PerkinElmer: Life Sciences & Diagnostics Solutions Leader

PerkinElmer: Pioneering Solutions in Life Sciences and Diagnostics

PerkinElmer has established itself as a global leader in scientific innovation, providing critical technologies that advance human health and environmental safety. Founded in 1937, the company has evolved from its original focus on precision optics to become a diversified scientific powerhouse. This comprehensive overview examines PerkinElmer’s history, recent corporate transformations, key business areas, technological innovations, and global impact in the scientific community.

History and Foundation

PerkinElmer’s story began in 1937 when Richard Perkin and Charles Elmer formed a partnership based on their shared interest in astronomy and precision optics. With an initial investment of $20,000 ($15,000 from Perkin’s relatives and $5,000 from Elmer), they established their first production facility in Jersey City before incorporating on December 13, 1939. The company quickly expanded during World War II by producing optical components for military applications, including range finders and reconnaissance systems.

Following Elmer’s death in 1954, the company began trading shares over the counter and later listed on the New York Stock Exchange in December 1960. Throughout its early decades, PerkinElmer maintained a strong presence in the military sector while gradually diversifying into other scientific and technological fields.

Founding Principles

The partnership between Perkin, a chemical engineering student turned Wall Street professional with a passion for science education, and Elmer, a business owner nearing retirement, exemplifies how shared scientific interests can spark business innovation. Their collaboration established a foundation of scientific excellence and precision that continues to define the company’s approach today.

Corporate Evolution and Recent Transformation

PerkinElmer’s corporate history includes several significant restructurings that have shaped its current identity. In 1999, the company underwent a major reorganization when EG&G Inc. purchased PerkinElmer’s Analytical Instruments Division for $425 million and adopted the PerkinElmer name. The original company’s life sciences division was reorganized as PE Corporation, which included Celera Genomics and PE Biosystems.

The 2022-2023 Split

In a pivotal corporate transformation, PerkinElmer announced in 2022 its intention to divest its applied, food, and enterprise businesses to investment firm New Mountain Capital in a deal worth $2.45 billion. This strategic move was completed in early 2023, resulting in two separate entities:

• The divested businesses retained the PerkinElmer name under New Mountain Capital’s ownership.

• The remaining life sciences and diagnostics business initially shared the PerkinElmer name temporarily before rebranding as Revvity, Inc. in the second quarter of 2023.

This transformation represented a significant milestone in the company’s evolution, as noted by Prahlad Singh, President and CEO: “Today marks the culmination of the hard work and dedication from PerkinElmer teams around the world to ensure that both new companies are in a position to succeed on day one”.

Core Business Areas and Solutions

Prior to the split, PerkinElmer operated across multiple scientific domains, including diagnostics, life science research, food analysis, environmental testing, and industrial applications. Following the reorganization, the new PerkinElmer (now under private ownership) continued to focus on applied sciences, food testing, and enterprise services.

Life Sciences and Diagnostics Focus

The life sciences and diagnostics business (now Revvity) positions itself as a “pure-play, high-growth, high-margin” enterprise focused on:

• Life Sciences: Supporting pharmaceutical and academic scientific advancement from early discovery stages through clinical development.

• Diagnostics: Developing innovative assays, systems, and complete workflows for better disease diagnosis across all laboratory settings.

• As Prahlad Singh explained: “Following the close of the transaction, we will be a pure-play, high-growth, high margin Life Sciences and Diagnostics company with unique scale. The Company’s increased financial strength will support accelerated investment into attractive end markets across science and disease, and drive advanced research, discovery, and improve global health”.

Innovative Technologies and Products

PerkinElmer has consistently developed cutting-edge technologies across its various business segments. These innovations reflect the company’s commitment to scientific advancement and practical problem-solving.

Diagnostic and Testing Solutions

The company has established a strong presence in clinical diagnostics, particularly in prenatal and neonatal screening. Its comprehensive suite of testing solutions covers conditions ranging from biotinidase deficiency to cystic fibrosis and phenylketonuria. These technologies enable early detection of potentially debilitating conditions, allowing for timely intervention and treatment.

