PerkinElmer Announces Financial Results for the Fourth Quarter and Full Year of 2022
PerkinElmer Announces Financial Results for the Fourth Quarter and Full Year of 2022
- Fourth quarter revenue from continuing operations of $741 million; (28)% reported growth; (23)% organic growth; 8% non-COVID organic growth
- Combined* total fourth quarter revenue of $1,089 million; 8% combined non-COVID organic growth
- Fourth quarter GAAP EPS from continuing operations of $0.85; combined adjusted EPS of $1.70
- Initiates Full Year 2023 Guidance
WALTHAM, Mass.–(BUSINESS WIRE)–PerkinElmer, Inc. (NYSE: PKI), a global leader committed to innovating for a healthier world, today reported financial results for the fourth quarter and full year ended January 1, 2023.
Fourth Quarter 2022
The Company reported GAAP earnings per share from continuing operations of $0.85, as compared to GAAP earnings per share from continuing operations of $1.45 in the same period a year ago. GAAP revenue for the quarter from continuing operations was $741 million, as compared to $1,028 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $137 million, as compared to $300 million for the same period a year ago. GAAP operating profit margin from continuing operations was 18.5% as a percentage of revenue, as compared to 29.2% in the same period a year ago.
Adjusted operating income from continuing operations was $240 million, as compared to $432 million for the same period a year ago. Adjusted operating profit margin from continuing operations was 32.3% as a percentage of revenue, as compared to 42.0% in the same period a year ago.
Combined adjusted earnings per share for the quarter was $1.70, as compared to $2.56 in the same period a year ago. Combined adjusted revenue for the quarter was $1,089 million, as compared to $1,365 million in the same period a year ago. Combined adjusted operating income for the quarter was $298 million, as compared to $459 million for the same period a year ago. Combined adjusted operating profit margin was 27.3% as a percentage of adjusted revenue, as compared to 33.6% in the same period a year ago.
Full Year 2022
The Company reported GAAP earnings per share from continuing operations of $4.13 in 2022, as compared to GAAP earnings per share from continuing operations of $7.62 in 2021. GAAP revenue from continuing operations for the year was $3,312 million, as compared to $3,828 million in 2021. GAAP operating income from continuing operations for the year was $743 million, as compared to $1,258 million in 2021. GAAP operating profit margin from continuing operations was 22.4% as a percentage of revenue, as compared to 32.9% in 2021.
Adjusted operating income from continuing operations for the year was $1,212 million, as compared to $1,637 million in 2021. Adjusted operating profit margin from continuing operations was 36.6% as a percentage of revenue, as compared to 42.7% in 2021.
Combined adjusted earnings per share for the year was $7.95, as compared to $11.36 in 2021. Combined adjusted revenue for the year was $4,611 million, as compared to $5,070 million in 2021. Combined adjusted operating income for the year was $1,381 million, as compared to $1,771 million in 2021. Combined adjusted operating profit margin was 30.0% as a percentage of adjusted revenue, as compared to 34.9% in 2021.
Adjustments for the Company’s non-GAAP financial measures have been noted in the attached reconciliations.
*Combined financial metrics are defined as the combination of continuing operations and discontinued operations. Discontinued operations consist of the Applied, Food and Enterprise Services (AES) businesses currently held for sale.
“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 and chief executive officer of PerkinElmer. “In 2023, we enter into the next chapter in our history which will uniquely focus on providing breakthrough scientific tools to fuel our customers’ development and delivery of the next generation of novel therapies and diagnostics.”
Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2022
Discovery & Analytical Solutions Continuing Operations
- Fourth quarter 2022 revenue was $347 million, as compared to $318 million in the same period a year ago. Reported revenue increased 9% and organic revenue increased 13% as compared to the same period a year ago.
- Full year revenue was $1,293 million, as compared to $898 million in 2021. Reported revenue increased 44% and organic revenue increased 15% as compared to 2021.
- Fourth quarter 2022 segment operating income was $146 million, as compared to $117 million for the same period a year ago. Segment operating profit margin was 41.9% as a percentage of revenue, as compared to 36.9% in the same period a year ago.
