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    Revvity Announces Financial Results for the Third Quarter of 2024

    11/4/24 6:00:00 AM ET
    $RVTY
    Biotechnology: Laboratory Analytical Instruments
    Industrials
    Get the next $RVTY alert in real time by email
    • Revenue of $684 million; 2% reported growth; 2% organic growth
    • GAAP EPS of $0.77; Adjusted EPS from continuing operations of $1.28
    • Raises full year 2024 adjusted EPS guidance
    • Authorizes new $1 billion share repurchase program
    • To host Investor Day on November 21st

    Revvity, Inc. (NYSE:RVTY), today reported financial results for the third quarter ended September 29, 2024.

    The Company reported GAAP earnings per share of $0.77, as compared to $0.08 in the same period a year ago. GAAP revenue for the quarter was $684 million, as compared to $671 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $98 million, as compared to $69 million for the same period a year ago. GAAP operating profit margin from continuing operations was 14.3% as a percentage of revenue, as compared to 10.3% in the same period a year ago.

    Adjusted earnings per share from continuing operations for the quarter was $1.28, as compared to $1.18 in the same period a year ago. Adjusted revenue for the quarter was $684 million, as compared to $671 million in the same period a year ago. Adjusted operating income was $193 million, as compared to $185 million for the same period a year ago. Adjusted operating profit margin was 28.3% as a percentage of adjusted revenue, as compared to 27.5% in the same period a year ago.

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

    "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, president and chief executive officer of Revvity. "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."

    Share Repurchase Authorization

    The Company's Board of Directors has authorized a new two-year $1 billion share repurchase program which replaces the remainder of the existing program which was announced in May 2023.

    Investor Day

    The Company will host an Investor Day on Thursday, November 21st beginning at 9:00 a.m. PT. To access the event, a live audio webcast will be available on the Investors section of the Company's website.

    Financial Overview by Reporting Segment

    Life Sciences

    • Third quarter 2024 revenue was $301 million, as compared to $308 million in the same period a year ago. Reported revenue decreased 2% and organic revenue decreased 3% as compared to the same period a year ago.
    • Third quarter 2024 adjusted operating income was $103 million, as compared to $114 million in the same period a year ago. Adjusted operating profit margin was 34.2% as a percentage of adjusted revenue, as compared to 37.1% in the same period a year ago.

    Diagnostics

    • Third quarter 2024 revenue was $383 million, as compared to $363 million in the same period a year ago. Reported revenue increased 6% and organic revenue increased 5% as compared to the same period a year ago.
    • Third quarter 2024 adjusted operating income was $101 million, as compared to $82 million in the same period a year ago. Adjusted operating profit margin was 26.5% as a percentage of adjusted revenue, as compared to 22.5% in the same period a year ago.

    Full Year 2024 Guidance

    For the full year 2024, the Company is updating its full year revenue guidance to $2.75-$2.77 billion to reflect recent changes in foreign currency exchange rates and assumes 0% to 1% organic growth. The Company is also raising its adjusted EPS guidance to a range of $4.83 to $4.87.

    Guidance for the full year 2024 for organic growth and adjusted EPS is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. 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 third quarter 2024 results and its outlook for business trends during a webcast on November 4, 2024, 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 2023 revenue of more than $2.7 billion and over 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 190 countries.

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

     

    Revvity, Inc. and Subsidiaries

    CONDENSED CONSOLIDATED INCOME STATEMENTS

     

     

     

    Three Months Ended

     

    Nine Months Ended

    (In thousands, except per share data)

     

    September 29,

    2024

     

    October 1,

    2023

     

    September 29,

    2024

     

    October 1,

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

    $

    684,049

     

     

    $

    670,739

     

     

    $

    2,025,654

     

     

    $

    2,054,670

     

     

     

     

     

     

     

     

     

     

    Cost of revenue

     

     

    299,233

     

     

     

    298,223

     

     

     

    900,285

     

     

     

    898,457

     

    Selling, general and administrative expenses

     

     

    237,521

     

     

     

    250,249

     

     

     

    749,742

     

     

     

    765,828

     

    Research and development expenses

     

     

    49,144

     

     

     

    53,039

     

     

     

    147,636

     

     

     

    166,982

     

     

     

     

     

