revv-20250330

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________

FORM 10-Q

_______________________________________

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number 001-5075

_______________________________________

Revvity, Inc.

(Exact name of Registrant as specified in its Charter)

_______________________________________

Massachusetts

04-2052042

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

77 4th Avenue,

Waltham,

Massachusetts

02451

(Address of principal executive offices)

(Zip Code)

(781) 663-6900

(Registrant’s telephone number, including area code)

______________________________________

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 share	RVTY	The New York Stock Exchange
1.875% Notes due 2026	RVTY 26	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark whether 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of May 2, 2025, there were outstanding 117,869,660 shares of common stock, $1 par value per share.

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TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Unaudited Financial Statements	4
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Stockholders’ Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
	Overview	22
	Critical Accounting Policies and Estimates	22
	Consolidated Results of Continuing Operations	23
	Reporting Segment Results of Continuing Operations	24
	Discontinued Operations	25
	Liquidity and Capital Resources	25
	Dividends	27
	Effects of Recently Adopted and Issued Accounting Pronouncements	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	27

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

Item 5.	Other Information	38

Item 6.	Exhibits	39

Signatures		40

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PART I. FINANCIAL INFORMATION

Item 1.Unaudited Financial Statements

REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended
	March 30, 2025		March 31, 2024
	(In thousands, except per share data)
Product revenue	$	562,680	$	548,839
Service revenue	102,082		101,081
Total revenue	664,762		649,920
Cost of product revenue	250,155		250,709
Cost of service revenue	39,061		44,164
Total cost of revenue	289,216		294,873
Selling, general and administrative expenses	249,719		260,571
Research and development expenses	53,597		50,360
Operating income from continuing operations	72,230		44,116
Interest and other expense, net	19,848		9,567
Income from continuing operations before income taxes	52,382		34,549
Provision for income taxes	10,713		5,853
Income from continuing operations	41,669		28,696
Income (loss) from discontinued operations	568		(2,683)
Net income	$	42,237	$	26,013

Basic earnings per share:
Income from continuing operations	$	0.35	$	0.23
Income (loss) from discontinued operations	0.00		(0.02)
Net income	$	0.35	$	0.21
Diluted earnings per share:
Income from continuing operations	$	0.35	$	0.23
Income (loss) from discontinued operations	0.00		(0.02)
Net income	$	0.35	$	0.21

Weighted average shares of common stock outstanding:
Basic	120,137		123,428
Diluted	120,233		123,538

The accompanying notes are an integral part of these condensed consolidated financial statements.

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REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	Three Months Ended
	March 30, 2025		March 31, 2024
	(In thousands)
Net income	$	42,237	$	26,013
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income taxes	79,654		(48,927)





Unrealized gain on securities, net of income taxes	—		265
Other comprehensive income (loss)	79,654		(48,662)
Comprehensive income (loss)	$	121,891	$	(22,649)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 30, 2025		December 29, 2024
	(In thousands, except share and per share data)
Current assets:
Cash and cash equivalents	$	1,137,620	$	1,163,396

Accounts receivable, net	617,418		632,400
Inventories, net	381,308		367,587
Other current assets	181,592		186,225
Total current assets	2,317,938		2,349,608
Property, plant and equipment, net	486,711		482,217
Operating lease right-of-use assets, net	173,667		167,716
Intangible assets, net	2,571,368		2,640,921
Goodwill	6,511,488		6,463,619
Other assets, net	299,552		288,397
Total assets	$	12,360,724	$	12,392,478
Current liabilities:
Current portion of long-term debt	$	242	$	242
Accounts payable	178,086		167,463
Accrued expenses and other current liabilities	469,859		485,395
Total current liabilities	648,187		653,100
Long-term debt	3,168,384		3,150,476
Deferred taxes and other long-term liabilities	750,284		770,523
Operating lease liabilities	156,739		151,505
Total liabilities	4,723,594		4,725,604
Commitments and contingencies (see Note 13)
Stockholders’ equity:
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding	—		—
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 119,409,000 shares and 120,646,000 shares at March 30, 2025 and December 29, 2024, respectively	119,409		120,646
Capital in excess of par value	1,954,955		2,097,110
Retained earnings	5,879,217		5,845,223
Accumulated other comprehensive loss	(316,451)		(396,105)
Total stockholders’ equity	7,637,130		7,666,874
Total liabilities and stockholders’ equity	$	12,360,724	$	12,392,478

The accompanying notes are an integral part of these condensed consolidated financial statements.

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REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)


	For the Three-Month Period Ended March 30, 2025
	Common Stock Shares	Common Stock Amount		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
		(In thousands)
Balance, December 29, 2024	120,646	$	120,646	$	2,097,110	$	5,845,223	$	(396,105)	$	7,666,874
Net income	—	—		—		42,237		—		42,237
Other comprehensive income	—	—		—		—		79,654		79,654
Dividends ($0.07 per common share, see Note 9)	—	—		—		(8,243)		—		(8,243)
Exercise of employee stock options	32	32		2,600		—		—		2,632
Issuance of common stock for employee stock purchase plans	12	12		1,260		—		—		1,272
Purchases of common stock	(1,356)	(1,356)		(153,631)		—		—		(154,987)
Issuance of common stock for long-term incentive program	75	75		5,524		—		—		5,599
Stock compensation	—	—		2,092		—		—		2,092
Balance, March 30, 2025	119,409	$	119,409	$	1,954,955	$	5,879,217	$	(316,451)	$	7,637,130


