UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 


FORM 8-K
 

 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): January 9, 2024

 


Revvity, Inc.
(Exact Name of Registrant as Specified in its Charter)


 
 
Massachusetts
001-05075
04-2052042
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission
File Number)
(IRS Employer
Identification No.)
 
940 Winter Street, Waltham, Massachusetts
02451
(Address of Principal Executive Offices)
(Zip Code)
 
Registrant’s telephone number, including area code: (781) 663-6900
 
Not applicable
(Former Name or Former Address, if Changed Since Last Report)

 

 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
  Trading Symbol(s)
  Name of exchange on which registered
Common stock, $1 par value per share
 
RVTY
 
The New York Stock Exchange
1.875% Notes due 2026
 
RVTY 26
 
The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02.  Results of Operations and Financial Condition

On January 9, 2024, Revvity, Inc. (the “Company”) announced preliminary expectations with respect to certain financial results for the fourth quarter ended December 31, 2023 and announced that the Company will release its fourth quarter and full year 2023 financial results on February 1, 2024.  The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01.  Regulation FD Disclosure

On January 9, 2024, Dr. Prahlad Singh, President and Chief Executive Officer of the Company, is scheduled to make a presentation to the 42nd Annual J. P. Morgan Healthcare Conference.  A copy of the presentation materials is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Form 8-K (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
 
Item 9.01.  Financial Statements and Exhibits

(d)            Exhibits

  EXHIBIT INDEX
   
Exhibit No.
Description
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL)

* The exhibits relating to Item 2.02 and 7.01 shall be deemed to be furnished, and not filed.


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
REVVITY, INC.
Date: January 9, 2024
By: /s/ Maxwell Krakowiak
Maxwell Krakowiak
Senior Vice President and Chief Financial Officer

Exhibit 99.1

Revvity to Hold Earnings Call on Thursday, February 1, 2024;
Provides Update on Financial Performance

WALTHAM, Mass.--(BUSINESS WIRE)--January 9, 2024--Revvity, Inc. (NYSE: RVTY) today announced that it will release its fourth quarter and full year 2023 financial results prior to market open on Thursday, February 1, 2024. The Company will host a conference call the same day at 8:00 a.m. ET to discuss these results. Prahlad Singh, president and chief executive officer, and Max Krakowiak, chief financial officer, will host the conference call.

To access the call, a live audio webcast will be available via this registration form or on the Investors section of the Company's website.

Update on Financial Performance

The Company is providing the following preliminary financial results for the fourth quarter 2023:

  • Revenue for the fourth quarter is expected to be at least $690 million, resulting in a reported and non-COVID organic revenue decline of approximately -7% and -4% as compared to the same period a year ago, respectively.

The Company also now expects its full year 2023 adjusted earnings per share to meet or exceed the guidance provided on October 30, 2023.

J.P. Morgan Healthcare Conference

As previously announced, Prahlad Singh, will present at 10:30 a.m. PT today (January 9, 2024) at the 42nd annual J.P. Morgan Healthcare Conference. A live audio webcast of the presentation will be available via this page. A copy of the slide presentation is now available on the Investors section of the Company’s website and here: Link to Revvity 2024 J.P. Morgan Presentation


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 under Explanation of Non-GAAP Financial Measures.

Full year 2023 adjusted earnings per share guidance 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.

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 adjusted earnings per share, revenue, revenue growth and other financial results. 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: the completion of quarterly and year end closing procedures for the fourth quarter and fiscal year ended December 31, 2023 and 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 2022 revenue of more than $3 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.

Stay updated by following our Newsroom, LinkedIn, X, YouTube, Facebook and Instagram.

 
Revvity, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)





 





 


Continuing Operations



Three Months Ended




December 31, 2023

Organic revenue growth:

Projected

Reported revenue growth from continuing operations

-7%



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

-8%



Less: effect of COVID products

-4%



Non-COVID organic revenue growth from continuing operations

-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” to refer to the measure of comparing current period organic revenue with the corresponding period of the prior year. We use the related term “non-COVID organic revenue growth” to refer to the measure of comparing current period organic revenue excluding revenue from COVID related products and services with the corresponding period of the prior year excluding revenue from COVID related products and services.


