Revvity, Inc. (NYSE: RVTY) announced robust financial results for Q4 2023 and the full year ending December 31, 2023.

Fourth Quarter 2023 Highlights:

• GAAP earnings per share: $0.64 (compared to $1.01 in the same period last year)

• GAAP revenue: $696 million (compared to $741 million last year)

• GAAP operating income: $77 million (compared to $137 million last year)

• GAAP operating profit margin: 11.1% of revenue (compared to 18.5% last year)

• Adjusted earnings per share from continuing operations: $1.25 (compared to $1.41 last year)

• Adjusted revenue: $696 million (compared to $741 million last year)

• Adjusted operating income: $192 million (compared to $240 million last year)

• Adjusted operating profit margin: 27.5% of adjusted revenue (compared to 32.3% last year)

Full Year 2023 Highlights:

• GAAP earnings per share: $5.55 (compared to $4.50 in 2022)

• GAAP revenue: $2,751 million (compared to $3,312 million in 2022)

• GAAP operating income: $301 million (compared to $743 million in 2022)

• GAAP operating profit margin: 10.9% of revenue (compared to 22.4% in 2022)

• Adjusted earnings per share from continuing operations: $4.65 (compared to $6.92 in 2022)

• Adjusted revenue: $2,751 million (compared to $3,313 million in 2022)

• Adjusted operating income: $770 million (compared to $1,212 million in 2022)

• Adjusted operating profit margin: 28.0% of adjusted revenue (compared to 36.6% in 2022)

Prahlad Singh, President and CEO of Revvity, commented:
“We persevered through continued industry headwinds and performed better than anticipated during the final months of 2023. We are leading with innovation to be a strategic scientific partner with our customers, which positions us well to continue to perform at a high level for years to come.”

Financial Overview by Reporting Segment for Q4 and Full Year 2023:

Life Sciences:

• Q4 2023 revenue: $320 million (8% decrease YoY)
• Full year 2023 revenue: $1,292 million (flat YoY)
• Q4 2023 adjusted operating income: $118 million (36.9% margin)
• Full year 2023 adjusted operating income: $489 million (37.9% margin)

Diagnostics:

• Q4 2023 revenue: $376 million (4% decrease YoY)
• Full year 2023 revenue: $1,459 million (28% decrease YoY)
• Q4 2023 adjusted operating income: $80 million (21.1% margin)
• Full year 2023 adjusted operating income: $321 million (22.0% margin)

Full Year 2024 Guidance:

• Total revenue forecast: $2.79-$2.85 billion
• Adjusted earnings per share forecast: $4.55-$4.75

Note: Full year 2024 guidance provided on a non-GAAP basis.