Revvity Stock Tumbles After Earnings. What’s Dragging On the Shares.

Revvity lowered its organic growth and adjusted earnings guidance ranges for the full year. (Courtesy of Revvity)

Revvity stock slumped on Monday after the health-sciences company posted mixed second-quarter earnings and trimmed its adjusted financial guidance for the full year.

Adjusted earnings of $1.18 a share came in above the $1.14 consensus estimate among analysts polled by FactSet. Revenue of $720.3 million topped the $710.4 million Wall Street had forecast. However, adjusted operating income fell to $192 million from $199 million a year earlier, while the adjusted operating profit margin dropped to 26.6% of revenue from 28.8%.

Revvity raised its forecast of revenue for the full year to a range of $2.84 to $2.88 billion from $2.83 billion to $2.87 billion to reflect changes in currency exchange rates. Analysts were anticipating $2.84 billion.

However, management reduced its forecast for organic growth to between 2% and 4%, down from a previous range of 3% to 5%. Revvity also said it expects adjusted earnings of $4.85 to $4.95 a share, down from the $4.90 to $5 it had forecast. Analysts were expecting $4.93 a share, according to FactSet.

Shares tumbled 7.9% to $95.47, snapping a four-day winning streak. The stock fell as much as 11% during the session, marking the largest intraday loss since a 19% drop on Oct. 30, 2023, according to Dow Jones Market Data.

Other health-science stocks were trading mixed. Thermo Fisher Scientific and Agilent Technologies were up 1.4% and 0.3%, respectively. Danaher was down slightly.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com