Slide 1: Q1 2023 Earnings Call Presentation
Q1 2023 Earnings Call Presentation May 9, 2023
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 Sources of Growth Continued Innovation Value Creation on Track ©2023 Waters Corporation 2
Slide 4: Q1 2023 Results
Q1 2023 Results CC Revenue Growth Q1 2023 Revenue vs. PYR Q1 2023 EPS $685M +3% Non-GAAP (1%) As Reported $2.49 CC Instrument Growth CC Recurring Rev Growth Growth vs. PYR vs. PYR vs. PYR -11% (3%) +8% -8% FX Headwind Impact CC: Constant Currency PYR: Prior Year Note: A reconciliation of these non-G
Slide 5: Resilient Sources of Growth
Resilient Sources of Growth Industrial & Applied Pharma 31% FOOD & ENVIRONMENT Safe food, clean water and P H AR M A WATERS environmental testing for a growing global population Quality testing required for 59% REVENUE M AT E R I AL S manufacturing volume % OF TOTAL1 Battery testing; Sustainab
Slide 6: Our Refreshed Portfolio is Now Even Stronger
Our Refreshed Portfolio is Now Even Stronger Launched in 2023 alliance TM Sets a new benchmark in QA/QC Brings intuitive simplicity to routine HPLC and can eliminate common user errors by up to 40% “The Alliance iS feels like the future is here. Its large touch screen gives us much more information
Slide 7: Adding M&A to our Growth Strategy with Wyatt
Adding M&A to our Growth Strategy with Wyatt Highly Innovative Company Compelling Synergies Attractive Pro-Forma Geographic & Increased LC Large Molecule MALS DLS FFF Segment Expansion Attachment % of pharma revenues 2023- Multi Angle Light Dynamic Light Field-Flow = $70M+ Scattering Scattering Frac
Slide 8: Q1 2023 Revenue Stratification
Q1 2023 Revenue Stratification $90M $253M $83M $185M $303M 12% 13% $248M 27% OPERATING END 37% 36% PRODUCTS & SEGMENTS MARKETS GEOGRAPHY SERVICES 44% 31% 56% $210M 88% 36% 20% $602M $385M $134M $246M Growth %* Growth %* Growth %* Growth %* Waters +2% Pharma (4%) Asia +6% Instruments (3%) TA +10% Ind
Slide 9: Strong Two-Year Stacked Growth
Strong Two-Year Stacked Growth First Quarter 2-yr CAGR* Total: 9.4% Organic Revenue Growth in Constant Currency First Quarter 2-yr CAGR* Portfolio Geography End Markets Instruments +10% Americas +12% Pharma +7% Recurring +9% Europe +6% Industrial +9% Asia +10% Academic & Govt +22% Note: *First Quart
Slide 10: FY & Q2 2023 Guidance
FY & Q2 2023 Guidance FY 2023 Q2 2023 Organic Constant Currency Organic Constant Currency Revenue Growth vs. FY 2022 Revenue Growth vs. Q2 2022 +3% to +5% +1% to +3% FX 0% ; M&A +2.5% FX -1% ; M&A +1.5% Reported Growth +5.5% to +7.5% Reported Growth +1.5% to +3.5% Non-GAAP EPS Non-GAAP EPS $12.70 to
Slide 11: Key Messages
Key Messages Resilient Sources of Growth Continued Innovation Value Creation on Track ©2023 Waters Corporation 10
Slide 12: Globally Recognized for our Strong ESG Profile
Globally Recognized for our Strong ESG Profile Committed to leaving the world better than we found it ©2023 Waters Corporation 11
Slide 13: Appendix
Appendix GAAP to Non-GAAP Reconciliations
Slide 14: Sales Stratification – Q1 2023 Reported & CC Growth
Sales Stratification – Q1 2023 Reported & CC Growth Currency Reported % CC % % Growth Currency % Growth % Growth % Growth 2023 2022 2022 2021 Impact 2-YR CAGR 2-YR CAGR Reported Impact CC Reported CC 2022 vs. 2021 2023 vs. 2021 2023 vs. 2021 (in millions USD) Operating Waters $ 602.1 $ 613.2 (2%) $
Slide 15: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Earnings Per Share Q2 2023 and FY 2023 Guidance Q1 Q1 Q2 2023 FY 2023 2023 2022 Range Range Projected Sales GAAP $ 2.38 $ 2.62 Organic constant currency sales growth rate* 1.0% - 3.0% 3.0% - 5.0% Impact of: Adjustments: Currency translation (1.0%) - (1.0%) – - – Purc
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