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
You may like
Six $3 Million Prizes Awarded for Outstanding Discoveries in Life Sciences, Fundamental Physics and Mathematics
Gene Therapies for Inherited Blindness, Sickle Cell Disease and Beta-Thalassemia
Discovery of Key Genetic Cause of ALS and Frontotemporal Dementia
Precision Measurement of Muon’s Magnetic Moment
Advances in Mathematics of Waves and Nonlinear Systems
Special Prize for Pioneer of Theory of Strong Nuclear Force
Breakthrough Prize in Life Sciences Awarded to Jean Bennett, Katherine A. High and Albert Maguire; Stuart H. Orkin and Swee Lay Thein; Rosa Rademakers and Bryan Traynor
Breakthrough Prize in Mathematics Awarded to Frank Merle
Breakthrough Prize in Fundamental Physics Awarded to Muon g-2 Collaborations at CERN, Brookhaven National Laboratory, and Fermilab
Special Breakthrough Prize in Fundamental Physics Awarded to David J. Gross
Inaugural Vera Rubin New Frontiers Prize Awarded to Carolina Figueiredo
Six New Horizons Prizes Awarded for Early-Career Achievements in Physics and Mathematics
Three Maryam Mirzakhani New Frontiers Prizes Awarded to Women Mathematicians for Early-Career Work
Laureates to be Celebrated Tonight at Breakthrough Prize Ceremony in Los Angeles
LOS ANGELES, April 19, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced the winners of the 2026 Breakthrough Prizes, honoring scientists whose discoveries are significantly driving growth of human knowledge. In the Life Sciences, their work has led to gene therapies for three devastating diseases – inherited blindness, sickle cell disease and beta-thalassemia, and identified a key genetic cause of two more – ALS and frontotemporal dementia. In Physics and Mathematics, they have constructed theories of the fundamental forces of nature and probed them to mind-blowing precision, and revealed deep truths about the mathematical behavior of waves.
The Breakthrough Prizes – popularly known as the “Oscars® of Science” – were created to celebrate the wonders of our scientific age. Co-founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki, the prizes are now in their 14th year.
This year, six Breakthrough Prizes of $3 million each were awarded. In addition, the Foundation recognized 15 early-career physicists and mathematicians, who share six $100,000 New Horizons Prizes. Three women mathematicians recently completing PhDs each receives a $50,000 Maryam Mirzakhani New Frontiers Prize.
This year’s prize money totals $18.75 million, bringing the amount conferred over the 15 years of the Breakthrough Prize to more than $340 million.
“This year’s laureates show what great science can do — deepen our understanding of the world and lead to discoveries that improve millions of lives,” said Mark Zuckerberg and Dr. Priscilla Chan, founders of Biohub. “We’re proud to recognize their work.”
“The brilliant scientists who win the Breakthrough Prize,” said Yuri Milner, co-founder of Breakthrough Prize Foundation, “Are building a cathedral of knowledge on foundations laid down by the giants who came before them. We owe our civilization – and its future – to them.”
Breakthrough Prize in Life Sciences
Jean Bennett, Katherine A. High and Albert Maguire share the Breakthrough Prize in Life Sciences. This prize recognizes work that led to the first FDA–approved gene replacement therapy. It has transformed the lives of people born with Leber congenital amaurosis, a rare inherited retinal disease that usually results in total blindness in early adulthood, enabling children who had been going blind to gain their independence, attend regular schools, play outside at night, and in some cases even qualify for driver’s licenses. The therapy replaces the defective RPE65 gene, which produces a malfunctioning version of a protein critical to the visual cycle – the process by which the retina responds to light. The husband-and-wife team of molecular biologist Bennett and ophthalmic surgeon Maguire invented and developed the therapy from first conception to an effective treatment in animal models (including restoring sight to a number of Swedish Briard dogs which they went on to adopt). In 2005, High, a physician-scientist at Children’s Hospital of Philadelphia (CHOP) invited Bennett and Maguire to collaborate on a human trial. High’s laboratory and clinical gene therapy expertise proved crucial in the development of the approved drug, including gaining regulatory approval to conduct the initial clinical trials, and in directing the production and characterization of high-quality viral vector preparations used to introduce the replacement gene. The three physician-scientists worked together to design the pivotal trial, including developing and validating a novel clinical endpoint to measure the vector’s clinical effect.
