Revvity 2Q26 Review: LS Push-Out Complicates Beat and Raise

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Revvity

2Q26 Review: LS Push-Out Complicates Beat and

Raise

Neutral

RVTY, RVTY US

Price (04 Aug 26):$111.39

▲Price Target (Dec-27):$110.00

Prior (Dec-26):$90.00

RVTY reported a 2Q top and bottom line beat while raising 2026 guidance on a pro

forma basis, now calling for +4.0-5.0% organic (vs. Street of +3.0%, prior guide

of +3.0-4.0%). While the +3.0% organic revenue growth seen in 2Q exceeded

expectations (vs. Street of +1.8% and guide of +2.0-3.0%), the beat was driven by

Diagnostics (+11.0% organic vs. Street of +4.4% and guide of +MSD/HSD

growth), and the Life Sciences (LS) business came in below the Street and guide

(-3.0% organic vs. Street of -0.9% and guide of ~flat). The LS miss was driven by

the timing of instruments and reagents shipments in LSS that were pushed into 2H,

though management encouragingly indicated it believes the backlog built during

2Q will translate into revenue in 2H and consequently raised its LSS platforms

guide to +MSD growth for the year vs. +LSD prior. The guide also assumes a

similar step up in LS reagents embedding a 4Q exit rate of +MSD. Notably, the

company called out AI-driven demand as a material growth driver in the quarter

in the high-content screening business, with demand seen from both traditional and

non-traditional customers. Stepping back, the quarter demonstrated better-thanexpected margin performance ex-tariffs (the company raised adj. OPM

expectations for 2026 by ~10-15bps ex-tariff impact, per management on our

follow-up), albeit the 2H ramp remains a bit of a show me story, while the LS pushout left more to be desired against the improving underlying demand backdrop.

Looking forward, we reiterate our Neutral rating as we look towards further

evidence of execution, particularly in LS (along with more proof points of

sustainable AI demand within high-content screening), while rolling forward our

DCF to establish a Dec. ‘27 PT of $110 (vs. Dec. ‘26 PT of $90 prior).

Life Science Tools & Diagnostics

Casey Woodring AC

(1-212) 622-9074

Marta Nazarovets Zaremba

(1-212) 622-6046

Jaden Rismay

(1-212) 622-8479

J.P. Morgan Securities LLC

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