Waters Corporation is a global leader in analytical instruments and software, pioneering innovations in chromatography, mass spectrometry, and thermal analysis. It serves life, materials, and food sciences. The company's core business model involves designing, manufacturing, selling, and servicing high-performance liquid chromatography (HPLC), ultra-performance liquid chromatography (UPLC), and mass spectrometry (MS) technology systems, along with related consumables and services. Waters has a global presence, operating directly in over 35 countries and offering products in more than 100 countries. Its competitive advantage lies in its integrated LC-MS systems and its expertise in precision chemistry consumables. The company also develops software that interfaces with its instruments and those of other manufacturers.

• Employees: 7,900 (as of December 31, 2023)
• Geographic Footprint: Over 35 countries
• Headquarters: Milford, Massachusetts
• Founded: 1991
• Number of locations/facilities: 21 in the United States and 71 internationally, including field offices
• Revenue: $2.96 billion (FY2023)
• Key Subsidiaries/Brands: TA Instruments, Wyatt Technology

• CEO: Udit Batra, Ph.D.
• CFO: Amol Chaubal
• Senior Vice President of TA Instruments Division: Jianqing Bennett

Udit Batra has served as CEO since September 1, 2020. Amol Chaubal has served as CFO since May 12, 2021. Jianqing Bennett was appointed Senior Vice President of TA Instruments Division on May 1, 2021.

• Annual Revenue: $2.96 billion (FY2023)
• Net Income: $642 million (FY2023)
• Total Assets: Not explicitly stated, but total liabilities and stockholder's equity is $4.63 billion
• Number of Employees: 7,900 (as of December 31, 2023)
• Key Financial Highlights: Sales decreased by 1% compared to 2022. Operating income decreased by 6% compared to 2022. Net income decreased by 9% compared to 2022.

Waters offers a range of analytical instruments, software, and related services:

• High-Performance Liquid Chromatography (HPLC) and Ultra-Performance Liquid Chromatography (UPLC): Systems used to identify and analyze chemical components.
• Mass Spectrometry (MS): Instruments used to identify, quantify, and elucidate the structural properties of molecules.
• Thermal Analysis, Rheometry, and Calorimetry Instruments: Used to measure the physical and thermodynamic properties of materials.
• Precision Chemistry Consumables: Includes chromatography columns and other consumable products.
• Software: Advanced software-based products that interface with Waters' instruments and those of other manufacturers.
• Services: Includes support plans, demand services, spare parts, customer performance validation services, and customer training.

Waters operates through two main segments:

• Waters: Focuses on designing, manufacturing, selling, and servicing LC and MS instrument systems, columns, and other precision chemistry consumables.
• TA: Focuses on designing, manufacturing, selling, and servicing thermal analysis, rheometry, and calorimetry instruments.

The two segments are aggregated into one reporting segment for financial statement purposes. The recently acquired Wyatt business is part of the Waters operating segment.

Waters' strategy is based on organic innovation and application expertise. Key strategic initiatives include:

• Developing new products with recently acquired technologies.
• Expanding into large molecule applications.
• Improving laboratory workflows through automation.
• Enhancing software platforms for data analysis and sharing.
• Focusing on sustainability and business growth goals.

Waters primarily operates in the analytical instrument systems, supplies, and services market. Key market trends include:

• Increasing demand for analytical testing in pharmaceutical, life science, and food industries.
• Growing adoption of integrated LC-MS systems.
• Emphasis on data management and workflow automation.

Major competitors include Agilent Technologies, Inc., Shimadzu Corporation, Bruker Corporation, Danaher Corporation, and Thermo Fisher Scientific Inc. in the analytical instrument market, and Perkin Elmer, Inc., NETZSCH-Geraetebau GmbH, Thermo Fisher Scientific Inc., Malvern PANalytical Ltd., a subsidiary of Spectris plc, and Anton-Paar GmbH in the TA market. Market share information is not explicitly stated in the filing.

• Macroeconomic Risks: The company's international operations are subject to political events, wars, economic conditions, and regulatory changes, including currency fluctuations and trade policy changes.
• Competition: The analytical instrument market is highly competitive, with pressure on prices and market share. Competitors may introduce more effective or less expensive products.
• Technological Change: Rapid changes in technology could make the company's products obsolete if they fail to innovate and adapt.
• Supply Chain: The company relies on outside contractors for certain components and modules, and disruptions in the supply chain could harm the company's financial condition.
• Cybersecurity: The company's systems are vulnerable to cybersecurity threats, which could disrupt operations and compromise sensitive data.