- Revenue of $730 million; pro forma revenue of $711 million; 4% pro forma revenue growth; 3% pro forma organic revenue growth
- GAAP EPS from continuing operations of $0.48; adjusted EPS from continuing operations of $1.41; GAAP pro forma EPS from continuing operations of $0.52; pro forma adjusted EPS from continuing operations of $1.41
- Enters into definitive agreement to divest China Immunodiagnostics business
- Raises full year guidance
WALTHAM, Mass.--(BUSINESS WIRE)--Revvity, Inc. (NYSE: RVTY), today reported financial results for the second quarter ended July 5, 2026.
The Company reported GAAP earnings per share from continuing operations of $0.48, as compared to $0.47 in the same period a year ago. Revenue for the quarter was $730 million, as compared to $720 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $89 million (which includes $16 million of tariff related refunds), as compared to $91 million for the same period a year ago. GAAP operating profit margin from continuing operations was 12.2% as a percentage of revenue, as compared to 12.6% in the same period a year ago.
Adjusted earnings per share from continuing operations for the quarter was $1.41, as compared to $1.18 in the same period a year ago. Adjusted operating income was $211 million, as compared to $192 million for the same period a year ago. Adjusted operating profit margin was 28.9% as a percentage of revenue, as compared to 26.6% in the same period a year ago.
Enters into Definitive Agreement to Divest China Immunodiagnostics Business
The Company recently entered into a definitive agreement to divest its Immunodiagnostics business in China (“China IDX”), which represented approximately 6% of the Company’s total revenue in fiscal year 2025. The transaction is expected to close by the end of 2027, subject to customary closing conditions and regulatory approvals. The Company is providing second quarter 2026 financial results on a reported and pro forma basis; forward-looking guidance is provided on a pro forma basis only and excludes China IDX.
Pro forma earnings per share from continuing operations for the quarter was $0.52, as compared to $0.48 in the same period a year ago. Pro forma revenue for the quarter was $711 million, as compared to $681 million in the same period a year ago. Pro forma operating income was $94 million, as compared to $85 million in the same period a year ago. Pro forma operating profit margin was 13.2% as a percentage of pro forma revenue, as compared to 12.4% in the same period a year ago.
On a pro forma adjusted basis, earnings per share for the quarter was $1.41 (which includes approximately $0.11 from tariff related refunds), as compared to $1.15 in the same period a year ago. Pro forma adjusted operating income was $209 million (which includes $16 million of tariff related refunds), as compared to $180 million for the same period a year ago. Pro forma adjusted operating profit margin was 29.3% as a percentage of pro forma revenue, as compared to 26.5% in the same period a year ago.
Adjustments for the Company’s non-GAAP financial measures have been noted in the attached reconciliations.
“Revvity delivered a strong second quarter, with results above our expectations and encouraging signs of increased demand across our customer base,” said Prahlad Singh, president and chief executive officer of Revvity. “As we enter the second half of the year, given the clear momentum in our end markets, we are utilizing a portion of recently received tariff refunds to increase investments across the business, capitalize on emerging opportunities, and support future growth.”
Financial Overview by Reporting Segment
Life Sciences
- Second quarter 2026 revenue was $359 million, as compared to $366 million in the same period a year ago. Pro forma revenue decreased 2% and pro forma organic revenue decreased 3% as compared to the same period a year ago.
- Second quarter 2026 adjusted operating income was $112 million, as compared to $115 million in the same period a year ago. Adjusted operating profit margin was 31.1% as a percentage of revenue, as compared to 31.6% in the same period a year ago.
Diagnostics
- Second quarter 2026 revenue was $371 million, as compared to $354 million in the same period a year ago. Pro forma revenue increased 12% and pro forma organic revenue increased 11% as compared to the same period a year ago.
- Second quarter 2026 adjusted operating income was $113 million, as compared to $89 million in the same period a year ago. Adjusted operating profit margin was 30.4% as a percentage of revenue, as compared to 25.2% in the same period a year ago.
Full Year 2026 Guidance
For the full year 2026, on a pro forma basis, the Company forecasts total revenue of $2.83-$2.86 billion, pro forma organic revenue growth of 4-5%, and pro forma adjusted earnings per share of $5.30-$5.40.
