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    Revvity Announces Financial Results for the Fourth Quarter and Full Year of 2024

    1/31/25 6:00:00 AM ET
    $RVTY
    Biotechnology: Laboratory Analytical Instruments
    Industrials
    Get the next $RVTY alert in real time by email
    • Fourth quarter revenue of $729 million; 5% reported growth; 6% organic growth
    • Fourth quarter GAAP EPS of $0.78; Adjusted EPS from continuing operations of $1.42
    • Initiates full year 2025 guidance

    Revvity, Inc. (NYSE:RVTY) today reported financial results for the fourth quarter and full year ended December 29, 2024.

    Fourth Quarter 2024

    The Company reported GAAP earnings per share of $0.78, as compared to $0.64 in the same period a year ago. GAAP revenue for the quarter was $729 million, as compared to $696 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $119 million, as compared to $77 million for the same period a year ago. GAAP operating profit margin from continuing operations was 16.3% as a percentage of revenue, as compared to 11.1% in the same period a year ago.

    Adjusted earnings per share from continuing operations for the quarter was $1.42, as compared to $1.25 in the same period a year ago. Adjusted revenue for the quarter was $730 million, as compared to $696 million in the same period a year ago. Adjusted operating income was $221 million, as compared to $192 million for the same period a year ago. Adjusted operating profit margin was 30.3% as a percentage of adjusted revenue, as compared to 27.5% in the same period a year ago.

    Full Year 2024

    The Company reported GAAP earnings per share of $2.20 in 2024, as compared to $5.55 in 2023. GAAP revenue for the year was $2,755 million, as compared to $2,751 million in 2023. GAAP operating income from continuing operations for the year was $347 million, as compared to $301 million for 2023. GAAP operating profit margin from continuing operations for the year was 12.6% as a percentage of revenue, as compared to 10.9% in 2023.

    Adjusted earnings per share from continuing operations for the year was $4.90, as compared to $4.65 in 2023. Adjusted revenue for the year was $2,756 million, as compared to $2,751 million in 2023. Adjusted operating income for the year was $779 million, as compared to $770 million in 2023. Adjusted operating profit margin for the year was 28.3% as a percentage of adjusted revenue, as compared to 28.0% in 2023.

    Adjustments for the Company's non-GAAP financial measures have been noted in the attached reconciliations.

    "We finished last year on a strong note positioning us well as we head into 2025," said Prahlad Singh, president and chief executive officer of Revvity. "I am confident that the full potential of Revvity will be even more externally apparent as we move through this year following the significant transformation our business has undergone over the last several years."

    Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2024

    Life Sciences

    • Fourth quarter 2024 revenue was $336 million, as compared to $320 million in the same period a year ago. Reported revenue increased 5% and organic revenue increased 5% as compared to the same period a year ago.
    • Full year 2024 revenue was $1,254 million, as compared to $1,292 million in 2023. Reported revenue decreased 3% and organic revenue decreased 3% as compared to the same period a year ago.
    • Fourth quarter 2024 adjusted operating income was $131 million, as compared to $118 million in the same period a year ago. Adjusted operating profit margin was 38.9% as a percentage of adjusted revenue, as compared to 36.9% in the same period a year ago.
    • Full year 2024 adjusted operating income was $448 million, as compared to $489 million in 2023. Adjusted operating profit margin was 35.7% as a percentage of adjusted revenue, as compared to 37.9% in 2023.

    Diagnostics

    • Fourth quarter 2024 revenue was $393 million, as compared to $376 million in the same period a year ago. Reported revenue increased 4% and organic revenue increased 6% as compared to the same period a year ago.
    • Full year 2024 revenue was $1,502 million, as compared to $1,459 million in 2023. Reported revenue increased 3% and organic revenue increased 4% as compared to the same period a year ago.
    • Fourth quarter 2024 adjusted operating income was $98 million, as compared to $80 million in the same period a year ago. Adjusted operating profit margin was 25.0% as a percentage of adjusted revenue, as compared to 21.1% in the same period a year ago.
    • Full year 2024 adjusted operating income was $373 million, as compared to $321 million in 2023. Adjusted operating profit margin was 24.9% as a percentage of adjusted revenue, as compared to 22.0% in 2023.

    Initiates Full Year 2025 Guidance

    For the full year 2025, the Company forecasts total revenue of $2.80-$2.85 billion and adjusted earnings per share of $4.90-$5.00.

    Guidance for the full year 2025 for adjusted EPS is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measure without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from this non-GAAP measure. The timing and amounts of such events and items could be material to the Company's results prepared in accordance with GAAP.

    Webcast Information

    The Company will discuss its fourth quarter and full year 2024 results and its outlook for business trends during a webcast on January 31, 2025, at 8:00 a.m. Eastern Time. A live audio webcast and presentation will be available on the Investors section of the Company's website, ir.revvity.com.

    Use of Non-GAAP Financial Measures

    In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below following our GAAP financial statements.

