Revvity Q1 2025 Earnings Report

Revvity EPS Results

• Actual EPS: $1.01
• Consensus EPS: $0.96
• Beat/Miss: Beat by +$0.05
• One Year Ago EPS: $0.98

Revvity Revenue Results

• Actual Revenue: $664.76 million
• Expected Revenue: $662.30 million
• Beat/Miss: Beat by +$2.46 million
• YoY Revenue Growth: +2.30%

Revvity Announcement Details

• Quarter: Q1 2025
• Date: 4/28/2025
• Time: Before Market Opens
• Conference Call Date: Monday, April 28, 2025
• Conference Call Time: 8:00AM ET

Revvity (NYSE:RVTY) provides health sciences solutions, technologies, and services in the Americas, Europe, and Asia, and internationally. The Life Sciences segment provides instruments, reagents, informatics, software, subscriptions, detection, imaging technologies, warranties, training, and services. Its Diagnostics segment provides instruments, reagents, assay platforms, and software products for the early detection of genetic disorders, such as pregnancy and early childhood, as well as infectious disease testing in the diagnostics market. Its products are used for testing and screening genetic abnormalities, disorders, and diseases, including down syndrome, hypothyroidism, muscular dystrophy, infertility, and various metabolic conditions. This segment also develops technologies that enable and support genomic workflows using protein coupled receptor and next-generation DNA sequencing for applications in oncology, immunodiagnostics, and drug discovery. It serves pharmaceutical and biotechnology companies, laboratories, academic and research institutions, public health authorities, private healthcare organizations, doctors, and government agencies under the AutoDELFIA, BACS-on-Beads, BIOCHIPs, Bioo Scientific,BoBs , chemagic, Chitas, DELFIA, DELFIA Xpress, DOPlify, EONIS, EUROArray, EUROIMMUN, EUROLabWorkstation, EUROLINE, EUROPattern, Evolution Evoya, explorer, Fontus, Genoglyphix, GSP, Haoyuan, IDS, IDS-i10 IDS-i10T, IDS-iSYS, iLab, iQ, JANUS, LabChip, LifeCycle, LimsLink, Migele, MultiPROBE, NEXTFLEX, NextPrep, Pannoramic, Panthera Puncher, PG-Seq, PGFind PKamp, PreNAT II, Prime, Protein Clear, ProteinEXact, QSigh, QuantiVac, RONIA, Sciclone, SimplicityChrom, Specimen Gate,Superflex, Symbio, T-SPOT, Touch, Twister, Vanadis, VariSpec, ViaCord VICTOR 2D, and Zephyr brand name. The company was formerly known as PerkinElmer, Inc. and changed its name to Revvity, Inc. in April 2023. Revvity, Inc. was founded in 1937 and is headquartered in Waltham, Massachusetts.

Revvity Q1 2025 Earnings Call Transcript

Key Takeaways

• 4% organic growth in Q1 was driven by strength in diagnostics and software offsetting U.S. academic headwinds, with adjusted EPS of $1.01 beating the $0.93–$0.95 guidance.
• Tariff headwinds are expected to pressure full‐year margins by ~60bps, but supply-chain adjustments, alternative sourcing and targeted cost actions should mitigate most of the estimated $135 million gross impact by mid-year.
• Signals software delivered over 20% organic growth in Q1 and is positioned for another year of high-teens to low-twenties percentage growth, underscoring its role as a key growth engine.
• 97% cash-flow conversion of adjusted net income supported $154 million in share repurchases, reducing outstanding shares by 6% since mid-2023 and preserving financial flexibility.
• Diagnostics grew 5% organically, led by immunodiagnostics and newborn screening, while recent FDA approval of the automated T SPOT TB platform positions the company for expanded latent TB testing in the U.S. and globally.

Presentation

[Operator]

Welcome everyone to the Q1 twenty twenty five Brevity Earnings Conference Call. My name is Sami, and I will be coordinating your call today. I will now hand over to your host, Steve Willoughby, to begin. Please go ahead, Steve.

[Steve Willoughby, SVP - IR at Revvity]

Thank you, operator. Good morning, everyone, and welcome to Revity's first quarter twenty twenty five earnings conference call. On the call with me today are Prahlad Singh, our President and Chief Executive Officer and Max Gurkowiak, our Senior Vice President and Chief Financial Officer. I'd like to remind you of our Safe Harbor statements outlined in our press release issued earlier this morning and those in our SEC filings. Statements or comments made on this call may be forward looking statements, which may include, but may not be limited to, financial projections or other statements of the company's plans, objectives, expectations or intentions.

[Steve Willoughby, SVP - IR at Revvity]

The company's actual results may differ significantly from those projected or suggested due to a variety of factors, which are discussed in detail in our SEC filings. Any forward looking statements made today represent our views as of today. We disclaim any obligation to update these forward looking statements in the future even if our estimates change. So you should not rely on any of today's statements as representing our views as of any date after today. During this call, we will be referring to certain non GAAP financial measures.

[Steve Willoughby, SVP - IR at Revvity]

A reconciliation of the measures we plan to use during this call to the most directly comparable GAAP measures is available as an attachment to our earnings press release. I will now turn it over to our President and Chief Executive Officer, Prahlad Singh. Prahlad?

[Prahlad Singh, President and CEO at Revvity]

Thank you, Steve, and good morning, everyone. The first quarter ended up being one of the more dynamic macroeconomic periods in recent history to navigate through, which has clearly continued during April. Our ability to continue to generate strong organic growth and better than expected earnings in this environment is a testament to the resilience of our business and the tremendous efforts of our people. While we expected uncertainties were likely to occur when we first provided our appropriately prudent guidance in January, the materiality and frequency of the changes that have transpired over the last ninety days in the global economy would have been difficult to fully contemplate in advance. Despite these new challenges, we remain very optimistic about Reviti's differentiated financial profile and our ability to continue to drive new innovations for our customers to help further the advancement of science.

