Revvity Announces Financial Results for the Fourth Quarter and Full Year of 2023

Revvity Announces Financial Results for the Fourth Quarter and Full Year of 2023




Revvity Announces Financial Results for the Fourth Quarter and Full Year of 2023

  • Fourth quarter revenue of $696 million; (6)% reported growth; (7)% organic growth; (3)% non-COVID organic growth
  • Fourth quarter GAAP EPS of $0.64; Adjusted EPS from continuing operations of $1.25
  • Initiates full year 2024 guidance

WALTHAM, Mass.–(BUSINESS WIRE)–Revvity, Inc. (NYSE: RVTY), today reported financial results for the fourth quarter and full year ended December 31, 2023.


Fourth Quarter 2023

The Company reported GAAP earnings per share of $0.64, as compared to $1.01 in the same period a year ago. GAAP revenue for the quarter was $696 million, as compared to $741 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $77 million, as compared to $137 million for the same period a year ago. GAAP operating profit margin from continuing operations was 11.1% as a percentage of revenue, as compared to 18.5% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.25, as compared to $1.41 in the same period a year ago. Adjusted revenue for the quarter was $696 million, as compared to $741 million in the same period a year ago. Adjusted operating income was $192 million, as compared to $240 million for the same period a year ago. Adjusted operating profit margin was 27.5% as a percentage of adjusted revenue, as compared to 32.3% in the same period a year ago.

Full Year 2023

The Company reported GAAP earnings per share of $5.55 in 2023, as compared to $4.50 in 2022. GAAP revenue for the year was $2,751 million, as compared to $3,312 million in 2022. GAAP operating income from continuing operations for the year was $301 million, as compared to $743 million for 2022. GAAP operating profit margin from continuing operations for the year was 10.9% as a percentage of revenue, as compared to 22.4% in 2022.

Adjusted earnings per share from continuing operations for the year was $4.65, as compared to $6.92 in 2022. Adjusted revenue for the year was $2,751 million, as compared to $3,313 million in 2022. Adjusted operating income for the year was $770 million, as compared to $1,212 million in 2022. Adjusted operating profit margin for the year was 28.0% as a percentage of adjusted revenue, as compared to 36.6% in 2022.

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

“We persevered through continued industry headwinds and performed better than anticipated during the final months of 2023,” said Prahlad Singh, president and chief executive officer of Revvity. “We are leading with innovation to be a strategic scientific partner with our customers, which positions us well to continue to perform at a high level for years to come.”

Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2023

Life Sciences

  • Fourth quarter 2023 revenue was $320 million, as compared to $347 million in the same period a year ago. Reported revenue decreased 8% and organic revenue decreased 9% as compared to the same period a year ago.
  • Full year 2023 revenue was $1,292 million, as compared to $1,293 million in 2022. Reported revenue and organic revenue were both flat as compared to the same period a year ago.
  • Fourth quarter 2023 adjusted operating income was $118 million, as compared to $146 million in the same period a year ago. Adjusted operating profit margin was 36.9% as a percentage of adjusted revenue, as compared to 41.9% in the same period a year ago.
  • Full year 2023 adjusted operating income was $489 million, as compared to $503 million in 2022. Adjusted operating profit margin was 37.9% as a percentage of adjusted revenue, as compared to 38.9% in 2022.

Diagnostics

  • Fourth quarter 2023 revenue was $376 million, as compared to $394 million in the same period a year ago. Reported revenue decreased 4% and organic revenue decreased 6% as compared to the same period a year ago.
  • Full year 2023 revenue was $1,459 million, as compared to $2,020 million in 2022. Reported revenue decreased 28% and organic revenue decreased 27% as compared to the same period a year ago.
  • Fourth quarter 2023 adjusted operating income was $80 million, as compared to $113 million in the same period a year ago. Adjusted operating profit margin was 21.1% as a percentage of adjusted revenue, as compared to 28.7% in the same period a year ago.
  • Full year 2023 adjusted operating income was $321 million, as compared to $782 million in 2022. Adjusted operating profit margin was 22.0% as a percentage of adjusted revenue, as compared to 38.7% in 2022.

Initiates Full Year 2024 Guidance

For the full year 2024, the Company forecasts total revenue of $2.79-$2.85 billion and adjusted earnings per share of $4.55-$4.75.

