Shares of Revvity Inc. RVTY, -16.13% tumbled 14.2% toward a 3 1/2-year low Monday, enough to pace the S&P 500’s SPX, +1.20% premarket decliners, after the health sciences company missed third-quarter earnings expectations and cut its full-year outlook citing “increased market uncertainty.”
The company lowered its guidance ranges for 2023 adjusted earnings per share of $4.53 to $4.57 from $4.70 to $4.90 and for revenue to $2.72 billion to $2.74 billion from $2.80 billion to $2.85 billion. For the third quarter, the company reported net income that fell to $9.5 million, or 8 cents a share, from $85.3 million, or 67 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted EPS of $1.18 came up short of the FactSet consensus of $1.19. Revenue fell 5.8% to $670.7 million to miss the FactSet consensus of $695.4 million. “We executed well during the third quarter in an increasingly challenging end market environment,” said Chief Executive Prahlad Singh. The stock, which is on track to open at the lowest price seen since April 2020, has dropped 22.4% over the past three months through Friday while the S&P 500 has shed 10.1%.