Guidance for the full year 2026 for pro forma organic revenue growth and pro forma 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 second quarter 2026 results and its outlook for business trends during a webcast on August 4, 2026, at 7:30 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, including as the result of recently implemented and recently threatened tariff increases; (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) uncertainties related to the development and use of AI in our product offerings and internal operations; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) our failure to comply with data privacy and information security laws and regulations; (18) regulatory changes; (19) our failure to comply with healthcare industry regulations; (20) economic, political and other risks associated with foreign operations; (21) our ability to obtain future financing; (22) restrictions in our credit agreements; (23) significant fluctuations in our stock price; (24) reduction or elimination of dividends on our common stock; and (25) 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 2025 revenue of $2.9 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 July 5, 2026 |
| Three Months Ended June 29, 2025 | ||||||||||||
(In thousands, except per share data) |
| As Reported |
| Pro Forma |
| As Reported |
| Pro Forma | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revenue |
| $ | 729,688 |
|
| $ | 711,109 |
|
| $ | 720,284 |
|
| $ | 680,547 |
|
|
|
|
|
|
|
|
|
| ||||||||
Cost of revenue |
|
| 312,822 |
|
|
| 302,876 |
|
|
| 327,728 |
|
|
| 306,814 |
|
Selling, general and administrative expenses |
|
| 278,576 |
|
|
| 265,739 |
|
|
| 248,526 |
|
|
| 235,812 |
|
Research and development expenses |
|
| 48,974 |
|
|
| 48,798 |
|
|
| 53,270 |
|
|
| 53,270 |
|
|
|
|
|
|
|
|
|
| ||||||||
Operating income from continuing operations |
|
| 89,316 |
|
|
| 93,696 |
|
|
| 90,760 |
|
|
| 84,651 |
|
|
|
|
|
|
|
|
|
| ||||||||
Interest income |
|
| (5,259 | ) |
|
| (5,242 | ) |
|
| (8,345 | ) |
|
| (8,327 | ) |
Interest expense |
|
| 22,990 |
|
|
| 22,990 |
|
|
| 22,937 |
|
|
| 22,937 |
|
Change in fair value of investments |
|
| 5,251 |
|
|
| 5,251 |
|
|
| 1,955 |
|
|
| 1,955 |
|
Other expense, net |
|
| 2,803 |
|
|
| 4,003 |
|
|
| 5,563 |
|
|
| 4,868 |
|
|
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations, before income taxes |
|
| 63,531 |
|
|
| 66,694 |
|
|
| 68,650 |
|
|
| 63,218 |
|
|
|
|
|
|
|
|
|
| ||||||||
Provision for income taxes |
|
| 10,050 |
|
|
| 8,214 |
|
|
| 13,428 |
|
|
| 6,754 |
|
|
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations |
|
| 53,481 |
|
|
| 58,480 |
|
|
| 55,222 |
|
|
| 56,464 |
|
|
|
|
|
|
|
|
|
| ||||||||
Loss from discontinued operations |
|
| (1,661 | ) |
|
| (1,661 | ) |
|
| (1,274 | ) |
|
| (1,274 | ) |
|
|
|
|
|
|
|
|
| ||||||||
Net income |
| $ | 51,820 |
|
| $ | 56,819 |
|
| $ | 53,948 |
|
| $ | 55,190 |
|
|
|
|
|
|
|
|
|
| ||||||||
Diluted earnings per share: |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations |
| $ | 0.48 |
|
| $ | 0.52 |
|
| $ | 0.47 |
|
| $ | 0.48 |
|
|
|
|
|
|
|
|
|
| ||||||||
Loss from discontinued operations |
|
| (0.01 | ) |
|
| (0.01 | ) |
|
| (0.01 | ) |
|
| (0.01 | ) |
