PerkinElmer announces financial results for the first quarter of 2022

PerkinElmer, Inc., a global leader committed to innovating for a healthier world, today reported financial results for the first quarter ended April 3, 2022.

• First quarter revenue of $1.26 billion
• First quarter GAAP EPS from continuing operations of $1.40; Adjusted EPS of $2.41
• Initiates Second Quarter and Raises Full Year Guidance

The company reported GAAP earnings per share from continuing operations of $1.40, as compared to GAAP earnings per share from continuing operations of $3.37 in the same period a year ago. GAAP revenue for the quarter was $1.26 billion, as compared to $1.31 billion in the same period a year ago. GAAP operating income from continuing operations for the quarter was $255 million, as compared to $468 million for the same period a year ago. GAAP operating profit margin was 20.2% as a percentage of revenue, as compared to 35.8% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $2.41, as compared to $3.72 in same period a year ago. Adjusted revenue for the quarter was $1.26 billion, as compared to $1.31 billion in the same period a year ago. Adjusted operating income from continuing operations for the quarter was $410 million, as compared to $542 million for the same period a year ago. Adjusted operating profit margin was 32.5% as a percentage of adjusted revenue, as compared to 41.4% in the same period a year ago.

Adjustments for the Company’s non-GAAP financial measures have been noted in the attached reconciliations.

“The company once again demonstrated its agility and resiliency so far in 2022, and I’m encouraged by our better-than-expected performance to start the year,” said Prahlad Singh, president and chief executive officer of PerkinElmer. “My appreciation goes to all our employees who are not only continuing to execute at a high level for our customers, but who also are making a difference in their communities during these extraordinary times.”

Financial overview by reporting segment for the first quarter
Discovery & analytical solutions

• First quarter 2022 revenue was $602 million, as compared to $455 million in the same period a year ago. Reported revenue increased 33% and organic revenue increased 12% as compared to the same period a year ago.

• First quarter 2022 operating income from continuing operations was $15 million, as compared to $43 million for the same period a year ago.

• First quarter 2022 adjusted operating income was $127 million, as compared to $76 million for the same period a year ago.

Diagnostics

• First quarter 2022 revenue was $657 million, as compared to $853 million for the same period a year ago. Reported revenue decreased 23% and organic revenue decreased 24% as compared to the same period a year ago.

• First quarter 2022 operating income from continuing operations was $258 million, as compared to $441 million for the same period a year ago.

• First quarter 2022 adjusted operating income was $301 million, as compared to $483 million for the same period a year ago.

Initiates second quarter and raises full year 2022 guidance
For the second quarter of 2022, the Company forecasts revenue of approximately $1.20-1.22 billion which includes the recognition of approximately $100 million of additional deferred revenue. Adjusted earnings per share in the second quarter of 2022 is expected to be in a range $2.00-2.05 which includes approximately $0.35 of earnings per share from the net impact of the recognition of deferred revenue and related costs.

For the full year 2022, the Company now forecasts revenue of $4.56-4.63 billion and adjusted earnings per share of $7.15-7.45.

Guidance for the second quarter and full year is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP.
MB Bureau