PerkinElmer Announces Financial Results for the Second Quarter of 2021

• Revenue of $1.228 billion; 51% reported growth; 41% organic growth
• GAAP EPS from continuing operations of $2.19; Adjusted EPS of $2.83
• Initiates Third Quarter and Raises Full-Year Revenue and Earnings Guidance
• Announces Agreement to Acquire BioLegend – Leading Antibody & Research Reagent Provider

Earnings Call Moved to Today at 8:00 a.m. Eastern Time; Dial-in Information Below

WALTHAM, Mass.–(BUSINESS WIRE)–PerkinElmer, Inc. (NYSE: PKI), a global leader committed to innovating for a healthier world, today reported financial results for the second quarter ended July 4, 2021.

The Company reported GAAP earnings per share from continuing operations of $2.19, as compared to GAAP earnings per share from continuing operations of $1.23 in the second quarter of 2020. GAAP revenue for the quarter was $1.228 billion, as compared to $812 million in the second quarter of 2020. GAAP operating income from continuing operations for the quarter was $332 million, as compared to $176 million for the same period a year ago. GAAP operating profit margin was 27.1% as a percentage of revenue, as compared to 21.6% in the second quarter of 2020.

Adjusted earnings per share from continuing operations for the quarter was $2.83, as compared to $1.57 in the second quarter of 2020. Adjusted revenue for the quarter was $1.229 billion, as compared to $812 million in the second quarter of 2020. Adjusted operating income from continuing operations for the quarter was $411 million, as compared to $228 million for the same period a year ago. Adjusted operating profit margin was 33.5% as a percentage of adjusted revenue, as compared to 28.1% in the second quarter of 2020.

Adjustments for the Company’s non-GAAP financial measures have been noted in the attached reconciliations.

“The organization continues to perform extremely well through the first half of 2021. Underpinned by the strategic pillars we highlighted at our recent Analyst Day and now the exciting addition of BioLegend, PerkinElmer is well positioned to execute on both our near- and long-term goals,” said Prahlad Singh, president and chief executive officer of PerkinElmer. “The tremendous efforts by the more than 14,000 PerkinElmer employees across the globe have been instrumental in transforming the company into what it is today. I could not be more excited for what is to come in the years ahead.”

Financial Overview by Reporting Segment for the Second Quarter

Discovery & Analytical Solutions

• Second quarter 2021 revenue was $513 million, as compared to $391 million for the second quarter of 2020. Reported revenue increased 31% and organic revenue increased 22% as compared to the second quarter of 2020.

• Second quarter 2021 operating income from continuing operations was $64 million, as compared to $39 million for the comparable prior period.

• Second quarter 2021 adjusted operating income was $101 million, as compared to $57 million for the second quarter of 2020.

Diagnostics

• Second quarter 2021 revenue was $716 million, as compared to $421 million for the second quarter of 2020. Reported revenue increased 70% and organic revenue increased 59% as compared to the second quarter of 2020.

• Second quarter 2021 operating income from continuing operations was $286 million, as compared to $160 million for the comparable prior period.

• Second quarter 2021 adjusted operating income was $328 million, as compared to $190 million for the second quarter of 2020.

Initiates Third Quarter Guidance and Raises Full Year 2021 Guidance

For the third quarter of 2021, the Company forecasts adjusted revenue of approximately $1.00 billion and adjusted earnings per share of $1.62.

For the full year of 2021, the Company now forecasts adjusted revenue of $4.57 billion and adjusted earnings per share of $9.88.

Guidance for the third quarter and full year is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP.

Announces Acquisition of BioLegend

The Company has also announced today that it has reached an agreement to acquire BioLegend, a leading manufacturer of innovative antibodies and research reagents for $5.25 billion. Please see today’s separate release for additional details on this transaction.

Conference Call Information

The Company will discuss its second quarter 2021 results, its outlook for business trends, and its acquisition of BioLegend in a conference call on July 26, 2021 at 8:00 a.m. Eastern Time. To access the call, please dial 720-405-2250 prior to the scheduled conference call time and provide the access code 9275741.

A live audio webcast of the call will be available on the Investors section of the Company’s website, www.perkinelmer.com. Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Company’s website for a two-week period beginning approximately two hours after the call.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below following our GAAP financial statements.

