Core Viewpoint - Waters Corporation reported strong Q2 performance with revenue reaching $771 million, a year-over-year increase of 8.9%, and a sequential increase of 16.6%. The company also announced a transformative acquisition plan for BD, expecting significant value creation through cost and revenue synergies [4][6][16]. Financial Performance - In Q2, Waters' revenue was $771 million (approximately RMB 5.56 billion), with a year-over-year growth of 8.9% and a sequential growth of 16.6%. The growth was primarily driven by the instrument business, which saw a 4% increase at constant currency, with high single-digit growth in liquid chromatography (LC) and mass spectrometry (MS) [6][7]. - The recurring revenue also grew by 11% at constant currency, reflecting strong demand for high-end analytical instruments, particularly in the Chinese biopharmaceutical sector [10][12]. Regional and Segment Performance - Waters experienced significant growth across different regions, with Asia achieving a 14% increase, Europe growing by 8%, and the Americas only increasing by 2% due to a 20% decline in the TA segment [8]. - Notably, the Chinese market showed remarkable performance with revenue of $117 million, a year-over-year increase of 17% and a sequential increase of 28.9%, driven by strong demand for instrument replacements in quality control and new drug development [10][12]. Strategic Initiatives - The company attributed its strong performance to successful execution of business strategies, innovative product launches, and targeted growth plans. The Alliance iS system saw a threefold increase in sales year-over-year, while other innovations like Xevo TQ Absolute+XR and MaxPeak Premier also experienced significant sales growth [15][16]. - Waters announced the acquisition of BD Biosciences & Diagnostic Solutions, positioning it as a transformative move expected to generate $200 million in cost synergies by the third year post-acquisition and $290 million in additional sales by the fifth year [16][17]. Market Concerns - Following the acquisition announcement, Waters' stock price fell by 11.5%, indicating market skepticism regarding the high valuation of $17.5 billion for BD's divested business, which corresponds to a 19x EBITDA multiple, above the industry average of 15x [21][24]. - Concerns also arose regarding the potential challenges of integrating BD's business, given the differences in business models and regulatory environments, which could complicate the realization of expected synergies [26][28]. Conclusion - Waters' Q2 performance reflects robust operational capabilities and a solid foundation for future growth. However, the market's skepticism regarding the integration of BD's business and the realization of synergies poses a significant challenge for the company moving forward [29].

4月1日，碧迪拟出售生命科学业务事件有了最新进展，该公司正与科学仪器行业两大巨头 赛默飞、丹纳赫 就出售其生命科学业务进行谈判。 此外，该公司还在与 沃特世、凯杰、瑞孚迪 等体量较小的潜在买家探索通过"反向莫里斯信托"免税换股方式完成交易。 早在2月6日，碧迪向外界披露了其正有条不紊地筹备拆分旗下极具价值的生命科学部门。该部门包括集成诊断解决方案（IDS）部门和生物科 学业务（BDB）部门。其中，IDS业务将保留在新的碧迪集团内。 导读： 4月1日，碧迪拟出售生命科学业务事件有了最新进展，该公司正与科学仪器行业两大巨头赛默飞、丹纳赫、沃特世、凯杰、瑞孚迪等就出售其生命科学业 务进行谈判。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 谁将成为最后赢家？ 如今，赛默飞、丹纳赫、沃特世、凯杰、瑞孚迪5潜在买家率先浮出水面，不意外的，都是科学仪器行业"知名老演员"。那么，谁将成为最后赢 家？ 据悉，此次拆分是由激进投资者St a r b o a r d Va l u e推动的。他们坚信，拆分后的生命科学部门能够摆脱原有的组织架构束缚，以更加独立 ...