Earnings call transcript Q4 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning and welcome to the Waters Corporation Fourth Quarter 2022 Financial Results Conference Call. All participants will be in a listen-only mode until the question-and-answer session of today’s call. This conference is being recorded. If anyone has any objections, please disconnect at this time.

It is now my pleasure to turn the call over to Mr. Investor of Head Tudor, Relations. Caspar sir. Please go ahead,

Caspar Tudor

welcome Thank Corporation Waters and you, Good morning, Catherine. to fourth the everyone quarter call. earnings

this very are from is pleased be morning Barbara located. speaking Technology where We Wyatt to to Santa you

have exciting given our exciting our today our – and a lot results We cover announcements. given to earnings

joined Chief Udit and Batra, am Waters' Senior Financial Chaubal, Amol Vice President and I Today, and Waters’ by Dr. President Officer. Officer; Chief Executive

Officer, by are as Geof glad Executive be Technology's We Cliff Wyatt; joined as Wyatt President, also its well Chief to Wyatt.

commentary will Now, begin, forward-looking the we or this provide the including before business and In XXXX XXXX, future transaction particular, market future conference and Corporation impact regarding announced we I future the of possible with to various Wyatt the cover make In cautionary on conditions, of performance that with will company. will language. financial may full-year XXXX. events over Waters results and potential quarter call, we statements respect guidance first regarding

are our results and differ expectations may only present actual or events materially. statements These

the earnings please our the For Form language and most this Form XX-K, risk report see factors our XX-Qs, included more cautionary in included recent release. details, annual morning's in on

most which issued to earnings of appendix were comparable During of our discussions website. the and of measures, GAAP financial presentation, operations. non-GAAP to certain today's the morning the measures attached release Reconciliations will directly available call, including company's in we refer our to measures results financial are non-GAAP in our this of on the the

fiscal to in increasing results references the Unless or to quarterly stated fourth of quarter XXXX. are comparison year decreasing otherwise,

on on are year-over-year currency stated rates revenue unless and given ranges otherwise, today's given comparable growth basis. In constant all call a addition,

law. as a otherwise by part Finally, predictions not scheduled projections release earnings as to update regularly required of or quarterly intend except or we do

Officer, Udit Now, the President Batra. and I'd Executive our call turn to Chief Dr. like to Udit? over

Udit Batra

everyone. good and Caspar, morning, you, Thank

would the Turkey next like thousands major I and strategy. exciting the double-digit fast business a leader the shareholders the our in, progress announcement we light execution in Wyatt in it attractive prayers earthquakes. diving be in to with our Bioprocess to those step This value X.X in Syria milestone thoughts for with Today morning, a Characterization. scattering and creation of billion our the to key our to we Before affected as extend made customers Waters, with and opportunity of accelerate our recognized by that will capabilities joining forces in are accelerating the bringing growing, growth who marks Technology,

More years XX source. way, light fractionation. scattering ago, instruments several we've viscometry, including added commercialized than defined light scattering, Ever instrumentation, services. refractometry, and first the they've their Along incorporating and scattering redefined since Wyatt technologies also dynamic lasers related and as light the state-of-the-art light software, was field-flow

characterization, this products as top proteins, innovative used the the priority therapeutics a forward bioanalytical Wyatt nanoparticles. making identified we properties well gene determine to adjacency. high as the novel as polymers the are was and step vaccines, and cell and acquisition growth significant asset Together, synthetic and for in therapy, of such

I to Cliff words combination. and few to about this would take a Geof? this invite like to say opportunity exciting Geof

Geof Wyatt

Udit. Thank you,

you with We are moment thrilled for incredible to at our be company. here today this

light in delighted therapeutics. large Technology has decades, For over customers scattering, molecule industry enhancing characterizing Wyatt life with four leading innovation

its legacy customer science-based Our the for Waters deep mutual our common makes next steward to family for a into propel respect innovation chapter. heritage passion scientific ideal and success

like Now add Cliff, would you anything? to

Cliff Wyatt

been global we Dr. more more downstream this will Waters integrating next not Sure. a and chapter Wyatt Thank not for excited have I natural in reach scale like Wyatt’s in this well-established platform. scattering could is onto this also Waters' could technology you, and fit but will [my QA/QC about sentiment us accelerate your [ph] logical exciting Geoff. empowered such light broaden Wyatt’s that spaces, and excited, echo of technologies be deployment combination. and would comments to father's] Waters of history.

Udit Batra

Cliff. you, you, Geoff, Thank thank and

to in We shared our drive forward for passion to and this analytical And honored into opportunity fantastic accelerate are value as customers is which and deep to creation and This common technologies, to you highlighted are get each complementary for combination success unique future. to carry other. opportunity Wyatt come. a integration integrate the Geoff, powerful shareholders will our culture the customer years our scientific highly

LC-MS. large molecules, including Wyatt’s gene our very separation characterization, using will and LC-UV portfolio high an of in large will this the XX% growing downstream growing QA/QC build our approximately and are volume applications These vectors. exposure Today, serving pharmaceutical across and Labs revenues. serve workflows and biologic Waters of strong fast biologic which presence customers set Central a and development molecule to on has significant applications and analytical unmatched give solutions viral therapy

presence as Wyatt, the provide light through this Cliff platform. mentioned, will accelerate geographic will our reach informatics of empowered applications For downstream and established expanded and adoption and scattering combination

details As of combination. benefits tell, this the excited you we're can to about share more strategic

first. However, fourth and excellent share results our earnings our to is have with quarter this call, and we full-year some you

in as I business. results next outlining we our now, core we combination financial for evolution this our value will continue Then of this the the key take strategy. the step cover of So will and messages

financial strong with led the by Looking growth year delivering at outstanding end another double-digit results another was This markets. yet growth successful fourth results, our very quarter instrument ended in our across we quarter.

all and demands macroeconomic without pandemic-related global supply numerous XXXX, throughout inflationary including not would overcame headwinds, challenges performance and customer lockdowns, chain have our challenges, COVID pressures, while and talented currency incredible possible Our this dedicated products. been to high our We colleagues. responding year for

reflect that and Today, business future ahead. we have exciting key the strength our which in messages, the three lies core

to First, continue strong we consistently deliver execution.

year in after XXXX. stellar our this see a we in strong where can sustained You XXXX performance growth

our currency, in in also of beginning approximately placed the players CAGR top industry see results three-year since the of us amongst can You this the in transformation. our have X% our where constant

expect to continue. our this revitalized has and our growth Second, portfolio contributed we to

growth opportunities products in and while [ph] have supporting resulted testing, strong New molecules, applications, [core] battery PFAs instrument large replacement. in

have in lot while M&A organic efforts years, accelerate journey a are our the adjacencies. accomplished augmenting with X.X into past to Third, our we now we growth high

Turning now quarter to our fourth results.

