Financial Performance Summary This section summarizes Revvity's Q2 2025 financial performance, including key metrics and management's strategic commentary [Q2 2025 Overall Performance](index=1&type=section&id=Q2%202025%20Overall%20Performance) Revvity reported Q2 2025 revenue of $720 million with 4% reported growth, while GAAP EPS increased to $0.46 and adjusted EPS declined to $1.18, alongside a contracted adjusted operating margin Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenue | $720 million | $692 million | +4% Reported, +3% Organic | | GAAP EPS | $0.46 | $0.45 | +2.2% | | Adjusted EPS | $1.18 | $1.22 | -3.3% | | GAAP Operating Margin | 12.6% | 12.4% | +20 bps | | Adjusted Operating Margin | 26.6% | 28.8% | -220 bps | [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO noted that consistent execution and transformation efforts enabled the company to exceed expectations and position for long-term value creation in a challenging market - CEO Prahlad Singh stated that the company's transformation and consistent execution enabled it to exceed expectations in an evolving market environment[4](index=4&type=chunk) - The company is confident in its strong innovation pipeline, high-performing teams, and disciplined operational focus to deliver long-term shareholder value[4](index=4&type=chunk) Financial Overview by Reporting Segment This section details the financial performance of Revvity's Life Sciences and Diagnostics segments for Q2 2025, including revenue and operating margins [Life Sciences](index=1&type=section&id=Life%20Sciences) The Life Sciences segment achieved $366 million in Q2 2025 revenue with 5% reported growth, though its adjusted operating margin decreased to 31.6% Life Sciences Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenue | $366 million | $349 million | +5% Reported, +4% Organic | | Adjusted Operating Income | $115 million | $118 million | -2.5% | | Adjusted Operating Margin | 31.6% | 33.7% | -210 bps | [Diagnostics](index=1&type=section&id=Diagnostics) The Diagnostics segment reported Q2 2025 revenue of $354 million with 3% reported growth, experiencing declines in both adjusted operating income and margin to 25.2% Diagnostics Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenue | $354 million | $343 million | +3% Reported, +2% Organic | | Adjusted Operating Income | $89 million | $93 million | -4.3% | | Adjusted Operating Margin | 25.2% | 27.0% | -180 bps | Full Year 2025 Guidance This section outlines Revvity's updated financial guidance for the full year 2025, including revenue and adjusted EPS projections [Updated Outlook](index=2&type=section&id=Updated%20Outlook) Revvity raised its full-year 2025 revenue guidance to $2.84-$2.88 billion, projecting 2-4% organic growth and an adjusted EPS range of $4.85-$4.95 Full Year 2025 Guidance | Metric | Updated Guidance | | :--- | :--- | | Revenue | $2.84 - $2.88 billion | | Organic Growth | 2% - 4% | | Adjusted EPS | $4.85 - $4.95 | - The guidance for adjusted EPS and organic growth is provided on a non-GAAP basis and cannot be reconciled to GAAP measures without unreasonable effort[10](index=10&type=chunk) Financial Statements (GAAP) This section presents Revvity's condensed consolidated GAAP financial statements, including income statements, balance sheets, and cash flow statements [Condensed Consolidated Income Statements](index=4&type=section&id=Condensed%20Consolidated%20Income%20Statements) Revvity's Q2 2025 revenue increased to $720.3 million, with operating income growing to $90.8 million, while net income remained flat and diluted EPS decreased to $0.47 Q2 Income Statement Highlights (in thousands) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $720,284 | $691,685 | | Operating income from continuing operations | $90,760 | $85,724 | | Income from continuing operations | $55,222 | $72,606 | | Net income | $53,948 | $55,360 | | Diluted EPS (Net income) | $0.46 | $0.45 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 29, 2025, Revvity's total assets slightly decreased to $12.36 billion, with cash declining to $991.8 million, while total liabilities increased and stockholders' equity decreased Balance Sheet Summary (in thousands) | Account | June 29, 2025 | Dec 29, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $991,849 | $1,163,396 | | Total current assets | $2,236,183 | $2,349,608 | | Total assets | $12,362,789 | $12,392,478 | | Total liabilities | $4,806,621 | $4,725,604 | | Total stockholders' equity | $7,556,168 | $7,666,874 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 29, 2025, net cash from operating activities decreased to $262.5 million, with significant cash used in financing activities, primarily for common stock purchases Six