[Prahlad Singh, President and CEO at Revvity]

The current environment is clearly challenging for most companies, but our unique offerings and ability to quickly adjust are allowing us to continue to deliver for both our customers and our shareholders. As we demonstrated both throughout the pandemic and over the last two years when our industry has faced softer spending from pharma customers, Reviti is a nimble company, which is well positioned to quickly respond to both challenges and opportunities, enabling us to continue to deliver strong relative performance. We have demonstrated that we are a team that thrives at taking on challenges while continuing to execute at a very high level. I'm confident this adaptability and agility will continue, enabling us to sustain a strong performance throughout varying macroeconomic environments, including the remainder of this year. Despite the volatility, we were able to generate solid 4% organic growth in the first quarter, which was right in line with our expectations.

[Prahlad Singh, President and CEO at Revvity]

This performance shows the impressive balance of our company as areas of strength such as diagnostics and software were able to offset those areas facing unanticipated pressures from the dynamic environment we are experiencing in some of our end markets. In particular, our organic growth in the quarter was negatively impacted by unforeseen choppiness in demand from U. S. Academic customers throughout much of the quarter, primarily impacting our life science instruments. If it wasn't for this change in demand, our organic growth this quarter would have likely been at or above the upper end of our expectations.

[Prahlad Singh, President and CEO at Revvity]

This solid top line performance was again combined with appropriate operational management, which led to adjusted EPS in the quarter of $1.01 solidly above our $0.93 to $0.95 expectations. In addition to strong income statement performance, we yet again had great results with our cash flow and balance sheet management. In the quarter, we delivered 97% free cash flow conversion of our adjusted net income and were again able to aggressively deploy this cash by repurchasing our shares. We bought back $154,000,000 of our shares in the quarter, resulting in an outstanding share count exiting the quarter of $119,400,000 As we entered 2Q, we remained opportunistic and have been able to continue our repurchase efforts. I would highlight that we have now repurchased more than 7,000,000 shares over the last two years, which represents a 6% decline in our total shares outstanding since we became Revity in mid-twenty twenty three.

[Prahlad Singh, President and CEO at Revvity]

From an end market perspective, we have continued to see stabilized lab activity from our pharma and biotech customers as their headcount reductions and restructurings have plateaued over the past several quarters. While instrumentation continues to remain pressured, in part because of the recent academic uncertainties, we did see continued year over year growth in our reagents again this quarter. We also continued to see strong demand for our Resilient Diagnostics franchise, which grew 5% organically in the quarter. As highlighted in the past calls, our Specialty Diagnostic businesses has strong and durable underlying market growth drivers that are more immune to changes in the macroeconomic environment. Consequently, we continue to believe this segment of our company is already largely back to normal, following the swings in demand during and following the pandemic.

[Prahlad Singh, President and CEO at Revvity]

A great example of our unique diagnostic businesses being at the forefront of scientific innovation is our recent announcement of our expanded alliance with Genomics England to further drive research into newborn genomic sequencing in England. Under the new agreement, Revety will now provide DNA sequencing services to screen newborns for rare genetic conditions, building upon our existing collaboration for DNA extraction services. This integrated end to end solution supported by our localized lab facility, will accelerate the screening process and advance newborn health as part of the GENERATION study. Genomics England's landmark initiative, which aims to screen up to 100,000 newborns for over 200 rare genetic disorders. This collaboration strengthens our position as a leader in newborn genomic sequencing and sets a standard for future programs.

[Prahlad Singh, President and CEO at Revvity]

We are proud to contribute to this critical program by delivering timely and reliable sequencing data to support newborn health in England over the next several years. I'm also proud that earlier this month, we secured FDA approval for a more automated platform that is integrated with our T SPOT latent TB test. This combination, which was initially launched outside The U. S. Late last year, allows laboratories to enhance productivity while maintaining superior clinical performance in latent tuberculosis detection.

[Prahlad Singh, President and CEO at Revvity]

This milestone marks a significant advancement in the fight against TB, providing a faster high throughput solution that delivers accurate diagnostic results to support timely treatment and containment, S. And globally. By automating T SPOT. TB testing, we equip laboratories with increased throughput and reliability, ultimately leading to better patient outcomes.

[Prahlad Singh, President and CEO at Revvity]

Considering The U. S. Market represents slightly more than half of all latent TB tests performed globally, This is an important launch in the most important market in the world for latent TB testing. I'm excited to see this new offering in The US ramp up over the coming months and quarters. I now want to take a minute and shine a spotlight on our fantastic Signal software business, which I think does not garner the appreciation from the investor community that it should.

[Prahlad Singh, President and CEO at Revvity]

This business, which represents approximately 8% of our total revenue, grew slightly more than 20% organically in the first quarter, and we expect even stronger growth for it in the second quarter. This performance positions Signals to deliver another year of strong double digit growth overall. In addition to the commercial execution, it was also exciting to see the launch of our new SignalsOne offering earlier this month. SignalsOne is our newly reimagined version of the core signals data platform, an all in one solution designed to manage data across our customers' scientific workflows with new and expanded AI capabilities. This offering builds on our new product launches last year of Signals Clinical and Signals Synergy, which are off to strong starts in their first year on the market.

[Prahlad Singh, President and CEO at Revvity]

Looking ahead, Signals continues to have a very promising new product pipeline with the upcoming launches of logistics and additional biologic related offerings, which we expect to bring to the market in the coming quarters. It was also great to secure a recent court ruling in our favor to ensure uninterrupted access and business as usual for our Spotfire customers for many years into the next decade. Finally, it was encouraging to see a recent sale transaction announced for one of our key competitors in this space, which reflects the tremendous value and capabilities our offerings provide to our customers. Signals has an even stronger growth rate and a more ingrained enterprise footprint than anyone else in our industry and benefits from the entrenched customer relationships of our broader life sciences franchise. By leveraging our internal R and D capabilities to provide unique and responsive assistance for new product development and capitalizing on our broader pharma and customer relationships along with favorable market trends, signals us in a great position to continue to generate very strong results for a very long time in the future.