Nearly all eligible Leber congenital amaurosis patients with RPE65 mutations in the United States have now been treated, and many others around the world are now gaining access to the therapy. The benefits have proved durable, with patients treated over a decade ago maintaining stable vision improvements. More broadly, this discovery demonstrated that the technology could work safely and effectively, establishing regulatory pathways and manufacturing approaches that opened the door to gene therapy approvals for a range of genetic diseases. Since their pioneering work, hundreds of trials, including over 100 retinal gene therapy trials have been conducted, with more than half a dozen currently in late-stage clinical testing.
Stuart H. Orkin and Swee Lay Thein share the Breakthrough Prize in Life Sciences. Their research transformed the devastating blood disorders sickle cell disease and beta-thalassemia from incurable to treatable conditions through gene editing therapy.
In beta-thalassemia the body fails to produce enough healthy hemoglobin; while in sickle cell disease, defective hemoglobin causes red blood cells to become stiff, sticky and sickle-shaped. But people who produce elevated levels of fetal form of hemoglobin as adults, rather than switching entirely to adult hemoglobin, have much milder forms of the diseases. This presented a tantalizing possibility for translational medicine: genetically switching fetal hemoglobin production back on, and so mitigating disease symptoms. Thein mapped the trait of persistent fetal hemoglobin production to chromosome 2, and subsequently identified the gene BCL11A as the key genetic player. Orkin demonstrated that BCL11A functions as the master repressor of fetal hemoglobin, shutting down its production after birth, and that inactivating it restored fetal hemoglobin production in mice and eliminated sickle cell disease symptoms. His laboratory identified a specific DNA enhancer region that controls BCL11A expression itself, but crucially only in red blood cells, providing a precise and safe target for therapeutic intervention without affecting other cells.
The translation of these discoveries into a CRISPR-based gene therapy (Casgevy) that edits this enhancer region in patients’ own blood stem cells resulted in the first CRISPR-based medicine approved for any disease. This work has revolutionized treatment for sickle cell disease and beta-thalassemia, providing a potentially curative one-time therapy for conditions affecting millions worldwide.
Rosa Rademakers and Bryan Traynor independently solved a decades-old mystery in neurodegenerative disease by discovering the most common genetic cause of both amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease, and frontotemporal dementia (FTD), the second leading cause of early-onset dementia. Through multi-year, international collaborations, they collected large-scale data from families where both ALS and FTD appeared together; and through painstaking genetic analysis they zeroed in on a key genetic trigger for both diseases. In 2011, their labs simultaneously identified a mutation in the C9orf72 gene. It is an expansion mutation – a repeat of the same six-letter sequence of DNA, occurring hundreds to thousands of times in affected individuals.
The discovery represents a landmark moment in the study of these diseases. This single mutation explains about a third of familial cases of both diseases in European populations, as well as more than five percent of cases in patients with no family history of the diseases. It sheds light on the disease mechanisms, pointing in particular to multiple effects of toxic RNA and proteins in brain cells. It has established ALS and FTD – previously considered two largely separate disorders – on a disease spectrum, sharing risk factors and molecular causes. And perhaps most significantly it has enabled genetic testing for affected families, and opened new pathways for the development of treatments for these currently incurable diseases – including at least two therapies currently undergoing clinical trials. While ALS and FTD remain incurable, thanks to the C9orf72 discovery they are now conditions with plausible molecular causes and promising therapeutic targets.
Breakthrough Prize in Mathematics
Frank Merle’s work has significantly advanced the modern understanding of nonlinear evolution equations – the mathematical descriptions of how waves, fluids, and other dynamic systems change over time. His work has a particular focus on singularities: points where solutions to the equations surge to infinity. Alone and in collaborations, he has solved several fundamental problems, including proving that certain equations long thought to be well-behaved actually “blow up” – become infinite – in finite time.
Working on the soliton resolution conjecture (which predicts that any wave disturbance will eventually decompose into a set of stable, shape-preserving waves), Merle and Carlos Kenig, joined later by Thomas Duyckaerts, developed the powerful channels of energy technique coupled with the concentration compactness method. With Yvan Martel and Pierre Raphael, he revealed how singularities form in the KdV type equation (which describes various wave phenomena from shallow waves to rogue waves). Perhaps most remarkable is his work on the nonlinear version of the famous Schrödinger equation from quantum physics. In early work, he made a complete classification of all the ways this equation’s solutions can blow up. Later he proved, with Pierre Raphael, Igor Rodnianski, and Jérémie Szeftel, that the defocusing version of the equation – long believed to be inherently stable – can in fact blow up in finite time. This highly surprising result exploited an unexpected connection to fluid dynamics: it helped to resolve a major open problem, identifying smooth solutions to the compressible Euler and Navier-Stokes equations where the fluid’s density and velocity become infinite – representing a complete breakdown of the fluid description. Throughout his career, Merle’s insights have overturned fundamental assumptions in the field, forged deep connections between mathematics and physics, and opened new avenues toward some of the most celebrated unsolved problems.
