(Reuters) -Revvity reported first-quarter results above Wall Street estimates and maintained its full-year profit forecast on Monday, helped by steady demand from biotech clients for medical equipment used for drug research.
The medical equipment maker, which generates over half its sales outside the United States, said revenues will benefit due to a weaker dollar and slightly raised its full-year sales outlook.
While maintaining its annual profit forecast of $4.90 to $5 per share on an adjusted basis, the company now anticipates 2025 revenue to be between $2.83 billion and $2.87 billion, compared to the previous projection of $2.80 billion to $2.85 billion.
Revvity’s “clean beat” leaves “very little to quibble with” in this macroenvironment, said Bernstein analyst Eve Burstein.
Investors have said the biotech sector’s funding crunch, which was expected to improve this year, could be prolonged due to policy uncertainty from the Trump administration.
Shares of Revvity have fallen 15.5% so far this year.
“Our first-quarter performance positions us well for the remainder of the year as we continue to adapt to an evolving macroeconomic backdrop,” said CEO Prahlad Singh.
Larger peers Thermo Fisher Scientific and Danaher, who also posted strong quarterly results last week, had warned of a potential hit to results due to a looming threat of tariffs and other uncertainty.
The Massachusetts-based Revvity earned a quarterly adjusted profit of $1.01 per share, above analysts’ estimates of 95 cents per share, according to data compiled by LSEG. It reported first-quarter revenue of $664.8 million, slightly above estimates of $661.2 million.
The company’s life sciences unit, which provides reagents and instruments for drug discovery and development, brought in revenue of $340.4 million, compared with estimates of $332 million.
(Reporting by Siddhi Mahatole in Bengaluru; Editing by Vijay Kishore)
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