Q4 2025 Earnings Call Presentation February 9, 2026 Disclaimer 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 expres ...

Core Viewpoint - The article emphasizes the importance of practical guidance in organic mass spectrometry analysis, addressing common challenges faced by professionals in the field [5][6][7]. Group 1: Live Broadcast Background - Organic mass spectrometry is a core technical method in organic chemistry, drug development, and environmental monitoring, but it involves complex operational challenges [5]. - Professionals often encounter difficulties such as significant differences in spectra from different ionization sources, confusion from complex fragmentation reactions, and unclear strategies for analyzing unknown impurities [5]. Group 2: Live Broadcast Content - The live broadcast will focus on core operational issues in organic mass spectrometry analysis, with the instructor addressing five major professional questions collected in advance [6]. - The session will provide systematic solutions to these questions, share practical case studies, and offer tips for spectrum analysis, while also allowing for interactive Q&A to address audience-specific queries [7]. Group 3: Highlights of the Live Broadcast - The broadcast will target practical pain points, addressing high-frequency operational challenges such as ionization source selection and unknown impurity analysis, ensuring relevance and applicability [8]. - It will include in-depth case studies that illustrate analytical thought processes in different scenarios, making abstract mass spectrometry theories easier to understand [8]. - A standardized analysis process and judgment framework will be provided for each core issue, facilitating direct application in real work situations [8]. - The instructor has extensive experience in the organic mass spectrometry field, combining solid theoretical knowledge with practical experience, ensuring authoritative and useful answers [8]. Group 4: Target Audience - The target audience includes technical personnel engaged in organic synthesis, drug development, and chemical analysis who frequently perform mass spectrometry analysis [9]. - It also includes laboratory personnel in environmental monitoring, food testing, and forensic toxicology [9]. - Students and faculty in organic chemistry and analytical chemistry programs, as well as those who have completed the "Organic Mass Spectrometry Analysis" course and wish to enhance their practical skills, are also part of the target group [9].

Core Insights - Waters Corporation is involved in a merger with Becton, Dickinson's biosciences and diagnostics business, which has impacted its stock performance negatively earlier this year [1] - The company specializes in liquid chromatography and mass spectrometry, essential technologies for life sciences [1][2] - Despite recent challenges, Waters Corporation had been performing better than the industry for several years prior to the merger announcement [1] Company Overview - Waters Corporation (NYSE:WAT) provides a range of technologies including liquid chromatography, mass spectrometry, thermal analysis, rheometry, and calorimetry systems [2] - These technologies are utilized for research, product development, quality checks, and specialized testing [2]

Core Viewpoint - Morgan Stanley initiated coverage of Waters Corp. with an Equalweight rating and a $423 price target, highlighting the company's strong operational performance but noting near-term uncertainties due to its latest acquisition [1] Company Performance - Waters Corp. has effectively executed its transformation priorities over the past five years, enhancing commercial capabilities and expanding into higher-growth areas [2] - Large molecule chemistry now accounts for 50% of bioseparation revenues, with ongoing advancements in LC-MS for clinical diagnostics and battery testing, both identified as high-single-digit growth drivers [2] Acquisition and Integration Risks - The planned acquisition of Becton Dickinson's Biosciences and Diagnostics businesses introduces integration risks due to the size and complexity of the assets, which are significantly larger and more diverse than previous acquisitions [3] - Successful integration will depend on Waters' ability to apply its disciplined operating model while managing the capital-spending pressures and recovery timelines of the acquired units [3] Near-term Outlook - Despite a favorable view of Waters' core business, the integration challenges associated with the acquisition limit near-term visibility, justifying the Equalweight stance [4]