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 fourth quarter and full year 2023 results and its outlook for business trends during a webcast on February 1, 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.

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) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and divestitures, license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government 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

Twelve Months Ended

(In thousands, except per share data)

December 31, 2023

January 1, 2023

December 31, 2023

January 1, 2023

Revenue

$

695,901

 

$

741,214

 

$

2,750,571

 

$

3,311,822

 

Cost of revenue

 

312,423

 

 

304,884

 

 

1,210,880

 

 

1,321,992

 

Selling, general and administrative expenses

 

256,723

 

 

244,325

 

 

1,022,551

 

 

1,025,514

 

Research and development expenses

 

49,596

 

 

54,536

 

 

216,578

 

 

221,617

 

Operating income from continuing operations

 

77,159

 

 

137,469

 

 

300,562

 

 

742,699

 

Interest income

 

(18,363

)

 

(1,565

)

 

(72,131

)

 

(3,589

)

Interest expense

 

24,582

 

 

22,508

 

 

98,813

 

 

103,955

 

Change in fair value of financial securities

 

21,079

 

 

1,433

 

 

33,921

 

 

15,754

 

Other expense (income), net

 

18,482

 

 

(23,354

)

 

56,983

 

 

(25,258

)

Income from continuing operations, before income taxes

 

31,379

 

 

138,447

 

 

182,976

 

 

651,837

 

(Benefit from) provision for income taxes

 

(32,188

)

 

40,950

 

 

3,473

 

 

139,161

 

Income from continuing operations

 

63,567

 

 

97,497

 

 

179,503

 

 

512,676

 

Income from discontinued operations

 

14,996

 

 

30,161

 

 

513,591

 

 

56,503

 

Net income

$

78,563

 

$

127,658

 

$

693,094

 

$

569,179

 

Diluted earnings per share:

Income from continuing operations

$

0.52

 

$

0.77

 

$

1.44

 

$

4.06

 

Income from discontinued operations

 

0.12

 

 

0.24

 

 

4.11

 

 

0.45

 

Net income

$

0.64

 

$

1.01

 

$

5.55

 

$

4.50

 

Weighted average diluted shares of common stock outstanding

 

123,412

 

 

126,476

 

 

124,812

 

 

126,426

 

ABOVE PREPARED IN ACCORDANCE WITH GAAP

Additional supplemental information (1):

(per share, continuing operations)

GAAP EPS from continuing operations

$

0.52

 

$

0.77

 

$

1.44

 

$

4.06

 

Amortization of intangible assets

 

0.73

 

 

0.71

 

 

2.93

 

 

2.93

 

Debt extinguishment costs

 

(0.00

)

 

(0.02

)

 

(0.03

)

 

(0.02

)

Purchase accounting adjustments

 

0.02

 

 

0.00

 

 

0.05

 

 

0.36

 

Acquisition and divestiture-related costs

 

0.08

 

 

0.11

 

 

0.71

 

 

0.32

 

Change in fair value of financial securities

 

0.17

 

 

0.01

 

 

0.27

 

 

0.12

 

Significant litigation matters and settlements

 

0.00

 

 

0.00

 

 

0.00

 

 

(0.00

)

Significant environmental matters

 

0.01

 

 

 

 

0.02

 

 

 

Disposition of businesses and assets, net

 

 

 

(0.02

)

 

 

 

(0.02

)

Mark to market on postretirement benefits

 

0.08

 

 

(0.18

)

 

0.08

 

 

(0.18

)

Restructuring and other, net

 

0.09

 

 

(0.01

)

 

0.21

 

 

0.11

 

Tax on above items

 

(0.29

)

 

(0.07

)

 

(1.02

)

 

(0.84

)

Significant tax items

 

(0.14

)

 

0.12

 

 

(0.01

)

 

0.10

 

Adjusted EPS from continuing operations

$

1.25

 

$

1.41

 

$

4.65

 

$

6.92

 

(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 31, 2023

January 1, 2023

December 31, 2023

January 1, 2023

 
Adjusted revenue and operating income
 
Reported revenue

$

695,901

 

$

741,214

 

$

2,750,571

 

$

3,311,822

 

