Industry Roundup: Waters Posts Strong Third Quarter as LC–MS and Chromatography Consumables Drive Growth, Acquires Ion Mobility Pioneer MOBILion

Waters Corporation reported third-quarter 2026 results on November 3¹ that point to healthy demand across the separation science market, with double-digit growth in both instruments and chemistry in its core analytical business. The company also announced it has acquired MOBILion Systems, developer of SLIM high-resolution ion mobility technology, in a move aimed at strengthening its mass spectrometry portfolio and expanding its presence in proteomics.

Analytical Business Leads the Way

Total reported revenue for the quarter reached $1.767 billion, slightly ahead of the company’s guidance. Of that, $871 million came from Waters’ existing business, up 9% as reported and 10% in constant currency from $800 million a year earlier. The remaining $896 million came from the Biosciences and Diagnostic Solutions businesses acquired from Becton, Dickinson and Company.

The Analytical Sciences Division, which houses Waters’ liquid chromatography, mass spectrometry, and chemistry products, generated $703 million in revenue, up from $649 million in the third quarter of 2025. That represents 8% growth as reported and 9% in constant currency. The company credited the gains to strong execution, new products, and customers running more tests, which in turn drives demand for columns, sample preparation products, and other consumables.

What Is Driving LC-MS Demand?

Waters President and CEO Udit Batra said liquid chromatography–mass spectrometry (LC–MS) instrument sales grew by double digits in constant currency during the quarter. He pointed to several factors behind the growth: laboratories replacing aging instruments, rising testing activity tied to GLP-1 drugs, increased analysis of PFAS (“forever chemicals”), and growth in generic drug production in India. Batra added that Waters continued to outperform the broader market in tools for analyzing complex biologics.

For chromatographers, these trends reflect where analytical workloads are expanding. GLP-1 therapeutics such as semaglutide and tirzepatide require extensive LC and LC–MS characterization and quality control, while tightening PFAS regulations worldwide are pushing environmental and food testing labs to expand their trace-level LC–tandem mass spectrometry (MS/MS) capacity.

Other Divisions

The Materials Sciences Division, formerly TA Instruments, reported revenue of $93 million, up from $87 million. The Biosciences Division, formerly BD Biosciences, brought in $396 million, with research and clinical reagents both growing at high single-digit rates. In the Advanced Diagnostics Division, the Diagnostic Solutions business reported $500 million in revenue, and the Clinical Business Unit, which serves clinical mass spectrometry and other diagnostic labs, grew to $75 million from $64 million.

MOBILion Acquisition Adds Ion Mobility Capability

The acquisition of MOBILion Systems is likely to draw particular interest from separation scientists. MOBILion’s SLIM (structures for lossless ion manipulations) technology separates molecules by size, shape, and charge within milliseconds, adding a high-resolution gas-phase separation dimension that complements liquid chromatography. Waters said the technology fits alongside its existing mass spectrometry products and is expected to broaden its entry into proteomics. Further details were released in a separate announcement.

Outlook

Waters raised every part of its full-year 2026 guidance. It now expects organic revenue growth of 9.1% to 9.7% in constant currency and total reported revenue of $6.479 billion to $6.497 billion, an increase of $43 million at the midpoint. Adjusted earnings per share for the quarter rose 21% to $4.10, while GAAP earnings per share were $0.82, reflecting costs related to the acquisition and restructuring.

Batra said Waters is ahead of schedule on combining its newly acquired businesses and that its fourth-quarter guidance calls for double-digit growth in both its existing and acquired businesses on a days-adjusted basis. Management planned to outline its starting framework for 2027 on its earnings call, including how reshoring, cost savings from the integration, and demand related to artificial intelligence are expected to shape growth next year.

References

1. Waters Corporation (NYSE: WAT) Reports Third Quarter 2026 Financial Results. Waters website. https://ir.waters.com/News--Events/newsroom/news-details/2026/Waters-Corporation-NYSE-WAT-Reports-Third-Quarter-2026-Financial-Results/default.aspx (accessed 2026-11-03)