Summary of Conference Call Company and Industry - **Company**: Waters Corporation - **Industry**: Life Sciences and Analytical Instruments Key Points and Arguments Replacement Cycle and Growth Drivers - The replacement cycle for instruments, particularly LCMS, began about a year ago and is expected to continue for several more years, with current growth rates in the high single digits [2][4] - The growth drivers for LCMS include: 1. Instrument replacement cycle, which is still ongoing [2] 2. Idiosyncratic growth drivers such as GLP-1 testing, which has seen revenues double, and PFAS testing, which has 30% order growth [3] 3. Development of new products that meet significant unmet needs in the market [3] Performance in Different Segments - Chemistry segment grew by 13% in the third quarter, significantly above the pre-COVID run rate of 6%-7% [5] - The growth in chemistry is attributed to investments in bioseparations and innovations in product offerings, particularly for biologics [6][7] - The pharma segment experienced double-digit growth driven by the replacement cycle and idiosyncratic growth drivers, particularly in the U.S. and Europe [10][11] Regional Insights - In China, growth is driven by CDMOs supporting the local biotech industry, with a significant share of global in-licensing coming from China [11] - India is experiencing high teens growth driven by generics, while branded generics in China are still declining [11] Innovation and New Products - The CDMS opportunity is highlighted as a significant unmet need in the market, with potential to capture a large share of the $350 million annual sales currently dominated by existing techniques [16][17] - New product launches include the FACS DiVa S8 flow cytometer and the FXI incubator for microbiology, both expected to drive significant growth [22][23] Software and Commercial Model Changes - The Empower software business is a critical part of Waters' portfolio, with plans to transition to a subscription model to enhance revenue [30][31] - The Empower system is used for 80% of QAQC data submissions for drugs filed to regulatory bodies, indicating its importance in the industry [30] Market Dynamics and Future Outlook - The overall market setup is positive, with continued growth expected from the replacement cycle, new product introductions, and idiosyncratic growth drivers [38] - The company anticipates that the growth rate in chemistry will stabilize in the high single digits to low double digits over time [7] Additional Insights - The company is focusing on integration planning post-acquisition, with positive surprises in microbiology workflow improvements and potential market entry strategies [26] - The pricing strategy for large molecules is expected to be stickier and more significant compared to small molecules, enhancing revenue opportunities [9] Other Important Content - The company is actively working on enhancing its product offerings and market strategies to capture unmet needs and drive sustainable growth [17][38] - There is a focus on customer adoption and integration of new technologies, which is crucial for maintaining competitive advantage in the market [17][31]

Financial Data and Key Metrics Changes - Revenue from continuing operations was $14 million, down 4% year over year but up 8% sequentially, driven by strong demand for FTIR devices [4][18] - Year-to-date revenues from continuing operations totaled $38.8 million, representing a 16% increase year over year [5] - Adjusted EBITDA loss was $1.8 million for Q3, an improvement of over $5 million year over year [5][22] - The company ended the quarter with approximately $112 million in cash and marketable securities, with no debt outstanding [23] Business Line Data and Key Metrics Changes - FTIR devices accounted for 42% of revenue, with the Explorer Gas Identification device showing strong demand [4] - Recurring revenue represented 36% of total revenue, with a 10% increase year over year [5][19] - Handheld product and service revenue was $13.2 million, down 5% from the prior year [18] Market Data and Key Metrics Changes - The U.S. Coast Guard purchased 23 MX908 devices for narcotics interdiction, contributing to the installed base growth of 27% year over year [4] - International engagement and order flow remain solid, although U.S. export licensing requirements may extend delivery times [7] Company Strategy and Development Direction - The company aims to increase adoption of its devices to address global threats to public health and safety, focusing on rapid chemical identification tools [8][9] - The strategy includes expanding the handheld portfolio and increasing the share of recurring revenue to reduce dependency on large enterprise deals [26] - The company is also advancing its next-gen analytical tools portfolio, including the launch of VIPER, a handheld chemical analyzer [12][15] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about achieving full-year guidance despite potential impacts from the U.S. government shutdown [8][24] - The company expects revenue from continuing operations to be in the range of $54-$56 million for the full year, representing growth of 13%-17% over 2024 [23][24] - Management highlighted the importance of government resuming normal operations for achieving Q4 revenue expectations [30] Other Important Information - The company is on track to achieve positive adjusted EBITDA by Q4 2025, supported by revenue projections and lower operating costs [26] - The gross margin increased to 58% on an adjusted basis, reflecting improvements from operational changes [16][21] Q&A Session Summary Question: Clarification on the $4 million impact on guidance - Management confirmed that the $4 million potential impact is included in the full-year guidance and is considered a timing issue [29][30] Question: Update on AVCAD program and Coast Guard order - The Coast Guard order was included in Q3 shipments, and clarity on the AVCAD program's next steps is expected by year-end [31][32] Question: Sensitivities around adjusted EBITDA break-even - Management indicated that achieving adjusted EBITDA positivity is contingent on landing anticipated orders and maintaining revenue guidance [34][36] Question: Production capabilities and supply chain risks - Management expressed confidence in production capabilities and does not foresee significant supply chain issues affecting AVCAD fulfillment [45][46] Question: Impact of government shutdown on future revenues - Management views the shutdown as a timing issue and remains optimistic about the pipeline and future revenue recognition [47][50]

