Company:Revvity
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| Formerly | PerkinElmer, Inc. |
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| Type | Public company |
| Industry | Biotechnology |
| Founded | May 9, 2023 in Waltham, Massachusetts, U.S. |
| Headquarters | Waltham, Massachusetts , U.S. |
Key people | Prahlad Singh (President and CEO) |
| Revenue | US$3 billion (2022) |
Number of employees | 11,000 worldwide (2023) |
| Subsidiaries |
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| Website | revvity |
Revvity, Inc. is an American company in the life sciences and diagnostics business that is focused on selling to the pharmaceutical and biotechnology industries,[1] especially in relation to approaches making use of new cell therapy or gene therapy developments.[2] Its origins lie with the long-existing company PerkinElmer, which has been in a variety of business lines.[3]
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.[3] 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.[1] An associated goal was to have more financial flexibility moving forward.[3] On May 16, 2023, the PerkinElmer stock symbol PKI was replaced by the new symbol RVTY.[4][3]
The name 'Revvity' itself was formed from a combination of the words "revolution" (abrupt change, in English) and "vita" (life, in Latin).[1] 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.[4] Initial annual revenues for Revvity were estimated at about $3 billion.[1] Singh and some other senior executives came to Revvity from PerkinElmer, while others were new hires.[4] Headquarters for Revvity were kept in the same town as the old PerkinElmer, that being Waltham, Massachusetts.[1]
Compared with its PerkinElmer past, Revvity was deemphasing medical devices in favor of an approach based on reagents and electronic commerce.[2]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 "Bold Types: Singh revs things up with new corporate name". The Boston Globe: pp. D1, D3. May 16, 2023. https://www.newspapers.com/article/the-boston-globe/127654265/.
- ↑ 2.0 2.1 "Formerly PerkinElmer, Revvity Discusses Plans, Goals as Dx, Life Science Firm". GenomeWeb. May 11, 2023. https://www.genomeweb.com/molecular-diagnostics/formerly-perkinelmer-revvity-discusses-plans-goals-dx-life-science-firm.
- ↑ 3.0 3.1 3.2 3.3 "PerkinElmer Completes Transformation to Become Revvity". Yahoo! Finance. May 19, 2023. https://finance.yahoo.com/news/perkinelmer-completes-transformation-become-revvity-154135634.html.
- ↑ 4.0 4.1 4.2 "Here's PerkinElmer's new, post-split name for its life sciences business". Boston Business Journal. May 9, 2023. https://www.bizjournals.com/boston/news/2023/05/09/perkinelmer-revvity-new-name-company-split.html.
External links
- Official website
- Business data for Revvity, Inc.:
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