Core Viewpoint - The 10th China Analytical Instrument Academic Conference focuses on the theme "AI Empowerment and Innovative Transformation," exploring the impact of AI on the performance enhancement, functional expansion, and application development of analytical instruments [2][5]. Group 1: Conference Overview - The conference was held on November 7, 2025, at the Srit International Hotel in Xi'an, Shaanxi Province, organized by the Analytical Instrument Branch of the China Instrument and Control Society and hosted by Xi'an Jiaotong University [3][5]. - Over 500 industry leaders, innovative enterprise representatives, and young researchers attended the conference, with more than 100 experts sharing reports on AI's influence on analytical instruments [5][11]. Group 2: Keynote Addresses - The conference featured significant addresses from various experts, including the Director of the Analytical Instrument Branch, who highlighted the importance of high-end instruments in China's technological self-reliance and innovation [10]. - Professor He Langchong from Xi'an Jiaotong University emphasized the establishment of a large-scale shared experimental center valued at 265 million yuan, which provides access to advanced equipment for over 20,000 users annually [11]. Group 3: Awards and Recognition - The "Zhu Liangyi Analytical Instrument Innovation Award" was established to honor contributions to the analytical instrument field, with three sub-awards: Innovation Achievement Award, Youth Innovation Award, and Application Innovation Award [24][25]. - The 2025 award winners included institutions and individuals recognized for their innovative projects, such as the high-time-resolution weak current measurement instrument and single-cell metabolite analysis mass spectrometer [28][36]. Group 4: Future Directions - The conference included discussions on the integration of AI in analytical chemistry, with experts presenting on topics such as the principles of large models and their application in economic development [17][41]. - The event also featured a special exhibition showcasing over 30 domestic and international companies presenting new technologies and products, facilitating extensive exchanges among participants [44].

Financial Data and Key Metrics Changes - The company reported sales of $800 million for the third quarter, reflecting an 8% increase both as reported and in constant currency [23][26] - Non-GAAP earnings per share increased by 16% to $3.40, exceeding the midpoint of guidance by $0.20 [8][25] - Gross margin for the quarter was 59%, a 70 basis point increase from the previous quarter [26] Business Line Data and Key Metrics Changes - Instrument sales grew by 6%, driven by high single-digit growth in the LC-MS portfolio [25] - Recurring revenue increased by 9%, with service revenue up 7% and Chemistry revenue up 13% [25][26] - Chemistry products saw a significant boost, with new product launches contributing to a 13% growth in the segment [12][25] Market Data and Key Metrics Changes - By end market, Pharma grew 11%, Industrial grew 4%, and Academic and Government grew 1% [23][25] - Asia experienced a 13% growth, while Europe and the Americas each grew by 5% [25] - In China, sales grew by 12%, driven by double-digit growth in Pharma and Academic & Government sectors [25] Company Strategy and Development Direction - The company is focused on innovation and expansion into high-growth areas, including bioanalytical characterization and bioseparations [7][11] - The pending combination with BD's Bioscience & Diagnostic Solutions business is expected to create significant value and synergies [21][22] - The company plans to launch a series of new products in 2026, enhancing its competitive position in the market [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing instrument replacement cycle and the potential for sustained growth driven by innovation [30][77] - The external environment is improving, with more stable global trade conditions and a clearer policy backdrop for Pharma customers [27][30] - The company raised its full-year 2025 guidance, expecting constant currency sales growth in the range of 6.7%-7.3% [15][28] Other Important Information - The company is seeing strong demand for GLP-1 testing and PFAS testing, which are key growth drivers [9][10] - The integration planning for the BD transaction is progressing rapidly, with a focus on achieving synergies [21][22] Q&A Session Summary Question: Can you provide more color on Pharma strength in the Americas and China? - Management noted double-digit growth in Pharma across all regions, driven by the success of the replacement cycle and new product traction [35][36] Question: What are your thoughts on the BD transaction and revenue synergies? - Management expressed confidence in achieving revenue synergies and highlighted the integration planning efforts underway [44][49] Question: Can you clarify on the fourth quarter guidance and any pull-forwards? - Management indicated no pull-forwards were observed, with orders growing more than sales, leading to a healthy backlog [56][57] Question: How do you see the biosimilar opportunity evolving? - Management is optimistic about the shift towards analytical testing for biosimilars, which aligns with the company's strategy [50][51]