XX% end again applications. X% by in strength robust up grew grew on large environmental over which revenue which saw X% a robust small with and and and as molecule and continued demand. with TA, testing, broad growth, market, XX%; currency growing our markets Pharma grew saw X% mid-teens. up Industrial We fastest led Our both reported strength our regions basis. end across customer was constant

was as headwinds by set offset funding low Strength increased and Academic by spec. double-digits grew strong X% Instruments double grew in by grew resulted year-end Europe, and geographies. in net activity government in China. several mass spending our which digits, of in

across contributed growing with ACQUITY our products unit cyclic New portfolio Premier, sales percent. and HPLC, Arc over XX%

Meanwhile, Absolute, TQ growth saw with grew our traction Recurring newest Xevo continued Xevo very attachment supported e-commerce revenues initiatives. demand. and launches instrument and high strong excellent by digits service GX our single

adjusted $X.XX. of X%. X% share non-GAAP headwinds despite earnings was up QX This FX is Our per year-over-year,

for in revenue For strong well the executed as constant against a throughout Waters a environment. challenging the reported where was XX% full-year, year organization currency. and we grew macroeconomic X% very XXXX

instrument low-double-digits year and was of and which for XX% which by or our growing double-digits. above. broad-based was markets. across Our [ph] LC, mass [TA Each This strength led end grew spec, grew Systems] with sales, geographies growth the all

of is headwinds X% X%. For $XX.XX. was year-over-year, despite non-GAAP adjusted FX This full-year, the up earnings per share

our we quarter at products. as markets [indiscernible] Now, robust enter with auto our remains growth attractive demand These end markets fourth saw healthy solid XXXX, our are drivers backlog funded. levels. and and customer and the end elevated in for well remain growth strong We

we We XXXX growth expect sales drive in our to saw revenues. the future strong instrument recurring in

been We've our momentum. markets capabilities, proven and organization have our regained track our in leadership So, strengthened has with are end new a we transformation. revitalized bringing commercial healthy. record Innovation

strategy entering now brings faster we're on toward next growth. path chart the the phase next our our we Now, accelerate execution as slide. This the us to of

process production we components It the substance initial during protein a before cell biologics monitored where is shows creation produced. have culture fingerprinted see, is are material are an raw upstream the manufacturing antibodies with monoclonal scale of the shared As produced. you choice and drug large which example complex can starts or the of how and antibody

and and manufacturing, drug prefilled cells Each effective. step the the is downstream the product that vials [indiscernible] as in last series Then and filled in of of purified are step, product in separated ensure a final in a syringes. stable separation and debris stages testing to Then of QA/QC, formulated is from involves steps. filtration numerous

used LC-UV or what upon are analyze Throughout ultraviolet for to stages. the clone selection traction detection technologies mass with lot upstream time, characterization, all the BioAccord depending seeing and used optimization in tools process, At in required four same being liquid both different and need downstream increasingly manufacturing. extensively process a across chromatography with you spec characterization, media is cell and is culture of

and is in applications. on this appendix. a at QA/QC details the We the adoption shared the included of It seeing have also in beginning year slide

cost essential up to light In their scattering are biologics. detectors used process the combining a such speeding profile aggregation molecular biologics weight, can reducing customers of such the and give of also techniques relevant by manufacturing these about and addition cell complex the to light multi-angle of from as information and data gene biologics LC-UV develop and size, scattering of each and our the as comprehensive is more powerful dynamic LC-MS, This to therapies.

around strong and whereas fantastic LC-UV pioneer in Hence to highly is X.X to in our opportunity. accelerate powerful position complementary each XX% a The bioanalytical already a around established in XX%. mass our combination journey technologies, growing this characterization a integrate market analytical scattering. this is and Waters billion Wyatt are has Technology LC other opportunity is will which to light spec,

describe and portfolio. me now Geoff? the to ask Geof its innovative highly Let company

Geof Wyatt

in is again, owe company much remarkable amazing its we and Well, success a Thanks high team. Wyatt Udit. applications growth to our of

is scattering Our therapies, multi-angle and and and used including flagship vaccines, institutions which leading therapeutic biopolymers, protein. biotech, mRNA to biosimilars, of light academic gene by measure complex properties biologics, biopharma, technology is cell MALS, fundamental

based XX% employees have We're XXX Santa of and Barbara, here outstanding roughly California Ph.D.’s. have in whom

the scattering detection, defining mass like spectrometry. the Over built we've in and into light leader chromatography liquid very Wyatt segment the for did Waters past recognized XX much years,

million approximately XX% highly three-year of on around XX% approximately are XX%. an a adjusted a We're in operating have margin Our More profitable applications. business $XXX CAGR XXXX. with grown our to molecule revenues in sales than large also of

been customers software use light with have for keen to Empower. biopharma for QA/QC Our us applications and are scattering eager combine to our

which customers and existing with our delight capabilities can imagine will you more. for add additional how we let only So, are this excited choices us and combination, even

Back to Udit. you,

Udit Batra

Waters. Geoff. look I welcoming our you, new to Thank to forward colleagues

integrating that that property provide Waters and our benefits portfolio, the of for existing into mixtures UV some about Wyatt Waters’ spec. [LC by talk customers. and In complex by now system] Let's our individual for both mass detailed our characterization capabilities separate [ph] analysis constituents

These or are comprehensive detectors, ratio capsid about of more a mRNA titer associated attribute and manufacturing properties allow which Wyatt’s therapies. their such develop for nano will sequence. like lipid molecule, MALS by size our has These as their be missing to This fully A profile been will critical is augmented characterizing Empty/Full piece the particles essential the additional quality of biologics. customers process. or intact to critical the information adeno viruses protein aggregation

sophisticated, leading in view common be X, In in And we've place. to BioAccord; Number supported demonstrated Number comes most use connected but evolving and X, point has tools all volume adoption to importantly, with successful of together be: and these need one a already in the for as case to Number for informatics to respond simple workflows run Waters service platform settings, that applications, so gain like X, needs; such by to help what they already data high they must each

revenue Our pro-forma all molecules what of ago. small create of create an years compelling a in simple to and that data to submit than for of will ambition financials. collect Waters yet use attractive set regulators. transaction number This is an No results established synergies and differently can Empower sophisticated, ecosystem instruments to

geographic expand concentrated are in the highly United a footprint, in opportunity geographic particularly from presence First, to Waters diversified, footprint China. whereas Europe States. revenues and This Wyatt’s provides Wyatt’s is an in Asia, us

columns light together and size chemistry scattering Second, sold HPLC instruments. are instruments with exclusion

chromatography We expect liquid our instruments with to and cross-selling see chemistry. synergies

in bioanalytical and high instruments our molecule comprehensive bioanalytical unmatched Wyatt’s meaningfully Waters This give of an accelerate our applications to augment will to a the will and platform. adjacency expertise set opportunity Third, ability solutions enable customers growth create across analytical large will characterization.