Months Cash Flow Summary (in thousands) | Activity | Six Months Ended June 29, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $262,473 | $306,184 | | Net cash (used in) provided by investing activities | ($15,871) | $103,310 | | Net cash used in financing activities | ($466,139) | ($61,508) | | Net (decrease) increase in cash | ($171,462) | $335,055 | - The company used **$447.5 million** for purchases of common stock in the first six months of 2025, a significant increase from $30.3 million in the same period of 2024[27](index=27&type=chunk) Non-GAAP Financial Measures and Reconciliations This section provides reconciliations of GAAP to non-GAAP financial measures and explains the rationale for their use in assessing Revvity's performance [Reconciliation of GAAP to Non-GAAP Measures](index=5&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Detailed reconciliations show Q2 2025 GAAP EPS of $0.47 adjusted to $1.18, and reported revenue growth of 4% adjusted to 3% organic growth after accounting for foreign exchange Q2 2025 GAAP to Adjusted EPS Reconciliation | Description | Per Share Amount | | :--- | :--- | | GAAP EPS from continuing operations | $0.47 | | Amortization of intangible assets | $0.73 | | Restructuring and other, net | $0.10 | | Tax on above items | ($0.16) | | Other adjustments | $0.04 | | **Adjusted EPS from continuing operations** | **$1.18** | Q2 2025 Organic Revenue Growth Reconciliation | Description | Total Company | Life Sciences | Diagnostics | | :--- | :--- | :--- | :--- | | Reported Revenue Growth | 4% | 5% | 3% | | Less: Effect of foreign exchange | 1% | 1% | 1% | | **Organic Revenue Growth** | **3%** | **4%** | **2%** | [Explanation of Non-GAAP Financial Measures](index=14&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) Revvity utilizes non-GAAP measures like organic revenue and adjusted EPS to clarify operational performance by excluding non-recurring or non-cash items that may obscure underlying business trends - Management believes non-GAAP measures help investors understand financial trends by excluding certain non-cash, non-recurring, or other items[33](index=33&type=chunk) - Key non-GAAP terms defined include "organic revenue" (excluding currency and M&A impacts), "adjusted operating income" (excluding amortization, restructuring, etc.), and "adjusted EPS" (GAAP EPS excluding a similar set of items)[34](index=34&type=chunk)[39](index=39&type=chunk)[42](index=42&type=chunk) - These non-GAAP measures are used internally for performance evaluation, benchmarking, and determining bonus payments[47](index=47&type=chunk) Other Information This section includes important disclosures regarding forward-looking statements and the various risk factors that could impact Revvity's future performance [Factors Affecting Future Performance (Forward-Looking Statements)](index=2&type=section&id=Factors%20Affecting%20Future%20Performance%20%28Forward-Looking%20Statements%29) The press release contains forward-looking statements and outlines numerous risk factors, including market conditions, global economic fluctuations, and competition, that could impact future financial results - The company identifies forward-looking statements related to future earnings, revenue growth, and business development[13](index=13&type=chunk) - Key risk factors include market conditions, global economic and political environments, product innovation timeliness, M&A execution, competition, supply chain disruptions, and cybersecurity threats[13](index=13&type=chunk)

Core Viewpoint - Revvity (RVTY) is positioned well to potentially beat earnings estimates in its upcoming quarterly report, supported by a strong history of surpassing expectations [1]. Earnings Performance - Revvity has consistently exceeded earnings estimates, averaging a 4.81% beat over the last two quarters [2]. - In the last reported quarter, Revvity achieved earnings of $1.01 per share, surpassing the Zacks Consensus Estimate of $0.96 per share by 5.21% [3]. - For the previous quarter, the company reported earnings of $1.42 per share against an expectation of $1.36 per share, resulting in a surprise of 4.41% [3]. Earnings Estimates and Predictions - Recent changes in earnings estimates for Revvity have been favorable, with a positive Zacks Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of an earnings beat [6]. - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have historically produced positive surprises nearly 70% of the time [7]. - Revvity currently has an Earnings ESP of +0.88%, suggesting increased analyst optimism regarding the company's earnings prospects [9]. Upcoming Earnings Report - The next earnings report for Revvity is expected to be released on July 28, 2025 [9].

