Benzinga | Jan 11, 2022 06:34AM EST

PerkinElmer Sees Q4 Adj. EPS $2.40+ vs $2.12 Est., Sees COVID-Related Revenues ~$320M

* Fourth quarter 2021 revenue and earnings per share to exceed prior guidance

* Non-COVID organic growth in fourth quarter 2021 of approximately 10%

* Fourth quarter 2021 COVID product and services related revenue of approximately $320 million

PerkinElmer, Inc. (NYSE:PKI), a global leader committed to innovating for a healthier world, today announced that it anticipates reported and organic revenue growth for the fourth quarter of 2021 of approximately -1% and -12%, respectively, versus the same period a year ago. Adjusted earnings per share from continuing operations is expected to be at least $2.40 for the fourth quarter ended January 2, 2022.

The stronger than expected results in the fourth quarter of 2021 were driven by upside in both non-COVID and COVID product lines relative to management's previous guidance. Non-COVID organic revenue growth in the fourth quarter is expected to be approximately 10% which would result in full year 2021 non-COVID organic revenue growth of approximately 16%. The Company also expects to report fourth quarter 2021 COVID related revenues of approximately $320 million. This will bring the full year 2021 contribution from COVID related products and services to over $1.5 billion.

For the full year 2021, the Company now expects total revenues of approximately $5.0 billion, with approximately $2.9 billion coming from its Diagnostics segment and approximately $2.1 billion coming from its Discovery and Analytical Solutions segment.

PerkinElmer will release its fourth quarter and full year 2021 financial results after market close on Tuesday, February 1, 2022. The Company will also 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, a live audio webcast of the call will be available via this registration form or on the Investors section of the Company's website at www.perkinelmer.com.

A replay of the webcast will be available beginning at 7:00 p.m. ET, Tuesday, February 1, 2022 through the Investors section of the Company's website.