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Waters Corporation is a leading analytical instrument manufacturer that operates through two primary business segments: Waters and TA Instruments. The company specializes in high-performance liquid chromatography (HPLC), ultra-performance liquid chromatography (UPLC), mass spectrometry (MS), and precision chemistry consumables, which are essential for analyzing the chemical, physical, and biological composition of materials across various industries . Additionally, Waters Corporation provides thermal analysis, rheometry, and calorimetry instruments to assess the suitability and stability of materials in industrial, consumer goods, and healthcare products . The company's offerings include both instruments and consumables, as well as service sales such as support plans, replacement parts, and repair services .
- Waters Segment - Focuses on high-performance liquid chromatography (HPLC), ultra-performance liquid chromatography (UPLC), mass spectrometry (MS), and precision chemistry consumables. Includes operations of Wyatt Technology, specializing in light scattering and field-flow fractionation instruments.
- TA Instruments Segment - Designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments used to predict material suitability and stability in various products.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Udit Batra ExecutiveBoard | President and CEO | None | CEO since 2020, previously CEO of MilliporeSigma, with over 20 years in healthcare/life sciences. | View Report → |
Amol Chaubal Executive | SVP and CFO | None | CFO since 2021, previously CFO at Quanterix and Smith & Nephew, with extensive finance leadership. | |
Jianqing Bennett Executive | SVP, TA Instruments Division | None | Leads TA Instruments since 2021, previously SVP at Beckman Coulter, with expertise in product innovation. | |
Christopher Kuebler Board | Independent Director | None | Director since 2006, former CEO of Covance, with 30+ years in pharma and pharma services. | |
Dan Brennan Board | Independent Director | EVP and CFO at Boston Scientific | Director since 2022, CFO at Boston Scientific, with over 20 years of finance leadership. | |
Flemming Ornskov Board | Chairman of the Board | CEO of Galderma | Chairman since 2017, CEO of Galderma, with extensive healthcare and strategic planning expertise. | |
Heather Knight Board | Independent Director | EVP and Group President at Baxter International | Director since 2024, EVP at Baxter, with 30 years of global business leadership experience. | |
Linda Baddour Board | Independent Director | Board Member at Cryoport, Inc. | Director since 2018, chairs Audit & Finance Committee, with expertise in finance and healthcare. | |
Mark Vergnano Board | Independent Director | Director at Johnson Controls, Partner at Sea Shell Partners | Director since 2022, former CEO of Chemours, with expertise in business transformation. | |
Richard Fearon Board | Independent Director | Director at CRH plc, Crown Holdings, and Avient | Director since 2023, former CFO at Eaton, with expertise in finance and strategic planning. | |
Wei Jiang Board | Independent Director | Board Member at STAAR Surgical Company | Director since 2021, with 25+ years in pharma and medical devices, focused on Asia-Pacific markets. |
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Given the ongoing CapEx constraints among customers, particularly in the CDMO segment in China where CapEx remains subdued, what specific strategies are you implementing to drive growth and mitigate these challenges in achieving your long-term outlook above the historical rate of 6%?
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With instrument sales declining 17% in the second quarter while chemistry and service both grew 5%, how do you plan to address the significant drop in instrument sales and stimulate demand to drive overall revenue growth?
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Despite the increase in biologics revenue to over 35% of pharma revenues from roughly 20% in the last 3 to 4 years, what risks do you see associated with this shift, such as market saturation or increased competition in large molecule applications?
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Considering customers have delayed instrument replacements due to macroeconomic pressures, how sustainable is the demand for new products like the Alliance iS, and what are your plans to maintain innovation and upsell opportunities if customers continue to defer spending?
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With gross margins remaining flat at 59.3% despite headwinds from lower sales volume, FX, and inflation, what specific productivity initiatives are you implementing to improve margins, and how confident are you in their ability to offset future challenges such as inflation or further sales declines?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company encounters competition from several worldwide suppliers and other companies in both domestic and foreign markets for each of its three primary technologies. In the markets served by Waters, the company's principal competitors include this entity. Additionally, it is a principal competitor in the service market, providing certain services on Waters instruments to varying degrees and always presenting competitive risk. | |
Shimadzu Corporation | In the markets served by Waters, the company's principal competitors include this entity. |
In the markets served by Waters, the company's principal competitors include this entity. | |
In the markets served by Waters, the company's principal competitors include this entity. It is also a principal competitor for consumable products. | |
In the markets served by Waters, the company's principal competitors include this entity. It is also a principal competitor in the service market and for consumable products. | |
Perkin Elmer, Inc. | In the markets served by TA, the company's principal competitors include this entity. |
NETZSCH-Geraetebau GmbH | In the markets served by TA, the company's principal competitors include this entity. |
Malvern PANalytical Ltd. | In the markets served by TA, the company's principal competitors include this entity, a subsidiary of Spectris plc. |
Anton-Paar GmbH | In the markets served by TA, the company's principal competitors include this entity. |
In recent years, the company's principal competitors for consumable products have included this entity. | |
In recent years, the company's principal competitors for consumable products have included this entity. | |
The company's principal competitors in the service market include this entity, which can provide certain services on Waters instruments to varying degrees and always present competitive risk. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Wyatt Technology | 2023 | Waters Corporation acquired Wyatt Technology for $1.36 billion in cash (subject to adjustments) on February 14, 2023 with completion on May 16, 2023. The deal, financed via cash and a revolving credit facility, strategically expands Waters' bioanalytical capabilities in light scattering, field-flow fractionation, and large molecule applications (notably cell and gene therapies), with anticipated revenue synergies of over $70 million annually by year five. |
Megadalton Solutions, Inc. | 2022 | The company completed the asset acquisition of charge detection mass spectrometry (CDMS) technology assets from Megadalton Solutions, Inc. for a total of approximately $10 million (with $5 million paid at closing and $4 million deferred through 2029). This acquisition enhances its mass spectrometry portfolio for analyzing large proteins and complexes used in cell and gene therapies, with the technology accounted for as Acquired In-Process Research and Development. |
Recent developments and announcements about WAT.
Earnings
New Earnings (Q4 2024)
·Feb 12, 2025, 4:33 PMView full earnings summary →WAT Q4 soared with India up 34% yoy, now ~8% of total sales, and new Alliance iS at 20% of HPLC. Management guides 2025 revenue growth of 4.5–7%, with recurring at 6–7%. Macro risks linger, but strong new product traction signals continued momentum.