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PerkinElmer Preliminary Q1 Revenues Grow 98 Percent; FDA Issues EUA for PCR COVID-19 Test

NEW YORK – PerkinElmer on Tuesday said that it expects reported revenues for the first quarter to be up 98 percent to about $1.29 billion from $652.4 million in Q1 2020.

Organic revenues are expected to grow 90 percent year over year, the Waltham, Massachusetts-based firm said. Growth was driven by "broad-based momentum" across the entire company, with COVID-19-related revenues contributing about $535 million in revenues for the three months ended April 4. Core, or non-COVID-19, revenues were up 10 percent organically.

PerkinElmer is scheduled to announce its first quarter financial results on May 4.

Separately, the US Food and Drug Administration on Monday issued Emergency Use Authorization for the firm's SARS-CoV-2 RT-qPCR Reagent kit for the qualitative detection of nucleic acid from the coronavirus using oropharyngeal and nasopharyngeal swab specimens from individuals suspected by their healthcare providers of having COVID-19. The test is also authorized for use with anterior nasal swab specimens collected with the Everlywell COVID-19 Test Home Collection Kit, which received EUA in May 2020.

Use of the test is limited to the CLIA-certified PerkinElmer Genomics laboratory in Pittsburgh, the FDA said.