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Thermo Fisher's (TMO) New Pact Drives Sustainable Lab Practices
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Thermo Fisher Scientific Inc. (TMO - Free Report) recently expanded its collaboration with My Green Lab -- a non-profit organization dedicated to improving the environmental sustainability of scientific research. The deal aims to increase the use of Accountability, Consistency and Transparency (ACT) Label in advancing environmentally sustainable lab practices.
Thermo Fisher has set a target to obtain ACT labelling for its complete cold temperature storage portfolio by the end of 2021.
For investors’ note, Thermo Fisher and My Green Lab's partnership started in 2017 when the former participated in the ACT Label pilot program for laboratory consumables.
With the recent collaboration, Thermo Fisher is making significant efforts to support environmentally-friendly laboratory management.
More in the News
The ACT Label program offers the distinctive opportunity for laboratories to minimize their environmental impact by allowing purchasers to compare products and make informed buying decisions on the basis of sustainable manufacturing, use and disposal practices. The ACT label serves as a tool for making impactful and responsible purchasing decisions
Thermo Fisher’s first cold storage solutions to be recognized with the ACT label were Thermo Scientific TSX Series ULT freezers and the Thermo Scientific Standard Performance (STP) ULT freezers. More than 200 models are now similarly labeled.
Image Source: Zacks Investment Research
These instruments are manufactured in an award-winning, zero waste-to-landfill facility and provide a 70% reduction in energy consumption compared to conventional options.
Significance of the Collaboration
By collaborating with My Green Lab, Thermo Fisher has been serving as a key driver to create a culture of sustainability through eco-friendly cold storage solutions. The collaboration is expected to further advance the ACT Label program to ensure that global scientific research meets the highest standards of environmental responsibility.
Through the collaboration, Thermo Fisher expects to ACT label more than 1,200 additional SKUs over the course of time, allowing research, pharmaceutical and clinical laboratories to attain their sustainability objectives by offering a wide range of purchasing options.
Industry Prospects
Per a report by Grand View Research, the global clinical laboratory service market size was valued at $200.30 billion in 2020 and is expected to reach $288.70 billion by 2028, at a CAGR of 4.7%. The increasing burden of chronic diseases and growing demand for early diagnostic tests are the key factors driving the market.
Recent Collaborations
In July 2021, Thermo Fisher collaborated with the University of California, Davis (UC Davis) West Coast Metabolomics Center to launch “The Center of Excellence (CoE) in Clinical Metabolomics.” The research collaboration is aimed to offer the metabolomics community with advanced, best practices and standard operating procedures to help in the rapid development of a large cohort of studies and clinical research.
In the same month, Thermo Fisher collaborated with Ortho Clinical Diagnostics to promote and distribute Thermo Scientific MAS Quality Controls and LabLink xL Quality Assurance Software for use with Ortho Clinical Diagnostics VITROS analyzers. Through this collaboration, Thermo Fisher offers better efficiency and consolidation of quality controls for laboratories utilizing its MAS solutions to decrease hands-on time and provide consistent results.
Price Performance
Shares of the company have gained 32.7% in a year’s time compared with the industry’s growth of 21%.
Zacks Rank and Key Picks
Currently, the company carries a Zacks Rank #5 (Strong Sell).
Image: Bigstock
Thermo Fisher's (TMO) New Pact Drives Sustainable Lab Practices
Thermo Fisher Scientific Inc. (TMO - Free Report) recently expanded its collaboration with My Green Lab -- a non-profit organization dedicated to improving the environmental sustainability of scientific research. The deal aims to increase the use of Accountability, Consistency and Transparency (ACT) Label in advancing environmentally sustainable lab practices.
Thermo Fisher has set a target to obtain ACT labelling for its complete cold temperature storage portfolio by the end of 2021.
For investors’ note, Thermo Fisher and My Green Lab's partnership started in 2017 when the former participated in the ACT Label pilot program for laboratory consumables.
With the recent collaboration, Thermo Fisher is making significant efforts to support environmentally-friendly laboratory management.
More in the News
The ACT Label program offers the distinctive opportunity for laboratories to minimize their environmental impact by allowing purchasers to compare products and make informed buying decisions on the basis of sustainable manufacturing, use and disposal practices. The ACT label serves as a tool for making impactful and responsible purchasing decisions
Thermo Fisher’s first cold storage solutions to be recognized with the ACT label were Thermo Scientific TSX Series ULT freezers and the Thermo Scientific Standard Performance (STP) ULT freezers. More than 200 models are now similarly labeled.
These instruments are manufactured in an award-winning, zero waste-to-landfill facility and provide a 70% reduction in energy consumption compared to conventional options.
Significance of the Collaboration
By collaborating with My Green Lab, Thermo Fisher has been serving as a key driver to create a culture of sustainability through eco-friendly cold storage solutions. The collaboration is expected to further advance the ACT Label program to ensure that global scientific research meets the highest standards of environmental responsibility.
Through the collaboration, Thermo Fisher expects to ACT label more than 1,200 additional SKUs over the course of time, allowing research, pharmaceutical and clinical laboratories to attain their sustainability objectives by offering a wide range of purchasing options.
Industry Prospects
Per a report by Grand View Research, the global clinical laboratory service market size was valued at $200.30 billion in 2020 and is expected to reach $288.70 billion by 2028, at a CAGR of 4.7%. The increasing burden of chronic diseases and growing demand for early diagnostic tests are the key factors driving the market.
Recent Collaborations
In July 2021, Thermo Fisher collaborated with the University of California, Davis (UC Davis) West Coast Metabolomics Center to launch “The Center of Excellence (CoE) in Clinical Metabolomics.” The research collaboration is aimed to offer the metabolomics community with advanced, best practices and standard operating procedures to help in the rapid development of a large cohort of studies and clinical research.
In the same month, Thermo Fisher collaborated with Ortho Clinical Diagnostics to promote and distribute Thermo Scientific MAS Quality Controls and LabLink xL Quality Assurance Software for use with Ortho Clinical Diagnostics VITROS analyzers. Through this collaboration, Thermo Fisher offers better efficiency and consolidation of quality controls for laboratories utilizing its MAS solutions to decrease hands-on time and provide consistent results.
Price Performance
Shares of the company have gained 32.7% in a year’s time compared with the industry’s growth of 21%.
Zacks Rank and Key Picks
Currently, the company carries a Zacks Rank #5 (Strong Sell).
A few better-ranked stocks from the broader medical space are Envista Holdings Corporation (NVST - Free Report) , BellRing Brands, Inc. (BRBR - Free Report) and Laboratory Corporation of America Holdings or LabCorp (LH - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 26%.
BellRing Brands has an estimated long-term earnings growth rate of 22%.
LabCorp has a projected long-term earnings growth rate of 11%.