Report Date: August 4, 2026 (before market open) | Call: 7:30 a.m. ET
Revvity shares have had a strong run into this report, trading around $115 as of August 3 — up roughly 30%+ from the ~$87 level right before its Q1 2026 report in early May, and up further over the past several weeks on generally strong markets (mega-cap tech earnings, AI-driven sentiment) and healthcare-sector M&A chatter (AstraZeneca/Bristol Myers talks). The stock currently sits close to, or slightly below, the Street's average price target (~$117), meaning expectations have risen alongside the price and there is less cushion for a soft print than there was three months ago.
Consensus for the quarter: EPS of roughly $1.22–$1.23 (implying modest y/y growth) on revenue of roughly $704–705 million, which on a headline basis would look like a y/y decline versus last year's reported $720 million — but that "decline" is essentially an artifact of the China Immunodiagnostics divestiture reshaping the comparison base (more below). Revvity has beaten EPS estimates in each of the trailing four quarters, with an average surprise near 3.8%.
Revvity's Q1 2026 print was the key event shaping expectations for Q2:
Important open item for this call: as of early August, we find no confirmation that the "definitive agreement" for the China IDx sale — targeted for signing within Q2 2026 — has actually been announced. Investors should listen closely for an update on deal timing/terms on this call, since it's a name-defining strategic action.
Updated at Q1: for the full year 2026, on a pro forma basis, the Company forecasts total revenue of $2.81-$2.84 billion, pro forma organic revenue growth of 3%-4%, and pro forma adjusted earnings per share of $5.20-$5.30. Management framed the divestiture as accretive to growth and margins on a like-for-like basis, expecting it to "improve our 2026 total company organic growth by approximately 100 basis points and enhance our operating margins by approximately 30 basis points."
Management gave fairly explicit Q2 guardrails on the Q1 call:
1. Pharma/biotech and academic end-market recovery — is it continuing? Q1 showed the first tangible signs of a turn: "Life Science Solutions were up low single digit from pharma/biotech in Q1, which was the strongest growth we've seen on both instruments and platforms from these businesses from this customer group since the second quarter of 2023." Academic/government customers also grew positively in the U.S. for the first time since Q2 2023. Investors will want confirmation that reagent order momentum and lab budgets are still improving into Q2, particularly as management had built some conservatism into H2 assumptions.
2. Diagnostics — Reproductive Health/Genomics England strength vs. China drag Reproductive Health had an outstanding Q1 ("grew double digits organically versus our expectation of high single digits"), aided by newborn screening and a Genomics England contract running ahead of plan. Watch whether that momentum persists and whether immunodiagnostics ex-China holds up while China IDx continues to see policy-driven pressure ahead of its planned exit.
3. Margin execution and the cost program's back-half inflection CFO Max Krakowiak laid out a step-function margin bridge: margins moving from 24% pro forma in Q1 to 27% in Q2, then to 29% in Q3, driven largely by cost-productivity initiatives that are "on track to be fully completed" around mid-2026, with roughly three-quarters of the savings headcount-driven and the rest from footprint/sourcing/freight optimization. Q2 is the transition quarter — investors should check whether the 27% margin target is tracking, since a miss here would raise doubts about the H2 ramp needed to hit 28.4% full-year pro forma margin guidance.
4. Software launches — Xynthetica, BioDesign, LabGistics Signals software remains a strategic priority (double-digit APV growth, 30%+ ARR growth in Q1) despite a guided ~20% organic decline in Q2 due to tough comps. Commentary on adoption of the newly launched BioDesign platform and the year-end LabGistics launch will matter for the long-term growth narrative reiterated ahead of the November 13 Investor Day in New York, where software is expected to be a "central theme."
5. Capital allocation and balance sheet The company repurchased $86 million of stock in Q1 and planned to retire the ~$600 million Eurobond due mid-July, which management said would bring gross leverage below 3x exiting the year. Net debt/adjusted EBITDA stood at 2.8x at Q1-end. Watch for confirmation the bond was retired as planned and any update on buyback pace, especially with the stock now well above where it traded when the $1.06 EPS beat was announced.
6. Tariffs, FX, and macro noise Management has repeatedly flagged tariffs, an extra fiscal week in Q1, and FX as swing factors; FX is now assumed to be a ~50bp tailwind to 2026 growth (down from a prior ~100bp assumption). Any incremental change in FX or tariff assumptions would move the guidance math directly.
Going into this print, the bar looks fair rather than low: consensus EPS (~$1.22–$1.23) and revenue (~$704–705 million pro forma-equivalent) sit right in line with management's own Q2 framework ($699–707M revenue, ~27% pro forma adjusted operating margin, ~$1.20–1.22 implied EPS). The stock has already re-rated meaningfully since the Q1 beat and divestiture announcement, so the setup is less about a straightforward beat-and-raise and more about (1) confirmation that the China IDx divestiture is progressing on schedule (a definitive agreement was targeted for Q2), (2) evidence that the nascent pharma/biotech and academic recovery flagged in Q1 is continuing into Q2, and (3) proof that the margin bridge to 27% this quarter — and ultimately 28.4% for the year — is tracking as the cost-productivity program nears completion. Any wobble on these fronts, given where the stock and price targets now sit, could matter more to the reaction than the headline EPS number itself.