Revvity Announces Financial Results for the Fourth Quarter and Full Year of 2024
"We finished last year on a strong note positioning us well as we head into 2025"
Revvity, Inc. reported financial results for the fourth quarter and full year ended December 29, 2024.
Fourth Quarter 2024
The Company reported GAAP earnings per share of $0.78, as compared to $0.64 in the same period a year ago. GAAP revenue for the quarter was $729 million, as compared to $696 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $119 million, as compared to $77 million for the same period a year ago. GAAP operating profit margin from continuing operations was 16.3% as a percentage of revenue, as compared to 11.1% in the same period a year ago.
Adjusted earnings per share from continuing operations for the quarter was $1.42, as compared to $1.25 in the same period a year ago. Adjusted revenue for the quarter was $730 million, as compared to $696 million in the same period a year ago. Adjusted operating income was $221 million, as compared to $192 million for the same period a year ago. Adjusted operating profit margin was 30.3% as a percentage of adjusted revenue, as compared to 27.5% in the same period a year ago.
Full Year 2024
The Company reported GAAP earnings per share of $2.20 in 2024, as compared to $5.55 in 2023. GAAP revenue for the year was $2,755 million, as compared to $2,751 million in 2023. GAAP operating income from continuing operations for the year was $347 million, as compared to $301 million for 2023. GAAP operating profit margin from continuing operations for the year was 12.6% as a percentage of revenue, as compared to 10.9% in 2023.
Adjusted earnings per share from continuing operations for the year was $4.90, as compared to $4.65 in 2023. Adjusted revenue for the year was $2,756 million, as compared to $2,751 million in 2023. Adjusted operating income for the year was $779 million, as compared to $770 million in 2023. Adjusted operating profit margin for the year was 28.3% as a percentage of adjusted revenue, as compared to 28.0% in 2023.
“We finished last year on a strong note positioning us well as we head into 2025,” said Prahlad Singh, president and chief executive officer of Revvity. “I am confident that the full potential of Revvity will be even more externally apparent as we move through this year following the significant transformation our business has undergone over the last several years.”
Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2024
Life Sciences:
- Fourth quarter 2024 revenue was $336 million, as compared to $320 million in the same period a year ago. Reported revenue increased 5% and organic revenue increased 5% as compared to the same period a year ago.
- Full year 2024 revenue was $1,254 million, as compared to $1,292 million in 2023. Reported revenue decreased 3% and organic revenue decreased 3% as compared to the same period a year ago.
- Fourth quarter 2024 adjusted operating income was $131 million, as compared to $118 million in the same period a year ago. Adjusted operating profit margin was 38.9% as a percentage of adjusted revenue, as compared to 36.9% in the same period a year ago.
- Full year 2024 adjusted operating income was $448 million, as compared to $489 million in 2023. Adjusted operating profit margin was 35.7% as a percentage of adjusted revenue, as compared to 37.9% in 2023.
Diagnostics:
- Fourth quarter 2024 revenue was $393 million, as compared to $376 million in the same period a year ago. Reported revenue increased 4% and organic revenue increased 6% as compared to the same period a year ago.
- Full year 2024 revenue was $1,502 million, as compared to $1,459 million in 2023. Reported revenue increased 3% and organic revenue increased 4% as compared to the same period a year ago.
- Fourth quarter 2024 adjusted operating income was $98 million, as compared to $80 million in the same period a year ago. Adjusted operating profit margin was 25.0% as a percentage of adjusted revenue, as compared to 21.1% in the same period a year ago.
- Full year 2024 adjusted operating income was $373 million, as compared to $321 million in 2023. Adjusted operating profit margin was 24.9% as a percentage of adjusted revenue, as compared to 22.0% in 2023.
Initiates Full Year 2025 Guidance
For the full year 2025, the Company forecasts total revenue of $2.80-$2.85 billion and adjusted earnings per share of $4.90-$5.00.
Guidance for the full year 2025 for adjusted EPS is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measure without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from this non-GAAP measure. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP.
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