PerkinElmer Announces Financial Results for the Fourth Quarter and Full Year of 2021

PerkinElmer Announces Financial Results for the Fourth Quarter and Full Year of 2021

February 1, 2022 at 4:05 PM EST
  • 4Q Revenue of $1.36 billion; 1% reported growth; -9% organic growth
  • 4Q GAAP EPS from continuing operations of $1.41; Adjusted EPS of $2.56
  • Initiates First Quarter and Full Year 2022 Guidance

WALTHAM, Mass.--(BUSINESS WIRE)--Feb. 1, 2022-- PerkinElmer, Inc. (NYSE: PKI), a global leader committed to innovating for a healthier world, today reported financial results for the fourth quarter and full year ended January 2, 2022.

Fourth Quarter 2021

The Company reported GAAP earnings per share from continuing operations of $1.41, as compared to GAAP earnings per share from continuing operations of $3.38 in the fourth quarter of 2020. GAAP revenue for the quarter was $1.36 billion, as compared to $1.35 billion in the fourth quarter of 2020. GAAP operating income from continuing operations for the quarter was $310 million, as compared to $510 million for the same period a year ago. GAAP operating profit margin was 22.7% as a percentage of revenue, as compared to 37.7% in the fourth quarter of 2020.

Adjusted earnings per share from continuing operations for the quarter was $2.56, as compared to $3.96 in the fourth quarter of 2020. Adjusted revenue for the quarter was $1.36 billion, as compared to $1.36 billion in the fourth quarter of 2020. Adjusted operating income from continuing operations for the quarter was $459 million, as compared to $571 million for the same period a year ago. Adjusted operating profit margin was 33.6% as a percentage of adjusted revenue, as compared to 42.2% in the fourth quarter of 2020.

Full Year 2021

The Company reported GAAP earnings per share from continuing operations of $7.99 in 2021, as compared to GAAP earnings per share from continuing operations of $6.50 in 2020. GAAP revenue for the year was $5.067 billion, as compared to $3.783 billion in 2020. GAAP operating income from continuing operations for the year was $1,332 million, as compared to $979 million in 2020. GAAP operating profit margin was 26.3% as a percentage of revenue, as compared to 25.9% in 2020.

Adjusted earnings per share from continuing operations for the year was $11.36, as compared to $8.30 in 2020. Adjusted revenue for the year was $5.070 billion, as compared to $3.784 billion in 2020. Adjusted operating income from continuing operations for the year was $1.771 billion, as compared to $1.203 billion in 2020. Adjusted operating profit margin was 34.9% as a percentage of adjusted revenue, as compared to 31.8% in 2020.

Adjustments for the Company's non-GAAP financial measures have been noted in the attached reconciliations.

“The last three years have been a period of positive transformation for the Company, which we accomplished through agility, teamwork and perseverance,” said Prahlad Singh, president and chief executive officer of PerkinElmer. “Thanks to these efforts, I believe we are better positioned than ever to serve as a trusted, strategic partner of choice for our customers, while ensuring we create an inspiring and engaging place to work for our employees.”

Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2021

Discovery & Analytical Solutions

  • Fourth quarter 2021 revenue was $655 million, as compared to $503 million for the fourth quarter of 2020. Reported revenue increased 30% and organic revenue increased 9% as compared to the fourth quarter of 2020. Full year 2021 revenue was $2.135 billion, as compared to $1.716 billion in 2020. Full year reported revenue increased 24% and organic revenue increased 12%.
  • Fourth quarter 2021 operating income from continuing operations was $76 million, as compared to $73 million for the fourth quarter of 2020. Full year 2021 operating income was $190 million, as compared to $183 million in 2020.
  • Fourth quarter 2021 adjusted operating income was $144 million, as compared to $92 million for the fourth quarter of 2020. Full year 2021 adjusted operating income was $415 million, as compared to $267 million in 2020.

Diagnostics

  • Fourth quarter 2021 revenue was $709 million, as compared to $852 million for the fourth quarter of 2020. Reported revenue decreased 17% and organic revenue decreased 20% as compared to the fourth quarter of 2020. Full year 2021 revenue was $2.932 billion, as compared to $2.067 billion in 2020. Full year reported revenue increased 42% and organic revenue increased 35%.
  • Fourth quarter 2021 operating income from continuing operations was $254 million, as compared to $460 million for the fourth quarter of 2020. Full year 2021 operating income was $1.220 billion, as compared to $874 million in 2020.
  • Fourth quarter 2021 adjusted operating income was $335 million, as compared to $502 million for the fourth quarter of 2020. Full year 2021 adjusted operating income was $1.433 billion, as compared to $1.010 billion in 2020.

Initiates First Quarter and Full Year 2022 Guidance

For the first quarter of 2022, the Company forecasts revenue of approximately $1.17-1.19 billion and adjusted earnings per share of $2.05-$2.10.

For the full year 2022, the Company forecasts revenue of $4.42-$4.50 billion and adjusted earnings per share of $6.80-$7.00.

Guidance for the first quarter and full year is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP.

Conference Call and Webcast Information

The Company will discuss its fourth quarter and full year 2021 results and its outlook for business trends during a conference call on February 1, 2022 at 5:00 p.m. Eastern Time. A live audio webcast of the call will be available on the Investors section of the Company’s website, www.perkinelmer.com.

