PerkinElmer Announces Financial Results for the Second Quarter of 2018

PerkinElmer, Inc., a global leader committed to innovating for a healthier world, today reported financial results for the second quarter ended July 1, 2018. The Company reported GAAP earnings per share from continuing operations of USD 0.58, as compared to GAAP earnings per share from continuing operations of USD 0.57 in the second quarter of 2017. GAAP revenue for the quarter was USD 703.4 million, as compared to USD 547.0 million in the second quarter of 2017. GAAP operating income from continuing operations for the quarter was USD 88.1 million, as compared to USD 74.2 million in the second quarter of 2017. GAAP operating profit margin was 12.5 percent as a percentage of revenue.

Adjusted earnings per share from continuing operations for the quarter were USD 0.91, as compared to USD 0.67 in the second quarter of 2017. Adjusted revenue for the quarter was USD 703.6 million, as compared to USD 547.1 million in the second quarter of 2017. Adjusted operating income from continuing operations for the quarter was USD 138.3 million, as compared to USD 97.8 million for the same period a year ago. Adjusted operating profit margin was 19.7 percent as a percentage of adjusted revenue. Adjustments for the company’s non-GAAP financial measures have been noted in the attached reconciliations.

“We saw continued momentum in the business as both segments experienced double-digit organic revenue growth in the second quarter,” said Robert Friel, chairman and chief executive officer of PerkinElmer.  “Our focus on bringing innovative new product offerings to market, while targeting attractive end markets where our capabilities are well differentiated, continues to drive solid revenue and adjusted earnings growth.  As a result, we are once again raising our full year organic revenue outlook and adjusted earnings per share guidance.”

Financial overview by reporting segment for the second quarter of 2018

Discovery & analytical solutions

• Revenue was USD 430.6 million, as compared to USD 383.1 million for the second quarter of 2017. Reported revenue increased 12 percent and organic revenue increased 10 percent.
• Operating income from continuing operations was USD 64.7 million, as compared to USD 51.1 million for the comparable prior period.
• Adjusted operating income was USD 76.4 million, as compared to USD 63.6 million in the second quarter of 2017.

Diagnostics

• Revenue was USD 272.7 million, as compared to USD 163.8 million for the second quarter of 2017. Reported revenue increased 66 percent and organic revenue increased 10 percent.
• Operating income from continuing operations was USD 38.8 million, as compared to USD 36.9 million for the comparable prior period.
• Adjusted operating income was USD 77.2 million, as compared to USD 48.1 million in the second quarter of 2017.

Raises financial guidance – full year 2018

For the full year 2018, the Company previously forecast GAAP earnings per share from continuing operations of USD 2.25 and, on a non-GAAP basis, adjusted earnings per share of USD 3.60. The Company now forecasts GAAP earnings per share from continuing operations of USD 2.39, and on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of USD 3.65. – Medical Buyer Bureau