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Revvity
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Revvity, Inc. is an American company in the life sciences and diagnostics business that is focused on selling to the pharmaceutical and biotechnology industries,[2] especially in relation to approaches making use of new cell therapy or gene therapy developments.[3] Its origins lie with the long-existing company PerkinElmer, which has been in a variety of business lines.[4]
Key Information
In 2022, a split of PerkinElmer resulted in one part, comprising its applied, food and enterprise services businesses, being sold to the private equity firm New Mountain Capital for $2.45 billion and thus no longer being public but keeping the PerkinElmer name. The other part, comprising the life sciences and diagnostics businesses, remained public but required a new name, which in 2023 was announced as Revvity, Inc.[4] From the perspective of Revvity, the goal of creating a separate company was that its businesses might show greater profit margins and more in the way of growth potential.[2] An associated goal was to have more financial flexibility moving forward.[4] On May 16, 2023, the PerkinElmer stock symbol PKI was replaced by the new symbol RVTY.[5][4]
The name 'Revvity' itself was formed from a combination of the words "revolution" (abrupt change, in English) and "vita" (life, in Latin).[2] It was the larger of the two splitees: of around 17,000 employees of the public PerkinElmer, about 11,000 of them were assigned to it, while some 6,000 went to the newly private PerkinElmer.[5] Initial annual revenues for Revvity were estimated at about $3 billion.[2] Singh and some other senior executives came to Revvity from PerkinElmer, while others were new hires.[5] Headquarters for Revvity were kept in the same town as the old PerkinElmer, that being Waltham, Massachusetts.[2]
Compared with its PerkinElmer past, Revvity was de-emphasizing medical devices in favor of an approach based on reagents and electronic commerce.[3]
References
[edit]- ^ "2024 Annual Report (Form 10-K)". U.S Securities and Exchange Commission. February 25, 2025.
- ^ a b c d e Chesto, Jon (May 16, 2023). "Bold Types: Singh revs things up with new corporate name". The Boston Globe. pp. D1, D3 – via Newspapers.com.
- ^ a b Cima, Greg (May 11, 2023). "Formerly PerkinElmer, Revvity Discusses Plans, Goals as Dx, Life Science Firm". GenomeWeb.
- ^ a b c d Abbott, Robert (May 19, 2023). "PerkinElmer Completes Transformation to Become Revvity". Yahoo! Finance.
- ^ a b c Walrath, Rowan (May 9, 2023). "Here's PerkinElmer's new, post-split name for its life sciences business". Boston Business Journal.
External links
[edit]- Official website
- Business data for Revvity, Inc.:
Revvity
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History
Origins in PerkinElmer
Revvity traces its origins to PerkinElmer, Inc., which was founded on April 19, 1937, by Richard S. Perkin, a banker, and Charles W. Elmer, an optical designer and court reporter, as a precision optics design and consulting firm in New York.[11] The partners initially capitalized the venture with $20,000—$15,000 from Perkin and $5,000 from Elmer—focusing on high-precision optical instruments for applications such as astronomy and spectroscopy.[12] Incorporated in 1939, the company quickly expanded during World War II by manufacturing optical components for military use, including bombsights and periscopes, which laid the groundwork for its later diversification into analytical instruments and scientific technologies.[13] Over the decades, PerkinElmer evolved from its optics roots into a global leader in scientific solutions, particularly in health sciences, through strategic acquisitions and technological innovations. By the late 20th century, it had broadened into life sciences, diagnostics, and environmental testing, developing key products like mass spectrometers and genetic screening tools that advanced research in pharmaceuticals, biotechnology, and clinical diagnostics.[14] This growth positioned PerkinElmer as a multifaceted corporation serving academia, government, and industry, with a portfolio emphasizing innovation in areas such as drug discovery and disease detection.[15] In 2022, PerkinElmer initiated a major strategic transformation to sharpen its focus on high-growth life sciences and diagnostics segments, announcing the divestiture of its applied, food, and enterprise services businesses to New Mountain Capital for $2.45 billion on August 1.[16] The transaction, completed on March 13, 2023, separated these non-core operations, allowing the remaining entity—generating approximately $3.3 billion in 2022 revenue with over 11,000 employees—to rebrand as Revvity, Inc., launching on May 9, 2023, with trading under the new NYSE ticker RVTY beginning May 16, 2023.[1] The name Revvity derives from "rev," short for revolutionize, and "vita," Latin for life, symbolizing the company's commitment to accelerating breakthroughs in healthcare and human health from discovery to commercialization.[4] This rebranding retained iconic PerkinElmer technologies while renaming subsidiaries, such as PerkinElmer Informatics to Revvity Signals Software, to align with a unified mission in scientific innovation.[1]Strategic transformation and rebranding
