Waters Corp beats quarterly estimates on strong demand for drug development services
May 7 (Reuters) -Waters Corp WAT.N beat Wall Street estimates for first-quarter results on Tuesday, helped by strong demand for its services used in drug development and research.
Drug contract manufacturers such as Waters saw reduced spending from their biotech clients last year due to higher interest rates. However, some analysts predict that funding for biotechs may stabilize in the current year, especially after a robust 2023 marked by significant regulatory approvals in the U.S.
Last month, larger peer Thermo Fisher Scientific TMO.N raised its annual profit forecast, betting on improved demand for its products and services used in drug development.
During the quarter, sales in Waters' instruments unit decreased 20% to $241.9 million, while its services sales rose 5% to $260.7 million.
Milford, Massachusetts-based Waters supplies lab equipment and technology for scientists across the world, with the majority of its revenue coming in from biopharma clients who use its tools for research and drug development.
The company's quarterly revenue fell 7% to $636.8 million, ahead of analysts' estimates of $635.6 million, according to LSEG data.
The lab equipment and software maker continues to see an annual adjusted profit between $11.75 and $12.05 per share. Analysts estimate a yearly profit of $11.89.
Waters reported an adjusted profit per share of $2.21 for the quarter ended March 30, beating market estimates of $2.10.
Reporting by Christy Santhosh in Bengaluru; Editing by Ravi Prakash Kumar
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