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 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," “estimates”, "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 quarterly report on Form 10-Q 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 is a leading, global provider of end-to-end solutions that help scientists, researchers and clinicians better diagnose disease, discover new and more personalized drugs, monitor the safety and quality of our food, and drive environmental and applied analysis excellence. With an 85-year legacy of advancing science and a mission of innovating for a healthier world, our dedicated team of more than 16,000 collaborates closely with commercial, government, academic and healthcare customers to deliver reagents, assays, instruments, automation, informatics and strategic services that accelerate workflows, deliver actionable insights and support improved decision making. We are also deeply committed to good corporate citizenship through our dynamic ESG and sustainability programs. The Company reported revenues of approximately $5.0 billion in 2021, serves customers in 190 countries, and is a component of the S&P 500 index. Additional information is available at www.perkinelmer.com. Follow PerkinElmer on LinkedIn, Twitter, Facebook, Instagram, and YouTube.

PerkinElmer, Inc. and Subsidiaries

CONDENSED CONSOLIDATED INCOME STATEMENTS

 
 

Three Months Ended

Twelve Months Ended

(In thousands, except per share data)

January 2, 2022

January 3, 2021

January 2, 2022

January 3, 2021

 
 
Revenue

$

1,364,325

 

$

1,354,606

 

$

5,067,169

 

$

3,782,745

 

 
Cost of revenue

 

615,201

 

 

527,541

 

 

2,215,869

 

 

1,672,868

 

Selling, general and administrative expenses

 

355,245

 

 

263,050

 

 

1,227,521

 

 

917,894

 

Research and development expenses

 

80,321

 

 

56,823

 

 

274,969

 

 

205,389

 

Restructuring and other, net

 

3,414

 

 

(3,062

)

 

16,432

 

 

8,013

 

 
Operating income from continuing operations

 

310,144

 

 

510,254

 

 

1,332,378

 

 

978,581

 

 
Interest income

 

(919

)

 

(348

)

 

(2,241

)

 

(1,010

)

Interest expense

 

27,721

 

 

12,404

 

 

102,128

 

 

49,712

 

Change in fair value of financial securities

 

(2,419

)

 

-

 

 

(10,985

)

 

(35

)

Other (income) expense, net

 

(25,918

)

 

25,107

 

 

(36,410

)

 

23,550

 

 
Income from continuing operations, before income taxes

 

311,679

 

 

473,091

 

 

1,279,886

 

 

906,364

 

 
Provision for income taxes

 

132,492

 

 

92,657

 

 

347,603

 

 

178,266

 

 
Income from continuing operations

 

179,187

 

 

380,434

 

 

932,283

 

 

728,098

 

 
Loss on disposition of discontinued operations, before income taxes

 

-

 

 

(76

)

 

-

 

 

(76

)

Provision for income taxes on discontinued operations and dispositions

 

3

 

 

(3

)

 

126

 

 

135

 

 
Loss from discontinued operations and dispositions

 

(3

)

 

(73

)

 

(126

)

 

(211

)

 
Net income

$

179,184

 

$

380,361

 

$

932,157

 

$

727,887

 

 
 
Diluted earnings per share:
Income from continuing operations

$

1.41

 

$

3.38

 

$

7.99

 

$

6.50

 

 
Loss from discontinued operations and dispositions

 

(0.00

)

 

(0.00

)

 

(0.00

)

 

(0.00

)

 
Net income

$

1.41

 

$

3.38

 

$

7.99

 

$

6.49

 

 
 
Weighted average diluted shares of common stock outstanding

 

126,715

 

 

112,537

 

 

116,674

 

 

112,085

 

 
 
ABOVE PREPARED IN ACCORDANCE WITH GAAP
 
 
Additional Supplemental Information (1):
(per share, continuing operations)
 
GAAP EPS from continuing operations

$

1.41

 

$

3.38

 

$

7.99

 

$

6.50

 

Amortization of intangible assets

 

0.83

 

 

0.44

 

 

2.49

 

 

1.72

 

Purchase accounting adjustments

 

0.23

 

 

0.01

 

 

0.41

 

 

(0.04

)

Acquisition and divestiture-related costs

 

0.08

 

 

0.02

 

 

0.84

 

 

0.08

 

Change in fair value of financial securities

 

(0.02

)

 

-

 

 

(0.09

)

 

(0.00

)

Asset impairment

 

-

 

 

0.07

 

 

0.03

 

 

0.07

 

Significant litigation matters and settlements

 

0.00

 

 

0.03

 

 

0.00

 

 

0.06

 

Significant environmental matters

 

-

 

 

-

 

 

-

 

 

0.05

 

Disposition of businesses and assets, net

 

-

 

 

-

 

 

(0.02

)

 

-

 

Mark to market on postretirement benefits

 

(0.19

)

 

0.23

 

 

(0.21

)

 

0.23

 

Restructuring and other, net

 

0.03

 

 

(0.03

)

 

0.14

 

 

0.07

 

Tax on above items

 

(0.20

)

 

(0.19

)

 

(0.74

)

 

(0.57

)

Significant tax items

 

0.38

 

 

-

 

 

0.53

 

 

0.14

 

Adjusted EPS

$

2.56

 

$

3.96

 

$

11.36

 

$

8.30

 

 
(1) amounts may not sum due to rounding
 
PerkinElmer, Inc. and Subsidiaries

REVENUE AND OPERATING INCOME (LOSS)

 
 
