Revvity, Inc. (NYSE: RVTY) today announced that it will release
its fourth quarter and full year 2023 financial results prior to
market open on Thursday, February 1, 2024. The Company will host a
conference call the same day at 8:00 a.m. ET to discuss these
results. Prahlad Singh, president and chief executive officer, and
Max Krakowiak, chief financial officer, will host the conference
call.
To access the call, a live audio webcast will be available via
this registration form or on the Investors section of the Company's
website.
Update on Financial
Performance
The Company is providing the following preliminary financial
results for the fourth quarter 2023:
- Revenue for the fourth quarter is expected to be at least $690
million, resulting in a reported and non-COVID organic revenue
decline of approximately -7% and -4% as compared to the same period
a year ago, respectively.
The Company also now expects its full year 2023 adjusted
earnings per share to meet or exceed the guidance provided on
October 30, 2023.
J.P. Morgan Healthcare
Conference
As previously announced, Prahlad Singh, will present at 10:30
a.m. PT today (January 9, 2024) at the 42nd annual J.P. Morgan
Healthcare Conference. A live audio webcast of the presentation
will be available via this page. A copy of the slide presentation
is now available on the Investors section of the Company’s website
and here: Link to Revvity 2024 J.P. Morgan Presentation
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
generally accepted accounting principles (GAAP), this earnings
announcement also contains non-GAAP financial measures. The reasons
that we use these measures, a reconciliation of these measures to
the most directly comparable GAAP measures, and other information
relating to these measures are included below under Explanation of
Non-GAAP Financial Measures.
Full year 2023 adjusted earnings per share guidance is provided
on a non-GAAP basis and cannot be reconciled to the closest GAAP
measures without unreasonable effort due to the unpredictability of
the amounts and timing of events affecting the items the Company
excludes from these non-GAAP measures. The timing and amounts of
such events and items could be material to the Company’s results
prepared in accordance with GAAP.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements relating to
estimates and projections of future adjusted earnings per share,
revenue, revenue growth and other financial results. Words such as
"believes," "intends," "anticipates," "plans," "expects,"
"estimates," "projects," "forecasts," "will" and similar
expressions, and references to guidance, are intended to identify
forward-looking statements. Such statements are based on
management's current assumptions and expectations and no assurances
can be given that our assumptions or expectations will prove to be
correct. A number of important risk factors could cause actual
results to differ materially from the results described, implied or
projected in any forward-looking statements. These factors include,
without limitation: the completion of quarterly and year end
closing procedures for the fourth quarter and fiscal year ended
December 31, 2023 and other factors which we describe under the
caption "Risk Factors" in our most recent quarterly report on Form
10-Q and in our other filings with the Securities and Exchange
Commission. We disclaim any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this press release.
About Revvity
At Revvity, “impossible” is inspiration, and “can’t be done” is
a call to action. Revvity provides health science solutions,
technologies, expertise and services that deliver complete
workflows from discovery to development, and diagnosis to cure.
Revvity is revolutionizing what’s possible in healthcare, with
specialized focus areas in translational multi-omics technologies,
biomarker identification, imaging, prediction, screening, detection
and diagnosis, informatics and more.
With 2022 revenue of more than $3 billion and over 11,000
employees, Revvity serves customers across pharmaceutical and
biotech, diagnostic labs, academia and governments. It is part of
the S&P 500 index and has customers in more than 190
countries.
Stay updated by following our Newsroom, LinkedIn, X, YouTube,
Facebook and Instagram.
Revvity, Inc. and Subsidiaries RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (1)
Continuing Operations Three Months Ended
December 31, 2023 Organic
revenue growth: Projected Reported revenue growth from
continuing operations
-7%
Less: effect of foreign exchange rates
1%
Less: effect of acquisitions including purchase accounting
adjustments and impact of divested businesses
0%
Organic revenue growth from continuing operations
-8%
Less: effect of COVID products
-4%
Non-COVID organic revenue growth from continuing operations
-4%
(1) amounts may not sum due to rounding
Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with GAAP.
However, management believes that, in order to more fully
understand our short-term and long-term financial and operational
trends, investors may wish to consider the impact of certain
non-cash, non-recurring or other items, which result from facts and
circumstances that vary in frequency and impact on continuing
operations. Accordingly, we present non-GAAP financial measures as
a supplement to the financial measures we present in accordance
with GAAP. These non-GAAP financial measures provide management
with additional means to understand and evaluate the operating
results and trends in our ongoing business by adjusting for certain
non-cash expenses and other items that management believes might
otherwise make comparisons of our ongoing business with prior
periods more difficult, obscure trends in ongoing operations, or
reduce management's ability to make useful forecasts. Management
believes these non-GAAP financial measures provide additional means
of evaluating period-over-period operating performance. In
addition, management understands that some investors and financial
analysts find this information helpful in analyzing our financial
and operational performance and comparing this performance to our
peers and competitors.
We use the term “organic revenue” to refer to GAAP revenue,
excluding the effect of foreign currency changes and revenue from
recent acquisitions and divestitures and including purchase
accounting adjustments for revenue from contracts acquired in
acquisitions that will not be fully recognized due to accounting
rules. We use the related term “organic revenue growth” to refer to
the measure of comparing current period organic revenue with the
corresponding period of the prior year. We use the related term
“non-COVID organic revenue growth” to refer to the measure of
comparing current period organic revenue excluding revenue from
COVID related products and services with the corresponding period
of the prior year excluding revenue from COVID related products and
services.
Management includes or excludes the effect of the item
identified below in the applicable non-GAAP financial measure
referenced above for the reasons set forth below with respect to
that item:
- Revenue from contracts acquired in
acquisitions that will not be fully recognized due to accounting
rules— accounting rules require us to account for the fair
value of revenue from contracts assumed in connection with our
acquisitions. As a result, our GAAP results reflect the fair value
of those revenues, which is not the same as the revenue that
otherwise would have been recorded by the acquired entity. We
include such revenue in our non-GAAP measures because we believe
the fair value of such revenue does not accurately reflect the
performance of our ongoing operations for the period in which such
revenue is recorded.
The non-GAAP financial measures described above are not meant to
be considered superior to, or a substitute for, our financial
statements prepared in accordance with GAAP. There are material
limitations associated with non-GAAP financial measures because
they exclude charges that have an effect on our reported results
and, therefore, should not be relied upon as the sole financial
measures by which to evaluate our financial results. Management
compensates and believes that investors should compensate for these
limitations by viewing the non-GAAP financial measures in
conjunction with the GAAP financial measures. In addition, the
non-GAAP financial measures included in this earnings announcement
may be different from, and therefore may not be comparable to,
similar measures used by other companies.
Each of the non-GAAP financial measures listed above is also
used by our management to evaluate our operating performance,
communicate our financial results to our Board of Directors,
benchmark our results against our historical performance and the
performance of our peers, evaluate investment opportunities
including acquisitions and discontinued operations, and determine
the bonus payments for senior management and employees.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240109963394/en/
Investor Relations: Steve Willoughby
steve.willoughby@revvity.com
Media Relations: Chet Murray (781) 663-5719
chet.murray@revvity.com
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