Slide 1: Q4 2021 Earnings Call Presentation
Q4 2021 Earnings Call Presentation February 1, 2022
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
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
Slide 3: Key Messages
Key Messages Resilient and Attractive Base Transformation on Track Focused on Growth ©2021 Waters Corporation 3
Slide 4: Q4 & FY 2021 Results
Q4 & FY 2021 Results CC Revenue Growth 2YR CC Revenue Non-GAAP Q4 2021 Revenue vs. Q4 2020 CAGR vs. Q4 2019 EPS Q4 2021 $3.67 $836M +8% +7.5% vs. PYR 2YR CAGR +12% CC Instrument Growth +6% As Reported +1% +7% Non-GAAP CC Revenue Growth 2YR CC Revenue FY 2021 Revenue vs. YTD 2020 CAGR vs. YTD 2019 EP
Slide 5: Q4 2021 Revenue Stratification
Q4 2021 Revenue Stratification $94M $97M $321M $243M $441M 11% 11% $256M 29% OPERATING END 30% SEGMENTS MARKETS PRODUCTS & GEOGRAPHY 38% SERVICES 53% 30% $247M 59% 17% 89% 33% $742M $492M $139M $272M Growth %* Growth %* Growth %* Growth %* Waters +7% Pharma +8% Asia +9% Instruments +12% TA +16% Indu
Slide 6: FY 2021 Revenue Stratification
FY 2021 Revenue Stratification $290M $964M $313M $1,076M $1,315M $785M 11% 10% 28% OPERATING END 35% SEGMENTS MARKETS PRODUCTS & GEOGRAPHY 39% SERVICES 47% 30% $829M 60% 89% 33% 18% $1,667M $2,473M $507M $925M Growth %* Growth %* Growth %* Growth %* Waters +15% Pharma +19% Asia +19% Instruments +23%
Slide 7: Well-Positioned to Deliver Market+ Growth in 2022
Well-Positioned to Deliver Market+ Growth in 2022 Initiatives 2021 2022 and Beyond Instrument Replacement Strong, ongoing replacement 1 Revenue Contribution $30M+ program 2 Service Attachment +200bps +1000 bps Plan coverage as % of i-base vs. 2019 further potential in L-T +~100bps 3 Contract Organiz
Slide 8: Core Supported by Instrument Innovation
Core Supported by Instrument Innovation + COLUMNS Launched in 2020 Launched in 2021 Launched in 2020-21 Value High performance without Biologics and Novel Outstanding clarity and Proposition revalidating existing methods Modality applications accuracy at speed 5x lower carryover1 vs legacy HPLC 100x
Slide 9: Core Innovation: Raising the Bar in MS Informatics
Core Innovation: Raising the Bar in MS Informatics Simplifying Software for waters_connect for quantitation Core Mass LAUNCHED JANUARY 2022 TQ-XS Spectrometry New informatics platform on Waters Xevo tandem quadrupoles (TQs) TQ-S m icro TQ-S cronos Key Benefits: Est. Launch Timeline by Application: S
Slide 10: Solving Critical Problems in High-Growth Adjacencies
Solving Critical Problems in High-Growth Adjacencies Market Market Size Growth Bio-separations Separating and purifying newer modalities ~$1.2BN HSD - DD Bioprocess Decoupling the process from the product ~$0.5BN DD+ Characterization for manufacturing of large molecules LC-MS in An unbiased, multipl
Slide 11: Q1 & FY 2022 Outlook
Q1 & FY 2022 Outlook Q1 2022 FY 2022 CC Revenue Growth vs. Q1 2021 CC Revenue Growth vs. FY 2021 +6% to +8% +5% to +7% Reported Growth 3% to 5% at current FX Rates Reported Growth 4% to 6% at current FX Rates Non-GAAP EPS Non-GAAP EPS $2.25 – $2.35 $11.75 – $12.00 FX rates current as of 02/01/2022.
Slide 12: Key Messages
Key Messages Resilient and Attractive Base Transformation on Track Focused on Growth ©2021 Waters Corporation 12
Slide 13: Q&A
Q&A ©2021 Waters Corporation 13
Slide 14: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX GAAP to Non-GAAP Reconciliations
Slide 15: Sales Stratification - Q4 2021 Reported & CC Growth
Sales Stratification - Q4 2021 Reported & CC Growth Currency Currency Reported % CC % % Growth % Growth % Growth % Growth in '000 USD 2021 2020 Impact 2020 2019 Impact 2 YR CAGR 2 YR CAGR Reported CC Reported CC 2021 vs. 2020 2020 vs. 2019 2021 vs. 2019 2021 vs. 2019 Operating Waters 742,070 703,738
Slide 16: Sales Stratification - Full-Year 2021 Reported & CC Growth
Sales Stratification - Full-Year 2021 Reported & CC Growth Currency Currency Reported % CC % % Growth % Growth % Growth % Growth in '000 USD 2021 2020 Impact 2020 2019 Impact 2 YR CAGR 2 YR CAGR Reported CC Reported CC 2021 vs. 2020 2020 vs. 2019 2021 vs. 2019 2021 vs. 2019 Operating Waters 2,473,08
Slide 17: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Earnings Per Share Q4 Q4 Q4 FY FY FY a) The purchased intangibles amortization, a non-cash expense, was excluded to be 2021 2020 2019 2021 2020 2019 consistent with how management evaluates the performance of its core business against historical operating results and
Slide 18: GAAP to Non-GAAP Reconciliations: Q1 & FY Guidance
GAAP to Non-GAAP Reconciliations Q1 & FY Guidance * Constant-currency growth rates are a non-GAAP financial measure that measures the change in net sales between current and prior year periods, ignoring the impact of foreign Q1 2022 FY 2022 currency exchange rates during the current period. These am