Perkinelmer, Inc. (PKI)

Q3 2009 Earnings Call Transcript

October 29, 2009 5:00 pm ET

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Curis, Inc. (NASDAQ:CRIS), a drug development company seeking to develop proprietary targeted medicines for cancer treatment, reported its financial results for the third quarter ended September 30, 2009.

AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG), a biopharmaceutical company focused on the development and commercialization of a therapeutic iron compound to treat anemia and novel imaging agents to aid in the diagnosis of cancer and cardiovascular disease, reported unaudited consolidated financial results for the third quarter and nine months ended September 30, 2009.

King Pharmaceuticals, Inc. (NYSE:KG) announced the Company plans to report financial results for the third quarter ended September 30, 2009 prior to the market open on Thursday, November 5, 2009.

Sucampo Pharmaceuticals, Inc. (NASDAQ:SCMP) announced it will sponsor a conference call to discuss its financial results for the quarter ended September 30, 2009.

Genta Incorporated (OTC:GETA) announced top-line results from AGENDA, the Company’s Phase 3 trial of Genasense® (oblimersen sodium) Injection in patients with advanced melanoma.

Targacept, Inc. (NASDAQ:TRGT), a clinical-stage biopharmaceutical company developing a new class of drugs known as NNR Therapeutics™, announced it will report financial results for the third quarter ended September 30, 2009 on Thursday, November 5, 2009, after the U.S. financial markets close.

Inhibitex, Inc. (Nasdaq:INHX) reported the completion of its previously announced $23 million private placement of common stock and warrants.

Medidata Solutions (Nasdaq:MDSO), a leading global provider of hosted clinical development solutions, announced it will release its third quarter 2009 financial results following the close of the market on Thursday, November 12, 2009.

NPS Pharmaceuticals, Inc. (Nasdaq:NPSP) announced it plans to report its third quarter 2009 financial results on Wednesday, November 4, 2009 at approximately 4:30 p.m. ET.

NeoPharm, Inc. (Other OTC:NEOL.PK) announced the appointment of Dr. Aquilur Rahman to the position of President and CEO of the Company, succeeding Laurence P. Birch, who is stepping down as President and CEO to pursue other opportunities.

ArQule, Inc. (NASDAQ:ARQL) announced it will report its financial results for the third quarter of 2009 in a press release to be issued on Thursday, November 5, 2009 at 7:00 a.m. eastern time.

Phase Forward (NASDAQ:PFWD), a leading provider of data management solutions for clinical trials and drug safety, announced a multi-year contract with renowned eye health company Bausch & Lomb.

Allergan, Inc. (NYSE:AGN) announced operating results for the quarter ended September 30, 2009. Allergan also announced its Board of Directors has declared a third quarter dividend of $0.05 per share, payable on November 30, 2009 to stockholders of record on November 9, 2009.

Medidata Solutions (Nasdaq: MDSO), a leading global provider of hosted clinical development solutions, announced members of its executive team will deliver the following presentations at key industry events in November:  1st DIA China Annual Meeting November 2-3, 2009, Beijing, China.

XenoPort, Inc. (Nasdaq:XNPT) announced it will release its third quarter financial results on November 3, 2009 at approximately 4:00 p.m. Eastern Time.

Celldex Therapeutics, Inc. (NASDAQ:CLDX) announced positive results from Phase 1 studies of CDX-1307 in patients with advanced epithelial cancers, including breast, colon, bladder and pancreatic cancer.

Students at The Pennington School will have an unprecedented opportunity this year to conduct hands-on, high-tech science projects, thanks to sophisticated science equipment donated by Bristol-Myers Squibb Company (NYSE:BMY).

PerkinElmer, Inc. (NYSE:PKI), a global leader focused on improving the health and safety of people and the environment, reported financial results for the third quarter ended October 4, 2009.

Exelixis, Inc. (Nasdaq:EXEL) reported financial results for the third quarter ended September 30, 2009.

PharMerica Corporation (NYSE:PMC), a national provider of institutional pharmacy and hospital pharmacy management services, reported the results of its third quarter of 2009 and nine months ended September 30, 2009.

Human Genome Sciences, Inc. (Nasdaq:HGSI) announced financial results for the quarter ended September 30, 2009, and provided highlights of recent key developments.

ImmunoGen, Inc. (Nasdaq:IMGN), a biotechnology company develops targeted anticancer products using its antibody expertise and Targeted Antibody Payload (TAP) technology, announced financial results for the three-month period ended September 30, 2009 – the first quarter of the Company’s 2010 fiscal year (1QFY10).

Dynavax Technologies Corporation (Nasdaq:DVAX) announced the first clinical data for HEPLISAVTM investigational hepatitis B vaccine in chronic kidney disease patients.

Cumberland Pharmaceuticals Inc. (Nasdaq:CPIX) and Phebra Pty Ltd., an Australian-based specialty pharmaceutical company, announced they have entered into an exclusive partnership for the commercialization of Caldolor® (ibuprofen) Injection in Australia and New Zealand.

