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PerkinElmer Posts Flat Q4 Revenues

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – PerkinElmer reported after the close of the market Thursday that its fourth-quarter revenues were essentially flat with Q4 2008 but managed to beat analysts' consensus estimate.

The Waltham, Mass.-based firm generated total revenues of $498.3 million for the three-month period ended Jan. 3, 2010, compared to $500 million in sales for the fourth quarter of 2008. It noted that currency translation and acquisitions had a favorable impact on revenues of 4 percent and 1 percent, respectively.

Sales for its Human Health segment were $194.2 million, up slightly from $193.9 million, while sales for its Environmental Health segment were 4304.1 million versus $306 million for Q4 2008.

PerkinElmer's profit for the quarter was $39.9 million, or $.34 per share, compared to $30.7 million, or $.26 per share, for Q4 2008. On an adjusted basis, its EPS was $.43 versus $.46.

PerkinElmer beat analysts' consensus estimates for revenues of $479.5 million and EPS of $.41.

The firm's R&D spending increased 9 percent to $27.6 million from $25.3 million, and its SG&A spending increased 7 percent to $129.7 million from $121 million.

For full-year 2009, PerkinElmer brought in total revenues of $1.8 billion compared to $1.96 billion for 2008. Its Human Health segment had sales of $736.5 million versus $774.6 million for 2008, while its Environmental Health segment had sales of $1.08 billion, down from $1.19 billion.

Its full-year net income was $85.6 million, or $.73 per share, down from $126.4 million, or $1.07 per share. On an adjusted basis, its EPS was $1.27, down from $1.41.

PerkinElmer finished the year with cash and cash equivalents of $179.7 million.

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