(Reuters) -Medical equipment maker Revvity on Monday raised its annual profit forecast and beat third-quarter estimates on improving demand for its testing kits in the diagnostics unit.
However, shares of the company fell 2.7% in volatile premarket trading after third-quarter revenue missed estimates.
Quarterly revenue in its diagnostic unit, which provides testing tools, rose 3% to $356.1 million, compared with analysts’ estimates of $350.6 million, according to data compiled by LSEG.
Revvity joined peers such as Thermo Fisher in reporting renewed demand for contract research and diagnostics services, as pharmaceutical companies ramp up drug development in the U.S. amid evolving trade policies under President Donald Trump.
Earlier this year, Revvity warned of a $135 million hit from Trump’s tariffs on China and announced plans to adjust its manufacturing footprint.
The company expects 2025 adjusted profit in the range of $4.90 to $5 per share, compared with its previous forecast of $4.85 to $4.95.
Its third-quarter revenue of $699 million missed estimates of $700.5 million, while adjusted profit of $1.18 per share beat expectations of $1.14.
(Reporting by Siddhi Mahatole in Bengaluru; Editing by Devika Syamnath)
