Q3 2024 Revvity Inc Earnings Call Transcript
Key Points
- Revvity Inc (RVTY) reported better-than-expected total revenue, adjusted operating margin, and adjusted EPS for the third quarter of 2024.
- The company achieved an 80 basis point increase in adjusted operating margins year-over-year, reaching 28.3% in the quarter.
- Revvity Inc (RVTY) generated $135 million of free cash flow in the quarter, achieving a 100% conversion to adjusted net income year-to-date.
- The company remains optimistic about the stabilization of market trends, particularly in the diagnostic and life science reagents and software businesses.
- Revvity Inc (RVTY) announced a new $1 billion share repurchase authorization over the next two years, reflecting strong cash flow performance and balance sheet stability.
- Revvity Inc (RVTY) experienced continued delays in instrument purchasing in China, impacting their fourth-quarter outlook.
- The company adjusted its full-year organic growth outlook to a range of 0% to 1%, down from previous assumptions.
- Life Sciences segment saw a 3% decline in organic revenue, with instruments underperforming, particularly in China.
- The company noted a more subdued end-of-year spending environment for instrumentation from pharma customers.
- Applied Genomics business declined in the low single digits, although it showed signs of stabilization.
Hello, everyone, and welcome to Revvity's third quarter 2024 earnings conference call. My name is Lydia, and I will be your operator today. (Operator Instructions)
I'll now hand you over to Steve Willoughby, Head of Investor Relations, to begin. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to Revvity's Third 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'd 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 or other statements of the company's plans, objectives, expectations or intentions.
The company's actual results may differ significantly from those projected or
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