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Thermo Fisher profit nearly triples on life sciences, COVID-19 test boost

April 29 (Reuters) - Thermo Fisher Scientific Inc on Thursday posted quarterly profit that nearly tripled, helped by increased demand for its COVID-19 tests and a jump in sales at its life sciences unit.

The company said net income rose to $2.34 billion, or $5.88 per share, for the first quarter ended April 3, from $788 million, or $1.97 per share, a year earlier.

Sales at Thermo Fisher’s specialty diagnostics unit, which makes tests for COVID-19, rose 68.6% to $1.62 billion.

Revenue at the company’s life sciences solutions unit, which makes tools and compounds used in medical research, rose to $4.20 billion from $1.77 billion a year earlier.

Thermo Fisher’s quarterly revenue rose 59% to $9.91 billion. (Reporting by Dania Nadeem in Bengaluru; Editing by Ramakrishnan M.)

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