WALTHAM, Mass. - Revvity, Inc. (NYSE: RVTY) has released its financial results for the first quarter ended March 31, 2024, reporting an adjusted EPS of $0.98, surpassing the analyst estimate of $0.94 by $0.04. The company's revenue reached $649.92 million, closely aligning with the consensus estimate of $646.83 million.
The reported adjusted EPS of $0.98 for the first quarter shows a slight decrease from the $1.01 reported in the same quarter of the previous year. Revenue also saw a decline, dropping from $675 million in the previous year to $650 million, representing a 4% reported growth and a 3% organic growth. The company's GAAP earnings per share stood at $0.21, a significant decrease from the $4.50 reported in the same period a year ago.
Revvity's adjusted operating income for the quarter was $166 million, down from $189 million year-over-year (YoY), with an adjusted operating profit margin of 25.5%, compared to 28.0% YoY.
The company's Life Sciences segment experienced an 8% decrease in both reported and organic revenue compared to last year, with adjusted operating income falling to $102 million from $129 million YoY. Diagnostics revenue remained flat at $347 million, with a slight organic increase of 1% and a marginal rise in adjusted operating income to $75 million from $74 million YoY.
Looking ahead, Revvity reaffirmed its full-year 2024 guidance, expecting total revenue to be between $2.76 billion and $2.82 billion, reflecting recent changes in foreign currency exchange rates. The company also reaffirmed its adjusted EPS guidance of $4.55-$4.75 and organic growth guidance of 1-3%.
Prahlad Singh, president and chief executive officer of Revvity, commented on the results, "It was great to see the significant progress we achieved on our strategic priorities during the first few months of the year. 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."
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