Thermo Fisher Scientific Inc. (NYSE: TMO) shares rose nearly 2% in intra-day trading on Wednesday after the company reported third-quarter earnings and revenue that topped analyst expectations, supported by margin expansion and product innovation.

Adjusted earnings per share came in at $5.79, beating the consensus estimate of $5.50. Revenue grew 5% year-over-year to $11.12 billion, exceeding expectations of $10.91 billion. Organic revenue growth was 3%.

The company's adjusted operating margin improved to 23.3%, up from 22.3% in the prior-year quarter. GAAP earnings per share were $4.27, essentially flat versus $4.25 a year ago.

During the quarter, Thermo Fisher launched several new offerings, including the FDA-approved Oncomine Dx Express Test for non-small cell lung cancer and the Olink Target 48 Neurodegeneration panel to aid research on diseases such as Alzheimer's and Parkinson's.

Management said innovation and portfolio strength continued to drive sustainable growth across the business.