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PerkinElmer (PKI) Q1 Earnings and Revenues Surpass Estimates
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PerkinElmer, Inc. reported first-quarter 2021 adjusted earnings per share (EPS) of $3.72, which beat the Zacks Consensus Estimate of $3.03 per share by 22.8%. Moreover, the bottom line witnessed significant improvement compared with the year-ago quarter.
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $1.31 billion, up 100.4% from the year-ago quarter and 92% organically. Adjusted revenues in the reported quarter were $1.31 billion, up 100.6% year over year. The top line also surpassed the Zacks Consensus Estimate by 13.7%.
Segment Details
Discover & Analytics Solutions
At this segment, revenues were $455 million, reflecting a rise of 14.3% from the year-ago quarter. Organically, the segment saw an increase of 6% in the quarter under review. Per management, broad-based growth across life sciences, food and applied markets contributed to the upside.
PerkinElmer, Inc. Price, Consensus and EPS Surprise
Coming to profits at the DAS segment, the company reported first-quarter 2021 adjusted operating income of $76 million, up 40.7% from the year-ago quarter.
Diagnostics segment
Revenues at this segment amounted to $853 million, up 235.8% on a year-over-year basis. Organically, the segment soared 227% in the first quarter. Per management, strength in immunodiagnostics and applied genomics business drove the upside, with reproductive health business line returning to growth for the first time since fourth-quarter 2019.
Adjusted operating income in the segment totaled $483 million, compared with $59 million in the year-ago quarter.
Geographical Details
Per management, the major geographies witnessed a solid first quarter with Europe and the United States exhibiting triple-digit growth, while Asia Pacific recorded strong double-digit growth. China saw year-over-year improvement in the quarter under review.
Margin Analysis
Adjusted gross profit in the quarter amounted to $809.7 million, up 148.9% year over year. Adjusted gross margin, as a percentage of revenues was 61.9%, up 1200 basis points (bps) year over year.
Adjusted operating income was $541.8 million, which skyrocketed 443.9% from the year-ago quarter. Adjusted operating margin, as a percentage of revenues was 41.4%, up 2610 bps.
Financial Update
The company exited the first quarter with cash and cash equivalents of $988.2 million, compared with $402 million in the prior quarter.
During the reported quarter, net cash provided by operating activities amounted to $473.5 million, compared with $60.1 million in the year-ago period.
2021 Guidance
PerkinElmer has provided guidance for second-quarter 2021 and raised full-year 2021 outlook.
For second-quarter 2021, the company projects adjusted EPS of at least $2.35. The Zacks Consensus Estimate is pegged at $2.36 per share. For the same period, revenues are projected to be around $1.11 billion. The Zacks Consensus Estimate for the same stands at $1.05 billion.
For 2021, the company expects adjusted EPS to be $9.40 (up from the previous estimate of at least $8.50). The Zacks Consensus Estimate is pegged at $8.60 per share.
Revenues are anticipated to be $4.37 billion (up from the prior estimate of at least $4.08 billion).
Conclusion
PerkinElmer exited the first quarter on a strong note, wherein both earnings and revenues beat their respective consensus mark. The company witnessed robust core segmental performance in the quarter under review. Strong growth in Europe and United States is also encouraging. Further, expansion in both gross and operating margins buoys optimism.
However, PerkinElmer continues to make acquisitions, which increases integration risks.
Zacks Rank
Currently, PerkinElmer carries a Zacks Rank #3 (Hold).
Illumina reported first-quarter 2021 adjusted EPS of $1.89, which surpassed the Zacks Consensus Estimate by 38.9%. First-quarter revenues of $1.09 billion outpaced the Zacks Consensus Estimate of $1.08 billion.
Boston Scientific reported first-quarter 2020 adjusted EPS of 37 cents, which beat the Zacks Consensus Estimate by 32.1%. First-quarter revenues of $2.75 billion outpaced the consensus mark by 5.3%.
HCA Healthcare reported first-quarter 2021 adjusted EPS of $4.14, surpassing the Zacks Consensus Estimate by 23.6%. Net revenues of $14 billion exceeded the Zacks Consensus Estimate by 2.2%.
