fisher Scientific Inc. (NYSE: TMO), a provider of scientific instruments and services, has announced it has created a new third financial reporting segment, to reflect the acquisition of Swedish diagnostics maker, Phadia, which was completed in August.

Going forward, the Waltham-based company plans to report financial performance for a new specialty diagnostics segment, in addition to its current analytical technologies and laboratory products and services segment. The new segment will include the Phadia business, which brought in revenue of $525 million in 2010. It will also include several sub-segments, which will be moved from each of the two other segments.

“Our new reporting structure provides investors with better visibility into our company, highlighting not only our leading capabilities in Specialty Diagnostics, but also our high-growth Analytical Technologies and marketing-leading Laboratory Products and Services businesses,” CEO Marc Casper said in a statement. “It also aligns with the way we manage these businesses to best serve our customers and capitalize on our greatest opportunities for growth.”

The company re-released previous financials under the new reporting structure, which showed revenues for the specialty diagnostics segment of $1.1 billion for the first half of 2011.