REVVITY, INC.

Previous wording

Overview of the Second Quarter of Fiscal Year 2025

Current wording

Overview of the Third Quarter of Fiscal Year 2025

Previous wording

Our overall revenue in the second quarter of fiscal year 2025 was $720.3 million which increased by $28.6 million, or 4%, as compared to the second quarter of fiscal year 2024, reflecting an increase of $11.2 million, or 3%, in our Diagnostics segment revenue, and an increase of $17.4 million, or 5%, in our Life Sciences segment revenue. The increase in our Diagnostics segment revenue for the second quarter of fiscal year 2025 was driven by our Immunodiagnostics and Reproductive Health businesses. The increase in our Life Sciences segment revenue for the second quarter of fiscal year 2025 was driven by increased revenue in our Software business.

Current wording

Our overall revenue in the third quarter of fiscal year 2025 was $698.9 million which increased by $14.9 million, or 2%, as compared to the third quarter of fiscal year 2024, reflecting an increase of $10.9 million, or 3%, in our Diagnostics segment revenue, and an increase of $4.0 million, or 1%, in our Life Sciences segment revenue. The increase in our Diagnostics segment revenue for the third quarter of fiscal year 2025 was driven primarily by our Reproductive Health business. The increase in our Life Sciences segment revenue for the third quarter of fiscal year 2025 was driven by increased revenue in our Software business.

Previous wording

Our consolidated gross margins decreased 123 basis points in the second quarter of fiscal year 2025, as compared to the second quarter of fiscal year 2024, primarily due to increased tariffs and product mix shift partially offset by pricing actions. Our consolidated operating margins increased 20 basis points in the second quarter of fiscal year 2025, as compared to the second quarter of fiscal year 2024, primarily due to sales volume leverage and productivity gains offsetting gross margin headwinds.

Current wording

Our consolidated gross margins decreased 266 basis points in the third quarter of fiscal year 2025, as compared to the third quarter of fiscal year 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift. Our consolidated operating margins decreased 263 basis points in the third quarter of fiscal year 2025, as compared to the third quarter of fiscal year 2024, due to gross margin headwinds as discussed above.

Previous wording

For a more detailed discussion of our critical accounting policies and estimates, refer to the Notes to our audited consolidated financial statements and Item 7.“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024 (our “2024 Form 10-K”), as filed with the Securities and Exchange Commission. There have been no significant changes in our critical accounting policies and estimates during the six months ended June 29, 2025.

Current wording

For a more detailed discussion of our critical accounting policies and estimates, refer to the Notes to our audited consolidated financial statements and Item 7.“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024 (our “2024 Form 10-K”), as filed with the Securities and Exchange Commission. There have been no significant changes in our critical accounting policies and estimates during the nine months ended September 28, 2025.

Previous wording

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.

Current wording

Revenue for the three months ended September 28, 2025 was $698.9 million, as compared to $684.0 million for the three months ended September 29, 2024, an increase of $14.9 million, or approximately 2%, 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 $342.8 million for the three months ended September 28, 2025, as compared to $338.8 million for the three months ended September 29, 2024, an increase of $4.0 million, or 1%, driven by an increase of $8.9 million in Software revenue and a decrease of $4.9 million in Life Sciences Solutions revenue. Diagnostics segment revenue was $356.1 million for the three months ended September 28, 2025, as compared to $345.2 million for the three months ended September 29, 2024, an increase of $10.9 million, or 3%, due to an increase of $9.7 million in Reproductive Health revenue and an increase of $1.2 million in Immunodiagnostics revenue.

Previous wording

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.

