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What changed in Revvity's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Revvity's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+248 added−286 removedSource: 10-K (2025-02-25) vs 10-K (2024-02-27)

Top changes in Revvity's 2024 10-K

248 paragraphs added · 286 removed · 200 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

36 edited+20 added−25 removed41 unchanged
Biggest changeThese include PhenoVue™ cellular imaging reagents and cell painting kits, PhenoPlate (formerly CellCarrier Ultra™) cellular imaging microplates and GrowDex ® hydrogels, fluorophore-conjugated and enzyme-conjugated antibodies, as well as buffers and solutions, such as our Ce3D™ collection of buffers for 3D tissue imaging. • The MuviCyte™ live-cell imaging system, designed to operate inside a cell-culture incubator, enabling researchers to study cellular behaviors and pathways in living cells to gain a deeper understanding of functions, disease mechanisms and responses to treatments. • The Signals Image Artist™ next-generation image analysis and management platform for drug discovery research, to help scientists process and analyze high-content screening (HCS) and cellular imaging data in a matter of hours versus days or weeks, so they can make more informed decisions faster. • The VICTOR Nivo ® multimode plate reader benchtop system, which is designed for assay development and academic labs, including those using HTRF ® and AlphaLISA ® assay technologies. • The EnSight ® multimode plate reader benchtop system, which offers well plate imaging alongside labeled detection technologies for target-based and phenotypic assays. • The EnVision ® multimode plate reader, which is designed for high-throughput screening laboratories, including those using HTRF ® , AlphaScreen ® and AlphaLISA ® assay technologies. • A wide range of homogeneous biochemical and cell-based reagents using HTRF ® , LANCE ® Ultra™, DELFIA ® , AlphaLISA ® , AlphaLISA ® SureFire ® Ultra, AlphaScreen ® , AlphaPlex ® and luminescence assay technologies. • A broad portfolio of recombinant GPCR and ion channel cell lines, including over 300 products and 120 ready-to-use frozen cell lines for a wide range of disease areas. • BioLegend ® ELISA MAX™ Standard Sets, ELISA MAX™ Deluxe Sets, LEGEND MAX™ ELISA Kits and RAPID MAX™ ELISA Kits as well as complementary solutions and buffers for immunoassays to cover more than 200 targets for human, mouse, and rat samples, many of which are designed to assess the immune environment and its inflammatory state for vaccine, infectious disease and autoimmune disease research. • BioLegend ® LEGENDplex™ bead-based reagents, which, in contrast to single analyte assays such as enzyme-linked immunosorbent assays (“ELISAs”), can quantitate up to 14 targets, from one small sample volume in a flow cytometry assay, and include both desktop and cloud-based analysis software. • In vivo imaging technologies and reagents for preclinical research, comprised of the IVIS ® Spectrum ™ series for 2D and 3D optical imaging and optionally integrated low-dose CT imaging and the IVIS ® Lumina ™ series for benchtop 2D imaging, along with IVISbrite™ bioluminescent and IVISense™ fluorescent imaging agents, cell lines and dyes. • The Quantum TM GX2 system, which enables low-dose in vivo CT imaging of multiple species and areas of anatomical interest across multiple disease areas by way of high-resolution, tomographic imaging. 4 Table of Contents • GoInVivo™ as well as Ultra-LEAF™ and LEAF™ functional antibodies, which provide an affordable solution for researchers performing in vivo and ex vivo studies. • Nexcelom BioScience high-throughput, microwell Celigo ® image cytometry system, Cellaca™ MX high-throughput cell counter, the new Cellaca™ PLX image cytometry system, and Cellometer ® automated cell counters, complemented by consumables and reagents, including reagents and kits for cell counting assays and cell viability, microplates, slides, and counting beads. • Mimix Reference Standards, which are cell line-derived and suitable for Next Generation Sequencing, droplet-digital and Real-Time PCR as well as Sanger sequencing.
Biggest changeThese include PhenoVue ® cellular imaging reagents and cell painting kits, PhenoPlate (formerly CellCarrier Ultra™) cellular imaging microplates and GrowDex TM hydrogels, fluorophore-conjugated and enzyme-conjugated antibodies, as well as buffers and solutions, such as our Ce3D™ collection of buffers for 3D tissue imaging. ◦ A wide range of homogeneous biochemical and cell-based reagents using HTRF®, LANCE® Ultra™, DELFIA®, AlphaLISA®, AlphaLISA® SureFire® Ultra™, AlphaScreen®, AlphaPlex® and luminescence assay technologies that can be paired with our microplates, which cover a variety of applications. ◦ New assay kits for Adeno-associated Virus Vectors (AAVs) and gene therapy applications in our range of HTRF ® and AlphaLISA ® reagents, for detecting and quantifying CHO HCP impurities in biotherapeutics development, as well as kits across oncology, neuroscience, and targeted protein degradation applications. ◦ A broad portfolio of recombinant GPCR and ion channel cell lines, including over 300 products and 120 ready-to-use frozen cell lines for a wide range of disease areas. ◦ Dharmacon ® reagents and gene modulation technologies such as RNAi that support drug discovery and development for greater understanding of gene function, identifying genetic drivers behind human disease, developing and validating diagnostic workflows, and helping deliver biotherapeutics, cellular and gene therapies for precision medicine with a portfolio of cell engineering tools. ◦ BioLegend ® ELISA MAX™ Standard Sets, ELISA MAX™ Deluxe Sets, LEGEND MAX™ ELISA Kits, and RAPID MAX™ ELISA Kits as well as complementary solutions and buffers for immunoassays to cover more than 200 targets for human, mouse, and rat samples, many of which are designed to assess the immune environment and its inflammatory state for vaccine, infectious disease and autoimmune disease research. ◦ BioLegend ® LEGENDplex™ bead-based reagents, which, in contrast to single analyte assays such as enzyme-linked immunosorbent assays (“ELISAs”), can quantitate up to 14 targets from one small sample volume and read on common flow cytometers, and include both desktop and cloud-based analysis software. ◦ BioLegend ® best-in-class antibodies, recombinant proteins, and related reagents are used across multiple applications and research areas, including proteogenomics, tissue, cell and protein analysis, cancer research, immunology, cell and gene therapy, stem cell therapy and neuroscience. ◦ Fluorophore-conjugated antibodies are used in flow cytometers to characterize protein expression on the surface and in internal compartments of cells.
We believe that management of our human capital resources is vital to the continued growth and success of our company, and we endeavor to create an environment that encourages productivity, rewards performance and values diversity. There are several ways in which we attempt to attract, develop and retain highly qualified employees, as set forth below.
We believe that management of our human capital resources is vital to the continued growth and success of our company, and we endeavor to create an environment that encourages productivity, rewards performance and values employees. There are several ways in which we attempt to attract, develop and retain highly qualified employees, as set forth below.
In addition, we have established a group comprised of management and subject matter experts at our company to focus on developing and delivering on measurable advancements in the areas of reducing waste, reducing carbon emissions and improving employee engagement and diversity.
In addition, we have established a group comprised of management and subject matter experts at our company to focus on developing and delivering on measurable advancements in the areas of reducing waste, reducing carbon emissions and improving employee engagement.
It is supported by kits for first, second and third trimester analyses for prenatal screening and clinically validated LifeCycle™ software. • The DELFIA ® Xpress sFlt-1 kit, which enables short term prediction of pre-eclampsia and aids in diagnosis in the second and third trimesters of pregnancy together with the previously launched DELFIA ® Xpress PlGF 1-2-3™ assay. • The NeoBase™ non-derivatized MS/MS AAAC kits, which are used to support detection of metabolic disorders in newborns through tandem mass spectrometry.
It is supported by kits for first, second and third trimester analyses for prenatal screening and clinically validated LifeCycle™ software. ◦ The DELFIA ® Xpress sFlt-1 kit enables short term prediction of pre-eclampsia and aids in diagnosis in the second and third trimesters of pregnancy together with the previously launched DELFIA ® Xpress PlGF 1-2-3™ assay. ◦ The NeoBase™ non-derivatized MS/MS AAAC kits is used to support detection of metabolic disorders in newborns through tandem mass spectrometry.
Our internal mobility program empowers employees to explore many different career options available to them. Career options vary based on the employee’s aspirations and can include specific project work, stretch assignments, job rotations, mentoring, networking, or internal job changes.
Our internal mobility program empowers employees to explore many different career options available to them. Career options vary based on an employee’s aspirations and can include specific project work, stretch assignments, job rotations, mentoring, networking, or internal job changes.
Risk Factors” for an additional description of this risk. Intellectual Property We own numerous United States and foreign patents and have patent applications pending in the United States and abroad. We also license intellectual property rights to and from third parties, some of which bear royalties and are terminable in specified circumstances.
Risk Factors” for an additional description of this risk. Intellectual Property We own numerous United States and foreign patents and have patent applications pending in the United States and abroad. We also license intellectual property rights to and from third parties, some of which bear royalties and are terminable in 10 Table of Contents specified circumstances.
Our human capital objectives include, as applicable, identifying, recruiting, developing, retaining, incentivizing, and integrating our existing and new employees. We strive to meet this objective by offering competitive compensation and benefits, in a diverse, inclusive and safe workplace, with opportunities for our employees to grow and develop in their careers.
Our human capital objectives include, as applicable, identifying, recruiting, developing, retaining, incentivizing, and integrating our existing and new employees. We strive to meet this objective by offering competitive compensation and benefits, in a safe and rewarding workplace, with opportunities for our employees to grow and develop in their careers.
Environmental Matters Our operations are subject to various foreign, federal, state and local environmental and safety laws and regulations. These requirements include the handling, transportation, manufacture and disposal of toxic or hazardous substances, the remediation of contaminated soil and groundwater, the regulation of radioactive materials, and the health and safety of our employees.
Environmental Matters Our operations are subject to various foreign, federal, state and local environmental and safety laws and regulations. These requirements include the handling, transportation, manufacture and disposal of toxic or hazardous substances, the 11 Table of Contents remediation of contaminated soil and groundwater, the regulation of radioactive materials, and the health and safety of our employees.
We generally have multi-year 9 Table of Contents contracts, with no minimum purchase requirements, with our suppliers. For certain critical raw materials, key components and supplies required for the production of some of our principal products, we have qualified only a limited or a single source of supply.
We generally have multi-year contracts, with no minimum purchase requirements, with our suppliers. For certain critical raw materials, key components and supplies required for the production of some of our principal products, we have qualified only a limited or a single source of supply.
Lastly, management periodically assesses succession planning for certain key positions and reviews our workforce to identify high potential employees for future growth and development. Health and Safety 12 Table of Contents Our success depends on the well-being of our employees, and one of our top priorities is to protect their health and safety.
Lastly, management periodically assesses succession planning for certain key positions and reviews our workforce to identify high potential employees for future growth and development. Health and Safety Our success depends on the well-being of our employees, and one of our top priorities is to protect their health and safety.
Signals ChemDraw automates chemical drawings and transforms them into chemical knowledge by facilitating the management, reporting and presenting of chemistry research. • Signals Clinical, which provides a single unified platform to support data access, preparation and analytics, from source to visualization to action.
Signals ChemDraw ® software automates chemical drawings and transforms them into chemical knowledge by facilitating the management, reporting and presenting of chemistry research. ◦ Signals Clinical offering provides a single unified platform to support data access, preparation and analytics, from source to visualization to action.
We have accrued $14.1 million and $12.2 million as of December 31, 2023 and January 1, 2023, respectively, which represents our management’s estimate of the cost of the remediation of known environmental matters, and does not include any potential liability for related personal injury or property damage claims.
We have accrued $14.2 million and $14.1 million as of December 29, 2024 and December 31, 2023, respectively, which represents our management’s estimate of the cost of the remediation of known environmental matters, and does not include any potential liability for related personal injury or property damage claims.
Several of our subsidiaries outside the United States have employment contracts with our employees where the terms and conditions are influenced by labor unions and workers’ councils’ agreements that involve approximately 4,000 of our employees. During fiscal year 2023, our voluntary turnover rate was 10%.
Several of our subsidiaries outside the United States have employment contracts with our employees where the terms and conditions are influenced by labor unions and workers’ councils’ agreements that involve approximately 4,000 of our employees. During fiscal year 2024, our voluntary turnover rate was approximately 9%.
Within life science research and development and clinical research applications, our software accelerates innovation, development, collaboration and research, ultimately leading to life-enhancing medical breakthroughs more quickly, promoting our vision of a healthier humankind.
Within life science research and development and clinical research applications, our software accelerates innovation, development, collaboration and research, ultimately leading to accelerated life-enhancing medical breakthroughs, promoting our vision of a healthier humankind.
Marketing All of our businesses market their products and services primarily through their own specialized sales forces. As of December 31, 2023, we employed approximately 1,400 sales and service representatives operating in approximately 40 countries and marketing products and services in more than 160 countries.
Marketing All of our businesses market their products and services primarily through their own specialized sales forces. As of December 29, 2024, we employed approximately 1,400 sales and service representatives operating in approximately 40 countries and marketing products and services in more than 160 countries.
In addition, it also empowers scientists and formulators in specialty chemical and food sciences to analyze food, and additives, and create high-performing materials that align with sustainability initiatives, promoting energy efficiency, lower toxicity and a circular economy. • Signals Notebook, a secure cloud-native electronic lab notebook (ELN) for chemistry, biology, research, and formulations.
In addition, it also 5 Table of Contents empowers scientists and formulators in specialty chemical and food sciences to analyze food, and additives, and create high-performing materials that align with sustainability initiatives, promoting energy efficiency, lower toxicity and a circular economy. ◦ The Signals Notebook TM secure cloud-native electronic lab notebook (ELN) for chemistry, biology, research, and formulations.
Compliance with new or more stringent laws or regulations, stricter interpretations of existing laws, or the discovery of new contamination could cause us to incur additional costs. Human Capital Management As of December 31, 2023, we employed approximately 11,500 employees on a worldwide basis. Roughly 80% of our workforce is based outside of the United States.
Compliance with new or more stringent laws or regulations, stricter interpretations of existing laws, or the discovery of new contamination could cause us to incur additional costs. Human Capital Management As of December 29, 2024, we employed approximately 11,000 employees on a worldwide basis. Roughly 80% of our workforce is based outside of the United States.
Brand Names: Our Diagnostics segment offers additional products under various brand names, including AutoDELFIA ® , BACS-on-Beads ® , BIOCHIPs, Bioo Scientific ® , BoBs ® , chemagic™, Chitas ® , DELFIA ® , DELFIA ® Xpress, DOPlify ® , EONIS™, EUROArray™ , EUROIMMUN ® , EUROLabWorkstation™, EUROLINE™, EUROPattern TM , Evolution™ Evoya ® , explorer™, Fontus™, Genoglyphix ® , GSP ® , Haoyuan™, IDS ® Immunodiagnosticsystems, IDS-i10 ®, IDS-i10T ® , IDS-iSYS ®, iLab ™ , iQ™, JANUS ® , LabChip ® , LifeCycle ™ , LimsLink ™ , Migele™, MultiPROBE ® , NEXTFLEX ® , NextPrep™, Pannoramic ™ , Panthera Puncher™, PG-Seq™, PG-Find™ PKamp™, PreNAT II™, Prime™, Protein Clear™, ProteinEXact™, QSight ® , QuantiVac™, RONIA™, Sciclone ® , SimplicityChrom™, Specimen Gate ® , Superflex™, Symbio™, T-SPOT ® , Touch™, Twister ® , Vanadis ® , VariSpec ™ , ViaCord ®, VICTOR 2™ D, and Zephyr ® .
Brand Names: Our Diagnostics segment offers additional products under various brand names, including: AutoDELFIA ® , BACS-on-Beads ® , BIOCHIPs, Bioo Scientific ® , BioQule™, BoBs ® , chemagic™, Chitas ® , DELFIA ® , DELFIA ® Xpress, DOPlify ® , EONIS™, EUROArray™ , EUROIMMUN ® , EUROLabWorkstation™, EUROLINE™, EUROPattern TM , Evolution™ Evoya ® , explorer™, Fontus™, GSP ® , Haoyuan™, IDS ® Immunodiagnosticsystems, IDS-i10 ® , IDS-i10T ® , IDS-iSYS ® , iLab™, iQ™, JANUS ® , LabChip ® , LifeCycle™, LimsLink™, Migele ® , MultiPROBE ® , NEXTFLEX ® , NextPrep™, Omni Bead Ruptor ® , Omni Bead Ruptor Elite™, Omni Tip™, Pannoramic™, Panthera Puncher™, PG-Seq™, PG-Find™, PreNAT II™, Prime™, Protein Clear™, ProteinEXact™, QuantiVac™, RONIA ® , Sciclone ® , SimplicityChrom™, Specimen Gate ® , Superflex™, Symbio™, T-SPOT ® , Touch™, Twister®, Vanadis®, VariSpec™, ViaCord ® , VICTOR2™D, and Zephyr ® .
Life Sciences Segment Our comprehensive portfolio of technologies helps life sciences researchers better understand diseases and develop treatments. We provide a broad suite of products, solutions and services that facilitate optimized workflows, increase productivity, and accelerate every stage of the drug discovery and development pipeline.
Business Segments and Products We report our business in two segments: Life Sciences and Diagnostics. Life Sciences Segment Our comprehensive portfolio of technologies helps life sciences researchers better understand diseases and develop treatments. We provide a broad suite of products, solutions and services that facilitate optimized workflows, increase productivity, and accelerate every stage of the drug discovery and development pipeline.
Principal Products: Our principal products and services for Diagnostics applications include the following: • The DELFIA ® Xpress screening platform, a complete solution for prenatal and maternal health screening, which includes a fast continuous loading system.
Principal Products: Our principal products and services for Diagnostics applications include the following: • Reproductive Health ◦ The DELFIA ® Xpress screening platform, a complete solution for prenatal and maternal health screening including a fast continuous loading system.
Brand Names: Our Life Sciences segment offers additional products under various brand names: 6 Table of Contents Accell™, AdenoBOOST™, AlphaLISA ® , AlphaPlex ™ , AlphaScreen ® , Alpha™ SureFire ® , Brilliant Violet™, Ce3D™, CellCarrier ® , Cellaca™, Celigo ® ™, Cellometer ® ™, cell::explorer ™ , Cell-Vive™, Chalice™, Chem3D ® , ChemDraw ® , ChemOffice ® , CHOSOURCE™, Dharmacon™, DharmaFECT™, Edit-R™, ELISA MAX™, EnSight ® , EnVision ® , Flex-T™, FMT ® , FolateRSense ™ , GoInVivo™, HTRF®, IVIS ® , IVISbrite™, IVISense™, LANCE ® , LANCE ® Ultra ™, LEAF™, LEGEND MAX™, LEGENDplex™, LentiBOOST™, Lincode™, Living Image ® , Lumina™, Lymphopure™, MicroBeta 2® , Mini ELISA Plate Reader™, miRIDIAN™, MojoSort™, MuviCyte™, ON-TARGET™, ON-TARGETplus™, Opera Phenix ® Plus, Operetta ® CLS™, OptiScint™, PhenoPlate™, PhenoVue™, Pin-point™, Quantulus ™ GCT, RAPID MAX™, RediJect™, RNAiONE™, Signals™, Signals Image Artist™, SMARTpools ™ , SMARTvector ™ , Spark™, Spectrum™, TotalSeq™, Tri-Carb ® , T-SPOT ® , Ultra-LEAF™, Vega®, VesselVue ® , ViaStain™, VICTOR Nivo ™ Western Lightning ™ and Wizard 2® .
