Revvity : First Quarter 2026 Non-GAAP Reconciliations
RVTY
Published on 05/05/2026 at 06:17 am EDT
Revvity Revvity (In millions, except percentages) Three Months Ended April 5, 2026 Three Months Ended March 30, 2025
As Reported
Pro Forma
As Reported
Pro Forma
Revenue
$ 711.1
$ 686.9
$ 664.8
$ 628.7
Adjusted gross margin:
Gross margin
$ 387.7
54.5 %
$ 377.7
55.0 %
$ 375.5
56.5 %
$ 357.3
56.8 %
Amortization of intangible assets
35.0
4.9 %
35.0
5.1 %
34.4
5.2 %
34.4
5.5 %
Purchase accounting adjustments
0.1
0.0 %
0.1
0.0 %
0.1
0.0 %
0.1
0.0 %
Adjusted gross margin
$ 422.8
59.5 %
$ 412.8
60.1 %
$ 410.0
61.7 %
$ 391.8
62.3 %
Adjusted SG&A:
SG&A
$ 253.9
35.7 %
$ 239.8
34.9 %
$ 249.7
37.6 %
$ 283.7
45.1 %
Amortization of intangible assets
(50.1)
(7.0)%
(43.7)
(6.4)%
(48.3)
(7.3)%
(43.0)
(6.8)%
Purchase accounting adjustments
0.1
- %
0.1
- %
0.4
0.1 %
0.4
0.1 %
Acquisition and divestiture-related costs
(0.3)
- %
(0.3)
- %
(2.5)
(0.4)%
(2.5)
(0.4)%
Transformation costs
(0.8)
(0.1)%
(0.8)
(0.1)%
-
- %
-
- %
Loss on probable dispositions
-
- %
-
- %
-
- %
(46.6)
(7.4)%
Significant litigation matters and settlements
(0.1)
- %
(0.1)
- %
(10.6)
(1.6)%
(10.6)
(1.7)%
Significant environmental matters
-
- %
-
- %
1.2
0.2 %
1.2
0.2 %
Disposition of businesses and assets, net
5.1
0.7 %
5.1
0.7 %
-
- %
-
- %
Restructuring and other
(10.7)
(1.5)%
(10.0)
(1.5)%
(3.2)
(0.5)%
(3.2)
(0.5)%
Adjusted SG&A
$ 197.1
27.7 %
$ 190.1
27.7 %
$ 186.6
28.1 %
$ 179.4
28.5 %
Adjusted R&D:
R&D
$ 57.9
8.1 %
$ 57.9
8.4 %
$ 53.6
8.1 %
$ 53.6
8.5 %
Purchase accounting adjustments
(0.1)
- %
(0.1)
- %
(0.1)
0.0 %
(0.1)
0.0 %
Adjusted R&D
$ 57.8
8.1 %
$ 57.8
8.4 %
$ 53.5
8.0 %
$ 53.5
8.5 %
(1) amounts may not sum due to rounding
Revvity Revvity (In millions, except percentages) Three Months Ended April 5, 2026 Three Months Ended March 30, 2025
As Reported
Pro Forma
As Reported
Pro Forma
Adjusted operating income:
Operating income
$ 75.9
10.7 %
$ 80.1
11.7 %
$ 72.2
10.9 %
$ 20.0
3.2 %
Amortization of intangible assets
85.1
12.0 %
78.7
11.5 %
82.7
12.4 %
77.3
12.3 %
Purchase accounting adjustments
0.1
0.0 %
0.1
0.0 %
(0.2)
0.0 %
(0.2)
0.0 %
Acquisition and divestiture-related costs
0.3
- %
0.3
- %
2.5
0.4 %
2.5
0.4 %
Disposition of businesses and assets, net
(5.1)
(0.7)%
(5.1)
(0.7)%
-
- %
-
- %
Transformation costs
0.8
0.1 %
0.8
0.1 %
-
- %
-
- %
Loss on probable dispositions
-
- %
-
- %
-
- %
46.6
7.4 %
Significant litigation matters and settlements
0.1
- %
0.1
- %
10.6
1.6 %
10.6
1.7 %
Significant environmental matters
-
- %
-
- %
(1.2)
(0.2)%
(1.2)
(0.2)%
Restructuring and other
10.7
1.5 %
10.0
1.5 %
3.2
0.5 %
3.2
0.5 %
Adjusted operating income
$ 167.9
23.6 %
$ 165.0
24.0 %
$ 169.9
25.6 %
$ 159.0
25.3 %
Adjusted net interest and other expense:
Net interest and other expense
$ 25.9
3.6 %
$ 25.2
3.7 %
$ 19.8
3.0 %
$ 19.3
3.1 %
Less: divestiture-related interest income
-
- %
-
- %
(0.5)
(0.1)%
(0.5)
(0.1)%
Less: mark to market on post-retirement benefits
(1.7)
(0.2)%
(1.7)
(0.3)%
5.0
0.7 %
5.0
0.8 %
Less: change in fair value of investments
4.2
0.6 %
4.2
0.6 %
(3.1)
(0.5)%
(3.1)
(0.5)%
Less disposition related FX net loss
0.1
- %
0.1
- %
-
- %
-
- %
Adjusted net interest and other expense
$ 23.3
3.3 %
$ 22.6
3.3 %
$ 18.4
2.8 %
$ 17.9
2.8 %
(1) amounts may not sum due to rounding
Revvity Revvity (In millions, except percentages) Three Months Ended April 5, 2026 Three Months Ended March 30, 2025
Adjusted EPS:
GAAP EPS
$ 0.36
$ 0.40
$ 0.35
$ (0.13)
Discontinued operations, net of income taxes
(0.00)
(0.00)
0.00
0.00
GAAP EPS from continuing operations
0.37
0.40
0.35
(0.13)
Amortization of intangible assets
0.76
0.70
0.69
0.64
Purchase accounting adjustments
-
-
(0.00)
(0.00)
Acquisition and divestiture-related costs
-
-
0.02
0.02
Transformation costs
0.01
0.01
-
-