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PerkinElmer (PKI) Q1 Earnings and Revenues Surpass Estimates
PerkinElmer, Inc. reported first-quarter 2021 adjusted earnings per share (EPS) of $3.72, which beat the Zacks Consensus Estimate of $3.03 per share by 22.8%. Moreover, the bottom line witnessed significant improvement compared with the year-ago quarter.
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $1.31 billion, up 100.4% from the year-ago quarter and 92% organically. Adjusted revenues in the reported quarter were $1.31 billion, up 100.6% year over year. The top line also surpassed the Zacks Consensus Estimate by 13.7%.
Segment Details
Discover & Analytics Solutions
At this segment, revenues were $455 million, reflecting a rise of 14.3% from the year-ago quarter. Organically, the segment saw an increase of 6% in the quarter under review. Per management, broad-based growth across life sciences, food and applied markets contributed to the upside.
PerkinElmer, Inc. Price, Consensus and EPS Surprise
PerkinElmer, Inc. price-consensus-eps-surprise-chart | PerkinElmer, Inc. Quote
Coming to profits at the DAS segment, the company reported first-quarter 2021 adjusted operating income of $76 million, up 40.7% from the year-ago quarter.
Diagnostics segment
Revenues at this segment amounted to $853 million, up 235.8% on a year-over-year basis. Organically, the segment soared 227% in the first quarter. Per management, strength in immunodiagnostics and applied genomics business drove the upside, with reproductive health business line returning to growth for the first time since fourth-quarter 2019.
Adjusted operating income in the segment totaled $483 million, compared with $59 million in the year-ago quarter.
Geographical Details
Per management, the major geographies witnessed a solid first quarter with Europe and the United States exhibiting triple-digit growth, while Asia Pacific recorded strong double-digit growth. China saw year-over-year improvement in the quarter under review.
Margin Analysis
Adjusted gross profit in the quarter amounted to $809.7 million, up 148.9% year over year. Adjusted gross margin, as a percentage of revenues was 61.9%, up 1200 basis points (bps) year over year.
Adjusted operating income was $541.8 million, which skyrocketed 443.9% from the year-ago quarter. Adjusted operating margin, as a percentage of revenues was 41.4%, up 2610 bps.
Financial Update
The company exited the first quarter with cash and cash equivalents of $988.2 million, compared with $402 million in the prior quarter.
During the reported quarter, net cash provided by operating activities amounted to $473.5 million, compared with $60.1 million in the year-ago period.
2021 Guidance
PerkinElmer has provided guidance for second-quarter 2021 and raised full-year 2021 outlook.
For second-quarter 2021, the company projects adjusted EPS of at least $2.35. The Zacks Consensus Estimate is pegged at $2.36 per share. For the same period, revenues are projected to be around $1.11 billion. The Zacks Consensus Estimate for the same stands at $1.05 billion.
For 2021, the company expects adjusted EPS to be $9.40 (up from the previous estimate of at least $8.50). The Zacks Consensus Estimate is pegged at $8.60 per share.
Revenues are anticipated to be $4.37 billion (up from the prior estimate of at least $4.08 billion).
Conclusion
PerkinElmer exited the first quarter on a strong note, wherein both earnings and revenues beat their respective consensus mark. The company witnessed robust core segmental performance in the quarter under review. Strong growth in Europe and United States is also encouraging.
Further, expansion in both gross and operating margins buoys optimism.
However, PerkinElmer continues to make acquisitions, which increases integration risks.
Zacks Rank
Currently, PerkinElmer carries a Zacks Rank #3 (Hold).
Earnings of Other MedTech Majors at a Glance
Some better-ranked stocks in the broader medical space that have already announced their quarterly results are Illumina, Inc. (ILMN - Free Report) , Boston Scientific Corporation (BSX - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Illumina reported first-quarter 2021 adjusted EPS of $1.89, which surpassed the Zacks Consensus Estimate by 38.9%. First-quarter revenues of $1.09 billion outpaced the Zacks Consensus Estimate of $1.08 billion.
Boston Scientific reported first-quarter 2020 adjusted EPS of 37 cents, which beat the Zacks Consensus Estimate by 32.1%. First-quarter revenues of $2.75 billion outpaced the consensus mark by 5.3%.
HCA Healthcare reported first-quarter 2021 adjusted EPS of $4.14, surpassing the Zacks Consensus Estimate by 23.6%. Net revenues of $14 billion exceeded the Zacks Consensus Estimate by 2.2%.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
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