c0001ebb0f1819abbec3d7d8a1765ecaac4c69d4a7343f7ccd3370c80c7af09f

9582b033f34945f71aa7f84a07eb71b2ef15b4c8d080ae4275db033dc466bfa0

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

785a13f234701f40d08d49eed5d1c05bb8a040ea81819f65a96d49aca2328a71

| Metric (Unit: Thousand USD) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------------------|---------|---------|---------|---------|---------|---------|---------|
| Americas                    | 302,028  **[0000031791-23-000008_pki-20230402.htm:6]**  | 318,800  **[0000031791-23-000011_pki-20230702.htm:7]**  | 293,600  **[0000031791-23-000014_pki-20231001.htm:9]**  | N/A     | 294,354  **[0000031791-24-000014_pki-20240331.htm:5]**  | 307,800  **[0000031791-24-000021_pki-20240630.htm:9]**  | 302,325  **[0000031791-24-000028_pki-20240929.htm:11]**  |
| Europe                      | 184,897  **[0000031791-23-000008_pki-20230402.htm:6]**  | 191,600  **[0000031791-23-000011_pki-20230702.htm:7]**  | 178,100  **[0000031791-23-000014_pki-20231001.htm:9]**  | N/A     | 178,562  **[0000031791-24-000014_pki-20240331.htm:5]**  | 184,600  **[0000031791-24-000021_pki-20240630.htm:9]**  | 182,038  **[0000031791-24-000028_pki-20240929.htm:11]**  |
| Asia                        | 187,940  **[0000031791-23-000008_pki-20230402.htm:6]**  | 198,600  **[0000031791-23-000011_pki-20230702.htm:7]**  | 199,100  **[0000031791-23-000014_pki-20231001.htm:9]**  | N/A     | 177,004  **[0000031791-24-000014_pki-20240331.htm:5]**  | 199,300  **[0000031791-24-000021_pki-20240630.htm:9]**  | 199,686  **[0000031791-24-000028_pki-20240929.htm:11]**  |
| Total Revenue               | 674,865  **[0000031791-23-000008_pki-20230402.htm:6]**  | 709,100  **[0000031791-23-000011_pki-20230702.htm:7]**  | 670,700  **[0000031791-23-000014_pki-20231001.htm:9]**  | N/A     | 649,920  **[0000031791-24-000014_pki-20240331.htm:5]**  | 691,700  **[0000031791-24-000021_pki-20240630.htm:9]**  | 684,049  **[0000031791-24-000028_pki-20240929.htm:11]**  |

63aac24389e545adf1186564a26ce8f6c44ec2594351d15a2b08b9dd1592df61

| Metric (USD Millions) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Life Sciences         | N/A     | **328.4**  **[0000031791-23-000008_pki-20230402.htm:13]**  | **336.4**  **[0000031791-23-000011_pki-20230702.htm:14]**  | **307.9**  **[0000031791-23-000014_pki-20231001.htm:16]**  | **319.7**  **[0001157523-24-000146_a53889507ex99_1.htm:4]**  | **303.0**  **[0000031791-24-000014_pki-20240331.htm:10]**  | **313.8**  **[0000031791-24-000021_pki-20240630.htm:14]**  | **300.9**  **[0000031791-24-000026_q32024pressrelease.htm:4]**  |
| Diagnostics           | **394**  **[0001157523-23-000272_a53316651ex99_1.htm:2]**  | **346.6**  **[0000031791-23-000008_pki-20230402.htm:13]**  | **372.9**  **[0000031791-23-000011_pki-20230702.htm:14]**  | **363.1**  **[0000031791-23-000014_pki-20231001.htm:16]**  | **376.4**  **[0001157523-24-000146_a53889507ex99_1.htm:4]**  | **347.1**  **[0000031791-24-000014_pki-20240331.htm:10]**  | **378.0**  **[0000031791-24-000021_pki-20240630.htm:14]**  | **383.3**  **[0000031791-24-000026_q32024pressrelease.htm:4]**  |
| Discovery & Analytical Solutions | **347**  **[0001157523-23-000272_a53316651ex99_1.htm:2]**  | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     |
| Total Revenue         | **741**  **[0001157523-23-000272_a53316651ex99_1.htm:6]**  | **674.9**  **[0000031791-23-000008_pki-20230402.htm:13]**  | **709.1**  **[0000031791-23-000011_pki-20230702.htm:14]**  | **670.7**  **[0000031791-23-000014_pki-20231001.htm:16]**  | **695.9**  **[0001157523-24-000146_a53889507ex99_1.htm:4]**  | **649.9**  **[0000031791-24-000014_pki-20240331.htm:10]**  | **691.7**  **[0000031791-24-000021_pki-20240630.htm:14]**  | **684.0**  **[0000031791-24-000026_q32024pressrelease.htm:4]**  |

626f69f5fbea367c4c1e29c371c5e425c1a46e4f7c2945e0ad9eb172897c5680

Revvity, formerly known as PerkinElmer, is a leading provider of health science solutions, technologies, expertise, and services that deliver complete workflows from discovery to development, and diagnosis to cure **[RVTY_3401324_1]**. The company operates through two main segments: Life Sciences and Diagnostics, offering a range of products including instruments, reagents, software, and services **[RVTY_3385287_0]**. Revvity's revenue is nearly evenly split between these segments, with a significant portion being recurring in nature **[0000031791-24-000014_pki-20240331.htm:18]**.

1. **Life Sciences Segment** - Provides products and services targeted towards life sciences customers, focusing on preclinical research and development. Includes sales of instruments, reagents, software, subscriptions, detection and imaging technologies, extended warranties, training, and services **[RVTY_3401324_1]** **[RVTY_3385287_0]** **[0000031791-24-000014_pki-20240331.htm:18]** **[0000031791-24-000021_pki-20240630.htm:23]** **[0000031791-24-000004_pki-20231231.htm:3]** **[0000031791-24-000004_pki-20231231.htm:83]**.
   
2. **Diagnostics Segment** - Develops diagnostics, tools, and applications focused on clinically-oriented customers, particularly in reproductive health, emerging market diagnostics, and applied genomics. Generates revenue from instruments, solutions, consumables, reagents, and services, with significant growth driven by immunodiagnostics and reproductive health businesses **[RVTY_3401324_1]** **[RVTY_3385287_0]** **[0000031791-24-000014_pki-20240331.htm:18]** **[0000031791-24-000021_pki-20240630.htm:23]** **[0000031791-24-000004_pki-20231231.htm:3]** **[0000031791-24-000004_pki-20231231.htm:83]**.

301bd2c3e02da2d97c51abe989db283c0f3e426ae357b37d16959909f8b29ef0

1. Given that your Life Sciences Instrumentation business is expected to decline mid-single digits in Q4 and Applied Genomics is projected to be flat, what specific steps are you taking to address these challenges and return these segments to growth?

2. Your reagents business grew mid-single digits while peers in the RUO antibodies market are still down; can you elaborate on what's driving your better-than-peer performance in reagents and how sustainable is this outperformance considering both biopharma and academic customers were down low single digits?

3. With the majority of your reagents focused on the preclinical side and considering ongoing pipeline rationalizations and cuts from large pharma, how exposed are you to potential reductions in preclinical R&D spending, and what strategies are you implementing to mitigate this risk?

4. You mentioned that instrument normalization is not happening as quickly as anticipated and recovery is slower; given these challenges, how confident are you in your forecast for similar reagent volumes in Q4, and what indicators support your outlook for market stabilization or recovery?

