Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Waters Corporation (NYSE: WAT) and the best and worst performers in the research tools & consumables industry.

The life sciences subsector specializing in research tools and consumables enables scientific discoveries across academia, biotechnology, and pharmaceuticals. These firms supply a wide range of essential laboratory products, ensuring a recurring revenue stream through repeat purchases and replenishment. Their business models benefit from strong customer loyalty, a diversified product portfolio, and exposure to both the research and clinical markets. However, challenges include high R&D investment to maintain technological leadership, pricing pressures from budget-conscious institutions, and vulnerability to fluctuations in research funding cycles. Looking ahead, this subsector stands to benefit from tailwinds such as growing demand for tools supporting emerging fields like synthetic biology and personalized medicine. There is also a rise in automation and AI-driven solutions in laboratories that could create new opportunities to sell tools and consumables. Nevertheless, headwinds exist. These companies tend to be at the mercy of supply chain disruptions and sensitivity to macroeconomic conditions that impact funding for research initiatives.

The 10 research tools & consumables stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 1.2% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 20.9% since the latest earnings results.

Waters Corporation (NYSE: WAT)

Founded in 1958 and pioneering innovations in laboratory analysis for over six decades, Waters (NYSE: WAT) develops and manufactures analytical instruments, software, and consumables for liquid chromatography, mass spectrometry, and thermal analysis used in scientific research and quality testing.

Waters Corporation reported revenues of $932.4 million, down 45.4% year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with revenue guidance for next quarter exceeding analysts’ expectations but a significant miss of analysts’ EPS guidance for next quarter estimates.

"Our team delivered industry-leading results in 2025, achieving high single-digit revenue growth and double-digit adjusted EPS growth. We expect this momentum to continue into 2026, driven by strong execution of the multi-year instrument replacement cycle, continued contribution from pioneering innovation, and our Waters-specific idiosyncratic growth drivers," said Udit Batra, Ph.D., President & Chief Executive Officer, Waters Corporation.

Waters Corporation delivered the slowest revenue growth of the whole group. Unsurprisingly, the stock is down 24.8% since reporting and currently trades at $286.80.

Read our full report on Waters Corporation here, it’s free.

Best Q4: Bio-Techne (NASDAQ: TECH)

With a catalog of hundreds of thousands of specialized biological products used in laboratories worldwide, Bio-Techne (NASDAQ: TECH) develops and manufactures specialized reagents, instruments, and services that help researchers study biological processes and enable diagnostic testing and cell therapy development.

Bio-Techne reported revenues of $295.9 million, flat year on year, outperforming analysts’ expectations by 2%. The business had a strong quarter with a solid beat of analysts’ organic revenue estimates and a decent beat of analysts’ revenue estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 21.3% since reporting. It currently trades at $50.86.

Is now the time to buy Bio-Techne? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Mettler-Toledo (NYSE: MTD)

With roots dating back to the precision balance innovations of Swiss engineer Erhard Mettler, Mettler-Toledo (NYSE: MTD) manufactures precision weighing instruments, analytical equipment, and product inspection systems used in laboratories, industrial settings, and food retail.

Mettler-Toledo reported revenues of $1.13 billion, up 8.1% year on year, exceeding analysts’ expectations by 2.3%. Still, it was a slower quarter as it posted revenue guidance for next quarter missing analysts’ expectations significantly and a significant miss of analysts’ EPS guidance for next quarter estimates.

As expected, the stock is down 15.3% since the results and currently trades at $1,172.

Read our full analysis of Mettler-Toledo’s results here.

Revvity (NYSE: RVTY)

Formerly known as PerkinElmer until its rebranding in 2023, Revvity (NYSE: RVTY) provides health science technologies and services that support the complete workflow from discovery to development and diagnosis to cure.

Revvity reported revenues of $772.1 million, up 5.8% year on year. This print surpassed analysts’ expectations by 1.1%. Overall, it was a strong quarter as it also put up full-year revenue guidance slightly topping analysts’ expectations and a narrow beat of analysts’ organic revenue estimates.

Revvity had the weakest full-year guidance update among its peers. The stock is down 21.3% since reporting and currently trades at $85.57.

Read our full, actionable report on Revvity here, it’s free.

Agilent (NYSE: A)

Originally spun off from Hewlett-Packard in 1999 as its measurement and analytical division, Agilent Technologies (NYSE: A) provides analytical instruments, software, services, and consumables for laboratory workflows in life sciences, diagnostics, and applied chemical markets.

Agilent reported revenues of $1.80 billion, up 7% year on year. This result was in line with analysts’ expectations. Taking a step back, it was a mixed quarter as it also logged revenue guidance for next quarter beating analysts’ expectations but revenue in line with analysts’ estimates.

Agilent had the weakest performance against analyst estimates among its peers. The stock is down 9.8% since reporting and currently trades at $112.47.

Read our full, actionable report on Agilent here, it’s free.

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