Current wording

Revenue for the nine months ended September 28, 2025 was $2,084.0 million, as compared to $2,025.7 million for the nine months ended September 29, 2024, an increase of $58.3 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 $1,049.1 million for the nine months ended September 28, 2025, as compared to $1,023.8 million for the nine months ended September 29, 2024, an increase of $25.3 million, or 2%, driven by an increase of $35.1 million in Software revenue, partially offset by a decrease of $9.8 million in Life Sciences Solutions revenue. Diagnostics segment revenue was $1,034.9 million for the nine months ended September 28, 2025, as compared to $1,001.8 million for the nine months ended September 29, 2024, an increase of $33.1 million, or 3%, due to an increase of $15.6 million in Immunodiagnostics revenue andan increase of $17.4 million in Reproductive Health revenue.

Previous wording

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.

Current wording

Cost of revenue for the three months ended September 28, 2025 was $324.3 million, as compared to $299.2 million for the three months ended September 29, 2024, an increase of $25.1 million, or 8%. As a percentage of revenue, cost of revenue increased to 46.4% for the three months ended September 28, 2025, from 43.7% for the three months ended September 29, 2024, resulting in a decrease in gross margin of 266 basis points to 53.6% for the three months ended September 28, 2025, from 56.3% for the three months ended September 29, 2024, primarily due to 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 $0.2 million for the three months ended September 29, 2024. Rebranding costs were $0.1 million for the three months ended September 29, 2024. Amortization of intangible assets was $35.3 million for the three months ended September 28, 2025, as compared to $36.4 million for the three months ended September 29, 2024.

Previous wording

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.

Current wording

Cost of revenue for the nine months ended September 28, 2025 was $941.3 million, as compared to $900.3 million for the nine months ended September 29, 2024, an increase of $41.0 million, or 5%. As a percentage of revenue, cost of revenue increased to 45.2% for the nine months ended September 28, 2025, from 44.4% for the nine months ended September 29, 2024, resulting in a decrease in gross margin of 72 basis points to 54.8% for the nine months ended September 28, 2025, from 55.6% for the nine months ended September 29, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates and product mix shift partially offset by the completion of product rebranding efforts in 2024. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.6 million for the nine months ended September 29, 2024. Rebranding costs were $6.2 million for the nine months ended September 29, 2024. Amortization of intangible assets was $106.2 million for the nine months ended September 28, 2025, as compared to $109.1 million for the nine months ended September 29, 2024.

Previous wording

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.

Current wording

Selling, general and administrative expenses for the three months ended September 28, 2025 were $241.9 million, as compared to $237.5 million for the three months ended September 29, 2024, an increase of $4.4 million, or 2%. As a percentage of revenue, selling, general and administrative expenses decreased and were 34.6% for the three months ended September 28, 2025, as compared to 34.7% for the three months ended September 29, 2024. Restructuring and other costs, net, increased, and was $9.9 million for the three months ended September 28, 2025, as compared to decreasing expenses by $0.1 million for the three months ended September 29, 2024. Costs related to our transformation initiatives focused on business process modernization, automation and implementation of global systems to support the new Revvity Business Model (“transformation costs”)added an incremental expense of $5.1 million for the three months ended September 28, 2025. Purchase accounting adjustments increased expenses by $0.2 million for the three months ended September 28, 2025, as compared to decreasing expenses by $0.3 million for the three months ended September 29, 2024, which primarily cons isted of a change in contingent consideration. The above increases in selling, general and administrative expenses compared to prior year were partially offset by a decrease in amortization of intangible assets, which was $48.7 million for the three months ended September 28, 2025, as compared to $53.2 million for the three months ended September 29, 2024. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, added an incremental expense of $0.3 million for the three months ended September 28, 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 $3.9 million for the three months ended September 29, 2024. Significant litigation matters and settlements added an incremental expense of $0.8 million for each of the three months ended September 28, 2025 and September 29, 2024. Excluding the items noted above, selling, general and administrative expenses decreased due to cost controls and productivity gains partially offset by unfavorable changes in foreign exchange rates and investments in digital capabilities and innovation.

Previous wording

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.

