On February 2, 2021 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 3, 2021 (Press release, PerkinElmer, FEB 2, 2021, View Source [SID1234574497]).

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Fourth Quarter 2020

The Company reported GAAP earnings per share from continuing operations of $3.38, as compared to GAAP earnings per share from continuing operations of $0.58 in the fourth quarter of 2019. GAAP revenue for the quarter was $1.355 billion, as compared to $805 million in the fourth quarter of 2019. GAAP operating income from continuing operations for the quarter was $510 million, as compared to $138 million for the same period a year ago. GAAP operating profit margin was 37.7% as a percentage of revenue, as compared to 17.2% in the fourth quarter of 2019.

Adjusted earnings per share from continuing operations for the quarter was $3.96, as compared to $1.35 in the fourth quarter of 2019. Adjusted revenue for the quarter was $1.355 billion, as compared to $806 million in the fourth quarter of 2019. Adjusted operating income from continuing operations for the quarter was $571 million, as compared to $192 million for the same period a year ago. Adjusted operating profit margin was 42.2% as a percentage of adjusted revenue, as compared to 23.9% in the fourth quarter of 2019.

Full Year 2020

The Company reported GAAP earnings per share from continuing operations of $6.50, as compared to GAAP earnings per share from continuing operations of $2.04 in 2019. GAAP revenue for the year was $3.783 billion, as compared to $2.884 billion in 2019. GAAP operating income from continuing operations for the year was $979 million, as compared to $362 million in 2019. GAAP operating profit margin was 25.9% as a percentage of revenue, as compared to 12.6% in 2019.

Adjusted earnings per share from continuing operations for the year was $8.30, as compared to $4.10 in 2019. Adjusted revenue for the year was $3.784 billion, as compared to $2.884 billion in 2019. Adjusted operating income from continuing operations for the year was $1.203 billion, as compared to $596 million in 2019. Adjusted operating profit margin was 31.8% as a percentage of adjusted revenue, as compared to 20.7% in 2019.

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

"While the fourth quarter and full year financial results are certainly impressive, we have many accomplishments beyond the headline financial numbers to be proud of," said Prahlad Singh, president and chief executive officer of PerkinElmer. "The team’s response to the pandemic, and their resolute focus throughout 2020 to be a part of the solution, was humbling and inspiring to watch. As we look ahead, I could not be more excited about the future for PerkinElmer."

Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2020

Discovery & Analytical Solutions

Fourth quarter 2020 revenue was $503 million, as compared to $496 million for the fourth quarter of 2019. Reported revenue increased 1% and organic revenue decreased 2% as compared to the fourth quarter of 2019. Full year 2020 revenue was $1.716 billion, as compared to $1.746 billion in 2019. Full year reported revenue decreased 2% and organic revenue decreased 4%.
Fourth quarter 2020 operating income from continuing operations was $73 million, as compared to $91 million for the comparable prior period. Full year 2020 operating income was $183 million, as compared to $238 million in 2019.
Fourth quarter 2020 adjusted operating income was $92 million, as compared to $116 million for the fourth quarter of 2019. Full year 2020 adjusted operating income was $267 million, as compared to $338 million in 2019.
Diagnostics

Fourth quarter 2020 revenue was $852 million, as compared to $309 million for the fourth quarter of 2019. Reported revenue increased 176% and organic revenue increased 172% as compared to the fourth quarter of 2019. Full year 2020 revenue was $2.067 billion, as compared to $1.138 billion in 2019. Full year reported revenue increased 82% and organic revenue increased 81%.
Fourth quarter 2020 operating income from continuing operations was $460 million, as compared to $61 million for the comparable prior period. Full year 2020 operating income was $874 million, as compared to $189 million in 2019.
Fourth quarter 2020 adjusted operating income was $502 million, as compared to $91 million for the fourth quarter of 2019. Full year 2020 adjusted operating income was $1.010 billion, as compared to $316 million in 2019.
Initiates Financial Guidance: First Quarter and Full Year 2021 Guidance

For the first quarter of 2021, the Company forecasts GAAP revenue of approximately $1.19 billion. GAAP earnings per share from continuing operations of at least $2.52 and, on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of at least $3.00.

For the full year of 2021, the Company forecasts GAAP revenue of at least $4.08 billion. GAAP earnings per share from continuing operations of at least $6.73 and, on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of at least $8.50.

Conference Call Information

The Company will discuss its fourth quarter and full year 2020 results and its outlook for business trends in a conference call on February 2, 2021 at 5:00 p.m. Eastern Time. To access the call, please dial (720) 405-2250 prior to the scheduled conference call time and provide the access code 2779705.

A live audio webcast of the call will be available on the Investors section of the Company’s Web site, 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 Web site 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.