WALTHAM, Mass.--(BUSINESS WIRE)--Sep. 15, 2009--
Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving
science, today announced that its board of directors has appointed Marc
N. Casper president, chief executive officer and a director of the
company, effective October 15, 2009. Casper currently serves as
executive vice president and chief operating officer. This announcement
follows the decision of Marijn E. Dekkers to resign as president, chief
executive officer and a member of the board, in order to become chief
executive officer of Bayer AG, a global leader in healthcare, nutrition
and high-tech materials based in Germany.
Jim Manzi, chairman of the board, said, “Marc’s strong leadership at
Thermo Fisher over the past eight years and his achievements both here
and in other companies make him the natural choice to lead the company
going forward. We are delighted that he will take on this new role. With
our industry-leading position, commitment to world-class innovation and
the most talented employees in the industry, we believe that the company
is well-prepared for this transition and well-positioned to capitalize
on new opportunities for growth. On behalf of the entire board of
directors, we thank Marijn for his dedication to Thermo Fisher over the
last nine years. Marijn has led the company through a period of exciting
growth and has built a strong foundation for future success.”
“My years at Thermo Fisher have been some of the best in my career, and
I thank our employees, the leadership team and the board for working
with me so diligently to achieve our mutual goals for the company,” said
Mr. Dekkers. “Having accomplished so much together, it’s now time for me
to move on to a new role, and I’m looking forward to the challenges of
the next phase of my career. I feel good about my move at this time
because the company is very strong financially and, in Marc’s capable
hands and with the continued support of our employees, has more growth
prospects than ever.”
Casper said, “I have developed great respect for the knowledge and focus
of our employees during my time at Thermo Fisher, and look forward to
working with the leadership team and the board in my new role. Thanks to
the successful execution of our strategy, demonstrated by our excellent
financial track record, we have been able to deliver solid operating
performance despite challenging economic conditions. We will work to
continue to execute on our strategy for growth and success.”
Outlook Affirmed
The company today reaffirmed its full year 2009 outlook, as last updated
on July 23, 2009, and expects to achieve annual revenues of $9.80 to
$10.10 billion and adjusted earnings per share (EPS) of $2.85 to $3.10
for the year.
Adjusted EPS is a non-GAAP measure that excludes certain items detailed
later in this press release under the heading “Use of Non-GAAP Financial
Measures.”
Biography
Casper has served as executive vice president and chief operating
officer of Thermo Fisher since May 2008. Prior to being named COO,
Casper served as president of Thermo Fisher’s analytical technologies
businesses following the merger of Thermo Electron and Fisher Scientific
in November 2006. Casper joined the company in December 2001 as
president of its Life and Laboratory Sciences Sector. Previously, Casper
served as president, chief executive officer and a director of Kendro
Laboratory Products. Before Kendro, he was president-Americas for Dade
Behring Inc. Casper began his career at Bain & Company as a strategy
consultant and later joined Bain Capital, where he oversaw business
development, strategy and business integration in select companies owned
by Bain. Casper earned an MBA with high distinction from Harvard
Business School, and is a graduate of Wesleyan University, where he
received a bachelor’s degree in economics.
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with
generally accepted accounting principles (GAAP), we use certain non-GAAP
financial measures, including adjusted earnings per share, which
excludes restructuring and other costs/income and amortization of
acquisition-related intangible assets, certain other gains and losses,
tax provisions/benefits related to the previous items, benefits from tax
credit carryforwards, the impact of significant tax audits or events and
discontinued operations. We exclude the above items because they are
outside of our normal operations and/or, in certain cases, are difficult
to forecast accurately for future periods. We believe that the use of
non-GAAP measures helps investors to gain a better understanding of our
core operating results and future prospects, consistent with how
management measures and forecasts the company’s performance, especially
when comparing such results to previous periods or forecasts.
For example:
We exclude costs and tax effects associated with restructuring
activities, such as reducing overhead and consolidating facilities. We
believe that the costs related to these restructuring activities are not
indicative of our normal operating costs.
We exclude certain acquisition-related costs, including charges for the
sale of inventories revalued at the date of acquisition and significant
transaction costs. We exclude these costs because we do not believe they
are indicative of our normal operating costs.
