PerkinElmer, Inc (PerkinElmer), a US-based medical devices company, has reported sales of $431.6 million for the first quarter of 2009, compared with the sales of $458.7 million in the year-ago quarter. It has also reported a net income of $10.6 million, or $0.09 per share, for the first quarter of 2009, compared with the net income of $20.1 million, or $0.17 per share, in the year-ago quarter.

Organic revenue growth, which includes the adjustments noted in the attached reconciliation, was flat as against to the first quarter of 2008. Revenue from continuing operations in the Human Health and Environmental Health segments decreased by 2% and 9% respectively as against to the same period a year ago. Organic revenue in the Human Health segment was up by 3% and organic revenue in the Environmental Health segment was down by 3% as compared to the same period a year ago.

“We are pleased to have started 2009 with better than expected results in both revenue and adjusted earnings per share,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “Our increased focus on human and environmental health applications and our broad array of service offerings is enabling us to do relatively well despite the challenging economic environment.”

GAAP operating profit from continuing operations for the first quarter of 2009 was $25.7 million, as against to $33.4 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, adjusted operating profit for the first quarter of 2009 was $48.4 million as against to $48.4 million in the first quarter of 2008, representing a 70 basis point expansion in adjusted operating profit margins.

GAAP earnings per share from continuing operations for the first quarter of 2009 was $0.13 as against to $0.18 for the same period in 2008. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, adjusted earnings per share for the first quarter of 2009 was $0.26, which was flat as compared to $0.26 in the first quarter of 2008.

For the first quarter of 2009, operating cash flow from continuing operations was $18.8 million as against to $24.9 million from the same period one year ago. In the first quarter of 2009, the company reduced the amount drawn under an accounts receivable securitization facility by $10.0 million, resulting in an unfavorable impact to operating cash flow. On a non-GAAP basis, which excludes the reduction in the amount outstanding under this facility, the adjusted operating cash flow was $28.8 million in the first quarter of 2009 representing a 16% increase from the same period a year ago.

Financial Overview by Reporting Segment

Human Health reported revenue of $177.3 million for the first quarter of 2009. The segment’s GAAP operating profit for the first quarter of 2009 was $12.7 million, compared to $11.8 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the segment’s adjusted operating profit for the first quarter 2009 was $27.6 million, as against to $23.1 million in the first quarter of 2008. As a percentage of revenue, the segment’s adjusted operating profit for the first quarter of 2009 was up 280 basis points as compared to the first quarter of 2008.

Environmental Health reported revenue of $254.3 million for the first quarter of 2009. The segment’s GAAP operating profit for the first quarter of 2009 was $20.6 million, as against to $31.6 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the segment’s adjusted operating profit for the first quarter of 2009 was $28.4 million, as compared to $35.4 million in the first quarter of 2008. As a percentage of revenue, the segment’s adjusted operating profit for the first quarter of 2009 was down 150 basis points as compared to the first quarter of 2008.

Financial Guidance

“While several of our end markets appear to be stabilizing, we believe there continues to be risk in the global economy. Therefore, despite our strong first quarter financial performance, we feel it prudent, at this time, to keep our full year revenue and adjusted earnings guidance unchanged,” said Friel.

In January of 2009, the company forecasted for the full year 2009 organic revenue growth relative to 2008 to be flat to down mid-single digits. The company forecasted 2009 earnings per share 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.