We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Revvity (RVTY) Misses on Q3 Earnings, Lowers '23 EPS View
Read MoreHide Full Article
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.
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) .
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%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Revvity (RVTY) Misses on Q3 Earnings, Lowers '23 EPS View
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.
Revvity Inc. Price, Consensus and EPS Surprise
Revvity Inc. price-consensus-eps-surprise-chart | Revvity Inc. Quote
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%.