Why Is Nobody Talking About PerkinElmer Stock?

Though it has been around for more than 80 years, chances are you've probably never heard of PerkinElmer (NYSE: PKI) -- and that's too bad, because the Waltham, Mass., company is having a great year.

PerkinElmer sells high-end laboratory equipment like mass spectrometers and produces tests for diseases, food-borne pathogens, agricultural genomics, and neonatal genetics, among other things. The company's stock returned more than 47% in 2020. For the first three quarters of the year, the company posted $2.4 billion in revenue, nearly 17% ahead of the previous year's corresponding period, and its net income was $347.5 million, an improvement of 113% year-over-year.

The company has two segments, discovery and analytical solutions, which engages in life sciences, industrial, environmental, and food applications, and diagnostics, which focuses on reproductive health, emerging market diagnostics, and applied genomics. There's growth ahead for both groups, but diagnostics may have more room to run based on what happened this year. Through the first nine months, revenue for its discovery and analytical solutions segment declined 2% year-over-year to $1.2 billion, according to PerkinElmer, but the company reported that its diagnostic segment, which includes its COVID tests and other products, also clocked revenue of $1.2 billion, a rise of 46% over the same period last year.

Source Fool.com