Transcription
2013annual reportWaters, The Science of What’s Possible, ACQUITY UPLC, ACQUITYUltraPerformance LC, UPLC, Xevo and Synapt are registeredtrademarks of Waters Corporation. QDa, Q-Tof, T-Wave aretrademarks of waters Corporation. All other trademarks are theproperty of their respective owners. 2014 Waters Corporation. Printed in the U.S.A.March 2014 720004965EN AO-RRDWaters Corporation34 Maple StreetMilford, MA 01757 U.S.A.T: 508 478 2000F: 508 872 1990www.waters.com
customersuccess isour missionWaters creates business advantages for laboratorydependent organizations by delivering practical andsustainable scientific innovation to enable significantadvancements in such areas as healthcare delivery,environmental management, food safety, water quality,consumer products, and high value-added chemicals.Bringing keen understanding and deep experienceto those responsible for laboratory infrastructure andperformance, Waters helps customers make profounddiscoveries, optimize lab operations, deliver productperformance, and ensure regulatory compliance.Pioneering a connected portfolio of separation andanalytical science, laboratory informatics, and massspectrometry, Waters’ technology breakthroughs andlaboratory solutions provide an enduring platformfor customer success.
2013shareholder letterDear Shareholders:With a strong fourth quarter comparedto slower conditions we saw earlier inthe year, on balance, Waters Corporationgrew in 2013 as originally anticipatedand experienced signs of optimisticfuture trends. Some of these trends arefueled through our innovations, whilesome trends we are navigating as theindustries and geographies we servecontinue to evolve. In the face of whatseems like a protracted period ofeconomic uncertainty, our 2013accomplishments reinforce theCompany’s strength, guided by ourcommitment to a consistent andfocused business strategy.Committed to bringing innovations tothe market, the Company saw strongadoption rates for its high-end massspectrometers from academic,biotechnology and industrialorganizations. Additionally, a newdetector introduced later in the year,contributed to driving additional growthin a broad range of core chromatographyinstruments. In addition, strategicallytargeted acquisitions in 2013, by ourTA Instruments Division, are pushing theapplication range of our materialscharacterization platforms, opening newmarkets. Throughout the year, ourrecurring consumables and servicerevenues grew consistently, indicatingincreasing utilization of instrumentsystems in the installed base.Foreign currency translation, primarilyassociated with a steep devaluationof the Japanese Yen, contributed toa significant year-over-year earningschallenge and kept our earnings pershare growth modest for the year.However, we carefully managedexpenses while adding field personnelto support customers in rapidlyexpanding regional markets, supportedseveral new product introductions andensured that we are poised for longterm growth.Highlights from 2013 reinforce ourposition as leaders in chromatography,mass spectrometry, related chemistryconsumables and informatics, aswell as thermal analysis andrheology technologies.commitment to innovationWith the commercialization ofACQUITY UltraPerformance LiquidChromatography (UPLC ), Watersinvigorated the liquid phase separationsmarket and provided scientificorganizations with valued qualityand speed advantages.Last year, Waters introduced the newACQUITY QDa Detector, the firstmass detector to bring high-quality,mass spectral data to chromatographicseparations. The realization of our longterm vision, ACQUITY QDa blendschromatography and mass spectrometrytechnologies together in a way thatgives every analytical scientist accessto mass spectral data regardless oftheir previous experience with massspectrometry. This is a progressiveleap forward in chromatographydetection and key to furtherexpanding the application reachof liquid chromatography.Of course, our mass spectraltechnologies, including both tandemquadrupole and Q-Tof systems,continue to be a stronghold for Waters.The Xevo TQ-S has quickly turned intoa powerful and versatile bench-topsystem, providing new levels ofsensitivity combined with highreliability and usability for scientists.Never satisfied with our current levelsof technology, Waters extended theimpact of our research-grade ionmobility Q-Tof with the introductionof the SYNAPT G2-Si System at lastyear’s ASMS annual meeting. TheSYNAPT G2-Si now combines the uniquepower of Travelling Wave (T-Wave ) IonMobility Separations with new dataacquisition and informatics technologiesfor the most challenging applications.We are also committed to the expansionof Waters’ workflow-specific UNIFI based systems that bring togetherUPLC/MS characterization. Now offeringeight application-specific solutions,Waters recently unveiled a Glycan
