REVVITY INC
For the period ended Mar 31, 2024. Filed May 7, 2024.
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Mar 31, 2024 · Filed May 7, 2024
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Reporting Segment Results of Continuing Operations
Diagnostics
Revenue for the three months ended March 31, 2024 was $347.1 million, as compared to $346.6 million for the three months ended April 2, 2023, an increase of $0.5 million, or less than 1%, which includes a 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. Theincrease in our Diagnostics segment revenue duringthe three months ended March 31, 2024 was driven byan increase of $14.7 million in immunodiagnostics revenue and anincrease of $1.8 million in reproductive health revenue, partially offset bya decrease of $16.0 million in applied genomics revenue.
Segment operating incomefor the three months ended March 31, 2024 was $75.4 million, as compared to $74.4 millionfor the three months ended April 2, 2023, an increase of $1.0 million, or 1%. Segment operating margin increased 26 basis points inthe three months ended March 31, 2024, as compared to the three months ended April 2, 2023, primarily due to cost containment and productivity initiatives, partially offset by unfavorable shift in product mix.
Life Sciences
Revenue for the three months ended March 31, 2024 was $303.0 million, as compared to $328.4 million for the three months ended April 2, 2023, a decrease of $25.4 million, or 8%. The decrease in our Life Sciences segment revenue duringthe three months ended March 31, 2024 was driven by a decrease of $15.3 million in instruments revenue and a decrease of $12.7 million in reagents revenue, partially offset by an increase of $2.5 million in software revenue.
Segment operating incomefor the three months ended March 31, 2024 was $101.7 million, as compared to $129.5 millionfor the three months ended April 2, 2023, a decrease of $27.7 million, or 21%. Segment operating margin decreased 585 basis points inthe three months ended March 31, 2024, as compared to the three months ended April 2, 2023, primarily due to lower sales volume, a normalization of variable compensation, and investments in innovation, partially offset by pricing actions andcost containment and productivity initiatives.
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