5. Despite peers flagging incremental headwinds in China immunodiagnostics, you've reported mid-single-digit growth and noted that your business is different; can you explain what differentiates your immunodiagnostics business in China and how you plan to sustain growth amid potential market headwinds?

4414ae570549c44b9beceb6fc746732f35ad425d8da15595a924809bffc03b91

Americas

Europe

Asia

- U.S.

- China

- United Kingdom

- Germany

- India

- Italy

- France

- Japan

- Other International

Total Revenue

2006e17a1f69898febb72b1711ea8f6e90bf91cedb52ee7a2c074b0ef9dc7fac

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Growth**: Fourth quarter expected to be **3% to 5%**; full year approximately **0% to 1%**  **[RVTY_3405579_7]** **[RVTY_3405579_2]** .
  2. **Revenue**: Full year expected to be **$2.75 billion to $2.77 billion**  **[RVTY_3405579_7]** .
  3. **Operating Margins**: Full year **28% to 28.5%**; fourth quarter over **30%**  **[RVTY_3405579_7]** .
  4. **Net Interest Expense**: Approximately **$43 million** for the full year  **[RVTY_3405579_7]** .
  5. **Tax Rate**: Approximately **19%** for the full year  **[RVTY_3405579_7]** .
  6. **Earnings Per Share (EPS)**: Full year **$4.83 to $4.87**  **[RVTY_3405579_7]** **[RVTY_3405579_2]** .
  7. **Free Cash Flow**: Approximately **$550 million** for the full year  **[RVTY_3405579_7]** **[RVTY_3405579_5]** .
  8. **Share Repurchase**: New **$1 billion** authorization over the next 2 years  **[RVTY_3405579_2]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Growth**: **2% midpoint** for the year  **[RVTY_3394870_7]** .
  2. **Revenue**: Full year **$2.77 billion to $2.79 billion**  **[RVTY_3394870_7]** .
  3. **Adjusted EPS**: **$4.70 to $4.80** for the year  **[RVTY_3394870_7]** .
  4. **Adjusted Operating Margins**: **28% to 28.5%** for the year  **[RVTY_3394870_7]** .
  5. **Net Interest and Other Expense**: Approximately **$50 million** for the year  **[RVTY_3394870_7]** .
  6. **Tax Rate**: A little over **20%** for the full year  **[RVTY_3394870_7]** .
  7. **Diluted Share Count**: Approximately **123.5 million shares**  **[RVTY_3394870_7]** .
  8. **FX Impact**: Negative **1% headwind** for the full year  **[RVTY_3394870_7]** .
  9. **Third Quarter Guidance**:
     - **Organic Growth**: Low single digits year-over-year  **[RVTY_3394870_7]** .
     - **FX Impact**: Headwind of approximately **100 basis points**  **[RVTY_3394870_7]** .
     - **Adjusted Operating Margins**: Around **28%**  **[RVTY_3394870_7]** .
     - **Net Interest and Other Expense**: Approximately **$12 million**  **[RVTY_3394870_7]** .
     - **Tax Rate**: Approximately **22%**  **[RVTY_3394870_7]** .
     - **Adjusted EPS**: **$1.10 to $1.14** for the third quarter  **[RVTY_3394870_7]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Growth**: **1% to 3%** for the full year; decline in low single digits for Q2, positive growth in the second half  **[RVTY_3381345_6]** .
  2. **Revenue**: Full year **$2.76 billion to $2.82 billion**  **[RVTY_3381345_6]** .
  3. **Operating Margins**: Roughly flat at **28%** for the year  **[RVTY_3381345_6]** .
  4. **Net Interest and Other Expenses**: Approximately **$60 million** for the year  **[RVTY_3381345_6]** .
  5. **Tax Rate**: Approximately **20%**  **[RVTY_3381345_6]** .
  6. **Average Diluted Share Count**: **123.5 million shares** for the year  **[RVTY_3381345_6]** .
  7. **Adjusted EPS**: **$4.55 to $4.75** for the year  **[RVTY_3381345_6]** .
  8. **Free Cash Flow**: Greater than **$475 million** for the year  **[RVTY_3381345_14]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS**: **$4.55 to $4.75**  **[RVTY_3371544_7]** .
  2. **Organic Revenue Growth**: **1% to 3%**; first quarter down mid-single digits, positive growth in Q3  **[RVTY_3371544_6]** .
  3. **Operating Margin**: Flat at **28%** for the year  **[RVTY_3371544_6]** .
  4. **Gross Margin**: Roughly flat year-over-year  **[RVTY_3371544_20]** .
  5. **Adjusted Net Interest and Other Expense**: Approximately **$70 million**  **[RVTY_3371544_6]** .
  6. **Tax Rate**: Approximately **20%**  **[RVTY_3371544_7]** .
  7. **Average Share Count**: **123.5 million**  **[RVTY_3371544_7]** .
  8. **Free Cash Flow**: About **$450 million**; overall cash generation target of about **$600 million**  **[RVTY_3371544_18]** .
  9. **FX Impact**: Approximately **1%** contribution to total revenue  **[RVTY_3371544_6]** .
  10. **Diagnostics Segment**: First half roughly flat, mid-single-digit growth in the second half  **[RVTY_3371544_11]** .
  11. **Immunodiagnostics in China**: Mid-single-digit growth for the full year  **[RVTY_3371544_11]** .
  12. **Life Sciences Instruments and Applied Genomics**: Down in the high single-digit range for 2024  **[RVTY_3371544_12]** .