We exclude the expense and tax effects associated with the amortization
of acquisition-related intangible assets because a significant portion
of the purchase price for acquisitions may be allocated to intangible
assets that have lives of 5 to 20 years. Our adjusted EPS estimate for
2009 excludes approximately $.89 of expense for the amortization of
acquisition-related intangible assets for acquisitions completed through
the second quarter of 2009. Exclusion of the amortization expense allows
comparisons of operating results that are consistent over time for both
our newly acquired and long-held businesses and with both acquisitive
and non-acquisitive peer companies.
We also exclude certain gains/losses and related tax effects, benefits
from tax credit carryforwards and the impact of significant tax audits
or events (such as the one-time effect on deferred tax balances of
enacted changes in tax rates), which are either isolated or cannot be
expected to occur again with any regularity or predictability and that
we believe are not indicative of our normal operating gains and losses.
For example, we exclude gains/losses from items such as the sale of a
business or real estate, gains or losses on significant
litigation-related matters, gains on curtailments of pension plans, the
early retirement of debt and debt facilities, and discontinued
operations.
Thermo Fisher’s management uses these non-GAAP measures, in addition to
GAAP financial measures, as the basis for measuring the company’s core
operating performance and comparing such performance to that of prior
periods and to the performance of our competitors. Such measures are
also used by management in their financial and operating decision-making
and for compensation purposes.
The non-GAAP financial measure included in this press release is not
meant to be considered superior to or a substitute for a financial
measure prepared in accordance with GAAP. Thermo Fisher’s earnings
guidance, however, is only provided on an adjusted basis. It is not
feasible to provide GAAP EPS guidance because the items excluded, other
than the amortization expense, are difficult to predict and estimate and
are primarily dependent on future events, such as acquisitions and
decisions concerning the location and timing of facility consolidations.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving
science, enabling our customers to make the world healthier, cleaner and
safer. With 2008 revenues of $10.5 billion, we have approximately 34,000
employees and serve over 350,000 customers within pharmaceutical and
biotech companies, hospitals and clinical diagnostic labs, universities,
research institutions and government agencies, as well as environmental
and industrial process control settings. Serving customers through two
premier brands, Thermo Scientific and Fisher Scientific, we help solve
analytical challenges from routine testing to complex research and
discovery. The Thermo Scientific brand represents a complete range of
high-end analytical instruments as well as laboratory equipment,
software, services, consumables and reagents to enable integrated
laboratory workflow solutions. Fisher Scientific provides a complete
portfolio of laboratory equipment, chemicals, supplies and services used
in healthcare, scientific research, safety and education. Together, we
offer the most convenient purchasing options to customers and
continuously advance our technologies to accelerate the pace of
scientific discovery, enhance value for customers and fuel growth for
shareholders and employees alike. Visit www.thermofisher.com.
The following constitutes a “Safe Harbor” statement under the Private
Securities Litigation Reform Act of 1995: This press release contains
forward-looking statements that involve a number of risks and
uncertainties. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements are set forth in the Company’s Quarterly Report on Form 10-Q
for the period ended June 27, 2009, under the caption “Risk Factors,”
which is on file with the Securities and Exchange Commission and
available in the “Investors” section of our Website under the heading
“SEC Filings.” Important factors that could cause actual results to
differ materially from those indicated by forward-looking statements
include risks and uncertainties relating to: competition and its effect
on pricing, spending, third-party relationships and revenues; the
need to develop new products and adapt to significant technological
change; implementation of strategies for improving internal growth; general
worldwide economic conditions and related uncertainties; dependence
on customers’ capital spending policies and government funding policies;
the effect of exchange rate fluctuations on international operations;
use and protection of intellectual property; the effect of
changes in governmental regulations; the effect of laws and
regulations governing government contracts; the effect of competing with
certain of our customers and suppliers; and the effect of rapid changes
in the healthcare industry. While we may elect to update forward-looking
statements at some point in the future, we specifically disclaim any
obligation to do so, even if our estimates change and, therefore, you
should not rely on these forward-looking statements as representing our
views as of any date subsequent to today.
Source: Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc.
Media:
Karen Kirkwood,
781-622-1306
karen.kirkwood@thermofisher.com
Website:
www.thermofisher.com
or
Investors
Ken
Apicerno, 781-622-1111
ken.apicerno@thermofisher.com
