Category: 3. Business

  • Kirkland Advises GBL on Acquisition of Stake in Rayner | News

    Kirkland & Ellis is advising Groupe Bruxelles Lambert (GBL) on signing definitive agreements to acquire a 45% co-control stake in Rayner, a leading manufacturer of intraocular lenses and related products. GBL will invest ~€0.5 billion of equity alongside incumbent shareholders CVC and the Rayner management team.

    Read GBL’s press release

    The Kirkland team includes corporate lawyers Vincent Bergin, Adrian Maguire and Carmella Crinnion; debt finance lawyer Evgeny Zborovsky; and tax lawyer Peter Abbott. 

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  • Revolutionizing the Industrial Base: South Korea’s AI Integration in Manufacturing – Stimson Center

    1. Revolutionizing the Industrial Base: South Korea’s AI Integration in Manufacturing  Stimson Center
    2. “What Does the Robot Industry Need Most?” This Book Argues Korea Has Both  매일경제
    3. Changwon University, Ministry Partner on Manufacturing AX  조선일보
    4. Ministry Of Science And ICT Reviews Physical AI Outcomes In Gyeongnam  아시아경제
    5. Korea SMEs startups agency partners with industry for AI training  Tech in Asia

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  • AI chatbots give inaccurate medical advice says Oxford Uni study – BBC

    AI chatbots give inaccurate medical advice says Oxford Uni study – BBC

    1. AI chatbots give inaccurate medical advice says Oxford Uni study  BBC
    2. AI no better than other methods for patients seeking medical advice, study shows  marketscreener.com
    3. Chatbots Make Terrible Doctors, New Study Finds  404 Media
    4. Reliability of LLMs as medical assistants for the general public: a randomized preregistered study  Nature
    5. When patients ask AI first, with Amber Maraccini, Ph.D., M.A., of Medallia  Medical Economics

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  • Tissue-Free ctDNA and Outcomes in Patients With Colorectal Cancer Receiving FOLFOX-Based Adjuvant Therapy

    Tissue-Free ctDNA and Outcomes in Patients With Colorectal Cancer Receiving FOLFOX-Based Adjuvant Therapy

    By Matthew Stenger
    Posted: 2/9/2026 9:53:00 AM

    Last Updated: 2/9/2026 10:36:07 AM

    In a study reported in the Journal of Clinical Oncology, Sinicrope et al found that a tissue-free circulating tumor DNA (ctDNA) assay had strong prognostic value in patients receiving FOLFOX (fluorouracil, leucovorin, and oxaliplatin)-based adjuvant therapy for stage III colorectal cancer.

    Study Details

    The study used data from 2,260 evaluable patients with stage III disease receiving FOLFOX-based adjuvant therapy in the phase III Alliance N0147 trial. Plasma samples collected after surgery and before adjuvant FOLFOX alone or with cetuximab were assessed by tissue-free ctDNA assay. In ctDNA-positive patients, tumor fraction (TF) was quantified and genotyping was performed with a 739-gene panel.

    Key Findings

    Among the 2,260 patients, 461 (20.4%) were ctDNA-positive; significantly higher positivity rates were found among advanced T-/N-stage, high-grade, obstruction/perforation, and BRAF V600E–mutant tumors.

    At a median follow-up of 6.1 years, ctDNA positivity was independently associated (all P < .0001) with poorer time to recurrence (hazard ratio [HR] = 5.96, 95% confidence interval [CI] = 5.11–6.96), disease-free survival (HR = 5.03, 95% CI = 4.36–5.81), and overall survival (HR = 4.45, 95% CI = 3.76–5.27). For the ctDNA-positive group vs the ctDNA-negative group, 5-year disease-free survival was 27.7% vs 77.1 and 5-year overall survival was 50.4% vs 86.8%. The adverse prognostic impact of ctDNA positivity was greater in lower T/N stage, low-risk, and deficient mismatch repair subgroups (interaction P = .0012–.041).

    Among ctDNA-positive patients, TF was approximately twice that in those with recurrence or death (P = .0002), and TN-stratified patients for time to recurrence, disease-free survival, and overall survival (all adjusted P < .002). On genotyping, mutations in FLT1 (odds ratio [OR] = 8.99) and PREX2 (OR = 7.73) were the most strongly associated with recurrence (P < .03).

    The investigators concluded: “Evaluation of ctDNA in resected stage III [colorectal cancer] using a tissue-free assay provided robust and independent prognostic value. Higher ctDNA burden, [deficient mismatch repair], and specific mutations defined poor prognostic groups among ctDNA-positive patients.”

    Frank A. Sinicrope, MD, of the Department of Oncology, Mayo Clinic, Rochester, Minnesota, is the corresponding author for the Journal of Clinical Oncology article.

    DISCLOSURE: The study was supported by the Mayo Foundation for Research and Education and Guardant Health, Inc. For full disclosures of the study authors, visit ascopubs.org.

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  • Reworld™ Welcomes Mauro Gregorio to its Board of Directors

    Reworld™ Welcomes Mauro Gregorio to its Board of Directors

    FLORHAM PARK, N.J., Feb. 9, 2026 /PRNewswire/ — Reworld™, a leader in sustainable waste solutions, proudly announces the appointment of Mauro Gregorio to its Board of Directors. A longtime executive at Dow Inc. with extensive global leadership and board experience, Gregorio brings a proven track record of supporting growth, strengthening operations and creating long-term value within complex, asset-intensive industries.

    “With his extensive leadership background and keen understanding of customer needs across industrial value chains, Mauro will make a meaningful impact on our Board,” said Azeez Mohammed, President and CEO of Reworld™. “We are confident in Mauro’s ability to help us drive profitable growth while advancing the company’s long-term vision of sustainability and innovation.”

