April 29 (Reuters) - Revvity ( RVTY ) on Monday beat

Wall Street estimates for its quarterly profit and revenue,

helped by better-than-expected demand for equipment in its

diagnostics unit.

Contract drug manufacturers and equipment makers witnessed

their biotech clients cut back on spending in 2023 amid rising

interest rates, but some analysts have said that funding could

stabilize this year after a strong 2023 for regulatory approvals

in the U.S.

In February, Revvity ( RVTY ) said the pressures will continue over

at least the next couple of quarters, with expectations for

stabilization in the second half of the year.

The company, which generates more than half of its sales

outside the United States, lowered its annual revenue forecast

to between $2.76 billion and $2.82 billion from its previous

range of $2.79 billion to $2.85 billion due to a strong dollar.

Analysts on average estimate revenue for the period to be

$2.82 billion, according to LSEG data.

It also reaffirmed its annual adjusted profit forecast of

$4.55 to $4.75 per share.

For the quarter ended March 31, Revvity ( RVTY ) reported total sales

of $649.92 million, compared with analysts' expectations of

$646.84 million.

Revenue from its diagnostics segment, which provides testing

tools such as for genetic screening, was flat year-on-year at

$347.09 million, compared with estimates of $344.19 million.

Revvity ( RVTY ) reported first-quarter adjusted profit of 98 cents

per share compared with estimates of 93 cents per share.

Formerly known as PerkinElmer, the company in 2022 divested

from three of its businesses to focus on life sciences and

diagnostics units under its new name Revvity ( RVTY ).