WALTHAM, Mass.--(BUSINESS WIRE)--Revvity, Inc. (NYSE: RVTY), today announced it will host an Investor Day on Thursday, November 21, 2024 at 9:00 a.m. PT which will feature presentations by members of Revvity’s senior management team on the Company’s key business initiatives, operational achievements and future financial outlook.
The Company also announced strategic adjustments to its operating model to unlock the full value of its recent transformation which will be highlighted at the upcoming Investor Day. Effective fiscal year 2025 (starting December 30, 2024), the majority of Revvity’s Applied Genomics business will be integrated into a newly formed Life Sciences Solutions business, encompassing all Life Sciences reagents and consumables, instruments and services, as well as technology and licensing. This re-segmentation aims to streamline operations, drive synergies, and enhance customer focus, positioning Revvity for continued success across its key markets.
Beginning in fiscal 2025, Revvity’s Life Sciences reporting segment will consist of Life Sciences Solutions and Software, while the Diagnostics reporting segment will consist of Immunodiagnostics and Reproductive Health.
"These shifts reflect our commitment to serving customers more effectively and fostering stronger alignment across our solutions,” said Prahlad Singh, president and chief executive officer at Revvity. “These changes will allow us to deepen customer connections and focus on delivering innovation that aligns with their evolving needs.”
To facilitate a better understanding of how the re-segmentation is expected to impact the future presentation of results, this press release includes select financial information for fiscal year 2023 and year-to-date 2024 that reflect the re-segmentation. The information presented is preliminary estimates and subject to change. The re-segmentation will be effective as of the beginning of fiscal year 2025. Additional information is available on the Company’s investor website.
To register for the Investor Day webcast, please visit here. A replay of the webcast will also be available on the website following the event.
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 $2.7 billion and over 11,000 employees, Revvity serves customers across pharmaceutical and biotech, diagnostic labs, academia and governments. It is part of the S&P 500 index and has customers in more than 190 countries.
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| Revvity, Inc. and Subsidiaries | ||||||
| RECAST OF SEGMENT REVENUE AND SEGMENT OPERATING INCOME (1) | ||||||
Twelve Months Ended |
|
Nine Months Ended |
||||
| (In thousands, except percentages) | Dec. 31, '23 |
|
Sep. 29, '24 |
|||
| Segment Revenue | ||||||
| Life Sciences | $ |
1,456,655 |
$ |
1,022,491 |
||
| Diagnostics |
|
1,294,743 |
|
1,003,784 |
||
| Revenue purchase accounting adjustments |
|
(827) |
|
(621) |
||
| Reported Revenue | $ |
2,750,571 |
$ |
2,025,654 |
||
| Segment Operating Income | ||||||
| Life Sciences | $ |
511,379 |
$ |
327,950 |
||
| % of Revenue |
|
35% |
|
32% |
||
| Diagnostics |
|
298,886 |
|
263,933 |
||
| % of Revenue |
|
23% |
|
26% |
||
| Corporate |
|
(40,405) |
|
(33,725) |
||
| Total reportable segments operating income | $ |
769,860 |
$ |
558,158 |
||
| % of Revenue |
|
28.0% |
|
27.6% |
||
| (1) The information presented is a preliminary estimate and subject to change. The re-segmentation will be effective as of December 30, 2024. | ||||||
| Revvity, Inc. and Subsidiaries | |||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)(2) | |||||
| RECAST OF SEGMENT ORGANIC GROWTH RECONCILIATIONS | |||||
Continuing Operations |
|||||
|
Twelve Months Ended |
|
Nine Months Ended |
|
|
|
Dec. 31, '23 |
|
Sep. 29, '24 |
|
|
| Organic revenue growth: |
|
|
|
|
|
| Reported revenue growth from continuing operations |
|
-17% |
|
-1% |
|
| Less: effect of foreign exchange rates |
|
0% |
|
0% |
|
| Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
0% |
|
0% |
|
| Organic revenue growth from continuing operations |
|
-16% |
|
-1% |
|
| Less: effect of COVID products |
|
-19% |
|
0% |
|
| Non-COVID organic revenue growth from continuing operations |
|
2% |
|
-1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences |
|||||
|
Twelve Months Ended |
|
Nine Months Ended |
|
|
|
Dec. 31, '23 |
|
Sep. 29, '24 |
|
|
| Organic revenue growth: |
|
|
|
|
|
| Reported revenue growth from continuing operations |
|
-3% |
|
-7% |
|
| Less: effect of foreign exchange rates |
|
0% |
|
0% |
|
| Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
0% |
|
0% |
|
| Organic revenue growth from continuing operations |
|
-3% |
|
-7% |
|
| Less: effect of COVID products |
|
-2% |
|
0% |
|
| Non-COVID organic revenue growth from continuing operations |
|
-1% |
|
-7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics |
|||||
|
Twelve Months Ended |
|
Nine Months Ended |
|
|
|
Dec. 31, '23 |
|
Sep. 29, '24 |
|
|
| Organic revenue growth: |
|
|
|
|
|
| Reported revenue growth from continuing operations |
|
-29% |
|
5% |
|
| Less: effect of foreign exchange rates |
|
-1% |
|
-1% |
|
| Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses |
|
0% |
|
0% |
|
| Organic revenue growth from continuing operations |
|
-28% |
|
5% |
|
| Less: effect of COVID products |
|
-34% |
|
0% |
|
| Non-COVID organic revenue growth from continuing operations |
|
7% |
|
6% |
|
| (1) Amounts may not sum due to rounding | |||||
| (2) The information presented is a preliminary estimate and subject to change. The re-segmentation will be effective as of December 30, 2024. | |||||
