Did Waters beat or miss consensus estimates last quarter?

What does Waters do and what are its main business segments?

What factors drove the changes in Waters's revenue and profit?

What is the market's earnings forecast for Waters next quarter?

What is Waters's gross profit margin?

What guidance did Waters's management provide for the next earnings period?

What is the revenue and EPS growth rate for Waters year over year?

What were the key takeaways from Waters's earnings call?

- **Revenue Growth**: Q3 2025 sales +8% (7% midpoint full year guidance), driven by 6% instrument growth and 9% recurring revenue.
- **Product Success**: Alliance iS (+300% YoY), Xevo TQ Absolute (+30%), GLP-1 testing revenue doubles YoY.
- **Guidance Raise**: 2025 EPS up to $13.15 (11% growth), 2026 outlook includes BD synergies (~$100M+ annual runrate).
- **Strategic Moves**: Xevo CDMS launch, Empower AI/ML features, and FDA biosimilar guidance tailwinds.
- **China Strength**: Pharma +20% Q3, Academic +20% (stimulus tenders), positioning for 2026 growth.

**【CEO Summary Section】**
- Waters reported 8% constant currency revenue growth in Q3 2025, driven by 6% instrument sales growth (led by LC-MS systems) and 9% recurring revenue growth (7% service, 13% chemistry). 
- Key product successes: Alliance iS sales up 300% YoY, Xevo TQ Absolute platforms +30%, GLP-1 testing revenue doubled YoY, PFAS orders +30% QoQ.
- Full year 2025 guidance raised to 7% midpoint sales growth (6.7-7.3%) and $13.05-13.15 EPS (10-11% growth). 
- 2026 outlook: Instrument replacement cycle continues (low single-digit CAGR vs 2019), new product launches (Xevo CDMS, Empower AI/ML features), and BD combination synergies (~$100M+ annual runrate). 

**【CFO Financial Commentary】**
- Q3 2025 results: $800M revenue (+8% as reported), $3.40 non-GAAP EPS (+16%), 59% gross margin, $160M free cash flow.
- Q4 2025 guidance: 5-7% sales growth (midpoint +16% QoQ), $4.45-4.55 EPS (+9-11%).
- 2025 full year: 59.2% gross margin, 31% adjusted operating margin, $13.05-13.15 EPS.
- New product contribution: ~$20-25M/year from bioseparations launches, 300+ basis points accretive to chemistry segment.

**【Q&A Key Highlights】**
- **Pharma Strength**: U.S. pharma +11% YoY, China pharma +20% Q3, driven by CDMO growth and new product adoption. India generics +high teens YoY.
- **China Momentum**: Academic & Govt +20% Q3 (stimulus tenders), Pharma +12% (CDMOs supporting biotech).
- **BD Synergies**: $100M+ annual runrate by 2027, including service plan attachments, pricing discipline, and flow cytometry adoption.
- **Empower Subscription Model**: Early wins with large pharma customers, potential for 100+ basis points margin expansion.
- **FDA Biosimilar Guidance**: Potential shift to analytical testing could accelerate demand for bioanalytical characterization tools (BioAccord, multi-angle light scattering).

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