Benzinga | Nov 3, 2021 10:56AM EDT

PerkinElmer Q3 Earnings, FY21 Guidance Beat Wall Street Expectations

* 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.