PerkinElmer Enters Next Chapter In 2023, Q4 Earnings Beat Street Expectations

PerkinElmer Inc's PKI combined adjusted revenue for Q4 FY22 was $1.09 billion, compared to $1.36 billion a year ago, beating the consensus of $1.04 billion.
Combined adjusted operating income for the quarter was $298 million, compared to $459 million for the same period a year ago, with a margin of 27.3%, down from 33.6%.
Sales without Applied, Food, and Enterprise Services (AES) businesses were $741.21 million.
Related: PerkinElmer Offloads Applied, Food & Enterprise Services Businesses For ~$2.5B
Discovery & Analytical Solutions posted $347 million in revenues in continuing operations, +9% (13% organic).
Diagnostics segment sales fell 44% Y/Y (-39% organically) to $394 million.
"2022 was an excellent year for the Company, both operationally and financially, setting us up extremely well to take the next exciting step in our corporate journey by soon separating into two standalone companies," said Prahlad Singh, President & CEO.
Guidance: PerkinElmer forecasts FY23 Revenue Of $2.94 billion and adjusted EPS Of $5.05.
The guidance assumes no contribution from COVID-related revenues.
Price Action: PKI shares are up 1.02% at $140.12 on the last check Tuesday.