Revvity2025财年四季报业绩会议总结

Core Insights - The company reported strong Q4 performance with revenue, organic growth, and adjusted earnings per share exceeding expectations, achieving an adjusted EPS of $5.06 for the year, which is above guidance [2][20] - The company emphasized resilience and disciplined capital allocation, having repurchased over $800 million in stock in 2025, totaling over $1.5 billion since mid-2023, representing approximately 12% of total shares at that time [2][20] - The launch of the AI model-as-a-service platform, SIGNALS Synthetica, and the acquisition of ACD Labs were highlighted as key strategic moves [2][20] Financial Performance Analysis - Q4 total revenue reached $772 million, with organic growth of 4% and a foreign exchange tailwind of 2%, while the full-year revenue was $2.86 billion, with organic growth of 3% [3][21] - Adjusted EPS for Q4 was $1.70, exceeding the high end of guidance by $0.06, and the full-year adjusted EPS was $5.06, reflecting a 3% year-over-year increase [3][21] - Free cash flow for Q4 was $162 million, with an adjusted net income conversion rate of 84%, and total free cash flow for the year was $515 million, with a conversion rate of 87% [3][21] Key Drivers - Revenue growth was driven by the diagnostics business, which saw organic growth of 7% in Q4, and life sciences reagents/consumables, which slightly exceeded expectations [4][22] - Profit margin pressures were attributed to tariffs, foreign exchange, and lower volume leverage, partially offset by cost control measures [4][22] - Ongoing stock repurchases supported earnings per share, with an average diluted share count of 113.2 million in Q4, a decrease of over 2 million shares quarter-over-quarter [4][22] Business Operations - The diagnostics segment generated $390 million in revenue for Q4, with a reported growth of 10% and organic growth of 7%, while the full-year organic growth was 4% [5][23] - The life sciences segment reported $382 million in revenue for Q4, with a 2% reported growth and flat organic growth, and a full-year organic growth of 2% [6][23] - The software business saw organic growth remain flat in Q4 but achieved high single-digit growth for the full year, with a nearly 40% increase in ARR from the SaaS channel [6][23] Market Expansion - Regional performance showed flat growth in the Americas and Asia-Pacific for Q4, while Europe experienced double-digit growth for the full year [7][24] - The Americas had low single-digit growth for the year, Europe had high single-digit growth, and Asia-Pacific saw a low single-digit decline [7][24] R&D Investments and Outcomes - The company launched the AI model-as-a-service platform SIGNALS Synthetica, integrating public and private AI/ML models to support drug development [8][25] - The acquisition of ACD Labs was completed, with plans to integrate its core products into the Signals One platform, expected to contribute over $20 million in revenue in 2026 [8][26] Operational Efficiency - Cost efficiency initiatives are being implemented, including footprint integration and supply chain collaboration, expected to be fully completed by the end of Q2 2026, supporting an adjusted operating margin of 28% for the year [9][27] Future Outlook and Planning - For 2026, the company projects organic growth of 2%-3%, total revenue between $2.96 billion and $2.99 billion, and adjusted EPS of $5.35-$5.45 [10][28] - The first quarter is expected to align with the annual guidance, with a foreign exchange tailwind of 3% and an adjusted operating margin of approximately 23% [10][28] Mid to Long-term Strategy - The company is focusing on the recovery of end markets, particularly in pharmaceutical biotechnology financing and M&A activity [11][29] - The software business aims to drive adoption of the SIGNALS Synthetica platform, targeting at least a doubling of revenue over the next 4-5 years with an organic growth rate close to 15% [11][29] - Capital allocation will balance stock buybacks, acquisitions (focusing on software and life sciences reagents), and internal investments while maintaining an investment-grade credit rating [11][29]