10-Q 1 pki-20221002.htm 10-Q pki-20221002
PERKINELMER, INC00000317912022Q3false01/01111,000,0001,000,00011300,000,000300,000,000126,220,000126,241,000126,220,000126,241,0000.070.070.070.070.0730Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash.00000317912022-01-032022-10-020000031791pki:Commonstock1parvaluepershareMember2022-01-032022-10-020000031791pki:PKIMember2022-01-032022-10-020000031791exch:XNYS2022-01-032022-10-020000031791pki:A1.875Notesdue2026Member2022-01-032022-10-020000031791pki:PKI21AMember2022-01-032022-10-0200000317912022-11-09xbrli:shares0000031791us-gaap:ProductMember2022-07-042022-10-02iso4217:USD0000031791us-gaap:ProductMember2021-07-052021-10-030000031791us-gaap:ProductMember2022-01-032022-10-020000031791us-gaap:ProductMember2021-01-042021-10-030000031791us-gaap:ServiceMember2022-07-042022-10-020000031791us-gaap:ServiceMember2021-07-052021-10-030000031791us-gaap:ServiceMember2022-01-032022-10-020000031791us-gaap:ServiceMember2021-01-042021-10-0300000317912022-07-042022-10-0200000317912021-07-052021-10-0300000317912021-01-042021-10-03iso4217:USDxbrli:shares00000317912022-10-0200000317912022-01-020000031791us-gaap:CommonStockMember2022-01-020000031791us-gaap:AdditionalPaidInCapitalMember2022-01-020000031791us-gaap:RetainedEarningsMember2022-01-020000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-020000031791pki:NetIncomeMemberus-gaap:CommonStockMember2022-04-030000031791us-gaap:RetainedEarningsMember2022-01-032022-04-0300000317912022-01-032022-04-030000031791pki:OtherComprehensiveLossMemberus-gaap:CommonStockMember2022-04-030000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-032022-04-030000031791pki:DividendsMemberus-gaap:CommonStockMember2022-04-030000031791pki:ExerciseOfEmployeeStockOptionsAndRelatedIncomeTaxBenefitsMemberus-gaap:CommonStockMember2022-04-030000031791us-gaap:CommonStockMember2022-01-032022-04-030000031791us-gaap:AdditionalPaidInCapitalMember2022-01-032022-04-030000031791pki:PurchasesOfCommonStockMemberus-gaap:CommonStockMember2022-04-030000031791pki:IssuanceOfCommonStockForLongTermIncentiveProgramMemberus-gaap:CommonStockMember2022-04-030000031791pki:StockCompensationMemberus-gaap:CommonStockMember2022-04-030000031791us-gaap:CommonStockMember2022-04-030000031791us-gaap:AdditionalPaidInCapitalMember2022-04-030000031791us-gaap:RetainedEarningsMember2022-04-030000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-0300000317912022-04-030000031791pki:NetIncomeMemberus-gaap:CommonStockMember2022-07-030000031791us-gaap:RetainedEarningsMember2022-04-042022-07-0300000317912022-04-042022-07-030000031791pki:OtherComprehensiveLossMemberus-gaap:CommonStockMember2022-07-030000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-042022-07-030000031791pki:DividendsMemberus-gaap:CommonStockMember2022-07-030000031791pki:ExerciseOfEmployeeStockOptionsAndRelatedIncomeTaxBenefitsMemberus-gaap:CommonStockMember2022-07-030000031791us-gaap:CommonStockMember2022-04-042022-07-030000031791us-gaap:AdditionalPaidInCapitalMember2022-04-042022-07-030000031791pki:IssuanceOfCommonStockForEmployeeStockPurchasePlansMemberus-gaap:CommonStockMember2022-07-030000031791pki:PurchasesOfCommonStockMemberus-gaap:CommonStockMember2022-07-030000031791pki:IssuanceOfCommonStockForLongTermIncentiveProgramMemberus-gaap:CommonStockMember2022-07-030000031791pki:StockCompensationMemberus-gaap:CommonStockMember2022-07-030000031791us-gaap:CommonStockMember2022-07-030000031791us-gaap:AdditionalPaidInCapitalMember2022-07-030000031791us-gaap:RetainedEarningsMember2022-07-030000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-0300000317912022-07-030000031791pki:NetIncomeMemberus-gaap:CommonStockMember2022-10-020000031791us-gaap:RetainedEarningsMember2022-07-042022-10-020000031791pki:OtherComprehensiveLossMemberus-gaap:CommonStockMember2022-10-020000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-042022-10-020000031791pki:DividendsMemberus-gaap:CommonStockMember2022-10-020000031791pki:ExerciseOfEmployeeStockOptionsAndRelatedIncomeTaxBenefitsMemberus-gaap:CommonStockMember2022-10-020000031791us-gaap:CommonStockMember2022-07-042022-10-020000031791us-gaap:AdditionalPaidInCapitalMember2022-07-042022-10-020000031791pki:IssuanceOfCommonStockForEmployeeStockPurchasePlansMemberus-gaap:CommonStockMember2022-10-020000031791pki:PurchasesOfCommonStockMemberus-gaap:CommonStockMember2022-10-020000031791pki:IssuanceOfCommonStockForLongTermIncentiveProgramMemberus-gaap:CommonStockMember2022-10-020000031791pki:StockCompensationMemberus-gaap:CommonStockMember2022-10-020000031791us-gaap:CommonStockMember2022-10-020000031791us-gaap:AdditionalPaidInCapitalMember2022-10-020000031791us-gaap:RetainedEarningsMember2022-10-020000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-020000031791us-gaap:CommonStockMember2021-01-030000031791us-gaap:AdditionalPaidInCapitalMember2021-01-030000031791us-gaap:RetainedEarningsMember2021-01-030000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-0300000317912021-01-030000031791pki:NetIncomeMemberus-gaap:CommonStockMember2021-04-040000031791us-gaap:RetainedEarningsMember2021-01-042021-04-0400000317912021-01-042021-04-040000031791pki:OtherComprehensiveLossMemberus-gaap:CommonStockMember2021-04-040000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-042021-04-040000031791pki:DividendsMemberus-gaap:CommonStockMember2021-04-040000031791pki:ExerciseOfEmployeeStockOptionsAndRelatedIncomeTaxBenefitsMemberus-gaap:CommonStockMember2021-04-040000031791us-gaap:CommonStockMember2021-01-042021-04-040000031791us-gaap:AdditionalPaidInCapitalMember2021-01-042021-04-040000031791pki:IssuanceOfCommonStockForEmployeeStockPurchasePlansMemberus-gaap:CommonStockMember2021-04-040000031791pki:PurchasesOfCommonStockMemberus-gaap:CommonStockMember2021-04-040000031791pki:IssuanceOfCommonStockForLongTermIncentiveProgramMemberus-gaap:CommonStockMember2021-04-040000031791pki:StockCompensationMemberus-gaap:CommonStockMember2021-04-040000031791us-gaap:CommonStockMember2021-04-040000031791us-gaap:AdditionalPaidInCapitalMember2021-04-040000031791us-gaap:RetainedEarningsMember2021-04-040000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-0400000317912021-04-040000031791pki:NetIncomeMemberus-gaap:CommonStockMember2021-07-040000031791us-gaap:RetainedEarningsMember2021-04-052021-07-0400000317912021-04-052021-07-040000031791pki:OtherComprehensiveLossMemberus-gaap:CommonStockMember2021-07-040000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-052021-07-040000031791pki:DividendsMemberus-gaap:CommonStockMember2021-07-040000031791pki:ExerciseOfEmployeeStockOptionsAndRelatedIncomeTaxBenefitsMemberus-gaap:CommonStockMember2021-07-040000031791us-gaap:CommonStockMember2021-04-052021-07-040000031791us-gaap:AdditionalPaidInCapitalMember2021-04-052021-07-040000031791pki:IssuanceOfCommonStockForEmployeeStockPurchasePlansMemberus-gaap:CommonStockMember2021-07-040000031791pki:PurchasesOfCommonStockMemberus-gaap:CommonStockMember2021-07-040000031791pki:IssuanceOfCommonStockForLongTermIncentiveProgramMemberus-gaap:CommonStockMember2021-07-040000031791pki:StockCompensationMemberus-gaap:CommonStockMember2021-07-040000031791us-gaap:CommonStockMember2021-07-040000031791us-gaap:AdditionalPaidInCapitalMember2021-07-040000031791us-gaap:RetainedEarningsMember2021-07-040000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-0400000317912021-07-040000031791pki:NetIncomeMemberus-gaap:CommonStockMember2021-10-030000031791us-gaap:RetainedEarningsMember2021-07-052021-10-030000031791pki:OtherComprehensiveLossMemberus-gaap:CommonStockMember2021-10-030000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-052021-10-030000031791pki:DividendsMemberus-gaap:CommonStockMember2021-10-030000031791pki:IssuanceOfCommonStockForBusinessCombinationNetOfIssuanceCostsMemberus-gaap:CommonStockMember2021-10-030000031791us-gaap:CommonStockMember2021-07-052021-10-030000031791us-gaap:AdditionalPaidInCapitalMember2021-07-052021-10-030000031791pki:ExerciseOfEmployeeStockOptionsAndRelatedIncomeTaxBenefitsMemberus-gaap:CommonStockMember2021-10-030000031791pki:IssuanceOfCommonStockForEmployeeStockPurchasePlansMemberus-gaap:CommonStockMember2021-10-030000031791pki:PurchasesOfCommonStockMemberus-gaap:CommonStockMember2021-10-030000031791pki:IssuanceOfCommonStockForLongTermIncentiveProgramMemberus-gaap:CommonStockMember2021-10-030000031791pki:StockCompensationMemberus-gaap:CommonStockMember2021-10-030000031791us-gaap:CommonStockMember2021-10-030000031791us-gaap:AdditionalPaidInCapitalMember2021-10-030000031791us-gaap:RetainedEarningsMember2021-10-030000031791us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-0300000317912021-10-030000031791srt:AmericasMemberpki:DiscoveryAnalyticalSolutionsMember2022-07-042022-10-020000031791pki:DiagnosticsMembersrt:AmericasMember2022-07-042022-10-020000031791srt:AmericasMember2022-07-042022-10-020000031791srt:AmericasMemberpki:DiscoveryAnalyticalSolutionsMember2021-07-052021-10-030000031791pki:DiagnosticsMembersrt:AmericasMember2021-07-052021-10-030000031791srt:AmericasMember2021-07-052021-10-030000031791srt:EuropeMemberpki:DiscoveryAnalyticalSolutionsMember2022-07-042022-10-020000031791pki:DiagnosticsMembersrt:EuropeMember2022-07-042022-10-020000031791srt:EuropeMember2022-07-042022-10-020000031791srt:EuropeMemberpki:DiscoveryAnalyticalSolutionsMember2021-07-052021-10-030000031791pki:DiagnosticsMembersrt:EuropeMember2021-07-052021-10-030000031791srt:EuropeMember2021-07-052021-10-030000031791pki:DiscoveryAnalyticalSolutionsMembersrt:AsiaMember2022-07-042022-10-020000031791pki:DiagnosticsMembersrt:AsiaMember2022-07-042022-10-020000031791srt:AsiaMember2022-07-042022-10-020000031791pki:DiscoveryAnalyticalSolutionsMembersrt:AsiaMember2021-07-052021-10-030000031791pki:DiagnosticsMembersrt:AsiaMember2021-07-052021-10-030000031791srt:AsiaMember2021-07-052021-10-030000031791pki:DiscoveryAnalyticalSolutionsMember2022-07-042022-10-020000031791pki:DiagnosticsMember2022-07-042022-10-020000031791pki:DiscoveryAnalyticalSolutionsMember2021-07-052021-10-030000031791pki:DiagnosticsMember2021-07-052021-10-030000031791pki:DiscoveryAnalyticalSolutionsMemberpki:DiagnosticsMember2022-07-042022-10-020000031791pki:DiagnosticsMemberpki:DiagnosticsMember2022-07-042022-10-020000031791pki:DiagnosticsMember2022-07-042022-10-020000031791pki:DiscoveryAnalyticalSolutionsMemberpki:DiagnosticsMember2021-07-052021-10-030000031791pki:DiagnosticsMemberpki:DiagnosticsMember2021-07-052021-10-030000031791pki:DiagnosticsMember2021-07-052021-10-030000031791pki:LifeSciencesMemberpki:DiscoveryAnalyticalSolutionsMember2022-07-042022-10-020000031791pki:LifeSciencesMemberpki:DiagnosticsMember2022-07-042022-10-020000031791pki:LifeSciencesMember2022-07-042022-10-020000031791pki:LifeSciencesMemberpki:DiscoveryAnalyticalSolutionsMember2021-07-052021-10-030000031791pki:LifeSciencesMemberpki:DiagnosticsMember2021-07-052021-10-030000031791pki:LifeSciencesMember2021-07-052021-10-030000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:TransferredAtPointInTimeMember2022-07-042022-10-020000031791pki:DiagnosticsMemberus-gaap:TransferredAtPointInTimeMember2022-07-042022-10-020000031791us-gaap:TransferredAtPointInTimeMember2022-07-042022-10-020000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:TransferredAtPointInTimeMember2021-07-052021-10-030000031791pki:DiagnosticsMemberus-gaap:TransferredAtPointInTimeMember2021-07-052021-10-030000031791us-gaap:TransferredAtPointInTimeMember2021-07-052021-10-030000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:TransferredOverTimeMember2022-07-042022-10-020000031791pki:DiagnosticsMemberus-gaap:TransferredOverTimeMember2022-07-042022-10-020000031791us-gaap:TransferredOverTimeMember2022-07-042022-10-020000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:TransferredOverTimeMember2021-07-052021-10-030000031791pki:DiagnosticsMemberus-gaap:TransferredOverTimeMember2021-07-052021-10-030000031791us-gaap:TransferredOverTimeMember2021-07-052021-10-030000031791srt:AmericasMemberpki:DiscoveryAnalyticalSolutionsMember2022-01-032022-10-020000031791pki:DiagnosticsMembersrt:AmericasMember2022-01-032022-10-020000031791srt:AmericasMember2022-01-032022-10-020000031791srt:AmericasMemberpki:DiscoveryAnalyticalSolutionsMember2021-01-042021-10-030000031791pki:DiagnosticsMembersrt:AmericasMember2021-01-042021-10-030000031791srt:AmericasMember2021-01-042021-10-030000031791srt:EuropeMemberpki:DiscoveryAnalyticalSolutionsMember2022-01-032022-10-020000031791pki:DiagnosticsMembersrt:EuropeMember2022-01-032022-10-020000031791srt:EuropeMember2022-01-032022-10-020000031791srt:EuropeMemberpki:DiscoveryAnalyticalSolutionsMember2021-01-042021-10-030000031791pki:DiagnosticsMembersrt:EuropeMember2021-01-042021-10-030000031791srt:EuropeMember2021-01-042021-10-030000031791pki:DiscoveryAnalyticalSolutionsMembersrt:AsiaMember2022-01-032022-10-020000031791pki:DiagnosticsMembersrt:AsiaMember2022-01-032022-10-020000031791srt:AsiaMember2022-01-032022-10-020000031791pki:DiscoveryAnalyticalSolutionsMembersrt:AsiaMember2021-01-042021-10-030000031791pki:DiagnosticsMembersrt:AsiaMember2021-01-042021-10-030000031791srt:AsiaMember2021-01-042021-10-030000031791pki:DiscoveryAnalyticalSolutionsMember2022-01-032022-10-020000031791pki:DiagnosticsMember2022-01-032022-10-020000031791pki:DiscoveryAnalyticalSolutionsMember2021-01-042021-10-030000031791pki:DiagnosticsMember2021-01-042021-10-030000031791pki:DiscoveryAnalyticalSolutionsMemberpki:DiagnosticsMember2022-01-032022-10-020000031791pki:DiagnosticsMemberpki:DiagnosticsMember2022-01-032022-10-020000031791pki:DiagnosticsMember2022-01-032022-10-020000031791pki:DiscoveryAnalyticalSolutionsMemberpki:DiagnosticsMember2021-01-042021-10-030000031791pki:DiagnosticsMemberpki:DiagnosticsMember2021-01-042021-10-030000031791pki:DiagnosticsMember2021-01-042021-10-030000031791pki:LifeSciencesMemberpki:DiscoveryAnalyticalSolutionsMember2022-01-032022-10-020000031791pki:LifeSciencesMemberpki:DiagnosticsMember2022-01-032022-10-020000031791pki:LifeSciencesMember2022-01-032022-10-020000031791pki:LifeSciencesMemberpki:DiscoveryAnalyticalSolutionsMember2021-01-042021-10-030000031791pki:LifeSciencesMemberpki:DiagnosticsMember2021-01-042021-10-030000031791pki:LifeSciencesMember2021-01-042021-10-030000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:TransferredAtPointInTimeMember2022-01-032022-10-020000031791pki:DiagnosticsMemberus-gaap:TransferredAtPointInTimeMember2022-01-032022-10-020000031791us-gaap:TransferredAtPointInTimeMember2022-01-032022-10-020000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:TransferredAtPointInTimeMember2021-01-042021-10-030000031791pki:DiagnosticsMemberus-gaap:TransferredAtPointInTimeMember2021-01-042021-10-030000031791us-gaap:TransferredAtPointInTimeMember2021-01-042021-10-030000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:TransferredOverTimeMember2022-01-032022-10-020000031791pki:DiagnosticsMemberus-gaap:TransferredOverTimeMember2022-01-032022-10-020000031791us-gaap:TransferredOverTimeMember2022-01-032022-10-020000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:TransferredOverTimeMember2021-01-042021-10-030000031791pki:DiagnosticsMemberus-gaap:TransferredOverTimeMember2021-01-042021-10-030000031791us-gaap:TransferredOverTimeMember2021-01-042021-10-030000031791pki:DiagnosticsMemberus-gaap:CustomerConcentrationRiskMember2022-07-042022-10-020000031791pki:DiagnosticsMemberus-gaap:CustomerConcentrationRiskMember2022-01-032022-10-020000031791pki:DiagnosticsMemberus-gaap:CustomerConcentrationRiskMember2021-07-052021-10-030000031791pki:DiagnosticsMemberus-gaap:CustomerConcentrationRiskMember2021-01-042021-10-030000031791pki:FiscalYear2022AcquisitionsMembercurrency:USD2022-01-032022-10-020000031791pki:FiscalYear2022AcquisitionsMember2022-01-032022-10-020000031791pki:BioLegendMembercurrency:USD2022-01-032022-04-030000031791pki:BioLegendMember2022-01-032022-04-030000031791pki:BioLegendMember2021-09-170000031791pki:BioLegendMember2022-01