Amidst stagnant revenue and a recently slashed growth forecast, Thermo Fisher Scientific (NYSE: TMO) is having a rough 2023. Its shares are down by 19% so far this year, a startling departure from its norm of consistent gains and frequent outperformance.

There's little in the way of big growth catalysts on the radar. Management hasn't signaled that any major changes to strategy are incoming. So is Thermo Fisher at risk of turning an investment into dead money, or is it just an evergreen stock that's passing through stormy weather?

Thermo Fisher's troubles in 2023 are best understood as a combination of factors beyond its control and becoming a victim of its own success. Because it's a major supplier to the biopharma industry for everything from laboratory hardware and reagents to sophisticated and specialized diagnostics for use in hospitals, shareholders are now paying the price for both its ability to innovate in response to emerging opportunities and for its position at the top of the value chain in the healthcare sector.

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Source Fool.com