Waters Corporation (WAT) Q2 2023 Earnings Call Transcript

For the period ending July 1, 2023

August 2, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. Welcome to the Waters Corporation Second Quarter 2023 Financial Results Conference Call. All participants will be in a listen-only mode until the question-and-answer session of today’s call. This conference is being recorded. If anyone has any objections, please disconnect at this time.

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

Caspar Tudor

Thank you, Ivy. Good morning everyone and welcome to the Waters Corporation second quarter earnings call. Today, I’m joined by Dr. Udit Batra, Water’s President and Chief Executive Officer; and Amol Chaubal, Water’s Senior Vice President and Chief Financial Officer.

Before we begin, I will cover the cautionary language. In this conference call, we will make various forward-looking statements regarding future events or future financial performance of the company.

In particular, we will provide guidance regarding possible future results and commentary on potential market and business conditions that impacts Waters Corporation over the third quarter of 2023 and full year 2023.

These statements are only our present expectations and actual events or results may differ materially. For more details, please see the risk factors included in our most recent annual report on Form 10-K, our Form 10-Qs, and the cautionary language included in this morning’s earnings release.

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

Unless stated otherwise, references to quarterly results increasing or decreasing are in comparison to the second quarter of fiscal year 2022 in organic constant currency terms.

In addition, unless stated otherwise, all year-over-year revenue growth rates and ranges given on today’s call, are given on a comparable organic constant currency basis. Finally, we do not intend to update our predictions or projections, except as part of a regularly scheduled quarterly earnings release or as otherwise required by law.

Now, I’d like to turn the call over to Udit to deliver our key messages for the quarter. Then Amol will provide a more detailed look at our financial results. After, we will open up the phone lines to take questions. Udit?