Current wording

Selling, general and administrative expenses for the nine months ended September 28, 2025 were $740.2 million, as compared to $749.7 million for the nine months ended September 29, 2024, a decrease of $9.6 million, or 1%. As a percentage of revenue, selling, general and administrative expenses decreased and were 35.5% for the nine months ended September 28, 2025, as compared to 37.0% for the nine months ended September 29, 2024. Amortization of intangible assets decreased and was $145.9 million for the nine months ended September 28, 2025, as compared to $162.4 million for the nine months ended September 29, 2024. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, added an incremental expense of $3.0 million for the nine months ended September 28, 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 $13.2 million for the nine months ended September 29, 2024. Purchase accounting adjustments increased expenses by $1.8 million for the nine months ended September 28, 2025, as compared to $6.1 million for the nine months ended September 29, 2024, which primarily consisted of a change in contingent consideration. Costs for significant environmental matters decreased by $1.2 million for the nine months ended September 28, 2025. The above decreases were partially offset by an increase in restructuring and other costs, net, which was$24.4 million for the nine months ended September 28, 2025, as compared to $22.1 million for the nine months ended September 29, 2024. Significant litigation matters and settlements added an incremental expense of $12.5 million for the nine months ended September 28, 2025, as compared to $7.1 million for the nine months ended September 29, 2024. Transformation costs added an incremental expense of $6.2 million for thenine months ended September 28, 2025. Excluding the items noted above, selling, general and administrative expenses increased due to unfavorable changes in foreign exchange rates and investments in digital capabilities and innovation partially offset by cost control and productivity.

Previous wording

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.

Current wording

Research and development expenses for the three months ended September 28, 2025 were $50.8 million, as compared to $49.1 million for the three months ended September 29, 2024, an increase of $1.7 million, or 3%. As a percentage of revenue, research and development expenses increased and were 7.3% for the three months ended September 28, 2025, as compared to 7.2% for the three months ended September 29, 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 September 29, 2024.

Previous wording

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.

Current wording

Research and development expenses for the nine months ended September 28, 2025 were $157.7 million, as compared to $147.6 million for the nine months ended September 29, 2024, an increase of $10.0 million, or 7%. As a percentage of revenue, research and development expenses increased and were 7.6% for the nine months ended September 28, 2025, as compared to 7.3% for the nine months ended September 29, 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 $2.1 million for the nine months ended September 29, 2024.

Previous wording

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.

Current wording

The decrease in interest income for the three and nine months ended September 28, 2025 as compared to the three and nine months ended September 29, 2024 was primarily due to a decrease in marketable securities and short-term investments. Interest expense was lower for the three and nine months ended September 28, 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.

Previous wording

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.

Current wording

The provision for income taxes from continuing operations was $8.5 million for the three months ended September 28, 2025, as compared to $7.0 million for the three months ended September 29, 2024. The provision for income taxes from continuing operations was $32.6 million for thenine months ended September 28, 2025, as compared to $26.9 million for thenine months ended September 29, 2024.

Previous wording

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.

Current wording

The effective tax rate from continuing operations was 15.2% and 18.5% for the three and nine months ended September 28, 2025, as compared to 6.9% and 12.1% for the three and nine months ended September 29, 2024. The effective tax rate for the three and nine months ended September 28, 2025 was higher as compared to the three and nine months ended September 29, 2024 primarily due to net favorable impacts of prior year true-ups recorded in fiscal year 2024 in foreign locations of $7.1 million. We expect that the effective tax rate on continuing operations, before discrete items, will be approximately 20% during fiscal year 2025.

Previous wording

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.

Current wording

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. The enactment of OBBBA is not expected to materially impact our fiscal year 2025 provision for income taxes. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

Previous wording

Revenue for the three months ended June 29, 2025 was $365.9 million, as compared to $348.5 million for the three months ended June 30, 2024, an increase of $17.4 million, or 5%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates. The increase in our Life Sciences segment revenue during the three months ended June 29, 2025 was driven by an increase of $17.1 million in Software revenue and an increase of $0.3 million in Life Sciences Solutions revenue.

