Overview

* Waters Q3 sales grew 8% yr/yr to $800 mln, beating analyst expectations

* Adjusted EPS for Q3 rose 16% to $3.40, exceeding analyst expectations

* Company raises full-year 2025 sales and non-GAAP EPS guidance

Outlook

* Waters raises full-year 2025 constant currency sales growth guidance to 6.7%-7.3%

* Waters raises full-year 2025 non-GAAP EPS guidance to $13.05-$13.15

* Waters expects Q4 2025 constant currency sales growth of 5.0%-7.0%

Result Drivers

* PHARMA GROWTH - Pharma sector grew 11% in constant currency, driven by broad-based growth across all regions, including double-digit growth in the Americas

* INSTRUMENTS GROWTH - Instruments segment grew 6% in constant currency, led by high single-digit growth in LC & MS

* RECURRING REVENUE - Recurring revenue grew 9% in constant currency; chemistry grew double digits, with strong uptake of new bioseparations products

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Sales Beat $800 mln $781.01

mln (14

Analysts

)

Q3 Beat $3.40 $3.20

Adjusted (14

EPS Analysts

)

Q3 EPS $2.50

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 11 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the advanced medical equipment & technology peer group is "buy"

* Wall Street's median 12-month price target for Waters Corp ( WAT ) is $355.00, about 2.7% above its November 3 closing price of $345.59

* The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 21 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)