 

Three Months Ended

Twelve Months Ended

(In thousands, except percentages)

January 2, 2022

January 3, 2021

January 2, 2022

January 3, 2021

 
 
DAS Reported revenue $

654,913

 

$

502,783

 

$

2,135,230

 

$

1,715,803

 

Purchase accounting adjustments

-

 

297

 

1,849

 

297

 

Adjusted revenue

654,913

 

503,080

 

2,137,079

 

1,716,100

 

 
Reported operating income from continued operations

75,550

 

72,839

 

189,798

 

183,471

 

OP%

11.5

%

14.5

%

8.9

%

10.7

%

Amortization of intangible assets

36,846

 

17,479

 

113,775

 

76,302

 

Purchase accounting adjustments

17,138

 

581

 

26,460

 

(10,753

)

Acquisition and divestiture-related costs

12,367

 

1,017

 

73,931

 

8,062

 

Significant litigation matters and settlements

-

 

3,492

 

-

 

5,891

 

Restructuring and other, net

1,972

 

(2,970

)

11,340

 

3,763

 

Adjusted operating income

143,873

 

92,438

 

415,304

 

266,736

 

Adjusted OP%

22.0

%

18.4

%

19.4

%

15.5

%

 
Diagnostics Reported revenue

709,412

 

851,823

 

2,931,939

 

2,066,942

 

Purchase accounting adjustments

202

 

198

 

799

 

786

 

Adjusted revenue

709,614

 

852,021

 

2,932,738

 

2,067,728

 

 
Reported operating income from continued operations

254,294

 

460,496

 

1,219,944

 

874,206

 

OP%

35.8

%

54.1

%

41.6

%

42.3

%

Amortization of intangible assets

68,715

 

32,207

 

176,458

 

116,250

 

Purchase accounting adjustments

5,343

 

930

 

14,828

 

5,802

 

Asset impairment

-

 

7,937

 

3,868

 

7,937

 

Acquisition and divestiture-related costs

4,643

 

348

 

12,476

 

671

 

Significant litigation matters and settlements

103

 

-

 

103

 

1,245

 

Restructuring and other, net

1,442

 

(92

)

5,092

 

4,250

 

Adjusted operating income

334,540

 

501,826

 

1,432,769

 

1,010,361

 

Adjusted OP%

47.1

%

58.9

%

48.9

%

48.9

%

 
Corporate Reported operating loss

(19,700

)

(23,081

)

(77,364

)

(79,096

)

Significant environmental matters

-

 

-

 

-

 

5,242

 

Adjusted operating loss

(19,700

)

(23,081

)

(77,364

)

(73,854

)

 
Continuing Operations Reported revenue $

1,364,325

 

$

1,354,606

 

$

5,067,169

 

$

3,782,745

 

Purchase accounting adjustments

202

 

495

 

2,648

 

1,083

 

Adjusted revenue

1,364,527

 

1,355,101

 

5,069,817

 

3,783,828

 

 
Reported operating income from continued operations

310,144

 

510,254

 

1,332,378

 

978,581

 

OP%

22.7

%

37.7

%

26.3

%

25.9

%

Amortization of intangible assets

105,561

 

49,686

 

290,233

 

192,552

 

Purchase accounting adjustments

22,481

 

1,511

 

41,288

 

(4,951

)

Acquisition and divestiture-related costs

17,010

 

1,365

 

86,407

 

8,733

 

Asset impairment

-

 

7,937

 

3,868

 

7,937

 

Significant litigation matters and settlements

103

 

3,492

 

103

 

7,136

 

Significant environmental matters

-

 

-

 

-

 

5,242

 

Restructuring and other, net

3,414

 

(3,062

)

16,432

 

8,013

 

Adjusted operating income $

458,713

 

$

571,183

 

$

1,770,709

 

$

1,203,243

 

Adjusted OP%

33.6

%

42.2

%

34.9

%

31.8

%

 

REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP

PerkinElmer, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

 
 
 
(In thousands)

January 2, 2022

January 3, 2021

 
Current assets:
Cash and cash equivalents

$

618,319

$

402,036

Accounts receivable, net

 

1,023,792

 

1,155,109

Inventories, net

 

624,714

 

514,567

Other current assets

 

173,955

 

167,208

Total current assets

 

2,440,780

 

2,238,920

 
Property, plant and equipment, net

 

545,605

 

368,304

Operating lease right-of-use assets

 

207,775

 

207,236

Intangible assets, net

 

4,063,104

 

1,365,693

Goodwill

 

7,416,584

 

3,447,114

Other assets, net

 

341,706

 

333,048

Total assets

$

15,015,554

$

7,960,315

 
Current liabilities:
Current portion of long-term debt

$

4,240

$

380,948

Accounts payable

 

355,458

 

327,325

Accrued expenses and other current liabilities

 

870,650

 

943,916

Total current liabilities

 

1,230,348

 

1,652,189

 
Long-term debt

 

4,979,737

 

1,609,701

Long-term liabilities

 

1,489,865

 

774,531

Operating lease liabilities

 

185,359

 

188,402

Total liabilities

 

7,885,309

 

4,224,823

 
Total stockholders' equity

 

7,130,245

 

3,735,492

Total liabilities and stockholders' equity

$

15,015,554

$

7,960,315

 

PREPARED IN ACCORDANCE WITH GAAP

PerkinElmer, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

 
 