-02pki:employees0000031791pki:AmortizationOfIntangibleAssetsRecognizedInAcquisitionMemberpki:BioLegendMember2022-01-032022-04-030000031791pki:AmortizationOfFairValueAdjustmentToAcquiredInventoryMemberpki:BioLegendMember2022-01-032022-04-030000031791pki:BioLegendMember2021-07-052021-10-030000031791pki:BioLegendMember2021-01-042021-10-030000031791currency:USDpki:FiscalYear2021AcquisitionsExcludingBioLegendMember2022-01-032022-04-030000031791pki:OxfordImmunotecMember2022-01-020000031791pki:OxfordImmunotecMembercurrency:USD2022-01-032022-04-030000031791pki:NexcelomBioscienceMember2022-01-020000031791pki:NexcelomBioscienceMembercurrency:USD2022-01-032022-04-030000031791pki:FiscalYear2021OtherAcquisitionsMembercurrency:USD2022-01-032022-04-030000031791pki:FiscalYear2021AcquisitionsExcludingBioLegendMember2022-01-032022-04-030000031791pki:FiscalYear2021AcquisitionsExcludingBioLegendMember2022-01-032022-07-030000031791pki:FiscalYear2021AcquisitionsExcludingBioLegendMember2022-10-020000031791pki:FiscalYear2021AcquisitionsExcludingBioLegendMember2022-01-020000031791pki:CoreTechnologyMemberpki:BioLegendMember2022-01-020000031791pki:CoreTechnologyMemberpki:FiscalYear2021AcquisitionsExcludingBioLegendMember2022-07-030000031791us-gaap:TradeNamesMemberpki:BioLegendMember2022-01-020000031791us-gaap:TradeNamesMemberpki:FiscalYear2021AcquisitionsExcludingBioLegendMember2022-10-020000031791us-gaap:LicenseMemberpki:BioLegendMember2022-01-020000031791us-gaap:LicenseMemberpki:FiscalYear2021AcquisitionsExcludingBioLegendMember2022-01-020000031791us-gaap:CustomerRelationshipsMemberpki:BioLegendMember2022-01-020000031791us-gaap:CustomerRelationshipsMemberpki:FiscalYear2021AcquisitionsExcludingBioLegendMember2022-07-030000031791pki:BioLegendMember2022-10-020000031791pki:BiosenseSirionQognitSonoVolPrismsMember2022-10-020000031791pki:BiosenseSirionMember2022-01-032022-10-020000031791pki:BiosenseSirionQognitSonoVolPrismsMember2022-01-032022-10-020000031791pki:BioLegendMember2022-07-042022-10-020000031791pki:BioLegendMember2022-01-032022-10-020000031791pki:OxfordImmunotecMember2021-01-042021-10-030000031791pki:AnalyticalFoodAndEnterpriseServicesBusinessesMember2022-08-010000031791pki:AnalyticalFoodAndEnterpriseServicesBusinessesMember2022-07-042022-10-020000031791pki:AnalyticalFoodAndEnterpriseServicesBusinessesMember2021-07-052021-10-030000031791pki:AnalyticalFoodAndEnterpriseServicesBusinessesMember2022-01-032022-10-020000031791pki:AnalyticalFoodAndEnterpriseServicesBusinessesMember2021-01-042021-10-030000031791pki:AnalyticalFoodAndEnterpriseServicesBusinessesMember2022-10-020000031791pki:AnalyticalFoodAndEnterpriseServicesBusinessesMember2022-01-020000031791pki:Q32022RestructuringPlanMember2022-07-042022-10-020000031791pki:Q32022RestructuringPlanMemberus-gaap:EmployeeSeveranceMemberpki:DiscoveryAnalyticalSolutionsMember2022-07-042022-10-020000031791pki:DiagnosticsMemberpki:Q32022RestructuringPlanMemberus-gaap:EmployeeSeveranceMember2022-07-042022-10-020000031791pki:Q32022RestructuringPlanMemberus-gaap:FacilityClosingMemberpki:DiscoveryAnalyticalSolutionsMember2022-07-042022-10-020000031791pki:DiagnosticsMemberpki:Q32022RestructuringPlanMemberus-gaap:FacilityClosingMember2022-07-042022-10-020000031791pki:Q22022RestructuringPlanMember2022-04-042022-07-030000031791pki:Q22022RestructuringPlanMemberus-gaap:EmployeeSeveranceMemberpki:DiscoveryAnalyticalSolutionsMember2022-04-042022-07-030000031791pki:DiagnosticsMemberpki:Q22022RestructuringPlanMemberus-gaap:EmployeeSeveranceMember2022-04-042022-07-030000031791pki:Q22022RestructuringPlanMemberus-gaap:FacilityClosingMemberpki:DiscoveryAnalyticalSolutionsMember2022-04-042022-07-030000031791pki:DiagnosticsMemberpki:Q22022RestructuringPlanMemberus-gaap:FacilityClosingMember2022-04-042022-07-030000031791pki:Q12022RestructuringPlanMember2022-01-032022-04-030000031791pki:Q12022RestructuringPlanMemberus-gaap:EmployeeSeveranceMemberpki:DiscoveryAnalyticalSolutionsMember2022-01-032022-04-030000031791pki:DiagnosticsMemberpki:Q12022RestructuringPlanMemberus-gaap:EmployeeSeveranceMember2022-01-032022-04-030000031791pki:Q12022RestructuringPlanMemberus-gaap:FacilityClosingMemberpki:DiscoveryAnalyticalSolutionsMember2022-01-032022-04-030000031791pki:DiagnosticsMemberpki:Q12022RestructuringPlanMemberus-gaap:FacilityClosingMember2022-01-032022-04-030000031791pki:Q42021RestructuringPlanMember2021-10-042022-01-020000031791pki:Q42021RestructuringPlanMemberus-gaap:EmployeeSeveranceMemberpki:DiscoveryAnalyticalSolutionsMember2021-10-042022-01-020000031791pki:DiagnosticsMemberpki:Q42021RestructuringPlanMemberus-gaap:EmployeeSeveranceMember2021-10-042022-01-020000031791pki:Q42021RestructuringPlanMemberus-gaap:FacilityClosingMemberpki:DiscoveryAnalyticalSolutionsMember2021-10-042022-01-020000031791pki:DiagnosticsMemberpki:Q42021RestructuringPlanMemberus-gaap:FacilityClosingMember2021-10-042022-01-020000031791pki:Q32021RestructuringPlanMember2021-07-052021-10-030000031791us-gaap:EmployeeSeveranceMemberpki:DiscoveryAnalyticalSolutionsMemberpki:Q32021RestructuringPlanMember2021-07-052021-10-030000031791pki:DiagnosticsMemberus-gaap:EmployeeSeveranceMemberpki:Q32021RestructuringPlanMember2021-07-052021-10-030000031791us-gaap:FacilityClosingMemberpki:DiscoveryAnalyticalSolutionsMemberpki:Q32021RestructuringPlanMember2021-07-052021