![]() ![]() The author or authors do not own shares in any securities mentioned in this article.įind out about Morningstar’s editorial policies. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. While we may tinker with our sales assumption a bit, our bottom-line assumption was already within management’s new guidance range, and we do not anticipate changing our fair value estimate based on this modest change in our near-term forecast, especially since our fair value estimate is more heavily determined by long-term expectations. A high-level overview of Co-Diagnostics, Inc. Co-Diagnostics, Inc., a molecular diagnostics company, develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States and internationally. For 2023, Revvity now expects $2.90 billion-$2.94 billion in sales (down from $2.94 billion previously) and adjusted EPS of $4.85-$5.05 (down from $5.05 previously). The company reduced its 2023 guidance a bit to reflect the increasing uncertainty surrounding target end markets, including the effects of the China lockdowns on its diagnostics business and uncertainty at biopharmaceutical clients, especially early-stage firms that are active in drug discovery applications, where Revvity primarily operates. The life sciences business (the other half) was sturdier, increasing 9% year over year on an organic basis. By business, the diagnostics business (representing about half of sales) declined 44% organically in the quarter as the pandemic and related demand retreated year over year. Revenue declined 27% on an organic basis while sales excluding COVID-19-related products grew 6% year over year. In the quarter, the company’s results reflected a sharp contraction in COVID-19-related sales, particularly in the diagnostics business. The shares still appear moderately undervalued to us. At first glance, our bottom-line assumptions remain within management’s new guidance range, and we do not anticipate changing our $162 fair value estimate based on this announcement. Narrow-moat Revvity PKI (formerly known as PerkinElmer) reported weak first-quarter results that were about as expected but trimmed its guidance for the full year, which appears to be pushing down shares in early trading.
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