|
|
|
|
|
|
|
|
| ||||||||
Net income |
| $ | 0.47 |
|
| $ | 0.51 |
|
| $ | 0.46 |
|
| $ | 0.47 |
|
|
|
|
|
|
|
|
|
| ||||||||
Weighted average diluted shares of common stock outstanding |
|
| 111,629 |
|
|
| 111,629 |
|
|
| 117,538 |
|
|
| 117,538 |
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
ABOVE PREPARED IN ACCORDANCE WITH GAAP | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Additional supplemental information(1): |
|
|
|
|
|
|
|
| ||||||||
(per share, continuing operations) |
|
|
|
|
|
|
|
| ||||||||
|
| Three Months Ended July 5, 2026 |
| Three Months Ended June 29, 2025 | ||||||||||||
|
| As Reported |
| Pro Forma |
| As Reported |
| Pro Forma | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
GAAP EPS from continuing operations |
| $ | 0.48 |
|
| $ | 0.52 |
|
| $ | 0.47 |
|
| $ | 0.48 |
|
Amortization of intangible assets |
|
| 0.76 |
|
|
| 0.70 |
|
|
| 0.73 |
|
|
| 0.68 |
|
Purchase accounting adjustments |
|
| 0.02 |
|
|
| 0.02 |
|
|
| 0.02 |
|
|
| 0.02 |
|
Acquisition and divestiture-related costs |
|
| — |
|
|
| — |
|
|
| 0.01 |
|
|
| 0.01 |
|
Transformation costs |
|
| (0.01 | ) |
|
| (0.01 | ) |
|
| — |
|
|
| — |
|
Change in fair value of investments |
|
| 0.05 |
|
|
| 0.05 |
|
|
| 0.02 |
|
|
| 0.02 |
|
Significant litigation matters and settlements |
|
| — |
|
|
| — |
|
|
| 0.01 |
|
|
| 0.01 |
|
Restructuring and other |
|
| 0.32 |
|
|
| 0.32 |
|
|
| 0.10 |
|
|
| 0.10 |
|
Tax on above items |
|
| (0.21 | ) |
|
| (0.19 | ) |
|
| (0.16 | ) |
|
| (0.16 | ) |
Adjusted EPS from continuing operations |
| $ | 1.41 |
|
| $ | 1.41 |
|
| $ | 1.18 |
|
| $ | 1.15 |
|
|
|
|
|
|
|
|
|
| ||||||||
(1) amounts may not sum due to rounding |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revvity, Inc. and Subsidiaries | ||||||||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||
|
| Six Months Ended July 5, 2026 |
| Six Months Ended June 29, 2025 | ||||||||||||
(In thousands, except per share data) |
| As Reported |
| Pro Forma |
| As Reported |
| Pro Forma | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revenue |
| $ | 1,440,806 |
|
| $ | 1,398,021 |
|
| $ | 1,385,046 |
|
| $ | 1,309,245 |
|
|
|
|
|
|
|
|
|
| ||||||||
Cost of revenue |
|
| 636,285 |
|
|
| 612,042 |
|
| 616,944 |
|
|
| 578,190 |
| |
Selling, general and administrative expenses |
|
| 532,458 |
|
|
| 505,515 |
|
| 498,245 |
|
|
| 507,149 |
| |
Research and development expenses |
|
| 106,861 |
|
|
| 106,684 |
|
| 106,867 |
|
|
| 106,867 |
| |
|
|
|
|
|
|
|
|
| ||||||||
Operating income from continuing operations |
|
| 165,202 |
|
|
| 173,780 |
|
|
| 162,990 |
|
|
| 117,039 |
|
|
|
|
|
|
|
|
|
| ||||||||
Interest income |
|
| (11,563 | ) |
|
| (11,535 | ) |
| (18,426 | ) |
|
| (18,395 | ) | |
Interest expense |
|
| 47,708 |
|
|
| 47,708 |
|
| 45,901 |
|
|
| 45,901 |
| |
Change in fair value of investments |
|
| 9,455 |
|
|
| 9,455 |
|
| (1,118 | ) |
|
| (1,118 | ) | |
Other expense, net |
|
| 6,079 |
|
|
| 6,567 |
|
| 15,601 |
|
|
| 14,296 |
| |
|
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations, before income taxes |
|
| 113,523 |
|
|
| 121,585 |
|
|
| 121,032 |
|
|
| 76,355 |
|
|
|
|
|
|
|
|
|
| ||||||||
Provision for income taxes |
|
| 19,149 |
|
|
| 17,814 |
|
|
| 24,141 |
