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What changed in Revvity's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Revvity's 2024 and 2025 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 2025 report.

+227 added−234 removedSource: 10-K (2026-02-24) vs 10-K (2025-02-25)

Top changes in Revvity's 2025 10-K

227 paragraphs added · 234 removed · 175 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

48 edited+19 added−6 removed43 unchanged
Biggest changeThe 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.
Biggest changeIntuitive operation makes it easy to rapidly read a plate and obtain data. ◦ 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. ◦ 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. ◦ The 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 LabChip ® Plasmid DNA assay, which enables purity and sizing analysis of the three primary isoforms of pDNA during the manufacturing of proteins, viral vectors, and messenger RNA. ◦ The explorer™ automated workstation allows integration of multiple laboratory instrumentation using a centralized robotic interface, allowing high throughput and turnkey-application focused solutions. ◦ The plate::handler™ FLEX automated plate loading solution for our high-content imagers, cell counters and image cytometers. ◦ The Fontus ® liquid handler is available in multiple versions to automate both NGS and life science workflows. ◦ The Zephyr ® G3 SPE workstation is a liquid handler that automates the critical steps required in high-throughput Solid Phase Extraction (SPE). • Software ◦ Harmony 5.3™ high-content imaging and analysis software supports end-to-end workflows from acquisition through quantitative analysis and results interpretation.
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.
Signals ChemDraw ® software automates chemical drawings and transforms them into chemical knowledge by facilitating the management, reporting and presenting of chemistry research. ◦ The Signals Clinical offering provides a single unified platform to support data access, preparation and analytics, from source to visualization to action.
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.
This includes the 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.
These 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.
These 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. ◦ A wide range of homogeneous biochemical and cell-based reagents using HTRF ® , LANCE ® Ultra™, DELFIA ® , AlphaLISA ® , AlphaLISA ® SureFire ® Ultra™, AlphaScreen ® , and AlphaPlex ® 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 be read on common flow cytometers, and include both desktop and cloud-based analysis software. ◦ BioLegend ® best-in-class antibodies, recombinant proteins, and related reagents, which are used across multiple applications and research areas, including flow cytometry, microscopy, proteogenomics, tissue, cell and protein analysis, cancer research, immunology, cell and gene therapy, stem cell therapy and neuroscience. ◦ Fluorophore-conjugated antibodies that are used in flow cytometers to characterize protein expression on the surface and in internal compartments of cells.
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.
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 are used to support detection of metabolic disorders in newborns through tandem mass spectrometry.
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.
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, which 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.
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.
Principal Products: Our principal products and services for Diagnostics applications include the following: • Reproductive Health ◦ The DELFIA ® Xpress screening platform is a complete solution for prenatal and maternal health screening including a fast continuous loading system.
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.
Data can be analyzed with their complimentary and comprehensive cloud-based Multiomics Analysis Software. ◦ Cell culture and biofunctional assay reagents, including bioactive recombinant proteins, antibodies, as well as other specialized cell culture media such as Cell-Vive™ T-NK Xeno-Free Serum Substitute (compliant with Good Manufacturing Practice requirements (“GMP”)), and other GMP-produced reagents.
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.
The laboratory network includes testing laboratories in the United States, India, China and the United Kingdom. ◦ Revvity Omics ® labs utilize next-generation sequencing to 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.
Diagnostics Segment We offer instruments, reagents, assay platforms and software to hospitals, medical labs, clinicians and medical research professionals to help improve the health of families. Our Diagnostics segment is especially focused on reproductive health, immunodiagnostics, emerging market diagnostics and applied genomics.
Diagnostics Segment We offer instruments, reagents, assay platforms and software to hospitals, medical labs, clinicians and medical research professionals to help improve the health of families. Our Diagnostics segment is especially focused on reproductive health, immunodiagnostics and emerging market diagnostics.
Diagnostic labs use our instruments, reagents and software for testing and screening genetic abnormalities and certain disorders and diseases, including Down syndrome, hypothyroidism, muscular dystrophy, infertility and various metabolic conditions. We also develop technologies that enable and support genomic workflows using PCR and next-generation DNA sequencing for applications in oncology, immunodiagnostics and drug discovery.
Diagnostic labs use our instruments, reagents and software for testing and screening genetic abnormalities and certain disorders and diseases, including Down syndrome, hypothyroidism, muscular dystrophy, infertility and various metabolic cond itions. We also develop technologies that enable and support genomic workflows using PCR and next-generation DNA sequencing for applications in oncology, immunodiagnostics and drug discovery.
Lastly, we recognize that professional development requires support of the whole person, and we therefore offer virtual coaching to help eligible employees meet their unique development goals, whether such goals are leadership or well-being focused. With regards to career growth, we regularly fill open vacancies with internal candidates.
Lastly, we recognize that professional development requires support of the whole person, and we therefore offer virtual coaching to help eligible employees meet their unique development goals, whether such goals are leadership or well-being focused. 14 Table of Contents With regards to career growth, we regularly fill open vacancies with internal candidates.
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.
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.
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.
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.
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.
The chemagic 360-D instrument (IVDR) and chemagic Prime™ Jr-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.
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.
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. ◦ Since 1985, Signals ChemDraw ® software provides solutions with powerful capabilities to help quickly turn ideas and drawings into publications.
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.
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 28, 2025, we employed approximately 11,000 employees on a worldwide basis. Roughly 80% of our workforce is based outside of the United States.
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.
Our headquarters are in Waltham, Massachusetts, and we market our products and services in more than 160 countries. As of December 28, 2025, 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.
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 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. ◦ The 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. 10 Table of Contents ◦ 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. ◦ The EUROLabPolaris TM platform, which provides the secure transfer of indirect immunofluorescence data to several locations enabling central evaluation within the software. ◦ The EUROLabOffice™ 4.0 laboratory management system, 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. ◦ The EUROPattern™ Classifier 2.4 AI-enhanced software compatible to EUROLabOffice™4.0 laboratory management software, which offers automatically generated result proposals from images captured with the all-in-one IFA instrument UNIQO 160 as well as from the EUROPattern and EUROPattern Microscope Live automated microscopes. ◦ The EUROLabWorkstation™ IFA and EUROLabWorkstation TM ELISA platforms provide fully automated processing of IIFT and ELISA, respectively, for laboratories with high sample throughput. ◦ The EUROPattern™ microscope provides fully automated immunofluorescence microscopy including IIFT pattern recognition and titer determination. ◦ The EUROPattern™ Microscope Live provides fully automated and fast image recording and modern on-screen reporting, also including IIFT pattern recognition and titer determination. ◦ The EUROBlotOne™ compact tabletop device for complete processing of immunoblots. ◦ The UNIQO160 TM device for fully automated processing of IIFT from primary sample to final microscopy result for up to 160 samples and 18 slides. ◦ The EUROStar™ IV Plus microscope, a model of Euroimmun's successful LED microscope series for convenient manual fluorescence microscopy with attractive new features for easy and ergonomic manual microscopy. ◦ The IDS-i10™ 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).
While it is possible that a loss exceeding the amounts recorded in the consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded. We may become subject to new or unforeseen environmental costs or liabilities.
While it is possible that a loss exceeding 13 Table of Contents the amounts recorded in the consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded. We may become subject to new or unforeseen environmental costs or liabilities.
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.
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. ◦ The Signals Notebook TM software is a secure cloud-native electronic lab notebook (ELN) for chemistry, biology, research, and formulations.
We provide early detection for genetic disorders from pregnancy to early childhood, and infectious disease testing for the diagnostics market. Our screening products are designed to provide early and accurate insights into the health of expectant mothers during pregnancy and into the health of their babies.
We provide early detection for common and rare conditions from pregnancy to early childhood, and infectious disease testing for the diagnostics market. Our screening products are designed to provide early and accurate insights into the health of expectant mothers during pregnancy and into the health of their babies.
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.
Our Flex-T reagents 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. ◦ 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™ reference standards, which 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 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.
We have accrued $10.8 million and $14.2 million as of December 28, 2025 and December 29, 2024, 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.
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.
Notable products are offered under the Brilliant Violet™, StarBright™ UV, and the Spark and Fire™ dye brands, among others. ◦ BioLegend ® TotalSeq™ reagents are oligonucleotide-barcoded antibodies that enable high-parameter protein detection to be combined with traditional RNA or DNA sequencing experiments.