Breakthrough Prize in Fundamental Physics
Across more than six decades, scientists and engineers from three “muon g-2” collaborations, representing dozens of institutions, have pushed experimental precision ever higher in pursuit of a single, very significant number: the anomalous magnetic moment of the muon. The muon is a heavy, unstable cousin of the electron, and like the electron it can behave like a tiny magnet. The physicists are looking to capture how the muon’s magnetic strength is subtly affected by the “foam” of virtual particles constantly popping in and out of empty space around it. Measuring the muon’s magnetism and comparing it to theoretical predictions allows physicists to test whether any unknown particles or forces are hidden in this foam. In other words, to probe for new physics beyond the Standard Model, our most successful theory of particles and forces.
The CERN collaboration’s pioneering storage ring experiments of the 1960s and 1970s first measured the anomalous magnetic moment with meaningful precision. Then in the 1990s, Brookhaven National Laboratory’s reimagining of the experiment achieved a major improvement in precision. And after the audacious transportation of Brookhaven’s 50-ton, 15-meter-diameter storage ring 3,200 miles by road and barge to Fermilab in 2013, the experiment was systematically refined to achieve a final precision of 127 parts per billion – a mind-boggling 30,000 times more precise than the first g-2 experiment in 1965. The results had shown a tantalizing discrepancy with the value predicted by theory; and in 2023, Fermilab’s new results pushed that discrepancy close to the threshold considered evidence for new physics. Since then, the final, even more precise results, compared to newly evolved theoretical calculations narrowed the gap, but considerable uncertainty remains for the moment. Whatever the final verdict, this experiment represents a remarkable theoretical, experimental and technological endeavor, achieving extraordinary precision in the quest for fundamental understanding.
Special Breakthrough Prize in Fundamental Physics
David J. Gross has been a leading figure in fundamental physics for six decades. In the early 1970s, there was a gap in quantum field theory, our best theory of particles and forces. The theory could not describe or accurately predict the strong nuclear force, which holds the nucleus of the atom together. But in 1973, Gross and his graduate student Frank Wilczek (as well as, independently, David Politzer) solved the mystery. They discovered that the strong force works the opposite way to familiar forces like gravity: it gets weaker as particles approach each other, but stronger as they move apart. This explained why quarks, the particles inside the atomic nucleus, can never escape or be observed in isolation, and it enabled the development of quantum chromodynamics – the theory of the strong force and the final foundation stone of the Standard Model of particle physics.
Gross has gone on to make seminal contributions across multiple areas of theoretical physics. For example, he and his collaborators developed a simplified quantum field theory that helped explain how particles can acquire mass; and developed new theoretical approaches attempting to unify all fundamental forces, including gravity, in a single framework known as heterotic string theory.
Alongside his theoretical work, Gross has a longstanding record of leadership in the physics community, in roles including Director of the Kavli Institute for Theoretical Physics, and President of the American Physical Society. He has helped establish physics institutes in India, China, and South America. He directed the Jerusalem Winter School in Theoretical Physics and chaired the Solvay Physics Conferences for the last 25 years. In 2025 he was one of the authors of an ambitious 40-year plan for physics on behalf of the National Academies of Sciences, Engineering, and Medicine. And over the course of his career, he has been a mentor to numerous brilliant students who became leaders themselves, passing on his vision of physics as a collaborative international endeavor.
Inaugural Vera Rubin New Frontiers Prize
A new physics prize, the Vera Rubin New Frontiers Prize, will be announced during the ceremony, along with the inaugural recipient, Carolina Figueiredo, from Princeton University. One $50,000 prize is awarded this year; from 2027 there will be 3 per year.
The prize is named in tribute to the great astronomer Vera Rubin, who discovered key evidence for dark matter, and in homage to whom NVIDIA’s new chip platform is named. The new prize recognizes women physicists within two years of their PhDs who have already made important contributions to science.
