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PerkinElmer Q1 Revenues Shrink 4 Percent, Beat Wall Street Estimate

NEW YORK – PerkinElmer reported after the close of the market on Tuesday a 4 percent year-over-year drop in its first quarter revenues. 

For the three months ended April 3, the Waltham, Massachusetts-based company said revenues totaled $1.26 billion, down from $1.31 billion a year ago but still above the consensus Wall Street estimate of $1.18 billion. 

The Diagnostics segment had $657 million in revenues, down 23 percent from $853 million in Q1 2021, while the Discovery & Analytical Solutions segment's revenues grew 32 percent to $602 million from $455 million a year ago. 

On a conference call to discuss the results, PerkinElmer CFO Jamey Mock said the firm's COVID-19- and non-COVID-19-related performance "exceeded expectations in the past quarter."

Organic revenues were down 11 percent year over year due to a drop in total COVID-19-associated revenues. Total COVID-19 revenues during Q1 2022 were $310 million, down from $550 million a year ago but exceeded the $240 million that PerkinElmer had previously guided to.

Non-COVID-19-related revenues grew 11 percent organically from Q1 2021, Mock said.

In Diagnostics, revenues were down 24 percent organically. Non-COVID revenues were up 10 percent organically.

Within the segment, the applied genomics business grew more than 20 percent organically year over year on a non-COVID basis, while the immunodiagnostics franchise saw headwinds resulting from lockdowns during the quarter but still grew in the mid-single digits year over year on a non-COVID, organic basis.

The Euroimmun business was up in the high single digits, Mock said, and the reproductive franchise rose in the high single digits.

Meantime, DAS was up 12 percent organically year over year with sales to pharma and biotech increasing in the upper teens, Mock said. Applied markets were up in the low double digits, and academic and government sales were down in the high single digits.

PerkinElmer had a profit of $177 million, or $1.40 per share, in Q1 2022 compared to a profit of $379.3 million, or $3.37 per share, a year ago. Adjusted EPS was $2.41 and beat the analysts' average estimate of $2.08. 

Its R&D costs grew 27 percent to $76.6 million in the recently completed quarter from $60.2 million a year ago, while its SG&A spending rose 33 percent to $334.4 million from $251.4 million. 

For the second quarter, the company is forecasting revenues of $1.20 billion to $1.22 billion, which includes the recognition of about $100 million of additional deferred revenue resulting from the firm's contract with the California Department of Public Health to supply and operate the Valencia Branch Laboratory. The contract is ending May 15 as the number of COVID-19 cases and need for testing have declined, as previously reported. Adjusted EPS for the second quarter is expected to be in the range of $2.00 to $2.05. 

For full-year 2022, PerkinElmer guided to revenues of $4.56 billion to $4.63 billion and adjusted EPS of $7.15 to $7.45. It previously forecast revenues of $4.42 billion to $4.50 billion and adjusted EPS of $6.80 to $7.00. 

In Wednesday morning trading on the Nasdaq, PerkinElmer's shares were down more than 2 percent at $148.96