93c9a9465613bc5d49c7627c9d8e0b916ce69bd63c5dd43fbb0adf19bd8862d8

| Name             | Position                                                      | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                                       |
|------------------|---------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Prahlad Singh    | President and Chief Executive Officer                         | December 30, 2019  | Prahlad Singh is the **President and Chief Executive Officer** of Revvity, Inc. He was elected to this position effective **December 30, 2019**. Prior to becoming CEO, Dr. Singh served as the President and Chief Operating Officer of the company starting in January 2019. He initially joined Revvity in May 2014 as the President of the Diagnostics business  **[0000031791-24-000004_pki-20231231.htm:39]** **[0001193125-24-066406_d109956ddef14a.htm:16]** . |
| Maxwell Krakowiak| Senior Vice President and Chief Financial Officer             | August 2022        | Maxwell Krakowiak is the **Senior Vice President and Chief Financial Officer** of Revvity, Inc. He was appointed to this position in **August 2022**. Before becoming CFO, he served as Vice President of Corporate Finance at Revvity, focusing on global finance transformation. Krakowiak joined Revvity in **October 2018**  **[0000031791-24-000004_pki-20231231.htm:39]** **[0000031791-23-000004_pki-20230101.htm:47]** .                              |
| Joel S. Goldberg | Senior Vice President, Administration, General Counsel, and Secretary | July 2008          | Joel S. Goldberg, aged **55**, currently serves as the **Senior Vice President, Administration, General Counsel and Secretary** at Revvity, Inc. He joined the company in **July 2008** as the Senior Vice President, General Counsel and Secretary. Before joining Revvity, Mr. Goldberg spent seven years at Millennium Pharmaceuticals, Inc.  **[0000031791-24-000004_pki-20231231.htm:40]** **[0000031791-24-000004_pki-20231231.htm:39]** .                  |
| Daniel R. Tereau | Senior Vice President, Strategy and Business Development      | January 2016       | Daniel R. Tereau is the **Senior Vice President, Strategy and Business Development** at Revvity, having been appointed to this position in **January 2016**. He joined Revvity in **April 2014** as Vice President, Strategy and Business Development. Prior to joining Revvity, Mr. Tereau served on Novartis' leadership team  **[0000031791-24-000004_pki-20231231.htm:40]** **[0000031791-24-000004_pki-20231231.htm:39]** .                                |
| Miriame Victor   | Senior Vice President, Chief Commercial Officer               | January 2021       | Miriame Victor, aged **43**, joined Revvity in **October 2014** as Sales Leader for the Diagnostics business in Europe. She most recently served as Vice President and General Manager for EMEAI before being appointed as Senior Vice President and Chief Commercial Officer in **January 2021**  **[0000031791-24-000004_pki-20231231.htm:40]** **[0000031791-24-000004_pki-20231231.htm:39]** .                                                            |
| Tajinder Vohra   | Senior Vice President, Global Operations                      | January 2018       | Tajinder Vohra, aged **58**, joined Revvity in **October 2015** as Vice President of Global Operations and was appointed Senior Vice President, Global Operations in **January 2018**. He oversees all of Revvity's global operations, including manufacturing, supply chain, customer care, and distribution  **[0000031791-24-000004_pki-20231231.htm:40]** **[0000031791-23-000004_pki-20230101.htm:48]** .                                               |
| Anita Gonzales   | Vice President, Controller                                    | May 2023           | Anita Gonzales, aged 48, was appointed as the **Vice President and Controller** of Revvity in **May 2023**. She initially joined Revvity as the Senior Director of Integration and Controllership Initiatives in **March 2021**. Before her tenure at Revvity, Mrs. Gonzales spent ten years at General Electric Company (GE)  **[0000031791-24-000004_pki-20231231.htm:41]** **[0000031791-24-000004_pki-20231231.htm:39]** .                                  |

7725c5decda5d4bfa7cdd1dba317f47a7f2c08d883e21733aa1780b257c8d71d

| Program Details          | Program 1       | Program 2       |
|--------------------------|-----------------|-----------------|
| Approval Date            | April 27, 2023  | October 24, 2024|
| End Date/Duration        | Terminated on October 24, 2024 | Expires on October 23, 2026 |
| Total additional amount  | $600 million  **[0000031791-24-000028_pki-20240929.htm:17]** **[0000031791-24-000028_pki-20240929.htm:54]** **[0000031791-24-000028_pki-20240929.htm:33]**  | $1.0 billion  **[0000031791-24-000028_pki-20240929.htm:17]** **[0000031791-24-000028_pki-20240929.htm:54]** **[0000031791-24-000028_pki-20240929.htm:33]**  |
| Remaining authorization amount | $0  **[0000031791-24-000028_pki-20240929.htm:17]** **[0000031791-24-000028_pki-20240929.htm:54]** **[0000031791-24-000028_pki-20240929.htm:33]**  | Not specified  **[0000031791-24-000028_pki-20240929.htm:17]** **[0000031791-24-000028_pki-20240929.htm:54]** **[0000031791-24-000028_pki-20240929.htm:33]**  |
| Details                  | No shares remain available for repurchase due to termination  **[0000031791-24-000028_pki-20240929.htm:17]** **[0000031791-24-000028_pki-20240929.htm:54]** **[0000031791-24-000028_pki-20240929.htm:33]**  | Some shares have already been repurchased  **[0000031791-24-000028_pki-20240929.htm:17]** **[0000031791-24-000028_pki-20240929.htm:54]** **[0000031791-24-000028_pki-20240929.htm:33]**  |

2743b268062d85fbdca0bf628ea3cd61a182f3270ebe621484ebf0ce430e9a8e

50b7f96da6afffde0d4f88d4ccf895e126244285ee5eab6ab3162b41fdaaf44f

d9dbcbcce391d61dc0760b2cfa79a862ef770a6b079724d23dd8adbb088715bb

dcd112e8cebcb4856c5ad5a38169823e0f86758fa80226c8b86373f9c753c7d7

- Total Revenue: $729.4 million (+5% YoY)  **[0000031791-24-000004_pki-20231231.htm:66]** **[0000031791-25-000006_q42024pressrelease.htm:3]**   
- Life Sciences Revenue: $336.3 million (+5% YoY)  **[0000031791-24-000004_pki-20231231.htm:117]** **[0000031791-24-000004_pki-20231231.htm:84]** **[0000031791-25-000006_q42024pressrelease.htm:4]** **[0000031791-25-000006_q42024pressrelease.htm:0]**   
- Operating Income: **$118.8 million (+54% YoY)**  **[0000031791-24-000004_pki-20231231.htm:66]** **[0000031791-25-000006_q42024pressrelease.htm:3]**   
- Net Income: **$94.6 million (+21% YoY)**  **[0000031791-24-000004_pki-20231231.htm:66]** **[0000031791-25-000006_q42024pressrelease.htm:3]**   
- Diluted EPS: $0.78 (+20% YoY)  **[0000031791-24-000004_pki-20231231.htm:66]** **[0000031791-25-000006_q42024pressrelease.htm:3]**   

d1efdcbda7d721f13ddf6247ee2216a9af0d4bfa3c7990616f7f10b3c78db99f

**Annual guidance for FY 2025:**  
- **Organic Growth**: 3% to 5%  **[RVTY_3413960_23]** **[RVTY_3413960_9]**  (raised from 0% to 1%  **[RVTY_3405579_2]** **[RVTY_3405579_7]** )  
- **Diagnostics**: upper end of mid-single digits  **[RVTY_3413960_9]**  (no prior guidance)  
- **Life Sciences**: low single-digit range  **[RVTY_3413960_9]** **[RVTY_3413960_10]**  (no prior guidance)  
- **China Growth**: in line with 3% to 5%  **[RVTY_3413960_8]**  (no prior guidance)  
- **Immunodiagnostics in China**: mid-single digits  **[RVTY_3413960_8]**  (no prior guidance)  
- **Operating Margin Expansion**: 20 to 40 basis points  **[RVTY_3413960_14]**  (no prior guidance)  
- **Software Business Growth**: low double digits  **[RVTY_3413960_10]**  (no prior guidance)  

651828875912cdf64225b2d423a8be521ecb37c28900b0e68c8efbcd1032ff16

- **Revvity closed the year with better than peer growth and better margin expansion** than others in the group, demonstrating strong operational performance.  **[RVTY_3413960_8]**
- The company's **Diagnostics business is performing at normal levels with around 6% growth**, providing stability and resilience in this segment.  **[RVTY_3413960_8]**
- Revvity is **not seeing any pausing or slowing down of spending from pharma customers**, suggesting steady demand and potential upside if market conditions stabilize.  **[RVTY_3413960_26]**

d40ed1c103d3f253528829cea2ebc14c9566c0625f4fdf528a750be68ff47236

- Revvity is experiencing uncertainty due to **regulatory and geopolitical factors**, leading the company to assume the **current market environment continues throughout 2025** without significant improvement, which could limit growth prospects.  **[RVTY_3413960_23]**
- The **Life Sciences Instruments** segment continues to lag and is **not on a path to recovery**, as **CapEx spending remains soft**, potentially impacting overall revenue growth.  **[RVTY_3413960_8]**
- The company's plan to **step up strategic investments in 2025** may result in **operating margin expansion** being **below previous expectations**, despite improving revenue growth, which could affect profitability.  **[RVTY_3413960_14]**