Core Insights - Revvity, Inc. (RVTY) is expected to report second-quarter 2025 results on July 28, with a history of earnings surprises averaging 7.71% over the last four quarters [2][4][14] Q2 Estimates - The Zacks Consensus Estimate for revenues is $711.3 million, reflecting a 2.8% increase year over year, while earnings are estimated at $1.14 per share, indicating a 6.6% decline year over year [3] - Revvity anticipates organic revenue growth of 2% to 4%, translating to total revenues between $700 million and $715 million, with gross margins expected around 60% due to tariff impacts [4][10] Diagnostics Segment - The Diagnostics segment grew 5% organically in Q1 2025, driven by high-single-digit growth in immunodiagnostics and strong performance in reproductive health [5][6] - For Q2 2025, the Diagnostics segment is projected to contribute significantly, with revenues estimated at $388.4 million, up 2.8% year over year [7][10] Life Sciences Segment - The Life Sciences segment experienced 2% organic growth in Q1 2025, supported by strong reagent demand and over 20% growth in the Signals Software business [8] - Revenues for the Life Sciences segment are estimated at $321.7 million, reflecting a 2.5% increase year over year, despite pressures from weak academic demand for instrumentation [9][10] Other Factors - Revvity's collaboration with Genomics England aims to enhance newborn genomic screening, supporting momentum in the Diagnostics segment [11] - The launch of the IDS i20 analytical platform by EUROIMMUN is expected to drive incremental revenue in the Diagnostics segment during Q2 [12] - Tariff-related headwinds are anticipated to peak in Q2, but management has implemented mitigation strategies expected to take effect in the second half of the year [13]

Group 1 - Wall Street analysts expect Revvity (RVTY) to report quarterly earnings of $1.14 per share, reflecting a year-over-year decline of 6.6% [1] - Revenues are anticipated to be $711.27 million, which represents a 2.8% increase from the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, indicating a reassessment of projections by covering analysts [1] Group 2 - Analysts project 'Net Sales- Life Sciences' to reach $342.32 million, indicating a year-over-year increase of 9.1% [4] - The estimate for 'Net Sales- Diagnostics' is $365.99 million, reflecting a decline of 3.2% compared to the prior year [4] - Organic revenue growth for Diagnostics is expected to be 3.8%, up from 3.0% reported in the same quarter last year [5] Group 3 - Revvity shares have experienced a return of -0.3% over the past month, while the Zacks S&P 500 composite has increased by 5.9% [5] - Based on its Zacks Rank 3 (Hold), RVTY is expected to perform in line with the overall market in the near future [5]

Company Overview - Revvity (RVTY) is anticipated to report a year-over-year decline in earnings of 6.6%, with expected earnings of $1.14 per share, while revenues are projected to increase by 2.8% to $711.27 million for the quarter ended June 2025 [3][12]. Earnings Expectations - The earnings report is scheduled for release on July 28, and the stock may experience upward movement if the reported figures exceed expectations; conversely, a miss could lead to a decline in stock price [2][12]. - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. Earnings Surprise Prediction - Revvity has an Earnings ESP of +0.88%, suggesting a higher Most Accurate Estimate compared to the Zacks Consensus Estimate, indicating a bullish outlook from analysts [12]. - The company has a Zacks Rank of 3, which, when combined with the positive Earnings ESP, suggests a likelihood of beating the consensus EPS estimate [12]. Historical Performance - Revvity has consistently beaten consensus EPS estimates in the past four quarters, with a notable surprise of +5.21% in the last reported quarter [13][14]. Industry Context - In comparison, Labcorp Holdings (LH), another player in the medical services industry, is expected to report earnings of $4.14 per share, reflecting a year-over-year increase of 5.1%, with revenues projected at $3.49 billion, up 8.3% [18]. - Labcorp's consensus EPS estimate has been revised down by 0.1% over the last 30 days, resulting in an Earnings ESP of -0.26%, making it challenging to predict a beat against the consensus EPS estimate [19].

