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$PKI 1Q15 10-Q: In 1Q15, PKI completed the acquisition of two businesses for total consideration of $4.7MM, in cash. PKI recognized net pre-tax losses of $0.01MM vs. $0.1MM in 1Q14. At March 29, 2015, PKI had $19.2MM recorded for accrued restructuring and contract termination charges, of which $13.3MM for short-term and $5.9MM for long-term.
$PKI announced the launch of its chemagic Prime instrument, a new streamlined, walk-away sample processing solution which offers automated nucleic acid isolation and assay setup by combining $PKI’s chemagic 360 instrument with the JANUS automated liquid handling system. This helps to streamline and automate high quality DNA and RNA extraction.
$PKI announced the upcoming retirement of Andy Wilson, SVP & CFO. To provide appropriate time to identify a successor CFO and ensure a smooth integration, Mr. Wilson will retire in August 2018. The company has engaged an executive recruiting firm to assist in the search to fill the CFO position.
$PKI said novel research results of phase 1 clinical trial examines safety of using cord blood stem cells for treating children with Autism Spectrum Disorder (ASD). ASD is the name for a group of developmental disorders. ASD includes social, communication, and behavioral challenges. These problems can be mild, severe, or somewhere in between.
$PKI expects 2017 GAAP EPS from continuing operations of $2.06-2.16 and adjusted EPS of $2.75-2.85. CEO Robert Friel said $PKI has undertaken substantial steps to strengthen the organization, accelerate operational capabilities and increase focus on innovation, that better position it to improve revenue growth and lift profitability.
$PKI announced the divestiture of its Medical Imaging business in 4Q16. With the announcement, the company has moved the operating results of that business into discontinued operations thereby impacting comparability to previously issued financial guidance.
$PKI reported a decline in 4Q16 earnings due to higher income tax provision. Net income slid to $64.85MM or $0.59 per share from $68.25MM or $0.61 per share last year. Revenue declined to $566.77MM from $569.9MM. Adjusted EPS increased to $0.83 from $0.81.
$PKI has entered into a definitive agreement to acquire Tulip Diagnostics Private Ltd. Based in Goa, India, Tulip is one of the largest domestic providers of in-vitro diagnostic reagents, kits and instruments to diagnostic labs and government and private healthcare facilities. The transaction is currently anticipated to close in 1Q17.
$PKI plans to sell its Medical Imaging business, a supplier of flat panel X-ray detectors that serve as components for industrial, medical and dental X-ray imaging systems, to $VAR. The transaction is expected to close in 1H17. CEO Robert Friel said the divestiture will allow $PKI to focus investments and accelerate growth in higher priority areas.