Medical equipment makers slide after Thermo Fisher's downbeat 2024 forecasts

Avantor

31/01/2024 17:29

** Shares of some medical equipment makers down after Thermo
Fisher Scientific  TMO.N  forecasts downbeat 2024 and remains
cautious on biotech demand recovery
    ** TMO's 2024 forecasts signal a continued slump in demand
for its services used to make therapeutics and vaccines will
extend at least into H1 of FY'24
    ** TMO's stock fell 3.7% to ~$546 
    ** Shares of peers Danaher  DHR.N  down 1.3% to about $242
while Agilent Technologies  A.N  stock fell 1.6% to $132.2 after
TMO said it does not expect demand improvement in its key
market, China, to improve this year 
    ** Revvity  RVTY.N  shares down 1.3% to $109.7 and Avantor
 AVTR.N  stock down about 1% to $23.2 
    ** The funding environment for biotechs is "probably
stabilizing", an analyst at Keybanc Capital Markets said, citing
a strong year of regulatory approvals 
    ** In 2023, TMO had fallen ~4%, DHR was down 1.7%, Agilent
fell ~7%, RVTY lost ~22% and AVTR was up 8.3% 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))