Thermo Fisher Scientific Inc.'s TMO fourth-quarter 2020 adjusted earnings per share of $7.09 beat the Zacks Consensus Estimate by 3.4%. The figure surged 99.7% year over year. The adjusted number excludes certain non-recurring expenses including asset amortization costs and certain restructuring costs.On a reported basis, earnings per share were $6.24 compared with $2.49 a year ago.Significant COVID-19 led business expansion as well as the company’s base business growth contributed to such a stunning bottom-line performance.For the full year, adjusted earnings were $19.55 per share, reflecting a 58.3% rise from the year-ago period. It also beat the Zacks Consensus Estimate by 1.1%.Revenues in the quarter under review grossed $10.55 billion, up 54.5% year over year. The top line exceeded the Zacks Consensus Estimate by 2.6%.Thermo Fisher Scientific Inc. Price, Consensus and EPS Surprise Thermo Fisher Scientific Inc. price-consensus-eps-surprise-chart | Thermo Fisher Scientific Inc. QuoteIn the fourth quarter, the company generated $3.2 billion of COVID-19 response revenues and reported accelerated growth in its base business.Total revenues for 2020 were $32.2 billion, a 26.3% rise from the year-ago period. This came ahead of the Zacks Consensus Estimate by 4.3%.Quarter in DetailOrganic revenues in the reported quarter grew 51% year over year. Favorable currency translation increased revenues by 3%.Thermo Fisher operates under four business segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Services.Revenues at the Life Sciences Solutions segment (41.4% of total revenues) improved 138% year over year to $4.37 billion while Analytical Instruments Segment sales (15.5%) rose 8% to $1.64 billion.Revenues at the Laboratory Products and Services segment (34.3%) rose 28.8% to $3.62 billion. The Specialty Diagnostics segment (18.6%) recorded 109% year-over-year rise in revenues to $1.97 billion.Gross margin of 53.9% in the fourth quarter expanded 761 basis points (bps) year over year on 79.9% rise in gross profits. Adjusted operating margin for the quarter came in at 33.3%, reflecting an expansion of 858 bps.The company exited 2020 with cash and cash equivalents of $10.33 billion compared with $7.54 billion at the end of the third quarter. Full-year net cash provided by operating activities was $8.29 billion compared with $4.97 billion a year ago.GuidanceThe company stated that it will come up with its 2021 financial guidance on its earnings conference call.Bottom LineThermo Fisher ended the fourth quarter as well as full-year 2020 with better-than-expected numbers. The company delivered an outstanding quarterly performance, leveraging on its capacity to extend support amid the pandemic. In the quarter, it generated $3.2 billion of COVID-19 related revenues.We are encouraged about the exceptionally strong year-over-year revenue growth at Life Sciences Solutions and Specialty Diagnostics segments. Meanwhile, margin expansion in the fourth quarter was encouraging.Zacks Rank and Key PicksThermo Fisher currently carries a Zacks Rank #3 (Hold).A few better-ranked stocks in the broader medical space are IDEXX Laboratories, Inc. IDXX, Align Technology, Inc. ALGN and Omnicell, Inc. OMCL.The Zacks Consensus Estimate for IDEXX’s fourth-quarter 2020 revenues is pegged at $679.3 million, suggesting a year-over-year improvement of 12.2%. The same for EPS stands at $1.43, indicating growth of 37.5% from the year-ago reported figure. The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Align Technology’s fourth-quarter 2020 revenues is pegged at $781.9 million, implying 20.3% increase from the year-earlier reported figure. The same for EPS stands at $2.13, indicating growth of 39.2% from the year-ago reported figure. The company currently carries a Zacks Rank #2.The Zacks Consensus Estimate for Omnicell’s fourth-quarter 2020 EPS is currently pegged at 79 cents, indicating growth of 2.6% from the year-ago reported figure. The company currently sports a Zacks Rank #1.Legal Marijuana: An Investor’s DreamImagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Omnicell, Inc. (OMCL): Free Stock Analysis Report Align Technology, Inc. (ALGN): Free Stock Analysis Report Thermo Fisher Scientific Inc. (TMO): Free Stock Analysis Report IDEXX Laboratories, Inc. (IDXX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research