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PerkinElmer Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: PKI

First of all, we serve many end markets that are less economically sensitive. In addition, within these markets, we provide products that are critical to our customers. Whether it is assisting in the screening of newborns, helping improve the productivity of labs or keeping drinking water safe, our products continue to be sought after even in an unstable, global financial situation, as global interest in both human and environmental health continues to grow.

And with our recent acquisitions, we have further bolstered this advantage by expanding our capabilities in the areas of informatics, molecular analysis, imaging and sample prep, positioning us well to address both current and future needs of the global human and environmental communities.

The second factor is our significant global reach and capabilities, particularly in emerging markets. As many of our products are instrumental to expanding health care services and improving environmental conditions, we continue to experience strong demand for many of our products in these areas of the world where there is a focus on developing fundamental, environmental and health care needs. I'm especially pleased that our sales into the emerging markets now represents approximately 28% of our total sales, and were responsible for over half of the company's total organic growth during the second quarter.

For example, our China business, once again, showed strong growth with organic revenues increasing more than 20%, and with adjusted operating margins greater than the corporate average. China continues to be an important contributor to both our revenue and earnings growth.

In particular, our Chinese diagnostic business continues to gain traction with both new and existing customers, adding approximately 40 new customers in the quarter as the country increases its efforts to help combat infectious diseases, such as hepatitis and HIV. What's important to note here is that we saw a double-digit sequential organic growth and feel that we're still only in the early stages of a very big opportunity. A major part of China's 12 5-year plan is focused on improving both human and environmental health, and we believe that we are well-prepared to capitalize on this trend.

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