-10-030000031791pki:DiagnosticsMemberus-gaap:FacilityClosingMemberpki:Q32021RestructuringPlanMember2021-07-052021-10-030000031791pki:Q22021RestructuringPlanMember2021-04-052021-07-040000031791us-gaap:EmployeeSeveranceMemberpki:DiscoveryAnalyticalSolutionsMemberpki:Q22021RestructuringPlanMember2021-04-052021-07-040000031791pki:DiagnosticsMemberus-gaap:EmployeeSeveranceMemberpki:Q22021RestructuringPlanMember2021-04-052021-07-040000031791us-gaap:FacilityClosingMemberpki:DiscoveryAnalyticalSolutionsMemberpki:Q22021RestructuringPlanMember2021-04-052021-07-040000031791pki:DiagnosticsMemberus-gaap:FacilityClosingMemberpki:Q22021RestructuringPlanMember2021-04-052021-07-040000031791pki:Q12021RestructuringPlanMember2021-01-042021-04-040000031791pki:Q12021RestructuringPlanMemberus-gaap:EmployeeSeveranceMemberpki:DiscoveryAnalyticalSolutionsMember2021-01-042021-04-040000031791pki:DiagnosticsMemberpki:Q12021RestructuringPlanMemberus-gaap:EmployeeSeveranceMember2021-01-042021-04-040000031791pki:Q12021RestructuringPlanMemberus-gaap:FacilityClosingMemberpki:DiscoveryAnalyticalSolutionsMember2021-01-042021-04-040000031791pki:DiagnosticsMemberpki:Q12021RestructuringPlanMemberus-gaap:FacilityClosingMember2021-01-042021-04-040000031791us-gaap:ContractTerminationMemberpki:DiscoveryAnalyticalSolutionsMember2022-07-042022-10-020000031791us-gaap:ContractTerminationMemberpki:DiscoveryAnalyticalSolutionsMember2022-01-032022-10-020000031791pki:DiagnosticsMemberus-gaap:ContractTerminationMember2022-01-032022-10-020000031791pki:FacilityRelocationMemberpki:DiscoveryAnalyticalSolutionsMember2022-01-032022-10-020000031791pki:DiagnosticsMemberpki:FacilityRelocationMember2022-01-032022-10-020000031791pki:LineOfCreditMaturingAugust242026Member2022-10-020000031791pki:A0850SeniorUnsecuredNotesDue2024Member2022-10-020000031791pki:A0850SeniorUnsecuredNotesDue2024Memberus-gaap:FairValueInputsLevel2Member2022-10-020000031791pki:A1.875PercentTenYearSeniorUnsecuredNotesMember2022-10-020000031791us-gaap:FairValueInputsLevel2Memberpki:A1.875PercentTenYearSeniorUnsecuredNotesMember2022-10-020000031791pki:A1900SeniorUnsecuredNotesDue2028Member2022-10-020000031791us-gaap:FairValueInputsLevel2Memberpki:A1900SeniorUnsecuredNotesDue2028Member2022-10-020000031791pki:A3.3PercentTenYearSeniorUnsecuredNotesdueinSept2029Member2022-10-020000031791us-gaap:FairValueInputsLevel2Memberpki:A3.3PercentTenYearSeniorUnsecuredNotesdueinSept2029Member2022-10-020000031791pki:A255PercentSeniorUnsecuredNotesDueIn2031Member2022-10-020000031791us-gaap:FairValueInputsLevel2Memberpki:A255PercentSeniorUnsecuredNotesDueIn2031Member2022-10-020000031791pki:A2250SeniorUnsecuredNotesDueIn2031Member2022-10-020000031791pki:A2250SeniorUnsecuredNotesDueIn2031Memberus-gaap:FairValueInputsLevel2Member2022-10-020000031791pki:A3625PercentSeniorUnsecuredNotesDueIn2051Member2022-10-020000031791us-gaap:FairValueInputsLevel2Memberpki:A3625PercentSeniorUnsecuredNotesDueIn2051Member2022-10-020000031791pki:OtherDebtFacilitiesNonCurrentMember2022-10-020000031791pki:OtherDebtFacilitiesNonCurrentMemberus-gaap:FairValueInputsLevel2Member2022-10-020000031791us-gaap:LongTermDebtMember2022-10-020000031791us-gaap:FairValueInputsLevel2Member2022-10-020000031791pki:A0550SeniorUnsecuredNotesDue2023Member2022-10-020000031791pki:A0550SeniorUnsecuredNotesDue2023Memberus-gaap:FairValueInputsLevel2Member2022-10-020000031791pki:OtherDebtFacilitiesCurrentMember2022-10-020000031791pki:OtherDebtFacilitiesCurrentMemberus-gaap:FairValueInputsLevel2Member2022-10-020000031791pki:A0550SeniorUnsecuredNotesDue2023Memberus-gaap:SubsequentEventMember2022-10-040000031791pki:A0850SeniorUnsecuredNotesDue2024Memberus-gaap:SubsequentEventMember2022-11-020000031791pki:LineofCreditMaturingSeptember172024Member2022-01-020000031791pki:TermLoanCreditFacilityMaturing2024Member2022-01-020000031791pki:TermLoanCreditFacilityMaturing2024Memberus-gaap:FairValueInputsLevel2Member2022-01-020000031791pki:A0550SeniorUnsecuredNotesDue2023Member2022-01-020000031791pki:A0550SeniorUnsecuredNotesDue2023Memberus-gaap:FairValueInputsLevel2Member2022-01-020000031791pki:A0850SeniorUnsecuredNotesDue2024Member2022-01-020000031791pki:A0850SeniorUnsecuredNotesDue2024Memberus-gaap:FairValueInputsLevel2Member2022-01-020000031791pki:A1.875PercentTenYearSeniorUnsecuredNotesMember2022-01-020000031791us-gaap:FairValueInputsLevel2Memberpki:A1.875PercentTenYearSeniorUnsecuredNotesMember2022-01-020000031791pki:A1900SeniorUnsecuredNotesDue2028Member2022-01-020000031791us-gaap:FairValueInputsLevel2Memberpki:A1900SeniorUnsecuredNotesDue2028Member2022-01-020000031791pki:A3.3PercentTenYearSeniorUnsecuredNotesdueinSept2029Member2022-01-020000031791us-gaap:FairValueInputsLevel2Memberpki:A3.3PercentTenYearSeniorUnsecuredNotesdueinSept2029Member2022-01-020000031791pki:A255PercentSeniorUnsecuredNotesDueIn2031Member2022-01-020000031791us-gaap:FairValueInputsLevel2Memberpki:A255PercentSeniorUnsecuredNotesDueIn2031Member2022-01-020000031791pki:A2250SeniorUnsecuredNotesDueIn2031Member2022-01-020000031791pki:A2250SeniorUnsecuredNotesDueIn2031Memberus-gaap:FairValueInputsLevel2Member2022-01-020000031791pki:A3625PercentSeniorUnsecuredNotesDueIn2051Member2022-01-020000031791us-gaap:FairValueInputsLevel2Memberpki:A3625PercentSeniorUnsecuredNotesDueIn2051Member2022-01-020000031791pki:OtherDebtFacilitiesNonCurrentMember2022-01-020000031791pki:OtherDebtFacilitiesNonCurrentMemberus-gaap:FairValueInputsLevel2Member2022-01-020000031791us-gaap:LongTermDebtMember2022-01-020000031791us-gaap:FairValueInputsLevel2Member2022-01-020000031791pki:OtherDebtFacilitiesCurrentMember2022-01-020000031791pki:OtherDebtFacilitiesCurrentMemberus-gaap:FairValueInputsLevel2Member2022-01-02pki:segments0000031791us-gaap:ProductMemberpki:DiscoveryAnalyticalSolutionsMember2022-07-042022-10-020000031791us-gaap:ProductMemberpki:DiscoveryAnalyticalSolutionsMember2021-07-052021-10-030000031791us-gaap:ProductMemberpki:DiscoveryAnalyticalSolutionsMember2022-01-032022-10-020000031791us-gaap:ProductMemberpki:DiscoveryAnalyticalSolutionsMember2021-01-042021-10-030000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:ServiceMember2022-07-042022-10-020000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:ServiceMember2021-07-052021-10-030000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:ServiceMember2022-01-032022-10-020000031791pki:DiscoveryAnalyticalSolutionsMemberus-gaap:ServiceMember2021-01-042021-10-030000031791pki:DiagnosticsMemberus-gaap:ProductMember2022-07-042022-10-020000031791pki:DiagnosticsMemberus-gaap:ProductMember2021-07-052021-10-030000031791pki:DiagnosticsMemberus-gaap:ProductMember2022-01-032022-10-020000031791pki:DiagnosticsMemberus-gaap:ProductMember2021-01-042021-10-030000031791pki:DiagnosticsMemberus-gaap:ServiceMember2022-07-042022-10-020000031791pki:DiagnosticsMemberus-gaap:ServiceMember2021-07-052021-10-030000031791pki:DiagnosticsMemberus-gaap:ServiceMember2022-01-032022-10-020000031791pki:DiagnosticsMemberus-gaap:ServiceMember2021-01-042021-10-030000031791us-gaap:CorporateMember2022-07-042022-10-020000031791us-gaap:CorporateMember2021-07-052021-10-030000031791us-gaap:CorporateMember2022-01-032022-10-020000031791us-gaap:CorporateMember2021-01-042021-10-030000031791pki:RepurchaseProgram07312020Member2020-07-310000031791pki:RepurchaseProgram07222022Member2022-07-220000031791pki:RepurchaseProgram07222022Member2022-01-032022-10-020000031791pki:RepurchaseProgram07222022Member2022-10-020000031791us-gaap:SubsequentEventMember2022-10-032023-01-0100000317912021-10-042022-01-0200000317912022-01-032022-01-030000031791srt:MinimumMember2022-01-032022-01-03xbrli:pure0000031791srt:MaximumMember2022-01-032022-01-030000031791pki:DiscoveryAnalyticalSolutionsMember2022-01-020000031791pki:DiagnosticsMember2022-01-020000031791pki:DiscoveryAnalyticalSolutionsMember2022-10-020000031791pki:DiagnosticsMember2022-10-020000031791us-gaap:PatentsMember2022-10-020000031791us-gaap:PatentsMember2022-01-020000031791pki:TradeNamesAndTrademarksMember2022-10-020000031791pki:TradeNamesAndTrademarksMember2022-01-020000031791us-gaap:LicensingAgreementsMember2022-10-020000031791us-gaap:LicensingAgreementsMember2022-01-020000031791pki:CoreTechnologyMember2022-10-020000031791pki:CoreTechnologyMember2022-01-020000031791us-gaap:CustomerRelationshipsMember2022-10-020000031791us-gaap:CustomerRelationshipsMember2022-01-020000031791us-gaap:InProcessResearchAndDevelopmentMember2022-10-020000031791us-gaap:InProcessResearchAndDevelopmentMember2022-01-020000031791pki:EuropeanAndAsianCurrenciesMember2022-01-032022-10-020000031791us-gaap:FairValueHedgingMember2022-10-020000031791us-gaap:FairValueHedgingMember2022-01-020000031791us-gaap:FairValueHedgingMember2021-10-030000031791pki:NotionalAmountofUSDollarDerivativesMemberus-gaap:CashFlowHedgingMember2022-01-020000031791pki:NotionalAmountofUSDollarDerivativesMemberus-gaap:CashFlowHedgingMember2021-10-030000031791us-gaap:NetInvestmentHedgingMembercurrency:EURpki:A1.875PercentTenYearSeniorUnsecuredNotesMember2022-01-032022-10-02iso4217:EUR0000031791us-gaap:NetInvestmentHedgingMemberpki:A1.875PercentTenYearSeniorUnsecuredNotesMember2022-07-042022-10-020000031791us-gaap:NetInvestmentHedgingMemberpki:A1.875PercentTenYearSeniorUnsecuredNotesMember2022-01-032022-10-020000031791us-gaap:NetInvestmentHedgingMemberpki:A1.875PercentTenYearSeniorUnsecuredNotesMember2021-07-052021-10-030000031791us-gaap:NetInvestmentHedgingMemberpki:A1.875PercentTenYearSeniorUnsecuredNotesMember2021-01-042021-10-030000031791us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-10-020000031791us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-10-020000031791us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-10-020000031791us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-10-020000031791us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-01-020000031791us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-01-020000031791us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-01-020000031791us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-01-020000031791pki:SeniorUnsecuredNotesMember2022-10-020000031791pki:SeniorUnsecuredNotesMemberus-gaap:FairValueInputsLevel2Member2022-10-020000031791pki:SeniorUnsecuredNotesMember2022-01-020000031791pki:SeniorUnsecuredNotesMemberus-gaap:FairValueInputsLevel2Member2022-01-020000031791us-gaap:FairValueInputsLevel2Memberpki:OtherDebtFacilitiesIncludingTheSeniorRevolvingCreditFacilityMember2022-10-020000031791us-gaap:FairValueInputsLevel2Memberpki:OtherDebtFacilitiesIncludingTheSeniorRevolvingCreditFacilityMember2022-01-020000031791pki:DNALabsBiosenseMember2022-01-032022-10-02pki:years

