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PerkinElmer (PKI) Q1 Earnings and Revenues Surpass Estimates
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PerkinElmer, Inc. reported first-quarter 2022 adjusted earnings per share (EPS) of $2.41, which beat the Zacks Consensus Estimate of $2.08 per share by 15.9%. The bottom line, however, declined 35.2% from the year-ago quarter.
GAAP EPS in the quarter was $1.40 compared with the year-ago quarter's figure of $3.37.
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $1.26 billion, down 3.8% from the year-ago quarter and 11% organically. Nonetheless, the top line surpassed the Zacks Consensus Estimate by 6.7%.
Segment Details
Discover & Analytics Solutions
At this segment, revenues were $602 million, reflecting a rise of 33% from the year-ago quarter. Organically, the segment witnessed an increase of 12%.
Coming to profits at the DAS segment, the company reported first-quarter 2022 adjusted operating income of $127 million, up 67.1% from the year-ago quarter.
PerkinElmer, Inc. Price, Consensus and EPS Surprise
Revenues at this segment amounted to $657 million, down 23% on a year-over-year basis. Organically, the segment decreased 24% in the first quarter.
Adjusted operating income in the segment totaled $301 million, down 37.7% from the year-ago quarter.
Margin Analysis
Adjusted gross profit in the quarter amounted to $738.2 million, down 8.8% year over year. Adjusted gross margin, as a percentage of revenues, was 58.6%, down 330 basis points (bps) year over year.
Selling, general and administrative expenses were $334.4 million, up 33% on a year-over-year basis. Research and development expenses amounted to $76.6 million, up 27.2% from the year-ago quarter.
Adjusted operating income was $409.8 million, which declined 24.4% from the year-ago quarter. Adjusted operating margin, as a percentage of revenues, was 32.5%, down 890 bps.
Financial Update
The company exited the first quarter with cash and cash equivalents of $669.8 million compared with $618.3 million a year ago.
Net cash provided by operating activities in the first quarter totaled $283.2 million compared with $473.5 million in the year-ago quarter.
2022 Guidance
PerkinElmer has provided guidance for second-quarter 2022 and raised the full-year 2022 outlook.
For second-quarter 2022, the company projects adjusted EPS in the range of $2.00 to $2.05. The Zacks Consensus Estimate is pegged at $1.67 per share. For the same period, revenues are anticipated to be $1.20-$1.22 billion. The Zacks Consensus Estimate for the same stands at $1.08 billion.
For 2022, the company expects adjusted EPS in the range of $7.15 to $7.45. The Zacks Consensus Estimate is pegged at $6.92 per share.
Revenues are anticipated between $4.56 billion and $4.63 billion. The consensus mark stands at $4.47 billion.
Conclusion
PerkinElmer exited the first quarter on a strong note, wherein both earnings and revenues beat their respective consensus mark. The company witnessed a solid performance at Discover & Analytics Solutions segment in the quarter under review.
Per management, the company is well-poised to execute both its short and long-term goals on the back of perseverance and team effort.
However, contraction in both gross and operating margins is a woe. Weakness in the Diagnostics segment is disappointing. Apart from this, PerkinElmer continues to make acquisitions, which increases integration risks.
Zacks Rank
Currently, PerkinElmer carries a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks in the broader medical space that have announced quarterly results are Omnicell, Inc. (OMCL - Free Report) , UnitedHealth Group Incorporated (UNH - Free Report) and Alkermes plc (ALKS - Free Report) .
Omnicell, carrying a Zacks Rank #2 (Buy), reported first-quarter 2022 adjusted EPS of 83 cents, which beat the Zacks Consensus Estimate by 16.9%. Revenues of $318.8 million outpaced the consensus mark by 0.7%. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Omnicell has an estimated long-term growth rate of 16%. OMCL's earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 13.4%
UnitedHealth, carrying a Zacks Rank #2, reported first-quarter 2022 adjusted EPS of $5.49, which beat the Zacks Consensus Estimate by 1.7%. Revenues of $80.1 billion outpaced the consensus mark by 1.9%.
UnitedHealth has an estimated long-term growth rate of 14.8%. UNH's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.7%.
Alkermes reported first-quarter 2022 adjusted EPS of 12 cents, which beat the Zacks Consensus Estimate of a penny. First-quarter revenues of $278.6 million outpaced the Zacks Consensus Estimate by 6.2%. It currently sports a Zacks Rank #1.
Alkermes has an estimated long-term growth rate of 25.1%. ALKS' earnings surpassed estimates in each of the trailing four quarters, the average surprise being 350.5%.
