On February 1, 2022 PerkinElmer, Inc. (NYSE: PKI), a global leader committed to innovating for a healthier world, reported financial results for the fourth quarter and full year ended January 2, 2022 (Press release, PerkinElmer, FEB 1, 2022, View Source [SID1234607574]).

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Fourth Quarter 2021

The Company reported GAAP earnings per share from continuing operations of $1.41, as compared to GAAP earnings per share from continuing operations of $3.38 in the fourth quarter of 2020. GAAP revenue for the quarter was $1.36 billion, as compared to $1.35 billion in the fourth quarter of 2020. GAAP operating income from continuing operations for the quarter was $310 million, as compared to $510 million for the same period a year ago. GAAP operating profit margin was 22.7% as a percentage of revenue, as compared to 37.7% in the fourth quarter of 2020.

Adjusted earnings per share from continuing operations for the quarter was $2.56, as compared to $3.96 in the fourth quarter of 2020. Adjusted revenue for the quarter was $1.36 billion, as compared to $1.36 billion in the fourth quarter of 2020. Adjusted operating income from continuing operations for the quarter was $459 million, as compared to $571 million for the same period a year ago. Adjusted operating profit margin was 33.6% as a percentage of adjusted revenue, as compared to 42.2% in the fourth quarter of 2020.

Full Year 2021

The Company reported GAAP earnings per share from continuing operations of $7.99 in 2021, as compared to GAAP earnings per share from continuing operations of $6.50 in 2020. GAAP revenue for the year was $5.067 billion, as compared to $3.783 billion in 2020. GAAP operating income from continuing operations for the year was $1,332 million, as compared to $979 million in 2020. GAAP operating profit margin was 26.3% as a percentage of revenue, as compared to 25.9% in 2020.

Adjusted earnings per share from continuing operations for the year was $11.36, as compared to $8.30 in 2020. Adjusted revenue for the year was $5.070 billion, as compared to $3.784 billion in 2020. Adjusted operating income from continuing operations for the year was $1.771 billion, as compared to $1.203 billion in 2020. Adjusted operating profit margin was 34.9% as a percentage of adjusted revenue, as compared to 31.8% in 2020.

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

"The last three years have been a period of positive transformation for the Company, which we accomplished through agility, teamwork and perseverance," said Prahlad Singh, president and chief executive officer of PerkinElmer. "Thanks to these efforts, I believe we are better positioned than ever to serve as a trusted, strategic partner of choice for our customers, while ensuring we create an inspiring and engaging place to work for our employees."

Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2021

Discovery & Analytical Solutions

Fourth quarter 2021 revenue was $655 million, as compared to $503 million for the fourth quarter of 2020. Reported revenue increased 30% and organic revenue increased 9% as compared to the fourth quarter of 2020. Full year 2021 revenue was $2.135 billion, as compared to $1.716 billion in 2020. Full year reported revenue increased 24% and organic revenue increased 12%.
Fourth quarter 2021 operating income from continuing operations was $76 million, as compared to $73 million for the fourth quarter of 2020. Full year 2021 operating income was $190 million, as compared to $183 million in 2020.
Fourth quarter 2021 adjusted operating income was $144 million, as compared to $92 million for the fourth quarter of 2020. Full year 2021 adjusted operating income was $415 million, as compared to $267 million in 2020.
Diagnostics

Fourth quarter 2021 revenue was $709 million, as compared to $852 million for the fourth quarter of 2020. Reported revenue decreased 17% and organic revenue decreased 20% as compared to the fourth quarter of 2020. Full year 2021 revenue was $2.932 billion, as compared to $2.067 billion in 2020. Full year reported revenue increased 42% and organic revenue increased 35%.
Fourth quarter 2021 operating income from continuing operations was $254 million, as compared to $460 million for the fourth quarter of 2020. Full year 2021 operating income was $1.220 billion, as compared to $874 million in 2020.
Fourth quarter 2021 adjusted operating income was $335 million, as compared to $502 million for the fourth quarter of 2020. Full year 2021 adjusted operating income was $1.433 billion, as compared to $1.010 billion in 2020.
Initiates First Quarter and Full Year 2022 Guidance

For the first quarter of 2022, the Company forecasts revenue of approximately $1.17-1.19 billion and adjusted earnings per share of $2.05-$2.10.

For the full year 2022, the Company forecasts revenue of $4.42-$4.50 billion and adjusted earnings per share of $6.80-$7.00.

Guidance for the first 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.

Conference Call and Webcast Information

The Company will discuss its fourth quarter and full year 2021 results and its outlook for business trends during a conference call on February 1, 2022 at 5:00 p.m. Eastern Time. A live audio webcast of the call will be available on the Investors section of the Company’s website, www.perkinelmer.com.

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.