Technology
Waters Corporation (NYSE: WAT) Reports Third Quarter 2024 Financial Results
Published
1 year agoon
By
Highlights
Sales of $740 million exceeded guidance, grew 4% as reported and 4% in constant currencyInstruments returned to growth; recurring revenue grew high single-digits in constant currencyAll reported regions returned to growth in the quarter; sales grew across all end markets, led by Pharma & IndustrialGAAP EPS of $2.71 and non-GAAP EPS of $2.93 significantly exceeded guidance, led by strong operational performance and better-than-expected market conditionsRaised full-year sales and EPS guidance, with 5% to 7% constant currency growth expected in the fourth quarter
Third Quarter 2024
MILFORD, Mass., Nov. 1, 2024 /PRNewswire/ — Waters Corporation (NYSE: WAT) today announced its financial results for the third quarter of 2024.
Sales for the third quarter of 2024 were $740 million, an increase of 4% as reported, compared to sales of $712 million for the third quarter of 2023. Currency translation had minimal impact on sales.
On a GAAP basis, diluted earnings per share (EPS) for the third quarter of 2024 was $2.71, compared to $2.27 for the third quarter of 2023. On a non-GAAP basis, EPS was $2.93, compared to $2.84 for the third quarter of 2023. This includes a headwind of approximately 2% due to unfavorable foreign exchange.
“We delivered exceptional third quarter results, fueled by new product adoption and improved customer spending trends,” said Dr. Udit Batra, President & CEO, Waters Corporation. “Instruments returned to growth sooner than expected, as liquid chromatography sales to pharma and industrial customers turned positive.”
Dr. Batra continued, “Looking ahead, our strong commercial execution, competitive product portfolio, and excellent operational performance give us confidence in the long-term outlook for Waters.”
Other Highlights
During the third quarter of 2024, sales into the pharmaceutical market increased 2% as reported and 3% in constant currency. Sales into the industrial market increased 9% as reported and 7% in constant currency. Sales into the academic and government market increased 2% as reported and were flat in constant currency.
During the quarter, instrument system sales increased 1% as reported and in constant currency. Recurring revenues, which represent the combination of service and precision chemistries, increased 6% as reported and 7% in constant currency.
Geographically, sales in Asia during the quarter increased 5% as reported and 6% in constant currency. Sales in the Americas increased 1% as reported and in constant currency. Sales in Europe increased 6% as reported and 4% in constant currency.
Unless otherwise noted, sales growth and decline percentages are presented on an as-reported basis. A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company’s website www.waters.com in the Investor Relations section.
Full-Year and Fourth Quarter 2024 Financial Guidance
Full-Year 2024 Financial Guidance
The Company is raising its full-year 2024 sales guidance, and now expects organic constant currency sales growth to be in the range of -0.9% to -0.3%. Currency translation is expected to decrease full-year sales growth by 1.2%. M&A contribution from the Wyatt transaction covering the first four-and-a-half months of the year has added 1.3% to full-year reported sales. The resulting full-year 2024 reported sales growth is expected in the range of -0.8% to -0.2%.
The Company is also raising its full-year 2024 non-GAAP EPS guidance to now be in the range of $11.67 to $11.87, which includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.
Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full year.
Fourth Quarter 2024 Financial Guidance
The Company expects fourth quarter 2024 constant currency sales growth to be in the range of +5.0% to +7.0%. Currency translation is expected to decrease fourth quarter sales growth by 1.7%. The resulting fourth quarter 2024 reported sales growth is expected in the range of +3.3% to +5.3%.
The Company expects fourth quarter 2024 non-GAAP EPS to be in the range of $3.90 to $4.10, which includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.
Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the fourth quarter.
Conference Call Details
Waters Corporation will webcast its third quarter 2024 financial results conference call today, November 1, 2024, at 8:00 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit www.waters.com, select “Investor Relations” under the “About Waters” section, navigate to “Events & Presentations,” and click on the “Webcast.” A replay will be available through November 29, 2024, on the same website by webcast and also by phone at (888) 282-0031.
About Waters Corporation
Waters Corporation (NYSE:WAT), a global leader in analytical instruments and software, has pioneered chromatography, mass spectrometry, and thermal analysis innovations serving the life, materials, food, and environmental sciences for more than 65 years. With approximately 7,500 employees worldwide, Waters operates directly in 35 countries, including 15 manufacturing facilities, and with products available in more than 100 countries. For more information, visit www.waters.com.
Non-GAAP Financial Measures
This press release contains financial measures, such as organic constant currency growth rates, adjusted operating income, adjusted net income, adjusted earnings per diluted share and free cash flow, among others, which are considered “non-GAAP” financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results, comparison to competitors’ operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.
