John A. Ornell
During the course of this conference call, we will make various forward-looking statements regarding future events or future financial performance of the company. In particular, we will provide guidance regarding possible future income statement results of the company this time for Q1 and full year 2012. We caution you that all such statements are only predictions and that actual events or results may differ materially.
For a detailed discussion of some of the risks and contingencies that could cause our actual performance to differ significantly from our present expectations, see our 10-K Annual Report for the fiscal year ending December 31, 2010, under Part I, caption Business Risk Factors. We further caution you that the company does not obligate or commit itself by providing this guidance to update predictions. We do not plan to update predictions regarding possible future income statement results, except during our regularly scheduled earnings release conference calls and webcasts. The next earnings release call and webcast is currently planned for April 2012.
During this call, we will be referring to certain non-GAAP financial measures. A reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure is attached to the company's earnings release issued this morning. In our discussions of the results of operations, we may refer to pro forma results, which exclude the impact of items such as those outlined in our schedule entitled Reconciliation of Net Income Per Diluted Share included in this morning's press release.
Douglas A. Berthiaume
Thank you, John. Well, 2011 was a second consecutive year of double-digit sales growth and even faster earnings growth for Waters. Successful new product launches and healthy demand from our pharmaceutical customer base have been key factors in driving our growth. In addition, we continue to benefit from faster growth in developing countries and opportunities associated with our applied markets such as food testing and clinical diagnostics.