|
|
| 23,664 |
|
|
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations |
|
| 94,374 |
|
|
| 103,771 |
|
|
| 96,891 |
|
|
| 52,691 |
|
|
|
|
|
|
|
|
|
| ||||||||
Loss from discontinued operations |
|
| (1,836 | ) |
|
| (1,836 | ) |
|
| (706 | ) |
|
| (706 | ) |
|
|
|
|
|
|
|
|
| ||||||||
Net income |
| $ | 92,538 |
|
| $ | 101,935 |
|
| $ | 96,185 |
|
| $ | 51,985 |
|
|
|
|
|
|
|
|
|
| ||||||||
Diluted earnings per share: |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations |
| $ | 0.84 |
|
| $ | 0.93 |
|
| $ | 0.82 |
|
| $ | 0.44 |
|
|
|
|
|
|
|
|
|
| ||||||||
Loss from discontinued operations |
|
| (0.02 | ) |
|
| (0.02 | ) |
|
| (0.01 | ) |
|
| (0.01 | ) |
|
|
|
|
|
|
|
|
| ||||||||
Net income |
| $ | 0.82 |
|
| $ | 0.91 |
|
| $ | 0.81 |
|
| $ | 0.43 |
|
|
|
|
|
|
|
|
|
| ||||||||
Weighted average diluted shares of common stock outstanding |
|
| 111,746 |
|
|
| 111,746 |
|
|
| 118,882 |
|
|
| 118,882 |
|
|
|
|
|
|
|
|
|
| ||||||||
ABOVE PREPARED IN ACCORDANCE WITH GAAP | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Additional supplemental information(1): |
|
|
|
|
|
|
|
| ||||||||
(per share, continuing operations) |
|
|
|
|
|
|
|
| ||||||||
|
| Six Months Ended July 5, 2026 |
| Six Months Ended June 29, 2025 | ||||||||||||
|
| As Reported |
| Pro Forma |
| As Reported |
| Pro Forma | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
GAAP EPS from continuing operations |
| $ | 0.84 |
|
| $ | 0.93 |
|
| $ | 0.82 |
|
| $ | 0.44 |
|
Amortization of intangible assets |
|
| 1.52 |
|
|
| 1.41 |
|
|
| 1.41 |
|
|
| 1.32 |
|
Purchase accounting adjustments |
|
| 0.02 |
|
|
| 0.02 |
|
|
| 0.02 |
|
|
| 0.02 |
|
Acquisition and divestiture-related costs |
|
| 0.01 |
|
|
| 0.01 |
|
|
| 0.03 |
|
|
| 0.03 |
|
Change in fair value of investments |
|
| 0.08 |
|
|
| 0.08 |
|
|
| (0.01 | ) |
|
| (0.01 | ) |
Loss from probable dispositions |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 0.29 |
|
Significant litigation matters and settlements |
|
| — |
|
|
| — |
|
|
| 0.10 |
|
|
| 0.10 |
|
Significant environmental matters |
|
| — |
|
|
| — |
|
|
| (0.01 | ) |
|
| (0.01 | ) |
Disposition of businesses and assets, net |
|
| (0.05 | ) |
|
| (0.05 | ) |
|
| — |
|
|
| — |
|
Mark to market on postretirement benefits |
|
| (0.02 | ) |
|
| (0.02 | ) |
|
| 0.04 |
|
|
| 0.04 |
|
Restructuring and other |
|
| 0.41 |
|
|
| 0.40 |
|
|
| 0.12 |
|
|
| 0.12 |
|
Tax on above items |
|
| (0.36 | ) |
|
| (0.34 | ) |
|
| (0.32 | ) |
|
| (0.23 | ) |
Adjusted EPS from continuing operations |
| $ | 2.47 |
|
| $ | 2.45 |
|
| $ | 2.19 |
|
| $ | 2.11 |
|
|
|
|
|
|
|
|
|
| ||||||||
(1) amounts may not sum due to rounding |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revvity, Inc. and Subsidiaries | ||||||||||||||||
REVENUE AND OPERATING INCOME (LOSS) | ||||||||||||||||
|
| Three Months Ended July 5, 2026 |
| Three Months Ended June 29, 2025 | ||||||||||||
(In thousands, except percentages) |
| As Reported |
| Pro Forma |
| As Reported |
| Pro Forma | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revenue and adjusted operating income |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revenue |
| $ | 729,688 |
|
| $ | 711,109 |
|
| $ | 720,284 |
|
| $ | 680,547 |
|
|
|
|
