WALTHAM, Mass. - Revvity, Inc. (NYSE: RVTY) has reported its financial results for the second quarter ended June 30, 2024, with an adjusted EPS of $1.22, surpassing the analyst estimate of $1.12. The company's revenue reached $692 million, ahead of the consensus estimate of $690.33 million.
The reported GAAP revenue for the second quarter showed a decline of 2% compared to the same period last year, with organic growth also down by 1%. However, the GAAP EPS of $0.45 marked an increase from the $0.28 reported in the previous year. The adjusted operating income was $199 million, slightly down from $204 million year-over-year (YoY), with the adjusted operating profit margin at 28.7%, nearly consistent with the 28.8% from the same quarter last year.
Revvity's president and chief executive officer, Prahlad Singh, commented on the company's one-year anniversary, noting the organization's achievements and its trajectory towards meeting full-year goals, fueled by continuous innovation and strong execution.
The Life Sciences segment experienced a 7% reported revenue decrease and a 6% organic revenue decrease YoY, while the Diagnostics segment reported a 1% revenue increase and a 3% organic revenue increase compared to the same period last year.
Looking ahead, Revvity has updated its full-year 2024 guidance, expecting revenue to be between $2.77 and $2.79 billion, reflecting changes in foreign currency exchange rates and assuming a 2% organic revenue growth. The company has also raised its adjusted EPS guidance to a range of $4.70 to $4.80, above the analyst consensus of $4.63. This positive outlook is based on non-GAAP measures and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of certain items excluded from these measures.
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