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PerkinElmer Q3 Revenues Grow 21 Percent

NEW YORK – PerkinElmer's third quarter revenues increased 21 percent year over year, the Waltham, Massachusetts-based firm said after the close of the market on Tuesday.

For the three months ended Oct. 3, the firm recorded $1.17 billion in revenues, up from $964.0 million in the year-ago quarter and above the consensus Wall Street estimate of $1.04 billion. Organic revenue growth was 12 percent compared to Q3 2020.

Revenues for its Diagnostics and the Discovery and Analytical Solutions segments grew 21 percent year over year. Diagnostics posted $654 million in revenues in Q3 2021 compared to $540 million a year ago, while DAS had $513 million in revenues compared to $424 million a year ago.

On a conference call to discuss the financial results, PerkinElmer CEO Prahlad Singh noted that non-COVID-19-related revenues grew 16 percent organically year over year, above the 12 percent originally forecast a quarter ago, while COVID-19-related revenues "came in close to twice our expectations as testing remained similar to the levels we experienced in our second quarter."

CFO Jamey Mock added on the call that COVID-related business generated about $300 million in revenues during Q3. Of that, about $170 million came from core products with the balance resulting from PerkinElmer's COVID-19-related lab services.

Within the Diagnostics segment, the immunodiagnostic franchise's total revenues were up more than 40 percent year over year, with Euroimmun's revenues up 20 percent organically, Mock said.

Also within Diagnostics, the applied genomics business continued to see "strong demand" for next-generation sequencing reagents used for the detection of COVID-19 variants, even as COVID-19-related revenues declined. Non-COVID-19-related revenues in the business grew more than 50 percent year over year, Mock said.

Meanwhile, reproductive health revenues were up in the double digits, he added, despite pressures globally from declining birth rates.

Singh also took note of PerkinElmer's acquisition in July of Immunodiagnostic Systems and said the buy enhances the company's chemiluminescence assay development expertise, which "will provide even more resources to support the development of … Euroimmun's high-throughput, random access chemiluminescence system, Accentis." PerkinElmer expects to launch the platform next year. When it does, it will be able to offer a broad menu of chemiluminescence platforms, including IDS' own mid-throughput system, to PerkinElmer's customers, Singh said.

DAS revenues were up 10 percent organically, led by its life science business where the pharma end market grew in the double digits and the academia and government end market grew in the mid-single digits, Mock noted.

PerkinElmer had a net profit of $127.7 million, or $1.11 per share, in the recently completed quarter compared to a net profit of $176.7 million, or $1.57 per share, a year ago. Its adjusted EPS was $2.31, easily beating the consensus Wall Street estimate of $1.73.

Its R&D expenses rose 37 percent year over year $68.6 million from $50.1 million, while its SG&A costs grew nearly 51 percent to $339.0 million from $225.2 million. It lowered its restructuring and other costs 46 percent year over year to $2.2 million from $4.1 million.

The firm finished Q3 2021 with $487.4 million in cash and cash equivalents.

For the fourth quarter, it forecast adjusted revenues of $1.2 billion and adjusted EPS of $2.05. PerkinElmer raised its full-year 2021 forecast for adjusted revenue to $4.9 billion from a prior estimate of $4.57 billion. It also increased its adjusted EPS forecast to $10.81 from an earlier estimate of $9.88.