Carolina Figueiredo discovered that three apparently unrelated theories — two governing nuclear particles called gluons and pions, and the third describing particles in a “toy model” that does not describe the existing world — all forbid exactly the same set of particle collisions. This was a big surprise, as the three theories are quite different, with no reason to think they are connected. Figueiredo’s discovery revealed that the common behavior reflects a single underlying geometric structure: curves drawn on surfaces, within a framework now known as surfaceology. Intriguingly, this structure makes no reference to particles moving through space and time; yet it reproduces the predictions of conventional physics far more efficiently than the traditional approach, which tracks each particle’s movement through these dimensions. Figueiredo’s work thus advances – and perhaps brings closer to the real world – a broader program to reformulate the foundations of particle physics in purely geometric terms, with spacetime as an emergent phenomenon arising from a new set of principles.
New Horizons in Physics Prize
Benjamin R. Safdi has made wide-ranging contributions to the search for the axion, a hypothetical particle that would explain a long-standing puzzle about the strong nuclear force, and could account for the mysterious dark matter that makes up 85 percent of the Universe’s mass. He has proposed ingenious new strategies for detecting axion-like particles using observations of astronomical objects, from radio emissions of neutron stars to X-rays from white dwarfs.
Clay Córdova, Thomas Dumitrescu, Shu-Heng Shao, and Yifan Wang have discovered and developed the theory of “generalized symmetries” in quantum field theory. Symmetries have long been among the most powerful tools in physics. The work of these researchers has shown that the Standard Model of particle physics, as well as other quantum field theories, possess previously unrecognised symmetry structures. Their work has opened a broad new field with applications ranging from falsifying theories beyond the Standard Model to simulating fundamental particles on a lattice.
Dillon Brout, J. Colin Hill, Mathew Madhavacheril, Maria Vincenzi, Daniel Scolnic, and W. L. Kimmy Wu have gleaned powerful new results from the two most important tools for measuring the expansion and composition of the Universe: the cosmic microwave background (CMB) radiation left over from the Big Bang, and light from exploding stars known as Type Ia supernovae. Hill, Madhavacheril, and Wu have pushed analyses of CMB data beyond previous limits, producing the most precise tests to date of the standard cosmological model as well as of gravitational lensing of the CMB – the subtle bending of light from the early Universe by the matter it passes on its way to us. Meanwhile Brout, Scolnic, and Vincenzi built and analysed the largest modern supernova datasets – including Pantheon+, now the most cited supernova analysis in cosmology – delivering tight constraints on dark energy and the rate of expansion of the cosmos.
New Horizons in Mathematics Prize
Otis Chodosh has settled several questions in differential geometry that had been open since the 1970s and 1980s. With Chao Li, he proved a central conjecture in the field concerning a broad class of higher-dimensional spaces known as “aspherical manifolds.” With Christos Mantoulidis, he resolved a key problem in geometric analysis of minimal surfaces – surfaces that locally minimise their area, like soap films.
Vesselin Dimitrov and Yunqing Tang have solved long-standing problems in number theory that had resisted all previous approaches. With Frank Calegari, they proved the “unbounded denominators conjecture,” about a fundamental class of objects known as modular forms, using methods that surprised experts in the field. Most recently, again with Calegari, they proved the irrationality of a number related to a basic infinite series – the first result of its kind since Apéry’s celebrated work forty-five years ago.
Hong Wang has resolved or made advances on a family of notoriously difficult problems in harmonic analysis – a branch of mathematics that studies functions by decomposing them into fundamental components. With Josh Zahl, she proved the Kakeya conjecture in three dimensions, one of the most famous open problems in the field: it concerns how much space is needed to rotate a needle through every possible direction.
Maryam Mirzakhani New Frontiers Prize
Amanda Hirschi has produced a number of significant papers in symplectic topology, a field studying higher-dimensional surfaces with a geometric structure that generalises the mathematics of classical mechanics. With co-authors, she developed a powerful new framework that leads to major simplifications in the foundations of Gromov-Witten theory. Anna Skorobogatova has made notable contributions in geometric measure theory, which uses techniques from analysis to tackle geometric problems such as finding surfaces of minimal area. In a series of papers with collaborators, she resolved a long-standing question about the structure of singularities of area-minimising surfaces, completing a programme that spanned over sixty years. Mingjia Zhang works on higher-dimensional objects in number theory called Shimura varieties. She provided a way to better understand the geometry of Mantovan’s celebrated “product formula” in number theory.
