REVVITY, INC.

Revenue

Revenue for the three months ended June 29, 2025 was $720.3 million, as compared to $691.7 million for the three months ended June 30, 2024, an increase of $28.6 million, or approximately 4%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates. The analysis in the remainder of this paragraph comp ares segment revenue and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $365.9 million for the three months ended June 29, 2025, as compared to $348.5 million for the three months ended June 30, 2024, an increase of $17.4 million, or 5%, driven by an increase of $17.1 million in Software revenue and an increase of $0.3 million in Life Sciences Solutions revenue. Diagnostics segment revenue was $354.4 million for the three months ended June 29, 2025, as compared to $343.2 million for the three months ended June 30, 2024, an increase of $11.2 million, or 3%, due to an increase of $5.6 million in Immunodiagnostics revenue andan increase of $5.7 million in Reproductive Health revenue.

Revenue for the six months ended June 29, 2025 was $1,385.0 million, as compared to $1,341.6 million for the six months ended June 30, 2024, an increase of $43.4 million, or approximately 3%. The analysis in the remainder of this paragraph comp ares segment revenue and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $706.3 million for the six months ended June 29, 2025, as compared to $685.0 million for the six months ended June 30, 2024, an increase of $21.3 million, or 3%, driven by an increase of $26.1 million in Software revenue, partially offset by a decrease of $4.9 million in Life Sciences Solutions revenue. Diagnostics segment revenue was $678.8 million for the six months ended June 29, 2025, as compared to $656.6 million for the six months ended June 30, 2024, an increase of $22.2 million, or 3%, due to an increase of $14.5 million in Immunodiagnostics revenue andan increase of $7.7 million in Reproductive Health revenue.

Cost of Revenue

Cost of revenue for the three months ended June 29, 2025 was $327.7 million, as compared to $306.2 million for the three months ended June 30, 2024, an increase of $21.5 million, or 7%. As a percentage of revenue, cost of revenue increased to 45.5% for the three months ended June 29, 2025, from 44.3% for the three months ended June 30, 2024, resulting in a decrease in gross margin of 123 basis points to 54.5% for the three months ended June 29, 2025, from 55.7% for the three months ended June 30, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates and product mix shift partially offset by pricing actions. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.2 million for the three months ended June 30, 2024. Rebranding costs were $1.6 million for the three months ended June 30, 2024. Amortization of intangible assets was $36.5 million for the three months ended June 29, 2025, as compared to $37.3 million for the three months ended June 30, 2024.

Cost of revenue for the six months ended June 29, 2025 was $616.9 million, as compared to $601.1 million for the six months ended June 30, 2024, an increase of $15.9 million, or 3%. As a percentage of revenue, cost of revenue decreased to 44.5% for the six months ended June 29, 2025, from 44.8% for the six months ended June 30, 2024, resulting in an increase in gross margin of 26 basis points to 55.5% for the six months ended June 29, 2025, from 55.2% for the six months ended June 30, 2024, primarily due to the completion of product rebranding efforts in 2024 and pricing actions offsetting increased tariffs, unfavorable changes in foreign exchange rates and product mix shift. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.4 million for the six months ended June 30, 2024. Rebranding costs were $6.1 million for the six months ended June 30, 2024. Amortization of intangible assets was $70.9 million for the six months ended June 29, 2025, as compared to $72.7 million for the six months ended June 30, 2024.

We now estimate that pursuant to the tariffs recently enacted and currently in effect, our cost of revenue for the current fiscal year could increase by approximately $25 million. However, we anticipate that as the result of the mitigating actions that we have taken and plan to take, the tariffs would result in a decrease to our gross margin for the current fiscal year of approximately $20 million. The majority of this impact affects products manufactured in Europe for the U.S. market. We are implementing a comprehensive mitigation strategy that includes manufacturing optimization, supplier collaboration, selective pricing actions, and targeted temporary cost measures to minimize financial exposure.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended June 29, 2025 were $248.5 million, as compared to $251.7 million for the three months ended June 30, 2024, a decrease of $3.1 million, or 1%. As a percentage of revenue, selling, general and administrative expenses decreased and were 34.5% for the three months ended June 29, 2025, as compared to 36.4% for the three months ended June 30, 2024. Amortization of intangible assets decreased and was $48.8 million for the three months ended June 29, 2025, as compared to $53.3 million for the three months ended June 30, 2024. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, and transformation expenses, added an incremental expense of $1.2 million for the three months ended June 29, 2025. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, and stock compensation expense related to the awards given to BioLegend employees post-acquisition, added an incremental expense of $3.3 million for the three months ended June 30, 2024. Significant litigation matters and settlements added an incremental expense of $1.1 million for the three months ended June 29, 2025, as compared to $6.3 million for the three months ended June 30, 2024. The above decreases were partially offset by an increase in restructuring and other costs, net, which was $11.2 million for the three months ended June 29, 2025, as compared to $9.8 million for the three months ended June 30, 2024. Purchase accounting adjustments increased expenses by $2.0 million for the three months ended June 29, 2025, as compared to $0.2 million for the three months ended June 30, 2024, which primarily consisted of a change in contingent consideration. Excluding the items noted above, selling, general and administrative expenses increased due to unfavorable changes in foreign exchange rates, and investments in people, innovation and digital capabilities.