|
|
|
|
|
| ||||||||
Operating income from continuing operations |
| $ | 89,316 |
|
| $ | 93,696 |
|
| $ | 90,760 |
|
| $ | 84,651 |
|
OP% |
|
| 12.2 | % |
|
| 13.2 | % |
|
| 12.6 | % |
|
| 12.4 | % |
Amortization of intangible assets |
|
| 84,871 |
|
|
| 78,383 |
|
|
| 85,289 |
|
|
| 79,903 |
|
Purchase accounting adjustments |
|
| 1,866 |
|
|
| 1,866 |
|
|
| 2,178 |
|
|
| 2,178 |
|
Acquisition and divestiture-related costs |
|
| 105 |
|
|
| 39 |
|
|
| 1,248 |
|
|
| 1,248 |
|
Transformation costs |
|
| (736 | ) |
|
| (736 | ) |
|
| — |
|
|
| — |
|
Significant litigation matters and settlements |
|
| 79 |
|
|
| 79 |
|
|
| 1,124 |
|
|
| 1,124 |
|
Restructuring and other |
|
| 35,508 |
|
|
| 35,199 |
|
|
| 11,203 |
|
|
| 11,203 |
|
Adjusted operating income |
| $ | 211,009 |
|
| $ | 208,526 |
|
| $ | 191,802 |
|
| $ | 180,307 |
|
OP% |
|
| 28.9 | % |
|
| 29.3 | % |
|
| 26.6 | % |
|
| 26.5 | % |
|
|
|
|
|
|
|
|
| ||||||||
|
| Three Months Ended | ||||||||||||||
|
| July 5, 2026 |
| June 29, 2025 | ||||||||||||
|
| (In thousands, except percentages) | ||||||||||||||
Segment revenue: |
|
|
|
| ||||||||||||
Life Sciences |
| $ | 358,699 |
|
| $ | 365,898 |
| ||||||||
Diagnostics |
|
| 370,989 |
|
|
| 354,386 |
| ||||||||
Segment revenue |
|
| 729,688 |
|
|
| 720,284 |
| ||||||||
|
|
|
|
| ||||||||||||
Segment operating income: |
|
|
|
| ||||||||||||
Life Sciences |
| $ | 111,534 |
|
| $ | 115,469 |
| ||||||||
|
|
| 31.1 | % |
|
| 31.6 | % | ||||||||
Diagnostics |
|
| 112,866 |
|
|
| 89,422 |
| ||||||||
|
|
| 30.4 | % |
|
| 25.2 | % | ||||||||
Segment operating income |
|
| 224,400 |
|
|
| 204,891 |
| ||||||||
|
|
|
|
| ||||||||||||
Corporate |
|
| (13,391 | ) |
|
| (13,089 | ) | ||||||||
Adjusted operating income |
|
| 211,009 |
|
|
| 191,802 |
| ||||||||
|
|
|
|
| ||||||||||||
Amortization of intangible assets |
|
| (84,871 | ) |
|
| (85,289 | ) | ||||||||
Purchase accounting adjustments |
|
| (1,866 | ) |
|
| (2,178 | ) | ||||||||
Acquisition and divestiture-related costs |
|
| (105 | ) |
|
| (1,248 | ) | ||||||||
Transformation costs |
|
| 736 |
|
|
| — |
| ||||||||
Significant litigation matters and settlements |
|
| (79 | ) |
|
| (1,124 | ) | ||||||||
Restructuring and other |
|
| (35,508 | ) |
|
| (11,203 | ) | ||||||||
Reported operating income from continuing operations |
| $ | 89,316 |
|
| $ | 90,760 |
| ||||||||
|
|
|
|
| ||||||||||||
REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP | ||||||||||||||||
Revvity, Inc. and Subsidiaries | ||||||||||||||||
REVENUE AND OPERATING INCOME (LOSS) | ||||||||||||||||
|
| Six Months Ended July 5, 2026 |
| Six Months Ended June 29, 2025 | ||||||||||||
(In thousands, except percentages) |
| As Reported |
| Pro Forma |
| As Reported |
| Pro Forma | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revenue and adjusted operating income |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revenue |
| $ | 1,440,806 |
|
| $ | 1,398,021 |
|
| $ | 1,385,046 |
|
| $ | 1,309,245 |
|
|
|
|
|
|
|
|
|
| ||||||||
Operating income from continuing operations |
|
| 165,202 |
|
|
| 173,780 |
|
|
| 162,990 |
|
|
| 117,039 |
|
OP% |
|
| 11.5 | % |
|
| 12.4 | % |
|
| 11.8 | % |
|
| 8.9 | % |
Amortization of intangible assets |
|
| 169,952 |
|
|