2691b112a4bfd2277c53839a31fce0a4e521514a591f2c67fd286660f41fc64d

1. **Recovery in Key Markets**
   **Q:** Which areas are back to normal, and which are lagging?
   **A:** Management states that **Diagnostics** is performing at normal levels, growing around **6%**  **[RVTY_3413960_8]** , and the **Software** business is experiencing **low double-digit growth**.  **[RVTY_3413960_8]**  **Life Sciences Reagents** are approaching normalcy with **mid-single-digit growth**  **[RVTY_3413960_8]** , while **Life Sciences Instruments** remain below expectations due to delayed CapEx spending.  **[RVTY_3413960_8]**  They prudently assume the current environment will continue throughout 2025.  **[RVTY_3413960_8]** 

2. **China Growth Expectations**
   **Q:** What is the guidance for China growth this year?
   **A:** The company expects China to grow in line with the overall company growth of **3% to 5%**.  **[RVTY_3413960_8]** **[RVTY_3413960_9]**  **Life Sciences** in China is anticipated at the higher end of this range, while **Diagnostics** at the lower end.  **[RVTY_3413960_8]**  Modest stimulus impact is expected but is not material to the company.  **[RVTY_3413960_8]** 

3. **Reagents Growth and Market Share**
   **Q:** Are you gaining market share in reagents, and what's the growth outlook?
   **A:** Reagents are performing well with **mid-single-digit growth**, outperforming peers.  **[RVTY_3413960_10]**  The company is gaining market share due to innovation.  **[RVTY_3413960_10]**  Reagents are expected to grow faster than the overall Life Sciences Solutions segment in 2025.  **[RVTY_3413960_10]** 

4. **Guidance Breakdown**
   **Q:** How do segment outlooks compare, and what drives guidance range?
   **A:** Diagnostics is projected to grow above the company average, at the upper end of mid-single digits.  **[RVTY_3413960_9]**  Life Sciences is expected to grow in the low single-digit range.  **[RVTY_3413960_9]**  The guidance assumes no significant change in current market conditions and includes prudence due to regulatory and geopolitical uncertainties.  **[RVTY_3413960_9]** 

5. **Immunodiagnostics Outlook**
   **Q:** What are the expectations for Immunodiagnostics growth?
   **A:** Immunodiagnostics is expected to grow at **high single digits** in 2025  **[RVTY_3413960_11]** , with China performing as anticipated.  **[RVTY_3413960_11]**  Growth outside the U.S. continues in the **low to mid-teens**, driven by innovation and expanding autoimmune business.  **[RVTY_3413960_11]** 

6. **First Quarter Guidance and Margins**
   **Q:** Why is Q1 guidance below expectations, and how will margins develop?
   **A:** Q1 operating margins are traditionally below the full-year average due to seasonality.  **[RVTY_3413960_11]**  Margins are expected to improve throughout the year, with the fourth quarter being the strongest due to **volume leverage**.  **[RVTY_3413960_11]**  Organic growth and tax rate timing also impact Q1 earnings.  **[RVTY_3413960_11]** 

7. **Pharma/Biotech Customer Activity**
   **Q:** Is pharma/biotech spending improving?
   **A:** There are signs of recovery in reagents sales to pharma/biotech customers, with two consecutive quarters of **mid-single-digit growth**.  **[RVTY_3413960_8]**  However, **Life Sciences Instruments** tied to CapEx spending are still not recovering fully.  **[RVTY_3413960_8]** 

8. **Applied Genomics Recovery**
   **Q:** Is Applied Genomics showing signs of recovery?
   **A:** Applied Genomics is starting to recover after pressures from COVID-19 impacts.  **[RVTY_3413960_13]**  The business is being aligned under Life Sciences Solutions, and management is optimistic about its prospects in clinical and pharma/biotech segments.  **[RVTY_3413960_13]** 

9. **NIH Funding Impact**
   **Q:** How will NIH funding challenges affect the business?
   **A:** The direct exposure to NIH is close to **1%**, and indirect exposure is under **5%**.  **[RVTY_3413960_16]**  Sales are mostly reagents and small-ticket items, so potential funding issues are not expected to have a material impact.  **[RVTY_3413960_16]** 

10. **Reproductive Health Growth**
    **Q:** What's driving Reproductive Health performance?
    **A:** Reproductive Health saw **high single-digit growth** in Q4, driven by strong performance in **Newborn Screening**.  **[RVTY_3413960_25]**  For 2025, it's expected to grow in the **low single digits**, consistent with long-term plans.  **[RVTY_3413960_25]** 

357e7fdcebf4c49aef89810b07e637998f71da8ba51f4076676e7f6df3deeded

RVTY’s Q4 shows robust 6% Diagnostics growth and mid-single-digit Reagents outpacing peers, but Life Sciences Instruments remain weak amid soft CapEx. Management assumes the current environment continues into 2025, limiting upside and margin expansion.

e596bd9279514b6a1189c54f0dc1e5ba83e4ee69d2c9aa99ae9fd47e312c581c

1ad59308015f091a5696941e1b05228b55855f25dd93d238a357ad1a25f21890

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2002  **[0000031791-24-000004_pki-20231231.htm:65]**    | Present  | Current auditor   |

1c9248dd2697892e3bb231e0b2b86fb6a1b2b1ab4ddcb6f81e4648791828bdf7

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

f78c69ead81f2978a5c7852dd19aa0230d6d3a9a6ea3fab24cc66a96d9814f8b

174924266d4d35bdab0b8c488e515ae7e14503791462926c87a9ae8e44c23954

- Revvity's **portfolio transformation** has positioned the company favorably compared to peers, with **more diagnostics**, **less capital-intensive business**, and a **meaningful software business**, providing differentiation and confidence in their market position.  **[RVTY_3371544_8]**
- The **immunodiagnostics segment** is showing strong growth, driven by a **differentiated portfolio of high-end EUROIMMUN tests in China**, with limited competition, and an innovation pipeline expected to continue supporting growth.  **[RVTY_3371544_21]**
- The transition of the **software business to a SaaS model** is progressing well, moving from a **high single-digit decline in 2023** to an expected **high single-digit growth in 2024**, contributing approximately **125 basis points** to organic growth, with **upper-90s-percent renewal rates** indicating confidence in meeting expectations.  **[RVTY_3371544_26]**

12b5bda2e012b51be183eef7abe3f09740d474f254b397cfb7876130a51bb0b2

1. **Second Half Revenue Outlook**  
   **Q:** How is revenue expected to ramp in the second half?  
   **A:** Revenue is expected to ramp with **positive low single-digit organic growth in the third quarter** and **high single to low double-digit growth in the fourth quarter**. The fourth-quarter step-up is driven half by instrumentation due to normal seasonality, 2% by software business renewals with good pipeline visibility, and the remaining by China Diagnostics, including an easier comp for immunodiagnostics and a step-up in the NEO business.  **[RVTY_3394870_15]** 

2. **Margin Expansion and Cost Actions**  
   **Q:** What is driving margin performance and outlook?  
   **A:** Margin performance is driven by continued progress on integrations and synergies from recent acquisitions, combined with restructuring actions taken at the end of last year. The long-range plan calls for **75 basis points of operating margin expansion per year** in a normal market environment, giving confidence in reaching the company's margin goals.  **[RVTY_3394870_10]** **[RVTY_3394870_16]** 

