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    Waters Corp (WAT)

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    Waters Corporation is a leading analytical instrument manufacturer that operates through two primary business segments: Waters and TA Instruments. The company specializes in high-performance liquid chromatography (HPLC), ultra-performance liquid chromatography (UPLC), mass spectrometry (MS), and precision chemistry consumables, which are essential for analyzing the chemical, physical, and biological composition of materials across various industries . Additionally, Waters Corporation provides thermal analysis, rheometry, and calorimetry instruments to assess the suitability and stability of materials in industrial, consumer goods, and healthcare products . The company's offerings include both instruments and consumables, as well as service sales such as support plans, replacement parts, and repair services .

    1. Waters Segment - Focuses on high-performance liquid chromatography (HPLC), ultra-performance liquid chromatography (UPLC), mass spectrometry (MS), and precision chemistry consumables. Includes operations of Wyatt Technology, specializing in light scattering and field-flow fractionation instruments.
    2. TA Instruments Segment - Designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments used to predict material suitability and stability in various products.
    NamePositionStart DateShort Bio
    Dr. Udit BatraPresident and Chief Executive OfficerSeptember 1, 2020Dr. Udit Batra was appointed as a Director of Waters Corporation as well as its President and Chief Executive Officer on September 1, 2020. He has over two decades of leadership in healthcare and life sciences .
    Jianqing BennettSenior Vice President, TA Instruments DivisionMay 1, 2021Jianqing Bennett was appointed as Senior Vice President of the TA Instruments Division at Waters Corporation on May 1, 2021. She previously served as Senior Vice President, High Growth Markets at Beckman Coulter Diagnostics .
    Amol ChaubalChief Financial OfficerMay 12, 2021Amol Chaubal was appointed as the Chief Financial Officer of Waters Corporation on May 12, 2021. He previously served as the CFO of Quanterix Corporation and held finance leadership roles at Smith & Nephew and Parexel .
    Heather KnightBoard MemberAugust 14, 2024Heather Knight was appointed to the Board of Directors of Waters Corporation, effective August 14, 2024. She is the Executive Vice President and Group President of Medical Products and Therapies at Baxter International .
    1. Given the ongoing CapEx constraints among customers, particularly in the CDMO segment in China where CapEx remains subdued, what specific strategies are you implementing to drive growth and mitigate these challenges in achieving your long-term outlook above the historical rate of 6%?

    2. With instrument sales declining 17% in the second quarter while chemistry and service both grew 5%, how do you plan to address the significant drop in instrument sales and stimulate demand to drive overall revenue growth?

    3. Despite the increase in biologics revenue to over 35% of pharma revenues from roughly 20% in the last 3 to 4 years, what risks do you see associated with this shift, such as market saturation or increased competition in large molecule applications?

    4. Considering customers have delayed instrument replacements due to macroeconomic pressures, how sustainable is the demand for new products like the Alliance iS, and what are your plans to maintain innovation and upsell opportunities if customers continue to defer spending?

    5. With gross margins remaining flat at 59.3% despite headwinds from lower sales volume, FX, and inflation, what specific productivity initiatives are you implementing to improve margins, and how confident are you in their ability to offset future challenges such as inflation or further sales declines?

    Program DetailsProgram 1Program 2
    Approval DateJanuary 2019 December 2023
    End Date/DurationJanuary 21, 2024 January 21, 2025
    Total Additional Amount$4.8 billion N/A
    Remaining Authorization$0 billion $1.0 billion
    DetailsExtended multiple times Provides financial flexibility for repurchases and investments
    YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
    20260.160Senior unsecured notes - Series K3.448.8% = (0.160 / 1.826) * 100
    20260.100Senior unsecured notes - Series N1.685.5% = (0.100 / 1.826) * 100
    20260.200Senior unsecured notes - Series L3.3111.0% = (0.200 / 1.826) * 100
    20260.570Credit agreementN/A31.2% = (0.570 / 1.826) * 100
    20280.050Senior unsecured notes - Series P4.912.7% = (0.050 / 1.826) * 100
    20290.300Senior unsecured notes - Series M3.5316.4% = (0.300 / 1.826) * 100
    20300.050Senior unsecured notes - Series Q4.912.7% = (0.050 / 1.826) * 100
    20310.400Senior unsecured notes - Series O2.2521.9% = (0.400 / 1.826) * 100

    Competitors mentioned in the company's latest 10K filing.

    • Agilent Technologies, Inc. - Principal competitor in the markets served by Waters and in the consumable columns market .
    • Shimadzu Corporation - Principal competitor in the markets served by Waters .
    • Bruker Corporation - Principal competitor in the markets served by Waters .
    • Danaher Corporation - Principal competitor in the markets served by Waters and in the consumable columns market .
    • Thermo Fisher Scientific Inc. - Principal competitor in the markets served by Waters and TA, and in the consumable columns market .
    • Perkin Elmer, Inc. - Principal competitor in the markets served by TA .
    • NETZSCH-Geraetebau GmbH - Principal competitor in the markets served by TA .
    • Malvern PANalytical Ltd. - Principal competitor in the markets served by TA .
    • Anton-Paar GmbH - Principal competitor in the markets served by TA .
    • Merck KGaA - Principal competitor in the consumable columns market .
    • General Electric Company - Principal competitor in the consumable columns market .
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1994 PresentCurrent auditor