PerkinElmer Announces Financial Results for the First Quarter of 2021
- Revenue of $1.308 billion; 100% reported growth; 92% organic growth
- GAAP EPS from continuing operations of $3.37; Adjusted EPS of $3.72
- Initiates Second Quarter and Raises Full-Year Revenue and Earnings Guidance
WALTHAM, Mass.–(BUSINESS WIRE)–PerkinElmer, Inc. (NYSE: PKI), a global leader committed to innovating for a healthier world, today reported financial results for the first quarter ended April 4, 2021.
The Company reported GAAP earnings per share from continuing operations of $3.37, as compared to GAAP earnings per share from continuing operations of $0.30 in the first quarter of 2020. GAAP revenue for the quarter was $1.308 billion, as compared to $652 million in the first quarter of 2020. GAAP operating income from continuing operations for the quarter was $468 million, as compared to $45 million for the same period a year ago. GAAP operating profit margin was 35.8% as a percentage of revenue, as compared to 6.8% in the first quarter of 2020.
Adjusted earnings per share from continuing operations for the quarter was $3.72, as compared to $0.67 in the first quarter of 2020. Adjusted revenue for the quarter was $1.309 billion, as compared to $653 million in the first quarter of 2020. Adjusted operating income from continuing operations for the quarter was $542 million, as compared to $100 million for the same period a year ago. Adjusted operating profit margin was 41.4% as a percentage of adjusted revenue, as compared to 15.3% in the first quarter of 2020.
Adjustments for the Company’s non-GAAP financial measures have been noted in the attached reconciliations.
“The first quarter performance reinforces that PerkinElmer is emerging from COVID as a stronger organization top-to-bottom,” said Prahlad Singh, president and chief executive officer of PerkinElmer. “Our additional investments in innovation, commercial excellence, and people in 2020 are taking hold and give us increased confidence that we are well positioned to deliver faster growth in both the short and long-term.”
Financial Overview by Reporting Segment for the First Quarter
Discovery & Analytical Solutions
- First quarter 2021 revenue was $455 million, as compared to $398 million for the first quarter of 2020. Reported revenue increased 14% and organic revenue increased 6% as compared to the first quarter of 2020.
- First quarter 2021 operating income from continuing operations was $43 million, as compared to $29 million for the comparable prior period.
- First quarter 2021 adjusted operating income was $76 million, as compared to $54 million for the first quarter of 2020.
Diagnostics
- First quarter 2021 revenue was $853 million, as compared to $254 million for the first quarter of 2020. Reported revenue increased 236% and organic revenue increased 227% as compared to the first quarter of 2020.
- First quarter 2021 operating income from continuing operations was $441 million, as compared to $30 million for the comparable prior period.
- First quarter 2021 adjusted operating income was $483 million, as compared to $59 million for the first quarter of 2020.
Initiates Second Quarter and Raises Full Year 2021 Guidance
For the second quarter of 2021, the Company forecasts GAAP revenue of approximately $1.11 billion, GAAP earnings per share from continuing operations of $1.90 and, on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of $2.35.
For the full year of 2021, the Company now forecasts GAAP revenue of $4.37 billion, GAAP earnings per share from continuing operations of $7.77 and, on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of $9.40.
Conference Call Information
The Company will discuss its first quarter 2021 results and its outlook for business trends in a conference call on May 4, 2021 at 5:00 p.m. Eastern Time. To access the call, please dial (720) 405-2250 prior to the scheduled conference call time and provide the access code 7294952.
A live audio webcast of the call will be available on the Investors section of the Company’s website, www.perkinelmer.com. Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Company’s website for a two-week period beginning approximately two hours after the call.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below following our GAAP financial statements.