Citations for 2026 Laureates
2026 Breakthrough Prize in Life Sciences
Jean Bennett, University of Pennsylvania
Katherine A. High, University of Pennsylvania, Children’s Hospital of Philadelphia, and Rockefeller University
Albert Maguire, University of Pennsylvania
For developing a therapy for inherited retinal degeneration that became the first FDA-approved gene therapy for a genetic disease.
Rosa Rademakers, VIB, University of Antwerp, and Mayo Clinic
Bryan Traynor, National Institute on Aging, National Institutes of Health
For the discovery of the most common genetic cause of ALS and frontotemporal dementia which charted the path for new mechanistic studies of these diseases.
Stuart H. Orkin, Boston Children’s Hospital, Dana-Farber Cancer Institute, Harvard Medical School, and Howard Hughes Medical Institute
Swee Lay Thein, National Heart, Lung and Blood Institute, National Institutes of Health
For elucidating the mechanism driving the switch from fetal to adult hemoglobin and validating it as a therapeutic target for sickle-cell disease and beta-thalassemia.
2026 Breakthrough Prize in Mathematics
Frank Merle, CY Cergy Paris Université and Institut des Hautes Études Scientifiques
For breakthroughs in nonlinear evolution equations, with regards to their stability, singularity formation, or resolution into solitons.
2026 Breakthrough Prize in Fundamental Physics
The Muon g-2 Collaborations at CERN, Brookhaven National Laboratory, and Fermilab
For multi-decade, groundbreaking contributions to the measurement of the muon’s anomalous magnetic moment, pushing the boundaries of experimental precision and igniting a new era in the quest for physics beyond the Standard Model.
2026 Special Breakthrough Prize in Fundamental Physics
David J. Gross, Kavli Institute for Theoretical Physics, University of California, Santa Barbara
For a lifetime of groundbreaking contributions to theoretical physics, from the strong force to string theory, and for tireless advocacy for basic science worldwide.
2026 Vera Rubin New Frontiers Prize
Carolina Figueiredo, Princeton University
For contributions to the geometric structure of scattering amplitudes, revealing hidden relations among quantum field theories.
2026 Maryam Mirzakhani New Frontiers Prize
Amanda Hirschi, IMJ-PRG, Sorbonne Université
For contributions to symplectic topology.
Anna Skorobogatova, Clay Research Fellow and ETH Zürich
For contributions to geometric measure theory.
Mingjia Zhang, Princeton University and Institute for Advanced Study
For contributions to the theory of Shimura varieties.
2026 New Horizons in Mathematics Prize
Otis Chodosh, Stanford University
For contributions to differential geometry and the calculus of variations, including work on minimal surfaces and manifolds with positive scalar curvature.
Hong Wang, Institut des Hautes Études Scientifiques and New York University
For work in harmonic analysis, partial differential equations, and geometric measure theory, including the local smoothing conjecture, Furstenberg set conjecture, and the Kakeya conjecture.
Vesselin Dimitrov, Caltech
Yunqing Tang, University of California, Berkeley
For work in Diophantine geometry, including the proof of the Atkin-Swinnerton-Dyer unbounded denominators conjecture and new irrationality results for special values of Dirichlet L-series (both joint with Frank Calegari).
2026 New Horizons in Physics Prize
Benjamin R. Safdi, University of California, Berkeley
For proposing new ways to seek axion-like particles with laboratory experiments and astronomical observations.
Clay Córdova, University of Chicago
Thomas Dumitrescu, Mani L. Bhaumik Institute for Theoretical Physics, UCLA
Shu-Heng Shao, MIT
Yifan Wang, New York University
For generalizing the notion of symmetry in various ways, and for exploring the consequences of these generalized symmetries, in quantum field theory, particle physics, condensed matter physics, string theory, and quantum information theory.
Dillon Brout, Boston University
J. Colin Hill, Columbia University
Mathew Madhavacheril, University of Pennsylvania
Maria Vincenzi, University of Oxford
Daniel Scolnic, Duke University
W. L. Kimmy Wu, Caltech
For advances in cosmic microwave background and supernovae cosmology.
Videos and Photos
Assets, including headshots of this year’s winners, can be downloaded for media use here.
