Revvity Announces Financial Results for the Second Quarter of 2023

Revvity Announces Financial Results for the Second Quarter of 2023




Revvity Announces Financial Results for the Second Quarter of 2023

  • Revenue of $709 million; (21)% reported growth; (20)% organic growth; 6% non-COVID organic growth
  • GAAP EPS of $0.28; Adjusted EPS from continuing operations of $1.21
  • Updates full year 2023 guidance

WALTHAM, Mass.–(BUSINESS WIRE)–Revvity, Inc. (NYSE: RVTY), today reported financial results for the second quarter ended July 2, 2023.


The Company reported GAAP earnings per share of $0.28, as compared to $1.42 in the same period a year ago. GAAP revenue for the quarter was $709 million, as compared to $896 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $78 million, as compared to $232 million for the same period a year ago. GAAP operating profit margin from continuing operations was 11.0% as a percentage of revenue, as compared to 26.0% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.21, as compared to $1.98 in the same period a year ago. Adjusted revenue for the quarter was $709 million, as compared to $896 million in the same period a year ago. Adjusted operating income was $204 million, as compared to $355 million for the same period a year ago. Adjusted operating profit margin was 28.8% as a percentage of adjusted revenue, as compared to 39.6% in the same period a year ago.

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

Significant innovation and excitement around our new brand launch were both proudly displayed during our first full quarter as Revvity,” said Prahlad Singh, president and chief executive officer of Revvity. As we demonstrated in the second quarter by delivering on our objectives, Revvity was built to be resilient. This will continue into the second half of the year as we persevere through current end market challenges.”

Financial Overview by Reporting Segment for the Second Quarter

Life Sciences

  • Second quarter 2023 revenue was $336 million, as compared to $327 million in the same period a year ago. Reported revenue increased 3% and organic revenue increased 3% as compared to the same period a year ago.
  • Second quarter 2023 adjusted operating income was $128 million, as compared to $131 million in the same period a year ago.
  • Second quarter 2023 adjusted operating profit margin was 38.0% as a percentage of adjusted revenue, as compared to 40.0% in the same period a year ago.

Diagnostics

  • Second quarter 2023 revenue was $373 million, as compared to $569 million in the same period a year ago. Reported revenue decreased 34% and organic revenue decreased 34% as compared to the same period a year ago.
  • Second quarter 2023 adjusted operating income was $85 million, as compared to $245 million in the same period a year ago.
  • Second quarter 2023 adjusted operating profit margin was 22.9% as a percentage of adjusted revenue, as compared to 43.0% in the same period a year ago.

Updates Full Year 2023 Guidance

For the full year 2023, the Company now forecasts total revenue of $2.80-$2.85 billion and adjusted earnings per share of $4.70-$4.90. This guidance assumes no additional contribution from COVID related revenues.

Guidance for the full year 2023 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 second quarter 2023 results and its outlook for business trends during a webcast on August 1, 2023, 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) 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 more than $3 billion in revenue 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, Twitter, YouTube, Facebook and Instagram for updates.

Revvity, Inc. and Subsidiaries

CONDENSED CONSOLIDATED INCOME STATEMENTS
 
 

Three Months Ended

Six Months Ended

(In thousands, except per share data) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022
 
 
Revenue

$

709,066

 

$

895,642

 

$

1,383,931

 

$

1,858,805

 

 
Cost of revenue

 

306,735

 

 

343,926

 

 

600,234

 

 

712,349

 

Selling, general and administrative expenses

 

267,022

 

 

263,186

 

 

515,579

 

 

538,446

 

Research and development expenses

 

57,253

 

 

56,036

 

 

113,943

 

 

113,560

 

 
Operating income from continuing operations

 

78,056

 

 

232,494

 

 

154,175

 

 

494,450

 

 
Interest income

 

(25,046

)

 

(762

)

 

(30,318

)

 

(1,357

)

Interest expense

 

26,007

 

 

27,128

 

 

48,745

 

 

55,516

 

Change in fair value of financial securities

 

2,023

 

 

(2,909

)

 

(745

)

 

9,215

 

Other expense (income), net

 

3,518

 

 

2,693

 

 

35,499

 

 

(172

)

 
Income from continuing operations, before income taxes

 

71,554

 

 

206,344

 

 

100,994

 

 

431,248

 

 
Provision for income taxes

 

12,932

 

 

44,743

 

 

17,527

 

 

85,577

 

 
Income from continuing operations

 

58,622

 

 

161,601

 

 

83,467

 

 

345,671

 

 
(Loss) income from discontinued operations

 

(23,063

)

 

17,611

 

 

521,567

 

 

10,503

 

 
Net income

$

35,559

 

$

179,212

 

$

605,034

 