Revvity (RVTY) FY Conference Summary Company Overview - **Company**: Revvity (formerly PerkinElmer) - **Industry**: Life Sciences Tools and Diagnostics Key Points and Arguments Market Environment and Company Adaptation - The current market is dynamic with uncertainties due to policy changes, tariffs, and challenges in pharma, biotech, and academia sectors [3][4][5] - Revvity's diverse portfolio has demonstrated resilience amidst these challenges, with 60% of revenue now coming from diagnostics and software [4][5][8] Financial Performance and Growth - Revvity's growth rate is at the top end of its publicly traded peer group, with a long-range plan (LRP) growth target of 6-8%, compared to 3-5% previously [4][7] - The company has shifted to a recurring revenue model, with over 80% of revenue now from recurring sources, improving margins from 18-20% to 28% [7][8] - Organic growth guidance for the year is set at 3-5%, with confidence in achieving this despite market uncertainties [9][12] Life Sciences Segment Challenges - The life sciences segment faces challenges due to funding shifts towards clinical work, impacting preclinical discovery [14][15] - Revvity's differentiated product portfolio in consumables is expected to maintain growth despite these challenges [15][20] Software Business - Revvity's software business is unique, functioning as an ERP for researchers, with 48 out of the top 50 pharma companies using its software [26][28] - The software segment is expected to grow significantly, contributing to overall margin improvement [56] Diagnostics and Growth Opportunities - Immunodiagnostics represent a significant growth opportunity in the U.S., with current market penetration at 15-20% compared to a historical 35-40% [30][31] - The company is focusing on expanding its offerings in reproductive health and rare disease testing, leveraging partnerships for growth [40][41] Competitive Landscape in China - Revvity faces intense competition in China, but differentiates itself through proprietary assays and a focus on complex diseases [35][36] - The company is adapting to local market conditions and regulatory environments to maintain growth and profitability [36][39] Capital Allocation and M&A Strategy - Revvity has been active in M&A, completing 13 acquisitions in 22 months to enhance its portfolio [60][62] - Current capital allocation focuses on share buybacks, with a balanced approach to future M&A opportunities [64][68] Long-term Outlook - The company aims for mid-30s operating margins in a normalized market environment, with equal opportunities for margin expansion across life sciences and diagnostics [54][56] - Revvity's strong portfolio and execution strategy position it well for long-term growth despite current macroeconomic challenges [72][74] Additional Important Insights - The company emphasizes innovation and automation in its product offerings to enhance researcher productivity, especially in a budget-constrained environment [47] - Revvity's software and diagnostics segments are seen as critical to its long-term success, with ongoing efforts to improve customer stickiness and market penetration [25][28][70]

Revvity, Inc. (RVTY) announced the launch of its new IDS i20 analytical random-access platform from EUROIMMUN. Per management, it is expected to enable full automation of chemiluminescence immunoassays (ChLIA).The IDS i20 instrument is equipped with the ability to process up to 140 tests per hour (assay dependent) and is the latest addition to RVTY’s well-established IDS i-device series.The latest product availability is expected to boost Revvity’s Immunodiagnostics product line under the broader Diagnostic ...