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.
Marketing All of our businesses market their products and services primarily through their own specialized sales forces. As of December 28, 2025, we employed approximately 2,000 sales and service representatives operating in approximately 40 countries and marketing products and services in more than 160 countries.
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.
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. ◦ The QSight ® 210MD and 225MD UHPLC MS/MS instruments used for newborn screening. ◦ The Vanadis ® NIPT offering, a non-PCR non-sequencing fully automated cfDNA technology for use in any laboratory for screening common trisomies in the pregnant population. ◦ 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. ◦ The EONIS ® Q novel “dry-chemistry” qPCR newborn screening workflow for SCID, SMA, and XALD screening. 9 Table of Contents ◦ The DELFIA™ Trio automated plate dispenser, washer and disk remover for the manual newborn screening and prenatal workflows. ◦ The EVOYA ® cloud-based, newborn screening, informatics and data management software. ◦ The NEXTFLEX ® Neo NGS RUO Panel 1 kit, which is part of a new end-to-end workflow solution for newborn sequencing research. ◦ The Revvity Genomics LIMS cloud-based, genomic platform solution is primed for secure data management and LIS integration. ◦ The Revvity Genomics Analyze™ genomics primary and secondary analysis software for variant calling. ◦ The Revvity Genomics Interpret™ tertiary and reporting software for genomic testing. ◦ The Revvity Transcribe AI™ innovative OCR service designed to convert handwritten text on test request forms into a digitized format. ◦ 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. ◦ CD34+ hematopoietic stem cells from human umbilical cord blood (for research use only and not for use in diagnostic procedures). ◦ Revvity Omics global laboratory network offers multi-OMIC clinical grade services for testing over an individual’s lifetime (prenatal to adults) in cytogenetics, biochemical genetics, molecular genetics and immunodiagnostics.
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%.
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.
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.
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 for use with our liquid and plate-based analyzers, and utilized in research, environmental and drug discovery applications. ◦ Reagents and solutions for microscopy and imaging applications.
Our strategy includes: • Strengthening our position within key markets by expanding our global product and service offerings, maintaining superior product quality and driving an enhanced customer experience; • Attracting, retaining and developing talented and engaged employees; • Accelerating transformational innovation through both internal research and development and third-party collaborations and alliances; • Augmenting growth in both of our core business segments, Life Sciences and Diagnostics, through strategic acquisitions and licensing; • Engraining focused operational excellence to improve organizational efficiency and agility; and • Opportunistically utilizing our share repurchase programs to help drive shareholder value.
Our strategy includes: • Strengthening our position within key markets by expanding our global product and service offerings, maintaining superior product quality and driving an enhanced customer experience; • Attracting, retaining and developing talented and engaged employees; • Accelerating transformational innovation through both internal research and development and third-party collaborations and alliances; • Augmenting growth in both of our core business segments, Life Sciences and Diagnostics, through strategic acquisitions and licensing; • Advancing the use of Artificial Intelligence (“AI”) to further strengthen our differentiated offerings and to drive internal operating efficiencies; • Engraining focused operational excellence to improve organizational efficiency and agility; and • Taking a disciplined approach to capital allocation to support organic investments, pursue mergers and acquisitions and opportunistic share repurchase programs to drive shareholder value.
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.
The controls are agnostic for seamless integration into quality control workflows. ◦ IVISbrite ® bioluminescent and IVISense ® fluorescent imaging agents and imaging reagents for use on our in vivo optical imaging platforms for preclinical research applications. ◦ 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 reagents, which have a pre-mixed one component chemiluminescent HRP substrate for more consistent results. ◦ Additional Spark and Fire™ dye-conjugated antibodies, enabling higher-parameter flow cytometry.
Our competitors range from foreign and domestic organizations, which produce a comprehensive array of goods and services and that may have greater financial and other resources than we do, to more narrowly focused firms producing a limited number of goods or services for specialized market segments.
Our competitors range from foreign and domestic organizations, which produce a comprehensive array of goods and services and that may have greater financial and other resources than we do, to more narrowly focused firms producing a limited number of goods or services for specialized market segments. 12 Table of Contents We compete on the basis of service level, price, technological innovation, operational efficiency, product differentiation, product availability, quality and reliability.
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.
We highlight our global efforts to preserve our environment, support the communities where we operate, and foster a positive workplace. The site showcases our commitment to responsible business practices and how these contribute to long-term value creation for our stakeholders. We understand that our ability to operate in a multicultural world is critical to our long-term value creation.
We compete on the basis of service level, price, technological innovation, operational efficiency, product differentiation, product availability, quality and reliability. Competitors range from multinational organizations with a wide range of products to specialized firms that in some cases have well-established market positions. We expect the proportion of large competitors to increase through the continued consolidation of competitors.
Competitors range from multinational organizations with a wide range of products to specialized firms that in some cases have well-established market positions. We expect the proportion of large competitors to increase through the continued consolidation of competitors.
We do so through a variety of channels and formats, including formal (classroom-based, blended learning solutions, digital learning) and informal, on-the-job learning. A pivotal component of our annual performance review and goal-setting process focuses on providing employees with constructive and actionable feedback, as well as management engagement in the creation and completion of development goals.
A pivotal component of our annual performance review and goal-setting process focuses on providing employees with constructive and actionable feedback, as well as management engagement in the creation and completion of development goals.
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.
It is intended for use as an aid in the diagnosis of tuberculosis infection. ◦ Auto-Pure™ 2400 automated liquid handling platform designed to provide efficient workflows in the lab for T-SPOT.TB testing. ◦ An expanded portfolio of molecular-based infectious disease screening technologies for blood bank and clinical laboratory settings in China.
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.
With unrivaled workflow flexibility to support dynamic collaboration, the Signals Clinical’s SaaS solution helps accelerate the delivery of urgently needed therapeutics to patients. ◦ Signals DLX™ software powered by Scitara ® , which establishes seamless, bidirectional connectivity across instruments, LIMS, ELNs and other critical lab systems that previously existed in isolation. ◦ Software solutions for BioLegend ® LEGENDplex ™ assays, multiomics analysis with TotalSeq™ reagents, and CytoScribe ™ software for flow cytometry data analysis that are now part of BioLegend ® data integration offerings. 6 Table of Contents • Technology and Licensing ◦ The Pin-point ® base editing platform, a CRISPR-Cas9-based technology that allows researchers to make precision base changes in genomic DNA.
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.
Editing with such precision can be used to silence disease-causing genes, correct disease-associated mutations, and optimize cell therapies. ◦ The CHOSOURCE ® expression platform, a robust CHO expression system for the development and manufacturing of biotherapeutics with a track record of over 100 regulatory filings in multiple countries. ◦ Gene Delivery services and technologies to design and manufacture viral vectors for cell and gene therapy research and preclinical development.
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.
New options were created for intracellular target staining and protein-only analysis. ◦ New fluorescent stains, reagents and secondary antibodies in our PhenoVue ® cellular imaging reagents portfolio for the detection and analysis of cellular components. ◦ GoInVivo™ antibodies, as well as Ultra-LEAF™ and LEAF™ functional antibodies, which provide an affordable solution for researchers performing in vivo and ex vivo studies. ◦ 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. ◦ The 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. • Instruments ◦ The Tri-Carb ® , Quantulus ® GCT, and plate-based MicroBeta2 ® families of liquid scintillation analyzers (LSAs), and Wizard2 ® Gamma counters, used for beta, gamma and luminescence counting in microplate and vial formats for research, environmental and drug discovery applications. ◦ 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, 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. ◦ The VICTOR Nivo ® multimode plate reader benchtop system designed for assay development and academic labs, including those using HTRF ® and AlphaLISA ® assay technologies, updated with new software for streamlined data analysis. ◦ The EnVision ® multimode plate reader designed for high-throughput screening laboratories, including those using HTRF ® , AlphaScreen ® and AlphaLISA ® assay technologies. ◦ In vivo optical imaging platforms for preclinical research, comprised of the IVIS ® Spectrum™ system series for 2D and 3D optical imaging and optionally integrated low-dose CT imaging and the IVIS ® Lumina™ system series for benchtop 2D imaging. ◦ The Quantum™ 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.
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 ® .
