Revvity Q3 earnings

Revvity, Inc. announced its Q3 earnings, reporting a revenue increase to $684 million, a 2% rise from the previous year, and significant growth in GAAP earnings per share to $0.77, up from $0.08. However, the company cut its 2024 revenue forecast to between $2.75 billion and $2.77 billion due to reduced biotech spending and a strong US dollar impacting demand for its drug development tools. In contrast, Revvity raised its adjusted EPS forecast to $4.83-$4.87, demonstrating effective cost controls. The board approved a new $1 billion share repurchase program, replacing the earlier $600 million plan, reflecting confidence in the company's financial outlook. Despite these challenges, the company reported better-than-expected quarterly profit, with an adjusted profit per share of $1.28, surpassing analyst estimates. Revvity's focus on enhancing shareholder value and navigating economic challenges highlights its strategic resilience in the healthcare sector.