Full Press Release Details
Announces Financial Results for the First Quarter of 2019
of $648.7 million; 1% Reported growth; Organic growth of 5%
EPS from continuing operations of $0.32; Adjusted EPS of $0.69
of Cisbio Bioassays, a leading custom assay service provider, bolsters
position in life sciences and diagnostics markets
GAAP earnings per share guidance range of $2.85 to $2.90 from
continuing operations; Raises Adjusted EPS guidance to $4.02-4.07
WALTHAM, Mass.--(BUSINESS WIRE)--April 25, 2019--PerkinElmer, Inc.
(NYSE: PKI), a global leader committed to innovating for a healthier
world, today reported financial results for the first quarter ended
The Company reported GAAP earnings per share from continuing operations
of $0.32, as compared to GAAP earnings per share from continuing
operations of $0.23 in the first quarter of 2018. GAAP revenue for the
quarter was $648.7 million, as compared to $644.0 million in the first
quarter of 2018. GAAP operating income from continuing operations for
the quarter was $53.3 million, as compared to $39.9 million in the first
quarter of 2018. GAAP operating profit margin was 8.2% as a percentage
of revenue, as compared to 6.2% in the first quarter of 2018.
Adjusted earnings per share from continuing operations for the quarter
was $0.69, as compared to $0.63 in the first quarter of 2018. Adjusted
revenue for the quarter was $648.9 million, as compared to $644.2
million in the first quarter of 2018. Adjusted operating income from
continuing operations for the quarter was $105.2 million, as compared to
$95.9 million for the same period a year ago. Adjusted operating profit
margin was 16.2% as a percentage of adjusted revenues, as compared to
14.9% in the first quarter of 2018.
Adjustments for the Company's non-GAAP financial measures have been
noted in the attached reconciliations.
"We are pleased with our first quarter results of 5% organic growth and
a corresponding 10% increase in adjusted EPS, driven by strong margin
expansion. Generally speaking the markets are performing in-line with
our expectations heading into the year," said Robert Friel, chairman and
chief executive officer of PerkinElmer. "I'm also very pleased to
welcome the Cisbio Bioassays team into PerkinElmer. Their technical
capabilities and product portfolio fit seamlessly and expand our leading
drug discovery franchise."
Financial Overview by Reporting Segment for the First Quarter of 2019
Discovery & Analytical Solutions
Revenue was $388.8 million, as compared to $396.5 million for the
first quarter of 2018. Reported revenue declined 2% and organic
revenue increased 2%.
Operating income from continuing operations was $36.9 million, as
compared to $36.2 million for the comparable prior period.
Adjusted operating income was $54.3 million, as compared to $57.8
million in the first quarter of 2018.
Revenue was $259.9 million, as compared to $247.4 million for the
first quarter of 2018. Reported revenue increased 5% and organic
revenue increased 9%.
Operating income from continuing operations was $31.5 million, as
compared to $18.4 million for the comparable prior period.
Adjusted operating income was $66.0 million, as compared to $52.7
million in the first quarter of 2018.
Full Year 2019 Guidance
For the full year 2019, the Company now forecasts GAAP earnings per
share from continuing operations in a range of $2.85 to $2.90 and, on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, adjusted earnings per share of $4.02 to
Today, PerkinElmer is excited to announce the acquisition of Cisbio
Bioassays, a leading custom assay service provider. The addition of
Cisbio bolsters PerkinElmer's position in life sciences and diagnostics
Founded in 1974, and headquartered in Codolet, France, Cisbio develops,
manufactures and markets high quality kits and reagents for the life
sciences and diagnostics markets. Cisbio's proprietary approach and
intellectual property allow the company to offer simpler and more
sensitive quantification immunoassays compared to conventional assays on
the market. The addition will expand PerkinElmer's current offerings for
life sciences researchers, which include a wide range of validated drug
discovery screening reagents and kits for high throughput and profiling
assays, as well as research-use only in vitro diagnostic kits.
Specifically, Cisbio's market-leading HTRF screening
technology can be integrated into PerkinElmer's customers' upstream
workflows such as target identification and characterization, along with
downstream applications such as lead optimization and validation. Cisbio
also significantly expands PerkinElmer's cell-based assay R&D
capabilities, and from a commercial standpoint, PerkinElmer expects to
be able to leverage Cisbio's customer base in key growth regions
including the Americas, Europe and China to expand its market reach for
Conference Call Information
The Company will discuss its first quarter 2019 results and its outlook
for business trends in a conference call on April 25, 2019 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 5586084.
A live audio webcast of the call will be available on the Investors
section of the Company's Web site, 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 Web site 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