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________ 
FORM 10-Q
_______________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 2, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-5075
_______________________________________ 
PerkinElmer, Inc.
(Exact name of Registrant as specified in its Charter)
_______________________________________  
Massachusetts 04-2052042
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
940 Winter Street,Waltham,Massachusetts02451
(Address of principal executive offices)(Zip Code)
(781663-6900
(Registrant’s telephone number, including area code)
______________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common stock, $1 par value per sharePKIThe New York Stock Exchange
1.875% Notes due 2026PKI 21AThe New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. 


Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of November 9, 2022, there were outstanding 126,315,920 shares of common stock, $1 par value per share.


TABLE OF CONTENTS
 
  Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.


3


PART I. FINANCIAL INFORMATION

Item 1.Unaudited Financial Statements

PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) 
 Three Months EndedNine Months Ended
 October 2,
2022
October 3,
2021
October 2,
2022
October 3,
2021
 (In thousands, except per share data)
Product revenue$605,457 $642,128 $1,984,715 $1,941,566 
Service revenue106,346 219,188 585,893 858,332 
Total revenue711,803 861,316 2,570,608 2,799,898 
Cost of product revenue271,744 277,809 879,832 809,355 
Cost of service revenue33,015 60,645 137,276 200,352 
Total cost of revenue304,759 338,454 1,017,108 1,009,707 
Selling, general and administrative expenses239,969 275,869 765,746 681,311 
Research and development expenses53,521 49,421 167,081 139,753 
Restructuring and other costs, net2,774 2,011 15,443 10,517 
Operating income from continuing operations110,780 195,561 605,230 958,610 
Interest and other expense, net28,638 60,549 91,840 54,732 
Income from continuing operations before income taxes82,142 135,012 513,390 903,878 
Provision for income taxes12,634 27,381 98,211 198,531 
Income from continuing operations69,508 107,631 415,179 705,347 
Income from discontinued operations before income taxes25,180 26,656 36,004 64,329 
Provision for income taxes on discontinued operations and dispositions9,341 6,549 9,662 16,703 
Income from discontinued operations and dispositions15,839 20,107 26,342 47,626 
Net income$85,347 $127,738 $441,521 $752,973 
Basic earnings per share:
Income from continuing operations$0.55 $0.94 $3.29 $6.25 
Income from discontinued operations and dispositions0.13 0.18 0.21 0.42 
Net income$0.68 $1.12 $3.50 $6.67 
Diluted earnings per share:
Income from continuing operations$0.55 $0.94 $3.28 $6.23 
Income from discontinued operations and dispositions0.13 0.17 0.21 0.42 
Net income$0.67 $1.11 $3.49 $6.65 
Weighted average shares of common stock outstanding:
Basic126,155 114,508 126,139 112,836 
Diluted126,540 115,022 126,544 113,307 
Cash dividends declared per common share$0.07 $0.07 $0.21 $0.21 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
 
Three Months EndedNine Months Ended
October 2,
2022
October 3,
2021
October 2,
2022
October 3,
2021
(In thousands)
Net income$85,347 $127,738 $441,521 $752,973 
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of income taxes(190,745)11,724 (487,095)(48,857)
Unrealized gain on securities, net of income taxes48 11 5 105 
Other comprehensive (loss) income(190,697)11,735 (487,090)(48,752)
Comprehensive (loss) income$(105,350)$139,473 $(45,569)$704,221 










The accompanying notes are an integral part of these condensed consolidated financial statements.
5


PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
October 2,
2022
January 2,
2022
 (In thousands, except share and per share data)
Current assets:
Cash and cash equivalents$400,741 $603,320 
Accounts receivable, net540,867 707,941 
Inventories378,256 425,890 
Other current assets138,867 148,255 
Current assets of discontinued operations1,657,749 555,374 
Total current assets3,116,480 2,440,780 
Property, plant and equipment, net460,397 485,531 
Operating lease right-of-use assets160,120 164,040 
Intangible assets, net3,401,143 3,821,847 
Goodwill6,373,327 6,627,119 
Other assets, net312,297 312,887 
Long-term assets of discontinued operations 1,148,350 
Total assets$13,823,764 $15,000,554 
Current liabilities:
Current portion of long-term debt$503,549 $4,240 
Accounts payable275,824 324,811 
Accrued expenses and other current liabilities471,570 728,445 
Current liabilities of discontinued operations234,788 156,248 
Total current liabilities1,485,731 1,213,744 
Long-term debt3,898,267 4,979,737 
Deferred taxes and long-term liabilities1,231,724 1,422,549 
Operating lease liabilities142,842 147,395 
Long-term liabilities of discontinued operations 95,884 
Total liabilities6,758,564 7,859,309 
Commitments and contingencies (see Note 15)
Stockholders’ equity:
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding  
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 126,220,000 shares and 126,241,000 shares at October 2, 2022 and January 2, 2022, respectively126,220 126,241 
Capital in excess of par value2,754,716 2,760,522 
Retained earnings4,834,046 4,417,174 
Accumulated other comprehensive loss(649,782)(162,692)
Total stockholders’ equity7,065,200 7,141,245 
Total liabilities and stockholders’ equity$13,823,764 $15,000,554 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

 
For the Nine-Month Period Ended October 2, 2022
Common
Stock
Shares
Common
Stock
Amount
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
(In thousands)
Balance, January 2, 2022126,241 $126,241 $2,760,522 $4,417,174 $(162,692)$7,141,245 
Net income — — 176,962 — 176,962 
Other comprehensive loss — — — (84,027)(84,027)
Dividends — — (8,905)— (8,905)
Exercise of employee stock options18 18 1,379 — — 1,397 
Purchases of common stock(307)(307)(55,285)— — (55,592)
Issuance of common stock for long-term incentive program188 188 12,282 — — 12,470 
Stock compensation  2,792   2,792 
Balance, April 3, 2022126,140 $126,140 $2,721,690 $4,585,231 $(246,719)$7,186,342 
Net income — — 179,212 — 179,212 
Other comprehensive loss — — — (212,366)(212,366)
Dividends — — (7,877)— (7,877)
Exercise of employee stock options50 50 4,394 — — 4,444 
Issuance of common stock for employee stock purchase plans13 13 1,813 — — 1,826 
Purchases of common stock(3)(3)(453)— — (456)
Issuance of common stock for long-term incentive program12 12 12,260 — — 12,272 
Stock compensation6 6 3,752   3,758 
Balance, July 3, 2022126,218 $126,218 $2,743,456 $4,756,566 $(459,085)$7,167,155 
Net income — — 85,347 — 85,347 
Other comprehensive loss — — — (190,697)(190,697)
Dividends — — (7,867)— (7,867)
Exercise of employee stock options6 6 406 — — 412 
Issuance of common stock for employee stock purchase plans1 1 30 — — 31 
Purchases of common stock(1)(1)(88)— — (89)
Issuance of common stock for long-term incentive program(5)(5)8,976 — — 8,971 
Stock compensation1 1 1,936   1,937 
Balance, October 2, 2022126,220 $126,220 $2,754,716 $4,834,046 $(649,782)$7,065,200 

