Revvity, Inc. (RVTY) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by and welcome to the PerkinElmer, Inc. 2020 Annual Meeting. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Joel Goldberg. Sir, please begin.

Good morning, everyone. I am Joel Goldberg, PerkinElmer's General Counsel and Secretary. Thank you for coming to PerkinElmer's 2020 Annual Meeting of Shareholders, which we are holding on a virtual basis for the first time. We appreciate your taking the time to log in this morning, and we hope that everyone is staying safe and healthy. I would like to introduce the President and Chief Executive Officer of PerkinElmer, Inc., Prahlad Singh.

Good morning. Welcome to our 2020 annual meeting of shareholders, which, as Joel mentioned, is being conducted via live audio webcast for the first time. Before proceeding to the formal business of this meeting, I would like to briefly describe the qualifications of the members of our Board of Directors, in addition to myself, who are standing for reelection. Peter Barrett. Peter is a partner in the Life Sciences group at Atlas Venture, an early-stage life sciences venture capital fund, and was first elected to serve on our Board in 2012. Samuel R. Chapin. Sam is the retired Executive Vice Chairman of Bank of America Merrill Lynch, and joined our Board in 2016. Sylvie Grégoire. Sylvie is the Co-Founder and Executive Chair of EIP Pharma, Inc., a central nervous system-focused therapeutics company, based in Cambridge, and has served on our Board since 2015. Alexis P. Michas. Alexis is the Founder and Managing Partner of Juniper Investment Company, LLC, an investment management firm, has been a member of our Board since 2001, and currently serves as our non-Executive Chairman. Michel Vounatsos. Michel is the Chief Executive Officer and a member of the Board of Biogen Inc. and was appointed as a Director of PerkinElmer in March of this year. Frank Witney. Frank is the former Chief Executive Officer of Affymetrix, and joined our Board in 2016. Pascale Witz. Pascal is the Founder and Chief Executive Officer of PWH Advisors, and joined our Board in 2017. I would also like to note that joining us this morning is Chris Bradley, a partner at Deloitte & Touche LLP. Chris is available to answer any questions you may have regarding his firm's function as the company's auditors. Thank you, ladies and gentlemen. Now to the formal business of our meeting. This is the 2020 Annual Meeting of the Shareholders of PerkinElmer, Inc. The annual meeting is held on the 4th Tuesday in April of each year, and the Board of Directors has fixed the close of business on February 28, 2020, as the record date for determining shareholders entitled to vote at this meeting. If any shareholder has not voted, and would like to do so, or has voted and would now like to change their vote, please follow the instructions on the web portal. In order to conduct this meeting, we are required to have a quorum. Mr. Goldberg, do we have a quorum?

Yes, Mr. Chairman. Holders of approximately 104 million shares, or 94% of the common stock of the company entitled to vote, are present or represented by proxy at the meeting and constitute a quorum. I would also like to present that as part of the formal records of this meeting, I have the minutes from the 2019 annual meeting of shareholders.

The first proposal to be voted on at this meeting, as set forth in our proxy statement, is to elect 8 directors to the Board of Directors, each for a term of 1 year. Mr. Goldberg, do you have a formal proposal, relating to the election of the Directors?

Yes, Mr. Chairman, I move that Peter Barrett, Samuel R. Chapin, Sylvie Grégoire, Alexis P. Michas, Prahlad R. Singh, Michel Vounatsos, Frank Witney and Pascale Witz each be elected a Director of PerkinElmer, Inc., for a term of 1 year, that term to expire at the annual meeting of this company in 2021.

Do I hear a second?

Second.

Are there any further nominations? I hear none. So nominations are now closed. The nominees are as identified by Mr. Goldberg. Unless there are any questions or comments relating to this proposal, we shall proceed. If anyone wishes to submit a vote on this proposal for the first time or change a vote previously submitted, please follow the instructions on the web portal. Voting is now closed, and the proxies are voted as authorized. Mr. Goldberg, do you have preliminary results?

Yes, Mr. Chairman. Based upon votes submitted, as of the start of this annual meeting, the proposal to elect the 8 nominees to the Board of Directors, for terms of 1 year each, has been passed. Each nominee has received the affirmative vote of at least 98% of the votes cast. Exact votes will be reflected in the official minutes of this meeting.

The second proposal to be voted on at this meeting, as set forth in our proxy statement, is to ratify the Audit Committee's selection of Deloitte & Touche LLP as our independent auditors for the current fiscal year. Mr. Goldberg, do you have a formal proposal relating to the ratification of the selection of auditors?

Yes, Mr. Chairman, I move to ratify the selection of Deloitte & Touche LLP as PerkinElmer's independent registered public accounting firm for the current fiscal year.

Do I hear a second?

Second.

Unless there are any questions or comments relating to this proposal, we shall proceed. If anyone wishes to submit or vote on this proposal for the first time, or change a vote previously submitted, please follow the instructions on the web portal. Voting is now closed, and the proxies are voted as authorized. Mr. Goldberg, do you have preliminary results?

Yes, Mr. Chairman. Based upon votes submitted, as of the start of this annual meeting, the proposal to ratify the selection of Deloitte & Touche LLP as PerkinElmer's independent registered public accounting firm for the current fiscal year has been passed with an affirmative vote of approximately 99% of the votes cast. Exact votes will be reflected in the official minutes of this meeting.

The third proposal to be voted on at this meeting, as set forth in our proxy statement, is to approve, by non-binding vote, PerkinElmer's executive compensation. Mr. Goldberg, do you have a formal proposal relating to the approval of PerkinElmer's executive compensation?

Yes, Mr. Chairman, I move that the compensation paid to the company's named executive officers, as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the compensation, discussion and analysis, the compensation tables and any related material disclosed in our proxy statement, is hereby approved.

Do I hear a second?

Second.

Unless there are any questions or comments relating to this proposal, we shall proceed. If anyone wishes to submit a vote on this proposal for the first time, or change a vote previously submitted, please follow the instructions on the web portal. Voting is now closed, and the proxies are voted as authorized. Mr. Goldberg, do you have preliminary results?

Yes, Mr. Chairman. Based upon votes submitted, as of the start of this annual meeting, the proposal to approve, by non-binding vote, PerkinElmer's executive compensation has been passed with an affirmative vote of approximately 80% of the votes cast. Exact votes will be reflected in the official minutes of this meeting.

Thank you. That takes care of the formal business of today's meeting. So before I move on to answer any additional questions, I hereby declare that the 2020 annual meeting of shareholders is adjourned. If there are no questions, the meeting is concluded. Thank you for attending our first virtual annual meeting of shareholders and for your continued support of PerkinElmer. Stay healthy and stay safe.