In August 2022, PerkinElmer announced a strategic divestiture of its Applied, Food, and Enterprise Services (AFES) businesses to New Mountain Capital for $2.45 billion, comprising $2.30 billion at closing and $150 million contingent on future events, with the transaction expected to close in the first quarter of 2023 pending regulatory approvals.[3] This move aimed to streamline operations and sharpen focus on the higher-growth Life Sciences and Diagnostics segments, which generated approximately $3.3 billion in revenue for 2022—representing about 80% recurring revenue—with projections for over 10% organic annual growth and enhanced profitability.[3] The divestiture positioned the retained businesses as a more agile entity dedicated to end-to-end scientific solutions, from reagents and instruments to software and services, targeting pharmaceutical, biotechnology, academic, and government customers in areas like translational multi-omics and biomarker discovery.[3] The transformation culminated in a comprehensive rebranding, with the company officially launching as Revvity on May 9, 2023, and beginning to trade under the ticker "RVTY" on the New York Stock Exchange starting May 16, 2023; the legal name change from PerkinElmer, Inc. to Revvity, Inc. took effect on April 26, 2023.[1] The new name derives from "rev," short for revolutionize, and "vita," the Latin word for life, symbolizing the company's commitment to accelerating scientific innovation to address global health challenges from discovery through to therapeutic cures.[1] This rebranding emphasized a renewed identity as a pure-play life sciences and diagnostics provider, fostering greater alignment with customer needs in high-impact fields such as drug discovery, clinical diagnostics, and informatics.[1] As part of the rebranding, several subsidiaries and technologies transitioned to new nomenclature while retaining core strengths. For instance, PerkinElmer Genomics became Revvity Omics, focusing on genomics services, and PerkinElmer Informatics rebranded to Revvity Signals Software, Inc., encompassing the company's scientific software platforms.[1] Established brands like BioLegend, EUROIMMUN, Tulip Diagnostics, and ViaCord continued unchanged, while others—including Cisbio, Horizon Discovery, Nexcelom Bioscience, Omni International, Oxford Immunotec, and SIRION Biotech—were integrated under the Revvity umbrella to unify the portfolio around innovation in life sciences solutions.[1] This restructuring enhanced operational efficiency and market positioning, enabling Revvity to invest more aggressively in R&D and customer-centric technologies post-divestiture.[3]Corporate structure
Headquarters and global operations
Revvity is headquartered in Waltham, Massachusetts, United States, at 77 4th Avenue, Waltham, MA 02451.[17] This location serves as the central hub for the company's executive leadership, strategic decision-making, and key administrative functions, supporting its focus on life sciences solutions and diagnostics.[18] The headquarters facility, which underwent a renovation to include modern executive offices and collaborative spaces, underscores Revvity's commitment to innovation and employee-centric design.[19] The company maintains a robust global presence, employing more than 11,000 people across over 160 countries as of December 31, 2024.[20] This international footprint enables Revvity to serve customers in pharmaceutical, biotechnology, diagnostic laboratories, academia, and government sectors worldwide, facilitating the delivery of comprehensive solutions from discovery to commercialization.[21] Operations are supported by a network of offices, manufacturing sites, and authorized distributors spanning multiple continents, ensuring localized support and rapid response to regional needs.[17] In the United States, Revvity's primary manufacturing facilities are located in Boston, Massachusetts; Hopkinton, Massachusetts; Kennesaw, Georgia; Lafayette, Colorado; Lawrence, Massachusetts; and San Diego, California, with an additional laboratory facility in Pittsburgh, Pennsylvania.[17] Note that the Lawrence, Massachusetts facility is scheduled for permanent closure, with layoffs beginning in late 2025, and the Boston facility is undergoing layoffs through 2026.[22][23] These sites handle the production of instruments, reagents, and other critical products, contributing to the company's scale in North American operations. Internationally, Revvity operates strategic laboratories in India, China, Europe, and the United States, enhancing its global accessibility for research and clinical services.[24] This distributed infrastructure allows for efficient supply chain management and compliance with diverse regulatory environments across regions.[21]Leadership and governance
