Revvity Announces Financial Results for the Third Quarter of 202

Original from: Revvity

· Revenue of $684 million; 2% reported growth; 2% organic growth

· GAAP EPS of $0.77; Adjusted EPS from continuing operations of $1.28

· Raises full year 2024 adjusted EPS guidance

· Authorizes new $1 billion share repurchase program

· To host Investor Day on November 21st

Revvity, Inc. (NYSE: RVTY), today reported financial results for the third quarter ended September 29, 2024.

The Company reported GAAP earnings per share of $0.77, as compared to $0.08 in the same period a year ago. GAAP revenue for the quarter was $684 million, as compared to $671 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $98 million, as compared to $69 million for the same period a year ago. GAAP operating profit margin from continuing operations was 14.3% as a percentage of revenue, as compared to 10.3% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.28, as compared to $1.18 in the same period a year ago. Adjusted revenue for the quarter was $684 million, as compared to $671 million in the same period a year ago. Adjusted operating income was $193 million, as compared to $185 million for the same period a year ago. Adjusted operating profit margin was 28.3% as a percentage of adjusted revenue, as compared to 27.5% in the same period a year ago.

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

“We performed well during the third quarter with a return to positive revenue growth, strong margins, and another period of excellent cash flow,” said Prahlad Singh, president and chief executive officer of Revvity. “The impact we are having on our customers every day to help to advance science and healthcare is profound, and we are optimistic that we can increasingly make a meaningful difference around the world as we continue to innovate and partner with purpose.”

Share Repurchase Authorization

The Company’s Board of Directors has authorized a new two-year $1 billion share repurchase program which replaces the remainder of the existing program which was announced in May 2023.

Investor Day

The Company will host an Investor Day on Thursday, November 21 st beginning at 9:00 a.m. PT. To access the event, a live audio webcast will be available on the Investors section of the Company’s website.

Financial Overview by Reporting Segment

Life Sciences

Third quarter 2024 revenue was $301 million, as compared to $308 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 2024 adjusted operating income was $103 million, as compared to $114 million in the same period a year ago. Adjusted operating profit margin was 34.2% as a percentage of adjusted revenue, as compared to 37.1% in the same period a year ago.

Diagnostics

Third quarter 2024 revenue was $383 million, as compared to $363 million in the same period a year ago. Reported revenue increased 6% and organic revenue increased 5% as compared to the same period a year ago.

Third quarter 2024 adjusted operating income was $101 million, as compared to $82 million in the same period a year ago. Adjusted operating profit margin was 26.5% as a percentage of adjusted revenue, as compared to 22.5% in the same period a year ago.

Full Year 2024 Guidance

For the full year 2024, the Company is updating its full year revenue guidance to $2.75-$2.77 billion to reflect recent changes in foreign currency exchange rates and assumes 0% to 1% organic growth. The Company is also raising its adjusted EPS guidance to a range of $4.83 to $4.87.

Guidance for the full year 2024 for organic growth and adjusted EPS 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 Third Quarter of 2024