PerkinElmer
(NYSE:PKI) said today that it anticipates sales growth of approximately 12% for the second quarter, fueled by demand for COVID-19 tests and related products.
The Waltham, Mass.-based diagnostic and scientific instrument company said demand for its RT-PCR and serology tests, RNA extraction systems and kits and automated liquid handling instrumentation was particularly robust. COVID-19 related solutions contributed approximately $190 million of revenue in the quarter ended July 5, 2020, the company noted.
All is not sunny for PerkinElmer, however. A May report by Reuters said the company is under federal scrutiny for alleged involvement in a scam to bill Medicare for tens of thousands of unnecessary genetic cancer tests. PerkinElmer said at the time that it was unaware of such an investigation.
Shares in PKI were up 4% this morning to $105.52 on the news.
PerkinElmer will release its second quarter 2020 financial results on Tuesday, July 28, 2020, after market close.