Core Insights - Waters Corporation has launched the Waters Xevo Charge Detection Mass Spectrometer (CDMS), which offers advanced measurement capabilities for large biomolecules essential for next-generation therapeutics and structural biology [2][4] - The Xevo CDMS addresses limitations in existing analytical tools, providing direct mass measurement for molecules exceeding 150 MDa, thus enabling analysis of complex drug modalities [2][4] Product Features - The Xevo CDMS allows for the analysis of viral vector capsids using up to 100-fold less sample volume compared to current methods, delivering results in under ten minutes [3][4] - It enables real-time characterization of gene therapies during development, enhancing the safety and efficacy of advanced therapies [4][6] - The system utilizes the Electrostatic Linear Ion Trap (ELIT) technology for direct measurement of individual ions, developed in collaboration with Indiana University [5][10] Strategic Importance - The introduction of the Xevo CDMS is part of Waters Corporation's strategic investment in large molecules, which is crucial for advancing therapeutic breakthroughs [4][5] - The technology is expected to accelerate the development of genetic medicines and improve accessibility to life-changing therapies for patients [4][5] Market Position - Waters Corporation is recognized as a global leader in analytical instruments and technologies, serving various sectors including life sciences, materials, food, and environmental sciences for over 65 years [7][8]

Core Points - Waters Corporation (NYSE: WAT) will hold its Q3 2025 financial results conference call on November 4th, 2025 at 8:00 a.m. Eastern Time [1] - A live webcast of the presentation will be available on Waters Investor Relations website, with a replay accessible until December 2nd, 2025 [1] - Waters Corporation is a global leader in analytical instruments, separations technologies, and software, serving various sectors for over 65 years [1] - The company operates in over 100 countries with more than 7,600 employees, focusing on the efficacy of medicines, safety of food, purity of water, and sustainability of products [1] Financial Performance - The company reported its financial results for the second quarter of 2025, with sales amounting to $771 million [3]

Financial Data and Key Metrics Changes - The company reported a strong top-line growth of 6% core revenue, with significant contributions from pharma and CAM [3][4] - The guidance for revenue was raised by 25%, driven by broad-based growth, particularly in pharma and CDMO [3][4] - Gross margins were impacted by tariffs, leading to a 200 basis point decline year-on-year, but a sequential improvement of approximately 230 basis points is expected in Q4 [11][12][15] Business Line Data and Key Metrics Changes - Pharma QAQC grew mid-teens in Europe, driven by consolidation of supply chains and new greenfield sites [5][29] - The Infinity Tree product line saw a 15% growth, indicating a steady replacement cycle [6][19] - CDMO experienced a remarkable 20% growth, with bookings extending into 2026 [7][35] Market Data and Key Metrics Changes - The A and G segment showed stability with mid- to high single-digit growth in Europe and 20% growth in China, although the U.S. market faced challenges [24][26] - In China, pharma and biopharma markets are experiencing high innovation rates, with a significant increase in out-licensing [48][50] - The CAM segment reported 10% growth in both chemicals and advanced materials, driven by investments in semiconductors and sustainability initiatives [42][44] Company Strategy and Development Direction - The company is focused on innovation and productivity improvements, particularly in the CDMO and pharma sectors, which are expected to drive growth [30][80] - There is a strategic emphasis on maintaining close ties with the Chinese market, leveraging local manufacturing capabilities [52][56] - The company is disciplined in M&A activities, seeking high-quality targets that align with its growth strategy [75][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a gradual improvement in the operating environment, despite geopolitical uncertainties and tariff impacts [12][74] - The company anticipates a strong performance in 2026, supported by new capacity coming online and a favorable order book [36][37] - There is a cautious but positive outlook for next year, with expectations of mid-single-digit growth [74] Other Important Information - The company has seen a significant increase in variable pay due to improved business performance, impacting margins [15] - The PFAS market is expected to rebound after a temporary slowdown due to regulatory uncertainties, with long-term growth drivers remaining intact [68][70][71] Q&A Session Summary Question: What are the expectations for growth in 2026? - Management is optimistic about growth in 2026, with new capacity coming online and a strong order book supporting this outlook [36][37] Question: How is the company addressing tariff impacts? - The company has implemented mitigations for tariff costs and expects these to decrease by 2026, turning from a headwind to a tailwind [12][15] Question: What is the outlook for the PFAS market? - The PFAS market is expected to recover, with regulations remaining stable and an increase in testing driven by litigation [70][71]