Cautionary Statement
This release contains “forward-looking” statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words “feels”, “believes”, “anticipates”, “plans”, “expects”, “intends”, “suggests”, “appears”, “estimates”, “projects” and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. The Company’s actual future results may differ significantly from the results discussed in the forward- looking statements within this release for a variety of reasons, including and without limitation, risks related to, and expectations or ability to realize commercial success of the Wyatt transaction; the impact of this transaction on the Company’s business, anticipated progress on Waters’ research programs, development of new analytical instruments and associated software or consumables, manufacturing development and capabilities; the increased indebtedness of the Company as a result of the Wyatt transaction, the repayment of which could impact the Company’s future results, market prospects for its products and sales and earnings guidance; foreign currency exchange rate fluctuations potentially affecting translation of the Company’s future non-U.S. operating results, particularly when a foreign currency weakens against the U.S. dollar; current global economic, sovereign and political conditions and uncertainties, including the effect of new or proposed tariff or trade regulations as well as other new or changed domestic and foreign laws, regulations and policies; changes in inflation and interest rates; the impacts and costs of war, in particular as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East, and the possibility of further escalation resulting in new geopolitical and regulatory instability; the Chinese government’s ongoing tightening of restrictions on procurement by government-funded customers; the Company’s ability to access capital, maintain liquidity and service the Company’s debt in volatile market conditions; risks related to the effects of any pandemic on our business, financial condition, results of operations and prospects; changes in timing and demand for the Company’s products among the Company’s customers and various market sectors, particularly as a result of fluctuations in their expenditures or ability to obtain funding; the ability to realize the expected benefits related to the Company’s various cost-saving initiatives, including workforce reductions and organizational restructurings; the introduction of competing products by other companies and loss of market share, as well as pressures on prices from competitors and/or customers; changes in the competitive landscape as a result of changes in ownership, mergers and continued consolidation among the Company’s competitors; regulatory, economic and competitive obstacles to new product introductions; lack of acceptance of new products and inability to grow organically through innovation; rapidly changing technology and product obsolescence; risks associated with previous or future acquisitions, strategic investments, joint ventures and divestitures, including risks associated with achieving the anticipated financial results and operational synergies; contingent purchase price payments and expansion of our business into new or developing markets; risks associated with unexpected disruptions in operations; failure to adequately protect the Company’s intellectual property, infringement of intellectual property rights of third parties and inability to obtain licenses on commercially reasonable terms; the Company’s ability to acquire adequate sources of supply and its reliance on outside contractors for certain components and modules, as well as disruptions to its supply chain; risks associated with third-party sales intermediaries and resellers; the impact and costs of changes in statutory or contractual tax rates in jurisdictions in which the Company operates as well as shifts in taxable income among jurisdictions with different effective tax rates, the outcome of ongoing and future tax examinations and changes in legislation affecting the Company’s effective tax rate; the Company’s ability to attract and retain qualified employees and management personnel; risks associated with cybersecurity and technology, including attempts by third parties to defeat the security measures of the Company and its third-party partners; increased regulatory burdens as the Company’s business evolves, especially with respect to the U.S. Food and Drug Administration and U.S. Environmental Protection Agency, among others, and in connection with government contracts; regulatory, environmental and logistical obstacles affecting the distribution of the Company’s products, completion of purchase order documentation and the ability of customers to obtain letters of credit or other financing alternatives; risks associated with litigation and other legal and regulatory proceedings; and the impact and costs incurred from changes in accounting principles and practices. Such factors and others are discussed more fully in the sections entitled “Forward-Looking Statements” and “Risk Factors” of the Company’s annual report on Form 10-K for the year ended December 31, 2023, as well as in the sections entitled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” of the Company’s quarterly reports on Form 10-Q for the quarterly periods ended March 30, 2024 and June 29, 2024, as filed with the Securities and Exchange Commission (“SEC”), which discussions are incorporated by reference in this release, as updated by the Company’s future filings with the SEC. The forward-looking statements included in this release represent the Company’s estimates or views as of the date of this release and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.
Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 28,
2024
September 30,
2023
September 28,
2024
September 30,
2023
Net sales
$ 740,305
$ 711,692
$ 2,085,673
$ 2,136,942
Costs and operating expenses:
Cost of sales
301,655
291,407
851,685
876,863
Selling and administrative expenses
169,097
186,748
516,880
555,657
Research and development expenses
45,336
41,995
136,113
130,559
Purchased intangibles amortization
11,759
12,116
35,337
20,410
Litigation provision
1,326
–
11,568
–
Operating income
211,132
179,426
534,090
553,453
Other (expense) income, net
(338)
328
1,619
1,364
Interest expense, net
(17,177)
(26,559)
(57,824)
(56,174)
Income from operations before income taxes
193,617
153,195
477,885
498,643
Provision for income taxes
32,114
18,643
71,449
72,614
Net income
$ 161,503
$ 134,552
$ 406,436
$ 426,029
Net income per basic common share
$ 2.72
$ 2.28
$ 6.85
$ 7.21
Weighted-average number of basic common shares
59,367
59,093
59,314
59,061
Net income per diluted common share
$ 2.71
$ 2.27
$ 6.83
$ 7.19
Weighted-average number of diluted common shares and equivalents
59,504
59,255
59,471
59,262
Waters Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Non-GAAP
Net Sales by Operating Segments, Products & Services, Geography and Markets
Three Months Ended September 28, 2024 and September 30, 2023
(In thousands)
Constant
Three Months Ended
Percent
Impact of
Currency
September 28, 2024
September 30, 2023
Change
Currency
Growth Rate (a)
NET SALES – OPERATING SEGMENTS
Waters
$
655,652
$
629,348
4 %
0 %
4 %
TA
84,653
82,344
3 %
1 %
2 %
Total
$
740,305
$
711,692
4 %
0 %
4 %
NET SALES – PRODUCTS & SERVICES
Instruments
$
323,076
$
319,431
1 %
0 %
1 %
Service
278,294
263,611
6 %
0 %
6 %
Chemistry
138,935
128,650
8 %
0 %
8 %
Total Recurring
417,229
392,261
6 %
(1 %)
7 %
Total
$
740,305
$
711,692
4 %
0 %
4 %
NET SALES – GEOGRAPHY
Asia
$
251,329
$
238,228
5 %
(1 %)
6 %
Americas
279,136
275,479
1 %
0 %
1 %
Europe
209,840
197,985
6 %
2 %
4 %
Total
$
740,305
$
711,692
4 %
0 %
4 %
NET SALES – MARKETS
Pharmaceutical
$
430,138
$
421,535
2 %
(1 %)
3 %
Industrial
227,740
209,449
9 %
2 %
7 %
Academic & Government
82,427
80,708
2 %
2 %
0 %
Total
$
740,305
$
711,692
4 %
0 %
4 %
(a)
The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.