- Full year 2022 segment operating income was $503 million, as compared to $282 million in 2021. Full year segment operating profit margin was 38.9% as a percentage of revenue, as compared to 31.4% in 2021.
Discovery & Analytical Solutions Combined* Operations
- Fourth quarter 2022 combined revenue was $695 million, as compared to $655 million in the same period a year ago. Combined revenue increased 6% and combined organic revenue increased 11% as compared to the same period a year ago.
- Full year combined revenue was $2,591 million, as compared to $2,137 million in 2021. Combined reported revenue increased 21% and organic revenue increased 12% as compared to 2021.
- Fourth quarter 2022 combined segment operating income was $204 million, as compared to $144 million for the same period a year ago. Combined segment operating profit margin was 29.3% as a percentage of revenue, as compared to 22.0% in the same period a year ago.
- Full year combined segment operating income was $673 million, as compared to $415 million in 2021. Full year combined segment operating profit margin was 26.0% as a percentage of revenue, as compared to 19.4% in 2021.
Diagnostics
- Fourth quarter 2022 revenue was $394 million, as compared to $710 million for the same period a year ago. Reported revenue decreased 44% and organic revenue decreased 39% as compared to the same period a year ago.
- Full year revenue was $2,020 million, as compared to $2,933 million in 2021. Reported revenue decreased 31% and organic revenue decreased 29% as compared to 2021.
- Fourth quarter 2022 segment operating income was $113 million, as compared to $335 million for the same period a year ago. Segment operating profit margin was 28.7% as a percentage of revenue, as compared to 47.1% in the same period a year ago.
- Full year segment operating income was $782 million, as compared to $1,433 million in 2021. Full year segment operating profit margin was 38.7% as a percentage of revenue, as compared to 48.9% in 2021.
Initiates Full Year 2023 Guidance
For the full year 2023, the Company forecasts total revenue from continuing operations of $2.94 billion and adjusted earnings per share of $5.05. This guidance assumes no contribution from COVID related revenues.
Guidance for the full year 2023 is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP.
Webcast Information
The Company will discuss its fourth quarter and full year 2022 results and its outlook for business trends during a webcast on February 14, 2023, at 8:00 a.m. Eastern Time. A live audio webcast and presentation will be available on the Investors section of the Company’s website, ir.perkinelmer.com.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below following our GAAP financial statements.
Factors Affecting Future Performance
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as “believes,” “intends,” “anticipates,” “plans,” “expects,” “estimates”, “projects,” “forecasts,” “will” and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management’s current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and divestitures, such as the divestiture of the Applied, Food and Enterprise Services businesses, license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) the United Kingdom’s withdrawal from the European Union; (21) our ability to obtain future financing; (22) restrictions in our credit agreements; (23) discontinuation or replacement of LIBOR; (24) significant fluctuations in our stock price; (25) reduction or elimination of dividends on our common stock; and (26) other factors which we describe under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
About PerkinElmer
PerkinElmer is a leading, global provider of end-to-end solutions that help scientists, researchers and clinicians better diagnose disease, discover new and more personalized drugs, monitor the safety and quality of our food, and drive environmental and applied analysis excellence. With an 85-year legacy of advancing science and a mission of innovating for a healthier world, our dedicated team of more than 16,000 collaborates closely with commercial, government, academic and healthcare customers to deliver reagents, assays, instruments, automation, informatics and strategic services that accelerate workflows, deliver actionable insights and support improved decision making. We are also deeply committed to good corporate citizenship through our dynamic ESG and sustainability programs. The Company reported revenues of approximately $4.6 billion1 in 2022, serves customers in 190 countries, and is a component of the S&P 500 index. Additional information is available at www.perkinelmer.com. Follow PerkinElmer on LinkedIn, Twitter, Facebook, Instagram, and YouTube.
