MILFORD, Mass., November 4, 2025 - Waters Corporation (NYSE: WAT), today announced its financial results for the third quarter of 2025. Sales for the third quarter of 2025 were $800 million, an increase of 8% as reported and 8% in constant currency, compared to sales of $740 million for the third quarter of 2024. On a GAAP basis, diluted earnings per share (EPS) for the third quarter of 2025 were $2.50, compared to $2.71 for the third quarter of 2024. Non- GAAP EPS for the third quarter of 2025 grew 16% to ...

Core Insights - Waters Corporation reported third quarter 2025 sales of $800 million, reflecting an 8% increase both as reported and in constant currency compared to $740 million in the same quarter of 2024 [1][14] - The company achieved diluted earnings per share (EPS) of $2.50 on a GAAP basis, down from $2.71 in the previous year, while non-GAAP EPS grew 16% to $3.40 from $2.93 [2][14] - The pharmaceutical segment experienced double-digit growth, driven by an ongoing instrument replacement cycle and new product offerings [3][14] Financial Performance - Sales for Q3 2025 were $800 million, an 8% increase from Q3 2024's $740 million [1][14] - Non-GAAP EPS for Q3 2025 was $3.40, a 16% increase from $2.93 in Q3 2024 [2][14] - Recurring revenue grew by 9% in constant currency, with the chemistry segment showing double-digit growth [14] Growth Drivers - The pharmaceutical segment grew by 11% in constant currency, with strong performance across all regions, particularly in the Americas [14] - The introduction of new products, such as the Affinity bioseparation columns and the Xevo™ Charge Detection Mass Spectrometer, contributed to growth in the chemistry portfolio [4][14] - The company is confident in achieving significant cost and revenue synergies from its integration with Becton, Dickinson and Company [4][14] Guidance - Waters Corporation raised its full-year 2025 constant currency sales growth guidance to a range of +6.7% to +7.3% [5][6] - The full-year 2025 non-GAAP EPS guidance was also raised to a range of $13.05 to $13.15, indicating a year-over-year growth of approximately +10% to +11% [6][7] - For Q4 2025, the company expects constant currency sales growth in the range of +5.0% to +7.0% and non-GAAP EPS between $4.45 and $4.55, reflecting a year-over-year growth of approximately +9% to +11% [7][14]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - Waters Corporation (WAT) is a global leader in analytical instruments and laboratory technologies, with a market cap of $21.4 billion, serving industries such as pharmaceuticals, life sciences, food and beverage, environmental testing, and materials analysis [1] - The company is expected to announce its fiscal Q3 earnings for 2025 on November 4, with analysts predicting a profit of $3.21 per share, a 9.6% increase from $2.93 per share in the same quarter last year [2] - For fiscal 2025, WAT is projected to report a profit of $12.99 per share, reflecting a 9.5% increase from $11.86 per share in fiscal 2024, with further growth expected to $14.18 per share in fiscal 2026 [3] Stock Performance - Over the past 52 weeks, WAT shares have increased by 9.8%, underperforming the S&P 500 Index's 16.9% return but outperforming the Health Care Select Sector SPDR Fund's 2.3% decline [4] - Despite reporting better-than-expected Q2 adjusted EPS of $2.95 and revenue of $771.3 million, WAT shares fell by 1.6% due to investor concerns regarding the planned acquisition of Becton, Dickinson and Company's biosciences and diagnostics unit [5] Analyst Ratings - Wall Street analysts maintain a "Moderate Buy" rating for WAT, with five out of 15 analysts recommending "Strong Buy" and 10 suggesting "Hold," while the mean price target is set at $362.36, indicating a marginal potential upside [6]

