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PerkinElmer's Q1 Revenues Down 6 Percent, Flat Organically

NEW YORK (GenomeWeb News) – PerkinElmer reported after the close of the market on Thursday that its first-quarter revenues declined 6 percent and were flat year over year on an organic basis.

The Waltham, Mass.-based maker of life science and environmental research tools reported total revenues of $431.6 million for the three-month period ended April 5, compared to revenues of $458.7 million for the first quarter of 2008. The revenue decline was due primarily to a 7 percent negative foreign currency effect that was offset 1 percent by the effect of acquisitions, said PerkinElmer.

The firm's human health segment had sales of $177.3 million in the quarter, down from $180.1 million in Q1 2008. Its environmental health segment had sales of $254.3 million, down from $278.6 million year over year.

"We are pleased to have started 2009 with better than expected results in both revenue and adjusted earnings per share," Robert Friel, CEO and newly elected chairman of PerkinElmer, said in a statement. "Our increased focus on human and environmental health applications and our broad array of service offerings is enabling us to do relatively well despite the challenging economic environment."

Friel noted during the call that within its human health segment, diagnostics generated 23 percent of the firm's first-quarter revenues and research products accounted for 18 percent of its revenues.

PerkinElmer's profit dropped by nearly half as the firm took a $7.8 million restructuring charge in the quarter. It posted net income of $10.6 million, or $.09 per share, down from $20.1 million, or $.17 per share, for the first quarter of 2008. Its adjusted earnings of $.26 per share easily beat analysts' consensus estimate of $.20 per share.

The firm's R&D spending declined around 6 percent to $26 million from $27.8 million, while its SG&A spending dipped slightly to $128.4 million from $130.8 million.

PerkinElmer finished the quarter with $162 million in cash and cash equivalents.

Friel said that due to the continuing risk in the global economy the firm is sticking with its earlier guidance of 2009 revenues to be flat to down mid-single digits on an organic basis.

In early Friday trade on the New York Stock Exchange, PerkinElmer's shares were up 15 percent at $16.75.

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