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PerkinElmer (PKI) Q1 Earnings and Revenues Surpass Estimates
PerkinElmer, Inc. reported first-quarter 2022 adjusted earnings per share (EPS) of $2.41, which beat the Zacks Consensus Estimate of $2.08 per share by 15.9%. The bottom line, however, declined 35.2% from the year-ago quarter.
GAAP EPS in the quarter was $1.40 compared with the year-ago quarter's figure of $3.37.
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $1.26 billion, down 3.8% from the year-ago quarter and 11% organically. Nonetheless, the top line surpassed the Zacks Consensus Estimate by 6.7%.
Segment Details
Discover & Analytics Solutions
At this segment, revenues were $602 million, reflecting a rise of 33% from the year-ago quarter. Organically, the segment witnessed an increase of 12%.
Coming to profits at the DAS segment, the company reported first-quarter 2022 adjusted operating income of $127 million, up 67.1% 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 $657 million, down 23% on a year-over-year basis. Organically, the segment decreased 24% in the first quarter.
Adjusted operating income in the segment totaled $301 million, down 37.7% from the year-ago quarter.
Margin Analysis
Adjusted gross profit in the quarter amounted to $738.2 million, down 8.8% year over year. Adjusted gross margin, as a percentage of revenues, was 58.6%, down 330 basis points (bps) year over year.
Selling, general and administrative expenses were $334.4 million, up 33% on a year-over-year basis. Research and development expenses amounted to $76.6 million, up 27.2% from the year-ago quarter.
Adjusted operating income was $409.8 million, which declined 24.4% from the year-ago quarter. Adjusted operating margin, as a percentage of revenues, was 32.5%, down 890 bps.
Financial Update
The company exited the first quarter with cash and cash equivalents of $669.8 million compared with $618.3 million a year ago.
Net cash provided by operating activities in the first quarter totaled $283.2 million compared with $473.5 million in the year-ago quarter.
2022 Guidance
PerkinElmer has provided guidance for second-quarter 2022 and raised the full-year 2022 outlook.
For second-quarter 2022, the company projects adjusted EPS in the range of $2.00 to $2.05. The Zacks Consensus Estimate is pegged at $1.67 per share. For the same period, revenues are anticipated to be $1.20-$1.22 billion. The Zacks Consensus Estimate for the same stands at $1.08 billion.
For 2022, the company expects adjusted EPS in the range of $7.15 to $7.45. The Zacks Consensus Estimate is pegged at $6.92 per share.
Revenues are anticipated between $4.56 billion and $4.63 billion. The consensus mark stands at $4.47 billion.
Conclusion
PerkinElmer exited the first quarter on a strong note, wherein both earnings and revenues beat their respective consensus mark. The company witnessed a solid performance at Discover & Analytics Solutions segment in the quarter under review.
Per management, the company is well-poised to execute both its short and long-term goals on the back of perseverance and team effort.
However, contraction in both gross and operating margins is a woe. Weakness in the Diagnostics segment is disappointing. Apart from this, PerkinElmer continues to make acquisitions, which increases integration risks.
Zacks Rank
Currently, PerkinElmer carries a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks in the broader medical space that have announced quarterly results are Omnicell, Inc. (OMCL - Free Report) , UnitedHealth Group Incorporated (UNH - Free Report) and Alkermes plc (ALKS - Free Report) .
Omnicell, carrying a Zacks Rank #2 (Buy), reported first-quarter 2022 adjusted EPS of 83 cents, which beat the Zacks Consensus Estimate by 16.9%. Revenues of $318.8 million outpaced the consensus mark by 0.7%. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Omnicell has an estimated long-term growth rate of 16%. OMCL's earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 13.4%
UnitedHealth, carrying a Zacks Rank #2, reported first-quarter 2022 adjusted EPS of $5.49, which beat the Zacks Consensus Estimate by 1.7%. Revenues of $80.1 billion outpaced the consensus mark by 1.9%.
UnitedHealth has an estimated long-term growth rate of 14.8%. UNH's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.7%.
Alkermes reported first-quarter 2022 adjusted EPS of 12 cents, which beat the Zacks Consensus Estimate of a penny. First-quarter revenues of $278.6 million outpaced the Zacks Consensus Estimate by 6.2%. It currently sports a Zacks Rank #1.
Alkermes has an estimated long-term growth rate of 25.1%. ALKS' earnings surpassed estimates in each of the trailing four quarters, the average surprise being 350.5%.