|
1Includes the combined revenue of continuing operations and discontinued operations |
|
PerkinElmer, Inc. and Subsidiaries |
||||||||||||||||||
|
CONDENSED CONSOLIDATED INCOME STATEMENTS |
||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||
| (In thousands, except per share data) |
January 1, 2023 |
January 2, 2022 |
January 1, 2023 |
January 2, 2022 |
||||||||||||||
| Revenue |
$ |
741,214 |
|
$ |
1,027,910 |
|
$ |
3,311,822 |
|
$ |
3,827,808 |
|
||||||
| Cost of revenue |
|
304,884 |
|
|
384,114 |
|
|
1,321,992 |
|
|
1,393,821 |
|
||||||
| Selling, general and administrative expenses |
|
244,325 |
|
|
283,365 |
|
|
1,025,514 |
|
|
975,193 |
|
||||||
| Research and development expenses |
|
54,536 |
|
|
60,584 |
|
|
221,617 |
|
|
200,337 |
|
||||||
| Operating income from continuing operations |
|
137,469 |
|
|
299,847 |
|
|
742,699 |
|
|
1,258,457 |
|
||||||
| Interest income |
|
(1,565 |
) |
|
(919 |
) |
|
(3,589 |
) |
|
(2,241 |
) |
||||||
| Interest expense |
|
22,508 |
|
|
27,721 |
|
|
103,955 |
|
|
102,128 |
|
||||||
| Change in fair value of financial securities |
|
1,433 |
|
|
(2,419 |
) |
|
15,754 |
|
|
(10,985 |
) |
||||||
| Other (income) expense, net |
|
(23,354 |
) |
|
(24,240 |
) |
|
(25,258 |
) |
|
(34,027 |
) |
||||||
| Income from continuing operations, before income taxes |
|
138,447 |
|
|
299,704 |
|
|
651,837 |
|
|
1,203,582 |
|
||||||
| Provision for income taxes |
|
30,950 |
|
|
115,615 |
|
|
129,161 |
|
|
314,146 |
|
||||||
| Income from continuing operations |
|
107,497 |
|
|
184,089 |
|
|
522,676 |
|
|
889,436 |
|
||||||
| Income from discontinued operations, before income taxes |
|
37,600 |
|
|
11,975 |
|
|
73,604 |
|
|
76,304 |
|
||||||
| Provision for income taxes on discontinued operations and dispositions |
|
7,439 |
|
|
5,880 |
|
|
17,101 |
|
|
22,583 |
|
||||||
| Income from discontinued operations and dispositions |
|
30,161 |
|
|
6,095 |
|
|
56,503 |
|
|
53,721 |
|
||||||
| Net income |
$ |
137,658 |
|
$ |
190,184 |
|
$ |
579,179 |
|
$ |
943,157 |
|
||||||
| Diluted earnings per share: | ||||||||||||||||||
| Income from continuing operations |
$ |
0.85 |
|
$ |
1.45 |
|
$ |
4.13 |
|
$ |
7.62 |
|
||||||
| Income from discontinued operations and dispositions |
|
0.24 |
|
|
0.05 |
|
|
0.45 |
|
|
0.46 |
|
||||||
| Net income |
$ |
1.09 |
|
$ |
1.50 |
|
$ |
4.58 |
|
$ |
8.08 |
|
||||||
| Weighted average diluted shares of common stock outstanding |
|
126,476 |
|
|
126,715 |
|
|
126,426 |
|
|
116,674 |
|
||||||
|
ABOVE PREPARED IN ACCORDANCE WITH GAAP |
||||||||||||||||||
| Additional Supplemental Information (1): | ||||||||||||||||||
| (per share, continuing operations) | ||||||||||||||||||
| GAAP EPS from continuing operations |
$ |
0.85 |
|
$ |
1.45 |
|
$ |
4.13 |
|
$ |
7.62 |
|
||||||
| Amortization of intangible assets |
|
0.71 |
|
|
0.77 |
|
|
2.93 |
|
|
2.20 |
|
||||||
| Debt extinguishment costs |
|
(0.02 |
) |
|
– |
|
|
(0.02 |
) |
|
– |
|
||||||
| Purchase accounting adjustments |
|
0.00 |
|
|
0.18 |
|
|
0.36 |
|
|
0.35 |
|
||||||