Revvity's executive leadership is headed by Prahlad R. Singh, PhD, who has served as President and Chief Executive Officer since December 2019. Dr. Singh, appointed to the board in August 2019, oversees the company's strategic direction, operations, and growth initiatives in life sciences and diagnostics. With a background in biotechnology and healthcare, he previously held senior roles at Roche Diagnostics and has driven Revvity's focus on innovation and market expansion.[25] The executive team includes Maxwell Krakowiak as Senior Vice President and Chief Financial Officer since September 2022, responsible for financial strategy, investor relations, and global finance operations. Tajinder Vohra serves as Senior Vice President of Global Operations, managing supply chain, manufacturing, and operational efficiency across Revvity's international footprint. Joel S. Goldberg is Senior Vice President, Administration, General Counsel, and Secretary, handling legal affairs, compliance, and corporate governance since 2008. Other key leaders include Yves Dubaquie, PhD, Senior Vice President of Diagnostics, focusing on clinical and applied genomics solutions; Magali Four, Senior Vice President and Chief People and Culture Officer, leading human resources and talent strategies; and Madhuri Hegde, PhD, Senior Vice President and Chief Scientific Officer, advancing research and development in genomics and precision medicine.[26][27] Revvity's board of directors consists of 10 members, with nine independent directors, ensuring robust oversight separate from management. Alexis P. Michas has served as Non-Executive Chairman since 2019, providing independent leadership on board matters; he is the Managing Partner of Juniper Investment Company, LLC, with extensive experience in healthcare investments. Other independent directors include Peter Barrett, PhD (since 2012), a partner at Atlas Venture specializing in life sciences; Samuel R. Chapin (since 2016), retired Executive Vice Chair at Bank of America Merrill Lynch; Frank Witney, PhD (since 2016), former CEO of Affymetrix; Pascale Witz (since 2017), founder of PWH Advisors with prior leadership at L'Oréal; Michel Vounatsos (since 2020), former CEO of Biogen; Michelle McMurry-Heath, MD, PhD (since 2022), founder and CEO of BioTechquity Clinical; Sophie V. Vandebroek, PhD (since 2024), former VP of Emerging Technology Partnerships at IBM; and Michael A. Klobuchar (since 2024), COO of Eikon Therapeutics. Prahlad R. Singh is the sole non-independent director as CEO. The board's diverse expertise in biotechnology, finance, and technology supports Revvity's strategic goals.[25][28] Governance at Revvity emphasizes independence, accountability, and alignment with shareholder interests. The board operates without a classified structure, with directors elected annually by majority vote in uncontested elections. Key standing committees include the Audit Committee, chaired by Samuel R. Chapin and comprising independent directors who oversee financial reporting, internal controls, and external audits; the Compensation & Benefits Committee, chaired by Peter Barrett, responsible for executive compensation, incentives, and talent retention; and the Nominating & Corporate Governance Committee, chaired by Michel Vounatsos, which handles director nominations, board evaluations, and governance policies. All committees are composed entirely of independent directors. The board conducts annual self-evaluations and reviews director independence annually. Revvity maintains a code of business conduct and ethics applicable to all employees and directors, with mechanisms for reporting concerns via an ethics hotline. Independent directors meet regularly in executive sessions without management present to foster open discussion.[25][26]Business segments
Life sciences solutions
Revvity's Life Sciences Solutions delivers a broad array of reagents, consumables, instruments, and services tailored to accelerate biomedical research and development, spanning workflows from target discovery to preclinical validation. This portion targets pharmaceutical, biotechnology, and academic researchers, enabling advancements in drug discovery, therapeutic development, and disease understanding through integrated solutions in multi-omics, biomarker identification, and high-throughput screening. In 2024, Life Sciences Solutions generated approximately $1.07 billion in revenue, representing about 85% of the company's overall Life Sciences segment revenue of $1.25 billion and serving a total addressable market exceeding $25 billion.[29][30] Beginning in fiscal year 2025, the Life Sciences reporting segment consists of Life Sciences Solutions and Software.