Brand Names: Our Life Sciences segment offers additional products under various brand names: Accell™, AdenoBOOST™, AlphaLISA ® , AlphaPlex ™ , AlphaScreen ® , Alpha™ SureFire ® , BioLegend ® , Brilliant Violet™, Ce3D™, CellCarrier ® , Cellaca™, Celigo™, Cellometer™, cell::explorer ™ , Cell-Vive™, Chalice™, Chem3D ® , ChemDraw ® , ChemOffice ® , CHOSOURCE™, DELFIA ® , Dharmacon™, DharmaFECT™, Edit-R™, ELISA MAX™, EnVision TM , EnVision Nexus TM , Flex-T™, FMT ® , FolateRSense ™ , GoInVivo™, HTRF ® , ImmuSignature ™ , IVIS ® , IVISbrite ® , IVISense ® , LANCE ® , LANCE ® Ultra ™, LEAF™, LEGEND MAX™, LEGENDplex™, LentiBOOST ® , Lincode™, Living Image ® , Lumina™, MicroBeta TM , Mimix TM , Mini ELISA Plate Reader™, miRIDIAN™, MojoSort™, MuviCyte™, NEN ® , OncoSignature™, OncoSpan TM , ON-TARGET™, ON-TARGETplus™, Opera Phenix TM Plus, Operetta-CLS™, OptiScint™, PhenoPlate™, PhenoVue™, Pin-point™, Quantulus ™ GCT, Quantum™, RAPID MAX™, RediJect™, RNAiONE™, Signals™, Signals Image Artist™, SMARTpools ™ , SMARTvector ™ , Spark PLUS™, Spectrum™, TotalSeq™, Tri-Carb TM , Ultra-LEAF™, Vega TM , VesselVue ® , ViaStain™, VICTOR Nivo ™ , Western Lightning ™ , and Wizard2 TM .
From increased collaboration to securely accessible data, Signals Notebooks accelerates research and development workflows, increases collaboration, integrates with Microsoft Office and more. 5 Table of Contents • Signals ChemDraw ® , which since 1985 has provided solutions with powerful capabilities and integrations to help quickly turn ideas and drawings into publications.
From increased collaboration to securely accessible data, the Signals Notebook TM offering accelerates research and development workflows, increases collaboration, integrates with Microsoft Office and more. ◦ Signals ChemDraw ® software providing solutions with powerful capabilities and integrations to help quickly turn ideas and drawings into publications since 1985.
In addition, changes in governmental regulations may reduce demand for our products or increase our expenses. The healthcare industry, including the genetic screening market, is subject to extensive and frequently changing 10 Table of Contents international and United States federal, state and local laws and regulations.
In addition, changes in governmental regulations may reduce demand for our products or increase our expenses. The healthcare industry, including the genetic screening market, is subject to extensive and frequently changing international and United States federal, state and local laws and regulations. This requires that we devote substantial resources to maintaining our compliance with those laws, regulations and standards.
These products serve several markets, notably cell and gene therapy applications. • BioLegend ®’ s MojoSort™ and Lymphopure™ reagents for cell separation that complement our fluorophore-antibody conjugates, used for FACS (Fluorescence-activated Cell Sorting), thus covering most cell separation and cell sorting technologies and applications. • Flex-T™ reagents that utilize peptide-loaded major histocompatibility molecules assembled into tetramers for the identification of antigen-specific T cells.
These products serve several markets, notably cell and gene therapy applications. ◦ BioLegend ® ’s MojoSort™ for cell separation that complements our fluorophore-antibody conjugates, used for FACS (Fluorescence-activated Cell Sorting), thus covering most cell separation and cell sorting technologies and applications. ◦ BioLegend’s catalog of more than 33,000 SKUs, incorporating antibodies and a large collection of antibody conjugates and modifications as well as recombinant proteins, immunoassays, and other supportive reagents and solutions for cell and molecular analysis. ◦ Flex-T™ reagents that utilize peptide-loaded major histocompatibility molecules assembled into tetramers for the identification of antigen-specific T cells.
The laboratory network includes testing laboratories in the United States, Sweden, India, China and the United Kingdom. • The EONIS™ assay, a CE marked and United States Food and Drug Administration (“FDA”) authorized system utilizing real-time PCR technology, which allows for simultaneous screening of SMA, SCID and XLA in newborns from a single DBS punch. • Chemiluminescence immunoassays covering endocrinology, autoimmunity, infectious diseases, allergy and therapeutic drug monitoring. • ELISAs covering endocrinology, autoimmunity, diabetes monitoring, steroids, thyroid monitoring, animal research and tumor markers. • Radioactive immunoassays in calcium metabolism. • Autoimmune testing, including indirect immunofluorescence tests (IIFT), ELISA, chemiluminescence immunoassays and immunoblots, covering rheumatology, hepatology, gastroenterology, endocrinology, neurology, nephrology, dermatology and infertility. • Allergy testing covering allergen-specific immunoglobin E (IgE), measuring the level of different IgE antibodies or total IgE in blood using EUROLINE TM immunoblot assays. • Infectious disease testing, including IIFT, ELISA, chemiluminescence immunoassays, immunoblots, microarrays and real-time PCR, covering bacteria, viruses, fungi and parasites. • A complete portfolio of chemiluminescence immunoassays ( “ ChLIA ” ) for precise Alzheimer’s disease diagnostics, which provides reliable analysis of the established CSF biomarkers beta-amyloid (1-40), beta-amyloid (1-42), total tau and pTau (181) and a high degree of standardization due to fully automated processing. • EUROLabPolaris, which provides the secure transfer of indirect immunofluorescence data to several locations enabling central evaluation within the software. • Laboratory management system EUROLabOffice 4.0, which provides a central interface between devices to simplify and speed up the diagnostic routine and increases security through organization of all lab procedures and traceable documentation of all data and processes. • EUROLabWorkstation IFA and EUROLabWorkstation ELISA, which provide fully automated processing of IIFT and ELISA, respectively, for laboratories with high sample throughput. • EUROPattern Microscope, which provides fully automated immunofluorescence microscopy including IIFT pattern recognition and titer determination. • EUROPattern Microscope live, which provides fully automated and fast image recording and modern on-screen reporting, also including IIFT pattern recognition and titer determination. • EUROBlotOne, a compact tabletop device for complete processing of immunoblots. • IDS-i10, a compact random access solution for the processing of ChLIA in the field of autoimmune and infection diagnostics as well as antigen detection, providing sample throughput of up to 60 samples per hour. • IDS-iSYS Multi-Discipline Automated System, which is a compact automation solution for the processing of ChLIA in the field of autoimmune, infection and allergy diagnostics as well as antigen detection, providing sample throughput of up to 120 samples per hour. • Pre-NAT II, which provides fully automated high-throughput sample preparation for molecular genetic diagnostics, consisting of nucleic acid extraction and subsequent pipetting of the PCRs. • MyFoodProfile immunoblots for the determination of IgG and IgE reactivity against more than 200 foods (CE-marked). • Prenatal and postnatal testing utilizing Revvity Omics Next Generation Sequencing products including gene panels, exomes and genomes. • Revvity Omics Whole Genome Sequencing test, which detects duo genome (nuclear and mitochondrial) single nucleotide and copy number variants and includes screening for pharmacogenetic variants, Spinal Muscular Atrophy and more than 30 short tandem repeat disorders. 8 Table of Contents • Revvity Omics test for Facioscapularhumeral dystrophy (FSHD) using Genome Optical Mapping technology. • Oxford Immunotec T-SPOT ® Technology platform, a modified ELISPOT used to detect a T cell immune response to infection. • Oxford Immunotec T-SPOT.TB test, an in vitro diagnostic test for the detection of effector T cells that respond to stimulation by mycobacterium tuberculosis antigens by capturing interferon gamma in the vicinity of T cells in human whole blood.
The tools include a qualitative 3-in-1 assay for the detection of hepatitis B, hepatitis C and HIV, as well as assays for other communicable diseases. ◦ TRF-based Anti HBs/HCV/TP kits for infectious disease testing. ◦ Chitas ® instrument and HBV/HCV/HIV 3-in-1 PCR reagents for blood screening, and Hi Sensitivity HBV DNA and HCV RNA assays for clinical infectious disease testing. ◦ Chemiluminescence immunoassays and ELISA for therapeutic drug monitoring. ◦ A comprehensive portfolio of chemiluminescence immunoassays and ELISAs for endocrinology testing. ◦ Radioactive immunoassays in testing calcium metabolism. ◦ Autoimmune testing, including indirect immunofluorescence tests (IIFT), ELISA, chemiluminescence immunoassays and immunoblots, covering rheumatology, hepatology, gastroenterology, endocrinology, neurology, nephrology, dermatology and infertility. ◦ Allergy testing covering allergen-specific immunoglobin E (IgE), measuring the level of different IgE antibodies or total IgE in blood using multiplex EUROLINE TM immunoblot assays as well as singleplex chemiluminescence immunoassays. ◦ Infectious disease testing, including IIFT, ELISA, chemiluminescence immunoassays, immunoblots, microarrays and real-time PCR, covering bacteria, viruses, fungi and parasites. ◦ A complete portfolio of chemiluminescence immunoassays (“ChLIA”) for precise Alzheimer’s disease diagnostics providing reliable analysis of the established CSF biomarkers beta-amyloid (1-40), beta-amyloid (1-42), total tau and pTau (181) and a high degree of standardization due to fully automated processing. ◦ EUROLabPolaris platform provides the secure transfer of indirect immunofluorescence data to several locations enabling central evaluation within the software. ◦ EUROLabOffice TM 4.0 laboratory management system provides a central interface between devices to simplify and speed up the diagnostic routine and increases security through organization of all lab procedures and traceable documentation of all data and processes. ◦ EUROPattern Classifier TM 2.4 AI-enhanced software module of EUROLabOffice TM 4.0 offers automated result proposals from images captured with the all-in-one IFA instrument UNIQO 160 as well as from the automated microscopes EUROPattern and EUROPattern Microscope Live. ◦ EUROLabWorkstation TM IFA and EUROLabWorkstation ELISA provide fully automated processing of IIFT and ELISA, respectively, for laboratories with high sample throughput. ◦ EUROPattern TM microscope provides fully automated immunofluorescence microscopy including IIFT pattern recognition and titer determination. ◦ EUROPattern TM microscope live provides fully automated and fast image recording and modern on-screen reporting, also including IIFT pattern recognition and titer determination. ◦ EUROBlotOne TM compact tabletop device for complete processing of immunoblots. ◦ UNIQO160 TM device for fully automated processing of IIFT from primary sample to final microscopy result for up to 160 samples and 18 slides. ◦ IDS-i10 TM compact random-access solution for the processing of ChLIA in the field of autoimmune and infection diagnostics as well as antigen detection, providing sample throughput of up to 170 tests per hour. ◦ IDS-iSYS Multi-Discipline Automated System is a compact automation solution for the processing of ChLIA in the field of autoimmune, infection and allergy diagnostics as well as antigen detection, providing sample throughput of up to 120 samples per hour. ◦ MyFoodProfile immunoblots for the determination of IgG and IgE reactivity against more than 200 foods (CE-marked).
The kits analyze newborn dry blood spot samples for measurement of amino acids and other metabolic analytes for specific diseases. • The GSP ® Neonatal hTSH, T4 17á-OHP, GALT IRT, BTD, PKU, Total Galactose, CK-MM and G6PD kits, used for screening congenital neonatal conditions from a drop of blood. • The Specimen Gate ® informatics data management solution, designed specifically for newborn screening laboratories. • The NeoLSD™ MS/MS kit, the first commercial IVD kit for screening of Pompe, MPS-I, Fabry, Gaucher, Niemann-Pick A/B and Krabbe disorders from a single dried blood spot sample. • QSight ® 210MD and 225MD UHPLC MS/MS instruments, which are used for newborn screening. • ViaCord ® umbilical cord blood banking services for the banking of stem cells harvested from umbilical cord blood and cord tissue, for potential therapeutic application in transplant and regenerative medicine. • An expanded portfolio of molecular-based infectious disease screening technologies for blood bank and clinical laboratory settings in China.
The kits analyze newborn dry blood spot samples for measurement of amino acids and other metabolic analytes for specific diseases. ◦ The GSP ® Neonatal hTSH, T4 17á-OHP, GALT IRT, BTD, PKU, Total Galactose, CK-MM and G6PD kits, used for screening congenital neonatal conditions from a drop of blood. ◦ The Specimen Gate ® informatics data management solution, designed specifically for newborn screening laboratories. ◦ The NeoLSD™ MS/MS kit, the first commercial IVD kit for screening of Pompe, MPS-I, Fabry, Gaucher, Niemann-Pick A/B and Krabbe disorders from a single dried blood spot sample. ◦ QSight ® 210MD and 225MD UHPLC MS/MS instruments used for newborn screening. ◦ Vanadis® NIPT, a non-PCR non-sequencing fully automated cfDNA technology for use in any laboratory for screening common trisomies in the pregnant population. 7 Table of Contents ◦ The EONIS™ assay, a CE marked and United States Food and Drug Administration (“FDA”) authorized system utilizing real-time PCR technology, which allows for simultaneous screening of SMA, SCID and XLA in newborns from a single DBS punch. ◦ EONIS™ Q novel “dry-chemistry” qPCR newborn screening workflow for SCID, SMA, and XALD screening. ◦ DELFIA™ Trio automated plate dispenser, washer and disk remover for the manual newborn screening and prenatal workflows. ◦ EVOYA ® cloud-based, newborn screening, informatics and data management software. ◦ ViaCord ® umbilical cord blood banking services for the banking of stem cells harvested from umbilical cord blood and cord tissue, for potential therapeutic application in transplant and regenerative medicine. ◦ Revvity Omics global laboratory network offering multi-OMIC clinical grade services for testing over an individual’s lifetime (prenatal to adults) in cytogenetics, biochemical genetics, molecular genetics and immunodiagnostics.
Notable products are Brilliant Violet™ and the Spark™ and Fire dye series, among others. • BioLegend ® TotalSeq™ reagents, which are oligonucleotide-barcoded antibodies that enable protein detection by sequencing that can be combined with traditional RNA or DNA sequencing experiments with high-parameter protein detection, including comprehensive cloud-based analysis software. • Cell culture and biofunctional assay reagents, including bioactive recombinant proteins, as well as other specialized reagents such as Cell-Vive™ T-NK Xeno-Free Serum Substitute (compliant with Good Manufacturing Practice requirements (“GMP”)), and other GMP-produced recombinant proteins and reagents.
Data can be analyzed with their complimentary and comprehensive cloud-based Multiomics Analysis Software. ◦ Cell culture and biofunctional assay reagents, including bioactive recombinant proteins, as well as other specialized reagents such as Cell-Vive™ T-NK Xeno-Free Serum Substitute (compliant with Good Manufacturing Practice requirements (“GMP”)), and other GMP-produced recombinant proteins and reagents.
Our offerings span the areas of cell, gene, and protein research, enabling scientists to work smarter, make research breakthroughs, and transform those breakthroughs into real-world outcomes. We partner with global pharmaceutical, biotech and contract research organizations, as well as academic institutions, to enable them to discover and develop better treatments and therapeutics to fight disease faster and more efficiently.
Our offerings span the areas of cell, gene, and protein research, enabling scientists to work smarter, make research breakthroughs, and transform those breakthroughs into real-world outcomes.
Notable products are the Spark UV™ 387 and Spark Red™ 718 conjugates. • For the TotalSeq reagent portfolio, more large panels of pre-titrated oligo-conjugated antibodies released in Universal Panels for the analysis of human and mouse samples. • Software solutions for BioLegend ® LEGENDplex™ assays, multiomics analysis with TotalSeq reagents, and flow cytometry-based cell analysis software (Ryvett) that are now part of BioLegend’s data integration offerings.
Notable products are the Spark PLUS UV395™ and Spark PLUS B550™ conjugates. ◦ For the TotalSeq ™ reagent portfolio, more large panels of pre-titrated oligo-conjugated antibodies released in universal panels for the analysis of human and mouse samples.
Principal Products: Our principal products and services for Life Sciences applications include the following: • Radiometric detection solutions, including over 750 radiochemicals and instrumentation such as the Tri-Carb ® and Quantulus ™ GCT families of liquid scintillation analyzers, Wizard 2® Gamma counters and MicroBeta 2® plate based LSA, which are used for beta, gamma and luminescence counting in microplate and vial formats utilized in research, environmental and drug discovery applications. • The Opera Phenix ® Plus high-content screening system, which is used for sensitive and high-speed phenotypic drug screening of complex cellular models. • The Operetta ® CLS ™ high-content analysis system, which enables scientists to reveal fine sub-cellular details from everyday assays as well as more complex studies, for example using live cells, 3D and stem cells. • Reagents and solutions for microscopy and imaging applications.
We partner with global pharmaceutical, biotech and contract research organizations, as well as academic and government institutions, to enable them to discover and develop better treatments and therapeutics to fight disease faster and more efficiently. 3 Table of Contents Principal Products: Our principal products and services for Life Sciences applications include the following: • Reagents ◦ Radiometric detection solutions, including over 750 radiochemicals and instrumentation such as the Tri-Carb ® and Quantulus ® GCT families of liquid scintillation analyzers, Wizard 2TM Gamma counters and MicroBeta 2TM plate based LSA are used for beta, gamma and luminescence counting in microplate and vial formats utilized in research, environmental and drug discovery applications. ◦ Reagents and solutions for microscopy and imaging applications.
Our Flex-T products can be used to screen the efficacy of antigen peptides for vaccine and drug trials, as well as characterize the dominance of cancer-specific self-peptides, and more recently, SARS-CoV2 peptides for COVID-19 research. • Antibodies and solutions for Western blotting.
Our Flex-T products can be used to screen the efficacy of antigen peptides for vaccine and drug trials, as well as characterize the dominance of cancer-specific self-peptides, and more recently, SARS-CoV-2 peptides for COVID-19 research. ◦ Antibodies and solutions for Western blotting, as well as supporting buffers and substrates, provide a convenient set of tools to characterize protein size and relative expression levels in cell or tissue lysates. 4 Table of Contents ◦ Mimix TM reference standards are cell line-derived to mimic patient samples and suitable for next generation sequencing, droplet-digital and real-time PCR as well as Sanger sequencing.
