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Covered

RVTY · Revvity

Conviction · Medium · more likely to lead the S&P 500 over the next three months, by a modest margin

Wrong if: a weekly close below $149.35

Second-order beneficiary Last catalyst · (passed) Medtech, diagnostics & life-science tools

Note written ·

How this view changed

  • · Rating raised from Low to Medium. Results, 3 November 2026: Revvity's third-quarter 2026 report showed Life Sciences pro forma organic revenue up 9%, total pro forma organic growth of 7%, and full-year guidance raised to about 5% organic growth and $5.40-$5.45 adjusted EPS.

Price against the kill line

3.4% clear of its kill line on the 13 November 2026 close.

How to read this

The red mark is the price level of the published kill line: a close through it (a weekly close, on a weekly line) would prove the research note wrong on price. The dot is where the stock closed on 13 November 2026; a dot left of the mark has closed through its line.

The scale is stretched near the line, so close calls are easy to see. More than 8% from the line, the stock reads well clear, with a hollow dot to show the figure is off the drawn scale.

The kill line is the research note's own test. The portfolio sells on business facts, not on a price. How the portfolio decides

RVTYRevvity
$149.35
$154.39
3.4%clear of the line

Three months against the kill line

RVTY daily closes from 17 August 2026 to 13 November 2026, last $154.39, against its kill line: a weekly close below $149.35. 17 August 2026: $116.1218 August 2026: $113.7019 August 2026: $119.4020 August 2026: $124.0721 August 2026: $124.6924 August 2026: $122.9525 August 2026: $124.7826 August 2026: $126.2927 August 2026: $129.6528 August 2026: $128.7431 August 2026: $128.611 September 2026: $126.532 September 2026: $130.883 September 2026: $130.574 September 2026: $130.168 September 2026: $127.029 September 2026: $123.7910 September 2026: $120.8911 September 2026: $124.2514 September 2026: $128.4315 September 2026: $140.1316 September 2026: $145.6717 September 2026: $146.6618 September 2026: $143.3921 September 2026: $143.5322 September 2026: $143.2523 September 2026: $142.0524 September 2026: $150.6125 September 2026: $151.0428 September 2026: $150.9529 September 2026: $152.7030 September 2026: $152.821 October 2026: $148.992 October 2026: $151.465 October 2026: $157.296 October 2026: $153.237 October 2026: $153.538 October 2026: $152.099 October 2026: $154.1112 October 2026: $155.5413 October 2026: $155.0114 October 2026: $152.0515 October 2026: $154.6416 October 2026: $152.5719 October 2026: $150.8720 October 2026: $155.9421 October 2026: $156.5422 October 2026: $157.2923 October 2026: $158.7726 October 2026: $160.3927 October 2026: $161.8628 October 2026: $165.3329 October 2026: $165.7830 October 2026: $157.002 November 2026: $151.603 November 2026: $163.484 November 2026: $159.435 November 2026: $150.836 November 2026: $155.119 November 2026: $160.7210 November 2026: $159.1011 November 2026: $158.2512 November 2026: $157.0213 November 2026: $154.39

Daily closes, to . Red: the kill line, a weekly close below $149.35, set on 12 November 2026; only a weekly close settles it. The shares are up 33.0% since the close; the S&P 500 is down 2.1% over the same sessions. Figures in the note can cover a different window.

Kill line

A weekly close below $149.35, the 50-day average, which would erase the post-report gain and show the shares lagging. A cut to the roughly 5% full-year pro forma organic growth outlook would also prove the call wrong.

Research onlyNot in the portfolio.

Last catalyst

The portfolio's record →

Key figures from the filings · Health Care

Quarter to 4 October 2026, filed 10 November 2026; valuation at the 13 November 2026 close

Revenue, latest quarter ($M)
729
Revenue, change on a year (%)
+4.3
Gross margin (%)
57.4
Operating margin (%)
13.1
Free cash flow, four quarters ($M)
591
Net cash, cash less debt ($M)
−2,041
Price to earnings (×)
68.1
Enterprise value to sales (×)
6.6
All filed numbers

What Revvity reports to the SEC in its quarterly and annual filings. Each group states its period and filing date once; a figure dated otherwise says so. Built from the filings known on .

