Revvity Announces Financial Results for the Second Quarter of 2024
Revvity reported Q2 2024 financial results with revenue of $692 million, down 2% reported and 1% organic. GAAP EPS was $0.45, up from $0.28 year-over-year, while adjusted EPS from continuing operations was $1.22, slightly up from $1.21. The company raised its full-year 2024 adjusted EPS guidance to $4.70-$4.80.
Segment performance varied: Life Sciences revenue decreased 7% to $314 million, with adjusted operating margin at 35.8%. Diagnostics revenue increased 1% to $378 million, with adjusted operating margin improving to 25.9%. Revvity updated its full-year revenue guidance to $2.77-$2.79 billion, assuming 2% organic growth.
Revvity ha riportato i risultati finanziari del secondo trimestre 2024 con un fatturato di 692 milioni di dollari, in calo del 2% riportato e dell'1% organico. L'EPS GAAP è stato di $0,45, in aumento rispetto a $0,28 rispetto all'anno precedente, mentre l'EPS rettificato dalle operazioni continuative è stato di $1,22, leggermente in crescita rispetto a $1,21. L'azienda ha alzato le stime per l'EPS rettificato dell'intero anno 2024 a $4,70-$4,80.
Le performance dei segmenti sono variate: i ricavi dei Life Sciences sono diminuiti del 7% a $314 milioni, con un margine operativo rettificato del 35,8%. I ricavi dei Diagnostics sono aumentati dell'1% a $378 milioni, con un margine operativo rettificato che è migliorato al 25,9%. Revvity ha aggiornato le stime di fatturato per l'intero anno a $2,77-$2,79 miliardi, prevedendo una crescita organica del 2%.
Revvity reportó los resultados financieros del segundo trimestre de 2024 con ingresos de 692 millones de dólares, lo que representa una disminución del 2% reportada y del 1% orgánico. El EPS GAAP fue de $0,45, un aumento respecto a $0,28 del año anterior, mientras que el EPS ajustado de las operaciones continuas fue de $1,22, ligeramente superior a $1,21. La empresa elevó su guía de EPS ajustado para todo el año 2024 a $4,70-$4,80.
El rendimiento de los segmentos varió: los ingresos de Ciencias de la Vida disminuyeron un 7% a $314 millones, con un margen operativo ajustado del 35,8%. Los ingresos de Diagnósticos aumentaron un 1% a $378 millones, mejorando el margen operativo ajustado al 25,9%. Revvity actualizó su guía de ingresos para todo el año a $2,77-$2,79 mil millones, asumiendo un crecimiento orgánico del 2%.
Revvity는 2024년 2분기 재무 결과를 발표했으며, 수익은 6억 9,200만 달러로, 보고 기준 2% 감소, 유기적으로 1% 감소했습니다. GAAP EPS는 $0.45로, 전년 대비 $0.28에서 증가했으며, 계속 운영에서의 조정 EPS는 $1.22로, 약간 증가한 1.21 달러입니다. 회사는 2024년 전체 조정 EPS 가이드라인을 $4.70-$4.80으로 상향 조정했습니다.
세그먼트 성과는 차이가 있었습니다: 생명 과학 부문 수익은 7% 감소하여 $3억 1,400만 달러에 달했으며, 조정 운영 마진은 35.8%입니다. 진단 부문 수익은 1% 증가하여 $3억 7,800만 달러에 달하며, 조정 운영 마진은 25.9%로 개선되었습니다. Revvity는 전체 연간 수익 가이드라인을 $27억 7천만-$27억 9천만으로 업데이트하며, 2% 유기적 성장을 보고했습니다.
Revvity a publié les résultats financiers du deuxième semestre 2024, avec un chiffre d'affaires de 692 millions de dollars, en baisse de 2% par rapport à l'année précédente et de 1% en organique. Le BAI GAAP s'élevait à 0,45 $ contre 0,28 $ l'année dernière, tandis que le BAI ajusté des opérations continues était de 1,22 $, légèrement en hausse par rapport à 1,21 $. L'entreprise a relevé sa prévision de BAI ajusté pour l'année 2024 à 4,70 à 4,80 $.
La performance par segment a varié : le chiffre d'affaires des Sciences de la Vie a diminué de 7 % pour atteindre 314 millions de dollars, avec une marge opérationnelle ajustée de 35,8 %. Le chiffre d'affaires des Diagnostics a augmenté de 1 % pour atteindre 378 millions de dollars, avec une amélioration de la marge opérationnelle ajustée atteignant 25,9 %. Revvity a mis à jour ses prévisions de chiffre d'affaires pour l'année à 2,77 à 2,79 milliards de dollars, en supposant une croissance organique de 2 %.
Revvity hat die finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht, mit einem Umsatz von 692 Millionen Dollar, was einem Rückgang von 2% gemeldet und 1% organisch entspricht. Das GAAP EPS lag bei 0,45 USD, ein Anstieg von 0,28 USD im Vorjahresvergleich, während das bereinigte EPS aus fortgeführten Betrieben bei 1,22 USD lag, ein leichter Anstieg von 1,21 USD. Das Unternehmen hat seine Bereinigte EPS-Prognose für das Gesamtjahr 2024 auf 4,70 bis 4,80 USD angehoben.