Current wording

Revenue for the three months ended September 28, 2025 was $342.8 million, as compared to $338.8 million for the three months ended September 29, 2024, an increase of $4.0 million, or 1%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates. The increase in our Life Sciences segment revenue during the three months ended September 28, 2025 was driven by an increase of $8.9 million in Software revenue, partially offset by a decrease of $4.9 million in Life Sciences Solutions revenue.

Previous wording

Segment operating income for the three months ended June 29, 2025 was $115.5 million, as compared to $117.6 million for the three months ended June 30, 2024, a decrease of $2.1 million, or 2%. Segment operating margin decreased 218 basis points in the three months ended June 29, 2025, as compared to the three months ended June 30, 2024, primarily due to increased tariffs and product mix shift partially offset by higher productivity.

Current wording

Segment operating income for the three months ended September 28, 2025 was $101.0 million, as compared to $110.6 million for the three months ended September 29, 2024, a decrease of $9.5 million, or 9%. Segment operating margin decreased 316 basis points in the three months ended September 28, 2025, as compared to the three months ended September 29, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift.

Previous wording

Revenue for the three months ended June 29, 2025 was $354.4 million, as compared to $343.2 million for the three months ended June 30, 2024, an increase of $11.2 million, or 3%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates. Theincrease in our Diagnostics segment revenue duringthe three months ended June 29, 2025 was driven by an increase of $5.6 million in Immunodiagnostics revenue andan increase of $5.7 million in Reproductive Health revenue.

Current wording

Revenue for the three months ended September 28, 2025 was $356.1 million, as compared to $345.2 million for the three months ended September 29, 2024, an increase of $10.9 million, or 3%, which includes an approximate 2% increase in revenue attributable to favorable changes in foreign exchange rates. Theincrease in our Diagnostics segment revenue duringthe three months ended September 28, 2025 was driven by an increase of $9.7 million in Reproductive Health revenue andan increase of $1.2 million in Immunodiagnostics revenue.

Previous wording

Revenue for the six months ended June 29, 2025 was $678.8 million, as compared to $656.6 million for the six months ended June 30, 2024, an increase of $22.2 million, or 3%. Theincrease in our Diagnostics segment revenue duringthe six months ended June 29, 2025 was driven by an increase of $14.5 million in Immunodiagnostics revenue andan increase of $7.7 million in Reproductive Health revenue.

Current wording

Revenue for the nine months ended September 28, 2025 was $1,034.9 million, as compared to $1,001.8 million for the nine months ended September 29, 2024, an increase of $33.1 million, or 3%. Theincrease in our Diagnostics segment revenue duringthe nine months ended September 28, 2025 was driven by an increase of $17.4 million in Reproductive Health revenue and an increase of $15.6 million in Immunodiagnostics revenue.

Previous wording

Segment operating incomefor the three months ended June 29, 2025 was $89.4 million, as compared to $92.7 millionfor the three months ended June 30, 2024, a decrease of $3.3 million, or 4%. Segment operating margin decreased 179 basis points in the three months ended June 29, 2025, as compared to the three months ended June 30, 2024, primarily due to increased tariffs, product mix shift, unfavorable changes in foreign exchange rates, and continued investments in new product development and digital capabilities partially offset by pricing actions.

Current wording

Segment operating incomefor the three months ended September 28, 2025 was $89.4 million, as compared to $93.8 millionfor the three months ended September 29, 2024, a decrease of $4.5 million, or 5%. Segment operating margin decreased 209 basis points in the three months ended September 28, 2025, as compared to the three months ended September 29, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, product mix shift, and investments in new product development and digital capabilities.

Previous wording

During the three months ended June 29, 2025 and June 30, 2024, we recorded a gain (loss) on sale of $1.1 million and $(23.7) million, respectively, and a provision for income taxes of $0.2 million and $6.5 million, respectively, related to the sale of the Business. During the six months ended June 29, 2025 and June 30, 2024, we recorded a gain (loss) on sale of $0.3 million and $(25.5) million, respectively, and a provision for income taxes of $0.4 million and $5.5 million, respectively, related to the sale of the Business.