Factors Affecting Future Performance
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as “believes,” “intends,” “anticipates,” “plans,” “expects,” “projects,” “forecasts,” “will” and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management’s current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) the United Kingdom’s withdrawal from the European Union; (21) our ability to obtain future financing; (22) restrictions in our credit agreements; (23) discontinuation or replacement of LIBOR; (24) significant fluctuations in our stock price; (25) reduction or elimination of dividends on our common stock; and (26) other factors which we describe under the caption “Risk Factors” in our most recent annual report on Form 10-K and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
About PerkinElmer
PerkinElmer, Inc. is a global leader focused on innovating for a healthier world. The Company reported revenue of approximately $3.8 billion in 2020, has about 14,000 employees serving customers in more than 190 countries, and is a component of the S&P 500 Index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com.
|
PerkinElmer, Inc. and Subsidiaries |
|||||||||||
|
CONDENSED CONSOLIDATED INCOME STATEMENTS |
|||||||||||
|
Three Months Ended |
|||||||||||
| (In thousands, except per share data) |
April 4, 2021 |
April 5, 2020 |
|||||||||
| Revenue |
$ |
1,307,689 |
|
$ |
652,396 |
|
|||||
| Cost of revenue |
|
522,543 |
|
|
344,373 |
|
|||||
| Selling, general and administrative expenses |
|
251,410 |
|
|
208,569 |
|
|||||
| Research and development expenses |
|
60,216 |
|
|
48,914 |
|
|||||
| Restructuring and other, net |
|
5,744 |
|
|
5,858 |
|
|||||
| Operating income from continuing operations |
|
467,776 |
|
|
44,682 |
|
|||||
| Interest income |
|
(411 |
) |
|
(265 |
) |
|||||
| Interest expense |
|
14,126 |
|
|
13,665 |
|
|||||
| Change in fair value of financial securities |
|
(19,298 |
) |
|
– |
|
|||||
| Other income, net |
|
(7,123 |
) |
|
(3,407 |
) |
|||||
| Income from continuing operations, before income taxes |
|
480,482 |
|
|
34,689 |
|
|||||
| Provision for income taxes |
|
101,139 |
|
|
974 |
|
|||||
| Income from continuing operations |
|
379,343 |
|
|
33,715 |
|
|||||
| Loss on disposition of discontinued operations, before income taxes |
|
– |
|
|
– |
|
|||||
| Provision for income taxes on discontinued operations and dispositions |
|
38 |
|
|
50 |
|
|||||
| Loss from discontinued operations and dispositions |
|
(38 |
) |
|
(50 |
) |
|||||
| Net income |
$ |
379,305 |
|
$ |
33,665 |
|
|||||
| Diluted earnings per share: | |||||||||||
| Income from continuing operations |
$ |
3.37 |
|
$ |
0.30 |
|
|||||
| Loss from discontinued operations and dispositions |
|
(0.00 |
) |
|
(0.00 |
) |
|||||
| Net income |
$ |
3.37 |
|
$ |
0.30 |
|
|||||
| Weighted average diluted shares of common stock outstanding |
|
112,495 |
|
|
111,643 |
|
|||||
| ABOVE PREPARED IN ACCORDANCE WITH GAAP | |||||||||||
| Additional Supplemental Information (1): | |||||||||||
| (per share, continuing operations) | |||||||||||
| GAAP EPS from continuing operations |
$ |
3.37 |
|
$ |
0.30 |
|
|||||
| Amortization of intangible assets |
|
0.48 |
|
|
0.42 |
|
|||||
| Purchase accounting adjustments |
|
0.04 |
|
|
(0.10 |
) |
|||||
| Acquisition and divestiture-related costs |
