8-K
REVVITY, INC. (RVTY)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 9, 2024
Revvity, Inc.
(Exact Name of Registrant as Specified in its Charter)
| Massachusetts | 001-05075 | 04-2052042 |
|---|---|---|
| (State or Other Jurisdiction<br><br> <br>of Incorporation or Organization) | (Commission<br><br> <br>File Number) | (IRS Employer<br><br> <br>Identification No.) |
| 940 Winter Street,<br> Waltham, Massachusetts | 02451 | |
| --- | --- | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (781) 663-6900
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions \(see General Instruction A.2. below\):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
|---|---|---|
| Common stock, $1 par value per share | RVTY | The New York Stock Exchange |
| 1.875% Notes due 2026 | RVTY 26 | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On January 9, 2024, Revvity, Inc. (the “Company”) announced preliminary expectations with respect to certain financial results for the fourth quarter ended December 31, 2023 and announced that the Company will release its fourth quarter and full year 2023 financial results on February 1, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01. Regulation FD Disclosure
On January 9, 2024, Dr. Prahlad Singh, President and Chief Executive Officer of the Company, is scheduled to make a presentation to the 42^nd^ Annual J. P. Morgan Healthcare Conference. A copy of the presentation materials is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information in this Form 8-K (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| EXHIBIT INDEX | |
|---|---|
| Exhibit No. | Description |
| 99.1* | Press Release entitled<br> “Revvity to Hold Earnings Call on Thursday, February 1, 2024; Provides Update on Financial Performance”, issued by Revvity, Inc. on January 9, 2024. |
| 99.2* | Revvity, Inc. Presentation to<br> the 42^nd^ Annual J.P. Morgan Healthcare Conference, January 9, 2024. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL) |
* The exhibits relating to Item 2.02 and 7.01 shall be deemed to be furnished, and not filed.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REVVITY, INC. | |
|---|---|
| Date: January 9, 2024 | By: /s/ Maxwell Krakowiak<br><br> <br>Maxwell Krakowiak<br><br> <br>Senior Vice President and Chief Financial Officer |
Exhibit 99.1
Revvity to Hold Earnings Call on Thursday, February 1, 2024; Provides Update on Financial Performance
WALTHAM, Mass.--(BUSINESS WIRE)--January 9, 2024--Revvity, Inc. (NYSE: RVTY) today announced that it will release its fourth quarter and full year 2023 financial results prior to market open on Thursday, February 1, 2024. The Company will host a conference call the same day at 8:00 a.m. ET to discuss these results. Prahlad Singh, president and chief executive officer, and Max Krakowiak, chief financial officer, will host the conference call.
To access the call, a live audio webcast will be available via this registration form or on the Investors section of the Company's website.
Update on Financial Performance
The Company is providing the following preliminary financial results for the fourth quarter 2023:
- Revenue for the fourth quarter is expected to be at least $690 million, resulting in a reported and non-COVID organic revenue decline of approximately -7% and -4% as compared to the same period a year ago, respectively.
The Company also now expects its full year 2023 adjusted earnings per share to meet or exceed the guidance provided on October 30, 2023.
J.P. Morgan Healthcare Conference
As previously announced, Prahlad Singh, will present at 10:30 a.m. PT today (January 9, 2024) at the 42^nd^ annual J.P. Morgan Healthcare Conference. A live audio webcast of the presentation will be available via this page. A copy of the slide presentation is now available on the Investors section of the Company’s website and here: Link to Revvity 2024 J.P. Morgan Presentation
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below under Explanation of Non-GAAP Financial Measures.
Full year 2023 adjusted earnings per share guidance is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future adjusted earnings per share, revenue, revenue growth and other financial results. Words such as "believes," "intends," "anticipates," "plans," "expects," "estimates," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: the completion of quarterly and year end closing procedures for the fourth quarter and fiscal year ended December 31, 2023 and other factors which we describe under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
About Revvity
At Revvity, “impossible” is inspiration, and “can’t be done” is a call to action. Revvity provides health science solutions, technologies, expertise and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what’s possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.
With 2022 revenue of more than $3 billion and over 11,000 employees, Revvity serves customers across pharmaceutical and biotech, diagnostic labs, academia and governments. It is part of the S&P 500 index and has customers in more than 190 countries.
