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Revvity Inc., a prominent health sciences company, led the premarket decliners today with a 14.2% drop in its stock price, reaching its lowest level since April 2020. This downward trend comes in the wake of the company’s disappointing Q3 earnings and a slash in its annual outlook, which have been attributed to the prevailing market instability.
The firm has revised its 2023 adjusted EPS guidance from $4.70-$4.90 to $4.53-$4.57 and its revenue forecast from $2.80-$2.85 billion to $2.72-$2.74 billion. The company reported an adjusted EPS of $1.18 after excluding nonrecurring items.
Q3 net income for Revvity Inc. plummeted from $85.3 million or 67 cents a share last year to just $9.5 million or 8 cents a share, a significant decrease that has raised concerns among investors and analysts alike. In addition, the company’s revenue witnessed a drop of 5.8% to $670.7 million, underperforming the FactSet consensus.
CEO Prahlad Singh attributed these disappointing results to a challenging end-market environment, indicating that external factors have played a significant role in the company’s recent performance.
Looking at the performance of Revvity Inc.’s stock over the past three months leading up to Friday, it has fallen by 22.4%. This decline is more than double that of the S&P 500 during the same period, which lost 10.1%.
This recent downturn for Revvity Inc., coupled with overall market instability, indicates potential challenges ahead for the health sciences sector. As investors and analysts continue to monitor these developments, it will be crucial to see how Revvity Inc. navigates these hurdles in the coming months.
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