PerkinElmer, Inc. (PKI)

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PerkinElmer (PKI)

Q2 2011 Earnings Call

August 04, 2011 5:00 pm ET

Executives

David Francisco - Assistant Treasurer of Perkinelmer Las Inc. and Assistant Treasurer of Perkinelmer Automotive Research Inc

Robert Friel - Chairman, Chief Executive Officer, President, Chairman of Executive Committee and Member of Finance Committee

Frank Wilson - Chief Financial Officer and Senior Vice President

Analysts

Jonathan Groberg - Macquarie Research

Quintin Lai - Robert W. Baird & Co. Incorporated

Paul Knight - Credit Agricole Securities (USA) Inc.

Daniel Arias - UBS Investment Bank

Peter Lawson - Mizuho Securities USA Inc.

Isaac Ro - Goldman Sachs Group Inc.

Jon Wood - Jefferies & Company, Inc.

Unknown Analyst -

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Second Quarter 2011 PerkinElmer Earnings Conference Call. My name is Kathy, and I will be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to your host for today's call, Mr. David Francisco, Vice President of Investor Relations. Please proceed.

David Francisco

Thank you. Good afternoon, and welcome to the PerkinElmer Second Quarter 2011 Earnings Conference Call. With me on the call are Rob Friel, Chairman and Chief Executive Officer; and Andy Wilson, Senior Vice President and Chief Financial Officer.

If you have not received a copy of our earnings press release, you may get one from the Investors Section of our website at perkinelmer.com or from our toll-free investor hotline at 1-877-PKI-NYSE. Please note this call is being webcast live and will be archived on our website until August 18, 2011.

Before we begin, we need to remind everyone of the Safe Harbor statements that we’ve outlined in our earnings press release issued earlier this afternoon and also those in our SEC filings. Any forward-looking statements made today represent our views only as of today. We disclaim any obligation to update forward-looking statements in the future, even if our estimates change. So you should not rely on any of today's forward-looking statements as representing our views as of any date after today.

During this call, we will be referring to certain non-GAAP financial measures. A reconciliation of the non-GAAP financial measures we plan to use during this call to the most directly comparable GAAP measures is available as an attachment to our earnings press release. To the extent that we use non-GAAP financial measures during this call that are not reconciled to GAAP in that attachment, we will provide reconciliations promptly.

I am now pleased to introduce the Chairman and Chief Executive Officer of PerkinElmer, Rob Friel.

Robert Friel

Thanks, Dave. Good afternoon, and thank you for joining us. I'm pleased to report another very good quarter for PerkinElmer. From a financial perspective, we continued to deliver strong results, exceeding our guidance in both the top and bottom line. Revenue grew 14%, our fifth consecutive quarter of double-digit growth. And adjusted EPS grew 27%. We're particularly pleased with the growth year-over-year, as we had some difficult comparisons given the very strong quarter we had in Q2 last year.

In addition to the strong financial results, in the second quarter, we continued to expand the capabilities of the company and invest to improve our growth profile through acquisitions, as well as internal investments in R&D. In the second quarter, we further expanded our presence in emerging markets, such as China, the Middle East and Africa with targeted applications. In particular, we made good progress with the launch of our new high-sensitivity kits for hepatitis and sexually transmitted diseases in China, and experienced strong demand in the Middle East to meet the rising need for better newborn screening capabilities, including a large installation in Saudi Arabia, which follows our major installation in Cairo earlier this year.

In addition, we obtained our first sickle cell amenia screening orders in Africa, a region with high-incidence levels, to provide earlier diagnosis for management of this disease. We also launched a series of innovations within our market-leading inorganic analysis portfolio, targeted at helping customers ensure safer order, food and pharmaceuticals. The label-free EnSpire plate reader, which we introduced last quarter, continues to experience strong receptivity, as scientists look to improve the discovery of potential new therapeutic targets.

Our OneSource Laboratory Service business continues to experience good growth and is gaining traction expanding outside of its traditional pharmaceutical base, evidenced by the recent addition of a significant new account in environmental testing.

During the quarter, we were able to further expand PerkinElmer's current Medical Imaging portfolio with the acquisition of Dexela, providing customers with high-speed, high-resolution CMOS technology. This technology is complementary to our amorphous silicon-based technology in key areas, such as surgery, dental, cardiology and mammography. And as the only provider of both amorphous silicon and CMOS capabilities, we can now provide the technology that best fits our customers' specific applications.

As I mentioned last quarter, the growing challenge for customers is managing and interpreting large amounts of data. A key area of focus for us is helping customers overcome these data challenges by providing enterprise-wide knowledge solutions. During the second quarter, we continued to expand our capabilities in the area of informatics, with the addition of Labtronics, which uniquely positions us to deploying Electronic Laboratory Notebook solution across our global customers' entire value chain, from research to manufacturing. Combined with our service and instrument capabilities, we are increasing our ability to closely collaborate and partner with our customers across a broad set of laboratory note needs in order to generate higher-value solutions.

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