     

     

     

     

     

    Operating income from continuing operations

     

     

    98,151

     

     

     

    69,228

     

     

     

    227,991

     

     

     

    223,403

     

     

     

     

     

     

     

     

     

     

    Interest income

     

     

    (22,764

    )

     

     

    (23,450

    )

     

     

    (63,362

    )

     

     

    (53,768

    )

    Interest expense

     

     

    24,383

     

     

     

    25,486

     

     

     

    73,497

     

     

     

    74,231

     

    Change in fair value of financial securities

     

     

    (7,004

    )

     

     

    13,587

     

     

     

    (13,975

    )

     

     

    12,842

     

    Other expense, net

     

     

    3,179

     

     

     

    3,002

     

     

     

    10,263

     

     

     

    38,501

     

     

     

     

     

     

     

     

     

     

    Income from continuing operations, before income taxes

     

     

    100,357

     

     

     

    50,603

     

     

     

    221,568

     

     

     

    151,597

     

     

     

     

     

     

     

     

     

     

    Provision for income taxes

     

     

    6,971

     

     

     

    18,134

     

     

     

    26,880

     

     

     

    35,661

     

     

     

     

     

     

     

     

     

     

    Income from continuing operations

     

     

    93,386

     

     

     

    32,469

     

     

     

    194,688

     

     

     

    115,936

     

     

     

     

     

     

     

     

     

     

    Income (loss) from discontinued operations

     

     

    981

     

     

     

    (22,972

    )

     

     

    (18,948

    )

     

     

    498,595

     

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    94,367

     

     

    $

    9,497

     

     

    $

    175,740

     

     

    $

    614,531

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share:

     

     

     

     

     

     

     

     

    Income from continuing operations

     

    $

    0.76

     

     

    $

    0.26

     

     

    $

    1.58

     

     

    $

    0.93

     

     

     

     

     

     

     

     

     

     

    Income (loss) from discontinued operations

     

     

    0.01

     

     

     

    (0.18

    )

     

     

    (0.15

    )

     

     

    3.98

     

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    0.77

     

     

    $

    0.08

     

     

    $

    1.42

     

     

    $

    4.90

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average diluted shares of common stock outstanding

     

     

    123,026

     

     

     

    124,203

     

     

     

    123,336

     

     

     

    125,335

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    ABOVE PREPARED IN ACCORDANCE WITH GAAP

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Additional supplemental information(1):

     

     

     

     

     

     

     

     

    (per share, continuing operations)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP EPS from continuing operations

     

    $

    0.76

     

     

    $

    0.26

     

     

    $

    1.58

     

     

    $

    0.93

     

    Amortization of intangible assets

     

     

    0.73

     

     

     

    0.73

     

     

     

    2.20

     

     

     

    2.20

     

    Debt extinguishment costs

     

     

    -

     

     

     

    (0.00

    )

     

     

    -

     

     

     

    (0.03

    )

    Purchase accounting adjustments

     

     

    0.00

     

     

     

    0.01

     

     

     

    0.06

     

     

     

    0.02

     

    Acquisition and divestiture-related costs

     

     

    0.02

     

     

     

    0.09

     

     

     

    0.13

     

     

     

    0.63

     

    Change in fair value of financial securities

     

     

    (0.06

    )

     

     

    0.11

     

     

     

    (0.11

    )

     

     

    0.10

     

    Significant litigation matters and settlements

     

     

    0.01

     

     

     

    -

     

     

     

    0.06

     

     

     

    -

     

    Significant environmental matters

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    0.01

     

    Restructuring and other, net

     

     

    (0.00

    )

     

     

    0.09

     

     

     

    0.18

     

     

     

    0.13

     

    Tax on above items

     

     

    (0.18

    )

     

     

    (0.25

    )

     

     

    (0.62

    )

     

     

    (0.73

    )

    Significant tax items

     

     

    -

     

     

     

    0.14

     

     

     

    -

     

     

     

    0.13

     

    Adjusted EPS from continuing operations

     

    $

    1.28

     

     

    $

    1.18

     

     

    $

    3.47

     

     

    $

    3.39

     

     

     

     

     

     

     

     

     

     

    (1) amounts may not sum due to rounding

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revvity, Inc. and Subsidiaries

