0000031791FALSE00000317912024-07-292024-07-290000031791us-gaap:CommonStockMember2024-07-292024-07-290000031791pki:One875NotesDue2026MemberMember2024-07-292024-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 2024
 
Revvity, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
 
Massachusetts001-0507504-2052042
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission
File Number)
(IRS Employer
Identification No.)
 
940 Winter Street,Waltham,Massachusetts02451
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (781) 663-6900
Not applicable.
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $1 par value per shareRVTYThe New York Stock Exchange
1.875% Notes due 2026RVTY 26The New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 
 
 


Item 2.02. Results of Operations and Financial Condition

    On July 29, 2024, Revvity, Inc. announced its financial results for the second quarter ended June 30, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

    The information in this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits

(d)    Exhibits

                        EXHIBIT INDEX

Exhibit No.Description
     
  
    

 104  
Cover Page Interactive Data File (embedded within the Inline XBRL)

* This exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

REVVITY, INC.
Date: July 29, 2024
By: /s/ Maxwell Krakowiak
Maxwell Krakowiak
Senior Vice President and Chief Financial Officer





FOR IMMEDIATE RELEASE
July 29, 2024

Revvity Announces Financial Results for the Second Quarter of 2024

•Revenue of $692 million; (2)% reported growth; (1)% organic growth
•GAAP EPS of $0.45; Adjusted EPS from continuing operations of $1.22
•Raises full year 2024 adjusted EPS guidance

WALTHAM, Mass. -- Revvity, Inc. (NYSE: RVTY), today reported financial results for the second quarter ended June 30, 2024.

The Company reported GAAP earnings per share of $0.45, as compared to $0.28 in the same period a year ago. GAAP revenue for the quarter was $692 million, as compared to $709 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $86 million, as compared to $78 million for the same period a year ago. GAAP operating profit margin from continuing operations was 12.4% as a percentage of revenue, as compared to 11.0% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.22, as compared to $1.21 in the same period a year ago. Adjusted revenue for the quarter was $692 million, as compared to $709 million in the same period a year ago. Adjusted operating income was $199 million, as compared to $204 million for the same period a year ago. Adjusted operating profit margin was 28.7% as a percentage of adjusted revenue, as compared to 28.8% in the same period a year ago.

Adjustments for the Company's non-GAAP financial measures have been noted in the attached reconciliations.
“During the second quarter, we celebrated Revvity's one year anniversary with both pride and gratitude for what we have already accomplished as an organization and for our customers,” said Prahlad Singh, president and chief executive officer of Revvity. “Our Company's unique strengths of bringing together high levels of continuous innovation and ongoing strong execution enabled us to exceed our expectations, putting us on a good trajectory towards achieving our full year goals.”

Financial Overview by Reporting Segment

Life Sciences
•Second quarter 2024 revenue was $314 million, as compared to $336 million in the same period a year ago. Reported revenue decreased 7% and organic revenue decreased 6% as compared to the same period a year ago.

•Second quarter 2024 adjusted operating income was $112 million, as compared to $128 million in the same period a year ago. Adjusted operating profit margin was 35.8% as a percentage of adjusted revenue, as compared to 38.0% in the same period a year ago.

Diagnostics
•Second quarter 2024 revenue was $378 million, as compared to $373 million in the same period a year ago. Reported revenue increased 1% and organic revenue increased 3% as compared to the same period a year ago.



•Second quarter 2024 adjusted operating income was $98 million, as compared to $85 million in the same period a year ago. Adjusted operating profit margin was 25.9% as a percentage of adjusted revenue, as compared to 22.9% 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 $2.77-$2.79 billion to reflect recent changes in foreign currency exchange rates and assumes 2% organic revenue growth. The Company is also raising its adjusted EPS guidance to a range of $4.70-$4.80.

