Waters Corp (WAT) 2024 Q4 法說會逐字稿

Welcome to the Waters Cooperation fourth-quarter 2024 financial results conference call. (Operator Instructions) This call is being recorded. If you have any objections, please disconnect at this time.

歡迎參加 Waters Cooperation 2024 年第四季財務業績電話會議。（操作員指示）此通話正在錄音。如果您有任何異議，請立即斷開連接。

It is now my pleasure to turn the call over to Mr. Caspar Tudor, Head of Investor Relations. Please go ahead, sir.

現在我很高興將電話轉給投資者關係主管 Caspar Tudor 先生。先生，請繼續。

Thank you, Danny. Good morning, everyone, and welcome to the Waters Corporation fourth quarter earnings call. Today, I'm joined by Dr. Udi Batra, Waters President and Chief Executive Officer; and Amol Chaubal, Water's Senior Vice President and Chief Financial Officer.

謝謝你，丹尼。大家早上好，歡迎參加 Waters Corporation 第四季財報電話會議。今天，與我一起出席的還有 Waters 總裁兼執行長 Udi Batra 博士；以及 Water 公司資深副總裁兼財務長 Amol Chaubal。

Before we begin, I will cover the cautionary language. In this conference call, we'll make forward-looking statements regarding future events or future financial performance of the company. We will provide guidance regarding possible future results as well as commentary on potential market and business conditions that may impact Waters Corporation over the first quarter of 2025 and full-year 2025.

在我們開始之前，我將先講一些警告性的話。在本次電話會議中，我們將對公司未來事件或未來財務表現做出前瞻性陳述。我們將就未來可能的結果提供指導，並對可能在 2025 年第一季和 2025 年全年影響 Waters Corporation 的潛在市場和商業狀況進行評論。

These statements are only our present expectations and actual events or results may differ materially. Please see the risk factors included within our Form 10-K, our Form 10-Qs, and the cautionary language included in this morning's earnings release.

這些陳述僅代表我們目前的預期，實際事件或結果可能有重大差異。請參閱我們的 10-K 表和 10-Q 表中包含的風險因素以及今天早上的收益報告中包含的警告性語言。

During today's call, we will refer to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are attached to our earnings release and in the appendix of the slide presentation accompanying today's call.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。與最直接可比較的 GAAP 指標的對帳表已附在我們的收益報告中以及今天電話會議幻燈片演示的附錄中。

Both are available on the Investor Relations section of our website. Unless stated otherwise, references to quarterly results increasing or decreasing are in comparison to the fourth quarter of fiscal-year 2023. In addition, unless stated otherwise, all year-over-year revenue growth rates and ranges given on today's call are on a comparable organic constant currency basis.

上述資訊均可在我們網站的「投資者關係」部分查閱。除非另有說明，否則季度業績的增加或減少均與 2023 財年第四季相比。此外，除非另有說明，今天電話會議上給出的所有同比收入增長率和範圍均基於可比較的有機固定貨幣基礎。

Finally, we do not intend to update our guidance, predictions, or projections, except as part of a regularly scheduled earnings release or as otherwise required by law. Now, I'd like to hand the call over to Udit to deliver our key remarks, a more we'll then present a more detailed overview of our results and guidance, and then after, we'll open the phone lines for questions. Over to you, Udit.

最後，我們不打算更新我們的指導、預測或預計，除非作為定期收益發布的一部分或法律另有要求。現在，我想將電話交給 Udit 來發表我們的關鍵評論，然後我們將更詳細地概述我們的結果和指導，然後我們將開通電話熱線來回答問題。交給你了，Udit。

Thank you, Caspar, and good morning, everyone. We delivered an excellent finish to 2024 in the fourth quarter, achieving high single digit constant currency revenue growth and low-teens adjusted EPS growth. In Pharma, which is our largest end market, sales grew low double digits.

謝謝你，卡斯帕，大家早安。我們在第四季度為 2024 年取得了出色的成績，實現了高個位數的恆定貨幣收入增長和低十位數的調整後每股收益增長。在我們最大的終端市場製藥領域，銷售額實現了低兩位數的成長。

Before diving into the details, I want to thank my colleagues at Waters for their resilience, innovative spirit, and collaboration. This fuels our strong sales performance and operational achievements as we accelerate the benefits of pioneering science.

在深入探討細節之前，我想感謝 Waters 的同事們的堅韌、創新和協作精神。隨著我們加速發揮先鋒科學的優勢，這推動了我們強勁的銷售業績和營運成就。

Throughout the year, our message has remained clear and consistent. We are executing well in an analytical instruments and systems market that is beginning its recovery.

在這一年中，我們的訊息始終清晰而一致。我們在剛開始復甦的分析儀器和系統市場中表現良好。

The innovation in our revitalized portfolio is well aligned with customer unmet needs at a time when instruments are ripe for replacement. Our focus and leadership position in downstream high volume life science applications has earned us a unique exposure to an exciting mix of fast growing high volume testing opportunities. This includes GLP-1 testing, PFAS testing, and the genetics market in India.

當儀器需要更換時，我們重新煥發活力的產品組合中的創新與客戶尚未滿足的需求非常契合。我們對下游大容量生命科學應用的關注和領導地位，為我們帶來了獨特的機會，讓我們能夠接觸到快速成長的大容量測試機會。這包括 GLP-1 測試、PFAS 測試和印度的遺傳學市場。

Today, I'm pleased to share the latest proof points that demonstrate our favorable position right at a time when a recovery in customer CapEx spending and instrument replacement is beginning to kick into gear. I expect the strength and momentum to continue into 2025, and we will cover this later in the call. Turning now to our results, in the fourth quarter, sales grew 6.4% as reported and 8% in constant currency.

今天，我很高興與大家分享最新的證據，證明我們在客戶資本支出和儀器更換開始復甦之際佔據有利地位。我預計這種實力和勢頭將持續到 2025 年，我們將在稍後的電話會議中討論這一點。現在來看看我們的業績，第四季度，銷售額按報告計算增長了 6.4%，按固定匯率計算增長了 8%。

Sales exceeded the high end of our guidance range as growth accelerated across all our three reported regions. Instruments grew 8%, outpacing our expectations as LC mass pack, light scattering, and TA system sales each grew high single digits or better.

由於我們報告的三個地區的成長均加速，銷售額超過了我們預期範圍的高端。儀器銷售額成長 8%，超出了我們的預期，因為液相層析品質套件、光散射和熱分析系統的銷售額均實現了高個位數或更高的成長。

Recurring revenues grew 9%, also marking an improvement from the previous quarter with chemistry and service, both up high single digits. We continue to build momentum, delivering a high-teens quarter-over-quarter revenue ramp while funnel activity remains strong.

經常性收入成長了 9%，也比上一季有所改善，其中化學和服務收入均實現了高個位數的成長。我們持續保持良好勢頭，營收季增高達 10% 以上，同時通路活動依然強勁。

We also achieved outstanding results within our P&L. With our sustained focus on operational excellence, our non-GAAP earnings per share was $4.10 reflecting 13% EPS growth. Excluding the impact of FX, our adjusted EPS grew 22%. On a GAAP basis, EPS was $3.88.

我們的損益表也取得了優異的成績。由於我們持續注重卓越運營，我們的非 GAAP 每股收益為 4.10 美元，反映了 13% 的每股收益成長。除去外匯的影響，我們的調整後每股盈餘成長了 22%。根據 GAAP 基礎，每股收益為 3.88 美元。

Turning now to the full year, sales were flat as reported, and in organic constant currency, as our quarterly growth performance improved every quarter. Recurring revenue grew 6%, once again, underscoring the unique resilience of our recurring portfolio across various market conditions. With a strong EPS result in Q4, our full year non-GAAP earnings per fully diluted share was $11.86.

現在回顧全年，銷售額與報告持平，並以有機固定匯率計算，因為我們的季度成長業績每季都在提高。經常性收入成長了 6%，再次凸顯了我們的經常性投資組合在各種市場條件下的獨特韌性。由於第四季每股收益強勁，我們全年非 GAAP 每股攤薄收益為 11.86 美元。

This reflects 1% growth and includes a 5% decline due to foreign exchange headwinds. On a GAAP basis, EPS was $10.71 per share. Breaking out our results in more detail.

這反映了 1% 的成長，其中包括由於外匯逆風導致的 5% 的下降。根據 GAAP 基礎，每股收益為 10.71 美元。更詳細地闡述我們的結果。

We saw strong broad-based growth in the fourth quarter. Strength was led by our pharma and academic end markets, both of which grew double digits. In pharma, sales grew 10%, led by low double digit growth in Europe and Asia and high single digit growth in the Americas. In particular, spending amongst large pharma, contract manufacturing organizations, and generics customers continued to recover, where our revenue is tied to high volume regulated QA/QC applications.

我們在第四季度看到了強勁的全面成長。我們的製藥和學術終端市場表現強勁，均實現了兩位數的成長。在製藥領域，銷售額成長了 10%，其中歐洲和亞洲的低兩位數成長以及美洲的高個位數成長最為顯著。特別是大型製藥公司、合約製造組織和仿製藥客戶的支出持續恢復，我們的收入與大量受監管的 QA/QC 應用息息相關。

In our non-farmer segments, sales grew 6%, led by low double digit growth in Europe, mid-single digit growth in Asia, and low single digit growth in the Americas. We saw strong growth in the A&G segment across Asia, including China, Japan, and India, as well as in Europe. By geography, Europe grew 11%, Asia 9%, America 6%. In China, overall sales returned to positive growth in China and was up low single digits.

在我們的非農民領域，銷售額成長了 6%，其中歐洲成長了 10%，亞洲成長了 15%，美洲成長了 10%。我們看到亞洲（包括中國、日本、印度）和歐洲的 A&G 領域實現了強勁成長。從地理來看，歐洲成長了 11%，亞洲成長了 9%，美洲成長了 6%。在中國，整體銷售額恢復正成長，且實現了低個位數成長。

Although -- altogether these results reflect excellent momentum into the year end, I would now like to share more in depth commentary on what drove our strong performance.

儘管——總的來說，這些結果反映了年末的良好勢頭，但我現在想更深入地評論我們強勁表現的推動因素。

With our commercial focus and disciplined execution, we continue to deliver impressive outcomes driving like for like pricing gains. We also capitalized on the success of our new product launches, achieved strong placement of our new flagship products that command a price premium due to their unmatched benefits in solving customer unmet needs.

憑藉我們的商業重點和嚴格的執行，我們繼續取得令人矚目的成果並推動同類價格上漲。我們也利用新產品發布的成功，實現了新旗艦產品的強勢定位，由於其在解決客戶未滿足的需求方面具有無與倫比的優勢，因此具有溢價優勢。

Within LC, Alliance iS has paved the way for smarter, more capable liquid chromatography separation that minimizes user errors. In the fourth quarter, sales more than doubled quarter over quarter. Alliance iS constituted 20% of our HPLC revenue in the fourth quarter after adoption continued to scale throughout the year.

在液相層析領域，Alliance iS 為更聰明、更強大的液相層析分離鋪平了道路，最大限度地減少了用戶錯誤。第四季度，銷售額較上季成長一倍以上。在全年持續擴大採用範圍後，Alliance iS 在第四季度佔據了我們 HPLC 收入的 20%。

Within Mass Spec, The Xevo TQ Absolute system remained our best-selling Mass Spectrometer with its market leading sensitivity and sustainable design. In the fourth quarter, unit sales grew 40% year over year and constituted 50% of our Tandem Quad revenue.

