PerkinElmer, Inc. PKI reported fourth-quarter 2020 adjusted earnings per share (EPS) of $3.96, which beat the Zacks Consensus Estimate of $3.61 per share by 9.7%. Moreover, the bottom line improved 193.3% from the year-ago quarter.For the full-year 2020, the company reported adjusted EPS of $8.30, up 102.4% from that of 2019. Also, the figure outpaced the consensus mark by 4.5%.Revenue DetailsBased in Waltham, MA, this leading MedTech company reported revenues of $1.36 million, up 68% from the year-ago quarter and 65% organically. Adjusted revenues in the reported quarter were $1.36 million, up 68.2% year over year. The top line also surpassed the Zacks Consensus Estimate by 7.7%.For the full-year 2020, the company delivered adjusted revenues of $3.78 billion, up 31.2% from that of 2019. The figure outpaced the Zacks Consensus Estimate by 3.3%.Segment DetailsDiscover & Analytics SolutionsAt this segment, revenues were $503 million, reflecting a rise of 1.4% from the year-ago quarter. Organically, the segment saw a decrease of 2% in the quarter under review. Per management, continued strength in life sciences was more than offset by weak performance in food and applied markets.PerkinElmer, Inc. Price, Consensus and EPS Surprise PerkinElmer, Inc. price-consensus-eps-surprise-chart | PerkinElmer, Inc. QuoteComing to profits at the DAS segment, the company reported fourth-quarter 2020 adjusted operating income of $92 million, down 20.7% from the year-ago quarter.Diagnostics segmentRevenues at this segment amounted to $852 million, up 175.7% on a year-over-year basis. Organically, the segment soared 172% in the fourth quarter. Per management, strength in immunodiagnostics and applied genomics business drove the upside and more than offset the improving yet modest ongoing declines across reproductive health business line.Adjusted operating income in the segment totaled $502 million, compared with $91 million in the year-ago quarter.Geographical DetailsPer management, the major geographies witnessed a solid fourth quarter with Europe exhibiting triple-digit growth, while the United States is witnessing strong double-digit growth. China saw sequential improvement in the quarter under review.Margin AnalysisAdjusted gross profit in the quarter amounted to $853 million, up 101.9% year over year. Adjusted gross margin, as a percentage of revenues was 62.9%, up 1050 basis points (bps) year over year.Adjusted operating income was $571.2 million, which skyrocketed 197% from the year-ago quarter. Adjusted operating margin, as a percentage of revenues was 42.2%, up 1830 bps.Financial UpdateThe company exited the fourth quarter with cash and cash equivalents of $402 million, compared with $258.3 million in the prior quarter.During the reported quarter, net cash provided by operating activities amounted to $482.1 million, compared with $215.2 million in the year-ago period.2021 GuidancePerkinElmer has provided guidance for first-quarter and full-year 2021.For first-quarter 2021, the company projects adjusted EPS of at least $3. The Zacks Consensus Estimate is pegged at $2.64 per share.For 2021, the company expects adjusted EPS to be at least $8.50. The Zacks Consensus Estimate is pegged at $8.33 per share.Revenues are anticipated to be at least $4.08 billion. The consensus mark is pegged at $4.09 billion.ConclusionPerkinElmer exited the fourth quarter on a strong note, with both earnings and revenues surpassing their respective consensus mark. The company witnessed robust core segmental performance in the quarter under review. Robust growth in Europe and United States is also encouraging.Further, expansion in both gross and operating margins buoys optimism.However, PerkinElmer continues to make acquisitions, which increases integration risks.Zacks RankCurrently, PerkinElmer carries a Zacks Rank #2 (Buy).Earnings of Other MedTech Majors at a GlanceSome better-ranked stocks in the broader medical space that have already announced their quarterly results are Hologic, Inc. HOLX, Abbott Laboratories ABT and AngioDynamics, Inc. ANGO. While Hologic sports a Zacks Rank of 1 (Strong Buy), both Abbott and AngioDynamics carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.Hologic reported first-quarter fiscal 2021 adjusted EPS of $2.86, which surpassed the Zacks Consensus Estimate by 33.6%.Abbott reported fourth-quarter 2020 adjusted EPS of $1.45, which surpassed the Zacks Consensus Estimate by 6.6%. Fourth-quarter worldwide sales of $10.7 billion outpaced the consensus mark by 7.9%.AngioDynamics reported second-quarter fiscal 2021 adjusted EPS of a penny against the Zacks Consensus Estimate of a loss per share of 2 cents. Revenues of $72.8 million beat the consensus mark by 8%.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early. See the 5 high-tech stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AngioDynamics, Inc. (ANGO): Free Stock Analysis Report Hologic, Inc. (HOLX): Free Stock Analysis Report PerkinElmer, Inc. (PKI): Free Stock Analysis Report Abbott Laboratories (ABT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research