- Revenue of $684 million; 2% reported growth; 2% organic growth
- GAAP EPS of $0.77; Adjusted EPS from continuing operations of $1.28
- Raises full year 2024 adjusted EPS guidance
- Authorizes new $1 billion share repurchase program
- To host Investor Day on November 21st
WALTHAM, Mass.--(BUSINESS WIRE)--Revvity, Inc. (NYSE: RVTY), today reported financial results for the third quarter ended September 29, 2024.
The Company reported GAAP earnings per share of $0.77, as compared to $0.08 in the same period a year ago. GAAP revenue for the quarter was $684 million, as compared to $671 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $98 million, as compared to $69 million for the same period a year ago. GAAP operating profit margin from continuing operations was 14.3% as a percentage of revenue, as compared to 10.3% in the same period a year ago.
Adjusted earnings per share from continuing operations for the quarter was $1.28, as compared to $1.18 in the same period a year ago. Adjusted revenue for the quarter was $684 million, as compared to $671 million in the same period a year ago. Adjusted operating income was $193 million, as compared to $185 million for the same period a year ago. Adjusted operating profit margin was 28.3% as a percentage of adjusted revenue, as compared to 27.5% in the same period a year ago.
Adjustments for the Company’s non-GAAP financial measures have been noted in the attached reconciliations.
“We performed well during the third quarter with a return to positive revenue growth, strong margins, and another period of excellent cash flow,” said Prahlad Singh, president and chief executive officer of Revvity. “The impact we are having on our customers every day to help to advance science and healthcare is profound, and we are optimistic that we can increasingly make a meaningful difference around the world as we continue to innovate and partner with purpose.”
Share Repurchase Authorization
The Company’s Board of Directors has authorized a new two-year $1 billion share repurchase program which replaces the remainder of the existing program which was announced in May 2023.
Investor Day
The Company will host an Investor Day on Thursday, November 21st beginning at 9:00 a.m. PT. To access the event, a live audio webcast will be available on the Investors section of the Company’s website.
Financial Overview by Reporting Segment
Life Sciences
- Third quarter 2024 revenue was $301 million, as compared to $308 million in the same period a year ago. Reported revenue decreased 2% and organic revenue decreased 3% as compared to the same period a year ago.
- Third quarter 2024 adjusted operating income was $103 million, as compared to $114 million in the same period a year ago. Adjusted operating profit margin was 34.2% as a percentage of adjusted revenue, as compared to 37.1% in the same period a year ago.
Diagnostics
- Third quarter 2024 revenue was $383 million, as compared to $363 million in the same period a year ago. Reported revenue increased 6% and organic revenue increased 5% as compared to the same period a year ago.
- Third quarter 2024 adjusted operating income was $101 million, as compared to $82 million in the same period a year ago. Adjusted operating profit margin was 26.5% as a percentage of adjusted revenue, as compared to 22.5% 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 $2.75-$2.77 billion to reflect recent changes in foreign currency exchange rates and assumes 0% to 1% organic growth. The Company is also raising its adjusted EPS guidance to a range of $4.83 to $4.87.
