Caspar Tudor, Head of Investor Relations (508) 482-2429 Waters Corporation (NYSE: WAT) Reports Third Quarter 2024 Financial Results Highlights Sales of $740 million exceeded guidance, grew

Contact: Caspar Tudor, Head of Investor

Relations (508) 482-2429

Waters Corporation (NYSE: WAT) Reports Third Quarter 2024

MILFORD, Mass., November 1, 2024 - Waters Corporation (NYSE: WAT) today announced its financial results for the third quarter of 2024.

Sales for the third quarter of 2024 were $740 million, an increase of 4% as reported, compared to sales of $712 million for the third quarter of 2023.

Currency translation had minimal impact on sales.

On a GAAP basis, diluted earnings per share (EPS) for the third quarter of 2024 was $2.71, compared to

$2.27 for the third quarter of 2023. On a non-GAAP basis, EPS was $2.93, compared to $2.84 for the third quarter of 2023. This includes a headwind of approximately 2% due to unfavorable foreign exchange.

We delivered exceptional third quarter results, fueled by new product adoption and improved customer spending trends, said Dr. Udit Batra,

President & CEO, Waters Corporation. Instruments returned to growth sooner than expected, as liquid chromatography sales to pharma and industrial customers turned positive.

Dr. Batra continued, Looking ahead, our strong commercial execution, competitive product portfolio, and excellent operational performance give us

confidence in the long-term outlook for Waters.

During the third quarter of 2024, sales into the pharmaceutical market increased 2% as reported and 3% in constant currency. Sales into the industrial market

increased 9% as reported and 7% in constant currency. Sales into the academic and government market increased 2% as reported and were flat in constant currency.

During the quarter, instrument system sales increased 1% as reported and in constant currency. Recurring revenues, which represent the combination of service

and precision chemistries, increased 6% as reported and 7% in constant currency.

Geographically, sales in Asia during the quarter increased 5% as

reported and 6% in constant currency. Sales in the Americas increased 1% as reported and in constant currency. Sales in Europe increased 6% as reported and 4% in 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 Fourth Quarter 2024 Financial Guidance

Full-Year 2024 Financial Guidance

The Company is raising

its full-year 2024 sales guidance, and now expects organic constant currency sales growth to be in the range of -0.9% to -0.3%. Currency translation is expected to

decrease full-year sales growth by 1.2%. M&A contribution from the Wyatt transaction covering the first four-and-a-half

months of the year has added 1.3% to full-year reported sales. The resulting full-year 2024 reported sales growth is expected in the range of -0.8% to -0.2%.

The Company is also raising its full-year 2024 non-GAAP EPS guidance to now be in the range of $11.67 to $11.87, which

includes an estimated headwind of approximately 3% 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.

Fourth Quarter 2024 Financial Guidance

The Company expects fourth quarter 2024 constant currency sales growth to be in the range of +5.0% to +7.0%. Currency translation is expected to

decrease fourth quarter sales growth by 1.7%. The resulting fourth quarter 2024 reported sales growth is expected in the range of +3.3% to +5.3%.

The Company expects fourth quarter 2024 non-GAAP EPS to be in the range of $3.90 to $4.10, which includes an

estimated headwind of approximately 3% 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 fourth quarter.

Conference Call Details

Waters Corporation will webcast its third quarter 2024 financial results conference call today, November 1, 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 Investor Relations under the About Waters section, navigate to Events & Presentations, and click on the

Webcast. A replay will be available through November 29, 2024, on the same website by webcast and also by phone at (888) 282-0031.

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 65 years. With approximately 7,500

employees worldwide, Waters operates directly in 35 countries, including 15 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 rates, adjusted operating income, adjusted net income, adjusted

earnings per diluted share and 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 as well as other new or changed domestic and foreign laws, regulations and policies; changes in inflation and interest rates; the impacts

and costs of war, in particular as a result of the ongoing conflicts 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; risks related to the effects of any

pandemic on our business, financial condition, results of operations and prospects; 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, including workforce reductions and organizational restructurings; 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 achieving the anticipated financial results and operational synergies; 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, 2023, 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 March 30, 2024 and June 29, 2024, 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 September 28, 2024 and September 30, 2023

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

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

Nine Months Ended September 28, 2024 and September 30, 2023

Waters Corporation and Subsidiaries