Waters Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Non-GAAP
Net Sales by Operating Segments, Products & Services, Geography and Markets
Nine Months Ended September 28, 2024 and September 30, 2023
(In thousands)
Organic
Constant
Nine Months Ended
Percent
Impact of
Impact of
Currency
September 28, 2024
September 30, 2023
Change
Currency
Acquisitions
Growth Rate (a)
NET SALES – OPERATING SEGMENTS
Waters
$
1,840,112
$
1,884,658
(2 %)
(1 %)
2 %
(3 %)
TA
245,561
252,284
(3 %)
(1 %)
0 %
(2 %)
Total
$
2,085,673
$
2,136,942
(2 %)
(1 %)
2 %
(3 %)
NET SALES – PRODUCTS & SERVICES
Instruments
$
859,079
$
964,380
(11 %)
0 %
3 %
(14 %)
Service
812,367
774,478
5 %
(1 %)
1 %
5 %
Chemistry
414,227
398,084
4 %
(1 %)
0 %
5 %
Total Recurring
1,226,594
1,172,562
5 %
(1 %)
1 %
5 %
Total
$
2,085,673
$
2,136,942
(2 %)
(1 %)
2 %
(3 %)
NET SALES – GEOGRAPHY
Asia
$
696,319
$
745,932
(7 %)
(3 %)
1 %
(5 %)
Americas
794,775
804,827
(1 %)
0 %
3 %
(4 %)
Europe
594,579
586,183
1 %
2 %
2 %
(3 %)
Total
$
2,085,673
$
2,136,942
(2 %)
(1 %)
2 %
(3 %)
NET SALES – MARKETS
Pharmaceutical
$
1,220,092
$
1,233,177
(1 %)
(1 %)
2 %
(2 %)
Industrial
644,459
648,754
(1 %)
0 %
1 %
(2 %)
Academic & Government
221,122
255,011
(13 %)
1 %
2 %
(16 %)
Total
$
2,085,673
$
2,136,942
(2 %)
(1 %)
2 %
(3 %)
(a)
The Company believes that referring to comparable organic constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Organic constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. See description of non-GAAP financial measures contained in this release.
Waters Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Non-GAAP Financials
Three and Nine Months Ended September 28, 2024 and September 30, 2023
(In thousands, except per share data)
Income from
Operations
Selling &
Research &
Operating
Other
before
Provision for
Diluted
Administrative
Development
Operating
Income
(Expense)
Income
Income
Net
Earnings
Expenses(a)
Expenses
Income
Percentage
Income
Taxes
Taxes
Income
per Share
Three Months Ended September 28, 2024
GAAP
$
182,182
$
45,336
$
211,132
28.5 %
$
(338)
$
193,617
$
32,114
$
161,503
$
2.71
Adjustments:
Purchased intangibles amortization (b)
(11,759)
–
11,759
1.6 %
–
11,759
2,814
8,945
0.15
Litigation provision (c)
(1,326)
–
1,326
0.2 %
–
1,326
318
1,008
0.02
Restructuring costs and certain other items (d)
(1,194)
–
1,194
0.2 %
–
1,194
282
912
0.02
Retention bonus obligation (f)
(1,909)
(636)
2,545
0.3 %
–
2,545
611
1,934
0.03
Adjusted Non-GAAP
$
165,994
$
44,700
$
227,956
30.8 %
$
(338)
$
210,441
$
36,139
$
174,302
$
2.93
Three Months Ended September 30, 2023
GAAP
$
198,864
$
41,995
$
179,426
25.2 %
$
328
$
153,195
$
18,643
$
134,552
$
2.27
Adjustments:
Purchased intangibles amortization (b)
(12,116)
–
12,116
1.7 %
–
12,116
2,901
9,215
0.16
Restructuring costs and certain other items (d)
(24,057)
–
24,057
3.4 %
(651)
23,406
5,387
18,019
0.30
Acquisition related costs (e)
(1,263)
–
1,263
0.2 %
–
1,263
303
960
0.02
Retention bonus obligation (f)
(5,725)
(1,909)
7,634
1.1 %
–
7,634
1,832
5,802
0.10
Adjusted Non-GAAP
$
155,703
$
40,086
$
224,496
31.5 %
$
(323)
$
197,614
$
29,066
$
168,548
$
2.84
Nine Months Ended September 28, 2024
GAAP
$
563,785
$
136,113
$
534,090
25.6 %
$
1,619
$
477,885
$
71,449
$
406,436
$
6.83
Adjustments:
Purchased intangibles amortization (b)
(35,337)
–
35,337
1.7 %
–
35,337
8,456
26,881
0.45
Litigation provision and settlement (c)
(11,568)
–
11,568
0.6 %
–
11,568
2,776
8,792
0.15
Restructuring costs and certain other items (d)
(10,680)
–
10,680
0.5 %
–
10,680
2,617
8,063
0.14
Retention bonus obligation (f)
(11,451)
(3,817)
15,268
0.7 %
–
15,268
3,664
11,604
0.20
Adjusted Non-GAAP
$
494,749
$
132,296
$
606,943
29.1 %
$
1,619
$
550,738
$
88,962
$
461,776
$
7.76
Nine Months Ended September 30, 2023
GAAP
$
576,067
$
130,559
$
553,453
25.9 %
$
1,364
$
498,643
$
72,614
$
426,029
$
7.19
Adjustments:
Purchased intangibles amortization (b)
(20,410)
–
20,410
1.0 %
–
20,410
4,852
15,558
0.26
Restructuring costs and certain other items (d)
(28,881)
–
28,881
1.4 %
(651)
28,230
6,860
21,370
0.36
Acquisition related costs (e)
(13,298)
–
13,298
0.6 %
–
13,298
3,191
10,107
0.17
Retention bonus obligation (f)
(8,368)
(2,790)
11,158