Guidance for the full year 2024 for organic growth and adjusted EPS 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 third quarter 2024 results and its outlook for business trends during a webcast on November 4, 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 |
| Nine Months Ended | ||||||||||||
(In thousands, except per share data) |
| September 29, |
| October 1, |
| September 29, |
| October 1, | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revenue |
| $ | 684,049 |
|
| $ | 670,739 |
|
| $ | 2,025,654 |
|
| $ | 2,054,670 |
|
|
|
|
|
|
|
|
|
| ||||||||
Cost of revenue |
|
| 299,233 |
|
|
| 298,223 |
|
|
| 900,285 |
|
|
| 898,457 |
|
Selling, general and administrative expenses |
|
| 237,521 |
|
|
| 250,249 |
|
|
| 749,742 |
|
|
| 765,828 |
|
Research and development expenses |
|
| 49,144 |
|
|
| 53,039 |
|
|
| 147,636 |
|
|
| 166,982 |
|
|
|
|
|
|
|
|
|
| ||||||||
Operating income from continuing operations |
|
| 98,151 |
|
|
| 69,228 |
|
|
| 227,991 |
|
|
| 223,403 |
|
|
|
|
|
|
|
|
|
| ||||||||
Interest income |
|
| (22,764 | ) |
|
| (23,450 | ) |
|
| (63,362 | ) |
|
| (53,768 | ) |
Interest expense |
|
| 24,383 |
|
|
| 25,486 |
|
|
| 73,497 |
|
|
| 74,231 |
|
Change in fair value of financial securities |
|
| (7,004 | ) |
|
| 13,587 |
|
|
| (13,975 | ) |
|
| 12,842 |
|
Other expense, net |
|
| 3,179 |
|
|
| 3,002 |
|
|
| 10,263 |
|
|
| 38,501 |
|
|
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations, before income taxes |
|
| 100,357 |
|
|
| 50,603 |
|
|
| 221,568 |
|
|
| 151,597 |
|
|
|
|
|
|
|
|
|
| ||||||||
Provision for income taxes |
|
| 6,971 |
|
|
| 18,134 |
|
|
| 26,880 |
|
|
| 35,661 |
|
|
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations |
|
| 93,386 |
|
|
| 32,469 |
|
|
| 194,688 |
|
|
| 115,936 |
|
|
|
|
|
|
|
|
|
| ||||||||
Income (loss) from discontinued operations |
|
| 981 |
|
|
| (22,972 | ) |
|
| (18,948 | ) |
|
| 498,595 |
|
|
|
|
|
|
|
|
|
| ||||||||
Net income |
| $ | 94,367 |
|
| $ | 9,497 |
|
| $ | 175,740 |
|
| $ | 614,531 |
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Diluted earnings per share: |
|
|
|
|
|
|
|
| ||||||||
Income from continuing operations |
| $ | 0.76 |
|
| $ | 0.26 |
|
| $ | 1.58 |
|
| $ | 0.93 |
|
|
|
|
|
|
|
|
|
| ||||||||
Income (loss) from discontinued operations |
|
| 0.01 |
|
|
| (0.18 | ) |
|
| (0.15 | ) |
|
| 3.98 |
|
|
|
|
|
|
|
|
|
| ||||||||
Net income |
| $ | 0.77 |
|
| $ | 0.08 |
|
| $ | 1.42 |
|
| $ | 4.90 |
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Weighted average diluted shares of common stock outstanding |
|
| 123,026 |
|
|
| 124,203 |
|
|
| 123,336 |
|
|
| 125,335 |
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
ABOVE PREPARED IN ACCORDANCE WITH GAAP | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Additional supplemental information(1): |
|
|
|
|
|
|
|
| ||||||||
(per share, continuing operations) |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
GAAP EPS from continuing operations |
| $ | 0.76 |
|
| $ | 0.26 |
|
| $ | 1.58 |
|
| $ | 0.93 |
|
Amortization of intangible assets |
|
| 0.73 |
|
|
| 0.73 |
|
|
| 2.20 |
|
|
| 2.20 |
|
Debt extinguishment costs |
|