[Prahlad Singh, President and CEO at Revvity]

Overall, we had an eventful but successful start to the year. The power of Gravity's specialized offerings and importance of delivering significant innovation to our customers was clearly on display. As we have shown during periods of disruption over the last few years, we have a unique capability to navigate these unforeseen challenges and continue to execute. While no company is completely immune from broader end market trends and geopolitical developments, I'm confident that Reviti will continue to be able to show differentiated performance amongst our peers and with our customers. I also want to provide you some thoughts and comments as it pertains to the current tariff situation and its potential impact on Revity.

[Prahlad Singh, President and CEO at Revvity]

First, this is clearly a very dynamic situation, which seems to be changing on a nearly daily basis. So it is a bit of a constantly moving target. Second, we have had a cross functional task force evaluating a variety of scenarios since shortly after the election. So we have been contingency planning for many different potential outcomes well before the April. Third, as soon as the initial round of tariffs was announced, our teams immediately started taking a number of actions in an effort to mitigate potential impacts.

[Prahlad Singh, President and CEO at Revvity]

These efforts include proactive inventory positioning, geographical manufacturing adjustments, engaging alternative suppliers and selective pricing actions. In addition to these efforts, we have also implemented some additional temporary cost actions to offset the impact from the remaining unmitigated tariff related pressures in the second half of the year. Based on our actions to date, which will largely be implemented by the end of this quarter, we expect to be able to mitigate most of the currently contemplated tariff impact by the June. Consequently, while we foresee a headwind from the current tariffs here in the second quarter, we expect we will have largely offset their impact on our 2025 results by the time we enter the second half of the year and will work to minimize any lingering effects in the future years. While Max will provide more details in a bit, based on the current tariff situation, if we would not have taken any actions, we would expect to see a gross impact of approximately $135,000,000 this year to our adjusted operating income.

[Prahlad Singh, President and CEO at Revvity]

However, based on what we know today, with the aggressive actions we are taking, we expect to be able to mitigate the vast majority of this potential impact. We currently expect the net impact from the current tariff situation will negatively impact our adjusted operating margins by approximately 60 basis points this year. As mentioned, we anticipate the vast majority of the headwind to occur here in the second quarter as our tariff related initiatives fully ramp up by the time we enter the second half. We are able to offset this near term pressure with favorable below the operating line execution and a less severe headwind from FX. Consequently, we are reaffirming our full year adjusted EPS outlook of $4.9 to $5 And assigned to the uniqueness and durability of our business, we are also reaffirming our full year organic growth outlook of 3% to 5% as the academic and instrumentation headwinds we are now factoring in for the remainder of the year are offset by even stronger expected performance from our software business and increased growth in reproductive health due to recent commercial partnership successes.

[Prahlad Singh, President and CEO at Revvity]

Overall, we are keeping a close eye on the dynamic macro environment and will continue to pivot as necessary to execute at a high level in all market conditions. Reviti was built to thrive during periods such as this, which will only make us even stronger once the current macro uncertainty subsides. With that, I will now turn the call over to Max.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Thanks, and good morning, everyone. As Prahlad mentioned, while we have been navigating an evolving and dynamic macro environment so far this year, we were still able to deliver very solid first quarter results because of our strong execution on those items, which are more fully within our control and our unique mix of businesses. Our industry has faced a multitude of headwinds over the last two point five years, which have continued so far in 2025. During this time, we have still been able to grow our top line organically, increase our margins through synergy realization and optimizations, and drive below the line improvements, which have helped support our earnings per share performance during this period. As you are likely well aware, our industry has also faced new challenges over the last few months, which were unanticipated when we first provided our intentionally prudent guidance in late January.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

First, given the changing landscape as it pertains to academic funding in The U. S, we have seen customers pull back with their spending for both instrumentation and consumables, given the increased uncertainty over the future of their funding. While the executive order to reduce indirect funding levels is currently held up in the courts and funding currently remains intact, we have seen it have an impact on buying behavior over the last few months. For the time being, we expect this more cautious level of spending from our U. S.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Academic customers to persist until there is more clarity and stability regarding their future funding levels. As a reminder, revenue from our academic customers in The U. S. Represents a little over 5% of our total company revenue overall. As it pertains to the ever evolving tariff situation, Revity is well positioned overall.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Based on the situation as it currently exists today, I see three main focus areas that we are appropriately navigating. First, for those products which we historically have manufactured in The U. S. And sold into China, which represents the majority of the $135,000,000 gross tariff impact estimated this year And then secondly, those products which are manufactured in Europe and sold in The U. S.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Lastly, we are focused on how we leverage our operational agility to capitalize on potential opportunities that arise from the changing macro landscape. As it pertains to those products currently made in The U. S. And sold in China through a number of initiatives, many of which were already underway before the new administration took office, we expect to almost fully neutralize this impact operationally within the next two months. For the impact stemming from those products made in Europe and The UK, which are sold in The U.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

S, we are aggressively taking a number of different actions to offset the impact, including adjusting our manufacturing, working with suppliers, implementing selective pricing actions and taking incremental temporary cost actions across the entire business so long as these headwinds remain this year. So as Prahlad mentioned, we do expect to incur some impact from the current tariffs here in the second quarter, but we will have our initiatives fully in place over the next two months to counter their impact as we enter the second half of the year. We are also able to offset the associated approximate $0.12 adjusted EPS impact from the tariffs through our continued successful tax planning initiatives and more favorable FX, us to reiterate our adjusted EPS outlook for the year of $4.9 to $5 Now turning to the specifics of our first quarter performance. Overall, the company generated revenue of $665,000,000 in the quarter, resulting in 4% organic growth. FX was a 1% headwind to growth and we again had no incremental contribution from acquisitions.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

As it relates to our P and L, we generated 25.6% adjusted operating margins in the quarter, which was up modestly year over year and above our expectations. This was driven by strong expense management and favorable mix. We will continue to closely monitor our expense structure given the current macro environment in an effort to maintain our strong profitability levels, while still continuing to invest internally in areas with high return potential. Looking below the line, our adjusted net interest and other expense was $18,000,000 in the quarter, which was slightly impacted by higher than expected FX volatility. Our adjusted tax rate was 19.5% in the quarter, which was lower than our expectations due to the favorable impact of recent tax planning initiatives.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

