By Denny Jacob
Revvity shares slid 18% to $80.56 following weak third-quarter results and a lowered outlook for 2023.
The stock, down 43% on the year so far, is on pace for a new 52-week low and its largest percentage decrease in nearly 15 years.
The company, which provides health science solutions, technologies, expertise, and services, logged net income of $9.5 million, or eight cents a share, for the three months ended Oct. 1, down from $85.3 million, or 67 cents a share, a year earlier. Adjusted earnings were $1.18 a share, slightly below analysts’ estimates of $1.19.
Revenue declined to $670.7 million from $711.8 million. Analysts polled by FactSet expected $695.4 million.
For 2023, Revvity lowered both its revenue and adjusted earnings per-share outlook. For the year, revenue is now expected to come in between $2.72 billion and $2.74 billion, compared with a prior outlook set between $2.8 billion and $2.85 billion. Adjusted earnings per-share, meanwhile, was guided in the range of $4.53 and $4.57 compared with previous outlook set between $4.70 and $4.90.
Write to Denny Jacob at [email protected]
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