PerkinElmer Q3 revenues down 14% on diagnostics decline

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PerkinElmer on Tuesday announced third-quarter revenue of $711.8 million, a decline of 17% compared to $861.3 million in Q3 2021 and short of analysts’ average estimate of $1.01 billion.

For the quarter ended October 2, the Waltham, MA-based company posted Discover and Analytical Solutions segment revenues of $312.8 million, up 51% compared to $207.5 million in the prior-year quarter. However, Q3 Diagnostics segment revenues of $399 million declined 39% year-over-year from $653.8 million.

In the recently completed quarter, the company reported net income of $85.3 million, or $.55 per share, compared to $127.7 million, or $.94 per share, in the prior-year quarter. Adjusted EPS in Q3 was $1.51, exceeding analysts' average estimate of $1.46.  

PerkinElmer said it expects fourth-quarter revenues from continuing operations of $730 million and pro forma adjusted EPS of $1.65 to $1.67. For full-year 2022, the company forecasts total revenue from continuing operations of $3.30 billion, and pro forma adjusted EPS of $7.89 to $7.91.

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