Brand Names: Our Diagnostics segment offers additional products under various brand names, including: AutoDELFIA™, chemagic ® , Chitas™, CNGnome ® , DELFIA™, DELFIA™ Xpress, EONIS ® , EUROArray™ , EUROIMMUN ® , EUROLabWorkstation™, EUROLINE™, EUROPattern TM , Evolution™ Evoya ® , GSP ® , Haoyuan™, IDS ® Immunodiagnosticsystems™, IDS-i10 ™ , IDS-i10T ™ , IDS-i20 ™ , IDS-iSYS ™ , iLab™, iQ™, LifeCycle™, LimsLink™, Migele ™ , NeoBase™, NeoLSD™, NEXTFLEX ® , Panthera Puncher™, PreNAT II™, Prime™, RONIA ® , SimplicityChrom™, Specimen Gate ® , Superflex™, Symbio™, T-SPOT ® , Vanadis ® , ViaCord ® , VICTOR2 ® and WholePanel™.
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.
Buffers, magnets, and kits are offered for positive and negative selection. ◦ BioLegend ® catalog of more than 35,000 SKUs, incorporating 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.
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.
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.
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 provide a broad suite of products, solutions, software and services that facilitate optimized workflows, increase productivity, and accelerate every stage of the drug discovery and development pipeline. 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.
Training and Development We are committed to the continued development and training of our employees and we seek to provide them with meaningful learning opportunities to help grow their capabilities and careers. We provide such opportunities across all levels of our organization, covering a variety of professional, technical and leadership topics.
We make employment decisions based on legitimate business needs and in compliance with all applicable laws. Training and Development We are committed to the continued development and training of our employees and we seek to provide them with meaningful learning opportunities to help grow their capabilities and careers.
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 .
The platform enables users to predict molecular properties from chemical structure, train predictive models, and integrate custom in-house models for consistent enterprise-wide predictions. • Technology and Licensing ◦ The Pin-point ® base editing platform was expanded to include AI-enhanced adenine deaminase editors in collaboration with Profluent, providing a toolkit for therapeutic applications where control, safety, and reproducibility are paramount. ◦ The HostDetect™ PCR DNA quant kits detect host cell contamination throughout bioprocessing workflows. 8 Table of Contents Brand Names: Our Life Sciences segment offers additional products under various brand names: Accell™, AlphaLISA ® , AlphaPlex ™ , AlphaScreen ® , Alpha™ SureFire ® , AssayMate™, BIOCHIPs™, BioLegend ® , Bioo Scientific ® , BioQule™, Brilliant Violet™, Ce3D™, CellCarrier ® , Cellaca™, Celigo™, Cellometer™, cell::explorer™, Cell-Vive™, Chalice™, ChemDraw ® , CHOSOURCE ® , DELFIA ® , Dharmacon™, DharmaFECT ® , DOPlify ® , Edit-R™, ELISA MAX™, EnVision ® , EnVision Nexus ® , explorer™, Flex-T™, FolateRSense ™ , Fontus ® , GoInVivo™, HostDetect ® , HTRF ® , ImmuSignature ™ , IVIS ® , IVISbrite ® , IVISense ® , JANUS ® , LabChip ® , LANCE ® , LANCE ® Ultra ™, LEAF™, LEGEND MAX™, LEGENDplex™, LentiBOOST ® , Lincode™, Living Image ® , Lumina™, MicroBeta2 ® , Mimix™, Mini ELISA Plate Reader™, miRIDIAN™, MojoSort™, NEXTFLEX ® , NextPrep™, Omni Bead Ruptor ® , Omni Bead Ruptor ® Elite™, Omni Tip™, OncoSpan™, ON-TARGETplus ® , Opera Phenix ® Plus, Operetta_CLS™, OptiScint™, PhenoPlate™, PG-Seq™, PG-Find™, PhenoVue ® , Pin-point ® , Protein Clear™, ProteinEXact™, QuantiVac™, Quantulus ® GCT, Quantum™, RAPID MAX™, RediJect™, RNAiONE™, Sciclone ® , Signals™, Signals Image Artist™, SMARTpool ® , SMARTvector ™ , Spark PLUS™, Spectrum™, TotalSeq™, Tri-Carb ® , Ultra-LEAF™, VariSpec™, Vega ® , VesselVue ® , ViaStain™, VICTOR Nivo ® , Western Lightning ™ , Wizard2 ® , and Zephyr ® .
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.
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. In 2025, this commitment was reflected in our Great Place to Work certifications across India, China, Poland, and the United States with Euroimmun also certified in Brazil.
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.
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. ◦ The high-throughput, microwell Celigo ® image cytometry system, the Cellaca ® MX high-throughput cell counter, 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. ◦ The 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. ◦ The Cellometer ® Ascend™ automated cell counter accelerates lab workflow by reducing human error, all while providing a consistent, standardized cell count.
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.
Incorporated with its user-friendly Matrix™ software, this product performs an automated and sophisticated image analysis workflow that delivers reliable results in seconds. 5 Table of Contents ◦ The BioLegend ® Mini ELISA Plate Reader™ streamlines ELISA workflows by providing a fast, compact instrument designed to take up minimal space in a lab.
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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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TotalSeq™ reagents offer individual antibodies as well as hashtags for sample pooling and large cocktails for the analysis of hundreds of protein markers.
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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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These products serve several markets, notably cell and gene therapy applications. ◦ BioLegend ® MojoSort™ magnetic bead-based reagents for cell isolation with handheld magnets, as well as MojoSort on Columns™, which uses multistands, columns, and separators for cell sorting.
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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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A single USB cord enables plug-and-play functionality, and 96 detection units scan all 96 wells simultaneously.
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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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It improves image data handling and search functionality while enabling 2D and 3D cellular phenotyping, live-cell analysis, and standardized assays on our Opera Phenix™ Plus and Operetta CLS™ systems. ◦ The Signals Image Artist™ next-generation image analysis and management platform for drug discovery research helps scientists process and analyze high-content screening (HCS) and cellular imaging data in a matter of hours rather than days or weeks, enabling faster and more informed decisions.
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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.
Added
The latest version 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 our Celigo ® image cytometer. ◦ The 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.
Removed
We highlight our global efforts to preserve our environment, support the communities where we operate, and foster a positive workplace.
Added
New Products: New products introduced or acquired for Life Sciences applications in fiscal year 2025, including from our recent acquisition, include the following: • Reagents ◦ pHSense™ reagents, a powerful technology designed to advance internalization studies in drug discovery. pHSense reagents are designed for high-throughput, plate-based workflows and intended for researchers studying G protein-coupled receptors (GPCRs) or antibody-drug conjugates (ADCs).
Added
They offer a scalable, accurate, and easy-to-implement solution for monitoring antibody, ADC, or receptor internalization. ◦ BioLegend ® StarBright™ UltraViolet 575, 740, and 795 dyes to expand flow cytometry panel building options for the ultraviolet laser. New Spark PLUS dyes were released that offer improved brightness and performance, including Spark PLUS V475, B488, and B574.
Added
The Human General Phenotyping (26c) Optimized Panel was also released, providing researchers with pre-selected and optimized choices for antibody/fluorophore combinations. ◦ BioLegend ® TotalSeq™ cocktails improve ease of use, including Essential Cocktails which examine 100 of the most commonly cited proteins in phenotyping immune cells and Universal V2.0 cocktails, which offer 50 plus new antibody targets over the V1.0 format. ◦ The BioLegend ® MojoSort™ on Columns™ cell separation system utilizes columns, multistands, and separators, in conjunction with MojoSort magnetic bead-based kits, for positive and negative selection of immune cells from mixed samples or populations. ◦ BioLegend ® LEGENDplex™ panels for cytokine detection, including Human Inflammation Panel 3, Mouse CD8/NK Panel, Mouse Immune Checkpoint Panel 1, and Mouse Inflammation Panel 2. ◦ BioLegend ® chemical probes designed for use in flow cytometry and/or microscopy assays, including ATP Red for cell health and metabolism studies; Swift-Click™ Green EdU kits for cell cycle analysis; and LysoFix-GBA™ (Lysosomal GCase) probes for monitoring of GBA1 activity. ◦ The BioLegend ® Human GPI-APD cocktail for WBC with Control Cells uniquely combines a ready-to-use cocktail to identify rare glycosylphosphatidylinositol (GPI)-deficient cell populations with a patented positive control, offering an important tool for paroxysmal nocturnal hemoglobinuria research. ◦ BioLegend ® FluoroSpot MAX™ kits combine the principles of ELISpot with fluorescence-based multiplexing, enabling simultaneous detection of two key cytokines at the single-cell level.