Three Months Ended

Twelve Months Ended

January 2, 2022

January 3, 2021

January 2, 2022

January 3, 2021

(In thousands)

(In thousands)

 
Operating activities:
Net income

$

179,184

 

$

380,361

 

$

932,157

 

$

727,887

 

Loss from discontinued operations and dispositions, net of income taxes

 

3

 

 

73

 

 

126

 

 

211

 

Income from continuing operations

 

179,187

 

 

380,434

 

 

932,283

 

 

728,098

 

Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation

 

13,822

 

 

9,355

 

 

32,780

 

 

29,126

 

Restructuring and other, net

 

3,414

 

 

(3,062

)

 

16,432

 

 

8,013

 

Depreciation and amortization

 

125,069

 

 

63,986

 

 

358,004

 

 

246,507

 

Pension and other postretirement expenses

 

(30,891

)

 

18,012

 

 

(30,891

)

 

18,012

 

Change in fair value of contingent consideration

 

1,566

 

 

(20

)

 

3,119

 

 

(8,827

)

Amortization of deferred debt financing costs and accretion of discounts

 

1,738

 

 

833

 

 

4,962

 

 

3,391

 

Change in fair value of financial securities

 

(2,419

)

 

(35

)

 

(10,985

)

 

(35

)

Amortization of acquired inventory revaluation

 

20,473

 

 

1,036

 

 

35,201

 

 

2,793

 

Loss on disposition of businesses and assets, net

 

-

 

 

-

 

 

(1,970

)

 

886

 

Asset impairment

 

-

 

 

7,937

 

 

3,868

 

 

7,937

 

Deferred taxes

 

(38,342

)

 

(29,121

)

 

(38,342

)

 

(29,121

)

Contingencies and non-cash tax matters

 

1,924

 

 

4,518

 

 

1,924

 

 

4,518

 

Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net

 

(86,995

)

 

(306,200

)

 

155,391

 

 

(373,895

)

Inventories

 

(3,940

)

 

(1,579

)

 

2,376

 

 

(122,513

)

Accounts payable

 

37,825

 

 

46,363

 

 

823

 

 

62,753

 

Accrued expenses and other

 

113,160

 

 

289,642

 

 

(54,225

)

 

314,534

 

Net cash provided by operating activities of continuing operations

 

335,591

 

 

482,099

 

 

1,410,750

 

 

892,177

 

 
Investing activities:
Capital expenditures

 

(32,429

)

 

(20,115

)

 

(99,888

)

 

(77,506

)

Purchases of investments

 

(4,000

)

 

(10,500

)

 

(23,130

)

 

(20,059

)

Proceeds from surrender of life insurance policies

 

109

 

 

151

 

 

109

 

 

282

 

Proceeds from disposition of businesses and assets

 

-

 

 

1,857

 

 

1,460

 

 

4,280

 

Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired

 

(23,630

)

 

(407,794

)

 

(3,991,309

)

 

(411,495

)

Net cash used in investing activities of continuing operations

 

(59,950

)

 

(436,401

)

 

(4,112,758

)

 

(504,498

)

 
Financing Activities:
Payments on borrowings

 

(368,008

)

 

(382,464

)

 

(1,559,133

)

 

(897,674

)

Proceeds from borrowings

 

256,000

 

 

457,698

 

 

1,400,282

 

 

714,698

 

Proceeds from term loan

 

-

 

 

-

 

 

500,000

 

 

-

 

Payments of senior debt

 

-

 

 

-

 

 

(339,605

)

 

-

 

Proceeds from sale of senior debt

 

-

 

 

-

 

 

3,086,095

 

 

-

 

Payments of debt financing costs

 

-

 

 

-

 

 

(30,983

)

 

-

 

Settlement of cash flow hedges

 

(3,023

)

 

(2,465

)

 

(4,482

)

 

(4,554

)

Settlement of swap

 

(14,314

)

 

-

 

 

(14,314

)

 

-

 

Net payments on other credit facilities

 

(938

)

 

3,630

 

 

(13,670

)

 

(4,494

)

Payments for acquisition-related contingent consideration

 

(2,208

)

 

(5,163

)

 

(2,208

)

 

(10,363

)

Proceeds from issuance of common stock under stock plans

 

2,360

 

 

10,143

 

 

25,120

 

 

37,671

 

Purchases of common stock

 

(60

)

 

(116

)

 

(73,072

)

 

(6,944

)

Dividends paid

 

(8,834

)

 

(7,831

)

 

(32,373

)

 

(31,212

)

Net cash (used in) provided by financing activities of continuing operations

 

(139,025

)

 

73,432

 

 

2,941,657

 

 

(202,872

)

 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(6,341

)

 

25,081

 

 

(22,926

)

 

25,913

 

 
Net increase in cash, cash equivalents, and restricted cash

 

130,275

 

 

144,211

 

 

216,723

 

 

210,720

 

Cash, cash equivalents, and restricted cash at beginning of period

 

489,062

 

 

258,403

 

 

402,614

 

 

191,894

 

Cash, cash equivalents, and restricted cash at end of period

$

619,337

 

$

402,614

 

$

619,337

 

$

402,614

 

 
 
Supplemental disclosure of cash flow information:
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows:
Cash and cash equivalents

$

618,319

 

$

402,036

 

$

618,319

 

$

402,036

 

Restricted cash included in other current assets

 