Revvity (RVTY) 2025 Conference Summary Company Overview - **Company**: Revvity (RVTY) - **Date**: May 13, 2025 - **Industry**: Life Sciences Tools and Diagnostics Key Points 1. Q1 Performance and Guidance - The first quarter showed solid performance despite a different macro environment than initially assumed for 2025 guidance [4][5] - The diagnostics and software businesses performed exceptionally well, contributing to the overall strength of the portfolio [4][5] - The company maintained full-year guidance despite a weaker macro backdrop due to prudent initial guidance [5] 2. Tariff Impact and Mitigation Strategies - Gross tariff headwinds were estimated at $135 million, with a net impact of approximately $0.12 on EPS after operational mitigation [6][12] - The majority of tariff impacts are expected in the second quarter, with operational mitigation strategies being implemented [6][12] - The company has a dual manufacturing strategy to enhance supply chain resiliency, including a GMP facility in San Diego and another outside the US [10] 3. Academic and Government Market Exposure - Academic and government customers account for 12% of global revenue, with over 5% in the US [21] - There is cautiousness in these segments due to uncertainties around indirect expense reimbursements and NIH funding levels [22][24] 4. Pharma and Biotech Market Trends - The pharma and biotech sectors showed positive growth in Q1, but there is uncertainty due to macroeconomic factors and tariffs [28] - Instrumentation sales are expected to face continued pressure, particularly from mid and large-sized pharma customers [29][30] 5. Geographic Performance - China represents 16% of total revenue, with diagnostics showing high single-digit growth while life sciences experienced a slight decline [34] - The company anticipates continued choppiness in the China life sciences market but modest growth in diagnostics [34][35] 6. Software Business Strength - The software business is highlighted as a major area of strength, with new product launches and a focus on large molecule capabilities [48][49] - The company is expanding into new customer groups and markets, such as material science, which has shown good traction [49] 7. Margin Expectations and Cost Management - The company expects balanced margin expectations for the year, with temporary belt-tightening measures in place to mitigate tariff impacts [50][51] - There are no plans for additional structural cost reductions, but ongoing monitoring will occur [51] 8. Capital Allocation and M&A Strategy - Revvity has adopted a balanced approach to capital deployment, including share buybacks and selective M&A opportunities [55][56] - The company is cautious about M&A in the current market, noting that private companies are not in a rush to sell despite lower valuations [57][59] 9. Underappreciated Aspects of Revvity - The company’s differentiated portfolio and execution capabilities are not fully recognized in the market [61][62] - There is potential for margin expansion that has yet to be demonstrated due to current market pressures [62][63] 10. Future Outlook - The company remains optimistic about its long-term growth potential, particularly in the reagents business and software capabilities [41][48] - Continued execution and clarity in macroeconomic conditions are essential for demonstrating the company's margin expansion opportunities [63] This summary encapsulates the key insights and data points from the Revvity conference, providing a comprehensive overview of the company's current performance, challenges, and strategic outlook.

Industry Overview - The life sciences industry has faced significant challenges over the past couple of years, with ongoing speculation about an impending recovery since 2023 [1] - Reports of potential recovery indicators have been frequent, but the industry has yet to see a substantial turnaround [1] Analyst Background - The analyst has a decade of experience in hedge fund analysis and has conducted extensive research in Latin American markets, focusing on countries like Mexico, Colombia, and Chile [2] - Specialization includes identifying high-quality compounders and growth stocks at reasonable prices in both the US and developed markets [2]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Unaudited Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) Revvity, Inc. reports total revenues of $664.8 million for the first quarter of 2025, a 2% increase year-over-year, with net income rising to $42.2 million from $26.0 million in the prior year. Diluted EPS from continuing operations was $0.35. The balance sheet remains stable with total assets of $12.36 billion. Cash flow from operations was strong at $128.2 million, though slightly lower than the previous year [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 30, 2025, Revvity reported