Die Segmentleistung variierte: Der Umsatz im Lebenswissenschaften Segment sank um 7% auf 314 Millionen USD, mit einer bereinigten Betriebsspanne von 35,8%. Der Umsatz im Diagnosik Segment stieg um 1% auf 378 Millionen USD, mit einer verbesserten bereinigten Betriebsspanne von 25,9%. Revvity hat seine Umsatzprognose für das Gesamtjahr auf 2,77 bis 2,79 Milliarden USD aktualisiert und geht von einem organischen Wachstum von 2% aus.
- Raised full-year 2024 adjusted EPS guidance to $4.70-$4.80
- GAAP EPS increased from $0.28 to $0.45 year-over-year
- Diagnostics segment revenue grew 1% with 3% organic growth
- Diagnostics adjusted operating margin improved from 22.9% to 25.9%
- Overall adjusted operating profit margin remained stable at 28.7%
- Overall revenue decreased 2% reported and 1% organic to $692 million
- Life Sciences segment revenue declined 7% with 6% organic decrease
- Life Sciences adjusted operating margin decreased from 38.0% to 35.8%
- Adjusted EPS from continuing operations only slightly increased from $1.21 to $1.22
Insights
Revvity's Q2 2024 results present a mixed picture with some positive developments amidst challenges. The 2% reported revenue decline to
Key positives include:
- GAAP EPS increase from
$0.28 to$0.45 year-over-year - Adjusted EPS slight improvement from
$1.21 to$1.22 - GAAP operating profit margin expansion from
11.0% to12.4%
The Diagnostics segment showed resilience with
Revvity's decision to raise its full-year 2024 adjusted EPS guidance to
Investors should monitor the company's ability to drive organic growth, particularly in the Life Sciences segment and its success in maintaining profitability in a challenging environment. The upcoming webcast on July 29, 2024, will be important for gaining further insights into management's strategies and outlook.
Revvity's Q2 2024 results offer valuable insights into broader market trends in the life sciences and diagnostics sectors. The divergent performance of the two segments is particularly telling:
Life Sciences:
7% reported revenue decrease6% organic revenue decline- Adjusted operating profit margin compression from
38.0% to35.8%
Diagnostics:
1% reported revenue increase3% organic revenue growth- Adjusted operating profit margin expansion from
22.9% to25.9%
The company's ability to raise its adjusted EPS guidance while slightly lowering revenue expectations highlights a broader industry trend of focusing on operational efficiency and cost management in the face of market uncertainties. This approach may become increasingly common among life sciences and diagnostics companies as they navigate a complex macroeconomic environment.
Investors should closely monitor these sector-specific trends and their potential impact on other companies in the life sciences and diagnostics space. The divergence between segments also underscores the importance of diversification in mitigating market-specific risks.
-
Revenue of
; (2)% reported growth; (1)% organic growth$692 million -
GAAP EPS of
; Adjusted EPS from continuing operations of$0.45 $1.22 - Raises full year 2024 adjusted EPS guidance
The Company reported GAAP earnings per share of
Adjusted earnings per share from continuing operations for the quarter was
Adjustments for the Company's non-GAAP financial measures have been noted in the attached reconciliations.
“During the second quarter, we celebrated Revvity's one year anniversary with both pride and gratitude for what we have already accomplished as an organization and for our customers,” said Prahlad Singh, president and chief executive officer of Revvity. “Our Company's unique strengths of bringing together high levels of continuous innovation and ongoing strong execution enabled us to exceed our expectations, putting us on a good trajectory towards achieving our full year goals.”
Financial Overview by Reporting Segment
Life Sciences
-
Second quarter 2024 revenue was
, as compared to$314 million in the same period a year ago. Reported revenue decreased$336 million 7% and organic revenue decreased6% as compared to the same period a year ago. -
Second quarter 2024 adjusted operating income was
, as compared to$112 million in the same period a year ago. Adjusted operating profit margin was$128 million 35.8% as a percentage of adjusted revenue, as compared to38.0% in the same period a year ago.
Diagnostics
-
Second quarter 2024 revenue was
, as compared to$378 million in the same period a year ago. Reported revenue increased$373 million 1% and organic revenue increased3% as compared to the same period a year ago. -
Second quarter 2024 adjusted operating income was
, as compared to$98 million in the same period a year ago. Adjusted operating profit margin was$85 million 25.9% as a percentage of adjusted revenue, as compared to22.9% 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
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 second quarter 2024 results and its outlook for business trends during a webcast on July 29, 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
Stay updated by following our Newsroom, LinkedIn, X, YouTube, Facebook and Instagram.
