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PerkinElmer s CEO Discusses Q3 2011 Results Daniel L. Leonard Leerink Swann LLC, Research DivisionGood day, ladies and gentlemen, and welcome to the Third Quarter 2011 PerkinElmer Inc. Earnings Conference Call. My name is Chanel, and I ll be your operator for today. [ 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, to Mr. Dave Francisco, Vice President of Investor Relations. Please proceed. Thank you very much. Good afternoon, and welcome to PerkinElmer s Third 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. Please note this call is being webcast live. It Buy Moncler will be archived on our website until November 17, 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 m now pleased to introduce the Chairman and Chief Executive Officer of PerkinElmer, Rob Friel. Thanks, Dave. Good afternoon, and thank you all for joining us today. We re pleased to report another good quarter for PerkinElmer, which we successfully delivered strong financial results while continuing to make strategic investments to improve the long term growth profile of the company. From a financial perspective, revenue grew 8% as reported and 4% organically, despite a very strong Q3 last year in which we grew double digits organically. In addition, adjusted earnings per share increased in the third quarter to $0.41, up 32% from Q3 of last year and exceeded our guidance range of $0.37 to $0.39 per share. In the quarter, we experienced continued traction on our margin expansion initiatives with adjusted gross margin expanding by approximately 120 basis points. Adjusted operating profit margins improved by 45 basis points, despite increased investments in R as we continue to focus on expanding our new product pipeline as well as selling and marketing investments to enhance our commercial capabilities primarily in emerging markets. On a year to date basis, our revenue was up 6% organically, adjusted operating margins were up 90 basis points over the prior year and operating cash flow is up over 30%. Additionally, growth in adjusted earnings per share has increased an average of 28% in the last 7 quarters over the respective prior year periods. Given that Andy will discuss our key market segments and financial results in more detail, I d like to provide a few of the key highlights from the quarter and then focus my remarks on our outlook going forward. In the third quarter, we experienced growth Moncler Women Down Glossy Zip Black Jackets in all major geographic territories, as well as the majority of our key end markets. Within diagnostics, we continue to benefit from the expansion of programs for both newborn and infectious disease screening, particularly within the emerging territories. Contributing to the solid growth in the period was a key win in Eastern Europe and the continuation of strong demand in Brazil and the Middle East. Additionally, we initiated a collaborative effort with a number of major Japanese universities to develop new methods of detecting radiation in soil, water and food, as well as a guide to develop and monitoring of decontamination Moncler Down Jacket Men With Rabbit Hooded Black methods, which resulted in strong demand for our radiometric detection equipment in the period. Also, in the quarter, we continue to broaden our OneSource service offering with the addition of an automated system for instrument qualification, applicable and regulated lab environments. Thereby furthering our commitment to maximize lab productivity for our customers. Additionally, we continued our efforts to expand beyond the pharmaceutical industry with our OneSource service offering and experienced early wins with customers in both environmental and industrial labs. We continue to benefit from our recent acquisitions in areas such as informatics, sample prep and imaging, which will increase our relevancy for our customers and better position us in higher growth markets. In Q2, we expanded our medical imaging growth profile with an acquisition of Dexela, which is seeing strong demand, including recently winning a contract with a leading diagnostic supplier and a leading orthopedic device company. Chemagen also showed terrific growth in both North America and Europe, with its nucleic acid sample preparation solutions as laboratories seek ways to facilitate their higher throughput applications. Additionally, our informatics acquisitions have demonstrated solid growth and although still early days, are already making us a more important partner to many of our customers. Our expected acquisition of Caliper Life Sciences will also strengthen our position in the growing area of personalized medicine, as it will bolster our ability to provide customers with an even stronger pipeline of innovation. In particular, Caliper will bring excellent technology across the value chain from in vitro to in vivo imaging, as well as expanded offerings across several of our key end segments. Today, Caliper reported another strong quarter with solid growth on both the top and bottom line. We remain on track with this transaction and having secured HSR approval and the required financing. I look forward to closing the transaction in the near future. Now let s turn to the global economic environment, and how we believe it will impact PerkinElmer. Starting first with Europe. During the quarter, we experienced low single digit growth with much stronger headwinds in the southern part than the northern and central parts. While about 30% of our revenue is from Europe, much of that is in end markets that we do not believe will be significantly impacted by the challenging economic conditions. Furthermore, only about 5% of our revenue is tied directly to European government spending that could be exposed to European government austerity measures.
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