Revvity Inc (RVTY, Financial) released its earnings report for the third quarter of 2023 on October 30, 2023. The company reported a GAAP earnings per share of $0.08, compared to $0.67 in the same period a year ago. GAAP revenue for the quarter was $671 million, as compared to $712 million in the same period a year ago. Adjusted earnings per share from continuing operations for the quarter was $1.18, as compared to $1.21 in the same period a year ago.
Financial Overview by Reporting Segment for the Third Quarter
The Life Sciences segment reported a revenue of $308 million, a decrease of 2% compared to the same period a year ago. The adjusted operating income was $114 million, slightly lower than the $117 million reported in the same period a year ago. The Diagnostics segment reported a revenue of $363 million, a decrease of 9% compared to the same period a year ago. The adjusted operating income was $82 million, significantly lower than the $123 million reported in the same period a year ago.
Full Year 2023 Guidance
For the full year 2023, Revvity Inc (RVTY, Financial) forecasts total revenue of $2.72-$2.74 billion and adjusted earnings per share of $4.53-$4.57. This guidance assumes no additional contribution from COVID related revenues.
Financial Statements Summary
The company's condensed consolidated income statement shows a net income of $9.497 million for the three months ended October 1, 2023. The revenue for the same period was $670.739 million. The company's condensed consolidated balance sheet shows current assets of $2.913 billion and total assets of $13.421 billion as of October 1, 2023. The consolidated statement of cash flows shows a net decrease in cash, cash equivalents, and restricted cash of $195.364 million for the three months ended October 1, 2023.
Company's Performance Analysis
Revvity Inc (RVTY, Financial) reported a decrease in both GAAP and adjusted earnings per share from the same period a year ago. The company's revenue also decreased, both in reported and organic growth. The company's operating income from continuing operations also decreased compared to the same period a year ago. However, the company's adjusted operating income showed a slight increase.
Other Pertinent Details
Revvity Inc (RVTY, Financial) is a company that provides health science solutions, technologies, expertise, and services that deliver complete workflows from discovery to development, and diagnosis to cure. The company reported a revenue of more than $3 billion in 2022 and has over 11,000 employees. It serves customers across pharmaceutical and biotech, diagnostic labs, academia, and governments. It is part of the S&P 500 index and has customers in more than 190 countries.
Explore the complete 8-K earnings release (here) from Revvity Inc for further details.