$

356,174

 

 
 
Diluted earnings per share:
Income from continuing operations

$

0.47

 

$

1.28

 

$

0.66

 

$

2.73

 

 
(Loss) income from discontinued operations

 

(0.18

)

 

0.14

 

 

4.14

 

 

0.08

 

 
Net income

$

0.28

 

$

1.42

 

$

4.80

 

$

2.81

 

 
 
Weighted average diluted shares of common stock outstanding

 

125,398

 

 

126,509

 

 

125,918

 

 

126,581

 

 
 
ABOVE PREPARED IN ACCORDANCE WITH GAAP
 
 
Additional supplemental information (1):
(per share, continuing operations)
 
GAAP EPS from continuing operations

$

0.47

 

$

1.28

 

$

0.66

 

$

2.73

 

Amortization of intangible assets

 

0.74

 

 

0.74

 

 

1.47

 

 

1.49

 

Debt extinguishment costs

 

 

 

0.00

 

 

(0.03

)

 

0.00

 

Purchase accounting adjustments

 

0.02

 

 

0.14

 

 

0.02

 

 

0.28

 

Acquisition and divestiture-related costs

 

0.20

 

 

0.07

 

 

0.55

 

 

0.14

 

Change in fair value of financial securities

 

0.02

 

 

(0.02

)

 

(0.01

)

 

0.07

 

Significant litigation matters and settlements

 

 

 

(0.01

)

 

 

 

(0.01

)

Significant environmental matters

 

 

 

 

 

0.01

 

 

 

Restructuring and other, net

 

0.02

 

 

0.03

 

 

0.04

 

 

0.10

 

Tax on above items

 

(0.25

)

 

(0.25

)

 

(0.48

)

 

(0.53

)

Significant tax items

 

 

 

 

 

(0.01

)

 

 

Adjusted EPS from continuing operations

$

1.21

 

$

1.98

 

$

2.22

 

$

4.28

 

 
(1) amounts may not sum due to rounding
 
 
Revvity, Inc. and Subsidiaries
REVENUE AND OPERATING INCOME (LOSS)
 
 
 
Three Months Ended Six Months Ended
(In thousands, except percentages) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022
 
Adjusted revenue and operating income
 
Reported revenue

$

709,066

 

$

895,642

 

$

1,383,931

 

$

1,858,805

 

Revenue purchase accounting adjustments

 

206

 

 

203

 

 

412

 

 

406

 

Adjusted revenue

 

709,272

 

 

895,845

 

 

1,384,343

 

 

1,859,211

 

 
Reported operating income from continued operations

 

78,056

 

 

232,494

 

 

154,175

 

 

494,450

 

OP%

 

11.0

%

 

26.0

%

 

11.1

%

 

26.6

%

Amortization of intangible assets

 

92,758

 

 

93,731

 

 

184,569

 

 

188,944

 

Purchase accounting adjustments

 

2,891

 

 

17,969

 

 

1,977

 

 

35,973

 

Acquisition and divestiture-related costs

 

28,579

 

 

8,573

 

 

46,530

 

 

17,390

 

Significant litigation matters and settlements

 

 

 

(1,686

)

 

 

 

(1,261

)

Significant environmental matters

 

 

 

 

 

1,132

 

 

 

Restructuring and other, net

 

2,009

 

 

3,686

 

 

5,104

 

 

12,669

 

Adjusted operating income

$

204,293

 

$

354,767

 

$

393,487

 

$

748,165

 

OP%

 

28.8

%

 

39.6

%

 

28.4

%

 

40.2

%

 
Segment revenue and segment operating income
 
Life Sciences

$

336,353

 

$

326,614

 

$

664,794

 

$

632,701

 

Diagnostics

 

372,919

 

 

569,231

 

 

719,549

 

 

1,226,510

 

Revenue purchase accounting adjustments

 

(206

)

 

(203

)

 

(412

)

 

(406

)

Reported revenue

 

709,066

 

 

895,642

 

 

1,383,931

 

 

1,858,805

 

 
 
Life Sciences

 

127,759

 

 

130,599

 

 

257,218

 

 

240,780

 

 

38.0

%

 

40.0

%

 

38.7

%

 

38.1

%

Diagnostics

 

85,241

 

 

244,654

 

 

159,673

 

 

545,553

 

 

22.9

%

 

43.0

%

 

22.2

%

 

44.5

%

Corporate

 

(8,707

)

 

(20,486

)

 

(23,404

)

 

(38,168

)

Subtotal reportable segments operating income

 

204,293

 

 

354,767

 

 

393,487

 

 

748,165

 

 
Amortization of intangible assets

 

(92,758

)

 

(93,731

)

 

(184,569

)

 

(188,944

)

