WATERS CORP: directors' dealings · United States · SEC (Form 4)

About WATERS CORP

Waters Corporation (NYSE: WAT) is a U.S.-listed company traded on the NYSE in the United States, headquartered in Milford, Massachusetts. For international equity investors, Waters is a leading analytical-instrumentation franchise with primary exposure to pharmaceuticals, biotechnology, chemical and materials laboratories, food testing, and environmental applications. Founded in 1958 by James L. Waters in Framingham, Massachusetts, the company has built a long track record around chromatography and mass spectrometry innovation. Waters’ business model is centered on high-performance liquid chromatography (HPLC), ultra-performance liquid chromatography (UPLC), mass spectrometry systems, chromatography columns, consumables, software, and related service contracts. The company also addresses materials characterization through TA Instruments, including thermal analysis, rheology, and calorimetry. Its products are embedded in workflows used for drug discovery, clinical testing, biopharmaceutical quality control, proteomics, food safety, and environmental analysis. From a competitive standpoint, Waters benefits from a strong installed base, recurring consumables revenue, and a reputation for precision and compliance in regulated laboratory environments. The company’s moat is reinforced by the integration of instruments, software, and service, which supports workflow stickiness and customer retention. Waters sells and supports its products globally, with manufacturing, R&D, and commercial operations across the United States, Europe, and other international markets. A major recent development is the completion, on February 9, 2026, of Waters’ acquisition of BD’s Biosciences & Diagnostic Solutions business through a Reverse Morris Trust transaction. This transaction materially broadens Waters’ addressable market and adds exposure to diagnostics specimen transport, infectious disease testing, clinical diagnostics, flow cytometry, immunology, cancer research, and multiomics tools. Following the closing, Waters reorganized into four operating segments: Waters Analytical Sciences, Waters Biosciences, Waters Advanced Diagnostics, and Waters Materials Sciences. Operationally, the company reported full-year 2025 net sales of $3.17 billion, reflecting continued demand resilience across its core analytical platforms. For investors, Waters remains a high-quality life-science tools company with a more diversified post-deal profile, greater scale, and an expanded growth runway, while still retaining its core franchise in analytical instruments, consumables, and regulated laboratory workflows.