settings in development biologics applications large well of light volume And as QA/QC. down-stream in well-established use expertise will manufacturing accelerate Empower scattering platform, molecule for Wyatt’s high portfolio applications is upstream in fourth, the recurring presence Waters’ as our today. and and and

our to Now, to increase pro-forma. our will the of footprint molecule The revenues. large combination around pharmaceutical XX%

increased least XX will raise Our to faster growing growth basis at serve these profile the by the markets exposure of markets combined we points.

contribute expect over than We to constant basis years. currency to more our the transaction points growth five the next annualized XX

to adjusted we industry to five, expect leading grow the Wyatt by add it in to basis the on margin. plus return low-double-digits points our expect also capital We a Net, than more business to expect year operating realize high-single-digit invested although we XX near-to-mid-term.

five. XX annualized expect create more In million by year this combination to than synergies we addition, in revenue

on the fourth our financial He the to would like for guidance I to Amol? further provide and continue pass covering our call XXXX. us walk Amol details performance then will quarter financings. to Now, through

Amol Chaubal

It's you, to Cliff, thankful Wyatt opportunity work their Udit, our and the the Like at for value to to our shareholders. and morning, providing Geoff, the and for considering legacy great us with this Thank customers for and entire Udit, Wyatt good stewards mission I'm of everyone. us for team been as rightful Technology. family and create very

first will Now, that of expected along financials, adjusted result highly growth transaction This in operating percentage. synergies to result accretive EPS with Udit Wyatt’s early described, revenue non-GAAP investment highlights. The just XXXX. the immediate our of as billion X.XX impact to and in attractive margin our are quarter as accretion

to plus on high-single-digit return Udit deliver by year mentioned, is a combination five. invested capital expected as this Altogether,

will our will on fund available sheet around X.X. is and ratio balance We be On capacity that our revolver. investment through existing one, day cash this net debt on our debt-to-EBITDA

the temporarily buyback free share of program our suspend down cash remainder rest the the will debt to We pay flow of through will for the utilize and year. our XXXX

net quarter to close in to conditions. land year our debt-to-EBITDA by second closing The XXXX. at and X.X ratio We approval expect the year-end around customary this subject regulatory to is expected transaction of

an grew a division fourth our Udit Waters and XX%. We delivered to TA very and excellent currency Now, close government grew of market, X%. and By quarter constant pharma growth with Waters for grew already end grew results. grew X%, Industrial financial which XX%, strong X%, year to academic X%, covered.

strong. spending single XX%. In Americas growth digits overall quarter, India at By grew X%, year-end China Europe and low Asia Japan and geography, to resulted XX%. in in X%, site customer for sales region grew grew Asia, sharp grew closures. as the was in increase grew XX% due infections delayed declined a in COVID

the headwinds We throughout quarter the expect these remainder XXXX of of COVID from to catching first continue up into reopening the year. the before post-zero

with over XX%, and grew the mass X% up Europe end-markets. regions, other X% grew grew strength X%, which chemistry up In XX% with and X%. products By U.S. broad service across services, instruments led grew by and Recurring grew revenues spec, XX%.

Growth testing. geographies. advanced electronics, battery in across growth grew and led in major TA double-digit our strong as materials well and as applications, with growth chemical was Finally, XX% sales by

our market, growth now By industrial grew pharma Looking at XX%. mid-teens, small which was molecule applications, grew end by and In results. large XX%, grew academic XX%, and grew grew led full-year while pharma, molecule high-single-digits. government

chromatography, points liquid By full-year XX% and in sales grew XXXX. premier in XXX increased revenues, In points adoption. further our MAX expansion grew chemistry grew XX%. X% expansion since which double-digits. with XXX TA system continued in X% for in by basis the XX%, and up rates, digital and attachment applications commerce recurring instruments mass of launch Service with large grew Americas products and molecule all geography, services, XXXX grew basis sales columns XX%. By supported have strong Europe increased our Asia peak in spec, grew and

performance Now, offset by comment inflationary and sales versus basis Gross our fourth was driven up year. like financial margin prior by on volume I and year, partially the for costs. quarter to versus points would quarter prior the pricing, full-year non-GAAP XX.X%, XXX

margin gross as by basis driven XX.X%, gross in versus XXX for margin full-year, dynamics. points expected year, margin growth XX%. the came the quarter at of prior For was Operating

operating points underlying operating year. full-year, expanded basis higher the of which flat basis, we margins with approximately the last is revenue. at XXX XX.X%, our guide instrument versus our XX was For XX in an margin to year. of basis our On approximately growth net adjacencies basis beginning points by despite This our points investments the higher the in was of and mix

points effective the our offset was XX the and reported temporary compensation to FX was as our expansion basis XX.X%. quarter, it headwinds an XX of In On the for full-year rate and by with operating help basis, basis our of inflation. colleagues XX.X% impacts was points of tax additional

For points, R&D costs. the as by increased rate anticipated, primarily capitalization basis due the full-year our XXX regarding tax change of to effective

count X.X in of the shares, last than which about share Average year. million at came XX.X is million less fourth quarter

the Our share non-GAAP diluted increased compared year. quarter last earnings to X% $X.XX per with $X.XX, fully fourth for

a growth lowered X%. fully share headwinds GAAP our basis, our earnings diluted exchange non-GAAP EPS $X.XX. On Foreign by for was

the per to X%. growth X% versus exchange earnings EPS a $XX.XX in increased non-GAAP $XX.XX. For per GAAP share year. prior earnings our The was On lowered the basis, headwind fully full-year non-GAAP share by our diluted full-year, $XX.XX, foreign

flow, balance our operations. expenditures, our free XXX to was quarter was XX flow this the cash cash free sheet, in the expenditures. cash $X million after cash of and flow million free items. capital deployment, of free chemistry Taunton In and investment flow related capital funding capital million we Excluded define from from precision as to excludes Turning operations, XXXX, cash fourth special less

