Waters Corp.

Strong Q1 Performance and Growth: Waters Corporation reported Q1 2025 sales of $662 million, up 4% year-over-year and 7% in constant currency, exceeding guidance. Instrument sales grew 11%, with mid-teens growth in both liquid chromatography and mass spectrometry, primarily driven by robust demand from the Pharma sector.

Innovative Product Adoption and Market Positioning: The company highlighted strong demand for its new product offerings, particularly the Alliance IS HPLC system and Xevo TQ Absolute mass spectrometer, which achieved over 50% sales growth. This reflects Waters' ability to capture market opportunities through innovative, differentiated products, enhancing customer retention and driving additional sales.

Adjusted 2025 Guidance and Tariff Impact: Waters raised its full-year constant currency sales growth guidance to 5%-7%, reflecting solid Q1 performance while accounting for U.S. policy changes affecting the academic and government market segment, which represents only 3% of total revenue. The net impact of newly announced tariffs is projected to be a modest $10 million on adjusted operating margins, offset by favorable foreign exchange movements.