| 157,092 |
|
|
| 167,989 |
|
|
| 157,246 |
|
Purchase accounting adjustments |
|
| 2,007 |
|
|
| 2,007 |
|
|
| 2,001 |
|
|
| 2,001 |
|
Acquisition and divestiture-related costs |
|
| 387 |
|
|
| 324 |
|
|
| 3,789 |
|
|
| 3,789 |
|
Disposition of businesses and assets, net |
|
| (5,074 | ) |
|
| (5,074 | ) |
|
| — |
|
|
| — |
|
Transformation costs |
|
| 58 |
|
|
| 58 |
|
|
| — |
|
|
| — |
|
Loss from probable dispositions |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 34,243 |
|
Significant litigation matters and settlements |
|
| 148 |
|
|
| 148 |
|
|
| 11,710 |
|
|
| 11,710 |
|
Significant environmental matters |
|
| — |
|
|
| — |
|
|
| (1,208 | ) |
|
| (1,208 | ) |
Restructuring and other |
|
| 46,183 |
|
|
| 45,197 |
|
|
| 14,442 |
|
|
| 14,442 |
|
Adjusted operating income |
| $ | 378,863 |
|
| $ | 373,532 |
|
| $ | 361,713 |
|
| $ | 339,262 |
|
OP% |
|
| 26.3 | % |
|
| 26.7 | % |
|
| 26.1 | % |
|
| 25.9 | % |
|
|
|
|
|
|
|
|
| ||||||||
|
| Six Months Ended | ||||||||||||||
|
| July 5, 2026 |
| June 29, 2025 | ||||||||||||
|
| (In thousands, except percentages) | ||||||||||||||
Segment revenue: |
|
|
|
| ||||||||||||
Life Sciences |
| $ | 720,544 |
|
| $ | 706,293 |
| ||||||||
Diagnostics |
|
| 720,262 |
|
|
| 678,753 |
| ||||||||
Segment revenue |
|
| 1,440,806 |
|
|
| 1,385,046 |
| ||||||||
|
|
|
|
| ||||||||||||
Segment operating income: |
|
|
|
| ||||||||||||
Life Sciences |
| $ | 215,513 |
|
| $ | 221,180 |
| ||||||||
|
|
| 29.9 | % |
|
| 31.3 | % | ||||||||
Diagnostics |
|
| 188,988 |
|
|
| 163,437 |
| ||||||||
|
|
| 26.2 | % |
|
| 24.1 | % | ||||||||
Segment operating income |
|
| 404,501 |
|
|
| 384,617 |
| ||||||||
|
|
|
|
| ||||||||||||
Corporate |
|
| (25,638 | ) |
|
| (22,904 | ) | ||||||||
Adjusted operating income |
|
| 378,863 |
|
|
| 361,713 |
| ||||||||
|
|
|
|
| ||||||||||||
Amortization of intangible assets |
|
| (169,952 | ) |
|
| (167,989 | ) | ||||||||
Purchase accounting adjustments |
|
| (2,007 | ) |
|
| (2,001 | ) | ||||||||
Acquisition and divestiture-related costs |
|
| (387 | ) |
|
| (3,789 | ) | ||||||||
Disposition of businesses and assets, net |
|
| 5,074 |
|
|
| — |
| ||||||||
Transformation costs |
|
| (58 | ) |
|
| — |
| ||||||||
Significant litigation matters and settlements |
|
| (148 | ) |
|
| (11,710 | ) | ||||||||
Significant environmental matters |
|
| — |
|
|
| 1,208 |
| ||||||||
Restructuring and other |
|
| (46,183 | ) |
|
| (14,442 | ) | ||||||||
Reported operating income from continuing operations |
| $ | 165,202 |
|
| $ | 162,990 |
| ||||||||
|
|
|
|
| ||||||||||||
REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP | ||||||||||||||||
Revvity, Inc. and Subsidiaries | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(In thousands) | July 5, 2026 |
| December 28, 2025 | |||
|
|
|
| |||
Current assets: |
|
|
| |||
Cash and cash equivalents | $ | 1,022,943 |
| $ | 919,860 | |
Accounts receivable, net |
| 709,175 |
|
| 744,671 | |
Inventories, net |
| 378,502 |
|
| 379,497 | |
Other current assets |
| 187,101 |
|
| 195,719 | |
Total current assets |
| 2,297,721 |
|
| 2,239,747 | |
|
|
|
| |||
Property, plant and equipment, net |
| 456,251 |
|
| 479,249 | |
Operating lease right-of-use assets, net |
| 150,945 |
|
| 165,439 | |
