REVVITY INC

Life Sciences

Revenue for the three months ended June 30, 2024 was $313.8 million, as compared to $336.4 million for the three months ended July 2, 2023, a decrease of $22.5 million, or 7%, which includes a 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. The decrease in our Life Sciences segment revenue during the three months ended June 30, 2024 was driven by a decrease of $15.4 million in reagents revenue and a decrease of $13.8 million in instruments revenue, partially offset by an increase of $6.7 million in software revenue.

Revenue for the six months ended June 30, 2024 was $616.9 million, as compared to $664.8 million for the six months ended July 2, 2023, a decrease of $47.9 million, or 7%. The decrease in our Life Sciences segment revenue during the six months ended June 30, 2024 was driven by a decrease of $29.1 million in instruments revenue and a decrease of $28.0 million in reagents revenue, partially offset by an increase of $9.2 million in software revenue.

Segment operating income for the three months ended June 30, 2024 was $112.4 million, as compared to $127.8 million for the three months ended July 2, 2023, a decrease of $15.4 million, or 12%. Segment operating margin decreased 217 basis points in the three months ended June 30, 2024, as compared to the three months ended July 2, 2023, primarily due to lower sales volume and unfavorable product mix, partially offset by pricing actions and cost containment.

Segment operating income for the six months ended June 30, 2024 was $214.1 million, as compared to $257.2 million for the six months ended July 2, 2023, a decrease of $43.1 million, or 17%. Segment operating margin decreased 398 basis points in the six months ended June 30, 2024, as compared to the six months ended July 2, 2023, primarily due to lower sales volume and unfavorable product mix, partially offset by pricing actions and productivity initiatives.

Diagnostics

Revenue for the three months ended June 30, 2024 was $378.0 million, as compared to $372.9 million for the three months ended July 2, 2023, an increase of $5.1 million, or 1%, which includes a 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. Theincrease in our Diagnostics segment revenue duringthe three months ended June 30, 2024 was driven by an increase of $12.4 million in immunodiagnostics revenue andan increase of $0.6 million in reproductive health revenue, partially offset bya decrease of $7.8 million in applied genomics revenue.

Revenue for the six months ended June 30, 2024 was $725.1 million, as compared to $719.5 million for the six months ended July 2, 2023, an increase of $5.6 million, or 1%, which includes a 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. The increase in our Diagnostics segment revenue during the six months ended June 30, 2024 was driven by an increase of $27.0 million in immunodiagnostics revenue and an increase of $2.3 million in reproductive health revenue, partially offset by a decrease of $23.8 million in applied genomics revenue.

Segment operating incomefor the three months ended June 30, 2024 was $97.9 million, as compared to $85.2 millionfor the three months ended July 2, 2023, an increase of $12.7 million, or 15%. Segment operating margin increased 304 basis points in the three months ended June 30, 2024, as compared to the three months ended July 2, 2023, primarily due to higher sales volume, pricing actions, cost containment, and productivity initiatives.

Segment operating income for the six months ended June 30, 2024 was $173.3 million, as compared to $159.7 million for the six months ended July 2, 2023, an increase of $13.7 million, or 9%. Segment operating margin increased 171 basis points in the six months ended June 30, 2024, as compared to the six months ended July 2, 2023, primarily due to higher sales volume, pricing actions, cost containment, and productivity initiatives.