Revvity, Inc. Reports Strong Third Quarter 2024 Financial Results
Revvity, Inc. (NYSE: RVTY), a leader in health science solutions, has disclosed its financial outcomes for the third quarter ending September 29, 2024. The company's results underscore continued growth and strategic advancements.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | Y/Y Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $684M | $671M | +2% | $679.65M |
| GAAP Earnings Per Share | $0.77 | $0.08 | 862.5% | - |
| Adjusted EPS | $1.28 | $1.18 | +8.5% | $1.13 |
Revvity’s total revenue slightly surpassed the Wall Street consensus estimates, marking a 2% annual growth. The adjusted earnings per share at $1.28 also exceeded expectations, reflecting an 8.5% increase year-over-year. This performance indicates robust financial health and operational efficiency.
Revenue Performance by Segment
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | Y/Y Change |
|---|---|---|---|
| Life Sciences | $301M | $308M | -2% |
| Diagnostics | $383M | $363M | +6% |
The Diagnostics segment showcased substantial growth of 6%, driven by increased demand and innovation in offerings. Conversely, the Life Sciences segment experienced a slight decline, reflecting a revenue drop of 2% year-over-year, impacted by organic revenue contraction.
Key Developments and Operational Highlights
- Adjusted operating income from continuing operations rose to $193 million.
- New $1 billion share repurchase program authorized, replacing the previous initiative.
- A strategic Investor Day is scheduled for November 21, 2024.
Management Commentary
Prahlad Singh, President and CEO, emphasized, 'Our performance this quarter, marked by revenue growth and margin strength, validates our strategic initiatives and customer engagement efforts. We remain committed to advancing our impact across science and healthcare, fostering innovation globally.'
Shareholder Returns
Revvity announced a robust $1 billion share repurchase program, reinforcing its commitment to returning value to shareholders.
Forward Guidance
The company has revised its full-year 2024 revenue guidance to $2.75 billion-$2.77 billion, reflecting recent currency fluctuations. Adjusting for these dynamics, Revvity has lifted its adjusted EPS expectation to be between $4.83 and $4.87.
Stock Price Movement
Following the earnings release, Revvity's stock experienced a 2.07% increase, signaling positive investor reception to the company's financial performance and strategic foresight.
In summary, Revvity has demonstrated a solid financial performance for the third quarter of 2024, highlighted by significant earnings growth and strategic investments, confirming its trajectory of sustained value creation and innovation leadership.
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