|
0.04 |
|
|
0.11 |
|
|||||
| Change in fair value of financial securities |
|
(0.17 |
) |
|
– |
|
|||||
| Significant litigation matters and settlements |
|
– |
|
|
0.00 |
|
|||||
| Restructuring and other, net |
|
0.05 |
|
|
0.05 |
|
|||||
| Tax on above items |
|
(0.09 |
) |
|
(0.12 |
) |
|||||
| Adjusted EPS |
$ |
3.72 |
|
$ |
0.67 |
|
|||||
| (1) amounts may not sum due to rounding | |||||||||||
| PerkinElmer, Inc. and Subsidiaries | ||||||||||
| REVENUE AND OPERATING INCOME (LOSS) | ||||||||||
|
|
||||||||||
|
|
|
|||||||||
|
|
|
|||||||||
|
Three Months Ended |
||||||||||
| (In thousands, except percentages) |
April 4, 2021 |
April 5, 2020 |
||||||||
|
|
|
|||||||||
|
|
|
|||||||||
| DAS | Reported revenue |
$ |
454,609 |
|
$ |
398,395 |
|
|||
| Purchase accounting adjustments |
|
1,027 |
|
|
– |
|
||||
| Adjusted Revenue |
|
455,636 |
|
|
398,395 |
|
||||
|
|
|
|||||||||
| Reported operating income from continued operations |
|
42,947 |
|
|
28,513 |
|
||||
| OP% |
|
9.4 |
% |
|
7.2 |
% |
||||
| Amortization of intangible assets |
|
20,420 |
|
|
20,710 |
|
||||
| Purchase accounting adjustments |
|
2,176 |
|
|
(11,470 |
) |
||||
| Acquisition and divestiture-related costs |
|
5,908 |
|
|
12,319 |
|
||||
| Significant litigation matters and settlements |
|
– |
|
|
398 |
|
||||
| Restructuring and other, net |
|
4,129 |
|
|
3,909 |
|
||||
| Adjusted operating income |
|
75,580 |
|
|
54,379 |
|
||||
| Adjusted OP% |
|
16.6 |
% |
|
13.6 |
% |
||||
|
|
|
|||||||||
| Diagnostics | Reported revenue |
|
853,080 |
|
|
254,001 |
|
|||
| Purchase accounting adjustments |
|
199 |
|
|
196 |
|
||||
| Adjusted Revenue |
|
853,279 |
|
|
254,197 |
|
||||
|
|
|
|||||||||
| Reported operating income from continued operations |
|
441,467 |
|
|
29,591 |
|
||||
| OP% |
|
51.7 |
% |
|
11.6 |
% |
||||
| Amortization of intangible assets |
|
33,737 |
|
|
26,540 |
|
||||
| Purchase accounting adjustments |
|
2,271 |
|
|
429 |
|
||||
| Acquisition and divestiture-related costs |
|
3,759 |
|
|
42 |
|
||||
| Significant litigation matters and settlements |
|
– |
|
|
45 |
|
||||
| Restructuring and other, net |
|
1,615 |
|
|
1,949 |
|
||||
| Adjusted operating income |
|
482,849 |
|
|
58,596 |
|
||||
| Adjusted OP% |
|
56.6 |
% |
|
23.1 |
% |
||||
|
|
|
|||||||||
| Corporate | Reported operating loss |
|
(16,638 |
) |
|
(13,422 |
) |
|||
|
|
|
|||||||||
| Continuing Operations | Reported revenue |
$ |
1,307,689 |
|
$ |
652,396 |
|
|||
| Purchase accounting adjustments |
|
1,226 |
|
|
196 |
|
||||
| Adjusted Revenue |
|
1,308,915 |
|
|
652,592 |
|
||||
|
|
|
|||||||||
| Reported operating income from continued operations |
|
467,776 |
|
|
44,682 |
|
||||
| OP% |
|
35.8 |
% |
|
6.8 |
% |
||||
| Amortization of intangible assets |
|
54,157 |
|
|
47,250 |
|
||||
| Purchase accounting adjustments |
|
4,447 |
|
|
(11,041 |
) |
||||
| Acquisition and divestiture-related costs |
|
9,667 |
|
|
12,361 |
|
||||
| Significant litigation matters and settlements |
|
– |
|
|
443 |
|
||||
| Restructuring and other, net |
|
5,744 |
|
|
5,858 |
|
||||
| Adjusted operating income |
$ |
541,791 |
|
$ |
99,553 |
|
||||
| Adjusted OP% |
|
41.4 |
% |
|
15.3 |
% |
||||
|
|
|
|||||||||
| REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP | ||||||||||