We have provided further information regarding our diversity demographics in our Environmental, Social, and Governance (ESG) Report and elsewhere on our website at esg.revvity.com, including summarized data from our EEO-1 form. esg.revvity.com is a home for information related to ESG policies and initiatives at Revvity.
We have employees in roughly 40 countries around the world. esg.revvity.com is a home for information related to Environmental, Social, and Governance policies and initiatives at Revvity. The site provides information for our employees, customers and investors on our environmental and social performance, including key metrics and relevant policies.
We benchmark for market practices and adjust our compensation and benefits programs to ensure they remain both equitable and competitive. 11 Table of Contents Diversity and Inclusion We believe in an inclusive workforce, where employees from a number of cultures and countries are engaged and encouraged to leverage their collective talents.
We benchmark for market practices and adjust our compensation and benefits programs to ensure they remain both equitable and competitive. Fostering a Positive Workplace Culture We believe in a workplace, where everyone feels valued, respected, and has the opportunity to contribute their unique perspectives and talents.
Our headquarters are in Waltham, Massachusetts, and we market our products and services in more than 160 countries. As of December 31, 2023, we employed approximately 11,500 employees. Effective as of April 26, 2023, we changed our name from PerkinElmer, Inc. to Revvity, Inc.
Our headquarters are in Waltham, Massachusetts, and we market our products and services in more than 160 countries. As of December 29, 2024, we employed approximately 11,000 employees. Our common stock is listed on the New York Stock Exchange under the symbol “RVTY” and we are a component of the S&P 500 Index.
Editing with such precision can be used to silence disease-causing genes, correct disease-associated mutations, and optimize cell therapies. • CHOSOURCE™ platform, which was expanded to include CHO-K1 ADCC+ expression cell line for development of therapeutic antibodies in oncology, infectious disease and autoimmune conditions. • BioLegend ®’ s catalog of more than 20,000 SKUs, incorporating antibodies and a large collection of antibody conjugates and modifications as well as recombinant proteins, immunoassays and other supportive reagents and solutions for cell and molecular analysis. • The T-SPOT ® Discovery SARS-CoV-2 research-use-only assay to investigate cell-mediated immunity related to COVID-19. • Sirion Biotech consultancy services and technologies to design and manufacture viral vectors for cell and gene therapy research and preclinical development. • BioLegend ® best-in-class antibodies, recombinant proteins and related reagents, which are used across multiple applications and research areas, including proteogenomics, tissue, cell and protein analysis, cancer research, immunology, cell and gene therapy, stem cell therapy and neuroscience. • Fluorophore-conjugated antibodies, which are used in flow cytometers to characterize protein expression on the surface and in internal compartments of cells.
Editing with such precision can be used to silence disease-causing genes, correct disease-associated mutations, and optimize cell therapies. ◦ CHOSOURCE™ platform was expanded to include a CHO-K1 ADCC+ expression cell line for development of therapeutic antibodies in oncology, infectious disease and autoimmune conditions. ◦ Gene Delivery services and technologies to design and manufacture viral vectors for cell and gene therapy research and preclinical development.
The tools include a qualitative 3-in-1 assay for the detection of hepatitis B, hepatitis C and HIV, as well as assays for other communicable diseases. • TRF-based Anti HBs/HCV/TP kits for infectious disease testing. • Chitas ® instrument and HBV/HCV/HIV 3-in-1 PCR reagents for blood screening, and Hi Sensitivity HBV DNA and HCV RNA assays for clinical infectious disease testing. • The Bead Ruptor™ Elite Bead Mill Homogenizer, which enables grinding, lysing, and homogenizing of biological samples prior to molecular extraction delivering repeatable sample disassociation. • OMNI Prep 96 Automated Homogenizer Workstation, which is a fully automated homogenization workstation, enabling true walk-away processing. • The chemagic™ Prime™ instrument, a fully automated, LIMS-compatible solution for primary sample transfer, DNA and RNA isolation, optional normalization and the setup of PCR and Next Generation Sequencing (“NGS”) applications. 7 Table of Contents • Automated liquid handling platforms (Fontus™, JANUS ® , Sciclone ® , Zephyr ® and FlexDrop™) that offer a choice of robotic solutions in genomics, biotherapeutics, high throughput screening and high content analysis to assist life science research from bench to clinic. • JANUS ® BioTx ™ and PreNAT II™ workstations for automated small-scale purification, offering column, tip and plate-based chromatography on a single platform. • HIVE CLX ™ scRNAseq Solution, which integrates sample storage and single cell profiling into a complete workflow, solving the issues that limit single cell RNA analysis.
The WholePanel test provides enhanced coverage including the intronic regions for the expertly curated WholeCancer, WholeAtaxia, WholeCardiology and WholeMuscularDystrophy gene panels. • Applied Genomics ◦ The Omni Bead Ruptor ® Elite Bead Mill Homogenizer enables grinding, lysing, and homogenization of biological samples prior to molecular analyte extraction, delivering repeatable sample disassociation. ◦ The Omni Prep 96 Automated Homogenizer Workstation, a fully automated homogenizer enabling true walk-away processing for high-throughput labs. ◦ Automated liquid handling platforms (Fontus™, JANUS®, Sciclone®, Zephyr® and FlexDrop™) offering a choice of robotic solutions in genomics, biotherapeutics, high throughput screening and high content analysis to assist life science research from bench to clinic. ◦ JANUS ® BioTx™ and PreNAT II™ workstations for automated small-scale purification, offering column, tip and plate-based chromatography on a single platform. ◦ The LabChip® GXII Touch™ protein characterization system provides a means of characterizing multiple protein product attributes for research labs through QC. ◦ The explorer™ automated workstation allows integration of multiple laboratory instrumentation using a centralized robotic interface, allowing high throughput and turnkey-application focused solutions. ◦ The PG-Seq™ Rapid kit v2 analyzes picogram quantities of DNA from an embryo biopsy for preimplantation genetic research with enhanced whole genome coverage and accuracy. ◦ DOPlify ® WGA V2 kit performs fast whole genome amplification on single cells or limited template DNA samples, allowing cell chromosome copy number status to be determined. ◦ NEXTFLEX ® library prep kits simplify library prep with optimized protocols and reagents, making the library preparation process more efficient and reliable. ◦ Automation protocols and kits launched for the BioQule™ NGS System, making it an open system that combines automation, reagents, consumables and scripts, enabling walkaway automation to simplify low throughput nucleic acid isolation, NGS library preparation and quantitation. ◦ The Fontus™ liquid handler is available in multiple versions to automate both NGS and life science workflows. • Immunodiagnostics ◦ The chemagic™ Prime™ instrument is a fully automated, LIMS-compatible solution for primary sample transfer, DNA and RNA isolation, to normalization and the setup of PCR and Next Generation Sequencing (“NGS”) applications. ◦ The chemagic™ 360 instrument is a flexible solution for automated nucleic acid isolation from 0.1-18 ml sample volumes of diverse sample materials.
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Effective as of May 16, 2023, we changed the ticker symbol for our common stock to “RVTY” and the ticker symbol for our 1.875% Notes due 2026 to “RVTY 26”. Our common stock is listed on the New York Stock Exchange under the symbol “RVTY” and we are a component of the S&P 500 Index.
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Notable products are Brilliant Violet™ and the Spark and Fire TM dye series, among others. ◦ BioLegend ® TotalSeq™ reagents are oligonucleotide-barcoded antibodies that enable protein detection to be combined with traditional RNA or DNA sequencing experiments with high-parameter protein detection.
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Recent Developments As part of our strategy to grow our core businesses and transform our portfolio, we have recently taken the following actions: Discontinued Operations in Fiscal Year 2023: On March 13, 2023, we completed the previously announced sale (the “Closing”) of certain assets and the equity interests of certain entities constituting our Applied, Food and Enterprise Services businesses (the “Business”) to PerkinElmer Topco, L.P.
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The platform is agnostic for seamless integration into quality control workflows. ◦ OptiScint™ NPE-free scintillation cocktails and quench standards, providing a more environmentally friendly alternative without compromising performance. ◦ Expansion of our Western blotting reagents with the addition of the Western Lightning™ One range, which has a pre-mixed one component chemiluminescent HRP substrate for more consistent results. ◦ Additional Spark and Fire TM dye-conjugated antibodies, enabling higher-parameter flow cytometry.
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(formerly known as Polaris Purchaser, L.P.) (the “Purchaser”), a Delaware limited partnership owned by funds managed by affiliates of New Mountain Capital L.L.C. (the “Sponsor”), for an aggregate purchase price of up to $2.45 billion. We received approximately $2.13 billion in cash proceeds, before transaction costs and subject to post-closing adjustments.
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New options were created for intracellular target staining and protein-only analysis. ◦ New fluorescent stains, reagents and secondary antibodies in our PhenoVue TM cellular imaging reagents portfolio for the detection and analysis of cellular components. ◦ GoInVivo™ as well as Ultra-LEAF™ and LEAF™ functional antibodies provide an affordable solution for researchers performing in vivo and ex vivo studies. • Instruments ◦ The Opera Phenix ® Plus high-content screening system for sensitive and high-speed phenotypic drug screening of complex cellular models. ◦ The Operetta ® CLS™ high-content analysis system enables scientists to reveal fine sub-cellular details from everyday assays as well as more complex studies, for example using live cells, 3D and stem cells. ◦ The VICTOR Nivo TM multimode plate reader benchtop system designed for assay development and academic labs, including those using HTRF® and AlphaLISA® assay technologies. ◦ The EnVision TM multimode plate reader designed for high-throughput screening laboratories, including those using HTRF®, AlphaScreen® and AlphaLISA® assay technologies. ◦ The EnVision Nexus TM multimode plate reader, our next generation system for high-throughput screening with advanced detection technologies for Alpha, TRF, and Luminescence. ◦ In vivo optical imaging platforms and reagents for preclinical research, comprised of the IVIS ® Spectrum™ series for 2D and 3D optical imaging and optionally integrated low-dose CT imaging and the IVIS ® Lumina™ series for benchtop 2D imaging, along with IVISbrite ® bioluminescent and IVISense ® fluorescent imaging agents and imaging reagents. ◦ The Quantum TM GX3 system, which enables low-dose in vivo CT imaging of multiple species and areas of anatomical interest across multiple disease areas by way of high-resolution, tomographic imaging. ◦ The Vega™ ultrasound system, a hands-free automated ultrasound platform delivers high-resolution 2D and 3D imaging in just a few minutes.
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We are entitled to an additional $75.0 million in proceeds as consideration for our ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the Purc haser. This consideration is expected to be received in installments through the first half of 2025.
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This innovative in vivo ultrasound system removes the challenges associated with conventional hand-held systems through the use of automated transducers located under the imaging stage and is easy to use, requires minimal training and produces more consistent results.
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In addition, we are entitled to additional consideration of up to $150.0 million that is contingent on the exit valuation the Sponsor and its affiliated funds receive o n a sale or other capital events related to the Business. 3 Table of Contents Business Segments and Products We report our business in two segments: Life Sciences and Diagnostics.
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It is complemented by GoInVivo™ as well as Ultra-LEAF™ and LEAF™ functional antibodies providing an affordable solution for researchers performing in vivo and ex vivo studies. ◦ The high-throughput, microwell Celigo ® image cytometry system, the Cellaca ® MX high-throughput cell counter, the Cellaca ® PLX image cytometry system, and the Cellometer ® automated cell counters, complemented by consumables and reagents, including reagents and kits for cell counting assays and cell viability, microplates, slides, and counting beads. ◦ Cellaca ® PLX™ image cytometry system combines best-in-class image cytometer hardware, software, validated consumables and optimized reagent kits with validated antibodies from our BioLegend business, and trackable data reporting to enable the simultaneous detection of multiple markers and to streamline cell and gene therapy workflows. • Software ◦ The Signals Image Artist™ next-generation image analysis and management platform for drug discovery research, to help scientists process and analyze high-content screening (HCS) and cellular imaging data in a matter of hours versus days or weeks, so they can make more informed decisions faster. ◦ Signals Research platform equips pharmaceutical scientists with the essential tools to gather, search, mine, analyze and visualize critical data, yielding actionable insights in an automated, predictive, and scalable manner.
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The platform is agnostic for seamless integration into any quality control workflow. • Dharmacon™ Reagents and gene modulation technologies such as RNAi that support drug discovery and development for greater understanding of gene function, identify genetic drivers behind human disease, develop and validate diagnostic workflows, and help deliver biotherapeutics, cellular and gene therapies for precision medicine with a portfolio of cell engineering tools. • Pin-point™ base editing platform, which is a CRISPR-Cas9-based technology that allows researchers to make precision base changes in genomic DNA.
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With unrivaled workflow flexibility to support dynamic collaboration, Signals Clinical’s SaaS solution helps accelerate the delivery of urgently needed therapeutics to patients. ◦ Signals DLX™ powered by Scitara ® establishes seamless, bidirectional connectivity across instruments, LIMS, ELNs and other critical lab systems that previously existed in isolation. ◦ The latest version of the Signals Image Artist™ next-generation image analysis and management platform provides improved 3D cell segmentation and analysis, an AWS S3 cloud deployment option and enhanced cloud security, and compatibility with a broader range of systems, including the Nexcelom from Revvity Celigo ®TM image cytometer. ◦ An updated VICTOR Nivo™ multimode plate reader with a new software version for streamlined data analysis. ◦ Software solutions for BioLegend ® LEGENDplex ™ assays and multiomics analysis with TotalSeq™ reagents, that are now part of BioLegend’s data integration offerings. • Technology and Licensing ◦ The Pin-point™ base editing platform is a CRISPR-Cas9-based technology that allows researchers to make precision base changes in genomic DNA.
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A large collection of validated antibodies, as well as supporting buffers and substrates, which provide a convenient set of tools to characterize protein size and relative expression levels in cell or tissue lysates. • Signals Research Platform, which equips pharmaceutical scientists with the essential tools to gather, search, mine, analyze and visualize critical data, yielding actionable insights in an automated, predictive, and scalable manner.
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This includes LentiBOOST ® transduction enhancer technology for improved lentiviral transduction efficiency, helping to reduce the cost of goods for cell therapies. ◦ Preclinical services for oncology, leveraging capabilities such as cell panel screening, cell line engineering, functional genomic screening, and immune cell screening, for a range of applications to help accelerate the drug development process.
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With unrivaled workflow flexibility to support dynamic collaboration, Signals Clinical’s SaaS solution helps accelerate the delivery of urgently needed therapeutics to patients. • Vega ® preclinical ultrasound system, a hands-free, automated, high-throughput imaging system delivering high-resolution 2D and 3D ultrasound images in minutes.
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New Products: New products introduced or acquired for Life Sciences applications in fiscal year 2024 include the following: • Reagents ◦ Biolegend launched new dyes to expand flow cytometry panel building options, including PE/Fire™ 744, Spark PLUS UV395™, Spark PLUS™ B550 antibody conjugates and Zombie UV387™ for dead cell analysis.
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Originally launched in North America in 2022, it is now globally available. • New assay kits for Adeno-associated Virus Vectors (AAVs) and gene therapy applications in our range of HTRF ® and AlphaLISA ® reagents, for detecting and quantifying CHO HCP impurities in biotherapeutics development, as well as kits across oncology, neuroscience, and targeted protein degradation applications. • Cellaca PLX™ image cytometry system, which combines best-in-class image cytometer hardware, software, validated consumables and optimized reagent kits with validated antibodies from our BioLegend business, and trackable data reporting to enable the simultaneous detection of multiple markers and to streamline cell and gene therapy workflows. • New fluorescent stains, reagents and secondary antibodies in our PhenoVue TM cellular imaging reagents portfolio for the detection and analysis of cellular components. • The latest version of the Signals Image Artist™ next-generation image analysis and management platform, which provides improved 3D cell segmentation and analysis, an AWS S3 cloud deployment option and enhanced cloud security, and compatibility with a broader range of systems, including the Nexcelom from Revvity Celigo ® image cytometer. • An updated VICTOR ® Nivo™ multimode plate reader with a new software version for streamlined data analysis. • OptiScint™ NPE-free scintillation cocktails and quench standards, providing a more environmentally friendly alternative without compromising performance. • Expansion of our Western blotting reagents with the addition of the Western Lightning™ One range, which has a pre-mixed one component chemiluminescent HRP substrate for more consistent results. • Additional Spark™ and Fire dye-conjugated antibodies, enabling higher-parameter flow cytometry.
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In addition, the Flexi-Fluor™ portfolio of reagents was created as a made-to-order, rapid alternative to traditional custom products. ◦ Oligo-conjugated antibodies for intracellular detection of proteins and cytokines introduced in BioLegend's TotalSeq TM portfolio. BioLegend also introduced a solution for high-throughput, high-parameter single-cell protein analysis - TotalSeq™ PhenoCyte TM .
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New Products: New products introduced or acquired for Life Sciences applications in fiscal year 2023 include the following: • Pin-point TM base editing reagents, which improve access to new-generation editing technology.
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PhenoCyte TM provides a streamlined, instrument-free workflow for scalable single-cell immunoprofiling. • Instruments ◦ The Cellometer ™ Ascend™ automated cell counter accelerates lab workflow by mitigating human error, all while providing a consistent, standardized cell count.
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The launch of these reagents puts clinically relevant base editing using the Pin-point platform in the hands of preclinical laboratories seeking to accelerate genomic insights and cell therapy research. • IVIS ® Spectrum 2 and IVIS SpectrumCT 2 next-generation imaging systems, our newest flagship platforms setting the standard in high-throughput performance and versatility. • Quantum TM GX3 microCT imaging solution, a high-throughput system with superior spatial resolution and fast, low-dose scanning for diverse in vivo and biological ex vivo applications.
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Incorporated with its user-friendly Matrix software, this product performs an automated and sophisticated image analysis workflow that delivers reliable results in seconds. 6 Table of Contents • Software ◦ Phenologic.AI ™ software, a module in our Harmony™ high-content imaging and analysis software and in our Signals Image Artist™ image analysis and data management platform uses a pre-trained deep-learning image-analysis model to enable analysis of brightfield images and provides an additional channel for multiplexing and easier analysis of live cell assays.
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With class-leading resolution, the system is designed for a wide applications, including bone imaging. • Signals Research Suite, a unified, cloud-native SaaS platform that drives scientific collaboration across research and development disciplines from drug discovery to specialty chemicals material development. • Signals DLX™ powered by Scitara ®, , which establishes seamless, bidirectional connectivity across instruments, LIMS, ELNs and other critical lab systems that previously existed in isolation.
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The laboratory network includes testing laboratories in the United States, Sweden, India, China and the United Kingdom. ◦ Utilizing next-generation sequencing, Revvity Omics labs provide testing solutions including but not limited to whole genome sequencing, whole exome sequencing, curated and customized gene panels. ◦ Revvity Omics Whole Genome Sequencing test provides dual genome analysis (nuclear and mitochondrial) detecting single nucleotide variants, chromosomal and intragenic copy number events, short tandem repeats analysis for >30genes and SMN1 copy number characterization.
