Revvity, Inc. 2026 Global Healthcare Conference

Sure. Thanks for having me, first of all. Maybe just a quick overview of the company for those who are not familiar. Revvity, a couple of years ago, was previously known as PerkinElmer. We divested 30% of the company, including the PerkinElmer brand name, rebranded as Revvity in the middle of 2023. Revvity today is in the life science tools and diagnostics industry, and what I like to say is what we do in life science tools and what we do in diagnostics is typically a little bit different than other publicly traded companies. So, specialty diagnostics and then on the life science tools side, really focused in preclinical R&D, providing instruments, consumable software that are used by academic and pharma biotech customers to really drive innovative science, which I am sure we will get into.

As it pertains to the second quarter, the second quarter for us overall was better than anticipated, I would say sort of top to bottom line. Revenue, organic growth, margins, were all a bit better than we were anticipating. When you break that down, we had very strong growth within our diagnostics business, both in reproductive health as well as our immunodiagnostics business. On the life sciences side, our software business was down really due to comps and timing, which I am sure we will get into. Our consumables and instruments on the life sciences side both grew in the low single digits, which were in line with our expectations, maybe a smidge below. As we talked about, we built some fairly significant backlog, which should help us here as we move into the back half of the year.

We are not going to provide any inter-quarter commentary.

Yeah We will leave that for when we report 3Q.

Sure. So maybe first from an end market perspective, academic and government for us is roughly a quarter of our life science business, so it's about 12% of the total company. That is, I would say, consistently soft, stably soft. Obviously, there were some fairly significant pressures throughout much of last year. So far this year with academic and government, including our outlook for the back half, is that it doesn't really change all that much. It doesn't get much better, it doesn't get much worse. From a pharma biotech perspective, again, the end market was pressured for the last several years, including 2025. The pressures last year, again, were fairly policy induced related. I would say we've started to see some recovery in pharma biotech starting, I would say, in mid to late February, and that recovery has continued through June and July.

I think customers are starting to move back towards more normalized levels of investment spending on the pharma biotech side, particularly amongst the larger customers, which even though we are pre-clinically focused, our products really go into pre-clinical research, the bulk of our revenue goes from those medium and larger-sized pharma companies. As it relates to the actual product lines within instruments, we commented that we exited the second quarter with the strongest backlog we've seen in the last three, four, probably even five years. It's really being driven by one category of instruments so far, which is what's called high-content screening, which we are the market leader in. Where I would say in high-content screening, we sell at the high end, million-dollar instruments, at the mid-range, several hundred thousand dollar instruments.

We came out with a new high-end instrument in late February and it's really taken off. We can probably talk about why that's been, but we saw sort of an inflection, not just a pickup in demand, but an inflection in demand for these systems starting in mid to late May. They typically take us several months to build, and this is a brand new instrument, so it maybe takes us even a little bit longer than normal just given the complexity of a brand new instrument. But we saw that change, and so we didn't get those new products right out the door in the second quarter.

On the consumable side, we actually built even a little bit of backlog in consumables, which is not typically normal, but we had some larger bulk orders that just didn't get done in the second quarter and will get made up here in the third and fourth quarter.