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Waters Corp
XMUN:WAZ

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Waters Corp
XMUN:WAZ
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Price: 295.7 EUR -1.92%
Market Cap: €17.6B

Waters Corp
Investor Relations

Waters Corporation makes scientific instruments and lab software that help customers identify, measure, and separate chemicals in complex samples. Its main products are liquid chromatography systems, mass spectrometry systems, and the columns, spare parts, and software that go with them. These tools are used when labs need precise answers about what is in a drug, food, chemical, or biological sample. Its main customers are pharmaceutical and biotech companies, contract research labs, universities, government labs, and some industrial testing labs. Waters sells instruments upfront and then earns repeat business from consumable products like columns and from service, maintenance, and software. That mix gives the company both equipment sales and a steadier follow-on revenue stream tied to how much customers use the instruments. Waters sits in an important spot in the scientific testing chain: it helps labs move from raw samples to reliable data they can use for research, quality control, and regulatory work. It is not selling the drug or chemical itself; it sells the measurement tools that prove what that product contains and whether it meets standards. That makes the business closely linked to long-term spending on drug development, lab testing, and regulated manufacturing.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 5, 2026
AI Summary
Q1 2026

Beat and raise: Waters reported first-quarter revenue of $1.267 billion and adjusted EPS of $2.70, both well above guidance, and raised full-year organic growth and EPS outlooks.

Legacy strength: The core business delivered 11% constant-currency organic growth, led by strong demand in pharma, academic and government, chemistry, and service.

Acquisition momentum: The newly acquired Biosciences and Diagnostic Solutions businesses both came in ahead of expectations, helped by faster commercial execution, pricing actions, and early cross-selling.

Outlook improving: Management raised full-year organic constant-currency revenue growth to 6.5% to 8% and adjusted EPS to $14.40 to $14.60, while flagging stronger visibility into the second half.

Synergy upside: The company said it is on track for $55 million of cost synergies and $50 million of revenue synergies in 2026, with some benefits expected to begin flowing through starting in the third quarter.

Key Financials
Revenue
$1.267 billion
Organic revenue
$747 million
Adjusted EPS
$2.70
Biosciences and Diagnostic Solutions revenue
$520 million
Adjusted gross margin
54.7%
Adjusted operating margin
23.6%
Cost synergies
$55 million
Revenue synergies
$50 million
Free cash flow
$42 million outlay
Net interest expense
$38 million
Tax rate
15.6%
Analytical Sciences revenue
$607 million
Biosciences revenue
$232 million
Diagnostic Solutions revenue
$288 million
Clinical Business Unit revenue
$61 million
Materials Sciences revenue
$79 million
Earnings Call Recording
Other Earnings Calls

Management

Dr. Udit Batra Ph.D.
President, CEO & Director
No Bio Available
Ms. Jianqing Y. Bennett
Senior Vice President of TA Instruments Division & Waters Clinical Business Unit
No Bio Available
Mr. Christos Ross
Senior Vice President of Global Operations
No Bio Available
Ms. Kristen Garvey
Vice President of Corporate Communications
No Bio Available
Mr. Patrick Conway
Interim Vice President of Human Resources
No Bio Available
Dr. Daniel Rush Ph.D.
Senior Vice President of Strategy & Transformation
No Bio Available
Mr. Robert L. Carpio III
Senior Vice President of Waters Division
No Bio Available
Mr. John Lynch
Treasurer
No Bio Available

Contacts

Address
MASSACHUSETTS
Milford
34 Maple St
Contacts
+15084782000.0
www.waters.com
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