Synovis Life Technologies, Inc. (Nasdaq:SYNO), a leading biomaterial and surgical products company, will present at the Oppenheimer 20th Annual Healthcare Conference at 3:30 p.m. CT (4:30 p.m. ET) on Tuesday, Nov. 3, 2009, at the Waldorf Astoria Hotel in New York City.

Novavax, Inc. (Nasdaq:NVAX) a clinical-stage vaccine company, announced Dr. Rahul Singhvi, President and Chief Executive Officer, will be presenting at the Oppenheimer 20th Annual Healthcare Conference.

Depomed, Inc. (NASDAQ:DEPO) reported financial results for the third quarter ended September 30, 2009.

Perrigo Company (Nasdaq:PRGO) announced its Board of Directors declared a quarterly dividend of $0.0625 per share, payable on December 15, 2009 to shareholders of record on November 27, 2009.

Transgenomic Inc. (OTC:TBIO) announces the following Webcast: What: Transgenomic Inc. Third Quarter 2009 Earnings Release Conferece Call When: Thursday, November 5, 2009 @ 5:00 p.m. Eastern Where: http://www.transgenomic.com/events.asp?id=6 How:Live over the Internet -- Simply log on to the web at the address above. Contact:Investor Relations, 402-452-5400

Hospira, Inc. (NYSE:HSP) celebrates the 25th anniversary of its market-leading patient-controlled analgesia (PCA) infusion system. Introduced in 1984, Hospira's PCA was the first pump of its kind, revolutionizing pain management.

IntriCon Corporation (NASDAQ:IIN), a designer, developer, manufacturer and distributor of body-worn medical and electronics devices, announced it will be presenting at the 2009 TechAmerica AeA Classic Financial Conference on Tuesday, Nov. 3, 2009, at 9:05 a.m. PT.

Pfizer Inc. (NYSE:PFE) announced its Board of Directors has approved giving shareholders an advisory vote on executive compensation.

Merck & Co., Inc. (NYSE:MRK) and Schering-Plough Corporation (NYSE: SGP) announced they have received clearance from the U.S. Federal Trade Commission (FTC), the Swiss Competition Commission and the Canadian Competition Bureau for their proposed merger.

CEO Thomas A. Moore of Advaxis, Inc., (OTC:ADXS), the live, attenuated Listeria monocytogenes (Lm) biotechnology company, will present at the 8th Annual BIO Investors Forum at the Grand Hotel in San Francisco, CA.

CNS Response, Inc. (OTC:CNSO) announced CEO George Carpenter will be conducting a conference call and simultaneous web conference to discuss top-line study results in a 12-week trial for patients with depression treatment failure on Tuesday, November 3, at 8:00 a.m. Pacific (PST), 11:00 a.m. Eastern (EST). Joining Mr. Carpenter will be CNS Response President and CMO Daniel Hoffman, M.D., and Charles DeBattista, M.D., Stanford University School of Medicine.

China Biopharmaceuticals Holdings, Inc. (OTC:CHBP), an integrated bio-pharmaceutical company, based in the People's Republic of China, announced its shareholders have approved the acquisition of CHBP by NeoStem, Inc. (NYSE AMEX: NBS) by an overwhelming vote in favor of approximately 80% of all issued and outstanding shares.

Bayer HealthCare Pharmaceuticals, Inc. and Onyx Pharmaceuticals, Inc. (Nasdaq:ONXX) announced more than 25 studies evaluating the use of Nexavar® (sorafenib) tablets in liver cancer will be presented at The Liver Meeting®, the 60th Annual Meeting of the American Association for the Study of Liver Diseases (AASLD).

MinuteClinic, the retail health care division of CVS Caremark (NYSE:CVS), and Allina Hospitals & Clinics of Minnesota and western Wisconsin have formed a partnership to pursue collaborative activities which will focus on enhancing high-quality health care services in the communities they serve.

VeriChip Corporation (NASDAQ:CHIP) announced its Chairman and Chief Executive Officer, Scott R. Silverman, will present at the ID World International Congress in Milan, Italy, which runs from November 3-5, 2009, and is the world's leading symposium on the future directions of identification technology.

ArQule, Inc. (NASDAQ:ARQL) announced it will report its financial results for the third quarter of 2009 in a press release to be issued on Thursday, November 5, 2009 at 7:00 a.m. eastern time.

PerkinElmer Inc. (PKI) reported third-quarter earnings of 30 cents per share, which was 3 cents ahead of the Zacks Consensus Estimate. The company had earned 34 cents in the year-ago quarter. Revenues for the quarter came in at $437.1 million as against $478.7 million in the previous year period, a decline of 8.7%. On a segment [...]