    Gregorio most recently served as President of Dow’s Performance Materials & Coatings division, with annual sales of approximately $10 billion, delivering material science solutions for infrastructure, transportation, renewable energy, electronics and consumer markets. Earlier in his career, Gregorio held several senior leadership roles spanning more than two decades, including President of Dow Consumer Solutions and Chief Executive Officer of Dow Silicone Corporation where he led the integration of Dow Corning following its acquisition by Dow Chemical.

    “Mauro has an impressive history of delivering performance improvements across a diverse set of businesses,” stated Howard Lance, Chairman of the Reworld™ Board of Directors. “He will provide important perspective to our Board and help Reworld™ continue to innovate and lead in the industry.”

    “I’m proud to join the Board of Directors at Reworld™,” said Gregorio. “I look forward to leveraging my experience to support the organization’s mission of driving smarter, more sustainable solutions that positively impact people and the environment.”

    In addition to his executive leadership background, Gregorio has served on the boards of several public and private companies, including Eagle Materials, Graham Corporation and Radius Recycling, one of North America’s largest manufacturers and exporters of recycled metal products.

    About Reworld™ Reworld™ is a leader in sustainable waste solutions, providing innovative and environmentally responsible services to a global community. Reworld™ is committed to advancing zero waste initiatives and supporting sustainability goals through state-of-the-art technologies that reimagine, reduce, reuse, recycle, recover and renew. For more information, visit www.reworldwaste.com.

    Media Contacts
    Linda Ribakusky
    [email protected]
    Coyne PR
    [email protected]  

    SOURCE Reworld Holding Corporation

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  • Nauticus Robotics™ Announces Strategic Investment and UAE Expansion with Master Investment Group

    Nauticus Robotics™ Announces Strategic Investment and UAE Expansion with Master Investment Group

    Up to $50 Million Strategic Investment to Establish Autonomous Robotics Manufacturing and Offshore Services Hub in the UAE

    HOUSTON, Feb. 9, 2026 /PRNewswire/ — Nauticus Robotics, Inc. (NASDAQ: KITT, “Nauticus”), a developer of autonomous subsea robotics and software solutions for offshore energy and industrial applications, today announced the signing of an agreement for a strategic investment of up to $50 million with Master Investment Group.

    The agreement contemplates an initial $3 million investment tranche for Nauticus’ UAE business unit startup activities, with additional capital available to support further expansion. The proposed investment is intended to fund the establishment of Nauticus’ first international manufacturing and offshore robotics services hub in the United Arab Emirates, accelerating global deployment of Nauticus’ Aquanaut® autonomous subsea robotic platform.

    ESTABLISHING A REGIONAL HUB FOR ADVANCED OFFSHORE ROBOTICS
    Under the proposed transaction, Nauticus plans to form a dedicated manufacturing, sales, and offshore services business unit in the UAE. Initial facility sites are already under evaluation. Master Investment Group is expected to fund facility development, workforce localization, and initial manufacturing capability, positioning the operation as a regional center for advanced subsea robotics.

    Nauticus has already initiated the formation of a local legal entity in the UAE and completed preliminary identification of a potential site for the planned facility. These early actions are intended to accelerate mobilization and reduce time to operational readiness following execution of definitive agreements.

    In addition, Master Investment Group has committed to support Nauticus in securing an initial Aquanaut® deployment contract within the region, leveraging its local relationships and market access to facilitate early commercial adoption of Nauticus’ autonomous subsea technology.

    Once operational, the facility is expected to support expanded production of the Aquanaut® platform, delivery of offshore robotic services across the Middle East and adjacent regions, and future deployment of additional Nauticus robotic and software technologies.

    STRATEGIC CAPITAL TO ACCELERATE COMMERCIALIZATION
    The proposed collaboration supports Nauticus’ strategy to scale manufacturing, expand international market access, and accelerate revenue-generating offshore services, while leveraging regional investment and infrastructure. For Master Investment Group, the partnership aligns with its objective of positioning the UAE as a regional leader in advanced robotics and industrial automation.

    By working together, Nauticus and Master Investment Group plan to bring local job creation, technology sharing, and alignment with national industrial strategies to the region.

    MANAGEMENT COMMENTARY
    Sheikh Abdulla Al Qassimi, Managing Director of Master Investment Group, stated, “We are excited to enter into this strategic relationship with Nauticus and to support the establishment of advanced autonomous robotics capabilities in the UAE. This initiative reflects our commitment to attracting world-class technology, building high-value industrial capacity, and positioning the UAE as a regional center for robotics, automation, and next-generation offshore services. We see significant long-term potential in this collaboration, not only for Nauticus’ growth, but for the development of local talent, innovation, and sustainable industrial infrastructure across the UAE.”

    John Gibson, President and CEO of Nauticus Robotics, commented, “This proposed investment represents a meaningful step forward in our global growth strategy. Establishing Aquanaut® manufacturing and offshore services in the UAE allows us to accelerate deployment, reduce delivery timelines, and better serve customers across international markets. Fleet expansion is fundamental to building the company, and this relationship represents an important first milestone toward that objective.”

    TRANSACTION STATUS
    The proposed transaction remains subject required third-party and governmental approvals. The parties anticipate initial operational capability in 2026, subject to final approvals.

    About Nauticus Robotics
    Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company’s business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus’ services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure. https://nauticusrobotics.com/

    About Master Investment Group
    Master Investment Group is a regional investment company headquartered in United Arab Emirates (UAE) offering its clients integrated investment solutions in different kinds of businesses and services. Master Investment Group was established to create a portfolio of investments in various industry sectors to generate a long-term wealth enhancement to the economic field and developments. Through Master Investment Group’s investment strategy, communities are developed that will fit international standards and multinational culture. Master Investment Group will accomplish its mission and goals to satisfy the economic industry and its community by developing activities across the UAE and internationally. https://www.miguae.com/

    Cautionary Language Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus’ products; estimated operating results and use of cash; and Nauticus’ use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or “continue” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”) for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Nauticus’ Annual Report on Form 10-K filed with the SEC on April 15, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the SEC from time to time. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

    SOURCE Nauticus Robotics, Inc.