Stay updated by following our Newsroom, LinkedIn, X, YouTube, Facebook and Instagram.
| Revvity, Inc. and Subsidiaries | ||
|---|---|---|
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES ^(1)^ | ||
| Continuing Operations | ||
| Three Months Ended | ||
| December 31, 2023 | ||
| Organic revenue growth: | Projected | |
| Reported revenue growth from continuing operations | -7% | |
| Less: effect of foreign exchange rates | 1% | |
| Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses | 0% | |
| Organic revenue growth from continuing operations | -8% | |
| Less: effect of COVID products | -4% | |
| Non-COVID organic revenue growth from continuing operations | -4% | |
| (1) amounts may not sum due to rounding |
Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. However, management believes that, in order to more fully understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash, non-recurring or other items, which result from facts and circumstances that vary in frequency and impact on continuing operations. Accordingly, we present non-GAAP financial measures as a supplement to the financial measures we present in accordance with GAAP. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by adjusting for certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management's ability to make useful forecasts. Management believes these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.
We use the term “organic revenue” to refer to GAAP revenue, excluding the effect of foreign currency changes and revenue from recent acquisitions and divestitures and including purchase accounting adjustments for revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules. We use the related term “organic revenue growth” to refer to the measure of comparing current period organic revenue with the corresponding period of the prior year. We use the related term “non-COVID organic revenue growth” to refer to the measure of comparing current period organic revenue excluding revenue from COVID related products and services with the corresponding period of the prior year excluding revenue from COVID related products and services.
Management includes or excludes the effect of the item identified below in the applicable non-GAAP financial measure referenced above for the reasons set forth below with respect to that item:
- Revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules— accounting rules require us to account for the fair value of revenue from contracts assumed in connection with our acquisitions. As a result, our GAAP results reflect the fair value of those revenues, which is not the same as the revenue that otherwise would have been recorded by the acquired entity. We include such revenue in our non-GAAP measures because we believe the fair value of such revenue does not accurately reflect the performance of our ongoing operations for the period in which such revenue is recorded.
The non-GAAP financial measures described above are not meant to be considered superior to, or a substitute for, our financial statements prepared in accordance with GAAP. There are material limitations associated with non-GAAP financial measures because they exclude charges that have an effect on our reported results and, therefore, should not be relied upon as the sole financial measures by which to evaluate our financial results. Management compensates and believes that investors should compensate for these limitations by viewing the non-GAAP financial measures in conjunction with the GAAP financial measures. In addition, the non-GAAP financial measures included in this earnings announcement may be different from, and therefore may not be comparable to, similar measures used by other companies.
Each of the non-GAAP financial measures listed above is also used by our management to evaluate our operating performance, communicate our financial results to our Board of Directors, benchmark our results against our historical performance and the performance of our peers, evaluate investment opportunities including acquisitions and discontinued operations, and determine the bonus payments for senior management and employees.
Contacts
Investor Relations:
Steve Willoughby
steve.willoughby@revvity.com
Media Relations:
Chet Murray
\(781\) 663-5719
chet.murray@revvity.com
Exhibit 99.2
J.P. Morgan42nd Healthcare Conference Prahlad Singh Chief Executive Officer January 9, 2024
Safe Harbor This presentation contains "forward-looking" statements which are statements relating to future events. These statements include those relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities. Words such as "believes," "intends," "anticipates," "plans," "expects," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. A detailed description of these risk factors can be found under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this presentation. Guidance for future periods is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP. 2
Revolutionizing human health at an accelerated [rev] speed Embracing the impossible to improve lives [vita] Revvity is a company which powers new possibilities for the future of human health 3 3