Application Solution with UNIFI,a Forensic Toxicology ScreeningApplication Solution with UNIFI, and aNatural Products Application Solutionwith UNIFI. Each new applicationfeatures a proprietary, comprehensivelibrary of relevant molecules.poised for the long-termClearly, our commitment to bringinginnovative solutions to address theworld’s most difficult scientificchallenges is a core strategy toour long-term success. Our legacyas a first-mover company is wellestablished, with credit to ourtechnology development teams.Complementing a commitment toour innovation processes, Waters iswell positioned for the long-term.Reflective of our confidence in ourMass Spectrometry organization andthe market opportunity, we recentlycompleted construction of a state-ofthe-art mass spectrometry headquartersin Wilmslow, England, just south of ourcurrent facilities in Manchester, U.K.The new facility features state-ofthe-art customer demonstrationlaboratories, research and developmentcapabilities, and an expandedmanufacturing capacity.Our new mass spectrometry facility wasnot the only achievement coming out ofthe United Kingdom in 2013 that has uslooking to the future. In June, ImperialCollege London, in collaboration withWaters, opened the MRC-NIHR PhenomeCentre. Examining approximately100,000 blood and urine samplesevery year, the new center uses theanalysis of phenomes – the biologicalresults of people’s genes andenvironment – to help determine thecauses of disease and indicate howtreatments can be tailored forindividual patients.There is a revolution underway in healthscience that is improving patient care.Through advances in analyticaltechnologies, researchers continue topush the limits of human biology andchemistry understanding. And thatunderstanding is translating intopowerful clinical applications which areaffecting individual patients every day.Through collaborations with globalthought leaders, Waters is wellpositioned to play a critical rolein this revolution. Alongside ourpartners and our innovationleadership, we are driving researchtrends, regulatory modernizationand technology evolution. Waters isa preferred analytical science partnerto make breakthrough discoveries andtranslate them into healthcare solutions.This dedication to collaboration is notlimited to healthcare or pharmaceuticalmarkets, as our leadership in globalfood safety is unmatched in theindustry. In 2013, Waters supportedthe opening of the world’s secondInternational Food Safety TrainingLaboratory with the Food EnvironmentResearch Agency in the U.K. Alongwith the IFSTL-JIFSAN at the Universityof Maryland, we are working towardsa network of harmonized food safetytraining sites.Our food safety leadership does notstop there. As founding members of theGlobal Food Safety Fund managed bythe World Bank, Waters works alongsidegovernment leaders to build capacityfor global harmonized food testing.Enlisting a wide range of stakeholdersin training programs, the fund willenable more growers, producers, andfood safety officials to understand andutilize preventive controls – resultingin safer food for consumers and fewersafety incidents in food trade.In closing, I believe Waters has a strongbusiness model with a proven long-termstrategy that is supported by our Boardof Directors, our senior leadershipteams, and our business organizations.Our commitment to the continuity ofthis proven business model has allowedus to both maintain market leadershipand strong returns over the last twentyyears. As we look toward the futureand consider our capital allocation,research priorities and managementdevelopment plans, we plan to proceedin ways to best ensure that the coretenets of our strategy will be preserved,and that our customers, employees andshareholders are best served.To the nearly 6,000 Waters employeesworldwide, I want to thank you foryour daily dedication to fulfilling ourmission of customer success. Yourunwavering enthusiasm and focus arethe most important reasons for ourcontinued strength.To our shareholders and customers theworld over, we thank you for your support.Best Regards,Douglas A. BerthiaumeChairman, President andChief Executive Officer
UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Form 10-KÍANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2013or‘TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934Commission File Number: 01-14010Waters Corporation(Exact name of registrant as specified in its charter)Delaware13-3668640(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)34 Maple StreetMilford, Massachusetts 01757(Address, including zip code, of principal executive offices)(508) 478-2000(Registrant’s telephone number, including area code)Securities registered pursuant to Section 12(b) of the Act: Common Stock, par value 0.01 per shareNew York Stock Exchange, Inc.Series A Junior Participating Preferred Stock, par value 0.01 per shareNew York Stock Exchange, Inc.Securities registered pursuant to Section 12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesYes ÍNo ‘Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of theAct. Yes ‘No ÍIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ÍNo ‘Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) duringthe preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes ÍNo ‘Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) isnot contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statementsincorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ÍIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smallerreporting company. See the definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b2 of the Exchange Act. (Check one):Act.Large accelerated filer ÍAccelerated filer ‘Non-accelerated filer ‘Smaller reporting company ‘(Do not check if a smaller reporting company)Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ‘No ÍState the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant as of June 29, 2013: 8,523,967,000.Indicate the number of shares outstanding of the registrant’s common stock as of February 21, 2014: 85,176,112DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant’s definitive proxy statement for the 2014 Annual Meeting of Stockholders are incorporated byreference in Part III.