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  • China’s Green-Tech Push in Latin America Is Gaining Traction

    China’s Green-Tech Push in Latin America Is Gaining Traction

    Reading Time: 4 minutes

    BEIJING—Despite Latin America’s evolving rightward political shift, China’s investments in green-tech sectors in the region are growing—and rapidly. The sale of what the Asian giant calls the “new three”—solar panels, lithium-ion batteries, and electric vehicles (EVs)—to countries across the hemisphere is surging, even as more traditional infrastructure projects have declined in recent years.

    Under its “Green Belt and Road” framework, China’s policy banks and state-owned enterprises (SOEs) have underwritten massive solar, wind, and hydroelectric projects across the region—as well as the power grids necessary to connect them to customers, thereby supporting the so-called energy transition. According to the Latin America and the Caribbean Academic Network on China (RedALC-China), between 2010 and 2024, China invested almost $34 billion in 70 renewable energy projects in the region. The scope extends from upstream mining of key resources such as lithium to downstream local manufacturing.

    The trend is likely to accelerate in the coming year, even as the U.S. seeks to displace China’s influence in the region and several countries have elected right-wing presidents in recent months. The three key forces driving China’s strategy are as present as ever: its domestic industrial overcapacity, its need for new markets, and its related stance on global supply chains.

    The scale of what China needs to offload is enormous. Consider one example: The world’s total installed electricity capacity from all forms of generation was about 10 terawatts in 2024, and today China can produce a terawatt’s worth of solar panels alone every year. These new peaks in Chinese supply are intersecting with Latin America’s growing demand for green tech, especially clean energy and EVs. In the region, as total spending on clean energy projects—renewables, grids, energy efficiency, and electrification—was projected to have reached $70 billion last year, the IEA projects that investments in the sector will exceed $110 billion by 2035, offering an even larger opportunity.

    As China and Chinese enterprises seek to capitalize on these opportunities, the best way for Latin America to realize the benefits of these investments will be to ensure that its institutions are prepared to manage potential downsides.

    What China sees

    While Chinese state-sponsored loans from China Development Bank and Ex-Im Bank to Latin America have fallen dramatically over the last 10 years, Chinese foreign direct investment (FDI) “has soared” across the developing world as Chinese firms gain experience overseas, according to Boston University’s Global Development Policy Center.

    For its part, Latin America is an attractive destination specifically for Chinese green tech investment. This stems from a range of factors. First, the region faces strong demand for clean energy expansion, public transit electrification, and industrial upgrades, but insufficient local capital often limits the capacity to meet these needs. Latin American markets also impose fewer geopolitical restrictions and less regulatory resistance on Chinese firms than those in Europe or the U.S.

    For China, investing in manufacturing, such as downstream battery and EV production, serves multiple goals. It enables Chinese companies to position themselves as job creators and industrial partners rather than simply as exporters or commodity importers, thereby enhancing political acceptance and consumer legitimacy. As China pursues the region’s globally significant reserves of strategic minerals such as lithium, copper, and nickel, downstream investment helps build the commercial and diplomatic relationships that ultimately facilitate securing access to upstream resources through mining. It also strengthens China’s control over the entire value chain, and helps Chinese firms avoid tariffs and satisfy local-content requirements that are increasingly common in Brazil, Mexico, and other markets.

    How Latin America can benefit

    For many countries in the region, Chinese engagement provides the resources and technical know-how to accelerate energy transitions and the adoption of new technologies. This is part of the broader Latin American aim of moving beyond commodity exports to advance up the value chain—in this case, as a “green engine” of sustainable growth.

    The growing footprint of Chinese carmaker BYD illustrates these trends. The company opened a massive new plant in Camacari, in Brazil’s Bahia state, in October. The factory, built on a former Ford site, is BYD’s biggest-ever investment outside of Asia, and is projected to create about 20,000 jobs—and safeguard its 74% market share in Brazil’s EV market. The company already had electric buses and battery facilities in Campinas, Brazil, and Antofagasta, Chile, and countries such as Colombia and Uruguay have made bulk purchases of BYD electric buses. For its part, Peru has been courting BYD with a plan to build industrial parks near the Chinese-built Chancay mega-port. In Brazil, Mexico, and Colombia, most EV sales are already Chinese imports, and in recent months, more than 80% of EV sales in Brazil have been Chinese.

    Meanwhile, due to China’s skyrocketing domestic production of solar and wind energy devices, Latin America will continue to receive competitive offers from Chinese companies to install generation capacity. In Argentina, the Chinese Ex-Im bank helped fund Latin America’s largest solar array, a massive 300-megawatt project built primarily by Chinese firms. Chinese companies have also built large wind farms in places like Coquimbo in Chile and northeast Brazil.

    Chinese enterprises also have an interest in resolving another critical bottleneck in the region. Many Latin American nations have ample renewable resources but lack the grid infrastructure to deliver that energy where it’s needed. According to CSIS, Chinese companies are stepping in to build that connective tissue. Chinese firms control all of Lima’s electricity distribution; two-thirds of that in Chile; and about 12% of electricity generation and distribution in Brazil.

    Avoiding pitfalls

    Dampening the optimism surrounding these projects, questions of governance, sustainability, and sovereignty persist. In several cases, large-scale Chinese-backed projects have sparked local opposition, revealing the tension between developmental promises and environmental or social costs.

