Life Science Firm Revvity Lifts Annual Profit Forecast On Strong Q2 Performance

On Monday, Revvity Inc. RVTY reported second-quarter sales of $691.69 million, down from $709.07 million, beating the consensus of $690.36 million.

The life sciences and diagnostics company earned second-quarter adjusted EPS of $1.22, beating the consensus of $1.12.

Revvity is an American company in the life sciences and diagnostics business focused on selling to the pharmaceutical and biotechnology industries.

The company reported GAAP earnings per share of $0.45 compared to $0.28 a year ago.

Adjusted operating income was $199 million, compared to $204 million for the same period a year ago. The adjusted operating profit margin was 28.7%compared to 28.8% a year ago.

Life Sciences revenue was $314 million, down 7% on a reported basis. Organic revenue decreased 6%.

Diagnostics sales increased 1% year-over-year to $378 million, and organic revenue increased 3%.

Guidance: Revvity updates its fiscal year 2024 sales guidance to $2.77 billion—$2.79 billion, compared to prior guidance of $2.76 billion—$2.82 billion and consensus of $2.79 billion.

The guidance reflects recent changes in foreign currency exchange rates and assumes 2% organic revenue growth.

The company forecasts 2024 adjusted EPS of $4.70-$4.80 versus the prior guidance of $4.55-$4.75 and a consensus of $4.63.

Price Action: RVTY stock is up 2.78% to $118.46 at the last check on Monday.