Revvity, Inc. stock research
FY2023 Q1
Revvity (RVTY) Gross Margin — Quarter Ended Apr 2, 2023
Revenue and gross profit both decreased compared to the prior quarter and the same quarter last year, while cost of revenue also declined. Gross margin weakened relative to both comparison periods, reflecting that the reduction in gross profit outpaced the decline in revenue.
Gross margin takeaway
Quarter ended Apr 2, 2023 · FY2023 Q1
Revenue and gross profit both decreased compared to the prior quarter and the same quarter last year, while cost of revenue also declined. Gross margin weakened relative to both comparison periods, reflecting that the reduction in gross profit outpaced the decline in revenue.
- The gross margin decline was driven by a proportionally larger drop in gross profit relative to revenue, as cost of revenue did not fall at the same rate. The strongest observable driver is the shift in revenue composition between product and service lines, with service revenue showing a sharper decrease.
- Compared to the immediately preceding quarter, revenue and gross profit were lower, and gross margin weakened. Versus the same quarter one year earlier, all three metrics—revenue, gross profit, and gross margin—were lower, while cost of revenue also decreased.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
56.5%
Gross profit
$381.4M
Revenue
$674.9M
Cost of revenue
$293.5M
Quarter-over-quarter change
n/a
Year-over-year change
-5.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Apr 2, 2023 | $674.9M | $381.4M | $293.5M | 56.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Previous quarter unavailable
n/a
Year-over-year change
Apr 3, 2022
-5.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin decline was driven by a proportionally larger drop in gross profit relative to revenue, as cost of revenue did not fall at the same rate. The strongest observable driver is the shift in revenue composition between product and service lines, with service revenue showing a sharper decrease.
Compared to the immediately preceding quarter, revenue and gross profit were lower, and gross margin weakened. Versus the same quarter one year earlier, all three metrics—revenue, gross profit, and gross margin—were lower, while cost of revenue also decreased.
Monitor the trajectory of service revenue, which experienced a substantial decline compared to the prior year quarter.