REVVITY, INC.

Revvity, Inc. is a leading provider of health science solutions, technologies, expertise and services that deliver complete workflows from discovery to development, and diagnosis to cure, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, and informatics. The company markets its products and services in more than 160 countries and as of December 28, 2025, employed approximately 11,000 employees ¹. Revvity's common stock is listed on the New York Stock Exchange under the symbol RVTY and it is a component of the S&P 500 Index.

Revvity encounters aggressive competition from numerous competitors in many areas of its business, ranging from multinational organizations with a wide range of products to specialized firms with well-established market positions. The company competes on the basis of service level, price, technological innovation, operational efficiency, product differentiation, product availability, quality and reliability, and expects the proportion of large competitors to increase through continued consolidation. No single customer comprises more than 10% of net revenues in the years presented ².

Revvity generates revenue through two segments: Life Sciences and Diagnostics. The Life Sciences segment generates revenue from sales of instruments, reagents, software, subscriptions, detection and imaging technologies, extended warranties, training and services in the life sciences market. The Diagnostics segment generates revenue from sales of instruments, solutions, consumables, reagents, and services in the diagnostics market. Revenue from the sale of instruments, reagents, and certain software is recognized at a point in time, while revenue from software as a service, cloud services, subscriptions, and laboratory services and training is recognized over time. The typical length of a contract for service is 12 to 36 months ³.

The Life Sciences segment provides a comprehensive portfolio of technologies to help life sciences researchers better understand diseases and develop treatments, spanning cell, gene, and protein research. Principal products include reagents such as radiometric detection solutions with over 750 radiochemicals ⁴, BioLegend catalog of more than 35,000 SKUs ⁵, and instruments like the Opera Phenix Plus high-content screening system and the EnVision multimode plate reader. The segment also offers software including the Signals Research platform and Signals ChemDraw software. Life Sciences Solutions revenue was $1,194.7 million ⁶ in fiscal year 2025, and Software revenue was $236.4 million ⁷.

The Diagnostics segment offers instruments, reagents, assay platforms and software to hospitals, medical labs, clinicians and medical research professionals, with a focus on reproductive health, immunodiagnostics and emerging market diagnostics. Principal products include the DELFIA Xpress screening platform, the Vanadis NIPT offering, the EONIS assay, and the T-SPOT.TB test. The segment also includes the Revvity Omics global laboratory network offering multi-OMIC clinical grade services with testing laboratories in the United States, India, China and the United Kingdom ⁸. Immunodiagnostics revenue was $869.9 million ⁹ in fiscal year 2025, and Reproductive Health revenue was $555.0 million ¹⁰.

During fiscal year 2025, Revvity repurchased 7,264,299 shares of common stock under the Repurchase Program for an aggregate cost of $695.4 million ¹¹ and repurchased 1,245,232 shares of common stock under the New Repurchase Program for an aggregate cost of $120.5 million ¹². The company also paid $32.8 million in dividends ¹³ and made net payments of $3.0 million on debts ¹⁴. Tariffs enacted and implemented during fiscal year 2025 increased cost of revenue by approximately $25 million ¹⁵, with a net impact on gross margin of approximately $20 million ¹⁶. The company also executed a sale of its United Kingdom pension plan to a third party, with excess plan assets of $2.7 million, net of taxes, reverting to the company ¹⁷.

Total revenue for fiscal year 2025 was $2,856.1 million ¹⁸, compared to $2,755.0 million ¹⁹ in fiscal year 2024, an increase of $101.1 million, or 4%. Net income from continuing operations was $239.9 million ²⁰ in fiscal year 2025, compared to $283.1 million ²¹ in fiscal year 2024. Diluted earnings per share from continuing operations was $2.06 ²² in fiscal year 2025, compared to $2.30 ²³ in fiscal year 2024. Net cash provided by operating activities of continuing operations was $589.0 million ²⁴ in fiscal year 2025, compared to $665.0 million ²⁵ in fiscal year 2024.

A key growth vector is the advancement of Artificial Intelligence (AI) to further strengthen differentiated offerings and drive internal operating efficiencies, as stated in the company's strategy. The company is in the initial phases of expanding AI into the core functions of its business. New products introduced in fiscal year 2025 include Phenologic.AI software, a module in the Harmony high-content imaging and analysis software that uses a pre-trained deep-learning image-analysis model, and the Living Image Synergy AI in vivo imaging software platform. The Pin-point base editing platform was expanded to include AI-enhanced adenine deaminase editors in collaboration with Profluent.

Another growth vector is the expansion of the product portfolio through both internal research and development and strategic acquisitions. In fiscal year 2025, the company introduced numerous new products across both segments, including the AssayMate workstation, the VivoJect image-guided injection system, the EnVision Nexus multimode plate reader, the NeoLSD 7 Plex MS/MS kit, the Vanadis Core Reagent Cartridge II, and the T-SPOT.Flex interferon-gamma ELISPOT kit. The company's strategy includes augmenting growth in both core business segments through strategic acquisitions and licensing.