We also continue to remain active with our share repurchase program and averaged 120,200,000.0 diluted shares in the quarter, which was down nearly 1,000,000 shares sequentially. This all resulted in our adjusted EPS in the first quarter being $1.01 which was $0.07 above our expectations. Moving beyond the P and L, we had another strong quarter from a cash perspective as we generated free cash flow of $118,000,000 in the quarter, resulting in 97% conversion of our adjusted net income. Cash remains a bright spot as we continue to diligently manage our working capital and we expect to receive additional divestiture related inflows in the second half of the year. As I mentioned regarding capital deployment, we have stayed active so far this year with our buyback program as we repurchased $154,000,000 worth of shares in the first quarter and have continued to remain opportunistic during these periods of increased uncertainty given our confidence in our long term potential.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

As it relates to our balance sheet, we finished the quarter with a net debt to adjusted EBITDA leverage ratio of 2.4 times, with 100% of our debt being fixed rate with a weighted average interest rate of 2.6% and maturity out another seven years. As we evaluate capital deployment, we will continue to remain flexible in order to capitalize on the highest return opportunities, while maintaining our investment grade credit rating. I will now provide some commentary on our first quarter business trends, which is also included in the quarterly slide presentation on our Investor Relations website. The 4% growth in organic revenue in the quarter was comprised of 2% growth in our Life Sciences segment and 5% growth in Diagnostics. Geographically, we grew in the mid single digits in both The Americas and Europe, while Asia grew in the low single digits with China also growing low single digits.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

From a segment perspective, our Life Sciences business generated revenue of $340,000,000 in the quarter. This was up 1% on a reported basis and two percent on an organic basis. From a customer perspective, sales to pharma biotech customers grew in the low single digits, whereas sales into academic and government customers declined in the low single digits in the quarter. Our Life Science Solutions business declined in the low single digits in the quarter with continued declines in instrumentation offset by solid growth in reagents. Our signal software business was again a highlight in the quarter as it was up a little over 20% year over year organically.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

The business continued to perform well from an ARR, APV and net retention rate perspective as well with all metrics at or slightly above full year levels from last year. In our Diagnostics segment, we generated $324,000,000 of revenue in the quarter, which was up 3% on a reported basis and 5% on an organic basis. From a business perspective, our immunodiagnostics business grew high single digits organically during the quarter, which was in line with expectations. The business continues to perform well as its strong growth this quarter was driven by continued strength in The Americas and solid uptake of recent menu expansions. Our reproductive health business grew low single digits organically in the quarter.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Newborn screening continued to perform well and grew high single digits globally, which was driven by outstanding operational and commercial execution, giving continued headwinds from global birth rates. In regards to China specifically, we had low single digit organic growth overall in the first quarter, which consisted of a decline in Life Sciences offset by high single digit growth in Diagnostics. Stimulus was not a significant factor on our business to start the year as instrumentation in the region remained pressured. Looking ahead, we are only assuming a modest amount of stimulus over the rest of the year coming from programs which have already been announced and are currently being dispersed. I now want to provide some additional color as it pertains to our updated outlook for the full year.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

As mentioned, we are reaffirming our organic growth outlook for the year of 3% to 5% growth, but with a slightly different composition than we have previously assumed. First, we are now factoring in slower demand from our academic customers, particularly in The U. S, which is largely impacting our instrumentation, but is also having some impact on the demand for our reagents as well. This slightly slower assumed growth for the full year in our Life Science Solutions unit is resulting in a 100 basis point headwind to total company organic growth for the year. However, this headwind is being fully offset by even more robust expected growth in our software business and stronger performance in reproductive health, given the recent success of a number of commercial partnerships coming to fruition.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

This resiliency speaks to the uniqueness of our company and our ability to continue to generate differentiated financial results throughout varying macro environments as well as our appropriately prudent initial outlook to start the year. With the weaker dollar impacting FX, we now anticipate our revenue this year to be in the range of 2,830,000,000.00 to $2,870,000,000 Moving down the P and L, we now expect our adjusted operating margins to be in the range of 27.9% to 28.1%, which is down 60 basis points from our prior outlook due to the tariff related pressures we expect to incur predominantly in the second quarter. This impact equates to an approximate zero one two dollars headwind to our full year adjusted EPS. If the tariffs were to subside in the coming months, we would likely look to maintain most of our new manufacturing footprint flexibility, while rolling back the majority of the temporary belt tightening actions we are currently taking. Consequently, we would not expect to meaningfully change the operating margin or full year earnings outlook that we have provided here today.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

As mentioned, due to our continued successful tax planning initiatives, along with less of a headwind from FX, we expect to be able to fully offset this impact to our earnings. We now forecast our adjusted tax rate this year to be 19%, our net interest in other to be approximately $75,000,000 and an average diluted share count of approximately $119,000,000 This all results in our adjusted earnings per share for the year expected to continue to be in the range of $4.9 to $5 Regarding our outlook for the second quarter, we anticipate organic growth to be in the positive 2% to 4% range, resulting in total expected revenue in the range of 700,000,000 to $715,000,000 We anticipate our below the line items in the second quarter to be fairly similar to those we just reported for the first quarter with an approximate 119,000,000 average diluted share count. We expect this to result in our adjusted EPS in the second quarter to be in the range of $1.13 to $1.15 Overall, we had a strong start to the year as we were able to overcome a number of unforeseen challenges. The macro environment is currently in a period of elevated volatility and uncertainty, which is limiting what would have likely been an even stronger year than we had contemplated ninety days ago.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

As we look ahead, we will remain diligent and execute on those items which are more fully within our control by quickly pivoting to capitalize on commercial opportunities that present themselves, while also responding operationally to mitigate new challenges that arise. Revity has a strong team and a differentiated business, which allows us to continue to perform at a high level through evolving macro environments, while remaining well positioned to benefit when market trends become more favorable. With that, operator, we would now like to open up the call for questions.

[Operator]

Thank you very much. Our first question comes from Patrick Donnelly from Citi. Your line is open. Please go ahead.