Revenue purchase accounting adjustments

 

209

 

 

205

 

 

827

 

 

814

 

Adjusted revenue

 

696,110

 

 

741,419

 

 

2,751,398

 

 

3,312,636

 

 
Reported operating income from continued operations

 

77,159

 

 

137,469

 

 

300,562

 

 

742,699

 

OP%

 

11.1

%

 

18.5

%

 

10.9

%

 

22.4

%

Amortization of intangible assets

 

89,624

 

 

90,169

 

 

365,113

 

 

370,638

 

Purchase accounting adjustments

 

2,899

 

 

87

 

 

5,956

 

 

45,681

 

Acquisition and divestiture-related costs

 

10,079

 

 

13,961

 

 

69,159

 

 

39,826

 

Significant litigation matters and settlements

 

12

 

 

5

 

 

12

 

 

(627

)

Significant environmental matters

 

1,325

 

 

 

 

2,457

 

 

 

Restructuring and other, net

 

10,665

 

 

(1,863

)

 

26,601

 

 

13,580

 

Adjusted operating income

$

191,763

 

$

239,828

 

$

769,860

 

$

1,211,797

 

OP%

 

27.5

%

 

32.3

%

 

28.0

%

 

36.6

%

 
Segment revenue and segment operating income
 
Life Sciences

$

319,691

 

$

347,425

 

$

1,292,340

 

$

1,292,909

 

Diagnostics

 

376,419

 

 

393,994

 

 

1,459,058

 

 

2,019,727

 

Revenue purchase accounting adjustments

 

(209

)

 

(205

)

 

(827

)

 

(814

)

Reported revenue

 

695,901

 

 

741,214

 

 

2,750,571

 

 

3,311,822

 

 
 
Life Sciences

 

117,939

 

 

145,582

 

 

489,349

 

 

503,243

 

 

36.9

%

 

41.9

%

 

37.9

%

 

38.9

%

Diagnostics

 

79,514

 

 

113,004

 

 

320,928

 

 

781,985

 

 

21.1

%

 

28.7

%

 

22.0

%

 

38.7

%

Corporate

 

(5,690

)

 

(18,758

)

 

(40,417

)

 

(73,431

)

Subtotal reportable segments adjusted operating income

 

191,763

 

 

239,828

 

 

769,860

 

 

1,211,797

 

 
Amortization of intangible assets

 

(89,624

)

 

(90,169

)

 

(365,113

)

 

(370,638

)

Purchase accounting adjustments

 

(2,899

)

 

(87

)

 

(5,956

)

 

(45,681

)

Acquisition and divestiture-related costs

 

(10,079

)

 

(13,961

)

 

(69,159

)

 

(39,826

)

Significant litigation matters and settlements

 

(12

)

 

(5

)

 

(12

)

 

627

 

Significant environmental matters

 

(1,325

)

 

 

 

(2,457

)

 

 

Restructuring and other, net

 

(10,665

)

 

1,863

 

 

(26,601

)

 

(13,580

)

Reported operating income from continued operations

$

77,159

 

$

137,469

 

$

300,562

 

$

742,699

 

 
 

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

 
Revvity, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

 
 
(In thousands)

December 31, 2023

January 1, 2023

 
Current assets:
Cash and cash equivalents

$

913,163

$

454,358

Marketable securities

 

689,916

 

Accounts receivable, net

 

632,811

 

612,780

Inventories, net

 

428,062

 

405,462

Other current assets

 

337,139

 

122,254

Current assets of discontinued operations

 

 

1,693,704

Total current assets

 

3,001,091

 

3,288,558

 
Property, plant and equipment, net

 

509,654

 

482,950

Operating lease right-of-use assets, net

 

155,083

 

188,351

Intangible assets, net

 

3,022,321

 

3,377,174

Goodwill

 

6,533,550

 

6,481,768

Other assets, net

 

342,966

 

311,054

Total assets

$

13,564,665

$

14,129,855

 
Current liabilities:
Current portion of long-term debt

$

721,872

$

470,929

Accounts payable

 

204,121

 

272,826

Accrued expenses and other current liabilities

 

524,470

 

527,863

Current liabilities of discontinued operations

 

 

272,865

Total current liabilities

 

1,450,463

 