1,018

 

 

578

 

 

1,018

 

 

578

 

Total cash, cash equivalents and restricted cash

$

619,337

 

$

402,614

 

$

619,337

 

$

402,614

 

 
PREPARED IN ACCORDANCE WITH GAAP
PerkinElmer, Inc. and Subsidiaries

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

 
(In millions, except per share data and percentages)

PKI

Three Months Ended

January 2, 2022

January 3, 2021

Adjusted revenue:
Revenue

$

1,364.3

 

$

1,354.6

 

Purchase accounting adjustments

 

0.2

 

 

0.5

 

Adjusted revenue

$

1,364.5

 

$

1,355.1

 

 
Adjusted gross margin:
Gross margin

$

749.1

 

54.9

%

$

827.1

 

61.1

%

Amortization of intangible assets

 

40.0

 

2.9

%

 

16.5

 

1.2

%

Purchase accounting adjustments

 

20.9

 

1.5

%

 

1.5

 

0.1

%

Acquisition and divestiture-related costs

 

1.6

 

0.1

%

 

-

 

0.0

%

Asset impairment

 

-

 

0.0

%

 

7.9

 

0.6

%

Adjusted gross margin

$

811.6

 

59.5

%

$

853.0

 

62.9

%

 
Adjusted SG&A:
SG&A

$

355.2

 

26.0

%

$

263.1

 

19.4

%

Amortization of intangible assets

 

(65.5

)

-4.8

%

 

(33.2

)

-2.4

%

Purchase accounting adjustments

 

(1.5

)

-0.1

%

 

0.0

 

0.0

%

Acquisition and divestiture-related costs

 

(14.0

)

-1.0

%

 

(1.4

)

-0.1

%

Significant litigation matters and settlements

 

(0.1

)

0.0

%

 

(3.5

)

-0.3

%

Adjusted SG&A

$

274.1

 

20.1

%

$

225.0

 

16.6

%

 
Adjusted R&D:
R&D

$

80.3

 

5.9

%

$

56.8

 

4.2

%

Purchase accounting adjustments

 

(0.1

)

0.0

%

 

-

 

0.0

%

Acquisition and divestiture-related costs

 

(1.4

)

-0.1

%

 

-

 

0.0

%

Adjusted R&D

$

78.8

 

5.8

%

$

56.8

 

4.2

%

 
Adjusted operating income:
Operating income

$

310.1

 

22.7

%

$

510.3

 

37.7

%

Amortization of intangible assets

 

105.6

 

7.7

%

 

49.7

 

3.7

%

Purchase accounting adjustments

 

22.5

 

1.6

%

 

1.5

 

0.1

%

Acquisition and divestiture-related costs

 

17.0

 

1.2

%

 

1.4

 

0.1

%

Asset impairment

 

-

 

0.0

%

 

7.9

 

0.6

%

Significant litigation matters and settlements

 

0.1

 

0.0

%

 

3.5

 

0.3

%

Restructuring and other, net

 

3.4

 

0.3

%

 

(3.1

)

-0.2

%

Adjusted operating income

$

458.7

 

33.6

%

$

571.2

 

42.2

%

 

PKI

Three Months Ended

January 2, 2022

January 3, 2021

Adjusted EPS:
GAAP EPS

$

1.41

 

$

3.38

 

Discontinued operations, net of income taxes

 

(0.00

)

 

(0.00

)

GAAP EPS from continuing operations

 

1.41

 

 

3.38

 

Amortization of intangible assets

 

0.83

 

 

0.44

 

Purchase accounting adjustments

 

0.23

 

 

0.01

 

Acquisition and divestiture-related costs

 

0.08

 

 

0.02

 

Change in fair value of financial securities

 

(0.02

)

 

-

 

Asset impairment

 

-

 

 

0.07

 

Significant litigation matters and settlements

 

0.00

 

 

0.03

 

Mark to market on postretirement benefits

 

(0.19

)

 

0.23

 

Restructuring and other, net

 

0.03

 

 

(0.03

)

Tax on above items

 

(0.20

)

 

(0.19

)

Significant tax items

 

0.38

 

 

-

 

Adjusted EPS

$

2.56

 

$

3.96

 

 

DAS

Three Months Ended

January 2, 2022

January 3, 2021

Adjusted revenue:
Revenue

$

654.9

 

$

502.8

 

Purchase accounting adjustments

 

-

 

 

0.3

 

Adjusted revenue

$

654.9

 

$

503.1

 

 
Adjusted operating income:
Operating income

$

75.6

 

11.5

%

$

72.8

 

14.5

%

Amortization of intangible assets

 

36.8

 

5.6

%

 

17.5

 

3.5

%

Purchase accounting adjustments

 

17.1

 

2.6

%

 

0.6

 

0.1

%

Acquisition and divestiture-related costs

 

12.4

 

1.9

%

 

1.0

 

0.2

%

Significant litigation matters and settlements

 

-

 

0.0

%

 

3.5

 

0.7

%

Restructuring and other, net

 

2.0

 

0.3

%

 

(3.0

)

-0.6

%

Adjusted operating income

$

143.9

 

22.0

%

$

92.4

 

18.4

%

 

Diagnostics

Three Months Ended

January 2, 2022

January 3, 2021

Adjusted revenue:
Revenue

$

709.4

 

$

851.8

 

Purchase accounting adjustments

 

0.2

 

 