在質譜領域，Xevo TQ Absolute 系統憑藉其市場領先的靈敏度和可持續的設計仍然是我們最暢銷的質譜儀。第四季度，單位銷售額年增 40%，占我們 Tandem Quad 營收的 50%。

As a reminder, Tandem Quad are the most suitable mass specs for high volume quantitative measurements in compliant settings.

提醒一下，Tandem Quad 是合規環境下進行大容量定量測量最適合的質譜。

The Xevo TQ absolute has been a key driver of the strong results we've achieved in PFAS testing and in clinical applications. Our PFAS revenue grew over 40% in the fourth quarter and for the year. PFAS testing is a 400 million global market growing at 20% annually, so this represents growth at approximately twice the market for the second consecutive year.

Xevo TQ absolute 是我們在 PFAS 測試和臨床應用方面取得強勁成果的關鍵驅動因素。我們的 PFAS 收入在第四季度和全年增長了 40% 以上。PFAS 測試是一個規模達 4 億美元的全球市場，並且每年以 20% 的速度成長，這意味著連續第二年市場成長率將達到約兩倍。

For clinical, total clinical revenue grew low-teens in the quarter, driven in part by strong sales of the IVD version of the Xevo TQ absolute. Within our chemistry consumables business, our newer column launches aimed at separating larger, more complex molecules like biologics and novel modalities continue to perform ahead of expectations.

就臨床而言，本季臨床總收入成長了百分之十幾，部分原因是 Xevo TQ absolute 的 IVD 版本的強勁銷售。在我們的化學耗材業務中，我們新推出的旨在分離更大、更複雜的分子（如生物製劑和新模式）的色譜柱的表現繼續超出預期。

Max Premier columns sales grew over 30% in the quarter and over 40% for the year. The success of our new column launches, our exposure to higher growth, large molecule applications has risen. Large molecule applications are now approximately 40% of our pharma chemistry revenue and growing. Our service team has continued to make strides in increasing plan attachment. For the first time, over 50% of our active install base has a service plan in place.

Max Premier 色譜管柱的銷售量本季成長超過 30%，全年成長超過 40%。隨著我們新專欄的成功發布，我們對更高成長、大分子應用的關注度也不斷提升。大分子應用目前約占我們醫藥化學收入的 40%，而且還在成長。我們的服務團隊在增加計劃附件方面不斷取得進展。我們的活躍安裝基數中首次有超過 50% 的用戶制定了服務計劃。

SDI recently recognized our service team for delivering the highest service satisfaction scores among all instrument vendors. At the same time, our Net Promoter Scores lead the industry according to technology and services industry associations.

SDI 最近對我們的服務團隊表示認可，因為其在所有儀器供應商中獲得了最高的服務滿意度分數。同時，根據技術和服務業協會的評價，我們的淨推薦值在業界處於領先地位。

During the quarter, our unique exposure to new, high-volume testing drivers also contributed to our growth. This includes novel therapeutic areas such as GLP-1 testing, PFAS testing applications in food and environmental testing and the expanding generic drug market -- generic stock market in India. All three represent a compelling growth opportunity for Waters based on our leadership position in downstream, high-volume life science applications.

在本季度，我們對新的、大容量測試驅動程式的獨特接觸也促進了我們的成長。這包括 GLP-1 測試、食品和環境測試中的 PFAS 測試應用以及不斷擴大的仿製藥市場（印度的仿製藥股票市場）等新治療領域。憑藉我們在下游大容量生命科學應用領域的領導地位，這三項技術都為沃特世帶來了極具吸引力的成長機會。

In 2024, we performed very well against our growth expectations in each of these areas. In the near to midterm, we continue to expect 30 basis points annual average growth accretion from both GLP-1 testing and PFAS testing, while India is expected to add 70 to 100 basis points to the growth.

2024年，我們在每個領域的表現都非常出色，超越了我們的成長預期。在近期至中期內，我們繼續預計 GLP-1 測試和 PFAS 測試的年平均成長率將達到 30 個基點，而印度預計將實現 70 至 100 個基點的成長。

Now, I will talk more about our operational performance. Our team faced numerous margin challenges throughout the year, including FX, inflation and the normalization of annual incentive compensation. Despite a rapid strengthening of the US dollar during the fourth quarter, our unwavering focus on operational excellence allowed us to counteract the currency headwinds. We achieved a 60 basis point increase in adjusted operating margin to 35.5% after absorbing 220 basis points of FX impact.

現在，我將進一步講一下我們的營運績效。我們的團隊全年面臨許多利潤挑戰，包括外匯、通貨膨脹和年度激勵薪酬的正常化。儘管第四季美元迅速走強，但我們對卓越營運的堅定關注使我們能夠抵消貨幣逆風。在吸收了 220 個基點的外匯影響後，我們實現了調整後營業利潤率增加 60 個基點至 35.5%。

Offsetting currency and macroeconomic headwinds is something our team has gotten very good at. For the full year, we achieved year over year adjusted operating margin expansion, closing the year at 31%. This is after absorbing 130 basis points of FX-related impact.

我們的團隊非常擅長抵銷貨幣和宏觀經濟逆風。就全年而言，我們實現了調整後營業利潤率同比擴大，年終達到 31%。這是在吸收了130個基點的外匯相關影響之後的結果。

As we look ahead, while no [to] macroeconomic environments are the same, instrument down cycles have historically been followed by an up cycle as a new instrument replacement cycle emerges. During these uptrends, instrument growth has typically been 2% to 3% higher than the long-term average of 5%.

展望未來，雖然每個宏觀經濟環境都不一樣，但從歷史上看，隨著新工具替換週期的出現，工具下行週期之後總是會出現上行週期。在這些上升趨勢中，儀器成長率通常比長期平均值 5% 高出 2% 至 3%。

Currently, our instrument growth sits at 2% on a five-year CAGR basis versus 2019. This comes after weak macroeconomic conditions put temporary constraints on customer CapEx spending for downstream instrumentation in recent years. The growth catch-up opportunity from this deferred instrument replacement is beginning to kick into gear.

目前，與 2019 年相比，我們的儀器成長率為 5 年複合年增長率為 2%。此前，近年來疲軟的宏觀經濟條件暫時限制了顧客對下游儀器的資本支出。此次延期儀器更換帶來的成長追趕機會已開始發揮作用。

Meanwhile, in the longer term, we expect the average growth rate of instruments to actually trend higher than the historical 5%, driven by higher volume trends, new application areas like large molecules and better pricing dynamics.

同時，從長期來看，我們預計，受銷售趨勢提升、大分子等新應用領域以及更好的定價動態的推動，儀器的平均成長率實際上將高於歷史的 5%。

Together, with the progress we have made in our high-growth adjacencies, Waters is well positioned for an exciting new era of growth as the analytical instrument market continues to recover. This also coincides with the launch of a new wave of commercial and value creation initiatives that we look forward to discussing in detail at our upcoming Investor Day.

加上我們在高成長領域所取得的進展，隨著分析儀器市場的持續復甦，沃特世已準備好迎接一個令人振奮的新增長時代。這也恰逢新一波商業和價值創造舉措的推出，我們期待在即將到來的投資者日上詳細討論這些舉措。

I will now cover the 2025 full-year guidance. Customer spending has shown steady signs of recovery in analytical instruments, particularly in the downstream, high-volume settings that we serve. We expect these positive trends to continue into 2025.

我現在將介紹 2025 年全年指引。客戶在分析儀器方面的支出已顯示出穩定復甦的跡象，特別是在我們服務的下游、大批量環境中。我們預計這些正面趨勢將持續到 2025 年。

Our team continues to execute well with our revitalized portfolio at a time when instrument replacement is beginning to pick up. Together, our resilient recurring revenue growth and the ongoing impact of our idiosyncratic growth drivers, we anticipate continuing our strong momentum into 2025. These dynamics support full-year 2025 constant currency sales growth guidance of 4.5% to 7%.

在儀器更換開始興起之際，我們的團隊繼續憑藉煥發活力的產品組合發揮良好作用。綜合考慮我們強勁的經常性收入成長和我們獨特成長動力的持續影響，我們預計我們的強勁勢頭將持續到 2025 年。這些動態支持 2025 年全年以固定匯率計算的銷售成長預期達到 4.5% 至 7%。

Within the P&L, the recent strengthening of the US dollar introduced additional foreign exchange headwinds. Nevertheless, we plan to counterbalance these impacts with robust operational performance, sustaining our margin expansion trends into 2025.

在損益表中，近期美元的走強帶來了額外的外匯阻力。儘管如此，我們計劃透過強勁的營運業績來抵消這些影響，並將我們的利潤率擴張趨勢維持到 2025 年。

This translates to a full-year 2025 earnings per fully diluted share guidance of $12.70 to $13. On a non-GAAP basis, this is a 7% to 10% growth versus our 2024 -- versus 2024, and includes an estimated headwind of approximately 4% due to unfavorable foreign exchange.

這意味著 2025 年全年每股攤薄收益預計為 12.70 美元至 13 美元。以非 GAAP 計算，與 2024 年相比，這一數字增長 7% 至 10%，其中包括由於不利的外匯因素而預計約 4% 的逆風。

Now, I will pass the call over to Amol to cover our financial results in more detail and provide further details on our guidance. Amol?

現在，我將把電話轉給 Amol，以更詳細地介紹我們的財務表現並提供有關我們的指導的更多詳細資訊。阿莫爾？

Thank you, Udit, and good morning, everyone. In the fourth quarter, we delivered a strong finish to the year. Sales of $873 million grew 6% as reported and 8% in constant currency as both instruments and recurring revenues grew high single digits.

謝謝你，Udit，大家早安。第四季度，我們為今年取得了強勁的成績。銷售額達 8.73 億美元，報告顯示成長 6%，以固定匯率計算成長 8%，因為儀器和經常性收入均實現了高個位數成長。

With our strong commercial execution and new product portfolio, we benefited from budget flush as overall sales ramped up $132 million or 18% quarter over quarter. This was meaningfully higher than the mid-teens ramp assumption in our guidance.

憑藉我們強大的商業執行力和新產品組合，我們受益於預算充裕，整體銷售額環比增長 1.32 億美元，增幅為 18%。這明顯高於我們指導中十幾歲時的成長假設。

In constant currency terms, by end market, Pharma grew 10%, Industrial grew 2% and Academic and Government grew 16%. In Pharma, sales grew 12% in Asia, 10% in Europe and 9% in Americas. Instrument sales grew high single digits, led by liquid chromatography as deferred customer spending continued its early stages of recovery.

以固定匯率計算，以終端市場劃分，製藥業成長 10%，工業成長 2%，學術和政府成長 16%。在製藥領域，亞洲的銷售額成長了 12%，歐洲成長了 10%，美洲成長了 9%。由於延期客戶支出持續處於復甦的早期階段，儀器銷售額呈現高個位數成長，其中液相層析銷售額領先。

In Industrial growth was led by our TA division, which also grew high single digits amidst strength in batteries, advanced materials and chemical testing. Within our Waters division, we continue to see strong growth in PFAS-related applications, which grew over 40% in the quarter.