given stock, quarter, strong and secure build the we demand. continued safety instrument to to In supply build inventory

of Excluded operations prior includes approximately from XXX XX the million to chemistry related was flow, cash XXX funding investment our reform payment. free after was a For million inventory of the versus XXX the capital and cash precision XX year-end. in and free additional the million million expenditures full-year, million tax Taunton flow

access strong prioritize value and a repurchased sheet, liquidity, profile. attractive adjacent creation X.X M&A, a of the in debt in debt This balance to stock was of about meaningfully trend markets. which of ratio with for the At debt-to-EBITDA In growth, including maturity our ability maintain quarter, thought accelerate common XXX XXX,XXX We end QX, approximately net position investing to a allows us approximately well-structured the out will billion net shares our million. X.X. well we

as you for XXXX. to ahead, I the thoughts we provide with year towards would our Now, like look

have XX by We market execution strong new introductions growth. performance across throughout seen excellent commercial product end driven and XX, robust our demand, driving geographies,

we that enter and As solid will XXXX, continue growth durable expect our sales we our momentum and in enhance our remain refreshed our portfolio markets end performance. to initiatives to

percentage full-year support dynamic of Wyatt. sales XX approximately to currency expected growth growth X reported of resulting to rates, X% is excluding guidance X% of At in X.X%. subtract constant of current currency These point organic XX translation to sales organic full-year negative X.X%, guidance

close We it Therefore, growth. expect full-year on expect X.X% approximately including the depending XXXX to timing, we Wyatt total of and quarter transaction our sales XXXX, to versus to our the revenue the in to second is Wyatt. XXXX, guidance growth X% X% add X% to reported

is organic be full-year to For expected XXXX, is operating organic expected approximately approximately XX% gross be the XX%. margin and margin to

XX in basis growth XX FX, basis a the the points net is FX points headwind this first in margin expected half basis to expansion points, adjacencies. basis particularly of to after XX basis includes high investment to XX XX Before of year. of of points points be

XX in points margin XXXX The basis to to points. our basis QX accretive expected Wyatt XX addition be adjusted to by full-year operating of is

add XX close. at we approximately timing full-year approximately expected the is depending transaction, expense, XX the rate to full-year XX interest The million the of million. expense additional our transaction is interest of tax million on The to Excluding net to to XX.X%. expected be expect remain

points down we million. XX.X our non-GAAP remainder to free will together, for share suspending and on XXXX to debt, our be using diluted count flow of the basis, share X% X% Since year last negative approximately repurchase average this temporarily cash diluted projected be X excluding to share full-year is rates. transaction Rolling earnings for expected fully year the pay program all XXXX impact is of a and $XX.XX current represents to the the approximately This range FX percentage guidance, $XX.XX. a of at versus growth includes our in currency

a The net by first of Wyatt to quarter five. remainder year as for plus our accretive digit the is it invested XXXX. tax Overall, to of as transaction of share return adjusted even net And capital, the XXXX. we buyback deliver single be high is EPS, expected this on of expect early suspension in to

balance, program Hence, EPS repurchase share higher expense Due result the is XXXX of approximately in diluted suspension $XX.XX. to to year, debt the to range per and fully of Wyatt, is this XXXX of non-GAAP $X.XX. interest a on the incurred headwind transaction projected share in expected $XX.XX full-year earnings including

points we be to currency growth XX% quarter first of percentage quarter to rates, to growth. Looking sales the XXXX, X%. to subtract to X resulting X% stacked X%, which expect constant At first today's currency flat guidance translation of on is sales approximately to two-year reported in a expected growth is XX%

non-GAAP of are earnings points. to with diluted X to a approximately the currency $X.XX estimated $X.XX range fully quarter negative impact per in of First be share percentage

comments. Udit? it back would some Udit I for to to summary like Now, turn

Udit Batra

transformation as first was Amol, last Day our regain strengthen of the focus and commercial you, at beginning Investor organization our new I Thank at with journey to our year, momentum outlined capabilities. and our our later leadership

incredible the execution, X.X As results delivered have amazing years, you transformation, pivotal assembled consistently that with track with have to which over a proven record observed team is it we we leadership in driving have integration. an and brings seamless last strong

to is address accelerate growing our which growth a and fast fantastic markets. increased Our for vitality and next pipeline our capabilities value portfolio. of by new shareholders product of our underscores us our the second to this adding focus index adjacent Today, of ahead accomplishments the entering to high rich customers creation our we're technology was year. portfolio, The our success our increasing platform. revitalize phase, And launches,

back that, turn to the over Caspar. call with I'll So,

Caspar Tudor

to That our open formal are Udit. and the you, we ready now comments questions. for Thank lines phone concludes

Operator

from first [Operator Instructions] Luke coming of Barclays. The Sergott is question

is line open. Your

Luke Sergott

here. guys. Hi Thanks for the question

strength Wyatt, So, kind visibility Your can I how mass of backlog continued here, back hear strength instrument it you you we lot? on into before a built, building us the give over the last Any guys – business get the the a sense up kind six guess, color instrument on we months. new that going in here the launches from revitalization? the in of can here on get that's XX%, there forward

Udit Batra

Sure, Thank Sure. question. you the Luke. for

growth growth. in instrument So, the quarter, again, finished instrument with double-digit

the the right? [XXs] is For TA it's the really instrument were due our XX%. product replacement really mass focusing it's see And commercial which the to year, into this around and And well you For launches. the range. on full-year, in LC our across initiatives, double-digit board, new also high-teens, spec largely success [ph], the of the in

GX And mass the absolute a [indiscernible] revitalization where recently the application more with Xevo and we've [ph]. with portfolio, [on BioAccord the and of for there you've the the seen traction light] complete biologics in spec food especially with gained applications on cyclic the side, environmental

and On side, with the ACQUITY Premier. HPLC same LC Arc thing

coming So, strong new through, very traction. gaining you products which see are

Now, are robust, very healthy backlog as ahead, see mean, are a strong forward, And as orders ever. end very We still into look as as markets we we the very, right. the year. look going I

additional caution extrapolating. with the and So, using as we the pretty are as XX% I robust, as we – would academic ahead, funding, against look across itself, in and but board, industrial don't they well pharma expect

for this while, numbers. these a saying been incredible we've think I are growth

say you're long-term double-digit the make a and the so X%. And the continue in instrument future, to for the revenues basis, recurring On but if the lower-end consistent, dig just growth consistent X% the around let's a instrument – bit, with at the with X%. and X.X%, the I cannot say, we X% instrument growth I it averages just if guide then and we looking average is to between to for growth stacked little into instruments, were X% are level. X% take long-term to a when growth mean at you double-digit the expect higher-end

additional another you XXX for of points instrument there X%-ish pricing, points growth. basis XXX and Add execution the commercial have and basis

healthy come be we And which see growth, comments overall several with So, growth we and you've we all. We long signs the instrument it crashing do any it see ‘hey, significant should term, market think growth. of of say, instrument averages, don't down?’ seen that. our reverting will seeing serious it our Not I've think at will growth – initiatives, out-execute additional and with products to, sort new pricing. back we commercial We long-term with heard