Management includes or excludes the effect of the item identified below in the applicable non-GAAP financial measure referenced above for the reasons set forth below with respect to that item:

  • Revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules— accounting rules require us to account for the fair value of revenue from contracts assumed in connection with our acquisitions. As a result, our GAAP results reflect the fair value of those revenues, which is not the same as the revenue that otherwise would have been recorded by the acquired entity. We include such revenue in our non-GAAP measures because we believe the fair value of such revenue does not accurately reflect the performance of our ongoing operations for the period in which such revenue is recorded.

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.

Contacts

Investor Relations:
Steve Willoughby
steve.willoughby@revvity.com

Media Relations:
Chet Murray
(781) 663-5719
chet.murray@revvity.com

Exhibit 99.2

 J.P. Morgan42nd Healthcare Conference  Prahlad Singh  Chief Executive Officer  January 9, 2024 
 

 Safe Harbor  This presentation contains "forward-looking" statements which are statements relating to future events. These statements include those 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.  Words such as "believes," "intends," "anticipates," "plans," "expects," "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. A detailed description of these risk factors can be found 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 presentation.  Guidance for future periods 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.   2 
 

 Revolutionizing human health at an accelerated [rev] speed  Embracing the impossible to improve lives [vita]  Revvity is a company which powers new possibilities for the future of human health  3  3 
 

 Our company profile: global scale with differentiated positioning  Consumables, Services, Software  ~80%  Instruments  ~20%  Diagnostics  Life Sciences  2023E Non-Covid Revenue Mix  ~44%  AMERICAS  ~27%  EMEA  ~29%  APAC  4  ~47%  ~53%  ~$2.7B  Expanding the boundaries of human potential through science  Note: Based on guidance provided October 30, 2023 
 

 Reagents (antibodies, oligos) for biomarker analysis  Flow-based assays  Cell and gene therapy  Single-cell applications  Pre-clinical imaging  Cellular analysis  Detection instrumentation  Pioneering innovation to propel our life sciences customers’ R&D efforts  Robust solutions, through our Revvity Signals platform, for research and clinical informatics  $0.4B  Instruments  Life Sciences at-a-glance  5  ~$1.3B  2023E Revenue  $20B+  Total Addressable Market  $0.7B  Reagents, Assays, & Services  $0.2B  Software  Select brands and products  Oligos  Flow Cytometry  In Vivo Imaging   High-Content Screening   Automated Cell Counter  Note: Based on guidance provided October 30, 2023  Viral Vectors & Genetic Material  
 

 Diagnostics at-a-glance  6  ~$1.4B  2023E Revenue  $35B+  Total Addressable Market  Leading franchises dedicated to advancing human health  Newborn screening  Maternal and fetal health  Cord-blood banking  Global laboratory footprint  Autoimmune  Allergy  Infectious disease (e.g., TB)  Robust ‘omics sample prep portfolio  Liquid handling   Nucleic acid extraction  $0.7B  ImmunoDx  $0.5B  Reproductive Health  $0.2B  Applied  Genomics  Prenatal Screening Platform  Newborn Screening System  Auto-immune Assays  Infectious Disease Assays  Nucleic Acid Extraction  Automated NGS Library Prep  Maternal & Fetal Health Assays  Note: Based on guidance provided October 30, 2023  Select brands and products  NGS Assays 
 

 DISCOVER & DEVELOP  DIAGNOSE  Bringing it all together: powering innovation from Research to Reality  7  Screening  Diagnostics  Monitoring  Helping scientists to discover more and translate faster  Enabling labs to help physicians guide patient treatment  Clinical Development  Drug Discovery  Basic Research  Providing leading capabilities that facilitate decision making between research and clinical customers 
 