    Ecuador’s Coca Codo Sinclair hydroelectric dam, the largest Chinese-led infrastructure project in the region to date, is a good example. Initially hailed as a symbol of green cooperation, the project was later riddled with reports of structural defects, cost overruns, and environmental degradation affecting local communities. Similarly, the Kirchner-Cepernic hydroelectric dams on Argentina’s Santa Cruz River, backed by Chinese funding, have faced legal and environmental scrutiny over potential harms to Patagonian ecosystems.

    The challenge ahead is to transform this engagement from a “project-based partnership” to a “governance-based partnership” where transparency, accountability, and local agency are as integral as investment flows. The Coca Codo Sinclair dam stands as a cautionary tale: Without inclusive and robust governance, such projects risk perpetuating extractive, top-down development patterns.

    China’s green-tech engagement with Latin America embodies both promise and peril. On one hand, it delivers much-needed patient capital, technology, and policy momentum for a region that has struggled to satisfy its demand for green investment. On the other, it brings the risk of unfavorable deals and ESG harms. The future of this engagement will hinge not on the quantity of investments, but on the quality of the institutions managing them.

    ABOUT THE AUTHOR

    Yanran Xu

    Reading Time: 4 minutesXu is an associate professor and the director of the Global Governance and International Affairs program at Renmin University of China.

    Tags: China and Latin America, green technology, renewable energy

    Like what you’ve read? Subscribe to AQ for more.

    Any opinions expressed in this piece do not necessarily reflect those of Americas Quarterly or its publishers.

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  • WAT) Reports Fourth Quarter and Full-Year 2025 Financial Results

    Highlights

    Fourth Quarter 2025

    • Sales of $932 million landed at the high-end of reported sales growth guidance range; grew 7% as reported and 6% in constant currency
    • Growth led by high single-digit constant currency growth in Pharma and Industrial end-markets, with broad-based growth across all regions
    • Chemistry grew 12% in constant currency as new bioseparations products continued to experience significant customer demand
    • Instruments grew 3% in constant currency, with high single-digit LC-MS growth partially offset by TA and transition to subscription model for Empower
    • GAAP EPS of $3.77; non-GAAP EPS of $4.53 grew double digits

    Full-Year 2025

    • Sales of $3,165 million grew 7% as reported and 7% in constant currency
    • Instruments grew 5% in constant currency, led by strong LC-MS growth
    • Recurring Revenue grew 8% in constant currency, led by 12% Chemistry growth
    • GAAP EPS of $10.76; non-GAAP EPS of $13.13 grew double digits

    MILFORD, Mass., Feb. 9, 2026 /PRNewswire/ — Waters Corporation (NYSE: WAT), today announced its financial results for the fourth quarter and full year 2025.

    Sales for the fourth quarter of 2025 were $932 million, an increase of 7% as reported and 6% in constant currency, compared to sales of $873 million for the fourth quarter of 2024.

    On a GAAP basis, diluted earnings per share (EPS) for the fourth quarter of 2025 were $3.77, compared to $3.88 for the fourth quarter of 2024. Non-GAAP EPS for the fourth quarter of 2025 grew 10% to $4.53, compared to $4.10 for the fourth quarter of 2024.

    “Our team delivered industry-leading results in 2025, achieving high single-digit revenue growth and double-digit adjusted EPS growth. We expect this momentum to continue into 2026, driven by strong execution of the multi-year instrument replacement cycle, continued contribution from pioneering innovation, and our Waters-specific idiosyncratic growth drivers,” said Udit Batra, Ph.D., President & Chief Executive Officer, Waters Corporation.

    “As we enter 2026, the addition of BD Biosciences and Diagnostic Solutions marks a transformative step forward for Waters. Today, we will close the transaction and are launching commercial excellence initiatives tied to instrument replacement, e-commerce, and service attachment that will build momentum and drive the first phase of our stated revenue synergies. Within the P&L, we also expect to make decisive progress towards realizing our stated cost synergies in the months ahead. Our starting 2026 guidance calls for an attractive 5.3% combined company sales growth at mid-point, with opportunity for outperformance as the year progresses.”

    Fourth Quarter 2025

    During the fourth quarter of 2025, sales into the pharmaceutical market increased 8% as reported and 7% in constant currency. Sales into the industrial market increased 8% as reported and in constant currency. Sales into the academic and government market decreased 2% as reported and 3% in constant currency.

    During the quarter, instrument system sales increased 3% as reported and in constant currency. Recurring revenues, which represent the combination of service and precision chemistries, increased 10% as reported and 9% in constant currency.

    Geographically, sales in Asia during the quarter increased 4% as reported and 11% in constant currency. Sales in the Americas increased 4% as reported and in constant currency. Sales in Europe increased 13% as reported and 4% in constant currency.

    Full-Year 2025

    Sales for the fiscal year 2025 were $3,165 million, an increase of 7% as reported and in constant currency, compared to sales of $2,958 million for fiscal year 2024.

    On a GAAP basis, EPS for fiscal year 2025 was $10.76 compared to $10.71 for fiscal year 2024. On a non-GAAP basis, EPS increased by 11% to $13.13 compared to $11.86 for fiscal year 2024.

    During the fiscal year 2025, sales into the pharmaceutical market increased 9% as reported and in constant currency. Sales into the industrial market increased 6% as reported and in constant currency. Sales into the academic and government market were flat as reported and decreased 1% in constant currency.

    During the year, instrument system sales increased 5% as reported and in constant currency. Recurring revenues, which represent the combination of service and precision chemistries, increased 8% as reported and in constant currency.

    Geographically, sales in Asia during the year increased 7% as reported and 13% in constant currency. Sales in the Americas increased 4% as reported and in constant currency. Sales in Europe increased 10% as reported and 5% 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 First Quarter 2026 Financial Guidance

    Full-Year 2026 Financial Guidance

    The Company expects full-year 2026 organic constant currency revenue growth to be in the range of +5.5% to +7.0%. Including the positive impact of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.355 billion to $3.405 billion.