| Acquisition and divestiture-related costs |
|
0.11 |
|
|
0.07 |
|
|
0.32 |
|
|
0.69 |
|
||||||
| Change in fair value of financial securities |
|
0.01 |
|
|
(0.02 |
) |
|
0.12 |
|
|
(0.09 |
) |
||||||
| Asset impairment |
|
– |
|
|
– |
|
|
– |
|
|
0.03 |
|
||||||
| Significant litigation matters and settlements |
|
0.00 |
|
|
0.00 |
|
|
(0.00 |
) |
|
0.00 |
|
||||||
| Disposition of businesses and assets, net |
|
(0.02 |
) |
|
– |
|
|
(0.02 |
) |
|
(0.02 |
) |
||||||
| Mark to market on postretirement benefits |
|
(0.18 |
) |
|
(0.18 |
) |
|
(0.18 |
) |
|
(0.20 |
) |
||||||
| Restructuring and other, net |
|
(0.01 |
) |
|
0.03 |
|
|
0.11 |
|
|
0.12 |
|
||||||
| Tax on above items |
|
(0.07 |
) |
|
(0.17 |
) |
|
(0.84 |
) |
|
(0.66 |
) |
||||||
| Significant tax items |
|
0.04 |
|
|
0.29 |
|
|
0.02 |
|
|
0.44 |
|
||||||
| Adjusted EPS from Continuing Operations |
|
1.41 |
|
|
2.42 |
|
|
6.92 |
|
|
10.49 |
|
||||||
| GAAP EPS from discontinued operations |
$ |
0.24 |
|
$ |
0.05 |
|
$ |
0.45 |
|
$ |
0.46 |
|
||||||
| Amortization of intangible assets included in discontinued operations |
|
– |
|
|
0.06 |
|
|
0.13 |
|
|
0.29 |
|
||||||
| Purchase accounting adjustments |
|
– |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
||||||
| Acquisition and divestiture-related costs included in discontinued operations |
|
0.24 |
|
|
0.07 |
|
|
0.61 |
|
|
0.20 |
|
||||||
| Significant litigation matters and settlements |
|
– |
|
|
0.00 |
|
|
– |
|
|
0.00 |
|
||||||
| Mark to market on postretirement benefits |
|
(0.05 |
) |
|
(0.01 |
) |
|
(0.05 |
) |
|
(0.01 |
) |
||||||
| Restructuring and other, net included in discontinued operations |
|
(0.00 |
) |
|
(0.00 |
) |
|
0.10 |
|
|
0.02 |
|
||||||
| Addback depreciation expense on assets held for sale |
|
(0.03 |
) |
|
– |
|
|
(0.05 |
) |
|
– |
|
||||||
| Tax on above items |
|
(0.12 |
) |
|
(0.03 |
) |
|
(0.17 |
) |
|
(0.09 |
) |
||||||
| Less non-AES income tax items in discontinued operations |
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
||||||
| Adjusted EPS from AES |
$ |
0.28 |
|
$ |
0.14 |
|
$ |
1.03 |
|
$ |
0.87 |
|
||||||
| Combined Adjusted EPS including the results of AES |
$ |
1.70 |
$ |
2.56 |
|
$ |
7.95 |
|
$ |
11.36 |
|
|||||||
| (1) amounts may not sum due to rounding | ||||||||||||||||||
| PerkinElmer, Inc. and Subsidiaries | ||||||||||||
|
REVENUE AND OPERATING INCOME (LOSS) |
||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||
| (In thousands, except percentages) |
January 1, 2023 |
January 2, 2022 |
January 1, 2023 |
January 2, 2022 |
||||||||
| Adjusted Revenue and Operating Income | ||||||||||||
| Reported revenue |
741,214 |
|
1,027,910 |
|
3,311,822 |
|
3,827,808 |
|
||||
| Revenue purchase accounting adjustments |
205 |
|
202 |
|
814 |
|
2,648 |
|
||||
| Adjusted revenue |
741,419 |
|
1,028,112 |
|
3,312,636 |
|
3,830,456 |
|
||||
| Reported operating income from continued operations |
137,469 |
|
299,847 |
|
742,699 |
|
1,258,457 |
|
||||
| OP% |
18.5 |
% |
29.2 |
% |
22.4 |
% |
32.9 |
% |