Core Insights - Waters Corporation has launched the Waters Xevo Charge Detection Mass Spectrometer (CDMS), which offers advanced measurement capabilities for large biomolecules essential for next-generation therapeutics and structural biology [2][4] - The Xevo CDMS addresses limitations in existing analytical tools, providing direct mass measurement for molecules exceeding 150 MDa, thus enabling analysis of complex drug modalities [2][4] Product Features - The Xevo CDMS allows for the analysis of viral vector capsids using up to 100-fold less sample volume compared to current methods, delivering results in under ten minutes [3][4] - It enables real-time characterization of gene therapies during development, enhancing the safety and efficacy of advanced therapies [4][6] - The system utilizes the Electrostatic Linear Ion Trap (ELIT) technology for direct measurement of individual ions, developed in collaboration with Indiana University [5][10] Strategic Importance - The introduction of the Xevo CDMS is part of Waters Corporation's strategic investment in large molecules, which is crucial for advancing therapeutic breakthroughs [4][5] - The technology is expected to accelerate the development of genetic medicines and improve accessibility to life-changing therapies for patients [4][5] Market Position - Waters Corporation is recognized as a global leader in analytical instruments and technologies, serving various sectors including life sciences, materials, food, and environmental sciences for over 65 years [7][8]

Core Points - Waters Corporation (NYSE: WAT) will hold its Q3 2025 financial results conference call on November 4th, 2025 at 8:00 a.m. Eastern Time [1] - A live webcast of the presentation will be available on Waters Investor Relations website, with a replay accessible until December 2nd, 2025 [1] - Waters Corporation is a global leader in analytical instruments, separations technologies, and software, serving various sectors for over 65 years [1] - The company operates in over 100 countries with more than 7,600 employees, focusing on the efficacy of medicines, safety of food, purity of water, and sustainability of products [1] Financial Performance - The company reported its financial results for the second quarter of 2025, with sales amounting to $771 million [3]

Core Viewpoint - The article announces the nominees for the "3i Award - Excellent New Products in the Scientific Instrument Industry" for the first half of 2025, highlighting the importance of innovation in the industry and the rigorous evaluation process involved in the selection [2][4]. Summary by Sections Nomination Announcement - A total of 40 new products have been nominated for the "3i Award" in the first half of 2025, representing approximately 16% of the total submissions [1][4]. Evaluation Process - The evaluation process involved a strict review by a professional editorial team, an online review team, and the Technical Review Committee, which consists of over 300 senior experts from academia, research institutions, and enterprises [4][6]. - The nominated products were selected from 243 submissions made by domestic and international manufacturers between February 15 and July 15, 2025 [2][4]. Criteria for Nomination - Nominated instruments must meet specific criteria, including significant innovations in design or principle, improvements in automation and efficiency, enhancements in performance or safety, and unique designs compared to existing products [6][9]. - The evaluation also emphasizes the importance of providing detailed and convincing documentation of the innovations during the submission process [6]. Public Disclosure and Award Ceremony - The list of nominees will be publicly displayed for 10 days on the Instrument Information Network, allowing for feedback and verification of the submitted information [7]. - The final award winners will be announced during the 19th China Scientific Instrument Development Annual Conference in April 2026 [7][8]. Industry Impact - The "3i Award" aims to promote innovation, interaction, and integration within the scientific instrument industry, recognizing outstanding products and contributions to the field [8][9].

Core Insights - Waters Corporation (WAT) has a market capitalization of $18.2 billion and is a leading provider of analytical instruments and workflow solutions, operating through two segments: Waters and TA [1][2] - The company serves various sectors including pharmaceuticals, life sciences, industrial, academic, and government, supporting critical applications in research, development, quality assurance, and regulatory compliance [2] Stock Performance - Shares of Waters have decreased 27.7% from their 52-week high of $423.56 and have fallen 9.7% over the past three months, underperforming the S&P 500 Index, which gained 10.9% in the same period [3][4] - Year-to-date, WAT stock is down 17.4%, lagging behind the S&P 500's 12.8% increase, and has dropped 8.1% over the past 52 weeks compared to the S&P 500's over 18% return [4] Financial Performance - In Q2 2025, Waters reported adjusted EPS of $2.95 and revenue of $771.3 million, but the stock fell 1.6% due to concerns over the acquisition of Becton Dickinson's bioscience and diagnostics unit, which is viewed as a high-priced deal with integration risks [5] - Academic and government sales declined by 3% amid uncertainty regarding U.S. research funding, although the company raised its annual EPS guidance to $12.95 - $13.05 [5] Competitive Landscape - Rival Quest Diagnostics Incorporated (DGX) has outperformed Waters, with DGX stock gaining 21.5% year-to-date and 17.9% over the past 52 weeks [6] - Despite the underperformance, analysts maintain a moderately optimistic outlook on WAT, with a consensus rating of "Moderate Buy" and a mean price target of $361.88, representing an 18.1% premium to current levels [6]