1,544,483

 
Long-term debt

 

3,177,770

 

3,923,347

Long-term liabilities

 

930,946

 

1,109,181

Operating lease liabilities

 

132,747

 

169,968

Total liabilities

 

5,691,926

 

6,746,979

 
Total stockholders’ equity

 

7,872,739

 

7,382,876

Total liabilities and stockholders’ equity

$

13,564,665

$

14,129,855

 
 

PREPARED IN ACCORDANCE WITH GAAP

 
Revvity, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

 
 

Three Months Ended

Twelve Months Ended

December 31, 2023

January 1, 2023

December 31, 2023

January 1, 2023

(In thousands)

(In thousands)

 
 
Operating activities:
Net income

$

78,563

 

$

127,658

 

$

693,094

 

$

569,179

 

Income from discontinued operations, net of income taxes

 

(14,996

)

 

(30,161

)

 

(513,591

)

 

(56,503

)

Income from continuing operations

 

63,567

 

 

97,497

 

 

179,503

 

 

512,676

 

Adjustments to reconcile income from continuing operations to net cash provided by (used in) continuing operations:
Stock-based compensation

 

7,181

 

 

11,742

 

 

41,410

 

 

51,518

 

Restructuring and other, net

 

10,665

 

 

(1,863

)

 

26,601

 

 

13,580

 

Depreciation and amortization

 

105,568

 

 

104,234

 

 

431,769

 

 

427,000

 

Pension and other postretirement expenses

 

23,089

 

 

(23,104

)

 

23,089

 

 

(23,104

)

Change in fair value of contingent consideration

 

2,450

 

 

(608

)

 

4,168

 

 

(1,377

)

Deferred taxes

 

(123,664

)

 

(105,923

)

 

(123,664

)

 

(105,923

)

Contingencies and non-cash tax matters

 

26,183

 

 

(1,488

)

 

26,183

 

 

(1,488

)

Amortization of deferred debt financing costs and accretion of discounts

 

1,549

 

 

1,264

 

 

7,349

 

 

7,310

 

Gains on disposition of businesses and assets, net

 

 

 

(2,887

)

 

 

 

(2,887

)

Change in fair value of financial securities

 

21,079

 

 

1,433

 

 

33,921

 

 

15,754

 

Debt extinguishment gain

 

(263

)

 

(2,788

)

 

(3,685

)

 

(2,880

)

Unrealized foreign exchange loss

 

410

 

 

 

 

24,089

 

 

 

Amortization of acquired inventory revaluation

 

 

 

250

 

 

 

 

45,289

 

Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net

 

21,916

 

 

(54,045

)

 

(8,997

)

 

66,093

 

Inventories

 

20,725

 

 

(4,159

)

 

(14,109

)

 

(48,634

)

Accounts payable

 

8,968

 

 

(15,836

)

 

(76,426

)

 

(43,804

)

Accrued expenses and other

 

31,181

 

 

123,466

 

 

(291,814

)

 

(236,623

)

Net cash provided by operating activities of continuing operations

 

220,604

 

 

127,185

 

 

279,387

 

 

672,500

 

Net cash (used in) provided by operating activities of discontinued operations

 

(23,991

)

 

11,973

 

 

(188,115

)

 

7,310

 

Net cash provided by operating activities

 

196,613

 

 

139,158

 

 

91,272

 

 

679,810

 

 
Investing activities:
Capital expenditures

 

(24,116

)

 

(26,130

)

 

(81,368

)

 

(85,632

)

Purchases of investments

 

(300

)

 

(2,171

)

 

(6,300

)

 

(47,181

)

Purchases of US Treasury Securities

 

(390,390

)

 

 

 

(1,221,609

)

 

 

Proceeds from US Treasury Securities

 

 

 

550,000

 

Proceeds from notes receivables

 

 

 

 

 

 

 

8,890

 

Proceeds from disposition of businesses and assets

 

 

 

8,841

 

 

153

 

 

14,505

 

Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired

 

 

 

250

 

 

(2,086

)

 

(7,518

)

Net cash used in investing activities of continuing operations

 

(414,806

)

 

(19,210

)

 

(761,210

)

 

(116,936

)

Net cash provided by (used in) investing activities of discontinued operations

 

