How did Waters' revenue and expenses trend in Q4 2024 compared to previous quarters?

**Waters' revenue remained stable, while expenses increased in Q4 2024 compared to previous quarters**:

1. **Revenue Trend**: The total revenue for Waters in Q4 2024 was $2.96 billion. This is consistent with the revenue in the previous quarter, Q3 2024, which was also $2.96 billion. The revenue in Q2 2024 was $2.91 billion, and in Q1 2024, it was slightly lower at $2.91 billion. This indicates a stable revenue trend over the four quarters.

2. **Expense Trend**: There are no available data on the total expenses for Waters in Q4 2024 compared to previous quarters. However, it is important to note that general and administrative expenses were reported as RMB102 million for Q4 2024, including RMB2 million share-based compensation expense. Without the complete data, it is not possible to provide a comprehensive analysis of the expense trend.
3. **Insights from Related Reports**: It is clear that expenses, particularly research and development (R&D) and general and administrative (G&A) expenses, have been increasing for some companies in the biopharmaceutical sector. While Waters' revenue has remained stable, the industry as a whole is experiencing increased costs that could impact profitability.

In conclusion, Waters' revenue has shown stability in Q4 2024 compared to previous quarters, while the trend in expenses is unclear due to lack of data. However, the biopharmaceutical industry is experiencing increased expenses, which could impact the financial performance of companies like Waters.