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PerkinElmer's Q4 Revenues Rise 4 Percent

NEW YORK (GenomeWeb News) – PerkinElmer reported after the close of the market Thursday that its fourth quarter revenues increased 4 percent year over year driven by gains for its Human Health segment.

The firm reported total revenues of $593.3 million for the three months ended Dec. 29, compared to $572.9 million for the fourth quarter of 2012. It beat analysts' consensus estimate of $589.1 million.

Sales for its Human Health segment increased 5 percent to $336.1 million from $318.9 million year over year, while sales for the Environmental Health segment inched up 1 percent to $257.2 million from $254.1 million.

In the Human Health segment, the firm's diagnostics business grew revenues in the high-single digits, CFO Frank Wilson said on a conference call following the release of the results. The medical imaging business had mid-single digit organic growth, and its research business had low-single digit organic growth.

PerkinElmer Chairman and CEO Robert Friel added that market conditions in the life science research market were "clearly better than a year ago," and said the recent budget plan for the National Institutes of Health will provide certainty. He said this should help avoid the spending delays experienced last year and improve public spending on research.

PerkinElmer posted net income of $64.5 million, or $.57 per share, compared to a loss of $15.9 million, or $.14 per share, for Q4 2012. On an adjusted basis, its Q4 EPS was $.73 versus $.65 last year and above the Wall Street estimate of $.70.

The firm's Q4 2012 bottom line was negatively affected by a $74.2 million asset impairments charge and a $4 million charge for restructuring and contract terminations.

The fourth quarter of 2013 included charges of $10.2 million related to restructuring and terminations. It recorded $4.1 million in such charges in Q4 2012.

PerkinElmer's SG&A spending decreased 21 percent year over year to $141.9 million from $180.7 million, while its R&D expenses declined 2 percent to $32.7 million from $33.5 million.

For full-year 2013, PerkinElmer reported revenues of $2.17 billion, up around 2 percent from $2.12 billion, and matching the consensus Wall Street estimate.

Sales for the Human Health segment were $1.21 billion, compared to $1.17 billion for 2012, while its Environmental Health segment reported revenues of $956.5 million for the year, up from $940.6 million.

PerkinElmer posted a profit of $164.8 million, or $1.45 per share, up from $69.9 million, or $.61 per share, for FY 2012. On an adjusted basis, EPS was $2.08, up from adjusted EPS of $2.06 for 2012, and above the $2.06 expected by analysts.

Its SG&A spending for the year dropped 7 percent to $585.9 million from $632.7 million, and its R&D expenses inched up to $133 million from $132.6 million.

PerkinElmer finished the year with $173.2 million in cash and cash equivalents.

"During 2013 we made excellent progress on our productivity programs to rationalize our production footprint, shift production to lower-cost regions, better leverage our G&A expenses and both simplify and strengthen our organization," Friel said on the call.

The firm said that it expects to report GAAP EPS of $1.93 to $1.98 for FY 2014 with adjusted EPS of $2.40 to $2.45.

PerkinElmer's stock was down around 1 percent at $43.50 in Friday morning trade on the New York Stock Exchange.