Revvity Announces Financial Results for the First Quarter of 2023

Original from: Revvity

Revvity, Inc., today reported financial results for the first quarter ended April 2, 2023.

The Company reported GAAP earnings per share of $4.50, as compared to $1.40 in the same period a year ago. GAAP revenue for the quarter was $675 million, as compared to $963 million in the same period a year ago. GAAP operating income for the quarter was $76 million, as compared to $262 million for the same period a year ago. GAAP operating profit margin was 11.3% as a percentage of revenue, as compared to 27.2% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.01, as compared to $2.30 in the same period a year ago. Adjusted revenue for the quarter was $675 million, as compared to $963 million in the same period a year ago. Adjusted operating income was $189 million, as compared to $393 million for the same period a year ago. Adjusted operating profit margin was 28.0% as a percentage of adjusted revenue, as compared to 40.8% in the same period a year ago.

Adjustments for the Company's non-GAAP financial measures have been noted in the attached reconciliations.

“Revvity has tremendous potential as we enter this new phase of our company’s journey,” said Prahlad Singh, president and chief executive officer of Revvity. “Our strong first quarter results demonstrate our consistent and high level of execution and set us on a positive path as we begin this next chapter in our transformation.”

Stock Ticker Change

The Company’s stock ticker will change from PKI to RVTY with the beginning of trading on May 16, 2023. Members of the Revvity team will ring the opening bell of the New York Stock Exchange that morning to commemorate the launch of the Company’s new corporate name and brand, and to celebrate initial trading under the new stock ticker. A livestream of the ceremony can be viewed at www.nyse.com/bell with videos and photos from the day to be provided on our social media channels.

Financial Overview by Reporting Segment for the First Quarter

Life Sciences

- First quarter 2023 revenue was $328 million, as compared to $306 million in the same period a year ago. Reported revenue increased 7% and organic revenue increased 9% as compared to the same period a year ago.

- First quarter 2023 adjusted operating income was $129 million, as compared to $110 million in the same period a year ago.

- First quarter 2023 adjusted operating profit margin was 39.4% as a percentage of adjusted revenue, as compared to 36.0% in the same period a year ago.

Diagnostics

- First quarter 2023 revenue was $347 million, as compared to $657 million in the same period a year ago. Reported revenue decreased 47% and organic revenue decreased 44% as compared to the same period a year ago.

- First quarter 2023 adjusted operating income was $74 million, as compared to $301 million in the same period a year ago.

- First quarter 2023 adjusted operating profit margin was 21.5% as a percentage of adjusted revenue, as compared to 45.8% in the same period a year ago.

Updates Full Year 2023 Guidance

For the full year 2023, the Company now forecasts total revenue of $2.90-$2.94 billion and adjusted earnings per share of $4.85-$5.05. This guidance assumes no additional contribution from COVID related revenues.

Guidance for the full year 2023 is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP.

Source: Revvity Announces Financial Results for the First Quarter of 2023