    REVENUE AND OPERATING INCOME (LOSS)

     

     

     

    Three Months Ended

     

    Nine Months Ended

    (In thousands, except percentages)

     

    September 29,

    2024

     

    October 1,

    2023

     

    September 29,

    2024

     

    October 1,

    2023

     

     

     

     

     

     

     

     

     

    Adjusted revenue and operating income

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reported revenue

     

    $

    684,049

     

     

    $

    670,739

     

     

    $

    2,025,654

     

     

    $

    2,054,670

     

    Revenue purchase accounting adjustments

     

     

    205

     

     

     

    206

     

     

     

    621

     

     

     

    618

     

    Adjusted revenue

     

    $

    684,254

     

     

    $

    670,945

     

     

    $

    2,026,275

     

     

    $

    2,055,288

     

     

     

     

     

     

     

     

     

     

    Reported operating income from continuing operations

     

    $

    98,151

     

     

    $

    69,228

     

     

    $

    227,991

     

     

    $

    223,403

     

    OP%

     

     

    14.3

    %

     

     

    10.3

    %

     

     

    11.3

    %

     

     

    10.9

    %

    Amortization of intangible assets

     

     

    89,642

     

     

     

    90,920

     

     

     

    271,500

     

     

     

    275,489

     

    Purchase accounting adjustments

     

     

    103

     

     

     

    1,080

     

     

     

    7,348

     

     

     

    3,057

     

    Acquisition and divestiture-related costs

     

     

    4,874

     

     

     

    12,550

     

     

     

    22,115

     

     

     

    59,080

     

    Significant litigation matters and settlements

     

     

    810

     

     

     

    —

     

     

     

    7,086

     

     

     

    —

     

    Significant environmental matters

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,132

     

    Restructuring and other, net

     

     

    (82

    )

     

     

    10,832

     

     

     

    22,119

     

     

     

    15,936

     

    Adjusted operating income

     

    $

    193,498

     

     

    $

    184,610

     

     

    $

    558,159

     

     

    $

    578,097

     

    OP%

     

     

    28.3

    %

     

     

    27.5

    %

     

     

    27.5

    %

     

     

    28.1

    %

     

     

     

     

     

     

     

     

     

    Segment revenue and segment operating income

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Life Sciences

     

    $

    300,921

     

     

    $

    307,855

     

     

    $

    917,805

     

     

    $

    972,649

     

    Diagnostics

     

     

    383,333

     

     

     

    363,090

     

     

     

    1,108,470

     

     

     

    1,082,639

     

    Revenue purchase accounting adjustments

     

     

    (205

    )

     

     

    (206

    )

     

     

    (621

    )

     

     

    (618

    )

    Reported revenue

     

    $

    684,049

     

     

    $

    670,739

     

     

    $

    2,025,654

     

     

    $

    2,054,670

     

     

     

     

     

     

     

     

     

     

    Life Sciences

     

    $

    102,979

     

     

    $

    114,192

     

     

    $

    317,105

     

     

    $

    371,410

     

     

     

     

    34.2

    %

     

     

    37.1

    %

     

     

    34.6

    %

     

     

    38.2

    %

    Diagnostics

     

     

    101,434

     

     

     

    81,741

     

     

     

    274,779

     

     

     

    241,414

     

     

     

     

    26.5

    %

     

     

    22.5

    %

     

     

    24.8

    %

     

     

    22.3

    %

    Corporate

     

     

    (10,915

    )

     

     

    (11,323

    )

     

     

    (33,725

    )

     

     

    (34,727

    )

    Subtotal reportable segments operating income

     

     

    193,498

     

     

     

    184,610

     

     

     

    558,159

     

     

     

    578,097

     

     

     

     

     

     

     

     

     

     

    Amortization of intangible assets

     

     

    (89,642

    )

     

     

    (90,920

    )

     

     

    (271,500

    )

     

     

    (275,489

    )

    Purchase accounting adjustments

     

     

    (103

    )

     

     

    (1,080

    )

     

     

    (7,348

    )

     

     

    (3,057

    )

    Acquisition and divestiture-related costs

     

     

    (4,874

    )

     

     

    (12,550

    )

     

     

    (22,115

    )

     

     

    (59,080

    )