[31] Core offerings emphasize genomic, protein, and cellular analysis to support novel therapeutic modalities such as gene editing and cell therapies. In genomic analysis, Revvity provides nucleic acid isolation systems using magnetic beads, next-generation sequencing (NGS) library preparation kits, quantitative PCR (qPCR) workflows, and CRISPR-based gene editing tools, facilitating streamlined sample-to-insight processes that reduce time to results. Protein analysis solutions include binding assays, radiometric detection reagents, and targeted protein degradation platforms, which aid in elucidating protein interactions and degradation pathways critical for oncology and rare disease research. For cellular analysis, the portfolio features transfection reagents, viral vectors for gene delivery, and high-content imaging instruments like the Opera Phenix Plus system, which enable phenotypic screening and live-cell imaging to assess therapeutic efficacy at the cellular level.[32][33] Revvity's instruments and automation technologies further enhance these workflows by integrating sample preparation, detection, and analysis into scalable platforms. Key examples include the Eonis Q fluorescence microscopy system for quantitative imaging, the Pin-Point base editing platform for precise genetic modifications, and the TotalSeq system for multiplexed single-cell proteomics, which combine to support high-throughput experimentation and data generation. These solutions prioritize interoperability, allowing researchers to parallelize processes and achieve faster translation from discovery to development, with historical organic growth in the mid-single digits driven by annual launches of over 1,500 new antibodies, kits, and reagents. The segment's emphasis on innovation positions it to capture growth in emerging areas like AI-integrated analytics and advanced modalities, contributing to a projected 6-8% long-range organic growth.[29][21]Diagnostics and clinical services
Revvity's diagnostics and clinical services segment provides a range of solutions for healthcare providers, including diagnostic instruments, reagents, assays, and laboratory services focused on reproductive health, infectious diseases, immunology, and genomics. This segment supports clinical laboratories in delivering high-quality testing to improve patient outcomes across various therapeutic areas. The offerings emphasize automated workflows, advanced detection technologies, and integrated informatics to facilitate accurate diagnosis and monitoring.[30] In reproductive health, Revvity offers products such as the DELFIA® Xpress system for prenatal screening, NeoBase™ for newborn metabolic disorder detection using tandem mass spectrometry, and GSP® instrumentation with associated kits for newborn screening programs. The Vanadis® NIPT platform enables non-invasive prenatal testing via next-generation sequencing, while the EONIS™ assay supports early oncology detection in maternal blood. Additionally, ViaCord® provides cord blood and tissue banking services for stem cell preservation. These tools aid in the early identification of genetic and metabolic conditions, supporting the continuum of care from preconception to neonatal stages.[30][34] The immunodiagnostics portfolio includes the chemagic™ Prime™ instrument for automated nucleic acid extraction, the T-SPOT® TB test for tuberculosis detection using ELISpot technology, and the EUROPattern™ microscope for autoimmune disease pattern recognition via immunofluorescence. The IDS-i10™ system delivers fully automated immunoassays for endocrinology, oncology, and cardiac markers. These solutions cover infectious diseases, autoimmunity, allergy, and endocrinology, with serology and PCR-based assays for acute and chronic conditions. Revvity also provides tuberculosis testing and cellular/humoral immunoassays as part of its clinical services.[30][35] Applied genomics services, under Revvity Omics, encompass multi-omic clinical testing including cytogenetics, molecular genetics, and next-generation sequencing for rare disease diagnosis, prenatal screening, and newborn screening. Offerings include the PG-Seq™ Rapid kit for preimplantation genetic testing, LabChip® GXII Touch™ for nucleic acid analysis, and Omni Bead Ruptor® Elite for sample preparation. The global laboratory network, CAP-accredited and CLIA-certified, supports proactive testing, confirmation of mutations, and research validation. This includes metabolic genetics and cytogenomic services for pediatrics and adults, enabling comprehensive genomic workflows from sample to result interpretation via cloud-based platforms like EVOYA®.[30][36][37] Revvity collaborates with organizations such as MDIC and NIST to develop somatic cancer reference standards for monitoring diagnostic assay accuracy, enhancing reliability in oncology testing. These services and products collectively address needs in regulated clinical environments, with a focus on scalability and integration to support global healthcare delivery.[38][30]Products and technologies
Instruments and reagents