Luke Sergott

All right. Great.

the workflow? So, light overall would on follow-up quick fit dig love upstream, And bioprocessing sales? where you if portfolio? you than that the on grew Wyatt's characterization a orders clarify faster on on into that. the I'd have the Just Can where kind to scattering then overall BioAccord where in the fits Wyatt – materials so technologies, of raw and into the instrument portfolio

Udit Batra

a fantastic is question. This

very that we've the And growing while, to do So, and for so. Luke. saying orders are a continue been they nicely,

I a margins, talking We've mean, terrific, many X.X Now, that at financial XX% to a strategic XX% there perfect million, us CAGR, accretive been moving market, are Wyatt, And on a growing to XX%. industry profile. on the to hardly about characterization, fit. right? companies it's margins are So, XXX look, bioanalytical and Wyatt terrific growing billion a in XX%-ish

development, spec, exquisite characterize right. the the composition When sequence composition LC-mass composition, in are chemical process and to course, about techniques the bioanalytical the LC-UV spec LC-UV QA/QC. of to of upstream, of of and downstream talk and used and molecules proteins, of space, you characterize proteins, mass you and There configuration the the the the the look materials, at are raw

empty full get therapies, the of that at characterization, well exciting Light to does right. with they aggregated days mRNA nanoparticles, monoclonal size scattering, these in lipid biophysical for [indiscernible], on of and it you molecule, molecules. full scattering aggregation they gives more think of is how allows versus about you the viral the even And how other us proteins. hand, vector the molecule, how Light are what are, level antibodies characterized, the

Cliff with compliant already and QA/QC they Geof testing tell by and platform tool. players customers, it us so their an significant use to been or customers It's as pharma our And – number me, applications. us a been asking used of integrate software asking applications. it in a at-line exciting Super have have can large

excited, even dream is biologics. better our to is the in It done large And our as molecule and you So, similar past. make to highly complementary. molecule characterization a ambition of small super footprint – we've characterization gives

Operator

Vijay question is next Evercore. coming The from of Kumar

open. is line Your

Vijay Kumar

two X.X% headwinds on questions. Congrats guys. Udit, maybe FX X% what here. had I guide resuming Why The headwind? thought down. came to And for pricing the outlook? margin a I And the that for is Hey is transaction. China FX and guidance the year, first on

Udit Batra

So, And point China from reopening. take fourth in X%-ish, take I'll bit we we XX% of last headwind. being that, grew especially to time, and has it from been what to a our that from into QX on And the up there. a in shipment had quarter. there, due despite roughly mean, if account, I'll comment delay on XX% take I it China, colleagues, to first to that Look, at year, pass quarter you infected Amol and if third you any November to tough expect China with despite

after colleagues of same families our with to, Year, and the we their several Chinese enjoy expect reconnect New with customers. the years course, We the see

think open will step-by-step, China up. I So,

the as it's with growth sort currently this anyone's year half of single-digit-ish, high than expect for assume a the guess growth stronger how the can better year But imagine, of half. being in the first the We of first comes We second half you the half. second full-year back. than Vijay, the fast

about talk guide to want you the do in FX? Amol,

Amol Chaubal

Yes.

the we look, what QX said at So, situation of has Vijay, end earnings versus call. I improved FX mean, the

are it, the it still headwind on and X% and throughout on sort XXXX. the sort the where is, XXXX, of year the and is of today, that of for course towards XXXX, first the basis progressively playing headwind of EPS. headwind weakened But we a numbers. X% I mean, half significant is reason translates end about the through of U.S. that X% on it about points looking on then headwind XX The at headwind margin. Now, sales for EPS to And dollar is, strengthened operating

one in an the and And a the operating operationally currency are and out coming of on sector, like pound, we still is, of and most hedged have there. a companies diversified while we like is geographically reason have profit markets And the China. revenue the we margin in euro are lot of we Japan significant there headwind

don't So, a which the if bit. we level higher Japan, margin creates a on FX our you see in FX, and on other profile shrinks, then by headwind then our markets have versus have profit why and little the these flow-through cost operating margin. like And that you China on sales of that's structure headwind operating

Udit Batra

And just, your was Vijay, question roughly points. it XXX pricing, basis on

points For inflation XXXX. because you gone. not imagine assumption as we for basis still an is the XXX this And expect year, largely that's can

[reasonable] pricing [ph]. should built Second, as wherever it our these new definitely command through very seems times have teams muscle on And products we forward. margin the a on then, a go passing higher finally, difficult very,

Amol Chaubal

delivered the of And [indiscernible], And and headwind operating was sort we I all flat impact basis margin. had points much mean a offset on of It resilient. FX. pretty that business XX

expansion. So, goes of back back it if to mean, done margin XXXX, dollar where is terms I in work in the started all

Udit Batra

year, the Now about going margin good feel is. our into profile we where very

Vijay Kumar

XX number biopharma helpful gives Can well due established the revenue versus mix in early Udit. of was revenue diligence a relative us you this quick And was confidence on What What one background stage? is the That's Wyatt's asset you done? known? base. from Wyatt's to What kind one revenue of coming That's synergy? the some big how give revenue on acquisition, million synergies.

Udit Batra

It's of applications large are in Wyatt to molecule XX% the them the other. a I'll take for applications. try of after lot one questions.