Current wording

During the three months ended September 28, 2025 and September 29, 2024, we recorded a (loss) gain on sale of $(0.3) million and $0.4 million, respectively, and a provision for (benefit from) income taxes of $0.2 million and $(0.6) million, respectively, related to the sale of the Business. During the nine months ended September 28, 2025 and September 29, 2024, we recorded a loss on sale of $(0.6) million and $(25.1) million, respectively, and a provision for (benefit from) income taxes of $0.7 million and $(6.1) million, respectively, related to the sale of the Business.

Previous wording

In connection with the sale of the Business, we are entitled to proceeds in installments that commenced upon our ceasing the use of the former brand and related trademarks and transferring them to the purchaser of the Business (the “Brand Fee”). As of June 29, 2025, the remaining balance related to the Brand Fee is $37.5 million, which is expected to be received inthe second half of fiscal year 2025.

Current wording

In connection with the sale of the Business, we have received proceeds in installments that commenced upon our ceasing the use of the former brand and related trademarks and transferring them to the purchaser of the Business (“the Brand Fee”). During thethird quarter offiscal year 2025, we received the final installment of the Brand Fee from the purchaser of the Business.

Previous wording

We require cash to pay our operating expenses, make capital expenditures, make strategic acquisitions, service our debt and other long-term liabilities, repurchase shares of our common stock and pay dividends on our common stock. Our principal sources of funds are our internal operations, borrowing capacity available under our senior unsecured revolving credit facility and access to debt markets. We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, acquisitions, interest payments on our debt and dividends on our common stock, for the foreseeable future, including at least the next 12 months. The sale of the Business generated approximately $2.27 billion in cash proceeds. We expect to continue to use these proceeds for a combination of debt retirement, opportunistic share repurchases and continued strategic and value creating acquisitions.

Current wording

We require cash to pay our operating expenses, make capital expenditures, make strategic acquisitions, service our debt and other long-term liabilities, repurchase shares of our common stock and pay dividends on our common stock. Our principal sources of funds are our internal operations, borrowing capacity available under our senior unsecured revolving credit facility and access to debt markets. We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, acquisitions, interest payments on our debt and dividends on our common stock, for the foreseeable future, including at least the next 12 months.

Previous wording

At June 29, 2025, we had cash and cash equivalents of$991.8 million, of which $485.3 million was held by our non-U.S. subsidiaries, and we had$1.5 billion of borrowing capacity available under our senior unsecured revolving credit facility. We use a variety of cash redeployment and financing strategies to ensure that our worldwide cash is available in the locations in which it is needed.

Current wording

At September 28, 2025, we had cash and cash equivalents of$931.4 million, of which $540.0 million was held by our non-U.S. subsidiaries, and we had$1.5 billion of borrowing capacity available under our senior unsecured revolving credit facility. We use a variety of cash redeployment and financing strategies to ensure that our worldwide cash is available in the locations in which it is needed.

Previous wording

On October 24, 2024, our Board of Directors(our“Board”)authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a stock repurchase program (the “Repurchase Program”). The Repurchase Program will expire on October 23, 2026 unless terminated earlier by our Board and may be suspended or discontinued at any time. As of June 29, 2025,$414.5 million remained available for aggregate repurchases of shares under the Repurchase Program. If we continue to repurchase shares, the Repurchase Program will be funded using our existing financial resources, including cash and cash equivalents, and our existing senior unsecured revolving credit facility.

Current wording

On October 24, 2024, our Board of Directors(our“Board”)authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a stock repurchase program (the “Repurchase Program”). As of September 28, 2025,$209.7 million remained available for aggregate repurchases of shares under the Repurchase Program. Subsequent to the third quarter of fiscal year 2025, we repurchased 515,232 shares of common stock under the Repurchase Program at an aggregate cost of $47.5 million. On October 23, 2025, the Repurchase Program was terminated by our Board and our Board authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Program will expire on October 22, 2027 unless terminated earlier by our Board and may be suspended or discontinued at any time. Subsequent to October 23, 2025, we repurchased 172,642 shares of common stock under the New Repurchase Program at an aggregate cost of $16.5 million. If we continue to repurchase shares, the New Repurchase Program will be funded using our existing financial resources, including cash and cash equivalents, and our existing senior unsecured revolving credit facility.