Added
Researchers can quantify polyfunctional immune responses with clarity, making it suitable for studies in infectious disease, vaccine development, and autoimmunity. ◦ BioLegend ® Cell-Vive™ GMP CD3/CD28 Human T Cell Activation Beads and Cell-Vive™ GMP NKp46/CD2 NK Cell activation beads, designed to activate T cells and Natural Killer cells respectively without the need for antigen presenting cells. ◦ Mimix™ Geni™ reference standards are highly characterized somatic cancer controls developed in collaboration with the Medical Device Innovation Consortium (MDIC) and the National Institute of Standards and Technology (NIST) as part of the Somatic Reference Samples (SRS) Initiative to help clinical diagnostic labs improve the accuracy of cancer diagnostic assays and medical device manufacturers verify their tests and platforms. 7 Table of Contents • Instruments ◦ The AssayMate™ workstation, a benchtop-sized, automated liquid handler designed to optimize a wide range of laboratory applications, integrating technologies such as collision detection, error handling, and real-time run visualization. ◦ The VivoJect™ image-guided injection system, designed to work with the Vega™ automated preclinical ultrasound system, and is an innovative, compact injection system that enables researchers to rapidly administer targeted delivery of cells and drug therapies into mice. ◦ The EnVision Nexus ® multimode plate reader for high-throughput screening with advanced detection technologies for Alpha™, TRF, and Luminescence assays. ◦ The VICTOR Kira™ multimode plate reader with advanced monochromator technology for absorbance, fluorescence, and luminescence measurements across multiple wavelengths. ◦ The LH 96 automated homogenizer workstation combines intuitive software with on-deck weighing, sample dilution, homogenization, and reformatting. • 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.
Added
Its Nuclei AI building block enables reliable nucleus detection without staining, eliminating manual tuning and accelerating image analysis with greater precision. ◦ The Living Image™ Synergy AI in vivo imaging software platform enables acquisition, visualization, and quantitative analysis across optical, microCT, ultrasound, and multimodal workflows.
Added
It supports longitudinal studies and standardized reporting to evaluate disease progression and therapeutic response. ◦ BioLegend ® CytoScribe™ cloud-based software allows researchers to access and analyze data with advanced tools for data visualization, centralized data storage, and seamless collaboration with colleagues. ◦ Katalyst D2D ® software provides integrated experiment design, planning, execution, and analysis capabilities supporting high-throughput synthesis, process optimization, and preformulation studies.
Added
The platform enables scientists to manage data across the complete design-make-test-analyze cycle and leverage structured data to support AI-driven decision-making. ◦ Luminata ® enterprise decision-support software that consolidates analytical and chemical data for pharmaceutical and chemical product development.
Added
The software constructs process maps for visualization of impurities at each route stage, stores experimental context and expert interpretations, and enables rapid assessment of impurity control effectiveness. ◦ Spectrus ® software delivers vendor neutral comprehensive processing, analysis, and management of analytical data across multiple techniques including nuclear magnetic resonance, mass spectrometry, chromatography, and optical spectroscopy.
Added
The platform provides spectral prediction, no code-automation, and unified data management capabilities that support efficient analytical workflows. ◦ AutoChrom ® software enables chromatographic separation development using quality by design principles through a workflow-based structure that streamlines project management from initiation through completion.
Added
The platform automatically designs screening and optimization experiments, models separations, and maintains a project database to enable organizational learning and method reuse. ◦ The Percepta ® platform provides prediction and management capabilities for physicochemical, absorption-distribution-metabolism-excretion-toxicity, and other molecular property data.
Added
The WholePanel™ test provides enhanced coverage including the intronic regions for the expertly curated WholeCancer™, WholeAtaxia™, WholeCardiology™ and WholeMuscularDystrophy™ gene panels. • 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 0.5-18 ml sample volumes of diverse sample materials.
Added
New Products: New products or services introduced or acquired for Diagnostics applications in fiscal year 2025 include the following: • Reproductive Health ◦ The NeoLSD™ 7 Plex MS/MS kit, the first commercial IVD kit for screening of MLD plus 6 lysosomal storage disorders from a single dried blood spot sample. ◦ The Bile Acid B MSMS RUO test reagents measure bile acid B from DBS samples using LC-MS/MS, supported by the Bile Acid B internal standard. ◦ The Vanadis Core ® Reagent Cartridge II qualitative assay for screening the risk of trisomy 21, 18, 13 and sex chromosome aneuploidies in fetal cell-free DNA from pregnant women. • Immunodiagnostics ◦ The T-SPOT.Flex™ interferon-gamma (IFN-γ) ELISPOT kit enables researchers to design their own customized assays with their preferred antigens. ◦ The ELISA 2.0 series for infection diagnostics, IVDR-compliant follow-up products are also validated for dried blood spots as sample material besides serum/plasma. ◦ The IDS i20 TM random access solution for processing of ChLIA from six diagnostic specialties (endocrinology, allergy, autoimmune and infectious diseases, Alzheimer’s disease and therapeutic drug 11 Table of Contents monitoring) with an increased capacity of processing 20 analytes in parallel and a throughput of about 140 tests per hour (assay dependent).
Added
Our overall scores in the U.S. improved from the prior year, reflecting continued cultural momentum. The people experience survey provides additional validation as a substantial majority of our employees report pride in working for Revvity and feel encouraged to innovate and share new ideas, a powerful indicator of shared purpose across our global workforce.
Added
We provide such opportunities across all levels of our organization, covering a variety of professional, technical and leadership topics. We do so through a variety of channels and formats, including formal (classroom-based, blended learning solutions, digital learning) and informal, on-the-job learning.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

25 edited+10 added−4 removed78 unchanged
Biggest changeWe are subject to stringent data privacy and information security laws and regulations and changes in such laws or regulations, or our failure to comply with such requirements, could subject us to significant fines and penalties, which may have a material adverse effect on our business, financial condition or results of operations.
Biggest changeWe are subject to stringent data privacy and information security laws and regulations and changes in such laws or regulations, or our failure to comply with such requirements, could subject us to significant fines and penalties, which may have a material adverse effect on our business, financial condition or results of operations. 20 Table of Contents We are subject to data privacy and information security laws and regulations that apply to the collection, transmission, storage and use of personally identifying information, which among other things, impose certain requirements relating to the privacy, security and transmission of personal information, including comprehensive regulatory systems in the United States, European Union and the United Kingdom.
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.
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, trade policy or from wars or conflicts.
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.
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, as well 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, 21 Table of Contents • 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.
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.
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 2025.
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.
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.
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.
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.
However, we may be unable to identify or complete promising acquisitions or license transactions for many reasons, such as: • competition among buyers and licensees, • the high valuations of businesses and technologies, • the need for regulatory and other approval, and • our inability to raise capital to fund these acquisitions.
However, we may be unable to identify or complete promising acquisitions or license transactions for many reasons, such as: • competition among buyers and licensees, 16 Table of Contents • the high valuations of businesses and technologies, • the need for regulatory and other approval, and • our inability to raise capital to fund these acquisitions.
We do not maintain any key person life insurance policies on any of our officers or employees. Our success also depends on our ability to execute leadership succession plans. The inability to successfully transition key management roles could have a material adverse effect on our operating results.
We do not maintain any key person life insurance policies on any of our officers or employees. 18 Table of Contents Our success also depends on our ability to execute leadership succession plans. The inability to successfully transition key management roles could have a material adverse effect on our operating results.
Factors 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.
Factors 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, including changes in U.S. trade policies or the imposition of higher tariffs on products being shipped into and from the U.S., • 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 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 at least 15%, subject to certain safe harbors), 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, 17 Table of Contents • 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.
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.
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.
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.
Dividends on our common stock could be reduced or eliminated in the future. On October 23, 2025, 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 2025 that was pai d in February 2026.
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 failure to comply with any of the restrictions in our new senior unsecured revolving credit facility that we entered into in January 2025, the 2026 Notes, the 2028 Notes, the 2029 Notes, the March 2031 Notes, the September 2031 Notes and 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.