Factors Affecting Future Performance

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as “believes,” “intends,” “anticipates,” “plans,” “expects,” “projects,” “forecasts,” “will” and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management’s current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions, such as BioLegend, and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) the United Kingdom’s withdrawal from the European Union; (21) our ability to obtain future financing; (22) restrictions in our credit agreements; (23) discontinuation or replacement of LIBOR; (24) significant fluctuations in our stock price; (25) reduction or elimination of dividends on our common stock; and (26) other factors which we describe under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

About PerkinElmer

PerkinElmer, Inc. is a global leader focused on innovating for a healthier world. The Company reported revenue of approximately $3.8 billion in 2020, has about 14,000 employees serving customers in more than 190 countries, and is a component of the S&P 500 Index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com.

PerkinElmer, Inc. and Subsidiaries
CONDENSED CONSOLIDATED INCOME STATEMENTS
		Three Months Ended						Six Months Ended
(In thousands, except per share data)		July 4, 2021			July 5, 2020			July 4, 2021			July 5, 2020
Revenue		$1,228,471			$811,718			$2,536,160			$1,464,114
Cost of revenue		543,277			364,374			1,065,820			708,747
Selling, general and administrative expenses		281,819			221,026			533,229			429,595
Research and development expenses		65,824			49,521			126,040			98,435
Restructuring and other, net		5,063			1,158			10,807			7,016
Operating income from continuing operations		332,488			175,639			800,264			220,321
Interest income		(367	)		(192	)		(778	)		(457	)
Interest expense		16,750			11,586			30,876			25,251
Change in fair value of financial securities		(8,633	)		–			(27,931	)		–
Other income, net		(1,319	)		(582	)		(8,442	)		(3,989	)
Income from continuing operations, before income taxes		326,057			164,827			806,539			199,516
Provision for income taxes		80,089			27,614			181,228			28,588
Income from continuing operations		245,968			137,213			625,311			170,928
Loss on disposition of discontinued operations, before income taxes		–			–			–			–
Provision for income taxes on discontinued operations and dispositions		38			51			76			101
Loss from discontinued operations and dispositions		(38	)		(51	)		(76	)		(101	)
Net income		$245,930			$137,162			$625,235			$170,827
Diluted earnings per share:
Income from continuing operations		$2.19			$1.23			$5.56			$1.53
Loss from discontinued operations and dispositions		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Net income		$2.19			$1.23			$5.56			$1.53
Weighted average diluted shares of common stock outstanding		112,417			111,869			112,456			111,756

	ABOVE PREPARED IN ACCORDANCE WITH GAAP
	Additional Supplemental Information (1):
	(per share, continuing operations)
	GAAP EPS from continuing operations		$2.19			$1.23			$5.56			$1.53
	Amortization of intangible assets		0.53			0.42			1.01			0.84
	Purchase accounting adjustments		0.03			0.01			0.07			(0.09	)
	Acquisition and divestiture-related costs		0.09			(0.05	)		0.13			0.06
	Change in fair value of financial securities		(0.08	)		–			(0.25	)		–
	Significant litigation matters and settlements		–			0.03			–			0.03
	Significant environmental matters		–			0.05			–			0.05
	Restructuring and other, net		0.05			0.01			0.10			0.06
	Tax on above items		(0.11	)		(0.13	)		(0.21	)		(0.25	)
	Significant tax items		0.13			–			0.13			–
	Adjusted EPS		$2.83			$1.57			$6.55			$2.24
	(1) amounts may not sum due to rounding