Change in fair value of investments
0.04
0.04
(0.03)
(0.03)
Loss on probable dispositions
-
-
-
0.39
Significant litigation matters and settlements
-
-
0.09
0.09
Significant environmental matters
-
-
(0.01)
(0.01)
Disposition of businesses and assets, net
(0.05)
(0.05)
0.00
0.00
Mark to market on post-retirement benefits
(0.02)
(0.02)
0.04
0.04
Restructuring and other
0.10
0.09
0.03
0.03
Tax on above items
(0.16)
(0.14)
(0.16)
(0.08)
Adjusted EPS
$ 1.06
$ 1.04
$ 1.01
$ 0.95
(1) amounts may not sum due to rounding
Revvity, Inc. and Subsidiaries
RECONCILIATION OF GAAP TAX RATE TO ADJUSTED TAX RATE (1)
As Reported
Three Months Ended April 5, 2026
Continuing Operations
$ 50.0
9.1
Non-GAAP
Adjusting Items
$ 94.6
17.4
Adjusted Continuing Operations
$ 144.6
26.5
$ 40.9
$ 77.2
$ 118.1
18.2%
18.3%
Pro Forma
Three Months Ended April 5, 2026
Continuing Operations
$ 54.9
9.6
Non-GAAP
Adjusting Items
$ 87.5
16.1
Adjusted Continuing Operations
$ 142.4
25.7
$ 45.3
$ 71.4
$ 116.7
17.5%
18.0%
(In millions, except tax rates)
Income before income taxes Provision for income taxes Net income
Tax rate
(1) amounts may not sum due to rounding
Continuing Operations
Three Months Ended April 5, 2026
7%
3%
1%
3%
-2%
6%
Revenue growth from continuing operations Less: effect of foreign exchange rates
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses
Organic revenue growth from continuing operations Less: effect of probable dispositions
Life Sciences
Three Months Ended April 5, 2026
6%
2%
2%
3%
0%
3%
Pro forma organic revenue growth from continuing operations
Revenue growth from continuing operations Less: effect of foreign exchange rates
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses
Organic revenue growth from continuing operations Less: effect of probable dispositions
Diagnostics
Three Months Ended April 5, 2026
8%
4%
0%
4%
-5%
9%
Pro forma organic revenue growth from continuing operations
Revenue growth from continuing operations Less: effect of foreign exchange rates
Less: effect of acquisitions including purchase accounting adjustments and impact of divested businesses
Organic revenue growth from continuing operations Less: effect of probable dispositions
Pro forma organic revenue growth from continuing operations
(1) amounts may not sum due to rounding
Revvity, Inc. and Subsidiaries
NET DEBT TO ADJUSTED EBITDA RATIO (1)
Revvity
Twelve Months Trailing
April 5, 2026
$ 239.1
26.8
0.8
1.8
(5.1)
18.7
(12.8)
63.4
1.7
10.1
23.8
66.6
75.0
338.0
$ 847.9
Net income from continuing operations
Income taxes
Purchase accounting adjustments
Acquisition and divestiture-related costs
Disposition of businesses and assets, net
Change in fair value of investments
Mark to market on post-retirement benefits
Restructuring and other, net
Significant litigation matters and settlements
Transformation costs
Stock-based compensation
Interest expense, net
Depreciation
Amortization of intangible assets
Adjusted EBITDA
Cash and cash equivalents as of April 5, 2026 Gross debt as of April 5, 2026
Net debt as of April 5, 2026
Net Debt to adjusted EBITDA Ratio
(1) amounts may not sum due to rounding
$ 860.3
3,207.9
$ 2,347.6
2.8 times
Revvity, Inc. and Subsidiaries
FREE CASH FLOW AS A PERCENT OF ADJUSTED NET INCOME (1)
Revvity
Three Months Ended
April 5, 2026
$ 125.9
(19.8)
9.0
115.1
40.9
85.1
(1.7)
0.1
0.3
(5.1)
0.8
0.1
0.1
10.7
4.2
(17.4)
$ 118.1
Free cash flow
Net cash provided by operating activities of continuing operations
Less capital expenditures
Add proceeds from dispositions of property, plant and equipment
Free cash flow from continuing operations
Income from continuing operations
Amortization of intangible assets
Mark to market on post-retirement benefits
Purchase accounting adjustments
Acquisition and divestiture-related costs
Disposition of businesses and assets, net