0.2

 

Adjusted revenue

$

709.6

 

$

852.0

 

 
Adjusted operating income:
Operating income

$

254.3

 

35.8

%

$

460.5

 

54.1

%

Amortization of intangible assets

 

68.7

 

9.7

%

 

32.2

 

3.8

%

Purchase accounting adjustments

 

5.3

 

0.8

%

 

0.9

 

0.1

%

Asset impairment

 

-

 

0.0

%

 

7.9

 

0.9

%

Acquisition and divestiture-related costs

 

4.6

 

0.7

%

 

0.3

 

0.0

%

Significant litigation matters and settlements

 

0.1

 

0.0

%

 

-

 

0.0

%

Restructuring and other, net

 

1.4

 

0.2

%

 

(0.1

)

0.0

%

Adjusted operating income

$

334.5

 

47.1

%

$

501.8

 

58.9

%

 
(1) amounts may not sum due to rounding
PerkinElmer, Inc. and Subsidiaries

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

 
(In millions, except per share data and percentages)

PKI

Twelve Months Ended

January 2, 2022

January 3, 2021

Adjusted revenue:
Revenue

$

5,067.2

 

$

3,782.7

 

Purchase accounting adjustments

 

2.6

 

 

1.1

 

Adjusted revenue

$

5,069.8

 

$

3,783.8

 

 
Adjusted gross margin:
Gross margin

$

2,851.3

 

56.3

%

$

2,109.9

 

55.8

%

Amortization of intangible assets

 

115.1

 

2.3

%

 

65.3

 

1.7

%

Purchase accounting adjustments

 

38.0

 

0.8

%

 

3.9

 

0.1

%

Acquisition and divestiture-related costs

 

1.6

 

0.0

%

 

-

 

0.0

%

Asset impairment

 

-

 

0.0

%

 

7.9

 

0.2

%

Adjusted gross margin

$

3,006.0

 

59.3

%

$

2,186.9

 

57.8

%

 
Adjusted SG&A:
SG&A

$

1,227.5

 

24.2

%

$

917.9

 

24.3

%

Amortization of intangible assets

 

(175.1

)

-3.5

%

 

(127.3

)

-3.4

%

Purchase accounting adjustments

 

(3.2

)

-0.1

%

 

8.8

 

0.2

%

Acquisition and divestiture-related costs

 

(83.4

)

-1.6

%

 

(8.7

)

-0.2

%

Asset impairment

 

(3.9

)

-0.1

%

 

-

 

0.0

%

Significant litigation matters and settlements

 

(0.1

)

0.0

%

 

(7.1

)

-0.2

%

Significant environmental matters

 

-

 

0.0

%

 

(5.2

)

-0.1

%

Adjusted SG&A

$

961.8

 

19.0

%

$

778.3

 

20.6

%

 
Adjusted R&D:
R&D

$

275.0

 

5.4

%

$

205.4

 

5.4

%

Purchase accounting adjustments

 

(0.1

)

0.0

%

 

-

 

0.0

%

Acquisition and divestiture-related costs

 

(1.4

)

0.0

%

 

-

 

0.0

%

Adjusted R&D

$

273.5

 

5.4

%

$

205.4

 

5.4

%

 
Adjusted operating income:
Operating income

$

1,332.4

 

26.3

%

$

978.6

 

25.9

%

Amortization of intangible assets

 

290.2

 

5.7

%

 

192.6

 

5.1

%

Purchase accounting adjustments

 

41.3

 

0.8

%

 

(5.0

)

-0.1

%

Acquisition and divestiture-related costs

 

86.4

 

1.7

%

 

8.7

 

0.2

%

Asset impairment

 

3.9

 

0.1

%

 

7.9

 

0.2

%

Significant litigation matters and settlements

 

0.1

 

0.0

%

 

7.1

 

0.2

%

Significant environmental matters

 

-

 

0.0

%

 

5.2

 

0.1

%

Restructuring and other, net

 

16.4

 

0.3

%

 

8.0

 

0.2

%

Adjusted operating income

$

1,770.7

 

34.9

%

$

1,203.2

 

31.8

%

 

PKI

Twelve Months Ended

January 2, 2022

January 3, 2021

Adjusted EPS:
GAAP EPS

$

7.99

 

$

6.49

 

Discontinued operations

 

(0.00

)

 

(0.00

)

GAAP EPS from continuing operations

 

7.99

 

 

6.50

 

Amortization of intangible assets

 

2.49

 

 

1.72

 

Purchase accounting adjustments

 

0.41

 

 

(0.04

)

Significant litigation matters and settlements

 

0.00

 

 

0.06

 

Significant environmental matters

 

-

 

 

0.05

 

Acquisition and divestiture-related costs

 

0.84

 

 

0.08

 

Change in fair value of financial securities

 

(0.09

)

 

(0.00

)

Asset impairment

 

0.03

 

 

0.07

 

Disposition of businesses and assets

 

(0.02

)

 

-

 

Mark to market on postretirement benefits

 

(0.21

)

 

0.23

 

Restructuring and other, net

 

0.14

 

 

0.07

 

Tax on above items

 

(0.74

)

 

(0.57

)

Significant tax items

 

0.53

 

 

0.14

 

Adjusted EPS

$

11.36

 

$

8.30

 

 

DAS

Twelve Months Ended

January 2, 2022

January 3, 2021

Adjusted revenue:
Revenue

$

2,135.2

 