	For the Three-Month Period Ended March 31, 2024
	Common Stock Shares	Common Stock Amount		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
		(In thousands)
Balance, December 31, 2023	123,426	$	123,426	$	2,416,793	$	5,609,212	$	(276,692)	$	7,872,739

Net income	—	—		—		26,013		—		26,013
Other comprehensive loss	—	—		—		—		(48,662)		(48,662)
Dividends ($0.07 per common share, see Note 9)	—	—		—		(8,645)		—		(8,645)
Exercise of employee stock options	75	75		4,036		—		—		4,111

Purchases of common stock	(103)	(103)		(10,653)		—		—		(10,756)
Issuance of common stock for long-term incentive program	94	94		9,041		—		—		9,135
Stock compensation	—	—		2,561		—		—		2,561
Balance, March 31, 2024	123,492	$	123,492	$	2,421,778	$	5,626,580	$	(325,354)	$	7,846,496

The accompanying notes are an integral part of these condensed consolidated financial statements.

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REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended
	March 30, 2025		March 31, 2024
	(In thousands)
Operating activities:
Net income	$	42,237	$	26,013
(Income) loss from discontinued operations, net of income taxes	(568)		2,683
Income from continuing operations	41,669		28,696
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation	7,731		11,692
Restructuring and other costs, net	3,239		12,356
Depreciation and amortization	97,422		107,802
Change in fair value of contingent consideration	(625)		6,173
Amortization of deferred debt financing costs and accretion of discounts	1,102		1,736
Change in fair value of investments	(3,073)		806

Unrealized foreign exchange gain	(66)		(377)



Changes in assets and liabilities which provided (used) cash:
Accounts receivable, net	18,140		37,189
Inventories	(5,486)		7,209
Accounts payable	8,854		(18,227)
Accrued expenses and other	(34,810)		(44,909)
Net cash provided by operating activities of continuing operations	134,097		150,146
Net cash used in operating activities of discontinued operations	(5,942)		(2,583)
Net cash provided by operating activities	128,155		147,563
Investing activities:
Capital expenditures	(15,982)		(17,844)
Purchases of investments and notes receivables	—		(337)



Proceeds from disposition of businesses and assets	229		—

Net cash used in investing activities of continuing operations	(15,753)		(18,181)
Net cash provided by investing activities of discontinued operations	9,375		—
Net cash used in investing activities	(6,378)		(18,181)
Financing activities:






Payments of debt financing issuance costs	(2,402)		—

Payments of other credit facilities	(50)		(10,811)
Payments for acquisition-related contingent consideration	(1,817)		(8,749)
Proceeds from issuance of common stock under stock plans	2,632		3,943
Purchases of common stock	(153,594)		(10,756)
Dividends paid	(8,433)		(8,640)


Net cash used in financing activities	(163,664)		(35,013)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	16,122		(9,277)

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Net (decrease) increase in cash, cash equivalents and restricted cash	(25,765)		85,092
Cash, cash equivalents and restricted cash at beginning of period	1,164,452		914,373
Cash, cash equivalents and restricted cash at end of period	$	1,138,687	$	999,465

Supplemental disclosures 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 condensed consolidated statements of cash flows:
Cash and cash equivalents	$	1,137,620	$	998,081
Restricted cash included in other current assets	1,067		1,384


Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	1,138,687	$	999,465

The accompanying notes are an integral part of these condensed consolidated financial statements.

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REVVITY, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Revvity, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the “United States”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended December 29, 2024, filed with the SEC (the “2024 Form 10-K”). The balance sheet amounts at December 29, 2024 in this report were derived from the Company’s audited 2024 consolidated financial statements included in the 2024 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods indicated. Certain software revenue and related costs for the quarter ended March 31, 2024 have been reclassified from product revenue and cost of product revenue to service revenue and cost of service revenue, respectively, in the statement of operations to correct and conform to the current year presentation. The effects of the reclassifications are not significant. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three months ended March 30, 2025 and March 31, 2024, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period.

Accounting Standards Not Yet Adopted: In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 will require public entities to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items. Such disclosures are required on an annual and interim basis in a tabular presentation in the footnotes to the financial statements. In addition, ASU 2024-03 requires public entities to disclose selling expenses on an annual and interim basis. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of determining the impact of this guidance on its financial statements and disclosures.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 will require public entities to disclose on an annual basis a tabular reconciliation using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory (i.e. expected) tax further broken out by nature and/or jurisdiction. ASU 2023-09 requires all entities to disclose on an annual basis the amount of income taxes paid (net of refunds received), disaggregated between federal (national), state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes paid. The guidance is required to be applied on a prospective basis; retrospective application is permitted. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements and disclosures.

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Note 2: Revenue

Disaggregation of revenue

Disaggregated revenue by primary geographical markets and major goods and service lines are as follows:


	Reportable Segments
	Three Months Ended
	March 30, 2025						March 31, 2024
	Life Sciences		Diagnostics		Total		Life Sciences		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	184,279	$	120,350	$	304,629	$	176,577	$	117,777	$	294,354
Europe	76,022		105,770		181,792		77,456		101,106		178,562
Asia	80,094		98,247		178,341		82,481		94,523		177,004
	$	340,395	$	324,367	$	664,762	$	336,514	$	313,406	$	649,920

Major goods/service lines
Life Sciences Solutions	$	286,453	$	—	$	286,453	$	291,612	$	—	$	291,612
Software	53,942		—		53,942		44,902

SEC Form 10-Q filed by Revvity Inc.