Nov 4 (Reuters) - Lab equipment maker Waters Corp ( WAT )

raised its annual profit forecast on Tuesday, after

beating third-quarter profit estimates on improved demand from

biotech clients for its tools used in drug development and

research.

The Milford, Massachusetts-based company expects annual

adjusted profit per share in the range of $13.05 to $13.15, up

from its prior forecast of $12.95 to $13.05.

Larger peer Thermo Fisher also raised its annual

profit and revenue forecast last month, as the medical equipment

maker expects robust demand for lab tools and benefits from its

recent acquisitions to offset a decline in China.

Waters supplies lab equipment and technology across the

world, with the majority of its revenue coming from biopharma

clients who use its tools for research and drug development.

The company in July entered a deal to buy a bioscience and

diagnostics unit spun off from medtech provider Becton Dickinson ( BDX )

, expanding its scale in clinical and diagnostic

applications.

Waters has narrowed its forecast for full-year constant

currency sales growth to a range of 6.7% to 7.3%, compared with

its previous range of 5.5% to 7.5%.

It reported third-quarter adjusted profit of $3.4 per share,

compared with analysts' average estimate of $3.2 per share,

according to data compiled by LSEG.

The company previously projected quarterly adjusted profit

per share of $3.15 to $3.25.

Its revenue rose 8% to $800 million during the quarter,

compared with estimates of $781 million.

Waters also forecasts a fourth-quarter adjusted profit per

share in the range of $4.45 to $4.55. Analysts on average expect

it to be $4.59 per share.