Slide 1: Q4 2024 Earnings Call Presentation
Q4 2024 Earnings Call Presentation February 12, 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 Momentum to Finish the Year Excellent Contribution from New Products & Growth Drivers Well-Positioned for Next Phase of Growth ©2025 Waters Corporation 2
Slide 4: Q4 2024 Results
Q4 2024 Results Q4 2024 Revenue CC Revenue Growth Q4 2024 EPS Non-GAAP $873M +8% $4.10 As Reported: +6.4% FX: (2%) CC Instrument CC Recurring Revenue Growth Growth Growth +8% +9% +13% Inc. -9% FX Impact CC: Constant Currency; growth rates are versus prior year Note: A reconciliation of these non-GAA
Slide 5: FY 2024 Results
FY 2024 Results FY 2024 Revenue CC Organic Revenue FY 2024 EPS Growth Non-GAAP $2,958M 0% $11.86 As Reported: +0.1% M&A: +1% FX: (1%) CC Organic Instrument CC Organic Recurring Growth Revenue Growth Growth (7%) +6% +1% Inc. -5% FX Impact CC: Constant Currency; growth rates are versus prior year Note
Slide 6: Growth Broadly Accelerated in 4Q
Growth Broadly Accelerated in 4Q 4Q24 Y/Y Sales Growth in Constant Currency Pharma Non-Pharma Total Europe +10% +12% +11% Asia +12% +5% +9% Americas +9% +2% +6% Total +10% +6% +8% Note: A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is i
Slide 7: New Products Enhancing our Results
New Products Enhancing our Results Back to rich history of new category creation with product launches Liquid Chromatography Mass Spectrometry Chemistry Next-Gen Flagship HPLC For PFAS, Pharma, Clinical Bioseparations World’s Most Sensitive Sharper Peaks & Smartest HPLC Tandem Quad Min. Statistical
Slide 8: Benefitting from Idiosyncratic Growth Drivers
Benefitting from Idiosyncratic Growth Drivers Unique exposure to new 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: Strong Operational Performance in Dynamic Conditions
Strong Operational Performance in Dynamic Conditions W ATE R S R E S P O NSE 4Q24 & FY-24 ADJ. OPERATING M ARGIN Volume 4Q24 Headwinds 34.9% 35.5% 4Q23 4Q22 2023-24 33.7% C H AL L E N G I NG FX M AR K E T Headwinds ENVIRONMENT FY-24 30.9% 31.0% FY-23 FY-22 Inflationary Pressures Productivity Pricing
Slide 10: Growth Catch-Up Opportunity is Kicking into Gear
Growth Catch-Up Opportunity is Kicking into Gear Pre-Covid Historical Growth is MSD Instruments; HSD Recurring New Replacement Cycle is Developing due to Aged Installed Base 15% 6% Org. CC 5-Yr CAGR (vs. 19)2 Total Instruments Average1 Total Instruments 2% 5% 2009-2019 LC 0% 5% Avg MS 2% TA 6% -5% +
Slide 11: FY & Q1 2025 Guidance
FY & Q1 2025 Guidance Constant Currency Constant Currency Revenue Growth vs. FY 2024 Revenue Growth vs. Q1 2024 FX (2.0%) FX (3.0%) Reported Growth +2.5% to +5.0% Reported Growth +1.0% to +4.0% NON-GAAP EPS NON-GAAP EPS $12.70 to $13.00 $2.17 to $2.25 FY Net Interest Exp. FY Tax Rate FY Avg. Shares
Slide 12: Q4 2024 Revenue Stratification
Q4 2024 Revenue Stratification Academic & 13% Government Service +16% Pharma +9%** 35% Instruments +10% +8% END MARKETS c Growth %* 57% 30% PRODUCTS & SERVICES Growth %* 48% Industrial +2% 17% Chemistry +7%** TA 12% Europe 31% +7% 32% +11% GEOGRAPHY c Growth %* Asia +9% OPERATING SEGMENTS c Growth %
Slide 13: FY 2024 Revenue Stratification
FY 2024 Revenue Stratification Academic & 11% Government Service (7%) Pharma +6%** Instruments 38% +1% 43% (7%) END MARKETS c Growth %* 58% 31% PRODUCTS & SERVICES Growth %* Industrial 0% Chemistry 19% +5%** TA 12% Europe 30% +1% 33% +2% GEOGRAPHY c Growth %* Asia (1%) OPERATING SEGMENTS c Growth %*
Slide 14: Entering Next Chapter of Growth
Entering Next Chapter of Growth Revitalized Entered Faster Solid Execution Innovation Growth Adjacencies Driving strong outcomes in Back to rich history of Aligned w/ faster growing testing instrument replacement & new category creation with volume drivers via organic & installed base expansion new
Slide 15: Register Now for our 2025 Investor Day
Register Now for our 2025 Investor Day EVENT REGISTRATION 2025 Investor Day VISIT “A New Era of Growth” ir.waters.com Under ‘Events’ or click here Wednesday, March 5, 2025 New York City Please reach out via investor_relations@waters.com with any questions or to request in-person attendance availabil
Slide 16: Appendix
Appendix GAAP to Non-GAAP Reconciliations
Slide 17: Q4 2024 Sales - Reported & Constant Currency Growth
Q4 2024 Sales - Reported & Constant Currency Growth % Growth % Growth (in millions USD) 2024 2023 Impact of Currency Reported Constant Currency Waters 764.3 716.9 7% (2%) 8% Operating Segments TA 108.4 102.5 6% (1%) 7% Pharmaceutical 498.8 463.7 8% (3%) 10% End Industrial 264.0 260.2 1% (1%) 2% Mark
Slide 18: FY 2024 Sales - Reported & Organic Constant Currency Growth
FY 2024 Sales - Reported & Organic Constant Currency Growth % Growth Impact of % Growth Organic (in millions USD) 2024 2023 Impact of Currency Reported Acquisitions Constant Currency Waters 2,604.4 2,601.6 0% (1%) 1% 0% Operating Segments TA 354.0 354.8 0% (1%) 0% 1% Pharmaceutical 1,718.9 1,696.9 1
Slide 19: Q4 2024 Pharma & Non-Pharma Sales – Reported & CC Growth
Q4 2024 Pharma & Non-Pharma Sales – Reported & CC Growth % Growth % Growth (in millions USD) 2024 2023 Impact of Currency Reported Constant Currency Europe 176.6 162.6 9% (1%) 10% Pharma Sales Asia 140.0 133.1 5% (7%) 12% Q4 Americas 182.3 168.0 8% (1%) 9% Total Pharma Sales – Q4 498.8 463.7 8% (3%)
Slide 20: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Operating Income Reconciliation of GAAP to Adjusted Non-GAAP Q4 2024 Q4 2024 Operating Q4 2023 Q4 2023 Operating Q4 2022 Q4 2022 Operating (in thousands USD) Operating Income Income Percentage Operating Income Income Percentage Operating Income Income Percentage GAAP
Slide 21: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Earnings Per Share FY 2025 and Q1 2025 Guidance Q4 2024 Q4 2023 FY 2024 FY 2023 Projected Sales FY 2025 Q1 2025 GAAP $ 3.88 $ 3.65 $ 10.71 $ 10.84 Constant currency sales 4.5% - 7.0% 4.0% - 7.0% Adjustments: growth rate* Purchased intangibles amortization (a) $ 0.15
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