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PerkinElmer Reports 1 Percent Bump in Q2 Revenues

This article has been updated to include comments from PerkinElmer's Q2 conference call.

NEW YORK (GenomeWeb) – PerkinElmer reported after the close of the market on Thursday a 1 percent increase in its second quarter revenues, or 8 percent on a constant-currency basis.

For the three months ended June 28, PerkinElmer's revenues rose to $563.9 million from $556.2 million for the same period a year ago,beating analysts' average estimate of $555.5 million. The company reported organic revenue growth of 4 percent year over year.

During a conference call following the release of the company's earnings, Andy Wilson, PerkinElmer's senior vice president and chief financial officer, said that the company saw mid-single-digit organic revenue growth across all major geographies, highlighting improved results in Europe and stable demand in China.

Revenues for the company's human health business for the quarter dipped slightly to $341.7 million from $343 million in the same quarter a year ago, while revenues for its environmental health business increased by about 4 percent to $222.4 million from $213.6 million in Q2 2014. On an organic basis, human health revenues increased 5 percent and environmental health revenues increased 3 percent year over year.

The company's human health business represented about 61 percent of reported revenue for the quarter, Wilson said on the call, with diagnostics contributing 28 percent and research contributing 33 percent of segment revenue. Meantime, the company's environmental health business represented approximately 39 percent of reported revenues for the quarter, he said.

PerkinElmer posted net income of $49 million, or $.43 per share, compared to net income of $50.5 million, or $.44 per share, for Q2 2014. On an adjusted basis, EPS was $.60, edging the Wall Street estimate of $.59.

The company exited the quarter with $192.2 million in cash and cash equivalents, and $1.6 million in marketable securities and investments.

The firm's R&D expenses grew 7 percent to $32.7 million from $30.4 million, and its SG&A spending dropped slightly $146.7 million from $147.3 million in the year-ago period. PerkinElmer also reported restructuring and contract termination charges of $5 million in the quarter compared to $742,000 for such charges in Q2 2014.

For Q3 2015, the company expects its reported revenues to be in the range of $550 million to $560 million representing approximately 7 percent constant currency revenue growth and organic revenue growth of 4 percent to 5 percent. Adjusted earnings per share for the third quarter is expected be in the range of $0.58 to $0.60, representing 12 percent constant currency adjusted earnings growth, Wilson said.

For full-year 2015, the company forecasts GAAP EPS from continuing operations in the range of $2.00 to $2.05 and adjusted EPS in the range of $2.55 to $2.60, representing 13 percent to 15 percent EPS growth on a constant-currency basis. 

PerkinElmer expects reported revenues for the full year to range from $2.25 billion to $2.3 billion, or about 7 percent growth on a constant currency basis.