Waters Reports Strong First Quarter Following BD Biosciences and Diagnostics Acquisition

Waters Corporation has reported strong first-quarter 2026 financial results in its first earnings announcement since completing the acquisition of the Biosciences and Diagnostic Solutions businesses from Becton, Dickinson and Company earlier this year.¹

The acquisition, which closed on February 9, 2026, significantly expands Waters’ footprint in life sciences and diagnostics and marks a major strategic shift for the analytical instrumentation company. For analytical scientists, the results provide an early indication of how the combined organization could reshape markets spanning chromatography, mass spectrometry, flow cytometry, clinical diagnostics, and bioanalysis.

Waters reported first-quarter 2026 revenue of $1.267 billion. Of that total, $747 million came from the company’s legacy analytical business, while $520 million was contributed by the newly acquired biosciences and diagnostic operations during the post-acquisition portion of the quarter.

Organic revenue from the legacy Waters business increased 13% compared with the same period in 2025, or 11% in constant currency terms. Adjusted earnings per share rose 20% year over year to $2.70, although acquisition-related accounting charges pushed the company to a GAAP diluted loss per share of $0.87.

The company attributed the strong quarter to several factors familiar to laboratory scientists and instrument users, including a continuing instrument replacement cycle, demand for newly launched products, and closer integration between analytical and diagnostic technologies. Waters also pointed to early revenue synergies emerging from collaboration between its traditional analytical sciences operations and the newly acquired biosciences units.

For the analytical community, one of the most closely watched developments is the formation of a broader portfolio spanning analytical chemistry, biomolecular analysis, and diagnostics. Waters has reorganized the company into four primary operating divisions: Analytical Sciences, Biosciences, Advanced Diagnostics, and Materials Sciences.

The Analytical Sciences Division, which represents the company’s traditional strengths in liquid chromatography (LC), mass spectrometry (MS), and related laboratory technologies, generated $607 million in quarterly revenue, up from $534 million during the same quarter last year. The division excludes the Clinical Business Unit, which is now grouped within the Advanced Diagnostics Division.

The Biosciences Division, formerly BD Biosciences, contributed $232 million in revenue during the period. The unit expands Waters’ capabilities into cell analysis and related life science applications, broadening the company’s reach beyond its historical analytical chemistry focus.

Meanwhile, the Advanced Diagnostics Division combines the former BD Diagnostic Solutions business with Waters’ Clinical Business Unit. Diagnostic Solutions generated $288 million in revenue during the quarter, while the Clinical Business Unit contributed $61 million, compared with $53 million one year earlier.

The Materials Sciences Division, formerly TA Instruments, reported quarterly revenue of $79 million, modestly higher than the $75 million recorded during the first quarter of 2025.

The acquisition positions Waters as a more diversified analytical and diagnostic technology supplier at a time when laboratory customers are increasingly seeking integrated workflows spanning research, biopharmaceutical development, clinical testing, and regulated quality control. The combination also reflects a broader industry trend toward convergence between analytical instrumentation and diagnostics.

From a technology perspective, Waters remains strongly associated with advances in chromatography and mass spectrometry, especially in pharmaceutical analysis, biomolecule characterization, and regulated testing environments. The addition of BD’s biosciences and diagnostics assets could create new opportunities for combining separation science, molecular characterization, and clinical analysis platforms.

The company also raised its full-year guidance, citing stronger-than-expected momentum across its businesses. Waters now expects 2026 organic constant-currency revenue growth between 6.5% and 8.0%, with total reported revenue projected to reach between $6.405 billion and $6.455 billion.

The updated outlook includes anticipated revenue synergies tied to integration activities and cross-selling opportunities between the analytical and diagnostic divisions. Waters expects approximately $15 million in revenue synergies from its organic business and another $35 million tied to the acquired operations during 2026.

Adjusted earnings per share for the full year are now projected between $14.40 and $14.60, representing expected annual growth of roughly 10% to 11%.

For analytical scientists, the quarter signals more than financial growth. It highlights the continuing evolution of instrument companies into broader scientific technology providers that combine analytical chemistry, biological analysis, diagnostics, software, and regulated laboratory workflows into increasingly unified platforms.

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References
1. Waters Corporation (NYSE: WAT) Reports First Quarter 2026 Financial Results. Waters website.https://ir.waters.com/News--Events/newsroom/news-details/2026/Waters-Corporation-NYSE-WAT-Reports-First-Quarter-2026-Financial-Results/default.aspx (accessed 2026-05-07)