Summary of Agilent's 2025 Conference Call Company Overview - **Company**: Agilent Technologies, Inc. (NYSE: A) - **Date of Conference**: September 25, 2025 Key Points Industry and Market Dynamics - **Pharmaceutical Sector**: Represents 50% of Agilent's business, with a focus on QA/QC downstream replacements and expansion due to supply chain consolidation and capacity constraints [3][10][11] - **Chemical and Advanced Materials**: Grew by 10% in both segments, driven by strong execution and market demand, particularly in semiconductor and sustainability sectors [4][22][23][24] - **Geographical Performance**: India is highlighted as a strong performing geography, with overall sentiment improving across the install base [3][9] Product and Service Highlights - **InfinityLab LC Series Portfolio**: Significant driver of the replacement cycle, with mid-teens growth attributed to productivity gains of 20% [6][11] - **8850 GC**: New product with 30% more efficiency and predictive maintenance capabilities, expected to drive a slower but steady replacement cycle [26][30] - **BioVectra Acquisition**: Positive integration with strong microbial fermentation capabilities, enhancing Agilent's position in GLP1 production [13][35] Financial Performance and Expectations - **Q3 Performance**: Strong execution led to positive results, with expectations for a 230 basis points margin improvement from Q3 to Q4 [47][49] - **Long-term Growth**: Agilent anticipates a long-range growth plan of 5% to 7%, with next year expected to be on the lower end of that range [56] Strategic Initiatives - **Ignite Program**: A three-year initiative aimed at improving operational efficiency and cost management, resulting in significant cost reductions and enhanced decision-making speed [44][46] - **M&A Strategy**: Focused on high-quality targets that align with Agilent's strategy, with a disciplined approach to capital deployment [52][53] Risks and Challenges - **Geopolitical Risks**: Potential shocks in the system and the impact of tariffs, particularly in Europe, are noted as areas of concern [47][55] - **Market Competition**: Local Chinese competitors are emerging, particularly in lower-end equipment, but Agilent maintains a strong position in the broader analytical portfolio [41][42] Miscellaneous Insights - **Customer Relationships**: Emphasis on the scale of Agilent's service business and the unique commercial connection with customers, which is expected to drive future growth [57] - **China Market**: Strong recovery anticipated, with significant innovation momentum and a stable baseline expected to improve next year [37][38] This summary encapsulates the key insights and strategic directions discussed during Agilent's conference call, highlighting the company's performance, market dynamics, and future outlook.

Core Viewpoint - The article highlights the significance of Gas Chromatography-Mass Spectrometry (GC-MS) technology in various fields, particularly in environmental monitoring and food safety, showcasing its advancements and applications at the BCEIA exhibition [2][3][47]. Group 1: Environmental Monitoring - GC-MS is essential for environmental monitoring, effectively detecting volatile organic compounds (VOCs) in air and analyzing organic pollutants in water, such as pesticides and polycyclic aromatic hydrocarbons [5][8]. - The technology is utilized for precise analysis of 57 types of volatile organic compounds in water and for emergency detection of chemical pollutants in food safety and environmental incidents [8][19]. Group 2: Food Safety - GC-MS plays a critical role in ensuring food safety by detecting pesticide residues, veterinary drug residues, and various additives in food products [19][21]. - The technology can analyze complex food matrices, ensuring that agricultural products are safe for consumption [19][21]. Group 3: Technological Advancements - The article discusses the latest GC-MS products showcased at the BCEIA exhibition, emphasizing innovations that enhance sensitivity, throughput, and automation in analysis [2][3][47]. - New models, such as the GCMS-QP2050, integrate AI for simultaneous analysis of multiple pesticide residues and other components, reflecting the trend towards smarter analytical solutions [21][47]. Group 4: Regulatory Compliance and Emerging Challenges - The article notes the upcoming national standard in China for hazardous substances in electrical and electronic products, which will expand the types of substances regulated, necessitating advanced analytical methods like GC-MS [32][47]. - The growing concern over microplastics in the environment is highlighted, with GC-MS technology being pivotal in developing accurate and efficient analysis methods for these emerging pollutants [32][33][47]. Group 5: Future Outlook - The future of GC-MS technology is promising, with expectations for further integration of artificial intelligence and data analysis, leading to broader applications in various sectors [47]. - The technology is anticipated to play a crucial role in addressing urgent environmental issues, enhancing industry standards, and contributing to global sustainability efforts [47].

