Caspar Tudor, Head of Investor Relations (508) 482-2429 Waters Corporation (NYSE: WAT) Reports Fourth Quarter and Full-Year 2023 Financial Results Highlights Fourth Quarter 2023 Sales of $8

Waters Corporation (NYSE: WAT) Reports Fourth Quarter

and Full-Year 2023 Financial Results

MILFORD, Mass., February 6, 2024 - Waters Corporation (NYSE: WAT) today announced its financial results for the

fourth quarter and full-year 2023.

Sales for the fourth quarter of 2023 were $819 million, a decrease of 4.5% as reported, compared to sales of

$859 million for the fourth quarter of 2022. Currency translation had minimal impact on sales, while the impact of acquisitions increased sales by more than 3%.

On a GAAP basis, diluted earnings per share (EPS) for the fourth quarter of 2023 were $3.65, compared to $3.81 for the fourth quarter of 2022. On a non-GAAP basis, EPS was $3.62, compared to $3.84 for the fourth quarter of 2022. This includes a headwind of approximately 2% due to unfavorable foreign exchange.

For fiscal year 2023, the Company s sales were $2,956 million, a decrease of 0.5% as reported, compared to sales of $2,972 million for fiscal

year 2022. Currency translation decreased sales by approximately 1%, while the impact of acquisitions increased sales by 2.5%.

On a GAAP basis, EPS for

fiscal year 2023 was $10.84, compared to $11.73 for fiscal year 2022. On a non-GAAP basis, EPS was $11.75, compared to $12.02 in fiscal year 2022. This includes a headwind of approximately 3% due to

unfavorable foreign exchange and a 1% dilution from the Wyatt acquisition.

Waters results in 2023 demonstrate our teams strong focus on execution, the competitiveness of

our new products, and the resilience of demand in QA/QC and high-volume applications, said Dr. Udit Batra, President & CEO, Waters Corporation. Our focus on operational excellence helped us to deliver exceptional margin

expansion even in difficult market conditions.

Dr. Batra continued, The year ended with our business benefitting from an expected increase in

sales in Q4 versus that of Q3, a testament to our teams commitment to innovation that addresses our customers greatest needs. We also reached a new chapter in our transformation in 2023 with the acquisition of Wyatt. We have made very

good progress integrating the team, achieving our target sales contribution of 2.5% for the year.

During the fourth quarter of 2023, sales into the pharmaceutical market decreased 6% as reported and 11% in organic constant currency, sales into the

industrial market decreased 3% as reported and 4% in organic constant currency, and sales into the academic and government markets decreased 2% as reported and 9% in organic constant currency.

During the quarter, instrument system sales decreased 14% as reported and 20% in organic constant currency, while recurring revenues, which represent the

combination of service and precision chemistries, increased 7% as reported and 5% in organic constant currency.

Geographically, sales in Asia during the

quarter decreased 18% as reported and 16% in organic constant currency (with China sales declining almost 40%). Sales in the Americas increased 4% as reported and decreased 2% in organic constant currency. Sales in Europe increased 3% as reported

and decreased 6% in organic constant currency.

For fiscal year 2023, sales into the pharmaceutical market decreased 3% as reported and 5% in organic constant currency, sales into the industrial market were

flat as reported and in organic constant currency, and sales into the academic and government markets increased 13% as reported and 10% in organic constant currency.

For fiscal year 2023, instrument system sales decreased 7% as reported and 10% in organic constant currency, while recurring revenues increased 6% as reported

and in organic constant currency.

Geographically, sales in Asia for fiscal year 2023 decreased 11% as reported and 7% in organic constant currency (with

China sales declining more than 20%). Sales in the Americas increased 5% as reported and 1% in organic constant currency. Sales in Europe increased 7% as reported and 2% in organic 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 First Quarter 2024 Financial Guidance

Full-Year 2024 Financial Guidance

full-year 2024 organic constant currency sales growth to be in the range of -0.5% to +1.5%. Currency translation is expected to decrease full-year sales growth by approximately 1%. M&A contribution from

the Wyatt transaction covering the first four and a half months of the year is expected to increase full-year reported sales growth by 1.3%. The resulting full-year 2024 reported sales growth is expected in the range of 0% to +2%.

The Company expects full-year 2024 non-GAAP EPS to be in the range of $11.75 to $12.05, which includes an estimated

headwind of approximately 1% 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.

First Quarter 2024 Financial Guidance

The Company expects first quarter 2024 organic constant currency sales growth to be in the range of -11% to -9%. Currency translation is expected to decrease first quarter sales growth by approximately 1%. The Wyatt transaction is expected to increase first quarter reported sales growth by 3.5%. The resulting first

quarter 2024 reported sales growth is expected in the range of -8.5% to -6.5%.

The Company expects first quarter 2024

non-GAAP EPS to be in the range of $2.05 to $2.15, which includes an estimated headwind of approximately 4% 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

Conference Call Details

Corporation will webcast its fourth quarter and fiscal year 2023 financial results conference call today, February 6, 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 Investors under the About Waters section, navigate to Events & Presentations, and click on the Webcast. A replay will be available through February 20, 2024

on the same website by webcast and also by phone at (866) 363-1805.

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 60 years. With approximately 8,000 employees worldwide, Waters operates directly in 35 countries, including 14 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 rate, adjusted operating income, adjusted net income, adjusted

earnings per diluted share and adjusted 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; changes in inflation and interest rates; the impacts and costs of war, in particular as a result of the ongoing conflict 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; 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; 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 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, 2022, 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 April 1, 2023, July 1, 2023, and September 30, 2023 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

Waters Corporation and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

Three Months Ended December 31, 2023 and December 31, 2022

Waters Corporation and Subsidiaries