| PerkinElmer, Inc. and Subsidiaries | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (In thousands) | April 4, 2021 | January 3, 2021 | |||
| Current assets: | |||||
| Cash and cash equivalents |
$ |
988,234 |
$ |
402,036 |
|
| Accounts receivable, net |
|
978,598 |
|
1,155,109 |
|
| Inventories, net |
|
529,908 |
|
514,567 |
|
| Other current assets |
|
177,831 |
|
167,208 |
|
| Total current assets |
|
2,674,571 |
|
2,238,920 |
|
| Property, plant and equipment, net |
|
371,102 |
|
368,304 |
|
| Operating lease right-of-use assets |
|
213,306 |
|
207,236 |
|
| Intangible assets, net |
|
1,473,256 |
|
1,365,693 |
|
| Goodwill |
|
3,683,790 |
|
3,447,114 |
|
| Other assets, net |
|
346,700 |
|
333,048 |
|
| Total assets |
$ |
8,762,725 |
$ |
7,960,315 |
|
| Current liabilities: | |||||
| Current portion of long-term debt |
$ |
358,435 |
$ |
380,948 |
|
| Accounts payable |
|
339,326 |
|
327,325 |
|
| Accrued expenses and other current liabilities |
|
822,749 |
|
943,916 |
|
| Total current liabilities |
|
1,520,510 |
|
1,652,189 |
|
| Long-term debt |
|
2,219,670 |
|
1,609,701 |
|
| Long-term liabilities |
|
827,636 |
|
774,531 |
|
| Operating lease liabilities |
|
192,604 |
|
188,402 |
|
| Total liabilities |
|
4,760,420 |
|
4,224,823 |
|
| Total stockholders’ equity |
|
4,002,305 |
|
3,735,492 |
|
| Total liabilities and stockholders’ equity |
$ |
8,762,725 |
$ |
7,960,315 |
|
| PREPARED IN ACCORDANCE WITH GAAP | |||||
| PerkinElmer, Inc. and Subsidiaries | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| Three Months Ended | |||||||
| April 4, 2021 | April 5, 2020 | ||||||
| (In thousands) | |||||||
| Operating activities: | |||||||
| Net income |
$ |
379,305 |
|
$ |
33,665 |
|
|
| Loss from discontinued operations and dispositions, net of income taxes |
|
38 |
|
|
50 |
|
|
| Income from continuing operations |
|
379,343 |
|
|
33,715 |
|
|
| Adjustments to reconcile income from continuing operations | |||||||
| to net cash provided by continuing operations: | |||||||
| Stock-based compensation |
|
5,157 |
|
|
3,050 |
|
|
| Restructuring and other, net |
|
5,744 |
|
|
5,858 |
|
|
| Depreciation and amortization |
|
70,186 |
|
|
60,758 |
|
|
| Change in fair value of contingent consideration |
|
240 |
|
|
(12,325 |
) |
|
| Amortization of deferred debt financing costs and accretion of discounts |
|
896 |
|
|
707 |
|
|
| Change in fair value of financial securities |
|
(19,298 |
) |
|
– |
|
|
| Amortization of acquired inventory revaluation |
|
2,981 |
|
|
1,088 |
|
|
| Changes in assets and liabilities which provided (used) cash, excluding | |||||||
| effects from companies acquired: | |||||||
| Accounts receivable, net |
|
165,190 |
|
|
80,600 |
|
|
| Inventories |
|
(15,008 |
) |
|
(54,758 |
) |
|
| Accounts payable |
|
(5,048 |
) |
|
3,164 |
|
|
| Accrued expenses and other |
|
(116,883 |
) |
|
(61,807 |
) |
|
| Net cash provided by operating activities of continuing operations |
|
473,500 |
|
|
60,050 |
|
|
| Investing activities: | |||||||
| Capital expenditures |
|
(14,311 |
) |
|
(20,488 |
) |
|
| Purchases of investments |
|
(4,000 |
) |
|
(1,638 |
) |
|
| Proceeds from surrender of life insurance policies |
|
– |
|
|
52 |
|
|
| Proceeds from disposition of businesses and assets |
|
– |
|
|
60 |
|
|
| Payment of acquisitions, net of cash, cash equivalents and restricted cash acquired |
