Thermo Fisher Scientific, Inc. (TMO) 42nd Annual J.P. Morgan Healthcare Conference Transcript

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Thermo Fisher Scientific, Inc. (NYSE:TMO) 42nd Annual J.P. Morgan Healthcare Conference January 9, 2023 11:15 AM ET

Company Participants

Marc Casper – Chief Executive Officer

Conference Call Participants

Rachel Vatnsdal – J.P. Morgan

Rachel Vatnsdal

Perfect. Good morning everyone. This is Rachel Vatnsdal from the Life Science Tools and Diagnostics team here at J.P. Morgan. I’m joined on stage by Marc Casper, CEO of Thermo Fisher. So as we typically do, this is going to be a 40 minute session. First of it, half will be roughly 20 minutes of presentation, followed by 20 minutes of Q&A. If you do have questions, feel free to either submit them via the portal or you can pick me directly.

And with that, Marc, pass it off to you.

Marc Casper

Rachel, thank you. Nice to see everybody here in San Francisco. Great to be back at the J.P. Morgan Conference. So the time goes quickly. A year ago, I’m reflecting back on being in front of this group right here in this ballroom and thinking about the year ahead for 2023. And I think the industry and certainly ourselves as well expected that our industry would see moderating growth in 2023 after several years of extraordinary growth in terms of the role that the pandemic had called upon our industry to play and Thermo Fisher specifically as well. The year wound up turning out to be more challenging, even in the moderation of growth that we had reflected upon at that point in time.

The pandemic unwind actually played out roughly as I think we expected and probably others expected. But the combination of more difficult macro environment and a resulting caution in customer spend as well as a deterioration in the Chinese economy affected the results, right. And before one declares a victory lap

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