Revvity Announces Financial Results for the Third Quarter of 2025
WALTHAM, Mass.--( BUSINESS WIRE)-- Revvity, Inc. (NYSE: RVTY), today reported financial results for the third quarter ended September 28, 2025.
The Company reported GAAP earnings per share of $0.40, as compared to $0.77 in the same period a year ago. Revenue for the quarter was $699 million, as compared to $684 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $82 million, as compared to $98 million for the same period a year ago. GAAP operating profit margin from continuing operations was 11.7% as a percentage of revenue, as compared to 14.3% in the same period a year ago.
Adjusted earnings per share from continuing operations for the quarter was $1.18, as compared to $1.28 in the same period a year ago. Adjusted operating income was $182 million, as compared to $193 million for the same period a year ago. Adjusted operating profit margin was 26.1% as a percentage of revenue, as compared to 28.3% in the same period a year ago.
Adjustments for the Company’s non-GAAP financial measures have been noted in the attached reconciliations.
“We performed well during the third quarter as a number of key innovations and strategic partnerships have begun to come to fruition,” said Prahlad Singh, president and chief executive officer of Revvity. “Our strong level of execution is positioning the Company for even greater success in 2026 and beyond.”
Share Repurchase Authorization
The Company’s Board of Directors has authorized a new two-year $1 billion share repurchase program which replaces the remainder of the prior repurchase program which was announced in October 2024.
Financial Overview by Reporting Segment
Life Sciences
Diagnostics
Full Year 2025 Guidance
For the full year 2025, the Company is updating its full year revenue guidance to $2.83-$2.88 billion to reflect recent changes in foreign currency exchange rates and is reaffirming its organic growth guidance of 2% to 4%. The Company is also raising its adjusted EPS guidance to a range of $4.90 to $5.00.
Guidance for the full year 2025 for adjusted EPS and organic growth is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP.
Webcast Information
The Company will discuss its third quarter 2025 results and its outlook for business trends during a webcast on October 27, 2025, 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, including as the result of recently implemented and recently threatened tariff increases; (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 2024 revenue of more than $2.7 billion and approximately 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 160 countries.
Stay updated by following our Newsroom, LinkedIn, X, YouTube, Facebook and Instagram.
Revvity, Inc. and Subsidiaries
CONDENSED CONSOLIDATED INCOME STATEMENTS
Three Months Ended
Nine Months Ended
(In thousands, except per share data)
September 28,
2025
September 29,
2024
September 28,
2025
September 29,
2024
Revenue
$
698,949
$
684,049
$
2,083,995
$
2,025,654
Cost of revenue
324,345
299,233
941,289
900,285
Selling, general and administrative expenses
241,911
237,521
740,156
749,742
Research and development expenses
50,797
49,144
157,664
147,636
Operating income from continuing operations
81,896
98,151
244,886
227,991
Interest income
(6,925
)
(22,764
)
(25,351
)
(63,362
)
Interest expense
22,771
24,383
68,672
73,497
Change in fair value of investments
4,602
(7,004
)
3,484
(13,975
)
Other expense, net
5,763
3,179
21,364
10,263
Income from continuing operations, before income taxes
55,685
100,357
176,717
221,568
Provision for income taxes
8,464
6,971
32,605
26,880
Income from continuing operations
47,221
93,386
144,112
194,688
(Loss) income from discontinued operations
(569
)
981
(1,275
)
(18,948
)
Net income
$
46,652
$
94,367
$
142,837
$
175,740
Diluted earnings per share:
Income from continuing operations
$
0.41
$
0.76
$
1.22
$
1.58
(Loss) income from discontinued operations
(0.01
)
0.01
(0.01
)
(0.15
)
Net income
$
0.40
$
0.77
$
1.21
$
1.42
Weighted average diluted shares of common stock outstanding
115,463
123,026
117,735
123,336
ABOVE PREPARED IN ACCORDANCE WITH GAAP
Additional supplemental information (1):
(per share, continuing operations)
GAAP EPS from continuing operations
$
0.41
$
0.76
$
1.22
$
1.58
Amortization of intangible assets
0.73
0.73
2.14
2.20
Purchase accounting adjustments
—
—
0.02
0.06
Acquisition and divestiture-related costs
—
0.02
0.02
0.13
Transformation costs
0.04
—
0.05
—
Change in fair value of investments
0.04
(0.06
)
0.03
(0.11
)
Significant litigation matters and settlements
0.01
0.01
0.11
0.06
Significant environmental matters
—
—
(0.01
)
—
Mark to market on postretirement benefits
—
—
0.04
—
Restructuring and other, net
0.09
—
0.21
0.18
Tax on above items
(0.17
)
(0.18
)
(0.49
)
(0.62
)
Significant tax items
0.03
—
0.03
—
Adjusted EPS from continuing operations
$
1.18
$
1.28
$
3.37
$
3.47
(1) amounts may not sum due to rounding
Revvity, Inc. and Subsidiaries
REVENUE AND OPERATING INCOME (LOSS)
Three Months Ended
Nine Months Ended
(In thousands, except percentages)
September 28,
2025
September 29,
2024
September 28,
2025
September 29,
2024
Revenue and adjusted operating income