Transformation costs
Acquisition and divestiture-related costs - acquisition-related FX
Significant litigation matters and settlements
Restructuring and other, net
Change in fair value of investments
Tax on above items
Adjusted net income
(1) amounts may not sum due to rounding
We report our financial results in accordance with GAAP. However, management believes that, in order to more fully understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash, non-recurring or other items, which result from facts and circumstances that vary in frequency and impact on continuing operations. Accordingly, we present non-GAAP financial measures as a supplement to the financial measures we present in accordance with GAAP. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by adjusting for certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management's ability to make useful forecasts. Management believes these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.
We use the term "organic revenue" to refer to GAAP revenue, excluding the effect of foreign currency changes and revenue from recent acquisitions, divestitures and including purchase accounting adjustments for revenue from contracts acquired in acquisitions that will not be fully recognized due to accounting rules. We use the related term "organic revenue growth" or "organic growth" to refer to the measure of comparing current period organic revenue with the corresponding period of the prior year.
We use the term "adjusted gross margin" to refer to GAAP gross margin, excluding amortization of intangible assets and inventory fair value adjustments related to business acquisitions and asset impairments. We use the related term "adjusted gross margin percentage" to refer to adjusted gross margin as a percentage of revenue.
We use the term "adjusted SG&A expense" to refer to GAAP SG&A expense, excluding amortization of intangible assets, purchase accounting adjustments, acquisition and divestiture-related expenses, transformation costs, significant litigation matters and settlements, asset impairments, significant environmental charges, and restructuring and other charges. We use the related term "adjusted SG&A percentage" to refer to adjusted
SG&A expense as a percentage of revenue.
We use the term "adjusted R&D expense" to refer to GAAP R&D expense, excluding amortization of intangible assets and purchase accounting adjustments. We use the related term "adjusted R&D percentage" to refer to adjusted R&D expense as a percentage of revenue.
We use the term "adjusted net interest and other expense" to refer to GAAP net interest and other expense, excluding adjustments for mark-to-market accounting on post-retirement benefits, changes in foreign exchange and interest associated with acquisitions and divestitures, changes in the value of investments and debt extinguishment costs.
We use the term "adjusted operating income" to refer to GAAP operating income, excluding amortization of intangible assets, purchase accounting adjustments, acquisition and divestiture-related expenses, transformation costs, significant litigation matters and settlements, significant environmental charges, asset impairments, and restructuring and other charges. We use the related terms "adjusted operating profit percentage," "adjusted operating profit margin," and "adjusted operating margin" to refer to adjusted operating income as a percentage of revenue.
We use the term "free cash flow" to refer to net cash provided by (used in) operating activities of continuing operations, less payments for additions to property, plant and equipment from continuing operations ("capital
expenditures") plus the proceeds from sales of plant, property and equipment from continuing operations ("capital disposals").
