Shares of Revvity Inc. (RVTY) soared over 5% in premarket trading on Monday after the scientific instruments maker reported better-than-expected third-quarter earnings, driven by strong growth in its diagnostics segment.

The Waltham, Massachusetts-based company reported adjusted earnings per share (EPS) of $1.28 for the quarter ended September 29, 2024, surpassing analysts' estimates of $1.13. Revvity's revenue also beat expectations, coming in at $684 million, compared to the consensus estimate of $679.7 million.

The impressive performance was largely fueled by the company's diagnostics segment, which saw a 6% year-over-year increase in revenue to $383 million. This robust growth offset a 2% decline in revenue from the life sciences segment, reflecting the challenges Revvity faced in maintaining growth in this area. However, the company's overall organic revenue growth for the quarter stood at 2%, demonstrating its resilience in the face of economic headwinds.

"We performed well during the third quarter with a return to positive revenue growth, strong margins, and another period of excellent cash flow," said Prahlad Singh, Revvity's president and chief executive officer. "The impact we are having on our customers every day to help to advance science and healthcare is profound, and we are optimistic that we can increasingly make a meaningful difference around the world as we continue to innovate and partner with purpose."

In addition to the strong quarterly results, Revvity raised its full-year 2024 adjusted EPS guidance to a range of $4.83 to $4.87, up from its previous forecast of $4.70 to $4.80. However, the company slightly lowered its revenue guidance for the year to $2.75 billion to $2.77 billion, citing the impact of foreign currency exchange rates.