Revvity Announces Financial Results for the Fourth Quarter and Full Year of 2024

January 31, 2025 |

18 min read

Fourth quarter revenue of $729 million; 5% reported growth; 6% organic growth
Fourth quarter GAAP EPS of $0.78; Adjusted EPS from continuing operations of $1.42
Initiates full year 2025 guidance

WALTHAM, Mass.--(BUSINESS WIRE)--Revvity, Inc. (NYSE: RVTY) today reported financial results for the fourth quarter and full year ended December 29, 2024.

Fourth Quarter 2024

The Company reported GAAP earnings per share of $0.78, as compared to $0.64 in the same period a year ago. GAAP revenue for the quarter was $729 million, as compared to $696 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $119 million, as compared to $77 million for the same period a year ago. GAAP operating profit margin from continuing operations was 16.3% as a percentage of revenue, as compared to 11.1% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.42, as compared to $1.25 in the same period a year ago. Adjusted revenue for the quarter was $730 million, as compared to $696 million in the same period a year ago. Adjusted operating income was $221 million, as compared to $192 million for the same period a year ago. Adjusted operating profit margin was 30.3% as a percentage of adjusted revenue, as compared to 27.5% in the same period a year ago.

Full Year 2024

The Company reported GAAP earnings per share of $2.20 in 2024, as compared to $5.55 in 2023. GAAP revenue for the year was $2,755 million, as compared to $2,751 million in 2023. GAAP operating income from continuing operations for the year was $347 million, as compared to $301 million for 2023. GAAP operating profit margin from continuing operations for the year was 12.6% as a percentage of revenue, as compared to 10.9% in 2023.

Adjusted earnings per share from continuing operations for the year was $4.90, as compared to $4.65 in 2023. Adjusted revenue for the year was $2,756 million, as compared to $2,751 million in 2023. Adjusted operating income for the year was $779 million, as compared to $770 million in 2023. Adjusted operating profit margin for the year was 28.3% as a percentage of adjusted revenue, as compared to 28.0% in 2023.

Adjustments for the Company’s non-GAAP financial measures have been noted in the attached reconciliations.

“We finished last year on a strong note positioning us well as we head into 2025,” said Prahlad Singh, president and chief executive officer of Revvity. “I am confident that the full potential of Revvity will be even more externally apparent as we move through this year following the significant transformation our business has undergone over the last several years.”

Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2024

Life Sciences

Fourth quarter 2024 revenue was $336 million, as compared to $320 million in the same period a year ago. Reported revenue increased 5% and organic revenue increased 5% as compared to the same period a year ago.

Full year 2024 revenue was $1,254 million, as compared to $1,292 million in 2023. Reported revenue decreased 3% and organic revenue decreased 3% as compared to the same period a year ago.

Fourth quarter 2024 adjusted operating income was $131 million, as compared to $118 million in the same period a year ago. Adjusted operating profit margin was 38.9% as a percentage of adjusted revenue, as compared to 36.9% in the same period a year ago.

Full year 2024 adjusted operating income was $448 million, as compared to $489 million in 2023. Adjusted operating profit margin was 35.7% as a percentage of adjusted revenue, as compared to 37.9% in 2023.

Diagnostics

Fourth quarter 2024 revenue was $393 million, as compared to $376 million in the same period a year ago. Reported revenue increased 4% and organic revenue increased 6% as compared to the same period a year ago.

Full year 2024 revenue was $1,502 million, as compared to $1,459 million in 2023. Reported revenue increased 3% and organic revenue increased 4% as compared to the same period a year ago.

Fourth quarter 2024 adjusted operating income was $98 million, as compared to $80 million in the same period a year ago. Adjusted operating profit margin was 25.0% as a percentage of adjusted revenue, as compared to 21.1% in the same period a year ago.

Full year 2024 adjusted operating income was $373 million, as compared to $321 million in 2023. Adjusted operating profit margin was 24.9% as a percentage of adjusted revenue, as compared to 22.0% in 2023.

Initiates Full Year 2025 Guidance

For the full year 2025, the Company forecasts total revenue of $2.80-$2.85 billion and adjusted earnings per share of $4.90-$5.00.

