
Revvity Faces Biopharma Challenges, COVID-19 Headwinds in 3Q23
10-30-23 (by: Scott Gleason) Revvity, Inc. has announced its financial results for the third quarter of 2023 with total revenue coming in at $671 million for the quarter, showing a 6% decrease in reported growth. However, excluding the effects of COVID-related revenue, Revvity’s organic growth was 1% in the quarter. Analysts had been forecasting total revenue of $695.3 million.
Life Sciences revenue for the third quarter of 2023 was $308 million, a decrease from $313 million in the same period the previous year. Reported revenue decreased by 2%, while organic revenue faced a 3% decline compared to the same period in the previous year.
Diagnostics segment revenue in the third quarter was $363 million, a decrease from $399 million in the same period a year ago and was down 9%.
Adjusted operating income declined to $185 million from $224 million in the third quarter last year, and adjusted operating profit margin was 27.5% as a percentage of revenue, down from 31.4% the previous year. Adjusted earnings per share for the quarter were $1.18, down from $1.21 in the same period the previous year. Consensus forecasts called for adjusted EPS of $1.19.
Revvity decreased its guidance for the full year of 2023, forecasting a total revenue range of $2.72 billion to $2.74 billion. Adjusted earnings per share for the year are expected to be in the range of $4.53 to $4.57. Previous guidance had called for revenue of $2.80-$2.85 billion and adjusted earnings per share of $4.70-$4.90.