Intangible assets, net |
| 2,224,001 |
|
| 2,347,003 | |
Goodwill |
| 6,607,802 |
|
| 6,613,493 | |
Other assets, net |
| 309,114 |
|
| 323,480 | |
Total assets | $ | 12,045,834 |
| $ | 12,168,411 | |
|
|
|
| |||
Current liabilities: |
|
|
| |||
Current portion of long-term debt | $ | 572,156 |
| $ | 588,828 | |
Accounts payable |
| 165,740 |
|
| 185,464 | |
Accrued expenses and other current liabilities |
| 538,461 |
|
| 556,954 | |
Total current liabilities |
| 1,276,357 |
|
| 1,331,246 | |
|
|
|
| |||
Long-term debt |
| 2,633,094 |
|
| 2,631,236 | |
Long-term liabilities |
| 771,359 |
|
| 807,461 | |
Operating lease liabilities |
| 136,266 |
|
| 148,108 | |
Total liabilities |
| 4,817,076 |
|
| 4,918,051 | |
|
|
|
| |||
Total stockholders' equity |
| 7,228,758 |
|
| 7,250,360 | |
Total liabilities and stockholders' equity | $ | 12,045,834 |
| $ | 12,168,411 | |
|
|
|
| |||
PREPARED IN ACCORDANCE WITH GAAP | ||||||
Revvity, Inc. and Subsidiaries | ||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| Three Months Ended |
| Six Months Ended | |||||||||||||
(In thousands) | July 5, 2026 |
| June 29, 2025 |
| July 5, 2026 |
| June 29, 2025 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Operating activities: |
|
|
|
|
|
|
| |||||||||
Net income | $ | 51,820 |
|
| $ | 53,948 |
|
| $ | 92,538 |
|
| $ | 96,185 |
| |
Loss from discontinued operations, net of income taxes |
| 1,661 |
|
|
| 1,274 |
|
|
| 1,836 |
|
|
| 706 |
| |
Income from continuing operations |
| 53,481 |
|
|
| 55,222 |
|
|
| 94,374 |
|
|
| 96,891 |
| |
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations: |
|
|
|
|
|
|
| |||||||||
Stock-based compensation |
| 10,731 |
|
|
| 10,133 |
|
|
| 19,446 |
|
|
| 17,864 |
| |
Restructuring and other |
| 35,508 |
|
|
| 11,203 |
|
|
| 46,183 |
|
|
| 14,442 |
| |
Depreciation and amortization |
| 102,039 |
|
|
| 102,778 |
|
|
| 207,095 |
|
|
| 200,200 |
| |
Change in fair value of contingent consideration |
| 1,626 |
|
|
| 459 |
|
|
| 1,527 |
|
|
| (166 | ) | |
Amortization of deferred debt financing costs and accretion of discounts |
| 1,301 |
|
|
| 1,218 |
|
|
| 2,440 |
|
|
| 2,320 |
| |
Change in fair value of investments |
| 5,251 |
|
|
| 1,955 |
|
|
| 9,455 |
|
|
| (1,118 | ) | |
Unrealized foreign exchange loss |
| 86 |
|
|
| 206 |
|
|
| 186 |
|
|
| 140 |
| |
Gains on disposition of businesses and assets, net |
| — |
|
|
| — |
|
|
| (5,074 | ) |
|
| — |
| |
Changes in assets and liabilities which (used) provided cash: |
|
|
|
|
|
|
| |||||||||
Accounts receivable, net |
| (17,631 | ) |
|
| (40,041 | ) |
|
| 43,916 |
|
|
| (21,901 | ) | |
Inventories, net |
| 8,060 |
|
|
| 11,128 |
|
|
| (4,778 | ) |
|
| 5,642 |
| |
Accounts payable |
| (4,320 | ) |
|
| (5,576 | ) |
|
| (18,064 | ) |
|
| 3,278 |
| |
Accrued expenses and other |
| (4,189 | ) |
|
| (14,367 | ) |
|
| (78,876 | ) |
|
| (49,177 | ) | |
Net cash provided by operating activities of continuing operations |
| 191,943 |
|
|
| 134,318 |
|
|
| 317,830 |
|
|
| 268,415 |
| |
Net cash used in operating activities of discontinued operations |
| — |
|
|
| — |
|
|
| (10,657 | ) |
|
| (5,942 | ) | |
Net cash provided by operating activities |
| 191,943 |
|
|
| 134,318 |
|
|
| 307,173 |
|
|
| 262,473 |
| |
