Why Biotechnology Company Revvity's Shares Diving Today

Revvity Inc RVTY shares are trading lower by around 17% after the company reported worse-than-expected Q3 FY23 results and lowered its FY23 guidance.

Revenue declined to $671 million from $712 million a year ago (organic decline of 7% Y/Y), missing the consensus of $695.3 million.

Life Sciences segment revenue fell 2% Y/Y to $308 million, and Diagnostics segment decreased 9% Y/Y to $363 million.

Adjusted operating income declined to $185 million from $224 million a year ago, with margin contracting to 27.5% from 31.4% the prior year.

Adjusted EPS of $1.18, down from $1.21 a year ago, missed the consensus of $1.19.

"During this period of increased market uncertainty, we will focus our efforts on those factors we can control to ensure the Company emerges from this period in an even stronger and more agile position," said Prahlad Singh, president and CEO.

As of October 1, 2023, cash and cash equivalent stood at $1.43 billion.

Revvity's regular quarterly dividend of $0.07 per share of common stock is payable on February 9, 2024, to all shareholders of record on January 19, 2024.

FY23 Outlook: Revvity lowered revenue guidance to $2.72 billion-$2.74 billion (from $2.80 billion-$2.85 billion) vs. consensus of $2.83 billion and adjusted EPS to $4.53-$4.57 (from $4.70-$4.90) vs. $4.79 street view. 

Price Action: RVTY shares are trading down by 17.47% at $80.78 on the last check Monday.