0.5 %
–
11,158
2,678
8,480
0.14
Adjusted Non-GAAP
$
505,110
$
127,769
$
627,200
29.4 %
$
713
$
571,739
$
90,195
$
481,544
$
8.13
________________________________
(a)
Selling & administrative expenses include purchased intangibles amortization and litigation provisions and settlements.
(b)
The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time.
(c)
Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly.
(d)
Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company.
(e)
Acquisition related costs include all incremental expenses incurred, such as advisory, legal, accounting, tax, valuation, and other professional fees. The Company believes that these costs are not normal and do not represent future ongoing business expenses.
(f)
In connection with the Wyatt acquisition, the Company started to recognize a two-year retention bonus obligation that is contingent upon the employee’s providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses.
Waters Corporation and Subsidiaries
Preliminary Condensed Unclassified Consolidated Balance Sheets
(In thousands and unaudited)
September 28, 2024
December 31, 2023
Cash, cash equivalents and investments
$ 331,458
$ 395,974
Accounts receivable
669,534
702,168
Inventories
518,994
516,236
Property, plant and equipment, net
642,627
639,073
Intangible assets, net
591,883
629,187
Goodwill
1,306,593
1,305,446
Other assets
450,531
438,770
Total assets
$ 4,511,620
$ 4,626,854
Notes payable and debt
$ 1,826,248
$ 2,355,513
Other liabilities
1,082,273
1,121,000
Total liabilities
2,908,521
3,476,513
Total stockholders’ equity
1,603,099
1,150,341
Total liabilities and stockholders’ equity
$ 4,511,620
$ 4,626,854
Waters Corporation and Subsidiaries
Preliminary Condensed Consolidated Statements of Cash Flows
Three and Nine Months Ended September 28, 2024 and September 30, 2023
(In thousands and unaudited)
Three Months Ended
Nine Months Ended
September 28, 2024
September 30, 2023
September 28, 2024
September 30, 2023
Cash flows from operating activities:
Net income
$ 161,503
$ 134,552
$ 406,436
$ 426,029
Adjustments to reconcile net income to net
cash provided by operating activities:
Stock-based compensation
10,647
8,490
32,993
32,224
Depreciation and amortization
47,507
47,807
143,250
117,845
Change in operating assets and liabilities and other, net
(15,077)
(33,031)
(60,695)
(203,411)
Net cash provided by operating activities
204,580
157,818
521,984
372,687
Cash flows from investing activities:
Additions to property, plant, equipment
and software capitalization
(25,618)
(38,047)
(90,377)
(119,044)
Business acquisitions, net of cash acquired
–
–
–
(1,285,907)
(Investments in) proceeds from unaffiliated companies
(425)
651
(1,489)
651
Net change in investments
(8)
(5)
(44)
(21)
Net cash used in investing activities
(26,051)
(37,401)
(91,910)
(1,404,321)
Cash flows from financing activities:
Net change in debt
(180,000)
(125,181)
(530,000)
929,601
Proceeds from stock plans
3,237
9,464
25,073
18,092
Purchases of treasury shares
(141)
(692)
(13,475)
(70,433)
Other cash flow from financing activities, net
20
2,884
15,305
8,178
Net cash used in financing activities
(176,884)
(113,525)
(503,097)
885,438
Effect of exchange rate changes on cash and cash equivalents
2,442
(171)
8,461
2,081
Increase (decrease) in cash and cash equivalents
4,087
6,721
(64,562)
(144,115)
Cash and cash equivalents at beginning of period
326,427
329,693
395,076
480,529
Cash and cash equivalents at end of period
$ 330,514
$ 336,414
$ 330,514
$ 336,414
Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a)
Net cash provided by operating activities – GAAP
$ 204,580
$ 157,818
$ 521,984
$ 372,687
Adjustments:
Additions to property, plant, equipment
and software capitalization
(25,618)
(38,047)
(90,377)
(119,044)
Tax reform payments
–
–
95,645
72,101
Litigation settlements (received) paid, net
–
(375)
9,250
(1,125)
Major facility renovations
–
3,291
–
12,151
Payment of acquired Wyatt liabilities (b)
–
–
–
25,617
Payment of Wyatt retention bonus obligation (c)
–
–
19,770
–
Free Cash Flow – Adjusted Non-GAAP
$ 178,962
$ 122,687
$ 556,272
$ 362,387
(a)
The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies.
