REVVITY, INC.

Revenue

Revenue for the three months ended April 5, 2026 was $711.1 million, as compared to $664.8 million for the three months ended March 30, 2025, an increase of $46.4 million, or 7%, which includesa 3% increase in revenue attributable to favorable changes in foreign exchange rates and a 1%increase in revenue attributable to acquisitions. 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 $361.8 million for the three months ended April 5, 2026, as compared to $340.4 million for the three months ended March 30, 2025, an increase of $21.4 million, or 6%, driven by an increase of $13.5 million in Life Sciences Solutions revenue and an increase of $7.9 million in Software revenue and the extra fiscal week. Diagnostics segment revenue was $349.3 million for the three months ended April 5, 2026, as compared to $324.4 million for the three months ended March 30, 2025, an increase of $24.9 million, or 8%, due to an increase of $20.6 million in Reproductive Health revenue and an increase of $4.3 million in Immunodiagnostics revenue.

Cost of Revenue

Cost of revenue for the three months ended April 5, 2026 was $323.5 million, as compared to $289.2 million for the three months ended March 30, 2025, an increase of $34.2 million, or 12%. As a percentage of revenue, cost of revenue increased to 45.5% for the three months ended April 5, 2026, from 43.5% for the three months ended March 30, 2025, resulting in a decrease in gross margin of 200 basis points to 54.5% for the three months ended April 5, 2026, from 56.5% for the three months ended March 30, 2025, primarily due to product mix shift, changes in foreign exchange rates, increased tariffs and impact of the extra fiscal week. Amortization of intangible assets was $35.0 million for the three months ended April 5, 2026, as compared to $34.4 million for the three months ended March 30, 2025.

Tariffs enacted and currently in effect increased our cost of revenue by approximately $8 million for the three months ended April 5, 2026. Through proactive mitigation efforts, the net impact on gross margin was approximately $6 million for the three months ended April 5, 2026. On February 20, 2026, the United States Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the imposition of tariffs. In March 2026, the U.S. Court of International Trade ordered U.S. Customs and Border Protection (CBP) to finalize or revise certain import duty determinations excluding IEEPA duties. The court then suspended the order to the extent it required immediate action while CBP implemented an administrative refund process. While we intend to seek refunds, the timing and amount of recoveries remain uncertain and will depend on the scope and timing of court or administrative developments and completion of applicable administrative steps. Accordingly, no refund receivable has been recorded as of April 5, 2026.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended April 5, 2026 were $253.9 million, as compared to $249.7 million for the three months ended March 30, 2025, an increase of $4.2 million, or 2%. As a percentage of revenue, selling, general and administrative expenses decreased and were 35.7% for the three months ended April 5, 2026, as compared to 37.6% for the three months ended March 30, 2025. Amortization of intangible assets increased and was $50.1 million for the three months ended April 5, 2026, as compared to $48.3 million for the three months ended March 30, 2025. Restructuring and other costs increased and was $10.7 million for the three months ended April 5, 2026, as compared to $3.2 million for the three months ended March 30, 2025. Restructuring and other costs in the first quarter of fiscal year 2026 primarily consisted of charges associated with workforce reductions and facility consolidations in an effort to streamline operations, other exit costs, abandonments or associated asset write-downs, costs of terminating certain lease agreements or contracts, as well as costs associated with relocating facilities. In the first quarter of fiscal year 2026, severance actions associated with facility consolidations and cost reduction measures affected approximately 2% of our workforce. Transformation costs were $0.8 millionfor the three months ended April 5, 2026. Purchase accounting adjustments decreased expenses by $0.1 million for the three months ended April 5, 2026, which primarily consisted of a change in contingent consideration, as compared to $0.4 million for the three months ended March 30, 2025. Costs for significant environmental matters decreased expenses by $1.2 million for the three months ended March 30, 2025. The above increases were also partially offset by a decrease in significant litigation matters and settlements, which was $0.1 million for the three months ended April 5, 2026, as compared to $10.6 million for the three months ended March 30, 2025. Disposition of businesses and assets, net decreased expenses by $5.1 million for the three months ended April 5, 2026. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, decreased and was $0.3 million for the three months ended April 5, 2026, as compared to $2.5 million for the three months ended March 30, 2025. Excluding the items noted above, selling, general and administrative expenses increased labor costs due to the extra fiscal week in the current quarter as compared to the same period in the prior year and employee incentive compensation.

Research and Development Expenses

Research and development expenses for the three months ended April 5, 2026 were $57.9 million, as compared to $53.6 million for the three months ended March 30, 2025, an increase of $4.3 million, or 8%. As a percentage of revenue, research and development expenses were flat at 8.1% for both the three months ended April 5, 2026 and the three months ended March 30, 2025. The increase in research and development expenses was primarily driven by our investments in new product development and increased labor costs due to the extra fiscal week.

Interest and Other Expense, Net

Interest and other expense, net, consisted of the following:

The decrease in interest income for the three months ended April 5, 2026 as compared to the three months ended March 30, 2025 was primarily due to a decrease in marketable securities and short-term investments. Interest expense was higher for the three months ended April 5, 2026 as compared to the same period in the prior year primarily due to the extra fiscal week in the current quarter, which resulted in one additional week of accrued interest as compared to the quarter ended March 30, 2025.

Provision for Income Taxes

The provision for income taxes from continuing operations was $9.1 million for the three months ended April 5, 2026, as compared to $10.7 million for the three months ended March 30, 2025.

The effective tax rate from continuing operations was 18.2% for the three months ended April 5, 2026, as compared to 20.5% for the three months ended March 30, 2025. The effective tax rate for the three months ended April 5, 2026 was lower primarily due to net favorable impacts of prior year true-ups recorded in fiscal year 2026 in foreign locations of $1.0 million as compared to fiscal year 2025. We expect that the effective tax rate on continuing operations, before discrete items, will be approximately 20% during fiscal year 2026.