Revvity, Inc. (NYSE: RVTY) has reported its financial results for the second quarter of 2024, showing a 2% decrease in reported revenue to $692 million compared to the same period last year. However, organic growth only decreased by 1%. The company's GAAP earnings per share (EPS) for the quarter were $0.45, a significant improvement from $0.28 in the same period a year ago.
The GAAP operating income from continuing operations for the quarter was $86 million, up from $78 million in the same period a year ago. This resulted in a GAAP operating profit margin from continuing operations of 12.4% as a percentage of revenue, compared to 11.0% in the same period a year ago.
On an adjusted basis, the company reported earnings per share from continuing operations of $1.22, slightly up from $1.21 in the same period a year ago. Adjusted revenue for the quarter was in line with reported revenue at $692 million, compared to $709 million in the same period a year ago. Adjusted operating income was $199 million, down from $204 million for the same period a year ago. Similarly, the adjusted operating profit margin decreased to 28.7% as a percentage of adjusted revenue, from 28.8% in the same period a year ago.
The company's Life Sciences segment saw a reported revenue decrease of 7% to $314 million, with an organic revenue decrease of 6% compared to the same period a year ago. The Diagnostics segment, on the other hand, experienced a 1% reported revenue increase, and a 3% organic revenue increase, amounting to $378 million in the second quarter of 2024.
Revvity has updated its full year 2024 revenue guidance to $2.77-$2.79 billion, reflecting recent changes in foreign currency exchange rates and assuming 2% organic revenue growth. The adjusted EPS guidance for the full year 2024 has been raised to a range of $4.70-$4.80.
The company will be discussing its second quarter 2024 results and the outlook for business trends during a webcast on July 29, 2024, at 8:00 a.m. Eastern Time.
This press release contains forward-looking statements, including estimates and projections of future earnings per share, cash flow, and revenue growth, as well as developments relating to customers, end-markets, and business development opportunities. As a result of these announcements, the company's shares have moved 2.1% on the market, and are now trading at a price of $115.15. Check out the company's full 8-K submission here.
