Thermo Fisher Scientific Inc. TMO has been gaining on strong end-market growth, driven by robust fundamentals in the life sciences, solid economic activity globally and strong pandemic response. The company’s raised 2021 guidance buoys optimism. However, foreign currency fluctuations and stiff competition continue to threaten the company.Over the past year, the Zacks Rank #2 (Buy) company has outperformed its industry. It has gained 44.3% compared with the 15.8% rise of its industry and the S&P 500’s 30.3% rise.The renowned medical and laboratory equipment provider has a market capitalization of $250.63 billion. The company projects 14% growth for the next five years and expects to maintain strong segmental performance. Further, it delivered an earnings surprise of 9.02%, on average, over the trailing four quarters.Key Growth CatalystsImpressive Q3 Results: Thermo Fisher ended the third quarter of 2021 with better-than-expected numbers. The company delivered a strong quarterly performance, leveraging on a significant rebound in its base business. The company’sLife Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Services recorded year-over-year growth in the reported quarter. In the quarter, Thermo Fisher generated $2.05 billion in COVID response-related revenues. With the surge in the Delta variant, the company saw strong testing demand globally.Strength in End Markets: In third-quarter 2021, barring diagnostics and healthcare, Thermo Fisher witnessed strength in all four end markets categorized either by customer type or geography. Within the pharma and biotech end market, the company reported more than 20% growth driven by strong market dynamics, unique customer value proposition, and customer supports across a wide range of exciting therapeutic areas (including the COVID-19 vaccines and therapies space). The quarter demonstrated broad-based strength in bioproduction, pharma services, biosciences, chromatography, and mass spectrometry businesses as well as in the research and safety market channel.Image Source: Zacks Investment ResearchRaised Guidance: The company raised its revenue guidance for 2021 to $37.1 billion, indicating 15% reported growth over 2020 (earlier guidance was $35.90 billion, implying 11% reported growth expectation). Full-year adjusted earnings per share (EPS) guidance has been raised to $23.37, indicating 20% growth over 2020 (previous guidance was $22.07, suggesting 13% year-over-year growth).DownsidesExposure to Foreign Currency: Thermo Fisher derives more than 50% of its revenues from the international market, which exposes it to fluctuations in foreign currency. In the past several years, the company’s earnings were affected significantly by headwinds from foreign exchange.Tough Competitive Pressure: On account of its diversified portfolio, Thermo Fisher faces different types of competitors, including a broad range of manufacturers and third-party distributors.Estimate TrendsThermo Fisher has been witnessing a positive estimate revision trend for 2021. Over the past 90 days, the Zacks Consensus Estimate for its EPS has moved 6% north to $23.40.The Zacks Consensus Estimate for 2021 revenues is pegged at $37.13 billion, suggesting 15.3% growth from the year-ago reported number.Key PicksA few other similar-ranked stocks from the broader medical space are Chemed Corporation CHE, Laboratory Corporation of America Holdings or LabCorp LH and Medpace Holdings, Inc. MEDP, each carrying a Zacks Rank #2.Chemed has a long-term earnings growth rate of 7.7%. The company surpassed earnings estimates in three of the trailing four quarters and missed in one. It has a trailing four-quarter earnings surprise of 5.6%, on average.Chemed has outperformed the industry in the past year. CHE has gained 3.7% against a 35.6% decline of the industry.LabCorp reported third-quarter 2021 adjusted EPS of $6.82. The bottom line surpassed the Zacks Consensus Estimate by 42.9%. Revenues of $4.06 billion outpaced the Zacks Consensus Estimate by 13.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.LabCorp has an estimated long-term growth rate of 10.6%. LH has a trailing four-quarter earnings surprise of 25.7%, on average.Medpace reported third-quarter 2021 adjusted EPS of $1.29, surpassing the Zacks Consensus Estimate by 20.6%. Revenues of $295.57 million beat the Zacks Consensus Estimate by 1.2%.Medpace has an estimated long-term growth rate of 16.4%. MEDP has a trailing four-quarter earnings surprise of 11.9%, on average. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>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 Laboratory Corporation of America Holdings (LH): Free Stock Analysis Report Thermo Fisher Scientific Inc. (TMO): Free Stock Analysis Report Chemed Corporation (CHE): Free Stock Analysis Report Medpace Holdings, Inc. (MEDP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research