|
(443,543 |
) |
|
– |
|
|
| Net cash used in investing activities of continuing operations |
|
(461,854 |
) |
|
(22,014 |
) |
|
| Financing Activities: | |||||||
| Payments on borrowings |
|
(743,545 |
) |
|
(141,000 |
) |
|
| Proceeds from borrowings |
|
584,000 |
|
|
125,000 |
|
|
| Proceeds from sale of senior unsecured notes |
|
799,856 |
|
|
– |
|
|
| Payments of debt financing costs |
|
(7,882 |
) |
|
– |
|
|
| Settlement of cash flow hedges |
|
6,005 |
|
|
8,708 |
|
|
| Net payments on other credit facilities |
|
(9,799 |
) |
|
(4,283 |
) |
|
| Proceeds from issuance of common stock under stock plans |
|
4,987 |
|
|
1,106 |
|
|
| Purchases of common stock |
|
(42,779 |
) |
|
(6,342 |
) |
|
| Dividends paid |
|
(7,852 |
) |
|
(7,781 |
) |
|
| Net cash provided by (used in) financing activities of continuing operations |
|
582,991 |
|
|
(24,592 |
) |
|
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(6,849 |
) |
|
(10,169 |
) |
|
| Net increase in cash, cash equivalents, and restricted cash |
|
587,788 |
|
|
3,275 |
|
|
| Cash, cash equivalents, and restricted cash at beginning of period |
|
402,613 |
|
|
191,894 |
|
|
| Cash, cash equivalents, and restricted cash at end of period |
$ |
990,401 |
|
$ |
195,169 |
|
|
| Supplemental disclosure of cash flow information: | |||||||
| Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows: | |||||||
| Cash and cash equivalents |
$ |
988,234 |
|
$ |
195,146 |
|
|
| Restricted cash included in other current assets |
|
2,167 |
|
|
23 |
|
|
| Total cash, cash equivalents and restricted cash |
$ |
990,401 |
|
$ |
195,169 |
|
|
| PREPARED IN ACCORDANCE WITH GAAP | |||||||
| PerkinElmer, Inc. and Subsidiaries | ||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1) | ||||||||||||
| (In millions, except per share data and percentages) | PKI | |||||||||||
|
Three Months Ended |
||||||||||||
|
April 4, 2021 |
April 5, 2020 |
|||||||||||
| Adjusted revenue: | ||||||||||||
| Revenue |
$ |
1,307.7 |
|
$ |
652.4 |
|
||||||
| Purchase accounting adjustments |
|
1.2 |
|
|
0.2 |
|
||||||
| Adjusted revenue |
$ |
1,308.9 |
|
$ |
652.6 |
|
||||||
| Adjusted gross margin: | ||||||||||||
| Gross margin |
$ |
785.1 |
|
60.0 |
% |
$ |
308.0 |
|
47.2 |
% |
||
| Amortization of intangible assets |
|
20.3 |
|
1.6 |
% |
|
16.1 |
|
2.5 |
% |
||
| Purchase accounting adjustments |
|
4.2 |
|
0.3 |
% |
|
1.3 |
|
0.2 |
% |
||
| Adjusted gross margin |
$ |
809.7 |
|
61.9 |
% |
$ |
325.4 |
|
49.9 |
% |
||
| Adjusted SG&A: | ||||||||||||
| SG&A |
$ |
251.4 |
|
19.2 |
% |
$ |
208.6 |
|
32.0 |
% |
||
| Amortization of intangible assets |
|
(33.9 |
) |
-2.6 |
% |
|
(31.2 |
) |
-4.8 |
% |
||
| Purchase accounting adjustments |
|
(0.2 |
) |
0.0 |
% |
|
12.3 |
|
1.9 |
% |
||
| Acquisition and divestiture-related expenses |
|
(9.7 |
) |
-0.7 |
% |
|
(12.4 |
) |
-1.9 |
% |
||
| Significant litigation matters and settlements |
|
– |
|
0.0 |
% |
|
(0.4 |
) |
-0.1 |
% |
||
| Adjusted SG&A |
$ |
207.7 |
|
15.9 |
% |
$ |
176.9 |
|
27.1 |
% |
||
| R&D |
$ |
60.2 |
|
4.6 |
% |
$ |
48.9 |
|
7.5 |
% |
||
| Adjusted operating income: | ||||||||||||
| Operating income |
$ |
467.8 |
|
35.8 |
% |
$ |
44.7 |
|
6.8 |
% |
||
| Amortization of intangible assets |
|
54.2 |
|
4.1 |
% |
|
47.3 |
|
7.2 |
% |
||
| Purchase accounting adjustments |
