Revvity, Inc.

What they do

Revvity operates two reportable segments: Life Sciences, which supplies reagents, assay technologies, imaging reagents and software to pharmaceutical, biotech, contract research and academic customers, and Diagnostics, which develops tests, tools and applications for clinically oriented customers in reproductive health, immunodiagnostics and emerging market diagnostics. It employs approximately 11,000 people as of December 28, 2025, and trades on the NYSE under RVTY.

Revenue drivers

• Diagnostics segment — Generated $371.0 million in Q2 fiscal 2026, up $16.6 million or 5% year over year, with pro forma organic growth of 11%; growth was driven by the Reproductive Health business and favorable foreign exchange.
• Life Sciences segment — Generated $358.7 million in Q2 fiscal 2026, down $7.2 million or 2% year over year, as a $10.2 million decline in Software revenue more than offset a $3.0 million increase in Life Sciences Solutions revenue.
• Life Sciences reagents and assay portfolio — Includes HTRF, LANCE Ultra, DELFIA, AlphaLISA and AlphaScreen assay technologies, over 750 radiochemicals, and microscopy and imaging reagents such as PhenoVue and PhenoPlate; sold to pharma, biotech, CRO and academic customers.
• China Immunodiagnostics business — Represented approximately 6% of total company revenue in fiscal year 2025; the company has entered a definitive agreement to divest it, and guidance is now given on a pro forma basis excluding this business.

Recent performance

Second quarter fiscal 2026 revenue was $729.7 million, up 1% from $720.3 million a year earlier, with Diagnostics up 5% and Life Sciences down 2%. Consolidated gross margin rose 260 basis points to 57.1%, primarily on tariff refunds and product mix shift, while GAAP operating margin fell to 12.2% from 12.6% on restructuring charges and digital investments. GAAP EPS from continuing operations was $0.48 versus $0.47 a year ago; adjusted EPS was $1.41 versus $1.18, and adjusted operating margin was 28.9% versus 26.6%. On a pro forma basis excluding China IDX, revenue was $711 million, up 4%, with 3% organic growth.

Strategy

Revvity aims to grow through internal research and development plus acquisitions and licensing in both Life Sciences and Diagnostics, and it states it is advancing the use of artificial intelligence to strengthen offerings and drive internal operating efficiencies. The company also cites operational excellence, capital allocation discipline, and opportunistic share repurchases. Recent actions include a definitive agreement to divest the China Immunodiagnostics business, expected to close by the end of 2027 subject to closing conditions and regulatory approvals.

Risks

• Government funding and policy uncertainty — Revvity's customers include academic, research and public health institutions, and the 10-K states recently announced and proposed changes in U.S. funding and regulations have created a more cautious spending environment that could reduce instrumentation and consumable purchases.
• Customer market cyclicality — Quarterly revenue is highly dependent on the volume and timing of orders, and the 10-K warns that negative fluctuations in customer markets, credit or funding restrictions, or capital expenditure cuts would likely reduce demand and add pricing pressure.
• Life Sciences software decline — Q2 fiscal 2026 Life Sciences revenue fell 2% year over year, driven by a $10.2 million decrease in Software revenue that outweighed growth in Life Sciences Solutions.
• Divestiture execution and timing — The China IDX divestiture, about 6% of fiscal 2025 total revenue, is not expected to close until the end of 2027 and remains subject to customary closing conditions and regulatory approvals.

Outlook

For the full year 2026, on a pro forma basis excluding China IDX, management forecasts total revenue of $2.83-$2.86 billion. The company raised full year guidance and said it will use a portion of recently received tariff refunds to increase investments across the business. Management described the second quarter as above expectations with encouraging signs of increased demand across the customer base.