Waters Corporation's President and CEO, Dr. Udit Batra, presented at the 43rd Annual J.P. Morgan Healthcare Conference on January 13, 2025, highlighting the company's strong business model in attractive regulated markets. Waters serves critical needs across Pharma, Clinical, Food & Environment, Materials, and Academic & Government sectors.
The company emphasized a $12 billion core Total Addressable Market (TAM) with a projected 4-6% long-term market growth rate, expanding to a $19 billion serviceable TAM when including higher-growth adjacencies. Waters' liquid chromatography, mass spectrometry, and precision chemistry offerings are key drivers, supported by a dedicated service team and a 170,000+ installed base.
Waters also noted that its Empower software is used for submitting data for approximately 80% of novel drugs to regulatory authorities like the FDA, EMA, and China NMPA in 2023. The company's downstream presence in high-volume, regulated applications contributes to sales recurrence and industry-leading profitability, with a 30.7% adjusted operating margin and 59.7% gross margin on a trailing twelve-month basis as of Q3 2024.
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