Nov 7 (Reuters) - Medical equipment maker Mettler-Toledo

International ( MTD ) beat third-quarter profit estimates on

Thursday, helped by increased demand for its laboratory

instruments used in drug development and research.

The company also raised the lower end of its annual profit

forecast to the range of $40.35 to $40.50 per share, compared to

its previous estimate of $40.20 to $40.50 apiece.

However, it cautioned that market conditions are uncertain

and could change quickly.

The Columbus, Ohio-based company reported third-quarter

revenue of $954.54 million, beating estimates of $944.74

million, as per data compiled by LSEG.

Lifesciences firms, including Mettler-Toledo ( MTD ), have seen sluggish

demand for their instruments used in drug development due to

decreased spending in the biotech sector and weak demand from

China, a key region for drug development.

"While China grew modestly this quarter, market conditions

remain challenging, particularly in the industrial sector," said

CEO Patrick Kaltenbach in a statement.

Some analysts are hopeful that recent interest rate cuts by the

Federal Reserve could improve funding for small- and

medium-sized biotechs, as borrowing costs might ease and boost

demand.

On an adjusted basis, the company reported a profit of

$10.21 per share, compared to estimates of $10.01 per share.

Peer Waters Corp ( WAT ) also raised its annual profit forecast

after beating Wall Street estimates for third-quarter profit and

revenue, on improved demand for its products and services used

in drug development and research.

The medical equipment maker also forecast fourth-quarter profit

to be in the range of $11.63 to $11.78, saying that it will

benefit from the prior-year shipping delays in the fourth

quarter.