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'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!

<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!

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: 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

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

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