Investor screen, in we that pretty of Number this characterization, lot we bioanalytical, we were X And Day, on and our clear we the know, you As I the without reservation, screen minds. is tell had you can in asset a targets. biophysical

something does with and what physical characterization. that's on period us. really time. chemical for significant spoke discussions, a well, was Waters We've not to and And we scattering of for we we characterization, started known composition for well characterization, when light Wyatt So, the with using Geof the does of unknown spoke really on company this Cliff, our

from revenues the growth of So a three-year XX%-ish is large molecules, CAGR. their roughly with XX% coming on

And margins. our margin in million million, much. to that and before, our our dimensions. we XX the the in day I comes is as It revenue sales accretive accretive to Margins growth XXX to four industry across as on this are see said not growth will already. it something be margins and revenue And one. to

less United and to XX% of sales you geographically of with And know, APAC. than diversified, the constituting our in Europe with their XX% APAC with coming as Waters, First, heavily some in Wyatt is from sales. extent, quite States, concentrated

We significant across fast-growing many customers and opportunity serve more expand a the there's think to globe. in areas

more Second, with we provide many want customers choices. to

columns, sold instruments, leading you If and scattering MALS, industry. columns has light especially Waters SEC at is SEC it with look

The attachment the separator spec. companies. not before rates light as for higher dissimilar think be you significantly software LC integration characterization, to insert mass into as across could molecules we is a products, do We two used the insert scattering the

regulators. with on building can platform of one it really better to finally, into point and customers MALS X, a used to our QA/QC, journey that all of data to usher serve of Waters immediate software who a And us Number across there bioanalytical compliance have then, starts opportunity be that taking pain to eventually through. journey an submit products than big is a suite the that

even we million] faster. platform think, than higher So, potential there's established [XX-plus in a the sooner by if synergies year and Empower why do getting bioanalytical five, starts that's we [ph] integration for

you across gives a the Vijay. think, I color that, synergies, So

Operator

next The Sachs. question coming Sykes from is Goldman of Matt

Your line open. is

Matt Sykes

high-end on about on if a, about in chemistry seen at the and in how think taking and questions. growth that, XXXX the the Udit, to about of services finer just of XXXX? we point you've it, I Maybe the be previous for should growth instrument sort could Thanks and your XXXX. and you a in quarter. just, growth services morning. help Congrats good kind us heard acquisition put Hi, of my given thinking comment chemistry your but that guide,

Udit Batra

Yes.

question. So, in this the services instruments seen prudent right. I Look, benefit mean, growth last the particular, mean Matt, I stage service it's over from guide two definitely that we've it's a incredible on a will at years. great in

increased basis starting I we roughly we since points journey roughly attachment time, XXX to the think especially in at rates In assumed in But point to what by we've service. our uncertainty we've a started ago. our it's for point addition, see prudent two-ish think this given assume transformation years China, we

columns the significant of for our We've have number understanding it and after our the XX% serving going e-commerce. pipeline to mole goes We a through we there's do And especially And the platform looks there from well. now therapies. complex extremely intend that e-commerce MaxPeak of closes about I chemistry, We sales premier well. biologics space, growth extremely think higher. strength-to-strength. acquisition larger seen mean, opportunity a good, as with now deeper increase

a too, there, of China. are we prudent And the thinking bit rest in year what holds, the especially through

I So, would that's right. it, I look think how at

but really the we'll positive, year So, as have progresses, the And in how year really thinking information. emerge through will China. more

Matt Sykes

you QX kind Could in follow-up Europe a Europe strong terms be Obviously, what XXXX? assuming quick very mild just thoughts talk of about growth within seem there just in Europe. and things demand to And there, end expected. the full-year. Great. year market you're this than Obviously, one better for of and on so then for winter for the

Udit Batra

Europe the numbers the good. this also, the range then, of basis, pandemic on course, extremely stacked Europe in as mean and double-digit The it parts a looks has full-year standout I across you've year were for the Look, been seen. early Yes. through itself. a board, And right, of

As markets more remind sort good markets. Europe, extremely weighted is we look XXXX. And is mid-to-high still, pharma. look the mean, orders across Europe going towards end balance which that heavily you are to our I'll single-digits assumptions for in back [indiscernible] ahead, of The I of all

the space, spec adoption mass in for where and testing portfolio. then with applications mass is And spec TQ saw fastest strong, environmental Europe the we Absolute the really came first Xevo food and out really, in which especially of testing, the

in all about So, with digits mass mid- and excited pharma industrial really what especially of and seeing to we're in in terms single the spec, takes, high Europe. puts

Operator

coming from is question Cowen. Brennan next of The Dan

Your line is open.

Dan Brennan

quarter the Maybe congrats questions. start deal. one obviously, Great, And off. the thanks. on this Wyatt Thanks and on for just to

What said basis or a clinical a of is has percent obvious just R&D kind you that numbers what used a business of question delta? company clarify just And any – then is of is like of that percent [indiscernible] whether on Is to your there could Just XX%, basis their multi-part prudence in you commercial is is growing actually biologics? of why, XX% XX%. just or the XX% your the today? guidance on versus manufacturing, that kind been why

Udit Batra

your Dan, question. for So you look, thank firstly,

off we can You there the to make the bit little sure getting in, into right of that on of imagine just integration, we're prudence is, we foot. a and course, that and built start want

double-digit has As assumptions. don't the we that's slow down, low the goes, integration expect that – the to in business guide the but

in in a in development and mean, QA/QC discovery in of pharma, I of And applications the at-line biologics, and bulk terms are and testing. large online and

cell see people. the small into weighted before that's gene applications need applications to more you where the particles towards really mean, and I I now where most of increasingly are well and think injected they characterized So, therapy be

intend you you Amol? and full don't break QA/QC, late gives to that but the mostly imagine more hope it's can And biologics [ph] and I color. piece, stage [PAD we So, down testing]

Amol Chaubal

COVID Yes. I that much mean numbers, the not So right? in pretty sense. in clean it's

I say setting. able we with take And it journey. platform, our then to adoption Geof mentioned, this, So, bit I And to molecule Empower is I along accelerate scattering in with the on large downstream. a will are as and customers eager be there. terms would that now piece, prudence of mean, second further mean, light in here upstream

Udit Batra

used thesis great. one Ph.D. that And life this. this to stating don’t it's was without all And analyze And last finish call. the the then it. [indiscernible], in before understand the let my my myself call course, of for And want light just what, using to equations you reviewing was I I scattering I've thing. Ph.D., I I know didn't

So, we're technology. personal to level super even the excited a at access get to

Dan Brennan

one kudos, has on been instrument growth outstanding. Great. And maybe the outlook. then the Listen, just

momentum exceeding that. at mean if numbers I around become It there. X% out, you investors instrument put accustomed you X% still have to CAGR, a of the it's really that wondering there's an lot outlook, to on four-year Just like and looks look the want positive Waters'

extent give us talked here, baked is And in kind and you're about give I would to we maybe to biggest a stronger spec on Like what contribution than Thank – kind trend, get mass opportunity the that to you’ve Just just be you. to the were a you but trying out, be like sense do X%, were spec what's X% of specifically? on that? to for us be where the X% and long-term And prudent that? sense know maybe is? think there CAGR, Udit, of for mass X% months the you the XX