工業成長由我們的技術援助部門引領，在電池、先進材料和化學測試領域的強勁成長帶動下，該部門也實現了高個位數成長。在我們的水務部門，我們繼續看到 PFAS 相關應用的強勁成長，本季成長了 40% 以上。

In Academic and Government, the strong performance was driven by 35% growth in Asia and 20% growth in Europe. Within Asia, growth was broad-based.

在學術和政府領域，強勁的表現得益於亞洲 35% 的成長和歐洲 20% 的成長。在亞洲，成長是普遍性的。

By geography, each of our three reported regions saw significant growth acceleration versus the prior quarter. Europe grew 11%, Asia grew 9% and Americas grew 6%, each with broad strength across our end markets. In China, sales returned to growth, up low single digits.

從地理位置來看，我們報告的三個地區與上一季相比均出現了顯著的成長加速。歐洲成長了 11%，亞洲成長了 9%，美洲成長了 6%，每個市場都在我們的終端市場上表現出色。在中國，銷售額恢復成長，增幅達個位數。

By products and services, Instruments grew 8%, reflecting broad strength across our instrument portfolio, including LC, Mass Spec, light scattering and TA. In recurring revenue, chemistry grew 7% and service grew 9%, as customer activity remained strong, with high utilization of our installed base. Our robust growth has been supported by our commercial initiatives in areas such as service plan attachment, e-commerce adoption and launch of our new bio separation columns.

按產品和服務劃分，儀器增長了 8%，反映了我們整個儀器產品組合的廣泛優勢，包括液相層析、質譜、光散射和熱分析。在經常性收入方面，化學業務成長了 7%，服務業務成長了 9%，因為客戶活動保持強勁，且我們的安裝基數利用率很高。我們的強勁成長得益於我們在服務計畫附件、電子商務採用和推出新型生物分離塔等領域的商業舉措。

Turning now to full-year results. Sales of $2.96 billion were flat as reported and flat in organic constant currency terms. By end market, Pharma grew 1%, Industrial was flat and Academic and Government declined 7%.

現在來談談全年業績。銷售額為 29.6 億美元，與報告持平，且以自然固定匯率計算也持平。以終端市場來看，製藥業成長 1%，工業業持平，學術和政府業下降 7%。

By geography, Europe grew 2%, while Americas and Asia both declined 1%. Asia ex China grew high single digits, while China declined low double digits as expected. By products and services, instrument growth rates recovered throughout the year and declined 7% overall. Recurring revenues grew 6%, reflecting the resilience of our chemistry consumables and service businesses.

從地理來看，歐洲成長了 2%，而美洲和亞洲均下降了 1%。中國以外的亞洲地區經濟呈現高個位數成長，而中國則如預期般呈現低兩位數下降。分產品與服務看，儀器儀表成長全年呈現恢復性成長，整體下降7%。經常性收入成長了 6%，反映了我們化學消耗品和服務業務的韌性。

Now I will comment on our fourth quarter and full-year non-GAAP financial performance versus last year. During the fourth quarter, the US dollar strengthened significantly. With our focus on operational excellence, including pricing, productivity and cost management, we were able to offset the impact. Gross margin was 60.1% for the quarter and 59.4% for the full year. Excluding FX, gross margin expanded 60 basis points and 80 basis points, respectively.

現在，我將對我們的第四季度和全年非 GAAP 財務業績與去年同期進行比較進行評論。第四季度，美元大幅走強。透過專注於卓越運營，包括定價、生產力和成本管理，我們能夠抵消影響。本季毛利率為60.1%，全年毛利率為59.4%。除去外匯因素，毛利率分別擴大了 60 個基點和 80 個基點。

For the quarter, adjusted operating margin expanded 60 basis points to 35.5%. For the full year, adjusted operating margin expanded to 31% after absorbing 130 basis points of adverse FX impact as well as the normalization of annual incentive compensation. As we look ahead, we are well positioned to continue our margin expansion journey through our productivity initiatives and take our profitability to new heights.

本季度，調整後的營業利潤率擴大 60 個基點至 35.5%。就全年而言，在吸收了 130 個基點的不利外匯影響以及年度激勵薪酬正常化後，調整後的營業利潤率擴大至 31%。展望未來，我們已做好準備，透過提高生產力的措施繼續擴大利潤率，並將獲利能力推向新的高度。

Together with better-than-expected sales volume, our strong operational performance drove 13% growth in non-GAAP earnings per fully diluted share to $4.10. This landed at the high end of our guidance range even with an FX headwind that was $0.23 greater than anticipated. On GAAP basis, EPS was $3.88. For the full year, non-GAAP EPS grew 1% to $11.86. This includes a decline of approximately 5% due to foreign exchange headwinds.

加上優於預期的銷售量，我們強勁的營運績效推動非公認會計準則每股攤薄收益成長 13%，達到 4.10 美元。即使外匯逆風比預期高出 0.23 美元，這一數字仍處於我們指導範圍的高端。根據 GAAP 基礎，每股收益為 3.88 美元。全年非公認會計準則每股收益成長 1% 至 11.86 美元。其中，因外匯逆風導致的下降約5%。

On a GAAP basis, EPS was $10.71. Our effective adjusted operating tax rate was 16.9% for the quarter and 16.4% for the full year. Our average share count was 59.6 million for the quarter and for the full year.

根據 GAAP 基礎，每股收益為 10.71 美元。我們本季的實際調整營業稅率為 16.9%，全年的實際調整營業稅率為 16.4%。本季和全年，我們的平均股票數量為 5,960 萬股。

Turning now to free cash flow, capital deployment and our balance sheet. We define free cash flow as cash from operations, less capital expenditures, and excludes special items. In the fourth quarter of 2024, free cash flow was $188 million after funding $52 million of capital expenditures, including the purchase of $13 million manufacturing facility in Colorado. For the full year, free cash flow was $744 million or 25% of sales, resulting in a free cash flow to adjusted net income conversion ratio of 105%.

現在來談談自由現金流、資本配置和我們的資產負債表。我們將自由現金流定義為經營活動產生的現金減去資本支出，但不包括特殊項目。2024 年第四季度，在支付了 5,200 萬美元的資本支出（包括購買科羅拉多州價值 1,300 萬美元的製造工廠）後，自由現金流為 1.88 億美元。全年自由現金流為 7.44 億美元，佔銷售額的 25%，導致自由現金流與調整後淨收入的轉換率為 105%。

With the strong free cash flow generation in our business model, we've made solid progress delivering our balance sheet, and our net debt position is now approaching [pre-wired] acquisition levels. In the fourth quarter, we reduced debt by approximately $200 million, resulting in approximately $900 million of debt repayments made in 2024. At the end of the quarter, our net debt position was approximately $1.3 billion, which is a net debt-to-EBITDA ratio of about 1.3 times.

憑藉我們業務模式中強勁的自由現金流，我們在實現資產負債表方面取得了穩步進展，我們的淨債務狀況現已接近[預先連接的]收購水平。第四季度，我們減少了約 2 億美元的債務，從而在 2024 年償還了約 9 億美元的債務。截至本季末，我們的淨負債狀況約為 13 億美元，淨負債與 EBITDA 比率約為 1.3 倍。

We maintain a strong balance sheet, access to liquidity and a well-structured debt maturity profile. This strength allows us to prioritize investing in growth. We continue to evaluate M&A opportunities that will enhance value creation for our shareholders. We'll also evaluate the resumption of our share repurchase program during the course of 2025.

我們維持強勁的資產負債表、流動性管道和結構良好的債務到期狀況。這一優勢使我們能夠優先投資於成長。我們將繼續評估能夠為股東創造更多價值的併購機會。我們也將評估 2025 年期間恢復股票回購計畫的情況。

Now, I would like to share further commentary on our 2025 outlook. Customer spending has shown steady signs of recovery in analytical instruments, particularly in downstream, high volume settings that we serve. We expect these positive trends to continue into 2025.

現在，我想分享我們對 2025 年展望的進一步評論。客戶在分析儀器方面的支出已顯示出穩定復甦的跡象，特別是在我們服務的下游、大批量環境中。我們預計這些正面趨勢將持續到 2025 年。

Our team is executing very well with our revitalized portfolio. Together with our resilient recurring revenue growth and supported by our ongoing impact of our idiosyncratic growth drivers, we anticipate achieving strong results again in 2025.

我們的團隊憑藉著煥發活力的投資組合，表現十分出色。憑藉我們強勁的經常性收入成長以及我們獨特成長動力的持續影響，我們預計 2025 年將再次取得強勁業績。

These dynamics support full year 2025 constant currency sales growth guidance of 4.5% to 7%. At current exchange rates, currency translation is expected to result in a negative impact of 2% on full-year sales. Therefore, our total reported sales growth guidance is approximately 2.5% to 5%.

這些動態支持 2025 年全年固定匯率銷售成長預期達到 4.5% 至 7%。以當前匯率計算，貨幣換算預計將對全年銷售額產生 2% 的負面影響。因此，我們報告的總銷售額成長預期約為 2.5% 至 5%。

Within the P&L, we plan to counterbalance the impact of foreign exchange headwinds through continued robust operational performance, sustaining our strong margin performance into 2025. We expect to deliver a gross margin of 59.6% and an adjusted operating margin of 31.2% for the full year. In both cases, this represents 20 basis points of net year-over-year expansion, net of 40 basis points of FX headwind.

在損益表中，我們計劃透過持續強勁的營運表現來抵銷外匯逆風的影響，並將強勁的利潤率業績維持到 2025 年。我們預計全年毛利率為59.6%，調整後營業利益率為31.2%。在兩種情況下，這都代表著同比淨擴張 20 個基點，扣除 40 個基點的外匯逆風。

We expect our full year net interest expense to be approximately $46 million. Our full year tax rate is expected to be largely consistent with 2024 levels at 16.5% as we anticipate mitigating the incremental effects of [Pillar 2] including those relating to Singapore. Our average diluted share count is expected to be approximately 59.3 million.

我們預計全年淨利息支出約為 4,600 萬美元。預計全年稅率將與 2024 年的水平基本一致，為 16.5%，因為我們預計將減輕 [支柱 2] 的增量效應，包括與新加坡相關的效應。我們的平均稀釋股數預計約為5930萬股。

Rolling all this together, on a non-GAAP basis, our full-year 2025 earnings per fully diluted share guidance is projected in the range of $12.70 to $13, which is approximately 7% to 10% growth, and includes an estimated headwind of approximately 4% due to unfavorable foreign exchange.

綜合所有這些因素，在非 GAAP 基礎上，我們預計 2025 年全年每股攤薄收益將在 12.70 美元至 13 美元之間，增長約 7% 至 10%，其中包括由於不利的外匯影響而預計約 4% 的逆風。

Looking to the first quarter of 2025, our constant currency sales growth guidance is projected in the range of 4% to 7%. At current rates, currency translation is expected to subtract approximately 3%. Therefore, our total first quarter reported sales growth guidance is 1% to 7% -- 1% to 4%.