Images and select video from the 2026 Breakthrough Prize Gala — red carpet and ceremony — can be downloaded for media use here.
The show will premiere on YouTube on Sunday, April 26th at 3PM Eastern / 12PM Pacific.
For the 14th year, the Breakthrough Prize, renowned as the “Oscars® of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics and Mathematics. In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.
The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki and have been sponsored by foundations established by them. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.
SOURCE Breakthrough Prize
Technology
Huawei Cloud Strengthens Thailand’s Insurance Industry with Next-Generation Digital Technologies
Published
4 hours agoon
April 19, 2026By
BANGKOK, April 19, 2026 /PRNewswire/ — Huawei Cloud Thailand in collaboration with The Thai Life Assurance Association, hosted an executive forum bringing together more than 30 senior executives and technology leaders from leading insurance companies. The initiative reflects Huawei Cloud’s commitment to strengthening its role as a strategic partner in advancing Thailand’s digital and AI-driven economy, supporting insurance companies in accelerating secure, flexible, and scalable digital transformation through cloud-native infrastructure, advanced database technologies, and industry-specific solutions.
The event served as a platform for industry leaders to exchange insights on the future of the insurance industry in the era of cloud and AI-driven innovation, while exploring how cloud and AI technologies can modernize core insurance systems and enhance operational stability and resilience.
Driving the Future of Digital Insurance
As the insurance industry continues to accelerate its digital transformation, insurers are under increasing pressure to modernize legacy systems in order to support real-time services, rapidly growing data volumes, and evolving customer expectations.
Huawei Insurance Day event aims to position Huawei Cloud as a Strategic Digital Transformation Partner for the insurance industry, helping insurance companies build secure, scalable, and resilient digital infrastructures that can support long-term business growth.
During the event, Huawei Cloud showcased its end-to-end capabilities for the insurance sector, including cloud infrastructure, cloud-native databases, and specialized industry solutions designed to support mission-critical insurance systems.
Key Solutions for Insurance Digital Transformation
Digital Core Insurance Solution
A modernization solution that transform insurance companies migrate from legacy system such as AS/400 systems to cloud-native architectures with A next-generation core insurance architecture that enables insurers to rapidly launch new products, enhance system flexibility, simplifying maintenance and improve overall customer experience.
GaussDB for Mission-Critical Insurance Systems
Huawei’s enterprise-grade database that has been trusted by large financial organization globally, including Thailand. GaussDB designed to support critical workloads with high reliability, security and performance across multiple data centers on Huawei Cloud.
Piyatida Itiravivongs, President of Huawei Cloud Thailand said:
“Digital transformation has become a strategic priority for the insurance industry. Huawei Cloud is committed to supporting insurers in building a strong digital service by combining cloud infrastructure, advanced database technologies, and industry-specific solutions to improve operational efficiency and deliver better customer experiences.”
Meanwhile, Huang Hu, Solution Architect of Sinosoft, said:
“Sinosoft has extensive experience in developing technology platforms for the insurance industry. Through our collaboration with Huawei Cloud, we have successfully modernized insurance systems by adopting cloud-based architectures, helping organizations enhance the performance and stability of their core insurance platforms while supporting long-term business growth.
The success of these projects demonstrates the strong synergy between Sinosoft’s insurance technology expertise and Huawei Cloud’s advanced cloud infrastructure. We hope the experience and case studies shared at this event will provide valuable insights for insurance companies in Thailand as they accelerate their journey toward digital insurance.”
Thailand’s insurance industry is entering a new era in which digital technologies play an increasingly important role in enhancing operational efficiency and improving customer services. Forums such as this provide a valuable platform for industry stakeholders to exchange knowledge and perspectives on emerging technologies and innovations in cloud and digital infrastructure. Such knowledge sharing supports insurance companies in Thailand as they prepare for the ongoing evolution of the digital insurance landscape.
Huawei Cloud will continue to invest in cloud innovation to support the financial services and insurance sectors with secure, reliable, and scalable technologies, enabling sustainable business growth in the digital economy.
About Huawei Cloud Thailand
Huawei Cloud Thailand is a leading cloud service provider committed to accelerating Thailand’s digital transformation under the mission of “In Thailand, For Thailand.” According to the latest report from Gartner, Huawei Cloud is ranked No.2 by revenue in Thailand’s Infrastructure as a Service (IaaS) market, solidifying its position as one of the most trusted and fastest-growing international cloud providers in the country.
