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Waltham, Massachusetts-based Revvity, Inc. (RVTY) provides health sciences solutions, technologies, and services. Valued at $14.8 billion by market cap, the company focuses on translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection, diagnosis, informatics, and other areas. The leading research and diagnostic company is expected to announce its fiscal third-quarter earnings for 2024 before the market opens on Monday, November 4.
Ahead of the event, analysts expect RVTY to report a profit of $1.13 per share on a diluted basis, down 4.2% from $1.18 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing on another occasion. Revvity reported an EPS of $1.22 for the last quarter, exceeding the consensus estimate by 8%, thanks to stronger-than-expected demand for its diagnostic products.
For the current fiscal year, analysts expect RVTY to report EPS of $4.75, up 2.2% from $4.65 in fiscal 2023.
RVTY stock has underperformed the S&P 500’s ($SPX) 23% gains on a YTD basis, with shares up 9.5% during this period. Similarly, it lagged behind the S&P 500 Healthcare Sector SPDR’s (XLV) 12.3% gains over the same time frame.
Revvity shares dropped more than 3% on Oct. 16 after Swiss peer Tecan Group lowered its annual sales forecast, impacting the broader life-sciences equipment sector.
However, the stock rose over 9% on Jul. 29 following the company's announcement of Q2 earnings results. While the company missed revenue estimates, the market responded positively to the upbeat profit outlook and the solid performance of its core product lines, driving the stock's sharp increase. The company projected adjusted earnings of $4.70 to $4.80 per share for the year, up from previous estimates.
Analysts’ consensus opinion on RVTY stock is reasonably bullish, with a “Moderate Buy” rating overall. Out of 17 analysts covering the stock, nine advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and seven give it a “Hold.”
The average analyst price target for RVTY is $134.53, indicating a potential upside of 12.4% from the current levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