展望 2025 年第一季度，我們預期以固定匯率計算的銷售成長將在 4% 至 7% 之間。以當前匯率計算，貨幣換算預計將減少約 3%。因此，我們報告的第一季總銷售額成長預期為 1% 至 7%——1% 至 4%。

The first quarter of 2025 has two fewer days than the first quarter of 2024. At the same time, the fourth quarter of 2024 had two additional days than the fourth quarter of 2023. Based on these dynamics, together with our 4% to 7% constant currency sales growth guidance and an expected 7 percentage points of currency headwind on earnings, first quarter non-GAAP earnings per fully diluted share is estimated to be in the range of $2.17 to $2.25.

2025 年第一季比 2024 年第一季少兩天。同時，2024 年第四季比 2023 年第四季多了兩天。基於這些動態，加上我們 4% 至 7% 的固定匯率銷售成長預期和預期 7 個百分點的貨幣逆風對收益的影響，第一季非 GAAP 每股完全攤薄收益預計在 2.17 美元至 2.25 美元之間。

Now, I would like to turn the call back to Udit for our closing comments. Udit?

現在，我想請 Udit 作最後發言。烏迪特？

Thank you, Amol. 2024 was a defining year for Waters. We delivered excellent sales and operational performance, capitalized on the momentum of our new product launches and saw a strong contribution from our idiosyncratic growth drivers. We also made continued progress in our high-growth adjacencies.

謝謝你，阿莫爾。 2024 年對 Waters 來說是決定性的一年。我們實現了出色的銷售和營運業績，充分利用了新產品發布的勢頭，並從我們獨特的成長動力中獲得了強勁貢獻。我們也在高成長領域取得了持續進展。

As we look to 2025, there is a lot to be excited about. We're coming out of the gate stronger than ever in market conditions that are beginning to recover. We are confident in our ability to deliver enhanced value for our shareholders.

展望 2025 年，有很多事情值得我們興奮。在市場環境開始復甦的情況下，我們表現得比以往更加強勁。我們有信心為股東創造更高的價值。

With that, I will turn the call back over to Caspar.

說完這些，我會把電話轉回給卡斯帕。

Thanks, Udit. That concludes our formal comments. Danny, we are now ready to open the phone lines for questions.

謝謝，Udit。我們的正式評論到此結束。丹尼，我們現在可以開通電話熱線來回答問題。

We will now begin the Q&A. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

All right, Tycho Peterson. Hey, So Udit, I'm wondering if you could talk a little more just on a couple of things. One, budget flush dynamics, to what to really thought you had pulled forward here with the new administration and quantify any budget flush impact?

好的，Tycho Peterson。嘿，Udit，我想知道你是否可以再談一些事情。第一，預算沖洗動態，您真正認為新政府在這方面取得了哪些進展，並量化預算沖洗的影響？

And then on replacement cycle, just talk a little bit about where we are in the process. You've talked in the past about customers bringing IT and procurement to the table. How widespread is it among your pharma customer base? And where do you think you go in terms of iS mix by the end of the year. I know you talked to it was 20% in the fourth quarter.

然後關於更換週期，稍微談談我們所處的流程。您過去曾經談到客戶將 IT 和採購帶到談判桌上。它在您的製藥客戶群中普及程度如何？您認為到今年年底您的 iS 組合將會達到什麼水準？我知道您說過第四季的成長率為 20%。

And then the follow-up is just capital allocation. You're down to 1.3 times leverage. What's the appetite to resume share repurchases versus look at M&A? And what's the appetite, if it's the latter for larger deals, what can you say about max leverage thresholds and appetite to issue stock? Thanks.

接下來就是資本配置。您的槓桿已降至 1.3 倍。與併購相比，恢復股票回購的興趣如何？那麼，如果後者對於更大規模的交易更感興趣，那麼您對最大槓桿門檻和發行股票的興趣又如何呢？謝謝。

Thank you, Tycho, and good morning again. Look, firstly, on the budget flush, 2024 was really almost a typical year. We saw a high-teens ramp from Q3 to Q4, and that was helped by the sales momentum that we saw at the end of the year. So rather a typical budget flush, if you want to call it that.

謝謝你，Tycho，早安。首先，就預算而言，2024 年實際上幾乎是一個典型的年份。我們看到從第三季到第四季的銷售額呈現高成長態勢，這得益於我們在年底看到的銷售勢頭。因此，如果你願意這麼稱呼的話，這更像是一次典型的預算沖洗。

Now to your question on the replacement cycle. Look, we finished the year extremely strong, right? So high single digit of instrument growth. And LC, as you mentioned, Alliance iS is now 20% of our HPLC sales, really, really solid performance. Pharma grew double digits to finish the year and driven by large pharma, where the replacement cycle has begun and the conversations, as I mentioned in the last quarter, are not quite widespread.

現在回答您關於更換週期的問題。瞧，我們以非常強勁的勢頭結束了這一年，對吧？儀器增長率如此之高。正如您所說，LC 和 Alliance iS 目前占我們 HPLC 銷售額的 20%，表現確實非常穩健。在大型製藥公司的推動下，製藥業在年底實現了兩位數的成長，這些公司的替代週期已經開始，但正如我在上個季度提到的那樣，對話還不是很普遍。

So the double-digit growth in pharma -- the pharma segment, driven by large pharma, initiating replacement, CDMOs which are also starting to see good momentum and, of course, continued good performance in India in the generics market.

因此，製藥業實現了兩位數成長——在大型製藥公司的推動下，製藥業開始進行替代，CDMO 也開始看到良好的勢頭，當然，印度仿製藥市場也繼續保持良好的表現。

And all of it as I mentioned earlier, is, of course, driven by our late-stage focus in QA/QC in manufacturing, where instruments are tied to instrument replacement is tied to sort of the usage and that scales with the volume.

正如我之前提到的，當然，所有這一切都是由我們在製造業 QA/QC 後期關注點所驅動的，其中儀器與儀器更換緊密相關，與使用情況緊密相關，並且隨著數量的增加而擴大。

And it's really helped in no small part due to our strong new portfolio, especially driven by Alliance iS in the HPLC space. So feel very good about where we stand on the instrument replacement cycle. And the funnels going into the year are very strong. So I expect really no change in what we are seeing from our customers.

這在很大程度上得益於我們強大的新產品組合，尤其是 HPLC 領域的 Alliance iS 的推動。因此，我們對儀器更換週期的現況感到非常滿意。今年的漏斗非常強勁。因此我預計我們的客戶表現不會有任何變化。

So, I'll hand over now to Amol to talk a bit about the capital allocation.

因此，現在我將交給 Amol 來談談資本配置問題。

Yeah. Look, I mean, we continue to look at assets that sort of align with our value acceleration goals. Clearly, we've said we don't mind going up to 2.5 times because we can deliver pretty quickly, as you've seen with Wyatt. And most critically, we want to be financially disciplined when we look at these targets and make sure sort of these assets are EPS accretive and create a good high single-digit ROIC at least by year five.

是的。看，我的意思是，我們繼續專注於與我們的價值加速目標相符的資產。顯然，我們表示我們不介意提高到 2.5 倍，因為我們可以非常快速地交付，正如您在 Wyatt 身上看到的那樣。最重要的是，我們在審視這些目標時要嚴守財務紀律，確保這些資產能夠增加每股收益，並且至少在第五年創造良好的高個位數投資回報率。

Thank you all.

謝謝大家。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Hi Udit, good morning and, thank you for taking my question. Congrats on a really nice print here. But maybe before I get to my questions, I just want to, maybe a small clarification. I would characterize Tycho as a friendly crazy scientist. I think it has a better ring to it. So, there you go, Tycho. I guess a few Udit on the guidance here, this 4.5% to 7%, It's best in class so far, right, relative to tools, some of your peers.

你好，Udit，早安，謝謝你回答我的問題。恭喜您創作了非常精美的印刷品。但也許在我提出問題之前，我只是想做一點澄清。我認為 Tycho 是一位友好的瘋狂科學家。我認為它聽起來更悅耳。那麼，你看，Tycho。我想這裡的一些 Udit 指導意見中，這個 4.5% 到 7% 是迄今為止同類中最好的，對吧，相對於工具、相對於你的一些同行。

How are you incorporating some of the macro-related risks, when you think about tariffs, perhaps NIH, spending cuts, perhapsrudential cuts to agencies like EPA, I'm just curious on how, that was based in the guidance and I had one follow up?

當您考慮關稅、或許是 NIH、削減開支、或許是 EPA 等機構的謹慎削減時，您是如何考慮一些宏觀相關風險的？ 我只是好奇，這是如何基於指導方針的，我進行了一次跟進？

Sure. So thanks, Vijay. I think as you start talking about sort of Tycho, I should also say, and I forgot to say it in the prepared remarks, go Eagles. We're big Eagles fans here. So I just wanted to insert that before answering your question.

當然。所以謝謝你，維傑。我想當你開始談論 Tycho 時，我也應該說，我忘了在準備好的演講中說了，加油老鷹隊。我們都是老鷹隊的忠實粉絲。因此，在回答你的問題之前，我只想插入這一點。

On the guidance itself, look, now we finished the year with high single-digit growth, right. And we saw strength in Pharma, double-digit growth in Pharma. We saw strength in A&G. New products, with the Alliance iS, now almost 20% of the total revenue in Q4 for HPLC, Xevo TQ absolute, now almost 50% of the total revenue in quantitative Mass Spec. New products are doing extremely well, and they're serving these idiosyncratic growth drivers, GLP-1s, PFAS testing, the India generics market. So it's a very good setup as we go into 2025. We expect the same sort of trends to continue.

就指引本身而言，你看，現在我們以高個位數的成長結束了這一年，對吧。我們看到了製藥業的實力，製藥業實現了兩位數的成長。我們看到了 A&G 的優勢。包括 Alliance iS 在內的新產品目前已占到第四季 HPLC 總收入的近 20%，而 Xevo TQ 絕對值已占到定量質譜總收入的近 50%。新產品表現非常出色，它們服務於這些特殊的成長動力、GLP-1、PFAS 測試和印度仿製藥市場。所以對於我們進入 2025 年來說，這是一個非常好的設定。我們預計同樣的趨勢將會持續下去。

Now, if you just look at the guidance, it's 4.5% to 7%. Recurring revenues have grown 6% to 7% through all sorts of macro cycles, right. So there's not much more evidence required there on what's going to happen there. So we -- let's assume that that's the higher end of the guidance.

現在，如果你只看指導意見，它是 4.5% 到 7%。在各種宏觀週期中，經常性收入都成長了 6% 到 7%，對吧。所以，不需要太多證據來證明那裡會發生什麼。因此我們假設這是指導的高端。

Then instruments need to grow roughly 4%, 4.5% for us to get to the midpoint of the guidance. Finishing the year of instruments at high single digits, with the replacement cycle really beginning in earnest across large pharma where we see really good strength.

然後，工具需要成長約 4%、4.5% 才能達到指引的中點。今年儀器銷售以高個位數結束，大型製藥公司的更換週期真正開始，我們看到了非常好的實力。

Funnels are very strong. I spent some time with our sales team across the global sales meetings are ongoing. And there's a lot of excitement with our new portfolio. There's a lot of excitement in the discussions that are taking place, especially with large pharma and the CDMOs. So feel very good about what we see in the funnels.