Revvity, Inc. and Subsidiaries |
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CONDENSED CONSOLIDATED INCOME STATEMENTS |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
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(In thousands, except per share data) |
|
June 30,
|
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July 2,
|
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June 30,
|
|
July 2,
|
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Revenue |
|
$ |
691,685 |
|
|
$ |
709,066 |
|
|
$ |
1,341,605 |
|
|
$ |
1,383,931 |
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue |
|
|
306,179 |
|
|
|
306,735 |
|
|
|
601,052 |
|
|
|
600,234 |
|
Selling, general and administrative expenses |
|
|
251,650 |
|
|
|
267,022 |
|
|
|
512,221 |
|
|
|
515,579 |
|
Research and development expenses |
|
|
48,132 |
|
|
|
57,253 |
|
|
|
98,492 |
|
|
|
113,943 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income from continuing operations |
|
|
85,724 |
|
|
|
78,056 |
|
|
|
129,840 |
|
|
|
154,175 |
|
|
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
(20,512 |
) |
|
|
(25,046 |
) |
|
|
(40,598 |
) |
|
|
(30,318 |
) |
Interest expense |
|
|
24,717 |
|
|
|
26,007 |
|
|
|
49,114 |
|
|
|
48,745 |
|
Change in fair value of financial securities |
|
|
(7,777 |
) |
|
|
2,023 |
|
|
|
(6,971 |
) |
|
|
(745 |
) |
Other expense, net |
|
|
2,634 |
|
|
|
3,518 |
|
|
|
7,084 |
|
|
|
35,499 |
|
|
|
|
|
|
|
|
|
|
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Income from continuing operations, before income taxes |
|
|
86,662 |
|
|
|
71,554 |
|
|
|
121,211 |
|
|
|
100,994 |
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
|
14,056 |
|
|
|
12,932 |
|
|
|
19,909 |
|
|
|
17,527 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
|
|
72,606 |
|
|
|
58,622 |
|
|
|
101,302 |
|
|
|
83,467 |
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income from discontinued operations |
|
|
(17,246 |
) |
|
|
(23,063 |
) |
|
|
(19,929 |
) |
|
|
521,567 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
55,360 |
|
|
$ |
35,559 |
|
|
$ |
81,373 |
|
|
$ |
605,034 |
|
|
|
|
|
|
|
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Diluted earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
|
$ |
0.59 |
|
|
$ |
0.47 |
|
|
$ |
0.82 |
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income from discontinued operations |
|
|
(0.14 |
) |
|
|
(0.18 |
) |
|
|
(0.16 |
) |
|
|
4.14 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
0.45 |
|
|
$ |
0.28 |
|
|
$ |
0.66 |
|
|
$ |
4.80 |
|
|
|
|
|
|
|
|
|
|
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Weighted average diluted shares of common stock outstanding |
|
|
123,477 |
|
|
|
125,398 |
|
|
|
123,494 |
|
|
|
125,918 |
|
|
|
|
|
|
|
|
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ABOVE PREPARED IN ACCORDANCE WITH GAAP |
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Additional supplemental information (1): |
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(per share, continuing operations) |
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|
|
|
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|
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|
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|
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GAAP EPS from continuing operations |
|
$ |
0.59 |
|
|
$ |
0.47 |
|
|
$ |
0.82 |
|
|
$ |
0.66 |
|
Amortization of intangible assets |
|
|
0.73 |
|
|
|
0.74 |
|
|
|
1.47 |
|
|
|
1.47 |
|
Debt extinguishment costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.03 |
) |
Purchase accounting adjustments |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.02 |
|
Acquisition and divestiture-related costs |
|
|
0.04 |
|
|
|
0.20 |
|
|
|
0.11 |
|
|
|
0.55 |
|
Change in fair value of financial securities |
|
|
(0.06 |
) |
|
|
0.02 |
|
|
|
(0.06 |
) |
|
|
(0.01 |
) |
Significant litigation matters and settlements |
|
|
0.05 |
|
|
|
- |
|
|
|
0.05 |
|
|
|
- |
|
Significant environmental matters |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.01 |
|
Restructuring and other, net |
|
|
0.08 |
|
|
|
0.02 |
|
|
|
0.18 |
|
|
|
0.04 |
|
Tax on above items |
|
|
(0.21 |
) |
|
|
(0.25 |
) |
|
|
(0.44 |
) |
|
|
(0.48 |
) |
Significant tax items |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.01 |
) |
Adjusted EPS from continuing operations |
|
$ |
1.22 |
|
|
$ |
1.21 |
|
|
$ |
2.19 |
|
|
