(Reuters) - Scientific instruments maker PerkinElmer Inc (PKI.N) on Thursday posted a second-quarter profit that matched expectations and boosted its full-year earnings forecast range with a new midpoint slightly ahead of Wall Street estimates.
The company, which also sells neonatal and environmental testing products, now expects adjusted 2017 earnings of $2.84 to $2.92 per share, up from its prior view of $2.80 to $2.90.
Analysts on average are looking for adjusted earnings of $2.86 per share, according to Thomson Reuters data.
"It's a combination of confidence in our ability to accelerate our growth rate in the back half of the year and a more favorable foreign exchange environment," Chief Executive Robert Friel said of the decision to raise the forecast range.
Excluding items, such as a large gain from the sale of a medical imaging business, PerkinElmer reported adjusted earnings of 67 cents a share for the quarter, hitting analysts' average expectations, according to Thomson Reuters I/B/E/S.
However, revenue for the quarter at $547 million came up about $7 million shy of Wall Street estimates.
"The academic end markets outside the U.S. was a little weak," Friel said in an interview, adding that accounted for about half of the quarterly revenue shortfall.
About $4 million to $5 million in sales that would have been recorded in the second quarter was affected by the late June global cyber attack, which affected the company that handles shipping of PerkinElmer products sold in Europe, Friel said. Those sales will now turn up in third quarter results, the CEO said.
PerkinElmer earlier announced it is launching a new whole genome sequencing service to provide more comprehensive offerings to complement the neonatal and newborn screening it already sells.
That service, utilizing Illumina Inc's (ILMN.O) sequencing equipment, will allow PerkinElmer to perform confirmatory genetic testing should initial screening turn up concerning results, Friel explained.
PerkinElmer posted a net profit from continuing operations of $62.7 million, or 57 cents per share in the second quarter, compared with a profit of $57.7 million, or 53 cents a share, a year ago.
(Reporting by Bill Berkrot; editing by Chris Reese and G Crosse)