    Factors Affecting Future Performance

    This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as "believes," "intends," "anticipates," "plans," "expects," "estimates," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) fluctuations in the global economic and political environments; (3) our failure to introduce new products in a timely manner; (4) our ability to execute acquisitions and divestitures, license technologies, or to successfully integrate acquired businesses or licensed technologies into our existing businesses or to make them profitable; (5) our ability to compete effectively; (6) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (7) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (8) disruptions in the supply of raw materials and supplies; (9) our ability to retain key personnel; (10) significant disruption in our information technology systems, or cybercrime; (11) our ability to realize the full value of our intangible assets; (12) our failure to adequately protect our intellectual property; (13) the loss of any of our licenses or licensed rights; (14) the manufacture and sale of products exposing us to product liability claims; (15) our failure to maintain compliance with applicable government regulations; (16) our failure to comply with data privacy and information security laws and regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) our ability to obtain future financing; (21) restrictions in our credit agreements; (22) significant fluctuations in our stock price; (23) reduction or elimination of dividends on our common stock; and (24) other factors which we describe under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

    About Revvity

    At Revvity, "impossible" is inspiration, and "can't be done" is a call to action. Revvity provides health science solutions, technologies, expertise and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what's possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.

    With 2024 revenue of more than $2.7 billion and approximately 11,000 employees, Revvity serves customers across pharmaceutical and biotech, diagnostic labs, academia and governments. It is part of the S&P 500 index and has customers in more than 160 countries.

    Stay updated by following our Newsroom, LinkedIn, X, YouTube, Facebook and Instagram.

     

    Revvity, Inc. and Subsidiaries

    CONDENSED CONSOLIDATED INCOME STATEMENTS

     

     

     

    Three Months Ended

     

    Twelve Months Ended

    (In thousands, except per share data)

     

    December 29,

    2024

     

    December 31,

    2023

     

    December 29,

    2024

     

    December 31,

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

    $

    729,372

     

     

    $

    695,901

     

     

    $

    2,755,026

     

     

    $

    2,750,571

     

     

     

     

     

     

     

     

     

     

    Cost of revenue

     

     

    317,082

     

     

     

    312,423

     

     

     

    1,217,367

     

     

     

    1,210,880

     

    Selling, general and administrative expenses

     

     

    244,332

     

     

     

    256,723

     

     

     

    994,074

     

     

     

    1,022,551

     

    Research and development expenses

     

     

    49,208

     

     

     

    49,596

     

     

     

    196,844

     

     

     

    216,578

     

     

     

     

     

     

     

     

     

     

    Operating income from continuing operations

     

     

    118,750

     

     

     

    77,159

     

     

     

    346,741

     

     

     

    300,562

     

     

     

     

     

     

     

     

     

     

    Interest income

     

     

    (9,828

    )

     

     

    (18,363

    )

     

     

    (73,190

    )

     

     

    (72,131

    )

    Interest expense

     

     

    22,781

     

     

     

    24,582

     

     

     

    96,278

     

     

     

    98,813

     

    Change in fair value of financial securities

     

     

    6,017

     

     

     

    21,079

     

     

     

    (7,958

    )

     

     

    33,921

     

    Other expense, net

     

     

    5,222

     

     

     

    18,482

     

     

     

    15,485

     

     

     

    56,983

     

     

     

     

     

     

     

     

     

     

    Income from continuing operations, before income taxes

     

     

    94,558

     

     

     

    31,379

     

     

     

    316,126

     

     

     

    182,976

     

     

     

     

     

     

     

     

     

     

    Provision for (benefit from) income taxes

     

     

    6,175

     

     

     

    (32,188

    )

     

     

    33,055

     

     

     

    3,473

     

     

     

     

     

     

     

     

     

     

    Income from continuing operations

     

     

    88,383

     

     

     

    63,567

     

     

     

    283,071

     

     

     

    179,503

     

     

     

     

     

     

     

     

     

     

    Income (loss) from discontinued operations

     

     

    6,262

     

     

     

    14,996

     

     

     

    (12,686

    )

     

     

    513,591

     

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    94,645

     

     

    $

    78,563

     

     

    $

    270,385

     

     

    $

    693,094

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share:

     

     

     

     

     

     

     

     

    Income from continuing operations

     

    $

    0.73

     

     

    $

    0.52

     

     

    $

    2.30

     

     

    $

    1.44

     

     

     

     

     

     

     

     

     

     

    Income (loss) from discontinued operations

     

     

    0.05

     

     

     

    0.12

     

     

     

    (0.10

    )

     

     

    4.11

     

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    0.78

     

     

    $

    0.64

     

     

    $

    2.20

     

     

    $

    5.55

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average diluted shares of common stock outstanding

     

     

    121,581

     

     

     

    123,412

     

     

     

    122,822

     

     

     

    124,812

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    ABOVE PREPARED IN ACCORDANCE WITH GAAP

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Additional supplemental information(1):

     

     

     

     

     

     

     

     

    (per share, continuing operations)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP EPS from continuing operations

     

    $

    0.73

     