$ |
2.22 |
|
|
|
|
|
|
|
|
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(1) amounts may not sum due to rounding |
|
|
|
|
|
|
|
|
Revvity, Inc. and Subsidiaries |
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REVENUE AND OPERATING INCOME (LOSS) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(In thousands, except percentages) |
|
June 30,
|
|
July 2,
|
|
June 30,
|
|
July 2,
|
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|
|
|
|
|
|
|
|
|
||||||||
Adjusted revenue and operating income |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Reported revenue |
|
$ |
691,685 |
|
|
$ |
709,066 |
|
|
$ |
1,341,605 |
|
|
$ |
1,383,931 |
|
Revenue purchase accounting adjustments |
|
|
207 |
|
|
|
206 |
|
|
|
416 |
|
|
|
412 |
|
Adjusted revenue |
|
|
691,892 |
|
|
|
709,272 |
|
|
|
1,342,021 |
|
|
|
1,384,343 |
|
|
|
|
|
|
|
|
|
|
||||||||
Reported operating income from continuing operations |
|
|
85,724 |
|
|
|
78,056 |
|
|
|
129,840 |
|
|
|
154,175 |
|
OP% |
|
|
12.4 |
% |
|
|
11.0 |
% |
|
|
9.7 |
% |
|
|
11.1 |
% |
Amortization of intangible assets |
|
|
90,620 |
|
|
|
92,758 |
|
|
|
181,858 |
|
|
|
184,569 |
|
Purchase accounting adjustments |
|
|
623 |
|
|
|
2,891 |
|
|
|
7,245 |
|
|
|
1,977 |
|
Acquisition and divestiture-related costs |
|
|
5,779 |
|
|
|
28,579 |
|
|
|
17,241 |
|
|
|
46,530 |
|
Significant litigation matters and settlements |
|
|
6,276 |
|
|
|
— |
|
|
|
6,276 |
|
|
|
— |
|
Significant environmental matters |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,132 |
|
Restructuring and other, net |
|
|
9,845 |
|
|
|
2,009 |
|
|
|
22,201 |
|
|
|
5,104 |
|
Adjusted operating income |
|
$ |
198,867 |
|
|
$ |
204,293 |
|
|
$ |
364,661 |
|
|
$ |
393,487 |
|
OP% |
|
|
28.7 |
% |
|
|
28.8 |
% |
|
|
27.2 |
% |
|
|
28.4 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Segment revenue and segment operating income |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Life Sciences |
|
$ |
313,847 |
|
|
$ |
336,353 |
|
|
$ |
616,884 |
|
|
$ |
664,794 |
|
Diagnostics |
|
|
378,045 |
|
|
|
372,919 |
|
|
|
725,137 |
|
|
|
719,549 |
|
Revenue purchase accounting adjustments |
|
|
(207 |
) |
|
|
(206 |
) |
|
|
(416 |
) |
|
|
(412 |
) |
Reported revenue |
|
|
691,685 |
|
|
|
709,066 |
|
|
|
1,341,605 |
|
|
|
1,383,931 |
|
|
|
|
|
|
|
|
|
|
||||||||
Life Sciences |
|
$ |
112,401 |
|
|
$ |
127,759 |
|
|
$ |
214,126 |
|
|
$ |
257,218 |
|
|
|
|
35.8 |
% |
|
|
38.0 |
% |
|
|
34.7 |
% |
|
|
38.7 |
% |
Diagnostics |
|
|
97,915 |
|
|
|
85,241 |
|
|
|
173,345 |
|
|
|
159,673 |
|
|
|
|
25.9 |
% |
|
|
22.9 |
% |
|
|
23.9 |
% |
|
|
22.2 |
% |
Corporate |
|
|
(11,449 |
) |
|
|
(8,707 |
) |
|
|
(22,810 |
) |
|
|
(23,404 |
) |
Subtotal reportable segments operating income |
|
|
198,867 |
|
|
|
204,293 |
|
|
|
364,661 |
|
|
|
393,487 |
|
|
|
|
|
|
|
|
|
|
||||||||
Amortization of intangible assets |
|
|
(90,620 |
) |
|
|
(92,758 |
) |
|
|
(181,858 |
) |
|
|
(184,569 |
) |
Purchase accounting adjustments |
|
|
(623 |
) |
|
|
(2,891 |
) |
|
|
(7,245 |
) |
|
|
(1,977 |
) |
Acquisition and divestiture-related costs |
|
|
(5,779 |
) |
|
|
(28,579 |
) |
|
|
(17,241 |
) |
|
|
(46,530 |
) |
Significant litigation matters and settlements |
|
|
(6,276 |
) |
|
|
— |
|
|
|
(6,276 |
) |
|
|
— |
|
Significant environmental matters |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,132 |
) |
Restructuring and other, net |
|
|
(9,845 |
) |
|
|
(2,009 |
) |
|
|
(22,201 |
) |
|
|
(5,104 |
) |
Reported operating income from continuing operations |
|
$ |
85,724 |
|
|
$ |
78,056 |
|
|
$ |
129,840 |
|
|
$ |
154,175 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP |
Revvity, Inc. and Subsidiaries |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(In thousands) |
June 30,
|
|
December 31,
|
|||
|
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
1,248,120 |
|
$ |
913,163 |
|
Marketable securities |
|
706,070 |
|
|
689,916 |
|
Accounts receivable, net |
|
597,436 |
|
|
632,811 |
|
Inventories, net |
|
401,432 |
|
|
428,062 |
|
Other current assets |
|
205,631 |
|
|
337,139 |
|
Total current assets |
|
3,158,689 |
|
|
3,001,091 |
|
|
|
|
|
|||
Property, plant and equipment, net |
|
503,119 |
|
|
509,654 |
|
Operating lease right-of-use assets, net |
|
143,789 |
|
|
155,083 |
|
Intangible assets, net |
|
2,825,487 |
|
|
3,022,321 |
|
Goodwill |
|
6,496,971 |
|
|
6,533,550 |
|
Other assets, net |
|
296,794 |
|
|
342,966 |
|
Total assets |