PerkinElmer, Inc. and Subsidiaries
REVENUE AND OPERATING INCOME (LOSS)
				Three Months Ended						Six Months Ended
(In thousands, except percentages)				July 4, 2021			July 5, 2020			July 4, 2021			July 5, 2020
DAS		Reported revenue		$512,829			$391,002			$967,438			$789,397
		Purchase accounting adjustments		822			–			1,849			–
		Adjusted revenue		513,651			391,002			969,287			789,397
		Reported operating income from continued operations		64,155			39,430			107,102			67,943
		OP%		12.5	%		10.1	%		11.1	%		8.6	%
		Amortization of intangible assets		23,072			20,506			43,492			41,216
		Purchase accounting adjustments		1,473			136			3,649			(11,334	)
		Acquisition and divestiture-related costs		8,597			(5,486	)		14,505			6,833
		Significant litigation matters and settlements		–			2,001			–			2,399
		Restructuring and other, net		3,615			845			7,744			4,754
		Adjusted operating income		100,912			57,432			176,492			111,811
		Adjusted OP%		19.6	%		14.7	%		18.2	%		14.2	%
Diagnostics		Reported revenue		715,642			420,716			1,568,722			674,717
		Purchase accounting adjustments		199			196			398			392
		Adjusted revenue		715,841			420,912			1,569,120			675,109
		Reported operating income from continued operations		286,280			160,300			727,747			189,891
		OP%		40.0	%		38.1	%		46.4	%		28.1	%
		Amortization of intangible assets		36,489			26,211			70,226			52,751
		Purchase accounting adjustments		2,107			1,336			4,378			1,765
		Acquisition and divestiture-related costs		2,051			263			5,810			305
		Significant litigation matters and settlements		–			1,200			–			1,245
		Restructuring and other, net		1,448			313			3,063			2,262
		Adjusted operating income		328,375			189,623			811,224			248,219
		Adjusted OP%		45.9	%		45.1	%		51.7	%		36.8	%
Corporate		Reported operating loss		(17,947	)		(24,091	)		(34,585	)		(37,513	)
		Significant environmental matters		–			5,242			–			5,242
		Adjusted operating loss		(17,947	)		(18,849	)		(34,585	)		(32,271	)
Continuing Operations		Reported revenue		$1,228,471			$811,718			$2,536,160			$1,464,114
		Purchase accounting adjustments		1,021			196			2,247			392
		Adjusted revenue		1,229,492			811,914			2,538,407			1,464,506
		Reported operating income from continued operations		332,488			175,639			800,264			220,321
		OP%		27.1	%		21.6	%		31.6	%		15.0	%
		Amortization of intangible assets		59,561			46,717			113,718			93,967
		Purchase accounting adjustments		3,580			1,472			8,027			(9,569	)
		Acquisition and divestiture-related costs		10,648			(5,223	)		20,315			7,138
		Significant litigation matters and settlements		–			3,201			–			3,644
		Significant environmental matters		–			5,242			–			5,242
		Restructuring and other, net		5,063			1,158			10,807			7,016
		Adjusted operating income		$411,340			$228,206			$953,131			$327,759
		Adjusted OP%		33.5	%		28.1	%		37.5	%		22.4	%
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP

PerkinElmer, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)		July 4, 2021		January 3, 2021
Current assets:
Cash and cash equivalents		$572,810		$402,036
Accounts receivable, net		992,602		1,155,109
Inventories, net		513,429		514,567
Other current assets		181,151		167,208
Total current assets		2,259,992		2,238,920
Property, plant and equipment, net		379,065		368,304
Operating lease right-of-use assets		208,494		207,236
Intangible assets, net		1,561,534		1,365,693
Goodwill		3,844,070		3,447,114
Other assets, net		486,306		333,048
Total assets		$8,739,461		$7,960,315
Current liabilities:
Current portion of long-term debt		$4,669		$380,948
Accounts payable		324,711		327,325
Accrued expenses and other current liabilities		793,443		943,916
Total current liabilities		1,122,823		1,652,189
Long-term debt		2,348,523		1,609,701
Long-term liabilities		838,974		774,531
Operating lease liabilities		189,334		188,402
Total liabilities		4,499,654		4,224,823
Total stockholders’ equity		4,239,807		3,735,492
Total liabilities and stockholders’ equity		$8,739,461		$7,960,315
PREPARED IN ACCORDANCE WITH GAAP

