What is going on with PKI?
PerkinElmer, Inc. (PKI) stock is lower today after the company, which provides instruments and software to the biomedical and pharmaceutical industries, announced that its fourth quarter revenue and EPS is now expected to exceed prior guidance.
The company now 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 EPS is expected to be at least $2.40 for the fourth quarter ended January 2, 2022.
Shares of PKI declined 5.06% to $174.46 as of Tuesday at 10:20am.
What does this mean for PerkinElmer?
PerkinElmer's fourth quarter growth can be attributed to both its Covid and Non-Covid segments.
Non-Covid organic revenue growth in the quarter is expected to be approximately 10%, resulting in yearly growth of approximately 16%.
Covid related revenues from the fourth quarter are expected to be $320 million, bringing the full year 2021 contribution from COVID related products and services to a whopping $1.5 billion.
PKI now expects total revenues of approximately $5 billion, with approximately $2.9 billion coming from its Diagnostics segment and approximately $2.1 billion coming from its Discovery and Analytical Solutions segment.
The company will release its fourth quarter and full year 2021 financial results after market close on Tuesday, February 1, 2022.
It will be accompanied by a conference call the same day at 5:00 p.m. ET to discuss the results.
PKI has a Short-Term Technical Rank of 73. Find out what this means to you and get the rest of the rankings on PKI!
PerkinElmer provides instruments, tests, services, and software solutions to the pharmaceutical, biomedical, chemical, environmental, and general industrial markets. The company operates in two segments: diagnostics, which includes prenatal screening and infectious-disease testing, and discovery and analytical solutions, composed of life science, industrial, environmental, and food applications. PerkinElmer offers products and services ranging from genetic screening to environmental analytical tools.
