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PerkinElmer (PKI) Q3 Earnings and Revenues Surpass Estimates
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PerkinElmer, Inc. reported third-quarter 2021 adjusted earnings per share (EPS) of $2.31, which beat the Zacks Consensus Estimate of $1.70 per share by 35.9%. The bottom line improved 10.5% from the year-ago quarter.
GAAP EPS in the quarter was $1.11, compared with the year-ago quarter’s figure of $1.57.
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $1.17 billion, up 21% from the year-ago quarter and 12% organically. The top line surpassed the Zacks Consensus Estimate by 16.2%.
Segment Details
Discover & Analytics Solutions
At this segment, revenues were $513 million, reflecting a rise of 21% from the year-ago quarter. Organically, the segment witnessed an increase of 10% in the quarter under review.
Coming to profits at the DAS segment, the company reported third-quarter 2021 adjusted operating income of $95 million, up 53.2% from the year-ago quarter.
PerkinElmer, Inc. Price, Consensus and EPS Surprise
Revenues at this segment amounted to $654 million, up 21% on a year-over-year basis. Organically, the segment increased 13% in the third quarter.
Adjusted operating income in the segment totaled $287 million, up 10.4% from the year-ago quarter.
Margin Analysis
Adjusted gross profit in the quarter amounted to $673.5 million, up 23.7% year over year. Adjusted gross margin, as a percentage of revenues was 57.7%, up 120 basis points (bps) year over year.
Selling, general and administrative expenses were $339 million, up 50.5% on a year-over-year basis. Research and development expenses amounted to $68.6 million, up 36.9% from the year-ago quarter.
Adjusted operating income was $358.9 million, which climbed 17.9% from the year-ago quarter. Adjusted operating margin, as a percentage of revenues, was 30.8%, down 80 bps.
Financial Update
The company exited the third quarter with cash and cash equivalents of $487.4 million, compared with $572.8 million in the prior quarter.
Cumulative net cash provided by operating activities for the third quarter totaled $1.08 billion, compared with $410.1 million in the year-ago period.
2021 Guidance
PerkinElmer has provided guidance for fourth-quarter 2021 and raised the full-year 2021 outlook.
For fourth-quarter 2021, the company projects adjusted EPS of $2.05. The Zacks Consensus Estimate is pegged at $1.71 per share. For the same period, revenues are anticipated to be around $1.2 billion. The Zacks Consensus Estimate for the same stands at $1.03 billion.
For 2021, the company expects adjusted EPS to be $10.81 (up from the previous estimate of $9.88). The Zacks Consensus Estimate is pegged at $9.96 per share.
Revenues are anticipated to be $4.9 billion (up from the prior estimate of $4.57 billion). The consensus mark stands at $4.57 billion.
Conclusion
PerkinElmer exited the third 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. Expansion in gross margin instills optimism.
Per management, the company exhibited encouraging performance during the third quarter driving double-digit core growth throughout all major regions. The company is well-poised to execute on both its short and long-term goals.
However, contraction in operating margin is a woe. Apart from this, PerkinElmer continues to make acquisitions, which increases integration risks.
Zacks Rank
Currently, PerkinElmer carries a Zacks Rank #2 (Buy).
Earnings of Other MedTech Majors at a Glance
Some other top-ranked stocks in the broader medical space that have already announced their quarterly results are Thermo Fisher Scientific Inc. (TMO - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) , and AngioDynamics, Inc. (ANGO - Free Report) . While both Thermo Fisher and AngioDynamics sport a Zacks Rank of 1 (Strong Buy), West Pharmaceutical carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Thermo Fisher reported third-quarter 2021 adjusted EPS of $5.76, which beat the Zacks Consensus Estimate by 23.3%. Third-quarter revenues of $9.33 billion outpaced the consensus mark by 12%.
West Pharmaceutical reported third-quarter 2021 adjusted EPS of $2.06, which surpassed the Zacks Consensus Estimate by 13.2%. Third-quarter revenues of $706.5 million outpaced the Zacks Consensus Estimate by 3.2%.
AngioDynamics reported first-quarter fiscal 2022 loss per share of 2 cents, narrower than the Zacks Consensus Estimate of a loss of 5 cents. Revenues of $76.9 million surpassed the Zacks Consensus Estimate by 8.4%.
