**Waters Corporation Reports Strong Q2 Performance Amid Integration of Becton Dickinson Businesses**
Waters Corporation (NYSE: WAT) reported a robust second quarter on October 10, 2023, achieving 9% organic growth, surpassing its guidance of 6% to 8%. The growth was bolstered by high single-digit increases in instruments and services, alongside a double-digit rise in chemistry revenue. Orders outpaced sales, indicating strong demand. Notably, the U.S. and India saw mid- to high-single-digit growth, with China experiencing double-digit growth—24% in pharmaceutical revenue—despite a pull-forward adjustment effect.
During the quarter, acquired Becton Dickinson businesses contributed 4% growth. Waters anticipates achieving a $200 million annualized cost-synergy run rate by year-end, accelerating integration efforts initially set for three years. The company’s integration of AI technologies is also expected to boost laboratory consumables and software demand, particularly in quality-control applications. Looking ahead, Waters views pharmaceutical manufacturing reshoring as a potential growth driver beginning in 2027 but hasn’t quantified its impact yet.
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