We use the term "adjusted net income" to refer to GAAP income from continuing operations, excluding amortization of intangible assets, debt extinguishment costs, purchase accounting adjustments, acquisition and divestiture-related expenses, transformation costs, significant litigation matters and settlements, significant environmental charges, changes in the value of investments, disposition of businesses and assets, net, changes in foreign exchange and interest associated with acquisitions and divestitures, asset impairments and restructuring and other charges. We also exclude adjustments for mark-to-market accounting on post-retirement benefits, therefore only our projected costs have been used to calculate this non-GAAP measure. We also adjust for any tax impact related to the above items and exclude the impact of significant tax events.
We use the term "adjusted earnings per share from continuing operations," "adjusted earnings per share," "adjusted EPS," or "adjusted EPS from continuing operations" to refer to GAAP earnings per share from continuing operations, excluding amortization of intangible assets, debt extinguishment costs, purchase accounting adjustments, acquisition and divestiture-related expenses, transformation costs, significant litigation matters and settlements, significant environmental charges, changes in the value of investments, disposition of businesses and assets, net, changes in foreign exchange and interest associated with acquisitions and divestitures, asset impairments and restructuring and other charges. We also exclude adjustments for mark-to market accounting on post-retirement benefits, therefore only our projected costs have been used to calculate this non-GAAP measure. We also adjust for any tax impact related to the above items and exclude the impact of significant tax events.
We use the term "pro forma revenue" to refer to GAAP revenue, excluding revenue from probable dispositions.
We use the term "pro forma organic revenue" to refer to organic revenue excluding revenue from probable dispositions. We use the related term "pro forma organic revenue growth", "pro forma organic revenue growth from continuing operations" or "pro forma organic growth" to refer to the measure of comparing current period pro forma organic revenue with the corresponding period of the prior year.
We use the term "pro forma revenue growth" to refer to GAAP revenue, excluding revenue from probable dispositions, compared to the proforma revenue with the corresponding period of the prior year.
We use the term "pro forma adjusted gross margin" to refer to adjusted gross margin, excluding gross margin from probable dispositions. We use the related term "pro forma adjusted gross margin percentage" to refer to pro forma adjusted gross margin as a percentage of pro forma revenue.
We use the term "pro forma adjusted SG&A expense" to refer to adjusted SG&A expense, excluding SG&A expense from probable dispositions and gains(losses) on sale of probable dispositions. We use the related term "pro forma adjusted SG&A percentage" to refer to pro forma adjusted SG&A expense as a percentage of pro forma revenue.
We use the term "pro forma adjusted R&D expense" to refer to adjusted R&D expense, excluding R&D expense from probable dispositions. We use the related term "pro forma adjusted R&D percentage" to refer to pro forma adjusted R&D expense as a percentage of pro forma revenue.
We use the term "pro forma adjusted net interest and other expense" to refer to adjusted net interest and other expense, excluding net interest and expense from probable dispositions.
We use the term "pro forma adjusted operating income" to refer to adjusted operating income, excluding operating income from probable dispositions. We use the related terms "pro forma adjusted operating profit percentage," "pro forma adjusted operating profit margin," and "pro forma adjusted operating margin" to refer to pro forma adjusted operating income as a percentage of pro forma revenue.
We use the term "pro forma adjusted earnings per share from continuing operations," "pro forma adjusted earnings per share," "pro forma adjusted EPS," or "pro forma adjusted EPS from continuing operations" to refer to adjusted earnings per share from continuing operations, excluding net income from probable dispositions and gains (losses) on sale of probable dispositions.
Management includes or excludes the effect of each of the items identified below in the applicable non-GAAP financial measure referenced above for the reasons set forth below with respect to that item:
Amortization of intangible assets-purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Accordingly, this item is not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.
Debt extinguishment costs-we incur costs and income related to the extinguishment of debt; including make-whole payments to debt holders, accelerated amortization of debt fees and discounts, and expense or income from hedges to lock in make-whole payments. We exclude the impact of these items from our non-GAAP measures because we believe they do not reflect the performance of our ongoing operations.
Purchase accounting adjustments-accounting rules require us to adjust various balance sheet accounts, including inventory, fixed assets, deferred revenue and deferred rent balances to fair value at the time of the acquisition. As a result, the expenses for these items in our GAAP results are not the same as what would have been recorded by the acquired entity. Accounting rules also require us to estimate the fair value of contingent consideration at the time of the acquisition, and any subsequent changes to the estimate or payment of the contingent consideration and purchase accounting adjustments are charged to expense or income. We exclude the impact of any changes to contingent consideration from our non-GAAP measures because we believe these expenses or benefits do not accurately reflect the performance of our ongoing operations for the period in which such expenses or benefits are recorded.
