REVVITY INC
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 6, 2024
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Overview
We are a leading provider of 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.
The principal products and services of our two reportable segments are:
Life Sciences. Provides products and services targeted towards life sciences customers.
Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the areas of reproductive health, emerging market diagnostics and applied genomics.
Overview of the Second Quarter of Fiscal Year 2024
Our overall revenue in the second quarter of fiscal year 2024 was $691.7 million which decreased by $17.4 million, or 2%, as compared to the second quarter of fiscal year 2023, reflecting a decrease of $22.5 million, or 7%, in our Life Sciences segment revenue, which was partially offset by an increase of $5.1 million, or 1%, in our Diagnostics segment revenue. The decrease in our Life Sciences segment revenue for the second quarter of fiscal year 2024 was driven by a decrease in reagents revenue and instruments revenue due to market headwinds, partially offset by an increase in software revenue. The increase in our Diagnostics segment revenue for the second quarter of fiscal year 2024 was driven by increased demand in our immunodiagnostics and reproductive health businesses, partially offset by a decrease in revenue from our applied genomics business.
Our consolidated gross margins decreased 101 basis points in the second quarter of fiscal year 2024, as compared to the second quarter of fiscal year 2023, primarily due to lower sales volume and increased material costs, partially offset by pricing actions, productivity gains, and transportation cost initiatives. Our consolidated operating margins increased from 11% to 12% in the second quarter of fiscal year 2024, as compared to the second quarter of fiscal year 2023, primarily due to productivity gains and cost containment more than offsetting lower gross margins.
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