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Waters Reports Preliminary Q2 Revenue Drop of 13 to 14 Percent, Names New CEO

NEW YORK – Waters said on Wednesday that it expects Q2 2020 revenues of between $517 million and $523 million, down 13 percent to 14 percent from $599 million in Q2 2019 but above the consensus Wall Street estimate of $485.4 million.

The Milford, Massachusetts-based company also announced that it has named Udit Batra as president and CEO, effective Sept. 1, 2020. Batra, who was previously CEO of MilliporeSigma, the life sciences arm of Merck, will succeed Christopher O'Connell.

"We are pleased to have identified such an accomplished and experienced candidate and are confident that Udit is the right leader to take Waters to the next level," Flemming Ornskov, Waters' chairman, said in a statement. "His focus on commercial execution and innovation, proven ability to build strong and collaborative cultures and intense commitment to serving customers have translated into tangible results."

“As a research engineer, I have a deep knowledge of Waters and TA instruments, and I have long admired the company and its global impact," Batra said. "With a continued focus on organic innovation, strategic M&A and disciplined capital allocation, I am confident we will capitalize on Waters' significant growth opportunities."

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