total revenues of $664.8 million, up from $649.9 million in the same period of 2024. Operating income significantly increased to $72.2 million from $44.1 million year-over-year. Net income for the quarter was $42.2 million, or $0.35 per diluted share, compared to $26.0 million, or $0.21 per diluted share, in the prior-year period Q1 2025 vs Q1 2024 Statement of Operations Highlights | Metric | Three Months Ended March 30, 2025 | Three Months Ended March 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | $664,762 | $649,920 | +2.3% | | **Operating Income from Continuing Operations** | $72,230 | $44,116 | +63.7% | | **Income from Continuing Operations** | $41,669 | $28,696 | +45.2% | | **Net Income** | $42,237 | $26,013 | +62.4% | | **Diluted EPS (Continuing Operations)** | $0.35 | $0.23 | +52.2% | | **Diluted EPS (Net Income)** | $0.35 | $0.21 | +66.7% | (In thousands, except per share data) [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) The company reported a comprehensive income of $121.9 million for the first quarter of 2025, a significant turnaround from a comprehensive loss of $22.6 million in the same period of 2024. This change was primarily driven by a positive foreign currency translation adjustment of $79.7 million Q1 2025 vs Q1 2024 Comprehensive Income | Metric | Three Months Ended March 30, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Income | $42,237 | $26,013 | | Foreign currency translation adjustments | $79,654 | $(48,927) | | **Comprehensive Income (Loss)** | **$121,891** | **$(22,649)** | (In thousands) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 30, 2025, Revvity's balance sheet showed total assets of $12.36 billion, a slight decrease from $12.39 billion at year-end 2024. Cash and cash equivalents stood at $1.14 billion. Total liabilities were stable at $4.72 billion, and total stockholders' equity was $7.64 billion Balance Sheet Highlights | Metric | March 30, 2025 | December 29, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,137,620 | $1,163,396 | | Total current assets | $2,317,938 | $2,349,608 | | Goodwill | $6,511,488 | $6,463,619 | | **Total assets** | **$12,360,724** | **$12,392,478** | | Total current liabilities | $648,187 | $653,100 | | Long-term debt | $3,168,384 | $3,150,476 | | **Total liabilities** | **$4,723,594** | **$4,725,604** | | **Total stockholders' equity** | **$7,637,130** | **$7,666,874** | (In thousands) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first quarter of 2025, net cash provided by operating activities was $128.2 million, compared to $147.6 million in the prior-year period. Net cash used in investing activities was $6.4 million. Financing activities used $163.7 million, primarily due to $153.6 million in common stock repurchases. The quarter ended with a total cash position of $1.14 billion Q1 2025 vs Q1 2024 Cash Flow Summary | Activity | Three Months Ended March 30, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $128,155 | $147,563 | | Net cash used in investing activities | $(6,378) | $(18,181) | | Net cash used in financing activities | $(163,664) | $(35,013) | | **Net (decrease) increase in cash** | **$(25,765)** | **$85,092** | (In thousands) - The significant increase in cash used for financing activities was driven by common stock repurchases totaling **$153.6 million** in Q1 2025, compared to **$10.8 million** in Q1 2024[22](index=22&type=chunk)[113](index=113&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the basis of presentation, revenue disaggregation, discontinued operations from the 2023 sale of the Applied, Food and Enterprise Services businesses, and segment reporting changes effective in 2025. Key details include a stock repurchase program with $707.2 million remaining, a quarterly dividend of $0.07 per share, and total debt of $3.17 billion. No goodwill impairment was recorded - Effective at the beginning of fiscal year 2025, the company integrated its Applied Genomics business into the Life Sciences segment. Prior period financial information has been reclassified for consistent comparison[41](index=41&type=chunk)[42](index=42&type=chunk) - During Q1 2025, the company repurchased **1.32 million shares** of common stock for **$150.0 million** under its Repurchase Program. As of March 30, 2025, **$707.2 million** remained available for future repurchases[48](index=48&type=chunk) - The company declared a quarterly cash dividend of **$0.07 per share** for Q1 2025 and subsequently for Q2 2025[51](index=51&type=chunk) - Total long-term debt stood at **$3.17 billion** as of March 30, 2025. In January 2025, the company replaced its credit facility with a new **$1.5 billion** senior unsecured revolving credit facility expiring in 2030[37](index=37&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports a 2% revenue increase to $664.8 million in Q1 2025, driven by growth