3. **Capital Allocation and Share Buybacks**  
   **Q:** What are the plans for share buybacks and capital deployment?  
   **A:** With **$330 million** remaining in the share repurchase authorization, the company plans to be more opportunistically aggressive in buying back stock, given the current valuation disconnect. Elevated valuations for M&A candidates make share repurchases a more attractive capital deployment option in the near term.  **[RVTY_3394870_14]** **[RVTY_3394870_20]** **[RVTY_3394870_29]** 

4. **China Market Outlook**  
   **Q:** What is the outlook for China, particularly in diagnostics and instruments?  
   **A:** In China, immunodiagnostics was flat in the quarter and is expected to see **positive mid-single-digit growth in the second half**. The instrumentation business faced headwinds, down **30%** due to delays in government stimulus funding, and is expected to be down mid-single digits in the second half. Improvement is anticipated with stimulus funding expected by the end of the year or early next year.  **[RVTY_3394870_11]** **[RVTY_3394870_15]** **[RVTY_3394870_25]** 

5. **Applied Genomics Recovery**  
   **Q:** How is the Applied Genomics segment performing and expected to recover?  
   **A:** The Applied Genomics segment faced headwinds due to subdued pharma demand but is expected to improve in the second half. The RNA/DNA extraction business is returning to growth, while challenges remain in liquid handling. The segment is expected to start returning to growth due to favorable comp dynamics, having previously grown close to **50%** for two consecutive years.  **[RVTY_3394870_17]** **[RVTY_3394870_23]** 

6. **Reagents Business and BioLegend Performance**  
   **Q:** What are the trends in the reagent business and BioLegend's performance?  
   **A:** The reagent business experienced sporadic volatility due to site consolidations and headcount reductions in pharma and biotech. BioLegend, representing more than **50%** of the reagents portfolio, is the best-performing piece of the business. The company anticipates similar levels of absolute dollars in the third quarter versus the second quarter, with normal seasonal improvements in the fourth quarter.  **[RVTY_3394870_9]** **[RVTY_3394870_19]** **[RVTY_3394870_26]** 

7. **Pharma/Biotech Funding and Recovery**  
   **Q:** What is the impact of pharma layoffs and the outlook for biopharma recovery?  
   **A:** Headcount reductions and site consolidations have caused volatility, but the worst is believed to be behind. Programs are not shutting down but are transitioning to other sites, providing visibility into recovery timing. Pre-revenue biotech funding, less than **5%** of revenue, showed sequential improvement in the second quarter, indicating early signs of recovery.  **[RVTY_3394870_13]** **[RVTY_3394870_18]** **[RVTY_3394870_22]** 

8. **Pricing Trends and Challenges**  
   **Q:** How are pricing trends affecting the business?  
   **A:** Pricing remains more challenged than in a normal year due to the market environment. The company achieved approximately **100 basis points** of price in the second quarter, similar to the first quarter, with similar assumptions for the second half. In China, pricing challenges are evident in the immunodiagnostics portfolio, though it has not been impacted by value-based pricing programs.  **[RVTY_3394870_18]** **[RVTY_3394870_31]** 

9. **Outlook for 2025**  
   **Q:** How does exiting the year at high single to low double-digit growth set up next year?  
   **A:** While signs are encouraging, full normalization is not yet expected. More details on expectations for 2025 will be provided at the Analyst Day in late November, offering deeper insights into future growth prospects.  **[RVTY_3394870_22]** 

10. **IRA Impact on Pharma and Planning**  
    **Q:** How is the Inflation Reduction Act impacting the company and pharma clients?  
    **A:** The impact of the IRA has already been planned for by pharma and biotech companies, which adjusted their P&L and strategic plans for 2025 and beyond two to three quarters ago. The company has incorporated these considerations into its own planning.  **[RVTY_3394870_30]** 

f6156c34c1259fff4bd584fb732fef3b22169d950d49c33abe59ec6e63e52086

- **Pricing pressures in China, particularly in the immunodiagnostics portfolio, are causing challenges for the company.**  **[RVTY_3394870_1]**
- **Management expects no meaningful change in volume assumptions between the first and second half of the year due to sporadic market softness from site closures and consolidations, indicating ongoing demand weakness.**  **[RVTY_3394870_19]**
- **The recovery in pharma and biotech customer spending remains uncertain, with management acknowledging that they have not returned to full normalization and it may take a quarter or two before improvements materialize.**  **[RVTY_3394870_26]** **[RVTY_3394870_21]**

5c19990b8c25e42b70d24f72a7e561f9dab2b9285dda0c7a5201f42f4321e34a

- **Delayed Recovery in Instrumentation Sales**: The company is experiencing continued delays with instrument purchases, especially in China, as customers wait for stimulus funds, leading to a lower-than-expected end-of-year spending on capital equipment.  **[RVTY_3405579_23]** **[RVTY_3405579_22]** **[RVTY_3405579_7]**
- **Subdued Growth in China**: Despite expectations, the rebound in China's market is more gradual, with the **"Year of the Dragon"** effect being less significant than in previous cycles, and life science markets in China facing flat growth expectations.  **[RVTY_3405579_12]** **[RVTY_3405579_22]**
- **Weakness in Biopharma and Academic Markets**: Both biopharma and academic customer segments were **down low single digits**, indicating ongoing softness in key markets for the company's reagents business.  **[RVTY_3405579_20]**

8c8c8b8afb5f6ed95cd11302986b96bad0b05cf3f0d31c695b27c9b074dfa355

- **Operating margins increased by 80 basis points year-over-year to 28.3%** in the quarter, demonstrating strong execution and positive impact from strategic initiatives despite weak market conditions.  **[RVTY_3405579_23]**
- **Reagents business is returning to growth**, with broad-based recovery across different product lines, indicating stabilization and improved demand in the market.  **[RVTY_3405579_23]** **[RVTY_3405579_27]**
- **Strong performance in the newborn screening and reproductive health segment**, with global growth in the low double-digits driven by geographic and menu expansion, highlighting robust demand and market leadership.  **[RVTY_3405579_12]**

