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PerkinElmer (PKI) Boosts Genomic Testing Portfolio With urWGS

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PerkinElmer, Inc. (PKI - Free Report) recently announced that ultrarapid whole genome sequencing (urWGS) will be available through PerkinElmer Genomics. This latest addition to the company’s whole genome sequencing (WGS) testing menu can help physicians with all-inclusive and meaningful results in five days to inform clinical management and boost outcomes for critically ill patients in neonatal and pediatric intensive care units (NICUs and PICUs).

It is important to mention that the PerkinElmer Genomics urWGS test is available as a proband-only or TRIO test. This test utilizes a dried blood spot sample to offer phenotype-driven analysis with a mean coverage of 40x of a patient’s genome. In fact, according to studies, up to 15% of genetic variants that cause disease may be found in the non-coding regions of the genome that can be identified through WGS.

This announcement is likely to further boost the company’s Human Health business – an operating unit under the Discovery & Analytical Solutions segment.

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As many genetic diseases are chronic and progressive in nature, lowering the time to arrive at an accurate diagnosis can eliminate unnecessary procedures, begin treatment and enhance clinical outcomes.

Because of informing and introducing changes in clinical management, rapid WGS tests have proven to lower healthcare costs for patients in NICUs and PICUs.

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Per management at PerkinElmer, through the availability of services like urWGS combined with StepOne, more hospital systems and physicians can get the necessary help in shortening the diagnostic odyssey for more newborns and their families. PerkinElmer will continue to improve urWGS with additional assays through the company’s global leadership in newborn screening utilizing dried blood spot card technology.

It is noteworthy that PerkinElmer Genomics is among the first commercial clinical laboratories to get approval from the State of New York for its next-generation sequencing-based method for WGS utilizing saliva, whole blood and dried blood spot specimens.

Market Prospects

Per a report by Grand View Research, the global DNA sequencing market reached $4.7 billion in 2019 and is anticipated to witness a CAGR of 11.4% from 2020 to 2027. Hence, this announcement comes at an opportune time for PerkinElmer.

Recent Developments

In April, PerkinElmer announced the expansion of its in vivo imaging portfolio with the introduction of the Vega imaging system. This system is a first-of-its-kind ultrasound platform that integrates hands-free, automated technology with a high-throughput ability to advance non-invasive research and drug development studies of cancer, liver and kidney disease, cardiology and more.

In the same month, the company launched two ready-to-use Homogenous Time Resolved Technology and AlphaLISA no-wash assay kits. These kits have been created to quickly and easily identify and quantify CHO host cell protein impurities during biopharmaceutical manufacturing.

Price Performance

Shares of the Zacks Rank #3 (Hold) company have lost 0.8% in a year’s time compared with the industry’s decline of 5.1%.

Stocks to Consider

Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Masimo Corporation (MASI - Free Report) and Veeva Systems, Inc. (VEEV - Free Report) .

AMN Healthcare surpassed earnings estimates in each of the trailing four quarters, the average surprise being 15.6%. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

AMN Healthcare’s long-term earnings growth rate is estimated at 1.1%. The company’s earnings yield of 11.4% compares favorably with the industry’s (0.8%).

Masimo beat earnings estimates in each of the trailing four quarters, the average surprise being 4.4%. The company currently carries a Zacks Rank #2 (Buy).

Masimo’s estimated earnings growth rate for second-quarter 2022 is pegged at 22.3%. The company’s earnings yield is pegged at 3.8% against the industry’s (8.5%).

Veeva Systems surpassed earnings estimates in each of the trailing four quarters, the average surprise being 9.6%. The company currently carries a Zacks Rank #2.

Veeva Systems’ long-term earnings growth rate is estimated at 18.1%. The company’s earnings yield of 2.4% compares favorably with the industry’s 0.2%.