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.

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<ul><li>Waters Corporation reported its first quarter of fiscal year 2026 results following the recent acquisition of the Biosciences and Diagnostic Solutions businesses from Becton, Dickinson and Company (BD).</li><li>The quarter marked a notable milestone as the combined company posted total revenues of $1.267 billion, with $747 million generated organically and $520 million attributed to the newly acquired segments since the acquisition’s closing on February 9, 2026.</li><li>Organic revenue grew by 13% as reported and 11% on a constant currency basis, outperforming prior guidance by approximately 200 basis points.</li></ul>

Waters Corporation reported its first quarter of fiscal year 2026 results following the recent acquisition of the Biosciences and Diagnostic Solutions businesses from Becton, Dickinson and Company (BD).The quarter marked a notable milestone as the combined company posted total revenues of $1.267 billion, with $747 million generated organically and $520 million attributed to the newly acquired segments since the acquisition’s closing on February 9, 2026.Organic revenue grew by 13% as reported and 11% on a constant currency basis, outperforming prior guidance by approximately 200 basis points.

Waters Corporation: The $520 Million Acquisition Signal Investors Need!

<ul><li>Waters Corporation reported a strong finish to fiscal year 2025, highlighted by 7% reported revenue growth and low double-digit adjusted earnings per share (EPS) growth in the fourth quarter.</li><li>Full-year revenue increased 7% on both reported and constant currency bases, supported by high single-digit growth in both pharmaceutical and industrial end markets.</li><li>Adjusted EPS for the year rose 11% to $13.13, driven by operational excellence, top-line strength, and tariff mitigation.</li></ul>

Waters Corporation reported a strong finish to fiscal year 2025, highlighted by 7% reported revenue growth and low double-digit adjusted earnings per share (EPS) growth in the fourth quarter.Full-year revenue increased 7% on both reported and constant currency bases, supported by high single-digit growth in both pharmaceutical and industrial end markets.Adjusted EPS for the year rose 11% to $13.13, driven by operational excellence, top-line strength, and tariff mitigation.

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<ul><li>Waters has completed its acquisition of BD’s Biosciences &amp; Diagnostic Solutions business through a Reverse Morris Trust transaction.</li><li>As part of the deal, Waters issued shares representing 39.2% of the combined company to Becton, Dickinson (BDX).</li><li>Based on management’s prior guidance and ownership structure, I estimate that BDX shareholders will receive approximately 0.135 shares of Waters (WAT) for each BDX share owned, with the distribution expected to occur on February 10, 2026.</li></ul>

Waters has completed its acquisition of BD’s Biosciences &amp; Diagnostic Solutions business through a Reverse Morris Trust transaction.As part of the deal, Waters issued shares representing 39.2% of the combined company to Becton, Dickinson (BDX).Based on management’s prior guidance and ownership structure, I estimate that BDX shareholders will receive approximately 0.135 shares of Waters (WAT) for each BDX share owned, with the distribution expected to occur on February 10, 2026.

WAT: High-Quality Business, Monitoring Potential Spin-Off Driven Dislocation

<ul><li>Waters Corporation's third-quarter results for 2025 demonstrated significant momentum, reflecting strong execution and strategic positioning.</li><li>The company reported an 8% increase in sales on both a reported and constant currency basis, with notable growth in both instruments and recurring revenue streams.</li><li>Instrument sales were bolstered by high single-digit growth in the LC-MS portfolio, while recurring revenue saw a 9% increase, driven by robust performances in service and chemistry, particularly in the bioseparations segment.</li></ul>

Waters Corporation's third-quarter results for 2025 demonstrated significant momentum, reflecting strong execution and strategic positioning.The company reported an 8% increase in sales on both a reported and constant currency basis, with notable growth in both instruments and recurring revenue streams.Instrument sales were bolstered by high single-digit growth in the LC-MS portfolio, while recurring revenue saw a 9% increase, driven by robust performances in service and chemistry, particularly in the bioseparations segment.

Waters Corporation: Launching A Bioseparations Power Surge With Breakthrough Large-Molecule Innovations!

<ul><li>Waters Corporation reported a robust financial performance for the second quarter of 2025, showcasing strong sales growth, enhanced product innovation, and strategic expansion into high-growth areas.</li><li>The company achieved a 9% sales increase as reported, and 8% on a constant currency basis.</li><li>This success was fueled by growth in their LC and mass spectrometry portfolios, and double-digit growth in recurring revenue streams such as services and consumable chemistry.</li></ul>

Waters Corporation reported a robust financial performance for the second quarter of 2025, showcasing strong sales growth, enhanced product innovation, and strategic expansion into high-growth areas.The company achieved a 9% sales increase as reported, and 8% on a constant currency basis.This success was fueled by growth in their LC and mass spectrometry portfolios, and double-digit growth in recurring revenue streams such as services and consumable chemistry.

Waters Corporation: Microbiology & Mass Spec Expansion & Other Critical Growth Levers!

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 and calorimetry instruments and related software products.

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Waters Corp (WAT US)

Waters Corporation: The $520 Million Acquisition Signal Investors Need!

Waters Corporation reported its first quarter of fiscal year 2026 results following the recent acquisition of the Biosciences and Diagnostic...

Baptista Research

Waters Corporation: Core Growth

Waters Corporation reported a strong finish to fiscal year 2025, highlighted by 7% reported revenue growth and low double-digit adjusted earnings...

Baptista Research

WAT: High-Quality Business, Monitoring Potential Spin-Off Driven Dislocation

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Richard Howe

Waters Corporation: Launching A Bioseparations Power Surge With Breakthrough Large-Molecule Innovations!

Waters Corporation's third-quarter results for 2025 demonstrated significant momentum, reflecting strong execution and strategic positioning. The...

Baptista Research

Waters Corporation: Microbiology & Mass Spec Expansion & Other Critical Growth Levers!

Waters Corporation reported a robust financial performance for the second quarter of 2025, showcasing strong sales growth, enhanced product...

Baptista Research

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