Summary of Waters Corporation and BD Biosciences and Diagnostic Solutions Conference Call Company and Industry Overview - **Companies Involved**: Waters Corporation (WAT) and BD Biosciences and Diagnostic Solutions - **Industry**: Life Sciences and Diagnostics Key Points and Arguments 1. **M&A Announcement**: Waters announced a combination with BD's Biosciences and Diagnostic Solutions via a Reverse Morris Trust, issuing 39.2% of its shares to BD shareholders and assuming $4 billion in debt [2][5][43] 2. **Financial Projections**: The combined company is expected to generate pro forma revenue of approximately $6.5 billion with adjusted EBITDA of around $2 billion for 2025 [6][18] 3. **R&D Investment**: Approximately 10% of product sales will be allocated to R&D to sustain innovation [7][16] 4. **Employee Count and Headquarters**: The combined entity will have around 16,000 employees and will be headquartered in Milford, Massachusetts [7] 5. **Market Expansion**: The transaction is expected to double Waters' total addressable market to approximately $40 billion, with growth driven by consistent demand factors such as pill count and disease detection [8][11] 6. **Revenue Stability**: Over 70% of the combined revenue is expected to be recurring, enhancing growth stability [9][10] 7. **Cost and Revenue Synergies**: Expected cost synergies of $200 million by year three and revenue synergies of $290 million by year five [19][40] 8. **Adjusted Operating Margin**: The combined company aims to expand its adjusted operating margin by approximately 500 basis points by 2030 [18][42] Additional Important Insights 1. **Strategic Fit**: The combination is seen as a unique opportunity to leverage complementary capabilities in regulated high-volume applications, enhancing the growth profile of both companies [12][14] 2. **Innovation Pipeline**: BD's expertise in flow cytometry and microbiology complements Waters' strengths in liquid chromatography, creating opportunities for cross-selling and new product development [23][25][30] 3. **Customer Base**: The merger is expected to enhance customer trust and loyalty, with over 80% of the combined company's revenue coming from iconic brands [16][61] 4. **Market Positioning**: BD's strong presence in diagnostics and microbiology is expected to accelerate Waters' entry into high-growth adjacencies such as bioseparations and bioanalytical characterization [35][37] 5. **Regulatory and Market Access**: The combination will provide Waters with the necessary regulatory and market access capabilities to enhance its diagnostics offerings [76][88] Conclusion The merger between Waters Corporation and BD Biosciences and Diagnostic Solutions is positioned as a transformative move that will create a leader in the life sciences and diagnostics industry, with significant potential for innovation, market expansion, and financial growth. The strategic alignment of both companies' strengths is expected to deliver substantial long-term value to shareholders and customers alike [46][47].

导读： 沃特世在ASMS2025发布XevoTQ Absolute XR质谱仪，采用StepWave XR技术，提升灵敏度与抗 污染能力，助力PFAS检测和环保法规合规，同时优化能耗与空间利用率。 特别提示 微信公众号机制调整，请点击顶部"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。 美国当地时间2 0 2 5年6月2日，沃特世（Wa t e rs Co r p o r a ti o n）在第7 3届美国质谱年会（ASMS 2 0 2 5 ） 发 布 Xe v o TQ Abs o lut e XR 三 重 四 极 杆 质 谱 仪 。 这 款 旗 舰 产 品 通 过 突 破 性 的 St e pWa v e XR离子导向器技术，在灵敏度、抗污染能力和可持续性方面实现跨越式升级，成为 高 通 量 实 验 室 的 新 一 代 标 杆 解 决 方 案 。 该 新 品 针 对 PFAS 等 持 久 性 污 染 物 检 测 实 现 突 破 性 升 级，以行业领先的负电离化合物定量能力，直击全球4 2项新增环保法规合规痛点。 创新技术亮点： 1、 St epWa v e XR离子导 ...

Core Insights - Waters Corporation has launched the Xevo™ TQ Absolute XR Mass Spectrometer, which is positioned as the most sensitive and reliable benchtop tandem quadrupole in the market, surpassing the previous Xevo TQ Absolute model [2][4][10] Product Performance - The Xevo TQ Absolute XR offers up to a six-fold increase in performance robustness and unmatched sensitivity, significantly reducing downtime and enhancing operational efficiency [3][5][9] - The system is designed for high-throughput applications, particularly in pharmaceutical companies and contract testing organizations, addressing the complex needs of these sectors [2][6] Environmental Efficiency - The new mass spectrometer uses up to 50% less power and nitrogen gas, produces 50% less heat, and occupies up to 50% less bench space compared to other high-performing tandem or triple quadrupoles, making it environmentally friendly [6][9] Technological Innovations - The introduction of the StepWave XR Ion Guide minimizes the risk of unplanned downtime while maintaining high sensitivity and precision for complex sample types [7][10] - The design allows for industry-leading quantitation of negatively ionizing compounds, such as PFAS, benefiting bioanalytical, food safety, and environmental testing laboratories [10] Market Availability - The Xevo TQ Absolute XR Mass Spectrometer is currently available for order [11]