(b)
In connection with the Wyatt acquisition, the Company assumed certain obligations of Wyatt and paid those obligations immediately upon closing the transaction. The Company believes that the assumed obligations do not represent future ongoing business expenses.
(c)
During the nine months ended September 28, 2024, the Company made its first retention payment under the Wyatt retention bonus program. The Company believes that these payments are not normal and do not represent future ongoing business expenses.
Waters Corporation and Subsidiaries
Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook
Twelve Months Ended
Three Months Ended
December 31, 2024
December 31, 2024
Range
Range
Projected Sales
Organic constant currency sales growth rate (a)
(0.9 %)
–
(0.3 %)
5.0 %
–
7.0 %
Impact of:
Currency translation
(1.2 %)
–
(1.2 %)
(1.7 %)
–
(1.7 %)
Acquisitions
1.3 %
–
1.3 %
‒
–
‒
Sales growth rate as reported
(0.8 %)
–
(0.2 %)
3.3 %
–
5.3 %
Range
Range
Projected Earnings Per Diluted Share
GAAP earnings per diluted share
$ 10.55
–
$ 10.75
$ 3.72
–
$ 3.92
Adjustments:
Purchased intangibles amortization
$ 0.60
–
$ 0.60
$ 0.15
–
$ 0.15
Litigation settlement
$ 0.15
–
$ 0.15
$ –
–
$ –
Restructuring costs and certain other items
$ 0.14
–
$ 0.14
$ –
–
$ –
Retention bonus obligation
$ 0.23
–
$ 0.23
$ 0.03
–
$ 0.03
Adjusted non-GAAP earnings per diluted share
$ 11.67
–
$ 11.87
$ 3.90
–
$ 4.10
(a) Organic constant currency growth rates are a non-GAAP financial measure that measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical sales in local currency, as well as an assessment of market conditions as of today, and may differ significantly from actual results.
These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance.
Contact: Caspar Tudor, Head of Investor Relations – (508) 482-2429
View original content:https://www.prnewswire.com/news-releases/waters-corporation-nyse-wat-reports-third-quarter-2024-financial-results-302293299.html
SOURCE Waters Corporation
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Technology
Penn Medicine, Children’s Hospital of Philadelphia team awarded Breakthrough Prize for developing gene therapy for inherited blindness
Published
7 minutes agoon
April 18, 2026By
LOS ANGELES, April 18, 2026 /PRNewswire/ — Their discovery started with a group of blind dogs living at a vet school. Now, the work has been awarded the prestigious Breakthrough Prize at the “Oscars of Science.”
Today, Jean Bennett, MD, PHD, and Albert Maguire, MD, both emeritus professors of Ophthalmology in the Perelman School of Medicine at the University of Pennsylvania, and Katherine High, MD, an emeritus professor of Pediatrics and the founding director of the Raymond G. Perelman Center for Cellular and Molecular Therapeutics at Children’s Hospital of Philadelphia (CHOP), received the Breakthrough Prize in Life Sciences for their work in developing the first FDA-approved gene therapy for an inherited condition, which dramatically improves sight in people with a form of blindness called Leber Congenital Amaurosis (LCA).
Their work blazed a trail for the more than 140 gene therapy trials for retinal conditions, including macular degeneration and diabetic retinopathy, diseases that collectively impact about 30 million people in the US. Eighty more trials are currently underway.
“Even 20 years ago, treating people with gene therapy was seen by some as an impossibility,” said Jonathan Epstein, MD, dean of the Perelman School of Medicine and executive vice president of the University of Pennsylvania for the Health System. “But this group of incredible physician-scientists persisted and created something that is providing sight to people who would have been completely blind as early as kindergarten. Their belief in the power of life-changing science has led to breathtaking results and richly deserved global recognition.”