Revenue
$
698,949
$
684,049
$
2,083,995
$
2,025,654
Reported operating income from continuing operations
$
81,896
$
98,151
$
244,886
$
227,991
OP%
11.7
%
14.3
%
11.8
%
11.3
%
Amortization of intangible assets
84,074
89,642
252,063
271,500
Purchase accounting adjustments
348
103
2,349
7,348
Acquisition and divestiture-related costs
284
4,874
2,950
22,115
Transformation costs
5,103
—
6,226
—
Significant litigation matters and settlements
785
810
12,495
7,086
Significant environmental matters
—
—
(1,208
)
—
Restructuring and other, net
9,926
(82
)
24,368
22,119
Adjusted operating income
$
182,416
$
193,498
$
544,129
$
558,159
OP%
26.1
%
28.3
%
26.1
%
27.6
%
Segment revenue and segment operating income
Life Sciences
$
342,822
$
338,800
$
1,049,115
$
1,023,839
Diagnostics
356,127
345,249
1,034,880
1,001,815
Segment revenue
698,949
684,049
2,083,995
2,025,654
Life Sciences
$
101,048
$
110,565
$
322,228
$
329,083
29.5
%
32.6
%
30.7
%
32.1
%
Diagnostics
89,376
93,848
252,813
262,801
25.1
%
27.2
%
24.4
%
26.2
%
Segment operating income
190,424
204,413
575,041
591,884
Corporate
(8,008
)
(10,915
)
(30,912
)
(33,725
)
Adjusted operating income
182,416
193,498
544,129
558,159
Amortization of intangible assets
(84,074
)
(89,642
)
(252,063
)
(271,500
)
Purchase accounting adjustments
(348
)
(103
)
(2,349
)
(7,348
)
Acquisition and divestiture-related costs
(284
)
(4,874
)
(2,950
)
(22,115
)
Transformation costs
(5,103
)
—
(6,226
)
—
Significant litigation matters and settlements
(785
)
(810
)
(12,495
)
(7,086
)
Significant environmental matters
—
—
1,208
—
Restructuring and other, net
(9,926
)
82
(24,368
)
(22,119
)
Reported operating income from continuing operations
$
81,896
$
98,151
$
244,886
$
227,991
REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP
Revvity, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 28,
2025
December 29,
2024
Current assets:
Cash and cash equivalents
$
931,386
$
1,163,396
Accounts receivable, net
680,259
632,400
Inventories, net
379,917
367,587
Other current assets
152,226
186,225
Total current assets
2,143,788
2,349,608
Property, plant and equipment, net
497,088
482,217
Operating lease right-of-use assets, net
171,078
167,716
Intangible assets, net
2,425,926
2,640,921
Goodwill
6,600,631
6,463,619
Other assets, net
300,441
288,397
Total assets
$
12,138,952
$
12,392,478
Current liabilities:
Current portion of long-term debt
$
583,844
$
242
Accounts payable
175,800
167,463
Accrued expenses and other current liabilities
463,099
485,395
Total current liabilities
1,222,743
653,100
Long-term debt
2,630,693
3,150,476
Long-term liabilities
755,155
770,523
Operating lease liabilities
154,465
151,505
Total liabilities
4,763,056
4,725,604
Total stockholders' equity
7,375,896
7,666,874
Total liabilities and stockholders' equity
$
12,138,952
$
12,392,478
PREPARED IN ACCORDANCE WITH GAAP
Revvity, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
Nine Months Ended
(In thousands)
September 28,
2025
September 29,
2024
September 28,
2025
September 29,
2024
Operating activities:
Net income
$
46,652
$
94,367
$
142,837
$
175,740
Loss (income) from discontinued operations, net of income taxes
569
(981
)
1,275
18,948
Income from continuing operations
47,221
93,386
144,112
194,688
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation
9,054
10,538
26,918
32,756
Restructuring and other, net
9,926
(82
)
24,368
22,119
Depreciation and amortization
102,061
107,670
302,261
322,816
Change in fair value of contingent consideration
107
(343
)
(59
)
6,006
Amortization of deferred debt financing costs and
accretion of discounts
1,240
1,542
3,560
5,051
Change in fair value of investments
4,602
(7,004
)
3,484
(13,975
)
Unrealized foreign exchange loss (gain)
82
(206
)
222
(1,063
)
Changes in assets and liabilities which provided (used) cash:
Accounts receivable, net
(19,742
)
5,097
(41,643
)
33,291
Inventories, net
6,851
9,566
12,493
26,817
Accounts payable
(3,008
)
(1,808
)
270
(24,782
)
Accrued expenses and other
(19,813
)
(61,342
)
(68,990
)
(114,236
)
Net cash provided by operating activities of continuing operations
138,581
157,014
406,996
489,488
Net cash used in operating activities of discontinued operations
(81
)
(9,129
)
(6,023
)
(35,419
)
Net cash provided by operating activities
138,500
147,885
400,973
454,069
Investing activities:
Capital expenditures
(18,501
)
(22,319
)
(53,351
)
(62,194
)
Purchases of investments and notes receivables
(29
)
—
(29
)
(4,337
)
Proceeds from investments and notes receivables
—
2,500
—
2,500
Proceeds from U.S. Treasury Securities
—
710,000
—
710,000
Proceeds from disposition of businesses and assets
—
—
229
—
Net cash (used in) provided by investing activities of continuing operations
(18,530
)
690,181
(53,151
)
645,969
Net cash provided by investing activities of discontinued operations
37,500
—
56,250
147,522
Net cash provided by investing activities
18,970
690,181
3,099
793,491
Financing Activities:
Payments of debt financing costs
—
—
(2,474
)
—
Payments of senior unsecured notes
—
(711,479
)
—
(711,479
)
Payments on other credit facilities
(55
)
429
(158
)
(10,771
)
Payments for acquisition-related contingent consideration
(1,860
)
(83
)
(3,838
)
(8,832