WATERS CORPORATION AND SUBSIDIARIESANNUAL REPORT ON FORM 10-KINDEXItemNo.PagePART IBusiness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Executive Officers of the Registrant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11116161717175.6.7.7A.8.9.9A.9B.PART IIMarket for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities . . . . . . .Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . .Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . . . . . . . . . . . . . . . . . . . . . .Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .192121373980808010.11.12.13.14.PART IIIDirectors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . . . . . . . . . . . . . . . .Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8181818282PART IVExhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83871.1A.1B.2.3.4.15.
Item 1: BusinessGeneralWaters Corporation (“Waters ” or the “Company”) is an analytical instrument manufacturer that primarilydesigns, manufactures, sells and services, through its Waters Division, high performance liquid chromatography(“HPLC”), ultra performance liquid chromatography (“UPLC ” and together with HPLC, referred to as “LC”)and mass spectrometry (“MS”) technology systems and support products, including chromatography columns,other consumable products and comprehensive post-warranty service plans. These systems are complementaryproducts that are frequently employed together (“LC-MS”) and sold as integrated instrument systems using acommon software platform. Through its TA Division (“TA ”), the Company primarily designs, manufactures,sells and services thermal analysis, rheometry and calorimetry instruments. The Company is also a developer andsupplier of software-based products that interface with the Company’s instruments, as well as othermanufacturers’ instruments, and are typically purchased by customers as part of the instrument system.The Company’s products are used by pharmaceutical, life science, biochemical, industrial, nutritionalsafety, environmental, academic and governmental customers working in research and development, qualityassurance and other laboratory applications. The Company’s LC and LC-MS instruments are utilized in thisbroad range of industries to detect, identify, monitor and measure the chemical, physical and biologicalcomposition of materials, as well as to purify a full range of compounds. These instruments are used in drugdiscovery and development, including clinical trial testing, the analysis of proteins in disease processes (knownas “proteomics”), nutritional safety analysis and environmental testing. The Company’s thermal analysis,rheometry and calorimetry instruments are used in predicting the suitability of fine chemicals, pharmaceuticals,water, polymers and viscous liquids for uses in various industrial, consumer goods and healthcare products, aswell as for life science research.Waters, organized as a Delaware corporation in 1991, is a holding company that owns all of the outstandingcommon stock of Waters Technologies Corporation, its operating subsidiary. Waters became a publicly-tradedcompany with its initial public offering (“IPO”) in November 1995. Since the IPO, the Company has added twosignificant and complementary technologies to its range of products with the acquisitions of TA Instruments inMay 1996 and Micromass Limited (“Micromass ”) in September 1997.Business SegmentsThe Company’s business activities, for which discrete financial information is available, are regularly reviewedand evaluated by chief operating decision maker. As a result of this evaluation, the Company determined that ithas two operating segments: Waters Division and TA Division. The Company operates in the analyticalinstruments industry by designing, manufacturing, distributing and servicing instrument systems, columns andother chemistry consumables that can be integrated and used along with other analytical instruments. TheCompany’s two operating segments, Waters Division and TA Division, have similar economic characteristics;product processes; products and services; types and classes of customers; methods of distribution and regulatoryenvironments. Because of these similarities, the two operating segments have been aggregated into one reportingsegment for financial statement purposes.Information concerning revenues and long-lived assets attributable to each of the Company’s products,services and geographic areas is set forth in Note 15 in the Notes to the Consolidated Financial Statements, whichis incorporated herein by reference.1Form 10-KPART I
