The Milford, Massachusetts-based company reported that it expects adjusted earnings per share for the current first quarter to range between $2.25 to $2.35. This forecast fell significantly short of the $2.51 average estimate from analysts polled by FactSet, triggering a sell-off that brought the stock to $340.89. The decline extends a difficult period for the lab-tech specialist, whose shares have now retreated 17% over the past 12 months.

Despite the cautious earnings outlook, Waters confirmed it has completed the acquisition of Becton Dickinson’s biosciences and diagnostic-solutions unit. As part of a broader organizational pivot, the company established four distinct divisions: analytical sciences, biosciences, advanced diagnostics, and materials sciences. To facilitate the transition, Waters expanded its board to 11 members, appointing Claire Fraser from Becton Dickinson to a directorial seat.

Integration and Growth Projections

Market reaction to the deal has remained cool since its initial announcement in July. Analysts at UBS previously highlighted concerns regarding the projected synergies and the company’s lack of a proven track record in executing large-scale acquisitions. Under the terms of the transaction, Becton Dickinson shareholders are set to receive approximately 0.135 shares of Waters stock for each share held.

Management remains optimistic about the long-term top-line impact of the merger. Waters expects the newly acquired business to contribute roughly $480 million to sales by the first quarter of 2026. For the full year, the company projects total revenue between $6.41 billion to $6.46 billion, a figure that actually exceeds consensus expectations and suggests the new unit will eventually account for nearly half of the firm's total turnover.