| - |
|
|
| (0.00 | ) |
|
| - |
|
|
| (0.03 | ) |
Purchase accounting adjustments |
|
| 0.00 |
|
|
| 0.01 |
|
|
| 0.06 |
|
|
| 0.02 |
|
Acquisition and divestiture-related costs |
|
| 0.02 |
|
|
| 0.09 |
|
|
| 0.13 |
|
|
| 0.63 |
|
Change in fair value of financial securities |
|
| (0.06 | ) |
|
| 0.11 |
|
|
| (0.11 | ) |
|
| 0.10 |
|
Significant litigation matters and settlements |
|
| 0.01 |
|
|
| - |
|
|
| 0.06 |
|
|
| - |
|
Significant environmental matters |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.01 |
|
Restructuring and other, net |
|
| (0.00 | ) |
|
| 0.09 |
|
|
| 0.18 |
|
|
| 0.13 |
|
Tax on above items |
|
| (0.18 | ) |
|
| (0.25 | ) |
|
| (0.62 | ) |
|
| (0.73 | ) |
Significant tax items |
|
| - |
|
|
| 0.14 |
|
|
| - |
|
|
| 0.13 |
|
Adjusted EPS from continuing operations |
| $ | 1.28 |
|
| $ | 1.18 |
|
| $ | 3.47 |
|
| $ | 3.39 |
|
|
|
|
|
|
|
|
|
| ||||||||
(1) amounts may not sum due to rounding |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Revvity, Inc. and Subsidiaries REVENUE AND OPERATING INCOME (LOSS) | ||||||||||||||||
|
| Three Months Ended |
| Nine Months Ended | ||||||||||||
(In thousands, except percentages) |
| September 29, |
| October 1, |
| September 29, |
| October 1, | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Adjusted revenue and operating income |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Reported revenue |
| $ | 684,049 |
|
| $ | 670,739 |
|
| $ | 2,025,654 |
|
| $ | 2,054,670 |
|
Revenue purchase accounting adjustments |
|
| 205 |
|
|
| 206 |
|
|
| 621 |
|
|
| 618 |
|
Adjusted revenue |
| $ | 684,254 |
|
| $ | 670,945 |
|
| $ | 2,026,275 |
|
| $ | 2,055,288 |
|
|
|
|
|
|
|
|
|
| ||||||||
Reported operating income from continuing operations |
| $ | 98,151 |
|
| $ | 69,228 |
|
| $ | 227,991 |
|
| $ | 223,403 |
|
OP% |
|
| 14.3 | % |
|
| 10.3 | % |
|
| 11.3 | % |
|
| 10.9 | % |
Amortization of intangible assets |
|
| 89,642 |
|
|
| 90,920 |
|
|
| 271,500 |
|
|
| 275,489 |
|
Purchase accounting adjustments |
|
| 103 |
|
|
| 1,080 |
|
|
| 7,348 |
|
|
| 3,057 |
|
Acquisition and divestiture-related costs |
|
| 4,874 |
|
|
| 12,550 |
|
|
| 22,115 |
|
|
| 59,080 |
|
Significant litigation matters and settlements |
|
| 810 |
|
|
| — |
|
|
| 7,086 |
|
|
| — |
|
Significant environmental matters |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,132 |
|
Restructuring and other, net |
|
| (82 | ) |
|
| 10,832 |
|
|
| 22,119 |
|
|
| 15,936 |
|
Adjusted operating income |
| $ | 193,498 |
|
| $ | 184,610 |
|
| $ | 558,159 |
|
| $ | 578,097 |
|
OP% |
|
| 28.3 | % |
|
| 27.5 | % |
|
| 27.5 | % |
|
| 28.1 | % |
|
|
|
|
|
|
|
|
| ||||||||
Segment revenue and segment operating income |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Life Sciences |
| $ | 300,921 |
|
| $ | 307,855 |
|
| $ | 917,805 |
|
| $ | 972,649 |
|
Diagnostics |
|
| 383,333 |
|
|
| 363,090 |
|
|
| 1,108,470 |
|
|
| 1,082,639 |
|
Revenue purchase accounting adjustments |
|
| (205 | ) |
|
| (206 | ) |
|
| (621 | ) |
|
| (618 | ) |
Reported revenue |
| $ | 684,049 |
|
| $ | 670,739 |
|
| $ | 2,025,654 |
|
| $ | 2,054,670 |
|
|
|
|
|
|
|
|
|
| ||||||||
Life Sciences |
