In the last year, Waters has proven one thing: that there is room to re-enter the high end of the mass spectrometry instrument market and chart double-digit growth.

Whether Waters' comeback can extend into 2005 is in doubt, however, after the company on Tuesday cut its Q1 revenue growth projections to a range of 3 percent to 4 percent from its previous forecast of 13-percent sales growth over the same quarter last year.

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