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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.