|
4.4 |
|
0.3 |
% |
|
(11.0 |
) |
-1.7 |
% |
||
| Acquisition and divestiture-related expenses |
|
9.7 |
|
0.7 |
% |
|
12.4 |
|
1.9 |
% |
||
| Significant litigation matters and settlements |
|
– |
|
0.0 |
% |
|
0.4 |
|
0.1 |
% |
||
| Restructuring and other, net |
|
5.7 |
|
0.4 |
% |
|
5.9 |
|
0.9 |
% |
||
| Adjusted operating income |
$ |
541.8 |
|
41.4 |
% |
$ |
99.6 |
|
15.3 |
% |
||
| PKI | ||||||||||||
|
Three Months Ended |
||||||||||||
|
April 4, 2021 |
April 5, 2020 |
|||||||||||
| Adjusted EPS: | ||||||||||||
| GAAP EPS |
$ |
3.37 |
|
$ |
0.30 |
|
||||||
| Discontinued operations, net of income taxes |
|
(0.00 |
) |
|
(0.00 |
) |
||||||
| GAAP EPS from continuing operations |
|
3.37 |
|
|
0.30 |
|
||||||
| Amortization of intangible assets |
|
0.48 |
|
|
0.42 |
|
||||||
| Purchase accounting adjustments |
|
0.04 |
|
|
(0.10 |
) |
||||||
| Acquisition and divestiture-related expenses |
|
0.04 |
|
|
0.11 |
|
||||||
| Change in fair value of financial securities |
|
(0.17 |
) |
|
– |
|
||||||
| Significant litigation matters and settlements |
|
– |
|
|
0.00 |
|
||||||
| Restructuring and other, net |
|
0.05 |
|
|
0.05 |
|
||||||
| Tax on above items |
|
(0.09 |
) |
|
(0.12 |
) |
||||||
| Adjusted EPS |
$ |
3.72 |
|
$ |
0.67 |
|
||||||
| PKI | ||||||||||||
| Three Months Ended |
Twelve Months Ended |
|||||||||||
| July 4, 2021 | January 2, 2022 | |||||||||||
| Adjusted EPS: | Projected | Projected | ||||||||||
| GAAP EPS from continuing operations |
$ |
1.90 |
|
$ |
7.77 |
|
||||||
| Amortization of intangible assets |
|
0.50 |
|
|
1.97 |
|
||||||
| Purchase accounting adjustments |
|
0.03 |
|
|
0.08 |
|
||||||
| Acquisition and divestiture-related expenses |
|
0.00 |
|
|
0.04 |
|
||||||
| Change in fair value of financial securities |
|
– |
|
|
(0.17 |
) |
||||||
| Restructuring and other, net |
|
0.06 |
|
|
0.20 |
|
||||||
| Tax on above items |
|
(0.14 |
) |
|
(0.49 |
) |
||||||
| Adjusted EPS |
$ |
2.35 |
|
$ |
9.40 |
|
||||||
| DAS | ||||||||||||
|
Three Months Ended |
||||||||||||
|
April 4, 2021 |
April 5, 2020 |
|||||||||||
| Adjusted revenue: | ||||||||||||
| Revenue |
$ |
454.6 |
|
$ |
398.4 |
|
||||||
| Purchase accounting adjustments |
|
1.0 |
|
|
– |
|
||||||
| Adjusted revenue |
$ |
455.6 |
|
$ |
398.4 |
|
||||||
| Adjusted operating income: | ||||||||||||
| Operating income |
$ |
42.9 |
|
9.4 |
% |
$ |
28.5 |
|
7.2 |
% |
||
| Amortization of intangible assets |
|
20.4 |
|
4.5 |
% |
|
20.7 |
|
5.2 |
% |
||
| Purchase accounting adjustments |
|
2.2 |
|
0.5 |
% |
|
(11.5 |
) |
-2.9 |
% |
||
| Acquisition and divestiture-related expenses |
|
5.9 |
|
1.3 |
% |
|
12.3 |
|
3.1 |
% |
||
| Significant litigation matters and settlements |
|
– |
|
0.0 |
% |
|
0.4 |
|
0.1 |
% |
||
| Restructuring and other, net |
|
4.1 |
|
0.9 |
% |
|
3.9 |
|
1.0 |
% |
||
| Adjusted operating income |
$ |
75.6 |
|
16.6 |
% |
$ |
54.4 |
|
13.6 |
% |
||
|
Diagnostics |
||||||||||||
|
Three Months Ended |
||||||||||||
|
April 4, 2021 |
April 5, 2020 |
|||||||||||
| Adjusted revenue: | ||||||||||||
| Revenue |
$ |
853.1 |
|
$ |
254.0 |
|
||||||
| Purchase accounting adjustments |
|
0.2 |
|
|
0.2 |
|
||||||
| Adjusted revenue |
$ |
853.3 |
|
$ |
254.2 |
|
||||||
| Adjusted operating income: | ||||||||||||
| Operating income |
$ |
441.5 |
|
51.7 |
% |
$ |
29.6 |
