Waters™ Q4 2022 Earnings Call Presentation February 15, 2023 Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements regarding future results and events, including financial and operational guidance and projected estimates. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend," "outlook," and similar expressio ...

Financial Data and Key Metrics Changes - Revenue for Q4 2022 grew 3% as reported and 9% on a constant currency basis, with full-year revenue growth of 7% as reported and 12% in constant currency [21][24][62] - Non-GAAP adjusted earnings per share for Q4 was $3.84, up 5% year-over-year, while full-year non-GAAP adjusted EPS was $12.02, up 7% year-over-year [23][58] - Gross margin for Q4 was 59.4%, up 140 basis points year-over-year, and operating margin for Q4 was 33.7%, an increase of 110 basis points [54][55] Business Line Data and Key Metrics Changes - Instrument sales grew 16% for the full year, with mass spectrometry growing over 30% [24][51] - Recurring revenues grew high single digits, supported by e-commerce and service attachment growth initiatives [23][51] - New product launches contributed significantly, with Arc HPLC, ACQUITY Premier, and cyclic unit sales growing over 40% [22][23] Market Data and Key Metrics Changes - Industrial was the fastest-growing end market, up 14%, led by environmental testing, which grew over 20% [21][24] - Pharma saw continued robust growth, up 6%, with strength in both small and large molecule applications [21][24] - Sales in Asia grew 7%, with Japan growing 25% and India growing 15%, while China experienced a low single-digit decline due to COVID-related issues [50][52] Company Strategy and Development Direction - The acquisition of Wyatt Technology is seen as a significant step to enhance Waters' capabilities in bioprocess characterization, targeting a $1.8 billion market growing at 10% to 12% [9][31] - The company aims to integrate Wyatt's light scattering technologies with its existing portfolio to create a comprehensive bioanalytical platform [40][41] - The strategy includes augmenting organic growth with M&A to accelerate entry into high-growth adjacencies [20][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robustness of end markets and strong customer demand for products, despite macroeconomic challenges [25][62] - The company anticipates that the strong instrument sales from 2022 will drive future growth in recurring revenues [25][62] - Guidance for 2023 includes organic constant currency sales growth of 5% to 6.5%, with the Wyatt acquisition expected to add 2% to 3% to revenue growth [63][64] Other Important Information - The transaction with Wyatt Technology is valued at $1.36 billion and is expected to close in Q2 2023, subject to regulatory approval [46][48] - The company plans to temporarily suspend its share buyback program for the remainder of 2023 to focus on debt repayment following the acquisition [47][67] - The expected annualized revenue synergies from the acquisition are projected to exceed $70 million by year five [44][96] Q&A Session Summary Question: Continued instrument strength and backlog growth - Management confirmed that instrument growth finished with double-digit growth in Q4 and 16% for the year, driven by successful commercial initiatives and new product launches [74][75] Question: Integration of Wyatt's technologies into the portfolio - Wyatt's light scattering technologies will complement Waters' existing capabilities in biophysical characterization, enhancing the overall bioanalytical characterization portfolio [79][82] Question: Guidance assumptions regarding pricing and China outlook - Management expects a high single-digit growth for China in 2023, with pricing contributing approximately 200 basis points to growth [84][88] Question: Revenue synergies from the Wyatt acquisition - The expected $70 million in revenue synergies is based on geographic expansion, increased product offerings, and integration of software platforms [91][96]

Waters™ J.P. Morgan 41st Annual Healthcare Conference Udit Batra, Ph.D. President & CEO January 9, 2023 Cautionary Statements This presentation contains forward-looking statements regarding future results and events, including financial and operational guidance and projected estimates. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend," "outlook," and similar e ...

Waters Corporation (NYSE:WAT) 41st Annual J.P. Morgan Healthcare Conference Call January 9, 2023 7:30 PM ET Company Participants Udit Batra - President and Chief Executive Officer Conference Call Participants Rachel Vatnsdal - JPMorgan Chase & Co. Rachel Vatnsdal Perfect. Hi, everyone. This is Rachel Vatnsdal with the Life Science Tools Diagnostics team. I'm joined by Udit Batra today, CEO of Waters. And so as a reminder, this will be a standard presentation. So we'll do a 20-minute presentation, followed b ...

Waters Corporation (NYSE:WAT) Q3 2022 Earnings Conference Call November 1, 2022 8:00 AM ET Company Participants Caspar Tudor - Head of Investor Relations Udit Batra - President and Chief Executive Officer Amol Chaubal - SVP, Chief Financial Officer Conference Call Participants Vijay Kumar - Evercore ISI Dan Brennan - Cowen and Company Matt Sykes - Goldman Sachs Luke Sergott - Barclays Rachel Vatnsdal - JPMorgan Mike Ryskin - Bank of America Merrill Lynch Operator Good morning and welcome to the Waters Corpo ...

Waters™ Q3 2022 Earnings Call Presentation November 1, 2022 Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements regarding future results and events, including financial and operational guidance and projected estimates. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend," "outlook," and similar expression ...

Waters Corporation (NYSE:WAT) Q2 2022 Earnings Conference Call August 2, 2022 8:00 AM ET Company Participants | --- | --- | |-------------------------|-----------------------------------------------------------------| | | | | | Caspar Tudor - Manager of IR | | | Udit Batra - President & CEO | | | Amol Chaubal - SVP & CFO | | | Conference Call Participants | | Vijay Kumar - Evercore | | | Luke Sergott - Barclays | | | Daniel Brenna - Cowen | | | | Matthew Sykes - Goldman Sachs Josh Waldman - Cleveland Resear ...

Waters™ 2022 Analyst & Investor Day May 19, 2022 Waters™ Caspar Tudor Head of Investor Relations ©2022 Waters Corporation 1 Cautionary Statements This presentation contains forward-looking statements regarding future results and events, including financial and operational guidance and projected estimates. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend" , "pr ...

Call Start: 08:00 January 1, 0000 8:57 AM ET Waters Corporation (NYSE:WAT) Q1 2022 Earnings Conference Call May 3, 2022 08:00 ET Company Participants Caspar Tudor - Manager of Investor Relations Udit Batra - President & Chief Executive Officer Amol Chaubal - Senior Vice President & Chief Financial Officer Conference Call Participants Vijay Kumar - Evercore ISI Rachel Vatnsdal - JPMorgan Dan Brennan - Cowen & Company Josh Waldman - Cleveland Research Puneet Souda - SVB Securities Matt Sykes - Goldman Sachs J ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 01-14010 Waters Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 13-36686 ...