Core Viewpoint - 908 Devices reported strong revenue growth in Q2 2025, with revenue reaching $13.0 million, exceeding Wall Street expectations, but faced challenges in profitability and margin management [1][5][14] Financial Performance - Revenue (GAAP) increased by 14% year-over-year, surpassing estimates by 6.8% [1][5] - GAAP earnings per share were reported at $(0.36), a decline of 63.6% compared to the previous year [2][8] - Adjusted gross margin decreased to 56% from 59% year-over-year, while GAAP gross margin fell to 49% from 54% [2][7] - Operating expenses rose by 46% to $21.5 million compared to Q2 2024 [7] - Net loss from continuing operations widened to $12.9 million from $7.6 million in Q2 2024 [8][9] Business Overview and Strategy - 908 Devices specializes in portable chemical analysis instruments, targeting sectors such as public safety, law enforcement, military, and pharmaceuticals [3] - The growth strategy includes innovation in device miniaturization, acquisitions to enhance technology capabilities, and expanding the customer base [4][10] - Recurring revenue accounted for 36% of total revenue in Q2 2025, reflecting a 28% increase to $4.7 million [6] Operational Highlights - The company placed 164 new devices, increasing the global installed base to 3,336, a 27% year-over-year growth [5][12] - The launch of the VipIR handheld chemical analyzer exemplifies the company's focus on expanding its product offerings [10] - Manufacturing consolidation efforts are expected to streamline costs and improve efficiency, although immediate benefits were not reflected in quarterly margins [11][13] Outlook and Future Prospects - Management raised full-year 2025 revenue guidance to $54 million–$56 million, indicating a projected growth of 13–17% [14] - The company aims to achieve adjusted EBITDA break-even by Q4 2025 and become cash-flow positive in 2026 [14][15] - Opportunities for growth are seen in innovation, diversification into related technologies, and a favorable funding environment in public safety [15]

Core Insights - Waters Corporation reported second quarter 2025 sales of $771 million, reflecting a 9% increase as reported and an 8% increase in constant currency compared to $709 million in the same quarter of 2024 [1][13] - The diluted earnings per share (EPS) for the second quarter of 2025 was $2.47, up from $2.40 in the second quarter of 2024, while non-GAAP EPS grew 12% to $2.95 from $2.63 [2][13] - The company is raising its full-year 2025 sales growth guidance to a range of +5.5% to +7.5% in constant currency and +5.0% to +7.0% reported [4][5] Financial Performance - The company achieved a net income of $147.1 million for the second quarter of 2025, compared to $142.7 million in the same quarter of 2024 [18] - Recurring revenue grew 11% in constant currency, with service growth at 9% and double-digit growth in chemistry [13] - The company reported operating income of $188.2 million for the second quarter of 2025, slightly down from $189.1 million in the same quarter of 2024 [17] Market and Product Insights - Instrument sales grew mid-single digits in constant currency, driven by high-single-digit growth in liquid chromatography (LC) and mass spectrometry (MS) [13] - The pharmaceutical market grew 11% in constant currency, while the industrial market grew 6%, and academic & government declined by 3% [13] - The company noted strong instrument replacement trends, particularly among large pharmaceutical and contract development and manufacturing organization (CDMO) customers [3] Guidance and Future Outlook - For the third quarter of 2025, the company expects constant currency sales growth in the range of +5.0% to +7.0% and reported sales growth of +4.5% to +6.5% [6] - Non-GAAP EPS for the third quarter of 2025 is projected to be in the range of $3.15 to $3.25, reflecting year-over-year growth of approximately +8% to +11% [6] - The company is well-positioned for future growth, particularly through its combination with BD Biosciences & Diagnostic Solutions, which is expected to enhance its strategy in high-growth adjacencies [3]