     

    $

    0.52

     

     

    $

    2.30

     

     

    $

    1.44

     

    Amortization of intangible assets

     

     

    0.72

     

     

     

    0.73

     

     

     

    2.93

     

     

     

    2.93

     

    Debt extinguishment costs

     

     

    -

     

     

     

    (0.00

    )

     

     

    -

     

     

     

    (0.03

    )

    Purchase accounting adjustments

     

     

    (0.06

    )

     

     

    0.02

     

     

     

    (0.00

    )

     

     

    0.05

     

    Acquisition and divestiture-related costs

     

     

    0.03

     

     

     

    0.08

     

     

     

    0.16

     

     

     

    0.71

     

    Change in fair value of financial securities

     

     

    0.05

     

     

     

    0.17

     

     

     

    (0.06

    )

     

     

    0.27

     

    Asset impairment

     

     

    0.19

     

     

     

    -

     

     

     

    0.19

     

     

     

    -

     

    Significant litigation matters and settlements

     

     

    0.01

     

     

     

    0.00

     

     

     

    0.06

     

     

     

    0.00

     

    Significant environmental matters

     

     

    -

     

     

     

    0.01

     

     

     

    -

     

     

     

    0.02

     

    Mark to market on postretirement benefits

     

     

    0.01

     

     

     

    0.08

     

     

     

    0.01

     

     

     

    0.08

     

    Restructuring and other, net

     

     

    (0.04

    )

     

     

    0.09

     

     

     

    0.14

     

     

     

    0.21

     

    Tax on above items

     

     

    (0.21

    )

     

     

    (0.29

    )

     

     

    (0.83

    )

     

     

    (1.02

    )

    Significant tax items

     

     

    -

     

     

     

    (0.14

    )

     

     

    -

     

     

     

    (0.01

    )

    Adjusted EPS from continuing operations

     

    $

    1.42

     

     

    $

    1.25

     

     

    $

    4.90

     

     

    $

    4.65

     

     

     

     

     

     

     

     

     

     

    (1) amounts may not sum due to rounding

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revvity, Inc. and Subsidiaries

    REVENUE AND OPERATING INCOME (LOSS)

     

     

     

    Three Months Ended

     

    Twelve Months Ended

    (In thousands, except percentages)

     

    December 29,

    2024

     

    December 31,

    2023

     

    December 29,

    2024

     

    December 31,

    2023

     

     

     

     

     

     

     

     

     

    Adjusted revenue and operating income

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reported revenue

     

    $

    729,372

     

     

    $

    695,901

     

     

    $

    2,755,026

     

     

    $

    2,750,571

     

    Revenue purchase accounting adjustments

     

     

    208

     

     

     

    209

     

     

     

    829

     

     

     

    827

     

    Adjusted revenue

     

    $

    729,580

     

     

    $

    696,110

     

     

    $

    2,755,855

     

     

    $

    2,751,398

     

     

     

     

     

     

     

     

     

     

    Reported operating income from continuing operations

     

    $

    118,750

     

     

    $

    77,159

     

     

    $

    346,741

     

     

    $

    300,562

     

    OP%

     

     

    16.3

    %

     

     

    11.1

    %

     

     

    12.6

    %

     

     

    10.9

    %

    Amortization of intangible assets

     

     

    87,876

     

     

     

    89,624

     

     

     

    359,376

     

     

     

    365,113

     

    Purchase accounting adjustments

     

     

    (7,427

    )

     

     

    2,899

     

     

     

    (79

    )

     

     

    5,956

     

    Acquisition and divestiture-related costs

     

     

    3,264

     

     

     

    10,079

     

     

     

    25,379

     

     

     

    69,159

     

    Asset impairment

     

     

    22,814

     

     

     

    —

     

     

     

    22,814

     

     

     

    —

     

    Significant litigation matters and settlements

     

     

    689

     

     

     

    12

     

     

     

    7,775

     

     

     

    12

     

    Significant environmental matters

     

     

    —

     

     

     

    1,325

     

     

     

    —

     

     

     

    2,457

     

    Restructuring and other, net

     

     

    (4,665

    )

     

     

    10,665

     

     

     

    17,454

     

     

     

    26,601

     

    Adjusted operating income

     

    $

    221,301

     

     

    $

    191,763

     

     

    $

    779,460

     

     

    $

    769,860

     

    OP%

     

     

    30.3

    %

     

     

    27.5

    %

     

     

    28.3

    %

     

     

    28.0

    %

     

     

     

     

     

     

     

     

     

    Segment revenue and segment operating income

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Life Sciences

     

    $

    336,340

     

     

    $

    319,691

     

     

    $

    1,254,145

     

     

    $

    1,292,340

     

    Diagnostics

     

     

    393,240

     

     

     

    376,419

     

     

     

    1,501,710

     

     

     

    1,459,058

     

    Revenue purchase accounting adjustments

     

     

    (208

    )

     

     

    (209

    )

     

     

    (829

    )

     

     

    (827

    )

    Reported revenue

     

    $

    729,372

     

     

    $

    695,901

     

     

    $

    2,755,026

     

     

    $

    2,750,571

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Life Sciences

     

    $

    130,916

     

     

    $

    117,939

     

     

    $

    448,021

     

     

    $

    489,349

     

     

     

     

    38.9

    %

     

     

    36.9

    %

     

     

    35.7

    %

     

     

    37.9

    %

    Diagnostics

     

     

    98,414

     

     

     

    79,514

     

     

     

    373,193

     

     

     

    320,928

     

     

     

     

    25.0

    %

     

     

    21.1

    %

     

     

    24.9

    %

     

     

    22.0

    %

    Corporate

     

     

    (8,029

    )

     

     

    (5,690

    )

     

     

    (41,754

    )

     

     

    (40,417

    )

    Subtotal reportable segments operating income

     

     

    221,301

     

     

     

    191,763

     

     

     

    779,460

     

     

     

    769,860

     

     

     

     

     

     

     

     

     

     

    Amortization of intangible assets

     

     

    (87,876

    )

     

     

    (89,624

    )

     

     

    (359,376

    )

     

     

    (365,113

    )

    Purchase accounting adjustments

     

     

    7,427

     

     

     

    (2,899

    )

     

     

    79

     

     

     

    (5,956

    )

    Acquisition and divestiture-related costs

     

     

    (3,264

    )

     

     

    (10,079

    )

     

     

    (25,379

    )

     

     

    (69,159

    )

    Asset impairment

     

     

    (22,814

    )

     

     

    —

     

     

     

    (22,814

    )

     

     

    —

     

    Significant litigation matters and settlements

     

     

    (689

    )

     

     

    (12

    )

     

     

    (7,775

    )

     

     

    (12

    )

    Significant environmental matters

     

     

    —

     

     

     

    (1,325

    )

     

     

    —

     

     

     

    (2,457

    )

    Restructuring and other, net

     

     

    4,665

     

     

     

    (10,665

    )

     

     

    (17,454

    )

     

     

    (26,601

    )

    Reported operating income from continuing operations

     

    $

    118,750

     

     

    $

    77,159

     

     

    $

    346,741

     

     

    $

    300,562

     

     

     

     

     

     

     

     

     

     

    REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP

     

    Revvity, Inc. and Subsidiaries

    CONDENSED CONSOLIDATED BALANCE SHEETS

     

    (In thousands)

    December 29,

    2024

     

    December 31,

    2023

     

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    1,163,396

     

    $

    913,163

    Marketable securities

     

    —

     

     

    689,916

    Accounts receivable, net

     

    632,400

     

     

    632,811

    Inventories, net

     

    367,587

     

     

    428,062

    Other current assets

     

    186,225

     

     

    337,139

    Total current assets

     

    2,349,608

     

     

    3,001,091

     

     

     

     

    Property, plant and equipment, net

     

    482,217

     

     

    509,654

    Operating lease right-of-use assets, net

     

    167,716

     

     

    155,083

    Intangible assets, net

     

    2,640,921

     

     

    3,022,321

    Goodwill

     

    6,463,619

     

     

    6,533,550

    Other assets, net

     

    288,397

     

     

    342,966

    Total assets

    $

    12,392,478

     

    $

    13,564,665

     

     

     

     

    Current liabilities:

     

     

     

    Current portion of long-term debt

    $

    242

     

    $

    721,872

    Accounts payable

     

    167,463

     

     

    204,121

    Accrued expenses and other current liabilities

     

    485,395

     

     

    524,470

    Total current liabilities

     

    653,100

     

     

    1,450,463

     

     

     

     

    Long-term debt

     

    3,150,476

     

     

    3,177,770

    Long-term liabilities

     

    770,523

     

     

    930,946

    Operating lease liabilities

     

    151,505

     

     

    132,747

    Total liabilities

     

    4,725,604

     

     

    5,691,926

     

     

     

     

    Total stockholders' equity

     

    7,666,874

     

     

    7,872,739

    Total liabilities and stockholders' equity

    $

    12,392,478

     

    $

    13,564,665

     

     

     

     

     

     

     

     

    PREPARED IN ACCORDANCE WITH GAAP

     

    Revvity, Inc. and Subsidiaries

    CONSOLIDATED STATEMENTS OF CASH FLOWS

     

     

    Three Months Ended

     

    Twelve Months Ended

    (In thousands)

    December 29,

    2024

     

    December 31,

    2023

     

    December 29,

    2024

     

    December 31,

    2023

     

     

     

     

     

     

     

     

    Operating activities:

     

     

     

     

     

     

     

    Net income

    $

    94,645

     

     

    $

    78,563

     

     

    $

    270,385

     

     

    $

    693,094

     

    (Income) loss from discontinued operations, net of income

    taxes

     

    (6,262

    )

     

     

    (14,996

    )

     

     

    12,686

     

     

     

    (513,591

    )

    Income from continuing operations

     

    88,383

     

     

     

    63,567

     