Guidance for the full year 2025 for adjusted EPS is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measure without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from this non-GAAP measure. 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 fourth quarter and full year 2024 results and its outlook for business trends during a webcast on January 31, 2025, 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 2024 revenue of more than $2.7 billion and approximately 11,000 employees, Revvity serves customers across pharmaceutical and biotech, diagnostic labs, academia and governments. It is part of the S&P 500 index and has customers in more than 160 countries.

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Revvity, Inc. and Subsidiaries
CONDENSED CONSOLIDATED INCOME STATEMENTS

	Three Months Ended						Twelve Months Ended
(In thousands, except per share data)	December 29, 2024			December 31, 2023			December 29, 2024			December 31, 2023


Revenue	$	729,372		$	695,901		$	2,755,026		$	2,750,571

Cost of revenue		317,082			312,423			1,217,367			1,210,880
Selling, general and administrative expenses		244,332			256,723			994,074			1,022,551
Research and development expenses		49,208			49,596			196,844			216,578

Operating income from continuing operations		118,750			77,159			346,741			300,562

Interest income		(9,828	)		(18,363	)		(73,190	)		(72,131	)
Interest expense		22,781			24,582			96,278			98,813
Change in fair value of financial securities		6,017			21,079			(7,958	)		33,921
Other expense, net		5,222			18,482			15,485			56,983

Income from continuing operations, before income taxes		94,558			31,379			316,126			182,976

Provision for (benefit from) income taxes		6,175			(32,188	)		33,055			3,473

Income from continuing operations		88,383			63,567			283,071			179,503

Income (loss) from discontinued operations		6,262			14,996			(12,686	)		513,591

Net income	$	94,645		$	78,563		$	270,385		$	693,094


*Diluted earnings per share:*
Income from continuing operations	$	0.73		$	0.52		$	2.30		$	1.44

Income (loss) from discontinued operations		0.05			0.12			(0.10	)		4.11

Net income	$	0.78		$	0.64		$	2.20		$	5.55


Weighted average diluted shares of common stock outstanding		121,581			123,412			122,822			124,812


ABOVE PREPARED IN ACCORDANCE WITH GAAP



Additional supplemental information⁽¹⁾:
(per share, continuing operations)

GAAP EPS from continuing operations	$	0.73		$	0.52		$	2.30		$	1.44
Amortization of intangible assets		0.72			0.73			2.93			2.93
Debt extinguishment costs		-			(0.00	)		-			(0.03	)
Purchase accounting adjustments		(0.06	)		0.02			(0.00	)		0.05
Acquisition and divestiture-related costs		0.03			0.08			0.16			0.71
Change in fair value of financial securities		0.05			0.17			(0.06	)		0.27
Asset impairment		0.19			-			0.19			-
Significant litigation matters and settlements		0.01			0.00			0.06			0.00
Significant environmental matters		-			0.01			-			0.02
Mark to market on postretirement benefits		0.01			0.08			0.01			0.08
Restructuring and other, net		(0.04	)		0.09			0.14			0.21
Tax on above items		(0.21	)		(0.29	)		(0.83	)		(1.02	)
Significant tax items		-			(0.14	)		-			(0.01	)
Adjusted EPS from continuing operations	$	1.42		$	1.25		$	4.90		$	4.65

(1) amounts may not sum due to rounding

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

	Three Months Ended						Twelve Months Ended
(In thousands, except percentages)	December 29, 2024			December 31, 2023			December 29, 2024			December 31, 2023

Adjusted revenue and operating income

Reported revenue	$	729,372		$	695,901		$	2,755,026		$	2,750,571
Revenue purchase accounting adjustments		208			209			829			827
Adjusted revenue	$	729,580		$	696,110		$	2,755,855		$	2,751,398

Reported operating income from continuing operations	$	118,750		$	77,159		$	346,741		$	300,562
OP%		16.3	%		11.1	%		12.6	%		10.9	%
Amortization of intangible assets		87,876			89,624			359,376			365,113
Purchase accounting adjustments		(7,427	)		2,899			(79	)		5,956
Acquisition and divestiture-related costs		3,264			10,079			25,379			69,159
Asset impairment		22,814			—			22,814			—
Significant litigation matters and settlements		689			12			7,775			12
Significant environmental matters		—			1,325			—			2,457
Restructuring and other, net		(4,665	)		10,665			17,454			26,601
Adjusted operating income	$	221,301		$	191,763		$	779,460		$	769,860
OP%		30.3	%		27.5	%		28.3	%		28.0	%