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The LabChip ® GXII Touch ™ protein characterization system, which provides a means of characterizing multiple protein product attributes for research labs through QC. • The explorer ™ automated workstation, which allows integration of multiple laboratory instrumentation using a centralized robotic interface, allowing high throughput and turnkey-application focused solutions. • Vanadis ® NIPT, a non-PCR non-sequencing fully automated cfDNA technology for use in any laboratory for screening common trisomies in the pregnant population. • Revvity Omics, a global laboratory network offering multi-OMIC clinical grade services for testing in cytogenetics, biochemical genetics (prenatal and postnatal), molecular genetics and immunodiagnostics.
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This test also provides additional findings like pharmacogenomic analysis and carrier status among others. ◦ Ultrarapid Whole Genome Sequencing test, a variant of the whole genome sequencing (WGS) analysis, bundles the StepOne biochemical profile, cCMV analysis and metagenomic analysis with the standard WGS analysis to help babies in the NICU with a result as fast as five days. ◦ Using WGS as a backbone, Revvity Omics provides two unique products, the CNGnome® NGS Array and WholePanel ™ test.
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It is intended for use as an aid in the diagnosis of tuberculosis infection. • The PG-Seq™ Rapid Kit v2, which analyzes picogram quantities of DNA from an embryo biopsy for preimplantation genetic research with enhanced whole genome coverage and accuracy. • DOPlify® WGA V2 Kit, which performs fast whole genome amplification on single cells or limited template DNA samples, allowing cell chromosome copy number status to be determined. • chemagic™ 360-D instrument (IVDR) and chemagic™ Prime™ Junior-D instrument (IVDR) for automated nucleic acid isolation, and related kits such as CE-IVD chemagic™ Nucleic Acid Purification Kits and chemagic™ miRNA 200 Kit. • Revvity Omics WholePanel test, which is an enhanced panel testing (WholeCancer, WholeAtaxia, WholeCardiology and WholeMuscularDystrophy panels) using genome sequencing as a backbone and provides full intronic coverage and short tandem repeat screening in one test. • Revvity Omics UltraRapid Whole Genome Sequencing with StepOne, CMV detection and metagenomic analysis, which provides the sickest babies in NICUs with multiomic testing results in five days or less.
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Utilizing the uniform coverage across genome, the CNGnome NGS array is used to detect copy number events over 25kb in size, making this as a new gold standard in CNV detection.
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New Products: New products or services introduced or acquired for Diagnostics applications in fiscal year 2023 include the following: • Fontus™ liquid handler, which is available in multiple versions to automate both NGS and life science workflows. • EONIS™ Q, a novel “ dry-chemistry ” qPCR newborn screening workflow for SCID and SMA screening. • DELFIA™ Trio, an automated plate dispenser, washer, disk remover for the manual newborn screening and prenatal workflows. • EVOYA™, a cloud-based, newborn screening, informatics and data management software. • Automation protocols and kits launched for the BioQule™ NGS System, making it an open system that combines automation, reagents, consumables and scripts, enabling walkaway automation to simplify low throughput NGS library preparation and quantitation. • UNIQO160, a device for fully automated processing of IIFT from primary sample to final microscopy result for up to 160 samples and 18 slides. • 89 new IIFT for the ultrafast automated microscope “ EUROPattern Microscope Live ”. • Anti-TBE Virus ELISA 2.0 (IgG) and Anti-TBE Virus CSF ELISA 2.0 (IgG) for detection of IgG antibodies against TBE virus in serum and CSF, respectively (CE-marked, IVDR-compliant).
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The chemagic™ 360-D instrument (IVDR) and chemagic™ 8 Table of Contents Prime™ Junior-D instrument (IVDR), together with the chemagic™ IVD Kits, are the optimal choice for automated IVDR compliant nucleic acid isolation for clinical diagnostics. ◦ The Oxford Immunotec T-SPOT ® Technology platform, a modified ELISPOT used to detect a T cell immune response to infection. ◦ The Oxford Immunotec T-SPOT ® TB test, an in vitro diagnostic test for the detection of effector T cells that respond to stimulation by mycobacterium tuberculosis antigens by capturing interferon gamma in the vicinity of T cells in human whole blood.
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This requires that we devote substantial resources to maintaining our compliance with those laws, regulations and standards.
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It is intended for use as an aid in the diagnosis of tuberculosis infection. ◦ An expanded portfolio of molecular-based infectious disease screening technologies for blood bank and clinical laboratory settings in China.
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We have employees in roughly 40 countries around the world. As of the date of filing of this annual report on Form 10-K, women comprised roughly 40% of our leadership positions on a global basis, which we define as director level and above.
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New Products: New products or services introduced or acquired for Diagnostics applications in fiscal year 2024 include the following: • Reproductive Health ◦ CD34+ hematopoietic stem cells from human umbilical cord blood (for research use only and not for use in diagnostic procedures). ◦ The NEXTFLEX ® Neo NGS RUO Panel 1 kit, which is part of a new end-to-end workflow solution for newborn sequencing research. 9 Table of Contents ◦ Revvity Genomics LIMS cloud-based, genomic platform solution is primed for secure data management and LIS integration. ◦ Revvity Genomics Analyze TM genomics primary and secondary analysis software for variant calling. ◦ Revvity Genomics Interpret TM tertiary and reporting software for genomic testing. ◦ Revvity Transcribe AI TM innovative OCR service designed to convert handwritten text on test request forms into a digitized format. • Applied Genomics ◦ LabChip ® Plasmid DNA assay enables purity and sizing analysis of the three primary isoforms of pDNA during the manufacturing of proteins, viral vectors, and messenger RNA. • Immunodiagnostics ◦ Auto-Pure TM 2400 automated liquid handling platform designed to provide efficient workflows in the lab for T-SPOT.TB ® testing. ◦ EUROStar IV Plus, a new model of EUROIMMUN's successful LED microscope series for convenient manual fluorescence microscopy with attractive new features for easy and ergonomic manual microscopy. ◦ The optimised (IVDR-compliant) “RVTY” "CSF ELISA 2.0" series for facilitated handling and resource savings. ◦ The GeneProof-ALPCO TM portfolio for molecular diagnostics. ◦ EURORealTime APOE for APOE genotyping to assess a patient’s risk for side effects prior to the start of an anti-amyloid (beta) therapy in Alzheimer’s disease.
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The site provides information for our employees, customers and investors on our environmental and social metrics and policies, our global efforts to preserve our environment and our global efforts to promote social equality.
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We highlight our global efforts to preserve our environment, support the communities where we operate, and foster a positive workplace.
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It helps our employees and stakeholders know and understand of our commitment to make positive impacts on our employees, customers, local communities and the environment, while engaging others in our efforts. Our EEO-1 form is a report filed with the United States Equal Employment Opportunity Commission describing the racial, ethnic and gender composition of our U.S.-based workforce.
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The site showcases our commitment to responsible business practices and how these contribute to long-term value creation for our stakeholders. 12 Table of Contents We understand that our ability to operate in a multicultural world is critical to our long-term value creation.
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Information on our website, including the ESG Report, shall not be deemed incorporated by reference into this annual report. We understand that our ability to operate in a multicultural world is critical to our long-term value creation. By maintaining a culture of diversity and inclusion, we believe that we can innovate more effectively.
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We strive to create a workplace where everyone feels valued and respected, believing that this fosters innovation and enables all employees to contribute fully to our shared goals. We make employment decisions based on legitimate business needs and in compliance with all applicable laws.
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To that end, we seek to promote diverse perspectives throughout our organization and are an equal opportunity employer committed to making employment decisions without regard to race, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age, disability, protected veteran status or other characteristics protected by law.
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Our commitment to diversity is evidenced by the advancement of the vibrant belonging collective formed by our four Employee Resources and Networking groups, now comprising of nearly 700 employees who enjoy this safe and engaging platform for dialogue and empowerment.
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During the fiscal year 2023, our groups conducted a series of workshops enhancing the visibility of our Hispanic communities in the workplace, recognizing the dedication of our veteran employees and empowering women to network, develop and share their stories. We continued to support working parents through our flexible working policies and networking opportunities provided by our Women’s Forum.
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These efforts serve as a testament to our dedication to fostering an inclusive workplace. Our commitment to creating a diverse and inclusive work environment is further validated by our 2023 People Experience Survey in which 85% of our employees felt safe to share their opinions and use their voices, providing over 31,000 comments.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeFactors that may affect our quarterly operating results include: • demand for and market acceptance of our products, • competitive pressures resulting in lower selling prices, • changes in the level of economic activity in regions in which we do business, including as a result of global health crises or pandemics, • changes in general economic conditions or government funding, • settlements of income tax audits, • expenses incurred in connection with claims related to environmental conditions at locations where we conduct or formerly conducted operations, • contract termination and litigation costs, • differing tax laws and changes in those laws (including the enactment by countries of the Organization for Economic Cooperation and Development (OECD) Base Erosion and Profit Shifting Pillar Two, which would impose a minimum corporate income tax rate of least 15%), or changes in the countries in which we are subject to taxation, • changes in our effective tax rate, • changes in industries, such as pharmaceutical and biomedical, • changes in the portions of our revenue represented by our various products and customers, • our ability to introduce new products, • our competitors’ announcement or introduction of new products, services or technological innovations, • costs of raw materials, labor, energy, supplies, transportation or other indirect costs, • changes in healthcare or other reimbursement rates paid by government agencies and other third parties for certain of our products and services, • our ability to realize the benefit of ongoing productivity initiatives, • changes in the volume or timing of product orders, • fluctuation in the expense related to the mark-to-market adjustment on postretirement benefit plans, • changes in our assumptions underlying future funding of pension obligations, • changes in assumptions used to determine contingent consideration in acquisitions, and • changes in foreign currency exchange rates. 15 Table of Contents A significant disruption in third-party package delivery and import/export services, or significant increases in prices for those services, could interfere with our ability to ship products, increase our costs and lower our profitability.
Biggest changeFactors that may affect our quarterly operating results include: • demand for and market acceptance of our products, • competitive pressures resulting in lower selling prices, • changes in the level of economic activity in regions in which we do business, including as a result of global health crises or pandemics, • changes in trade policy applicable to the regions in which we do business, • changes in general economic conditions or government funding, • settlements of income tax audits, 15 Table of Contents • expenses incurred in connection with claims related to environmental conditions at locations where we conduct or formerly conducted operations, • contract terminations, adverse litigation outcomes, and litigation costs, • differing tax laws and changes in those laws (including the enactment by countries of the Organization for Economic Cooperation and Development (OECD) Base Erosion and Profit Shifting Pillar Two, which would impose a minimum corporate income tax rate of least 15%), or changes in the countries in which we are subject to taxation, • changes in our effective tax rate, • changes in industries, such as pharmaceutical and biomedical, • changes in the portions of our revenue represented by our various products and customers, • our ability to introduce new products, • our competitors’ announcement or introduction of new products, services or technological innovations, • costs of raw materials, labor, energy, supplies, transportation or other indirect costs, • changes in healthcare or other reimbursement rates paid by government agencies and other third parties for certain of our products and services, • our ability to realize the benefit of ongoing productivity initiatives, • changes in the volume or timing of product orders, • fluctuation in the expense related to the mark-to-market adjustment on postretirement benefit plans, • changes in our assumptions underlying future funding of pension obligations, • changes in assumptions used to determine contingent consideration in acquisitions, and • changes in foreign currency exchange rates.
Accordingly, our future results of operations could be harmed by a variety of factors, including: • changes in actual, or from projected, foreign currency exchange rates, • global health crises of unknown duration, • wars, conflicts, or other changes in a country’s or region’s political or economic conditions, particularly in developing or emerging markets, • longer payment cycles of foreign customers and timing of collections in foreign jurisdictions, • trade protection measures including embargoes, sanctions and tariffs, such as the sanctions and other restrictions implemented by the United States and other governments on the Russian Federation and related parties in connection with the conflict in Ukraine, • import or export licensing requirements and the associated potential for delays or restrictions in the shipment of our products or the receipt of products from our suppliers, • policies in foreign countries benefiting domestic manufacturers or other policies detrimental to companies headquartered in the United States, • differing tax laws and changes in those laws, or changes in the countries in which we are subject to tax, • adverse income tax audit settlements or loss of previously negotiated tax incentives, • differing business practices associated with foreign operations, • difficulty in transferring cash between international operations and the United States, • difficulty in staffing and managing widespread operations, • differing labor laws and changes in those laws, • differing protection of intellectual property and changes in that protection, • expanded enforcement of laws related to data protection and personal privacy, • increasing global enforcement of anti-bribery and anti-corruption laws, and • differing regulatory requirements and changes in those requirements.
Accordingly, our future results of operations could be harmed by a variety of factors, including: • changes in actual, or from projected, foreign currency exchange rates, • global health crises of unknown duration, • wars, conflicts, or other changes in a country’s or region’s political or economic conditions, particularly in developing or emerging markets, • longer payment cycles of foreign customers and timing of collections in foreign jurisdictions, • trade protection measures including embargoes, sanctions and tariffs, such as the sanctions and other restrictions implemented by the United States and other governments on the Russian Federation and related parties in connection with the conflict in Ukraine, • import or export licensing requirements and the associated potential for delays or restrictions in the shipment of our products or the receipt of products from our suppliers, • policies in foreign countries benefiting domestic manufacturers or other policies detrimental to companies headquartered in the United States, • differing tax laws and changes in those laws, or changes in the countries in which we are subject to tax, • adverse income tax audit settlements or loss of previously negotiated tax incentives, • differing business practices associated with foreign operations, • difficulty in transferring cash between international operations and the United States, • difficulty in staffing and managing widespread operations, 19 Table of Contents • differing labor laws and changes in those laws, • differing protection of intellectual property and changes in that protection, • expanded enforcement of laws related to data protection and personal privacy, • increasing global enforcement of anti-bribery and anti-corruption laws, and • differing regulatory requirements and changes in those requirements.
In addition, government funding is subject to economic conditions and the political process, which is inherently fluid and unpredictable. Our revenues may be adversely affected if our customers delay or reduce purchases as a result of uncertainties surrounding the approval of government or industrial funding proposals.
In addition, government funding is subject to economic conditions and the political process, which is inherently fluid and unpredictable. Our revenues may be adversely affected if our customers delay or reduce purchases as a result of uncertainties surrounding the approval of government or industrial funding proposals or reductions in government funding.
In addition to the risk factors discussed above, the price and volume volatility of our common stock may be affected by: • operating results that vary from our financial guidance or the expectations of securities analysts and investors, • the financial performance of the major end markets that we target, • the operating and securities price performance of companies that investors consider to be comparable to us, • announcements of strategic developments, acquisitions and other material events by us or our competitors, • changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, inflation, freight costs, commodity and equity prices and the value of financial assets, and 20 Table of Contents • changes to economic conditions arising from global health crises and pandemics, climate change, or from wars or conflicts.
In addition to the risk factors discussed above, the price and volume volatility of our common stock may be affected by: • operating results that vary from our financial guidance or the expectations of securities analysts and investors, • the financial performance of the major end markets that we target, • the operating and securities price performance of companies that investors consider to be comparable to us, • announcements of strategic developments, acquisitions and other material events by us or our competitors, • changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, inflation, freight costs, commodity and equity prices and the value of financial assets, and • changes to economic conditions arising from global health crises and pandemics, climate change, or from wars or conflicts.
Our debt level and related debt service obligations could have negative consequences, including: • requiring us to dedicate significant cash flow from operations to the payment of principal and interest on our debt, which reduces the funds we have available for other purposes, such as acquisitions and stock repurchases; • reducing our flexibility in planning for or reacting to changes in our business and market conditions; • exposing us to interest rate risk as a portion of our debt obligations are at variable rates; 19 Table of Contents • increasing our foreign currency risk as a portion of our debt obligations are in denominations other than the U.S. dollar; and • increasing the chances of a downgrade of our debt ratings due to the amount or intended purpose of our debt obligations.
Our debt level and related debt service obligations could have negative consequences, including: • requiring us to dedicate significant cash flow from operations to the payment of principal and interest on our debt, which reduces the funds we have available for other purposes, such as acquisitions and stock repurchases; • reducing our flexibility in planning for or reacting to changes in our business and market conditions; • exposing us to interest rate risk as a portion of our debt obligations are at variable rates; • increasing our foreign currency risk as a portion of our debt obligations are in denominations other than the U.S. dollar; and • increasing the chances of a downgrade of our debt ratings due to the amount or intended purpose of our debt obligations.
Risks Related to our Foreign Operations Economic, political and other risks associated with foreign operations could adversely affect our international sales and profitability. Because we sell our products worldwide, our businesses are subject to risks associated with doing business internationally. Our sales originating outside the United States represented the majority of our total revenue in fiscal year 2023.
Risks Related to our Foreign Operations Economic, political and other risks associated with foreign operations could adversely affect our international sales and profitability. Because we sell our products worldwide, our businesses are subject to risks associated with doing business internationally. Our sales originating outside the United States represented the majority of our total revenue in fiscal year 2024.
Our business is affected by global economic and political conditions as well as the state of the financial markets, particularly as the United States and other countries balance concerns around debt, inflation, growth and budget allocations in their policy initiatives.
Our business is affected by global economic and political conditions as well as the state of the financial markets, particularly as the United States and other countries balance concerns around debt, inflation, trade protectionism, growth and budget allocations in their policy initiatives.
If we fail to comply with applicable laws and regulations, we could suffer civil and criminal damages, fines and penalties, exclusion from participation in governmental healthcare 18 Table of Contents programs, and the loss of various licenses, certificates and authorizations necessary to operate our business, as well as incur liabilities from third-party claims, all of which could have a significant adverse effect on our business.
If we fail to comply with applicable laws and regulations, we could suffer civil and criminal damages, fines and penalties, exclusion from participation in governmental healthcare programs, and the loss of various licenses, certificates and authorizations necessary to operate our business, as well as incur liabilities from third-party claims, all of which could have a significant adverse effect on our business.
As a result of these rules, we may incur additional costs in complying with the disclosure requirements and in satisfying those customers who require that the components used in our products be certified as conflict-free, and the potential lack of availability of these materials at competitive prices could increase our production costs.
As a result of these rules, we may incur 16 Table of Contents additional costs in complying with the disclosure requirements and in satisfying those customers who require that the components used in our products be certified as conflict-free, and the potential lack of availability of these materials at competitive prices could increase our production costs.
If we fail to accurately foresee our customers’ needs and future activities, we may invest heavily in research and development of products that do not lead to significant revenue. We may also suffer a loss in market share and potential revenue if we are unable to commercialize our technology in a timely and efficient manner.
If we fail to accurately foresee our customers’ needs and future activities, we may invest heavily in research and development of 14 Table of Contents products that do not lead to significant revenue. We may also suffer a loss in market share and potential revenue if we are unable to commercialize our technology in a timely and efficient manner.
In addition, global health crises or pandemics, wars, conflicts, or other changes in a country’s or region’s political or economic conditions, could have a significant adverse effect on our supply chain.
