Revvity
 | |
| Formerly | PerkinElmer, Inc. |
|---|---|
| Company type | Public |
| Industry | Biotechnology |
| Founded | May 9, 2023 in Waltham, Massachusetts, U.S. |
| Headquarters | , 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 |
|
| 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
[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.: