Revvity Announces Financial Results for the First Quarter of 2024

Original from: Revvity 

·    Revenue of $650 million; (4)% reported growth; (3)% organic growth

·    First quarter GAAP EPS of $0.21; Adjusted EPS from continuing operations of $0.98

·    Reaffirms full year 2024 organic growth and adjusted EPS guidance

Revvity, Inc. (NYSE: RVTY), today reported financial results for the first quarter ended March 31, 2024.​

The Company reported GAAP earnings per share of $0.21, as compared to $4.50 in the same period a year ago. GAAP revenue for the quarter was $650 million, as compared to $675 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $44 million, as compared to $76 million for the same period a year ago. GAAP operating profit margin from continuing operations was 6.8% as a percentage of revenue, as compared to 11.3% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $0.98, as compared to $1.01 in the same period a year ago. Adjusted revenue for the quarter was $650 million, as compared to $675 million in the same period a year ago. Adjusted operating income was $166 million, as compared to $189 million for the same period a year ago. Adjusted operating profit margin was 25.5% as a percentage of adjusted revenue, as compared to 28.0% in the same period a year ago.

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

"It was great to see the significant progress we achieved on our strategic priorities during the first few months of the year," said Prahlad Singh, president and chief executive officer of Revvity. "We were able to bring a number of cutting-edge innovations to market while continuing to make meaningful traction on optimizing the business as we work through this period of industry adjustment. The improvements we have made position us extremely well to deliver differentiated performance in the years to come."

Financial Overview by Reporting Segment

Life Sciences

·    First quarter 2024 revenue was $303 million, as compared to $328 million in the same period a year ago. Reported revenue decreased 8% and organic revenue decreased 8% as compared to the same period a year ago.

·    First quarter 2024 adjusted operating income was $102 million, as compared to $129 million in the same period a year ago. Adjusted operating profit margin was 33.6% as a percentage of adjusted revenue, as compared to 39.4% in the same period a year ago.

Diagnostics

·    First quarter 2024 revenue was $347 million, as compared to $347 million in the same period a year ago. Reported revenue was flat and organic revenue increased 1% as compared to the same period a year ago.

·    First quarter 2024 adjusted operating income was $75 million, as compared to $74 million in the same period a year ago. Adjusted operating profit margin was 21.7% as a percentage of adjusted revenue, as compared to 21.5% in the same period a year ago.

Full Year 2024 Guidance

For the full year 2024, the Company is updating its full year 2024 total revenue guidance to a range of $2.76-$2.82 billion to reflect recent changes in foreign currency exchange rates. The Company is also reaffirming its adjusted EPS guidance of $4.55-$4.75 and organic growth guidance of 1-3%.

Adjusted EPS guidance for the full year 2024 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 First Quarter of 2024