Revvity Earnings: Solid Diagnostics Growth and 2024 Profit Guidance Increased

Narrow-moat Revvity reported strong third-quarter results, and management raised its full-year EPS guidance to $4.83 to $4.87, which appears to be driving shares higher, despite reducing its full-year revenue guidance due to decreased spending from its biotech customers. We are maintaining our $162 fair value estimate, as this slight adjustment to our near-term assumptions does not materially affect our valuation. The shares appear undervalued at current market prices, and we appreciate management’s aggressive stance on share repurchases, exemplified by its new $1 billion buyback program over the next two years.