Company Overview - Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving various sectors including life sciences, materials, food, and environmental sciences for over 65 years [2] - The company ensures the efficacy of medicines, safety of food, purity of water, and quality and sustainability of everyday products [2] - Waters Corporation operates in over 100 countries with a workforce of more than 7,600 employees [2] Upcoming Financial Events - Waters Corporation will hold its Q2 2025 financial results conference call on August 4th, 2025, at 8:00 a.m. Eastern Time [1] - A live webcast of the presentation will be available on the Waters Investor Relations website, with a replay accessible until at least September 2nd, 2025 [1]

Strategic Transformation Realized MARCH 5th 2025 designed for 'point-of-need' use in vital health and safety contexts Forward looking statements / Non-GAAP financial measures This presentation and the accompanying oral presentation (this "presentation") contain forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations ...

Core Insights - Waters Corporation has launched the Xevo™ TQ Absolute XR Mass Spectrometer, which is positioned as the most sensitive and reliable benchtop tandem quadrupole in the market, surpassing the previous Xevo TQ Absolute model [2][4][10] Product Performance - The Xevo TQ Absolute XR offers up to a six-fold increase in performance robustness and unmatched sensitivity, significantly reducing downtime and enhancing operational efficiency [3][5][9] - The system is designed for high-throughput applications, particularly in pharmaceutical companies and contract testing organizations, addressing the complex needs of these sectors [2][6] Environmental Efficiency - The new mass spectrometer uses up to 50% less power and nitrogen gas, produces 50% less heat, and occupies up to 50% less bench space compared to other high-performing tandem or triple quadrupoles, making it environmentally friendly [6][9] Technological Innovations - The introduction of the StepWave XR Ion Guide minimizes the risk of unplanned downtime while maintaining high sensitivity and precision for complex sample types [7][10] - The design allows for industry-leading quantitation of negatively ionizing compounds, such as PFAS, benefiting bioanalytical, food safety, and environmental testing laboratories [10] Market Availability - The Xevo TQ Absolute XR Mass Spectrometer is currently available for order [11]

Company Overview - Thermo Fisher Scientific is the world leader in serving science [2, 13] - The company's revenue is $43 billion [15] - The company has over 120,000 colleagues [15] - The company's R&D investment is $1.4 billion [15] Revenue Profile - Pharma & Biotech accounts for 57% of revenue [22] - Academic & Government accounts for 15% of revenue [22] - Diagnostics & Healthcare accounts for 15% of revenue [22] - Industrial & Applied accounts for 13% of revenue [22] - Services & Consumables account for 83% of revenue [22] - Instruments account for 17% of revenue [22] - North America accounts for 52% of revenue [22] - Europe accounts for 25% of revenue [22] - Asia-Pacific accounts for 19% of revenue [22] - ROW accounts for 4% of revenue [22] - The company's revenue is $42.9 billion [22] - Life Sciences Solutions revenue is $9.7 billion [23] - Analytical Instruments revenue is $7.5 billion [23] - Specialty Diagnostics revenue is $4.6 billion [23] - Laboratory Products & Biopharma Services revenue is $23.1 billion [23] Financial Performance - Revenue grew at a 10% CAGR from $16.9 billion in 2014 to $42.9 billion in 2024 [30] - Adjusted EPS grew at a 12% CAGR from $6.96 in 2014 to $21.86 in 2024 [30] - Free Cash Flow grew at a 12% CAGR from $2.4 billion in 2014 to $7.3 billion in 2024 [30]

Group 1 - Waters Corporation will participate in a fireside chat at the Jefferies Global Healthcare Conference on June 4th, 2025, at 8:45 AM Eastern Time [1] - A live webcast of the event will be available on the Waters Investor Relations website, with a replay accessible for 90 days [1] Group 2 - Waters Corporation is a global leader in analytical instruments, separations technologies, and software, serving various sectors including life sciences, materials, food, and environmental sciences for over 65 years [2] - The company employs over 7,600 individuals across more than 100 countries, collaborating with customers in laboratories, manufacturing sites, and hospitals [2] - Waters Corporation focuses on ensuring the efficacy of medicines, the safety of food, the purity of water, and the quality and sustainability of everyday products [2]