Revvity Inc.
Revvity, Inc. (RVTY)
Overview
Revvity is a life sciences and diagnostics company headquartered in Waltham, Massachusetts, that provides instruments, reagents, software, and diagnostic testing platforms used across the full arc of health science work—from early drug discovery research through clinical diagnosis and treatment. The company is the direct successor to PerkinElmer: after PerkinElmer sold its applied, food, and enterprise-services businesses to New Mountain Capital for $2.45 billion in 2022 and retained only its life sciences and diagnostics operations, the remaining public company rebranded as Revvity in 2023 (ticker changed from PKI to RVTY). Revvity is a member of the S&P 500, employs roughly 11,000 people worldwide, serves customers in more than 160 countries, and generates annual revenue of roughly $2.85 billion.
What They Do & How They Make Money
Revvity makes money by selling the tools and testing platforms that pharmaceutical companies, biotech firms, academic researchers, and hospitals/clinical labs rely on to discover new drugs and diagnose disease. On the life sciences side, this means selling scientific instruments (such as high-content screening systems, multimode plate readers, and detection instruments), along with the reagents, assay kits, and consumables that must be continually repurchased to run experiments on that equipment—giving the company a recurring, razor/razorblade-style revenue stream layered on top of one-time instrument sales. It also sells lab informatics and software used to manage research workflows and data. On the diagnostics side, Revvity manufactures and sells testing kits and instruments used by hospital and reference labs to screen newborns for genetic and metabolic disorders, screen pregnant women for reproductive health risks, and run immunodiagnostic assays that detect autoimmune and infectious diseases—businesses that generate highly recurring revenue because tests must be run continually as part of standard clinical care rather than being one-off purchases. Across both segments, Revvity's strategy in recent years has emphasized recurring, reagent- and software-driven revenue over capital equipment sales, aiming for more predictable, higher-margin growth than its legacy medical-device and applied-science businesses provided.
Business Segments
Revvity reports results in two segments of roughly comparable size:
- Life Sciences (about $358.7 million in Q2 2026 revenue, roughly half of company revenue) — research tools spanning radiometric and other detection technologies, high-content screening and cellular imaging systems, multimode plate readers, assay reagents (including brands like BioLegend antibodies and reagents), and software for drug discovery and biopharma research and development workflows. This segment sells primarily to pharmaceutical, biotech, and academic research customers.
- Diagnostics (about $371.0 million in Q2 2026 revenue) — testing platforms and reagents across four main areas: reproductive health (prenatal and newborn screening), immunodiagnostics (autoimmune and infectious disease testing, including via the Euroimmun brand), applied genomics, and diagnostics tailored to emerging markets. This segment sells mainly to hospital labs, reference labs, and public health screening programs, and has recently been the faster-growing of the two segments. In 2026, Revvity agreed to divest its China immunodiagnostics business (roughly 6% of 2025 revenue) as part of a portfolio realignment.
Competitors
- Thermo Fisher Scientific — the largest and broadest life sciences tools competitor, overlapping with Revvity across instruments, reagents, and diagnostics.
- Danaher Corporation — a diversified life sciences and diagnostics conglomerate (including brands like Beckman Coulter, Cepheid, and Leica Biosystems) competing across both of Revvity's segments.
- Agilent Technologies — competes primarily in life sciences instrumentation, analytical tools, and reagents.
- Bio-Rad Laboratories — overlaps in both life sciences reagents/instruments and clinical diagnostics.
- Illumina — competes in genomics-adjacent research tools and applied genomics diagnostics.
- Roche Diagnostics and Siemens Healthineers — major competitors in immunodiagnostics and reproductive health/prenatal screening.
- Merck KGaA/MilliporeSigma, Sartorius, Avantor, and Cytiva — compete more narrowly in life sciences reagents, consumables, and bioprocessing-adjacent research tools.
Competitive Position
Revvity's competitive position rests on the recurring, consumable-driven nature of much of its revenue base: once a hospital lab or pharma customer standardizes on Revvity's instruments and testing platforms, they tend to keep buying the matched reagents and running the corresponding assays for years, creating switching costs and revenue durability. In diagnostics, Revvity holds particularly strong positions in newborn and prenatal screening, where its tests are often embedded in public health programs and regulatory-approved clinical workflows, which are slow and costly for competitors or customers to displace. The company's post-spinoff strategy of shedding lower-margin, more cyclical applied and medical-device businesses (and, most recently, divesting its China immunodiagnostics operations) has been aimed at concentrating the portfolio in higher-margin, more defensible franchises. That said, Revvity is meaningfully smaller in scale than giants like Thermo Fisher and Danaher, which can outspend it on R&D, M&A, and global commercial infrastructure, and it faces real risks from softness in biopharma customer R&D budgets (a cyclical headwind that has pressured life sciences tool makers industry-wide), competitive and pricing pressure in China and other emerging markets, foreign-exchange exposure given its large non-U.S. revenue base, and the execution risk inherent in continuing to reshape its portfolio through further acquisitions and divestitures.