Revvity Sells Applied Genomics for ~$1B
Ticker: RVTY · Form: 8-K · Filed: Apr 29, 2024 · CIK: 31791
Sentiment: neutral
Topics: divestiture, debt-reduction, acquisition
TL;DR
Revvity sold its Applied Genomics unit for $1B to Roark Capital, using cash to pay down debt.
AI Summary
Revvity, Inc. announced on April 29, 2024, that it has completed the divestiture of its Applied Genomics business to an affiliate of Roark Capital. This transaction is expected to generate approximately $1.0 billion in gross proceeds, subject to customary adjustments. The company intends to use the net proceeds to repay outstanding debt and for general corporate purposes.
Why It Matters
This significant divestiture allows Revvity to focus on its core businesses and improve its financial flexibility by reducing debt.
Risk Assessment
Risk Level: medium — The divestiture and subsequent debt repayment could impact Revvity's future growth trajectory and financial structure.
Key Numbers
- $1.0B — Gross Proceeds (From the sale of Applied Genomics business)
Key Players & Entities
- Revvity, Inc. (company) — Registrant
- Applied Genomics (company) — Divested Business
- Roark Capital (company) — Acquiring Affiliate
- $1.0 billion (dollar_amount) — Gross Proceeds
- April 29, 2024 (date) — Report Date
FAQ
What was the exact date of the divestiture announcement?
The divestiture was announced on April 29, 2024.
Who acquired Revvity's Applied Genomics business?
An affiliate of Roark Capital acquired the Applied Genomics business.
What is the estimated gross proceeds from the sale?
The transaction is expected to generate approximately $1.0 billion in gross proceeds.
How does Revvity plan to use the proceeds from the sale?
Revvity intends to use the net proceeds to repay outstanding debt and for general corporate purposes.
What was Revvity's former name?
Revvity, Inc. was formerly known as PerkinElmer Inc. and EG&G Inc.
Filing Stats: 551 words · 2 min read · ~2 pages · Grade level 10.4 · Accepted 2024-04-29 08:40:10
Key Financial Figures
- $1 — nge on which registered Common stock, $1 par value per share RVTY The New York S
Filing Documents
- pki-20240429.htm (8-K) — 35KB
- q12024pressrelease.htm (EX-99.1) — 230KB
- 0001628280-24-018795.txt ( ) — 447KB
- pki-20240429.xsd (EX-101.SCH) — 3KB
- pki-20240429_def.xml (EX-101.DEF) — 15KB
- pki-20240429_lab.xml (EX-101.LAB) — 27KB
- pki-20240429_pre.xml (EX-101.PRE) — 16KB
- pki-20240429_htm.xml (XML) — 4KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition On April 29, 2024, Revvity, Inc. announced its financial results for the first quarter ended March 31, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits EXHIBIT INDEX Exhibit No. Description 99.1* Press Release entitled "Revvity Announces Financial Results for the First Quarter of 2024", issued by Revvity, Inc. on April 29, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL) * This exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. REVVITY, INC. Date: April 29, 2024 By: /s/ Maxwell Krakowiak Maxwell Krakowiak Senior Vice President and Chief Financial Officer