    Significant litigation matters and settlements

     

     

    (810

    )

     

     

    —

     

     

     

    (7,086

    )

     

     

    —

     

    Significant environmental matters

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,132

    )

    Restructuring and other, net

     

     

    82

     

     

     

    (10,832

    )

     

     

    (22,119

    )

     

     

    (15,936

    )

    Reported operating income from continuing operations

     

    $

    98,151

     

     

    $

    69,228

     

     

    $

    227,991

     

     

    $

    223,403

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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

     

    Revvity, Inc. and Subsidiaries

    CONDENSED CONSOLIDATED BALANCE SHEETS

     

    (In thousands)

    September 29,

    2024

     

    December 31,

    2023

     

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    1,229,778

     

    $

    913,163

    Marketable securities

     

    —

     

     

    689,916

    Accounts receivable, net

     

    602,141

     

     

    632,811

    Inventories, net

     

    404,570

     

     

    428,062

    Other current assets

     

    211,917

     

     

    337,139

    Total current assets

     

    2,448,406

     

     

    3,001,091

     

     

     

     

    Property, plant and equipment, net

     

    517,932

     

     

    509,654

    Operating lease right-of-use assets, net

     

    149,305

     

     

    155,083

    Intangible assets, net

     

    2,763,211

     

     

    3,022,321

    Goodwill

     

    6,558,660

     

     

    6,533,550

    Other assets, net

     

    332,223

     

     

    342,966

    Total assets

    $

    12,769,737

     

    $

    13,564,665

     

     

     

     

    Current liabilities:

     

     

     

    Current portion of long-term debt

    $

    1,045

     

    $

    721,872

    Accounts payable

     

    176,407

     

     

    204,121

    Accrued expenses and other current liabilities

     

    510,488

     

     

    524,470

    Total current liabilities

     

    687,940

     

     

    1,450,463

     

     

     

     

    Long-term debt

     

    3,185,699

     

     

    3,177,770

    Long-term liabilities

     

    845,998

     

     

    930,946

    Operating lease liabilities

     

    128,399

     

     

    132,747

    Total liabilities

     

    4,848,036

     

     

    5,691,926

     

     

     

     

    Total stockholders' equity

     

    7,921,701

     

     

    7,872,739

    Total liabilities and stockholders' equity

    $

    12,769,737

     

    $

    13,564,665

     

     

     

     

     

     

     

     

    PREPARED IN ACCORDANCE WITH GAAP

     

    Revvity, Inc. and Subsidiaries

    CONSOLIDATED STATEMENTS OF CASH FLOWS

     

     

    Three Months Ended

     

    Nine Months Ended

    (In thousands)

    September 29,

    2024

     

    October 1,

    2023

     

    September 29,

    2024

     

    October 1,

    2023

     

     

     

     

     

     

     

     

    Operating activities:

     

     

     

     

     

     

     

    Net income

    $

    94,367

     

     

    $

    9,497

     

     

    $

    175,740

     

     

    $

    614,531

     

    (Income) loss from discontinued operations, net of income taxes

     

    (981

    )

     

     

    22,972

     

     

     

    18,948

     

     

     

    (498,595

    )

    Income from continuing operations

     

    93,386

     

     

     

    32,469

     

     

     

    194,688

     

     

     

    115,936

     

    Adjustments to reconcile income from continuing operations to net cash provided by (used in) continuing operations:

     

     

     

     

     

     

     

    Stock-based compensation

     

    10,538

     

     

     

    10,703

     

     

     

    32,756

     

     

     

    34,229

     

    Restructuring and other, net

     

    (82

    )

     

     

    10,832

     

     

     

    22,119

     

     

     

    15,936

     

    Depreciation and amortization

     

    107,670

     

     

     

    108,263

     

     

     

    322,816

     

     

     

    326,201

     

    Change in fair value of contingent consideration

     

    (343

    )

     

     

    633

     

     

     

    6,006

     

     

     

    1,718

     

    Amortization of deferred debt financing costs and accretion of discounts

     

    1,542

     

     

     

    1,982

     

     

     

    5,051

     

     

     

    5,800

     

    Change in fair value of financial securities

     

    (7,004

    )

     

     

    13,587

     

     

     

    (13,975

    )

     

     