Waters DivisionHigh Performance and Ultra Performance Liquid ChromatographyHPLC is a standard technique used to identify and analyze the constituent components of a variety of chemicalsand other materials. The Company believes that HPLC’s performance capabilities enable it to separate andidentify approximately 80% of all known chemicals and materials. As a result, HPLC is used to analyzesubstances in a wide variety of industries for research and development purposes, quality control and processengineering applications.The most significant end-use markets for HPLC are those served by the pharmaceutical and life scienceindustries. In these markets, HPLC is used extensively to identify new drugs, develop manufacturing methodsand assure the potency and purity of new pharmaceuticals. HPLC is also used in a variety of other applications,such as analyses of foods and beverages for nutritional labeling and compliance with safety regulations, thetesting of water and air purity within the environmental testing industry, as well as applications in otherindustries, such as chemical and consumer products. HPLC is also used by universities, research institutions andgovernmental agencies, such as the United States Food and Drug Administration (“FDA”) and the United StatesEnvironmental Protection Agency (“EPA”) and their international counterparts that mandate testing requiringHPLC instrumentation.Traditionally, a typical HPLC system has consisted of five basic components: solvent delivery system,sample injector, separation column, detector and data acquisition unit. The solvent delivery system pumpssolvents through the HPLC system, while the sample injector introduces samples into the solvent flow. Thechromatography column then separates the sample into its components for analysis by the detector, whichmeasures the presence and amount of the constituents. The data acquisition unit, usually referred to as theinstrument’s software or data system, then records and stores the information from the detector.In 2004, Waters introduced a novel technology that the Company describes as ultra performance liquidchromatography that utilizes a packing material with small, uniform diameter particles and a specializedinstrument, the ACQUITY UPLC , to accommodate the increased pressure and narrow chromatographic bandsthat are generated by these small particles. By using the ACQUITY UPLC, researchers and analysts are able toachieve more comprehensive chemical separations and faster analysis times in comparison with many analysesperformed by HPLC. In addition, in using ACQUITY UPLC, researchers have the potential to extend the rangeof applications beyond that of HPLC, enabling them to uncover new levels of scientific information. Whileoffering significant performance advantages, ACQUITY UPLC is also compatible with the Company’s softwareproducts and the general operating protocols of HPLC. For these reasons, the Company’s customers and fieldsales and support organizations are well positioned to utilize this new technology and instrument. In 2011, theCompany introduced the ACQUITY UPLC I-Class instrument system. The ACQUITY UPLC I-Class providesa powerful solution to a critical need by successfully analyzing compounds that are limited in amount oravailability amid a complex matrix. The ACQUITY UPLC I-Class system maximizes peak capacity to enhanceMS sensitivity; it provides low sample carryover, complementing MS sensitivity and extending MS lineardynamic range; and it has been purposefully engineered for low dispersion. In 2012, the Company introducedUltraPerformance Convergence ChromatographyTM (“UPC2 ”) with the release of the ACQUITY UPC2 system. This new technology marries the unrealized potential of supercritical fluid chromatography (“SFC”) withthe proven UPLC technology, using carbon dioxide as the primary mobile phase. By varying mobile phasestrength, pressure, temperature and stationary phase with UPC2, a user can separate, detect and quantifystructural analogs, isomers, enantiomeric and diasteriomeric mixtures – all compounds or samples that challengetoday’s laboratories. In 2013, the Company introduced the ACQUITY Advanced Polymer Chromatography (“APCTM”) system. This system delivers improved polymer peak resolution, particularly for low molecularweight polymers and oligomers, up to 20 times faster than traditional gel permeation chromatography. In 2013,the Company also introduced the ACQUITY QDaTM Detector, which facilitates obtaining mass spectralmeasurements from chromatographic separations utilizing a compact and easy to operate detector module.Waters manufactures LC instruments that are offered in configurations that allow for varying degrees ofautomation, from component configured systems for academic teaching and research applications to fully2