in both the Diagnostics (3%) and Life Sciences (1%) segments. Gross margin improved by 186 basis points to 56.5% due to higher volume and favorable mix, while operating margin expanded from 7% to 11%. The company highlights investments in new products and digital capabilities, and discusses its liquidity position, including a new $1.5 billion credit facility and an ongoing stock repurchase program [Overview](index=22&type=section&id=Overview) In Q1 2025, Revvity's revenue grew 2% to $664.8 million, with the Diagnostics segment up 3% and Life Sciences up 1%. The growth in Diagnostics was driven by Immunodiagnostics and Reproductive Health, while Life Sciences growth was led by Software revenue. Consolidated gross margins increased by 186 basis points, and operating margins expanded from 7% to 11% year-over-year Q1 2025 Performance Summary | Metric | Q1 2025 vs Q1 2024 | Key Drivers | | :--- | :--- | :--- | | Overall Revenue | +2% ($664.8M) | Growth in both segments | | Diagnostics Segment Revenue | +3% | Increased demand in Immunodiagnostics and Reproductive Health | | Life Sciences Segment Revenue | +1% | Growth in Software, offset by decrease in Life Sciences Solutions | | Gross Margin | +186 bps | Higher sales volume, productivity, favorable product mix | | Operating Margin | 11% (from 7%) | Gross margin expansion and cost containment | [Consolidated Results of Continuing Operations](index=23&type=section&id=Consolidated%20Results%20of%20Continuing%20Operations) Revenue for Q1 2025 increased by 2% to $664.8 million. Cost of revenue decreased by 2%, leading to a gross margin improvement to 56.5%. SG&A expenses fell 4% to $249.7 million, while R&D expenses rose 6% to $53.6 million, reflecting continued investment in innovation. The effective tax rate increased to 20.5% from 16.9% in the prior year - Cost of revenue as a percentage of revenue decreased from **45.4%** to **43.5%**, resulting in a gross margin increase of **186 basis points** to **56.5%**, primarily due to higher sales volume, productivity, and favorable product mix[89](index=89&type=chunk) - The company estimates that recently enacted tariffs could increase its gross cost of revenue by approximately **$135 million** for the fiscal year, but mitigation actions are expected to limit the operating income impact to approximately **$20 million**[90](index=90&type=chunk) - R&D expenses increased by **6%** to **$53.6 million**, representing **8.1%** of revenue, driven by investments in new product development[93](index=93&type=chunk) - The effective tax rate for Q1 2025 was **20.5%**, up from **16.9%** in Q1 2024, primarily due to projected higher income in higher tax rate jurisdictions. The company expects a full-year effective tax rate of approximately **20%**[96](index=96&type=chunk) [Reporting Segment Results of Continuing Operations](index=24&type=section&id=Reporting%20Segment%20Results%20of%20Continuing%20Operations) In Q1 2025, the Life Sciences segment revenue grew 1% to $340.4 million, with operating income up 5% to $105.7 million. The Diagnostics segment revenue increased 3% to $324.4 million, but its operating income decreased 3% to $74.0 million due to investments in growth initiatives Q1 2025 Segment Performance | Segment | Revenue (Q1 2025) | Revenue Change (YoY) | Operating Income (Q1 2025) | Operating Income Change (YoY) | | :--- | :--- | :--- | :--- | :--- | | Life Sciences | $340.4M | +1% | $105.7M | +5% | | Diagnostics | $324.4M | +3% | $74.0M | -3% | - Life Sciences revenue growth was driven by a **$9.0 million** increase in Software revenue, partially offset by a **$5.2 million** decrease in Life Sciences Solutions revenue[97](index=97&type=chunk) - Diagnostics revenue growth was driven by an **$8.9 million** increase in Immunodiagnostics and a **$2.1 million** increase in Reproductive Health[99](index=99&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 30, 2025, Revvity had $1.14 billion in cash and cash equivalents and $1.5 billion available under a new credit facility. The company expects internal operations to fund operating expenses, capital expenditures, and dividends for the foreseeable future. Key uses of cash include debt service, potential acquisitions, and share repurchases under a $1.0 billion program, of which $707.2 million remained available - The company's principal sources of funds are internal operations, a **$1.5 billion** senior unsecured revolving credit facility, and access to debt markets[103](index=103&type=chunk)[104](index=104&type=chunk) - A stock repurchase program authorized up to **$1.0 billion**. As of March 30, 2025, **$707.2 million** remained available for repurchases[106](index=106&type=chunk) - Net cash from operating activities decreased to **$134.1 million** in Q1 2025 from **$150.1 million** in Q1 2024, primarily due to timing of collections and