Waters

What Waters does

Waters Corporation is a global specialty measurement company that designs, manufactures, and services analytical instruments, chromatography columns, mass spectrometers, and laboratory informatics software for laboratory-dependent organizations. Its core technology platforms span ultra-performance liquid chromatography (UPLC/HPLC/UHPLC), high-resolution and tandem quadrupole mass spectrometry, ion mobility separation, multi-angle light scattering (Wyatt Technology), thermal analysis (TA Instruments), and direct ionization techniques (DESI, MALDI). Following the February 2026 $17.5–18.8 billion Reverse Morris Trust combination with BD's Biosciences and Diagnostic Solutions business, Waters expanded into clinical diagnostics, flow cytometry, blood culture systems, bioprocessing, and HPV screening.

Waters monetizes through a platform-plus-consumables business model. Capital equipment (HPLC/UPLC systems, mass spectrometers, detectors, purification systems) accounts for approximately 40% of revenue and is sold via global direct enterprise field sales for large accounts, inside sales for mid-market, and the waters.com e-commerce platform for consumables and standard products. Recurring streams — columns (BioResolve, GTxResolve, MaxPeak Premier), sample preparation products, standards, reagents, Empower/NuGenesis/ChromScope software licenses, and FlexCHOICE service contracts — represent over 60% of revenue and produce razor-razorblade economics with high switching costs. Reported FY2026 revenue is guided to $6.405–$6.455 billion, up from a pre-acquisition base of approximately $3 billion annually.

Customers are organized across four verticals: pharmaceutical and biopharmaceutical companies (primary, including Big Pharma, generics, biologics, GLP-1 developers, mRNA/LNP therapeutics, and cell/gene therapy developers); life science research and academia; applied and industrial testing (environmental PFAS, food safety, cannabis, forensics); and — post-BD — clinical diagnostics and healthcare (hospital labs, cervical cancer screening, sepsis diagnostics). Waters holds approximately 57.5% market share in the LC-MS segment globally and sells across North America, Europe, Japan, Asia Pacific, India, and the United Kingdom. CEO Udit Batra leads the company following the BD combination, with CFO Amol Chaubal and Chairman Flemming Ørnskov.

Name

Waters

Legal name

Waters Corporation

Website

https://waters.com

Company type

Public

Founded year

1963

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Waters Corporation designs liquid chromatography, mass spectrometry, and laboratory informatics instruments, columns, and consumables for pharmaceutical, biopharmaceutical, academic, applied testing, and clinical diagnostics customers globally.

Ownership category

akta.pro rank

Product category

Analytical Laboratory Instruments

NAICS

Analytical Laboratory Instrument Manufacturing (334516), Environmental Consulting Services (54162)

SIC

Laboratory Analytical Instruments (3826), Surgical & Medical Instruments & Apparatus (3841), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Analytical Instruments & Chromatography Systems (HLAGAIAA)

akta.pro secondary industries

Mass Spectrometry & Spectroscopy Instruments (HLAGAIAB), Emerging Contaminants Testing & Risk Management (PFAS, microplastics, pharmaceuticals) (EUANAJAF), Laboratory Testing & Analytical Services (in-house/contract labs; microbiology, metals, organics) (EUANAJAB), Water, Wastewater & Stormwater Compliance (BPAHAJAJ)

Keywords

• Liquid chromatography systems
• Mass spectrometry instruments
• Chromatography consumables
• Laboratory informatics software
• In vitro diagnostics

