Waters completes $12.8B BD Biosciences acquisition, swings to Q1 loss on integration costs

Filed May 12, 2026 · Period ending April 4, 2026 · ~2 min read

Key Changes

• high

  Closed $12.8B acquisition of BD's Biosciences and Diagnostic Solutions business on Feb 9, 2026 via Reverse Morris Trust; added $520M revenue in partial quarter but drove operating loss of $47M vs $151M income in Q1 2025.

  MD&A: BDS Business Acquisition verify on EDGAR →
• high

  Took on $5.3B in debt to finance acquisition, including $3.5B in Senior Notes issued March 2026; interest expense jumped $32M year-over-year with maturities ranging 2027-2036.

  MD&A: Debt Financing verify on EDGAR →
• high

  Operating loss driven by $99M purchase accounting charges, $140M intangibles amortization, and $83M transaction/integration costs; one-time charges offset 91% revenue growth.

  MD&A: Operating Loss verify on EDGAR →