Waters Corporation (WAT) Presents at Jefferies London Healthcare Conference 2025 Transcript

Core Insights - The replacement cycle for instruments has been ongoing for about a year, with significant momentum observed in orders outpacing revenues [1][2] - The growth rate for LC-MS instruments remains in the high single-digit range, driven by the replacement cycle and other factors [2][3] - The industry is still in the early stages of the replacement cycle, with many customer segments yet to begin replacing their instruments [3] Group 1 - The instrument replacement cycle is expected to continue, indicating a positive trend for future growth [3] - Current growth for LC-MS instruments is characterized by a low single-digit CAGR over the past six years, suggesting room for improvement [3] - The sales funnel for instruments is strong, indicating good future demand [3]