Adverse changes in our business, adverse changes in the assumptions used to determine the fair value of our reporting units, or the failure to grow our Life Sciences and Diagnostics segments may result in impairment of our intangible assets, which could adversely affect our results of operations.
Adverse changes in our business, adverse changes in the key valuation assumptions used to determine the fair value of our reporting units, or the failure to grow our Life Sciences and Diagnostics segments, could result in an impairment of our intangible assets, which could adversely affect our results of operations.
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.
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.
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.
On January 26, 2026, we announced that our Board had declared a quarterly dividend of $0.07 per share for the first quarter of fiscal year 2026 that will be payable in May 2026.
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.
In addition, global health crises or pandemics, actual or threatened tariffs, 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.
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.
Our growth and profitability are subject to global economic and political conditions, and operational disruptions at our facilities. 15 Table of Contents 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.
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.
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.
These include restrictions on our ability and the ability of our subsidiaries to: • pay dividends on, redeem or repurchase our capital stock, • sell assets, • incur obligations that restrict our subsidiaries’ ability to make dividend or other payments to us, • guarantee or secure indebtedness, • enter into transactions with affiliates, and • consolidate, merge or transfer all, or substantially all, of our assets and the assets of our subsidiaries on a consolidated basis.
These include restrictions on our ability and the ability of our subsidiaries to: • pay dividends on, redeem or repurchase our capital stock, • sell assets, • incur obligations that restrict our subsidiaries’ ability to make dividend or other payments to us, • guarantee or secure indebtedness, • enter into transactions with affiliates, and • consolidate, merge or transfer all, or substantially all, of our assets and the assets of our subsidiaries on a consolidated basis. 22 Table of Contents We are also required to meet specified financial ratios under the terms of certain of our existing debt instruments.
Patent applications we file, however, may not result in issued patents or, if they do, the claims allowed in the patents may be narrower than what is needed to protect fully our products, processes and technologies. The expiration of our previously issued patents may cause us to lose a competitive advantage in certain of the products and services we provide.
Patent applications we file, however, may not result in issued patents or, if they do, the claims allowed in the patents may be narrower than what is needed to protect fully our products, processes and technologies.
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.
Environmental events and political changes, including trade barriers and tariffs, such as the recent tariffs announced or imposed on U.S. trading partners and retaliatory measures threatened or imposed in response, and war or other conflicts, such as the current conflict in Ukraine, some of which may be disruptive, could interfere with our supply chain, our customers and all of our activities in a particular location.
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.
Failure to comply or appropriately respond to this developing landscape may result in increased legal liability, adverse regulatory action, or reputational damage. Our results of operations will be adversely affected if we fail to realize the full value of our intangible assets. As of December 28, 2025, our total assets included $9.0 billion of net intangible assets.
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.
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.
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.
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. 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.
Similarly, applications to register our trademarks may not be granted in all countries in which they are filed.
The expiration of our previously issued patents may cause us to lose a competitive advantage in certain of the products and 19 Table of Contents services we provide. Similarly, applications to register our trademarks may not be granted in all countries in which they are filed.
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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.
Added
In addition, government funding is subject to economic conditions and the political process, which is inherently fluid and unpredictable. R ecently announced and proposed changes in U.S. funding and regulations have created a more cautious spending environment for our customers and could cause them to become more conservative with both instrumentation and consumable purchases due to funding and regulatory uncertainty.
Removed
We are subject to data privacy and information security laws and regulations that apply to the collection, transmission, storage and use of personally identifying information, which among other things, impose certain requirements relating to the privacy, security and transmission of personal information, including comprehensive regulatory systems in the United States, European Union and the United Kingdom.
Added
Uncertainties related to the development, deployment and use of AI to advance our product offerings and improve internal operations may result in harm to our business and reputation. We are advancing AI across our product and service offerings, and we are in the initial phases of expanding AI into the core functions of our business.
Removed
We believe that our business will continue to be subject to increasing regulation as the federal government continues to strengthen its position on healthcare matters, the scope and effect of which we cannot predict.
Added
The development and deployment of AI presents both risks and opportunities, and the implementation process could adversely impact the operations of our business as a whole. AI algorithms utilized in the deployment may be flawed or based on datasets that are biased or insufficient, and do not adequately take into account the underlying nature of our business.
Removed
We are also required to meet specified financial ratios under the terms of certain of our existing debt instruments.
Added
Failure to adequately train our employees during the deployment of AI could adversely impact our business or result in delays or errors in our offerings. Our competitiveness could also be negatively impacted by our failure to timely develop or deploy AI in our products and services, particularly if our competitors are successful in AI advancements in their products and services.
Added
The development of AI technology will require significant investment in resources and human capital and could increase our costs. There is uncertainty related to the legal and regulatory landscape surrounding rapidly evolving AI technologies, particularly in the areas of cybersecurity, intellectual property, and privacy and data protection.
Added
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.
Added
Increasing uncertainty in the United States regarding regulation in the healthcare space could subject our business to new or modified regulations.
Added
We cannot predict the scope, timing, or impact of threatened U.S. tariffs on imports, the extent to which other countries may impose retaliatory trade restrictions, or the terms of future trade policy changes.
Added
Tariffs implemented during fiscal year 2025 increased our cost of revenue by approximately $25 million and reduced our gross margin by approximately $20 million, primarily affecting products manufactured in Europe for the U.S. market.
Added
While we have implemented mitigation strategies including manufacturing optimization, supplier collaboration, pricing adjustments, and temporary cost measures, these actions may not fully offset the impact of existing or future tariffs. Additional tariffs or trade restrictions may materially and adversely affect our results of operations, financial condition, and competitive position.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeAdditionally, 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.
Biggest changeAdditionally, at least annually, our Board of Directors is provided with a comprehensive cyber training from our CISO. 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.
Item 1C. Cybersecurity Disclosures We have developed and maintain a Material Cyber Incident Disclosure Program. The program includes processes for the identification, review and assessment of materiality of cyber events, notification of our senior leadership and Board of Directors of such events, and financial reporting disclosure where applicable.
Item 1C. Cybersecurity Disclosures We have developed and maintain a Material Cyber Incident Disclosure Program. The program includes processes for the identification, review and assessment of materiality of cyber events, notification of our senior leadership and Board of Directors of such events, and financial reporting disclosures where applicable.
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.
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 the assessment of the incident.
As part of its review of incidents, our Information Security team considers the risk exposure, potential impact, severity and implications with respect to our information technology systems. Our Information Security team is responsible for escalating incidents which are determined to be higher risk to our Cyber Event Disclosure Committee.
As part of its review of incidents, our Information Security team considers the risk exposure, potential impact, severity and implications with respect to our information technology systems. Our CISO is responsible for escalating incidents which are determined to be higher risk to our Cyber Event Disclosure Committee.
The Cyber Event Disclosu re Committee convenes, at least monthly, to review recent developments in cybersecurity and in the cybersecurity risk landscape. The Cyber Event Disclosure Committee is comprised of representatives with relevant expertise for assessing and managing the applicable risks. Our Board of Directors is presented with updates on an annual, or as needed, basis regarding our cybersecurity preparedness.
The Cyber Event Disclosu re Committee convenes, at least quarterly, to review recent developments in cybersecurity and in the cybersecurity risk landscape. The Cyber Event Disclosure Committee is comprised of representatives with relevant expertise for assessing and managing the applicable risks. Our Board of Directors is presented with updates on an annual, or as needed, basis regarding our cybersecurity preparedness.
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.
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. To achieve this, the Information Security team leverages internal IT resources, a managed security service provider, and additional third-party security software and technology services.
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.
These measures are conducted at least annually to ensure our employees remain up-to-date with the latest security practices, complementing our continuously improving processes and systems. Our Chief Information Security Officer ( “CISO”) is responsible for developing and implementing our information security program.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeSee Note 20, Leases, in the Notes to Consolidated Financial Statements for further discussion of our leases. 22 Table of Contents
Biggest changeSee Note 21, Leases, in the Notes to Consolidated Financial Statements for further discussion of our leases. 24 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 29, 2024 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 28, 2025 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 changeName 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 .
Biggest changeGoldberg Senior Vice President, Administration, General Counsel and Secretary 57 Miriame Victor Senior Vice President, Chief Commercial Officer 45 Tajinder Vohra Senior Vice President, Global Operations 60 Anita Gonzales Vice President and Chief Accounting Officer 50 Prahlad Singh, 61 . Dr.