     

     

    283,071

     

     

     

    179,503

     

    Adjustments to reconcile income from continuing

    operations to net cash provided by continuing operations:

     

     

     

     

     

     

     

    Stock-based compensation

     

    5,053

     

     

     

    7,181

     

     

     

    37,809

     

     

     

    41,410

     

    Restructuring and other, net

     

    (4,665

    )

     

     

    10,665

     

     

     

    17,454

     

     

     

    26,601

     

    Depreciation and amortization

     

    105,033

     

     

     

    105,568

     

     

     

    427,849

     

     

     

    431,769

     

    Pension and other postretirement expenses

     

    9,381

     

     

     

    23,089

     

     

     

    9,381

     

     

     

    23,089

     

    Change in fair value of contingent consideration

     

    (7,875

    )

     

     

    2,450

     

     

     

    (1,869

    )

     

     

    4,168

     

    Deferred taxes

     

    (102,232

    )

     

     

    (123,664

    )

     

     

    (102,232

    )

     

     

    (123,664

    )

    Contingencies and non-cash tax matters

     

    (8,073

    )

     

     

    26,183

     

     

     

    (8,073

    )

     

     

    26,183

     

    Amortization of deferred debt financing costs and

     

     

     

    accretion of discounts

     

    1,022

     

     

    1,549

     

     

    6,073

     

     

    7,349

     

    Change in fair value of financial securities

     

    6,017

     

     

     

    21,079

     

     

     

    (7,958

    )

     

     

    33,921

     

    Debt extinguishment gain

     

    —

     

     

     

    (263

    )

     

     

    —

     

     

     

    (3,685

    )

    Unrealized foreign exchange loss (gain)

     

    4

     

     

     

    410

     

     

     

    (1,059

    )

     

     

    24,089

     

    Asset impairment

     

    22,814

     

     

     

    —

     

     

     

    22,814

     

     

     

    —

     

    Changes in assets and liabilities which provided (used)

    cash, excluding effects from companies acquired:

     

     

     

     

     

     

     

    Accounts receivable, net

     

    (49,260

    )

     

     

    21,916

     

     

     

    (15,969

    )

     

     

    (8,997

    )

    Inventories, net

     

    18,269

     

     

     

    20,725

     

     

     

    45,086

     

     

     

    (14,109

    )

    Accounts payable

     

    (1,243

    )

     

     

    8,968

     

     

     

    (26,025

    )

     

     

    (76,426

    )

    Accrued expenses and other

     

    92,839

     

     

     

    31,181

     

     

     

    (21,397

    )

     

     

    (291,814

    )

    Net cash provided by operating activities of continuing

    operations

     

    175,467

     

     

     

    220,604

     

     

     

    664,955

     

     

     

    279,387

     

    Net cash used in operating activities of discontinued

    operations

     

    (1,237

    )

     

     

    (23,991

    )

     

     

    (36,656

    )

     

     

    (188,115

    )

    Net cash provided by operating activities

     

    174,230

     

     

     

    196,613

     

     

     

    628,299

     

     

     

    91,272

     

     

     

     

     

     

     

     

     

    Investing activities:

     

     

     

     

     

     

     

    Capital expenditures

     

    (24,454

    )

     

     

    (24,116

    )

     

     

    (86,648

    )

     

     

    (81,368

    )

    Purchases of investments and notes receivables

     

    (2,250

    )

     

     

    (300

    )

     

     

    (6,587

    )

     

     

    (6,300

    )

    Proceeds from investments and notes receivables

     

    —

     

     

     

    —

     

     

     

    2,500

     

     

     

    —

     

    Purchases of U.S. Treasury Securities

     

    —

     

     

     

    (390,390

    )

     

     

    —

     

     

     

    (1,221,609

    )

    Proceeds from U.S. Treasury Securities

     

    —

     

     

     

    —

     

     

     

    710,000

     

     

     

    550,000

     

    Proceeds from disposition of businesses and assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    153

     

    Cash paid for acquisitions, net of cash acquired

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2,086

    )

    Net cash (used in) provided by investing activities of

    continuing operations

     

    (26,704

    )

     

     

    (414,806

    )

     

     

    619,265

     

     

     

    (761,210

    )

    Net cash provided by investing activities of discontinued

    operations

     

    9,375

     

     

     

    —

     

     

     

    156,897

     

     

     

    2,074,734

     

    Net cash (used in) provided by investing activities

     

    (17,329

    )

     

     

    (414,806

    )

     

     

    776,162

     

     

     

    1,313,524

     

     

     

     

     

     

     

     

     

    Financing Activities:

     

     

     

     

     

     

     

    Payments of debt financing costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (15

    )

    Payments of senior unsecured notes

     

    —

     

     

     

    (5,835

    )

     

     

    (711,479

    )

     

     

    (523,808

    )

    Net (payments) proceeds on other credit facilities

     

    (822

    )

     

     

    (895

    )

     

     

    (11,593

    )

     

     

    6,323

     