Previous wording

As of June 29, 2025, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $80.0 million. As of June 29, 2025, we have recorded contingent consideration obligations of $21.1 million, of which $6.9 million was recorded in accrued expenses and other current liabilities, and $14.2 million was recorded in long-term liabilities. The maximum earnout period for acquisitions with open contingency periods is 6.4 years from June 29, 2025, and the remaining weighted average expected earnout period at June 29, 2025 was 3.9 years.

Current wording

As of September 28, 2025, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $77.9 million. As of September 28, 2025, we have recorded contingent consideration obligations of $19.2 million, of which $5.0 million was recorded in accrued expenses and other current liabilities, and $14.2 million was recorded in long-term liabilities. The maximum earnout period for acquisitions with open contingency periods is 6.2 years from September 28, 2025, and the remaining weighted average expected earnout period at September 28, 2025 was 3.8 years.

Previous wording

Operating Activities. Net cash provided by operating activities of ourcontinuing operations was $268.4 million for the six months ended June 29, 2025, as compared to $332.5 million for the six months ended June 30, 2024, a decrease of $64.1 million, primarilydue to timing of collections and payments, increased variable incentive compensation and tax payments during the six months ended June 29, 2025 as compared to the six months ended June 30, 2024. The cash provided by operating activities for the six months ended June 29, 2025 was principally a result of income from continuing operations of $96.9 million, adjustments for non-cash charges aggregating to $233.7 million, including depreciation and amortization of $200.2 million, and a net cash decrease in working capital of $62.2 million. The cash provided by operating activities for the six months ended June 30, 2024 was principally a result of income from continuing operations of $101.3 million, and adjustments for non-cash charges aggregating to $261.6 million, including depreciation and amortization of $215.1 million, and a net cash decrease in working capital of $30.4 million.

Current wording

Operating Activities. Net cash provided by operating activities of ourcontinuing operations was $407.0 million for the nine months ended September 28, 2025, as compared to $489.5 million for the nine months ended September 29, 2024, a decrease of $82.5 million, primarily due to timing of collections during the nine months ended September 28, 2025 as compared to the nine months ended September 29, 2024. The cash provided by operating activities for the nine months ended September 28, 2025 was principally a result of income from continuing operations of $144.1 million, adjustments for non-cash charges aggregating to $360.8 million, including depreciation and amortization of $302.3 million, and a net cash decrease in working capital of $97.9 million. The cash provided by operating activities for the nine months ended September 29, 2024 was principally a result of income from continuing operations of $194.7 million, and adjustments for non-cash charges aggregating to $373.7 million, including depreciation and amortization of $322.8 million, and a net cash decrease in working capital of $78.9 million.

Previous wording

Investing Activities. Net cash used in investing activitiesof our continuing operationswas $34.6 million for the six months ended June 29, 2025, as compared to $44.2 million for the six months ended June 30, 2024, a decrease of $9.6 million. During the six months ended June 29, 2025, net cash used for capital expenditures was $34.9 million, as compared to $39.9 million for the six months ended June 30, 2024. The cash used in investing activities during the six months ended June 29, 2025 was partially offset by $0.2 million proceeds from disposition of businesses and assets. During the six months ended June 30, 2024, purchases of investments and notes receivables amounted to $4.3 million.