[Patrick Donnelly, Managing Director, Equity Research Analyst at Citi]

Hey, guys. Thanks for taking the questions. Maybe one, not surprisingly, to start off on the tariff side. Can you guys talk about that piece The U. S.

[Patrick Donnelly, Managing Director, Equity Research Analyst at Citi]

Into China? It sounds like $135,000,000 gross impact. You're going to neutralize that. I think you said within two months. Can you talk about first what those products are?

[Patrick Donnelly, Managing Director, Equity Research Analyst at Citi]

What you guys are doing to shift around and offset that? And just how you're able to do it so quickly? Mean other companies are talking about far longer time line to shift around some manufacturing footprint or get around some of that U. S. To China.

[Patrick Donnelly, Managing Director, Equity Research Analyst at Citi]

So we'd love to just talk to what you're doing, what those products are and the confidence level if you can contain that into 2Q.

[Prahlad Singh, President and CEO at Revvity]

Hey, Patrick. Good morning. Let me start and then Max will chime in. As we mentioned in our prepared remarks, we didn't start this in April, right? We started this just right after the election And the process of moving products, building redundancy in our supply chain and ensuring product availability into China specifically has been an ongoing exercise for us over the last few months.

[Prahlad Singh, President and CEO at Revvity]

And then that's why sort of we have built that resiliency in our supply chain. Max?

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. Think the other piece I'd add too is, I think we continue to prove that we are an agile and nimble company and that we are able to sort of quickly navigate what is a very dynamic macro environment. I think the other piece, just to answer your question in terms of what products Patrick, if you remember most of our diagnostics business is in China for China. And so really you're talking about the life science products that are being sold into China.

[Patrick Donnelly, Managing Director, Equity Research Analyst at Citi]

Okay. Got it. That's helpful. And then maybe the life science solutions guide, Matt, I know you talked a little bit about the moving pieces there. I think overall that segment was low single.

[Patrick Donnelly, Managing Director, Equity Research Analyst at Citi]

Previously sounds like instruments moved lower software maybe a little higher. I think software was a little double before. Can you just talk through the moving pieces there? And then the reagents, you mentioned the academic piece is maybe a little bit affected. I believe that was 3% or 4% growth guide before.

[Patrick Donnelly, Managing Director, Equity Research Analyst at Citi]

Can you talk about that piece what you're seeing academic versus biopharma? Would love to just break down that segment a little bit. Thank you, guys.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes, sure. So I think when you look at the Life Sciences guide overall for the full year, it does remain unchanged mostly from what we had said ninety days ago, maybe a little bit slightly lower. Remember in Life Science Solutions now we have two components. You have the Life Sciences Solutions business and then you have our software business. I think as we mentioned in our prepared remarks on the Life Science Solutions side, instrumentation is more pressured versus our assumption ninety days ago.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

I would say on the reagent side, we still are expecting solid growth for the year, albeit maybe a little bit slower on the pressure from academic and government, but still solid growth for the year. And then I think on the software side, that's where you're really seeing the majority of the offset where we are now expecting stronger growth versus the low double digits we had assumed ninety days ago.

[Operator]

Appreciate it guys. Our next question comes from Patrick Donnelly from Citi.

[Steve Willoughby, SVP - IR at Revvity]

Sammy, Patrick just asked this question.

[Operator]

You. Apologies. Our next question comes from Dan Brennan from TD Cowen.

[Daniel Brennan, Managing Director at TD Cowen]

Thank you. Thanks for taking the questions. Great. Thanks the questions. Maybe the first one just on China.

[Daniel Brennan, Managing Director at TD Cowen]

I think you said low single digits in the quarter. Just kind of wondering if you can unpack how you expect 2Q rest of year to play up in China? And are you seeing any impact from the government towards Brevity and or other Western vendors just given the heightened political tensions that have been introduced here under the Trump administration?

[Prahlad Singh, President and CEO at Revvity]

Yes, Dan. I mean, I wouldn't classify it as any heightened pressure or attention specific to Revity. Overall, there is obviously a sense of awareness as to what's happening in the marketplace. If you recall, for our Diagnostics business, all our reproductive health in China is in China for China. We've done that over the past decade.

[Prahlad Singh, President and CEO at Revvity]

And on the immunodiagnostics side, most of our all of our products goes from Europe into China. So we pretty much have had that in place for a period of time. And on the life sciences side, to Patrick's question, as Max mentioned earlier, that's the one where we have been working over the last few months to ensure that there is supply chain redundancy in market to ensure that we have a smooth supply of products into China on the life sciences side of the business.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. And just to add from perspective, Dan. I think as we look at China for the rest of the year, our expectation for the full year is positive low single digits growth in China. Life Sciences, we expect to have a slight decline year over year. And then on the Diagnostics side, we are anticipating roughly mid single digit growth.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

So not too much change from our previous assumptions.

[Daniel Brennan, Managing Director at TD Cowen]

Got it. And then maybe just a follow-up to the first question. Just maybe unpacking a little bit more of the changes. So just kind of doing the math.

[Daniel Brennan, Managing Director at TD Cowen]

So for U. S. Academic and government, you guys said 5% of revenues. What's kind of baked in now for the year from that front? And on the flip side, you talked about a positive offset being reproductive health and the new partnerships.

[Daniel Brennan, Managing Director at TD Cowen]

Just wondering if you can unpack that a little bit and kind of what's changed on the outlook on that front? Thanks.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. So I guess first on the academic and government expectations, we don't guide by end market, and we are factoring in now the slower expectations from academic and governments, particularly in The U. S.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

I think as again, as you look at the full year overall, right, we've baked in about 100 basis point headwind from the academic and government customers and that's being offset half by our software business and then half by our reproductive health business. I think on reproductive health in particular, we've mentioned the extension or expansion of the contract in partnership with Genomics England. And then as you saw from the first quarter results in newborn screening continues to perform well globally.

[Steve Willoughby, SVP - IR at Revvity]

Operator, next question.

[Operator]

Our next question comes from Matt Sykes from Goldman Sachs. Your line is open. Please go ahead.

