PerkinElmer reported mixed third-quarter 2016 results, wherein adjusted earnings surpassed the Zacks Consensus Estimate while revenues missed the same. Lower-than-estimated growth in academic and government sales (experiencing low single-digit organic revenue declines) and flat industrial revenues were major drags in the just-reported quarter. Additionally, the decline in sales at the Medical Imaging segment raises concern. Apart from these, a sluggish European macro-economic environment and restrained spending and challenges in Japan are likely to hurt the top line in the near term. In fact, lack of growth in the Environmental Health business is expected to mar opportunities for the company. However, with an enhanced focus on product innovation and expansion into emerging markets like China, PerkinElmer has considerable room to run.