Segment revenue and segment operating income

Life Sciences	$	336,340		$	319,691		$	1,254,145		$	1,292,340
Diagnostics		393,240			376,419			1,501,710			1,459,058
Revenue purchase accounting adjustments		(208	)		(209	)		(829	)		(827	)
Reported revenue	$	729,372		$	695,901		$	2,755,026		$	2,750,571


Life Sciences	$	130,916		$	117,939		$	448,021		$	489,349
		38.9	%		36.9	%		35.7	%		37.9	%
Diagnostics		98,414			79,514			373,193			320,928
		25.0	%		21.1	%		24.9	%		22.0	%
Corporate		(8,029	)		(5,690	)		(41,754	)		(40,417	)
Subtotal reportable segments operating income		221,301			191,763			779,460			769,860

Amortization of intangible assets		(87,876	)		(89,624	)		(359,376	)		(365,113	)
Purchase accounting adjustments		7,427			(2,899	)		79			(5,956	)
Acquisition and divestiture-related costs		(3,264	)		(10,079	)		(25,379	)		(69,159	)
Asset impairment		(22,814	)		—			(22,814	)		—
Significant litigation matters and settlements		(689	)		(12	)		(7,775	)		(12	)
Significant environmental matters		—			(1,325	)		—			(2,457	)
Restructuring and other, net		4,665			(10,665	)		(17,454	)		(26,601	)
Reported operating income from continuing operations	$	118,750		$	77,159		$	346,741		$	300,562

REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP


Revvity, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)	December 29, 2024		December 31, 2023

Current assets:
Cash and cash equivalents	$	1,163,396	$	913,163
Marketable securities		—		689,916
Accounts receivable, net		632,400		632,811
Inventories, net		367,587		428,062
Other current assets		186,225		337,139
Total current assets		2,349,608		3,001,091

Property, plant and equipment, net		482,217		509,654
Operating lease right-of-use assets, net		167,716		155,083
Intangible assets, net		2,640,921		3,022,321
Goodwill		6,463,619		6,533,550
Other assets, net		288,397		342,966
Total assets	$	12,392,478	$	13,564,665

Current liabilities:
Current portion of long-term debt	$	242	$	721,872
Accounts payable		167,463		204,121
Accrued expenses and other current liabilities		485,395		524,470
Total current liabilities		653,100		1,450,463

Long-term debt		3,150,476		3,177,770
Long-term liabilities		770,523		930,946
Operating lease liabilities		151,505		132,747
Total liabilities		4,725,604		5,691,926

Total stockholders’ equity		7,666,874		7,872,739
Total liabilities and stockholders’ equity	$	12,392,478	$	13,564,665


PREPARED IN ACCORDANCE WITH GAAP


Revvity, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended						Twelve Months Ended
(In thousands)	December 29, 2024			December 31, 2023			December 29, 2024			December 31, 2023

Operating activities:
Net income	$	94,645		$	78,563		$	270,385		$	693,094
(Income) loss from discontinued operations, net of income taxes		(6,262	)		(14,996	)		12,686			(513,591	)
Income from continuing operations		88,383			63,567			283,071			179,503
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation		5,053			7,181			37,809			41,410
Restructuring and other, net		(4,665	)		10,665			17,454			26,601
Depreciation and amortization		105,033			105,568			427,849			431,769
Pension and other postretirement expenses		9,381			23,089			9,381			23,089
Change in fair value of contingent consideration		(7,875	)		2,450			(1,869	)		4,168
Deferred taxes		(102,232	)		(123,664	)		(102,232	)		(123,664	)
Contingencies and non-cash tax matters		(8,073	)		26,183			(8,073	)		26,183
Amortization of deferred debt financing costs and
accretion of discounts		1,022			1,549			6,073			7,349
Change in fair value of financial securities		6,017			21,079			(7,958	)		33,921
Debt extinguishment gain		—			(263	)		—			(3,685	)
Unrealized foreign exchange loss (gain)		4			410			(1,059	)		24,089
Asset impairment		22,814			—			22,814			—
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net		(49,260	)		21,916			(15,969	)		(8,997	)
Inventories, net		18,269			20,725			45,086			(14,109	)
Accounts payable		(1,243	)		8,968			(26,025	)		(76,426	)
Accrued expenses and other		92,839			31,181			(21,397	)		(291,814	)
Net cash provided by operating activities of continuing operations		175,467			220,604			664,955			279,387
Net cash used in operating activities of discontinued operations		(1,237	)		(23,991	)		(36,656	)		(188,115	)
Net cash provided by operating activities		174,230			196,613			628,299			91,272