    The Company expects an acquired business contribution in full-year 2026 of approximately $3.000 billion to reported revenue on an owned-period basis.

    Including the positive impact of expected revenue synergies, total Company revenue for full-year 2026 is expected to be in the range of $6.405 billion to $6.455 billion on a reported basis.

    The Company expects full-year 2026 non-GAAP EPS to be in the range of $14.30 to $14.50, which includes $0.10 cents of accretion versus the Company’s standalone non-GAAP EPS profile due to our combination with the Biosciences and Diagnostic Solutions business of Becton, Dickinson & Company. This represents year-over-year non-GAAP EPS growth of approximately +8.9% to +10.4% for full-year 2026.

    First Quarter 2026 Financial Guidance

    The Company expects first quarter 2026 organic constant currency revenue growth to be in the range of +7.0% to +9.0%. Including the positive impact of currency translation, first quarter 2026 organic reported revenue is expected to be in the range of $718 million to $731 million.

    The Company expects an acquired business contribution in the first quarter of 2026 of approximately $480 million to reported revenue on an owned-period basis.

    Total Company revenue for the first quarter of 2026 is expected to be in the range of $1.198 billion to $1.211 billion on a reported basis.

    The Company expects first quarter 2026 non-GAAP EPS to be in the range of $2.25 to $2.35, which reflects year-over-year growth of approximately +0.0% to +4.4%.

    Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year and first quarter.

    Conference Call Details

    Waters Corporation will webcast its fourth quarter 2025 financial results conference call today, February 9, 2026, at 8:30 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 at least March 9, 2026.

    About Waters Corporation

    Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving the life, materials, food, and environmental sciences for over 65 years. Our Company helps ensure the efficacy of medicines, the safety of food and the purity of water, and the quality and sustainability of products used every day. In over 100 countries, our 7,900+ passionate employees collaborate with customers in laboratories, manufacturing sites, and hospitals to accelerate the benefits of pioneering science.

    Non-GAAP Financial Measures

    This release contains financial measures, such as organic constant currency growth rates, constant currency growth rates and adjusted earnings per diluted share, 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 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. Definitions of the non-GAAP financial measures and reconciliations 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. Our actual 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 or uncertainties related to our acquisition of Becton, Dickinson and Company’s Biosciences and Diagnostic Solutions business, the impact of this acquisition on the Company’s business and future results, including unexpected costs, charges or expenses resulting from this acquisition as well as difficulties and delays in achieving expected revenue and cost synergies related to this acquisition, the increased indebtedness of the Company as a result of this acquisition, our future financial and operational performance, future economic and market conditions, including our expectations about the growth rates of certain markets, our strategic initiatives, including our instrument replacement initiatives, respond and adapt to changing global dynamics, including the potential impacts of tariffs and supply chain challenges, our ability to retain and attract customers in various geographies and market segments, our market size and growth opportunities, our competitive positioning, projected costs, technological capabilities and plans, and objectives of management, and other risk factors detailed from time to time in Waters’ reports filed with the Securities and Exchange Commission (“SEC”). 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, 2024, as filed with the SEC, which discussions are incorporated by reference in this release, as updated by the Company’s subsequent 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 statements.

    Waters Corporation and Subsidiaries

    Consolidated Statements of Operations

    (In thousands, except per share data)

    (Unaudited)
















    Three Months Ended


    Twelve Months Ended


    December 31,
    2025


    December 31,
    2024


    December 31,
    2025


    December 31,
    2024









    Net sales

    $        932,362


    $        872,714


    $     3,165,286


    $     2,958,387









    Costs and operating expenses:








    Cost of sales

    362,864


    348,516


    1,288,822


    1,200,201

    Selling and administrative expenses 

    240,007


    173,268


    830,374


    690,148

    Research and development expenses 

    46,898


    46,914


    195,711


    183,027

    Purchased intangibles amortization 

    12,077


    11,753


    47,791


    47,090

    Litigation provision




    11,568









    Operating income 

    270,516


    292,263


    802,588


    826,353









    Other income (expense), net

    2,283


    (843)


    3,061


    776

    Interest expense, net

    (8,618)


    (14,437)


    (50,771)


    (72,261)









    Income from operations before income taxes

    264,181


    276,983


    754,878


    754,868









    Provision for income taxes

    38,967


    45,585


    112,249


    117,034









    Net income

    $        225,214


    $        231,398


    $        642,629


    $        637,834

















    Net income per basic common share

    $              3.78


    $              3.90


    $            10.80


    $            10.75









    Weighted-average number of basic common shares

    59,546


    59,386


    59,509


    59,333

















    Net income per diluted common share

    $              3.77


    $              3.88


    $            10.76


    $            10.71









    Weighted-average number of diluted common shares and equivalents

    59,763


    59,645


    59,706


    59,552

    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, 2025 and December 31, 2024

    (In thousands)



























    Constant



    Three Months Ended


    Percent


    Impact of


    Currency



    December 31, 2025


    December 31, 2024


    Change


    Currency


    Growth Rate (a)














    NET SALES – OPERATING SEGMENTS


























    Waters


    $

    823,937


    $

    764,309


    8 %


    1 %


    7 %

    TA



    108,425



    108,405


    0 %


    0 %


    0 %














    Total


    $

    932,362


    $

    872,714


    7 %


    1 %


    6 %



























    NET SALES – PRODUCTS & SERVICES


























    Instruments


    $

    432,850


    $

    419,616


    3 %


    1 %


    3 %














    Service



    329,156



    301,844


    9 %


    1 %


    8 %

    Chemistry



    170,356



    151,254


    13 %


    1 %


    12 %

    Total Recurring



    499,512



    453,098


    10 %


    1 %


    9 %














    Total


    $

    932,362


    $

    872,714


    7 %


    1 %


    6 %



























    NET SALES – GEOGRAPHY


























    Asia


    $

    283,967


    $

    272,903


    4 %


    (7 %)