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.
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, 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.
His research work has resulted in several issued patents and publications in peer reviewed journals. Maxwell Krakowiak, 36 . 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.
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.
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, 60 . Mr. 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. 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.
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. 26 Table of Contents Previously, 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.
Krakowiak holds a Bachelor of Science degree in finance from Fordham University. Joel S. Goldberg , 57 . 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.
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.
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, 45 . Ms.
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.
Item 4. Mine Safety Disclosures Not applicable. 25 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS Listed below are our executive officers as of February 24, 2026. No family relationship exists between any one of these executive officers and any of the other executive officers or directors.
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.
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.
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
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. 27 Table of Contents PART II
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.
Vohra is a certified Six Sigma Black Belt and was trained in lean manufacturing at the Shingijitsu Training Institute in Japan. Anita Gonzales , 50. Mrs. Gonzales was appointed our Vice President and Chief Accounting Officer in October 2025, having previously served as our Vice President and Global Controller since May 2023. Mrs.
Added
Name Position Age Prahlad Singh President and Chief Executive Officer 61 Maxwell Krakowiak Senior Vice President and Chief Financial Officer 36 Joel S.
Added
Gonzales 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.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeIssuer 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.
Biggest changeIssuer 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 29, 2025 - October 26, 2025 540,865 $ 92.50 540,504 $ 997,500,076 October 27, 2025 - November 23, 2025 633,116 93.21 632,779 938,516,994 November 24, 2025 - December 28, 2025 589,314 100.46 587,181 879,525,795 Activity for quarter ended December 28, 2025 1,763,295 $ 95.42 1,760,464 $ 879,525,795 ________________ (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.
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.
On October 23, 2025, 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.
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 .
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 20, 2026, we had approximately 2,461 holders of record of our common stock .
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.
Refer to Note 18, Stockholders' Equity, in the Notes to Consolidated Financial Statements for further discussion regarding stock repurchases and dividends. 28 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 January 3, 2021 to December 28, 2025.
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.
As of December 28, 2025, $879.5 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 2025 that was paid in February 2026.
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.
During the fourth quarter of fiscal year 2025, we repurchased 2,831 shares of common stock for this purpose at an aggregate cost of $0.3 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.
(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”).
(2) On October 24, 2024, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a stock repurchase program (the “Repurchase Program”).
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.
The New Repurchase Program will expire on October 22, 2027, unless terminated earlier by our Board and may be suspended or discontinued at any time. During fiscal year 2025 , we repurchased 7,264,299 shares of common stock under the Repurchase Program for an aggregate cost of $695.4 million.
During 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 .
During the fourth quarter of fiscal year 2025 , we repurchased 515,232 shares of common stock under the Repurchase Program for an aggregate cost of $47.5 million . During the fourth quarter of fiscal year 2025 , we repurchased 1,245,232 shares of common stock under the New Repurchase Program for an aggregate cost of $120.5 million .
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
Common Stock, S&P Composite-500 and S&P 500 Life Sciences Tools & Services Industry Index TOTAL RETURN TO SHAREHOLDERS (Includes reinvestment of dividends) 1/3/2021 1/2/2022 1/1/2023 12/31/2023 12/29/2024 12/28/2025 Revvity, Inc. $ 100.00 $ 140.37 $ 98.08 $ 76.63 $ 78.72 $ 68.20 S&P 500 Index $ 100.00 $ 128.71 $ 105.40 $ 133.10 $ 166.40 $ 196.16 S&P 500 Life Sciences Tools & Services Industry Index $ 100.00 $ 138.73 $ 106.95 $ 103.66 $ 100.04 $ 105.15

Item 7. Management's Discussion & Analysis

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

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Biggest changeThe variation in our effective tax rate from the statutory tax rate for fiscal year 2023 was primarily the result of a favorable ruling from a foreign tax authority of approximately $15.2 million, a prior year true-up related to the tax on foreign earnings of approximately $7.0 million, and a benefit for the state tax rate change on deferred taxes of $12.8 million, which were partially offset by an increase in tax reserves of approximately $33.2 million in respect of unfavorable developments with respect to an uncertain tax position with a foreign tax authority that was partially related to continuing operations.
Biggest changeThe variation in our effective tax rate from the statutory tax 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 .
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.
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 selection of discount rate, impairment charges may be incurred in the future.
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.
We corroborate the income approach with a market approach. 35 Table of Contents 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 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.
The analysis in the remainder of this paragraph compares segment revenue for fiscal year 2025 as compared to fiscal year 2024 and includes the effect of foreign exchange rate fluctuations.
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.
On October 23, 2025, 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.
The cash provided by operating activities for fiscal year 2024 was principally a result of income from continuing operations of $283.1 million, adjustments for non-cash charges aggregating to $400.2 million, including depreciation and amortization of $427.8 million, and a net cash decrease in working capital of $18.3 million.
The cash provided by operating activities for fiscal year 2024 was principally a result of income from continuing operations of $283.1 million, adjustments for 33 Table of Contents non-cash charges aggregating to $400.2 million, including depreciation and amortization of $427.8 million, and a net cash decrease from changes in working capital of $18.3 million. Investing Activities.
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.
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 28, 2025, we may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $75.3 million.
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.
On January 26, 2026, we announced that our Board had declared a quarterly dividend of $0.07 per share for the first quarter of fiscal year 2026 that will be payable in May 2026.
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 2024 Compared to Fiscal Year 2023 For a discussion of our results of operations for fiscal year 2024 as compared to fiscal year 2023, 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 29, 2024 filed with the Securities and Exchange Commission on February 25, 2025.
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 2024 Compared to Fiscal Year 2023 For a discussion of our results of operations for fiscal year 2024 as compared to fiscal year 2023, 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 29, 2024 filed with the Securities and Exchange Commission on February 25, 2025.
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 2024 Compared to Fiscal Year 2023 For a discussion of our results of operations for fiscal year 2024 as compared to fiscal year 2023, 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 29, 2024 filed with the Securities and Exchange Commission on February 25, 2025.
The income approach is sensitive to changes in revenue growth rates and the discount rates. As of the November 1, 2024 impairment testing, the fair value of each of our reporting units substantially exceeded the respective carrying value of each reporting unit with the exception of the Life Sciences reporting unit.
The income approach is sensitive to changes in revenue growth rates and the discount rates. As of the November 3, 2025 impairment testing, the fair value of each of our reporting units substantially exceeded the respective carrying value of each reporting unit with the exception of the Life Sciences Solutions reporting unit.
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.
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. Capital Expenditures We project an increase in capital expenditures in fiscal year 2026 relative to fiscal year 2025.
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.
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 28, 2025 (“fiscal year 2025”), December 29, 2024 (“fiscal year 2024”) and December 31, 2023 (“fiscal year 2023”) included 52 weeks.
We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
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.
The cash used in financing activities during fiscal year 2025 was partially offset by proceeds from the issuance of common stock under our stock plans of $2.9 million during fiscal year 2025, as compared to $7.7 million in fiscal year 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.
A more complete discussion of our liquidity is set forth below under the heading “Liquidity and Capital Resources.” 31 Table of Contents Provision for Income Taxes Our effective tax rates were 10.6% and 10.5% for fiscal years 2025 and 2024, respectively.
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.
At December 28, 2025, we had accrued $7.8 million for a dividend declared in October 2025 for the fourth quarter of fiscal year 2025 that was paid in February 2026.
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.
Rebranding costs were $6.2 million for fiscal year 2024. Stock compensation expense related to awards given to BioLegend employees 30 Table of Contents post-acquisition added an incremental expense of $0.6 million for fiscal year 2024. Amortization of intangible assets was $141.1 million for fiscal year 2025, as compared to $144.4 million for fiscal year 2024.
The Life Sciences reporting unit, which had a goodwill balance of $4,332.5 million at December 29, 2024, had a fair value that exceeded its carrying value by more than 10% but less than 20% as of the November 1, 2024 impairment testing date.
The Life Sciences Solutions reporting unit, which had a goodwill balance of $4.5 billion at December 28, 2025, had a fair value that exceeded its carrying value by more than 10% but less than 20% as of the November 3, 2025 impairment testing date.
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 maximum earnout period for acquisitions with open contingency periods is 5.9 years from December 28, 2025, and the remaining weighted average expected earnout period at December 28, 2025 was 3.7 years.
