REVVITY, INC.

Revenue

Revenue for the three months ended July 5, 2026 was $729.7 million, as compared to $720.3 million for the three months ended June 29, 2025, an increase of $9.4 million, or 1%. 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 $358.7 million for the three months ended July 5, 2026, as compared to $365.9 million for the three months ended June 29, 2025, a decrease of $7.2 million, or 2%, driven by a decrease of $10.2 million in Software revenue, partially offset by an increase of $3.0 million in Life Sciences Solutions revenue. Diagnostics segment revenue was $371.0 million for the three months ended July 5, 2026, as compared to $354.4 million for the three months ended June 29, 2025, an increase of $16.6 million, or 5%, due to an increase of $20.7 million in Reproductive Health revenue, partially offset by a decrease of $4.1 million in Immunodiagnostics revenue.

Revenue for the six months ended July 5, 2026 was $1,440.8 million, as compared to $1,385.0 million for the six months ended June 29, 2025, an increase of $55.8 million, or 4%. 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 $720.5 million for the six months ended July 5, 2026, as compared to $706.3 million for the six months ended June 29, 2025, an increase of $14.3 million, or 2%, driven by an increase of $16.5 million in Life Sciences Solutions revenue, partially offset by a decrease of $2.3 million in Software revenue. Diagnostics segment revenue was $720.3 million for the six months ended July 5, 2026, as compared to $678.8 million for the six months ended June 29, 2025, an increase of $41.5 million, or 6%, due to an increase of $41.3 million in Reproductive Health revenue and an increase of $0.2 million in Immunodiagnostics revenue. Both the Life Sciences and the Diagnostics segments benefited from an extra fiscal week forthe six months ended July 5, 2026.

Cost of Revenue

Cost of revenue for the three months ended July 5, 2026 was $312.8 million, as compared to $327.7 million for the three months ended June 29, 2025, a decrease of $14.9 million, or 5%. As a percentage of revenue, cost of revenue decreased to 42.9% for the three months ended July 5, 2026, from 45.5% for the three months ended June 29, 2025, resulting in an increase in gross margin of 260 basis points to 57.1% for the three months ended July 5, 2026, from 54.5% for the three months ended June 29, 2025, primarily due to tariff refunds and product mix shift. Amortization of intangible assets was $34.8 million for the three months ended July 5, 2026, as compared to $36.5 million for the three months ended June 29, 2025.

Cost of revenue for the six months ended July 5, 2026 was $636.3 million, as compared to $616.9 million for the six months ended June 29, 2025, an increase of $19.3 million, or 3%. As a percentage of revenue, cost of revenue decreased to 44.2% for the six months ended July 5, 2026, from 44.5% for the six months ended June 29, 2025, resulting in an increase in gross margin of 40 basis points to 55.8% for the six months ended July 5, 2026, from 55.5% for the six months ended June 29, 2025, primarily due to tariff refunds and product mix shift. Amortization of intangible assets was $69.8 million for the six months ended July 5, 2026, as compared to $70.9 million for the six months ended June 29, 2025.

On February 20, 2026, the United States Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the imposition of tariffs. In April 2026, the U.S. Customs and Border Protection (CBP) announced a new administrative process for importers to utilize in seeking to obtain refunds. Through the established CBP refund process, the Company applied for $20.2 million of refunds and received $16.2 million through July 5, 2026. The timing and amount of additional recoveries remain uncertain and will depend on the scope and timing of court or administrative developments and completion of applicable administrative steps. Accordingly, refunds have been recorded in income upon receipt of payment, and no refund receivable has been recorded as of July 5, 2026. As a result, $16.2 million of refunds were recorded in cost of revenue for the three months ended July 5, 2026.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended July 5, 2026 were $278.6 million, as compared to $248.5 million for the three months ended June 29, 2025, an increase of $30.1 million, or 12%. As a percentage of revenue, selling, general and administrative expenses increased and were 38.2% for the three months ended July 5, 2026, as compared to 34.5% for the three months ended June 29, 2025. Amortization of intangible assets increased and was $50.1 million for the three months ended July 5, 2026, as compared to $48.8 million for the three months ended June 29, 2025. Restructuring and other costs increased and were $35.5 million for the three months ended July 5, 2026, as compared to $11.2 million for the three months ended June 29, 2025. Restructuring and other costs in the second 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 second quarter of fiscal year 2026, severance actions associated with facility consolidations and cost reduction measures affected approximately 3% of our workforce. The above increases were partially offset by a decrease in purchase accounting adjustments, which were $1.7 million for the three months ended July 5, 2026, and primarily consisted of a change in contingent consideration, as compared to $2.0 million for the three months ended June 29, 2025. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, were $0.1 million for the three months ended July 5, 2026, as compared to $1.2 million for the three months ended June 29, 2025. Significant litigation matters and settlements decreased, and were $0.1 million for the three months ended July 5, 2026, as compared to $1.1 million for the three months ended June 29, 2025. Transformation costs were a net credit of $0.7 million for the three months ended July 5, 2026. Excluding the items noted above, selling, general and administrative expenses increased due to digital investments and employee incentive compensation.