    12,842

     

    Debt extinguishment gain

     

    —

     

     

     

    (77

    )

     

     

    —

     

     

     

    (3,422

    )

    Unrealized foreign exchange (gain) loss

     

    (206

    )

     

     

    —

     

     

     

    (1,063

    )

     

     

    23,679

     

    Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:

     

     

     

     

     

     

     

    Accounts receivable, net

     

    5,097

     

     

     

    (20,697

    )

     

     

    33,291

     

     

     

    (30,913

    )

    Inventories, net

     

    9,566

     

     

     

    (8,059

    )

     

     

    26,817

     

     

     

    (34,834

    )

    Accounts payable

     

    (1,808

    )

     

     

    (36,169

    )

     

     

    (24,782

    )

     

     

    (85,394

    )

    Accrued expenses and other

     

    (61,342

    )

     

     

    (82,710

    )

     

     

    (114,236

    )

     

     

    (322,995

    )

    Net cash provided by operating activities of continuing operations

     

    157,014

     

     

     

    30,757

     

     

     

    489,488

     

     

     

    58,783

     

    Net cash used in operating activities of discontinued operations

     

    (9,129

    )

     

     

    (64,242

    )

     

     

    (35,419

    )

     

     

    (164,124

    )

    Net cash provided by (used in) operating activities

     

    147,885

     

     

     

    (33,485

    )

     

     

    454,069

     

     

     

    (105,341

    )

     

     

     

     

     

     

     

     

    Investing activities:

     

     

     

     

     

     

     

    Capital expenditures

     

    (22,319

    )

     

     

    (22,357

    )

     

     

    (62,194

    )

     

     

    (57,252

    )

    Purchases of investments and notes receivables

     

    —

     

     

     

    (1,000

    )

     

     

    (4,337

    )

     

     

    (6,000

    )

    Proceeds from notes receivables

     

    2,500

     

     

     

    —

     

     

     

    2,500

     

     

     

    —

     

    Purchases of U.S. Treasury Securities

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (831,219

    )

    Proceeds from U.S. Treasury Securities

     

    710,000

     

     

     

    450,000

     

     

     

    710,000

     

     

     

    550,000

     

    Proceeds from disposition of businesses and assets

     

    —

     

     

     

    153

     

     

     

    —

     

     

     

    153

     

    Cash paid for acquisitions, net of cash acquired

     

    —

     

     

     

    (1,400

    )

     

     

    —

     

     

     

    (2,086

    )

    Net cash provided by (used in) investing activities of continuing operations

     

    690,181

     

     

     

    425,396

     

     

     

    645,969

     

     

     

    (346,404

    )

    Net cash provided by investing activities of discontinued operations

     

    —

     

     

     

    9,473

     

     

     

    147,522

     

     

     

    2,074,734

     

    Net cash provided by investing activities

     

    690,181

     

     

     

    434,869

     

     

     

    793,491

     

     

     

    1,728,330

     

     

     

     

     

     

     

     

     

    Financing Activities:

     

     

     

     

     

     

     

    Payments of debt financing costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (15

    )

    Payments of senior unsecured notes

     

    (711,479

    )

     

     

    (467,138

    )

     

     

    (711,479

    )

     

     

    (517,973

    )

    Net proceeds (payments) on other credit facilities

     

    429

     

     

     

    (13

    )

     

     

    (10,771

    )

     

     

    7,218

     

    Payments for acquisition-related contingent consideration

     

    (83

    )

     

     

    —

     

     

     

    (8,832

    )

     

     

    (10,117

    )

    Proceeds from issuance of common stock under stock

    plans

     

    141

     

     

     

    506

     

     

     

    6,173

     

     

     

    3,721

     

    Purchases of common stock

     

    (154,112

    )

     

     

    (110,715

    )

     

     

    (184,421

    )

     

     

    (384,014

    )

    Dividends paid

     

    (8,633

    )

     

     

    (8,689

    )

     

     

    (25,915

    )

     

     

    (26,327

    )

    Net cash used in financing activities

     

    (873,737

    )

     

     

    (586,049

    )

     

     

    (935,245

    )

     

     

    (927,507

    )

     

     

     

     

     

     

     

     

    Effect of exchange rate changes on cash, cash equivalents, and restricted cash

     

