Revvity, Inc. (RVTY - Free Report) reported third-quarter 2023 adjusted earnings per share (EPS) of $1.18, which missed the Zacks Consensus Estimate of $1.19 by 0.8%. The bottom line also declined 2.5% from the year-ago quarter’s level.
GAAP EPS from continuing operations was 8 cents compared with 67 cents in the prior-year period. However, GAAP EPS was 28 cents, including a loss of 18 cents per share from discontinued operations.
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $671 million, down 5.8% year over year and 7% organically. However, the metric was up 1% organically after excluding sales from COVID-19 products. The top line missed the Zacks Consensus Estimate by 3.1%.
Segmental Details
Revvity reports under two operating segments — Life Sciences and Diagnostics.
Life Sciences
Revenues from this segment totaled $308 million, indicating a decrease of 1.6% from the year-ago quarter’s level. Organically, the segment witnessed a decline of 3%.
Adjusted operating income amounted to $114 million, up 2.6% from that recorded in the prior-year quarter.
Diagnostics
This segment’s revenues totaled $363 million, down 9% on a year-over-year basis. Organically, the top line decreased 10%.
Adjusted operating income amounted to $82 million, down 33.3% from the year-ago quarter’s figure.
Margin Analysis
Selling, general and administrative expenses totaled $250.3 million, up 3.1% year over year. Research and development expenses amounted to $53 million, down 0.9% from the year-ago quarter’s reported number.
Adjusted operating income declined 42.4% to $185 million from the year-ago quarter’s level. Adjusted operating margin, as a percentage of revenues, was 27.5%, down 390 bps.
Financial Update
The company exited the third quarter with cash and cash equivalents of $1.43 billion compared with $2.07 billion in the year-ago period.
Net cash used in operating activities, including discontinued operations, totaled $33.5 million against net cash provided by operating activities of $160 million in the year-ago quarter.
2023 Guidance
Revvity provided its updated earnings and revenue guidance for full-year 2023.
For 2023, the company now expects adjusted EPS in the range of $4.53-$4.57 compared with the previous guidance of $4.70-$4.90. Revenues are anticipated in the band of $2.72-$2.74 billion compared with the previous projection of $ 2.80-$2.85 billion. The Zacks Consensus Estimate for EPS and sales is pegged at $4.76 per share and $2.82 billion, respectively.
Zacks Rank and Stocks to Consider
Currently, Revvity carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Abbott Laboratories (ABT - Free Report) , Medpace (MEDP - Free Report) and Boston Scientific (BSX - Free Report) .
Abbott, carrying a Zacks Rank #2 (Buy) at present, reported third-quarter 2023 adjusted EPS of $1.14, which beat the Zacks Consensus Estimate by 3.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Revenues of $10.14 billion outpaced the consensus mark by 3.6%.
Abbott has a long-term estimated growth rate of 5.1%. ABT’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 6.76%.
Medpace reported third-quarter 2023 adjusted EPS of $2.22, which beat the Zacks Consensus Estimate by 8.8%. Revenues of $492 million outpaced the consensus mark by 3.4%. The company currently carries a Zacks Rank #2.
MEDP has an estimated growth rate of 18% for 2024. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 14.62%.
Boston Scientific reported third-quarter 2023 adjusted EPS of 50 cents and revenues of $3.53 billion, which beat their respective Zacks Consensus Estimate by 4.2% and 1.8%, respectively. It currently carries a Zacks Rank #2.
BSX has a long-term estimated growth rate of 12.8%. Its earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 4.34%.
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Revvity, Inc. (RVTY - Free Report) reported third-quarter 2023 adjusted earnings per share (EPS) of $1.18, which missed the Zacks Consensus Estimate of $1.19 by 0.8%. The bottom line also declined 2.5% from the year-ago quarter’s level.
GAAP EPS from continuing operations was 8 cents compared with 67 cents in the prior-year period. However, GAAP EPS was 28 cents, including a loss of 18 cents per share from discontinued operations.
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $671 million, down 5.8% year over year and 7% organically. However, the metric was up 1% organically after excluding sales from COVID-19 products. The top line missed the Zacks Consensus Estimate by 3.1%.
Segmental Details
Revvity reports under two operating segments — Life Sciences and Diagnostics.
Life Sciences
Revenues from this segment totaled $308 million, indicating a decrease of 1.6% from the year-ago quarter’s level. Organically, the segment witnessed a decline of 3%.
Adjusted operating income amounted to $114 million, up 2.6% from that recorded in the prior-year quarter.
Diagnostics
This segment’s revenues totaled $363 million, down 9% on a year-over-year basis. Organically, the top line decreased 10%.
Adjusted operating income amounted to $82 million, down 33.3% from the year-ago quarter’s figure.
Margin Analysis
Selling, general and administrative expenses totaled $250.3 million, up 3.1% year over year. Research and development expenses amounted to $53 million, down 0.9% from the year-ago quarter’s reported number.
Adjusted operating income declined 42.4% to $185 million from the year-ago quarter’s level. Adjusted operating margin, as a percentage of revenues, was 27.5%, down 390 bps.
Financial Update
The company exited the third quarter with cash and cash equivalents of $1.43 billion compared with $2.07 billion in the year-ago period.
Net cash used in operating activities, including discontinued operations, totaled $33.5 million against net cash provided by operating activities of $160 million in the year-ago quarter.
2023 Guidance
Revvity provided its updated earnings and revenue guidance for full-year 2023.
For 2023, the company now expects adjusted EPS in the range of $4.53-$4.57 compared with the previous guidance of $4.70-$4.90. Revenues are anticipated in the band of $2.72-$2.74 billion compared with the previous projection of $ 2.80-$2.85 billion. The Zacks Consensus Estimate for EPS and sales is pegged at $4.76 per share and $2.82 billion, respectively.
Zacks Rank and Stocks to Consider
Currently, Revvity carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Abbott Laboratories (ABT - Free Report) , Medpace (MEDP - Free Report) and Boston Scientific (BSX - Free Report) .
Abbott, carrying a Zacks Rank #2 (Buy) at present, reported third-quarter 2023 adjusted EPS of $1.14, which beat the Zacks Consensus Estimate by 3.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Revenues of $10.14 billion outpaced the consensus mark by 3.6%.
Abbott has a long-term estimated growth rate of 5.1%. ABT’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 6.76%.
Medpace reported third-quarter 2023 adjusted EPS of $2.22, which beat the Zacks Consensus Estimate by 8.8%. Revenues of $492 million outpaced the consensus mark by 3.4%. The company currently carries a Zacks Rank #2.
MEDP has an estimated growth rate of 18% for 2024. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 14.62%.
Boston Scientific reported third-quarter 2023 adjusted EPS of 50 cents and revenues of $3.53 billion, which beat their respective Zacks Consensus Estimate by 4.2% and 1.8%, respectively. It currently carries a Zacks Rank #2.
BSX has a long-term estimated growth rate of 12.8%. Its earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 4.34%.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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