Core Insights - The company reported a quarter with high single-digit instrumentation growth, indicating strong performance in its base business [1] - There was a slight softness in the TA segment, but overall results were better than expected across various areas [1] - The company continues to experience momentum similar to Q1, suggesting a consistent growth trajectory [1] Business Performance - The base business is described as going from strength to strength, with ongoing positive momentum [1] - The company acknowledges a repetitive success pattern, indicating a stable operational strategy [1] Instrument Replacement Cycle - Discussion around the instrument replacement cycle is anticipated, suggesting it is a significant factor for future growth [1]

Financial Data and Key Metrics Changes - The company reported high single-digit growth in instrumentation, with a notable performance in the base business, continuing momentum from previous quarters [3][4] - Service attachment rates have reached 52%, and e-commerce penetration is above 45% [4] - The company experienced a 20% decline in TA in the U.S., primarily due to R&D testing in material science, while international markets, particularly China, showed strong growth [7][8] Business Line Data and Key Metrics Changes - New product launches contributed significantly to the overall growth, with the Alliance IS achieving three times the sales compared to last year and TQ Absolute XR setting new standards in its category [5][18] - PFAS testing grew by 30% this quarter, although it slowed from 90% growth in Q1, with year-to-date growth close to 50% [6] - GLP-one testing saw a 70% increase in the first half of the year, and India generics experienced growth in the high teens to low twenties [6] Market Data and Key Metrics Changes - The U.S. market for TA declined, but outside the U.S., growth was robust, particularly in China, which saw double-digit growth driven by CDMO activity [7][8] - The LCMS segment maintained high single-digit growth, indicating a healthy replacement cycle still in progress [9][10] Company Strategy and Development Direction - The company aims to build a biologics QC domain, focusing on acquiring technologies and capabilities to enhance its portfolio, particularly in mass spectrometry and flow cytometry [21][24] - Strategic synergies from the recent acquisition are expected to yield significant operational improvements, with a target of $200 million in synergies identified [26][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth in China, particularly in the pharma segment, despite a cautious outlook for the remainder of the year [70][71] - The company is focused on maintaining its base business performance while preparing for the integration of the new acquisition [53][54] Other Important Information - The company plans to raise $4 billion in debt to fund the acquisition, with an expected leverage ratio of about 2.5 to 2.6 [63] - Management emphasized the importance of cultural integration and maintaining operational efficiency during the merger process [56][58] Q&A Session Summary Question: What is the state of the instrument replacement cycle? - Management indicated that the replacement cycle is progressing well, with high single-digit growth in LCMS, suggesting that there is still significant room for growth beyond the average [9][10] Question: How is the CapEx approval process evolving? - The company noted that while the replacement cycle is strong, the velocity of the CapEx approval process has not improved post-pandemic [14][15] Question: What are the competitive dynamics in the LC market? - Management highlighted that displacing competitors in the replacement segment is challenging, but new product offerings have been well received, leading to significant growth in that area [16][17] Question: How will the company integrate with BD post-acquisition? - The integration plan involves securing the base business, validating plans developed pre-announcement, and identifying key individuals accountable for delivering synergies [53][56] Question: What is the outlook for the generics industry amidst tariff discussions? - Management indicated that the generics industry is exempt from tariffs, and there are no significant concerns regarding the impact of tariffs on the business [64][66]