Revvity Reports Slight Revenue Increase to $2.755 Billion in Fiscal Year 2024

Revvity, Inc. reported a slight increase in revenue for the fiscal year 2024, totaling $2.755 billion, up from $2.751 billion in the previous year. The Diagnostics segment saw a revenue increase of 3%, reaching $1.501 billion, driven by growth in immunodiagnostics and reproductive health. Conversely, the Life Sciences segment experienced a 3% decline, with revenue falling to $1.254 billion, primarily due to decreased sales in instruments and reagents, although software revenue increased by $22.5 million. The company's gross margin decreased slightly to 55.8%, attributed to a less favorable product mix and higher costs, while operating margin improved to 12.6% due to cost containment measures.

In terms of strategic developments, Revvity completed the sale of its Applied, Food, and Enterprise Services businesses in March 2023 for approximately $2.45 billion, which has been classified as discontinued operations. The company is entitled to additional contingent consideration based on future performance, which could yield up to $150 million. This divestiture aligns with Revvity's focus on its core Life Sciences and Diagnostics segments. The company also launched several new products in both segments, including advanced reagents and software solutions, aimed at enhancing its market position.

Operationally, Revvity employed approximately 11,000 individuals as of December 29, 2024, with a voluntary turnover rate of about 9%. The company markets its products in over 160 countries, supported by a sales force of around 1,400 representatives. The Diagnostics segment's growth was particularly notable in the Americas and Europe, while the Life Sciences segment faced challenges in the pharmaceutical and biotechnology markets. The company continues to invest in research and development, with expenses in this area decreasing by 9% to $196.8 million, reflecting ongoing productivity initiatives.

Looking ahead, Revvity anticipates continued growth driven by its diverse product offerings and strategic focus on innovation. The company plans to increase capital expenditures in fiscal year 2025 to enhance digital capabilities and production infrastructure. Despite the challenges posed by market conditions, Revvity's management remains optimistic about long-term growth prospects, supported by a strong cash position of $1.163 billion and significant borrowing capacity under its credit facilities. The company has also initiated a new stock repurchase program, authorizing up to $1 billion, which reflects its commitment to returning value to shareholders.