MedTech Overseas Results: TMO Implications for Shimadzu: Assessment of Tescan acquisition could improve over medium term

Research evidence excerpt

MedTech Overseas Results: TMO Implications for Shimadzu: Assessment of Tescan acquisition could improve over medium term

J P M O R G A N Asia Pacific Equity Research

24 July 2026

MedTech Overseas Results: TMO

Implications for Shimadzu: Assessment of Tescan

acquisition could improve over medium term

US-based Thermo Fisher Scientific (covered by Casey Woodring; report here) Japan Equity Research

announced 2Q results June 23. The company said its analytical instruments

Medical Technologies & Services

division (a competitor to Shimadzu’s core analytical and measuring instruments

business) was generally solid, driven particularly by electron microscopes, and the Naoko Saito AC

division’s 2Q organic sales growth came in at +7% YoY, versus the Bloomberg (81-3) 6736-8693

naoko.saito@jpmorgan.com

consensus estimate of +3.5% YoY. Although this factor will not contribute to

Seiji Wakao, Ph.D.

Shimadzu’s 1Q FY2026 results, we think the stock market’s assessment of (81-3) 6736-8612

Shimadzu’s July 2026 acquisition of Tescan (an electron microscope maker) will seiji.wakao@jpmorgan.com

gradually improve, as might sentiment on the stock. We await revisions to JPMorgan Securities Japan Co., Ltd.

Shimadzu’s FY2026 guidance for goodwill amortization and other items along

with the 1Q results announcement.

• Analytical instruments division: Thermo Fisher offers a wide range of

products for research, medical, and pharmaceutical applications. The

analytical instruments division, one of four, provides analytical equipment and

software (including mass spectrometry, chromatography, and spectroscopy)

for R&D, quality control, and environmental and food testing. It competes with

Shimadzu’s analytical and measuring instruments business. During the 2Q