Selling, general and administrative expenses for the six months ended July 5, 2026 were $532.5 million, as compared to $498.2 million for the six months ended June 29, 2025, an increase of $34.2 million, or 7%. As a percentage of revenue, selling, general and administrative expenses increased and were 37.0% for the six months ended July 5, 2026, as compared to 36.0% for the six months ended June 29, 2025. Amortization of intangible assets increased and was $100.2 million for the six months ended July 5, 2026, as compared to $97.1 million for the six months ended June 29, 2025. Restructuring and other costs increased and were $46.2 million for the six months ended July 5, 2026, as compared to $14.4 million for the six months ended June 29, 2025. Restructuring and other costs in the first and second quarters 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. For the six months ended July 5, 2026, severance actions associated with facility consolidations and cost reduction measures affected approximately 5% of our workforce. Costs for significant environmental matters were a net credit of $1.2 million for the six months ended June 29, 2025. The above increases were also partially offset by a decrease in significant litigation matters and settlements, which was $0.1 million for the six months ended July 5, 2026, as compared to $11.7 million for the six months ended June 29, 2025. Disposition of businesses and assets, net were a net credit of $5.1 million for the six months ended July 5, 2026. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, decreased and were $0.4 million for the six months ended July 5, 2026, as compared to $3.8 million for the six months ended June 29, 2025. Transformation costs were $0.1 millionfor the six months ended July 5, 2026. Purchase accounting adjustments, which primarily consisted of a change in contingent consideration, remained flat at $1.6 million for both the six months ended July 5, 2026 and the six months ended June 29, 2025. Excluding the items noted above, selling, general and administrative expenses increased due to the extra fiscal week in the first quarter as compared to the same period in the prior year, digital investments, and employee incentive compensation.

Research and Development Expenses

Research and development expenses for the three months ended July 5, 2026 were $49.0 million, as compared to $53.3 million for the three months ended June 29, 2025, a decrease of $4.3 million, or 8%. As a percentage of revenue, research and development expenses decreased and were 6.7% for the three months ended July 5, 2026, as compared to 7.4% for the three months ended June 29, 2025. The decrease in research and development expenses was primarily driven by cost containment initiatives.

Research and development expenses for both the six months ended July 5, 2026 and the six months ended June 29, 2025 were flat at $106.9 million. As a percentage of revenue, research and development expenses decreased and were 7.4% for the six months ended July 5, 2026, as compared to 7.7% for the six months ended June 29, 2025. The change in research and development expenses was primarily driven by cost containment initiatives offsetting increased costs due to the extra fiscal week in the six months ended July 5, 2026 .

Interest and Other Expense, Net

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

The decrease in interest income for the three months ended July 5, 2026 as compared to the three months ended June 29, 2025 was primarily due to decreases in interest rates and lower cash balances. Interest expense for the three months ended July 5, 2026 remained flat as compared to the same period in the prior year.

The decrease in interest income for the six months ended July 5, 2026 as compared to the six months ended June 29, 2025 was primarily due to decreases in interest rates and lower cash balances. Interest expense was higher for the six months ended July 5, 2026 as compared to the same period in the prior year primarily due to the extra fiscal week in the first quarter as compared to the same period in the prior year, which resulted in one additional week of accrued interest as compared to the six months ended June 29, 2025.

Provision for Income Taxes

The provision for income taxes from continuing operations was $10.1 million for the three months ended July 5, 2026, as compared to $13.4 million for the three months ended June 29, 2025. The provision for income taxes from continuing operations was $19.1 million for the six months ended July 5, 2026, as compared to $24.1 million for the six months ended June 29, 2025.

The effective tax rate from continuing operations was 15.8% and 16.9% for the three and six months ended July 5, 2026, as compared to 19.6% and 19.9% for the three and six months ended June 29, 2025. The effective tax rate for the three and six months ended July 5, 2026 was lower as compared to the three and six months ended June 29, 2025 primarily due to favorable impacts related to state deferred tax remeasurements in fiscal year 2026 of $2.4 million. We expect that the effective tax rate on continuing operations, before discrete items, will be approximately 20% during fiscal year 2026.