Slide 1: Q1 2025 Earnings Call Presentation
Q1 2025 Earnings Call Presentation May 6, 2025
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 Strong Start to the Year Momentum Tied to Resilient Growth Drivers Demonstrating Operational Excellence ©2025 Waters Corporation 2
Slide 4: Q1 2025 Results
Q1 2025 Results Q1 2025 Revenue CC Revenue Growth Q1 2025 EPS Non-GAAP $662M +7% $2.25 As Reported: +3.9% FX: (3%) CC Instrument CC Recurring Revenue Growth Growth Growth +11% +4% +2% +7% in CC CC: Constant Currency; growth rates are versus prior year Note: A reconciliation of these non-GAAP financi
Slide 5: Strong Start to the Year w/ Double-Digit Instrument Growth
Strong Start to the Year w/ Double-Digit Instrument Growth Total 1Q25 Y/Y Instrument Sales Growth in Constant Currency Pharma Industrial Acad. & Govt +14% +10% +7% Total +11% Continued strong growth momentum from instrument replacement & idiosyncratic growth drivers Note: Constant currency sales gro
Slide 6: We Serve Attractive, Secular Markets Driven by Testing Volume
We Serve Attractive, Secular Markets Driven by Testing Volume Downstream Presence Serving High Volume, Regulated Applications Pharma Manufacturing QA/QC Testing 1 2 Late-Stage Drug Development Food & Environmental Safety Clinical Diagnostics 4 3 Materials Analysis & Battery Testing ©2025 Waters Corp
Slide 7: Results Supported by Innovation
Results Supported by Innovation Product Benefit 1Q25 Growth Adoption Eliminates common user errors by up to 40% >3x ~20% World’s Liquid Chromatography Sales Growth Y/Y1 of HPLC Sales Next-Gen Flagship HPLC Smartest HPLC Up to 15x better sensitivity while 45% more compact >50% ~50% Most Sensitive Mas
Slide 8: Benefitting from Idiosyncratic Growth Drivers
Benefitting from Idiosyncratic Growth Drivers Unique exposure to key drivers of downstream testing volume GLP-1s Therapies New therapeutic areas like GLP-1s expected +30bps / yr1 to accelerate QA/QC testing volume growth Avg annual est. growth contribution 2024-2030 from QA/QC of GLP-1 drugs PFAS PF
Slide 9: Q1 2025 Revenue Stratification
Q1 2025 Revenue Stratification Academic & 10% Government Service +3% Pharma +3% Instruments 39% 40% +8% +11% END MARKETS c Growth %* 59% 31% PRODUCTS & SERVICES Growth %* Industrial +6% Chemistry 21% +5% TA 11% Europe 28% +1% 33% +1% GEOGRAPHY c Growth %* Asia +13% OPERATING SEGMENTS c Growth %* Wat
Slide 10: FY & Q2 2025 Guidance
FY & Q2 2025 Guidance Constant Currency Constant Currency Revenue Growth vs. FY 2024 Revenue Growth vs. Q2 2024 FX (1.0%) FX (1.0%) Reported Growth +4.0% to +6.0% Reported Growth +4.0% to +6.0% NON-GAAP EPS NON-GAAP EPS $12.75 to $13.05 $2.88 to $2.98 FY Net Interest Exp. FY Tax Rate FY Avg. Shares
Slide 11: Appendix: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations
Slide 12: Q1 2025 Sales - Reported & Constant Currency Growth
Q1 2025 Sales - Reported & Constant Currency Growth % Growth % Growth (in millions USD) 2025 2024 Impact of Currency Reported Constant Currency Waters 587.3 561.9 5% (3%) 8% Operating Segments TA 74.4 74.9 (1%) (1%) 1% Pharmaceutical 391.1 374.2 5% (3%) 8% End Industrial 203.4 195.3 4% (2%) 6% Marke
Slide 13: Q1 2025 Instrument Sales – Reported & CC Growth
Q1 2025 Instrument Sales – Reported & CC Growth % Growth % Growth (in millions USD) 2025 2024 Impact of Currency Reported Constant Currency Pharmaceutical 134.8 121.9 11% (3%) 14% Instrument Sales Industrial 93.0 85.8 8% (2%) 10% Q1 Academic & Government 35.1 34.3 2% (5%) 7% Total Instrument Sales –
Slide 14: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Earnings Per Share FY 2025 and Q2 2025 Guidance Q1 2025 Q1 2024 Projected Sales FY 2025 Q2 2025 GAAP $ 2.03 $ 1.72 Constant currency sales 5.0% - 7.0% 5.0% - 7.0% Adjustments: growth rate* Purchased intangibles amortization (a) $ 0.15 $ 0.15 Currency translation impa
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