PKI - COVID Boon Funds PerkinElmer Transformation

• PerkinElmer has seen tremendous growth as a result of COVID testing, resulting in a 189% increase in free cash flow in 2020.
• The company has used the surge in cash flow to fund a series of acquisitions, which should offset the decline in COVID-related revenue.
• The share price has increased by ~13% since announcing the acquisition of BioLegend, reflecting much of the upside potential from the deal.
• There are more attractive names in the life science testing space given the current valuation and the low ROIC anticipated from the BioLegend deal.

For further details see: