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Danaher, PerkinElmer, Cue Health, Others Announce Preliminary Q4 Earnings Results

NEW YORK – A variety of diagnostic companies, including Danaher, PerkinElmer, Cue Health, T2 Biosystems, SomaLogic, and Fluidigm, announced preliminary earnings results for the fourth quarter and full year 2021 on Tuesday. 

Danaher said in a statement that Q4 revenue growth is expected to be above the company's previously announced guidance, with estimated revenues increasing at a high-teens to low-20s percent range year over year. The base business was up approximately 10 percent in Q4, in addition to "better than expected" revenue growth in Cepheid's molecular diagnostics business as a result of respiratory and non-respiratory testing demand, Danaher CEO Rainer Blair said in a statement. 

PerkinElmer also forecast that its Q4 revenues would beat prior guidance, saying in a statement that its non-COVID-19 organic growth during the quarter was approximately 10 percent year over year. Overall, the firm said it anticipates revenues to decline 1 percent in Q4 compared to the prior-year period, with earnings per share of at least $2.40. COVID-19-related revenues for Q4 2021 are expected to be about $320 million. 

For the full year 2021, PerkinElmer said it expects total revenues of approximately $5.0 billion, up 32 percent from $3.78 billion last year. Around $2.9 billion is expected to come from the Diagnostics segment, with the remaining $2.1 billion coming from the Discovery and Analytical solutions segment. The full-year contribution from COVID-19-related products is expected to be more than $1.5 billion.

Cue Health also announced its preliminary earnings results, saying it expects Q4 revenues to be between $188 million and $193 million, compared to $13 million in the prior-year period. Full-year 2021 revenues, meantime, are expected to range from $613 million to $618 million, up from $23 million in 2020. Cue went public in a $200 million offering in September.

Proteomics firm SomaLogic said that it expects full-year 2021 revenues to top its previously released guidance at more than $79 million, which would be up 41 percent year over year. SomaLogic also went public in September in a $630 million merger with a special purpose acquisition company.

Fluidigm announced that it too had beaten its guidance, with Q4 2021 preliminary revenues of $38.0 million to $38.3 million. It had previously guided to Q4 revenues between $31 million and $34 million. Base product and service revenue, excluding COVID-19 testing revenue, is expected to be up 14 percent year over year to between $35.1 million and $35.4 million. Mass cytometry product and service revenue is expected to range from $21.0 million to $21.2 million, up between 8 percent and 9 percent. Base microfluidics revenue is anticipated to be between $14.1 million and $14.2 million, up 22 percent year over year, excluding $2.7 million of COVID-19 testing revenue.

Its full-year 2021 revenues also surpassed original guidance, as anticipated revenues are between $130.3 million and $130.6 million, up from the prior guidance of $123 million to $127 million. Expected base product and service revenue is $111.9 million to $112.2 million, growth of 12 percent compared to 2020. Mass cytometry product and service revenue is expected to grow 9 percent to a total of between $67.5 million and $67.7 million. Base microfluidics revenue is expected to grow 17 percent to $44.4 million or $44.5 million, excluding COVID-19 revenue of about $14.1 million, the company said.

T2 Biosystems saw its Q4 2021 revenues drop, down 15 percent to $6.6 million compared to the year-ago period, with $4.0 million in product revenue. For full year 2021, the company announced total revenue of $27.7 million, up 53 percent from 2020, and product revenue of $16.7 million, an increase of 43 percent.

Separately, T2 Bio also said it has initiated US clinical trials for its T2Resistance and T2Biothreat panels to support their submissions to the US Food and Drug Administration. The T2Resistance panel detects 13 antibiotic resistance genes from bacterial pathogens, while the T2Biothreat panel simultaneously detects six biothreat pathogens that have been identified as threats by the US government. Both tests are part of a $69 million agreement with the US Department of Health and Human Services' Biomedical Advanced Research and Development Authority.