漏斗非常強大。我花了一些時間與我們遍布全球的銷售團隊一起參加正在進行的銷售會議。我們的新產品組合令人十分興奮。正在進行的討論非常令人興奮，尤其是與大型製藥公司和 CDMO 之間的討論。所以對於我們在漏斗中看到的情況感到非常滿意。

New products are gaining traction. So same sort of trends are moving into 2024. And there is no reason why we should not be able to meet and exceed the lower end of the guide with all the positive trends that we're seeing. So we've built a bit of prudence on the lower end of the guide at 4.5%. And we will start to get more constructive as the year progresses.

新產品正受到青睞。因此同樣的趨勢也將延續到 2024 年。我們看到了很多正面的趨勢，沒有理由不能達到甚至超過指南的下限。因此，我們對 4.5% 的指導下限採取了一些謹慎態度。隨著時間的推移，我們將開始變得更加富有建設性。

So I hope that gives you some flavor of what we're thinking about in the full year. So 4.5% in the lower end sort of measures -- has some measure of prudence and as we see any sort of headwinds, we should be able to more than combat it and meet the guidance.

所以我希望這能讓你了解我們對全年的想法。因此，4.5% 的下限措施具有一定程度的審慎性，當我們看到任何不利因素時，我們應該能夠更好地應對並達到預期目標。

That's helpful Udit. And maybe one a follow up on, when you think about the components of guidance, PFAS, GLP-1, are we still assuming, 30 basis points of contribution? How are you thinking about China, India within that guidance framework and pricing contribution?

這很有幫助，Udit。或許還有一個後續問題，當您考慮指導、PFAS、GLP-1 的組成部分時，我們是否仍假設 30 個基點的貢獻？您如何看待該指導框架和定價貢獻中的中國和印度？

Yeah, a big question. Let me try to address the idiosyncratic pieces, the GLP-1 and PFAS. First, GLP-1s, I mean we're going from strength to strength. As you know, we have 100% of our, call it, 100% share in the columns usage. We have a significant share in instrument usage, and we are the number one player in online testing for GLP-1.

是的，這是一個大問題。讓我嘗試解決 GLP-1 和 PFAS 這兩個特殊問題。首先，GLP-1，我的意思是我們的實力正在不斷增強。如您所知，我們在專欄使用率方面佔有 100% 的份額。我們在儀器使用方面佔有相當大的份額，並且我們是 GLP-1 線上測試的第一名。

So we do expect the 30 basis points to continue. We have good line of sight on it. PFAS testing, we finished the year with 60 basis points of contribution to the overall growth. But we're assuming for -- in the 2025 guidance, a 30 basis points accretion.

因此我們確實預期30個基點的漲幅將會持續。我們對此有良好的視線。經過 PFAS 測試，我們在全年對整體成長的貢獻達到了 60 個基點。但我們假設—在 2025 年的指引中，將增加 30 個基點。

So both of them are 30 plus 30. And India is -- has contributed over 100 basis points in 2024, finishing the year -- finishing Q4 at over 30% growth, right. For the full year, India on a constant currency basis was over 25% growth, right?

所以兩者均為 30 加 30。印度在 2024 年貢獻了超過 100 個基點，到年底第四季成長率超過 30%，對吧。以固定匯率計算，印度全年成長率超過 25%，對嗎？

So we've assumed India will be at least 70 to 100 basis points accretive to the growth going forward. China, we've sort of maintained our low single-digit posture there, right? So China, Q4, came in as expected. Low single-digit growth, a modest contribution from stimulus. We expect the same in 2025. So China could -- as the stimulus comes in, could give us a bit of an upside.

因此，我們假設印度未來將為經濟成長貢獻至少 70 到 100 個基點。在中國，我們一直保持著低個位數的成長態勢，對嗎？因此，中國第四季的表現符合預期。低個位數成長，刺激措施貢獻不大。我們預計 2025 年也會出現同樣的情況。因此，中國刺激計劃的實施可能會為我們帶來一些好處。

And the last one on pricing closer to 200 basis points.

最後一個是關於定價接近 200 個基點。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

Yeah, thanks for the questions here. So, first one, just want to touch on the first quarter guide, 4% to 7%, a little bit wider than historical patterns. Just want to clarify, I know you talked about the full year guide, but just, given the recent NIH cuts and, potential for academic freezing there and instrumentation in the near term, sort of just help us understand how are you taking that in for the US academic side and how should we think about the 4% versus the 7%, I mean, the dynamics that need to play out in the quarter. Already we are in Q1, so I'm sure you've thought about, before setting the guide as to on the lower end versus the higher end, if you could elaborate a bit?

是的，感謝您的提問。因此，首先，我只想談談第一季的指引，即 4% 至 7%，比歷史模式略高一些。只是想澄清一下，我知道您談到了全年指南，但考慮到最近 NIH 的削減以及短期內學術凍結和儀器的可能性，這在某種程度上有助於我們了解您如何看待美國學術方面的情況，以及我們應該如何看待 4% 與 7% 之間的關係，我的意思是，這些動態需要在本季度發揮作用。我們已經進入第一季度，所以我相信您已經考慮過了，在設定低端與高端的指南之前，您能否詳細說明一下？

Yeah. So look, I mean, in Q4, we grew 8% constant currency. Keep in mind, Q4 benefited by two extra days, which is roughly 1% extra growth. And then Q1 this year has two less days. So sort of has the reverse dynamic. So net-net, where we are guiding at the midpoint, roughly is in line with how we performed in Q4 due to the days impact, right?

是的。所以，我的意思是，在第四季度，我們的固定匯率成長了 8%。請記住，第四季度受益於額外兩天，這大約是額外增長 1%。今年第一季的天數就少了兩天。因此，這有點相反的動態。因此，我們在中間點指導的淨值大致與我們在第四季度的表現一致，因為這是受天數影響的結果，對嗎？

Now the guidance range is slightly larger than usual, which, as you can appreciate, given all the uncertainties sort of that overhang the situation. And with Q1 being our smallest quarter, we've given ourselves some prudence and cushion in a situation where some of these uncertainties were to materialize. And if they do materialize, we end up at the lower end of the guidance. If they don't, we end up at the higher end of our guidance. And that's on the sales side.

現在的指導範圍比平常略大一些，正如你所能理解的，考慮到懸而未決的各種不確定因素。由於第一季是我們業績最小的季度，我們採取了一些謹慎和緩衝的措施，以應對可能出現的一些不確定因素。即使這些目標真的實現，我們最終也會處於預期的低端。如果他們不這樣做，我們最終將達到指導的較高水平。這是銷售方面的情況。

And then keep in mind, I mean, dollar strengthened so significantly through the course of Q4. It now creates a 7% earnings headwind in Q1. And so when you grow 4% to 7% and have a 7% FX headwind on earnings, you sort of at EPS that's flat or slightly better than flat, and that's where the EPS guide is.

然後請記住，美元在第四季度大幅走強。目前，它在第一季造成了 7% 的獲利阻力。因此，當您的業務成長 4% 到 7% 並且外匯對收益造成 7% 的不利影響時，您的 EPS 就會持平或略好於持平，這就是 EPS 指南的水平。

And maybe just to embellish a little bit on EPS in Q1, Puneet. I mean, as I mentioned earlier, I mean, this is the time for growth for Waters. We're seeing incredible growth across. Our key customer segments, our sales meetings are back, and we want to invest in training our folks. People are very excited about the traction that new products are gaining.

也許只是為了稍微修飾一下第一季的每股盈餘，Puneet。我的意思是，正如我之前提到的，現在是 Waters 成長的時候。我們看到了令人難以置信的成長。我們的主要客戶群、銷售會議都恢復了，我們想投資培訓我們的員工。人們對新產品的吸引力感到非常興奮。

They're very excited about the chemistry piece, and we're investing in ensuring that our folks are trained, our sales teams are trained. So we're continuing to invest even in Q1, and Q1 is, again, as I mentioned, is the smallest quarter. So the sales meetings are back, and we're basically investing for growth starting already in Q1.

他們對化學部分非常感興趣，我們正在投資確保我們的員工和銷售團隊得到培訓。因此，我們甚至在第一季仍會繼續投資，正如我所提到的，第一季是投資最小的季度。因此，銷售會議又回來了，我們基本上從第一季開始就為成長進行投資。

Got it. That's helpful. And then if I could double-click on both Europe and India. Europe, if you could just elaborate some of the dynamics there, budget flush, pharma versus non-pharma. And then also specifically on India is, I would love to get your thoughts on 70 to 100 bps contribution, again, strong throughout 2024.

知道了。這很有幫助。然後如果我可以雙擊歐洲和印度。歐洲，如果你可以詳細說明那裡的一些動態，預算充裕，製藥業與非製藥業。然後特別針對印度，我很想聽聽你對 70 到 100 個基點貢獻的看法，同樣，在 2024 年這一比例將保持強勁。

How do you -- how are you at India team and yourself, how are you thinking about the [pattern cliff] opportunity here? And how should we think about that opportunity getting layered into the growth algorithm over the next few years?

您—您在印度團隊和您自己感覺怎麼樣？我們該如何看待這項機會在未來幾年內融入成長演算法中呢？

Yeah. Let me start with India, and then we'll do Europe a second. Very pleased with both of those end markets. But looking at India, like I said, India Q4 was 34% constant currency growth, and for the year, 27%. India is now a meaningful contributor to Waters at over 8% of our total sales.

是的。我先從印度開始，然後再談歐洲。對這兩個終端市場都非常滿意。但看看印度，正如我所說，印度第四季以固定匯率計算的成長率為 34%，全年成長率為 27%。印度目前對 Waters 貢獻頗豐，占我們總銷售額的 8% 以上。

So really feel good about what the team has been doing on the ground. We are the market share leader in the key generics companies in India and our columns. Our instruments are used there. Alliance iS is also doing well. We have the highest service attachment rate there. So really feel good about what we're doing on the ground from an execution standpoint.

所以我對團隊在現場所做的一切感到非常滿意。我們是印度主要仿製藥公司和我們的專欄的市場份額領導者。我們的儀器在那裡使用。Alliance iS 的表現也不錯。我們在那裡擁有最高的服務依附率。所以從執行的角度來看，我們對我們在實地所做的事情感到非常滿意。

Looking ahead, the genetics -- the genericization opportunity is very significant, right? So $240 billion of revenues will go off patent over the next five to seven years. India continues to supply roughly 50% of the global generics market. And over half of that $240 billion, $250 billion is a small molecule. So that fits right into the current business model that exists, and half of it is biosimilars, which is now developing in many of these markets.

展望未來，遺傳學—通用化機會非常重要，對嗎？因此，未來五到七年內，2,400億美元的收入將不再享有專利權。印度繼續供應全球仿製藥市場約50%的份額。在這 2,400 億美元中，有一半以上，也就是 2,500 億美元是小分子。因此，這正好符合現有的商業模式，其中一半是生物相似藥，目前這種藥物正在許多市場中發展。

So feel good about the opportunity going forward. And just to give you a case in point, semaglutide genericization is expected to hit some time in 2026. And the top generics players are already working with us to adapt and adopt the processes that the key innovators have been using.

因此，對未來的機會感到樂觀。舉個例子，索馬魯肽的通用化預計將在 2026 年的某個時候實現。頂尖的仿製藥企業已經與我們合作，調整並採用主要創新者一直在使用的流程。

Amol, you want to start with Europe?

阿莫爾，你想從歐洲開始嗎？

Yeah. I mean, look, Europe is executing super well, right, 11% growth. It's across the board, double-digit growth in Pharma, high single-digit growth in Industrial, double-digit plus growth in A&G, Instruments growing high single digit plus.

