Waters Corporation provided earnings guidance for the first quarter and full of 2018. For the year, the company generally assumes continued stable demand from pharmaceutical and industrial end markets, consistent growth in recurring revenue and balanced growth rates from geographies. These dynamics lead up to a mid-single-digit constant-currency sales increase in 2018. At current rates, currency translation is assumed to increase 2018 sales growth by about 1%. Gross margins for the year are expected to be consistent with the prior year and range between 58.5% to 59%. The plan for the full year is to manage operating expense growth at a rate that is less than sales growth. Net interest expense is expected to be approximately $16 million to $17 million, a reduction as compared to 2017 due to the increased flexibility in deploying cash balances as a result of tax reform. The company estimate full year tax rate, which reflects the impact of tax reform and stock compensation rules, to be in a range of 13% to 15%. This includes an estimated impact of about 2% related to provisions in the new tax reform law. Rolling all this together and on a non-GAAP basis, full year 2018 earnings per fully diluted share are projected to be within a range of $8 to $8.25. At current rates, the foreign currency impact on full year earnings per share growth is expected to be about neutral. For the first quarter of 2018, The company expects constant-currency sales growth in the mid-single digits. At today's rates, currency translation is expected to positively impact first quarter sales growth by about 2%. Other key assumptions include a moderate increase in expenses as well as an estimated increase in overall tax rate of about 5% to 6%. The company estimate first quarter earnings per diluted share in the range of $1.48 to $1.60, with an approximate 1% positive impact from foreign currency translation at current rates.