WAT
Waters Corporation378.53
-6.89-1.79%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
BD misses baselined; execution levers detailed.
Q&A unpacked BD's Q4 shortfalls—China DRG pressure, mild flu season, U.S. shutdown delays, prior IP bump—now embedded in a risk-adjusted 2.5% growth baseline before synergies kick in. Management stressed rapid execution via deal desk for pricing discipline on FACSDiscover instruments and reagents, plus instrument replacement and service attach gains mirroring Waters' playbook. Chemistry realized 200-450 bps pricing stick rates; BD offers similar upside. Guidance prudently skips A&G recovery, China stimulus, and reshoring. Synergies align with deal model, no acceleration yet. Q&A reaffirmed scripted confidence. BD integration pace matters next.
Key Stats
Market Cap
22.54BP/E (TTM)
34.86Basic EPS (TTM)
10.86Dividend Yield
0%Recent Filings
10-K
FY2025 results
Waters posted FY2025 net sales of $3.2B, up 7% y/y, with Q4 delivering $932M—a sharp acceleration from prior quarters amid broad demand for LC-MS instruments and chemistry consumables. Recurring revenues surged 8% annually, led by 12% chemistry growth to pharma clients, while services rose 7%; instrument systems climbed 5% y/y but softened sequentially in TA. Operating income dipped 3% to $803M (25.4% margin) on $82M BDS acquisition costs, $20M ERP spend, and payroll hikes, yet Q4 momentum shone through. Cash from operations hit $653M; debt fell to $1.4B with $1.6B revolver capacity. Q4 roared.
8-K
Waters completes BD spin-merger
Waters closed its reverse Morris Trust merger with BD's Biosciences and Diagnostic Solutions business on February 9, 2026, issuing 38.5 million shares to BD shareholders for 39.2% ownership while funding BD's $4.0 billion payout via SpinCo's $4.0 billion bridge loan. Strategic cross-licenses and transition services ensure operational continuity; Claire Fraser joined the board. Debt covenants cap leverage at 3.50:1.00, rising to 4.25:1.00 post-deal.
8-K
Waters beats Q4; closes BD deal
Waters Corporation reported Q4 2025 sales of $932M, up 7% reported and 6% constant currency from $873M, driven by 12% Chemistry growth and high single-digit Pharma/Industrial gains, while Instruments rose 3%. Full-year sales hit $3.165B, up 7%, with non-GAAP EPS at $13.13, up 11%. Closing BD's Biosciences and Diagnostic Solutions acquisition today, Waters guides 2026 revenue to $6.405B-$6.455B including $3B acquired contribution. Synergies start now, but integration risks loom.
8-K
Shareholders greenlight BD merger
Waters shareholders approved the share issuance for its Reverse Morris Trust merger with BD's Biosciences and Diagnostic Solutions business on January 27, 2026, with 99% of votes in favor from 90.8% turnout. All regulatory approvals secured; closing eyed for February 9, subject to final conditions. Deal clears key hurdle. Integration risks loom large.
8-K
Proxy supplement moots lawsuits
Waters supplemented its proxy statement/prospectus with additional merger background details, updated standalone and SpinCo financial projections showing 2025E unlevered free cash flow of $772M and $634M respectively, and refined fairness opinion multiples. Filed under Item 8.01 to moot two New York stockholder lawsuits alleging disclosure omissions. Board stands firm: vote for the deal.
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