Thermo Fisher Scientific Inc (NYSE:TMO) posted Q3 revenue of $10.574 billion, down 1% Y/Y, missing the consensus of $10.595 billion. Adjusted EPS of $5.69 beat the consensus of $5.61. 

Organic revenue was 3% lower, Core organic revenue growth was 1%, and COVID-19 testing revenue was $0.05 billion.

Revenue from the Life Sciences Solutions Segment declined by 17.9% to $2.43 billion. Analytical Instruments Segment sales were up 8.2% to $1.75 billion. 

Specialty Diagnostics Segment revenues increased by 1.7% to $1.08 billion, and Laboratory Products and Biopharma Services segment sales were up 2.6% to $5.73 billion.

Adjusted operating margin expanded by 200 bps to 24.2%.

"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," said Marc Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific.

Outlook: Thermo Fisher is revising revenue and adjusted EPS guidance for the full year, given the current macroeconomic environment. The company now expects 2023 revenue to be $42.7 billion (prior $43.4 billion - $44.0 billion) vs. 43.53 billion consensus and adjusted EPS of $21.50 (prior $22.28 - $22.72) vs. $22.31 consensus.

Price Action: TMO shares are down 5.67% at $432.31 on the last check Wednesday.