    11 %

    Americas



    332,424



    321,005


    4 %


    0 %


    4 %

    Europe



    315,971



    278,806


    13 %


    9 %


    4 %














    Total


    $

    932,362


    $

    872,714


    7 %


    1 %


    6 %



























    NET SALES – MARKETS


























    Pharmaceutical


    $

    540,567


    $

    498,807


    8 %


    1 %


    7 %

    Industrial



    284,465



    264,027


    8 %


    0 %


    8 %

    Academic & Government



    107,330



    109,880


    (2 %)


    1 %


    (3 %)














    Total


    $

    932,362


    $

    872,714


    7 %


    1 %


    6 %







    (a)

    The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.

    Waters Corporation and Subsidiaries


    Reconciliation of GAAP to Adjusted Non-GAAP


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


    Twelve Months Ended December 31, 2025 and December 31, 2024


    (In thousands)





























    Constant




    Twelve Months Ended


    Percent


    Impact of


    Currency




    December 31, 2025


    December 31, 2024


    Change


    Currency


    Growth Rate (a)
















    NET SALES – OPERATING SEGMENTS




























    Waters


    $

    2,813,446


    $

    2,604,421


    8 %


    0 %


    8 %


    TA



    351,840



    353,966


    (1 %)


    0 %


    (1 %)
















    Total


    $

    3,165,286


    $

    2,958,387


    7 %


    0 %


    7 %






























    NET SALES – PRODUCTS & SERVICES




























    Instruments


    $

    1,345,642


    $

    1,278,695


    5 %


    0 %


    5 %
















    Service



    1,188,186



    1,114,211


    7 %


    0 %


    7 %


    Chemistry



    631,458



    565,481


    12 %


    0 %


    12 %


    Total Recurring



    1,819,644



    1,679,692


    8 %


    0 %


    8 %
















    Total


    $

    3,165,286


    $

    2,958,387


    7 %


    0 %


    7 %






























    NET SALES – GEOGRAPHY




























    Asia


    $

    1,040,397


    $

    969,222


    7 %


    (5 %)


    13 %


    Americas



    1,161,513



    1,115,780


    4 %


    0 %


    4 %


    Europe



    963,376



    873,385


    10 %


    6 %


    5 %
















    Total


    $

    3,165,286


    $

    2,958,387


    7 %


    0 %


    7 %






























    NET SALES – MARKETS




























    Pharmaceutical


    $

    1,873,362


    $

    1,718,899


    9 %


    0 %


    9 %


    Industrial



    961,154



    908,486


    6 %


    0 %


    6 %


    Academic & Government



    330,770



    331,002


    0 %


    1 %


    (1 %)
















    Total


    $

    3,165,286


    $

    2,958,387


    7 %


    0 %


    7 %








    (a)

    The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.

    Waters Corporation and Subsidiaries

    Reconciliation of GAAP to Adjusted Non-GAAP Financials

    Three and Twelve Months Ended December 31, 2025 and December 31, 2024

    (In thousands, except per share data)























































    Income from
































    Operations














    Selling &



    Research &






    Operating



    Other



    Interest



    before



    Provision for






    Diluted





    Administrative



    Development



    Operating



    Income



    Income



    Expense,



    Income



    Income



    Net



    Earnings





    Expenses(a)



    Expenses



    Income



    Percentage



    (Expense)



    Net



    Taxes



    Taxes



    Income



    per Share

    Three Months Ended December 31, 2025































    GAAP


    $

    252,084


    $

    46,898


    $

    270,516



    29.0 %


    $

    2,283


    $

    (8,618)


    $

    264,181


    $

    38,967


    $

    225,214


    $

    3.77

    Adjustments:
































    Purchased intangibles amortization (b)



    (12,077)





    12,077



    1.3 %







    12,077



    2,930



    9,147



    0.15


    Restructuring costs and certain other items (c)



    (3,290)





    3,290



    0.4 %



    (2,398)





    892



    216



    676



    0.01


    ERP implementation and transformation costs (d)



    (5,777)





    5,777



    0.6 %







    5,777



    1,386



    4,391



    0.07


    Acquisition related costs (e)



    (39,975)



    3,204



    36,771



    3.9 %







    36,771



    6,589



    30,182



    0.51


    Financing Costs (h)













    1,518



    1,518



    364



    1,154



    0.02

    Adjusted Non-GAAP


    $

    190,965


    $

    50,102


    $

    328,431



    35.2 %


    $

    (115)


    $

    (7,100)


    $

    321,216


    $

    50,452


    $

    270,764


    $

    4.53

































    Three Months Ended December 31, 2024































    GAAP


    $

    185,021


    $

    46,914


    $

    292,263



    33.5 %


    $

    (843)


    $

    (14,437)


    $

    276,983


    $

    45,585


    $

    231,398


    $

    3.88

    Adjustments:
































    Purchased intangibles amortization (b)



    (11,753)





    11,753



    1.3 %







    11,753



    2,813



    8,940



    0.15


    Restructuring costs and certain other items (c)



    (1,480)





    1,480



    0.2 %







    1,480



    354



    1,126



    0.02


    ERP implementation and transformation costs (d)



    (1,346)





    1,346



    0.2 %







    1,346



    337



    1,009



    0.02


    Retention bonus obligation (g)



    (1,911)



    (636)



    2,547



    0.3 %







    2,547



    612



    1,935



    0.03

    Adjusted Non-GAAP


    $

    168,531


    $

    46,278


    $

    309,389



    35.5 %


    $

    (843)


    $

    (14,437)