b7b6c87f44b8afd003ae9fa018e5f1ff8cfe21dc7e6ba48149e97e364c73da79

| Year       | Amount Due (in millions) | Debt Type                                   | Interest Rate (%) | % of Total Debt                                                                 |
|-----------------|-----------------------------|------------------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2024           | $1.045 **[0000031791-24-000028_pki-20240929.htm:2]**          | Other Debt Facilities, current **[0000031791-24-000028_pki-20240929.htm:14]**         | N/A                    | 0.03% = (1.045 / 3,186.744) * 100 **[0000031791-24-000028_pki-20240929.htm:2]** **[0000031791-24-000028_pki-20240929.htm:14]**                             |
| 2026           | $557.9 **[0000031791-24-000028_pki-20240929.htm:14]**          | €500,000 Principal 1.875% Senior Unsecured Notes **[0000031791-24-000028_pki-20240929.htm:14]** | 1.875 **[0000031791-24-000028_pki-20240929.htm:14]**     | 17.5% = (557.9 / 3,186.744) * 100 **[0000031791-24-000028_pki-20240929.htm:2]** **[0000031791-24-000028_pki-20240929.htm:14]**                             |
| 2028           | $500.0 **[0000031791-24-000028_pki-20240929.htm:14]**          | 1.900% Senior Unsecured Notes **[0000031791-24-000028_pki-20240929.htm:14]**          | 1.900 **[0000031791-24-000028_pki-20240929.htm:14]**      | 15.7% = (500.0 / 3,186.744) * 100 **[0000031791-24-000028_pki-20240929.htm:2]** **[0000031791-24-000028_pki-20240929.htm:14]**                             |
| 2029           | $850.0 **[0000031791-24-000028_pki-20240929.htm:14]**          | 3.3% Senior Unsecured Notes **[0000031791-24-000028_pki-20240929.htm:14]**            | 3.300 **[0000031791-24-000028_pki-20240929.htm:14]**      | 26.7% = (850.0 / 3,186.744) * 100 **[0000031791-24-000028_pki-20240929.htm:2]** **[0000031791-24-000028_pki-20240929.htm:14]**                             |
| March 2031     | $400.0 **[0000031791-24-000028_pki-20240929.htm:14]**          | 2.55% Senior Unsecured Notes **[0000031791-24-000028_pki-20240929.htm:14]**           | 2.550 **[0000031791-24-000028_pki-20240929.htm:14]**      | 12.6% = (400.0 / 3,186.744) * 100 **[0000031791-24-000028_pki-20240929.htm:2]** **[0000031791-24-000028_pki-20240929.htm:14]**                             |
| September 2031 | $500.0 **[0000031791-24-000028_pki-20240929.htm:14]**          | 2.250% Senior Unsecured Notes **[0000031791-24-000028_pki-20240929.htm:14]**          | 2.250 **[0000031791-24-000028_pki-20240929.htm:14]**      | 15.7% = (500.0 / 3,186.744) * 100 **[0000031791-24-000028_pki-20240929.htm:2]** **[0000031791-24-000028_pki-20240929.htm:14]**                             |
| 2051           | $400.0 **[0000031791-24-000028_pki-20240929.htm:14]**          | 3.625% Senior Unsecured Notes **[0000031791-24-000028_pki-20240929.htm:14]**          | 3.625 **[0000031791-24-000028_pki-20240929.htm:14]**      | 12.6% = (400.0 / 3,186.744) * 100 **[0000031791-24-000028_pki-20240929.htm:2]** **[0000031791-24-000028_pki-20240929.htm:14]**                             |

e7b7ea7f0fde883c1f141e711f29204d6947409f86744cd2673efbca7aa6db2e

1. **Fourth Quarter Outlook**  
   **Q:** What's behind the increased caution for Q4?  
   **A:** The change in our organic growth outlook from **2% to 0%-1%** is driven by weaker instrument sales, especially in China where customers are pausing as they await stimulus funding. While the U.S. market shows signs of returning to normal faster than other regions, China was a bigger drag than anticipated. ( **[RVTY_3405579_8]** )

2. **2025 Growth Expectations**  
   **Q:** Is 4% organic growth a good starting point for 2025?  
   **A:** We'll provide 2025 guidance at our Q4 call, but it appears the worst is behind us, and demand has started to recover. Normalization is likely to take us into the first half of 2025, but the rate of recovery remains to be seen. ( **[RVTY_3405579_9]** )

3. **Instrument Sales in China**  
   **Q:** Did things worsen or was recovery lacking in instruments?  
   **A:** We see sequential improvement and continued stabilization, but the path to normalization is more gradual than expected. Instruments in China performed worse due to delays in stimulus funding, now expected in early 2025, leading us to lower our instrument expectations for Q4 '24. ( **[RVTY_3405579_10]** )

4. **Share Repurchase Authorization**  
   **Q:** Will you be more active with share repurchases given the new authorization?  
   **A:** Yes, we plan to remain active with share repurchases. The Board approved a **$1 billion** repurchase authorization for the next two years, reflecting our strong cash flow, balance sheet stability, and confidence in future performance. ( **[RVTY_3405579_11]** )

5. **Applied Genomics Guidance**  
   **Q:** Is Applied Genomics expected to grow in Q4?  
   **A:** For Q4, we expect Applied Genomics to be roughly flat compared to Q3, and Life Sciences Instrumentation to decline mid-single digits. ( **[RVTY_3405579_11]** )

6. **Reproductive Health Growth**  
   **Q:** How did Reproductive Health perform, especially in China?  
   **A:** Our newborn business grew **low-double digits** globally, with China growing **high-single digits**. Growth is driven by commercial initiatives and some instrument placements; we expect a positive trend to continue despite a more subdued impact from the Year of the Dragon. ( **[RVTY_3405579_12]** )

7. **China Immunodiagnostics**  
   **Q:** How did Immunodiagnostics perform in China?  
   **A:** Immunodiagnostics in China performed as expected, with full-year growth anticipated at around **mid-single digits**. Our business differs from peers, so their headwinds aren't directly comparable to ours. ( **[RVTY_3405579_13]** )

8. **Drug Discovery and Reagents**  
   **Q:** What's the impact on drug discovery and reagents?  
   **A:** While instruments recovery is slower, reagents performed well, returning to **mid-single-digit** growth, in line with expectations. Our software business is expected to grow **low double digits** for the full year. ( **[RVTY_3405579_16]** )

9. **China Stimulus Impact**  
   **Q:** How did the lack of China stimulus affect you?  
   **A:** Although we didn't expect much from the stimulus, customers who would have purchased regardless also paused to see if they could obtain funding, resulting in worse performance in China. ( **[RVTY_3405579_17]** )

10. **Reagents Business Strength**  
    **Q:** What's driving the performance in reagents?  
    **A:** Our reagents business shows continued sequential improvement across a diverse portfolio, including BioLegend, Dharmacon, HTRF, and ELISA kits, performing well globally in pharma biotech applications. ( **[RVTY_3405579_20]** )

11. **M&A and Capital Allocation**  
    **Q:** How does the share repurchase affect your M&A plans?  
    **A:** We'll remain active in building a strong M&A pipeline, but current valuations haven't changed much. We see more value in our own stock right now and are taking advantage of that opportunity. ( **[RVTY_3405579_15]** )

12. **China Market Sentiment**  
    **Q:** What's the outlook for China demand in 2025?  
    **A:** Sentiment in China remains strong with optimism in our sector. The government is focused on economic recovery, and customers are positive about our products. Our "in China for China" strategy continues to work effectively. ( **[RVTY_3405579_22]** )

13. **Operating Margin and Leverage**  
    **Q:** How will recovery affect operating leverage?  
    **A:** Despite weak market conditions, we've increased our operating margin by **80 basis points** year-over-year this quarter. As markets recover, we expect the strength of our portfolio to drive further improvements, with reagents showing signs of stabilization. ( **[RVTY_3405579_23]** )

14. **Life Sciences Investments**  
    **Q:** What are the investments affecting Life Sciences margins?  
    **A:** Investments include our GMP facility, e-commerce platform unification, and expansion of our Signals software portfolio. These strategic investments, while pressuring margins now, position us for future growth. ( **[RVTY_3405579_24]** )

15. **TB Automation Launch Delay**  
    **Q:** What's the status of the TB automation launch?  
    **A:** The U.S. launch of our TB automation has been pushed from Q4 2024 to **Q1 2025** as we address certain questions, ensuring readiness for market introduction. ( **[RVTY_3405579_14]** )

