In a research note, Isaac Ro of Leerink Swann noted that Waters pioneered the UHPLC category with the Acquity "and has a considerable leadership position, a large installed base, and a wide menu of proprietary columns."
Sustained interest in its high-end mass specs as well as the Acquity UPLC, along with stimulus-fund spending, fueled cautious optimism from CEO Douglas Berthiaume that the worst may have passed.
Waters shares rose sharply on tuesday afternoon after the firm's earnings per share for the first quarter handily beat Wall St. estimates. The firm's Q1 revenues, however, were down 10 percent year over year.