Current wording

Investing Activities. Net cash used in investing activitiesof our continuing operationswas $53.2 million for the nine months ended September 28, 2025, as compared to net cash provided of $646.0 million for the nine months ended September 29, 2024, an increase of $699.1 million in net cash used in investing activities. During the nine months ended September 28, 2025, net cash used for capital expenditures was $53.4 million, as compared to $62.2 million for the nine months ended September 29, 2024. The cash used in investing activities during the nine months ended September 28, 2025 was partially offset by $0.2 million proceeds from disposition of businesses and assets. During the nine months ended September 29, 2024, proceeds from maturity of U.S. treasury securities were $710.0 million and proceeds from investments and notes receivables were $2.5 million, which were partially offset by purchases of investments and notes receivables totaling $4.3 million.

Previous wording

Financing Activities. Net cash used in financing activities was $466.1 million for the six months ended June 29, 2025, as compared to $61.5 million for the six months ended June 30, 2024, an increase of $404.6 million. During the six months ended June 29, 2025, we repurchased shares of our common stock for a total cost of $447.5 million, as compared to $30.3 million in the prior year period. We paid $16.7 million in dividends for the six months ended June 29, 2025, as compared to $17.3 million for the six months ended June 30, 2024. During the six months ended June 29, 2025, we made net payments of$2.6 millionon debts, as compared to $11.2 million during the six months ended June 30, 2024. We paid $2.0 million for acquisition-related contingent consideration during the six months ended June 29, 2025, as compared to $8.7 million in the prior year period. The cash used in financing activities during the six months ended June 29, 2025 was partially offset by proceeds from the issuance of common stock under our stock plans of $2.6 million during the six months ended June 29, 2025, as compared to $6.0 million for the six months ended June 30, 2024.

Current wording

Financing Activities. Net cash used in financing activities was $681.2 million for the nine months ended September 28, 2025, as compared to $935.2 million for the nine months ended September 29, 2024, a decrease of $254.0 million. During the nine months ended September 28, 2025, we repurchased shares of our common stock for a total cost of $652.5 million, as compared to $184.4 million in the prior year period. We paid $24.8 million in dividends for the nine months ended September 28, 2025, as compared to $25.9 million for the nine months ended September 29, 2024. During the nine months ended September 28, 2025, we made net payments of$2.6 millionon debts, as compared to $722.3 million during the nine months ended September 29, 2024. We paid $3.8 million for acquisition-related contingent consideration during the nine months ended September 28, 2025, as compared to $8.8 million in the prior year period. The cash used in financing activities during the nine months ended September 28, 2025 was partially offset by proceeds from the issuance of common stock under our stock plans of $2.6 million during the nine months ended September 28, 2025, as compared to $6.2 million for the nine months ended September 29, 2024.

Previous wording

Our Board declared a regular quarterly cash dividend of $0.07 per share for the first two quarters of fiscal year 2025 and in each quarter of fiscal year 2024. At June 29, 2025, we had accrued $8.1 million for dividends declared on April 24, 2025 for the second quarter of fiscal year 2025 that will be paid in August 2025. On July 24, 2025, we announced that our Board had declared a quarterly dividend of $0.07 per share for the third quarter of fiscal year 2025 that will be payable in November 2025. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

Current wording

Our Board declared a regular quarterly cash dividend of $0.07 per share for the first three quarters of fiscal year 2025 and in each quarter of fiscal year 2024. At September 28, 2025, we had accrued $8.0 million for dividends declared on July 24, 2025 for the third quarter of fiscal year 2025 that will be paid in November 2025. On October 23, 2025, we announced that our Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2025 that will be payable in February 2026. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

Previous wording

See Note 1, Nature of Operations and Accounting Policies, to our audited consolidated financial statements in the 2024 Form 10-K for a summary of recently adopted new accounting pronouncements during the fiscal year ended December 29, 2024. We have not adopted any new accounting pronouncements during thesix months ended June 29, 2025.

Current wording

See Note 1, Nature of Operations and Accounting Policies, to our audited consolidated financial statements in the 2024 Form 10-K for a summary of recently adopted new accounting pronouncements during the fiscal year ended December 29, 2024. We have not adopted any new accounting pronouncements during thenine months ended September 28, 2025.