Revvity, Inc. is an American company in the life sciences and diagnostics business that is focused on selling to the pharmaceutical and biotechnology industries, especially in relation to approaches making use of new

cell therapy Cell therapy (also called cellular therapy, cell transplantation, or cytotherapy) is a therapy in which viable cells are injected, grafted or implanted into a patient in order to effectuate a medicinal effect, for example, by transplanting T-c ...

gene therapy Gene therapy is a medical field which focuses on the genetic modification of cells to produce a therapeutic effect or the treatment of disease by repairing or reconstructing defective genetic material. The first attempt at modifying human DN ...

developments. Its origins lie with the long-existing company

PerkinElmer PerkinElmer, Inc., previously styled Perkin-Elmer, is an American global corporation focused in the business areas of diagnostics, life science research, food, environmental and industrial testing. Its capabilities include detection, imaging, inf ...

, which has been in a variety of business lines. 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. 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. An associated goal was to have more financial flexibility moving forward. On May 16, 2023, the PerkinElmer stock symbol PKI was replaced by the new symbol RVTY. The name 'Revvity' itself was formed from a combination of the words "revolution" (abrupt change, in English) and "vita" (life, in Latin). 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. Initial annual revenues for Revvity were estimated at about $3 billion. Singh and some other senior executives came to Revvity from PerkinElmer, while others were new hires. Headquarters for Revvity were kept in the same town as the old PerkinElmer, that being

Waltham, Massachusetts Waltham ( ) is a city in Middlesex County, Massachusetts, United States, and was an early center for the labor movement as well as a major contributor to the American Industrial Revolution. The original home of the Boston Manufacturing Company, th ...

. Compared with its PerkinElmer past, Revvity was de-emphasizing

medical device A medical device is any device intended to be used for medical purposes. Significant potential for hazards are inherent when using a device for medical purposes and thus medical devices must be proved safe and effective with reasonable assura ...

s in favor of an approach based on

reagent In chemistry, a reagent ( ) or analytical reagent is a substance or compound added to a system to cause a chemical reaction, or test if one occurs. The terms ''reactant'' and ''reagent'' are often used interchangeably, but reactant specifies a ...

s and

electronic commerce E-commerce (electronic commerce) is the activity of electronically buying or selling of products on online services or over the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain manageme ...

References

External links

* {{Finance links , name = Revvity, Inc. , symbol = RVTY , sec_cik = 31791 , yahoo = RVTY , google = RVTY:NYSE Companies listed on the New York Stock Exchange Life science companies based in Massachusetts Companies based in Waltham, Massachusetts Biotechnology companies of the United States Biotechnology companies established in 2023 2023 establishments in Massachusetts