Udit Batra

years, XXX mass fall basis Dan, X% same tremendous. don't to are mean basis will over think mean, mean, to growth commercial growth we start mean, we the XXX that the such and I about really long-term and number. pretty is thing, And look, I in past math innovation really, points right? the to last execution The the a I the off expect of can normalize. applications to spec strong pricing off mean of addition X%-ish, imagine, I coming growth, I in you simple, X% points right? two cliff.

in, point Now end it's right. upside more course, right. recovery the high we also a is mean think, of bit in And that I with by there is I time, saying, if built single-digit there's is one feel the fastest-growing the comfortable goes our new products, at a for of China look, market of and markets. year. If they traction said, prudence there's China upside, of this faster,

year, posted you as So, I facts more emerge. and start it's to we'll great a the think place keep

Operator

coming De is America. from of Bank Derik question next The Bruin,

open. is line Your

Derik De Bruin

replacement sort in your in growth has CDMOs, And CROs and that, morning. capital driver? And of than been looking just, Have the you little a about What the the from quarter, talked at in bit back China? half a year. are cycle thank business, we Hi, talk my the you lower Can all? in X% a taking question. Can about some they potential we I pulled and for the spending LC about major of on that's of pharma of please? LC bit pharma unpack demand talk impact at for. mean The was the slowing you good seeing second in were the what little peer

please. Just sort to that? So, little of in Thank more bit a for your wondering pharma on bake you. business, what you're going just color

Udit Batra

in the for the for Thanks, From QA/QC. see numbers especially pharma, Q, are weakness because pharma it's late I Look, growth the question. it of in healthy no largely China. X%, We in of Derik, Discovery mean perspective, on in at the late-stage double-digit is a end – as development market. a we pharma, stages basis, sorry, right. came full-year

If you pharma. it's what on exclude China, you also we're growth. double-digit seeing in some give hopefully clarity That should

side, instrument right. see very instrument should for as past see with We consumable especially the seen spec the and Going side benefit years. on the traction two new over at strong from we've growth extent, well. our and LCs the We abating significant mass to really demand nice the on products all, forward, service demand that products some see don't we

with portfolio now as on especially mass the even on especially I so like more Acuity instruments, especially for towards large especially biologics, the slowdown, consumables, MaxPeak. So, really goes no molecules, spec, see with Premier LC

more and about very with forward. the traction, And with pharma with more we mass what going good Qtof feel spec, GX the in increasing BioAccord see traction, gaining gaining we

XX% are always new XXX% I we about growth, of that the last that be Now – back the but emerge overall we've the look, or years. clear next don't XX% will very couple seen LC going I to it. go that's growing and the on mean, on in normal cycles, like over zero not Where is any few we've to negative been mean question to right. it's expect slowdown instruments occurs between months, of your to something we certain,

the question justification point earlier for guided We year. prudent So is Dan starting asked that's it's the X.X%, we've for X%. and a X% that think what why on had to

to anything Amol, add on the side? instrument

Amol Chaubal

you think well. I it covered No,

Operator

Vatnsdal is question next from The Rachel JPMorgan. of coming

Your line open. is

Rachel Vatnsdal

[Indiscernible] questions. the on Great. taking Thanks deal. the the and for quarter

on on follow-up up, comments. of just, first kind of So, these some I the China

to I You wanted the single-digit year guide high embedded XXXX, really in XQ returning about for but growth talked that for into China into dig the expectations China. to

low-single-digits that noted you XQ, that expect into continue in to you declined that So, China XQ. and

you China to sequential X% color a So, us that XQ? will of to to do that for guided some think China? you've you headwind declines X% do how in further can then on, growth be And give just much you expect

Amol Chaubal

Yes.

for QX know, and shipping of our some would to back So, QX sort headwinds we And when of you I quickly. expect our saw we in think we QX. China adjusted in look, was know into China QX, bounces China you the in continue And very adjust of that then as we sort mean, similar. be X%,

to expect remainder so, through trend of catch the year sort the we back And when are that up work. to, of people

Udit Batra

Yes.

no In for of – demand our that products terms of what markets There of as terms in markets, signal no Rachel, fundamental end in this sub is there visibility, China down. signal. Udit, we is in terms end is the see slowing

growth. good mentioned, I start So, feel place if And course, expect high as to about the the very growth. a and beginning at assume recovery single-digit-ish year good of it's is of the to faster a faster, China you we

Operator

Waldman, Research. coming question Cleveland next The is from Josh

line open. is Your

Josh Waldman

before Ph.D. appreciate call, for bases. the thanks thesis my all really taking your you Udit, reviewing guys, I Hi were covering your question.

on could you could think on LC Waters replacement for broadly, comment that Arc And sold LC where platform XXXX Acuity push refresh? [ph] customers into thoughts if the look [new to Waters' kind in Just that elongate think I your what could like XXXX? in you replacement curious cycle, Just rotate see or Wondered I do if the think, opportunity? versus on us do platforms of RLC] Maybe questions guess you what we a alliance? slowing in the think portion is you, give the two in of an Udit. the LC you in legacy update were like

Udit Batra

Yes.

one-third instrument ago. clear, we in So been Josh, on when replacement way of almost thank the cycle, you and I through about replacement years, two-ish comment. XXXX two we're pretty years we've started cycle, guess, overall, for your the the Look, LC

significant pretty runway. there's a So,

be large Now, they these go it's right? are that – LC, in it it smooth, they Arc. – these mass it be it in Acuity, a lumpy smooth don't cycle, things a be spec, go given way, So, in orders, go be

So, what should think of that's comment terms I smoothness you growth. on first the the of in expect

and of terms quite Arc accelerated customers happened? has replace replacement helped the HPLC given what a Undoubtedly, has in Second, the the how us And growth the that introduction the has a [ph] of instruments. cycle an of has more to old bit. alliance [impetus]

of gone it UPLC then the which from Alliance, Some gone like-for-like, number also Acuity more customers to with space. to to have from Arc, But who've gone Alliance of are from customers have line, is Alliance the there replaced them and equal fewer Alliance Acuity. have

Alliance. for high UPLC replacement Acuity, QA/QC, whereas it's Arc I'll and HPLC designed in volume molecule small platform, is applications direct, remind specifically of you, a a was sort for

bit a that think Alliance be you I more hope gives to But color. And Alliance. the to applications. small would of Acuity, I Alliance So, and assumption Arc HPLC then minority right

Operator

The Meehan Nephron Research. next question is coming of from Jack

open. line is Your

Jack Meehan

what versus that shift is, clarification, a just over growth question low you to is Good that is included the in morning. time? million synergies, you is on one any revenue that opportunity talked additive about? Or could there's had mid-teens their or... then Congrats us Do to of And just of $XX being deal, tell mix on Wyatt you that, the think instruments which today recurring?

