Company:Revvity
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| Formerly | PerkinElmer, Inc. |
|---|---|
| Type | Public |
| 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$2.76 billion (2024) |
 US$270 million (2024) | |
| Total assets | US$12.4 billion (2024) |
| Total equity | US$7.67 billion (2024) |
Number of employees | 11,000 (2024) |
| Subsidiaries |
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| Website | revvity |
| Footnotes / references [1] | |
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]
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
- ↑ "2024 Annual Report (Form 10-K)". U.S Securities and Exchange Commission. February 25, 2025. https://www.sec.gov/ix?doc=/Archives/edgar/data/31791/000003179125000009/revv-20241229.htm.
- ↑ 2.0 2.1 2.2 2.3 2.4 "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/.
- ↑ 3.0 3.1 "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.
- ↑ 4.0 4.1 4.2 4.3 "PerkinElmer Completes Transformation to Become Revvity". Yahoo! Finance. May 19, 2023. https://finance.yahoo.com/news/perkinelmer-completes-transformation-become-revvity-154135634.html.
- ↑ 5.0 5.1 5.2 "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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