Fourth-quarter revenues were $583.4 million, up 3 per cent year-on-year, although net income slipped to $62 million, or $0.37 per share, from $87 million ($0.51).

"No question, the overall tone of business is improving across all our markets," said Marijn Dekkers, Thermo's chief executive.

Thermo's Life and Laboratory Sciences segment fourth-quarter revenues up 13 per cent to $377 million. Organic growth was 5 per cent, primarily a result of strong sales of our mass spectrometry instruments and rapid diagnostic tests used to detect flu.

The company said that several new products generated strong orders in the fourth quarter, including the Finnigan LTQ FT hybrid and Finnigan LTQ linear ion trap mass spectrometers, as well as the Shandon Excelsior automated tissue processor.

Mr Dekkers continued: "With good momentum going into 2004, our goal is to report $0.25-$0.27 in adjusted EPS for the first quarter and $1.23-$1.28 for the full year."