Amol Chaubal

Yes.

a stand-alone is the revenue. second XX% that growth quarter also a are instruments, we that, call with there we you But again, opportunity one. scattering traditionally that talking go let on is roughly great not there's XX the as recurring and just that's the instruments also the So, are are it. the of HPLC business, about double-digit platform, to columns on SEC Waters, but revenue roughly light recurring. load think we what And million the that today the know And is the with The me of quickly about sort about, on cover we're incremental first that. talking question, synergies

Udit Batra

light team slightly say I a – with significant field scattering believe of addition, Geof is And of that increase such about representatives to And collective us sales, help and we significant attachment sales into is X,XXX there mean deeper penetration light to our increase shy is in a the service rates. X,XXX that, people, smiling, X,XXX I segments. service customer should Yes. scattering. as the globe, opportunity around

time as consumables. So think think They if there. much said, extremely, frame. as instruments opportunity recur you they excited you're the a extremely about Amol service recurring just can as of and sure make just longer disciplined, as we And of that over But are. we

Operator

The next question is coming Donnelly of Citi. from Patrick

line Your open. is

Patrick Donnelly

taking you're PFAs you for guys, Hey talk that the think, I questions. about just bit there? little nice in Udit, thank quarter, I you what put environmental the seeing know mid-teens. you piece, tailwinds. on one past talked nice the about quarters, mean, the pretty growth being in maybe in testing, a up industrial the I Can

into the to talk expectations XXXX. Thanks. just their you're from base what customer maybe So, hearing

Udit Batra

Sure.

high so just in saw new that's in going the we see of increase in incredible China, Patrick. the was question, introduction opportunity across the XX%. So with to with for the industrial high battery fact, business Absolute, despite right, the low Europe, we mean, thanks our and there applications on PA testing the extremely PFAs And nice to teens testing, well. food single Xevo U.S., grew penetration teens the especially existing been mid-teens of with digit [indiscernible], with the our board, for excellent. instruments, year The Industrial testing And I lockdowns. TQ

has has the business, Industrial which in also testing chemicals TA electronic been been electronics, teens extremely segment. high the the doing And in in well

across So well. doing as as segment food been across industrial, materials the regions, all extremely well segments, environmental and has

you results gives how we the so on color So, I that hope explained far.

take Xevo and with We there into forward, that runway PFAs incredible intend, course, lot applications. is We pharma think opportunity. for the there's more instrument products, Going new TQ a of Absolute the space. to

testing with we all our of way for our of are value our really instruments materials products not online, bioprocessing, the chain, development, TA, establishing good battery customers. in to For testing several now unlike at-line traction process the seeing really, from raw to

expect in forward, and that So, healthy prudence is grower more. China, want make a we that is a sure as pretty And we we the before what only to also sort China out think of outlook. start well, I built-in going reaching like strong we, segment get that really more with data in we

Operator

Securities. Puneet Souda, question is coming The SVB next from

open. is line Your

Puneet Souda

a this QA/QC. acquisition. and outlook scattering congrats on It's Yes. light great Hi, Geoff, going to into Udit see

So, becoming, MALS last any of needed stimulus a about on downstream synergies, there in, sort of elaborate Thank Empower? for integrate at is you're XXXX? the squeeze scattering into maybe sort outlook And loan and light look And thoughts benefit maybe these and moving my you I at the, look of first of the thinking BioAccord you. to light backbone the what's line China is that [five-year we applications? question potentially the for for scattering? what is, the number could could Udit, when biomolecules Empower with one, And, QA/QC [ph] if stages, million] XX sort the time into you late when

Operator

To Puneet thanks for question, – the your first question.

question biologics, So, spec and characterization its in scattering is light your scattering of light on stages ahead further than actually late application of in mass particles. first

you As can biologics – and imagine here. particles being

as when responses appear can this you proteins, patients. in As they severe purified, And aggregates. create imagine, sometimes are can can immunogenetic

we and that the for And gene vectors choice therapy not viral consume of to as ensure the scattering is or so, proteins aggregated. therapeutics are that light technique cell

This is for the it. instrument of choice

light especially Waters penetration accounts We some has key of for Waters is area geographically also it opportunity pretty and take there key that accounts and that to had significant had, accounts scattering. in QA/QC. lot So, in into relationships a to expand at and see a has in large

on would think three question I software steps, right. in two your to look, about Now, to Empower,

The ongoing first to as sure companies each the step have for the been a has make is and to collaborated over work talk years. the that that instruments other, while

our control from And instrument customers the so, from of so data rather other. there's one seamless bridge built, be can would the the instrument a other to software data that transfer one data and bridge

LC-UV compliance piece for just for as the of The Connect the ambition started platform. we course, on not several have instruments. Waters is spec, And That rather open. architecture other as and have and instruments The the software. that is, we Empower final journey scattering board, mass well with an that across a light is that's

imagine, two see over can you to progress that years, So, the next serious one in you should start to direction.

one other. longer the So, data other of instruments transferring the to than term and immediate each it's to from slightly talking

Amol Chaubal

assuming of And that is attachment. where just talk to or column that very and geographical on there on about, that it's SEC little expansion clarify Most coming really early is days the XX Empower. is super that, we from we HPLC the – are and time million

Udit Batra

Yes.

part period the with us expect two, platform. significant not increased the attachment bioanalytical to to the segment over expansion, something million. of the five-year more And the billion. a the the that larger latter contribution XX five-year opportunities, synergies, in close ambition expansion, is into but geographic last the the XX MALS we taking period, QC with Empower So, get two And sort to first of next

Amol Chaubal

this And Puneet, I stage a China, early then We're the still that. piece evaluating. mean Hard last on days. to at number put on it's

Udit Batra

the like you to continued Thank want questions. in behalf our interest our support of your thank your much. and I on for behalf and all for management your entire And team, to and point, Cliff this you of I'd participation very you on Wyatt family, and thank at So Geof company.

Operator

This will at All may time. conclude conference. disconnect parties this today's

Waters (WAT) 15 Feb 232022 Q4 Earnings call transcript