||||
| Amortization of intangible assets |
90,169 |
|
97,923 |
|
370,638 |
|
256,569 |
|
||||
| Purchase accounting adjustments |
87 |
|
22,186 |
|
45,681 |
|
40,993 |
|
||||
| Acquisition and divestiture-related costs |
13,961 |
|
8,429 |
|
39,826 |
|
62,760 |
|
||||
| Asset impairment |
– |
|
– |
|
– |
|
3,868 |
|
||||
| Significant litigation matters and settlements |
5 |
|
2 |
|
(627 |
) |
2 |
|
||||
| Restructuring and other, net |
(1,863 |
) |
3,841 |
|
13,580 |
|
14,358 |
|
||||
| Adjusted operating income |
239,828 |
|
432,228 |
|
1,211,797 |
|
1,637,007 |
|
||||
| OP% |
32.3 |
% |
42.0 |
% |
36.6 |
% |
42.7 |
% |
||||
| Segment Revenue and Segment Operating Income | ||||||||||||
| DAS |
347,425 |
|
318,498 |
|
1,292,909 |
|
897,718 |
|
||||
| Diagnostics |
393,994 |
|
709,614 |
|
2,019,727 |
|
2,932,738 |
|
||||
| Revenue purchase accounting adjustments |
(205 |
) |
(202 |
) |
(814 |
) |
(2,648 |
) |
||||
| Reported revenue |
741,214 |
|
1,027,910 |
|
3,311,822 |
|
3,827,808 |
|
||||
| DAS |
145,582 |
|
117,388 |
|
503,243 |
|
281,602 |
|
||||
|
41.9 |
% |
36.9 |
% |
38.9 |
% |
31.4 |
% |
|||||
| Diagnostics |
113,004 |
|
334,540 |
|
781,985 |
|
1,432,769 |
|
||||
|
28.7 |
% |
47.1 |
% |
38.7 |
% |
48.9 |
% |
|||||
| Corporate |
(18,758 |
) |
(19,700 |
) |
(73,431 |
) |
(77,364 |
) |
||||
| Subtotal reportable segments |
239,828 |
|
432,228 |
|
1,211,797 |
|
1,637,007 |
|
||||
| Amortization of intangible assets |
(90,169 |
) |
(97,923 |
) |
(370,638 |
) |
(256,569 |
) |
||||
| Purchase accounting adjustments |
(87 |
) |
(22,186 |
) |
(45,681 |
) |
(40,993 |
) |
||||
| Acquisition and divestiture-related costs |
(13,961 |
) |
(8,429 |
) |
(39,826 |
) |
(62,760 |
) |
||||
| Asset impairment |
– |
|
– |
|
– |
|
(3,868 |
) |
||||
| Significant litigation matters and settlements |
(5 |
) |
(2 |
) |
627 |
|
(2 |
) |
||||
| Restructuring and other, net |
1,863 |
|
(3,841 |
) |
(13,580 |
) |
(14,358 |
) |
||||
| Reported operating income from continued operations |
137,469 |
|
299,847 |
|
742,699 |
|
1,258,457 |
|
||||
|
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP |
||||||||||||
| PerkinElmer, Inc. and Subsidiaries | ||||||||||||
|
REVENUE AND OPERATING INCOME (LOSS) |
||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||
| (In thousands, except percentages) |
January 1, 2023 |
January 2, 2022 |
January 1, 2023 |
January 2, 2022 |
||||||||
| Adjusted Revenue and Operating Income Combined with AES | ||||||||||||
| Reported revenue |
741,214 |
|
1,027,910 |
|
3,311,822 |
|
3,827,808 |
|
||||
| Revenue purchase accounting adjustments |
205 |
|
202 |
|
814 |
|
2,648 |
|
||||
| Adjusted revenue |
741,419 |
|
1,028,112 |
|
3,312,636 |
|
3,830,456 |
|
||||
| Reported operating income from continued operations |
137,469 |
|
299,847 |
|
742,699 |
|
1,258,457 |
|
||||
| OP% |
18.5 |
% |
29.2 |
% |
22.4 |
% |
32.9 |
% |
||||
| Amortization of intangible assets |
90,169 |
|
97,923 |
|
370,638 |
|
256,569 |
|
||||
| Purchase accounting adjustments |
87 |
|
22,186 |
|
45,681 |