Selling, general and administrative expenses for the six months ended June 29, 2025 were $498.2 million, as compared to $512.2 million for the six months ended June 30, 2024, a decrease of $14.0 million, or 3%. As a percentage of revenue, selling, general and administrative expenses decreased and were 36.0% for the six months ended June 29, 2025, as compared to 38.2% for the six months ended June 30, 2024. Amortization of intangible assets decreased and was $97.1 million for the six months ended June 29, 2025, as compared to $109.2 million for the six months ended June 30, 2024. Restructuring and other costs, net, decreased and were $14.4 million for the six months ended June 29, 2025, as compared to $22.2 million for the six months ended June 30, 2024. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, and transformation expenses, added an incremental expense of $3.8 million for the six months ended June 29, 2025. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, and stock compensation expense related to the awards given to BioLegend employees post-acquisition, added an incremental expense of $9.4 million for the six months ended June 30, 2024. Purchase accounting adjustments increased expenses by $1.6 million for the six months ended June 29, 2025, as compared to $6.4 million for the six months ended June 30, 2024, which primarily consisted of a change in contingent consideration. Costs for significant environmental matters decreased by $1.2 million for the six months ended June 29, 2025. The above decreases were partially offset by significant litigation matters and settlements, which added an incremental expense of $11.7 million for the six months ended June 29, 2025, as compared to $6.3 million for the six months ended June 30, 2024. Excluding the items noted above, selling, general and administrative expenses increased due to unfavorable changes in foreign exchange rates, and investments in people, innovation and digital capabilities.

Research and Development Expenses

Research and development expenses for the three months ended June 29, 2025 were $53.3 million, as compared to $48.1 million for the three months ended June 30, 2024, an increase of $5.1 million, or 11%. As a percentage of revenue, research and development expenses increased and were 7.4% for the three months ended June 29, 2025, as compared to 7.0% for the three months ended June 30, 2024. The increase in research and development expenses was primarily driven by unfavorable changes in foreign exchange rates and our investments in new product development. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.7 million for the three months ended June 30, 2024.

Research and development expenses for the six months ended June 29, 2025 were $106.9 million, as compared to $98.5 million for the six months ended June 30, 2024, an increase of $8.4 million, or 9%. As a percentage of revenue, research and development expenses increased and were 7.7% for the six months ended June 29, 2025, as compared to 7.3% for the six months ended June 30, 2024. The increase in research and development expenses was primarily driven by unfavorable changes in foreign exchange rates and our investments in new product development. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $1.4 million for the six months ended June 30, 2024.

Interest and Other Expense (Income), Net

Interest and other expense (income), net, consisted of the following:

The decrease in interest income for the three months ended June 29, 2025 as compared to the three months ended June 30, 2024 was primarily due to a decrease in marketable securities and short-term investments. Interest expense was lower for the three months ended June 29, 2025 as compared to the same period in prior year primarily due to a lower debt balance as a result of the repayment of senior unsecured notes that matured in September 2024.

The decrease in interest income for the six months ended June 29, 2025 as compared to the six months ended June 30, 2024 was primarily due to a decrease in marketable securities and short-term investments. Interest expense was lower for the six months ended June 29, 2025 as compared to the same period in prior year primarily due to a lower debt balance as a result of the repayment of senior unsecured notes that matured in September 2024.

Provision for Income Taxes

The provision for income taxes from continuing operations was $13.4 million for the three months ended June 29, 2025, as compared to $14.1 million for the three months ended June 30, 2024. The provision for income taxes from continuing operations was $24.1 million for thesix months ended June 29, 2025, as compared to $19.9 million for thesix months ended June 30, 2024.

The effective tax rate from continuing operations was 19.6% and 19.9% for the three and six months ended June 29, 2025, as compared to 16.2% and 16.4% for the three and six months ended June 30, 2024. The effective tax rate for the three and six months ended June 29, 2025 was higher as compared to the three and six months ended June 30, 2024 primarily due to projected higher income in certain higher tax rate jurisdictions in fiscal year 2025 as compared to fiscal year 2024. We expect that the effective tax rate on continuing operations, before discrete items, will be approximately 20% during fiscal year 2025.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key 2017 Tax Cuts & Jobs Act provisions. Notable domestic tax provisions include options related to the accelerated deduction of previously capitalized U.S. Section 174 research and development expenditures and permanent 100% bonus depreciation. Several of the provisions being modified are retroactive to an earlier date in 2025. The OBBBA also makes additional changes to international tax provisions, including substantive changes to existing Global Intangible Low-Taxed Income (GILTI), foreign-derived intangible income (FDII), and base erosion and anti-abuse tax (BEAT) provisions.

We do not currently believe the enactment of the OBBBA will materially impact 2025 earnings and continue to evaluate the impact of provisions effective in subsequent years.