PerkinElmer, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
		Three Months Ended						Six Months Ended
		July 4, 2021			July 5, 2020			July 4, 2021			July 5, 2020
		(In thousands)						(In thousands)
Operating activities:
Net income		$245,930			$137,162			$625,235			$170,827
Loss from discontinued operations and dispositions, net of income taxes		38			51			76			101
Income from continuing operations		245,968			137,213			625,311			170,928
Adjustments to reconcile income from continuing operations
to net cash provided by continuing operations:
Stock-based compensation		7,204			9,604			12,361			12,654
Restructuring and other, net		5,063			1,158			10,807			7,016
Depreciation and amortization		75,636			59,289			145,822			120,047
Change in fair value of contingent consideration		237			879			477			(11,446	)
Amortization of deferred debt financing costs and accretion of discounts		828			935			1,724			1,642
Change in fair value of financial securities		(8,633	)		–			(27,931	)		–
Amortization of acquired inventory revaluation		2,322			397			5,303			1,485
Loss on disposition of businesses and assets, net		–			485			–			485
Changes in assets and liabilities which provided (used) cash, excluding
effects from companies acquired:
Accounts receivable, net		(9,920	)		(76,288	)		155,270			4,312
Inventories		22,246			(71,949	)		7,239			(126,707	)
Accounts payable		(21,747	)		17,744			(26,795	)		20,907
Accrued expenses and other		(31,342	)		59,130			(148,226	)		(2,677	)
Net cash provided by operating activities of continuing operations		287,862			138,597			761,362			198,646
Investing activities:
Capital expenditures		(20,364	)		(16,650	)		(34,675	)		(37,138	)
Purchases of investments		(10,507	)		(5,755	)		(14,507	)		(7,393	)
Proceeds from surrender of life insurance policies		–			79			–			131
Proceeds from disposition of businesses and assets		–			1,755			–			1,815
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired		(259,154	)		(2,990	)		(702,697	)		(2,990	)
Net cash used in investing activities of continuing operations		(290,025	)		(23,561	)		(751,879	)		(45,575	)
Financing Activities:
Payments on borrowings		(20,000	)		(149,000	)		(763,545	)		(290,000	)
Proceeds from borrowings		145,000			63,000			729,000			188,000
Payments of senior debt		(339,605	)		–			(339,605	)
Proceeds from sale of senior debt		–			–			799,856			–
Payments of debt financing costs		(360	)		–			(8,242	)		–
Settlement of cash flow hedges		(11,940	)		(3,671	)		(5,935	)		5,037
Net payments on other credit facilities		(2,027	)		(1,753	)		(11,826	)		(6,036	)
Payments for acquisition-related contingent consideration		–			(5,200	)		–			(5,200	)
Proceeds from issuance of common stock under stock plans		9,198			8,968			14,185			10,074
Purchases of common stock		(30,145	)		(327	)		(72,924	)		(6,669	)
Dividends paid		(7,845	)		(7,791	)		(15,697	)		(15,572	)
Net cash (used in) provided by financing activities of continuing operations		(257,724	)		(95,774	)		325,267			(120,366	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(3,810	)		5,510			(10,659	)		(4,658	)
Net (decrease) increase in cash, cash equivalents, and restricted cash		(263,697	)		24,772			324,091			28,047
Cash, cash equivalents, and restricted cash at beginning of period		990,401			195,169			402,613			191,894
Cash, cash equivalents, and restricted cash at end of period		$726,704			$219,941			$726,704			$219,941
Supplemental disclosure of cash flow information:
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows:
Cash and cash equivalents		$572,810			$218,536			$572,810			$218,536
Restricted cash included in other current assets		1,750			1,405			1,750			1,405
Restricted cash included in other assets		152,144			–			152,144			–
Total cash, cash equivalents and restricted cash		$726,704			$219,941			$726,704			$219,941
PREPARED IN ACCORDANCE WITH GAAP

