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- PerkinElmer Inc's (NYSE:PKI) Q3 revenues increased 21% Y/Y (12% organic) to $1.17 billion, beating the consensus of $1.04 billion.
- Diagnostics segment posted $654 million in revenues, +21% (13% organic). Discovery & Analytical Solutions sales increased 21% (10% organic) to $513 million.
- On the conference call, PerkinElmer President and CEO Prahlad Singh noted that non-COVID-19-related revenues grew 16% Y/Y organically, above the 12% forecast initially a quarter ago. COVID-19-related revenues "came in close to twice our expectations as testing remained similar to the levels we experienced in our second quarter."
- CFO Jamey Mock added that COVID-related business generated about $300 million in revenues. Of that, about $170 million came from core products, with the balance resulting from PerkinElmer's COVID-19-related lab services.
- PerkinElmer posted an adjusted EPS of $2.31, easily beating the consensus estimate of $1.71 and higher than $2.09 posted a year ago.
- The firm finished Q3 with $487.4 million in cash and cash equivalents.
- Guidance: For Q4, PerkinElmer forecast revenues of $1.2 billion and adjusted EPS of 2.05, compared to a consensus of $1.07 billion and $1.74, respectively.
- PerkinElmer raised its FY21 forecast for revenue to $4.9 billion from a prior estimate of $4.57 billion, better than the consensus of $4.65 billion.
- It also increased its adjusted EPS forecast to $10.81 (consensus $10.07) from an earlier estimate of $9.88.
- Price Action: PKI shares are trading lower by 2.26% at $172.32 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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