| $ | 102,979 |
|
| $ | 114,192 |
|
| $ | 317,105 |
|
| $ | 371,410 |
|
|
|
| 34.2 | % |
|
| 37.1 | % |
|
| 34.6 | % |
|
| 38.2 | % |
Diagnostics |
|
| 101,434 |
|
|
| 81,741 |
|
|
| 274,779 |
|
|
| 241,414 |
|
|
|
| 26.5 | % |
|
| 22.5 | % |
|
| 24.8 | % |
|
| 22.3 | % |
Corporate |
|
| (10,915 | ) |
|
| (11,323 | ) |
|
| (33,725 | ) |
|
| (34,727 | ) |
Subtotal reportable segments operating income |
|
| 193,498 |
|
|
| 184,610 |
|
|
| 558,159 |
|
|
| 578,097 |
|
|
|
|
|
|
|
|
|
| ||||||||
Amortization of intangible assets |
|
| (89,642 | ) |
|
| (90,920 | ) |
|
| (271,500 | ) |
|
| (275,489 | ) |
Purchase accounting adjustments |
|
| (103 | ) |
|
| (1,080 | ) |
|
| (7,348 | ) |
|
| (3,057 | ) |
Acquisition and divestiture-related costs |
|
| (4,874 | ) |
|
| (12,550 | ) |
|
| (22,115 | ) |
|
| (59,080 | ) |
Significant litigation matters and settlements |
|
| (810 | ) |
|
| — |
|
|
| (7,086 | ) |
|
| — |
|
Significant environmental matters |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (1,132 | ) |
Restructuring and other, net |
|
| 82 |
|
|
| (10,832 | ) |
|
| (22,119 | ) |
|
| (15,936 | ) |
Reported operating income from continuing operations |
| $ | 98,151 |
|
| $ | 69,228 |
|
| $ | 227,991 |
|
| $ | 223,403 |
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP | ||||||||||||||||
Revvity, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(In thousands) | September 29, |
| December 31, | ||
|
|
|
| ||
Current assets: |
|
|
| ||
Cash and cash equivalents | $ | 1,229,778 |
| $ | 913,163 |
Marketable securities |
| — |
|
| 689,916 |
Accounts receivable, net |
| 602,141 |
|
| 632,811 |
Inventories, net |
| 404,570 |
|
| 428,062 |
Other current assets |
| 211,917 |
|
| 337,139 |
Total current assets |
| 2,448,406 |
|
| 3,001,091 |
|
|
|
| ||
Property, plant and equipment, net |
| 517,932 |
|
| 509,654 |
Operating lease right-of-use assets, net |
| 149,305 |
|
| 155,083 |
Intangible assets, net |
| 2,763,211 |
|
| 3,022,321 |
Goodwill |
| 6,558,660 |
|
| 6,533,550 |
Other assets, net |
| 332,223 |
|
| 342,966 |
Total assets | $ | 12,769,737 |
| $ | 13,564,665 |
|
|
|
| ||
Current liabilities: |
|
|
| ||
Current portion of long-term debt | $ | 1,045 |
| $ | 721,872 |
Accounts payable |
| 176,407 |
|
| 204,121 |
Accrued expenses and other current liabilities |
| 510,488 |
|
| 524,470 |
Total current liabilities |
| 687,940 |
|
| 1,450,463 |
|
|
|
| ||
Long-term debt |
| 3,185,699 |
|
| 3,177,770 |
Long-term liabilities |
| 845,998 |
|
| 930,946 |
Operating lease liabilities |
| 128,399 |
|
| 132,747 |
Total liabilities |
| 4,848,036 |
|
| 5,691,926 |
|
|
|
| ||
Total stockholders’ equity |
| 7,921,701 |
|
| 7,872,739 |
Total liabilities and stockholders’ equity | $ | 12,769,737 |
| $ | 13,564,665 |
|
|
|
| ||
|
|
|
| ||
PREPARED IN ACCORDANCE WITH GAAP | |||||
Revvity, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| Three Months Ended |
| Nine Months Ended | ||||||||||||
(In thousands) | September 29, |
| October 1, |
| September 29, |
| October 1, | ||||||||
|
|
|
|
|
|
|
| ||||||||
Operating activities: |
|
|
|
|
|
|
| ||||||||
Net income | $ | 94,367 |
|
| $ | 9,497 |
|
| $ | 175,740 |