Laboratory Automation

PerkinElmer’s automated solutions include:

• Janus automated liquid handlers, which streamline laboratory workflows and increase throughput.

• The GC 2400™ Platform for gas chromatography, developed in partnership with Persistent Systems, which incorporates intelligent features to simplify user operations.

• Chromatography Data System (CDS) Platform that enables users to efficiently control instruments, process data, and generate results with cloud enablement and mobile access.

Imaging Technologies

The company’s imaging solutions include aSi and CMOS X-ray detection technologies designed to deliver high-quality imaging with minimal noise and reduced image lag. These technologies are incorporated into X-ray systems used by surgeons, dentists, cardiologists, and veterinarians worldwide.

Global Market Position and Reach

PerkinElmer has established a significant global footprint, serving customers in over 150 countries. The company holds more than 3,000 U.S. and international patents, demonstrating its commitment to innovation and intellectual property development.

Lateral Flow Assays Market

PerkinElmer is recognized as one of the leading companies in the global lateral flow assays market, which was valued at $9.65 billion in 2024 and is projected to reach $11.66 billion by 2030, growing at a CAGR of 3.20%. The company faces competition from other major players including Abbott Laboratories, F. Hoffmann-La Roche, Siemens Healthineers, Thermo Fisher Scientific, and QuidelOrtho Corporation.

The growth in this market is driven by several factors:

• The development of next-generation lateral flow assays incorporating advanced nanomaterials.

• Rising acceptance of point-of-care (POC) testing in both infectious and non-communicable diseases.

• Technological advancements such as photoacoustic techniques, Surface-enhanced Raman Spectroscopy (SERS), smartphone integration, and fluorescence resonance energy transfer (FRET).

Strategic Acquisitions and Growth

PerkinElmer has pursued an aggressive acquisition strategy to expand its technological capabilities and market reach. Notable recent acquisitions include:

2021 Acquisitions

• BioLegend ($5.25 billion)
• Oxford Immunotec Global PLC
• Nexcelom Bioscience ($260 million)
• Immunodiagnostic Systems Holdings PLC ($155 million)
• SIRION Biotech

Earlier Strategic Purchases

• 2020: Horizon Discovery Group (approximately $383 million)
• 2018: RHS Ltd., Shanghai Spectrum Instruments Co. Ltd., and Cisbio Bioassays
• 2017: Tulip Diagnostics and Euroimmun Medical Laboratory Diagnostics ($1.3 billion)
• 2016: Vanadis Diagnostics and Delta Instruments
• 2014: Perten Instruments ($266 million)
• 2011: Caliper Life Sciences ($600 million)

These acquisitions have strategically strengthened PerkinElmer’s portfolio and expanded its reach into new scientific domains and geographic markets.

Contributions to Public Health and Science

PerkinElmer’s technologies have made significant contributions to public health initiatives worldwide. The company’s diagnostic solutions play a critical role in newborn screening programs, helping to detect potentially life-threatening disorders in the earliest stages when treatment can be most effective.

Newborn Screening and Early Intervention

The company’s commitment to early intervention is exemplified by initiatives such as establishing a screening laboratory in Cairo that collects specimens from 4,000 facilities throughout Egypt to test for conditions like congenital hypothyroidism. This free heel-prick test allows for early detection and treatment, preventing growth failure and developmental challenges in affected children.

COVID-19 Response

During the COVID-19 pandemic, PerkinElmer’s diagnostic capabilities gained additional relevance. The company’s lateral flow assay technologies were among those deployed for point-of-care testing, although some studies noted variability in the accuracy of these types of tests in adults.

Conclusion

PerkinElmer’s 85-year journey from a precision optics company to a global scientific leader demonstrates its ability to evolve and adapt to changing market demands while maintaining a focus on improving human and environmental health. Through its recent corporate transformation, strategic acquisitions, and continued innovation, PerkinElmer has positioned itself to address some of the most pressing scientific challenges of our time.
As the company states in its corporate philosophy, “We’ve always pursued science with a clear purpose – to help our customers achieve theirs”. This customer-centric approach, combined with a commitment to innovation and excellence, ensures that PerkinElmer will continue to play a vital role in advancing scientific discovery and improving global health outcomes for years to come.