)
Proceeds from issuance of common stock under stock
plans
—
141
2,632
6,173
Purchases of common stock
(205,029
)
(154,112
)
(652,530
)
(184,421
)
Dividends paid
(8,130
)
(8,633
)
(24,845
)
(25,915
)
Net cash used in financing activities of continuing operations
(215,074
)
(873,737
)
(681,213
)
(935,245
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(2,811
)
17,051
45,264
4,120
Net (decrease) increase in cash, cash equivalents, and restricted cash
(60,415
)
(18,620
)
(231,877
)
316,435
Cash, cash equivalents, and restricted cash at beginning of period
992,990
1,249,428
1,164,452
914,373
Cash, cash equivalents, and restricted cash at end of period
$
932,575
$
1,230,808
$
932,575
$
1,230,808
Supplemental disclosure of cash flow information:
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed balance sheets that sum to the total shown in the consolidated statements of cash flows:
Cash and cash equivalents
$
931,386
$
1,229,778
$
931,386
$
1,229,778
Restricted cash included in other current assets
1,189
1,030
1,189
1,030
Total cash, cash equivalents and restricted cash
$
932,575
$
1,230,808
$
932,575
$
1,230,808
PREPARED IN ACCORDANCE WITH GAAP
Revvity, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
Continuing Operations
Three Months Ended
September 28, 2025
Organic revenue growth:
Revenue growth from continuing operations
2%
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
1%
Life Sciences
Three Months Ended
September 28, 2025
Organic revenue growth:
Revenue growth from continuing operations
1%
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
0%
Diagnostics
Three Months Ended
September 28, 2025
Organic revenue growth:
Revenue growth from continuing operations
3%
Less: effect of foreign exchange rates
2%
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses
0%
Organic revenue growth from continuing operations
2%
(1) amounts may not sum due to rounding
Revvity, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
Continuing Operations
Nine Months Ended
September 28, 2025
Organic revenue growth:
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
2%
Life Sciences
Nine Months Ended
September 28, 2025
Organic revenue growth:
Revenue growth from continuing operations
2%
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
2%
Diagnostics
Nine Months Ended
September 28, 2025
Organic revenue growth:
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%
(1) amounts may not sum due to rounding
Revvity, Inc. and Subsidiaries
FY 2025 ORGANIC REVENUE GROWTH FORECAST (1)
Continuing Operations
Twelve Months Ended
December 28, 2025
Projected
Organic revenue growth:
Revenue growth from continuing operations
3% - 5%
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
2% - 4%
(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 “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” or “organic 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 and asset impairments. We use the related term “adjusted gross margin percentage” to refer to adjusted gross margin as a percentage of 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, transformation costs, 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 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 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 investments and debt extinguishment costs.
We use the term “adjusted operating income” to refer to GAAP operating income, excluding amortization of intangible assets, other purchase accounting adjustments, acquisition and divestiture-related expenses, transformation costs, 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,” and “adjusted operating margin” to refer to adjusted operating income as a percentage of 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, excluding amortization of intangible assets, debt extinguishment costs, other purchase accounting adjustments, acquisition and divestiture-related expenses, transformation costs, significant litigation matters and settlements, significant environmental charges, changes in the value of investments, 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,” “adjusted earnings per share,” “adjusted EPS,” or “adjusted EPS from continuing operations” to refer to GAAP earnings per share from continuing operations, excluding amortization of intangible assets, debt extinguishment costs, other purchase accounting adjustments, acquisition and divestiture-related expenses, transformation costs, significant litigation matters and settlements, significant environmental charges, changes in the value of investments, 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:
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, transformation costs, significant litigation matters and settlements, significant environmental charges, changes in the fair value of investments, adjustments for mark-to-market accounting on post-retirement benefits, disposition of businesses and assets, net, and restructuring and other charges is calculated based on operational results and a blended jurisdictional tax rate, 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 a blended jurisdictional tax 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.