$

1,715.8

 

Purchase accounting adjustments

 

1.8

 

 

0.3

 

Adjusted revenue

$

2,137.1

 

$

1,716.1

 

 
Adjusted operating income:
Operating income

$

189.8

 

8.9

%

$

183.5

 

10.7

%

Amortization of intangible assets

 

113.8

 

5.3

%

 

76.3

 

4.4

%

Purchase accounting adjustments

 

26.5

 

1.2

%

 

(10.8

)

-0.6

%

Acquisition and divestiture-related costs

 

73.9

 

3.5

%

 

8.1

 

0.5

%

Significant litigation matters and settlements

 

-

 

0.0

%

 

5.9

 

0.3

%

Restructuring and other, net

 

11.3

 

0.5

%

 

3.8

 

0.2

%

Adjusted operating income

$

415.3

 

19.4

%

$

266.7

 

15.5

%

 

Diagnostics

Twelve Months Ended

January 2, 2022

January 3, 2021

Adjusted revenue:
Revenue

$

2,931.9

 

$

2,066.9

 

Purchase accounting adjustments

 

0.8

 

 

0.8

 

Adjusted revenue

$

2,932.7

 

$

2,067.7

 

 
Adjusted operating income:
Operating income

$

1,219.9

 

41.6

%

$

874.2

 

42.3

%

Amortization of intangible assets

 

176.5

 

6.0

%

 

116.3

 

5.6

%

Purchase accounting adjustments

 

14.8

 

0.5

%

 

5.8

 

0.3

%

Asset impairment

 

3.9

 

0.1

%

 

7.9

 

0.4

%

Acquisition and divestiture-related costs

 

12.5

 

0.4

%

 

0.7

 

0.0

%

Significant litigation matters and settlements

 

0.1

 

0.0

%

 

1.2

 

0.1

%

Restructuring and other, net

 

5.1

 

0.2

%

 

4.3

 

0.2

%

Adjusted operating income

$

1,432.8

 

48.9

%

$

1,010.4

 

48.9

%

 
(1) amounts may not sum due to rounding
PerkinElmer, Inc. and Subsidiaries

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

 
 

PKI

Three Months Ended

January 2, 2022

Organic revenue growth:
Reported revenue growth

1%

Less: effect of foreign exchange rates

-1%

Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses

11%

Organic revenue growth

-9%

 
 

DAS

Three Months Ended

January 2, 2022

Organic revenue growth:
Reported revenue growth

30%

Less: effect of foreign exchange rates

-2%

Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses

22%

Organic revenue growth

9%

 
 

Diagnostics

Three Months Ended

January 2, 2022

Organic revenue growth:
Reported revenue growth

-17%

Less: effect of foreign exchange rates

-1%

Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses

4%

Organic revenue growth

-20%

 
(1) amounts may not sum due to rounding
PerkinElmer, Inc. and Subsidiaries

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

 
 

PKI

Twelve Months Ended

January 2, 2022

Organic revenue growth:
Reported revenue growth

34%

Less: effect of foreign exchange rates

1%

Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses

8%

Organic revenue growth

24%

 
 

DAS

Twelve Months Ended

January 2, 2022

Organic revenue growth:
Reported revenue growth

24%

Less: effect of foreign exchange rates

1%

Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses

11%

Organic revenue growth

12%

 
 

Diagnostics

Twelve Months Ended

January 2, 2022

Organic revenue growth:
Reported revenue growth

42%

Less: effect of foreign exchange rates

2%

Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses

5%

Organic revenue growth

35%

 
(1) amounts may not sum due to rounding

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 “adjusted revenue” to refer to GAAP revenue, including 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 “adjusted revenue growth” to refer to the measure of comparing current period adjusted revenue with the corresponding period of the prior year.

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 and including 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. We use the related term “non-COVID organic revenue growth” to refer to the measure of comparing current period organic revenue excluding revenue from COVID related products and services with the corresponding period of the prior year excluding revenue from COVID related products and services.

We use the term “adjusted gross margin” to refer to GAAP gross margin, excluding amortization of intangible assets and inventory fair value adjustments related to business acquisitions, asset impairments, and including purchase accounting adjustments for revenue from contracts acquired in acquisitions that will not be fully recognized due to business combination accounting rules. We use the related term “adjusted gross margin percentage” to refer to adjusted gross margin as a percentage of adjusted revenue.

We use the term “adjusted SG&A expense” to refer to GAAP SG&A expense, excluding amortization of intangible assets, purchase accounting adjustments, acquisition and divestiture-related expenses, acceleration of executive compensation, significant litigation matters and settlements, asset impairments, and significant environmental charges. We use the related term “adjusted SG&A percentage” to refer to adjusted SG&A expense as a percentage of adjusted revenue.

We use the term “adjusted R&D expense” to refer to GAAP R&D expense, excluding amortization of intangible assets and purchase accounting adjustments. We use the related term “adjusted R&D percentage” to refer to adjusted R&D expense as a percentage of adjusted revenue.

We use the term “adjusted net interest and other expense” to refer to GAAP net interest and other expense, excluding adjustments for mark-to-market accounting on post-retirement benefits, changes in the value of financial securities and debt extinguishment costs.

