REVVITY, INC.

Revenue

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.

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.

Cost of Revenue

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.

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.

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 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.

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.

Research and Development Expenses

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.

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.

Interest and Other Expense (Income), Net

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

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.

Provision for Income Taxes

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.

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.

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.