    $

    294,109


    $

    49,701


    $

    244,408


    $

    4.10

































    Twelve Months Ended December 31, 2025































    GAAP


    $

    878,165


    $

    195,711


    $

    802,588



    25.4 %


    $

    3,061


    $

    (50,771)


    $

    754,878


    $

    112,249


    $

    642,629


    $

    10.76

    Adjustments:
































    Purchased intangibles amortization (b)



    (47,791)





    47,791



    1.5 %







    47,791



    11,476



    36,315



    0.61


    Restructuring costs and certain other items (c)



    (9,036)





    9,036



    0.3 %



    (2,398)





    6,638



    1,560



    5,078



    0.09


    ERP implementation and transformation costs (d)



    (19,588)





    19,588



    0.6 %







    19,588



    4,701



    14,887



    0.25


    Acquisition related costs (e)



    (81,068)



    (531)



    81,599



    2.6 %







    81,599



    11,318



    70,281



    1.18


    Retention bonus obligation (g)



    (2,864)



    (954)



    3,818



    0.1 %







    3,818



    916



    2,902



    0.05


    Financing Costs (h)













    15,578



    15,578



    3,738



    11,840



    0.20

    Adjusted Non-GAAP


    $

    717,818


    $

    194,226


    $

    964,420



    30.5 %


    $

    663


    $

    (35,193)


    $

    929,890


    $

    145,958


    $

    783,932


    $

    13.13

































    Twelve Months Ended December 31, 2024































    GAAP


    $

    748,806


    $

    183,027


    $

    826,353



    27.9 %


    $

    776


    $

    (72,261)


    $

    754,868


    $

    117,034


    $

    637,834


    $

    10.71

    Adjustments:
































    Purchased intangibles amortization (b)



    (47,090)





    47,090



    1.6 %







    47,090



    11,269



    35,821



    0.60


    Restructuring costs and certain other items (c)



    (12,160)





    12,160



    0.4 %







    12,160



    2,971



    9,189



    0.15


    ERP implementation and transformation costs (d)



    (1,346)





    1,346



    0.0 %







    1,346



    337



    1,009



    0.02


    Litigation provision and settlement (f)



    (11,568)





    11,568



    0.4 %







    11,568



    2,776



    8,792



    0.15


    Retention bonus obligation (g)



    (13,362)



    (4,453)



    17,815



    0.6 %







    17,815



    4,276



    13,539



    0.23

    Adjusted Non-GAAP


    $

    663,280


    $

    178,574


    $

    916,332



    31.0 %


    $

    776


    $

    (72,261)


    $

    844,847


    $

    138,663


    $

    706,184


    $

    11.86







    (a)

    Selling & administrative expenses include purchased intangibles amortization and litigation provisions and settlements.

    (b)

    The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time.

    (c)

    Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company.

    (d)

    ERP implementation and transformation costs represent costs related to the Company’s initiative to transition from its legacy enterprise resource planning (ERP) system to a new global ERP solution with a cloud-based infrastructure. These costs, which do not represent normal or future ongoing business expenses, are one-time, non-recurring costs related to the establishment of our new global ERP solution that were determined to be non-capitalizable in accordance with accounting standards.

    (e)

    Acquisition related costs include all incremental costs incurred to effect the business combination, such as advisory, legal, accounting, tax, valuation, other professional fees, and integration costs. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

    (f)

    Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly.

    (g)

    In connection with the Wyatt acquisition, the Company recognized a two-year retention bonus obligation that is contingent upon the employee’s providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

    (h)

    Financing costs relate to certain financing fees incurred by the Company to secure access to certain debt facilities in connection with the agreement Waters entered into to acquire the Biosciences and Diagnostics Solutions business of Becton, Dickinson & Company. The Company believes that these costs are not normal and do not represent future ongoing business expenses. 

    Waters Corporation and Subsidiaries

    Preliminary Condensed Unclassified Consolidated Balance Sheets

    (In thousands and unaudited)


















    December 31, 2025


    December 31, 2024






    Cash and cash equivalents


    $                587,831


    $                325,355

    Accounts receivable


    828,844


    733,365

    Inventories


    572,371


    477,261

    Property, plant and equipment, net


    642,046


    651,200

    Intangible assets, net


    558,179


    567,906

    Goodwill


    1,340,081


    1,295,720

    Other assets


    554,625


    502,988

       Total assets


    $             5,083,977


    $             4,553,795











    Notes payable and debt


    $             1,407,445


    $             1,626,488

    Other liabilities


    1,115,290


    1,098,800

       Total liabilities


    2,522,735


    2,725,288






    Total stockholders’ equity


    2,561,242


    1,828,507

       Total liabilities and stockholders’ equity


    $             5,083,977


    $             4,553,795

    Waters Corporation and Subsidiaries

    Preliminary Condensed Consolidated Statements of Cash Flows

    Three and Twelve Months Ended December 31, 2025 and December 31, 2024

    (In thousands and unaudited)

















    Three Months Ended



    Twelve Months Ended





    December 31, 2025


    December 31, 2024



    December 31, 2025


    December 31, 2024









    Cash flows from operating activities:










    Net income

    $                   225,214


    $                 231,398



    $                 642,629


    $                637,834


    Adjustments to reconcile net income to net












    cash provided by operating activities:











    Stock-based compensation

    14,502


    11,716



    54,127


    44,709



    Depreciation and amortization

    52,541


    48,575



    206,237


    191,825



    Change in operating assets and liabilities and other, net

    (127,704)


    (51,550)



    (250,438)


    (112,245)




    Net cash provided by operating activities

    164,553


    240,139



    652,555


    762,123













    Cash flows from investing activities:










    Additions to property, plant, equipment












    and software capitalization

    (38,973)


    (52,104)



    (112,745)


    (142,481)


