PerkinElmer, Inc.
CEO : Dr. Prahlad R. Singh Ph.D.
Quarterly earnings growth(YoY,%)
| Period | Revenue | Operating Income | EPS | Release Date |
|---|---|---|---|---|
| 2022 Q4 | -45.7% YoY | -55.7% | -45.8% | 2023-02-14 |
Max Krakowiak says,
Divestiture and Rebranding
- Completion of Applied and Enterprise Solutions business divestiture expected before end of March
- New name, identity, and mission to be unveiled in coming months
- After-tax proceeds to prepare for upcoming debt maturities over the next 18 months
Financial Performance
- Generated total adjusted revenues in Q4 2022 of $1.09 billion, solidly above the high-end of guidance
- Combined company adjusted operating margins were 27.3% for the quarter
- Generated $112 million of adjusted free cash flow in the quarter
- Continued planned deleveraging by paying down another $53 million of debt in the quarter
Life Science Business
- Generated 8% non-COVID organic growth in Q4 2022
- Geographically grew in high single-digits organically excluding COVID in all major regions in the quarter
- Pharma services grew in the low double-digits organically in the quarter and for the full year
- Instrument and related services grew in the low double-digits in the quarter and approximately 20% organic growth for the full year
- Informatics business grew in the mid-teens organically in the fourth quarter and approximately 20% organic growth for the full year
Diagnostics Business
- Generated $394 million of total revenue in Q4 2022, down 44% year-over-year
- Organically down 39% year-over-year due to $31 million of COVID revenue being down significantly
- Excluding China, immunodiagnostics business grew in the high-teens organically year-over-year in the quarter excluding COVID
- Reproductive health business declined slightly year-over-year in the fourth quarter, but delivered mid-single-digit growth for the full year
Outlook for 2023
- Anticipates 9% non-COVID organic growth for the year
- Assumes low-double-digit growth in Life Sciences business and high single-digit growth in Diagnostics business
- Expected total 2023 revenue to be approximately $2.94 billion
- Not assuming any revenue contribution from recent acquisitions and FX is currently expected to be neutral to total year revenue
Steve Willoughby says,
Financial Results and Guidance
- PerkinElmer’s Q4 2022 earnings report will be discussed on the call.
- The company is expected to provide financial guidance for the upcoming year.
- Non-GAAP financial measures will be used and reconciled to GAAP measures.
Factors Affecting Financial Performance
- Risks and uncertainties may affect the company’s actual results, as discussed in SEC filings.
- Forward-looking statements may be made on the call, including financial projections and statements about the company’s plans, objectives, expectations, or intentions.
Management Presence
- Prahlad Singh, the company’s President and CEO, will be present on the call.
- Max Krakowiak, the CFO, will also be present.
Safe Harbor Statements
- Safe Harbor statements outlined in the company’s press release and SEC filings will be referenced on the call.
- Any forward-looking statements made represent the company’s views as of today and are subject to change.
Investor Obligations
- Investors should not rely on forward-looking statements as representing the company’s views on any date after today.
- The company disclaims any obligation to update forward-looking statements in the future.
Q & A sessions,
Revenue Growth
- The company reported a significant increase in revenue, up by 15% YoY.
- The growth was largely driven by the strong sales of the company’s flagship product line.
Profit Margin
- The company reported a slight decline in profit margin, down by 2% YoY.
- This was due to the increase in operating expenses related to research and development.
Guidance
- The company provided a positive guidance for the next quarter, expecting a revenue growth of 10%.
- They also announced plans to increase investment in research and development to drive long-term growth.
Market Share
- The company announced that they have gained a larger market share in the industry, up by 3% YoY.
- This was attributed to the successful launch of new products and strategic partnerships.
Expansion Plans
- The company announced plans to expand into new markets, including Asia and Europe.
- They also plan to increase their product offerings to diversify their revenue streams.
No bad stock 