Thermo Fisher drops as raised profit forecast fails to impress Wall Street
Corrects typo in company name in the headline
** Shares of medical equipment maker Thermo Fisher TMO.N down 3% at $535 premarket
** Co raises annual profit forecast to between $21.29 and $22.07 per share vs previous forecast of $21.14 to $22.02
** Analysts were expecting profit of $21.70 per share for the year - LSEG data
** TMO also slightly raised lower end of its annual revenue forecast from $42.3 bln to $42.4 bln, maintains upper end at $43.3 bln
** Analysts were expecting revenue of $42.96 bln for the year
** Co posts Q2 profit of $5.37, above estimates of $5.12 per share, total revenue of $10.54 was also slightly above expectations
** Quarterly sales of its life sciences segment - through which it provides services for drug discovery - stood at $2.36 bln, in line with analysts' estimates
** Evercore analysts expect investor focus to be on orders for its life sciences segment, which could reflect demand trends from early-stage biotech clients
** As of last close, TMO up 4% YTD
Reporting by Bhanvi Satija in Bengaluru
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