Waters Medical Systems
Waters Medical Systems is the North American division of IGL-CAIR Group, providing hypothermic oxygenated machine perfusion systems and preservation solutions to transplant centers and organ procurement organizations for kidney, liver, pancreas, and heart transplantation.
- Company typePrivate
- Founded1968
- HeadquartersRochester, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Waters Medical Systems does
Waters Medical Systems is a privately held medical device company headquartered in Rochester, Minnesota, and the North American division of the IGL-CAIR Group (Institut Georges Lopez), a global leader in organ transplant preservation technologies. The company develops and commercializes hypothermic oxygenated machine perfusion (HMPO2) technology and a portfolio of preservation solutions used by transplant centers and Organ Procurement Organizations (OPOs) in kidney, liver, pancreas, and heart transplantation procedures.
The core product platform centers on the RM4 renal perfusion system, which combines pulsatile hypothermic machine perfusion with integrated active oxygenation to preserve donor kidney viability for up to 24 hours. The FDA 510(k)-cleared DCX organ cassette preserves one or two kidneys simultaneously with direct oxygenation inside the cassette, full organ immersion in preservation solution, and a hermetically-locking lid for infection control. The platform is completed by Waters IGL Pulsatile Perfusion Solution (PPS), Waters IGL Cold Storage Solution for kidney/liver/pancreas, Celsior (the only FDA-approved cold storage solution for heart preservation in the US), and the IGL-App for remote monitoring of perfusion parameters. Clinical evidence supporting the technology includes an immediate function rate of 90% versus 71.8% for static cold storage, delayed graft function rates of 11% versus 37% (p=0.002), and the first meta-analysis on HMPO2 showing reduced adverse events in DCD cases.
The business model combines capital equipment sales (RM4 systems, DCX cassettes) with recurring consumable revenue from preservation solutions, sold through a direct enterprise field sales organization targeting transplant surgeons, OPOs, and hospital administrators. Pricing is quote-based rather than publicly disclosed. The company is expanding its US commercial organization and plans to introduce next-generation organ preservation technologies in 2027. Operations are supported by a 24/7 technical service line, and clinical evidence is published through peer-reviewed channels and showcased at major transplant industry conferences.
Waters Medical Systems firmographics
Firmographics- Name
- Waters Medical Systems
- Legal name
- Waters Medical Systems LLC
- Website
- https://wtrs.com
- Company type
- Private
- Founded year
- 1968
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Waters Medical Systems is the North American division of IGL-CAIR Group, providing hypothermic oxygenated machine perfusion systems and preservation solutions to transplant centers and organ procurement organizations for kidney, liver, pancreas, and heart transplantation.
- Ownership category
- akta.pro rank
Waters Medical Systems industry classification
Industry- Product category
- Organ Transplant Medical Devices
- NAICS
- Surgical Appliance and Supplies Manufacturing (339113)
- SIC
- Surgical & Medical Instruments & Apparatus (3841)
- akta.pro primary industry
- Infusion Pumps (Ambulatory/Stationary) (HLAHAIAF)
- akta.pro secondary industry
- Cold Chain Storage & Cryopreservation Services (LN2/Ultra-low) (HLAGAGAK)
Keywords
Where Waters Medical Systems is headquartered
LocationHeadquarters
- HQ city
- Rochester
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Waters Medical Systems business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Medical Device Hardware Sales: Sale of capital equipment including RM4 kidney perfusion system and DCX organ cassette to transplant centers and organ procurement organizations.
- Preservation Solution Consumables: Recurring sales of preservation solutions including Waters IGL Pulsatile Perfusion Solution (PPS), Waters IGL Cold Storage Solution, and Celsior for use with the perfusion systems.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Waters Medical Systems product offering
Product offeringCore offering
Waters Medical Systems manufactures and sells the FDA-cleared RM4® hypothermic oxygenated machine perfusion system for donor kidneys, supported by the DCX organ cassette, Waters IGL® Pulsatile Perfusion Solution, Waters IGL® Cold Storage Solution, Celsior®, and the IGL-App for remote monitoring. These products are sold to U.S. transplant centers and organ procurement organizations to preserve donor kidneys, livers, pancreas, and hearts during transport and storage prior to transplantation.
Product overview
Waters Medical Systems offers an integrated organ perfusion and preservation platform centered on the RM4® hypothermic oxygenated machine perfusion system. The platform comprises the RM4® pump, DCX organ cassette (FDA 510(k)-cleared), and Waters IGL® Pulsatile Preservation Solution for kidney perfusion, along with static preservation solutions including Waters IGL® Cold Storage Solution (for kidney, liver, and pancreas) and Celsior® (for heart). Remote monitoring is enabled via the proprietary IGL-App mobile application. The products work together to support transplant teams in preserving donor organs and improving transplant success rates.
Differentiator
Problem solved
Functional benefit
Brands
- RM4: Hypothermic oxygenated machine perfusion system for one or two kidneys, FDA cleared.
- DCX
- IGL-App
- Waters IGL Pulsatile Perfusion Solution
- Waters IGL Cold Storage Solution
- Celsior
Products and services
- RM4® Kidney Perfusion System FDA-cleared renal perfusion system providing controlled hypothermic solution perfusion for one or two kidneys. Monitors, displays, trends, exports, and saves perfusion parameters including perfusate flow, temperature, pressure, renal resistance, and organ identifiers. Sells capital equipment to transplant centers and organ procurement organizations.
- DCX Organ Cassette FDA 510(k)-cleared organ cassette designed for hypothermic kidney perfusion. Supports preservation of one or two kidneys with direct oxygenation inside the cassette, full organ immersion in preservation solution, and a hermetically-locking lid for infection control. Sold for use with the RM4 perfusion system to transplant centers and OPOs.