|
11.6 |
% |
||
| Amortization of intangible assets |
|
33.7 |
|
4.0 |
% |
|
26.5 |
|
10.4 |
% |
||
| Purchase accounting adjustments |
|
2.3 |
|
0.3 |
% |
|
0.4 |
|
0.2 |
% |
||
| Acquisition and divestiture-related expenses |
|
3.8 |
|
0.4 |
% |
|
0.0 |
|
0.0 |
% |
||
| Significant litigation matters and settlements |
|
– |
|
0.0 |
% |
|
0.0 |
|
0.0 |
% |
||
| Restructuring and other, net |
|
1.6 |
|
0.2 |
% |
|
1.9 |
|
0.8 |
% |
||
| Adjusted operating income |
$ |
482.8 |
|
56.6 |
% |
$ |
58.6 |
|
23.1 |
% |
||
| (1) amounts may not sum due to rounding | ||||||||||||
| PerkinElmer, Inc. and Subsidiaries | |||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1) | |||||
|
|
|||||
|
|
|||||
|
PKI |
|||||
|
Three Months Ended |
|||||
|
April 4, 2021 |
|||||
| Organic revenue growth: |
|
||||
| Reported revenue growth |
100% |
||||
| Less: effect of foreign exchange rates |
3% |
||||
| Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
5% |
||||
| Organic revenue growth |
92% |
||||
|
|
|||||
|
|
|||||
|
DAS |
|||||
|
Three Months Ended |
|||||
|
April 4, 2021 |
|||||
| Organic revenue growth: |
|
||||
| Reported revenue growth |
14% |
||||
| Less: effect of foreign exchange rates |
3% |
||||
| Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
5% |
||||
| Organic revenue growth |
6% |
||||
|
|
|||||
|
|
|||||
|
Diagnostics |
|||||
|
Three Months Ended |
|||||
|
April 4, 2021 |
|||||
| Organic revenue growth: |
|
||||
| Reported revenue growth |
236% |
||||
| Less: effect of foreign exchange rates |
4% |
||||
| Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
5% |
||||
| Organic revenue growth |
227% |
||||
| (1) amounts may not sum due to rounding | |||||
Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. However, management believes that, in order to more fully understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash, non-recurring or other items, which result from facts and circumstances that vary in frequency and impact on continuing operations. Accordingly, we present non-GAAP financial measures as a supplement to the financial measures we present in accordance with GAAP. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by adjusting for certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts. Management believes these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.
We use the term “adjusted revenue” to refer to GAAP revenue, including purchase accounting adjustments for revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules. We use the related term “adjusted revenue growth” to refer to the measure of comparing current period adjusted revenue with the corresponding period of the prior year.
We use the term “organic revenue” to refer to GAAP revenue, excluding the effect of foreign currency changes and revenue from recent acquisitions and divestitures and including purchase accounting adjustments for revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules. We use the related term “organic revenue growth” to refer to the measure of comparing current period organic revenue with the corresponding period of the prior year.
Contacts
Investor Relations:
PerkinElmer, Inc.
Bryan Kipp (781) 663-5583
bryan.kipp@perkinelmer.com
Media Contact:
PerkinElmer, Inc.
Fara Goldberg (781) 663-5699
fara.goldberg@perkinelmer.com