PerkinElmer, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
(In millions, except per share data and percentages)		PKI
		Three Months Ended
		July 4, 2021						July 5, 2020
Adjusted revenue:
Revenue		$1,228.5						$811.7
Purchase accounting adjustments		1.0						0.2
Adjusted revenue		$1,229.5						$811.9
Adjusted gross margin:
Gross margin		$685.2			55.8	%		$447.3			55.1	%
Amortization of intangible assets		22.7			1.8	%		16.0			2.0	%
Purchase accounting adjustments		3.3			0.3	%		0.6			0.1	%
Adjusted gross margin		$711.2			57.8	%		$463.9			57.1	%
Adjusted SG&A:
SG&A		$281.8			22.9	%		$221.0			27.2	%
Amortization of intangible assets		(36.9	)		-3.0	%		(30.7	)		-3.8	%
Purchase accounting adjustments		(0.2	)		0.0	%		(0.9	)		-0.1	%
Acquisition and divestiture-related expenses		(10.6	)		-0.9	%		5.2			0.6	%
Significant litigation matters and settlements		–			0.0	%		(3.2	)		-0.4	%
Significant environmental matters		–			0.0	%		(5.2	)		-0.6	%
Adjusted SG&A		$234.0			19.0	%		$186.2			22.9	%
R&D		$65.8			5.4	%		$49.5			6.1	%
Adjusted operating income:
Operating income		$332.5			27.1	%		$175.6			21.6	%
Amortization of intangible assets		59.6			4.8	%		46.7			5.8	%
Purchase accounting adjustments		3.6			0.3	%		1.5			0.2	%
Acquisition and divestiture-related costs		10.6			0.9	%		(5.2	)		-0.6	%
Significant litigation matters and settlements		–			0.0	%		3.2			0.4	%
Significant environmental matters		–			0.0	%		5.2			0.6	%
Restructuring and other, net		5.1			0.4	%		1.2			0.1	%
Adjusted operating income		$411.3			33.5	%		$228.2			28.1	%
		PKI
		Three Months Ended
		July 4, 2021						July 5, 2020
Adjusted EPS:
GAAP EPS		$2.19						$1.23
Discontinued operations, net of income taxes		(0.00	)					(0.00	)
GAAP EPS from continuing operations		2.19						1.23
Amortization of intangible assets		0.53						0.42
Purchase accounting adjustments		0.03						0.01
Acquisition and divestiture-related costs		0.09						(0.05	)
Change in fair value of financial securities		(0.08	)					–
Significant litigation matters and settlements		–						0.03
Significant environmental matters		–						0.05
Restructuring and other, net		0.05						0.01
Tax on above items		(0.11	)					(0.13	)
Significant tax items		0.13						–
Adjusted EPS		$2.83						$1.57
		DAS
		Three Months Ended
		July 4, 2021						July 5, 2020
Adjusted revenue:
Revenue		$512.8						$391.0
Purchase accounting adjustments		0.8						–
Adjusted revenue		$513.7						$391.0
Adjusted operating income:
Operating income		$64.2			12.5	%		$39.4			10.1	%
Amortization of intangible assets		23.1			4.5	%		20.5			5.2	%
Purchase accounting adjustments		1.5			0.3	%		0.1			0.0	%
Acquisition and divestiture-related costs		8.6			1.7	%		(5.5	)		-1.4	%
Significant litigation matters and settlements		–			0.0	%		2.0			0.5	%
Restructuring and other, net		3.6			0.7	%		0.8			0.2	%
Adjusted operating income		$100.9			19.6	%		$57.4			14.7	%
		Diagnostics
		Three Months Ended
		July 4, 2021						July 5, 2020
Adjusted revenue:
Revenue		$715.6						$420.7
Purchase accounting adjustments		0.2						0.2
Adjusted revenue		$715.8						$420.9
Adjusted operating income:
Operating income		$286.3			40.0	%		$160.3			38.1	%
Amortization of intangible assets		36.5			5.1	%		26.2			6.2	%
Purchase accounting adjustments		2.1			0.3	%		1.3			0.3	%
Acquisition and divestiture-related costs		2.1			0.3	%		0.3			0.1	%
Significant litigation matters and settlements		–			0.0	%		1.2			0.3	%
Restructuring and other, net		1.4			0.2	%		0.3			0.1	%
Adjusted operating income		$328.4			45.9	%		$189.6			45.1	%
(1) amounts may not sum due to rounding