In addition, global health crises or pandemics, changes in trade policy, wars, conflicts, or other changes in a country’s or region’s political or economic conditions, could have a significant adverse effect on our supply chain.
If we were to experience a prolonged system disruption in the information technology systems that involve our interactions with customers, suppliers or other third parties, it could result in the loss of sales and customers and significant 16 Table of Contents incremental costs, which could adversely affect our business.
If we were to experience a prolonged system disruption in the information technology systems that involve our interactions with customers, suppliers or other third parties, it could result in the loss of sales and customers and significant incremental costs, which could adversely affect our business.
We may also incur expenses related to completing 14 Table of Contents acquisitions or licensing technologies, or in evaluating potential acquisitions or technologies, which may adversely impact our profitability. If we do not compete effectively, our business will be harmed. We encounter aggressive competition from numerous competitors in many areas of our business.
We may also incur expenses related to completing acquisitions or licensing technologies, or in evaluating potential acquisitions or technologies, which may adversely impact our profitability. If we do not compete effectively, our business will be harmed. We encounter aggressive competition from numerous competitors in many areas of our business.
Our customers include pharmaceutical and biotechnology companies, laboratories, academic and research institutions, public health authorities, private healthcare organizations, doctors and government agencies. Our quarterly revenue and results of operations are highly dependent on the volume and timing of orders received during the quarter.
Our customers include pharmaceutical and biotechnology companies, laboratories, academic and research institutions, public health authorities, private healthcare organizations, doctors and government agencies. Our quarterly revenue and results 13 Table of Contents of operations are highly dependent on the volume and timing of orders received during the quarter.
Environmental events and political changes, including war or other conflicts, such as the current conflicts in Ukraine and the Middle East, some of which may be disruptive, could interfere with our supply chain, our customers and all of our activities in a particular location.
Environmental events and political changes, including trade barriers and tariffs, and war or other conflicts, such as the current conflicts in Ukraine and the Middle East, some of which may be disruptive, could interfere with our supply chain, our customers and all of our activities in a particular location.
Our senior unsecured revolving credit facility, senior unsecured notes due in 2024 (“2024 Notes”), senior unsecured notes due in 2026 (“2026 Notes”), senior unsecured notes due in 2028 (“2028 Notes”), senior unsecured notes due in 2029 (“2029 Notes”), senior unsecured notes due in 2031 (“March 2031 Notes”), senior unsecured notes due in 2031 (“September 2031 Notes”) and senior unsecured notes due in 2051 (“2051 Notes”) include restrictive covenants that limit our ability to engage in activities that could otherwise benefit our company.
Our senior unsecured revolving credit facility, senior unsecured notes due in 2026 (“2026 Notes”), senior unsecured notes due in 2028 (“2028 Notes”), senior unsecured notes due in 2029 (“2029 Notes”), senior unsecured notes due in March 2031 (“March 2031 Notes”), senior unsecured notes due in September 2031 (“September 2031 Notes”) and senior unsecured notes due in 2051 (“2051 Notes”) include restrictive covenants that limit our ability to engage in activities that could otherwise benefit our company.
The legislative and regulatory landscape for privacy and data protection continues to evolve in jurisdictions worldwide, and there has been an increasing focus on privacy and data protection issues with the potential to affect our business.
The legislative and regulatory landscape for privacy and data protection continues to 18 Table of Contents evolve in jurisdictions worldwide, and there has been an increasing focus on privacy and data protection issues with the potential to affect our business.
On January 25, 2024, we announced that our Board had declared a quarterly dividend of $0.07 per share for the first quarter of fiscal year 2024 that will be payable in May 2024.
On January 23, 2025, we announced that our Board had declared a quarterly dividend of $0.07 per share for the first quarter of fiscal year 2025 that will be payable in May 2025.
Such declines could harm our consolidated financial position, results of operations, cash flows and trading price of our common stock, and could limit our ability to sustain profitability. Our growth and profitability is subject to global economic and political conditions, and operational disruptions at our facilities.
Such declines could harm our consolidated financial position, results of operations, cash flows and trading price of our common st ock, and could limit our ability to sustain profitability. Our growth and profitability are subject to global economic and political conditions, and operational disruptions at our facilities.
Dividends on our common stock could be reduced or eliminated in the future. On October 26, 2023, we announced that our Board of Directors (our “Board”) had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2023 that was paid in February 2024.
Dividends on our common stock could be reduced or eliminated in the future. On October 24, 2024, we announced that our Board of Directors (our “Board”) had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2024 that was pai d in February 2025.
Our failure to comply with any of the restrictions in our senior unsecured revolving credit facility, the 2024 Notes, the 2026 Notes, the 2028 Notes, the 2029 Notes, the March 2031 Notes, the September 2031 Notes, the 2051 Notes or any future indebtedness may result in an event of default under those debt instruments, which could permit acceleration of the debt under those debt instruments, and require us to prepay that debt before its scheduled due date under certain circumstances.
Our failure to comply with any of the restrictions in our senior unsecured revolving credit facility, the 2026 Notes, the 2028 Notes, the 2029 Notes, the March 2031 Notes, the September 2031 Notes, the 2051 Notes, including our new senior unsecured revolving credit facility that was entered into in January 2025, or any future indebtedness may result in an event of default under those debt instruments, which 20 Table of Contents could permit acceleration of the debt under those debt instruments, and require us to prepay that debt before its scheduled due date under certain circumstances.
Our results of operations will be adversely affected if we fail to realize the full value of our intangible assets. As of December 31, 2023, our total assets included $9.6 billion of net intangible assets.
Our results of operations will be adversely affected if we fail to realize the full value of our intangible assets. As of December 29, 2024, our total assets included $9.1 billion of net intangible assets.
In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources. Item 1B. Unresolved Staff Comments Not applicable.
In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.
We may incur significant expense in legal proceedings to protect our intellectual property against infringement by third parties or to defend against claims of infringement by third parties.
In addition, third parties may assert that our product names infringe their trademarks. We may incur significant expense in legal proceedings to protect our intellectual property against infringement by third parties or to defend against claims of infringement by third parties.
While we take precautions to prevent production or service interruptions at our global facilities, a major earthquake, fire, flood, power loss or other catastrophic event that results in the destruction or delay of any of our critical business operations could result in our incurring significant liability to customers or other third parties, cause significant reputational damage or have a material adverse effect on our business, operating results or financial condition. 13 Table of Contents Certain of these risks can be hedged to a limited degree using financial instruments, or other measures, and some of these risks are insurable, but any such mitigation efforts are costly and may not always be fully successful.
While we take precautions to prevent production or service interruptions at our global facilities, a major earthquake, fire, flood, power loss or other catastrophic event that results in the destruction or delay of any of our critical business operations could result in our incurring significant liability to customers or other third parties, cause significant reputational damage or have a material adverse effect on our business, operating results or financial condition.
Negative fluctuations in our customers’ markets, the inability of our customers to secure credit or funding, restrictions in capital expenditures, general economic conditions, cuts in government funding or unfavorable changes in government regulations would likely result in a reduction in demand for our products and services.
Negative fluctuations in our customers’ markets, the inability of our customers to secure credit or funding, rest rictions in capital expenditures, general economic conditions, cuts in government funding, deficit reduction efforts or other actions that reduce or freeze the availability of government funding for healthcare and research or unfavorable changes in government regulations would likely result in a reduction in demand for our products and services and additional pricing pressures, as well as create potential collection risk associated with those sales.
We sell many of our products in industries characterized by rapid technological change, frequent new product and service introductions, and evolving customer needs and industry standards.
If we do not introduce new products in a timely manner, we may lose market share and be unable to achieve revenue growth targets. We sell many of our products in industries characterized by rapid technological change, frequent new product and service introductions, and evolving customer needs and industry standards.
We test goodwill at least annually for potential impairment by comparing the carrying value to the fair market value of the reporting unit to which they are assigned. All of our amortizing intangible assets are also evaluated for impairment should events occur that call into question the value of the intangible assets.
All of our amortizing intangible assets are also evaluated for impairment should events occur that call into question the value of the intangible assets.
For example, the licensor could lose patent protection for a number of reasons, including invalidity of the licensed patent, or a third-party could obtain a patent that curtails our freedom to operate under one or more licenses. 17 Table of Contents Risks Related to Legal, Government and Regulatory Matters The manufacture and sale of products and services may expose us to product and other liability claims for which we could have substantial liability.
Risks Related to Legal, Government and Regulatory Matters The manufacture and sale of products and services may expose us to product and other liability claims for which we could have substantial liability.
Third parties have in the past and may in the future also challenge the validity of our issued patents, may circumvent or “design around” our patents and patent applications, or claim that our products, processes or technologies infringe their patents. In addition, third parties may assert that our product names infringe their trademarks.
For our intellectual property that is protected by keeping it secret, such as trade secrets and know-how, we may not use adequate measures to protect this intellectual property. 17 Table of Contents Third parties have in the past and may in the future also challenge the validity of our issued patents, may circumvent or “design around” our patents and patent applications, or claim that our products, processes or technologies infringe their patents.
Net intangible assets consist principally of goodwill associated with acquisitions and costs associated with securing patent rights, trademark rights, customer relationships, core technology and technology licenses and in-process research and development, net of accumulated amortization.
Net intangible assets consist principally of goodwill associated with acquisitions and costs associated with securing patent rights, trademark rights, customer relationships, core technology and technology licenses, net of accumulated amortization. We test goodwill at least annually for potential impairment by comparing the carrying value to the fair value of the reporting unit to which it is assigned.
Our ability to engage in such mitigation efforts has decreased or become even more costly as a result of recent market developments. If we do not introduce new products in a timely manner, we may lose market share and be unable to achieve revenue growth targets.
Certain of these risks can be hedged to a limited degree using financial instruments, or other measures, and some of these risks are insurable, but any such mitigation efforts are costly and may not always be fully successful. Our ability to engage in such mitigation efforts has decreased or become even more costly as a result of recent market developments.
Similarly, applications to register our trademarks may not be granted in all countries in which they are filed. For our intellectual property that is protected by keeping it secret, such as trade secrets and know-how, we may not use adequate measures to protect this intellectual property.
Similarly, applications to register our trademarks may not be granted in all countries in which they are filed.
In addition, rights granted under the license could be lost for reasons out of our control.
In addition, rights granted under the license could be lost for reasons out of our control. For example, the licensor could lose patent protection for a number of reasons, including invalidity of the licensed patent, or a third-party could obtain a patent that curtails our freedom to operate under one or more licenses.
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A significant disruption in third-party package delivery and import/export services, or significant increases in prices for those services, could interfere with our ability to ship products, increase our costs and lower our profitability.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur Board of Directors annually reviews our cybersecurity program and the Audit Committee of our Board of Directors is specifically responsible for oversight of cybersecurity risk, which it regularly reviews with Company leadership. 21 Table of Contents We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations or financial condition.
Biggest changeWe have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations or financial condition.
Depending on the type and/or severity of the incident, our Information Security team will determine (in compliance with our Cyber Incident Response Plan) whether third party expertise or consultation is necessary. If such expertise or consultation is determined to be necessary, our Information Security and Corporate Legal teams will engage with third-party experts.
Depending on the type and/or severit y of the incident, our Information Security team will determine (in compliance with our Cyber Incident Response Plan) whether third party expertise or consultation is necessary. If such expertise or consultation is determined to be necessary, our Information Security and Corporate Legal teams will engage with third-party experts.
If a third-party vendor is not able to provide a SOC 1 or SOC 2 report, we take additional steps to understand and mitigate any additional risks. Our assessment of risks associated with use of third-party providers is part of our overall risk management framework. The Company’s Chief Information Officer is responsible for developing and implementing our information security program.
If a third-party vendor is not able to provide a SOC 1 or SOC 2 report, we take additional steps to understand and mitigate any additional risks. Our assessment of risks associated with use of third-party providers is part of our overall risk management framework. We have implemented comprehensive cybersecurity initiatives for our employees, including education, training, and testing.
Our Information Security team monitors our exposure to external cybersecurity threats, leveraging automated tools and manual processes to ensure cybersecurity risk is effectively mitigated on a continuous basis. When a specific incident has been identified, the Information Sec urity team leverages our Cyber Incident Response Plan in conjunction with established Information Security policies to begin assessment of the incident.
When a specific incident has been identified, the Information Security team leverages our Cyber Incident Response Plan in conjunction with established Information Security policies to begin assessment of the incident.
Additionally, our Board of Directors is provided with a comprehensive cyber training from our Chief Information Security Officer at least annually.
Additionally, our Board of Directors is provided with a comprehensive cyber training from our Chief Information Security Officer at least annually. Our Board of Directors annually reviews our cybersecurity program and the Audit Committee of our Board of Directors is specifically responsible for oversight of cybersecurity risk, which it regularly reviews with Company leadership.
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These measures are conducted annually to ensure our employees remain up-to-date with the latest security practices, complementing our continuously improving processes and systems. Our Chief Information Officer is responsible for developing and implementing our information security program.
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Our Information Security team monitors our exposure to external cybersecurity threats, leveraging automated tools and manual processes to ensure cybersecurity risk is effectively mitigated on a continuous basis. This team leverages internal IT resources, a managed security service provider, and additional third-party security software and technology services.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeSee Note 21, Leases, in the Notes to Consolidated Financial Statements for further discussion of our leases.
Biggest changeSee Note 20, Leases, in the Notes to Consolidated Financial Statements for further discussion of our leases. 22 Table of Contents

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeAlthough we have established accruals for potential losses that we believe are probable and reasonably estimable, in the opinion of our management, based on its review of the information available at this time, the total cost of resolving these contingencies at December 31, 2023 should not have a material adverse effect on our consolidated financial statements included in this annual report on Form 10-K.
Biggest changeAlthough we have established accruals for potential losses that we believe are probable and reasonably estimable, in the opinion of our management, based on its review of the information available at this time, the total cost of resolving these contingencies at December 29, 2024 should not have a material adverse effect on our consolidated financial statements included in this annual report on Form 10-K.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeVohra received his Bachelor’s degree in Mechanical Engineering from the University of Delhi, Master’s degree in Industrial Engineering from the University of Alabama and Master’s degree in Manufacturing Engineering from Lehigh University. Mr. Vohra is a certified Six Sigma Black Belt and was trained in lean manufacturing at the Shingijitsu Training Institute in Japan. Anita Gonzales, 48. Mrs.
Biggest changeVohra was a Senior Vice President with Genpact, managing Supply Chain and IT businesses, and held a number of global management operational positions with GE Healthcare. Mr. Vohra received his Bachelor’s degree in Mechanical Engineering from the University of Delhi, Master’s degree in Industrial Engineering from the University of Alabama and Master’s degree in Manufacturing Engineering from Lehigh University. Mr.
Singh currently serves as President and Chief Executive Officer of Revvity, having previously served as President and Chief Operating Officer of Revvity from January 2019 through December 2019. Dr. Singh joined Revvity as the President of our Diagnostics business in May 2014. He was elected Senior Vice President in September 2016 and Executive Vice President in March 2018.
Dr. Singh currently serves as President and Chief Executive Officer of Revvity, having previously served as President and Chief Operating Officer of Revvity from January 2019 through December 2019. Dr. Singh joined Revvity as the President of our Diagnostics business in May 2014. He was elected Senior Vice President in September 2016 and Executive Vice President in March 2018.
His research work has resulted in several issued patents and publications in peer reviewed journals. Maxwell Krakowiak, 34 . Mr. Krakowiak was appointed Senior Vice President and Chief Financial Officer of Revvity in August 2022 after having most recently served as our Vice President, Corporate Finance, focusing on driving global finance transformation through people, process and automation. Mr.
His research work has resulted in several issued patents and publications in peer reviewed journals. Maxwell Krakowiak, 35 . Mr. Krakowiak was appointed Senior Vice President and Chief Financial Officer of Revvity in August 2022 after having most recently served as our Vice President, Corporate Finance, focusing on driving global finance transformation through people, process and automation. Mr.
Krakowiak holds a Bachelor of Science degree in finance from Fordham University. Joel S. Goldberg , 55 . Mr. Goldberg currently serves as our Senior Vice President, Administration, General Counsel and Secretary, having joined as our Senior Vice President, General Counsel and Secretary in July 2008. Prior to joining us, Mr.
Krakowiak holds a Bachelor of Science degree in finance from Fordham University. Joel S. Goldberg , 56 . Mr. Goldberg currently serves as our Senior Vice President, Administration, General Counsel and Secretary, having joined as our Senior Vice President, General Counsel and Secretary in July 2008. Prior to joining us, Mr.
Item 4. Mine Safety Disclosures Not applicable. 22 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS Listed below are our executive officers as of February 27, 2024. No family relationship exists between any one of these executive officers and any of the other executive officers or directors.
Item 4. Mine Safety Disclosures Not applicable. 23 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS Listed below are our executive officers as of February 25, 2025. No family relationship exists between any one of these executive officers and any of the other executive officers or directors.
Previously, he was an associate of the law firm Edwards & Angell, LLP. Mr. Goldberg graduated from the Northeastern University School of Law and also holds a Master of Business Administration from Northeastern University. He completed his undergraduate degree at the University of Wisconsin-Madison. Daniel R. Tereau, 57. Mr.
Previously, he was an associate of the law firm Edwards & Angell, LLP. Mr. Goldberg graduated from the Northeastern University School of Law and also holds a Master of Business Administration from Northeastern University. He completed his undergraduate degree at the University of Wisconsin-Madison. Miriame Victor, 44 . Ms.
Gonzales was Director of Audit and Advisory Practices Corporate division from 2016 to 2021, with responsibility for technical accounting and auditing standards of the Corporate Audit Staff. Before that, Mrs. Gonzales held executive roles at GE Aviation including Global Controller- Commercial Engines. Earlier in her career, she held roles of increasing responsibility, up to Senior Manager, at PricewaterhouseCoopers. Mrs.
Gonzales was at General Electric Company (“GE”) for ten years. During her tenure at GE, Mrs. Gonzales was Director of Audit and Advisory Practices Corporate division from 2016 to 2021, with responsibility for technical accounting and auditing standards of the Corporate Audit Staff. Before that, Mrs. Gonzales held executive roles at GE Aviation including Global Controller- Commercial Engines.
In that role, she oversees Revvity’s product commercialization efforts across all 23 Table of Contents businesses, having previously completed the successful consolidation of the Diagnostics business with other businesses into one unified commercial organization. Prior to joining Revvity, Ms.
In that role, she oversees Revvity’s product commercialization efforts across all businesses, having previously completed the successful consolidation of the Diagnostics business with other businesses into one unified commercial organization. Prior to joining Revvity, Ms. Victor held various commercial leadership positions in the pharmaceutical industry with MSD and Novartis, and in the medical device industry with GE Healthcare. Ms.