|
| $ | 614,531 |
|
(Income) loss from discontinued operations, net of income taxes |
| (981 | ) |
|
| 22,972 |
|
|
| 18,948 |
|
|
| (498,595 | ) |
Income from continuing operations |
| 93,386 |
|
|
| 32,469 |
|
|
| 194,688 |
|
|
| 115,936 |
|
Adjustments to reconcile income from continuing operations to net cash provided by (used in) continuing operations: |
|
|
|
|
|
|
| ||||||||
Stock-based compensation |
| 10,538 |
|
|
| 10,703 |
|
|
| 32,756 |
|
|
| 34,229 |
|
Restructuring and other, net |
| (82 | ) |
|
| 10,832 |
|
|
| 22,119 |
|
|
| 15,936 |
|
Depreciation and amortization |
| 107,670 |
|
|
| 108,263 |
|
|
| 322,816 |
|
|
| 326,201 |
|
Change in fair value of contingent consideration |
| (343 | ) |
|
| 633 |
|
|
| 6,006 |
|
|
| 1,718 |
|
Amortization of deferred debt financing costs and accretion of discounts |
| 1,542 |
|
|
| 1,982 |
|
|
| 5,051 |
|
|
| 5,800 |
|
Change in fair value of financial securities |
| (7,004 | ) |
|
| 13,587 |
|
|
| (13,975 | ) |
|
| 12,842 |
|
Debt extinguishment gain |
| — |
|
|
| (77 | ) |
|
| — |
|
|
| (3,422 | ) |
Unrealized foreign exchange (gain) loss |
| (206 | ) |
|
| — |
|
|
| (1,063 | ) |
|
| 23,679 |
|
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired: |
|
|
|
|
|
|
| ||||||||
Accounts receivable, net |
| 5,097 |
|
|
| (20,697 | ) |
|
| 33,291 |
|
|
| (30,913 | ) |
Inventories, net |
| 9,566 |
|
|
| (8,059 | ) |
|
| 26,817 |
|
|
| (34,834 | ) |
Accounts payable |
| (1,808 | ) |
|
| (36,169 | ) |
|
| (24,782 | ) |
|
| (85,394 | ) |
Accrued expenses and other |
| (61,342 | ) |
|
| (82,710 | ) |
|
| (114,236 | ) |
|
| (322,995 | ) |
Net cash provided by operating activities of continuing operations |
| 157,014 |
|
|
| 30,757 |
|
|
| 489,488 |
|
|
| 58,783 |
|
Net cash used in operating activities of discontinued operations |
| (9,129 | ) |
|
| (64,242 | ) |
|
| (35,419 | ) |
|
| (164,124 | ) |
Net cash provided by (used in) operating activities |
| 147,885 |
|
|
| (33,485 | ) |
|
| 454,069 |
|
|
| (105,341 | ) |
|
|
|
|
|
|
|
| ||||||||
Investing activities: |
|
|
|
|
|
|
| ||||||||
Capital expenditures |
| (22,319 | ) |
|
| (22,357 | ) |
|
| (62,194 | ) |
|
| (57,252 | ) |
Purchases of investments and notes receivables |
| — |
|
|
| (1,000 | ) |
|
| (4,337 | ) |
|
| (6,000 | ) |
Proceeds from notes receivables |
| 2,500 |
|
|
| — |
|
|
| 2,500 |
|
|
| — |
|
Purchases of U.S. Treasury Securities |
| — |
|
|
| — |
|
|
| — |
|
|
| (831,219 | ) |
Proceeds from U.S. Treasury Securities |
| 710,000 |
|
|
| 450,000 |
|
|
| 710,000 |
|
|
| 550,000 |
|
Proceeds from disposition of businesses and assets |
| — |
|
|
| 153 |
|
|
| — |
|
|
| 153 |
|
Cash paid for acquisitions, net of cash acquired |
| — |
|
|
| (1,400 | ) |
|
| — |
|
|
| (2,086 | ) |
Net cash provided by (used in) investing activities of continuing operations |
| 690,181 |
|
|
| 425,396 |
|
|
| 645,969 |
|
|
| (346,404 | ) |
Net cash provided by investing activities of discontinued operations |
| — |
|
|
| 9,473 |
|
|
| 147,522 |
|
|
| 2,074,734 |
|
Net cash provided by investing activities |
| 690,181 |
|
|
| 434,869 |
|
|
| 793,491 |
|
|
| 1,728,330 |
|
|
|
|
|
|
|
|
| ||||||||
