Why Revvity (PKI) Shares Are Falling Today

Revvity, Inc. PKI reported the first quarter of FY23 revenues of $674.87 million, missing the consensus of $751.04 million. Revenues fell 29.9% year over year.
Formerly known as PerkinElmer, the diagnostics and scientific solutions firm reported adjusted earnings per share of $1.01, missing the analyst consensus of $1.06.
Weakness in diagnostics revenues and lower margins weighed on the quarterly performance.
Segments: Lifesciences revenues rose 7.3% Y/Y to $328.44 million. Diagnostics revenues fell 47.3% to $346.63 million.
Adjusted operating profit margin slumped a massive 1,280 basis points to 28%, as compared to 40.8% Y/Y.
The company exited the quarter with $2.5 billion in cash and equivalents. Long-term debt stands at $3.88 billion.
Stock Ticker Change: The company's stock ticker will change from PKI to RVTY with the beginning of trading on May 16, 2023.
Guidance: For the full year 2023, the company forecasts total revenue of $2.90 billion -$2.94 billion versus the consensus of $2.95 billion. Earlier, the company expected revenues of $2.94 billion.
The company sees Adjusted EPS of $4.85-$5.05, versus the consensus of $5.11. The earlier forecast was $5.05 per share.
Price Action: PKI shares traded lower by 6.68% at $116.22 on the last check Thursday.

Why Revvity Shares Are Falling Today