Acquisition and divestiture-related expenses-we incur legal, due diligence, stay bonuses, incentive awards, stock-based compensation, interest, foreign exchange gains and losses, integration expenses, rebranding expenses, and other costs related to acquisitions and divestitures. We exclude these expenses from our non-GAAP measures because we believe they do not reflect the performance of our ongoing operations.
Transformation costs-transformation costs consist of external professional service costs related to transformation initiatives focused on business processes modernization, automation, and implementation of global systems to support the new Revvity Business Model. These costs are determined to be noncapitalizable in accordance with accounting standards. Management does not believe such costs accurately reflect the performance of our ongoing operations for the period in which such costs are reported.
Asset impairments-we incur expenses related to asset impairments. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
Restructuring and other charges-restructuring and other charges consist of employee severance, other exit costs, abandonments or associated asset write-downs, cost of terminating certain lease agreements or contracts as well as costs associated with relocating facilities. Management does not believe such costs accurately reflect the performance of our ongoing operations for the period in which such costs are reported.
Adjustments for mark-to-market accounting on post-retirement benefits-we exclude adjustments for mark-to-market accounting on post-retirement benefits, and therefore only our projected costs are used to calculate our non-GAAP measures. We exclude these adjustments because they do not represent what we believe our investors consider to be costs of producing our products, investments in technology and production, and costs to support our internal operating structure.
Significant litigation matters and settlements-we incur expenses related to significant litigation matters, including the costs to settle or resolve various claims and legal proceedings. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
Significant environmental charges-we incur expenses related to significant environmental charges. Management does not believe such charges accurately reflect the performance of our ongoing operations for the periods in which such charges were incurred.
Disposition of businesses and assets, net-we exclude the impact of gains or losses from the disposition of businesses and assets from our adjusted earnings per share. Management does not believe such gains or losses accurately reflect the performance of our ongoing operations for the period in which such gains or losses are reported.
Impact of foreign currency changes on the current period-we exclude the impact of foreign currency associated with acquisitions and divestitures from these measures by using the prior period's foreign currency exchange rates for the current period because foreign currency exchange rates are subject to volatility and can obscure underlying trends.
Impact of significant tax events-we exclude the impact of significant tax events. Management does not believe the impact of significant tax events accurately reflects the performance of our ongoing operations for the periods in which the impact of such events was recorded.
Change in fair value of investments-we exclude the impact of changes in the value of investments. Management does not believe such gains or losses accurately reflect the performance of our ongoing operations for the period in which such gains or losses are reported.
# # #
The tax effect for discontinued operations is calculated based on the authoritative guidance in the Financial Accounting Standards Board's Accounting Standards Codification 740, Income Taxes. The tax effect for amortization of intangible assets, inventory fair value adjustments related to business acquisitions, changes to the fair values assigned to contingent consideration, debt extinguishment costs, other costs related to business acquisitions and divestitures, transformation costs, loss from probable dispositions, significant litigation matters and settlements, significant environmental charges, changes in the fair value of investments, adjustments for mark-to-market accounting on post-retirement benefits, disposition of businesses and assets, net, and restructuring and other charges is calculated based on operational results and a blended jurisdictional tax rate, which contemplates tax rates currently in effect to determine our tax provision. The tax effect for the impact from foreign currency exchange rates on the current period is calculated based on a blended jurisdictional tax rate currently in effect to determine our tax provision.
The non-GAAP financial measures described above are not meant to be considered superior to, or a substitute for, our financial statements prepared in accordance with GAAP. There are material limitations associated with non-GAAP financial measures because they exclude charges that have an effect on our reported results and, therefore, should not be relied upon as the sole financial measures by which to evaluate our financial results.
Management compensates and believes that investors should compensate for these limitations by viewing the non-GAAP financial measures in conjunction with the GAAP financial measures. In addition, the non-GAAP
financial measures included in this earnings announcement may be different from, and therefore may not be comparable to, similar measures used by other companies.
Each of the non-GAAP financial measures listed above is also used by our management to evaluate our operating performance, communicate our financial results to our Board of Directors, benchmark our results against our historical performance and the performance of our peers, evaluate investment opportunities including acquisitions and discontinued operations, and determine the bonus payments for senior management and employees.
Steve Willoughby [email protected]
Disclaimer
Revvity Inc. published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 10:16 UTC.