As the first international public cloud vendor to establish local data centers in Thailand, Huawei Cloud now operates three Availability Zones, ensuring high reliability and low-latency connectivity for local users. Leveraging Huawei’s 30-plus years of expertise in ICT infrastructure, it integrates cutting-edge Artificial Intelligence (AI), Cloud-Native 2.0, and Big Data technologies to empower over 40 government agencies and thousands of enterprises across the Kingdom. By building a robust digital ecosystem and fostering local talent, Huawei Cloud aims to drive Thailand’s “Digital Economy” forward, bringing cloud and intelligence to every corner of the country for a fully connected, intelligent future.
For more information, please visit Huawei Cloud Thailand online at
https://www.huaweicloud.com/intl/th-th/ or follow us on:
https://www.facebook.com/HuaweiCloudTH
https://www.youtube.com/@HuaweiCloudAPAC
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SOURCE Huawei Cloud Thailand
Technology
Breakthrough Prize Foundation Announces Winner of the 11th Annual Breakthrough Junior Challenge
Published
6 hours agoon
April 19, 2026By
Matea Cañizarez, Age 18, of Quito, Ecuador, Receives Top Honors and $400,000 in Education Prizes for her Original Video Explaining Quark-Gluon Plasma
SAN FRANCISCO, April 18, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced Ecuador-based student Matea Cañizarez as the winner of the 11th annual Breakthrough Junior Challenge, a global competition that empowers young people to creatively communicate complex ideas in the life sciences, physics, and mathematics.
The Breakthrough Junior Challenge will provide $400,000 in educational awards to Matea and her teacher, Roberto Procel. As the student winner, Matea will be granted a $250,000 college scholarship. In recognition of his work as a science teacher, Mr. Procel will receive a $50,000 award. The prize package also includes a cutting-edge science laboratory, designed by Cold Spring Harbor Laboratory and valued at $100,000, to be installed at Colegio Johannes Kepler, Matea’s current school, located in Quito, Ecuador.
Matea was honored alongside the 2026 Breakthrough Prize laureates at The Breakthrough Prize Ceremony in Los Angeles on April 18, 2026.
“It’s exhilarating to meet bright, curious young people like Matea,” said Julia Milner, co-founder of the Breakthrough Junior Challenge, “And to see them pursuing their passion for ideas and communicating it to others makes me truly hopeful for the future,” said Julia Milner, co-founder of the Breakthrough Prize.
Matea’s winning entry explains quark-gluon plasma, an extreme state of matter that existed just after the Big Bang, in which quarks and gluons move freely instead of being bound inside protons and neutrons. Her short video can be seen here. This was Matea’s first entry to the Breakthrough Junior Prize, and she is currently applying for college next fall.
“Coming from a rural town in Ecuador, my passion for science was not a given. I am humbled by the honor of winning the Breakthrough Junior Challenge and hope to work in the service of society and nature by making the most of this opportunity,” said Matea.
“Congratulations on your beautiful video explaining the quark-gluon plasma,” said David Gross, winner of the 2026 Special Breakthrough Prize in Fundamental Physics, whose theories led directly to the discovery of the phenomenon in Matea’s video. Gross continued, “Very exciting, very well done, and I hope you stay in physics and help us understand even better the properties of the quark-gluon plasma in the laboratory, in the early Universe, and perhaps in the core of neutron stars.”
The Breakthrough Junior Challenge is a global program designed to showcase and advance young people’s understanding of science and core scientific principles, spark enthusiasm for STEM fields, encourage pursuit of STEM careers, and engage the broader public in fundamental scientific concepts. Each year, students ages 13 to 18 are invited to produce original videos of up to two minutes that explain a concept or theory in life sciences, physics, or mathematics.
Entries are judged on how effectively participants communicate complex scientific ideas in clear, compelling, and creative ways.
“Seeing students take on complex topics and explain them with enthusiasm and creativity is inspiring,” said Sal Khan, founder and CEO of Khan Academy and Vision Steward of TED. “Their work is a reminder that when young people are given access and opportunity to explore their interests, they can achieve great things.”
This year, the Breakthrough Junior Challenge attracted more than 2,500 applicants from around the world. Submissions were narrowed down to 30 semifinalists, which represented the top submissions after two rounds of judging: first, a mandatory peer review, followed by an evaluation panel of judges. Sixteen finalists were selected in December 2025.
