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Waters 8-K Report, Regulation FD Disclosure (Jan 13, 2025)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed January 13, 2025
Period End
January 13, 2025
Security
WAT
In the record · 2016–202610-K1210-Q338-K109

WAT filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 109 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’16May ’16
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed January 13, 2025. Cited figures are marked; the original filing is the authoritative source.

Waters Corporation furnished an investor presentation under Item 7.01 of this Form 8-K for its presentation at the J.P.

Morgan Healthcare Conference on January 13, 2025, with CEO Udit Batra. The filing states that the presentation and the subsequent Q&A will include high-level commentary on business performance, that a transcript will be posted on the company's website, and that the information is furnished and not deemed filed under Section 18 of the Exchange Act. The company reports trailing twelve-month revenue of $2.9 billiona (through September 28, 2024), with a GAAP gross margin of 59.7% and an adjusted operating margin of 30.7%.

It cites Q3 2024 sales of $740.3 millionb, up 4% in both reported and constant currency terms, with pharmaceutical end markets up 3% and non-pharmaceutical markets up 5% in constant currency. Management says instruments have returned to growth after seven consecutive quarters of liquid chromatography declines. Management frames the company around a $12 billion core total addressable market, plus $7 billion of higher-growth adjacencies, for a total of $19 billion.

It highlights large-molecule chemistry growth (MaxPeak chemistry sales up 45%c in organic constant currency for the first nine months of 2024), a plan to grow service attachment, and expansion of its margin profile. The presentation outlines a target of roughly 100 basis points of annual adjusted operating margin expansion, with a potential 300 basis point opportunity from productivity initiatives over the next 8 to 10 years.

It also references the Wyatt Technology acquisition and announces a 2025 Investor Day on March 5, 2025 in New York City. The presentation includes extensive forward-looking statements and non-GAAP measures, and investors are directed to the reconciliations in the appendix.

02—Key points

Key Highlights

  1. Trailing twelve-month revenue of $2.9 billion through September 28, 2024, with a GAAP gross margin of 59.7% and an adjusted operating margin of 30.7%.
  2. Q3 2024 sales of $740.3 million, up 4% reported and 4% in constant currency; ex-China sales grew 5% in constant currency.
  3. Management states instruments have returned to growth after seven consecutive quarters of liquid chromatography declines.
  4. Target of approximately 100 basis points of annual adjusted operating margin expansion, with a 300 basis point opportunity from productivity initiatives over 8 to 10 years.
  5. Total addressable market of $19 billion, comprising a $12 billion core market and $7 billion of faster-growing adjacencies.
  6. Large-molecule chemistry momentum, with MaxPeak chemistry sales up 45% in organic constant currency for the first nine months of 2024.
  7. The company announced a 2025 Investor Day titled 'A New Era of Growth' on March 5, 2025 in New York City.

03—Questions

Frequently Asked Questions

  1. Is the information in this 8-K filed for purposes of Section 18 of the Exchange Act?

    No. The filing states that the Form 8-K, including Exhibit 99.1, is furnished and shall not be deemed filed for purposes of Section 18 of the Exchange Act, nor incorporated by reference into other filings except where expressly referenced.

  2. How did Waters' sales perform in the third quarter of 2024?

    The presentation reports Q3 2024 sales of $740.3 million versus $711.7 million in Q3 2023, up 4% on a reported basis and 4% in constant currency. Pharmaceutical end market sales rose 3% in constant currency and non-pharmaceutical sales rose 5%.

  3. What growth opportunities does management highlight for the future?

    Management cites a $19 billion total addressable market, including a $12 billion core market and $7 billion of higher-growth adjacencies. It points to growth drivers such as GLP-1 quality assurance testing, PFAS detection, India, and biologics and novel modality testing, along with plans to grow plan attachment and large-molecule chemistry revenue.

  4. What margin improvements does management expect?

    Management reports a gross margin increase of 210 basis points and an adjusted operating margin increase of 80 basis points for the trailing twelve months as of 3Q24 compared with 3Q22. It targets about 100 basis points of annual adjusted operating margin expansion and identifies a 300 basis point opportunity from productivity initiatives over the next 8 to 10 years.

  5. When and where is the 2025 Investor Day?

    The presentation states that Waters' 2025 Investor Day, titled 'A New Era of Growth,' will be held on Wednesday, March 5, 2025 in New York City, with a full in-person event and a virtual main session available.

04—Continue

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