Why did TMO's Q2 2024 EPS barely beat estimates?

Thermo Fisher Scientific Inc. (TMO) experienced a slight decline in revenue and a slight increase in EPS compared to the previous year, which may have contributed to the minimal beat of EPS estimates in Q2 2024:

1. **Revenue Decline**: The company reported a total revenue of $10.54 billion for Q2 2024, which is a 3% decrease from the same quarter in the previous year. This decline in revenue, although modest, could have had an impact on the EPS, as revenue is a key factor in determining the company's profitability and, consequently, its EPS.
2. **EPS Increase**: The EPS for Q2 2024 was $4.04, which is the diluted EPS. This represents an increase from the previous year, but the magnitude of the increase is relatively small, which might not have significantly exceeded analysts' expectations.
3. **Analyst Expectations**: Analysts had likely anticipated a slight increase in EPS due to the company's historical performance and market conditions. The consensus EPS estimate for Q2 2024 was $4.70, which TMO slightly surpassed by $0.41. This slight beat might not have been considered a significant achievement, especially considering the overall revenue decline and the modest EPS increase.
4. **Market Conditions**: The broader market conditions, including economic factors and industry trends, might have influenced TMO's financial performance and contributed to the modest EPS beat. For instance, the company's performance could have been impacted by funding changes for biotech startups or the demand for its products and services used in drug development.

In conclusion, TMO's Q2 2024 EPS barely beat estimates due to a combination of factors, including a slight decline in revenue, a modest increase in EPS, and market conditions.