Headquarters

HQ city

Milford

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Capital Equipment (Instruments & Systems): Sale of chromatography systems (HPLC, UPLC, UHPLC, SFC, GPC), mass spectrometers, detectors, and purification systems. Revenue is lumpy and tied to academic research funding cycles, biotech expansions, and LC-MS replacement cycles. Represents approximately 40% of total sales.
2. Consumables and Reagents: Recurring revenue from chromatography columns (HPLC, UPLC, SEC, GPC, specialty), sample preparation products, standards, reagents, vials, and application kits. This is the dominant recurring revenue stream, representing over 60% of total sales, with razor-razorblade economics.
3. Service and Support Contracts: Instrument service agreements (FlexCHOICE maintenance plans), software support, qualification, and professional services. Provides recurring service revenue with high margins.
4. Software Licenses: Empower Software, NuGenesis Lab Management System, ChromScope Software, and informatics solutions sold as licenses with recurring support.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Waters Corporation designs, manufactures, and sells ultra-performance liquid chromatography (UPLC/HPLC) systems, mass spectrometers, light scattering detectors, and chromatography columns and consumables. The company also provides chromatography data system software (Empower, NuGenesis, ChromScope) and, following the 2026 combination with BD Biosciences and Diagnostic Solutions, offers in vitro diagnostic products including blood culture and HPV screening systems. Revenue is generated from capital equipment (~40%) and high-margin recurring consumables, service contracts, and software licenses (~60%).

Product overview

Waters Corporation is a global analytical instruments company offering a comprehensive portfolio of chromatography, mass spectrometry, and laboratory informatics products organized as an integrated platform-plus-consumables model. The core instrument systems include the ACQUITY UPLC and Alliance HPLC chromatography platforms, paired with complementary detectors (PDA, CAD, ELS, mass detectors) and sample preparation solutions (OASIS SPE, Sep-Pak, QuEChERS). Mass spectrometry offerings span the Xevo MRT P10 and Cyclic IMS P20 high-resolution systems, Xevo TQ triple quadrupoles, and direct analysis technologies (DESI XS, MALDI, ASAP). Following the 2026 BD Biosciences acquisition, Waters expanded into in vitro diagnostics including the BD BACTEC FXI blood culture system and Onclarity HPV screening portfolio. The product ecosystem is unified by Empower, NuGenesis, and ChromScope informatics software, while recurring revenue is driven by column consumables (BioResolve, GTxResolve, MaxPeak Premier), standards/reagents, and service contracts. Waters also operates subsidiary brands including TA Instruments (thermal analysis), Wyatt Technology (light scattering), and Andrew Alliance (lab automation).

Differentiator

Problem solved

Functional benefit

Brands

• TA Instruments: Thermal analysis instruments and systems including differential scanning calorimeters, rheometers, and dynamic mechanical analyzers
• Wyatt Technology
• Andrew Alliance
• Empower Software
• ACQUITY UPLC
• Alliance HPLC
• BioResolve
• GTxResolve
• Xevo
• BACTEC

