Waters said it is furnishing as Exhibit 99.1 an investor presentation it will deliver at the J.P. Morgan Healthcare Conference on January 13, 2025. The presentation and the Q&A that follows will include high-level commentary on the company's business performance.

1. 01

   Waters said it is furnishing as Exhibit 99.1 an investor presentation it will deliver at the J.P. Morgan Healthcare Conference on January 13, 2025. The presentation and the Q&A that follows will include high-level commentary on the company's business performance.

2. 02

   The company reported a GAAP operating margin of 27.5% and an adjusted non-GAAP operating margin of 30.7%, both on a trailing twelve-month basis ended September 28, 2024. It said it expects adjusted operating margin to expand by +100 basis points per year.

3. 03

   The company said the 5-year average of its annual free cash flow for 2019 to 2023 was 23% of as-reported GAAP revenue. In discussing its M&A, the company said strong free cash flow conversion could enable rapid de-levering.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call. Some paragraphs were omitted because their support in the source could not be confirmed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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