The Breakthrough Prizes are called the “Oscars of Science” for their high-profile celebration of research and support from celebrities spanning numerous areas of pop culture. Created in 2012 by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Yuri and Julia Milner, and Anne Wojcicki, the prizes are given out in five categories including Life Sciences, Fundamental Physics, and Math, each with an accompanying $3 million award.
This year’s accolade now means that nine Penn-affiliated researchers have received the Breakthrough Prize, tied for the most with Harvard University. The prior Penn Medicine award winners are Carl June, PhD (2024), Drew Weissman, MD, PhD, and Katalin Karikó, PhD (2022), and Virginia M.Y. Lee, PhD (2019). Additionally, Penn faculty members Charles Kane, PhD, and Eugene Mele, PhD, won the prize for Physics in 2019. Mathew Madhavacheril, PhD, an assistant professor of Physics and Astronomy in Penn’s School of Arts & Sciences, also received recognition at this year’s Breakthrough Prize ceremony when he was honored with the New Horizons in Physics award, given to researchers early in their careers.
“Science is rarely a straight path, and those who make the most profound discoveries are resilient and persistent, overcoming obstacles along the way,” said J. Larry Jameson, MD, PhD, president of the University of Pennsylvania. “That is exactly what I see in this year’s awardees, and it has been true of all our remarkable faculty who have been recognized for scientific breakthroughs. Whether they are discovering what lies beneath Alzheimer’s Disease, curing cancer by engineering a patients’ own immune cells, or reversing blindness—they have persisted with imagination and rigor. Their steadfastness has pushed the boundaries of what medicine can achieve.”
“Developing cell and gene therapies has long been a top priority for our organization,” said Madeline Bell, CHOP’s CEO. “This breakthrough is the result of decades of investment and collaboration, and reflects our commitment to translating scientific discoveries into therapies that will transform patients’ lives. It has paved the way for many more cell and gene therapy innovations and has given hope to families around the world.”
“They can see!”
Bennett and Maguire met and married during medical school in the 1980s. It was then that they both became intrigued by the concept of genetic therapy, the practice of replacing a mutated or faulty gene with a functional copy, and started dreaming of treating inherited forms of blindness with the technique, which at that time remained the stuff of science fiction.
It was “like thinking you wanted to go to the moon in 1950,” Maguire said many years later.
Both Bennett and Maguire joined Penn’s Scheie Eye Institute in the 1990s and began working on their ideas with lab mice. They learned that the University of Pennsylvania School of Veterinary Medicine housed a group of blind dogs who had a condition similar to the human disease: Leber congenital amaurosis (LCA). People born with a mutation on the RPE65 gene have poor vision starting at birth and often progress rapidly to complete blindness, usually by their 20s, but sometimes in early childhood.
The pair developed a therapy that used a virus as a transport, carrying a piece of DNA into cells that would then correct the faulty, blindness-causing proteins formed by the bad gene. The idea: Once the proteins were set right, some sight might return. First, they tested the therapy by injecting it into a single eye in each of three dogs.
It wasn’t long until they knew whether it worked. Bennett recalls receiving an excited phone call from a technician at the lab, who exclaimed, “They can see!”
Sure enough, the dogs were twirling around, using their treated eyes to see. Before treatment, the dogs had bumped and tripped through an obstacle course set up to test their sight. After the full treatment, the course was an easy task for the dogs.
A knock on the door
In parallel with Bennett and Maguire’s dreams of gene therapy, High was also working to bring the field forward. Like Bennett and Maguire, she had achieved long-term reversal of a serious genetic disease in a dog model: In her case, for hemophilia, a life-threatening bleeding disorder. High had advanced these studies from success in dogs to initial clinical trials in humans, delivering the donated gene into skeletal muscle and the liver.
The work was promising, but the human immune response to the gene delivery vessel—which was derived from a virus in the same way Bennett and Maguire’s therapy was—prevented sustained benefits from the therapeutic gene. At the same time, companies and investors, discouraged by high profile negative events, began to turn away from gene therapy. Progress stalled.
But with support from CHOP, High founded the Raymond G. Perelman Center for Cellular and Molecular Therapeutics (CCMT) in 2004. She recruited experts in all aspects of clinical gene therapy, including specialized knowledge in the manufacturing and release of gene therapy vectors, which are the particles that deliver a healthy copy of a defective gene to patients.
After vector production was set up at CHOP, High went to Bennett’s office and knocked on the door with a proposition to start a clinical trial in humans. In 2007, Maguire, who was then a surgeon in Pediatric Ophthalmology at CHOP, administered an injection of the experimental therapy at CHOP into a clinical trial participant – a 26-year-old woman—for the first time. Her twin, with the same condition, received the treatment shortly after.
When the team assessed the treatment of the 37 eligible participants from the original clinical trials, 72 percent reported the maximum possible improvement in a test of low-light conditions, which simulates night vision. Amid these, many reported improved peripheral and central vision, too. One patient, who could only detect changes in light, was suddenly able to navigate walking through Philadelphia at night, unaided, and could make out the clock on City Hall. Another patient was able to see a star for the first time in her life just six days after the procedure.