|
|
|
|
|
|
|
| |||||||||
Investing activities: |
|
|
|
|
|
|
| |||||||||
Capital expenditures |
| (11,073 | ) |
|
| (18,868 | ) |
|
| (30,848 | ) |
|
| (34,850 | ) | |
Purchases of investments and notes receivables |
| (2,506 | ) |
|
| — |
|
|
| (3,561 | ) |
|
| — |
| |
Proceeds from investments and notes receivables |
| 6,819 |
|
|
| — |
|
|
| 7,496 |
|
|
| — |
| |
Proceeds from dispositions of property, plant and equipment |
| 3,036 |
|
|
| — |
|
|
| 12,039 |
|
|
| — |
| |
Proceeds from disposition of businesses and assets |
| — |
|
|
| — |
|
|
| 158 |
|
|
| 229 |
| |
Cash paid for acquisitions, net of cash acquired |
| 219 |
|
|
| — |
|
|
| (67,061 | ) |
|
| — |
| |
Net cash used in investing activities of continuing operations |
| (3,505 | ) |
|
| (18,868 | ) |
|
| (81,777 | ) |
|
| (34,621 | ) | |
Net cash provided by investing activities of discontinued operations |
| — |
|
|
| 9,375 |
|
|
| — |
|
|
| 18,750 |
| |
Net cash used in investing activities |
| (3,505 | ) |
|
| (9,493 | ) |
|
| (81,777 | ) |
|
| (15,871 | ) | |
|
|
|
|
|
|
|
| |||||||||
Financing Activities: |
|
|
|
|
|
|
| |||||||||
Payments of debt financing costs |
| — |
|
|
| (72 | ) |
|
| — |
|
|
| (2,474 | ) | |
Payments on other credit facilities |
| — |
|
|
| (53 | ) |
|
| — |
|
|
| (103 | ) | |
Payments for acquisition-related contingent consideration |
| (350 | ) |
|
| (161 | ) |
|
| (350 | ) |
|
| (1,978 | ) | |
Proceeds from issuance of common stock under stock plans |
| 996 |
|
|
| — |
|
|
| 6,437 |
|
|
| 2,632 |
| |
Purchases of common stock | (15,992 | ) |
| (293,907 | ) |
| (102,488 | ) |
| (447,501 | ) | |||||
Dividends paid |
| (7,814 | ) |
|
| (8,282 | ) |
|
| (15,654 | ) |
|
| (16,715 | ) | |
Net cash used in financing activities |
| (23,160 | ) |
|
| (302,475 | ) |
|
| (112,055 | ) |
|
| (466,139 | ) | |
|
|
|
|
|
|
|
| |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
| (2,563 | ) |
|
| 31,953 |
|
|
| (10,190 | ) |
|
| 48,075 |
| |
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
| 162,715 |
|
|
| (145,697 | ) |
|
| 103,151 |
|
|
| (171,462 | ) | |
Cash, cash equivalents, and restricted cash at beginning of period |
| 861,466 |
|
|
| 1,138,687 |
|
|
| 921,030 |
|
|
| 1,164,452 |
| |
Cash, cash equivalents, and restricted cash at end of period | $ | 1,024,181 |
|
| $ | 992,990 |
|
| $ | 1,024,181 |
|
| $ | 992,990 |
| |
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
| |||||||||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
| |||||||||
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows: |
|
|
|
|
|
|
| |||||||||
Cash and cash equivalents | $ | 1,022,943 |
|
| $ | 991,849 |
|
| $ | 1,022,943 |
|
| $ | 991,849 |
| |
Restricted cash included in other current assets |
| 713 |
|
|
| 1,141 |
|
|
| 713 |
|
|
| 1,141 |
| |
Restricted cash included in other assets |
| 525 |
|
|
| — |
|
|
| 525 |
|
|
| — |
| |
Total cash, cash equivalents and restricted cash | $ | 1,024,181 |
|
| $ | 992,990 |
|
| $ | 1,024,181 |
|
| $ | 992,990 |
| |
|
|
|
|
|
|
|
| |||||||||
PREPARED IN ACCORDANCE WITH GAAP | ||||||||||||||||
Contacts
Investor Relations:
Steve Willoughby
steve.willoughby@revvity.com
Media Relations:
Chet Murray
(781) 462-5126
chet.murray@revvity.com
Read full story here