    Business acquisitions, net of cash acquired




    (35,053)



    Investments in unaffiliated companies

    (6,000)




    (7,295)


    (1,489)


    Net change in investments


    (9)




    (53)


    Other cash flow from investing activities, net

    2,840




    2,840






    Net cash used in investing activities

    (42,133)


    (52,113)



    (152,253)


    (144,023)













    Cash flows from financing activities:










    Net change in debt

    (335)


    (200,000)



    (243,321)


    (730,000)


    Proceeds from stock plans

    5,169


    5,293



    20,790


    30,366


    Purchases of treasury shares

    (144)


    (66)



    (14,667)


    (13,541)


    Other cash flow from financing activities, net

    (1,354)


    1,195



    (7)


    16,500




    Net cash provided by (used in) financing activities

    3,336


    (193,578)



    (237,205)


    (696,675)













    Effect of exchange rate changes on cash and cash equivalents

    2,957


    (541)



    (621)


    7,920




    Increase (decrease) in cash and cash equivalents

    128,713


    (6,093)



    262,476


    (70,655)













    Cash and cash equivalents at beginning of period

    459,118


    330,514



    325,355


    395,076




    Cash and cash equivalents at end of period

    $                   587,831


    $                 324,421



    $                 587,831


    $                324,421

















































    Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a)





































    Net cash provided by operating activities – GAAP

    $                   164,553


    $                 240,139



    $                 652,555


    $                762,123














    Adjustments:











    Additions to property, plant, equipment












    and software capitalization

    (38,973)


    (52,104)



    (112,745)


    (142,481)



    Tax reform payments




    120,006


    95,645



    Litigation settlements (received) paid, net

    (375)




    (2,625)


    9,250



    Payment of Wyatt retention bonus obligation (b)




    20,127


    19,770

    Free Cash Flow – Adjusted Non-GAAP

    $                   125,205


    $                 188,035



    $                 677,318


    $                744,307







    (a)

    The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies.

    (b)

    During the twelve months ended December 31, 2025 and 2024, the Company made retention payments under the Wyatt retention bonus program. The Company believes that these payments are not normal and do not represent future ongoing business expenses.

    Waters Corporation and Subsidiaries

    Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook

    (In millions, except per share data)
























    Twelve Months Ended


    Three Months Ended




    December 31, 2026


    April 4, 2026




    Range


    Range

    Projected revenue



















    Reported revenue


    $  6,405

    $  6,455


    $  1,198

    $  1,211

    Impact of:










    Acquired business contribution


    $  3,000

    $  3,000


    $     480

    $     480


    Revenue synergies


    $       50

    $       50


    $          –

    $          –

    Organic reported revenue


    $  3,355

    $  3,405


    $     718

    $     731

    Organic reported revenue growth


    6.0 %

    7.5 %


    8.5 %

    10.5 %

    Currency translation impact


    0.5 %

    0.5 %


    1.5 %

    1.5 %

    Organic constant currency revenue growth (a)


    5.5 %

    7.0 %


    7.0 %

    9.0 %














    Range


    Range

    Projected Earnings Per Diluted Share



















    GAAP earnings per diluted share


    $    6.63

    $    6.83


    $    0.05

    $    0.15

    Adjustments:










    Purchased intangibles amortization 

    $    5.24

    $    5.24


    $    1.05

    $    1.05


    ERP implementation and transformation costs 

    $    0.14

    $    0.14


    $    0.06

    $    0.06


    Acquisition related costs

    $    0.45

    $    0.45


    $    0.45

    $    0.45


    Amortization of acquisition-related inventory fair value step-up

    $    1.84

    $    1.84


    $    0.64

    $    0.64

    Adjusted non-GAAP earnings per diluted share

    $  14.30

    $  14.50


    $    2.25

    $    2.35



    (a)

    Organic constant currency growth rates are a non-GAAP financial measure that measures the change in net revenue between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical revenue in local currency, as well as an assessment of market conditions as of the date of this press release, and may differ significantly from actual results.



    These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance.

    Contact: Caspar Tudor, Head of Investor Relations – (508) 482-3448

    SOURCE Waters Corporation

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  • Mandatory ACD Requirement for Imports into Sudan

    The Sudanese Customs Authority has announced a mandatory Advance Cargo Declaration (ACD) requirement applicable to all shipments destined for Sudan, effective for vessels sailing on or after 01 January 2026.

    To ensure smooth cargo movement and avoid delays, please review the updated Advance Cargo Declaration (ACD) process outlined below.

    These requirements apply to all below mentioned shipments destined Imports into Sudan

    • Import
    • Transshipment
    • In-Transit

    ACD FORMAT: ACD Number Format: ACDSD2026XXXXXX

    Note – Customers must submit the ACD reference number before cargo is loaded at the initial load port

    Customer guidance for obtaining the Sudan ACD reference number

    1. Register: Log into the official ACD Sudan portal.
    2. Submit Documents: Upload required documents to receive a draft ACD.
    3. Validate: Pay fees to receive the final validated certificate.
    4. Finalize BOL: Ensure the 15-digit ACD number is clearly printed on the final Bill of Lading.

    Documents Required for ACD Draft & Reference number.

    Shippers, exporters, or freight forwarders are required to upload the following documents on the ACD platform: ACD Sudan portal.

    • Draft Bill of Lading
    • Commercial Invoice
    • Freight Invoice
    • Certificate of Origin
    • Packing List

    Non Compliance

    Failure to comply with the Advance Cargo Declaration requirements may expose the import customer to customs imposed fines due to ACD non compliance.

    We understand that this may require some adjustments on your part, and we are here to support you through this transition. Our team is available to assist you with any questions or concerns you may have. Please contact local-information for further details or support. We thank you for your business and look forward to continuing to serve your global transportation needs.

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