$ |
13,424,849 |
|
$ |
13,564,665 |
|
|
|
|
|
|||
Current liabilities: |
|
|
|
|||
Current portion of long-term debt |
$ |
711,414 |
|
$ |
721,872 |
|
Accounts payable |
|
174,871 |
|
|
204,121 |
|
Accrued expenses and other current liabilities |
|
503,728 |
|
|
524,470 |
|
Total current liabilities |
|
1,390,013 |
|
|
1,450,463 |
|
|
|
|
|
|||
Long-term debt |
|
3,162,600 |
|
|
3,177,770 |
|
Long-term liabilities |
|
878,788 |
|
|
930,946 |
|
Operating lease liabilities |
|
123,134 |
|
|
132,747 |
|
Total liabilities |
|
5,554,535 |
|
|
5,691,926 |
|
|
|
|
|
|||
Total stockholders' equity |
|
7,870,314 |
|
|
7,872,739 |
|
Total liabilities and stockholders' equity |
$ |
13,424,849 |
|
$ |
13,564,665 |
|
|
|
|
|
|||
|
|
|
|
|||
PREPARED IN ACCORDANCE WITH GAAP |
Revvity, Inc. and Subsidiaries |
||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
June 30,
|
|
July 2,
|
|
June 30,
|
|
July 2,
|
|||||||||
|
(In thousands) |
|
(In thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating activities: |
|
|
|
|
|
|
|
|||||||||
Net income |
$ |
55,360 |
|
|
$ |
35,559 |
|
|
$ |
81,373 |
|
|
$ |
605,034 |
|
|
Loss (income) from discontinued operations, net of income taxes |
|
17,246 |
|
|
|
23,063 |
|
|
|
19,929 |
|
|
|
(521,567 |
) |
|
Income from continuing operations |
|
72,606 |
|
|
|
58,622 |
|
|
|
101,302 |
|
|
|
83,467 |
|
|
Adjustments to reconcile income from continuing operations to net cash provided by (used in) continuing operations: |
|
|
|
|
|
|
|
|||||||||
Stock-based compensation |
|
10,526 |
|
|
|
13,633 |
|
|
|
22,218 |
|
|
|
23,526 |
|
|
Restructuring and other, net |
|
9,845 |
|
|
|
2,009 |
|
|
|
22,201 |
|
|
|
5,104 |
|
|
Depreciation and amortization |
|
107,344 |
|
|
|
108,930 |
|
|
|
215,146 |
|
|
|
217,938 |
|
|
Change in fair value of contingent consideration |
|
176 |
|
|
|
2,445 |
|
|
|
6,349 |
|
|
|
1,085 |
|
|
Amortization of deferred debt financing costs and accretion of discounts |
|
1,773 |
|
|
|
2,026 |
|
|
|
3,509 |
|
|
|
3,818 |
|
|
Change in fair value of financial securities |
|
(7,777 |
) |
|
|
2,023 |
|
|
|
(6,971 |
) |
|
|
(745 |
) |
|
Debt extinguishment gain |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,345 |
) |
|
Unrealized foreign exchange (gain) loss |
|
(480 |
) |
|
|
(2,416 |
) |
|
|
(857 |
) |
|
|
23,679 |
|
|
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired: |
|
|
|
|
|
|
|
|||||||||
Accounts receivable, net |
|
(8,995 |
) |
|
|
(44,640 |
) |
|
|
28,194 |
|
|
|
(10,216 |
) |
|
Inventories |
|
10,042 |
|
|
|
(8,255 |
) |
|
|
17,251 |
|
|
|
(26,775 |
) |
|
Accounts payable |
|
(4,747 |
) |
|
|
(44,330 |
) |
|
|
(22,974 |
) |
|
|
(49,225 |
) |
|
Accrued expenses and other |
|
(7,985 |
) |
|
|
(137,195 |
) |
|
|
(52,894 |
) |
|
|
(240,285 |
) |
|
Net cash provided by (used in) operating activities of continuing operations |
|
182,328 |
|
|
|
(47,148 |
) |
|
|
332,474 |
|
|
|
28,026 |
|
|
Net cash used in operating activities of discontinued operations |
|
(23,707 |
) |
|
|
(88,171 |
) |
|
|
(26,290 |
) |
|
|
(99,882 |
) |
|
Net cash provided by (used in) operating activities |
|
158,621 |
|
|
|
(135,319 |
) |
|
|
306,184 |
|
|
|
(71,856 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Investing activities: |
|
|
|
|
|
|
|
|||||||||
Capital expenditures |
|
(22,031 |
) |
|
|
(13,949 |
) |
|
|
(39,875 |
) |
|
|
(34,895 |
) |
|
Purchases of investments and notes receivables |
|
(4,000 |
) |
|
|
(5,000 |
) |
|
|
(4,337 |
) |
|
|
(5,000 |
) |
|
Purchases of |
|
— |
|
|
|
(637,765 |
) |
|
|
— |
|
|
|
(831,219 |
) |
|
Proceeds from |
|
— |
|
|
|
100,000 |
|
|
|
— |
|
|
|
100,000 |
|
|
Cash paid for acquisitions, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(686 |
) |
|
Net cash used in investing activities of continuing operations |
|
(26,031 |
) |
|
|
(556,714 |
) |
|
|
(44,212 |
) |
|
|
(771,800 |
) |
|
Net cash provided by (used in) investing activities of discontinued operations |
|
147,522 |
|
|
|
(14,327 |
) |
|
|
147,522 |
|
|
|
2,065,261 |
|
|
Net cash provided by (used in) investing activities |
|
121,491 |
|
|
|
(571,041 |
) |
|
|
103,310 |
|
|
|
1,293,461 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Financing Activities: |
|
|
|
|
|
|
|
|||||||||
Payments of debt financing costs |
|
— |
|
|
|
(15 |
) |
|
|
— |
|
|
|
(15 |
) |
|
Payments of senior unsecured notes |
|
— |
|
|
|
(1,232 |
) |
|
|
— |
|
|
|
(50,835 |
) |
|