Revvity provides a wide range of instruments and reagents designed for applications in life sciences research, diagnostics, and clinical workflows, supporting areas such as drug discovery, genomics, proteomics, and cellular analysis.[39] These products enable high-throughput screening, imaging, and assay development, integrating seamlessly with automation and software platforms to streamline laboratory processes.[40] In the realm of instruments, Revvity offers advanced imaging and detection systems tailored for cellular and in vivo studies. The Opera Phenix high-content screening system facilitates automated confocal imaging for phenotypic analysis, allowing researchers to capture multidimensional data on cell morphology, protein localization, and functional responses in live or fixed samples.[40] For in vivo imaging, Revvity's systems incorporate integrated X-ray or microCT capabilities, enabling rapid data acquisition for tracking disease progression, tumor growth, and therapeutic efficacy in preclinical models.[41] Detection instruments include multimode plate readers such as the EnVision, VICTOR, and ViewLux models, which support fluorescence, luminescence, and time-resolved assays for high-sensitivity quantification in drug screening and biomarker validation.[42] Additionally, automated liquid handling and genomic analysis tools, including systems for DNA extraction and library preparation, enhance scalability in next-generation sequencing workflows.[43] Revvity's reagents portfolio encompasses specialized consumables for immunoassays, molecular biology, and cellular imaging, optimized for compatibility with their instruments. The PhenoVue suite of cellular imaging reagents includes ready-to-use kits for cell painting, organelle stains, fluorescent antibodies, and cell health assays, enabling multiplexed visualization of cellular structures and dynamics without extensive customization.[44] In vivo imaging reagents feature IVISbrite bioluminescent substrates and IVISense fluorescent probes, along with cell labeling dyes and nanoparticles, to support non-invasive monitoring of biological processes in animal models.[45] For diagnostics and research assays, Revvity supplies in-vitro diagnostic kits, gene editing tools like CRISPR components, flow cytometry antibodies, and LEGENDplex multiplex panels for cytokine and biomarker detection, often employing no-wash technologies to reduce workflow complexity.[33][46] These reagents are complemented by custom assay development services, ensuring adaptability for specific therapeutic targets in biologics screening and characterization.[47] Overall, Revvity's instruments and reagents emphasize integration and reproducibility, with many products validated for use in regulated environments like newborn screening programs, where tandem mass spectrometry-based instruments detect metabolic disorders in neonatal samples.[48] This focus on robust, user-friendly solutions supports advancements from basic research to clinical translation.[39]EUROIMMUN
EUROIMMUN (stylized as EUROIMMUN Medizinische Labordiagnostika AG) is a key diagnostics brand under Revvity, specializing in in vitro diagnostic test systems for autoimmune diseases, infectious serology, allergy, antigen detection, and molecular genetics. Founded in 1987 by Winfried Stöcker in Lübeck, Germany, as a spin-off from the University of Lübeck, EUROIMMUN grew into a leading manufacturer of diagnostic reagents and systems, employing thousands and serving over 140 countries before its acquisition. In December 2017, PerkinElmer (now Revvity) completed the acquisition of EUROIMMUN for approximately $1.3 billion, integrating its expertise in immunofluorescence, ELISA, and immunoblot technologies into the broader diagnostics portfolio. The company develops technologies like indirect immunofluorescence (IIFT), ELISA, chemiluminescence immunoassays (ChLIA), and multiplex immunoblots (EUROLINE). It emphasizes automated, high-quality laboratory solutions. EUROIMMUN is particularly recognized for its innovations in allergy diagnostics, offering a comprehensive portfolio for Type I IgE-mediated allergies, including singleplex ChLIA and multiplex EUROLINE profiles for food, inhalation, and other allergens, with component-resolved diagnostics (DPA-Dx) and tools for cross-reactive carbohydrate determinants (CCD), focusing on conditions such as seasonal allergic rhinitis (hay fever) triggered by pollen from trees (e.g., birch), grasses, and weeds. Key products include:- EUROLINE multiplex immunoblots: Semiquantitative detection of specific IgE against up to 54 allergens per strip, with indication-specific (inhalation, atopy) and region-specific profiles accounting for local pollen exposures (e.g., birch/grass in Northern Europe, olive/cypress in Southern Europe).
- DPA-Dx (Defined Partial Allergen Diagnostics): Molecular allergology using recombinant/purified components for high specificity, distinguishing primary sensitizations (e.g., Bet v 1 for genuine birch pollen allergy) from cross-reactions, aiding immunotherapy decisions and risk assessment (high-risk vs. low-risk components). Profiles like DPA-Dx Pollen 1 and Southern Europe 1 combine extracts, species-specific markers, and panallergens.
- ChLIA (Chemiluminescence Immunoassays): Quantitative singleplex testing on platforms like IDS-iSYS for individual allergens/components, including total IgE.