(PKI) PerkinElmer Tops Earnings Estimates

Thermo Fisher Scientific Inc. (TMO) recently agreed to acquire B.R.A.H.M.S. AG for 330 million Euros or about $470 million. B.R.A.H.M.S. is a leading provider of specialty in-vitro diagnostic tests based on its patented biomarkers for sepsis, cardiovascular and pulmonary diseases, as well as intensive care treatments and prenatal screening. The company is based outside of [...]

(TMO) Thermo Fisher Scientific Inc Buys BRAHMS

{loadposition comment2} Thursday, health sciences and photonics company PerkinElmer Inc. (PKI), reported a decline in second quarter profit from a year ago, as revenues dropped 14%. Going forward, the company lowered full year forecast, with earnings now expected to come in below current Street estimates. {loadposition link_supportresistance}   {loadposition livevideopromo}       {loadposition homeaccordion2}   {loadposition contentad}       The Waltham, Massachusetts-based PerkinElmer's second quarter net income declined to $21.51 million or $0.18 per share from $23.71 million or $0.20 per share in the prior year period. Adjusted earnings per share for the quarter was $0.28, compared to $0.33 in last year period. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.   Among the competitors, scientific instruments maker Thermo Fisher Scientific Inc. (TMO) posted lower profit in the second quarter as revenues were dragged down by weak performance at its business segments. The Waltham, Massachusetts-based company's second-quarter net income was $206.9 million or $0.49 per share, compared to $246.1 million or $0.56 per share in the prior year quarter. Quarterly revenues declined 8% to $2.48 billion from $2.71 billion reported in the comparable quarter of the previous year.   Electronics testing equipment maker Agilent Technologies Inc. (A) swung to a second quarter loss amid hefty restructuring charges and a 25% revenue drop. However, the company's quarterly earnings, excluding items, came in line with analysts' expectations. The Santa Clara, California-based company reported a GAAP net loss for the second quarter of $101 million or $0.29 per share, compared to GAAP net income of $173 million or $0.47 per share for the year-ago quarter. Revenue for the second quarter fell 25% to $1.09 billion from $1.46 billion in the same quarter last year.   PKI Sales for the quarter dipped 14% to $434.58 million from $504.97 million in the same period a year-ago. Eight Wall Street analysts expected revenues of $459.29 million for the quarter.   Robert Friel, chairman and chief executive officer of PerkinElmer, commented, "In spite of a difficult economic climate, our continued focus on innovation and execution contributed to a solid financial performance, highlighted by year-over-year adjusted operating margin expansion and healthy operating cash flow generation."   PerkinElmer noted that foreign exchange rates had an unfavorable impact of 6% on revenues, while acquisitions had a favorable impact of 1%. Revenue from continuing operations in the Human Health and Environmental Health segments decreased 9% and 17%, respectively, as compared to the same period a year ago. Organic revenue in the Human Health segment declined by 4%, while organic revenue in the Environmental Health segment fell by 13% as compared to the same period a year ago.   Segment wise, Human Health reported revenues of $184.85 million for the quarter, down from $203.91 million a year ago. The segment's GAAP operating profit was $24.1 million, up from $19.6 million a year ago. On a non-GAAP basis, the segment's adjusted operating profit was $35.0 million, an increase from $31.1 million in the prior-year period. As a percentage of revenue, the segment's adjusted operating profit increased 360 basis points as compared to the second quarter of 2008.   Environmental Health reported revenue of $249.73 million for the quarter, down from $301.05 million in the prior-year period. The segment's GAAP operating profit dipped to $22.5 million from $36.3 million last year. On a non-GAAP basis, the segment's adjusted operating profit was $25.8 million, compared to $39.8 million in the earlier year period. As a percentage of revenue, the segment's adjusted operating profit decreased 290 basis points as compared to the second quarter of 2008.   Friel added, "However, due to continued constraints on capital spending impacting our medical imaging business and a higher tax rate than forecasted, we believe achieving the high-end of our original guidance is unlikely, therefore, we are narrowing our full year revenue and earnings guidance."   PerkinElmer slashed its fiscal 2009 earnings estimate, with the company now projecting GAAP earnings from continuing operations in the range of $0.81 per share to $0.87 per share and on a non-GAAP adjusted earnings from continuing operations in the range of $1.18 per share to $1.24 per share. Earlier, the company forecast 2009 earnings relative to 2008 to be down mid-single digits to mid-teens on both a GAAP and non-GAAP basis, which includes the impact of stock option expense in both periods. Street analysts currently expect earnings of $1.27 per share for the year.   With respect to full year revenue, the company now expects a mid single digit decline in organic revenue relative to 2008. The company earlier predicted organic revenue growth relative to 2008 to be flat to down mid-single digits.   PKI closed Thursday's trading at $19.09, up $0.29 or 1.54%, on a volume of about 2.53 million shares. In after hours, the stock lost $1.59 or 8.33%, trading at $17.50. For the 52-week period, the share moved between $10.88 - 29.95, on a 3-month average volume of about 1.5 million shares.   {loadposition link_nowtime}   Free trading ideas and analysis are always found at LearningMarkets.com. {loadposition followus}

 

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