Revvity, Inc.

Q2 pro forma total revenue was $711 million, up 3% organically; Diagnostics revenue was $352 million, up 12% reported and 11% organically; Life Sciences revenue was $359 million, down 2% reported and 3% organically. Pro forma adjusted operating margin was 29.3%, adjusted net interest and other expense was $22 million, the adjusted tax rate was 16%, free cash flow was $184 million, and adjusted EPS was $1.41. For the full year, Revvity now expects pro forma organic growth of 4% to 5%, revenue of $2.83 billion to $2.86 billion, adjusted operating margin of about 28.7%, adjusted tax rate of about 18%, and adjusted EPS of $5.30 to $5.40. For Q3, the company guided to 4% to 6% organic growth, revenue of $685 million to $700 million, and about 29% adjusted operating margin.

Prahlad Singh struck an upbeat tone, saying the quarter reflected Diagnostics resilience, improving pharma and biotech demand, and growing AI-related customer activity. He emphasized that Revvity is well positioned for a “Lab-in-the-Loop” workflow world because its instruments, reagents and Signals software help generate, validate and structure the biological data AI-driven discovery still needs. He also framed the China immunodiagnostics divestiture as a deliberate strategic move to focus on higher-return end markets and said the company is increasingly optimistic about the second half.

Max Krakowiak highlighted that the company outperformed despite excluding the China immunodiagnostics business from pro forma results, with $711 million of revenue, 29.3% adjusted operating margin, and $1.41 adjusted EPS in the quarter. He said roughly half of EPS upside came from $16 million of tariff refunds, about one-third from a lower 16% tax rate that should reverse in Q4, and the rest from stronger revenue and margins. He also noted $184 million of free cash flow, 117% conversion of adjusted net income, net debt-to-adjusted EBITDA of 2.5x, and that after retiring a EUR 500 million note in July, gross leverage should end the year below 3x.

Analysts focused on the strength of Life Sciences backlog, the visibility of high-content screening orders, and whether AI-driven demand is changing the medium-term outlook. Management said the strongest backlog in three to four years is being driven by large instrument orders, including OptIQ, and by reagent orders tied to screening workflows that will ship in Q3. On software, management said Signals should return to strong double-digit growth in the second half as renewals and new products such as Signals AI, the Anthropic connector, and LabGistics roll out, while also noting it is still too early to size the AI opportunity. Questions on reproductive health and newborn screening were met with commentary that the second-half slowdown was already assumed, mainly because of Genomics England comps and a heavier first-half instrument cycle.