This article has been updated to include comments from a conference call and a stock quote.
NEW YORK (GenomeWeb News) - PerkinElmer reported after the market closed on Thursday a 29 percent increase in first-quarter revenues, led by a nearly 20 percent jump in its Life and Analytical Sciences business.
For the three months ended March 30, the Waltham, Mass.-based company reported revenues of $482.3 million, up from $402.9 in the comparable period a year ago. Foreign currency contributed 6 percent to revenue growth during the quarter while acquisitions added another 4 percent, the company said.
PerkinElmer’s Life and Analytical Sciences division brought in revenues of $356.6 million compared to $299.5 in the first quarter of 2007. Its Optoelectronics division grew by 21.6 percent to $125.7 million from $103.4.
“Our organic revenue growth at 10 percent is the best first quarter in over five years, which we feel especially good about given the uncertain economic outlook,” PerkinElmer President and CEO Rob Friel said during the firm’s conference call on Thursday.
Company officials said the genetic screening business, which accounts for 19 percent of the LAS division’s revenue, grew in the “very strong double digits.” The analytical sciences business, which represents about 35 percent of LAS’ revenues, also grew in the “strong double digits,” while lab services, which accounts for 24 percent of LAS’ revenues increased in the double digits as well.
The firm’s biodiscovery business, which represents 21 percent of LAS’ revenues, had sales growth in the mid-single digits, with strong reagent growth and soft instrument sales, CFO Jeff Capello said during the call.
Friel said that the growth in consumables sales shows that pharma companies continue to invest in experiments running screens. However, he said that capital equipment sales were “negatively impacted by, I think, a slowdown in expenditures and deferral of high-end instrumentation.”
PerkinElmer’s first-quarter profits soared 36.7 percent to $20.1 million, or $.17 per share, from $14.7 million, or $.12 per share, a year ago.
The firm’s R&D spending climbed 4.6 percent to $29.1 million from $27.8 million, while its SG&A costs increased 29.8 percent to $132.1 million from $101.8 million.
As of March 30, PerkinElmer had $185.3 million in cash and cash equivalents.
The firm forecast second-quarter revenue growth in the mid- to high-teens, with a 10 percent contribution from currency translation and acquisitions.
In Friday trade on the New York Stock Exchange, PerkinElmer's shares closed up 9.8 percent at $27.48.