Purchase accounting adjustments

 

(2,891

)

 

(17,969

)

 

(1,977

)

 

(35,973

)

Acquisition and divestiture-related costs

 

(28,579

)

 

(8,573

)

 

(46,530

)

 

(17,390

)

Significant litigation matters and settlements

 

 

 

1,686

 

 

 

 

1,261

 

Significant environmental matters

 

 

 

 

 

(1,132

)

 

 

Restructuring and other, net

 

(2,009

)

 

(3,686

)

 

(5,104

)

 

(12,669

)

Reported operating income from continued operations

$

78,056

 

$

232,494

 

$

154,175

 

$

494,450

 

 
 
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP
Revvity, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
(In thousands) July 2, 2023 January 1, 2023
 
Current assets:
Cash and cash equivalents

$

1,331,903

$

454,358

Marketable securities

 

739,055

 

Accounts receivable, net

 

626,935

 

612,780

Inventories, net

 

436,822

 

405,462

Other current assets

 

388,626

 

122,254

Current assets of discontinued operations

 

 

1,693,704

Total current assets

 

3,523,341

 

3,288,558

 
Property, plant and equipment, net

 

490,923

 

482,950

Operating lease right-of-use assets

 

167,068

 

188,351

Intangible assets, net

 

3,197,230

 

3,377,174

Goodwill

 

6,518,419

 

6,481,768

Other assets, net

 

321,568

 

311,054

Total assets

$

14,218,549

$

14,129,855

 
Current liabilities:
Current portion of long-term debt

$

478,936

$

470,929

Accounts payable

 

235,721

 

272,826

Accrued expenses and other current liabilities

 

652,173

 

527,863

Current liabilities of discontinued operations

 

 

272,865

Total current liabilities

 

1,366,830

 

1,544,483

 
Long-term debt

 

3,883,738

 

3,923,347

Long-term liabilities

 

953,838

 

1,109,181

Operating lease liabilities

 

144,185

 

169,968

Total liabilities

 

6,348,591

 

6,746,979

 
Total stockholders’ equity

 

7,869,958

 

7,382,876

Total liabilities and stockholders’ equity

$

14,218,549

$

14,129,855

 
 
PREPARED IN ACCORDANCE WITH GAAP
Revvity, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Three Months Ended Six Months Ended
July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022
(In thousands) (In thousands)
 
 
Operating activities:
Net income

$

35,559

 

$

179,212

 

$

605,034

 

$

356,174

 

Loss (income) from discontinued operations, net of income taxes

 

23,063

 

 

(17,611

)

 

(521,567

)

 

(10,503

)

Income from continuing operations

 

58,622

 

 

161,601

 

 

83,467

 

 

345,671

 

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

 

13,633

 

 

15,226

 

 

23,526

 

 

29,665

 

Restructuring and other, net

 

2,009

 

 

3,686

 

 

5,104

 

 

12,669

 

Depreciation and amortization

 

108,930

 

 

108,701

 

 

217,938

 

 

218,030

 

Change in fair value of contingent consideration

 

2,445

 

 

670

 

 

1,085

 

 

1,363

 

Amortization of deferred debt financing costs and accretion of discounts

 

2,026

 

 

2,071

 

 

3,818

 

 

3,852

 

Change in fair value of financial securities

 

2,023

 

 

(2,910

)

 

(745

)

 

9,215

 

Debt extinguishment loss (income)

 

 

 

369

 

 

(3,345

)

 

488

 

Unrealized foreign exchange (gain) loss

 

(2,416

)

 

 

 

23,679

 

 

 

Amortization of acquired inventory revaluation

 

 

 

16,856

 

 

 

 

33,724

 

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

 

(44,640

)

 

2,937

 

 

(10,216

)

 

80,334

 

Inventories

 

(8,255

)

 

(10,851

)

 

(26,775

)

 

(31,794

)

Accounts payable

 

(44,330

)

 

(36,399

)

 

(49,225

)

 

(9,661

)

Accrued expenses and other

 

(137,195

)

 

(164,728

)

 

(240,285

)

 

(270,206

)

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

 

(47,148

)

 

97,229

 

 

28,026

 

 

423,350

 

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

 

(88,171

)

 

256

 

 

(99,882

)

 

(42,650

)

Net cash (used in) provided by operating activities

 

(135,319

)

 

97,485

 

 

(71,856

)

 

380,700

 

 
Investing activities:
Capital expenditures

 

(13,949

)

 

(19,503

)

 

(34,895

)

 

(46,472

)

Purchases of investments

 

(5,000

)

 

(4,250

)

 

(5,000

)

 

(22,250

)

Purchases of US Treasury Securities

 

(637,765

)

 

 

 

(831,219

)

 

 