[Matthew Sykes, Analyst at Goldman Sachs]

Thank you and good morning. Thanks for taking my questions. Maybe just for my first question to focus on the signals business, software business. Just given it's now becoming even though it's 8% of total revenues, it's now becoming a pretty important offset this year just given all the macro headwinds. Could you maybe kind of give us a refresh on the competitive landscape?

[Matthew Sykes, Analyst at Goldman Sachs]

How you're winning business? And what is sort of the margin impact as that business scales to the group? And what how you can drive margin expansion just from that business? Or is it too small currently to be able to be a big driver this year?

[Prahlad Singh, President and CEO at Revvity]

Hey, Matt. Good morning. Our software business continues to benefit from favorable market dynamics given the growing adoption. But more importantly, if you look at the drivers across the board, we continue to have strong new business wins, opportunity to upsell and expand with a very strong retention rate. The new NPIs, Signals Synergy and Signals Clinical that we've talked about have had good initial success.

[Prahlad Singh, President and CEO at Revvity]

And we also are looking at the opportunity to expand into the material science markets. But if you look at the portfolio, this is really a crown jewel in our portfolio that I hope it gets the attention that it deserves. Because what it also provides for us as a company is strong synergies and benefit that we have by having signals as part of our portfolio along with life sciences solution franchise. Because both from a new product development perspective, the signals business leverages the capability of what our Life Sciences portfolio brings to Ford. So overall, I think we benefit in the marketplace.

[Prahlad Singh, President and CEO at Revvity]

We have a strong competitive position and we look for the disruption that is right now going through in that marketplace.

[Matthew Sykes, Analyst at Goldman Sachs]

Got it. Thank you very much. And then just maybe just drilling down on ImmunoDx, pretty decent result in the quarter. Could we just kind of get maybe get some regional color? I'm wondering if The U.

[Matthew Sykes, Analyst at Goldman Sachs]

S. Had any kind of tariff pull forward just given the acceleration of high single digits? Or was it a comp effect or just sort of the market getting back to normal? And given your comments of sort of return to normalization overall for Diagnostics is sort of that mid single digit growth kind of what we should assume as what you would classify as normal given market conditions? Thanks.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

I think from an immunodiagnostics standpoint, Matt, I mean the business continues to perform well globally. I think when you look in The U. S, it continues to be strong quarter of growth. And I think once that you'll continue to see that trend persist as we go throughout the year here, I wouldn't say that there's anything unique to call out in terms of a pull forward or anything of that nature in regards to our first quarter results.

[Prahlad Singh, President and CEO at Revvity]

Yeah. And specifically, Matt, as I pointed out on the more on the diagnostic side, is either in China or China going from Europe into China. So there is no pull forward from a tariff perspective.

[Operator]

Great. Thank you. Our next question comes from Vijay Kumar from Evercore. Your line is open. Please go ahead.

[Vijay Kumar, Senior Managing Director at Evercore ISI]

Hey, guys. Thanks for taking my question. Good morning, Prahlad and congrats on a nice execution here. The I guess my first question going back to tariffs. The $135,000,000 that's a 400 north of four fifty basis points of gross headwinds to gross margins.

[Vijay Kumar, Senior Managing Director at Evercore ISI]

That seems slightly higher versus what we've heard from some of your peers so far. So maybe just talk about what is the updated gross margin assumption? And how are we offsetting north of four fifty basis points of GP headwinds? Is there some new cost actions that's being planned?

[Prahlad Singh, President and CEO at Revvity]

Let me just start and then Max rejoining. Vijay, the $135,000,000 number was assuming we would have not done anything. So just to provide a level of clarity, it would assume that we would just be on an as is basis beginning of the year and we would continue to do business as usual and not make any changes. So I just want to make sure you guys don't get hung up on a number. The idea was to give what the strength of reference would have been had we not done anything.

[Prahlad Singh, President and CEO at Revvity]

Obviously, as we said over the past four months, we've taken a significant number of actions to ensure that there's a redundancy in our supply chain and we have mitigated a vast majority of that.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. And then I think in terms of the financials, Vijay, obviously, will provide a headwind from a gross margin perspective. I would expect our 2Q gross margin to be closer to 60% versus what it's been historically running at over the past couple of quarters of sixty one point five percent to 62.5%. So I think from that perspective, would see that sort of pop up here in the second quarter. But as Prahlad mentioned, we've been taking sort of quick proactive measurements to counteract the tariff impact.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

We are taking some additional belt tightening here in the second half for any unmitigated tariff impacts that there might be exiting the second quarter. And I think we're really sort of proud of the way we as a team here have really reacted and put ourselves in an extremely competitive position to take advantage of the potential disruption here with tariffs.

[Vijay Kumar, Senior Managing Director at Evercore ISI]

That's helpful, Max. Maybe I'll pull out one on pharma. I know you don't guide by the end markets, but we've been getting some questions on potential perhaps R and D to slow down here. What is can you just remind us what is pharma as a percentage of total company revenues? And where is this exposure?

[Vijay Kumar, Senior Managing Director at Evercore ISI]

Is this R and D versus clinical? And what trends you're seeing from your customers? What are customers telling you right now?

[Prahlad Singh, President and CEO at Revvity]

Yes, Vijay. Just let me give you a sense of the broad trends. Again, most of what we sell and our captive audience continues to be on the preclinical side still, right? And as we pointed out in our prepared remarks, we continue to see stabilization, I would say, on the reagents side of the business and the impact of what we've seen quarter over quarter has continued to be sustained. The question Max, highlight on the numbers.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. In terms of the overall exposure for PharmaBioCheck, it's roughly 35% of total company revenue, Vijay.

[Vijay Kumar, Senior Managing Director at Evercore ISI]

Fantastic. Thank you, guys.

[Operator]

Our next question comes from Catherine Schulte from Baird. Your line is open. Please go ahead.

