Revvity Inc. posted third-quarter revenue and earnings that fell short of market expectations and lowered its full-year guidance in what it described as an increasingly challenging end-market environment.
The life sciences and diagnostics business reported a 5.8% decline in revenue to $670.7 million for the quarter to October 1, 2023, below the $695.4 million expected by the Street.
Its Life Sciences business reported a 2% decrease in revenue to $308 million, while Diagnostics’ revenue fell 9% to $363 million.
Adjusted earnings per share (EPS) of $1.18, down from $1.21 a year earlier, were below the $1.19 consensus of analysts polled by Zacks Investment Research.
Noting that the company executed well during the quarter, president and CEO Prahlad Singh commented in a statement: “During this period of increased market uncertainty, we will focus our efforts on those factors we can control to ensure the company emerges from this period in an even stronger and more agile position.”
For the full year, Revvity now expects revenue of between $2.72 billion and $2.74 billion, down from its previous guidance of $2.8 to $2.85 billion.
Adjusted EPS is expected to amount to $4.53 to $4.57 from $4.70 to $4.90 previously.
The company’s shares were down 16% at $83 by 11:30am in New York.
Contact the author at stephen.gunnion@proactiveinvestors.com