Financial Data and Key Metrics Changes - Revenue from continuing operations was $13 million, an increase of 14% over the prior year period [5][22] - Adjusted EBITDA loss was $3.9 million for the quarter, an improvement of more than 45% year over year [6][26] - Net loss from continuing operations was $12.9 million compared to $7.6 million in the prior year period [26][27] - Cash, cash equivalents, and marketable securities totaled $118.6 million with no debt outstanding [26] Business Line Data and Key Metrics Changes - Device sales accounted for approximately 60% of revenue from mass spec devices, while FTIR products made up the remaining 40% [5][6] - Handheld product and service revenue was $12.5 million, up 13% from the prior year [22] - Recurring revenue represented 36% of total revenues, amounting to $4.7 million, a 28% increase year over year [23][24] Market Data and Key Metrics Changes - The U.S. Budget FY 2026 reconciliation bill includes over $1.7 billion in funding for various grant programs, representing an approximate 11% increase from 2024 levels [10][11] - The Department of Homeland Security budget saw a 7% year-over-year increase, opening broader procurement opportunities [11] Company Strategy and Development Direction - The company aims to be adjusted EBITDA positive by Q4 2025, focusing on marketing expansion, advancing innovation, and reinforcing financial discipline [6][19] - The launch of Viper, a new handheld chemical analyzer, is expected to strengthen the company's position in global security markets [15][18] - The company is targeting a 20% plus revenue growth for 2026, driven by expanding handheld adoption and launching next-generation products [29][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2025 targets due to strong legislative support and funding for public safety initiatives [12][13] - The company anticipates that recent U.S. legislative outcomes will institutionalize demand and clarify a growth path across core customer segments [13][14] Other Important Information - The company completed the transfer of manufacturing to a lower-cost facility, enhancing operational efficiency [19][20] - The acquisition of KAF Manufacturing is expected to improve quality control and reduce dependence on external vendors [20][21] Q&A Session Summary Question: Are federal funding items showing up in the order book? - Management indicated that while there are positive tailwinds, it may take time to see acceleration in sales reflecting these factors [39][40] Question: Can the company maintain positive EBITDA after achieving it? - Management noted that seasonality typically affects cash flow, but they are confident in achieving positive adjusted EBITDA in Q4 [42] Question: What is the early uptake of the new product Viper? - Initial feedback on Viper has been positive, with expectations for significant contributions in 2026 [50][53] Question: What is the runway for sustained device placement growth? - Management highlighted that the majority of Explorer orders were funded through new legislation, indicating a strong pipeline for future growth [58][60] Question: How does the company plan to leverage federal budget tailwinds? - Management believes the federal budget increases will support both new customer acquisition and replacement cycles for outdated technologies [82]

Summary of 908 Devices (MASS) FY Conference Call - June 04, 2025 Company Overview - **Company**: 908 Devices - **Industry**: Handheld chemical detection technology for public health, safety, and defense Key Themes and Core Points 1. **Strategic Transformation**: The company has completed a significant transformation, exiting the desktop business and focusing solely on handheld chemical detection, which is expected to enhance operational alignment and financial performance [5][6][11] 2. **Financial Performance**: The company is on track to achieve adjusted EBITDA breakeven by Q4 2025 and anticipates full-year cash flow positivity by 2026 [9][40][42] 3. **Market Opportunity**: The total addressable market (TAM) for handheld devices is projected to reach $2.5 billion by 2027, with the handheld revenue growth outpacing that of the desktop segment [12][40] 4. **Product Portfolio Expansion**: The product lineup has expanded from one to four handheld devices, with plans to increase to six by 2026, enhancing the company's ability to address critical health and safety applications [39][41][43] 5. **Revenue Growth**: Q1 2025 revenue reached $11.8 million, a 59% year-over-year increase, driven by an 86% increase in handheld product and service revenue [47][48] 6. **Recurring Revenue**: Recurring revenue grew by 54% year-over-year, indicating strong demand for services and consumables [48] 7. **Cash Position**: The company ended Q1 2025 with approximately $124 million in cash, bolstered by a $70 million inflow from the divestiture of the desktop business [50] Industry Dynamics 1. **Opioid Crisis**: The company is positioned to address the escalating opioid crisis, with increasing demand for advanced detection technologies to combat synthetic drugs [15][16][18] 2. **Global Security Concerns**: Heightened global security needs are driving demand for modern detection tools, with NATO allies projected to increase defense spending significantly [20][22][23] 3. **Public Funding Trends**: There is a favorable funding environment for public safety technologies, with increased investments across various sectors including law enforcement and military [19][23] Additional Insights 1. **Sales Cycle Variability**: The sales cycle varies significantly across different channels, with state and local sales often turning around quickly, while federal military sales can take years [55][56] 2. **Competitive Positioning**: The company emphasizes its comprehensive service approach and modern technology to compete against legacy products in the market [60] 3. **Future Growth Catalysts**: Key growth drivers include the modernization of outdated FTIR units, the launch of next-generation handheld devices, and the full-rate production of the U.S. DoD AvCAD program, which could add over $10 million in annual revenue potential [32][36][42] Conclusion 908 Devices is undergoing a transformative phase, focusing on handheld chemical detection with a robust product portfolio and a favorable market environment. The company is positioned for sustainable growth, backed by strong financials and macro trends in public health and safety.