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Revvity (RVTY) Q1 Earnings and Revenues Surpass Estimates
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Revvity, Inc. (RVTY - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 98 cents, which beat the Zacks Consensus Estimate of 94 cents by 4.3%. However, the bottom line declined 2.9% from the year-ago quarter’s level.
GAAP EPS from continuing operations was 23 cents compared with 20 cents in the prior-year period. However, GAAP EPS was 21 cents, which includes a loss of 2 cents per share from discontinued operations.
Price Performance
RVTY’s shares have gained 23.7% in the past six months compared with the industry's growth of 17.9%. The S&P 500 Index has increased 23.1% in the same period.
Image Source: Zacks Investment Research
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $649.9 million, down 4% year over year and 3% organically. However, the top line beat the Zacks Consensus Estimate by 0.4%.
Segmental Details
Revvity reports under two operating segments — Life Sciences and Diagnostics.
Life Sciences
Revenues from this segment totaled $303 million, indicating a decrease of 7.8% from the year-ago quarter’s level. Organically, the segment witnessed a decline of 8%.
Adjusted operating income amounted to $101.7 million, down 21.5% from that recorded in the prior-year quarter.
Diagnostics
This segment’s revenues totaled $347.1 million, up 0.1% on a year-over-year basis. Organically, the top line increased 1%.
Adjusted operating income amounted to $75.4 million, up 1.3% from the year-ago quarter’s figure.
Margin Analysis
Selling, general and administrative expenses totaled $260.6 million, up 4.8% year over year. Research and development expenses amounted to $50.4 million, down 11.2% from the year-ago quarter’s reported number.
Adjusted operating income declined 12.4% to $165.8 million from the year-ago quarter’s level. Adjusted operating margin, as a percentage of revenues, was 25.5%, contracting 250 basis points.
Financial Update
The company exited the first quarter of 2024 with cash and cash equivalents of $1.70 billion compared with $1.60 billion in the prior quarter.
Net cash provided by operating activities, including discontinued operations, totaled $147.6 million compared with net cash provided by operating activities of $63.5 million in the year-ago quarter.
2024 Guidance
Revvity updated its earnings and revenue guidance for 2024.
For 2024, the company expects its adjusted EPS in the range of $4.55-$4.75. Revenues are anticipated to be in the band of $2.76-$2.82 billion. The Zacks Consensus Estimate for EPS and sales is pegged at $4.65 per share and $2.82 billion, respectively.
Some better-ranked stocks in the broader medical space are Align Technologies, Inc. (ALGN - Free Report) , Becton, Dickinson and Company (BDX - Free Report) , popularly known as BD, and Ecolab Inc. (ECL - Free Report) .
Align Technologies, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 9.4%. ALGN’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 5.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ALGN’s shares have lost 2.2% compared with the industry’s 3.4% rise in the past year.
BD, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 9.4%. BDX’s earnings surpassed estimates in three of the trailing four quarters and broke even once, with the average being 4.6%.
BD has lost 11.1% against the industry’s 4.9% rise in the past year.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.
Ecolab’s shares have rallied 33.8% against the industry’s 9.3% decline in the past year.
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Revvity (RVTY) Q1 Earnings and Revenues Surpass Estimates
Revvity, Inc. (RVTY - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 98 cents, which beat the Zacks Consensus Estimate of 94 cents by 4.3%. However, the bottom line declined 2.9% from the year-ago quarter’s level.
GAAP EPS from continuing operations was 23 cents compared with 20 cents in the prior-year period. However, GAAP EPS was 21 cents, which includes a loss of 2 cents per share from discontinued operations.
Price Performance
RVTY’s shares have gained 23.7% in the past six months compared with the industry's growth of 17.9%. The S&P 500 Index has increased 23.1% in the same period.
Image Source: Zacks Investment Research
Revenue Details
Based in Waltham, MA, this leading MedTech company reported revenues of $649.9 million, down 4% year over year and 3% organically. However, the top line beat the Zacks Consensus Estimate by 0.4%.
Segmental Details
Revvity reports under two operating segments — Life Sciences and Diagnostics.
Life Sciences
Revenues from this segment totaled $303 million, indicating a decrease of 7.8% from the year-ago quarter’s level. Organically, the segment witnessed a decline of 8%.
Adjusted operating income amounted to $101.7 million, down 21.5% from that recorded in the prior-year quarter.
Diagnostics
This segment’s revenues totaled $347.1 million, up 0.1% on a year-over-year basis. Organically, the top line increased 1%.
Adjusted operating income amounted to $75.4 million, up 1.3% from the year-ago quarter’s figure.
Margin Analysis
Selling, general and administrative expenses totaled $260.6 million, up 4.8% year over year. Research and development expenses amounted to $50.4 million, down 11.2% from the year-ago quarter’s reported number.
Adjusted operating income declined 12.4% to $165.8 million from the year-ago quarter’s level. Adjusted operating margin, as a percentage of revenues, was 25.5%, contracting 250 basis points.
Financial Update
The company exited the first quarter of 2024 with cash and cash equivalents of $1.70 billion compared with $1.60 billion in the prior quarter.
Net cash provided by operating activities, including discontinued operations, totaled $147.6 million compared with net cash provided by operating activities of $63.5 million in the year-ago quarter.
2024 Guidance
Revvity updated its earnings and revenue guidance for 2024.
For 2024, the company expects its adjusted EPS in the range of $4.55-$4.75. Revenues are anticipated to be in the band of $2.76-$2.82 billion. The Zacks Consensus Estimate for EPS and sales is pegged at $4.65 per share and $2.82 billion, respectively.
Revvity Inc. Price, Consensus and EPS Surprise
Revvity Inc. price-consensus-eps-surprise-chart | Revvity Inc. Quote
Zacks Rank & Stocks to Consider
RVTY carries a Zacks Rank #4 (Sell) at present.
Some better-ranked stocks in the broader medical space are Align Technologies, Inc. (ALGN - Free Report) , Becton, Dickinson and Company (BDX - Free Report) , popularly known as BD, and Ecolab Inc. (ECL - Free Report) .
Align Technologies, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 9.4%. ALGN’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 5.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ALGN’s shares have lost 2.2% compared with the industry’s 3.4% rise in the past year.
BD, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 9.4%. BDX’s earnings surpassed estimates in three of the trailing four quarters and broke even once, with the average being 4.6%.
BD has lost 11.1% against the industry’s 4.9% rise in the past year.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.
Ecolab’s shares have rallied 33.8% against the industry’s 9.3% decline in the past year.