    Payments for acquisition-related contingent consideration

     

    —

     

     

     

    —

     

     

     

    (8,832

    )

     

     

    (10,117

    )

    Proceeds from issuance of common stock under stock

     

     

     

    plans

     

    1,528

     

     

    623

     

     

    7,701

     

     

    4,344

     

    Purchases of common stock

     

    (185,157

    )

     

     

    (4,868

    )

     

     

    (369,578

    )

     

     

    (388,882

    )

    Dividends paid

     

    (8,539

    )

     

     

    (8,639

    )

     

     

    (34,454

    )

     

     

    (34,966

    )

    Net cash used in financing activities of continuing

    operations

     

    (192,990

    )

     

     

    (19,614

    )

     

     

    (1,128,235

    )

     

     

    (947,121

    )

     

     

     

     

     

     

     

     

    Effect of exchange rate changes on cash, cash equivalents,

    and restricted cash

     

    (30,267

    )

     

     

    14,222

     

     

     

    (26,147

    )

     

     

    (14,048

    )

     

     

     

     

     

     

     

     

    Net (decrease) increase in cash, cash equivalents, and

    restricted cash

     

    (66,356

    )

     

     

    (223,585

    )

     

     

    250,079

     

     

     

    443,627

     

    Cash, cash equivalents, and restricted cash at beginning of

    period

     

    1,230,808

     

     

     

    1,137,958

     

     

     

    914,373

     

     

     

    470,746

     

    Cash, cash equivalents, and restricted cash at end of

    period

    $

    1,164,452

     

     

    $

    914,373

     

    $

    1,164,452

     

     

    $

    914,373

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Supplemental disclosure of cash flow information:

     

     

     

     

     

     

     

    Reconciliation of cash, cash equivalents and restricted cash

    reported within the consolidated balance sheets that sum to

    the total shown in the consolidated statements of cash flows:

     

     

     

     

     

     

     

    Cash and cash equivalents

    $

    1,163,396

     

     

    $

    913,163

     

     

    $

    1,163,396

     

     

    $

    913,163

     

    Restricted cash included in other current assets

     

    1,056

     

     

     

    1,210

     

     

     

    1,056

     

     

     

    1,210

     

    Total cash, cash equivalents and restricted cash

    $

    1,164,452

     

     

    $

    914,373

     

     

    $

    1,164,452

     

     

    $

    914,373

     

     

     

     

     

     

     

     

     

    PREPARED IN ACCORDANCE WITH GAAP

     

    Revvity, Inc. and Subsidiaries

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

     

     

     

     

    Continuing Operations

     

     

     

    Three Months Ended

     

     

     

    December 29, 2024

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    5%

    Less: effect of foreign exchange rates

     

     

    -1%

    Less: effect of acquisitions including purchase accounting adjustments and

    impact of divested businesses

     

     

    0%

    Organic revenue growth from continuing operations

     

     

    6%

     

     

     

     

     

     

     

     

     

     

     

    Life Sciences

     

     

     

    Three Months Ended

     

     

     

    December 29, 2024

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    5%

    Less: effect of foreign exchange rates

     

     

    0%

    Less: effect of acquisitions including purchase accounting adjustments and

    impact of divested businesses

     

     

    0%

    Organic revenue growth from continuing operations

     

     

    5%

     

     

     

     

     

     

     

     

     

     

     

    Diagnostics

     

     

     

    Three Months Ended

     

     

     

    December 29, 2024

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    4%

    Less: effect of foreign exchange rates

     

     

    -1%

    Less: effect of acquisitions including purchase accounting adjustments and

    impact of divested businesses

     

     

    0%

    Organic revenue growth from continuing operations

     

     

    6%

     

     

     

     

    (1) amounts may not sum due to rounding

     

     

     

     

    Revvity, Inc. and Subsidiaries

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

     

     

     

     

    Continuing Operations

     

     

     

    Twelve Months Ended

     

     

     

    December 29, 2024

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    0%

    Less: effect of foreign exchange rates

     

     

    0%

    Less: effect of acquisitions including purchase accounting adjustments and

    impact of divested businesses

     

     

    0%

    Organic revenue growth from continuing operations

     

     

    1%

     

     

     

     

     

     

     

     

     

     

     

    Life Sciences

     

     

     

    Twelve Months Ended

     

     

     

    December 29, 2024

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    -3%

    Less: effect of foreign exchange rates

     

     

    0%

    Less: effect of acquisitions including purchase accounting adjustments and

    impact of divested businesses

     

     

    0%

    Organic revenue growth from continuing operations

     

     

    -3%

     

     

     

     

     

     

     

     

     

     

     

    Diagnostics

     

     

     

    Twelve Months Ended

     

     

     

    December 29, 2024

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    3%

    Less: effect of foreign exchange rates

     

     

    -1%

    Less: effect of acquisitions including purchase accounting adjustments and

    impact of divested businesses

     

     

    0%

    Organic revenue growth from continuing operations

     

     

    4%

     

     

     

     

    (1) amounts may not sum due to rounding

     

     

     

    Explanation of Non-GAAP Financial Measures

    We report our financial results in accordance with GAAP. However, management believes that, in order to more fully understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash, non-recurring or other items, which result from facts and circumstances that vary in frequency and impact on continuing operations. Accordingly, we present non-GAAP financial measures as a supplement to the financial measures we present in accordance with GAAP. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by adjusting for certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management's ability to make useful forecasts. Management believes these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.