7


For the Nine-Month Period Ended October 3, 2021
Common
Stock
Shares
Common
Stock
Amount
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
(In thousands)
Balance, January 3, 2021112,090 $112,090 $148,101 $3,507,262 $(31,961)$3,735,492 
Net income — — 379,305 — 379,305 
Other comprehensive loss — — — (72,211)(72,211)
Dividends — — (7,846)— (7,846)
Exercise of employee stock options95 95 4,892 — — 4,987 
Issuance of common stock for employee stock purchase plans  8   8 
Purchases of common stock(295)(295)(42,484)— — (42,779)
Issuance of common stock for long-term incentive program176 176 4,274 — — 4,450 
Stock compensation  899   899 
Balance, April 4, 2021112,066 $112,066 $115,690 $3,878,721 $(104,172)$4,002,305 
Net income — — 245,930 — 245,930 
Other comprehensive income — — — 11,735 11,735 
Dividends — — (7,826)— (7,826)
Exercise of employee stock options128 128 9,070 — — 9,198 
Issuance of common stock for employee stock purchase plans11 11 1,613   1,624 
Purchases of common stock(209)(209)(29,936)— — (30,145)
Issuance of common stock for long-term incentive program24 24 4,998 — — 5,022 
Stock compensation5 5 1,959   1,964 
Balance, July 4, 2021112,025 $112,025 $103,394 $4,116,825 $(92,437)$4,239,807 
Net income — — 127,738 — 127,738 
Other comprehensive income — — — (53,759)(53,759)
Dividends — — (8,732)— (8,732)
Issuance of common stock for business combination, net of issuance costs14,067 14,067 2,624,077  — 2,638,144 
Exercise of employee stock options107 107 8,773   8,880 
Issuance of common stock for employee stock purchase plans      
Purchases of common stock(1)(1)(89)— — (90)
Issuance of common stock for long-term incentive program2 2 5,114 — — 5,116 
Stock compensation  1,481   1,481 
Balance, October 3, 2021126,200 $126,200 $2,742,750 $4,235,831 $(146,196)$6,958,585 

 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8


PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended
 October 2,
2022
October 3,
2021
 (In thousands)
Operating activities:
Net income$441,521 $752,973 
Income from discontinued operations and dispositions, net of income taxes(26,342)(47,626)
Income from continuing operations415,179 705,347 
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation39,776 16,718 
Restructuring and other costs, net15,443 10,517 
Depreciation and amortization322,766 197,386 
Change in fair value of contingent consideration(769)1,553 
Amortization of deferred debt financing costs and accretion of discounts and debt extinguishment costs5,954 3,224 
Change in fair value of financial securities14,321 (8,566)
Amortization of acquired inventory revaluation45,039 14,728 
Gain on disposition of businesses and assets, net (1,970)
Asset impairment 3,868 
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net120,138 231,924 
Inventories(44,475)19,181 
Accounts payable(27,968)(39,984)
Accrued expenses and other(360,089)(159,452)
Net cash provided by operating activities of continuing operations545,315 994,474 
Net cash (used in) provided by operating activities of discontinued operations(4,663)80,684 
Net cash provided by operating activities540,652 1,075,158 
Investing activities:
Capital expenditures(59,502)(59,066)
Purchases of investments(45,010)(19,130)
Proceeds from disposition of businesses and assets5,664 1,460 
Proceeds from notes receivable8,890  
Cash paid for acquisitions, net of cash acquired(7,768)(3,967,678)
Net cash used in investing activities of continuing operations(97,726)(4,044,414)
Net cash used in investing activities of discontinued operations(9,441)(8,393)
Net cash used in investing activities(107,167)(4,052,807)
Financing activities:
Payments on borrowings(220,000)(1,191,125)
9


Proceeds from borrowings220,000 1,144,282 
Payments of term loan(500,000) 
Proceeds from term loan 500,000 
Payments of senior unsecured notes(7,472)(339,605)
Proceeds from sale of senior unsecured notes 3,086,095 
Payments of debt financing and equity issuance costs (30,983)
Settlement of cash flow hedges(762)(1,459)
Net payments on other credit facilities(487)(12,731)
Proceeds from issuance of common stock under stock plans6,254 22,760 
Purchases of common stock(56,137)(73,013)
Dividends paid(26,502)(23,539)
Net cash (used in) provided by financing activities of continuing operations(585,106)3,080,682 
Net cash provided by financing activities of discontinued operations  
Net cash (used in) provided by financing activities(585,106)3,080,682 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(51,404)(16,584)
Net (decrease) increase in cash, cash equivalents and restricted cash(203,025)86,449 
Cash, cash equivalents and restricted cash at beginning of period619,337 402,613 
Cash, cash equivalents and restricted cash at end of period$416,312 $489,062 
Supplemental disclosures of cash flow information
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents$400,741 $472,374 
Restricted cash included in other current assets284 1,689 
Restricted cash included in other assets288  
Cash and cash equivalents included in current assets of discontinued operations14,999 14,999 
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows$416,312 $489,062 
Supplemental disclosures of non-cash investing and financing activities:
Equity issued for business combination, net of issuance costs$ $2,638,369 
Contingent consideration accrued in business combination4,961 33,431 
Other liability incurred in business combination4,005 8,467 

The accompanying notes are an integral part of these condensed consolidated financial statements.
10


PERKINELMER, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1: Basis of Presentation
The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the “United States”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended January 2, 2022, filed with the SEC (the “2021 Form 10-K”). The balance sheet amounts at January 2, 2022 in this report were derived from the Company’s audited 2021 consolidated financial statements included in the 2021 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three and nine months ended October 2, 2022 and October 3, 2021, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. In August 2022, the Company announced the proposed sale of certain assets and the equity interests of certain entities constituting the Company’s Analytical, Food and Enterprise Services businesses (the “Business”). The 2021 consolidated financial statements presented herein have been retrospectively adjusted to present the Business as discontinued operations for all periods presented.

Note 2: Revenue

Disaggregation of revenue
In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition.
11


Reportable Segments
Three Months Ended
October 2, 2022October 3, 2021
Discovery & Analytical SolutionsDiagnosticsTotalDiscovery & Analytical SolutionsDiagnosticsTotal
(In thousands)
Primary geographical markets
Americas$165,340 $170,478 $335,818 $106,742 $280,367 $387,109 
Europe72,150 103,925 176,075 50,726 220,264 270,990 
Asia75,293 124,617 199,910 50,043 153,174 203,217 
$312,783 $399,020 $711,803 $207,511 $653,805 $861,316&