Results by quarter Each quarter with the day its figures were first filed, and the day of a later filing that changed them
Quarter to Revenue ($M) On a year (%) Gross margin (%) Operating margin (%)
first filed 729 +4.3 57.4 13.1
first filed 730 +1.3 57.1 12.2
first filed 711 +7.0 54.5 10.7
first filed 772 +5.9 — 14.5
first filed 699 +2.2 53.6 11.7
first filed 720 +4.1 54.5 12.6
Income Quarter to 4 October 2026, filed 10 November 2026
Pre-tax income ($M) 77.7
Net income ($M) four quarters: 253 62.3
Diluted shares, change on a year (%) against the quarter to 28 September 2025 −3.1
Cash flow Four quarters to 4 October 2026, filed 10 November 2026
Operating cash flow ($M) 656
Capital spending ($M) 65.4
Free cash flow ($M) 591
Balance sheet At 4 October 2026, filed 10 November 2026
Cash and short-term investments ($M) 593
Debt ($M) non-current long-term debt plus current maturities 2,634
Net cash, cash less debt ($M) −2,041
Deferred revenue ($M) +5.1% on a year 236
Backlog, orders not yet delivered ($M) Not reported
Receivables ($M) 687
Inventory ($M) 389
Shareholders' equity ($M) 7,271
Valuation At the 13 November 2026 close, filed figures to 10 November 2026
Market value ($M) 17,236
Enterprise value, market value plus net debt ($M) 19,277
Enterprise value to sales (×) 6.6
Enterprise value to operating income (×) 51.8
Price to earnings (×) 68.1
Price to book value (×) 2.4
Free-cash-flow yield (%) 3.4

Short interest (FINRA, settled 15 October 2026, published 26 October 2026): 5.7% of shares outstanding sold short, 3.6 days of average trading to cover, +1.4% since the previous report.

Insiders' open-market trades SEC Form 4, by trade date, to
Window Bought Sold
90 daysfrom $0 $1.3M
12 monthsfrom $0 $6.0M

The thesis

Revvity's third-quarter report moved Life Sciences back to growth, and that makes the shares modestly more likely than not to beat the S&P 500 over the next three months. The company reported on 3 November 2026 that Life Sciences revenue was $380 million, up 9% on a pro forma organic basis, after a 3% decline in the second quarter. The Investor Day on 13 November 2026 and the fourth-quarter report decide whether that growth lasts.

Total pro forma organic growth was 7%. Adjusted earnings per share (EPS) were $1.38 against a $1.30 estimate, and revenue of $728.9 million beat a $698.2 million estimate, according to Benzinga. Revvity raised its 2026 outlook to about 5% pro forma organic growth, revenue of about $2.86 billion and pro forma adjusted EPS of $5.40 to $5.45.

The market has priced much of this in. The shares closed at $158.25 on 11 November 2026, up 34.7% over three months. On 4 November 2026 JPMorgan and Goldman Sachs set $160 targets, while TD Cowen set $185, Evercore ISI $180, Barclays $175 and RBC $172. The close sits at the low end of that range.

Bullish and bearish views on Revvity, Inc.

The bull case on Revvity, Inc. (RVTY), in brief: Life Sciences returned to growth. The bear case: Diagnostics slowed sharply.

Bull case

  • Life Sciences returned to growth. Revenue was $380 million, up 9% pro forma organic, in the third-quarter release of 3 November 2026. The second-quarter figure was a 3% decline.
  • Guidance moved up again. The 3 November 2026 release lifted full-year pro forma organic growth to about 5% from 4–5%, and adjusted EPS to $5.40–$5.45 from $5.30–$5.40. This is the second raise since 4 August 2026.
  • Margins widened. Adjusted operating margin was 28.7% on a reported basis and 29.4% pro forma in the third quarter, per the company's 8-K.
  • Brokers raised targets after the report. Benzinga reported on 4 November 2026 that TD Cowen (Buy) moved to $185 and Evercore ISI (Outperform) to $180. Goldman Sachs raised its target to $160 from $140, according to fiscal.ai.
  • Peers also raised guidance. Danaher reported third-quarter core revenue growth of 3.0% on 21 October 2026 and lifted 2026 adjusted EPS guidance to $8.57–$8.62.

Bear case

  • Diagnostics slowed sharply. Third-quarter Diagnostics revenue was $349 million, up 5% pro forma organic, against 11% in the second quarter. Reported revenue fell from $356 million a year earlier, per the 8-K release. Management expects mid-single-digit Diagnostics growth in the fourth quarter, according to company commentary summarised by StockStory.
  • Neutral-rated targets sit at the price. JPMorgan (Neutral) and Goldman Sachs both set $160 targets on 4 November 2026, 1.1% above the $158.25 close of 11 November 2026. Barclays and RBC, at $175 and $172, rate the shares Equal-Weight and Sector Perform.
  • The shares faded from the report-day high. The intraday 52-week high of $171.74 came on 3 November 2026. The close on 11 November 2026 is 7.9% below it.
  • Second-quarter EPS had a one-off. Second-quarter adjusted EPS of $1.41 included about $0.11 from tariff-related refunds, according to the company, so the quarter-to-quarter EPS comparison is flattered.
  • Insiders sold into the rise. SEC Form 4 filings show sales under Rule 10b5-1 plans: Tajinder Vohra, 7,330 shares at $140.88 on 16 September 2026; Maxwell Krakowiak, 1,631 shares at $144.53 on 21 September 2026; Anita Gonzales, 84 shares at $155.48 on 1 October 2026.

Price setup

Revvity closed at $158.25 on 11 November 2026. The quoted closes since the report ran from $150.83 on 5 November 2026 to $160.72 on 9 November 2026, so the shares have held a $10 range for a week. The intraday 52-week high of $171.74 on 3 November 2026 marks the top of the move.