|
40,993 |
|
||||
| Acquisition and divestiture-related costs |
13,961 |
|
8,429 |
|
39,826 |
|
62,760 |
|
||||
| Asset impairment |
– |
|
– |
|
– |
|
3,868 |
|
||||
| Significant litigation matters and settlements |
5 |
|
2 |
|
(627 |
) |
2 |
|
||||
| Restructuring and other, net |
(1,863 |
) |
3,841 |
|
13,580 |
|
14,358 |
|
||||
| Adjusted operating income |
239,828 |
|
432,228 |
|
1,211,797 |
|
1,637,007 |
|
||||
| OP% |
32.3 |
% |
42.0 |
% |
36.6 |
% |
42.7 |
% |
||||
| AES reported revenue |
347,554 |
|
336,415 |
|
1,298,376 |
|
1,239,361 |
|
||||
| AES reported operating income from continued operations |
31,771 |
|
10,297 |
|
68,413 |
|
73,921 |
|
||||
| OP% |
9.1 |
% |
3.1 |
% |
5.3 |
% |
6.0 |
% |
||||
| Amortization of intangible assets |
– |
|
7,638 |
|
16,984 |
|
33,664 |
|
||||
| Purchase accounting adjustments |
– |
|
295 |
|
6 |
|
295 |
|
||||
| Acquisition and divestiture-related costs |
30,176 |
|
8,581 |
|
77,212 |
|
23,647 |
|
||||
| AES depreciation addback |
(3,545 |
) |
– |
|
(5,908 |
) |
– |
|
||||
| Significant litigation matters and settlements |
– |
|
101 |
|
– |
|
101 |
|
||||
| Restructuring and other, net |
(425 |
) |
(427 |
) |
12,706 |
|
2,074 |
|
||||
| AES Adjusted operating income |
57,977 |
|
26,485 |
|
169,413 |
|
133,702 |
|
||||
| OP% |
16.7 |
% |
7.9 |
% |
13.0 |
% |
10.8 |
% |
||||
| Combined reported revenue |
1,088,768 |
|
1,364,325 |
|
4,610,198 |
|
5,067,169 |
|
||||
| Revenue purchase accounting adjustments |
205 |
|
202 |
|
814 |
|
2,648 |
|
||||
| Combined adjusted revenue |
1,088,973 |
|
1,364,527 |
|
4,611,012 |
|
5,069,817 |
|
||||
| Combined operating income from continued operations |
169,240 |
|
310,144 |
|
811,112 |
|
1,332,378 |
|
||||
| OP% |
15.5 |
% |
22.7 |
% |
17.6 |
% |
26.3 |
% |
||||
| Amortization of intangible assets |
90,169 |
|
105,561 |
|
387,622 |
|
290,233 |
|
||||
| Purchase accounting adjustments |
87 |
|
22,481 |
|
45,687 |
|
41,288 |
|
||||
| Acquisition and divestiture-related costs |
44,137 |
|
17,010 |
|
117,038 |
|
86,407 |
|
||||
| AES depreciation addback |
(3,545 |
) |
– |
|
(5,908 |
) |
– |
|
||||
| Asset impairment |
– |
|
– |
|
– |
|
3,868 |
|
||||
| Significant litigation matters and settlements |
5 |
|
103 |
|
(627 |
) |
103 |
|
||||
| Restructuring and other, net |
(2,288 |
) |
3,414 |
|
26,286 |
|
16,432 |
|
||||
| Combined adjusted operating income |
297,805 |
|
458,713 |
|
1,381,210 |
|
1,770,709 |
|
||||
| OP% |
27.3 |
% |
33.6 |
% |
30.0 |
% |
34.9 |
% |
||||
| Combined DAS Revenue and Segment Operating Income | ||||||||||||
| Combined DAS |
694,979 |
|
654,913 |
|
2,591,285 |
|
2,137,079 |
|
||||
| Diagnostics |
393,994 |
|
709,614 |
|
2,019,727 |
|
2,932,738 |
|
||||
| Revenue purchase accounting adjustments |
(205 |
) |
(202 |
) |
(814 |
) |
(2,648 |
) |
||||
| Combined revenue |
1,088,768 |
|
1,364,325 |
|
4,610,198 |
|
5,067,169 |
|
||||
| Combined DAS |
203,559 |
|
143,873 |
|
672,656 |
|
415,304 |
|
||||
|
29.3 |
% |
22.0 |
% |
26.0 |
% |
19.4 |
% |
|||||
| Diagnostics |