We use the term “adjusted operating income,” to refer to GAAP operating income, including revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules, and excluding amortization of intangible assets, other purchase accounting adjustments, acquisition and divestiture-related expenses, acceleration of executive compensation, significant litigation matters and settlements, significant environmental charges, asset impairments, and restructuring and other charges. We use the related terms “adjusted operating profit percentage,” “adjusted operating profit margin,” or “adjusted operating margin” to refer to adjusted operating income as a percentage of adjusted revenue.

We use the term “adjusted earnings per share,” or “adjusted EPS,” to refer to GAAP earnings per share, including revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules, and excluding discontinued operations, amortization of intangible assets, debt extinguishment costs, other purchase accounting adjustments, acquisition and divestiture-related expenses, acceleration of executive compensation, significant litigation matters and settlements, significant environmental charges, changes in the value of financial securities, disposition of businesses and assets, net, asset impairments and restructuring and other charges. We also exclude adjustments for mark-to-market accounting on post-retirement benefits, therefore only our projected costs have been used to calculate this non-GAAP measure. We also adjust for any tax impact related to the above items and exclude the impact of significant tax events.

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:

  • Amortization of intangible assets—purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Accordingly, this item is not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.
  • Debt extinguishment costs—we incur costs and income related to the extinguishment of debt; including make-whole payments to debt holders, accelerated amortization of debt fees and discounts, and expense or income from hedges to lock in make-whole payments. We exclude the impact of these items from our non-GAAP measures because we believe they do not reflect the performance of our ongoing operations.
  • 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.
  • Other purchase accounting adjustments—accounting rules require us to adjust various balance sheet accounts, including inventory, fixed assets and deferred rent balances to fair value at the time of the acquisition. As a result, the expenses for these items in our GAAP results are not the same as what would have been recorded by the acquired entity. Accounting rules also require us to estimate the fair value of contingent consideration at the time of the acquisition, and any subsequent changes to the estimate or payment of the contingent consideration and purchase accounting adjustments are charged to expense or income. We exclude the impact of any changes to contingent consideration from our non-GAAP measures because we believe these expenses or benefits do not accurately reflect the performance of our ongoing operations for the period in which such expenses or benefits are recorded.
  • Acquisition and divestiture-related expenses—we incur legal, due diligence, stay bonuses, incentive awards, stock-based compensation, interest expense, foreign exchange gains and losses, integration expenses and other costs related to acquisitions and divestitures. We exclude these expenses from our non-GAAP measures because we believe they do not reflect the performance of our ongoing operations.
  • Asset impairments—we incur expense related to asset impairments. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
  • Acceleration of executive compensationthe announced retirement of a senior executive resulted in an acceleration of compensation expense. We exclude these expenses from our non-GAAP measures because we believe they do not reflect the performance of our ongoing operations.
  • Restructuring and other charges—restructuring and other charges consist of employee severance, other exit costs as well as the cost of terminating certain lease agreements or contracts as well as costs associated with relocating facilities. Management does not believe such costs accurately reflect the performance of our ongoing operations for the period in which such costs are reported.
  • Adjustments for mark-to-market accounting on post-retirement benefits—we exclude adjustments for mark-to-market accounting on post-retirement benefits, and therefore only our projected costs are used to calculate our non-GAAP measures. We exclude these adjustments because they do not represent what we believe our investors consider to be costs of producing our products, investments in technology and production, and costs to support our internal operating structure.
  • Significant litigation matters and settlements—we incur expenses related to significant litigation matters, including the costs to settle or resolve various claims and legal proceedings. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
  • Significant environmental charges—we incur expenses related to significant environmental charges. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
  • Disposition of businesses and assets, net—we exclude the impact of gains or losses from the disposition of businesses and assets from our adjusted earnings per share. Management does not believe such gains or losses accurately reflect the performance of our ongoing operations for the period in which such gains or losses are reported.
  • 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.
  • Impact of significant tax events—we exclude the impact of significant tax events, such as the Tax Cuts and Jobs Act of 2017. Management does not believe the impact of significant tax events accurately reflects the performance of our ongoing operations for the periods in which the impact of such events was recorded.
  • Changes in value of financial securities—we exclude the impact of changes in the value of financial securities. Management does not believe such gains or losses accurately reflect the performance of our ongoing operations for the period in which such gains or losses are reported.

The tax effect for discontinued operations is calculated based on the authoritative guidance in the Financial Accounting Standards Board’s Accounting Standards Codification 740, Income Taxes. The tax effect for amortization of intangible assets, inventory fair value adjustments related to business acquisitions, changes to the fair values assigned to contingent consideration, debt extinguishment costs, other costs related to business acquisitions and divestitures, acceleration of executive compensation, significant litigation matters and settlements, significant environmental charges, changes in the fair value of financial securities, adjustments for mark-to-market accounting on post-retirement benefits, disposition of businesses and assets, net, restructuring and other charges, and the revenue from contracts acquired with various acquisitions is calculated based on operational results and applicable jurisdictional law, which contemplates tax rates currently in effect to determine our tax provision. The tax effect for the impact from foreign currency exchange rates on the current period is calculated based on the average rate currently in effect to determine our tax provision.

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.

Investor Relations:
PerkinElmer, Inc.
Steve Willoughby (781) 663-5677
steve.willoughby@perkinelmer.com

Media Contact:
PerkinElmer, Inc.
Fara Goldberg (781) 663-5699
fara.goldberg@perkinelmer.com

Source: PerkinElmer, Inc.

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