payments[111](index=111&type=chunk) - In January 2025, the company replaced its prior credit facility with a new **$1.5 billion** senior unsecured revolving credit facility available through January 7, 2030[116](index=116&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks, including changes in interest rates and currency exchange rates. It uses derivative instruments to manage volatility. The company states that its market risks have not materially changed from the disclosures provided in its 2024 Form 10-K - The company's market risks, primarily related to interest rates and foreign currency exchange rates, have not materially changed from the disclosures in its Annual Report on Form 10-K for the fiscal year ended December 29, 2024[119](index=119&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of March 30, 2025, and concluded they were effective at a reasonable assurance level. There were no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of March 30, 2025, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[124](index=124&type=chunk) - No changes occurred in the company's internal control over financial reporting during the first fiscal quarter of 2025 that materially affected, or are reasonably likely to materially affect, these controls[125](index=125&type=chunk) [PART II. OTHER INFORMATION](index=29&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims and legal proceedings in the ordinary course of business. Management has established accruals for probable and estimable losses and believes that the ultimate resolution of these matters will not have a material adverse effect on its financial statements - Revvity is involved in various legal proceedings and has established accruals for potential losses. Management does not expect the outcomes to have a material adverse effect on the company's financial condition[128](index=128&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) The company outlines significant risks that could impact its business. These include dependency on market conditions and government funding, global economic and political instability, failure to innovate, challenges in executing M&A, intense competition, supply chain disruptions, IT system breaches, and potential impairment of its $9.1 billion in intangible assets. Other risks involve intellectual property protection, regulatory compliance (FDA, data privacy), foreign operations, substantial debt levels with restrictive covenants, and stock price volatility - Business operations are sensitive to declines in customer markets, changes in government funding, and global economic conditions, including tariffs and political conflicts[129](index=129&type=chunk)[130](index=130&type=chunk) - The company faces risks from rapid technological change and must successfully introduce new products to remain competitive. Failure to do so could lead to market share loss[133](index=133&type=chunk) - As of March 30, 2025, the company had **$9.1 billion** of net intangible assets, including goodwill, which are subject to impairment risk if business conditions deteriorate[149](index=149&type=chunk) - The company has a substantial amount of debt, which includes restrictive covenants that may limit business activities. Failure to comply could result in debt acceleration[164](index=164&type=chunk)[166](index=166&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2025, Revvity repurchased a total of 1,355,665 shares of its common stock at an average price of $113.28 per share. Of this total, 1,324,629 shares were repurchased under the publicly announced stock repurchase program. As of March 30, 2025, approximately $707.2 million remained available for repurchase under this program Q1 2025 Stock Repurchase Activity | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased Under Program | Remaining Authorization | | :--- | :--- | :--- | :--- | :--- | | Q1 ended Mar 30, 2025 | 1,355,665 | $113.28 | 1,324,629 | $707,209,819 | - The company repurchased **31,036 shares** for **$3.6 million** to satisfy tax withholding obligations related to employee equity awards, separate from the main repurchase program[175](index=175&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) During the first quarter of 2025, three executive officers, Joel S. Goldberg, Prahlad Singh, and Tajinder S. Vohra, adopted Rule 10b5-1 trading arrangements for future sales of company stock. No directors or officers terminated any such arrangements during the quarter - Three Section 16 officers, including the CEO, adopted Rule 10b5-1 trading plans during the quarter ended March 30, 2025[177](index=177&type=chunk)[178](index=178&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the company's articles of organization, by-laws, a new credit agreement, and certifications by the CEO and CFO as required by the Sarbanes-Oxley Act. It also includes the Inline XBRL documents