Revvity Announces Financial Results for the Third Quarter of 2023

Original from: business wire

Revvity, Inc. (NYSE: RVTY), today reported financial results for the third quarter ended October 1, 2023.

The Company reported GAAP earnings per share of $0.08, as compared to $0.67 in the same period a year ago. GAAP revenue for the quarter was $671 million, as compared to $712 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $69 million, as compared to $111 million for the same period a year ago. GAAP operating profit margin from continuing operations was 10.3% as a percentage of revenue, as compared to 15.6% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.18, as compared to $1.21 in the same period a year ago. Adjusted revenue for the quarter was $671 million, as compared to $712 million in the same period a year ago. Adjusted operating income was $185 million, as compared to $224 million for the same period a year ago. Adjusted operating profit margin was 27.5% as a percentage of adjusted revenue, as compared to 31.4% in the same period a year ago.

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

“We executed well during the third quarter in an increasingly challenging end market environment,” said Prahlad Singh, president and chief executive officer of Revvity. “During this period of increased market uncertainty, we will focus our efforts on those factors we can control to ensure the Company emerges from this period in an even stronger and more agile position.”

Financial Overview by Reporting Segment for the Third Quarter

Life Sciences

-    Third quarter 2023 revenue was $308 million, as compared to $313 million in the same period a year ago. Reported revenue decreased 2% and organic revenue decreased 3% as compared to the same period a year ago.

-    Third quarter 2023 adjusted operating income was $114 million, as compared to $117 million in the same period a year ago.

-    Third quarter 2023 adjusted operating profit margin was 37.1% as a percentage of adjusted revenue, as compared to 37.4% in the same period a year ago.

Diagnostics

-    Third quarter 2023 revenue was $363 million, as compared to $399 million in the same period a year ago. Reported revenue decreased 9% and organic revenue decreased 10% as compared to the same period a year ago.

-    Third quarter 2023 adjusted operating income was $82 million, as compared to $123 million in the same period a year ago.

-    Third quarter 2023 adjusted operating profit margin was 22.5% as a percentage of adjusted revenue, as compared to 30.9% in the same period a year ago.

Updates Full Year 2023 Guidance

For the full year 2023, the Company now forecasts total revenue of $2.72-$2.74 billion and adjusted earnings per share of $4.53-$4.57. 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.

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