Waters Corp /De/ (NYSE: WAT)

Waters Corporation is a global leader in analytical instruments and software pioneering innovations in chromatography, mass spectrometry and thermal analysis serving life, materials and food sciences. The company designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC) and mass spectrometry (MS) systems, along with chromatography columns, consumable products and service contracts. It also provides thermal analysis, rheometry and calorimetry instruments through its TA Instruments line and develops software that integrates with its hardware.

Revenue is generated primarily from the sale of analytical instruments including HPLC, UPLC, MS and TA systems. From consumable products such as chromatography columns and reagents. From software offerings that support data acquisition and management. And from service contracts covering maintenance, repair and training.

The company operates through the following segments: Waters and TA.

• Waters: This segment designs, manufactures, sells and services high performance liquid chromatography systems, ultra performance liquid chromatography systems, mass spectrometry instruments, chromatography columns, consumable reagents and associated software, serving customers in pharmaceuticals, biotechnology, clinical diagnostics, environmental testing, food and beverage safety and academic research.

• TA: This segment designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments used to assess material properties such as heat flow, viscosity and stability, serving industries including polymers, pharmaceuticals, batteries, electronics and materials research.

Waters Corporation holds a leading position in the analytical instrumentation market competing with Agilent Technologies, Shimadzu Corporation, Bruker Corporation, Danaher Corporation and Thermo Fisher Scientific Inc. in chromatography and mass spectrometry. In thermal analysis the company faces competition from PerkinElmer, NETZSCH Geraetebau GmbH, Malvern PANalytical Ltd., Spectris plc and Anton Paar GmbH. The company differentiates itself through product performance, reliability, innovative technology and a strong service network.

The company serves a diverse customer base that includes pharmaceutical companies, biotechnology firms, contract research organizations, clinical laboratories, food and beverage producers, environmental testing labs, academic institutions and government agencies such as the United States Food and Drug Administration and the Environmental Protection Agency.