On November 7, Reuters reported that Mettler-Toledo International, a manufacturer of medical equipment, surpassed third-quarter profit forecasts on Thursday, thanks to a surge in demand for its laboratory instruments utilized in drug development and research. The company has increased the lower limit of its yearly profit prediction to between $40.35 and $40.50 per share, up from its earlier estimate of $40.20 to $40.50 each. However, it warned that market conditions are unpredictable and may change rapidly. The Columbus, Ohio-based firm reported third-quarter revenue of $954.54 million, surpassing the projected $944.74 million, according to data from LSEG. Lifesciences companies, such as Mettler-Toledo, have experienced low demand for their drug development instruments because of reduced investment in the biotech industry and weak interest from China, an important area for drug development. CEO Patrick Kaltenbach stated, “Although China showed slight growth this quarter, market conditions are still tough, especially in the industrial sector.” Some analysts believe that the Federal Reserve’s recent interest rate cuts may enhance financing for small and medium-sized biotech companies, as lower borrowing costs could increase demand. The company reported an adjusted profit of $10.21 per share, surpassing estimates of $10.01 per share. Peer Waters Corp increased its annual profit prediction after surpassing Wall Street expectations for third-quarter profit and revenue, driven by higher demand for its products and services utilized in drug development and research. The manufacturer of medical equipment also projected that fourth-quarter profits will fall between $11.63 and $11.78, noting that it will gain from shipping delays experienced in the previous year during this quarter. (Reported by Sneha S K in Bengaluru; edited by Alan Barona)
