PerkinElmer Q4 Sales Inch Up Marginally, Issues Q1 FY22 Guidance Ahead Of Consensus

PerkinElmer Inc's PKI Q4 revenues increased 1% Y/Y (down 9% organically) to $1.36 billion, beating the consensus of $1.29 billion.

• In January, the Company anticipated reported and organic revenue growth of approximately -1% and -12%, respectively.
• Discovery & Analytical Solutions posted $655 million in revenues, +30% (9% organic).
• Diagnostics segment sales fell 17% Y/Y (-20% organically) to $709 million. On a non-COVID-19-related basis, revenues were up 14% Y/Y organically.
• On a conference call, PerkinElmer CFO Jamey Mock noted non-COVID-19-related revenues were up 11% Y/Y while COVID-19-related testing contributed $336 million in Q4.
• However, COVID-19-related revenues were down more than $200 million year over year.
• He added that the firm saw strong demand for its COVID-19 PCR tests and extraction kits during Q4, especially in December amid the omicron surge.
• Adjusted EPS of Q4 declined 35% to $2.56, though beating the consensus of $2.20 
• Guidance: For Q1 FY22, PerkinElmer expects revenues of $1.17 billion - $1.19 billion and adjusted EPS of $2.05 to $2.10, compared to the consensus of $1.06 billion and $1.51, respectively.
• The Company reaffirms its FY22 sales of $4.42 billion - $4.50 billion (consensus of $4.32) and adjusted EPS of $6.80 - $7.00 (consensus of $6.60). 
• On the conference call, the Company reaffirmed its COVID-19-related revenues of at least $400 million for 2022.
• Price Action: PKI shares are trading higher by 0.29% at $175.00 during premarket trading on the last check Wednesday.