是的。我的意思是，你看，歐洲的表現非常好，成長了 11%。這是全方位的，製藥業實現兩位數增長，工業業實現高個位數增長，農業和天然氣行業實現兩位數以上增長，儀器儀表行業也實現高個位數以上增長。

So between how our teams are executing, together with the refreshed portfolio, together with some of the idiosyncratic growth opportunities like PFAS and GLP-1s, the team is capitalizing really well in what's out there.

因此，結合我們團隊的執行方式、更新的投資組合以及 PFAS 和 GLP-1 等一些特殊的成長機會，團隊能夠很好地利用現有資源。

Yeah. And I mean, just to sort of build on that, Europe is -- I mean, Europe has been doing extremely well for the full year, and finished the year extremely strong. The academic segment, at the end of the year, usually sees a significant budget flush, and we did.

是的。我的意思是，在此基礎上，歐洲——我的意思是，歐洲全年表現得非常好，並以極其強勁的速度結束了這一年。通常，在年底，學術部門的預算會大幅減少，我們的情況也是如此。

And as I mentioned earlier to Tycho's question, look, I mean, 2024 was a typical year for us, right, with a budget flush sort of going back to what we've seen in historic times. So really good finish to the year in Europe, and very excited about how the year has started there with good conversations across different customer segments.

正如我之前在回答 Tycho 的問題時提到的那樣，2024 年對我們來說是典型的一年，預算充裕度可以追溯到歷史時期的水平。因此，今年在歐洲的收官非常好，並且對於今年在歐洲的開局以及與不同客戶群體之間的良好對話感到非常興奮。

Eve Burstein, Bernstein.

伊芙·伯斯坦，伯恩斯坦。

Great. Good morning. Thanks so much for taking my question. We talked a lot about the replacement cycle and kind of the pent-up opportunity from 2019 to 2024. But at a conference in January, you said that the instrument replacement commercial initiative was progressing well with still 15% of lagged 2015 to 2019 replacement opportunity remaining.

偉大的。早安.非常感謝您回答我的問題。我們討論了很多關於替代週期以及 2019 年至 2024 年期間的潛在機會。但在一月份的一次會議上，您表示儀器更換商業計劃進展順利，2015 年至 2019 年滯後的更換機會仍有 15%。

So how does that number compare to average versus when you're coming out of a down cycle and starting an up cycle? Essentially, is that better or worse? And how much of that replacement opportunity is in China specifically?

那麼，當你走出衰退週期並開始進入上升週期時，這個數字與平均值相比如何？本質上，這是更好還是更壞？那麼具體來說，中國有多少替代機會呢？

It's a good question, Eve, and thanks for paying specific attention to those separate drivers. So just to sort of clarify for everyone, there are two different instrument growth drivers. One is the pent-up demand for replacement, where there was deferred replacement that took place in the 2023, '24 time frame, and replacements were deferred from that time frame to a bit later. So that's what we're calling the replacement cycle. That is a standard cycle that occurs in the industry.

這是個好問題，伊芙，感謝你特別注意這些不同的驅動因素。因此，為了讓大家清楚，有兩種不同的儀器成長動力。一是被壓抑的替換需求，其中在 2023 年、2024 年的時間範圍內進行了推遲的替換，並且替換從該時間段推遲到稍後。這就是我們所說的更換週期。這是產業中發生的標準週期。

And during that time, we see a 2% to 3% outperformance in instrument growth rate versus the 5% average over the long term, right. So that's what we're calling the replacement cycle. The signs of that are rather clear when you talk to customers because the meetings that take place are with a larger number of people. They're planning a multiyear replacement. Procurement sits in that discussion.

在此期間，我們看到儀器成長率比長期 5% 的平均成長率高出 2% 到 3%，對吧。這就是我們所說的更換週期。當您與客戶交談時，這種跡象相當明顯，因為參加會議的人數較多。他們正在計劃進行多年的替代方案。採購屬於該討論的一部分。

IT sits in that discussion. The lab managers sit in the discussion and a whole bunch of folks from our sites sit in those discussions, and those are widespread across the industry right now. And so we're seeing very good traction on that.

IT 參與了該討論。實驗室經理們參加了討論，我們站點上的許多人員也參加了討論，這些討論目前已在整個行業中廣泛傳播。因此我們看到這方面的進展非常好。

What you asked about is the 15% that is pending from the transformation that we began in 2020 and 2021. And there, you'll recall we had said, look, there are roughly 13,000 instruments that should have been replaced in the 2018 to '20 time frame, that got deferred.

您所詢問的是 2020 年和 2021 年開始的轉型中尚未完成的 15%。您會記得我們曾說過，大約有 13,000 台儀器應該在 2018 年至 2020 年期間更換，但卻被推遲了。

And we worked very hard to replace them in '21 and '22, but the macro cycle slowed down in 2023 and '24, and that 15% is still pending, right. So we have a database in our CRM system, and we track this diligently, right. So people don't forget that, that 15% is still pending.

我們在 2021 年和 2022 年非常努力地尋找替代者，但宏觀週期在 2023 年和 2024 年放緩，那 15% 仍然懸而未決，對吧。所以我們的 CRM 系統中有一個資料庫，我們會認真地追蹤它，對吧。所以大家不要忘記，那 15% 仍未解決。

So you can superimpose the two. I didn't want us to now go crazy sort of with instrument growth rates, I was trying to bring the two together. But in our CRM system, we have that track really diligently. So I hope that clarifies the replacement question.

因此你可以將兩者疊加。我不希望我們現在對儀器成長率感到瘋狂，我試圖將兩者結合起來。但在我們的 CRM 系統中，我們非常認真地進行這項追蹤。所以我希望這能澄清替換問題。

On China, we've assumed a low single-digit growth. I mean market conditions have improved over the year, but we've assumed that it's still muted. There is an impact of the stimulus expected in 2025. Again, there, we've been modest. We've assumed a sort of a low to -- sorry, mid- to high single digit, single -- mid- to high single-digit million contribution for the year.

對於中國，我們假設其將實現低個位數成長。我的意思是，市場狀況在過去一年有所改善，但我們認為市場狀況仍然低迷。預計 2025 年刺激方案將產生影響。再說一遍，我們一直很謙虛。我們假設今年的貢獻額會是低到——抱歉，中到高個位數，個位數——中到高個位數，百萬。

So we expect China to remain sort of, at least in the guide, remain the same. And if there's no stimulus and more replacement, we should see more dynamic growth.

因此，我們預計中國至少在指導範圍內將保持不變。如果沒有刺激措施和更多的替代措施，我們應該會看到更有活力的成長。

That's great. Thanks a lot for clarifying. One clarification just on price. So you said in response to [BJ] pricing was closer to 200 bps. Just to clarify, was that the contribution for growth in 4Q? And if so, how much does pricing contribute to the '25 guide? And are you including the effect of a double upgrade in that contribution? And how much is that?

那太棒了。非常感謝您的澄清。僅就價格作出一點澄清。所以您回應[BJ]時說定價接近 200 個基點。只是想澄清一下，這是第四季成長的貢獻嗎？如果是的話，定價對『25 指南的貢獻有多大？您是否將雙重升級的效果納入該貢獻？那多少錢？

Yeah. So look, I mean, when we got pricing, it's always like-for-like SKU, like-for-like geography. It does not include the benefits of the upsell. '24 was close to 200 basis points contribution, and that's in line with what we have in our '25 guide.

是的。所以，我的意思是，當我們定價時，它總是同類的 SKU、同類的地理位置。它不包括追加銷售的優惠。 '24 的貢獻接近 200 個基點，這與我們的 '25 指南中的一致。

Brandon Couillard, Wells Fargo.

富國銀行的布蘭登‧庫亞爾 (Brandon Couillard)。

Thank you very much. I think you talked about instrument growth, this year for 4.5%. Just curious how that compares between the LC, Mass Spec, and light scattering and any details you can kind of give us on what you've assumed in terms of growth across the three end markets?

非常感謝。我記得您談到了儀器成長，今年的成長率為 4.5%。只是好奇液相層析、質譜和光散射之間的比較如何，您能否提供一些細節，說明您對這三個終端市場的成長有何假設？

I think you should assume sort of mid-single digit-ish for all three. So Mass Spec at 4%, in that 4.5% number, LC at 5, TA at 5, and light scattering somewhere there or thereabouts also. A bit higher than that since it's accretive, probably closer to double digits, but it's such a small portion of the business. It doesn't make a huge difference at this point.

我認為你應該假設這三個數字都處於中等個位數左右。因此，質譜為 4%，在 4.5% 這個數字中，LC 為 5，TA 為 5，光散射也在那裡或附近的某個地方。由於它是增值的，所以會比這個數字略高一些，可能接近兩位數，但這只是業務的一小部分。目前而言，這並沒有什麼太大的差別。

And Brandon even as we finish -- sorry, Brandon, just to clarify, even as we finish the year, all instrument segments grew, at minimum, high single digits. So LC, Mass Spec, TA and Wyatt was well into the double digits (inaudible)

布蘭登，即使我們結束了——抱歉，布蘭登，只是為了澄清一下，即使我們結束了這一年，所有的樂器部分都至少實現了個位數的增長。因此，LC、質譜、TA 和 Wyatt 都達到了兩位數（聽不清楚）

Got it. And your PFAS market sizing continues to walk up. Now you're talking about a $400 million opportunity, prior it was kind of $300 million to $350 million. What's enabling you to grow so much faster than the underlying market? Where is that developing most rapidly, either by application or region right now?

知道了。而您的 PFAS 市場規模仍在持續擴大。現在你談論的是一個 4 億美元的機會，而之前這個數字是 3 億到 3.5 億美元。是什麼促使你們的成長速度遠超過基礎市場？目前，無論是從應用程式還是從地區來看，哪裡發展最快？

Yeah. I think it's -- so the market itself has significant unmet needs, right. I mean, we started with the environmental market, then it's expanded into food testing step by step. The Academic customer segment also purchases instruments to quantify and assess PFAS. So very dynamic market. And you're right, the market size continues to increase as more and more applications come in.

是的。我認為——市場本身存在大量未滿足的需求，對吧。我的意思是，我們是從環境市場開始，然後逐步擴展到食品檢測。學術客戶群也購買儀器來量化和評估 PFAS。市場非常活躍。您說得對，隨著越來越多應用程式的出現，市場規模也不斷擴大。

We've grown almost double the market growth rate, and it's driven, I mean, first, by having the best-in-class instrument because PFAS testing, remember, is not just one molecule. It's over 40 already classified as PFAS. All of these need to be quantified, and the regulators keep increasing the sensitivity requirements. And we have the most sensitive instrument in the market with the lowest environmental footprint. And that's worked extremely well in the hands of our customers, right.

我們的成長速度幾乎是市場成長率的兩倍，而這首先得益於我們擁有一流的儀器，因為請記住，PFAS 測試不僅僅是一個分子。已有超過 40 種物質被歸類為 PFAS。這些都需要量化，監管機構不斷提高敏感度要求。我們擁有市面上靈敏度最高且對環境影響最小的儀器。這在我們的客戶手中發揮了非常好的作用，對吧。

So the number one driver is the success of the Xevo TQ Absolute and which now is -- in Q4, was 50% of the revenue of quantitative Mass Spec. So highly, highly successful launch, driven not just by the differentiation, but also the commercial excellence.