    We use the term "adjusted revenue" to refer to GAAP revenue, including purchase accounting adjustments for revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules. We use the related term "adjusted revenue growth" to refer to the measure of comparing current period adjusted revenue with the corresponding period of the prior year.

    We use the term "organic revenue" to refer to GAAP revenue, excluding the effect of foreign currency changes and revenue from recent acquisitions and divestitures and including purchase accounting adjustments for revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules. We use the related term "organic revenue growth" or "organic growth" to refer to the measure of comparing current period organic revenue with the corresponding period of the prior year.

    We use the term "adjusted gross margin" to refer to GAAP gross margin, excluding amortization of intangible assets and inventory fair value adjustments related to business acquisitions, asset impairments, and including purchase accounting adjustments for revenue from contracts acquired in acquisitions that will not be fully recognized due to business combination accounting rules. We use the related term "adjusted gross margin percentage" to refer to adjusted gross margin as a percentage of adjusted revenue.

    We use the term "adjusted SG&A expense" to refer to GAAP SG&A expense, excluding amortization of intangible assets, purchase accounting adjustments, acquisition and divestiture-related expenses, significant litigation matters and settlements, asset impairments, significant environmental charges, and restructuring and other charges. We use the related term "adjusted SG&A percentage" to refer to adjusted SG&A expense as a percentage of adjusted revenue.

    We use the term "adjusted R&D expense" to refer to GAAP R&D expense, excluding amortization of intangible assets and purchase accounting adjustments. We use the related term "adjusted R&D percentage" to refer to adjusted R&D expense as a percentage of adjusted revenue.

    We use the term "adjusted net interest and other expense" to refer to GAAP net interest and other expense, excluding adjustments for mark-to-market accounting on post-retirement benefits, changes in foreign exchange and interest associated with acquisitions and divestitures, changes in the value of financial securities and debt extinguishment costs.

    We use the term "adjusted operating income" to refer to GAAP operating income, including revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules, and excluding amortization of intangible assets, other purchase accounting adjustments, acquisition and divestiture-related expenses, significant litigation matters and settlements, significant environmental charges, asset impairments, and restructuring and other charges. We use the related terms "adjusted operating profit percentage," "adjusted operating profit margin," and "adjusted operating margin" to refer to adjusted operating income as a percentage of adjusted revenue.

    We use the term "free cash flow" to refer net cash provided by (used in) operating activities of continuing operations, less payments for additions to property, plant and equipment from continuing operations ("capital expenditures") plus the proceeds from sales of plant, property and equipment from continuing operations ("capital disposals").

    We use the term "adjusted net income," to refer to GAAP income from continuing operations, including revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules, and excluding amortization of intangible assets, debt extinguishment costs, other purchase accounting adjustments, acquisition and divestiture-related expenses, significant litigation matters and settlements, significant environmental charges, changes in the value of financial securities, disposition of businesses and assets, net, changes in foreign exchange and interest associated with acquisitions and divestitures, asset impairments and restructuring and other charges. We also exclude adjustments for mark-to-market accounting on post-retirement benefits, therefore only our projected costs have been used to calculate this non-GAAP measure. We also adjust for any tax impact related to the above items and exclude the impact of significant tax events.

    We use the term "adjusted earnings per share from continuing operations", "adjusted earnings per share," "adjusted EPS," or "adjusted EPS from continuing operations" to refer to GAAP earnings per share from continuing operations, including revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules, and excluding amortization of intangible assets, debt extinguishment costs, other purchase accounting adjustments, acquisition and divestiture-related expenses, significant litigation matters and settlements, significant environmental charges, changes in the value of financial securities, disposition of businesses and assets, net, changes in foreign exchange and interest associated with acquisitions and divestitures, asset impairments and restructuring and other charges. We also exclude adjustments for mark-to-market accounting on post-retirement benefits, therefore only our projected costs have been used to calculate this non-GAAP measure. We also adjust for any tax impact related to the above items and exclude the impact of significant tax events.

