Revvity Inc. (NYSE:RVTY) stock hit a new 52-week high Tuesday after the life sciences company reported better-than-expected third-quarter results and raised its full-year earnings outlook.
Strong demand from pharmaceutical and biotech customers fueled growth. The company also benefited from rising demand for artificial intelligence-related technologies.
Revvity reported adjusted earnings of $1.38 per share, beating the analyst estimate of $1.30. Pro forma adjusted earnings per share, excluding the China immunodiagnostics business, reached $1.37.
Revenue totaled $728.9 million, topping Wall Street's $698.2 million estimate. Pro forma revenue reached $710 million.
Pro forma organic revenue grew 7%, driven by 9% growth in Life Sciences.
Biotech Recovery And AI Demand Fuel Growth
Life Sciences generated $380 million in revenue, while Diagnostics reported $349 million. Excluding the China immunodiagnostics business, Diagnostics revenue was $330 million. Improved demand for instruments and reagents supported the segment.
"Our exceptional third quarter performance demonstrates the momentum building across Revvity ...," said Prahlad Singh, president and CEO.
Singh said improving market conditions, new products and the company's transformation efforts position Revvity for further growth.
During the earnings call, Singh said demand from pharmaceutical and biotech customers continued to recover after policy-related challenges last year.
He also highlighted growing AI-related demand, which is expanding beyond the company's high-content screening business.
Revvity Raises 2026 Earnings Outlook
Revvity raised its fiscal 2026 pro forma adjusted earnings forecast to $5.40-$5.45 per share from $5.30-$5.40. Analysts expect $5.35 per share.
The company now expects fiscal 2026 pro forma revenue of approximately $2.86 billion, compared with its previously cited range of $2.83 billion-$2.86 billion. Wall Street expects $2.865 billion.
Chief Financial Officer Maxwell Krakowiak said the updated outlook excludes the China immunodiagnostics business, which Revvity expects to divest next year.
RVTY Price Action: Revvity shares were up 12.24% at $170.15 at the time of publication on Tuesday. The stock is trading at a new 52-week high, according to market data.
