Revvity Announces Financial Results for the Second Quarter of 2023

Original from: business wire

Revvity, Inc. (NYSE: RVTY), today reported financial results for the second quarter ended July 2, 2023.

The Company reported GAAP earnings per share of $0.28, as compared to $1.42 in the same period a year ago. GAAP revenue for the quarter was $709 million, as compared to $896 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $78 million, as compared to $232 million for the same period a year ago. GAAP operating profit margin from continuing operations was 11.0% as a percentage of revenue, as compared to 26.0% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.21, as compared to $1.98 in the same period a year ago. Adjusted revenue for the quarter was $709 million, as compared to $896 million in the same period a year ago. Adjusted operating income was $204 million, as compared to $355 million for the same period a year ago. Adjusted operating profit margin was 28.8% as a percentage of adjusted revenue, as compared to 39.6% in the same period a year ago.

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

“Significant innovation and excitement around our new brand launch were both proudly displayed during our first full quarter as Revvity,” said Prahlad Singh, president and chief executive officer of Revvity. “As we demonstrated in the second quarter by delivering on our objectives, Revvity was built to be resilient. This will continue into the second half of the year as we persevere through current end market challenges.”

Financial Overview by Reporting Segment for the Second Quarter

Life Sciences

- Second quarter 2023 revenue was $336 million, as compared to $327 million in the same period a year ago. Reported revenue increased 3% and organic revenue increased 3% as compared to the same period a year ago.

- Second quarter 2023 adjusted operating income was $128 million, as compared to $131 million in the same period a year ago.

- Second quarter 2023 adjusted operating profit margin was 38.0% as a percentage of adjusted revenue, as compared to 40.0% in the same period a year ago.

Diagnostics

- Second quarter 2023 revenue was $373 million, as compared to $569 million in the same period a year ago. Reported revenue decreased 34% and organic revenue decreased 34% as compared to the same period a year ago.

- Second quarter 2023 adjusted operating income was $85 million, as compared to $245 million in the same period a year ago.

- Second quarter 2023 adjusted operating profit margin was 22.9% as a percentage of adjusted revenue, as compared to 43.0% in the same period a year ago.

Updates Full Year 2023 Guidance

For the full year 2023, the Company now forecasts total revenue of $2.80-$2.85 billion and adjusted earnings per share of $4.70-$4.90. 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 Second Quarter of 2023