The 50-day average is $149.35 and the 200-day average is $113.47, both as of 11 November 2026, from adjusted closes. The lowest close since the report, $150.83 on 5 November 2026, stayed above the 50-day average. The 52-week closing low of $82.26 came on 29 April 2026, and the three-month change is 34.7%.

The shares need to hold that gap above the 50-day average for the post-report gain to stand. A move above the intraday high of $171.74 would take the shares into the range of the Buy-rated targets.

Catalysts ahead

  • ~31 December 2026 (est.): Expected closing of the Human Cell Design acquisition. Extends Revvity's metabolic-disease research tools; the company has not disclosed a revenue contribution.

Elapsed catalysts

  • 13 November 2026: Revvity Investor Day, 9:00 a.m. ET. Management can set out whether the Life Sciences recovery and AI drug-discovery demand extend beyond one quarter; any multi-year growth or margin targets would be the first since the third-quarter beat. (passed)

What would change the view

A weekly close below $149.35, the 50-day average, which would erase the post-report gain and show the shares lagging. A cut to the roughly 5% full-year pro forma organic growth outlook would also prove the call wrong.

The risks this note tracks, each with what would confirm it:

  • The Life Sciences rebound proves to be one quarter of instrument order timing, and growth fades once the backlog ships. Confirmed by: fourth-quarter Life Sciences organic growth below the third quarter's 9%, or management trimming the roughly 5% full-year organic outlook.
  • Diagnostics keeps slowing and removes the offset that carried the first half. Confirmed by: Diagnostics organic growth below the mid-single-digit rate management expects for the fourth quarter, or a disclosed change to screening reimbursement.
  • The shares already sit at the neutral-rated targets, leaving little room if growth only meets expectations. Confirmed by: further downgrades to Hold, or targets from JPMorgan and Goldman Sachs staying at $160 while the shares trade at or above that level.
  • AI adoption erodes Revvity's high-throughput screening business faster than instruments and software grow. Confirmed by: management citing screening declines as a Life Sciences drag at the Investor Day or the fourth-quarter report.
  • Higher bond yields compress valuations across richly priced life-science tools stocks. Confirmed by: a joint de-rating of Thermo Fisher, Danaher and Agilent alongside a rise in the 10-year Treasury yield.
  • The China immunodiagnostics divestiture stalls before its expected end-2027 close. Confirmed by: an 8-K amending or terminating the agreement, or a change to the disclosed closing timeline.

What it trades with

Revvity trades with the life-science tools group: Thermo Fisher, Danaher, Agilent and Waters. All depend on pharmaceutical research budgets and academic funding. Danaher's 21 October 2026 guidance raise lifted sentiment across the group.

A tools-wide de-rating, driven by higher bond yields or weaker biotech funding, would hit Revvity's richer multiple hardest. The AI drug-discovery angle ties the shares loosely to AI spending sentiment. Diagnostics, 48% of third-quarter revenue on a reported basis ($349 million of $729 million), trades more like medical-technology names.

The evidence, claim by claim (8)
  1. Q3 2026 reported revenue $729M (pro forma $710M), pro forma organic growth +7%; adjusted EPS $1.38 against a $1.30 estimate and sales of $728.9M against a $698.2M estimate (Benzinga). Q3 2026 earnings release (Form 8-K); Benzinga · as of
  2. Q3 2026 Life Sciences revenue $380M, +9% pro forma organic (Q2: −3%); Diagnostics revenue $349M, +5% pro forma organic (Q2: +11%). Q3 2026 earnings release (Form 8-K) · as of
  3. FY2026 guidance raised to about 5% pro forma organic growth (from 4-5%), revenue about $2.86B and pro forma adjusted EPS $5.40-$5.45 (from $5.30-$5.40), excluding China immunodiagnostics. Q3 2026 earnings release (Form 8-K) · as of
  4. Adjusted operating margin was 28.7% reported and 29.4% pro forma adjusted in the third quarter; GAAP EPS from continuing operations was $0.56. Q3 2026 earnings release (Form 8-K) · as of
  5. After the report TD Cowen (Buy) raised its target to $185, Evercore ISI (Outperform) to $180, Barclays (Equal-Weight) to $175, RBC (Sector Perform) to $172, JPMorgan (Neutral) to $160; Goldman Sachs raised its target to $160 from $140. Benzinga; fiscal.ai, 4 November 2026 · as of
  6. Revvity will hold an Investor Day on Friday 13 November 2026 beginning at 9:00 a.m. ET. Q3 2026 earnings release (Form 8-K) · as of
  7. Anita Gonzales (VP and chief accounting officer) sold 84 shares at $155.48 on 1 October 2026 under a Rule 10b5-1 plan; no later insider sale appears in Form 4 filings through 11 November 2026. SEC Form 4 filed 2 October 2026 · as of
  8. Revvity filed its 10-Q for the period ended 4 October 2026. SEC EDGAR, Form 10-Q · as of

Sources

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