Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Waters Corporation has officially entered a new phase of its growth journey with the $17.5 billion acquisition of Becton Dickinson’s biosciences and diagnostic-solutions business.</li><li>The deal, announced in July 2025, is structured as a merger but effectively represents a strategic divestiture by Becton Dickinson, which has opted to focus more intensively on its core medtech operations.</li><li>Waters, best known for its laboratory instrumentation and software, will issue 39% of its shares to BD shareholders and assume $4 billion in debt.</li></ul>

Waters Corporation has officially entered a new phase of its growth journey with the $17.5 billion acquisition of Becton Dickinson’s biosciences and diagnostic-solutions business.The deal, announced in July 2025, is structured as a merger but effectively represents a strategic divestiture by Becton Dickinson, which has opted to focus more intensively on its core medtech operations.Waters, best known for its laboratory instrumentation and software, will issue 39% of its shares to BD shareholders and assume $4 billion in debt.

Waters Corp Is Taking On Thermo Fisher & Danaher With This $17.5 Billion Becton Dickinson Acquisition!

<ul><li>Waters Corporation's first quarter of 2025 showcased a mixed performance with notable strengths and specific challenges.</li><li>The company marked a promising start to the year with robust instrument growth driven by expansive demand in pharma and industrial markets.</li><li>Sales grew 4% as reported, and 7% on a constant currency basis, hitting the higher end of the company's guidance.</li></ul>

Waters Corporation's first quarter of 2025 showcased a mixed performance with notable strengths and specific challenges.The company marked a promising start to the year with robust instrument growth driven by expansive demand in pharma and industrial markets.Sales grew 4% as reported, and 7% on a constant currency basis, hitting the higher end of the company's guidance.

Waters Corporation Is Tapping Into The Billion-Dollar Pharma Boom with Strategic Global Moves; Will It Work?

<ul><li>Waters Corporation reported strong fourth quarter and full-year financial results for 2024, reflecting a positive growth trajectory within the life sciences sector.</li><li>The company achieved a 6.4% reported sales growth in the fourth quarter, 8% on a constant currency basis, and attained high single-digit growth in instruments and recurring revenues.</li><li>Earnings per share (EPS) showcased robust growth with a 13% increase to $4.10 on a non GAAP basis, showcasing the firm's resilience amidst challenging economic conditions.</li></ul>

Waters Corporation reported strong fourth quarter and full-year financial results for 2024, reflecting a positive growth trajectory within the life sciences sector.The company achieved a 6.4% reported sales growth in the fourth quarter, 8% on a constant currency basis, and attained high single-digit growth in instruments and recurring revenues.Earnings per share (EPS) showcased robust growth with a 13% increase to $4.10 on a non GAAP basis, showcasing the firm's resilience amidst challenging economic conditions.

Waters Corporation: Regulatory & Application Growth in PFAS Testing Is  Critical Growth Enabler!

<ul><li>Waters Corporation presented its third-quarter 2024 financial results with a mixed set of outcomes, indicating resilience in certain segments despite ongoing market challenges.</li><li>The company's revenue performance exceeded expectations, driven by positive growth across all three geographic regions and specific strength in its pharma and industrial end markets.</li><li>The return to positive sales growth in liquid chromatography (LC) and an uptick in mass spectrometry (Mass Spec) instrument sales highlight a broader recovery context.</li></ul>

Waters Corporation presented its third-quarter 2024 financial results with a mixed set of outcomes, indicating resilience in certain segments despite ongoing market challenges.The company's revenue performance exceeded expectations, driven by positive growth across all three geographic regions and specific strength in its pharma and industrial end markets.The return to positive sales growth in liquid chromatography (LC) and an uptick in mass spectrometry (Mass Spec) instrument sales highlight a broader recovery context.

Waters Corporation’s Bold China Strategy Ignites Surging Demand Amid High-Octane Stimulus! - Major Drivers

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Event-Driven

<ul><li>The big news this week is Liberty’s spin-off GCI Liberty began trading</li><li>On July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse Morris Trust (RMT) spin-merger: BD will spin off its Biosciences &amp; Diagnostic Solutions (BDS) business into a new subsidiary (SpinCo) and immediately merge SpinCo with Waters Corporation (WAT).</li><li>Under the deal terms, Waters will pay ~$4.0B cash (funded by new debt) plus stock; BD shareholders receive the $4B cash and ~39.2% of the combined company (Waters shareholders ~60.8%).</li></ul>

The big news this week is Liberty’s spin-off GCI Liberty began tradingOn July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse Morris Trust (RMT) spin-merger: BD will spin off its Biosciences &amp; Diagnostic Solutions (BDS) business into a new subsidiary (SpinCo) and immediately merge SpinCo with Waters Corporation (WAT).Under the deal terms, Waters will pay ~$4.0B cash (funded by new debt) plus stock; BD shareholders receive the $4B cash and ~39.2% of the combined company (Waters shareholders ~60.8%).

United States

Waters Corporation provides high-performance liquid chromatography products and services. The Company distributes its products worldwide to a wide range of industries such as pharmaceuticals, chemicals, and environmental testing. Waters also designs, manufactures, sells, and services thermal analysis, rheometry, calorimetry instruments, and related software products.

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Waters (WAT UN)

Waters Corp Is Taking On Thermo Fisher & Danaher With This $17.5 Billion Becton Dickinson Acquisition!

Waters Corporation has officially entered a new phase of its growth journey with the $17.5 billion acquisition of Becton Dickinson’s biosciences...

Baptista Research

Waters Corporation Is Tapping Into The Billion-Dollar Pharma Boom with Strategic Global Moves; Will It Work?

Waters Corporation's first quarter of 2025 showcased a mixed performance with notable strengths and specific challenges. The company marked a...

Baptista Research

Waters Corporation: Regulatory & Application Growth in PFAS Testing Is Critical Growth Enabler!

Waters Corporation reported strong fourth quarter and full-year financial results for 2024, reflecting a positive growth trajectory within the...

Baptista Research

Waters Corporation’s Bold China Strategy Ignites Surging Demand Amid High-Octane Stimulus! - Major Drivers

Waters Corporation presented its third-quarter 2024 financial results with a mixed set of outcomes, indicating resilience in certain segments...

Baptista Research

Weekly Update (GLIBK, BDX, WAT)

The big news this week is Liberty’s spin-off GCI Liberty began trading. On July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse...

Richard Howe

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