[Catherine Schulte, Senior Research Analyst at Robert W. Baird & Co]

Hey, guys. Thanks for the questions and thank you for the very clear messaging around tariffs. It's been very helpful. Maybe just on that topic as we think about the mitigation actions you guys are taking, any way to kind of quantify what's coming from changing manufacturing versus cost actions versus pricing or just kind of a general thought around those pieces? Thank you.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. I would say as you look at the sort of the mitigation of again the gross $135,000,000 tariff headwind, that majority of the offset there, would say is actually on the supply chain side and changing a little bit how we do our manufacturing, Catherine. I would say that takes care of roughly 75%, eighty % of the number. I would say the remaining portion of it is a combination of either changing out suppliers or passing on selective pricing actions. And then as we've mentioned, there is a little bit of additional belt tightening here on overall expenses in the second half of the year.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

But again, the vast majority is really around the supply chain manufacturing.

[Catherine Schulte, Senior Research Analyst at Robert W. Baird & Co]

Great. Thank you. And then you mentioned latent TB in your prepared remarks. How much of that business is tied to migrants and immigrants? And any concerns just given some of the actions taken by this administration?

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. Great question, Catherine. I think as you look at the latent TB market, again, if you remember where we play from a TB perspective, we are more heavily indexed to outside The U. S. It is a strategic initiative for us to become more focused in The U.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

S, which with the recent announcement on the automated workflow, we expect to start to gain more traction in The U. S. So from that standpoint, if there is any noise around the immigration in The U. S. In particular, it's not something that would have a material impact

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

on us as a company overall.

[Catherine Schulte, Senior Research Analyst at Robert W. Baird & Co]

Great. Thank you.

[Operator]

Our next question comes from Dan O'Rise from Stifel. Your line is open. Please go ahead.

[Daniel Arias, Managing Director at Stifel Financial]

Hey, good morning guys. Thank you. Prahlad or Max on the signals business, which sounds like it's doing pretty well right now. What kind of step down should we assume in the back half of the year? It seems like you're north of 20% for the first half of the year.

[Daniel Arias, Managing Director at Stifel Financial]

So you could move down to a mid single digit level and you'd still be in the mid teens range by just some rough math. So how should we think about the full year for signals? And I guess longer term, just given the trajectory of the business and how confident you sound in it, is there a potential upside to I think the 9% to 11% that you laid out at the Analyst Day for the LRP there? Thanks.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yeah. Hey, Dan. So I think as we mentioned in the prepared remarks, we are incredibly excited about the performance of our signals business. It's an incredibly strong first quarter. We expect the rest of the year to be strong.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

When you look at it from a financial perspective, I would say the second half is still going to be strong sort of double digit growth here. I think for the full year, it's probably closer to upper teens level from an organic growth standpoint. In terms of your question on the LRP, I think we've been appropriate in our expectation over the long term of how we expect this business to perform. I think as we've mentioned, there can be some ebbs and flows within a given year. But again, in the metrics that we really look at from a software perspective around our ARR, the net retention rate, what the APV growth is, the business continues to perform extremely well and we believe that this portfolio is a real differentiator for us as a company.

[Daniel Arias, Managing Director at Stifel Financial]

Okay. Helpful. Prahlad, maybe just strategically on M and A. Can you just touch on where you see your appetite for deals? We've gotten questions, I'm sure, much like others on just some of the assets that are in the market, some on the larger side.

[Daniel Arias, Managing Director at Stifel Financial]

Do you see yourself as being potentially acquisitive and particularly on something larger than maybe a bolt on over

[Daniel Arias, Managing Director at Stifel Financial]

the next twelve to eighteen months?

[Prahlad Singh, President and CEO at Revvity]

Yes. Dan, as a practice, we don't comment on any particular deal, whether we have an interest on it or not. But as a company, as we've as you've seen and observed, we continue to evaluate areas of investment both organically and inorganically. I mean, the past three point five years since the BioLegend acquisition in 2021, we've been mostly organic in nature in terms of our investment, but we have a very active and a fertile pipeline. But I think the more important part is post the portfolio transformation, we really don't need M and A to be financially successful.

[Prahlad Singh, President and CEO at Revvity]

We have a strong organic profile now, which may not have been the case pre transformation. So we feel really good with what we have today.

[Daniel Arias, Managing Director at Stifel Financial]

Okay. Thank you.

[Operator]

Our next question comes from Dan Leonard, UBS. Your line is open. Please go ahead.

[Dan Leonard, Managing Director & Research Analyst at UBS Group]

Thank you very much. First question on China. I appreciate that you've been planning countermeasures since the election on the tariff front. But can you help me better understand how you're managing the reagent exposure specifically? Having just toured BioLegend, it doesn't seem like that's something you could spin up locally in a short period of time.

[Prahlad Singh, President and CEO at Revvity]

Well, Dan, I'm glad you asked that question, but that demonstrates the agility of our company. I can tell you with a high degree of confidence that we have been able to do that and we have mitigated that by having availability of product into China, not from The U. S. For all our reagents and instrumentations. That speaks volumes to the redundancy in our supply chain that we have put in place and the agility that this company has been able to do and hopefully the execution around that that you guys have observed since the portfolio transformation.

[Dan Leonard, Managing Director & Research Analyst at UBS Group]

Understood. Thank you. And then a quick follow-up on the signals business. Can you give us an update on your conversion to a SaaS model? And is it safe to assume that the progression towards SaaS has reverted a bit given the magnitude of the growth you just reported and expect for the full year?

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. Hey, Dan. In terms of the overall SaaS journey, I think it continues to be going as planned and we continue to make good traction in the conversion. Roughly, we're probably at about a third of the portfolio now has been converted to SaaS. In terms of the dynamics within specifically 2025, there is still a piece of the portfolio that is still on prem.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

And so that is some part of the revenue performance here in 2025. But again, as I mentioned, organic growth is just one of the metrics that we really look at in terms of the overall signals business. I think the metrics again around the ARR growth, the net retention rate and the annual portfolio value growth are really the metrics that focus on the underlying performance of the business and those continue to perform well. And so from that regard, I wouldn't say anything in terms of a change in our customer behavior. It's really been as planned for the signals business and continues to outperform.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Appreciate that. Thank you.

