Business
Revvity said it will lay off employees in Boston and Lawrence as it consolidates operations.
Biomanufacturer Revvity Inc. is cutting over 100 jobs in Massachusetts as it consolidates operations into its Hopkinton headquarters.
Last week, in a notice to the state, the company said it will close its Lawrence manufacturing facility at 360 Merrimack St. and lay off 58 employees. The move follows September’s announcement of 76 layoffs at Revvity’s South End site on Albany Street.
A spokesperson for Revvity said the company is offering most employees from Lawrence and Boston opportunities to relocate to Hopkinton.
“We remain committed to supporting affected employees through this transition and maintaining a strong presence in Massachusetts,” the company said in a statement.
According to Google Maps, the Hopkinton office is within an hour’s drive of both closed offices without traffic.
Revvity, one of Massachusetts’s largest public companies, provides health science solutions and technologies. Its focus is translational multiomics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics, and more.
The company is headquartered in Waltham and employs about 11,000 people.
According to its second-quarter earnings call in July, Revvity has faced additional challenges in the past few years, including unclear funding for academic research, industry-specific tariffs, and new regulations impacting its diagnostics volumes in China.
The company’s annual report said it earned $270.38 million in net income, down from $693.09 million in 2023. Total revenue in 2024 was $2.76 billion.
Shares peaked at $189.04 per share in 2021 before steadily declining to about $84 per share today. It is now trailing behind the S&P 500 index.
However, the second quarter results, which generated $720 million in revenue, showed some promise.
“Overall, the current macroeconomic and regulatory environment continues to present challenges, but it’s in precisely this kind of environment that we’ve consistently risen to the occasion and thrived, just as we have throughout the past five years of Revvity’s remarkable transformation,” said CEO, President & Director Prahlad R. Singh, during the earnings call.
The company will announce the third-quarter earnings on Oct. 27.
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