On July 29, 2024, Revvity Inc (RVTY, Financial) released its 8-K filing for the second quarter of 2024. Revvity, a provider of instruments, tests, services, and software solutions to various markets, reported revenue of $692 million, surpassing the analyst estimate of $690.36 million. However, the company's GAAP earnings per share (EPS) of $0.45 fell short of the estimated $0.56.
Company Overview
Revvity Inc (RVTY, Financial) operates in two segments: diagnostics and discovery and analytical solutions. The diagnostics segment includes immunodiagnostics, reproductive health, and applied genomics, while the discovery and analytical solutions segment encompasses life science, industrial, environmental, and food applications. The company offers a wide range of products and services, from genetic screening and environmental analytical tools to informatics and enterprise software.
Performance and Challenges
Revvity Inc (RVTY, Financial) reported a 2% decline in revenue compared to the same period last year, with GAAP revenue at $692 million versus $709 million in Q2 2023. The company also saw a slight decrease in organic revenue by 1%. Despite these challenges, the company managed to increase its GAAP operating income from continuing operations to $86 million, up from $78 million in the same period last year.
Financial Achievements
Revvity Inc (RVTY, Financial) achieved a GAAP operating profit margin of 12.4%, an improvement from 11.0% in Q2 2023. The adjusted EPS from continuing operations was $1.22, slightly higher than the $1.21 reported in the same period last year. The company's adjusted operating income was $199 million, compared to $204 million in Q2 2023, with an adjusted operating profit margin of 28.7%.
“During the second quarter, we celebrated Revvity's one year anniversary with both pride and gratitude for what we have already accomplished as an organization and for our customers,” said Prahlad Singh, president and chief executive officer of Revvity. “Our Company's unique strengths of bringing together high levels of continuous innovation and ongoing strong execution enabled us to exceed our expectations, putting us on a good trajectory towards achieving our full year goals.”
Segment Performance
In the Life Sciences segment, revenue for Q2 2024 was $314 million, down from $336 million in Q2 2023, representing a 7% decrease in reported revenue and a 6% decrease in organic revenue. The adjusted operating income for this segment was $112 million, with an adjusted operating profit margin of 35.8%, compared to 38.0% in the same period last year.
The Diagnostics segment reported revenue of $378 million, up from $373 million in Q2 2023, marking a 1% increase in reported revenue and a 3% increase in organic revenue. The adjusted operating income for this segment was $98 million, with an adjusted operating profit margin of 25.9%, compared to 22.9% in Q2 2023.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $692 million | $709 million |
| GAAP EPS | $0.45 | $0.28 |
| Adjusted EPS | $1.22 | $1.21 |
| GAAP Operating Income | $86 million | $78 million |
| Adjusted Operating Income | $199 million | $204 million |
Balance Sheet and Cash Flow
Revvity Inc (RVTY, Financial) reported total assets of $13.42 billion as of June 30, 2024, slightly down from $13.56 billion at the end of 2023. The company's cash and cash equivalents increased to $1.25 billion from $913 million. Total liabilities stood at $5.55 billion, compared to $5.69 billion at the end of 2023.
Net cash provided by operating activities of continuing operations was $182 million for Q2 2024, compared to a net cash outflow of $47 million in Q2 2023. The company also reported a net increase in cash, cash equivalents, and restricted cash of $250 million for the quarter.
Full Year 2024 Guidance
Revvity Inc (RVTY, Financial) has updated its full-year revenue guidance to $2.77-$2.79 billion, reflecting recent changes in foreign currency exchange rates and assuming 2% organic revenue growth. The company has also raised its adjusted EPS guidance to a range of $4.70-$4.80.
For more detailed information, please refer to the 8-K filing.
Explore the complete 8-K earnings release (here) from Revvity Inc for further details.
