Company Overview - Waters Corporation (WAT) is an American manufacturer specializing in chromatography and mass spectrometry systems, along with a comprehensive suite of after-sale services and specialized laboratory supplies [1] Historical Background - The company was founded in 1958 and has since become publicly traded [1]

We came across a bullish thesis on Waters Corporation on The Wealth Dynasty Report’s Substack. In this article, we will summarize the bulls’ thesis on WAT. Waters Corporation's share was trading at $370.72 as of January 30th. WAT’s trailing and forward P/E were 34.48 and 26.39 respectively according to Yahoo Finance. Astera Labs (ALAB) Declines 13% on Profit-Taking Waters Corporation is a leading provider of high-tech laboratory equipment, serving pharmaceutical, industrial, and academic clients worldwid ...

摘要 ： "3i奖-优秀新品"二十年来，累计评选出年度优秀新品429台，质谱类以76台获奖位列第一。 高分辨质谱技术在很大程度上解决了传统质谱技术在蛋白质分析中面临灵敏度不足、分辨率有 限、通量低下三大瓶颈，能够实现复杂生物样本中数千种蛋白质组成解析、低丰度蛋白识别、 翻译后修饰（如磷酸化、糖基化）准确测定。 2011 年 赛 默 飞 推 出 Orbitrap El ite ， 将 扫 描 速 度 提 升 至 每 秒 12 张 高 分 辨 谱 图 。 2014 年 SCIEX的TripleTOF 6600系统则通过超快扫描技术实现了数据非依赖采集，使单次进样可定 量数千种蛋白质；该仪器也将代谢物鉴定从几百种扩展到数千种，覆盖了氨基酸、有机酸、脂 质 、 激 素 等 几 乎 所 有 代 谢 物 类 别 。 2018 年 SCIEX 的 M5 Microflow LC - OptiFlow™Turbo V源集成化高灵敏度质谱系统将纳流色谱与质谱联用，显著提高了蛋白质 序列覆盖率和修饰位点鉴定准确性。2019年赛默飞的Orbitrap Ecl ipse引入了实时搜索、智 能 碎 裂 等 AI 算 法 ， 将 质 谱 ...

Core Viewpoint - Waters Corporation has received overwhelming shareholder approval for the issuance of shares to Becton, Dickinson and Company in connection with the proposed combination of BD's Biosciences & Diagnostic Solutions business with Waters, with the transaction expected to close on February 9, 2026 [1][2][3] Group 1: Shareholder Approval and Transaction Details - Approximately 99% of shares present at the Special Meeting voted in favor of the share issuance to BD shareholders [3] - The transaction has received all required regulatory approvals and a favorable Private Letter Ruling from the IRS regarding U.S. federal income tax consequences [2] - The expected closing date for the transaction is February 9, 2026, subject to customary closing conditions [2] Group 2: Future Outlook and Company Vision - The company aims to create meaningful value for patients, customers, employees, and shareholders as it transitions into a leader in life sciences and diagnostics [2] - The upcoming Q4 2025 financial results will be released on February 9, 2026, coinciding with the expected transaction close [4] - Waters Corporation has been a global leader in analytical instruments and technologies for over 65 years, serving various scientific fields [5]

Core Viewpoint - BD (Becton, Dickinson and Company) is set to spin off its Biosciences & Diagnostic Solutions business to shareholders, followed by a merger with Waters Corporation, with the transaction expected to close on February 9, 2026 [1][2]. Transaction Details - The transaction will involve BD receiving $4 billion in cash, while BD shareholders will obtain 39.2% of the combined company on a fully diluted basis, with existing Waters shareholders owning 60.8% [2]. - BD shareholders do not need to take any action other than holding their shares as of the record date to receive Waters common stock [3]. - Following the transaction, BD shareholders will retain the same number of BD shares they held prior to the transaction [3]. Regulatory and Approval Status - BD has received a favorable Private Letter Ruling from the IRS regarding the U.S. federal income tax implications of the transaction, and Waters shareholders have approved the issuance of shares in the merger [4]. - The transaction is subject to customary closing conditions [4]. Trading Information - From February 5, 2026, BD common stock will trade with "due bills" representing the right to receive the SpinCo common stock distribution, which will convert into shares of Waters common stock upon closing [5]. - After the transaction closes, BD common stock is expected to be quoted "Ex-Distribution," meaning it will no longer include the entitlement to receive the SpinCo common stock distribution [5].

Company Overview - Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving various sectors including life sciences, materials, food, and environmental sciences for over 65 years [2] - The company ensures the efficacy of medicines, safety of food, purity of water, and quality and sustainability of everyday products [2] - Waters Corporation operates in over 100 countries with a workforce of more than 7,600 employees who collaborate with customers in laboratories, manufacturing sites, and hospitals [2] Financial Results Announcement - Waters Corporation will hold its Q4 2025 financial results conference call on February 12, 2026, at 8:00 a.m. Eastern Time [1] - A live webcast of the presentation will be available on the Waters Investor Relations website, with a replay accessible until at least March 12, 2026 [1]