The primary consumable products for LC are chromatography columns. These columns are packed withseparation media used in the LC testing process and are typically replaced at regular intervals. Thechromatography column contains one of several types of packing material, typically stationary phase particlesmade from silica. As the sample flows through the column, it is separated into its constituent components.Waters HPLC columns can be used on Waters-branded and competitors’ LC systems. The Companybelieves that it is one of the few suppliers in the world that processes silica, packs columns and distributes itsown products. In doing so, the Company believes it can better ensure product consistency, a key attribute for itscustomers in quality control laboratories, and can react quickly to new customer requirements. The Companybelieves that its ACQUITY UPLC lines of columns are used primarily on its ACQUITY UPLC instrumentsystems and, furthermore, that its ACQUITY UPLC instruments primarily use ACQUITY UPLC columns. In2013, the Company introduced the CORTECSTM family of 1.6 micron solid-core UPLC columns to furtherextend the application range and performance of its UPLC offerings.The Company’s chemistry consumable products also include environmental and nutritional safety testingproducts. Environmental laboratories use these products for quality control and proficiency testing and alsopurchase product support services required to help with their federal and state mandated accreditationrequirements or with quality control over critical pharmaceutical analysis. In addition, the Company providestests to identify and quantify mycotoxins (biological contaminants) in various agricultural commodities. Thesetest kits provide reliable, quantitative detection of particular mycotoxins through the choice of fluorimetry, HPLCor LC-MS.Mass Spectrometry and Liquid Chromatography-Mass SpectrometryMS is a powerful analytical technology that is used to identify unknown compounds, to quantify known materialsand to elucidate the structural and chemical properties of molecules by measuring the masses of individualmolecules that have been converted into ions.The Company believes it is a technology and market leader in the development, manufacture, sale anddistribution of MS instruments. These instruments are typically integrated and used along with othercomplementary analytical instruments and systems, such as LC, chemical electrophoresis, chemicalelectrophoresis chromatography and gas chromatography. A wide variety of instrumental designs fall within theoverall category of MS instrumentation, including devices that incorporate quadrupole, ion trap, time-of-flight(“Tof”), magnetic sector and ion mobility technologies. Furthermore, these technologies are often used in tandemto maximize the efficacy of certain experiments.Currently, the Company offers a wide range of MS instrument systems utilizing various combinations ofquadrupole, Tof, ion mobility and magnetic sector designs. These instrument systems are used in drug discoveryand development, as well as for environmental, clinical and nutritional safety testing. The majority of massspectrometers sold by the Company are designed to utilize an LC system as the sample introduction device.These products supply a diverse market with a strong emphasis on the life science, pharmaceutical, biomedical,clinical, food and beverage and environmental market segments worldwide.MS is an increasingly important detection technology for LC. The Company’s smaller-sized massspectrometers, such as the single quadrupole detector (“SQD”) and the tandem quadrupole detector (“TQD”), areoften referred to as LC “detectors” and are typically sold as part of an LC system or as an LC system upgrade. In2013, the Company introduced the ACQUITY QDa Detector, a compact and easy to operate mass spectrometricmodule that further supports the broader usage of mass detection for routine LC applications. Larger quadrupole3Form 10-Kautomated systems for regulated testing, and that have a variety of detection technologies, from ultra-violet(“UV”) absorbance to MS, optimized for certain analyses. The Company also manufactures tailored LC systemsfor the analysis of biologics, as well as an LC detector utilizing evaporative light scattering technology to expandthe usage of LC to compounds that are not amenable to UV absorbance detection.
systems, such as the Xevo TQ and Xevo TQ-S instruments, are used primarily for experiments performed forlate-stage drug development, including clinical trial testing. Quadrupole time-of-flight (“Q-TofTM”) instruments,such as the Company’s SYNAPT G2-S, are often used to analyze the role of proteins in disease processes, anapplication sometimes referred to as “proteomics”. In 2011, the Company introduced the SYNAPT G2-SHDMS instrument system. The SYNAPT G2-S incorporates both high sensitivity Waters StepWaveTM iontransfer optics and Triwave ion mobility technologies along with a suite of new informatics tools to enhancequalitative and quantitative high resolution performance. In 2012, the Company introduced the Xevo G2-S QTofTM and Xevo G2-S Tof mass spectrometers, bringing StepWave ion technology to its bench-to
ACQUITY UltraPerformance Liquid Chromatography (UPLC ), Waters invigorated the liquid phase separations market and provided scientific organizations with valued quality and speed advantages. Last year, Waters introduced the new ACQUITY QDa Detector, the first mass detector to bring high-quality, mass spectral data to chromatographic
