PerkinElmer (PKI) Q2 Earnings and Revenues Surpass Estimates

www.investing.com/analysis/perkinelmer-pki-q2-earnings-and-revenues-surpass-estimates-200593895

By Zacks Investment Research | Jul 27, 2021 08:07AM ET

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PerkinElmer (NYSE:PKI), Inc. PKI reported second-quarter 2021 adjusted earnings per share (EPS) of $2.83, which beat the Zacks Consensus Estimate of $2.41 per share by 17.4%. The bottom line improved 80.2% from the year-ago quarter.

GAAP EPS in the quarter was $2.19, compared with the year-ago quarter’s figure of $1.23.

Revenue Details

Based in Waltham, MA, this leading MedTech company reported revenues of $1.23 billion, up 51.3% from the year-ago quarter and 41% organically. Adjusted revenues in the reported quarter were $1.23 billion, up 51.4% year over year. The top line surpassed the Zacks Consensus Estimate by 9.8%.

Segment Details

Discover & Analytics Solutions

At this segment, revenues were $513 million, reflecting a rise of 31.2% from the year-ago quarter. Organically, the segment saw an increase of 22% in the quarter under review.

Coming to profits at the DAS segment, the company reported second-quarter 2021 adjusted operating income of $101 million, up 77.2% 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 $716 million, up 70.1% on a year-over-year basis. Organically, the segment increased 59% in the second quarter.

Adjusted operating income in the segment totaled $328 million, compared with $190 million in the year-ago quarter.

Margin Analysis

Adjusted gross profit in the quarter amounted to $711.2 million, up 53.3% year over year. Adjusted gross margin, as a percentage of revenues was 57.8%, up 70 basis points (bps) year over year.

Selling, general and administrative expenses were $281.8 million, up 27.5% on a year-over-year basis. Research and development expenses amounted to $65.8 million, up 32.9% from the year-ago quarter.

Adjusted operating income was $411.3 million, which soared 80.2% from the year-ago quarter. Adjusted operating margin, as a percentage of revenues was 33.5%, up 540 bps.

Financial Update

The company exited the second quarter with cash and cash equivalents of $572.8 million, compared with $988.2 million in the prior quarter.

Cumulative net cash provided by operating activities for the second quarter totaled $761.4 million, compared with $198.5 million in the year-ago period.

2021 Guidance

PerkinElmer has provided guidance for third-quarter 2021 and raised full-year 2021 outlook.

For third-quarter 2021, the company projects adjusted EPS of $1.62. The Zacks Consensus Estimate is pegged at $1.70 per share. For the same period, revenues are anticipated to be around $1 billion. The Zacks Consensus Estimate for the same stands at $951.6 million.

For 2021, the company expects adjusted EPS to be $9.88 (up from the previous estimate of at least $9.40). The Zacks Consensus Estimate is pegged at $9.50 per share.
Revenues are anticipated to be $4.57 billion (up from the prior estimate of at least $4.37 billion). The consensus mark stands at $4.37 billion.

Conclusion

PerkinElmer exited the second quarter on a strong note, wherein both earnings and revenues beat their respective consensus mark. The company witnessed robust core segmental performance in the quarter under review. Expansion in both gross and operating margins instills optimism.

Interestingly, the company inked a deal to acquire BioLegend — a leading manufacturer of innovative antibodies and research agents — for an amount of $5.25 billion. Per management, the company exhibited encouraging performance throughout the first half of 2021 and is well-positioned to execute on both its short and long-term goals.

However, 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, which are expected to report earnings soon, are AMN Healthcare Services (NYSE:AMN) Inc. AMN, Catalent (NYSE:CTLT), Inc. CTLT and Encompass Health (NYSE:EHC) Corporation EHC.

The Zacks Consensus Estimate for AMN Healthcare’s second-quarter 2021 adjusted EPS is currently pegged at $1.47. The consensus mark for second-quarter revenues stands at $829.4 million. The company currently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Catalent currently sports a Zacks Rank #1. The Zacks Consensus Estimate for Catalent’s fourth-quarter fiscal 2021 adjusted EPS is currently pegged at $1.04. The consensus mark for fiscal fourth-quarter revenues stands at $1.13 billion.

The Zacks Consensus Estimate for Encompass Health’s second-quarter 2021 adjusted EPS is currently pegged at $1.01. The consensus mark for its revenues stands at $937.5 million. The company carries a Zacks Rank #2.

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PerkinElmer (PKI) Q2 Earnings and Revenues Surpass Estimates

Revenue Details

Segment Details

PerkinElmer, Inc. Price, Consensus and EPS Surprise

Margin Analysis

Financial Update

2021 Guidance

Conclusion

Zacks Rank

Key Picks

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