PerkinElmer, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
(In millions, except per share data and percentages)		PKI
		Six Months Ended
		July 4, 2021						July 5, 2020
Adjusted revenue:
Revenue		$2,536.2						$1,464.1
Purchase accounting adjustments		2.2						0.4
Adjusted revenue		$2,538.4						$1,464.5
Adjusted gross margin:
Gross margin		$1,470.3			58.0	%		$755.4			51.6	%
Amortization of intangible assets		43.0			1.7	%		32.1			2.2	%
Purchase accounting adjustments		7.6			0.3	%		1.9			0.1	%
Adjusted gross margin		$1,520.9			59.9	%		$789.3			53.9	%
Adjusted SG&A:
SG&A		$533.2			21.0	%		$429.6			29.3	%
Amortization of intangible assets		(70.7	)		-2.8	%		(61.9	)		-4.2	%
Purchase accounting adjustments		(0.5	)		0.0	%		11.4			0.8	%
Acquisition and divestiture-related expenses		(20.3	)		-0.8	%		(7.1	)		-0.5	%
Significant litigation matters and settlements		–			0.0	%		(3.6	)		-0.2	%
Significant environmental matters		–			0.0	%		(5.2	)		-0.4	%
Adjusted SG&A		$441.7			17.4	%		$363.1			24.8	%
R&D		$126.0			5.0	%		$98.4			6.7	%
Adjusted operating income:
Operating income		$800.3			31.6	%		$220.3			15.0	%
Amortization of intangible assets		113.7			4.5	%		94.0			6.4	%
Purchase accounting adjustments		8.0			0.3	%		(9.6	)		-0.7	%
Acquisition and divestiture-related costs		20.3			0.8	%		7.1			0.5	%
Significant litigation matters and settlements		–			0.0	%		3.6			0.2	%
Significant environmental matters		–			0.0	%		5.2			0.4	%
Restructuring and other, net		10.8			0.4	%		7.0			0.5	%
Adjusted operating income		$953.1			37.5	%		$327.8			22.4	%
		PKI
		Six Months Ended
		July 4, 2021						July 5, 2020
Adjusted EPS:
GAAP EPS		$5.56						$1.53
Discontinued operations		(0.00	)					(0.00	)
GAAP EPS from continuing operations		5.56						1.53
Amortization of intangible assets		1.01						0.84
Purchase accounting adjustments		0.07						(0.09	)
Significant litigation matters and settlements		–						0.03
Significant environmental matters		–						0.05
Acquisition and divestiture-related costs		0.13						0.06
Change in fair value of financial securities		(0.25	)					–
Restructuring and other, net		0.10						0.06
Tax on above items		(0.21	)					(0.25	)
Significant tax items		0.13						–
Adjusted EPS		$6.55						$2.24
		DAS
		Six Months Ended
		July 4, 2021						July 5, 2020
Adjusted revenue:
Revenue		$967.4						$789.4
Purchase accounting adjustments		1.8						–
Adjusted revenue		$969.3						$789.4
Adjusted operating income:
Operating income		$107.1			11.1	%		$67.9			8.6	%
Amortization of intangible assets		43.5			4.5	%		41.2			5.2	%
Purchase accounting adjustments		3.6			0.4	%		(11.3	)		-1.4	%
Acquisition and divestiture-related costs		14.5			1.5	%		6.8			0.9	%
Significant litigation matters and settlements		–			0.0	%		2.4			0.3	%
Restructuring and other, net		7.7			0.8	%		4.8			0.6	%
Adjusted operating income		$176.5			18.2	%		$111.8			14.2	%
		Diagnostics
		Six Months Ended
		July 4, 2021						July 5, 2020
Adjusted revenue:
Revenue		$1,568.7						$674.7
Purchase accounting adjustments		0.4						0.4
Adjusted revenue		$1,569.1						$675.1
Adjusted operating income:
Operating income		$727.7			46.4	%		$189.9			28.1	%
Amortization of intangible assets		70.2			4.5	%		52.8			7.8	%
Purchase accounting adjustments		4.4			0.3	%		1.8			0.3	%
Acquisition and divestiture-related costs		5.8			0.4	%		0.3			0.0	%
Significant litigation matters and settlements		–			0.0	%		1.2			0.2	%
Restructuring and other, net		3.1			0.2	%		2.3			0.3	%
Adjusted operating income		$811.2			51.7	%		$248.2			36.8	%
(1) amounts may not sum due to rounding

Contacts

Investor Relations:

PerkinElmer, Inc.

Steve Willoughby (781) 663-5677

[email protected]

Media Contact:

PerkinElmer, Inc.

Fara Goldberg (781) 663-5699

[email protected]

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