Milford life sciences company Waters Corp. reported a 8.2% decrease in revenue during the company’s third quarter, according to an earnings report published Tuesday.
The company’s profits for the quarter totaled $126.8 million compared to $138.1 million during the same time period in 2019, according to the report.
Year to date, the company’s profits total $303.3 million, down from $391.5 million during the first nine months of 2019. That’s a drop of 23%.
Although profits are down, the company reported $594 million in sales, a 3% increase compared to last year.
The company’s new CEO, Udit Batra, who took over the company on Sept. 1, said in a statement he was pleased with the company’s financial results.
“I believe that Waters has established a solid foundation for growth and that we must now turn our focus to improving the consistency of our commercial execution and product development efforts,” Batra said. “We will move swiftly, but deliberately, to reinvigorate our business and address those areas in which Waters has underperformed.”