因此，最重要的驅動因素是 Xevo TQ Absolute 的成功，它現在在第四季度佔定量質譜收入的 50%。這次發布非常非常成功，不僅是因為差異化，還因為商業上的卓越性。

And equally, our teams are investing a ton of energy in the compliant informatics segment, the waters_connect informatics software is doing very well in regulated settings. Remember, our history and legacy is in compliance settings where data integrity is of a premium. So we've taken what we learned from Empower, adopted it into waters_connect, and that's working very well in that -- in the PFAS regulated segment.

同樣，我們的團隊在合規資訊學領域投入了大量精力，waters_connect 資訊學軟體在受監管的環境中表現非常良好。請記住，我們的歷史和遺產是在合規環境中，而資料完整性是至關重要的。因此，我們將從 Empower 學到的知識運用到 waters_connect 中，並且在 PFAS 監管領域中效果很好。

And then finally, chemistry and workflows. We continue to launch new chemistry and new workflows to really keep up with the complexity of different PFAS molecules. So across the board, and the market size is expanding largely because of application sets. So we feel very good about where we sit there.

最後是化學和工作流程。我們不斷推出新的化學方法和新的工作流程，以真正適應不同 PFAS 分子的複雜性。因此，從整體來看，市場規模的擴大很大程度上是因為應用程式集。所以我們對自己所處的位置感覺非常滿意。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Yeah, good morning, guys. Thank you. Udit, can you just maybe expand on that PFAS idea a little bit I mean, to what extent do you still see there being additional capacity needs in the lab based on the Waters testing side in the US?

是的，大家早安。謝謝。Udit，您能否稍微詳細闡述 PFAS 的想法？

Because I know, to your point, application expansion, geographic expansion is important, but I'm just sort of trying to understand what you've done in 2024 when it comes to scaling up these labs in order to test on the Waters side in the US specifically?

因為我知道，正如您所說，應用擴展和地理擴展很重要，但我只是想知道您在 2024 年做了什麼，即擴大這些實驗室的規模，以便專門在美國 Waters 方面進行測試？

So that's a good question, Dan. It's early days still, right? I mean when you look at PFAS testing, and this is something we'll spend some time at our Investor Day as well, breaking down the different segments that have constituted growth, right?

這是個好問題，丹。現在還為時過早，對吧？我的意思是，當您查看 PFAS 測試時，我們也會在投資者日花一些時間來分析構成成長的不同部分，對嗎？

The academic segment, the first round spent a lot of time and energy, and we had very good sales in that segment. Helping people understand what the (inaudible) PFAS really is, developing methods that could get standardized, and then we disseminated second to public health laboratories to water testing laboratories.

學術部分，第一輪花費了大量的時間和精力，我們在這個部分的銷售情況非常好。幫助人們了解（聽不清楚） PFAS 的真正意義，開發可以標準化的方法，然後我們將其傳播到公共衛生實驗室和水質檢測實驗室。

And then the last piece is -- the second to last piece is water testing laboratories across the country and the final one is people who have to do remediation.

最後一部分是－倒數第二部分是全國各地的水質檢驗實驗室，最後一部分是必須補救的人員。

So when you think of PFAS testing, it's not just contract testing labs. It's also academic labs, which started first, then it's public health labs that's set standards, then its contract testing organizations like water testing, and then finally people who have to remediate PFAS out. So we're in the very early innings of the penetration. And as I said, we'll talk more about it at the Investor Day, but we're outpacing the market quite significantly.

因此，當您考慮 PFAS 測試時，它不僅僅是合約測試實驗室。最先起步的也是學術實驗室，然後是製定標準的公共衛生實驗室，然後是水質檢測等合約檢測組織，最後是必須修復 PFAS 的人員。因此，我們正處於滲透的早期階段。正如我所說，我們將在投資者日更多地討論這個問題，但我們的發展速度遠遠領先於市場。

Okay. Thanks for that. Maybe just on the Mass Spec side. I mean, to what extent do you feel like the uptake there is partly a function of or being helped by the LC replacement cycle? In other words, if you look at healthy MS combo purchases now versus prior periods, what do you see and what is sort of embedded in that Mass Spec growth rate that you're talking about for this year, mid-single digits when it comes to just sort of that being driven by LC uptake versus performance and new platform introductions, et cetera. If that's something that you can kind of speak to?

好的。謝謝。也許只是在質譜方面。我的意思是，在多大程度上，您覺得那裡的吸收部分是 LC 替換週期的作用或受益於它？換句話說，如果您將現在健康的 MS 組合購買情況與前期進行比較，您會看到什麼，您所說的今年質譜增長率中又包含哪些因素呢？您可以談談這個嗎？

Yeah. Look, I mean, that Mass Spec uptake is not meaningfully impacted by LC replacement. A lot of LC replacement is happening in manufacturing QA/QC where LC sort of operates largely stand-alone.

是的。你看，我的意思是，液相層析替代不會對質譜吸收產生重大影響。在製造業 QA/QC 中，大量 LC 被取代，其中 LC 基本上是獨立運作的。

What is helping Mass Spec meaningfully is various vectors that have come together based on our revitalized portfolio. As Udit mentioned, TQ Absolute is doing exceedingly well, not just in PFAS, but across the applications in food and pharma space as well -- as well as in clinical.

對 Mass Spec 提供有意義幫助的是基於我們振興的產品組合而匯集的各種載體。正如 Udit 所提到的，TQ Absolute 表現非常出色，不僅在 PFAS 領域，而且在食品和製藥領域的應用以及臨床領域也同樣如此。

You have something like BioAccord doing well in bioanalytical characterization. You have some of the newer launches on the higher risk space that are catering to very specific needs and that they are doing exceedingly well on those applications. And that's why you see sort of the kind of growth you're seeing on Mass Spec not driven by LC replacement.

BioAccord 之類的產品在生物分析表徵方面表現良好。我們在高風險領域推出了一些新產品，它們可以滿足非常具體的需求，而且在這些應用上表現非常出色。這就是為什麼您會看到質譜領域的成長並非由液相層析替代所推動。

Yeah. So I mean, just to elaborate on that a little bit. It's the two dimensions, right? So it's the different pieces of Mass Spec that are individually contributing due to innovation. So be it PFAS testing, be it Mass Spec usage in genotoxic purity testing in pharma, be it Mass Spec testing, and this is only Xevo TQ Absolute in clinical.

是的。所以我的意思是稍微詳細說明一下。這是二維，對嗎？因此，質譜儀的各個部分都透過創新做出了各自的貢獻。因此，無論是 PFAS 測試，還是製藥業中基因毒性純度測試中的質譜使用，還是質譜測試，而這僅僅是臨床上的 Xevo TQ Absolute。

And then, of course, there's the BioAccord, which is doing extremely well and the Xevo MRT, which is our new product that is on the higher risk side. So you see the innovation contributing.

當然，還有表現極為出色的 BioAccord 和 Xevo MRT，這是我們的新產品，但風險較高。所以你看到了創新的貢獻。

And then that has helped on the customer dimension by a strong growing segment like PFAS. It helped to some extent by late-stage development, where Mass Spec is used significantly for quantitative assessment of different types of biologics right.

這對 PFAS 等強勁成長的細分市場在客戶層面提供了幫助。它在一定程度上有助於後期開發，其中質譜被廣泛用於對不同類型的生物製劑進行定量評估。

So you see that two dimensions working very well from Mass Spec, the innovation as well as the different customer segments and not only due to the LC replacement cycle. As Amol mentioned, that's mostly [LCUP] link for small molecules.

因此，您會看到，從質譜角度看，兩個維度都運作良好，創新以及不同的客戶群體，而這不僅僅是歸功於液相層析更換週期。正如 Amol 所提到的，這主要是小分子的 [LCUP] 連結。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Hi, this is Evian from Matt. Thanks for taking my questions. So the first one, you've seen impressive growth in services. Can you talk through the benefits of your empower software and then any particular applications areas where you see higher attachment rates and then any leverage you're using to improve that going forward?

你好，我是 Matt，我是 Evian。感謝您回答我的問題。首先，您已經看到服務業取得了令人矚目的成長。您能否談談您的授權軟體的優勢以及您認為附加率更高的任何特定應用領域，以及您使用的任何手段來改善這一現狀？

Yeah. I mean, look, no two recurring revenues are equal, and our recurring portfolio pro start, right? Because even in this downturn, when most other recurring portfolios have been flat or low single digits, we've been rock solid at 6% to 7% growth.

是的。我的意思是，看，沒有兩個經常性收入是相同的，我們的經常性投資組合專業開始，對嗎？因為即使在經濟低迷時期，當大多數其他經常性投資組合都持平或處於個位數低點時，我們仍然保持著 6% 至 7% 的穩健成長。

And what sort of contributing to that is our unique position with empower, coupled with how well we've done with service attachment rates where our Net Promoter Scores are on service, our launches in bioseparation columns as well as the progress that we've made on our e-commerce with chemistry consumables. And that's sort of what is driving this rock solid 6% to 7% recurring revenue growth.

我們在授權方面的獨特地位，加上我們在服務附加率方面的出色表現，我們的服務淨推薦值，我們在生物分離塔中的推出以及我們在化學耗材電子商務方面取得的進展，都對此做出了貢獻。這就是推動經常性收入穩定成長 6% 至 7% 的因素。

Great. And then can you talk through the strength you saw in the academic and government section this quarter and then what your expectations are going into 2025? Any potential impact from NIH risk?

偉大的。然後，您能談談本季學術和政府部門的優勢以及您對 2025 年的期望嗎？NIH 風險有任何潛在影響嗎？

Yeah. I mean, look, Q4 was very strong from an A&G perspective. It did benefit from the typical budget flush dynamics, particularly in markets like Europe. We also saw some initial orders getting converted on stimulus in China.

是的。我的意思是，從 A&G 的角度來看，第四季表現非常強勁。它確實受益於典型的預算充裕度，尤其是在歐洲等市場。我們也看到一些初始訂單因中國刺激計劃而轉化。

But again, longer term, this market has traditionally been low single digit at best mid-single-digit grower, right. And it's very choppy. So you can't really count on this trend. I think as we get into '25, we will benefit from the stimulus in China. But again, there are so many puts and takes there. So we've put a very prudent assumption in our guide. And if it plays out better, that will be an upside.

但是，從長期來看，這個市場傳統上一直是低個位數，最多是中等個位數的成長，對吧。並且非常不穩定。所以你其實不能依賴這種趨勢。我認為，隨著進入25年，我們將受益於中國的刺激政策。但同樣，這其中還有太多的得失。因此我們在指南中提出了非常謹慎的假設。如果結果更好，那將是一個好處。

We don't have much direct exposure to NIH funding. Very little actually, less than 1%. So we're not exposed to that dynamic because our primary business is far more in industrial. It's a small portion of our business, less around 10%, and we continue to monitor the dynamics.

我們與 NIH 資助的直接接觸並不多。實際上非常少，不到1％。所以我們不會受到這種動態的影響，因為我們的主要業務更多是在工業領域。這只是我們業務的一小部分，不到10%左右，我們會繼續監控其動態。

And just to sort of finish up, I mean for 2025 we've assumed low single digit growth in A&G, right, so not the dynamism that we saw in Q4, especially in pharma. We've not assumed that at all in A&G for the 2025 guide, so it's a low single digit growth.

