Q2 2024 Revvity Inc Earnings Call Transcript
Key Points
- Revvity Inc (RVTY) exceeded financial expectations for Q2 2024 despite market uncertainties.
- Adjusted operating margins increased to 29%, significantly up from the first quarter.
- Adjusted EPS of $1.22 was meaningfully above expectations.
- Free cash flow conversion exceeded 100% of adjusted net income for the third consecutive quarter.
- Revvity Inc (RVTY) plans to aggressively repurchase shares, seeing it as a long-term value creation opportunity.
- Organic revenue declined by 1%, primarily due to cyclical pressures in preclinical spending.
- Life sciences segment saw a 6% decline in organic revenue.
- China's revenue declined in the low double digits year-over-year, with significant drops in life sciences and applied genomics instrumentation.
- Reagents performance was below expectations due to pharma headcount reductions and site consolidations.
- Applied genomics business declined in the low double digits, facing ongoing headwinds.
Hello, and welcome to the Q2 2024 Revvity Earnings Conference Call. My name is Elliot, and I'll be coordinating your call today. (Operator Instructions)
I would now like to hand over to Steve Willoughby, Senior Vice President, Investor Relations. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to Revvity's Second Quarter 2024 Earnings Conference Call. On the call with me today are Prahlad Singh, our President and Chief Executive Officer; and Max Krakowiak, our Senior Vice President and Chief Financial Officer.
I would like to remind you of the safe harbor statements outlined in our press release issued earlier this morning and also those in our SEC filings. Statements or comments made on this call may be forward-looking statements, which may include but may not be limited to, financial projections and other statements of the company's plans, objectives, expectations or intentions. The company's actual results may differ significantly from those
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