PerkinElmer reported strong profit and revenue growth for 2012 and expects to see greater expansion of its human health division—which includes laboratory services—during 2013. The Waltham, Mass.-based PerkinElmer reported 2012 net income of $69.9 million on revenue of $2.1 billion. That compares to net income of $7.7 million on revenue of $1.9 billion for calendar 2011. However, the company posted a $15.9 million loss on revenue of $572.9 million for the fourth quarter, ending Dec. 31. Much of the loss was related to charges involved with trademark names and pension plan adjustments. “We are pleased with our strong finish to 2012, particularly in light of difficult year-over-year comparisons in the fourth quarter,” said PerkinElmer Chief Executive Officer Robert Friel. “This performance caps another solid year of revenue growth and adjusted operating margin expansion.” Overall cash flow for 2012 was $153.6 million, compared to $234 million in 2011. It was dragged down by pension plan contributions, tax payments, what the company termed “incremental working capital,” and additional royalty payments. However, Friel was bullish on 2013. He noted the company’s investments in China, particularly its purchase last year of that nation’s blood testing giant Shanghai Haoyuan Biotech Co. Ltd., and in Eastern […]
PerkinElmer reported strong profit and revenue growth for 2012 and expects to see greater expansion of its human health division—which includes laboratory services—during 2013.
The Waltham, Mass.-based PerkinElmer reported 2012 net income of $69.9 million on revenue of $2.1 billion. That compares to net income of $7.7 million on revenue of $1.9 billion for calendar 2011.
However, the company posted a $15.9 million loss on revenue of $572.9 million for the fourth quarter, ending Dec. 31. Much of the loss was related to charges involved with trademark names and pension plan adjustments.
“We are pleased with our strong finish to 2012, particularly in light of difficult year-over-year comparisons in the fourth quarter,” said PerkinElmer Chief Executive Officer Robert Friel. “This performance caps another solid year of revenue growth and adjusted operating margin expansion.”
Overall cash flow for 2012 was $153.6 million, compared to $234 million in 2011. It was dragged down by pension plan contributions, tax payments, what the company termed “incremental working capital,” and additional royalty payments.
However, Friel was bullish on 2013. He noted the company’s investments in China, particularly its purchase last year of that nation’s blood testing giant Shanghai Haoyuan Biotech Co. Ltd., and in Eastern Europe. Offshore revenue now comprises nearly 30 percent of the companywide total—and it is expected to grow further—according to Friel. He also believes a collaboration with Verinata to distribute its noninvasive prenatal test will also create long-term benefits. “We believe incorporating Verinata . . . puts us in a leadership position in prenatal health,” he said.
For 2013, the company projected revenue would grow in the mid-single-digits. And while profit margins are expected to be under pressure during the first part of the year, Friel believes they will grow significantly during the second half—the result of increased investments in research and development.
