Company also announces appointment of
Steve Willoughby as vice president, investor relations
PerkinElmer, Inc. (NYSE: PKI), a global leader committed to
innovating for a healthier world, today announced that it
anticipates reported and organic revenue growth of 98% and 90%,
respectively, for the first quarter ended April 4, 2021.
PerkinElmer’s strong revenue performance was driven by
broad-based momentum across the portfolio. In total, non-COVID-19,
or core, demand increased approximately 10% organically
year-over-year, and COVID-19 related solutions contributed
approximately $535 million of revenue in the first quarter.
PerkinElmer will release its first quarter 2021 financial
results after market close on Tuesday, May 4, 2021. The Company
will host a conference call the same day at 5:00 p.m. ET to discuss
these results. Prahlad Singh, president and chief executive
officer, and Jamey Mock, senior vice president and chief financial
officer, will host the conference call.
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 also be available on the
Investors section of the Company's Web site at
www.perkinelmer.com.
A replay of the webcast will be available beginning at 7:00 p.m.
ET, Tuesday, May 4, 2021 through the Investors section of the
Company’s website at www.perkinelmer.com.
In addition, PerkinElmer announced today that Steve Willoughby
will be named vice president of investor relations effective May 5,
2021. Mr. Willoughby will assume this role from Bryan Kipp, who has
transitioned into the role of vice president and general manager of
Life Sciences integration.
Steve Willoughby joins PerkinElmer from Cleveland Research
Company (CRC), an independent equity and market research firm with
an exceptional reputation for ground-level intelligence. Most
recently, Mr. Willoughby served as partner and senior analyst at
CRC, providing detailed research, analysis and financial models on
the Life Sciences and Managed Care industries to institutional
investors across the United States and Europe. In 2018, Thomson
Reuters StarMine named Mr. Willoughby the number-one analyst in the
Life Science tools sector.
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
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.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
generally accepted accounting principles (GAAP), this announcement
also contains non-GAAP financial measures. The reasons 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.
PerkinElmer, Inc. and
Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial
Measures
PKI Three Months Ended
April 4, 2021 Organic
revenue growth: Projected Reported revenue growth
98%
Less: effect of acquisitions including purchase accounting
adjustments and impact of divested businesses and foreign exchange
rates
8%
Organic revenue growth
90%
Non-COVID-19 Three Months Ended
April 4, 2021 Organic
revenue growth: Projected Reported revenue growth
18%
Less: effect of acquisitions including purchase accounting
adjustments and impact of divested businesses and foreign exchange
rates
8%
Organic revenue growth
10%
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 “organic revenue” to refer to GAAP revenue,
excluding the effect of foreign currency changes and revenue from
recent acquisitions and divestitures. We include 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.
Management includes or excludes the effect of each of the items
identified below in the applicable non-GAAP financial measure
referenced above for the reasons set forth below with respect to
that item:
- Revenue from contracts acquired in
acquisitions that will not be fully recognized due to accounting
rules — accounting rules require us to account for the fair
value of revenue from contracts assumed in connection with our
acquisitions. As a result, our GAAP results reflect the fair value
of those revenues, which is not the same as the revenue that
otherwise would have been recorded by the acquired entity. We
include such revenue in our non-GAAP measures because we believe
the fair value of such revenue does not accurately reflect the
performance of our ongoing operations for the period in which such
revenue is recorded.
- Impact of foreign currency changes on the
current period — we exclude the impact of foreign currency
from these measures by using the prior period’s foreign currency
exchange rates for the current period because foreign currency
exchange rates are subject to volatility and can obscure underlying
trends.
The non-GAAP financial measures described above are not meant to
be considered superior to, or a substitute for, our financial
statements prepared in accordance with GAAP. There are material
limitations associated with non-GAAP financial measures because
they exclude charges that have an effect on our reported results
and, therefore, should not be relied upon as the sole financial
measures by which to evaluate our financial results. Management
compensates and believes that investors should compensate for these
limitations by viewing the non-GAAP financial measures in
conjunction with the GAAP financial measures. In addition, the
non-GAAP financial measures included in this earnings announcement
may be different from, and therefore may not be comparable to,
similar measures used by other companies.
Each of the non-GAAP financial measures listed above is also
used by our management to evaluate our operating performance,
communicate our financial results to our Board of Directors,
benchmark our results against our historical performance and the
performance of our peers, evaluate investment opportunities
including acquisitions and discontinued operations, and determine
the bonus payments for senior management and employees.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210413006122/en/
Investor Relations: Bryan Kipp (781) 663-5583
bryan.kipp@perkinelmer.com Media Relations: Chet Murray (781)
663-5719 chet.murray@perkinelmer.com
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