    17,051

     

     

     

    (10,699

    )

     

     

    4,120

     

     

     

    (28,270

    )

     

     

     

     

     

     

     

     

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

     

    (18,620

    )

     

     

    (195,364

    )

     

     

    316,435

     

     

     

    667,212

     

    Cash, cash equivalents, and restricted cash at beginning of period

     

    1,249,428

     

     

     

    1,333,322

     

     

     

    914,373

     

     

     

    470,746

     

    Cash, cash equivalents, and restricted cash at end of period

    $

    1,230,808

     

     

    $

    1,137,958

     

     

    $

    1,230,808

     

     

    $

    1,137,958

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    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

    $

    1,229,778

     

     

    $

    1,136,721

     

     

    $

    1,229,778

     

     

    $

    1,136,721

     

    Restricted cash included in other current assets

     

    1,030

     

     

     

    1,237

     

     

     

    1,030

     

     

     

    1,237

     

    Total cash, cash equivalents and restricted cash

    $

    1,230,808

     

     

    $

    1,137,958

     

     

    $

    1,230,808

     

     

    $

    1,137,958

     

     

     

     

     

     

     

     

     

    PREPARED IN ACCORDANCE WITH GAAP

     

    Revvity, Inc. and Subsidiaries

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

     

     

     

     

    Continuing Operations

     

     

     

    Three Months Ended

     

     

     

    September 29, 2024

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    2%

    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

     

     

    2%

     

     

     

     

     

     

     

     

     

     

     

    Life Sciences

     

     

     

    Three Months Ended

     

     

     

    September 29, 2024

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    -2%

    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

     

     

     

    Three Months Ended

     

     

     

    September 29, 2024

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    6%

    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%

     

     

     

     

    (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

     

     

     

    Projected

    Organic revenue growth:

     

     

     

    Reported revenue growth from continuing operations

     

     

    0% - 1%

    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

     

     

    0% - 1%

     

     

     

     

    (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" or "adjusted earnings per share," or "adjusted EPS," 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/20241104029574/en/

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    • SEC Form 10-Q filed by Revvity Inc.

      10-Q - REVVITY, INC. (0000031791) (Filer)

      5/6/25 4:07:57 PM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Revvity Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - REVVITY, INC. (0000031791) (Filer)

      4/28/25 7:16:22 AM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • SEC Form 8-K filed by Revvity Inc.

      8-K - REVVITY, INC. (0000031791) (Filer)

      4/25/25 4:06:40 PM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials

    $RVTY
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Director Vandebroek Sophie V. was granted 2,412 shares, increasing direct ownership by 90% to 5,088 units (SEC Form 4)

      4 - REVVITY, INC. (0000031791) (Issuer)

      5/1/25 4:05:18 PM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Director Klobuchar Michael A was granted 2,412 shares, increasing direct ownership by 90% to 5,088 units (SEC Form 4)

      4 - REVVITY, INC. (0000031791) (Issuer)

      5/1/25 4:05:13 PM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Director Chapin Samuel R. was granted 2,412 shares, increasing direct ownership by 13% to 20,396 units (SEC Form 4)

      4 - REVVITY, INC. (0000031791) (Issuer)

      5/1/25 4:05:19 PM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials

    $RVTY
    Press Releases

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    • AstroNova Sends Letter to Shareholders Highlighting Growth Strategy and Strength of Board

      AstroNova is at critical inflection point in its strategic progress to create meaningful competitive advantages for the Product Identification segment and drive strong, sustainable growth, improved profitability and address measurably larger addressable markets Askeladden/Patel's misguided, upstart campaign is disrupting progress and his unfit nominees stand to siderail advancement Urges shareholders to vote "FOR" ONLY AstroNova's Board nominees on the WHITE proxy card Current leadership has transformed AstroNova's capabilities, product mix, and scale, delivering 7.5% compound annual revenue growth since Gregory Woods' appointment as CEO AstroNova, Inc. (NASDAQ:ALOT), a leading innovat

      5/19/25 5:00:00 PM ET
      $ALNT
      $ALOT
      $BWA
      $RVTY
      Electrical Products
      Industrials
      Computer peripheral equipment
      Technology
    • Revvity's EUROIMMUN Unveils New Fully Automated Instrument for Specialty Testing