Our company profile: global scale with differentiated positioning Consumables, Services, Software ~80% Instruments ~20% Diagnostics Life Sciences 2023E Non-Covid Revenue Mix ~44% AMERICAS ~27% EMEA ~29% APAC 4 ~47% ~53% ~$2.7B Expanding the boundaries of human potential through science Note: Based on guidance provided October 30, 2023
Reagents (antibodies, oligos) for biomarker analysis Flow-based assays Cell and gene therapy Single-cell applications Pre-clinical imaging Cellular analysis Detection instrumentation Pioneering innovation to propel our life sciences customers’ R&D efforts Robust solutions, through our Revvity Signals platform, for research and clinical informatics $0.4B Instruments Life Sciences at-a-glance 5 ~$1.3B 2023E Revenue $20B+ Total Addressable Market $0.7B Reagents, Assays, & Services $0.2B Software Select brands and products Oligos Flow Cytometry In Vivo Imaging High-Content Screening Automated Cell Counter Note: Based on guidance provided October 30, 2023 Viral Vectors & Genetic Material
Diagnostics at-a-glance 6 ~$1.4B 2023E Revenue $35B+ Total Addressable Market Leading franchises dedicated to advancing human health Newborn screening Maternal and fetal health Cord-blood banking Global laboratory footprint Autoimmune Allergy Infectious disease (e.g., TB) Robust ‘omics sample prep portfolio Liquid handling Nucleic acid extraction $0.7B ImmunoDx $0.5B Reproductive Health $0.2B Applied Genomics Prenatal Screening Platform Newborn Screening System Auto-immune Assays Infectious Disease Assays Nucleic Acid Extraction Automated NGS Library Prep Maternal & Fetal Health Assays Note: Based on guidance provided October 30, 2023 Select brands and products NGS Assays
DISCOVER & DEVELOP DIAGNOSE Bringing it all together: powering innovation from Research to Reality 7 Screening Diagnostics Monitoring Helping scientists to discover more and translate faster Enabling labs to help physicians guide patient treatment Clinical Development Drug Discovery Basic Research Providing leading capabilities that facilitate decision making between research and clinical customers
Revvity’s Differentiation 8
Differentiating through our… 9 Positioning Approach Products
Pre-clinical innovation Global genomic labs Cutting-edge clinical diagnostics GMP manufacturing Our approach: serving our customers as a strategic partner 10 Strategic partner for… pin-point-base-editing-platform-presentation-v2.pdf (horizondiscovery.com) Multiple Customer Access Points Partnership Spotlight: PIN-POINTTM BASE EDITING TECHNOLOGY Products Licensing Services Launched reagents to enable technology evaluations and improve functional insights Pre-clinical Sep 2023 Clinical May 2023 Executed first clinical licensing agreement with AstraZeneca for oncology and immune-related diseases
Cutting-edge, high-value products which provide differentiated capabilities for customers Our products: specialized offerings that foster scientific innovation and positively impact human health 11 Product Spotlights Enhanced Imaging Portfolio Quantum GX3 microCT imaging solution Proteogenomics & Multiomics Reagents TotalSeqTM Automated Indirect Immunofluorescence Testing Automated Newborn Screening Workflow Scientific Data Management & Workflow Platform Research Platform Autoimmune Testing Menu UNIQO 160 EonisTM Q System
Our positioning: unique portfolio will continue to foster growth and drive attractive profitability profile 12 Strategic scientific partnerships with Pharma/Biotech across the Revvity portfolio to drive additional upside vs. underlying market growth 60% Strong recurring revenue mix with accretive margin profiles Cutting-edge scientific innovation drives strong competitive positioning ImmunoDx LS Reagents Software 9-11% 25% Differentiated, complementary pre-clinical platforms Complete NGS solutions LS Instrumentation Applied Genomics 3-5% 15% Cash flow generation to support continued investment Growth outperforming global birth rates Reproductive Health 2-4% % of Total ‘23E Revenue ($2.7B) Growth Profile Note: Based on guidance provided October 30, 2023 Portfolio Solutions Included Positioning
Current 2023E Guidance assumes +MSD organic growth in China Our positioning: unique revenue mix in China drives differentiated performance 13 $2.7B Total ‘23E Revenue China Our China exposure ~40% Life Sciences ~60% Diagnostics Strong recovery driven by ~70% of Dx revenue from specialized ImmunoDx (e.g., autoimmune, allergy, latent TB) and ~90% from consumables Recurring revenue now represents >50% of Life Sciences revenue, consisting of reagents and consumables Note: Based on guidance provided October 30, 2023
Looking Ahead 14
Key focus areas in 2024 Driving cross-company innovation & building on core growth accelerators Capturing cost efficiencies and commercial and operational synergies through sound execution Strategically deploying capital organically and inorganically INVESTMENT INNOVATION EFFICIENCY 15 Despite uncertain demand environments… …carrying momentum into Revvity’s 2nd year
Differentiated long-term outlook through economic cycles 16 Our outlook for 2025 and beyond: Organic Growth 200 bps above market normal market environment assumed to be 4-6% growth Operating Margin Expansion 75 bps / year Adj. EPS Growth DD growth Formal 2024 guidance to be provided on our upcoming 4Q23 earnings call