16. **Potential Election Impacts**  
    **Q:** How might U.S. elections affect your China business?  
    **A:** We won't speculate on election outcomes. Regardless, our "in China for China" strategy has proven resilient through past cycles, and we're confident in our ability to continue serving customers in China. ( **[RVTY_3405579_19]** )

a975b2721297e509e6ecb2f376d7db37d05b2c4d10972f407492330515264bb1

- **Persistent Pricing Headwinds in China**: The company is facing consistent pricing pressures in China throughout the year, which could impact revenue growth in this key market.  **[RVTY_3381345_20]**
- **Delayed Recovery in Pharma/Biotech Orders**: Despite more constructive conversations with pharma and biotech customers, Revvity has not yet seen a meaningful improvement in order rates, especially in high-ticket instrumentation, indicating continued weakness in this segment.  **[RVTY_3381345_12]** **[RVTY_3381345_21]**
- **Unresolved Litigation Impacting Operations**: Operational disruptions caused by litigation related to Spotfire in March could pose ongoing risks, despite an injunction being received to maintain the status quo.  **[RVTY_3381345_22]**

8098ee81dece0e84c219f629796f07f0e8c27aed0c41a6a74686b823dde4f581

1. **2024 Outlook Confidence**  
   **Q:** How confident are you in the 2024 outlook amid macro volatility?  
   **A:** Prahlad Singh expressed optimism for 2024, noting that while **2023 was challenging**, the fourth quarter did not deteriorate more than anticipated. He expects current trends to continue into 2024, possibly providing upside if demand picks up, and believes they may be experiencing a **trough**. The company's transformation, with more diagnostics and a meaningful software business, gives them confidence in their position.  **[RVTY_3371544_8]** 

2. **Margin Expansion Confidence**  
   **Q:** Can you discuss confidence in reaching the 75 bps margin expansion target?  
   **A:** Maxwell Krakowiak stated that the **75 basis points** margin expansion target is achievable despite top-line changes, due to natural operating leverage from growth above market rates and ongoing structural cost actions. Integration of acquisitions and addressing stranded costs contribute to confidence in margin expansion.  **[RVTY_3371544_14]** 

3. **China Market Outlook**  
   **Q:** What's your outlook and confidence in the China market?  
   **A:** Prahlad Singh remains confident in China due to portfolio differentiation. While instrumentation may see pressure, **reagent sales are expected to rebound**. Immunodiagnostics, excluding a legacy business change, continues its growth trajectory, and new reagents awaiting approval should offset other pressures.  **[RVTY_3371544_15]** 

4. **Immunodiagnostics Growth Drivers**  
   **Q:** What's driving strong growth in ImmunoDX, and expectations for 2024?  
   **A:** Prahlad Singh attributes strong ImmunoDX growth to their **differentiated portfolio** of high-end EUROIMMUN tests in China, facing limited competition. The innovation pipeline supports continued growth, with expectations to maintain this trajectory into 2024.  **[RVTY_3371544_22]** 

5. **Integration Synergies**  
   **Q:** How are synergies from Life Sciences acquisitions playing out?  
   **A:** Prahlad Singh believes the portfolio transformation filled previous gaps, especially in biomolecules and gene therapy. Synergies are emerging from acquisitions like **Horizon, SIRION, BioLegend, and Nexcelom**. With software adding differentiation, they feel confident in their comprehensive offering and may make future additions.  **[RVTY_3371544_10]** 

6. **Pharma Market Expectations**  
   **Q:** What are you hearing from pharma customers, and expectations for the year?  
   **A:** Prahlad Singh expects continued pressure on the capital side in the first half, with stabilization on the **reagent side** in the second half. He views the current situation as a **temporary trough**, anticipating a return to mid-single-digit growth as normal patterns resume.  **[RVTY_3371544_23]** 

7. **Software and Omics Outlook**  
   **Q:** Can you elaborate on Software and Omics business performance expectations for 2024?  
   **A:** Maxwell Krakowiak indicated the Software business, down high single digits in 2023, is expected to return to **high-single-digit growth** in 2024. The Omics business, down over **30%** in 2023, is projected to be **flat** in 2024, with potential upside if new contracts close.  **[RVTY_3371544_18]** 

8. **Free Cash Flow Expectations**  
   **Q:** How should we think about free cash flow in 2024, especially with AES outflows?  
   **A:** Maxwell Krakowiak stated they are targeting about **$450 million** in free cash flow for 2024. AES outflows will come back as inflows, leading to approximately **$600 million** in overall cash generation for the year.  **[RVTY_3371544_19]** 

9. **Life Sciences Instruments Outlook**  
   **Q:** What's the outlook for Life Sciences and applied genomics instruments in 2024?  
   **A:** Maxwell Krakowiak noted that while these instruments performed slightly better than expected in Q4, they anticipate **high single-digit declines** in 2024 due to continued market pressures.  **[RVTY_3371544_12]** 

10. **First Quarter Guidance**  
    **Q:** Why is Q1 organic guidance down mid-single digits compared to Q4?  
    **A:** Prahlad Singh attributed the Q1 outlook primarily to prior-year comps and timing impacts. There are no significant changes, and they expect **similar trends** in the first half of the year.  **[RVTY_3371544_20]** 

11. **Margins and Variable Costs**  
    **Q:** What could prevent margin expansion in 2024 despite growth and cost actions?  
    **A:** Maxwell Krakowiak explained that **returning variable costs** in 2024 offset price gains and cost actions. Volume is a significant driver for margin expansion, and they face cost headwinds in the current environment.  **[RVTY_3371544_16]** 

12. **Structural Cost Measures**  
    **Q:** What cost actions are you taking, and how confident are you in achieving benefits?  
    **A:** Maxwell Krakowiak said they're **rightsizing the company** post-transformation, integrating acquisitions, and addressing stranded costs from the divestiture. Actions have been taken and communicated, with high confidence in realizing benefits this year.  **[RVTY_3371544_24]** 

13. **Gross Margin Expectations**  
    **Q:** How did gross margins perform in Q4, and what's the outlook for 2024?  
    **A:** Maxwell Krakowiak reported gross margins at about **60%** in Q4, down sequentially due to mix dynamics. For 2024, they expect gross margins to be **roughly flat** year-over-year, improving as the year progresses with increased volume leverage.  **[RVTY_3371544_21]** 

14. **E-commerce Rollout Progress**  
    **Q:** Can you share updates on the e-commerce rollout and its benefits?  
    **A:** Prahlad Singh mentioned the U.S. rollout in mid-December is seeing good traction, with international launch expected early in Q2. Benefits include offering a **comprehensive portfolio** on a common platform and achieving **cost synergies**, though it's still early days.  **[RVTY_3371544_17]** 

15. **Cross-selling Synergies**  
    **Q:** Are you seeing momentum in cross-selling and commercial synergies post-divestiture?  
    **A:** Prahlad Singh highlighted leveraging relationships across diagnostics and life sciences, providing tools and services from **preclinical research to commercialization**. This integrated approach allows them to be strategic partners throughout customers' drug development journeys.  **[RVTY_3371544_13]** 

16. **SaaS Transition in Software**  
    **Q:** What's the progress on transitioning software customers to SaaS, and its impact?  
    **A:** Maxwell Krakowiak stated they are making good progress, viewing the SaaS transition as a **differentiator**. While it may introduce revenue recognition noise, it's beneficial long-term, reducing volatility and potentially capturing market share.  **[RVTY_3371544_26]** 

