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Key Takeaways
- Revvity reported second-quarter profit and sales that exceeded estimates on higher demand for its diagnostic products.
- The medical equipment maker posted a 1.4% year-over-year increase in revenue at its Diagnostics segment, while revenue at its Life Sciences division declined.
- Revvity raised its full-year adjusted EPS guidance.
Revvity (RVTY) shares advanced Monday after the medical equipment maker formerly known as PerkinElmer posted better-than-expected results and boosted its profit guidance on higher demand for its diagnostic products.
The company reported second-quarter adjusted operating earnings per share (EPS) of $1.22, $0.10 more than the average estimate of analysts surveyed by Visible Alpha. Revenue fell 2.5% year-over-year to $691.7 million, but it was also more than forecasts.
Sales in its Diagnostic unit rose 1.4% to $378.0 million. However, Life Sciences segment sales declined 6.7% to $313.8 million.
CEO Says Revvity ‘On a Good Trajectory’
CEO Prahlad Singh said the results put Revvity “on a good trajectory towards achieving our full-year goals.”
The company increased its 2024 adjusted EPS outlook to $4.70 to $4.80 from the earlier guidance of $4.55 to $4.75. It narrowed its outlook for revenue to $2.77 billion to $2.79 billion from $2.76 billion to $2.82 billion.
Revvity shares rose 3.5% as of 10:45 a.m. ET Monday to $119.18, their highest level in almost a year.