Revvity Reports 4% Revenue Drop in Q1 2024

Revvity, Inc. (NYSE: RVTY) has reported its financial results for the first quarter of 2024, showing a 4% decrease in reported revenue compared to the same period last year. The company's GAAP revenue for the quarter was $650 million, down from $675 million in the first quarter of the previous year. Additionally, GAAP operating income from continuing operations decreased to $44 million from $76 million in the same period a year ago, resulting in a 6.8% operating profit margin as a percentage of revenue, down from 11.3% in the prior year's first quarter.

On an adjusted basis, earnings per share (EPS) from continuing operations for the quarter were $0.98, down slightly from $1.01 in the same period a year ago. Adjusted revenue for the quarter matched the GAAP figure at $650 million, and adjusted operating income decreased to $166 million from $189 million for the same period a year ago. The adjusted operating profit margin was 25.5% as a percentage of adjusted revenue, down from 28.0% in the previous year's first quarter.

The company's president and CEO, Prahlad Singh, expressed satisfaction with the progress made on strategic priorities during the first few months of the year, emphasizing the successful introduction of innovations and efforts to optimize the business amidst industry adjustments.

In terms of the company's reporting segments, the life sciences division experienced an 8% decrease in reported revenue, amounting to $303 million in the first quarter of 2024, compared to $328 million in the same period a year ago. Similarly, the diagnostics segment reported flat revenue of $347 million, with organic revenue increasing by 1% compared to the first quarter of the previous year.

Looking ahead, Revvity has updated its full-year 2024 total revenue guidance to a range of $2.76-$2.82 billion, reflecting recent changes in foreign currency exchange rates. The company has also reaffirmed its adjusted EPS guidance of $4.55-$4.75 and organic growth guidance of 1-3% for the full year 2024.

Revvity will be discussing its first quarter 2024 results and business outlook during a webcast on April 29, 2024, at 8:00 a.m. Eastern Time. The webcast and presentation will be available on the investors section of the company’s website.

It's important to note that the company provided a detailed breakdown of non-GAAP financial measures and reconciliations to the closest GAAP measures in the press release. The press release also contained forward-looking statements regarding estimates and projections of future financial results, developments relating to customers and end-markets, and business development opportunities. Today the company's shares have moved 2.1% to a price of $103.68. Check out the company's full 8-K submission here.

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