17. **Acquisition Synergy Targets**  
    **Q:** Where are you against your synergy target of $100 million in year 5?  
    **A:** Prahlad Singh did not quantify the progress but noted they are in the **early to mid-stages** of integration opportunities from acquisitions. They continue to focus on supporting high-performing businesses like BioLegend and EUROIMMUN.  **[RVTY_3371544_25]** 

1c502b378cc82983e5a72380eb1787d1667a8a7f81e82cfd11efbdd5e2256d4b

- **Strong growth in Immunodiagnostics business with high expectations for the full year:** Revvity's Immunodiagnostics segment had a solid first quarter and is expected to grow in the **high single digits** for the full year, driven by geographic expansion and new product launches. The **U.S.** market is a particularly strong growth driver.  **[RVTY_3381345_25]**
- **Positive outlook for Signals Software business with new SaaS offerings and strong customer response:** The Signals Software division launched several new SaaS-based products and expects to grow at **high single-digit to low-double-digit annual rates**, reflecting strong customer demand and significant market potential.  **[RVTY_3381345_13]**
- **Encouraging trends in pharma/biotech customer engagement, potentially leading to future order growth:** Recent conversations with pharma and biotech customers are becoming more solid and prolonged, an encouraging trend that may lead to future order growth in Revvity's Life Sciences instruments segment.  **[RVTY_3381345_12]**

13905a8a64fc784bf8e296f6e22801a27dfc2d39e62587d18ea0d56767e00ff6

- **Revvity demonstrated strong margin performance and cash flow generation**, exceeding expectations with adjusted operating margins of approximately **29% in the quarter**.  **[RVTY_3394870_16]**  The company effectively managed expenses and realized additional synergies, contributing to **adjusted EPS of $1.22, which was $0.10 above expectations**.  **[RVTY_3394870_16]**
- **Management plans to aggressively deploy capital through share repurchases**, given the current undervaluation of the stock.  **[RVTY_3394870_14]**  They have **approximately $330 million remaining on their existing buyback authorization** and believe this will drive meaningful value creation for shareholders.  **[RVTY_3394870_14]**
- **Positive signs from recent customer conversations, particularly in the pharma/biotech sector**, suggest that the **worst is behind them**, and they are optimistic about returning to a more normalized environment.  **[RVTY_3394870_21]**  They are seeing **better funding in the biopharma market**, which is expected to contribute to future growth.  **[RVTY_3394870_26]**

a5f64086caa0f5ada6f94f231f99634323fa9e5a3f0e103bf868018f84445342

- **Revvity anticipates ongoing macroeconomic challenges with no significant improvement expected in 2024**, leading to continued pressure on demand and low or negative organic growth in the first half of the year.  **[RVTY_3371544_8]** **[RVTY_3371544_19]**
- **Gross margins have declined**, with Q4 margins down sequentially due to unfavorable mix dynamics, and **are expected to remain flat in 2024**, indicating ongoing margin pressures despite anticipated volume increases.  **[RVTY_3371544_20]**
- **Structural cost reductions and "rightsizing" efforts are underway**, reflecting the company's response to revenue pressures and operational challenges, which could impact long-term growth if not managed effectively.  **[RVTY_3371544_23]**

70e850f299e16f2ebce5b4e5ef5a14b2a166c0d03351752a63dde32877b5f480

1. **Reagents Business Outlook**  
   **Q:** When will the reagents business recover?  
   **A:** Management expects the core reagents business to return to growth, anticipating **mid-single-digit** increases for the full year. After a slow start due to delayed customer budgets, trends in **March and April** have been encouraging, supporting confidence in their outlook.  **[RVTY_3381345_7]** **[RVTY_3381345_10]** 

2. **Operating Margin Expansion**  
   **Q:** How confident are you in improving operating margins?  
   **A:** Operating expenses are expected to remain flat, with gross margins improving throughout the year due to higher volumes. Management is confident in achieving a **28%** operating margin for the full year, anticipating an increase to around **31%** in the fourth quarter as volumes ramp up.  **[RVTY_3381345_16]** **[RVTY_3381345_17]** 

3. **Instrument Demand Trends**  
   **Q:** What is the outlook for instrument demand?  
   **A:** Instrumentation revenue is projected to decline **mid- to high-single digits** for the full year. While the first quarter performed better than expected, the company is not assuming a market recovery but rather a steady-state environment moving forward.  **[RVTY_3381345_9]** **[RVTY_3381345_10]** 

4. **China Performance and Expectations**  
   **Q:** How is China impacting your business?  
   **A:** China's revenues are expected to be roughly **flat** for the full year. While there are ongoing pricing pressures due to VBP, the company anticipates improvements in the second half, especially in Reproductive Health, as the **Year of the Dragon** traditionally boosts birth rates.  **[RVTY_3381345_16]** **[RVTY_3381345_19]** **[RVTY_3381345_10]** 

5. **Software Business Growth**  
   **Q:** How big can the software business get?  
   **A:** The software business is expected to grow at a **high single-digit to low double-digit** rate annually, currently at approximately **$200 million**. Recent product launches are directly addressing customer needs, expanding into clinical trials analytics, and are fully SaaS-based, providing longer-term revenue certainty.  **[RVTY_3381345_12]** **[RVTY_3381345_13]** 

6. **Applied Genomics Outlook**  
   **Q:** What is the expectation for Applied Genomics?  
   **A:** Applied Genomics faced a decline of **mid-20%** in the first quarter but is expected to improve as the year progresses. The company anticipates a rebound, contributing to overall acceleration in Diagnostics in the second half.  **[RVTY_3381345_17]** **[RVTY_3381345_18]** 

7. **Acquisitions and Capital Allocation**  
   **Q:** Would you have done acquisitions differently?  
   **A:** Management remains confident in their acquisition strategy focused on Life Sciences reagents related to biomolecules and cell and gene therapy. They believe these areas align with long-term industry trends, and despite current market headwinds, they are well-positioned for future growth.  **[RVTY_3381345_9]** 

8. **Immunodiagnostics Growth in the U.S.**  
   **Q:** What's driving U.S. Immunodiagnostics growth?  
   **A:** The U.S. Immunodiagnostics business has grown at a **20% CAGR** since acquisition, increasing from **5% to nearly 15%** of the overall Immunodiagnostics revenue. Growth is driven by product expansion and obtaining FDA approvals, with significant potential remaining in the U.S. market.  **[RVTY_3381345_25]** **[RVTY_3381345_27]** 

9. **Cost Reduction Initiatives**  
   **Q:** How will cost initiatives impact margins?  
   **A:** Structural cost reduction actions, particularly in SG&A, have been implemented and are factored into the 2024 plan. Long-term margin expansion efforts include in-sourcing, freight optimization, vendor consolidation, and facility consolidation, contributing to ongoing operating margin improvements.  **[RVTY_3381345_24]** **[RVTY_3381345_26]** 

10. **Automated Tuberculosis Testing Launch**  
    **Q:** How does your new TB test compare to competitors?  
    **A:** The newly launched automated tuberculosis testing system reduces hands-on time by **50%** and technician touchpoints by **80%** compared to the existing T-SPOT Select. It offers less total hands-on time than competitor products by integrating specialized liquid handling and workflow optimizations.  **[RVTY_3381345_28]** 

fe37639f74047aeb1dc38c984aab08e59182da32c9e9ce1e2f72ca6c87628ad2

Revvity Inc (RVTY)

Financials