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PerkinElmer (PKI) Q3 Earnings and Revenues Surpass Estimates
PerkinElmer, Inc. reported third-quarter 2021 adjusted earnings per share (EPS) of $2.31, which beat the Zacks Consensus Estimate of $1.70 per share by 35.9%. The bottom line improved 10.5% from the year-ago quarter.
GAAP EPS in the quarter was $1.11, compared with the year-ago quarter’s figure of $1.57.
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $1.17 billion, up 21% from the year-ago quarter and 12% organically. The top line surpassed the Zacks Consensus Estimate by 16.2%.
Segment Details
Discover & Analytics Solutions
At this segment, revenues were $513 million, reflecting a rise of 21% from the year-ago quarter. Organically, the segment witnessed an increase of 10% in the quarter under review.
Coming to profits at the DAS segment, the company reported third-quarter 2021 adjusted operating income of $95 million, up 53.2% from the year-ago quarter.
PerkinElmer, Inc. Price, Consensus and EPS Surprise
PerkinElmer, Inc. price-consensus-eps-surprise-chart | PerkinElmer, Inc. Quote
Diagnostics segment
Revenues at this segment amounted to $654 million, up 21% on a year-over-year basis. Organically, the segment increased 13% in the third quarter.
Adjusted operating income in the segment totaled $287 million, up 10.4% from the year-ago quarter.
Margin Analysis
Adjusted gross profit in the quarter amounted to $673.5 million, up 23.7% year over year. Adjusted gross margin, as a percentage of revenues was 57.7%, up 120 basis points (bps) year over year.
Selling, general and administrative expenses were $339 million, up 50.5% on a year-over-year basis. Research and development expenses amounted to $68.6 million, up 36.9% from the year-ago quarter.
Adjusted operating income was $358.9 million, which climbed 17.9% from the year-ago quarter. Adjusted operating margin, as a percentage of revenues, was 30.8%, down 80 bps.
Financial Update
The company exited the third quarter with cash and cash equivalents of $487.4 million, compared with $572.8 million in the prior quarter.
Cumulative net cash provided by operating activities for the third quarter totaled $1.08 billion, compared with $410.1 million in the year-ago period.
2021 Guidance
PerkinElmer has provided guidance for fourth-quarter 2021 and raised the full-year 2021 outlook.
For fourth-quarter 2021, the company projects adjusted EPS of $2.05. The Zacks Consensus Estimate is pegged at $1.71 per share. For the same period, revenues are anticipated to be around $1.2 billion. The Zacks Consensus Estimate for the same stands at $1.03 billion.
For 2021, the company expects adjusted EPS to be $10.81 (up from the previous estimate of $9.88). The Zacks Consensus Estimate is pegged at $9.96 per share.
Revenues are anticipated to be $4.9 billion (up from the prior estimate of $4.57 billion). The consensus mark stands at $4.57 billion.
Conclusion
PerkinElmer exited the third 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. Expansion in gross margin instills optimism.
Per management, the company exhibited encouraging performance during the third quarter driving double-digit core growth throughout all major regions. The company is well-poised to execute on both its short and long-term goals.
However, contraction in operating margin is a woe. Apart from this, PerkinElmer continues to make acquisitions, which increases integration risks.
Zacks Rank
Currently, PerkinElmer carries a Zacks Rank #2 (Buy).
Earnings of Other MedTech Majors at a Glance
Some other top-ranked stocks in the broader medical space that have already announced their quarterly results are Thermo Fisher Scientific Inc. (TMO - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) , and AngioDynamics, Inc. (ANGO - Free Report) . While both Thermo Fisher and AngioDynamics sport a Zacks Rank of 1 (Strong Buy), West Pharmaceutical carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Thermo Fisher reported third-quarter 2021 adjusted EPS of $5.76, which beat the Zacks Consensus Estimate by 23.3%. Third-quarter revenues of $9.33 billion outpaced the consensus mark by 12%.
West Pharmaceutical reported third-quarter 2021 adjusted EPS of $2.06, which surpassed the Zacks Consensus Estimate by 13.2%. Third-quarter revenues of $706.5 million outpaced the Zacks Consensus Estimate by 3.2%.
AngioDynamics reported first-quarter fiscal 2022 loss per share of 2 cents, narrower than the Zacks Consensus Estimate of a loss of 5 cents. Revenues of $76.9 million surpassed the Zacks Consensus Estimate by 8.4%.