Gonzales holds Master of Public Accounting and Bachelor of Business Administration degrees from the University of Texas at Austin and is a Certified Public Accountant. 24 Table of Contents PART II
Earlier in her career, she held roles of increasing responsibility, up to Senior Manager, at PricewaterhouseCoopers. Mrs. Gonzales holds Master of Public Accounting and Bachelor of Business Administration degrees from the University of Texas at Austin and is a Certified Public Accountant. 25 Table of Contents PART II
Name Position Age Prahlad Singh President and Chief Executive Officer 59 Maxwell Krakowiak Senior Vice President and Chief Financial Officer 34 Joel S. Goldberg Senior Vice President, Administration, General Counsel and Secretary 55 Daniel R.
Name Position Age Prahlad Singh President and Chief Executive Officer 60 Maxwell Krakowiak Senior Vice President and Chief Financial Officer 35 Joel S. Goldberg Senior Vice President, Administration, General Counsel and Secretary 56 Miriame Victor Senior Vice President, Chief Commercial Officer 44 Tajinder Vohra Senior Vice President, Global Operations 59 Anita Gonzales Vice President, Controller 49 Prahlad Singh, 60 .
Gonzales was appointed our Vice President and Controller in May 2023, having joined Revvity as Senior Director of Integration and Controllership Initiatives in March 2021. Prior to joining Revvity, Mrs. Gonzales was at General Electric Company (“GE”) for ten years. During her tenure at GE, Mrs.
Vohra is a certified Six Sigma Black Belt and was trained in lean manufacturing at the Shingijitsu Training Institute in Japan. Anita Gonzales, 49. Mrs. Gonzales was appointed our Vice President and Controller in May 2023, having joined Revvity as Senior Director of Integration and Controllership Initiatives in March 2021. Prior to joining Revvity, Mrs.
Victor held various commercial leadership positions in the pharmaceutical industry with MSD and Novartis, and in the medical device industry with GE Healthcare. Ms. Victor holds a Bachelor of Science degree in pharmacy and pharmaceutical sciences from Cairo University and earned her Master of Business Administration from Arab Academy for Science, Technology and Maritime Transport. Tajinder Vohra, 58 . Mr.
Victor holds a Bachelor of Science degree in pharmacy and pharmaceutical sciences from Cairo University and earned her Master of Business Administration from Arab Academy for Science, Technology and Maritime Transport. Tajinder Vohra, 59 . Mr. Vohra joined Revvity in October 2015 as Vice President of Global Operations and was appointed Senior Vice President, Global Operations in January 2018.
Vohra served at ABB as a Country Operations Leader, where he was responsible for India-wide operations and Supply Chains for India, Middle East and Africa. Previously, Mr. Vohra was a Senior Vice President with Genpact, managing Supply Chain and IT businesses, and held a number of global management operational positions with GE Healthcare. Mr.
He oversees all of Revvity’s global operations, including manufacturing, supply chain, customer care and distribution. Prior to joining Revvity, Mr. Vohra served at ABB as a Country Operations Leader, where he was responsible for India-wide operations and Supply Chains for India, Middle East and Africa. 24 Table of Contents Previously, Mr.
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Tereau Senior Vice President, Strategy and Business Development 57 Miriame Victor Senior Vice President, Chief Commercial Officer 43 Tajinder Vohra Senior Vice President, Global Operations 58 Anita Gonzales Vice President, Controller 48 Prahlad Singh, 59 . Dr.
Removed
Tereau was appointed Senior Vice President, Strategy and Business Development in January 2016, having joined Revvity in April 2014 as Vice President, Strategy and Business Development. He is responsible for leading Revvity’s overall strategic planning and business development activities. Prior to joining Revvity, Mr.
Removed
Tereau served on Novartis’ leadership team as Senior Vice President and Global Head of Strategy, Business Development and Licensing, where he was responsible for global strategy and business development for the Consumer Health division. Earlier in his career, Mr. Tereau held similar roles at Thermo Fisher Scientific and GE Healthcare. Mr.
Removed
Tereau holds a Bachelor of Science degree in finance from Ferris State University, a Juris Doctorate from Wayne State University, and earned his Master of Business Administration from Yale University. Miriame Victor, 43 . Ms.
Removed
Vohra joined Revvity in October 2015 as Vice President of Global Operations and was appointed Senior Vice President, Global Operations in January 2018. He oversees all of Revvity’s global operations, including manufacturing, supply chain, customer care and distribution. Prior to joining Revvity, Mr.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeNo shares remain available for repurchase under the Repurchase Program due to its termination. During the fourth quarter of fiscal year 2023 , no shares of common stock were repurchased under the New Repurchase Program. During fiscal year 2023 , we repurchased 2,159,985 shares of common stock under the New Repurchase Program for an aggregate cost of $244.6 million .
Biggest changeDuring the fourth quarter of fiscal year 2024 , we repurchased 284,985 shares of common stock under the Repurchase Program for an aggregate cost of $34.3 million . During the fourth quarter of fiscal year 2024 , we repurchased 1,238,755 shares of common stock under the New Repurchase Program for an aggregate cost of $142.8 million .
Stock Repurchases The following table provides information with respect to the shares of common stock repurchased by us for the periods indicated.
Stock Repurchases and Dividends The following table provides information with respect to the shares of common stock repurchased by us for the periods indicated.
During the fourth quarter of fiscal year 2023, we repurchased 45,905 shares of common stock for this purpose at an aggregate cost of $4.9 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.
During the fourth quarter of fiscal year 2024, we repurchased 37,443 shares of common stock for this purpose at an aggregate cost of $4.6 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.
On April 27, 2023, the Repurchase Program was terminated by our Board and our Board authorized us to repurchase shares of common stock for an aggregate amount up to $600.0 million under a new stock repurchase program (the “New Repurchase Program”).
(2) On April 27, 2023, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $600.0 million under a stock repurchase program (the “Repurchase Program”).
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Common Equity We only have one class of common stock. Our common stock is listed on the New York Stock Exchange under the symbol “RVTY”. As of February 23, 2024, we h ad approximately 2,923 holders of reco rd of our common stock.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Common Equity We only have one class of common stock. Our common stock is listed on the New York Stock Exchange under the symbol “RVTY”. As of February 21, 2025, we had approximately 2,753 holders of record of our common stock .
The New Repurchase Program will expire on April 26, 2025, unless terminated earlier by our Board and may be suspended or discontinued at any time. During fiscal year 2023 , we repurchased 1,004,544 shares of common stock under the Repurchase Program for an aggregate cost of $131.3 million.
The New Repurchase Program will expire on October 23, 2026, unless terminated earlier by our Board and may be suspended or discontinued at any time. During fiscal year 2024 , we repurchased 1,820,296 shares of common stock under the Repurchase Program for an aggregate cost of $213.6 million.
Issuer Repurchases of Equity Securities Period Total Number of Shares Purchased (1) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Aggregate Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 2, 2023 - October 29, 2023 45,723 $ 107.63 — $ 355,447,934 October 30, 2023 - November 26, 2023 57 87.85 — 355,447,934 November 27, 2023 - December 31, 2023 125 101.31 — 355,447,934 Activity for quarter ended December 31, 2023 45,905 $ 107.59 — $ 355,447,934 ________________ (1) Our Board of Directors (our “Board”) has authorized us to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans.
Issuer Repurchases of Equity Securities Period Total Number of Shares Purchased (1) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Aggregate Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs September 30, 2024 - October 27, 2024 351,461 $ 120.54 30,000 $ 996,456,502 October 28, 2024 - November 24, 2024 537,773 115.16 537,705 934,536,467 November 25, 2024 - December 29, 2024 671,949 115.23 671,050 857,209,712 Activity for quarter ended December 29, 2024 1,561,183 $ 116.40 1,238,755 $ 857,209,712 ________________ (1) Our Board of Directors (our “Board”) has authorized us to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans.
As of December 31, 2023, $355.4 million remained available for aggregate repurchases of shares under the New Repurchase Program. 25 Table of Contents Stock Performance Graph Set forth below is a line graph comparing the cumulative total shareholder return on our common stock against the cumulative total return of the S&P Composite-500 Index and the S&P 500 Life Sciences Tools & Services Industry Index for the five fiscal years from December 30, 2018 to December 31, 2023.
Refer to Note 17, Stockholders' Equity, in the Notes to Consolidated Financial Statements for further discussion regarding stock repurchases and dividends. 26 Table of Contents Stock Performance Graph Set forth below is a line graph comparing the cumulative total shareholder return on our common stock against the cumulative total return of the S&P Composite-500 Index and the S&P 500 Life Sciences Tools & Services Industry Index for the five fiscal years from December 29, 2019 to December 29, 2024.
(2) On July 22, 2022, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $300.0 million under a stock repurchase program (the “Repurchase Program”).
On October 24, 2024, the Repurchase Program was terminated by our Board and our Board authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination.
Common Stock, S&P Composite-500 and S&P 500 Life Sciences Tools & Services Industry Index TOTAL RETURN TO SHAREHOLDERS (Includes reinvestment of dividends) 12/30/2018 12/29/2019 1/3/2021 1/2/2022 1/1/2023 12/31/2023 Revvity, Inc. $ 100.00 $ 125.96 $ 186.77 $ 262.16 $ 183.17 $ 143.12 S&P 500 Index $ 100.00 $ 131.49 $ 155.68 $ 200.37 $ 164.08 $ 207.21 S&P 500 Life Sciences Tools & Services Industry Index $ 100.00 $ 132.52 $ 176.28 $ 244.55 $ 188.53 $ 182.72
Common Stock, S&P Composite-500 and S&P 500 Life Sciences Tools & Services Industry Index TOTAL RETURN TO SHAREHOLDERS (Includes reinvestment of dividends) 12/29/2019 1/3/2021 1/2/2022 1/1/2023 12/31/2023 12/29/2024 Revvity, Inc. $ 100.00 $ 148.27 $ 208.13 $ 145.42 $ 113.62 $ 116.71 S&P 500 Index $ 100.00 $ 118.40 $ 152.39 $ 124.79 $ 157.59 $ 197.02 S&P 500 Life Sciences Tools & Services Industry Index $ 100.00 $ 133.01 $ 184.53 $ 142.26 $ 137.88 $ 133.07
Added
As of December 29, 2024, $857.2 million remained available for aggregate repurchases of shares under the New Repurchase Program. Our Board of Directors declared a cash dividend of $0.07 per share during the fourth quarter of fiscal year 2024 that was paid in February 2025.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeA reconciliation of income tax expense at the U.S. federal statutory income tax rate to the recorded tax provision is as follows for the fiscal years ended: December 31, 2023 January 1, 2023 (In thousands) Tax at statutory rate $ 38,346 $ 136,886 Non-U.S. rate differential, net (18,479) (5,221) U.S. taxation of multinational operations (4,594) 22,102 State income taxes, net (265) 7,820 Impact of rate changes (12,795) — Prior year tax matters 3,971 (10,160) Effect of stock compensation 2,225 845 General business tax credits (4,718) (7,132) Transfer pricing matters (6,725) — Change in valuation allowance 6,772 4,964 Effect of foreign repatriations (4,737) (4,940) Other, net 4,472 (6,003) Total $ 3,473 $ 139,161 Certain countries in which we have operations have adopted legislation or are expected to adopt legislation influenced by the OECD Pillar Two rules, which imposes a minimum tax rate of 15% among other requirements.
Biggest changeA reconciliation of income tax expense at the U.S. federal statutory income tax rate to the recorded tax provision is as follows for the fiscal years ended: December 29, 2024 December 31, 2023 (In thousands) Tax at statutory rate $ 66,386 $ 38,346 Non-U.S. rate differential, net (13,332) (18,479) U.S. taxation of multinational operations (28,879) (4,594) State income taxes, net 2,174 (265) Impact of rate changes — (12,795) Prior year tax matters (9,389) 3,971 Effect of stock compensation 2,960 2,225 General business tax credits (17,634) (4,718) Transfer pricing matters (2,391) (6,725) Change in valuation allowance 29,781 6,772 Effect of foreign repatriations 5,329 (4,737) Other, net (1,950) 4,472 Total $ 33,055 $ 3,473 The variation in our effective tax rate from the statutory rate for fiscal year 2024 was primarily the result of general business tax credits of $17.6 million, a prior year true-up related to the tax on foreign earnings of approximately $9.4 million, and favorability in our U.S. taxation of multinational operations of $28.9 million, which were partially offset by an increase in valuation allowance of $29.8 million.
We and our subsidiaries and affiliates may from time to time, in our sole discretion, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly issued debt securities), in privately negotiated or open market transactions, by tender offer or otherwise, or extend or refinance any of our outstanding indebtedness.
We and our subsidiaries may from time to time, in our sole discretion, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly issued debt securities), in privately negotiated or open market transactions, by tender offer or otherwise, or extend or refinance any of our outstanding indebtedness.
Principal factors that could affect the availability of our internally generated funds include: • changes in sales due to weakness in markets in which we sell our products and services, and • changes in our working capital requirements.
Principal factors that could affect the availability of our internally generated funds include: • changes in sales due to weakness in markets in which we sell our products and services, and • changes in our working capital requirements and capital expenditures.
Retirement and postretirement benefit plan expenses are allocated to cost of revenue, research and development, and selling, general and administrative expenses, in our consolidated statements of operations. We immediately recognize actuarial gains and losses in operating results in the year in which the gains and losses occur.
Retirement and post-retirement benefit plan expenses are allocated to cost of revenue, research and development, and selling, general and administrative expenses, in our consolidated statements of operations. We immediately recognize actuarial gains and losses in operating results in the year in which the gains and losses occur.
The decrease in Life Sciences segment revenue was driven by a decrease in instruments revenue due to pharmaceutical and biotechnology market headwinds and a decrease in software revenue from the timing of contract renewals, partially offset by an increase in reagents revenue.
The decrease in Life Sciences segment revenue was driven by a decrease in instruments and reagents revenue due to pharmaceutical and biotechnology market headwinds, partially offset by an increase in software revenue from the timing of contract renewals and new orders.
The analysis in the remainder of this paragraph compares segment revenue for fiscal year 2023 as compared to fiscal year 2022 and includes the effect of foreign exchange rate fluctuations.
The analysis in the remainder of this paragraph compares segment revenue for fiscal year 2024 as compared to fiscal year 2023 and includes the effect of foreign exchange rate fluctuations.
We sponsor both funded and unfunded U.S. and non-U.S. defined benefit pension plans and other postretirement benefits. Retirement and postretirement benefit plans are a significant cost of doing business, and represent obligations that will be ultimately settled far in the future, and therefore are subject to estimation.
Post-retirement benefits: We sponsor both funded and unfunded U.S. and non-U.S. defined benefit pension plans and other post-retirement benefits. Retirement and post-retirement benefit plans are a significant cost of doing business, and 35 Table of Contents represent obligations that will be ultimately settled far in the future, and therefore are subject to estimation.
On January 25, 2024, we announced that our Board had declared a quarterly dividend of $0.07 per share for the first quarter of fiscal year 2024 that will be payable in May 2024.
On January 23, 2025, we announced that our Board had declared a quarterly dividend of $0.07 per share for the first quarter of fiscal year 2025 that will be payable in May 2025.
The decrease in research and development expenses was primarily driven by a cost containment and productivity initiatives, as well as a decrease in stock compensation expense related to awards given to BioLegend employees post-acquisition, which was an expense of $4.3 million in fiscal year 2023, as compared to $5.4 million for fiscal year 2022.
The decrease in research and development expenses was primarily driven by productivity initiatives and cost containment, as well as a decrease in stock compensation expense related to awards given to BioLegend employees post-acquisition, which added an incremental expense of $2.2 million in fiscal year 2024, as compared to $4.3 million for fiscal year 2023.
Accounting Period Our fiscal year ends on the Sunday nearest December 31. We report fiscal years under a 52/53-week format and as a result, certain fiscal years will contain 53 weeks. Each of the fiscal years ended December 31, 2023 (“fiscal year 2023”), January 1, 2023 (“fiscal year 2022”) and January 2, 2022 (“fiscal year 2021”) included 52 weeks.
Accounting Period Our fiscal year ends on the Sunday nearest December 31. We report fiscal years under a 52/53-week format and as a result, certain fiscal years will contain 53 weeks. Each of the fiscal years ended December 29, 2024 (“fiscal year 2024”), December 31, 2023 (“fiscal year 2023”) and January 1, 2023 (“fiscal year 2022”) included 52 weeks.
At December 31, 2023, we had accrued $8.6 million for a dividend declared in October 2023 for the fourth quarter of fiscal year 2023 that was paid in February 2024.
At December 29, 2024, we had accrued $8.6 million for a dividend declared in October 2024 for the fourth quarter of fiscal year 2024 that was paid in February 2025.
The cash used in financing activities during fiscal year 2023 was partially offset by proceeds from the issuance of common stock under our stock plans of $4.3 million during fiscal year 2023, as compared to $14.1 million in fiscal year 2022.
The cash used in financing activities during fiscal year 2024 was partially offset by proceeds from the issuance of common stock under our stock plans of $7.7 million during fiscal year 2024, as compared to $4.3 million in fiscal year 2023.
Acquisition and divestiture-related expenses, which primarily consisted of rebranding, legal and integration costs and stock compensation expense related to the awards given to BioLegend employees post-acquisition, added an incremental expense of $62.0 million for fiscal year 2023, as compared to $28.9 million for fiscal year 2022.
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 $16.3 million for fiscal year 2024, as compared to $62.0 million for fiscal year 2023.
If we continue to repurchase shares, the Repurchase Program will be funded using our existing financial resources, including cash and cash equivalents, and our existing senior unsecured revolving credit facility. As of December 31, 2023, we may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $98.0 million.
If we continue to repurchase shares, the New Repurchase Program will be funded using our existing financial resources, including cash and cash equivalents, and our existing senior unsecured revolving credit facility. As of December 29, 2024, we may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $75.9 million.
Fiscal Year 2022 Compared to Fiscal Year 2021 For a discussion of our results of operations for fiscal year 2022 as compared to fiscal year 2021, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended January 1, 2023 filed with the Securities and Exchange Commission on March 1, 2023.
Fiscal Year 2023 Compared to Fiscal Year 2022 For a discussion of our results of operations for fiscal year 2023 as compared to fiscal year 2022, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission on February 27, 2024.
Fiscal Year 2022 Compared to Fiscal Year 2021 For a discussion of our results of operations for fiscal year 2022 as compared to fiscal year 2021, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended January 1, 2023 filed with the Securities and Exchange Commission on March 1, 2023.
Fiscal Year 2023 Compared to Fiscal Year 2022 For a discussion of our results of operations for fiscal year 2023 as compared to fiscal year 2022, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission on February 27, 2024.
