On April 28, 2022 Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, reported its financial results for the first quarter ended April 2, 2022 (Press release, Thermo Fisher Scientific, APR 28, 2022, https://corporate.thermofisher.com/content/tfcorpsite/us/en/index/newsroom/press-releases/2022/Apr/28-Thermo-Fisher-Scientific-Reports-First-Quarter-2022-Results.html [SID1234613127]).

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First Quarter 2022 Highlights

First quarter revenue was $11.82 billion.
First quarter GAAP diluted earnings per share (EPS) was $5.61.
First quarter adjusted EPS was $7.25.
Delivered very strong financial results in the first quarter, with 16% Core organic growth and $1.68 billion of COVID-19 testing revenue.
Launched high-impact new products including the Applied Biosystems SeqStudio Flex Series genetic analyzer to improve clinical research and advance scientific discovery and the new Thermo Scientific TRACE 1600 Series Gas Chromatograph, one of four new instruments in our Gas Chromatography (GC) and GC-Mass Spectrometry (MS) Product Portfolio advancing analytical testing for food, environmental, industrial and pharmaceutical applications.
Strengthened our unique customer value proposition with the opening of a new biorepository in Vacaville, California, to advance our cell and gene therapy services. We also brought additional bioproduction capacity online for single-use containers and cell culture media.
Reflecting the customer value proposition for our pharma and biotech customers, and as an example of our trusted partner status, Moderna announced a 15-year strategic collaboration agreement with Thermo Fisher to enable large-scale U.S. manufacturing of future mRNA-based vaccines and therapies.
Building on our environmental, social and governance priorities and enabling broad adoption of sustainable solutions, we exceeded the milestone of shipping more than one million readily recyclable paper coolers to transport cold-chain products without the use of traditional polystyrene foam coolers.
Repurchased $2.0 billion of stock and increased our dividend by 15 percent.
"We are very pleased to deliver another quarter of excellent performance," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "We started the year with great momentum, executing our proven growth strategy and continuing to be a trusted partner for our customers. Our PPD clinical research business is performing very well, the integration is going smoothly and we are even more excited about the opportunities we have to further enable the success of our pharma and biotech customers."

Casper added, "The strong execution by our team in the first quarter positions us to deliver another outstanding year."

First Quarter 2022

Revenue for the quarter grew 19% to $11.82 billion in 2022. Organic revenue growth was 3%, acquisitions increased revenue by 18% and currency translation decreased revenue by 2%. Core organic growth was 16%. COVID-19 testing revenue was $1.68 billion.

GAAP Earnings Results

GAAP diluted EPS in the first quarter of 2022 was $5.61, versus $5.88 in the same quarter last year. GAAP operating income for the first quarter of 2022 was $2.82 billion, compared with $3.05 billion in the year-ago quarter. GAAP operating margin was 23.9%, compared with 30.8% in the first quarter of 2021.

Non-GAAP Earnings Results

Adjusted EPS in the first quarter of 2022 was $7.25, versus $7.21 in the first quarter of 2021. Adjusted operating income for the first quarter of 2022 was $3.45 billion, compared with $3.51 billion in the first quarter of 2021. Adjusted operating margin was 29.2%, compared with 35.4% in the first quarter of 2021.

Annual Guidance for 2022

The company will provide updated 2022 financial guidance during its earnings conference call this morning at 8:30 a.m. Eastern Daylight Time.

Use of Non-GAAP Financial Measures

Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, organic revenue growth and Core organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading "Supplemental Information Regarding Non-GAAP Financial Measures." The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.

Conference Call

Thermo Fisher Scientific will hold its earnings conference call today, April 28, at 8:30 a.m. Eastern Daylight Time. To listen, dial (844) 200-6205 within the U.S. or (929) 526-1599 outside the U.S. The access code is 310385. You may also listen to the call live on our website, www.thermofisher.com, by clicking on "Investors." You will find this press release, including the accompanying reconciliation of non-GAAP financial measures and related information, in that section of our website under "Financials." An audio archive of the call will be available under "News and Events" through Friday, May 13, 2022.