RVTY Shareholder/Stockholder Letter Transcript:
New beginnings.
New possibilities
for the future of
human health.
2023 Annual Report
Revvity has tested over
800 million newborns for
life-threatening diseases.
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Dear Shareholders,
Reflecting on the moment we officially became Revvity last year, I am filled with
profound gratitude for the dedication and commitment of our colleagues across the
globe and the opportunity to experience that significant milestone as one team. Each
day since then, we have worked together to shape our new company, transcending
geographic boundaries and removing barriers to communication and collaboration.
This unity has been the driving force behind our early wins, new innovations, and the
incredible impact Revvity is already making on health and science.
Our transformation into Revvity was more than just a change in name. It symbolized
the bold, new vision that we are embracing to redefine what is possible in human
health and to stand on the cutting edge of science. When we created Revvity, we
did so knowing that what we were building was in a category of one.
We designed the Company to be focused on higher growth,
specialized areas within Life Sciences and Diagnostics. For
example, we are uniquely positioned in Life Sciences with
our offerings in pre-clinical research and development. The
majority of our revenue in this segment is centered on selling
consumables, instruments, technology licenses and services,
and software, all of which help our pharma, biotech and
academic customers invent revolutionary therapies. We are
intentional in providing high-value, specialized products to
our customers, because we know that they come to Revvity
looking to investigate a previously unanswered question or
achieve something that has never been done before.
Similar to our Life Sciences business, in Diagnostics, we engage
with specialized sectors which grow faster than the broader
clinical diagnostics market by addressing significant unmet
needs. We benefit from strong market positions in critical
areas such as autoimmunity, allergy, latent tuberculosis,
newborn and prenatal screening, and next generation
Our transformation into
Revvity was more than just a
change in name. It symbolized
the bold, new vision that we
are embracing to rede ne
what is possible in human
health and to stand on the
cutting edge of science.
Prahlad Singh, PhD
President and CEO
Revvity, Inc.
sequencing sample prep. We remain steadfast in continuously
expanding our offerings, menus and geographic reach.
The uniqueness of our businesses and our distinct approach
by engaging customers as strategic partners enables
us to have differentiated financial performance through
macroeconomic cycles. Recently, for instance, in order to
help customers more rapidly move drug candidates out of
the research lab and into clinical trials, we began to scale
our capacity to provide customers with GMP antibodies,
cytokines and other consumables.
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From a product standpoint, nothing about our instrumentation
is routine. Our recent launch in Europe of the EONIS Q system
is a first of its kind workflow which streamlines molecular
testing for both spinal muscular atrophy and SCID in newborns.
It is a new and complete CE-IVD solution which consists
of a new qPCR instrument with dedicated software and a
specialized diagnostic kit. With no wash steps being needed in
the new workflow, clinicians are able to achieve significantly
faster turnaround times with less hands-on involvement
from sample to answer than existing methods. This allows for lower operating costs and greater
sustainability, as fewer consumables and plasticware are required. Our new EONIS system is just
one example of how we are continuing to bring cutting-edge and innovative solutions to market
from across the Company, benefiting both our customers and ultimately the patients they serve.
With the significant number of additions to the Company over the past several years, coupled
with the large divestiture we completed in 2023, we have many areas to further optimize over the
coming years to reach our full potential as a company. The significant actions we took last year,
combined with further measures implemented in early 2024, have put us on a steep trajectory
to further streamline and adjust our operations for the business we have now become. It also
strongly positions us to capitalize on the leverage potential that exists in our company. Ultimately,
we are building Revvity for the long term, and I have never been more confident in the impact
we re having on the world as well as the outlook for both Revvity and our industry.
I am incredibly inspired by what our team around the globe
achieved in 2023 as we became Revvity. New beginnings
always bring new possibilities. And looking ahead to this
year and beyond, the possibilities we have to revolutionize
the future of human health are limitless, as is our team s
unwavering passion and dedication. Whether it s fueling
scientists to discover more and translate faster, supporting
labs as they help physicians guide patient treatments, or
enabling babies around the world to get a healthier start,
Revvity will be there.
Thank you for your continued support on this
exciting journey.
Regards,
Prahlad
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Corporate Governance
Board of Directors
Corporate Officers
Prahlad Singh, PhD
President and Chief Executive Officer
Revvity, Inc.
Prahlad Singh, PhD
President and Chief Executive Officer
Peter Barrett, PhD
Partner, Atlas Venture
Joel S. Goldberg
Senior Vice President,
Administration, General
Counsel and Secretary
Samuel R. Chapin
Retired Executive Vice Chairman
Bank of America Merrill Lynch
Sylvie Gr goire, PharmD
Chair of the Board
CervoMed, Inc.
Max Krakowiak
Senior Vice President and
Chief Financial Officer
Michael A. Klobuchar
Executive Vice President and
Chief Strategy Officer
Merck & Co., Inc.
Daniel R. Tereau
Senior Vice President, Strategy and
Business Development
Michelle McMurry-Heath, MD, PhD
Consultant to Biotechnology Industry
Miriame Victor
Senior Vice President,
Chief Commercial Officer
Alexis P. Michas
Managing Partner
Juniper Investment Company, LLC
Sophie V. Vandebroek, PhD
Former Vice President,
Emerging Technology Partnerships
IBM Corporation
Tajinder Vohra
Senior Vice President, Global Operations
Anita Gonzales
Vice President and Controller
Michel Vounatsos
Former Chief Executive Officer
Biogen Inc.
Frank Witney, PhD
Former Chief Executive Officer
Affymetrix, Inc.
Pascale Witz
Founder and President
PWH Advisors
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3/13/2024 Letter Continued (Full PDF)