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Waters Q2 Revenues up 31 Percent

NEW YORK – Waters reported on Tuesday that its second quarter revenues were up 31 percent year over year.

For the three months ended June 29, the company posted revenues of $681.6 million, up 31 percent from $520.0 million in Q2 2020, and above the average Wall Street estimate of $621.5 million. Organic revenues grew 27 percent, with foreign currency translation boosting revenues by 4 percent, the company said.

By end market, pharma sales were up 34 percent to $416.7 from $311.0 million; government and academic sales rose 10 percent to $62.4 million from $56.9 million; and industrial sales rose 33 percent to $202.6 million from $152.1 million.

Waters' recurring revenues, which include its services and consumables businesses, rose 22 percent during the quarter to $367.2 million from $300.2 million, while instrument sales were up 43 percent to $314.5 million from $219.8 million.

Waters CEO Udit Batra said in a statement accompanying release of the Q2 earnings that the results "were led by strong growth in our pharma and industrial end markets … with total sales increasing across every region."

Waters' Q2 net income was $167.3 million, or $2.69 per share, compared to $123.0 million, or $1.98 per share, a year ago. On a non-GAAP basis, the company reported EPS of $2.60, beating analysts' average estimate of $2.24.

Water's R&D spending in Q2 was up 44 percent to $44.9 million from $31.2 million a year ago, while SG&A costs rose 35 percent to $158.2 million from $117.4 million.

The company ended the quarter with $663.6 million in cash, cash equivalents, and investments.

In Tuesday morning trading on the New York Stock Exchange, shares of Waters were down 3 percent to $377.05.