In 2017, the therapy—by then manufactured by Spark Therapeutics, a spinout from CHOP, and called Luxturna—received approval by the U.S. Food and Drug Administration. It became the first FDA approval of a genetic therapy for an inherited disease. Today, hundreds of people around the world have successfully received the treatment.
A celebration of decades of work
Today’s celebration in Los Angeles marks a celebratory milestone in roughly 40 years of work led by Bennett, Maguire, and High that has inspired others in the now vibrant field of gene therapy. In fact, a treatment stemming from High’s original work with hemophilia received FDA approval in 2024.
“We always just did what we thought you were supposed to do if you were a doctor: Find treatments for diseases,” said Maguire. “Both my father and Jean’s worked in science, and it seemed normal to try to push the envelope.”
“I think the only surprise for us was that things worked out so well,” Bennett said. “For every success, there are usually so many failures. That’s just the nature of science. But our team hit on something that has helped so many people and helped progress the field, and we’re really grateful for our part in that.”
High described the journey between the start of her collaboration with Bennett and Maguire in 2005 and the FDA approval in 2017 as “an arduous one.”
“At times, it seemed that the number of obstacles we needed to overcome to reach regulatory approval was never-ending,” High said. “Working without the benefit of the guidelines and precedents we now have today, we sought to solve each day’s problems so that the program would have a tomorrow. It was a bold and uncertain investment of time, effort, and resources. Few were willing to take on the risks, but it ultimately paid off, and it helped build the foundation of modern gene therapy.”
About Penn Medicine:
Penn Medicine is one of the world’s leading academic medical centers, dedicated to the related missions of medical education, biomedical research, excellence in patient care, and community service.
The organization consists of the University of Pennsylvania Health System and Penn’s Raymond and Ruth Perelman School of Medicine, founded in 1765 as the nation’s first medical school.
The Perelman School of Medicine is consistently among the nation’s top recipients of funding from the National Institutes of Health, with more than $588 million awarded in the 2024 fiscal year. Home to a proud history of “firsts,” Penn Medicine teams have pioneered discoveries that have shaped modern medicine, including CAR T cell therapy for cancer and the Nobel Prize-winning mRNA technology used in COVID-19 vaccines.
The University of Pennsylvania Health System cares for patients in facilities and their homes stretching from the Susquehanna River in Pennsylvania to the New Jersey shore. UPHS facilities include the Hospital of the University of Pennsylvania, Penn Presbyterian Medical Center, Chester County Hospital, Doylestown Health, Lancaster General Health, Princeton Health, and Pennsylvania Hospital—the nation’s first hospital, chartered in 1751. Additional facilities and enterprises include Penn Medicine at Home, GSPP Rehabilitation, Lancaster Behavioral Health Hospital, and Princeton House Behavioral Health, among others.
Penn Medicine is a $13.7 billion enterprise powered by more than 50,000 talented faculty and staff.
About Children’s Hospital of Philadelphia:
A non-profit, charitable organization, Children’s Hospital of Philadelphia was founded in 1855 as the nation’s first pediatric hospital. Through its long-standing commitment to providing exceptional patient care, training new generations of pediatric healthcare professionals, and pioneering major research initiatives, the hospital has fostered many discoveries that have benefited children worldwide. Its pediatric research program is among the largest in the country. The institution has a well-established history of providing advanced pediatric care close to home through its CHOP Care Network, which includes more than 50 primary care practices, specialty care and surgical centers, urgent care centers, and community hospital alliances throughout Pennsylvania and New Jersey. CHOP also operates the Middleman Family Pavilion and its dedicated pediatric emergency department in King of Prussia, the Behavioral Health and Crisis Center (including a 24/7 Crisis Response Center) and the Center for Advanced Behavioral Healthcare, a mental health outpatient facility. Its unique family-centered care and public service programs have brought Children’s Hospital of Philadelphia recognition as a leading advocate for children and adolescents. For more information, visit www.chop.edu.
Media Contacts:
CHOP PR Contact:
Ashley Moore
Moorea1@chop.edu
267-426-6071
Penn Medicine PR Contact:
Frank Otto
Frank.Otto@pennmedicine.upenn.edu
267-693-2999
View original content to download multimedia:https://www.prnewswire.com/news-releases/penn-medicine-childrens-hospital-of-philadelphia-team-awarded-breakthrough-prize-for-developing-gene-therapy-for-inherited-blindness-302746319.html
SOURCE Children’s Hospital of Philadelphia
Technology
Haloid Solutions Expands Access to Radio Equipment by Offering Flexible Financing and Leasing Solutions Named HaloidFLEX
Published
3 hours agoon
April 18, 2026By
NEW YORK, April 18, 2026 /PRNewswire/ — As part of Haloid Solutions’ long-term commitment to helping businesses and municipalities acquire critical communications equipment despite budgetary constraints, Haloid now offers specialized financing and leasing programs through its HaloidFLEX program.
