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 Focus and Financial Improvement - The company is shifting its focus to high-growth handheld markets, aligning with trends in opioid crisis response, defense budgets, and border security[8] - The company aims to achieve positive adjusted EBITDA by Q4 2025 and become cash flow positive in 2026, driven by improved gross margins and streamlined operations[8] - The company is divesting its biopharma desktop portfolio to REPLIGEN for $70 million in cash, nearly doubling its balance sheet cash and eliminating NIH/healthcare overhang[8] - The company retains the flexibility to operate in the broader life sciences market beyond the divested bioprocessing PAT segment[9] Financial Performance and Projections - The company's revenue in 2023 was $38.2 million[11] - The company held $146 million cash at year-end 2023[11] - The company experienced a net loss of $30 million in 2023[11] - The company shipped 2,422 devices in 2023[11] - The company projects revenue between $53 million and $55 million for 2024, representing an 11% to 15% year-over-year increase[13] - The company anticipates having over 3,015 devices in the field by the end of 2024, a 25% increase from 2023[13] - The company expects to have $110 million+ cash at year-end 2025[13, 16]

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]

Financial Data and Key Metrics Changes - In Q1 2025, sales grew 4% as reported and 7% in constant currency, reaching $662 million, at the high end of guidance [10][25][28] - Earnings per share (EPS) were $2.25 on a non-GAAP basis, reflecting low single-digit growth, and $2.03 on a GAAP basis [11][29] - Gross margin was 58.2%, and adjusted operating margin was 25.5% [29][36] Business Line Data and Key Metrics Changes - Instrument sales grew 11%, driven by mid-teens growth in liquid chromatography and mass spectrometry, particularly in pharma and industrial markets [11][27] - Recurring revenue increased mid-single digits, consistent with expectations for a quarter with two fewer days [11][28] - The chemistry consumables business saw MaxPeak Premier columns grow more than 30% [15] Market Data and Key Metrics Changes - Pharma sales grew 8%, industrial sales grew 6%, and academic and government sales grew 3% [25][26] - In China, sales grew 5%, with double-digit growth in industrial and academic/government applications [11][25] - India delivered revenue growth close to 20% in constant currency, driven by strong demand from generics manufacturers and CDMOs [18][61] Company Strategy and Development Direction - The company is focused on operational excellence, innovation, and maintaining close customer relationships to navigate a dynamic macro environment [8][21] - The strategy includes launching differentiated new products and investing in capabilities to enhance competitive positioning [8][21] - The company raised its full-year constant currency sales growth guidance to 5% to 7% due to better-than-expected Q1 performance [22][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 objectives despite challenges from newly announced tariffs [9][38] - The company expects high single-digit earnings growth for the year, supported by strong sales volume and favorable foreign exchange movements [10][21] - Management noted that the pharma industry remains attractive, with strong innovation and customer spending [52][72] Other Important Information - The company established a cross-functional task force to assess tariff exposure and implement mitigation plans, limiting the net impact of tariffs to $10 million on adjusted operating margin for 2025 [24][36] - The company is actively evaluating M&A opportunities to enhance long-term shareholder value and may resume share repurchase programs in 2025 [31][99] Q&A Session Summary Question: Can you discuss the replacement cycle dynamics in pharma biotech? - Management noted strong double-digit growth in instruments, particularly in large pharma, with the replacement cycle well underway [45][46] Question: Have you seen any change in behavior related to tariffs from pharma customers? - Management indicated no significant change in behavior, with strong momentum continuing through the quarter [49][50] Question: What are your expectations for pricing this year? - Management expects 200 basis points of like-for-like pricing gains, with additional surcharges related to tariffs contributing another 50 basis points [56][57] Question: How do you view the growth in India? - Management expressed confidence in the sustainability of growth in India, driven by strong demand from generics manufacturers [60][61] Question: What is the impact of tariffs on your supply chain? - Management detailed actions taken to mitigate tariff impacts, including inventory adjustments and selective surcharges [64][66] Question: What are your expectations for China for the balance of the year? - Management anticipates low single-digit growth in China for the remainder of the year, despite a strong start [76][77] Question: What is the latest on the academic and government segment? - Management indicated that this segment is small, accounting for about 3% of total revenue, and has seen a significant decline forecasted for the rest of the year [86][89]

Core Insights - Waters Corporation reported first quarter 2025 sales of $662 million, a 4% increase from $637 million in the same quarter of 2024, and a 7% increase in constant currency [1][12] - The company achieved diluted earnings per share (EPS) of $2.03 on a GAAP basis and $2.25 on a non-GAAP basis, reflecting a year-over-year growth of 2% in non-GAAP EPS, despite a five percentage point negative impact from foreign exchange [2][12] - The company raised its full-year 2025 guidance for constant currency sales growth to a range of +5.0% to +7.0% and non-GAAP EPS guidance to $12.75 to $13.05, indicating an expected year-over-year growth of approximately +8% to +10% [4][5][12] Financial Performance - First quarter 2025 sales growth was driven by an 11% increase in instrument sales in constant currency, particularly strong in the pharmaceutical and industrial markets [3][12] - The company reported net income of $121.4 million for the first quarter, compared to $102.2 million in the same period last year [23] - Operating income for the first quarter was $151.7 million, up from $133.8 million in the prior year [23] Guidance and Outlook - For the second quarter of 2025, Waters Corporation expects constant currency sales growth in the range of +5.0% to +7.0% and reported sales growth of +4.0% to +6.0% [6] - The projected non-GAAP EPS for the second quarter is expected to be between $2.88 and $2.98, representing a year-over-year growth of approximately +10% to +13% [6][24] - The company’s operational actions and improvements in foreign exchange are expected to mitigate the impact of tariffs and policy changes [3][12]

导读： 日立高新技术集团宣布整合旗下分析业务，成立日立高新技术分析公司，以更好应对材料流程中的复杂挑战，并推动创新解决方案的发展。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2 0 2 5 年 3 月 3 1 日 ， 东 京 – Hit a c h i Hi g h -Te c h Co r p o r a ti o n （ 日 立 高 新 技 术 集 团 ） 正 在 通 过 整 合 和 联 合 运 营 Hit a c h i Hi g h -Te c h An a l y ti c a l Sc i e n c e Lt d . （日立分析仪器）和Hit a c h i Hi g h -Te c h Sc i e n c e Co r p o r a ti o n (日立高新技术科学) 业务来加强其分析业务。从2 0 2 5年4月1日 起，日立高新技术科学将成为Hit a c h i Hi g h -Te c h An a l y sis Co r p o r a ti o n（日立高新技术分析）的一部分，作为此次重组的一部分。 通 ...