Revvity
stock was tumbling Monday after the health sciences company missed third-quarter earnings estimates and slashed its fiscal 2023 earnings outlook.
Revvity
(ticker: RVTY) reported third-quarter earnings of $1.18 a share on revenue of $670.7 million. Analysts surveyed by FactSet were expecting the company to post earnings of $1.19 a share on sales of $695.4 million.
A year earlier,
Revvity
reported a profit of $1.21 a share on revenue of $711.8 million.
“We executed well during the third quarter in an increasingly challenging end-market environment,” Chief Executive Prahlad Singh said in the earnings release. “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.”
Management said on the earnings call that there was a downturn in demand for the company’s pharma and biotech customers, which led to a revenue decline of 1.6% in its life sciences business.
On top of posting disappointing results, Revvity said it now expects fiscal 2023 earnings of between $4.53 and $4.57 a share, down from prior guidance of $4.70 to $4.90 a share. New revenue expectations of $2.72 billion to $2.74 billion also were down from previous estimates of $2.8 billion to $2.85 billion.
Shares of Revvity were sinking 18% to $80.18, and were on pace for their largest percentage decrease since December 2008 and lowest close since April 2020, according to Dow Jones Market Data. The stock has fallen 43% this year and was one of the worst performers in the S&P 500 on Monday.
Write to Angela Palumbo at angela.palumbo@dowjones.com
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