    Management includes or excludes the effect of each of the items identified below in the applicable non-GAAP financial measure referenced above for the reasons set forth below with respect to that item:

    • Amortization of intangible assets—purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Accordingly, this item is not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.
    • Debt extinguishment costs—we incur costs and income related to the extinguishment of debt; including make-whole payments to debt holders, accelerated amortization of debt fees and discounts, and expense or income from hedges to lock in make-whole payments. We exclude the impact of these items from our non-GAAP measures because we believe they do not reflect the performance of our ongoing operations.
    • Revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules—accounting rules require us to account for the fair value of revenue from contracts assumed in connection with our acquisitions. As a result, our GAAP results reflect the fair value of those revenues, which is not the same as the revenue that otherwise would have been recorded by the acquired entity. We include such revenue in our non-GAAP measures because we believe the fair value of such revenue does not accurately reflect the performance of our ongoing operations for the period in which such revenue is recorded.
    • Other purchase accounting adjustments—accounting rules require us to adjust various balance sheet accounts, including inventory, fixed assets and deferred rent balances to fair value at the time of the acquisition. As a result, the expenses for these items in our GAAP results are not the same as what would have been recorded by the acquired entity. Accounting rules also require us to estimate the fair value of contingent consideration at the time of the acquisition, and any subsequent changes to the estimate or payment of the contingent consideration and purchase accounting adjustments are charged to expense or income. We exclude the impact of any changes to contingent consideration from our non-GAAP measures because we believe these expenses or benefits do not accurately reflect the performance of our ongoing operations for the period in which such expenses or benefits are recorded.
    • Acquisition and divestiture-related expenses—we incur legal, due diligence, stay bonuses, incentive awards, stock-based compensation, interest, foreign exchange gains and losses, integration expenses, rebranding expenses, and other costs related to acquisitions and divestitures. We exclude these expenses from our non-GAAP measures because we believe they do not reflect the performance of our ongoing operations.
    • Asset impairments—we incur expense related to asset impairments. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
    • Restructuring and other charges—restructuring and other charges consist of employee severance, other exit costs as well as the cost of terminating certain lease agreements or contracts as well as costs associated with relocating facilities. Management does not believe such costs accurately reflect the performance of our ongoing operations for the period in which such costs are reported.
    • Adjustments for mark-to-market accounting on post-retirement benefits—we exclude adjustments for mark-to-market accounting on post-retirement benefits, and therefore only our projected costs are used to calculate our non-GAAP measures. We exclude these adjustments because they do not represent what we believe our investors consider to be costs of producing our products, investments in technology and production, and costs to support our internal operating structure.
    • Significant litigation matters and settlements—we incur expenses related to significant litigation matters, including the costs to settle or resolve various claims and legal proceedings. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
    • Significant environmental charges—we incur expenses related to significant environmental charges. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
    • Disposition of businesses and assets, net—we exclude the impact of gains or losses from the disposition of businesses and assets from our adjusted earnings per share. Management does not believe such gains or losses accurately reflect the performance of our ongoing operations for the period in which such gains or losses are reported.
    • Impact of foreign currency changes on the current period—we exclude the impact of foreign currency associated with acquisitions and divestitures from these measures by using the prior period's foreign currency exchange rates for the current period because foreign currency exchange rates are subject to volatility and can obscure underlying trends.
    • Impact of significant tax events—we exclude the impact of significant tax events. Management does not believe the impact of significant tax events accurately reflects the performance of our ongoing operations for the periods in which the impact of such events was recorded.
    • Changes in value of financial securities—we exclude the impact of changes in the value of financial securities. Management does not believe such gains or losses accurately reflect the performance of our ongoing operations for the period in which such gains or losses are reported.

    The tax effect for discontinued operations is calculated based on the authoritative guidance in the Financial Accounting Standards Board's Accounting Standards Codification 740, Income Taxes. The tax effect for amortization of intangible assets, inventory fair value adjustments related to business acquisitions, changes to the fair values assigned to contingent consideration, debt extinguishment costs, other costs related to business acquisitions and divestitures, significant litigation matters and settlements, significant environmental charges, changes in the fair value of financial securities, adjustments for mark-to-market accounting on post-retirement benefits, disposition of businesses and assets, net, restructuring and other charges, and the revenue from contracts acquired with various acquisitions is calculated based on operational results and applicable jurisdictional law, which contemplates tax rates currently in effect to determine our tax provision. The tax effect for the impact from foreign currency exchange rates on the current period is calculated based on the average rate currently in effect to determine our tax provision.

    The non-GAAP financial measures described above are not meant to be considered superior to, or a substitute for, our financial statements prepared in accordance with GAAP. There are material limitations associated with non-GAAP financial measures because they exclude charges that have an effect on our reported results and, therefore, should not be relied upon as the sole financial measures by which to evaluate our financial results. Management compensates and believes that investors should compensate for these limitations by viewing the non-GAAP financial measures in conjunction with the GAAP financial measures. In addition, the non-GAAP financial measures included in this earnings announcement may be different from, and therefore may not be comparable to, similar measures used by other companies.

    Each of the non-GAAP financial measures listed above is also used by our management to evaluate our operating performance, communicate our financial results to our Board of Directors, benchmark our results against our historical performance and the performance of our peers, evaluate investment opportunities including acquisitions and discontinued operations, and determine the bonus payments for senior management and employees.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250131866226/en/

    Investor Relations:

    Steve Willoughby

    [email protected]

    Media Relations:

    Chet Murray

    (781) 462-5126

    [email protected]

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