Financing Activities: |
|
|
|
|
|
|
| ||||||||
Payments of debt financing costs |
| — |
|
|
| — |
|
|
| — |
|
|
| (15 | ) |
Payments of senior unsecured notes |
| (711,479 | ) |
|
| (467,138 | ) |
|
| (711,479 | ) |
|
| (517,973 | ) |
Net proceeds (payments) on other credit facilities |
| 429 |
|
|
| (13 | ) |
|
| (10,771 | ) |
|
| 7,218 |
|
Payments for acquisition-related contingent consideration |
| (83 | ) |
|
| — |
|
|
| (8,832 | ) |
|
| (10,117 | ) |
Proceeds from issuance of common stock under stock plans |
| 141 |
|
|
| 506 |
|
|
| 6,173 |
|
|
| 3,721 |
|
Purchases of common stock |
| (154,112 | ) |
|
| (110,715 | ) |
|
| (184,421 | ) |
|
| (384,014 | ) |
Dividends paid |
| (8,633 | ) |
|
| (8,689 | ) |
|
| (25,915 | ) |
|
| (26,327 | ) |
Net cash used in financing activities |
| (873,737 | ) |
|
| (586,049 | ) |
|
| (935,245 | ) |
|
| (927,507 | ) |
|
|
|
|
|
|
|
| ||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
| 17,051 |
|
|
| (10,699 | ) |
|
| 4,120 |
|
|
| (28,270 | ) |
|
|
|
|
|
|
|
| ||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash |
| (18,620 | ) |
|
| (195,364 | ) |
|
| 316,435 |
|
|
| 667,212 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
| 1,249,428 |
|
|
| 1,333,322 |
|
|
| 914,373 |
|
|
| 470,746 |
|
Cash, cash equivalents, and restricted cash at end of period | $ | 1,230,808 |
|
| $ | 1,137,958 |
|
| $ | 1,230,808 |
|
| $ | 1,137,958 |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| ||||||||
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 | $ | 1,229,778 |
|
| $ | 1,136,721 |
|
| $ | 1,229,778 |
|
| $ | 1,136,721 |
|
Restricted cash included in other current assets |
| 1,030 |
|
|
| 1,237 |
|
|
| 1,030 |
|
|
| 1,237 |
|
Total cash, cash equivalents and restricted cash | $ | 1,230,808 |
|
| $ | 1,137,958 |
|
| $ | 1,230,808 |
|
| $ | 1,137,958 |
|
|
|
|
|
|
|
|
| ||||||||
PREPARED IN ACCORDANCE WITH GAAP | |||||||||||||||
Revvity, Inc. and Subsidiaries RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1) | |||
|
|
| Continuing Operations |
|
|
| Three Months Ended |
|
|
| September 29, 2024 |
Organic revenue growth: |
|
|
|
Reported revenue growth from continuing operations |
|
| 2% |
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 |
|
| 2% |
|
|
|
|
|
|
|
|
|
|
| Life Sciences |
|
|
| Three Months Ended |
|
|
| September 29, 2024 |
Organic revenue growth: |
|
|
|
Reported revenue growth from continuing operations |
|
| -2% |
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 |
|
|
| Three Months Ended |
|
|
| September 29, 2024 |
Organic revenue growth: |
|
|
|
Reported revenue growth from continuing operations |
|
| 6% |
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% |
|
|
|
|
(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 |
|
|
| Projected |
Organic revenue growth: |
|
|
|
Reported revenue growth from continuing operations |
|
| 0% - 1% |
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 |
|
| 0% - 1% |
|
|
|
|
(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.
Contacts
Investor Relations:
Steve Willoughby
steve.willoughby@revvity.com
Media Contact:
Fara Goldberg (781) 663-5699
fara.goldberg@revvity.com