      The IDS i20 platform offers fully automated processing of specialty assays in endocrinology, allergy, autoimmune and infectious diseases, Alzheimer's disease and therapeutic drug monitoring Revvity, Inc. (NYSE:RVTY), today announced the launch of its new IDS i20™ analytical random access platform from EUROIMMUN, enabling full automation of chemiluminescence immunoassays (ChLIA). The IDS i20 platform is a CE marked and FDA listed device that allows laboratories to consolidate multiple specialty tests on a unique single instrument with greater reagent capacity and higher test throughput compared to existing offerings. The highly versatile IDS i20 instrument allows users to simultaneously ru

      5/19/25 8:00:00 AM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Revvity to Present at Upcoming Investor Conferences

      Revvity, Inc. (NYSE:RVTY), today announced it will present at the following investor conferences: Bank of America Global Healthcare Conference 2025 Tuesday, May 13, 2025 9:20 a.m. PT - Max Krakowiak, senior vice president and chief financial officer Goldman Sachs 46th Annual Global Healthcare Conference Tuesday, June 10, 2025 8:00 a.m. ET - Prahlad Singh, president and chief executive officer Attendees will receive an update on the Company and its strategic priorities during fireside chats. Live audio webcasts will be available on the Events section of the Company's website. Replays of the presentations will be posted on the Revvity Investor Relations website after the events and will b

      4/30/25 8:00:00 AM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials

    $RVTY
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • Amendment: SEC Form SC 13G/A filed by Revvity Inc.

      SC 13G/A - REVVITY, INC. (0000031791) (Subject)

      11/14/24 4:30:07 PM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Amendment: SEC Form SC 13G/A filed by Revvity Inc.

      SC 13G/A - REVVITY, INC. (0000031791) (Subject)

      11/14/24 1:28:28 PM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • SEC Form SC 13G filed by Revvity Inc.

      SC 13G - REVVITY, INC. (0000031791) (Subject)

      11/14/24 1:22:34 PM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials

    $RVTY
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Revvity upgraded by UBS with a new price target

      UBS upgraded Revvity from Neutral to Buy and set a new price target of $115.00

      5/1/25 7:42:49 AM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Revvity downgraded by Bernstein with a new price target

      Bernstein downgraded Revvity from Outperform to Mkt Perform and set a new price target of $130.00

      1/10/25 8:41:17 AM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Revvity upgraded by BofA Securities with a new price target

      BofA Securities upgraded Revvity from Neutral to Buy and set a new price target of $138.00

      12/13/24 8:43:02 AM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials

    $RVTY
    Financials

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    • Revvity Announces Financial Results for the First Quarter of 2025

      Revenue of $665 million; 2% reported growth; 4% organic growth GAAP EPS of $0.35; Adjusted EPS from continuing operations of $1.01 Reaffirms full year 2025 organic growth and adjusted EPS guidance Revvity, Inc. (NYSE:RVTY), today reported financial results for the first quarter ended March 30, 2025. The Company reported GAAP earnings per share of $0.35, as compared to $0.21 in the same period a year ago. Revenue for the quarter was $665 million, as compared to $650 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $72 million, as compared to $44 million for the same period a year ago. GAAP operating profit margin from continu

      4/28/25 6:00:00 AM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Revvity Board Declares Quarterly Dividend

      The Board of Directors of Revvity (NYSE:RVTY), today declared a regular quarterly dividend of $0.07 per share of common stock. This dividend is payable on August 8, 2025 to all shareholders of record at the close of business on July 18, 2025. 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, detec

      4/24/25 4:05:00 PM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Revvity to Hold Earnings Call on Monday, April 28, 2025

      Revvity, Inc. (NYSE:RVTY), today announced that it will release its first quarter 2025 financial results prior to market open on Monday, April 28, 2025. The Company will host a conference call the same day at 8:00 a.m. ET to discuss these results. Prahlad Singh, president and chief executive officer, and Max Krakowiak, chief financial officer, will host the conference call. To access the call, a live audio webcast will be available on the Investors section of the Company's website. 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

      4/3/25 8:00:00 AM ET
      $RVTY
      Biotechnology: Laboratory Analytical Instruments
      Industrials