Net (payments) proceeds on other credit facilities |
|
(389 |
) |
|
|
(636 |
) |
|
|
(11,200 |
) |
|
|
7,231 |
|
|
Payments for acquisition-related contingent consideration |
|
— |
|
|
|
(8,642 |
) |
|
|
(8,749 |
) |
|
|
(10,117 |
) |
|
Proceeds from issuance of common stock under stock plans |
|
2,089 |
|
|
|
2,692 |
|
|
|
6,032 |
|
|
|
3,215 |
|
|
Purchases of common stock |
|
(19,553 |
) |
|
|
(211,643 |
) |
|
|
(30,309 |
) |
|
|
(273,299 |
) |
|
Dividends paid |
|
(8,642 |
) |
|
|
(8,797 |
) |
|
|
(17,282 |
) |
|
|
(17,638 |
) |
|
Net cash used in financing activities |
|
(26,495 |
) |
|
|
(228,273 |
) |
|
|
(61,508 |
) |
|
|
(341,458 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(3,654 |
) |
|
|
(602 |
) |
|
|
(12,931 |
) |
|
|
(17,571 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
249,963 |
|
|
|
(935,235 |
) |
|
|
335,055 |
|
|
|
862,576 |
|
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
999,465 |
|
|
|
2,268,557 |
|
|
|
914,373 |
|
|
|
470,746 |
|
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
1,249,428 |
|
|
$ |
1,333,322 |
|
|
$ |
1,249,428 |
|
|
$ |
1,333,322 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
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 |
$ |
1,248,120 |
|
|
$ |
1,331,903 |
|
|
$ |
1,248,120 |
|
|
$ |
1,331,903 |
|
|
Restricted cash included in other current assets |
|
1,308 |
|
|
|
1,062 |
|
|
|
1,308 |
|
|
|
1,062 |
|
|
Restricted cash included in other assets |
|
— |
|
|
|
357 |
|
|
|
— |
|
|
|
357 |
|
|
Total cash, cash equivalents and restricted cash |
$ |
1,249,428 |
|
|
$ |
1,333,322 |
|
|
$ |
1,249,428 |
|
|
$ |
1,333,322 |
|
|
|
|
|
|
|
|
|
|
|||||||||
PREPARED IN ACCORDANCE WITH GAAP |
Revvity, Inc. and Subsidiaries |
||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1) |
||
|
Continuing Operations |
|
|
Three Months Ended |
|
|
June 30, 2024 |
|
Organic revenue growth: |
|
|
Reported revenue growth from continuing operations |
- |
|
Less: effect of foreign exchange rates |
- |
|
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
|
Organic revenue growth from continuing operations |
- |
|
|
|
|
|
|
|
|
Life Sciences |
|
|
Three Months Ended |
|
|
June 30, 2024 |
|
Organic revenue growth: |
|
|
Reported revenue growth from continuing operations |
- |
|
Less: effect of foreign exchange rates |
- |
|
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
|
Organic revenue growth from continuing operations |
- |
|
|
|
|
|
|
|
|
Diagnostics |
|
|
Three Months Ended |
|
|
June 30, 2024 |
|
Organic revenue growth: |
|
|
Reported revenue growth from continuing operations |
|
|
Less: effect of foreign exchange rates |
- |
|
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
|
Organic revenue growth from continuing operations |
|
|
|
|
|
(1) amounts may not sum due to rounding |
|
Revvity, Inc. and Subsidiaries |
||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1) |
||
|
Continuing Operations |
|
|
Six Months Ended |
|
|
June 30, 2024 |
|
Organic revenue growth: |
|
|
Reported revenue growth from continuing operations |
- |
|
Less: effect of foreign exchange rates |
- |
|
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
|
Organic revenue growth from continuing operations |
- |
|
|
|
|
|
|
|
|
Life Sciences |
|
|
Six Months Ended |
|
|
June 30, 2024 |
|
Organic revenue growth: |
|
|
Reported revenue growth from continuing operations |
- |
|
Less: effect of foreign exchange rates |
|
|
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
|
Organic revenue growth from continuing operations |
- |
|
|
|
|
|
|
|
|
Diagnostics |
|
|
Six Months Ended |
|
|
June 30, 2024 |
|
Organic revenue growth: |
|
|
Reported revenue growth from continuing operations |
|
|
Less: effect of foreign exchange rates |
- |
|
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
|
Organic revenue growth from continuing operations |
|
|
|
|
|
|
|
|
|
Continuing Operations |
|
|
Twelve Months Ended |
|
|
December 29, 2024 |
|
|
Projected |
|
Organic revenue growth: |
|
|
Reported revenue growth from continuing operations |
|
|
Less: effect of foreign exchange rates |
- |
|
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
|
Organic revenue growth from continuing operations |
|
|
|
|
|
(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 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, significant environmental charges, and restructuring and other charges. We use the related term “adjusted SG&A percentage” to refer to adjusted SG&A expense as a percentage of adjusted revenue.