Guidance for the full year 2024 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 2024 results and its outlook for business trends during a webcast on July 29, 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  Six Months Ended
 (In thousands, except per share data) June 30,
2024		July 2,
2023		June 30,
2024		July 2,
2023
 Revenue $691,685 $709,066 $1,341,605 $1,383,931 
 Cost of revenue 306,179 306,735 601,052 600,234 
 Selling, general and administrative expenses 251,650 267,022 512,221 515,579 
 Research and development expenses 48,132 57,253 98,492 113,943 
 Operating income from continuing operations 85,724 78,056 129,840 154,175 
 Interest income (20,512)(25,046)(40,598)(30,318)
 Interest expense 24,717 26,007 49,114 48,745 
 Change in fair value of financial securities (7,777)2,023 (6,971)(745)
 Other expense, net 2,634 3,518 7,084 35,499 
 Income from continuing operations, before income taxes 86,662 71,554 121,211 100,994 
 Provision for income taxes 14,056 12,932 19,909 17,527 
 Income from continuing operations 72,606 58,622 101,302 83,467 
 (Loss) income from discontinued operations (17,246)(23,063)(19,929)521,567 
 Net income $55,360 $35,559 $81,373 $605,034 
 Diluted earnings per share:
 Income from continuing operations $0.59 $0.47 $0.82 $0.66 
 (Loss) income from discontinued operations (0.14)(0.18)(0.16)4.14 
 Net income $0.45 $0.28 $0.66 $4.80 
Weighted average diluted shares of common stock outstanding123,477 125,398 123,494 125,918 
 ABOVE PREPARED IN ACCORDANCE WITH GAAP


Additional supplemental information (1):
(per share, continuing operations)
GAAP EPS from continuing operations$0.59 $0.47 $0.82 $0.66 
Amortization of intangible assets0.730.741.471.47
Debt extinguishment costs---(0.03)
Purchase accounting adjustments0.010.020.060.02
Acquisition and divestiture-related costs0.040.200.110.55
Change in fair value of financial securities(0.06)0.02(0.06)(0.01)
Significant litigation matters and settlements0.05-0.05-
Significant environmental matters---0.01
Restructuring and other, net0.080.020.180.04
Tax on above items(0.21)(0.25)(0.44)(0.48)
Significant tax items---(0.01)
Adjusted EPS from continuing operations$1.22 $1.21 $2.19 $2.22 
(1) amounts may not sum due to rounding




Revvity, Inc. and Subsidiaries
REVENUE AND OPERATING INCOME (LOSS)

 Three Months Ended  Six Months Ended
(In thousands, except percentages)June 30,
2024		July 2,
2023		June 30,
2024		July 2,
2023
Adjusted revenue and operating income
Reported revenue$691,685 $709,066 $1,341,605 $1,383,931 
Revenue purchase accounting adjustments207 206 416 412 
Adjusted revenue691,892 709,272 1,342,021 1,384,343 
Reported operating income from continuing operations85,724 78,056 129,840 154,175 
OP%12.4 %11.0 %9.7 %11.1 %
Amortization of intangible assets90,620 92,758 181,858 184,569 
Purchase accounting adjustments623 2,891 7,245 1,977 
Acquisition and divestiture-related costs5,779 28,579 17,241 46,530 
Significant litigation matters and settlements6,276 — 6,276 — 
Significant environmental matters— — — 1,132 
Restructuring and other, net9,845 2,009 22,201 5,104 
Adjusted operating income$198,867 $204,293 $364,661 $393,487 
OP%28.7 %28.8 %27.2 %28.4 %
Segment revenue and segment operating income
Life Sciences$313,847 $336,353 $616,884 $664,794 
Diagnostics378,045 372,919 725,137 719,549 
Revenue purchase accounting adjustments(207)(206)(416)(412)
Reported revenue691,685 709,066 1,341,605 1,383,931 
Life Sciences$112,401 $127,759 $214,126 $257,218 
35.8 %38.0 %34.7 %38.7 %
Diagnostics97,915 85,241 173,345 159,673 
25.9 %22.9 %23.9 %22.2 %
Corporate(11,449)(8,707)(22,810)(23,404)
Subtotal reportable segments operating income198,867 204,293 364,661 393,487 
Amortization of intangible assets(90,620)(92,758)(181,858)(184,569)
Purchase accounting adjustments(623)(2,891)(7,245)(1,977)
Acquisition and divestiture-related costs(5,779)(28,579)(17,241)(46,530)
Significant litigation matters and settlements(6,276)— (6,276)— 
Significant environmental matters— — — (1,132)
Restructuring and other, net(9,845)(2,009)(22,201)(5,104)
Reported operating income from continuing operations$85,724 $78,056 $129,840 $154,175 
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP



Revvity, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)June 30,
2024		December 31,
2023
Current assets:
   Cash and cash equivalents $1,248,120 $913,163 
   Marketable securities706,070 689,916 
   Accounts receivable, net597,436 632,811 
   Inventories, net401,432 428,062 
   Other current assets205,631 337,139 
         Total current assets3,158,689 3,001,091 
Property, plant and equipment, net503,119 509,654 
Operating lease right-of-use assets, net143,789 155,083 
Intangible assets, net2,825,487 3,022,321 
Goodwill6,496,971 6,533,550 
Other assets, net296,794 342,966 
         Total assets$13,424,849 $13,564,665 
Current liabilities:
   Current portion of long-term debt$711,414 $721,872 
   Accounts payable174,871 204,121 
   Accrued expenses and other current liabilities503,728 524,470 
         Total current liabilities1,390,013 1,450,463 
Long-term debt3,162,600 3,177,770 
Long-term liabilities878,788 930,946 
Operating lease liabilities123,134 132,747 
         Total liabilities5,554,535 5,691,926 
         Total stockholders' equity7,870,314 7,872,739 
         Total liabilities and stockholders' equity$13,424,849 $13,564,665 
PREPARED IN ACCORDANCE WITH GAAP
        











Revvity, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months EndedSix Months Ended
June 30,
2024		July 2,
2023		June 30,
2024		July 2,
2023
(In thousands)(In thousands)
Operating activities:
Net income$55,360 $35,559 $81,373 $605,034 
Loss (income) from discontinued operations, net of income taxes17,246 23,063 19,929 (521,567)
Income from continuing operations72,606 58,622 101,302 83,467 
Adjustments to reconcile income from continuing operations to net cash provided by (used in) continuing operations:
    Stock-based compensation10,526 13,633 22,218 23,526 
    Restructuring and other, net9,845 2,009 22,201 5,104 
    Depreciation and amortization107,344 108,930 215,146 217,938 
    Change in fair value of contingent consideration176 2,445 6,349 1,085 
    Amortization of deferred debt financing costs and
        accretion of discounts		1,773 2,026 3,509 3,818 
    Change in fair value of financial securities(7,777)2,023 (6,971)(745)
    Debt extinguishment gain— — — (3,345)
Unrealized foreign exchange (gain) loss (480)(2,416)(857)23,679 
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
       Accounts receivable, net(8,995)(44,640)28,194 (10,216)
       Inventories10,042 (8,255)17,251 (26,775)
       Accounts payable (4,747)(44,330)(22,974)(49,225)
       Accrued expenses and other (7,985)(137,195)(52,894)(240,285)
Net cash provided by (used in) operating activities of continuing operations182,328 (47,148)332,474 28,026 
Net cash used in operating activities of discontinued operations(23,707)(88,171)(26,290)(99,882)
Net cash provided by (used in) operating activities158,621 (135,319)306,184 (71,856)
Investing activities:
  Capital expenditures(22,031)(13,949)(39,875)(34,895)
  Purchases of investments and notes receivables(4,000)(5,000)(4,337)(5,000)
  Purchases of U.S. Treasury Securities— (637,765)— (831,219)
  Proceeds from U.S. Treasury Securities— 100,000 — 100,000 
  Cash paid for acquisitions, net of cash acquired— — — (686)
Net cash used in investing activities of continuing operations(26,031)(556,714)(44,212)(771,800)
Net cash provided by (used in) investing activities of discontinued operations147,522 (14,327)147,522 2,065,261 
Net cash provided by (used in) investing activities121,491 (571,041)103,310 1,293,461 
Financing Activities:
  Payments of debt financing costs— (15)— (15)
Payments of senior unsecured notes— (1,232)— (50,835)