Treasury securities and utilized those proceeds to partially repay the outstanding 2024 Notes. In addition, o n January 7, 2025, our prior senior unsecured revolving credit facility was cancelled and replaced with a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $1.5 billion available through January 7, 2030.
In addition, o n January 7, 2025, our prior senior unsecured revolving credit facility was cancelled and replaced with a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $1.5 billion available through January 7, 2030.
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.
Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, were $3.8 million for fiscal year 2025. 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, were $16.3 million for fiscal year 2024.
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.
We paid $3.8 million for acquisition-related contingent consideration during fiscal year 2025, as compared to $8.8 million in fiscal year 2024.
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.
The New Repurchase Program will expire on October 22, 2027 unless terminated earlier by our Board and may be suspended or discontinued at any time. During fiscal year 2025, we repurchased 7,264,299 shares of common stock under the Repurchase Program for an aggregate cost of $695.4 million.
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”).
On October 24, 2024, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a stock repurchase program (the “Repurchase Program”).
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.
As of December 28, 2025, we have recorded contingent consideration obligations of $17.9 million, of which $0.4 million was recorded in accrued expenses and other current liabilities, and $17.5 million was recorded in long-term liabilities.
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.
Other Potential Liquidity Considerations At December 28, 2025, we had cash and cash equivalents of $919.9 million, of which $463.0 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 34 Table of Contents facility.
Interest expense decreased primarily due to lower debt balance as a result of the repayment of senior unsecured notes that matured in September 2023 and September 2024.
Interest expense was lower for the fiscal year 2025 as compared to prior year primarily due to a lower debt balance as a result of the repayment of senior unsecured notes that matured in September 2024.
We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, acquisitions, interest payments on our debt and dividends on our common stock, for the foreseeable future, including at least the next 12 mo nths. The sale of the Business generated approximately $2.27 billion in cash proceeds.
We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, acquisitions, interest payments on our debt and dividends on our common stock, for the foreseeable future, including at least the next 12 mo nths. Cash Flows Fiscal Year 2025 Compared to Fiscal Year 2024 Operating Activities.
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.
Overview of Fiscal Year 2025 Our overall revenue in fiscal year 2025 increased by $101.1 million, or 4%, as compared to fiscal year 2024, reflecting an increase of $68.5 million, or 5%, in Diagnostics segment revenue and an increase of $32.5 million, or 2%, in Life Sciences segment revenue.
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% .
Fiscal Year 2024 Compared to Fiscal Year 2023 For a discussion of our results of operations for fiscal year 2024 as compared to fiscal year 2023, 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 29, 2024 filed with the Securities and Exchange Commission on February 25, 2025. 32 Table of Contents Reporting Segment Results Life Sciences Fiscal Year 2025 Compared to Fiscal Year 2024 Revenue for fiscal year 2025 was $1,431.1 million, as compared to $1,398.6 million for fiscal year 2024, an increase of $32.5 million, or 2% , which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates.
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.
Purchase accounting adjustments decreased expenses by $0.5 million for fiscal year 2025, as compared to $1.7 million for fiscal year 2024, which primarily consisted of a change in fair value of contingent consideration.
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.
The cash provided by operating activities for fiscal year 2025 was principally a result of income from continuing operations of $239.9 million, adjustments for non-cash charges aggregating to $445.9 million, including depreciation and amortization of $405.3 million, and a net cash decrease from changes in working capital of $96.8 million, primarily due to timing of collections in China during fiscal year 2025.
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.
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.
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.
Life Sciences segment revenue was $1,431.1 million for fiscal year 2025, as compared to $1,398.6 million for fiscal year 2024, an increase of $32.5 million, or 2%, driven by an increase of $35.6 million in Software revenue, partially offset by a decrease of $3.1 million in Life Sciences Solutions revenue.
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.
Dividends Our Board of Directors (our “Board”) declared a regular quarterly cash dividend of $0.07 per share in each quarter of fiscal years 2025, 2024 and 2023, resulting in an annual dividend rate of $0.28 per share.
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 2025, we repurchased 1,245,232 shares of common stock under the New Repurchase Program for an aggregate cost of $120.5 million. As of December 28, 2025, $879.5 million remained available for aggregate repurchases of shares under the New Repurchase Program.
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.
Diagnostics Fiscal Year 2025 Compared to Fiscal Year 2024 Revenue for fiscal year 2025 was $1,424.9 million, as compared to $1,356.4 million for fiscal year 2024, an increase of $68.5 million, or 5%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates.
This change was applied prospectively and therefore, we performed our annual impairment testing for our reporting units for fiscal year 2024 as of January 1, 2024 and November 1, 2024. We have identified six reporting units and consistently emplo y the income approach to estimate the current fair value when testing for impairment of goodwill.
O ur annual goodwill impairment testing date is the later of November 1 or the first day of our eleventh fiscal month of each fiscal year. We have identified six reporting units and consistently emplo y the income approach to estimate the current fair value when testing for impairment of goodwill.
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.
As a percentage of revenue, cost of revenue increased to 45.2% in fiscal year 2025 from 44.2% in fiscal year 2024, resulting in a decrease in gross margin of approximately 104 basis points to 54.8% in fiscal year 2025 from 55.8% in fiscal year 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates and product mix shift, partially offset by the completion of product rebranding efforts in fiscal year 2024.
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.
Interest and Other Expense, Net Interest and other expense, net, consisted of the following for the fiscal years ended: December 28, 2025 December 29, 2024 (In thousands) Interest income $ (31,103) $ (73,190) Interest expense 92,185 96,278 Change in fair value of investments 11,456 (7,958) Other components of net periodic pension cost 871 8,508 Foreign exchange losses and other expense, net 14,949 6,977 Total interest and other expense, net $ 88,358 $ 30,615 The decrease in interest income for the fiscal year 2025 as compared to the fiscal year 2024 was primarily due to a decrease in marketable securities and short-term investments.
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.
Net cash used in the investing activities of our continuing operations was $73.6 million for fiscal year 2025, as compared to net cash provided by investing activities of $619.3 million for fiscal year 2024, a decrease of $692.9 million primarily due to the proceeds from the maturity of U.S. treasury securities of $710.0 million d uring fiscal year 2024.
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%.
Consolidated Results of Operations Fiscal Year 2025 Compared to Fiscal Year 2024 Revenue Revenue for fiscal year 2025 was $2,856.1 million, as compared to $2,755.0 million for fiscal year 2024, an increase of $101.1 million, or 4%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates.
The increase in Diagnostics segment revenue was primarily driven by increased demand in our immunodiagnostics and reproductive health businesses, partially offset by a decrease in revenue from our applied genomics business.
The increase in our Diagnostics segment revenue was driven by both our Immunodiagnostics and Reproductive Health businesses. The increase in our Life Sciences segment revenue was driven by our Software business.
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, selling, general and administrative expenses decreased to 34.7% in fiscal year 2025 from 36.1% in fiscal year 2024. Amortization of intangible assets decreased and was $194.5 million for fiscal year 2025, as compared to $215.0 million for fiscal year 2024.
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.
Our consolidated gross margin decreased 104 basis points in fiscal year 2025, as compared to fiscal year 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift, partially offset by the completion of product rebranding efforts in fiscal year 2024.
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.
Diagnostics segment revenue for fiscal year 2025 was $1,424.9 million, as compared to $1,356.4 million for fiscal year 2024, an increase of $68.5 million, or 5%, due to an increase of $41.3 million in Immunodiagnostics revenue and an increase of $27.2 million in Reproductive Health revenue.
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.
The increase in research and development expenses was primarily driven by unfavorable changes in foreign exchange rates and our investments in new product development. Stock compensation expense related to awards given to BioLegend employees post-acquisition was $2.2 million for fiscal year 2024.
The cash provided by investing activities during fiscal year 2024 was partially offset by net 32 Table of Contents cash used for capital expenditures of $86.6 million, as compared to $81.4 million for fiscal year 2023.
During the fiscal year 2025, net cash used for capital expenditures was $73.5 million , as compared to $86.6 million for fiscal year 2024 . During fiscal year 2025 , purchases of investments and notes receivables were $0.4 million , as compared to $6.6 million for fiscal year 2024. Financing Activities.
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.