Products and services

• ACQUITY UPLC System Ultra-performance liquid chromatography system for high-throughput laboratories requiring faster run times and higher resolution using smaller column particles for sharper peaks and increased sensitivity. Used by pharmaceutical, biopharmaceutical, and academic research labs.
• Alliance HPLC System High-performance liquid chromatography system known for precision, consistency, and modular design for routine analysis and quality control.
• Alliance iS HPLC System Intuitive HPLC system designed to minimize unwanted analyte-surface interactions, reduce common errors, and achieve faster, more reliable results.
• ACQUITY Premier System Ultra-performance liquid chromatography system with MaxPeak Premier Technology to minimize metal-sensitive analyte loss and improve recovery.
• Xevo MRT P10 Mass Spectrometer High-resolution Quadrupole Time-of-Flight benchtop mass spectrometer for high-throughput multiomics, bioanalysis, and biopharmaceutical laboratories, delivering up to 20x higher MS/MS sensitivity and identifying up to 40% more lipids than competitive alternatives.
• Cyclic IMS P20 Mass Spectrometer High-resolution structural and spatial omics mass spectrometry platform combining MALDI and DESI imaging in a single system with extended mass range exceeding 100 kDa.
• omniDAWN MALS Photometer First extended-range multi-angle light scattering detector for UHPLC/UPLC workflows enabling characterization of protein aggregates, viral vectors, and lipid nanoparticles.
• BioResolve Peptide Columns Reversed-phase columns specifically QC batch-tested for GLP-1 peptide, insulin, and large peptide impurity analysis, delivering up to 3x faster characterization.
• GTxResolve Lipid Columns Next-generation particle technology columns optimized for lipid nanoparticle analysis, delivering up to 2x faster component analysis for gene therapy applications.
• Empower Software Solutions Flagship chromatography data system (CDS) for controlling instruments, acquiring and processing chromatographic data, and streamlining reporting across LC, GC, and LC-MS workflows in regulated laboratory environments.
• NuGenesis Lab Management System Comprehensive data management and workflow solution supporting the entire product lifecycle from discovery through manufacturing.
• BD BACTEC FXI Culture System Fully automated blood culture diagnostic system for sepsis and bloodstream infection detection, reducing time to detection by approximately 3 hours with automated loading capacity of up to 60 vials in scalable 480- and 960-vial configurations.
• Onclarity HPV Self-Collection Kit FDA-cleared at-home cervical cancer screening kit detecting all high-risk HPV genotypes, addressing screening gaps for unscreened and under-screened individuals.
• OASIS Sample Extraction Products Solid-phase extraction cartridges and well plates designed to speed up method development and reduce instrument downtime for sample preparation workflows.
• Sep-Pak Sample Extraction Products Solid-phase extraction cartridges and plates available in over 200 chemistries and format combinations for reproducible SPE results across biological, chemical, environmental, and food analytes.
• Analytical Standards and Reagents Certified reference materials, calibration standards, controls, and reagents prepared in accredited facilities specifically designed to complement LC and LC-MS technologies.
• Charged Aerosol Detector (CAD) Universal detector for quantitative analyses on HPLC, UHPLC, and UPLC systems capable of detecting a wide range of compounds.
• DESI XS Mass Spectrometry Imaging Desorption Electrospray Ionization mass spectrometry imaging technology for obtaining chemical information directly from a wide range of surfaces.
• Xevo TQ-XS Mass Spectrometer Triple quadrupole mass spectrometer providing robust quantitative results with the most demanding sample matrices.
• Xevo Charge Detection Mass Spectrometer Charge detection mass spectrometry technology for enhanced capabilities in large molecule development and cell and gene therapy applications.
• TA Instruments Thermal Analysis Systems Thermal analysis instruments and systems including differential scanning calorimeters, rheometers, and dynamic mechanical analyzers offered through the TA Instruments subsidiary brand.
• FlexCHOICE Service Plans Instrument service coverage options including Performance Maintenance, Service and Support, and combined plans with priority remote support and firmware updates, available for 2-5 years with new instruments or 1-4 years post-warranty.

Quantifiable outcome

• ~3 hours (~15%) faster time-to-detection for bloodstream infections with BD BACTEC FXI vs. prior generation
• +8 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Four partnerships are on record, tiered core and strategic.

• SNT BiotechcoreGTM or Marketing Partner · 25 June 2026SNT Biotech and Waters Corporation entered a go-to-market partnership to distribute the FDA-cleared Onclarity HPV Self-Collection Kit, described as the most comprehensive at-home cervical cancer screening tool available in the U.S. The partnership aims to expand access to cervical cancer screening for underserved women by combining SNT Biotech's patient engagement and lab analysis platform with Waters' distribution network. The platform addresses barriers to screening by delivering kits directly to overdue members and providing multilingual engagement.
• IMU BiosciencescoreTechnology or Integration · 24 June 2026Waters and IMU Biosciences announced a strategic partnership to advance IMU's AI-powered High Definition Immunology platform, combining Waters' flow cytometry and single-cell technologies with IMU's proprietary AI analytics for population-level disease insights. The partnership leverages IMU's ability to generate over 100 million data points from a single blood sample alongside Waters' high-throughput instruments to establish a universal standard for immune profiling in cancer and other diseases. The companies presented integrated system data at the CYTO 2026 conference demonstrating immune profiling capabilities on BD FACSDiscover and BD Rhapsody platforms.
• NIH National Cancer Institute — Cervical Cancer 'Last Mile' InitiativecoreStrategic or Co-development Partner · 8 April 2026Waters collaborated with the NIH's National Cancer Institute through the Cervical Cancer 'Last Mile' Initiative SHIP Trial to validate the accuracy of self-collection using the Onclarity HPV Self-Collection Kit. This collaboration generated the clinical data supporting FDA clearance for at-home cervical cancer screening.
• Color (direct-to-consumer health-technology company)strategicGTM or Marketing Partner · 8 April 2026Waters announced a partnership with Color to expand at-home cervical cancer screening access in the United States using the FDA-cleared Onclarity HPV Self-Collection Kit, combining Waters' diagnostic technology with Color's direct-to-consumer health platform for patient engagement and lab processing.