113,004 |
|
334,540 |
|
781,985 |
|
1,432,769 |
|
||||
|
28.7 |
% |
47.1 |
% |
38.7 |
% |
48.9 |
% |
|||||
| Corporate |
(18,758 |
) |
(19,700 |
) |
(73,431 |
) |
(77,364 |
) |
||||
| Subtotal reportable segments combined with AES |
297,805 |
|
458,713 |
|
1,381,210 |
|
1,770,709 |
|
||||
| Amortization of intangible assets |
(90,169 |
) |
(105,561 |
) |
(387,622 |
) |
(290,233 |
) |
||||
| Purchase accounting adjustments |
(87 |
) |
(22,481 |
) |
(45,687 |
) |
(41,288 |
) |
||||
| Acquisition and divestiture-related costs |
(44,137 |
) |
(17,010 |
) |
(117,038 |
) |
(86,407 |
) |
||||
| AES depreciation addback |
3,545 |
|
– |
|
5,908 |
|
– |
|
||||
| Asset impairment |
– |
|
– |
|
– |
|
(3,868 |
) |
||||
| Significant litigation matters and settlements |
(5 |
) |
(103 |
) |
627 |
|
(103 |
) |
||||
| Restructuring and other, net |
2,288 |
|
(3,414 |
) |
(26,286 |
) |
(16,432 |
) |
||||
| Combined operating income from continued operations |
169,240 |
|
310,144 |
|
811,112 |
|
1,332,378 |
|
||||
|
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP |
||||||||||||
| PerkinElmer, Inc. and Subsidiaries | ||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
| (In thousands) |
January 1, 2023 |
January 2, 2022 |
||||
| Current assets: | ||||||
| Cash and cash equivalents |
$ |
454,358 |
$ |
603,320 |
||
| Accounts receivable, net |
|
612,780 |
|
707,941 |
||
| Inventories, net |
|
405,462 |
|
425,890 |
||
| Other current assets |
|
122,254 |
|
148,255 |
||
| Current assets of discontinued operations |
|
1,702,967 |
|
555,374 |
||
| Total current assets |
|
3,297,821 |
|
2,440,780 |
||
| Property, plant and equipment, net |
|
482,950 |
|
485,531 |
||
| Operating lease right-of-use assets |
|
188,351 |
|
164,040 |
||
| Intangible assets, net |
|
3,377,174 |
|
3,821,847 |
||
| Goodwill |
|
6,481,768 |
|
6,627,119 |
||
| Other assets, net |
|
298,787 |
|
312,887 |
||
| Long-term assets of discontinued operations |
|
– |
|
1,148,350 |
||
| Total assets |
$ |
14,126,851 |
$ |
15,000,554 |
||
| Current liabilities: | ||||||
| Current portion of long-term debt |
$ |
470,929 |
$ |
4,240 |
||
| Accounts payable |
|
272,826 |
|
324,811 |
||
| Accrued expenses and other current liabilities |
|
578,301 |
|
679,099 |
||
| Current liabilities of discontinued operations |
|
244,448 |
|
205,594 |
||
| Total current liabilities |
|
1,566,504 |
|
1,213,744 |
||
| Long-term debt |
|
3,923,347 |
|
4,979,737 |
||
| Long-term liabilities |
|
1,072,120 |
|
1,422,549 |
||
| Operating lease liabilities |
|
169,968 |
|
147,395 |
||
| Long-term liabilities of discontinued operations |
|
2,036 |
|
95,884 |
||
| Total liabilities |
|
6,733,975 |
|
7,859,309 |
||
| Total stockholders’ equity |
|
7,392,876 |
|
7,141,245 |
||
| Total liabilities and stockholders’ equity |
$ |
14,126,851 |
$ |
15,000,554 |
||
| PREPARED IN ACCORDANCE WITH GAAP | ||||||
Contacts
Investor Relations:
Steve Willoughby (781) 663-5677
steve.willoughby@perkinelmer.com
Media:
Fara Goldberg (781) 663-5699
fara.goldberg@perkinelmer.com