  Net (payments) proceeds on other credit facilities(389)(636)(11,200)7,231 
  Payments for acquisition-related contingent consideration— (8,642)(8,749)(10,117)
  Proceeds from issuance of common stock under stock
     plans		2,089 2,692 6,032 3,215 
  Purchases of common stock(19,553)(211,643)(30,309)(273,299)
  Dividends paid(8,642)(8,797)(17,282)(17,638)
Net cash used in financing activities(26,495)(228,273)(61,508)(341,458)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(3,654)(602)(12,931)(17,571)
Net increase (decrease) in cash, cash equivalents, and restricted cash249,963 (935,235)335,055 862,576 
Cash, cash equivalents, and restricted cash at beginning of period999,465 2,268,557 914,373 470,746 
Cash, cash equivalents, and restricted cash at end of period$1,249,428 $1,333,322 $1,249,428 $1,333,322 
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$1,248,120 $1,331,903 $1,248,120 $1,331,903 
  Restricted cash included in other current assets1,308 1,062 1,308 1,062 
  Restricted cash included in other assets— 357 — 357 
  Total cash, cash equivalents and restricted cash$1,249,428 $1,333,322 $1,249,428 $1,333,322 
PREPARED IN ACCORDANCE WITH GAAP


Revvity, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)


Continuing Operations
Three Months Ended
June 30, 2024
Organic revenue growth:
Reported revenue growth from continuing operations-2%
Less: effect of foreign exchange rates-1%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses0%
  Organic revenue growth from continuing operations-1%
Life Sciences
Three Months Ended
June 30, 2024
Organic revenue growth:
Reported revenue growth from continuing operations-7%
Less: effect of foreign exchange rates-1%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses0%
  Organic revenue growth from continuing operations-6%
Diagnostics
Three Months Ended
June 30, 2024
Organic revenue growth:
Reported revenue growth from continuing operations1%
Less: effect of foreign exchange rates-1%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses0%
  Organic revenue growth from continuing operations3%
(1) amounts may not sum due to rounding


Revvity, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

Continuing Operations
 Six Months Ended
June 30, 2024
Organic revenue growth:
Reported revenue growth from continuing operations-3%
Less: effect of foreign exchange rates-1%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses0%
  Organic revenue growth from continuing operations-2%
Life Sciences
 Six Months Ended
June 30, 2024
Organic revenue growth:
Reported revenue growth from continuing operations-7%
Less: effect of foreign exchange rates0%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses0%
  Organic revenue growth from continuing operations-7%
Diagnostics
 Six Months Ended
June 30, 2024
Organic revenue growth:
Reported revenue growth from continuing operations1%
Less: effect of foreign exchange rates-1%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses0%
  Organic revenue growth from continuing operations2%
Continuing Operations
Twelve Months Ended
December 29, 2024
Projected
Organic revenue growth:
Reported revenue growth from continuing operations1%
Less: effect of foreign exchange rates-1%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses0%
  Organic revenue growth from continuing operations2%
(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” 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,” or “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.

Contacts:
Investor Relations:                        Media Contact:                    
Steve Willoughby                        Fara Goldberg (781) 663-5699
steve.willoughby@revvity.com                fara.goldberg@revvity.com


v3.24.2
Cover
Jul. 29, 2024
Cover [Abstract]  
Document Type 8-K
Document Information [Line Items]  
Entity Registrant Name Revvity, Inc.
Document Period End Date Jul. 29, 2024
Entity Incorporation, State or Country Code MA
Entity File Number 001-05075
Entity Tax Identification Number 04-2052042
Entity Address, Address Line One 940 Winter Street,
Entity Address, City or Town Waltham,
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02451
City Area Code 781
Local Phone Number 663-6900
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000031791
Amendment Flag false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Common stock, $1 par value per share
Trading Symbol RVTY
Security Exchange Name NYSE
One875NotesDue2026Member  
Document Information [Line Items]  
Title of 12(b) Security 1.875% Notes due 2026
Trading Symbol RVTY 26
Security Exchange Name NYSE
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