最後，我的意思是，到 2025 年，我們假設 A&G 的成長率將保持在個位數以下，所以不會像我們在第四季度看到的那樣有活力，尤其是在製藥行業。我們在 2025 年的 A&G 指南中根本沒有假設這一點，因此這是一個低個位數的成長。

Dan Brennan, TD Cowen.

丹布倫南（Dan Brennan），TD Cowen 公司。

Terrific. Thank you. Thanks for the questions, guys. Maybe just the first one on instruments just for the guide. I think you said 4% for 2025. Just confirm that maybe feels a little conservative and if you could speak to, you've highlighted this five year CAGR and this 5% normalization, so, where did we end up '24 and kind of what's implied on '25 and kind of any reason why, the kind of the improvement you're expecting in '25, is that on the normal trend line or is it above or below?

了不起。謝謝。謝謝大家的提問。也許只是第一個關於儀器的僅供參考。我認為你說的是 2025 年的 4%。只是確認一下，這可能感覺有點保守，如果您可以談談，您已經強調了這五年的複合年增長率和 5% 的正常化，那麼，我們在 24 年的結果如何，這對 25 年意味著什麼，以及任何原因，您預期 25 年的改善是在正常趨勢線上，還是高於或低於正常趨勢線？

So thanks, Dan. Look, we've assumed the 4.5% -- the range is 4.5% to 7% for the full year. And just to repeat what I started with, the 7%-ish, 6% or 7% you should assume, is what we think is the recurring revenue. And you can see why that is a pretty stable and rock solid assumption.

所以謝謝你，丹。你看，我們假設是 4.5%——全年範圍是 4.5% 到 7%。重複我開始的內容，你應該假設的 7% 左右，6% 或 7% 是我們認為的經常性收入。你也可以看到為什麼這是一個非常穩定和堅如磐石的假設。

Instruments need to grow 4%, 4.5% for us to get to the midpoint of the guide. Now your question is a good one. I mean, we finished the year with high single-digit growth in instruments. The funnel is extremely strong and the conversion looks extremely strong, especially led by Pharma, where we're seeing very good traction of our Alliance iS instrument to sort of support the replacement cycle we're seeing the idiosyncratic drivers contributing nicely.

儀器需要成長 4%、4.5% 才能達到指引的中點。現在你的問題很好。我的意思是，我們以樂器銷售高個位數的成長結束了這一年。漏斗非常強大，轉換看起來非常強大，特別是在製藥業的帶動下，我們看到 Alliance iS 儀器的良好牽引力，以支持更換週期，我們看到特殊的驅動因素做出了很好的貢獻。

I think as you look at 2025, the way I would look at it is we will start to get more constructive as the year goes on. We will start to reveal more information because at this point, we feel very optimistic. We see good funnels. Q1 is the smallest quarter. We just want to get more information before we start sort of saying, Hey, it's going to be another 8%, 9% a year for instruments.

我認為，當你展望 2025 年時，我會這樣看待它：隨著時間的推移，我們將開始變得更有建設性。我們將開始透露更多信息，因為目前我們感到非常樂觀。我們看到了好的漏斗。Q1 是最小的季度。在我們開始說『嘿，樂器每年還要增長 8% 到 9% 』之前，我們只是想獲得更多資訊。

Typically, and you're right again to point out. Typically when we come out of a trough in instrument replacement, we usually see a 2% to 3% outperformance versus the long-term average, which is 5%, right? So going back to the CAGRs, the long-term average is 5%. Usually, when you come out into the replacement cycle, you start seeing a 2% to 3% outperformance. All signs are pointing in that direction. We just want to start the year with a bit of prudence and de-risk it as the year goes on.

通常如此，你再次正確地指出了這一點。通常，當我們走出儀器更換的低谷時，我們通常會看到與長期平均（5%）相比 2% 到 3% 的優異表現，對嗎？回顧複合年增長率，長期平均值為 5%。通常，當你進入替換週期時，你會開始看到 2% 到 3% 的優異表現。所有跡像都指向那個方向。我們只是希望在新年伊始保持謹慎，並隨著時間的推移降低風險。

Amol, anything to add?

Amol，還有什麼要補充嗎？

Look, whichever way you look at it, area under the curve, CAGRs, average fleet life and even if you exclude China for US and European markets, there is a meaningful catch-up opportunity from each of these analytical viewpoints, right. And we see that in the dialogue with large pharma, the dialogue with CDMOs is starting to improve.

看，無論你從哪個角度看，曲線下面積、複合年增長率、平均車隊壽命，即使你將中國排除在美國和歐洲市場之外，從每個分析角度來看，都有一個有意義的追趕機會，對吧。我們看到，在與大型製藥公司的對話中，與 CDMO 的對話開始改善。

The one thing one has to keep in mind is not every part of our customer base is recovering to its healthy state, right. We still have biotechs, we still have biotech research. These things haven't recovered or China pharma hasn't recovered to a level it needs to.

我們必須牢記的一件事是，我們的客戶群並不是每個部分都恢復到了健康狀態，對吧。我們仍然有生物技術，我們仍然有生物技術研究。這些情況尚未恢復，或中國製藥業尚未恢復到其所需的水平。

So the ramp of this replacement cycle will not be as steep as historical. But the length or the duration of this replacement cycle is likely going to be longer just because eventually, all these lagging segments of the market have to come back and replace their aging instrument fleet.

因此，本輪更換週期的坡度不會像歷史上那麼陡峭。但這個更換週期的長度或持續時間可能會更長，因為最終所有這些落後的市場部分都必須回來並更換其老化的儀器群。

Great. And then I know there was one question on India, but maybe just one follow-up since it is so strong for you right now. I think I heard you say over 25% growth in '24 or 100 basis points contribution (technical difficulty)

偉大的。然後我知道有一個關於印度的問題，但也許只有一個後續問題，因為這個對你來說現在非常重要。我記得你說過，24 年成長率超過 25%，或貢獻 100 個基點（技術難度）

Did we lose Dan?

我們失去丹了嗎？

Dan, we lost you.

丹，我們失去了你。

Let's proceed to our next question (inaudible) , please.

請讓我們繼續討論下一個問題（聽不清楚）。

Sure thing. Catherine Schulte, Baird.

當然可以。凱瑟琳舒爾特，貝爾德。

Thank you. Hey guys, thanks for the questions. Maybe just first on Pharma, great to see that return to double-digit growth this quarter. Maybe just to go back to Tycho's questions, is there a way to quantify the stronger budget flush dynamic in the quarter? And what are you assuming for Pharma growth both for the first quarter and the full year?

謝謝。嘿夥計們，謝謝你們的提問。也許只是製藥業首先出現的現象，很高興看到本季該產業重回兩位數的成長。也許只是回到 Tycho 的問題，有沒有辦法量化本季更強勁的預算充裕度？您對第一季和全年製藥業的成長有何預期？

Yes. So Catherine, for the -- for Q4, I mean, it was, as I said, it's very strong growth. We're very happy with it. It really supports our late-stage focus. But as you look at Q4, the ramp was typical to prepandemic years, right?

是的。所以凱瑟琳，對於第四季來說，正如我所說，它的成長非常強勁。我們對此非常滿意。它確實支持了我們的後期關注。但當你看第四季時，這種成長是疫情前幾年的典型特徵，對嗎？

So high-teens, almost 20% from Q3 to Q4. So normal budget flush dynamic, not more, not less, right, stronger than what we saw last year and the year before. But starting to trend towards a normal -- to a normal level, which is constant with how pharma -- late-stage pharma is behaving, QA/QC spending. So we start to see a normalization of behavior there.

因此，從第三季度到第四季度，成長率接近 20%。因此，正常的預算充裕度不會增加，也不會減少，對，比我們去年和前年看到的還要強。但開始趨向正常——正常水平，這與製藥業——後期製藥業的行為、 QA/QC 支出保持一致。因此我們開始看到那裡的行為正常化。

And then maybe just on the services side, you mentioned over 50% of your active installed base now has a service contract in place. I believe your target is to get back to 55%. So can you just talk to where you think that can go throughout the year?

然後可能只是在服務方面，您提到現在超過 50％ 的活躍安裝群都已簽訂了服務合約。我相信你的目標是回到 55%。那麼您能談談您認為全年可以去哪裡嗎？

Yeah. Look, I mean, we are very happy with the progress that we've made. And every year, we start with the goal and we end up achieving double that goal in the year.

是的。看，我的意思是，我們對所取得的進展感到非常高興。每年我們都從一個目標開始，並最終在當年實現目標的兩倍。

And keep in mind, this is just based on instrument installed base out there. It doesn't include the first year instruments in warranty. So when you add that, almost 60% of our installed base is either under warranty or under a service plan. 55% is a good goal to go with and we are starting to make progress in the last remaining areas like China.

請記住，這只是基於現有的儀器安裝基礎。保固範圍內不包括第一年的儀器。因此，當您添加這一點時，我們安裝的基數中幾乎有 60％ 都在保固期內或服務計劃期內。 55%是一個很好的目標，我們在剩下的幾個地區（例如中國）也開始取得進展。

And then again, a lot of the focus in power or service organization into the next big thing, which is sort of how do we get service lead gen, and we've made tremendous progress in markets like US and India, where the attachment rate is very high and these organizations have already pivoted to their next biggest goal, which is lead gen and revenue conversion.

再說一次，許多對電力或服務組織的關注都轉向了下一件大事，也就是我們如何獲得服務線索，我們在美國和印度等市場取得了巨大進展，這些市場的依附率非常高，這些組織已經轉向他們的下一個最大目標，即線索生成和收入轉換。

And thanks, Catherine, for that question. I think we're coming to the end of the call. I want to make sure everybody remembers that March 5 is the Investor Day in New York City, and we look forward to elaborating on the service question, use of AI in service, use of AI internally and externally and many other areas.

謝謝凱瑟琳提出這個問題。我想我們的通話快結束了。我想確保每個人都記住，3 月 5 日是紐約的投資者日，我們期待詳細討論服務問題、人工智慧在服務中的應用、人工智慧在內部和外部的應用以及許多其他領域。

But let me conclude by saying we are very excited about how we finished 2024. We're entering this new phase of growth with a lot of momentum, especially on our instrument portfolio. The recurring revenues are growing like a Swiss clock. We've said that before.

最後，我想說，我們對 2024 年的成績感到非常興奮。我們正以強勁的勢頭進入這一新的成長階段，尤其是我們的儀器產品組合。經常性收入如瑞士鐘錶一樣成長。我們之前就說過了。

The instrument revenues -- the instrument growth is now really kicking into gear with the replacement cycle beginning, with the new product portfolio gaining a ton of traction, with the idiosyncratic growth drivers contributing. And we feel very good about the way we're starting -- the way we're starting 2025.

儀器收入－隨著更換週期的開始，儀器成長現在真正開始啟動，新產品組合獲得了大量的關注，而特殊的成長動力也起到了推動作用。我們對我們的開局—2025年的開局方式感到非常滿意。

Look forward to seeing you at the Investor Day, and thank you all for joining us today.

期待在投資者日見到您，並感謝大家今天的參與。