Net cash used in financing activities was $857.5 million for fiscal year 2025, as compared to $1,128.2 million for fiscal year 2024, a decrease of $270.7 million. During fiscal year 2025, we repurchased shares of our common stock for a total cost of $820.8 million, as compared to $369.6 million in fiscal year 2024.
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.
We paid $32.8 million in dividends for fiscal year 2025, as compared to $34.5 million in fiscal year 2024. During fiscal year 2025, we made net payments of $3.0 million on debts, as compared to $723.1 million during fiscal year 2024.
As a percentage of revenue, research and development expenses decreased to 7.1% in fiscal year 2024 from 7.9% in fiscal year 2023.
Research and Development Expenses Research and development expenses for fiscal year 2025 were $215.8 million, as compared to $196.8 million for fiscal year 2024, an increase of $19.0 million, or 10%. As a percentage of revenue, research and development expenses increased to 7.6% in fiscal year 2025 from 7.1% in fiscal year 2024.
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.
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. We recorded the applicable taxes associated with the future remittance of undistributed foreign earnings previously taxed at the U.S. federal level and/or that would be claimed for a dividend received deduction if repatriated.
Segment operating margin decreased 214 basis points in fiscal year 2024, as compared to fiscal year 2023, primarily due to lower volume and continued investments in new product development, digital capabilities and growth initiatives, partially offset by pricing actions and productivity initiatives.
Segment operating margin decreased 139 basis points to 32.0% in fiscal year 2025, as compared to 33.4% in fiscal year 2024, primarily due to unfavorable changes in volume leverage and foreign exchange rates, product mix shifts and investments in new product development and digital capabilities.
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%.
The increase in our Diagnostics segment revenue dur ing fiscal year 2025 was due to an increase of $41.3 million in immunodiagnostics revenue and an increase of $27.2 million in reproductive health revenue. Segment operating income for fiscal year 2025 was $344.2 million, as compared to $353.9 million for fiscal year 2024, a decrease of $9.8 million, or 3%.
The above decreases were partially offset by an increase in asset impairments, which added an incremental expense of $22.8 million for fiscal year 2024. Significant litigation matters and settlements added an incremental expense of $7.8 million for fiscal year 2024 and were minimal for fiscal year 2023.
Costs for significant environmental matters decreased expenses by $1.2 million for fiscal year 2025. Asset impairment was $22.8 million for fiscal year 2024. The above decreases were partially offset by an increase in restructuring and other costs, net, which was $55.9 million for fiscal year 2025, as compared to $17.5 million for fiscal year 2024.
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.
Net cash provided by continuing operations was $589.0 million for fiscal year 2025, as compared to $665.0 million for fiscal year 2024, a decrease of $76.0 million.
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.
The increase in our Life Sciences segment revenue was driven by an increase of $35.6 million in Software revenue, partially offset by a decrease of $3.1 million in Life Sciences Solutions revenue. Segment operating income for fiscal year 2025 was $458.3 million, as compared to $467.3 million for fiscal year 2024, a decrease of $9.0 million, or 2%.
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.
We believe the following critical accounting policies affect our more significant judgments and estimates used in preparation of our consolidated financial statements. 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.
We adopted Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during fiscal year 2024 and have included the additional disclosures related to the reportable segments in Note 21, Industry Segment and Geographic Area Information, in the Notes to Consolidated Financial Statements .
We adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) during fiscal year 2025 and have applied the guidance on a prospective basis, as disclosed in Note 6, Income Taxes, in the Notes to Consolidated Financial Statements . The adoption did not have a material impact on the financial statements.
Segment operating income for fiscal year 2024 was $372.4 million, as compared to $320.1 million for fiscal year 2023, an increase of $52.3 million, or 16%. Segment operating margin increased 286 basis points in fiscal year 2024, as compared to fiscal year 2023, primarily due to higher v olume, productivity initiatives, and cost containment.
Cost of Revenue Cost of revenue for fiscal year 2025 was $1,291.7 million, as compared to $1,217.4 million for fiscal year 2024, an increase of approximately $74.3 million, or 6%.
Removed
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.
Added
The fiscal year ending January 3, 2027 (“fiscal year 2026”) will include 53 weeks.
Removed
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.
Added
Our consolidated operating margin decreased 10 basis points in fiscal year 2025, as compared to fiscal year 2024, due to gross margin headwinds, as discussed above , partially offset by productivity and cost containment initiatives.
Removed
As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $0.8 million of revenue for each of the fiscal years 2024 and 2023 that otherwise would have been recorded by the acquired businesses during each of the respective periods. 28 Table of Contents Cost of Revenue Cost of revenue for fiscal year 2024 was $1,217.4 million, as compared to $1,210.9 million for fiscal year 2023, an increase of approximately $6.5 million, or 1%.
Added
Tariffs enacted and implemented during fiscal year 2025 increased our cost of revenue by approximately $25 million. Through proactive mitigation efforts, the net impact on gross margin was approximately $20 million. The majority of this impact affected products manufactured in Europe and sold in the U.S. market.
Removed
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.
Added
Our comprehensive mitigation strategy included manufacturing optimization, supplier collaboration, selective pricing adjustments, and targeted temporary cost measures to minimize ongoing financial exposure. Selling, G eneral and Administrative Expenses Selling, general and administrative expenses for fiscal year 2025 were $991.9 million, as compared to $994.1 million for fiscal year 2024, a decrease of $2.2 million, or less than 1%.
Removed
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%.
Added
Restructuring and other costs, net in fiscal year 2025 primarily included charges associated with workforce reductions and facility consolidations in an effort to streamline operations, other exit costs, abandonments or associated asset write-downs, costs of terminating certain lease agreements or contracts, as well as costs associated with relocating facilities.
Removed
Change in fair value of investments resulted in income of $8.0 million in fiscal year 2024 as compared to expense of $33.9 million in fiscal year 2023 primarily due to the fluctuation in share price of investments in marketable securities, partially offset by fair value changes in notes receivables and other investments.
Added
In fiscal year 2025, severance actions associated with facility consolidations and cost reduction measures affected approximately 5% of our workforce. S ignificant litigation matters and settlements was $12.2 million for fiscal year 2025 , as compared to $7.8 million for fiscal year 2024 . Transformation costs were $9.3 million for fiscal year 2025 .
Removed
Other components of net periodic pension cost decreased primarily due to increases in applicable discount rates.
Added
Excluding the items noted above, selling, general and administrative expenses increased slightly due to unfavorable changes in foreign exchange rates and investments in digital capabilities and innovation mostly o ffset by lower long-term incentive compensation costs, cost control and productivity initiatives.
Removed
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.
Added
The variation in our effective tax rate from the statutory rate for fiscal year 2025 was primarily impacted by federal tax credits of $24.0 million, and the net benefits of U.S. international tax regimes of $6.6 million, partially offset by $2.7 million of other items.
Removed
A 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.
Added
Segment operating margin decreased 194 basis points to 24.2% in fiscal year 2025, as compared to 26.1% in fiscal year 2024, primari ly due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift due to China diagnostic testing policy changes.

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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 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.
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 28, 2025. We believe that we do not have any material exposure of interest rate risk. 38 Table of Contents
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.
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 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 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.
We do not enter into derivative contracts for trading or other speculative purposes, nor do we use leveraged financial instruments. 36 Table of Contents 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 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.
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.
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.
As of December 28, 2025, 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 losses (gains) recorded in AOCI related to the ne t investment hedge were $67.6 million , $(31.7) million and $19.5 million during the fiscal years 2025, 2024 and 2023, respectively.
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.
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 28, 2025.
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.
As of December 28, 2025, 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 $2.7 million. This Value-At-Risk measure is consistent with our financial statement disclosures relative to our foreign currency hedging program.
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.
We held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $598.4 million at December 28, 2025 and $409.8 million at December 29, 2024, 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.
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.
Our cash and cash equivalents, for which we receive interest at variable rates, were $919.9 million at December 28, 2025. Fluctuations in interest rates can therefore have a direct impact on both our short-term cash flows, as they relate to interest income, and our earnings.
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.
Specifically, during each of the four quarters ended in fiscal year 2025, the Value-At-Risk ranged between $1.6 million and $2.7 million, with an average of approximately $2.0 million. 37 Table of Contents Interest Rate Risk. Our debt portfolio is primarily comprised of fixed interest debt.
Removed
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

Other RVTY 10-K year-over-year comparisons