Core Insights - The article discusses the strategic execution, value creation, and future planning of Waters Corporation, highlighting its transformation over the past five years and its focus on high-growth adjacent areas such as bioreagents and professional diagnostics [3][19]. Financial Performance Analysis - Adjusted operating profit margin over the past 12 months is industry-leading, exceeding the next competitor by approximately 180-80 basis points [4]. - Revenue growth for the past 12 months is around 8%, significantly higher than the industry average of 5%, with a weighted average growth rate three times that of other companies [4]. - Earnings per share (EPS) achieved double-digit growth, driven by factors such as GLP1 testing (contributing approximately $30 million in 2025), PFAS testing ($20 million), and Indian genetic testing ($30 million), collectively contributing over 250 basis points to growth [4]. Key Growth Drivers - Revenue growth is driven by instrument replacement (incremental sales exceeding $40 million within two years), increased service attach rates (from 43% in 2019 to 54% currently, a 2.2% annual increase), expansion of e-commerce channels (sales of chromatography columns through e-commerce increased from 20% to 45%, a 5% annual growth), growth in contract organization business (from 15% to 25%), and R&D investment (10% of product sales allocated to R&D) [5]. - Cost control achieved through optimization of manufacturing and supply chain, enhancing commercial and service efficiency [5]. Business Operations Overview - Core markets (pharmaceutical QA/QC, food environmental safety, etc.) have a scale of approximately $110 billion, with single-digit annual growth, slightly above industry growth [7]. - Adjacent areas (bioreagents, professional diagnostics, battery testing) have a scale of about $70 billion, with annual growth rates ranging from high single digits to low double digits, particularly with bioprocessing business growing at 50% [7]. - The Indian market shows a high teens growth rate, contributing approximately $30 million in revenue [8]. R&D Investment and Outcomes - R&D investment is about 10% of product sales [9]. - Innovative products include the Alliance liquid chromatography system (reducing errors by 40%, with a year-on-year growth of 270%), Xevo TQ Absolute mass spectrometer (PFAS testing, 40% annual growth), Max Peak Premier chromatography column (biologically inert, 35% annual growth), and charge detection mass spectrometer [9]. Future Outlook and Planning - Short-term goals for 2026 include a revenue growth framework with a mid-cycle instrument replacement period (6-year cycle), low single-digit compound annual growth rate, and special growth drivers contributing approximately 200 basis points [11]. - Long-term strategy focuses on high-growth end markets (bioreagents, diagnostics, battery testing) with a total addressable market (TAM) of approximately $1900-$2000 billion, and a projected revenue compound annual growth rate of 7% over the next five years [12]. Q&A Highlights - The 2026 growth expectation is influenced by the mid-cycle instrument replacement and special growth drivers, with new products further driving growth [14]. - The impact of manufacturing reshoring on TAM and revenue is anticipated to begin affecting product mix by the end of 2026, with expected high single-digit growth for instruments [15]. - The chemical business is driven by price, volume growth, and new products, with long-term growth reliant on innovation [16]. - Cost and revenue synergies from the BD business are expected to start in 2026, with specific quantification pending post-transaction completion [17]. Summary Remarks - Waters Corporation is executing its strategy from a position of strength, accelerating entry into high-growth adjacent areas through the acquisition of BD's life sciences and diagnostics business [19]. - The company aims to focus on building QC systems for bioreagents, optimizing microbiology business, and achieving cost and revenue synergies [19]. - Long-term goals include achieving industry-leading financial prospects, with a 7% revenue compound growth, margin expansion, and double-digit EPS growth [19].

Core Insights - Waters Corporation is acquiring Becton Dickinson's Biosciences and Diagnostic Solutions business to enhance its growth profile and expand its exposure to biologics, diagnostics, and regulated laboratory workflows [1] - The acquisition is expected to drive above-market growth and margin expansion over the coming years, as detailed at the JP Morgan Healthcare Conference [2] Financial Overview - BD's biosciences and diagnostic solutions unit is valued at approximately $3.3 billion, with an annual growth rate of roughly 5% from 2019 to 2024, and about 80% of its revenue is recurring [3] - Waters anticipates around $200 million in cost synergies within three years post-acquisition, with potential to exceed $300 million based on historical integrations [5] Strategic Rationale - The acquisition aligns with Waters' strategy to shift towards faster-growing and more defensible end markets, complementing its core strengths in analytical science [4] - The integration of BD's infrastructure is expected to enhance Waters' diagnostics strategy and expand its reach in therapeutic drug monitoring and clinical applications [4] Synergy Opportunities - Revenue synergies are projected from commercial execution, expansion into higher-growth adjacencies, and cross-selling, with high-growth adjacencies expected to generate about $150 million in incremental revenue by year five [6]

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Core Insights - The company has undergone a transformation process over the past five years, enhancing its commercial strength, revitalizing innovation, and entering fast-growing adjacencies, which facilitated the acquisition of BD's Bioscience and Diagnostics business [2][3]. Group 1: Company Strategy - The acquisition of BD's Bioscience and Diagnostics business is seen as a strategic move to create value for the corporation in the coming years [3]. - The company aims to execute its strategy from a position of strength, focusing on value creation and future strategic and financial perspectives [3]. Group 2: Market Position - The company addresses significant unmet needs for customers who invest approximately 10% of product sales in R&D, aiming to transform complex instrumentation into useful systems for high-volume regulated applications [4]. - There are roughly 170,000 instruments placed across various customers in regulated laboratories and other settings, indicating a strong market presence [4].