The following table summarizes the results of discontinued operations which are presented as income from discontinued operations in our consolidated statements of operations: December 31, 2023 January 1, 2023 January 2, 2022 (In thousands) Revenue $ 176,324 $ 1,298,376 $ 1,239,361 Cost of revenue 125,219 859,330 822,048 Selling, general and administrative expenses 78,613 306,032 268,760 Research and development expenses 10,434 64,605 74,632 Operating (loss) income (37,942) 68,409 73,921 Other income: Gain on sale 811,472 — — Other (expense) income, net (49) 5,195 2,383 Total other income 811,423 5,195 2,383 Income from discontinued operations before income taxes 773,481 73,604 76,304 Provision for income tax 259,890 17,101 22,583 Income from discontinued operations $ 513,591 $ 56,503 $ 53,721 The results of discontinued operations during fiscal year 2023 include the results of the Business through March 13, 2023.
The following table summarizes the results of discontinued operations which are presented as income from discontinued operations in our consolidated statements of operations: 31 Table of Contents December 29, 2024 December 31, 2023 January 1, 2023 (In thousands) Revenue $ — $ 176,324 $ 1,298,376 Cost of revenue — 125,219 859,330 Selling, general and administrative expenses — 78,613 306,032 Research and development expenses — 10,434 64,605 Operating (loss) income — (37,942) 68,409 Other (loss) income: (Loss) gain on sale (25,448) 811,472 — Other (expense) income, net — (49) 5,195 Total other (loss) income (25,448) 811,423 5,195 (Loss) income from discontinued operations before income taxes (25,448) 773,481 73,604 (Benefit from) provision for income tax (12,762) 259,890 17,101 (Loss) income from discontinued operations $ (12,686) $ 513,591 $ 56,503 The results of discontinued operations during fiscal year 2023 include the results of the Business through March 13, 2023.
On April 27, 2023, the Repurchase Program was terminated by the Board and the Board authorized us to repurchase shares of common stock for an aggregate amount up to $600.0 million under a new stock repurchase program (the “New Repurchase Program”).
On April 27, 2023, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $600.0 million under a stock repurchase program (the “Repurchase Program”).
The cash provided by operating activities for fiscal year 2023 was principally a result of income from continuing operations of $179.5 million, adjustments for non-cash charges aggregating to $491.2 million, including depreciation and amortization of $431.8 million, and a net cash decrease in working capital of $391.3 million, primarily due to trailing divestiture-related liabilities with expected recovery from the post-closing adjustments related to the sale of the Business.
The cash provided by operating activities for fiscal year 2023 was principally a result of income from continuing operations of $179.5 million, adjustments for non-cash charges aggregating to $491.2 million, including depreciation and amortization of $431.8 million, and a net cash decrease in working capital of $391.3 million.
Excluding the factors above, the net decrease in selling, general and administrative expenses was the result of cost containment and productivity initiatives. Research and Development Expenses Research and development expenses for fiscal year 2023 were $216.6 million, as compared to $221.6 million for fiscal year 2022, a decrease of $5.0 million, or 2%.
Excluding the factors above, the net decrease in selling, general and administrative expenses was the result of productivity initiatives and cost containment. Research and Development Expenses Research and development expenses for fiscal year 2024 were $196.8 million, as compared to $216.6 million for fiscal year 2023, a decrease of $19.7 million, or 9%.
This consideration is expected to be received in installments through the first half of 2025. We are also entitled to proceeds of up to $150.0 million that is contingent on the proceeds that the Purchaser and its affiliates receive on a subsequent sale or other capital event related to the Business (“Contingent Gain”).
We are also entitled to proceeds of up to $150.0 million that is contingent on the proceeds that the Purchaser and its affiliates receive on a subsequent sale or other capital event related to the Business (“Contingent Gain”).
The discounted value of the $75.0 million was measured as $65.2 million and was included in the proceeds. In addition, we are entitled to additional consideration of up to $150.0 million that is contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital events related to the Business.
In addition, we are entitled to additional consideration of up to $150.0 million that is contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital events related to the Business. The fair value of this element of consideration was determined to be $15.9 million and was included in the proceeds at Closing.
In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conser ve capital resources.
In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conser ve capital resources. Capital Expenditures We project an increase in capital expenditures in fiscal year 2025 relative to fiscal year 2024.
Effects of Recently Issued and Adopted Accounting Pronouncements See Note 1, Nature of Operations and Accounting Policies, in the Notes to Consolidated Financial Statements for a summary of recently issued accounting pronouncements. We did not adopt any new accounting pronouncements during fiscal year 2023.
Effects of Recently Issued and Adopted Accounting Pronouncements See Note 1, Nature of Operations and Accounting Policies, in the Notes to Consolidated Financial Statements for a summary of recently issued accounting pronouncements.
We are entitled to an additional $75.0 million in proceeds as consideration for our ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the Purchaser. This consideration is expected to be received in installments through the first half of 2025.
First, we are entitled to proceeds of $75.0 million as consideration for our ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the Purchaser (“Brand Sale”). During the fiscal year 2024, we received $18.8 million of the Brand Fee. The remaining consideration is expected to be received in installments through fiscal year 2025.
The fiscal year ending December 29, 2024 (“fiscal year 2024”) will include 52 weeks. Overview of Fiscal Year 2023 During fiscal year 2023, we delivered differentiated performance despite market headwinds, demonstrating the strength of our product portfolio, continued innovation, and investments in our people.
The fiscal year ending December 28, 2025 (“fiscal year 2025”) will include 52 weeks. Overview of Fiscal Year 2024 During fiscal year 2024, we again delivered differentiated financial performance despite market headwinds, demonstrating the strength of our product portfolio and innovation.
Selling, General and Administrative Expenses Selling, general and administrative expenses for fiscal year 2023 were $1,022.6 million, as compared to $1,025.5 million for fiscal year 2022, a decrease of approximately $3.0 million, or 0.3%. As a percentage of revenue, selling, general and administrative expenses increased to 37% in fiscal year 2023 from 31% in fiscal year 2022.
Selling, General and Administrative Expenses Selling, general and administrative expenses for fiscal year 2024 were $994.1 million, as compared to $1,022.6 million for fiscal year 2023, a decrease of $28.5 million, or 3%. As a percentage of revenue, selling, general and administrative expenses decreased to 36.1% in fiscal year 2024 from 37.2% in fiscal year 2023.
As a percentage of revenue, research and development expenses increased to 8% in fiscal year 2023 from 7% in fiscal year 2022.
As a percentage of revenue, research and development expenses decreased to 7.1% in fiscal year 2024 from 7.9% in fiscal year 2023.
The expected maximum earnout period for acquisitions with open contingency periods is 7.9 years from December 31, 2023, and the remaining weighted average expected earnout period at December 31, 2023 was 5.0 years.
The maximum earnout period for acquisitions with open contingency periods is 6.9 years from December 29, 2024, and the remaining weighted average expected earnout period at December 29, 2024 was 4.3 years.
The New Repurchase Program will expire on April 26, 2025, unless terminated earlier by the Board and may be suspended or discontinued at any time. During fiscal year 2023 , we repurchased 1,004,544 shares of common stock under the Repurchase Program for an aggregate cost of $131.3 million.
The New Repurchase Program will expire on October 23, 2026, unless terminated earlier by our Board and may be suspended or discontinued at any time. During fiscal year 2024, we repurchased 1,820,296 shares of common stock under the Repurchase Program for an aggregate cost of $213.6 million.
Net cash used in the financing activities of our continuing operations was $947.1 million for fiscal year 2023, as compared to $661.8 million for fiscal year 2022, an increase of $285.3 million. During fiscal year 2023, we made net payments of $517.5 million on debts, as compared to $559.2 million during fiscal year 2022.
Net cash used in financing activities was $1,128.2 million for fiscal year 2024, as compared to $947.1 million for fiscal year 2023, an increase of $181.1 million. During fiscal year 2024, we made net payments of $723.1 million on debts, as compared to $517.5 million during fiscal year 2023.
The decrease in our Life Sciences segment revenue was driven by a decrease of $24.3 million in instruments revenue and a decrease of $17.7 million in software revenue, partially offset by an increase of $41.4 million in reagents revenue.
The decrease in our Life Sciences segment revenue was driven by a decrease of $47.2 million in instruments revenue and a decrease of $13.5 million in reagents revenue, partially offset by an increase of $22.5 million in software revenue.
As of December 31, 2023, we have recorded contingent consideration obligations of $40.0 million, of which $11.0 million was recorded in accrued expenses and other current liabilities, and $29.0 million was recorded in long-term liabilities.
As of December 29, 2024, we have recorded contingent consideration obligations of $21.8 million, of which $4.3 million was recorded in accrued expenses and other current liabilities, and $17.4 million was recorded in long-term liabilities.
A more complete discussion of our liquidity is set forth below under the heading “Liquidity and Capital Resources.” 28 Table of Contents Provision for Income Taxes The effective tax rates on continuing operations were 1.9% and 21.3% for fiscal years 2023 and 2022, respectively. The lower than expected 2023 tax rate will not repeat in 2024.
A more complete discussion of our liquidity is set forth below under the heading “Liquidity and Capital Resources.” Provision for Income Taxes The effective tax rates were 10.5% and 1.9% for fiscal years 2024 and 2023, respectively.
Overall, we believe that our range of product offerings, leading market positions, global scale and financial strength provides us with a foundation for continued long-term growth, margin expansion and robust cash flow generation.
Our consolidated operating margin increased 166 basis points in fiscal year 2024, as compared to fiscal year 2023, due to productivity initiatives and cost containment. Overall, we believe that our range of product offerings, leading market positions, global scale and financial strength provides us with a foundation for continued long-term growth, margin expansion and robust cash flow generation.
Dividends Our Board of Directors (our “Board”) declared a regular quarterly cash dividend of $0.07 per share in each quarter of fiscal years 2023, 2022 and 2021, resulting in an annual dividend rate of $0.28 per share.
See Note 12, Debt, in the Notes to Consolidated Financial Statements for a detailed discussion of our borrowing arrangements. Dividends Our Board of Directors (our “Board”) declared a regular quarterly cash dividend of $0.07 per share in each quarter of fiscal years 2024, 2023 and 2022, resulting in an annual dividend rate of $0.28 per share.
As a percentage of revenue, cost of revenue increased to 44% in fiscal year 27 Table of Contents 2023 from 40% in fiscal year 2022, resulting in a decrease in gross margin of approximately 411 basis points to 56% in fiscal year 2023 from 60% in fiscal year 2022 due to lower COVID-19 revenue and an unfavorable shift in product mix, partially offset by pricing actions.
As a percentage of revenue, cost of revenue increased to 44.2% in fiscal year 2024 from 44.0% in fiscal year 2023, resulting in a decrease in gross margin of approximately 16 basis points to 55.8% in fiscal year 2024 from 56.0% in fiscal year 2023 due to an unfavorable shift in product mix and higher product costs, partially offset by pricing actions and productivity initiatives.
Amortization of intangible assets decreased and was $217.5 million for fiscal year 2023, as compared to $229.1 million for fiscal year 2022. Purchase accounting adjustments added an incremental expense of $4.3 million for fiscal year 2023, which primarily consisted of a change in contingent consideration, as compared to decreasing expenses by $1.2 million for fiscal year 2022.
Purchase accounting adjustments decreased expenses by $1.7 million for fiscal year 2024, which primarily consisted of a change in fair value of contingent consideration, as compared to increasing expenses by $4.3 million for fiscal year 2023. Costs for significant environmental matters also added an incremental expense of $2.5 million for fiscal year 2023.
Life Sciences segment revenue was $1,292.3 million for fiscal year 2023, as compared to $1,292.9 million for fiscal year 2022, a decrease of $0.6 million, or less than 1%, driven by a decrease of $24.3 million in instruments revenue and a decrease of $17.7 million in software revenue, partially offset by an increase of $41.4 million in reagents revenue.
Life Sciences segment revenue was $1,254.1 million for fiscal year 2024, as compared to $1,292.3 million for fiscal year 2023, a decrease of $38.2 million, or 3%, driven by a decrease of $47.2 million in instruments revenue and a decrease of $13.5 million in reagents revenue, partially offset by an increase of $22.5 million in software revenue.
Our consolidated gross margins decreased 411 basis points in fiscal year 2023, as compared to fiscal year 2022, primarily due to lower revenue from COVID-19 product offerings, and an unfavorable shift in product mix, partially offset by pricing actions.
Our consolidated gross margin decreased 16 basis points in fiscal year 2024, as compared to fiscal year 2023, primarily due to an unfavorable shift in product mix and higher product costs, partially offset by pricing actions and productivity initiatives.
The fair value of contingent consideration is remeasured each period based on relevant information and changes to the fair value are included in the operating results from continuing operations for the period.
The fair value of contingent consideration is remeasured each period based on relevant information and changes to the fair value are included in the operating results from continuing operations for the period. Goodwill: We periodically review the carrying value of our goodwill, based, in part, upon current estimates of fair values and our projections of anticipated future cash flows.
Our overall revenue in fiscal year 2023 decreased by $561.3 million, or 17%, as compared to fiscal year 2022, reflecting a decrease of $560.7 million, or 28%, in Diagnostics segment revenue and a decrease of $0.6 million, or less than 1%, in Life Sciences segment revenue.
Our overall revenue in fiscal year 2024 increased by $4.5 million, or less than 1%, as compared to fiscal year 2023, reflecting an increase of $42.7 million, or 3%, in Diagnostics segment revenue and a decrease of $38.2 million, or 3%, in Life Sciences segment revenue.
During fiscal year 2023 , we repurchased 2,159,985 shares of common stock under the New Repurchase Program for an aggregate cost of $244.6 million . As of December 31, 2023, $355.4 million remained available for aggregate repurchases of shares under the New Repurchase Program.
During fiscal year 2024, we repurchased 1,238,755 shares of common stock under the New Repurchase Program for an aggregate cost of $142.8 million. As of December 29, 2024, $857.2 million remained available for aggregate repurchases of shares under the New Repurchase Program.
During fiscal year 2023, purchases of investments were $6.3 million, as compared to $47.2 million for fiscal year 2022. The cash used in investing activities during fiscal year 2023 was partially offset by proceeds from 32 Table of Contents maturity of U.S. treasury securities totaling $550.0 million, and proceeds from disposition of businesses and assets totaling $0.2 million.
During fiscal year 2023, purchases of investments in U.S. treasury securities amounted to $1.2 billion, and net cash used for acquisitions was $2.1 million, which were partially offset by proceeds from maturity of U.S. treasury securities totaling $550.0 million. Financing Activities.
We recognized a loss of $20.2 million in fiscal year 2023 and a gain of $28.3 million in fiscal year 2022, for our retirement and postretirement benefit plans, which include the charge or benefit for the mark-to-market adjustment for the benefit plans, which were recorded in the fourth quarter of each fiscal year.
We recognized total costs of $9.3 million in fiscal year 2024 and $20.2 million in fiscal year 2023, for our retirement and post-retirement benefit plans, which include the charge for the mark-to-market adjustment for the benefit plans.
Actual results may differ from these estimates under different assumptions or conditions. 34 Table of Contents We believe the following critical accounting policies affect our more significant judgments and estimates used in preparation of our consolidated financial statements. Business combinations. Business combinations are accounted for at fair value.
Actual results may differ from these estimates under different assumptions or conditions. 34 Table of Contents We believe the following critical accounting policies affect our more significant judgments and estimates used in preparation of our consolidated financial statements. Divestitures: As part of our continuing efforts to focus on higher growth opportunities, we have disposed of or sold certain businesses.
GAAP pertaining to discontinued operations and disposals of components of an entity. When the discontinued operations represented a strategic shift that will have a major effect on our operations and financial statements, we accounted for these businesses as discontinued operations. We recognize divestiture-related costs that are not part of divestiture consideration as general and administrative expense as they are incurred.
In accounting for such transactions, we apply the applicable accounting guidance under U.S. GAAP pertaining to discontinued operations and disposals of components of an entity. When the discontinued operations represented a strategic shift that will have a major effect on our operations and financial statements, we accounted for these businesses as discontinued operations.
We paid $35.0 million in dividends for fiscal year 2023, as compared to $35.3 million in fiscal year 2022. We paid $10.1 million for acquisition-related contingent consideration during fiscal year 2023. We paid $0.8 million in settlement of hedges in fiscal year 2022.
We paid $8.8 million for acquisition-related contingent consideration during fiscal year 2024, as compared to $10.1 million in the prior year period.
T he decrease in our Diagnostics segment revenue during fiscal year 2023 was due to a decrease of $380.3 million in immunodiagnostics revenue, a decrease of $165.2 million in applied genomics revenue and a decrease of $15.3 million in reproductive health revenue.
T he increase in our Diagnostics segment revenue during fiscal year 2024 was due to an increase of $43.7 million in immunodiagnostics revenue and an increase of $22.6 million in reproductive health revenue, partially offset by a decrease of $23.7 million in applied genomics revenue.
We expect to use our available cash and internally generated funds to fund these expenditures. Other Potential Liquidity Considerations At December 31, 2023, we had cash and cash equivalents of $913.2 million, of which $429.0 million was held by our non-U.S. subsidiaries, and we had $1.49 billion of additional borrowing capacity available under a senior unsecured revolving credit facility.
Other Potential Liquidity Considerations At December 29, 2024, we had cash and cash equivalents of $1,163.4 million, of which $562.6 million was held by our non-U.S. subsidiaries, and we had $1.5 billion of borrowing capacity available under our senior unsecured revolving credit facility.
We expect a loss of approximately $10.0 million in fiscal year 2024 for our retirement and postretirement benefit plans, excluding the charge for or benefit from the mark-to-market adjustment. It is difficult to reliably calculate and predict whether there will be a mark-to-market adjustment in fiscal year 2024.
The loss related to the mark-to-market adjustment on benefit plans was $1.0 million in fiscal year 2024 and $9.9 million in fiscal year 2023. It is difficult to reliably calculate and predict whether there will be a mark-to-market adjustment in fiscal year 2025.
During fiscal year 2023, we recognized $36.0 million of divestiture-related costs in selling, general and administrative expenses in discontinued operations, as compared to $69.4 million during fiscal year 2022.
During fiscal year 2023 we recognized $37.1 million of divestiture-related costs incurred after the Closing in gain on sale and $36.0 million of d ivestiture-related costs incurred prior to Closing in selling, general and administrative expenses in discontinued operations.
Reporting Segment Results of Continu ing Operations Diagnostics Fiscal Year 2023 Compared to Fiscal Year 2022 Revenue for fiscal year 2023 was $1,459.1 million, as compared to $2,019.7 million for fiscal year 2022, a decrease of $560.7 million, or 28%, which includes an approximate 1% decrease in revenue attributable to favorable changes in foreign exchange rates.
Diagnostics Fiscal Year 2024 Compared to Fiscal Year 2023 Revenue for fiscal year 2024 was $1,500.9 million, as compared to $1,458.2 million for fiscal year 2023, an increase of $42.7 million, or 3%, which includes an approximate 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates.
Conversely, to the extent the discount rates increase or the value of our pension and postretirement investments increase more than expected, mark-to market income will be recorded in fiscal year 2024.
Conversely, to the extent the discount rates increase or the value of our plan assets increase more than expected, mark-to market gains will be recognized.
