Revvity, Inc. reported its financial results for the third quarter and nine months ended September 29, 2024, showing a mixed performance compared to the same periods in 2023. Total revenue for Q3 2024 reached $684.0 million, a 2% increase from $670.7 million in Q3 2023. Year-to-date (YTD) revenue for the nine months was $2,025.7 million, down 1% from $2,054.7 million in the prior year.
Product revenue for Q3 2024 was $598.8 million, slightly up from $586.7 million in Q3 2023, while YTD product revenue decreased to $1,771.4 million from $1,803.4 million. The Diagnostics segment saw a revenue increase of 6% in Q3 2024, totaling $383.3 million, driven by strong demand in immunodiagnostics. Conversely, the Life Sciences segment experienced a 2% decline in revenue to $300.9 million, primarily due to decreased sales in instruments and software, despite a rise in reagents revenue.
Operating income from continuing operations for Q3 2024 was $98.2 million, up from $69.2 million in Q3 2023, while YTD operating income increased to $228.0 million from $223.4 million. Income from continuing operations before income taxes also rose significantly to $100.4 million in Q3 2024, compared to $50.6 million in Q3 2023. Net income for Q3 2024 surged to $94.4 million, a substantial increase from $9.5 million in the prior year, although YTD net income fell to $175.7 million from $614.5 million, largely due to the impact of the asset sale completed in March 2023.
The company’s cash and cash equivalents as of September 29, 2024, stood at $1.23 billion, up from $913.2 million at the end of 2023. Total current assets decreased to $2.45 billion, while total assets fell to $12.77 billion. Total current liabilities significantly reduced to $687.9 million from $1.45 billion at the end of 2023, contributing to an increase in total stockholders’ equity to $7.92 billion.
Revvity completed the sale of its Applied, Food, and Enterprise Services businesses in March 2023 for up to $2.45 billion, receiving approximately $2.27 billion in cash proceeds. The company has since utilized these funds for share repurchases and strategic acquisitions, with a new stock repurchase program authorized for up to $1.0 billion on October 24, 2024.
Overall, while Revvity experienced growth in certain segments and improved profitability metrics, it faced challenges in revenue generation, particularly in its Life Sciences segment, and a significant decline in YTD net income compared to the previous year.
About REVVITY, INC.
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