Page 1

P PerkinElmer For the Better PerkinElmer Announces Financial Results for the First Quarter of 2021 May 4 , 2021 • Revenue of $ 1.308 billion ; 100 % reported growth ; 92 % organic growth • GAAP EPS from continuing operations of $ 3.37 ; Adjusted EPS of $ 3.72 • Initiates Second Quarter and Raises Full - Year Revenue and Earnings Guidance WALTHAM , Mass .-- ( BUSINESS WIRE ) -- May 4 , 2021-- PerkinElmer . Inc. ( NYSE : PKI ) , a global leader committed to innovating for a healthier world , today reported financial results for the first quarter ended April 4 , 2021 . The Company reported GAAP earnings per share from continuing operations of $ 3.37 , as compared to GAAP earnings per share from continuing operations of $ 0.30 in the first quarter of 2020. GAAP revenue for the quarter was $ 1.308 billion , as compared to $ 652 million in the first quarter of 2020. GAAP operating income from continuing operations for the quarter was $ 468 million , as compared to $ 45 million for the same period a year ago . GAAP operating profit margin was 35.8 % as a percentage of revenue , as compared to 6.8 % in the first quarter of 2020 . Adjusted earnings per share from continuing operations for the quarter was $ 3.72 , as compared to $ 0.67 in the first quarter of 2020. Adjusted revenue for the quarter was $ 1.309 billion , as compared to $ 653 million in the first quarter of 2020. Adjusted operating income from continuing operations for the quarter was $ 542 million , as compared to $ 100 million for the same period a year ago . Adjusted operating profit margin was 41.4 % as a percentage of adjusted revenue , as compared to 15.3 % in the first quarter of 2020 . Adjustments for the Company's non - GAAP financial measures have been noted in the attached reconciliations . " The first quarter performance reinforces that PerkinElmer is emerging from COVID as a stronger organization top - to - bottom , ” said Prahlad Singh , president and chief executive officer of PerkinElmer . " Our additional investments in innovation , commercial excellence , and people in 2020 are taking hold and give us increased confidence that we are well positioned to deliver faster growth in both the short and long - term . " Financial Overview by Reporting Segment for the First Quarter Discovery & Analytical Solutions • First quarter 2021 revenue was $ 455 million , as compared to $ 398 million for the first quarter of 2020. Reported revenue increased 14 % and organic revenue increased 6 % as compared to the first quarter of 2020 . • First quarter 2021 operating income from continuing operations was $ 43 million , as compared to $ 29 million for the comparable prior period . • First quarter 2021 adjusted operating income was $ 76 million , as compared to $ 54 million for the first quarter of 2020 . Diagnostics • First quarter 2021 revenue was $ 853 million , as compared to $ 254 million for the first quarter of 2020. Reported revenue increased 236 % and organic revenue increased 227 % as compared to the first quarter of 2020 . • First quarter 2021 operating income from continuing operations was $ 441 million , as compared to $ 30 million for the comparable prior period . • First quarter 2021 adjusted operating income was $ 483 million , as compared to $ 59 million for the first quarter of 2020 . Initiates Second Quarter and Raises Full Year 2021 Guidance For the second quarter of 2021 , the Company forecasts GAAP revenue of approximately $ 1.11 billion , GAAP earnings per share from continuing operations of $ 1.90 and , on a non - GAAP basis , which is expected to include the adjustments noted in the attached reconciliation , adjusted earnings per share of $ 2.35 . For the full year of 2021 , the Company now forecasts GAAP revenue of $ 4.37 billion , GAAP earnings per share from continuing operations of $ 7.77 and , on a non - GAAP basis , which is expected to include the adjustments noted in the attached reconciliation , adjusted earnings per share of $ 9.40 . Conference Call Information The Company will discuss its first quarter 2021 results and its outlook for business trends in a conference call on May 4 , 2021 at 5:00 p.m. Eastern Time . To access the call , please dial ( 720 ) 405-2250 prior to the scheduled conference call time and provide the access code 7294952 . A live audio webcast of the call will be available on the Investors section of the Company's website , www.perkinelmer.com . Please go to the site at least 15 minutes prior to the call in order to register , download , and install any necessary software . An archived version of the webcast will be posted on the Company's website for a two - week period beginning approximately two hours after the call .