Scale indicators17 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Bruker: Bruker's timsTOF, SCIEQ triple quadrupoles and other mass spectrometry systems compete with Waters' Xevo and Cyclic IMS platforms, particularly in proteomics, metabolomics and biopharma characterization. Strong technology overlap in high-resolution mass spectrometry makes Bruker a direct comparator in Waters' core scientific instrument business.
• Agilent Technologies: Agilent is Waters' closest direct competitor in liquid chromatography, mass spectrometry and GC/MS, with overlapping LC, GC, MS and consumables portfolios serving the same pharma, academic and applied testing customers. Both companies compete head-to-head on HPLC/UPLC instruments, columns, and software, making Agilent the most directly comparable peer.
• Shimadzu: Shimadzu competes with Waters in HPLC, UHPLC and liquid chromatography-mass spectrometry through its Nexera, LC-MS and i-Series platforms, and is a meaningful global supplier of chromatography systems and consumables to pharma and academic customers. Direct technology overlap in liquid chromatography and mass spectrometry makes it a relevant global peer despite different geographies of strength.

Emerging players

• Sartorius AG: Sartorius is a leading bioprocessing and lab products supplier whose tangential overlap with Waters lies in analytics, quality control and cell/gene therapy applications adjacent to Waters' Halo Labs-based particle imaging. Different primary focus (bioprocess consumables vs. analytical instruments), so the connection is more thematic than directly competitive.
• Repligen Corporation: Repligen supplies bioprocess analytics and consumables including spectroscopy-based instruments that support process analytical technology in biopharma manufacturing, overlapping with Waters' analytics thrust into bioprocessing and biologics characterization. Smaller and more focused than Waters, but a credible adjacent competitor in biopharma analytics.
• Bio-Rad Laboratories: Bio-Rad competes with Waters in life science research, clinical diagnostics and biopharma characterization, particularly through proteomics and protein-based analytical tools. More focused on clinical and proteomics workflows than broad chromatography, making it a partial overlap rather than a head-to-head rival.

Broad incumbents

• Danaher Corporation: Danaher is a diversified life sciences and diagnostics platform whose Beckman Coulter, Cytiva, Leica and Cepheid businesses share pharma and clinical diagnostic customers with Waters, particularly after the BD transaction. Comparable on customer base and segments, but Danaher's portfolio spans bioprocessing, diagnostics and life sciences rather than chromatography-centered instrumentation.
• Revvity (formerly PerkinElmer): Revvity operates life sciences and diagnostics businesses whose analytical instruments, reagents and applied genomics offerings overlap with Waters' applied and industrial testing and emerging diagnostics segments after the BD deal. Multi-vertical life sciences incumbent rather than a chromatography specialist, but competes for similar pharma, environmental and clinical wallet share.
• Thermo Fisher Scientific: Thermo Fisher is a much larger incumbent life sciences tools and diagnostics conglomerate with the Thermo Scientific chromatography and mass spectrometry lines (Orbitrap, TSQ) competing directly with Waters in pharma and applied markets, plus a far broader consumables, instruments and diagnostics portfolio. Comparable on technology and customer base, but materially larger and more diversified than Waters.
• Mettler-Toledo International: Mettler-Toledo is a broader lab instruments and precision equipment incumbent whose pipettes, balances and lab automation partially overlap with Waters' Andrew Alliance pipetting robots and instruments. Less overlap in chromatography specifically, but comparable in serving regulated pharmaceutical and life sciences customers with high-quality instrumentation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/WatersCorp
• YouTubeyoutube.com/user/WatersCorporation
• Facebookfacebook.com/Waters
• LinkedInlinkedin.com/company/waters
• Instagraminstagram.com/waterscorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries9 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A18 records

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waters