Celebrating its 11th year, the Breakthrough Junior Challenge has reached a global community of more than 100,000 students, parents, and educators, drawing upwards of 30,000 applications from students in over 200 countries, including Canada, Nigeria, Kazakhstan, the Philippines, Singapore, and the United States. Since its launch, the program has distributed more than $2.5 million in college scholarships, invested $1 million in state-of-the-art science laboratories, and awarded $500,000 to exceptional science and mathematics teachers. Winning submissions have explored subjects ranging from Mechanogenetic Cellular Engineering, Einstein’s Theory of Relativity, Circadian Rhythms, Neutrino Astronomy, and more. Challenge alumni have continued their academic journeys at top-tier universities such as MIT, Harvard, Princeton, and Stanford.
This year’s Selection Committee was comprised of: Thea Booysen, MsC, social media director for neurologist Dr. Richard Isaacson and founder of MadeByHuman; Rachel Crane, space and science correspondent, CNN; Pascale Ehrenfreund, PhD, president, Committee on Space Research COSPAR; Dennis Gaitsgory, professor, Max Planck Institute for Mathematics, and Breakthrough Prize in Mathematics Laureate; John Grunsfelt, PhD astronaut, associate administrator for science, chief scientist at NASA Headquarters; Mae Jemison, physician, former astronaut, entrepreneur; Jeffery W. Kelly, professor of chemistry, Scripps Research Institute and Breakthrough Prize in Life Sciences laureate; Scott Kelly, retired NASA astronaut; Salman Khan, founder and CEO, Khan Academy; Ijad Madisch, CEO, co-founder, ResearchGate; Samaya Nissanke, University of Amsterdam, Breakthrough Prize in Fundamental Physics laureate; Nicole Stott, NASA astronaut, and co-founder of the Space for Art Foundation; Andrew Strominger, professor of physics, Harvard University, and Breakthrough Prize in Fundamental Physics laureate; Terence Tao, UCLA professor and Breakthrough Prize in Mathematics laureate; Esther Wojcicki, founder, Palo Alto High Media Arts Center; Richard Youle, National Institutes of Health, and Breakthrough Prize in Life Sciences laureate; and S. Pete Worden, chairman, Breakthrough Prize Foundation.
Partners
The Breakthrough Junior Challenge
The Breakthrough Junior Challenge, co-founded by Julia and Yuri Milner, is a global science video competition, aiming to develop and demonstrate young people’s knowledge of science and scientific principles and communications skills; generate excitement in these fields; support STEM career choices; and engage the imagination and interest of the public-at-large in key concepts of fundamental science.
The Breakthrough Prize
The Breakthrough Prize, renowned as the “Oscars of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics (one per year) and Mathematics (one per year). In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.
The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki. The Prizes have been sponsored by the personal foundations established by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner and Anne Wojcicki. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.
About Khan Academy
Khan Academy is a 501(c)(3) nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. Since 2008, Khan Academy has provided an education safety net, a free platform designed to provide global access to high-quality learning for students and free resources for teachers. Khan Academy partners with more than 600 school districts in the United States and works with school systems in countries around the world, providing tools that personalize education. Khan Academy is at the forefront of using AI in education to support students while ensuring educators remain at the heart of the classroom. Worldwide, more than 200 million registered learners have used Khan Academy in 190 countries and more than 50 languages. For more information, please see research findings about Khan Academy and our press center.
Cold Spring Harbor Laboratory (CSHL)
The Breakthrough Prize Lab for the winning student’s school is designed in partnership with Cold Spring Harbor Laboratory (CSHL). Founded in 1890, CSHL, an independent 501(c)(3) nonprofit, powers transformational discoveries in cancer, neuroscience, artificial intelligence, plant biology, and quantitative biology. Through world-renowned science and education divisions, CSHL nurtures a culture of curiosity, discovery, and innovation to make lives better. CSHL’s DNA Learning Center (DNALC) is the largest provider of hands-on instruction in genetics and biotechnology, reaching nearly 40,000 middle and high school students through field trips, day camps, summer camps, mentored research projects, and teacher training. For more than a century, CSHL has been a powerful and productive environment for developing, connecting, and sharing world-changing ideas. For more information, visit www.cshl.edu<http://www.cshl.edu/>>.
Contact
For more information, including competition rules, video submission guidelines and queries, go to: breakthroughjuniorchallenge.org.
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SOURCE Breakthrough Prize
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