We use the term “adjusted R&D expense” to refer to GAAP R&D expense, excluding amortization of intangible assets and purchase accounting adjustments. We use the related term “adjusted R&D percentage” to refer to adjusted R&D expense as a percentage of adjusted revenue.
We use the term “adjusted net interest and other expense” to refer to GAAP net interest and other expense, excluding adjustments for mark-to-market accounting on post-retirement benefits, changes in foreign exchange and interest associated with acquisitions and divestitures, changes in the value of financial securities and debt extinguishment costs.
We use the term “adjusted operating income” to refer to GAAP operating income, including revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules, and excluding amortization of intangible assets, other purchase accounting adjustments, acquisition and divestiture-related expenses, significant litigation matters and settlements, significant environmental charges, asset impairments, and restructuring and other charges. We use the related terms “adjusted operating profit percentage,” “adjusted operating profit margin,” or “adjusted operating margin” to refer to adjusted operating income as a percentage of adjusted revenue.
We use the term “free cash flow” to refer to net cash provided by (used in) operating activities of continuing operations, less payments for additions to property, plant and equipment from continuing operations (“capital expenditures”) plus the proceeds from sales of plant, property and equipment from continuing operations (“capital disposals”).
We use the term “adjusted net income,” to refer to GAAP income from continuing operations, including revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules, and excluding amortization of intangible assets, debt extinguishment costs, other purchase accounting adjustments, acquisition and divestiture-related expenses, significant litigation matters and settlements, significant environmental charges, changes in the value of financial securities, disposition of businesses and assets, net, changes in foreign exchange and interest associated with acquisitions and divestitures, asset impairments and restructuring and other charges. We also exclude adjustments for mark-to-market accounting on post-retirement benefits, therefore only our projected costs have been used to calculate this non-GAAP measure. We also adjust for any tax impact related to the above items and exclude the impact of significant tax events.
We use the term “adjusted earnings per share from continuing operations” or “adjusted earnings per share,” or “adjusted EPS," to refer to GAAP earnings per share from continuing operations, including revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules, and excluding amortization of intangible assets, debt extinguishment costs, other purchase accounting adjustments, acquisition and divestiture-related expenses, significant litigation matters and settlements, significant environmental charges, changes in the value of financial securities, disposition of businesses and assets, net, changes in foreign exchange and interest associated with acquisitions and divestitures, asset impairments and restructuring and other charges. We also exclude adjustments for mark-to-market accounting on post-retirement benefits, therefore only our projected costs have been used to calculate this non-GAAP measure. We also adjust for any tax impact related to the above items and exclude the impact of significant tax events.
Management includes or excludes the effect of each of the items identified below in the applicable non-GAAP financial measure referenced above for the reasons set forth below with respect to that item:
- Amortization of intangible assets—purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Accordingly, this item is not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.
- Debt extinguishment costs—we incur costs and income related to the extinguishment of debt; including make-whole payments to debt holders, accelerated amortization of debt fees and discounts, and expense or income from hedges to lock in make-whole payments. We exclude the impact of these items from our non-GAAP measures because we believe they do not reflect the performance of our ongoing operations.
- Revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules—accounting rules require us to account for the fair value of revenue from contracts assumed in connection with our acquisitions. As a result, our GAAP results reflect the fair value of those revenues, which is not the same as the revenue that otherwise would have been recorded by the acquired entity. We include such revenue in our non-GAAP measures because we believe the fair value of such revenue does not accurately reflect the performance of our ongoing operations for the period in which such revenue is recorded.
- Other purchase accounting adjustments—accounting rules require us to adjust various balance sheet accounts, including inventory, fixed assets and deferred rent balances to fair value at the time of the acquisition. As a result, the expenses for these items in our GAAP results are not the same as what would have been recorded by the acquired entity. Accounting rules also require us to estimate the fair value of contingent consideration at the time of the acquisition, and any subsequent changes to the estimate or payment of the contingent consideration and purchase accounting adjustments are charged to expense or income. We exclude the impact of any changes to contingent consideration from our non-GAAP measures because we believe these expenses or benefits do not accurately reflect the performance of our ongoing operations for the period in which such expenses or benefits are recorded.
- Acquisition and divestiture-related expenses—we incur legal, due diligence, stay bonuses, incentive awards, stock-based compensation, interest, foreign exchange gains and losses, integration expenses, rebranding expenses, and other costs related to acquisitions and divestitures. We exclude these expenses from our non-GAAP measures because we believe they do not reflect the performance of our ongoing operations.
- Asset impairments—we incur expense related to asset impairments. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
- Restructuring and other charges—restructuring and other charges consist of employee severance, other exit costs as well as the cost of terminating certain lease agreements or contracts as well as costs associated with relocating facilities. Management does not believe such costs accurately reflect the performance of our ongoing operations for the period in which such costs are reported.
- Adjustments for mark-to-market accounting on post-retirement benefits—we exclude adjustments for mark-to-market accounting on post-retirement benefits, and therefore only our projected costs are used to calculate our non-GAAP measures. We exclude these adjustments because they do not represent what we believe our investors consider to be costs of producing our products, investments in technology and production, and costs to support our internal operating structure.
- Significant litigation matters and settlements—we incur expenses related to significant litigation matters, including the costs to settle or resolve various claims and legal proceedings. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
- Significant environmental charges—we incur expenses related to significant environmental charges. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
- Disposition of businesses and assets, net—we exclude the impact of gains or losses from the disposition of businesses and assets from our adjusted earnings per share. Management does not believe such gains or losses accurately reflect the performance of our ongoing operations for the period in which such gains or losses are reported.
- Impact of foreign currency changes on the current period—we exclude the impact of foreign currency associated with acquisitions and divestitures from these measures by using the prior period’s foreign currency exchange rates for the current period because foreign currency exchange rates are subject to volatility and can obscure underlying trends.
- Impact of significant tax events—we exclude the impact of significant tax events. Management does not believe the impact of significant tax events accurately reflects the performance of our ongoing operations for the periods in which the impact of such events was recorded.
- Changes in value of financial securities—we exclude the impact of changes in the value of financial securities. Management does not believe such gains or losses accurately reflect the performance of our ongoing operations for the period in which such gains or losses are reported.
The tax effect for discontinued operations is calculated based on the authoritative guidance in the Financial Accounting Standards Board’s Accounting Standards Codification 740, Income Taxes. The tax effect for amortization of intangible assets, inventory fair value adjustments related to business acquisitions, changes to the fair values assigned to contingent consideration, debt extinguishment costs, other costs related to business acquisitions and divestitures, significant litigation matters and settlements, significant environmental charges, changes in the fair value of financial securities, adjustments for mark-to-market accounting on post-retirement benefits, disposition of businesses and assets, net, restructuring and other charges, and the revenue from contracts acquired with various acquisitions is calculated based on operational results and applicable jurisdictional law, which contemplates tax rates currently in effect to determine our tax provision. The tax effect for the impact from foreign currency exchange rates on the current period is calculated based on the average rate currently in effect to determine our tax provision.
The non-GAAP financial measures described above are not meant to be considered superior to, or a substitute for, our financial statements prepared in accordance with GAAP. There are material limitations associated with non-GAAP financial measures because they exclude charges that have an effect on our reported results and, therefore, should not be relied upon as the sole financial measures by which to evaluate our financial results. Management compensates and believes that investors should compensate for these limitations by viewing the non-GAAP financial measures in conjunction with the GAAP financial measures. In addition, the non-GAAP financial measures included in this earnings announcement may be different from, and therefore may not be comparable to, similar measures used by other companies.
Each of the non-GAAP financial measures listed above is also used by our management to evaluate our operating performance, communicate our financial results to our Board of Directors, benchmark our results against our historical performance and the performance of our peers, evaluate investment opportunities including acquisitions and discontinued operations, and determine the bonus payments for senior management and employees.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240729804570/en/
Investor Relations:
Steve Willoughby
steve.willoughby@revvity.com
Media:
Fara Goldberg (781) 663-5699
fara.goldberg@revvity.com
Source: Revvity
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