Proceeds from US Treasury Securities

 

100,000

 

 

100,000

 

 

 

Proceeds from disposition of businesses and assets

 

 

 

1,054

 

 

 

 

1,054

 

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

 

 

 

(2,005

)

 

(686

)

 

(5,635

)

Net cash used in investing activities of continuing operations

 

(556,714

)

 

(24,704

)

 

(771,800

)

 

(73,303

)

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

 

(14,327

)

 

(3,651

)

 

2,065,261

 

 

(11,358

)

Net cash (used in) provided by investing activities

 

(571,041

)

 

(28,355

)

 

1,293,461

 

 

(84,661

)

 
Financing Activities:
Payments on borrowings

 

 

 

 

 

 

 

(220,000

)

Proceeds from borrowings

 

 

 

 

 

 

 

220,000

 

Payments of term loan

 

 

 

(350,000

)

 

 

 

(450,000

)

Payments of senior debt

 

(1,232

)

 

 

 

(50,835

)

 

 

Payment of debt issuance costs

 

(15

)

 

(15

)

Settlement of cash flow hedges

 

 

 

 

 

 

 

(762

)

Net (payments) proceeds on other credit facilities

 

(636

)

 

239

 

 

7,231

 

 

(825

)

Payments for acquisition-related contingent consideration

 

(8,642

)

 

(5

)

 

(10,117

)

 

(5

)

Proceeds from issuance of common stock under stock plans

 

2,692

 

 

4,444

 

 

3,215

 

 

5,841

 

Purchases of common stock

 

(211,643

)

 

(456

)

 

(273,299

)

 

(56,048

)

Dividends paid

 

(8,797

)

 

(8,830

)

 

(17,638

)

 

(17,667

)

Net cash used in financing activities of continuing operations

 

(228,273

)

 

(354,608

)

 

(341,458

)

 

(519,466

)

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

 

(602

)

 

(23,341

)

 

(17,571

)

 

(33,977

)

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

 

(935,235

)

 

(308,819

)

 

862,576

 

 

(257,404

)

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

 

2,268,557

 

 

670,752

 

 

470,746

 

 

619,337

 

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

$

1,333,322

 

$

361,933

 

$

1,333,322

 

$

361,933

 

 
 
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

$

1,331,903

 

$

345,861

 

$

1,331,903

 

$

345,861

 

Restricted cash included in other current assets

 

1,062

 

 

1,073

 

 

1,062

 

 

1,073

 

Restricted cash included in other assets

 

357

 

 

 

 

357

 

 

 

Cash and cash equivalents included in current assets of discontinued operations

 

 

 

14,999

 

 

 

 

14,999

 

Total cash, cash equivalents and restricted cash

$

1,333,322

 

$

361,933

 

$

1,333,322

 

$

361,933

 

 
PREPARED IN ACCORDANCE WITH GAAP
Revvity, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
 
 
Revvity
Three Months Ended
July 2, 2023
Organic revenue growth:
Reported revenue growth from continuing operations

-21%

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

-20%

Less: effect of COVID products

-26%

Non-COVID organic revenue growth from continuing operations

6%

 
 
Life Sciences
Three Months Ended
July 2, 2023
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
Three Months Ended
July 2, 2023
Organic revenue growth:
Reported revenue growth from continuing operations

-34%

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

-34%

Less: effect of COVID products

-42%

Non-COVID organic revenue growth from continuing operations

8%

 
(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.

We use the term “organic revenue” to refer to GAAP revenue, excluding the effect of foreign currency changes and revenue from recent acquisitions and divestitures and 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 “organic revenue growth” to refer to the measure of comparing current period organic revenue with the corresponding period of the prior year. We use the related term “non-COVID organic revenue growth” to refer to the measure of comparing current period organic revenue excluding revenue from COVID related products and services with the corresponding period of the prior year excluding revenue from COVID related products and services.

We use the term “adjusted gross margin” to refer to GAAP gross margin, excluding amortization of intangible assets and inventory fair value adjustments related to business acquisitions, asset impairments, and including purchase accounting adjustments for revenue from contracts acquired in acquisitions that will not be fully recognized due to business combination accounting rules. We use the related term “adjusted gross margin percentage” to refer to adjusted gross margin as a percentage of adjusted revenue.

We use the term “adjusted SG&A expense” to refer to GAAP SG&A expense, excluding amortization of intangible assets, purchase accounting adjustments, acquisition and divestiture-related expenses, significant litigation matters and settlements, asset impairments, and significant environmental charges.

Contacts

Investor Relations:

Steve Willoughby (781) 663-5677

steve.willoughby@revvity.com

Media Contact:

Fara Goldberg (781) 663-5699

fara.goldberg@revvity.com

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