Revvity(RVTY)2025-01-31 12:26Financial Performance - Fourth quarter 2024 GAAP revenue was $729 million, representing a 5% increase year-over-year, with organic growth of 6%[3][4][8] - Fourth quarter 2024 adjusted earnings per share from continuing operations was $1.42, compared to $1.25 in the same period last year[4][8] - Full year 2024 GAAP revenue was $2,755 million, slightly up from $2,751 million in 2023[5][6] - Full year 2024 adjusted earnings per share from continuing operations was $4.90, an increase from $4.65 in 2023[6] - The company reported a net income of $94.6 million for the fourth quarter 2024, compared to $78.6 million in the same period last year[21] - Net income for the three months ended December 29, 2024, was $94,645,000, compared to $78,563,000 for the same period in 2023, representing a year-over-year increase of 20.5%[29] - Income from continuing operations for the twelve months ended December 29, 2024, was $283,071,000, up from $179,503,000 in 2023, reflecting a growth of 57.7%[29] Operating Income and Margins - Fourth quarter 2024 GAAP operating income from continuing operations was $119 million, up from $77 million in the same period last year[3][4] - Full year 2024 GAAP operating profit margin from continuing operations was 12.6%, compared to 10.9% in 2023[5] - Fourth quarter 2024 adjusted operating income was $221 million, compared to $192 million in the same period last year[4] - Reported operating income from continuing operations for the twelve months ended December 29, 2024, was $346,741 thousand, compared to $300,562 thousand for the same period in 2023, an increase of about 15%[24] - Operating margin (OP%) improved to 30.3% in Q4 2024 from 27.5% in Q4 2023[24] Revenue by Segment - Life Sciences segment revenue for Q4 2024 was $336,340 thousand, up from $319,691 thousand in Q4 2023, representing a growth of approximately 5.3%[24] - Diagnostics segment revenue for Q4 2024 was $393,240 thousand, an increase from $376,419 thousand in Q4 2023, reflecting a growth of about 4.5%[24] - The company reported a 5% organic revenue growth in the Life Sciences segment for the three months ended December 29, 2024[31] - The Diagnostics segment achieved an organic revenue growth of 4% for the three months ended December 29, 2024, despite a 1% negative impact from foreign exchange rates[31] Guidance and Future Outlook - The company initiated full year 2025 guidance, forecasting total revenue of $2.80-$2.85 billion and adjusted earnings per share of $4.90-$5.00[11][12] - The company plans to continue focusing on operational efficiency and strategic investments to drive future growth[33] Cash Flow and Assets - The company reported a net cash provided by operating activities of continuing operations of $664,955,000 for the twelve months ended December 29, 2024, compared to $279,387,000 in 2023, indicating a significant increase of 138.4%[29] - Cash, cash equivalents, and restricted cash at the end of the period were $1,164,452,000, an increase from $914,373,000 at the end of the previous year[30] - Total current assets decreased to $2,349,608 thousand in Q4 2024 from $3,001,091 thousand in Q4 2023, a decline of approximately 22%[26] - Cash and cash equivalents increased to $1,163,396 thousand in Q4 2024 from $913,163 thousand in Q4 2023, showing a growth of about 27%[26] - The company experienced a net cash used in financing activities of continuing operations amounting to $1,128,235,000 for the twelve months ended December 29, 2024, compared to $947,121,000 in 2023[30] Non-GAAP Measures - The company uses "adjusted operating income" to refer to GAAP operating income, which includes revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules[40] - "Free cash flow" is defined as net cash provided by operating activities of continuing operations, less capital expenditures, plus proceeds from capital disposals[41] - "Adjusted net income" excludes various costs such as amortization of intangible assets and significant litigation matters, reflecting a more accurate performance of ongoing operations[42] - "Adjusted earnings per share" from continuing operations is calculated by excluding costs related to debt extinguishment and asset impairments, among others[43] - Management excludes amortization of intangible assets from non-GAAP measures as it does not reflect ongoing operational performance[44] - Significant expenses related to acquisitions and divestitures are excluded from non-GAAP measures to provide a clearer view of operational performance[45] - The company does not consider asset impairments and restructuring charges as reflective of ongoing operations, thus excluding them from adjusted measures[46] - Non-GAAP financial measures are not considered superior to GAAP financial statements and should be viewed in conjunction with them[47] - These non-GAAP measures are used by management to evaluate operating performance and benchmark results against peers[48]