With recent news of layoffs in the lab diagnostics world, Q4 2022 financial results released by three key lab companies over the past week were a mixed bag, with significant revenue losses for two, mainly due to a continued decrease in demand for COVID-19 testing, but modest gains for one.
In last week’s snapshot of Q4 2022 earnings by lab companies:
Qiagen
Molecular testing solution provider Qiagen was the first to release its fourth-quarter and full-year results for 2022 last week on Feb. 7. While net sales declined 14 percent compared with Q4 2021, likely due to a 61 percent drop in sales of COVID-19 products at constant exchange rates (CER), the company saw a 15 percent increase in sales of non-COVID-19 products at CER. Overall, net sales dropped five percent in 2022 to $2.14 billion, exceeding the company’s expected results for the year.
Bruker
On Feb. 9, scientific instrument manufacturer Bruker also announced its Q4 2022 results as well as its results for fiscal year (FY) 2022, reporting a modest increase of revenue from $683.5 million in Q4 2021 to $708.4 million for Q4 2022 (3.6%). Overall, Bruker saw an increase of revenue from $2.418 billion in FY 2021 to $2.531 billion in FY 2022, a rise of 4.7 percent.
PerkinElmer
PerkinElmer also had a sunny outlook in announcing its Q4 2022 and full-year 2022 results on Feb. 14, despite reporting revenue losses from continuing operations of 28 percent in Q4 2022 compared with the fourth quarter of 2021 ($741 million for Q4 2022 vs $1,028 million for Q4 2021). For the full year ending January 1, 2023, PerkinElmer’s revenue from continuing operations was $3,312 million, versus $3,828 million in 2021. For the Diagnostics segment in particular, Q4 2022 revenue dropped 44 percent to $394 million, compared to $710 million in Q4 2021. For all of 2022, diagnostics revenue was $2,020 million, versus $2,933 million in 2021, a drop of 31 percent. However, the company saw reported revenue increases in its other sectors. The company forecast a total $2.94 billion revenue from continuing operations for 2023, with the assumption that will come from COVID-19-related sources.
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