If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. We perform the annual impairment assessment on the later of January 1 or the first day of each fiscal year.
The goodwill impairment test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill.
Diagnostics segment revenue for fiscal year 2023 was $1,459.1 million, as compared to $2,019.7 million for fiscal year 2022, a decrease of $560.7 million, or 28%, due to a decrease of $380.3 million in immunodiagnostics revenue, a decrease of $165.2 million in applied genomics revenue and a decrease of $15.3 million in reproductive health revenue.
Diagnostics segment revenue for fiscal year 2024 was $1,500.9 million, as compared to $1,458.2 million for fiscal year 2023, an increase of $42.7 million, or 3%, due to an increase of $43.7 million in immunodiagnostics revenue and an increase of $22.6 million in reproductive health revenue, partially offset by a decrease of $23.7 million in applied genomics revenue.
We use a variety of cash redeployment and financing strategies to ensure that our worldwide cash is available in the locations in which it is needed. During the fiscal year ended December 31, 2023, we repatriated approximately $1.6 billion of foreign cash to the United States.
We use a variety of cash redeployment and financing strategies to ensure that our worldwide cash is available in the locations in which it is neede d.
For a discussion of our discontinued operations for fiscal year 2022 as compared to fiscal year 2021, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended January 1, 2023 filed with the Securities and Exchange Commission on March 1, 2023. 31 Table of Contents Liquidity and Capital Resources We require cash to pay our operating expenses, make capital expenditures, make strategic acquisitions, service our debt and other long-term liabilities, repurchase shares of our common stock and pay dividends on our common stock.
For a discussion of our discontinued operations for fiscal year 2023 as compared to fiscal year 2022, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission on February 27, 2024.
Mark-to-market adjustments are primarily driven by events and circumstances beyond our control, including changes in interest rates, the performance of the financial markets and mortality assumptions. To the extent the discount rates decrease or the value of our pension and postretirement investments decrease, mark-to market charges to operations will be recorded in fiscal year 2024.
Mark-to-market adjustments are often driven by events and circumstances beyond our control, but primarily relate to changes in interest rates and actual return on investments on plan assets. To the extent the discount rates decrease or the value of our plan assets decrease, mark-to market losses will be recognized.
Other components of net periodic pension cost increased due to the decreases in the applicable discount rates. Foreign exchange losses and other expense, net, increased primarily due to a foreign exchange loss of $24.0 million for the fiscal year 2023 related to the cash proceeds from the sale of the Business that were held offshore.
Foreign exchange losses and other expense, net, was lower during fiscal year 2024 as compared to the same period in the prior year primarily due to a foreign exchange loss of $24.0 million that was recognized in fiscal year 2023 related to the cash proceeds from the sale of the Business 29 Table of Contents that were held offs hore.
We have used and expect to continue to use these proceeds for a combination of satisfying upcoming debt maturities, opportunistic share repurchases and continued strategic and value creating acquisitions.
We expect to continue to use these proceeds for a combination of debt retirement, opportunistic share r epurchases and continued strategic and value creating acquisitions. Cash Flows Fiscal Year 2024 Compared to Fiscal Year 2023 Operating Activities.
The changes in both periods reflect our intentions to pay down debt, which we expect to continue throughout fiscal year 2024. During fiscal year 2023, we repurchased shares of our common stock for a total cost of $388.9 million, as compared to $80.6 million in fiscal year 2022.
During fiscal year 2024, we repurchased shares of our common stock for a total cost of $369.6 million, as compared to $388.9 million in fiscal year 2023. We paid $34.5 million in dividends for fiscal year 2024, as compared to $35.0 million in fiscal year 2023.
The amortization of purchase accounting adjustments to record the inventory from certain acquisitions added an incremental expense of $45.3 million for fiscal year 2022. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $2.8 million for fiscal year 2023, as compared to $5.6 million for fiscal year 2022.
Rebranding costs were $6.2 million for fiscal year 2024. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.6 million for fiscal year 2024, as compared to $2.8 million for fiscal year 2023. Amortization of intangible assets was $144.4 million for fiscal year 2024, as compared to $147.6 million for fiscal year 2023.
While we believe that our estimates of current value are reasonable, if actual results differ from the estimates and judgments used including such items as future cash flows and the volatility inherent in markets which we serve, impairment charges against the carrying value of those assets could be required in the future.
While we believe that our estimates used in measuring fair value are reasonable, if actual results differ from the estimates and judgments used, including estimates of future revenue growth and volatility in discount rate, impairment charges may be incurred in the future.
Segment operating income from continuing operations for fiscal year 2023 was $320.9 million, as compared to $782.0 million for fiscal year 2022, a decrease of $461.1 million, or 59%.
Segment operating income for fiscal year 2024 was $448.0 million, as compared to $489.3 million for fiscal year 2023, a decrease of $41.3 million , or 8%.
Segment operating margin decreased 1,670 basis points in fiscal year 2023, as compared to fiscal year 2022, primarily due to lower COVID-19 product sales volume and an unfavorable shift in product mix, partially offset by cost controls . 29 Table of Contents Fiscal Year 2022 Compared to Fiscal Year 2021 For a discussion of our results of operations for fiscal year 2022 as compared to fiscal year 2021, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended January 1, 2023 filed with the Securities and Exchange Commission on March 1, 2023.
Fiscal Year 2023 Compared to Fiscal Year 2022 For a discussion of our results of operations for fiscal year 2023 as compared to fiscal year 2022, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission on February 27, 2024.
Net cash used in the investing activities of our continuing operations was $761.2 million for fiscal year 2023, as compared to $116.9 million for fiscal year 2022, an increase of $644.3 million. During fiscal year 2023, we made purchases of investments in U.S. treasury securities totaling $1,221.6 million.
Net cash provided by the investing activities of our continuing operations was $619.3 million for fiscal year 2024, as compared to a $761.2 million net cash usage for fiscal year 2023, an increase of $1,380.5 million. During fiscal year 2024, proceeds from maturity of U.S. treasury securities were $710.0 million and proceeds from investments and notes receivables were $2.5 million.
Interest and Other Expense, Net Interest and other expense, net, consisted of the following for the fiscal years ended: December 31, 2023 January 1, 2023 (In thousands) Interest income $ (72,131) $ (3,589) Interest expense including costs of bridge financing 98,813 103,955 Change in fair value of financial securities 33,921 15,754 Other components of net periodic pension cost (credit) 19,006 (33,158) Foreign exchange losses and other expense, net 37,977 7,900 Total interest and other expense, net $ 117,586 $ 90,862 The increase of $26.7 million in interest and other expense, net, in fiscal year 2023 as compared to fiscal year 2022 was primarily due to an increase in other components of net periodic pension cost of $52.2 million, an increase in foreign exchange losses and other expense, net of $30.1 million and an increase in the change in fair value of financial securities of $18.2 million.
Interest and Other Expense, Net Interest and other expense, net, consisted of the following for the fiscal years ended: December 29, 2024 December 31, 2023 (In thousands) Interest income $ (73,190) $ (72,131) Interest expense 96,278 98,813 Change in fair value of investments (7,958) 33,921 Other components of net periodic pension cost 8,508 19,006 Foreign exchange losses and other expense, net 6,977 37,977 Total interest and other expense, net $ 30,615 $ 117,586 Interest income increased due to an increase in short-term investments and higher interest rates.
Consolidated Results of Operations Fiscal Year 2023 Compared to Fiscal Year 2022 Revenue Revenue for fiscal year 2023 was $2,750.6 million, as compared to $3,311.8 million for fiscal year 2022, a decrease of $561.3 million, or 17%.
Consolidated Results of Operations Fiscal Year 2024 Compared to Fiscal Year 2023 Revenue Revenue for fiscal year 2024 was $2,755.0 million, as compared to $2,750.6 million for fiscal year 2023, an increase of $4.5 million, or less than 1%.
On July 22, 2022, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $300.0 million under a stock repurchase program (the “Repurchase Program”).
On October 24, 2024, the Repurchase Program was terminated by our Board and our Board authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination.
Net cash provided by continuing operations was $279.4 million for fiscal year 2023, as compared to $672.5 million for fiscal year 2022, a decrease of $393.1 million, primarily due to lower profitability from a decreased demand in COVID-19 product offerings and more cash used in working capital during fiscal year 2023 as compared to fiscal year 2022.
Net cash provided by continuing operations was $665.0 million for fiscal year 2024, as compared to $279.4 million for fiscal year 2023, an increase of $385.6 million, primarily due to higher income from continuing operations and less cash used to fund working capital during fiscal year 2024 as compared to fiscal year 2023.
Borrowing Arrangements During fiscal year 2023, we paid in full $467.1 million of outstanding 0.550% senior unsecured notes that became due in September 2023. Since the beginning of the third quarter of fiscal year 2022, we have repurchased $88.5 million in aggregate principal amount of our 2024 Notes.
Borrowing Arrangements During fiscal year 2024, we paid in full $711.5 million of outstanding 0.850% Senior Unsecured Notes that became due in September 2024 (the “ 2024 Notes ” ). During fiscal year 2024, we received proceeds of $710.0 million upon the maturity of all our outstanding U.S.
Fiscal Year 2022 Compared to Fiscal Year 2021 For a discussion of our results of operations for fiscal year 2022 as compared to fiscal year 2021, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended January 1, 2023 filed with the Securities and Exchange Commission on March 1, 2023. 30 Table of Contents Discontinued Operations On March 13, 2023, we completed the previously announced sale (the “Closing”) of certain assets and the equity interests of certain entities constituting our Applied, Food and Enterprise Services businesses (the “Business”) to PerkinElmer Topco, L.P.
Fiscal Year 2023 Compared to Fiscal Year 2022 For a discussion of our results of operations for fiscal year 2023 as compared to fiscal year 2022, see Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission on February 27, 2024. 30 Table of Contents Reporting Segment Results Life Sciences Fiscal Year 2024 Compared to Fiscal Year 2023 Revenue for fiscal year 2024 was $1,254.1 million, as compared to $1,292.3 million for fiscal year 2023, a decrease of $38.2 million, or 3% .
Cash flow forecasts are based on approved business unit operating plans for the early years’ cash flows and historical relationships in later years. The income approach is sensitive to changes in long-term terminal growth rates and the discount rates.
We corroborate the income approach with a market approach. A number of significant estimates are involved in the application of the income approach to arrive at forecasted cash flows. Cash flow forecasts are based on approved business unit operating plans for the early years’ cash flows and on our long-range plan in later years.
The final amount of the receivable related to the post-closing adjustments is subject to change. The Business is reported for all pe riods as discontinued operations in our consolidated financial statements.
During fiscal year 2024, we received approximately $138.5 million of cash from the Purchaser and recognized a loss of $19.8 million primarily related to post-closing adjustments. The Business is reported for all pe riods as discontinued operations in our consolidated financial statements.
Our principal sources of funds are cash flows from our operations, borrowing capacity available under our senior unsecured credit facility and access to the debt markets. We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, smaller acquisitions, interest payments on our debt and dividends on our common stock.
Our principal sources of funds are our internal operations, borrowing capacity available under our senior unsecured revolving credit facility and access to debt markets.
We received cash proceeds of $2.13 billion and we are entitled to two elements of additional consideration that become payable upon the resolution of certain events. First, we are entitled to proceeds of $75.0 million as consideration for our ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the Purchaser (“Brand Sale”).
At the Closing, we were entitled to an additional $75.0 million in proceeds payable in installments to commence upon our ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the Purchaser (the “Brand Fee”). The discounted value of the $75.0 million was measured as $65.2 million and was included in the proceeds at Closing.
We undertake this review (i) on an annual basis for assets such as goodwill, and (ii) on a periodic basis for other long-lived assets when facts and circumstances suggest that cash flows related to those assets may be diminished.
We undertake this review (i) on an annual basis, and (ii) on a periodic basis when facts and circumstances indicate that goodwill may not be recoverable. Any impairment charge that we record reduces our earnings.
These costs typically include transaction and disposal costs, such as legal, accounting, and other professional fees. The accounting for divestiture requires estimates and judgment as to the determination of the gain or loss on sale and the fair value of the different elements of consideration received.
The accounting for divestiture requires estimates and judgment as to the determination of the gain or loss on sale and the fair value of the different elements of consideration received. We received cash proceeds of $2.27 billion and we are entitled to two elements of additional consideration that become payable upon the resolution of certain events.
Costs for significant environmental matters also added an incremental expense of $2.5 million for fiscal year 2023. Restructuring and other, net, increased and was $26.6 million for fiscal year 2023, as compared to $13.6 million for fiscal year 2022.
Amortization of intangible assets decreased and was $215.0 million for fiscal year 2024, as compared to $217.5 million for fiscal year 2023. Restructuring and other costs, net, decreased and were $17.5 million for fiscal year 2024, as compared to $26.6 million for fiscal year 2023.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeFluctuations in interest rates can therefore have a direct impact on both our short-term cash flows, as they relate to interest, and our earnings. To manage the volatility relating to these exposures, we periodically enter into various derivative transactions pursuant to our policies to hedge against known or forecasted interest rate exposures.
Biggest changeTo manage the volatility relating to these exposures, we periodically enter into various derivative transactions pursuant to our policies to hedge against known or forecasted interest rate exposures. However, no such instruments are outstanding at December 29, 2024. Interest Rate Risk—Sensitivity . Our current earnings exposure for changes in interest rates can be summarized as follows: i.
We use derivative instruments as part of our risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. We enter into derivative instruments with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties.
We only use derivative instruments as part of our risk management strategy including derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. We enter into derivative instruments with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties.
We do not enter into derivative contracts for trading or other speculative purposes, nor do we use leveraged financial instruments. In the ordinary course of business, we enter into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies.
We do not enter into derivative contracts for trading or other speculative purposes, nor do we use leveraged financial instruments. In the ordinary course of business, we enter into foreign exchange contracts for periods consistent with our committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies.
Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income (“AOCI”), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold.
Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency 36 Table of Contents translation component of accumulated other comprehensive income (“AOCI”), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold.
We do not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive income (loss) into interest and other expense, net within the next twelve months. 37 Table of Contents See Note 19, Derivatives and Hedging Activities, in the Notes to Consolidated Financial Statements for a detailed discussion of our derivative instruments and hedging activities.
We do not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive income (loss) into interest and other expense, net within the next twelve months. See Note 18, Derivatives and Hedging Activities, in the Notes to Consolidated Financial Statements for a detailed discussion of our derivative instruments and hedging activities.
As of December 31, 2023, the total notional amount of the 2026 Notes that was designated to hedge investments in foreign subsidiaries was €498.6 million. The unrealized foreign exchange (gains) losses recorded in AOCI related to the ne t investment hedge were $19.5 million, $34.5 million and $(33.2) million during the fiscal years 2023, 2022 and 2021, respectively.
As of December 29, 2024, the total notional amount of the 2026 Notes that was designated to hedge investments in foreign subsidiaries was €498.6 million. The unrealized foreign exchange (gains) losses recorded in AOCI related to the ne t investment hedge were $(31.7) million , $19.5 million and $(34.5) million during the fiscal years 2024, 2023 and 2022, respectively.
We held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $412.1 million at December 31, 2023 and $476.9 million at January 1, 2023, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material.
We held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $409.8 million at December 29, 2024 and $412.1 million at December 31, 2023, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Quantitative and Qualitative Disclosures about Market Risk Financial Instruments Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, derivatives, marketable securities and accounts receivable. We believe we had no significant concentrations of credit risk as of December 31, 2023.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Quantitative and Qualitative Disclosures about Market Risk Financial Instruments Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, derivatives, marketable securities, accounts receivable and notes receivables. We believe we had no significant concentrations of credit risk as of December 29, 2024.
As of December 31, 2023, this computation estimated that there is a 5% chance that the market value of the underlying exposures and the corresponding derivative instruments either increase or decrease due to foreign currency fluctuations by more than $2.9 million. This Value-At-Risk measure is consistent with our financial statement disclosures relative to our foreign currency hedging program.
As of December 29, 2024, this computation estimated that there is a 5% chance that the market value of the underlying exposures and the corresponding derivative instruments either increase or decrease due to foreign currency fluctuations by more than $1.8 million. This Value-At-Risk measure is consistent with our financial statement disclosures relative to our foreign currency hedging program.
(ii) Changes in interest rates can cause our interest income and cash flows to fluctuate. We believe that we do not have any material exposure of interest rate risk. 38 Table of Contents
Changes in interest rates can cause our interest expense and cash flows to fluctuate to the extent we have borrowing outstanding on our revolving credit facility. ii. Changes in interest rates can cause our interest income and cash flows to fluctuate. We believe that we do not have any material exposure of interest rate risk. 37 Table of Contents
The cash flows related to the settlement of these hedges are included in cash flows from financing activities within our consolidated statements of cash flows. During fiscal year 2018, we designated a portion of the 2026 Notes to hedge its investments in certain foreign subsidiaries.
The duration of these contracts is generally 30 days. During fiscal year 2018, we designated a portion of the 2026 Notes to hedge our investments in certain foreign subsidiaries.
Specifically, during each of the four quarters ended in fiscal year 2023, the Value-At-Risk ranged between $0.9 million and $2.9 million, with an average of approximately $1.6 million. Interest Rate Risk. As of December 31, 2023, we had no outstanding borrowings under our senior unsecured revolving credit facility which bears interest at a variable rate.
Specifically, during each of the four quarters ended in fiscal year 2024, the Value-At-Risk ranged between $1.0 million and $1.8 million, with an average of approximately $1.5 million. Interest Rate Risk. Our debt portfolio is primarily comprised of fixed interest debt; however, there i s $0.5 million of variable rate instruments.
Removed
The duration of these contracts is generally 30 days. In addition, in connection with certain intercompany loan agreements utilized to finance our acquisitions and stock repurchase program, we enter into forward foreign exchange contracts intended to hedge movements in foreign exchange rates prior to settlement of such intercompany loans denominated in foreign currencies.
Added
Our cash and cash equivalents, for which we receive interest at variable rates, were $1,163.4 million at December 29, 2024. Fluctuations in interest rates can therefore have a direct impact on both our short-term cash flows, as they relate to interest, and our earnings.
Removed
We record these hedges at fair value on our consolidated balance sheets. The unrealized gains and losses on these hedges, as well as the gains and losses associated with the remeasurement of the intercompany loans, are recognized immediately in interest and other expense, net.
Removed
Substantially all of our debt portfolio is comprised of fixed interest debt. As of December 31, 2023, our investments in U.S. treasury securities of $689.9 million earn fixed interest rates, however, the invested portion of our cash and cash equivalents, for which we receive interest at variable rates, was $913.2 million.
Removed
However, no such instruments are outstanding at December 31, 2023. Interest Rate Risk—Sensitivity . Our current earnings exposure for changes in interest rates can be summarized as follows: (i) Changes in interest rates can cause our interest expense and cash flows to fluctuate to the extent we have borrowing outstanding on our revolving credit facility.

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