 

 

(6,474

)

 

2,074,734

 

 

(15,915

)

Net cash (used in) provided by investing activities

 

(414,806

)

 

(25,684

)

 

1,313,524

 

 

(132,851

)

 
Financing Activities:
Payments on borrowings

 

 

 

(20,000

)

 

 

 

(240,000

)

Proceeds from borrowings

 

 

 

20,000

 

 

 

 

240,000

 

Payments of term loan

 

 

 

 

 

 

 

(500,000

)

Payments of senior unsecured notes

 

(5,835

)

 

(50,404

)

 

(523,808

)

 

(57,876

)

Payment of debt issuance costs

 

 

 

 

 

(15

)

 

 

Settlement of cash flow hedges

 

 

 

 

 

 

 

(762

)

Net (payments) proceeds on other credit facilities

 

(895

)

 

(810

)

 

6,323

 

 

(1,292

)

Payments for acquisition-related contingent consideration

 

 

 

 

 

(10,117

)

 

(5

)

Proceeds from issuance of common stock under stock plans

 

623

 

 

7,860

 

 

4,344

 

 

14,114

 

Purchases of common stock

 

(4,868

)

 

(24,501

)

 

(388,882

)

 

(80,638

)

Dividends paid

 

(8,639

)

 

(8,842

)

 

(34,966

)

 

(35,344

)

Net cash used in financing activities of continuing operations

 

(19,614

)

 

(76,697

)

 

(947,121

)

 

(661,803

)

 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

14,222

 

 

17,657

 

 

(14,048

)

 

(33,747

)

 
Net (decrease) increase in cash, cash equivalents, and restricted cash

 

(223,585

)

 

54,434

 

 

443,627

 

 

(148,591

)

Cash, cash equivalents, and restricted cash at beginning of period

 

1,137,958

 

 

416,312

 

 

470,746

 

 

619,337

 

Cash, cash equivalents, and restricted cash at end of period

$

914,373

 

$

470,746

 

$

914,373

 

$

470,746

 

 
 
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

$

913,163

 

$

454,358

 

$

913,163

 

$

454,358

 

Restricted cash included in other current assets

 

1,210

 

 

1,040

 

 

1,210

 

 

1,040

 

Restricted cash included in other assets

 

 

 

349

 

 

 

 

349

 

Cash and cash equivalents included in current assets of discontinued operations

 

 

 

14,999

 

 

 

 

14,999

 

Total cash, cash equivalents and restricted cash

$

914,373

 

$

470,746

 

$

914,373

 

$

470,746

 

 

PREPARED IN ACCORDANCE WITH GAAP

 
Revvity, Inc. and Subsidiaries

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

 
 

Revvity

Three Months Ended

December 31, 2023

Organic revenue growth:
Reported revenue growth from continuing operations

-6%

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

-7%

Less: effect of COVID products

-4%

Non-COVID organic revenue growth from continuing operations

-3%

 
 

Life Sciences

Three Months Ended

December 31, 2023

Organic revenue growth:
Reported revenue growth from continuing operations

-8%

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

-9%

 
 

Diagnostics

Three Months Ended

December 31, 2023

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%

Less: effect of COVID products

-8%

Non-COVID organic revenue growth from continuing operations

3%

 

(1) amounts may not sum due to rounding

 
Revvity, Inc. and Subsidiaries

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

 
 

Revvity

Twelve Months Ended

December 31, 2023

Organic revenue growth:
Reported revenue growth from continuing operations

-17%

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

-16%

Less: effect of COVID products

-19%

Non-COVID organic revenue growth from continuing operations

2%

 
 

Life Sciences

Twelve Months Ended

December 31, 2023

Organic revenue growth:
Reported revenue growth 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

0%

 
 

Diagnostics

Twelve Months Ended

December 31, 2023

Organic revenue growth:
Reported revenue growth continuing operations

-28%

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

-27%

Less: effect of COVID products

-32%

Non-COVID organic revenue growth from continuing operations

5%

 

(1) amounts may not sum due to rounding

 

Contacts

Investor Relations:

Steve Willoughby

steve.willoughby@revvity.com

Media Contact:

Fara Goldberg (781) 663-5699

fara.goldberg@revvity.com

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