Waltham, Massachusetts-based Revvity, Inc. (RVTY) is a leading provider of health science solutions, offering advanced technologies, expertise, and services that encompass complete workflows from discovery and development to diagnosis and cure. Valued at $13.7 billion by market cap, Revvity employs over 11,000 people and serves customers across healthcare, academia and governments.
Companies worth $10 billion or more are generally described as "large-cap stocks," Revvity fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the diagnostics & research industry. Revvity revolutionizes what’s possible in healthcare and specializes in translational multi-omics technologies, prediction, screening, detection, diagnosis, and more.
However the diagnostics & research major has fallen to a lofty perch, plunging over 13.1% from its 52-week high of $129.50 touched on Nov. 6. RVTY has dropped nearly 11% over the past three months, underperforming the S&P 500 Index’s ($SPX) 5.1% gains during the same time frame.
Revvity has underperformed the S&P 500 over the longer term as well. RVTY gained 7.8% over the past six months and 2.6% over the past year, compared to SPX’s 10.2% gains in the past six months and 26.5% returns over the past 52 weeks.
To confirm the recent downturn, RVTY has traded mostly below its 50-day moving average since mid-October with some fluctuations and remained below its 200-day moving average over the past week.
Revvity stock soared over 3.1% after the release of its better-than-expected Q3 results on Nov. 4. Driven by growth in reproductive health, immunodiagnostics and life sciences reagents product and service lines, Revvity’s total revenues increased 2% year-over-year to $684 million, which surpassed Wall Street’s expectations by a notable 95 basis points. However, life sciences instrument sales declined by 12.1% to $78.8 million, impacting its overall sales growth.
Meanwhile, the company demonstrated exceptional expense management. Revvity maintained steady costs of revenues and reduced selling, general, and admin expenses by 5.1% year-over-year to $237.5 million. This cost control led to an 8.5% growth in adjusted EPS, reaching $1.28, which exceeded analysts’ estimates by an impressive 13.3%.
Revvity has substantially outperformed its peer IDEXX Laboratories, Inc.’s (IDXX) 14.6% dip over the past six months and a 25% decline over the past year.
Among the 17 analysts covering the RVTY stock, the consensus rating is a “Moderate Buy.” Its mean price target of $135.35 indicates a 20.3% upside potential from current price levels.
On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart- Bank of America Says to Crash Proof Your Portfolio With These 3 ‘Magnificent 7’ Stocks
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