Core Insights - Waters Corporation reported third quarter 2025 sales of $800 million, reflecting an 8% increase both as reported and in constant currency compared to $740 million in the same quarter of 2024 [1][14] - The company achieved diluted earnings per share (EPS) of $2.50 on a GAAP basis, down from $2.71 in the previous year, while non-GAAP EPS grew 16% to $3.40 from $2.93 [2][14] - The pharmaceutical segment experienced double-digit growth, driven by an ongoing instrument replacement cycle and new product offerings [3][14] Financial Performance - Sales for Q3 2025 were $800 million, an 8% increase from Q3 2024's $740 million [1][14] - Non-GAAP EPS for Q3 2025 was $3.40, a 16% increase from $2.93 in Q3 2024 [2][14] - Recurring revenue grew by 9% in constant currency, with the chemistry segment showing double-digit growth [14] Growth Drivers - The pharmaceutical segment grew by 11% in constant currency, with strong performance across all regions, particularly in the Americas [14] - The introduction of new products, such as the Affinity bioseparation columns and the Xevo™ Charge Detection Mass Spectrometer, contributed to growth in the chemistry portfolio [4][14] - The company is confident in achieving significant cost and revenue synergies from its integration with Becton, Dickinson and Company [4][14] Guidance - Waters Corporation raised its full-year 2025 constant currency sales growth guidance to a range of +6.7% to +7.3% [5][6] - The full-year 2025 non-GAAP EPS guidance was also raised to a range of $13.05 to $13.15, indicating a year-over-year growth of approximately +10% to +11% [6][7] - For Q4 2025, the company expects constant currency sales growth in the range of +5.0% to +7.0% and non-GAAP EPS between $4.45 and $4.55, reflecting a year-over-year growth of approximately +9% to +11% [7][14]

Core Insights - Thermo Fisher Scientific Inc. reported third-quarter 2025 adjusted earnings of $5.79 per share, surpassing the street estimate of $5.49 [1] - Quarterly sales reached $11.12 billion, reflecting a 5% year-over-year increase and exceeding the analyst consensus of $10.91 billion, with organic revenue growth of 3% [2] - The company expressed confidence in achieving its 2025 objectives, highlighting strong operational performance and effective management strategies [3] Financial Performance - Life Sciences Solutions sales increased by 8.4% to $2.59 billion, while Analytical Instruments sales rose by 4.7% to $1.89 billion [4] - Specialty Diagnostics revenues reached $1.17 billion, up 4%, and Laboratory Products and Biopharma Services sales increased by 4% to $5.97 billion [4] Guidance - For 2025, Thermo Fisher expects sales between $44.1 billion and $44.5 billion, an increase from the previous guidance of $43.6 billion to $44.2 billion, and above the consensus of $43.99 billion [5] - The company anticipates annual profit per share of $22.60 to $22.86, compared to prior guidance of $22.22 to $22.84 and a consensus of $22.50 [5] - Annual revenue from China is expected to decline in the mid- to high-single digits [5] Analyst Commentary - Analysts noted that revenue exceeded expectations due to strong performance in Life Science Solutions and Analytical Instruments, with adjusted EBIT coming in 7% above targets [6] - The third-quarter results support the view that the worst is over for the tools sector, with future guidance expected to clarify recovery rates [7]

Core Insights - Polen Capital's "Polen Focus Growth Strategy" reported a gross return of 3.34% and a net return of 3.14% for Q3 2025, underperforming the Russell 1000 Growth Index at 10.51% and the S&P 500 Index at 8.12% [1] - The equity market's strong performance was attributed to enthusiasm for generative AI and strength in the semiconductor sector, alongside positive economic surprises and better-than-expected corporate earnings [1] Company-Specific Insights - Thermo Fisher Scientific Inc. (NYSE:TMO) was highlighted as a key stock, with a one-month return of 9.12% but a 52-week loss of 12.65%, closing at $524.58 per share with a market capitalization of $198.088 billion on October 13, 2025 [2] - Polen Focus Growth Strategy eliminated its position in Thermo Fisher Scientific to fund the purchase of Uber, citing ongoing macro, policy, and funding headwinds that are expected to persist [3] - Thermo Fisher Scientific's revenue grew 3% to $10.85 billion in Q2, and it ranked 26th among the 30 most popular stocks among hedge funds, with 117 hedge fund portfolios holding its stock at the end of Q2 [4]

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]