[Operator]

Our next question comes from Luke Sergott from Barclays. Your line is open. Please go ahead.

[Luke Sergott, Analyst at Barclays Capital]

Great. Thanks guys. Actually, I want to ask a little bit longer term question here. I appreciate the moving manufacturing around for the tariffs here in 2Q and avoiding that. But as you think about your operating margin potential here longer term, This is one of the better selling points of the story.

[Luke Sergott, Analyst at Barclays Capital]

So are the investments that you're taking now, does that kind of in the shifting of the manufacturing, does that potential put any pressure or inability to hit those longer term margin targets? Or maybe even kind of accelerate that make it better? Just kind of walk through the puts and takes on that.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yeah. Hey, Luke. In terms of the LRP and our operating margin expectations, I would say those are largely remain unchanged. I think when you go and look at the 75 bps of operating margin expansion that we're calling out as a company long term, The breakdown of it is '25 bps from the gross margin line and 50 bps from the operating margin line. That 50 bps from the operating margin line is really around the SG and A volume leverage as our growth does not really need a significant amount of investments from an SG and A perspective.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

And so nothing about the tariff situation really changes that algorithm. I think in terms of the additional redundancy costs, I don't think it's meaningful enough for us long term where that's going to create a headwind to our operating margin targets. As you mentioned in your sort of opening comments there, we think our operating margins over the long term will continue to be a bright spot and differentiator for us as a company.

[Luke Sergott, Analyst at Barclays Capital]

Awesome. And then last on the repro side, was up low singles, off of a high single second half growth. And then you have the Year of the Dragon, you had strong prenatal in that second half, you think a little bit more coming into the neonatal. Just talk about the various dynamics that you're seeing there and kind of the outlook for repro for the year.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. I think as you look at reproductive health for the full year, I would say there's really two things. One is that we do have the expansion of the commercial partnerships, particularly with know, myxinglan that we've mentioned in our prepared remarks. The second dynamic and the largest piece of our reproductive health business is our newborn screening business. And I think it's been a consistent strong performer over the past really 10 or so in terms of really being able to outpace the global birth rates.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

And that's a testament to one, the geographic expansion and two, the menu expansion, whether that's us coming out with new NPIs or getting additional states or government to expand their additional testing capabilities or additional menu that they're testing for. So and that business just continues to perform incredibly well. And so I wouldn't say anything has really sort of fundamentally changed there. It's just continued strong performance on newborn screening and then you've got the expansion of the commercial partnerships.

[Operator]

Great. Thanks. Our next question comes from Tycho Peterson from Jefferies. Your

[Operator]

line

[Operator]

is open. Please go ahead.

[Tycho Peterson, Managing Director at Jefferies Financial Group]

Hey, thanks. I want to go back and visit the Pharma Instruments question. Just curious what you're assuming for the full year. Obviously, there's some concerns around pharma R and D cuts in response to tariffs. And then there's obviously FDA plans to phase out animal testing.

[Tycho Peterson, Managing Director at Jefferies Financial Group]

That's a long phase in period, but you do have in vivo imaging. I think

[Tycho Peterson, Managing Director at Jefferies Financial Group]

that's twenty five percent of

[Tycho Peterson, Managing Director at Jefferies Financial Group]

the life science business. You also have organoid offering cell imaging. So how much how do you think your portfolio is positioned longer term for that trend as well?

[Prahlad Singh, President and CEO at Revvity]

Yes. Hey, good morning, Tycho. I think from our perspective, the way we look at specifically as you called out the in vivo offerings, it's usually, I mean, as you know, it's used in its early research stage, not late stage safety studies, which this policy may eventually impact. From our perspective, the roadmap calls out actually a number of areas which plays to us. And if you look at high throughput cell based screening, looking at refined in vivo methods for transition, micro dosing capabilities or looking at ex vivo human tissues.

[Prahlad Singh, President and CEO at Revvity]

So actually, if you think of it, our focus, which is more around small rodents and not in the monkey business, it really helps refine and reduce the larger animal experiments that takes place. And even in the cell analysis portfolio is also well positioned to drive the FDA three point zero agenda. So to from our point, the way we look at this is actually it's more of a tailwind to us than a headwind.

[Tycho Peterson, Managing Director at Jefferies Financial Group]

Okay. And then concerns around R and D cuts for pharma and the outlook for the year?

[Prahlad Singh, President and CEO at Revvity]

Again, if it will impact, it will continue to be on the CapEx side of the funding. Our reagents business, especially on the pipeline that we have had, has done well over the last several quarters and it continues to show improvement quarter over quarter.

[Tycho Peterson, Managing Director at Jefferies Financial Group]

Okay. And then a follow-up on consumables. You were up. A lot of your peers were down. I guess can you say whether that was price capture?

[Tycho Peterson, Managing Director at Jefferies Financial Group]

Is it share gains? If so, where do you think you're pulling share on the consumable side?

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

Yes. Think it's always tough to speculate in terms of whether it's share gain and others results. And I think as we look at our portfolio and things that are more within our control, we continue to focus on our product differentiation from a reagents perspective. We continue to focus on how we engage with our customers. And I think we continue to be pleased with the results of that business and our commercial execution.

[Maxwell Krakowiak, Senior VP & CFO at Revvity]

This

[Operator]

concludes today's call. Thank you very much for joining. You may now disconnect your lines.

Participants

Executives

• Steve Willoughby, SVP - IR
• Prahlad Singh, President and CEO
• Maxwell Krakowiak, Senior VP & CFO

Analysts

• Patrick Donnelly, Managing Director, Equity Research Analyst at Citi
• Daniel Brennan, Managing Director at TD Cowen
• Matthew Sykes, Analyst at Goldman Sachs
• Vijay Kumar, Senior Managing Director at Evercore ISI
• Catherine Schulte, Senior Research Analyst at Robert W. Baird & Co
• Daniel Arias, Managing Director at Stifel Financial
• Dan Leonard, Managing Director & Research Analyst at UBS Group
• Luke Sergott, Analyst at Barclays Capital
• Tycho Peterson, Managing Director at Jefferies Financial Group