Waters Corporation (NYSE:WAT) reported third-quarter earnings and revenue above Wall Street expectations on Tuesday, supported by strong organic growth across its Analytical Sciences and Biosciences divisions. The company also raised its full-year 2026 financial guidance and announced the acquisition of MOBILion Systems, a specialist in advanced molecular analysis technology.
Adjusted earnings per share reached $4.10, exceeding the analyst consensus estimate of $4.00 by $0.10. Quarterly revenue climbed 121% to $1.77 billion from $800 million in the corresponding period last year, surpassing market expectations of $1.75 billion.
Waters shares edged 0.12% higher in premarket trading following the announcement.
Waters reported organic revenue growth of 9% on a reported currency basis and 10% in constant currency, reflecting increased demand across its scientific instrumentation and consumables businesses.
The organic growth figures indicate solid underlying performance alongside the substantial increase in reported revenue.
Management attributed the improvement to strong execution, new product innovation and higher customer testing volumes.
President and Chief Executive Officer Dr. Udit Batra highlighted the contribution of the company’s consumables portfolio.
“Our team delivered exceptional results led by best-in-class consumables growth across both our Analytical Sciences and Biosciences divisions, as strong execution, new product innovation, and rising customer testing volume accelerated growth,” Batra said.
The performance across both divisions contributed to the company’s decision to increase its financial expectations for the remainder of 2026.
Waters’ Analytical Sciences Division recorded revenue growth of 8% on a reported basis and 9% in constant currency during the third quarter.
The increase was supported by double-digit growth in instruments and chemistry products, reflecting demand for the company’s analytical technologies.
The division’s performance benefited from higher customer testing activity and continued adoption of its scientific analysis solutions.
Strong instrument sales also complemented growth in consumables, supporting the division’s overall results.
The combination of equipment and chemistry demand provided an important contribution to Waters’ organic revenue expansion.
Waters’ Biosciences Division also contributed to the company’s stronger-than-expected quarterly performance.
Reagent revenue increased at a high-single-digit rate, representing a 400-basis-point acceleration in year-over-year growth.
The improvement reflected stronger demand for products used in biological analysis and laboratory testing.
Growth in reagents was particularly significant because consumables represent an important source of recurring demand from customers conducting scientific research and testing activities.
Management identified the performance of consumables across both major divisions as a key driver of the quarter’s results.
The acceleration in Biosciences reagent sales also reinforced the company’s broader organic growth momentum.
Following its third-quarter results, Waters increased its financial guidance across all metrics for fiscal 2026.
The company now expects adjusted earnings per share of between $14.60 and $14.70.
The midpoint of $14.65 exceeds the analyst consensus estimate of $14.58.
Waters also raised its full-year revenue outlook to between $6.48 billion and $6.50 billion.
The midpoint of $6.49 billion is above the market forecast of $6.46 billion.
The revised guidance reflects management’s expectations for continued contributions from its analytical sciences and biosciences businesses.
The higher forecasts follow a quarter in which organic revenue growth reached double digits in constant currency and adjusted earnings exceeded analyst estimates.
Waters expects fourth-quarter revenue of between $1.80 billion and $1.82 billion, with a midpoint of $1.81 billion.
That compares with the analyst consensus estimate of $1.79 billion, placing the company’s revenue forecast above market expectations.
For adjusted earnings, Waters projected fourth-quarter EPS of between $4.58 and $4.68.
The midpoint of $4.63 is slightly below the consensus estimate of $4.67, although the upper end of the company’s guidance exceeds that forecast.
The outlook indicates that management expects revenue to increase sequentially from the $1.77 billion reported in the third quarter.
However, the earnings guidance suggests that adjusted profitability may be slightly below analysts’ central expectations during the final quarter of the year.
Alongside its financial results, Waters announced the acquisition of MOBILion Systems, Inc., a company specialising in high-resolution ion mobility separation technology.
MOBILion develops technology designed to support the analysis of complex molecules, an area relevant to advanced scientific research and laboratory applications.
The acquisition expands Waters’ access to specialised molecular separation capabilities and complements its existing analytical technology portfolio.
High-resolution ion mobility separation can help researchers distinguish between molecules with similar characteristics, supporting more detailed scientific analysis.
The transaction represents an additional investment in Waters’ analytical capabilities as the company continues developing products for complex testing requirements.
Financial terms of the acquisition were not disclosed in the announcement.
Waters delivered stronger-than-expected third-quarter results, with adjusted earnings per share of $4.10 and revenue of $1.77 billion exceeding analyst forecasts.
Organic revenue growth of 10% in constant currency reflected continued demand across its Analytical Sciences and Biosciences divisions, supported by instrument sales, chemistry products and accelerating reagent growth.
The company responded by raising its full-year adjusted EPS guidance to $14.60–$14.70 and its revenue outlook to $6.48 billion–$6.50 billion.
The acquisition of MOBILion Systems also adds to Waters’ technology portfolio, potentially strengthening its capabilities in advanced molecular analysis.
Investors will be monitoring whether the company can maintain organic growth, deliver on its increased financial targets and integrate the newly acquired technology into its broader business.
Waters Corporation is a global analytical instruments and laboratory technology company providing scientific equipment, software and consumables for research, testing and analysis.
Its technologies support applications in pharmaceutical development, life sciences, environmental testing and other scientific industries. The company’s operations include analytical sciences and biosciences businesses focused on delivering advanced laboratory solutions.
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