- Waters IGL® Pulsatile Perfusion Solution (PPS) Sterile solution for flushing and continuous hypothermic machine perfusion of kidneys at the time of removal from the donor in preparation for storage, transportation, and eventual transplantation. Recurring consumable sold to transplant centers and OPOs for use with the RM4 platform.
- Waters IGL® Cold Storage Solution Clear to light yellow, sterile, non-pyrogenic solution for flushing and cold storage of kidney, liver, and pancreas organs at the time of organ removal. Recurring consumable sold to transplant centers and OPOs for static preservation.
- Celsior® Cold Storage Solution Sterile, non-pyrogenic solution for hypothermic flushing and storage of donor hearts. Slightly acidic (pH 7.3), slightly hypertonic (320-360 mOsmol/L) with low viscosity and high buffering capacity. FDA-approved for heart preservation only in the U.S. Sold to heart transplant programs and OPOs.
Quantifiable outcome
- Immediate function rate of 90% vs 71.8% with static cold storage (p=0.057)
- +5 more outcomes
Companies that use Waters Medical Systems
Customer profileSegments3 records
Ideal customer profiles2 records
Waters Medical Systems technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature8 records
Waters Medical Systems partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- IGL-CAIR Group (Institut Georges Lopez)coreWaters Medical Systems is the North American division of IGL-CAIR Group, a global leader in organ transplant preservation technologies and solutions founded by Georges Antoine Lopez. The company is led by Alexandre Lopez PhD (grandson of original transplant recipient Georges Gaston Lopez).
Scale indicators3 records
Recent moves5 records
Expansion highlights5 records
Waters Medical Systems competitors and assessment
Company assessmentDirect peers
- Organ Recovery Systems: Maker of the LifePort Kidney Transporter, the established U.S. incumbent in hypothermic machine perfusion for kidneys. Directly competes head-to-head with Waters' RM4 platform in the same U.S. transplant center customer base.
- TransMedics: Public company behind the Organ Care System (OCS) for heart, lung, and liver ex-vivo perfusion. Competes with Waters in multi-organ transplant preservation, particularly in normothermic perfusion technology that complements HMPO2.
- OrganOx: Developer of the metra normothermic liver perfusion device. Competes with Waters in adjacent organ preservation indications and shares the same transplant center customer base, particularly for liver applications.
- XVIVO Perfusion: Swedish-based organ preservation company with lung and abdominal perfusion technologies. Competes with Waters in transplant preservation, particularly in ex-vivo lung perfusion that overlaps with broader multi-organ preservation strategy.
- Bridge to Life (Belzer UW): Supplier of static cold storage solutions used in kidney, liver, and other organ preservation. Competes directly with Waters IGL Cold Storage Solution and Celsior in preservation solutions for transplant centers.
Emerging players
- Preservation Solutions: Specialty preservation solutions provider offering static cold storage formulations for organ transplantation. Direct competition in the preservation solution/consumables segment that supplements Waters' pump-driven perfusion business.
- Paragonix Technologies: Developer of the SherpaPak and KidneyPak organ transport devices for hypothermic static preservation of hearts and kidneys. Competes in adjacent static transport with Waters' cold storage solutions and IGL-CAIR offerings.
Broad incumbents
- Institut Georges Lopez (IGL): Waters Medical Systems' parent company and global leader in organ transplant preservation solutions. While not a direct U.S. competitor, IGL supplies preservation solutions, including co-marketed Celsior, and could overlap if it expands direct U.S. presence beyond Waters.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Waters Medical Systems social profiles
Digital presenceWaters Medical Systems financial estimates
Financial estimateRevenue estimate
Valuation estimate
Waters Medical Systems leadership team
Management profileNumber of profiles
Profiles3 records
Waters Medical Systems funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Waters Medical Systems M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Waters Medical Systems
What does Waters Medical Systems do?
Waters Medical Systems manufactures and sells the FDA-cleared RM4® hypothermic oxygenated machine perfusion system for donor kidneys, supported by the DCX organ cassette, Waters IGL® Pulsatile Perfusion Solution, Waters IGL® Cold Storage Solution, Celsior®, and the IGL-App for remote monitoring. These products are sold to U.S. transplant centers and organ procurement organizations to preserve donor kidneys, livers, pancreas, and hearts during transport and storage prior to transplantation.
Is Waters Medical Systems a public or private company?
Waters Medical Systems is a private company. It is classified as corporate owned and is currently operating.
When was Waters Medical Systems founded?
Waters Medical Systems was founded in 1968. It employs 11 to 50 people.
Where is Waters Medical Systems based?
Waters Medical Systems is headquartered in Rochester, United States, in the North America region.
How does Waters Medical Systems make money?
Two revenue lines are on record. Medical Device Hardware Sales are the primary driver. The others are preservation Solution Consumables.
Who are Waters Medical Systems's main competitors?
Direct peers on record are Organ Recovery Systems, TransMedics, OrganOx, XVIVO Perfusion and Bridge to Life (Belzer UW). Emerging players are Preservation Solutions and Paragonix Technologies. Institut Georges Lopez (IGL) is listed as a broad incumbent.
Does Waters Medical Systems have an API?
No public API is recorded for Waters Medical Systems.
What industry is Waters Medical Systems in?
Waters Medical Systems's product category is Organ Transplant Medical Devices. Its primary akta.pro industry code is HLAHAIAF, Infusion Pumps (Ambulatory/Stationary), with a secondary code of HLAGAGAK, Cold Chain Storage & Cryopreservation Services (LN2/Ultra-low). Its NAICS code is 339113 and its SIC code is 3841.