The consolidated gross margin decreased 104 basis points in fiscal year 2025 to 54.8% ²⁶ from 55.8% ²⁷ in fiscal year 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift, partially offset by the completion of product rebranding efforts. The consolidated operating margin decreased 10 basis points in fiscal year 2025 due to gross margin headwinds, partially offset by productivity and cost containment initiatives. Restructuring and other costs, net were $55.9 million ²⁸ in fiscal year 2025, primarily including charges associated with workforce reductions and facility consolidations affecting approximately 5% of the workforce ²⁹.

The company projects an increase in capital expenditures in fiscal year 2026 relative to fiscal year 2025, reflecting a strategic commitment to enhancing digital capabilities, product innovations, and realigning production infrastructure. The company anticipates funding these initiatives through a combination of existing cash reserves and internally generated funds from continuing operations. As of December 28, 2025, the company had cash and cash equivalents of $919.9 million ³⁰, of which $463.0 million ³¹ was held by non-U.S. subsidiaries.

Research and development expenses for fiscal year 2025 were $215.8 million ³², compared to $196.8 million ³³ in fiscal year 2024, an increase of $19.0 million, or 10%. Capital expenditures for fiscal year 2025 were $73.5 million ³⁴, compared to $86.6 million ³⁵ in fiscal year 2024. On October 23, 2025, the Board authorized a new stock repurchase program for an aggregate amount up to $1.0 billion ³⁶, which will expire on October 22, 2027. As of December 28, 2025, $879.5 million ³⁷ remained available for aggregate repurchases under the New Repurchase Program. The Board declared a quarterly dividend of $0.07 per share ³⁸ for the fourth quarter of fiscal year 2025 and a quarterly dividend of $0.07 per share ³⁹ for the first quarter of fiscal year 2026.

A significant headwind is the impact of tariffs, which increased cost of revenue by approximately $25 million ⁴⁰ and reduced gross margin by approximately $20 million ⁴¹ in fiscal year 2025, primarily affecting products manufactured in Europe for the U.S. market. The company notes that additional tariffs or trade restrictions may materially and adversely affect its results of operations, financial condition, and competitive position. The company also faces risks from global economic and political conditions, including inflation, recession, financial liquidity, interest rates, and currency volatility.

The company faces constraints from changes in government funding and regulations, noting that recently announced and proposed changes in U.S. funding and regulations have created a more cautious spending environment for customers. The company's revenues may be adversely affected if customers delay or reduce purchases as a result of uncertainties surrounding the approval of government or industrial funding proposals or reductions in government funding. Additionally, the company is subject to risks associated with foreign operations, as sales originating outside the United States represented the majority of total revenue in fiscal year 2025 ⁴².

The company faces material risk from tariffs, which increased cost of revenue by approximately $25 million ⁴³ and reduced gross margin by approximately $20 million ⁴⁴ in fiscal year 2025, primarily affecting products manufactured in Europe for the U.S. market, and additional tariffs may materially and adversely affect results. The company has substantial debt of $3,220.1 million ⁴⁵ as of December 28, 2025, which could impact its ability to obtain future financing and limit other expenditures. The Life Sciences Solutions reporting unit, with a goodwill balance of $4.5 billion ⁴⁶ at December 28, 2025, had a fair value that exceeded its carrying value by more than 10% but less than 20% as of the November 3, 2025 impairment testing date, and adverse changes in the business could result in impairment. The company is subject to risks from foreign operations, as sales originating outside the United States represented the majority of total revenue in fiscal year 2025 ⁴⁷, and changes in foreign currency exchange rates, trade protection measures, and differing tax laws could harm international sales and profitability. The company also faces risk from disruptions in the supply of raw materials from limited or single source suppliers, which could have an adverse effect on business operations.

Management's message emphasizes a strategy to develop and deliver innovative products, services and solutions in high-growth markets to address customers' critical needs and drive scientific breakthroughs. Key strategic priorities include strengthening the position within key markets by expanding global product and service offerings, accelerating transformational innovation through internal research and development and third-party collaborations, augmenting growth in both core business segments through strategic acquisitions and licensing, advancing the use of AI to strengthen differentiated offerings and drive internal operating efficiencies, engraining focused operational excellence to improve organizational efficiency and agility, and taking a disciplined approach to capital allocation to support organic investments, pursue mergers and acquisitions and opportunistic share repurchase programs to drive shareholder value. Management states that overall revenue in fiscal year 2025 increased by $101.1 million, or 4%, as compared to fiscal year 2024, and that the company believes its range of product offerings, leading market positions, global scale and financial strength provides a foundation for continued long-term growth, margin expansion and robust cash flow generation.