Waters reports strong year-on-year sales growth in Q2 2016

Waters has announced its financial results for the second quarter of 2016, during which it delivered a sales total of $537 million (408.94 million pounds).

This represented year-on-year growth of eight percent, with earnings per diluted share for the second quarter up 24 percent to $1.57. Through the first six months of 2016, sales were up six percent to $1.01 billion.

Sales growth of 12 percent was recorded for the biopharmaceutical market and seven percent from the industrial market, though this was offset by a four percent decline in sales within the government and academic market.

Other key highlights of the quarter included relatively balanced instrument and recurring revenue growth, and continued strong demand from the China market.

Christopher O'Connell, president and chief executive officer at Waters, said: "Disciplined execution of our business plan contributed to operating leverage and strong earnings per share growth, while we continued to invest in innovation to drive future growth."

Last month, the company announced a new cancer research alliance with the Bioprocessing Technology Institute in Singapore, with the aim of developing new strategies to diagnose and treat cancer.