 Revvity’s Differentiation  8 
 

 Differentiating through our…  9  Positioning  Approach  Products 
 

 Pre-clinical innovation  Global genomic labs  Cutting-edge clinical   diagnostics  GMP manufacturing  Our approach: serving our customers as a strategic partner  10  Strategic partner for…  pin-point-base-editing-platform-presentation-v2.pdf (horizondiscovery.com)  Multiple Customer Access Points  Partnership Spotlight: PIN-POINTTM BASE EDITING TECHNOLOGY   Products   Licensing  Services  Launched reagents to enable technology evaluations and improve functional insights  Pre-clinical  Sep 2023  Clinical  May 2023  Executed first clinical licensing agreement with AstraZeneca for oncology and immune-related diseases 
 

 Cutting-edge, high-value products which provide differentiated capabilities for customers  Our products: specialized offerings that foster scientific innovation and positively impact human health  11  Product Spotlights  Enhanced Imaging Portfolio  Quantum GX3 microCT imaging solution  Proteogenomics & Multiomics Reagents  TotalSeqTM  Automated Indirect Immunofluorescence Testing   Automated Newborn Screening Workflow  Scientific Data Management & Workflow Platform  Research Platform  Autoimmune Testing Menu  UNIQO 160  EonisTM Q System 
 

 Our positioning: unique portfolio will continue to foster growth and drive attractive profitability profile  12  Strategic scientific partnerships with Pharma/Biotech across the Revvity portfolio to drive additional upside vs. underlying market growth  60%  Strong recurring revenue​ mix with accretive margin profiles  Cutting-edge scientific innovation drives strong competitive positioning  ImmunoDx  LS Reagents  Software  9-11%  25%  Differentiated, complementary pre-clinical platforms  Complete NGS solutions   LS Instrumentation  Applied Genomics  3-5%  15%  Cash flow generation to support continued investment​  Growth outperforming global birth rates  Reproductive  Health  2-4%  % of Total ‘23E Revenue ($2.7B)  Growth Profile  Note: Based on guidance provided October 30, 2023  Portfolio Solutions Included  Positioning 
 

 Current 2023E Guidance assumes +MSD organic growth in China  Our positioning: unique revenue mix in China drives differentiated performance  13  $2.7B  Total ‘23E Revenue  China  Our China exposure  ~40%  Life Sciences  ~60%  Diagnostics  Strong recovery driven by ~70% of Dx revenue from specialized ImmunoDx (e.g., autoimmune, allergy, latent TB) and ~90% from consumables  Recurring revenue now represents >50% of Life Sciences revenue, consisting of reagents and consumables  Note: Based on guidance provided October 30, 2023 
 

 Looking Ahead  14 
 

 Key focus areas in 2024   Driving cross-company innovation & building on core growth accelerators   Capturing cost efficiencies and commercial and operational synergies through sound execution  Strategically deploying capital organically and inorganically   INVESTMENT   INNOVATION   EFFICIENCY  15  Despite uncertain demand environments…  …carrying momentum into Revvity’s 2nd year 
 

 Differentiated long-term outlook through economic cycles  16  Our outlook for 2025 and beyond:  Organic Growth  200 bps above market   normal market environment assumed to be 4-6% growth  Operating Margin Expansion  75  bps / year  Adj. EPS Growth  DD  growth  Formal 2024 guidance to be provided on our upcoming 4Q23 earnings call 
 

 


v3.23.4
Document and Entity Information
Jan. 09, 2024
Entity Listings [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 09, 2024
Entity File Number 001-05075
Entity Registrant Name REVVITY, INC.
Entity Central Index Key 0000031791
Entity Incorporation, State or Country Code MA
Entity Tax Identification Number 04-2052042
Entity Address, Address Line One 940 Winter Street
Entity Address, City or Town Waltham
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02451
City Area Code 781
Local Phone Number 663-6900
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Common stock, $1 par value per share
Trading Symbol RVTY
Security Exchange Name NYSE
1.875% Notes due 2026 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 1.875% Notes due 2026
Trading Symbol RVTY 26
Security Exchange Name NYSE

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