Designed to ensure that companies and governments have the equipment they need without costly capital expenditures outlays, HaloidFLEX offers financing for equipment purchased directly from manufacturers or local radio dealers. HaloidFLEX financing offers zero percent and low-interest options as well as predictable monthly payments for qualified buyers. HaloidFLEX clients can even opt to incorporate extended support services and protections into their financing to prepare for accidents, theft, or equipment losses. This gives companies peace of mind with one low monthly payment.
For organizations that don’t want or need to own equipment long-term, the HaloidFLEX leasing program offers similar benefits with potential tax advantages. Companies can lease brand new equipment and upgrade or return it at lease-end as needed. For companies seeking flexible options – or those that are interested in upgrading to the latest technology as it becomes available – leasing makes perfect sense.
One of the added benefits of each program is that HaloidFLEX allows clients to bundle services and protections that would normally be billed separately. Accidental damage, theft, and loss protections can be put in place, so that there’s never a lapse in communication if a radio fails. Extended warranties are also available upon request, so companies can customize their financing and protection to fit their budget and safeguard their equipment simultaneously.
According to a Haloid Solutions spokesperson, “Bundling expenses simply makes sense. It reduces the need for multiple policies and flexes with organizations to ensure critical communication equipment is available when needed while guaranteeing that the company’s investment is protected for the life of the equipment.”
HaloidFLEX financing and leasing programs are available to qualified businesses and municipalities nationwide. To learn more or request a customized quote, visit HaloidSolutions.com.
About Haloid Solutions
Haloid Solutions is the go-to resource for U.S. businesses and municipalities in search of financing and leasing for two-way radios, walkie talkies, communications equipment, accessories, and services. Focused on reliability, affordability, and performance, Haloid strives to equip professionals in all communication-based industries with the resources they need most.
For more information about Haloid Solutions, or details about the HaloidFLEX financing or leasing programs, please visit https://haloidsolutions.com/collections/lmr-radio-financing-and-leasing-and-subscription-low-cost-payment-options-for-2-way-radio-equipment or contact us on our website.
View original content to download multimedia:https://www.prnewswire.com/news-releases/haloid-solutions-expands-access-to-radio-equipment-by-offering-flexible-financing-and-leasing-solutions-named-haloidflex-302746527.html
SOURCE HALOID SOLUTIONS
Technology
CAS Holdings Appoints Patrick McDermott as Chief Executive Officer
Published
4 hours agoon
April 18, 2026By
Leadership Transition Positions CAS Holdings for Continued Growth and Customer-Focused Innovation
FRANKLIN, Mass., April 18, 2026 /PRNewswire/ — CAS Holdings, a leader in industrial automation distribution, engineering, and integration, is pleased to announce that Patrick McDermott has been named Chief Executive Officer.
McDermott previously served as President and Chief Revenue Officer, where he played a key role in driving growth across the organization, strengthening customer relationships, and leading teams with a clear focus on execution and results.
In his new role as CEO, McDermott will lead CAS Holdings into its next phase of growth, building on the company’s strong foundation and continued commitment to delivering value to customers, partners, and employees.
“I’m honored to step into the role of CEO at CAS Holdings,” said McDermott. “Over the past year, I’ve had the opportunity to work alongside an incredible team, support our customers, and help drive the growth of our organization. I’m excited to build on that momentum as we move into our next chapter.”
CAS Holdings, through its divisions including iAutomation and RND Automation, delivers a full spectrum of industrial automation solutions – from product distribution and technical support to custom machine building and system integration. Serving OEM machine builders and end-users, the company brings deep expertise in motion control, robotics, and vision, along with value-added capabilities such as kitting, sub-assembly, panel building, and turnkey automation systems, acting as an extension of its customers’ engineering and production teams.
McDermott’s leadership will focus on advancing CAS Holdings’ strategic initiatives, strengthening its market position, and continuing to deliver innovative automation solutions that support customers across a wide range of industries.
“We have a strong foundation, a talented team, and a clear direction. I’m looking forward to what we’ll accomplish together,” McDermott said. “Our focus remains on supporting our customers with responsive, local expertise, strong supplier partnerships, and the engineering and production capabilities they rely on to keep their operations running and growing.”
About Complete Automation Solutions Holdings
Complete Automation Solutions Holdings (CAS Holdings) is dedicated to empowering industrial automation companies, including those in the packaging industry, to achieve optimal efficiency and success. With a diverse portfolio encompassing industrial distribution, panel building and assembly, system integration, and robotics, CAS Holdings provides comprehensive packaging machines and solutions tailored to meet industry needs. The company prioritizes strong partnerships, expert engineering, and innovative solutions, ensuring sustainable practices and continuous improvement. CAS Holdings envisions a future where its transformative automation solutions redefine industry standards and drive growth. Committed to transparency and collaboration, CAS Holdings aims to be the most trusted partner in the automation sector.
Press Contact:
Erika Jacques
508-838-8012
http://www.iautomation.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/cas-holdings-appoints-patrick-mcdermott-as-chief-executive-officer-302746520.html
SOURCE CAS Holdings, Inc.
Penn Medicine, Children’s Hospital of Philadelphia team awarded Breakthrough Prize for developing gene therapy for inherited blindness
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