Investing activities:
Capital expenditures		(24,454	)		(24,116	)		(86,648	)		(81,368	)
Purchases of investments and notes receivables		(2,250	)		(300	)		(6,587	)		(6,300	)
Proceeds from investments and notes receivables		—			—			2,500			—
Purchases of U.S. Treasury Securities		—			(390,390	)		—			(1,221,609	)
Proceeds from U.S. Treasury Securities		—			—			710,000			550,000
Proceeds from disposition of businesses and assets		—			—			—			153
Cash paid for acquisitions, net of cash acquired		—			—			—			(2,086	)
Net cash (used in) provided by investing activities of continuing operations		(26,704	)		(414,806	)		619,265			(761,210	)
Net cash provided by investing activities of discontinued operations		9,375			—			156,897			2,074,734
Net cash (used in) provided by investing activities		(17,329	)		(414,806	)		776,162			1,313,524

Financing Activities:
Payments of debt financing costs		—			—			—			(15	)
Payments of senior unsecured notes		—			(5,835	)		(711,479	)		(523,808	)
Net (payments) proceeds on other credit facilities		(822	)		(895	)		(11,593	)		6,323
Payments for acquisition-related contingent consideration		—			—			(8,832	)		(10,117	)
Proceeds from issuance of common stock under stock
plans		1,528			623			7,701			4,344
Purchases of common stock		(185,157	)		(4,868	)		(369,578	)		(388,882	)
Dividends paid		(8,539	)		(8,639	)		(34,454	)		(34,966	)
Net cash used in financing activities of continuing operations		(192,990	)		(19,614	)		(1,128,235	)		(947,121	)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(30,267	)		14,222			(26,147	)		(14,048	)

Net (decrease) increase in cash, cash equivalents, and restricted cash		(66,356	)		(223,585	)		250,079			443,627
Cash, cash equivalents, and restricted cash at beginning of period		1,230,808			1,137,958			914,373			470,746
Cash, cash equivalents, and restricted cash at end of period	$	1,164,452		$	914,373		$	1,164,452		$	914,373


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	$	1,163,396		$	913,163		$	1,163,396		$	913,163
Restricted cash included in other current assets		1,056			1,210			1,056			1,210
Total cash, cash equivalents and restricted cash	$	1,164,452		$	914,373		$	1,164,452		$	914,373

PREPARED IN ACCORDANCE WITH GAAP


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

			Continuing Operations
			Three Months Ended
			December 29, 2024
Organic revenue growth:
Reported revenue growth from continuing operations			5%
Less: effect of foreign exchange rates			-1%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses			0%
Organic revenue growth from continuing operations			6%


			Life Sciences
			Three Months Ended
			December 29, 2024
Organic revenue growth:
Reported revenue growth from continuing operations			5%
Less: effect of foreign exchange rates			0%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses			0%
Organic revenue growth from continuing operations			5%


			Diagnostics
			Three Months Ended
			December 29, 2024
Organic revenue growth:
Reported revenue growth from continuing operations			4%
Less: effect of foreign exchange rates			-1%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses			0%
Organic revenue growth from continuing operations			6%

*(1) amounts may not sum due to rounding*


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

			Continuing Operations
			Twelve Months Ended
			December 29, 2024
Organic revenue growth:
Reported revenue growth from continuing operations			0%
Less: effect of foreign exchange rates			0%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses			0%
Organic revenue growth from continuing operations			1%


			Life Sciences
			Twelve Months Ended
			December 29, 2024
Organic revenue growth:
Reported revenue growth from continuing operations			-3%
Less: effect of foreign exchange rates			0%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses			0%
Organic revenue growth from continuing operations			-3%


			Diagnostics
			Twelve Months Ended
			December 29, 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 businesses			0%
Organic revenue growth from continuing operations			4%

*(1) amounts may not sum due to rounding*

Contacts

Investor Relations:
Steve Willoughby
steve.willoughby@revvity.com

Media Relations:
Chet Murray
(781) 462-5126
chet.murray@revvity.com

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