Revvity Announces Financial Results for the Second Quarter of 2024

Original from: Revvity

·    Revenue of $692 million; (2)% reported growth; (1)% organic growth

·    GAAP EPS of $0.45; Adjusted EPS from continuing operations of $1.22

·    Raises full year 2024 adjusted EPS guidance​

Revvity, Inc. (NYSE: RVTY), today reported financial results for the second quarter ended June 30, 2024.

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The Company reported GAAP earnings per share of $0.45, as compared to $0.28 in the same period a year ago. GAAP revenue for the quarter was $692 million, as compared to $709 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $86 million, as compared to $78 million for the same period a year ago. GAAP operating profit margin from continuing operations was 12.4% as a percentage of revenue, as compared to 11.0% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.22, as compared to $1.21 in the same period a year ago. Adjusted revenue for the quarter was $692 million, as compared to $709 million in the same period a year ago. Adjusted operating income was $199 million, as compared to $204 million for the same period a year ago. Adjusted operating profit margin was 28.7% as a percentage of adjusted revenue, as compared to 28.8% in the same period a year ago.

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

“During the second quarter, we celebrated Revvity's one year anniversary with both pride and gratitude for what we have already accomplished as an organization and for our customers,” said Prahlad Singh, president and chief executive officer of Revvity. “Our Company's unique strengths of bringing together high levels of continuous innovation and ongoing strong execution enabled us to exceed our expectations, putting us on a good trajectory towards achieving our full year goals.”

Financial Overview by Reporting Segment

Life Sciences

·    Second quarter 2024 revenue was $314 million, as compared to $336 million in the same period a year ago. Reported revenue decreased 7% and organic revenue decreased 6% as compared to the same period a year ago.

·    Second quarter 2024 adjusted operating income was $112 million, as compared to $128 million in the same period a year ago. Adjusted operating profit margin was 35.8% as a percentage of adjusted revenue, as compared to 38.0% in the same period a year ago.

Diagnostics

·    Second quarter 2024 revenue was $378 million, as compared to $373 million in the same period a year ago. Reported revenue increased 1% and organic revenue increased 3% as compared to the same period a year ago.

·    Second quarter 2024 adjusted operating income was $98 million, as compared to $85 million in the same period a year ago. Adjusted operating profit margin was 25.9% as a percentage of adjusted revenue, as compared to 22.9% 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 $2.77-$2.79 billion to reflect recent changes in foreign currency exchange rates and assumes 2% organic revenue growth. The Company is also raising its adjusted EPS guidance to a range of $4.70-$4.80.

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 Second Quarter of 2024